Consolidated Financial Statment of the Marel Group for the 3rd Quarter of 2003
November 10th 2003
Press Release
Consolidated Financial Statment of the Marel Group for the 3rd Quarter of 2003
Operating profit for the Marel Group for the first 9 months of 2003 was EUR 2.5 million (ISK 210 million). These results show a considerable improvement in operation compared to the previous year, when the loss was EUR 1.1 million for the same period.
The return on shareholders’ equity for the first 9 months was 14.4 % and the EBIT 6.3% of revenues. When examining the third quarter specifically the results of the consolidated financial statements show a net profit of EUR 53 thousand (ISK 5 million) and operating profit of EUR 1.1 million or 5.4 % of revenues.
At a meeting today, November 10th the Marel Board of Directors approved the financial statements for the Marel Group for the first 9 months of 2003. Accounts are in euros, which are the Group’s operational currency. The principal accounting policies adopted in the preparation of these financial statements are mainly the same as applied before.
Following are the main results from the consolidated financial statements of the Marel Group:
| Operation - 3. Quarter 2003 |
|
|
|
Amounts in thousands of EUR |
|
|
| |
July/Sept |
July/Sept |
|
Operating revenues |
2003 |
2002 |
|
Operating revenues |
20,977 |
22,985 |
| |
|
|
|
Expenses |
|
|
|
Bought material |
4,487 |
8,779 |
|
Wages and benefits |
10,032 |
10,682 |
|
Other operating expenses |
4,486 |
4,729 |
|
Depreciation |
837 |
1,069 |
|
Total expenses |
19,842 |
25,259 |
|
Operating profit EBIT |
1,135 |
(2,274) |
|
Financial income and (expenses) |
(851) |
(715) |
|
Profit/(loss) before taxes |
284 |
(2,989) |
|
Taxes |
(231) |
576 |
|
Net profit/(loss) |
53 |
(2,413) |
| |
|
|
|
EBITDA |
1,972 |
(1,205) |
| |
|
|
|
Percent of revenue |
|
|
|
Bought material |
21.4% |
38.2% |
|
Wages and benefits |
47.8% |
46.5% |
|
Other operating expenses |
21.4% |
20.6% |
|
Depreciation |
4.0% |
4.7% |
|
EBITDA
Welcome to Marel hf in Iceland - manufacture of food processing solutions for the global food processing industry.Marel manufactures food processing solutions for use in all major sectors of the food processing industry. Marel's vision is to be an international leader in developing and marketing high-tech processing systems and equipments for the global food processing industry in order to increase the productivity of Marel's customers.
Food Processing Systems - Solutions
Marel focuses on assisting processors in their ongoing efforts to maximise yields, increase throughput and efficiency, reduce labour costs, and optimise product quality, consistency and customer satisfaction. Marel
maintains strong ties with leading companies in the food processing industries around the world and designs and develops high-tech food processing systems and equipments that are in line with the needs of each industry.
Fish Processing Solutions: Marel offers total solutions for all fish processing needs both on land and at sea.
Meat Processing Solutions: Marel offers high quality meat processing solutions from trimming and deboning to portioning and packing.
Poultry Processing Solutions: Marel offers concepts in poultry processing that can revolutionize your plant.
About Marel hf in Iceland
Marel hf in Iceland is a subsidiary of Marel Food Systems which develops and markets an extensive range of equipment for all fields of the food processing industry. The company is made up of four elements that form an integrated whole: Marel hf. in Iceland, Carnitech A/S in Denmark, AEW Delford Systems Ltd in Britain and Scanvaegt International A/S in Denmark. Marel Food Systems is a leader in its field with subsidiaries in 22 countries and currently employ over 2.100 people.
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