Consolidated Financial Statement for 2003
February 17th 2004
MAREL HF
NEWS RELEASE: Consolidated Financial Statement for 2003
Profit for the Marel Group in 2003 was EUR 3.7 million (ISK 324 million). In 2002 the operating profit was EUR 50 thousand (ISK 4 million). Return on shareholders’ equity for the year was 16.5 % and the operating profit (EBIT) EUR 6.6 million. Working capital from operation was EUR 6.4 million compared to EUR 2.4 million in 2002. Profit for the 4th quarter was EUR 1.3 million (ISK 115 million)
The Board of Directors approved the audited financial statements for the Marel Group for the year 2003 at a board meeting today, February 17th. 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 -Year 2003 in thousands of Euros |
| |
Jan-des |
Jan- des |
Operating Revenues |
2003 |
2002 |
|
Operating revenues |
108.643 |
104.009 |
| |
|
|
Expenses |
|
|
|
Bought material |
36.282 |
34.117 |
|
Wages and benefits |
43.549 |
43.763 |
|
Other operating expenses |
18.935 |
20.660 |
|
Depreciation |
3.309 |
3.191 |
|
Total expenses |
102.075 |
101.731 |
|
Operating profit EBIT |
6.568 |
2.278 |
|
Financial income (and expenses) |
(1.658) |
(1.975) |
|
Profit before taxes |
4.910 |
303 |
|
Taxes |
(1.161) |
(253) |
|
Net profit |
3.749 |
50 |
| |
|
|
|
EBITDA |
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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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