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9 August 2005
PRESS RELEASE
Sales for the first six months of 2005 totalled EUR 63.8 million (ISK 5.1 billion), which is an increase of about 13.3% from the previous year.
Profit from operations EBIT for the first half of 2005 was EUR 6.3 million, which is 9.9% of sales revenue. Net profit for the period was EUR 3.9 million, compared with EUR 4.3 million in 2004
Profit from operations EBIT during the second quarter was EUR 3.3 million (ISK 262 million), compared with EUR 4.1 million (ISK 355 million) last year. The profit from operations EBIT during the second quarter 2005 is the next highest in the company’s history.
Net profit per share was 1.67 euro cent, compared with 1.83 euro cent the previous year.
The order book at the end of June 2005 was about EUR 21 million, compared with EUR 18 million at the end of June 2004.
Accounting policies are now fully compliant with IFRS, International Financial Reporting Standards. Comparative figures from previous years have been adjusted to conform to the changes.
The financial statements for the Marel Group for the first half of 2005 were approved at Marel hf.’s Board of Directors meeting today, 9 August 2005.
The Marel Group comprises 16 companies with operations in 11 countries. The newest company, Marel Russland, began operations in the 2nd quarter of 2005.
The following are the main results from the consolidated financial statements for Marel:
| Operations 2nd quarter in thousands of euros |
| |
|
|
| Operating results |
2005 |
2004 |
|
Sales |
33,910 |
31,286 |
|
Cost of sales |
(22,329) |
(19,485) |
|
Gross profit |
11,581 |
11,801 |
| |
|
|
|
Other operating income |
327 |
163 |
|
Sales and marketing expenses |
(4,126) |
(3,710) |
|
Development expenses |
(1,613) |
(1,557) |
|
Administrative expenses |
(2,915) |
(2,621) |
| |
|
|
|
Profit from operations EBIT |
3,254 |
4,076 |
|
Finance costs - net |
(413) |
(428) |
|
Profit before tax |
2,841 |
3,648 |
|
Tax expense |
(737) |
(832) |
|
Net profit |
2,104 |
2,816 |
| |
|
|
|
EBITDA |
4,469 |
5,185 |
| |
|
|
|
Percent of sales |
|
|
|
Gross profit |
34.2% |
37.7% |
|
Sales and marketing expenses |
12.2% |
11.9% |
|
Development expenses |
4.8% |
5.0% |
|
Administrative costs |
8.6% |
8.4% |
|
EBITDA |
13.2% |
16.6% |
|
EBIT
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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