The following were reelected to the Board of Directors: Dr Ólafur Steinn Gudmundsson, Ástvaldur Jóhannsson, Margrét Jónsdóttir, Arnar Thor Másson, Ásthildur Margrét Otharsdóttir and Ann Elisabeth Savage. After serving on the Board of Marel for 14 years, Helgi Magnússon did not declare candidature. The Board would like to extend its thanks for his valuable contribution throughout the years.
Ton van der Laan is a new director elected to the Board. Van der Laan is born in 1953 and resides in the Netherlands. He is a non-executive Board Member of Vion Foods, Royal de Heus, Dümmen Orange and the Rainforest Alliance. His has prior experience as CEO of Nidera Capital in the Netherlands and Argentina, EVP Animal Proteins at Cargill in the USA, CEO of Provimi in the Netherlands, and has held several executive roles at Unilever over a period of 22 years.
The new Board of Directors has convened and assigned roles and responsibilities. Ásthildur Margrét Otharsdóttir will continue as Chairman of the Board and Arnar Thor Másson, as the Vice-Chairman of the Board.
CEO ÁRNI ODDUR THÓRDARSON’S REPORT:
“The year 2018 was yet another great year for Marel. We are delighted to report record revenues of EUR 1,198 million representing a 15% year on year revenue growth, of which 12.5% was organic. High quality of earnings is underpinned by 35% of total revenues deriving from services and spare part business. Our customer base is diverse where the single largest customer in any calendar year counts for less than 5% of total revenues. We have been operating at close to 15% adjusted EBIT margin in recent 3 years with robust cash flow.
CHAIRMAN ÁSTHILDUR OTHARSDÓTTIR’S STATEMENT:
We are proud of our achievements in 2018. Excellence in operations and disciplined capital allocation are the foundation for us to effectively serve our customers and other stakeholders, as well as provide a healthy return to our shareholders. In 2018, earnings per share increased by 31%. In line with our capital allocation and dividend policy, the Board of Directors proposed to the 2019 Annual General Meeting (AGM) that shareholders be paid a dividend of EUR 5.57 cents per share, which corresponds to close to EUR 37 million, or approximately 30% of net profits, compared to around EUR 29 million last year.“
Linkur á Ársskýrslu Marel 2018