Slow start to the year but orders received picking up
Revenues for Q1 2013 totalled 158.0 million (m), a decrease of 14.5% compared to the first quarter of 2012 [184.9m].
EBITDA was 16.9m or 10.7% of revenues [Q1 2012: 27.4m].
Operating profit (EBIT) was 10.3m or 6.5% of revenues [Q1 2012: 21.1m].
Net result for Q1 2013 was 5.7m [Q1 2012: 13.1m]. Earnings per share were 0.78 euro cents [Q1 2012: 1.80].
Cash flow remains healthy and net interest bearing debt is 239.3m at the end of the quarter compared to 243.2m at year-end 2012.
The order book is at 151.1m at the end of the quarter [Q1 2012: 189.4m] which is a 20% increase compared to the end of last year [125.4m].
Revenues in Q1 amounted to 158.0m reflecting the low level of the order book at the start of the year. The EBIT margin of 6.5% is below the long-term target of 10-12%. However, the size of the order book grew by 20% during the quarter which supports the expectation of higher revenues and profitability in the second half of the year.
Important sales were made in markets such as Brazil, China, Middle East and Russia. Europe remains challenging while USA shows signs of recovery.
Theo Hoen, CEO:
“The first quarter was in line with our expectations with low revenues based on a relatively low order book at the beginning of the year. However, the significant increase in market activities and orders received during the quarter gives room for optimism.
We will continue to maintain a strict focus on operational efficiency and cost control but we are not scaling down and are geared towards capturing increased sales and market share in the near term. As stated last quarter we expect to be back on track with operating profit in our target range of 10-12% in the second half of 2013, assuming continued recovery in our established markets.“
Order book back on a good level
After a downwards trend in recent quarters, Q1 saw strong growth in orders received, which amounted to 183.7m or similar as in Q1 2012 [185.4m]. This is an increase of 20% compared to last quarter [152.3m]. Orders received exceeded orders booked off resulting in an order book of 151.1m at the end of the quarter compared with 125.4m at the end of last year. The main drivers of growth in orders received can be attributed to our innovative products, both established solutions and new ones, and the extensive geographical network Marel has built over the years.