”New” Marel ready for 2010
- Revenues from core business for 2009 amounted to EUR 434.8 mln, gradually increasing during the year. EBIT from core business was EUR 24.8 mln, or 5.7% of sales.
- In 2009, Marel continued to strengthen its competitive position with a focus on integration and significant cost reductions, which have reduced operational costs by EUR 25 million.
- Net interest bearing debt has been reduced to EUR 295 million [2008: EUR 379 million] with strong operating cash flow, successful equity issues and increased focus with the sale of non-core operations.
- In order to maintain its technological leadership, Marel continues to place high priority on research and development.
- The order book has been growing throughout the year and is at a solid and much better level today than it was one year ago, which will positively affect revenues and results.
- The strategic focus has been sharpened with the sale of non-core operations.
Q4 2009 results
Focus strategy executed and equity increased
- Revenues from core business for Q4 2009 totalled EUR 112.5 mln [Q4 2008: EUR 121.4 mln].
- EBITDA from core businesses was EUR 12.8 mln, or 11.3% of sales [Q4 2008: EUR 0.7 mln; 0.6% of sales].
- EBIT from core business was EUR 6.9 mln, or 6.2% of sales [Q4 2008: EUR (5.7) mln; -4.7% of sales].
- The financial risk profile has dramatically improved with the issuance of new shares for EUR 41 mln, with EUR 32 mln of the proceeds used to pay down ISK-denominated bonds, and a currency conversion of ISK debt of EUR 66 mln into Euro-denominated debt.
- Integration plans are being implemented; re-branding and the integration of distribution channels has begun and new products are being developed based on joint technology.
|Press release (522 kb)||Accounts (23 kb)||Presentation (1,59 mb)|