STRONG FIRST QUARTER FOR MAREL

Strong first quarter for Marel. Fish processing equipment manufacturer Marel has reported a strong first quarter to 2019 and has signalled its intent to develop new automation and technologies.

Arni Oddur Thordarson, CE), said: “We are pleased to report great results in the first quarter of 2019. We continue our strong performance with revenues of EUR 325 million, up 13% compared with the first quarter of 2018. Operational performance is solid where we deliver an EBIT margin of 14.6%.

“Our market is dynamic and fast growing. Global consumers are asking for a balanced diet at affordable prices. With our global reach and innovative product portfolio, we managed to secure EUR 323 million of orders in the first quarter. These were well balanced between greenfields, modernization and recurring maintenance. In particular, we note rising greenfield demand from Asia and China to enable processors to meet existing demand from local consumers. At the same time, the US and European markets continue to perform well.

“We are looking forward to the upcoming IFFA meat and Brussels seafood trade shows where we will introduce new solutions that continue to transform the way food is processed. Our focus there is on further automation and agility to enable processors to deliver consumer products that are convenient, safe and affordable, and processed in a sustainable way.

“Preparation of the intended dual listing and offering of Marel shares on Euronext Amsterdam, in addition to the current listing in Iceland, is progressing as planned. Timing is expected to be a pre-summer listing, subject to market conditions.”

FINANCIAL HIGHLIGHTS Q1 2019

All amounts in EUR:

• Orders received were EUR 323.3m (1Q18: 329.3m).
• Revenues were EUR 324.6m (1Q18: 288.4m).
• Adjusted EBIT* was EUR 47.5m (1Q18: 43.8m), translating to an EBIT* margin of 14.6% (1Q18: 15.2%).
• Net result was EUR 32.2m (1Q18: 28.3m).
• Basic earnings per share (EPS) were EUR 4.85 cents (1Q18: 4.11 cents).
• Cash flow from operating activities before interest and tax in the quarter was EUR 59.6m (1Q18: 55.6m).
• Net debt/EBITDA was x2.2 at end of March (YE18: x2.0). Targeted capital structure is x2-3 net debt/EBITDA.
• The order book was EUR 474.7m (YE18: 476.0m and 1Q18: 528.7m).