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Marel Shows Strong Organic Growth

03 February 2012

ICELAND - Meat and food processing equipment company, Marel has shown a 15 per cent increase in revenue over the last year rising to €668 million compared to €582 million in 2010.

Normalised EBITDA was €98.0 million or 14.7 per cent of revenues compared to €88.1 mln normalised from core business in the previous year.

Operating profit was €73.2 million or 10.9 per cent of revenues compared to €64.1 million in 2010.

The net result for 2011 was €34.5 mln compared to €13.6 million.

The Board of Directors will propose to the Annual General Meeting on 29 February 2012 that a dividend of 0.95 euro cents per share be paid for the operational year 2011. Based on the current number of outstanding shares, the estimated total dividend payment will be approximately €6.9 million, corresponding to about 20 per cent of profits for the year.

Theo Hoen, CEO said: "It was a very good year for Marel, with pure organic growth of 15% compared to 2010. The year ended on a high note with record revenues in the fourth quarter and an operating profit at the upper end of our target range of 10-12 per cent return on sales. The strength of the order book gives us confidence heading into 2012."

He added: "The growth between years can be attributed to two key factors. We continue to bring innovative new products to market that provide added value for our customers, such as the new MS 2730 salmon filleting system and ModularOven. And we are expanding geographically and strengthening the effectiveness of our sales and service network. The most recent development in that area is the establishment of new offices in Mexico and India.

"We continue to strive for operational excellence across the whole range of our activities. We made good progress in 2011 in improving operating leverage by decreasing the relative amount of overhead costs. Working capital, manufacturing and procurement processes have all been improved. The experience of the past few years shows that we have the ability and committed employees to take our company further and to realise our future ambitions."


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