SHARE PERFORMANCE

Since 1992, Marel’s shares have been listed on the Nasdaq Iceland stock exchange under the symbol MARL.

Marel’s share price stood at ISK 253.50 at the end of 2015, compared to ISK 138.00 at the end of 2014, an increase of 83.7%. In euros, the shares stood at €1.79 per share at year-end compared to €0.89 at the end of 2014.

SHAREHOLDERS

As recorded in the shareholders’ register, there were 1,987 Marel shareholders at year-end 2015, compared to 1,864 at year-end 2014. As of 31 December 2015, Marel held 30,902,550 treasury shares.

Eyrir Invest hf. is Marel’s largest shareholder, with 29.3% of shares, followed by Lifeyrissjodur verzlunarmanna – the Pension Fund of Commerce (9.1%) and Gildi pension fund (6.5%).

The ten largest shareholders held 70.4% of the total shares. In total, Icelandic pension funds held 35.9% of Marel’s share capital. International shareholders owned 2.0% at year-end 2015. The free float of Marel shares was 71% and free float adjusted market value of the company was €932 million.

SHARE CAPITAL

At year-end 2015, there were 735.6 million Marel shares issued, all in one class. Of these, Marel holds 30.9 million treasury shares. 

In 2015, Marel purchased 25 million shares for €32 million to be used as payment for potential future acquisitions. Marel purchased an addition 6 million shares for €6 million to fulfill future stock option obligations, and sold 7.1 million treasury shares for a total of €4.4 million to fulfill the employees’ stock option schedules.

Stock options are granted to management and selected key employees. At the end of 2015 there were 10.5 million shares of granted and unexercised stock options, of which 3.2 million were exercisable at the end of 2015. The remainder will be vested between 2016 and 2021.

At the company’s 2014 Annual General Meeting, the shareholders authorized the Board of Directors to increase the company’s share capital by 35 million shares to fulfill stock option agreements. This authorization is valid for five years. No new shares according to this resolution were issued at the end of 2015.

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UNITY

SALMON SHOWHOW

Over 200 customers from 28 countries representing 119 companies gathered at Progress Point, Copenhagen, to see some of the major highlights of Marel’s industry leading equipment for wild and farmed salmon processing. This was the 15th Salmon ShowHow, with Marel employees from all over the world collaborating closely to bring innovative solutions to the company's customers. The Salmon ShowHow is a true testimony to what Innovation, Unity and Excellence means to Marel.

Salmon ShowHow 2016 

LIQUIDITY OF SHARES

Marel has made agreements with Landsbankinn hf. and Kvika banki hf. regarding market making for the issued shares of Marel. The purpose of the agreements is to improve liquidity and to enhance transparent price formation in the company’s shares on Nasdaq Iceland. The duration of these agreements is unspecified but they can be terminated with one month’s notice.

Shares in Marel were traded 2.448 times in 2015 for a total market value of ISK 61.1 billion (up from ISK 32.6 billion in 2014), which corresponds to a turnover rate of 46%.

This gives Marel the second highest turnover on the Nasdaq Iceland exchange in 2015. Marel’s average end-of-day spread was 0.84%. The market value of the company at year-end 2015 was ISK 186.5 billion (€1.3 billion) compared to ISK 101.5 billion (€656.8 million) at year end 2014, an increase of ISK 85.0 billion (€661.5 million). Since the company’s shares are traded in ISK, fluctuations of the Icelandic krona during 2015 affected the market value when converted into euros.

DIVIDEND

The Board of Directors will propose to the 2016 Annual General Meeting that a dividend of 1.58 euro cents per share be paid for the operational year 2015. The total dividend payment will be approximately €11.3 million, corresponding to 20% of net profits. The proposed dividend is in line with Marel’s targeted capital allocation and dividend policy.

Stock options as of 31 December 2015

Program initiated Number of shares in thousands Exercise price per share Exercisable in
June 2012 5,874 EUR 1.066 - 1.138 2016 - 2018
December 2014 2,475 EUR 0.945 - 1.022 2018 - 2021
August 2015 2,200 EUR 1.477 - 1.598 2018 - 2021
Total 10,549  

Distribution of shares as of 31 December 2015

Number of Shares Shareholders % Shares %
1 - 9,999 1,283 64.57 4,560,893 0.62
10,000 - 99,999 536 26.98 15,813,201 2.15
100,000 - 199,999 55 2.77 7,296,964 0.99
200,000 - 799,999 54 2.72 20,753,849 2.82
800,000 - 1,399,999 14 0.70 15,447,702 2.10
1,400,000 - 2,999,999 15 0.75 29,364,088 3.99
3,000,000 - 9,999,999 16 0.81 91,009,414 12.37
10,000,000 - 99,999,999 13 0.65 335,956,048 45.67
100,000,000 - >100,000,000 1 0.05 215,366,838 29.28
  1,987 100.00 735,568,997 100.00

Top 10 Shareholders as of 31 December 2015

Shareholders Number of shares %
1 Eyrir Invest hf. Investment company 215,366,838 29.3
2 Lifeyrissjodur verzlunarmanna Pension fund 66,979,042 9.1
3 Gildi lifeyrissjodur Pension fund 47,653,557 6.5
4 LSR A, B & S divisions and Lifeyrissjodur hjukrunarfraedinga Pension fund 41,000,000 5.6
5 Stefnir - IS 15 Asset management 39,770,375 5.4
6 Marel hf Treasury shares 30,902,550 4.2
7 Stapi lifeyrissjodur Pension fund 22,813,347 3.1
8 Stefnir - IS 5 Asset management 21,215,934 2.9
9 Stafir lifeyrissjodur Pension fund 17,346,216 2.4
10 Sameinadi lifeyrissjodurinn Pension fund 14,815,511 2.0
Top 10 total 517,863,370 70.4
Others 217,705,627 29.6
Total issued shares 735,568,997 100.0