FINANCIAL RESULTS OF MAREL

2015 was a great year for Marel. The company successfully concluded the two-year refocusing program, rationalizing the product portfolio, optimizing our manufacturing footprint, and streamlining the operation.

Full year press release

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* Adjusted for refocusing and acquisition costs

Interesting year of profitable growth and actions

“2015 was a very good year for Marel with high revenue growth, strong cash flow and steep improvement in profitability. It was also a year of actions. We successfully finalized our refocusing program, we acquired MPS meat processing systems and we concluded financing for the full company with maturity in 2020. We are simpler, we are faster and we are becoming smarter every day. That will lead us to our full potential.”

Linda Jonsdottir, CFO

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Marel in figures

Operations of Marel hf. in the year 2015. Does not include operations of MPS Meat Processing Systems.

Results 2015 2014 2013 2012 2011
Revenue 818,602 712,554 661,536 713,960 668,357
Gross profit 312,155 247,710 233,644 249,226 247,289
Result before depreciation (EBITDA) 120,813 66,698 69,444 85,963 87,006
Result from operations (EBIT) 81,613 29,178 42,909 61,081 62,166
Net result for the period 56,696 11,731 20,620 35,609 34,463
Order Book 2015 2014 2013 2012 2011
Orders Received* 824,609 754,996 668,584 650,493 702,419
Order Book 180,887 174,880 132,438 125,390 196,218

* Includes service revenue

Cash flow statement 2015 2014 2013 2012 2011
Cash generated from operating activities, before interest & tax 119,739 102,201 80,320 65,569 63,716
Net cash from (to) operating activities 93,652  85,601 64,552 49,095 43,183
Investing activities (17,859) (28,395) (32,418) (37,294) (28,690)
Financing activities (10,723) (55,623) (26,461) (26,486) (47,120)
Financial position 2015 2014 2013 2012 2011
Total assets 938,155 851,440 839,568 865,128 877,818
Working capital 94,067 25,650  49,041 59,076 52,487
Equity 446,739 427,498  419,339 403,748 373,471
Net debt 142,760 174,347  217,130 243,242 250,489
Various figures in proportion to sales 2015 2014 2013 2012 2011
Gross profit 38.1% 34.8%  35.3% 34.9% 37.0%
Selling and marketing expenses 13.6% 14.5% 14.4% 12.6% 11.9%
Research and development expenses 7.0% 7.8% 6.7% 5.8% 6.0%
Administrative expenses 7.3% 8.4%  7.8% 8.0% 8.0%
Wages and benefits 33.6% 37.6%  37.9% 33.9% 31.4%
Result before depreciation (EBITDA) 14.8% 9.4%  10.5% 12.0% 13.0%
Depreciation/amortisation 4.8% 5.3%  4.0% 3.5% 3.7%
Result from operations (EBIT) 10.0% 4.1%  6.5% 8.6% 9.3%
Net result for the period 6.9% 1.6%  3.1% 5.0% 5.2%
Other key ratios 2015 2014 2013 2012 2011
Current ratio 1.4 1.1 1.3 1.3 1.2
Quick ratio 1.0 0.7  0.8 0.8 0.8
Equity ratio 47.6% 50.2%  49.9% 46.7% 42.5%
Return on owners’ equity 13.0% 2.8%  5.0% 9.2% 9.6%
Return on total assets 6.0% 1.4% 2.4% 4.1% 3.9%
Key figures from Marel’s core operations, normalised 2015 2014 2013 2012 2011
Revenue 818,602 712,554 661,536 713,960 668,357
Result from operations (EBIT) 99,895 48,778  42,909 61,081 73,152
EBIT as a % of sales 12.2% 6.8% 6.5% 8.6% 10.9%
Result before depreciation and amortisation (EBITDA) 135,751 83,666 69,444 85,963 97,992
EBITDA as a % of sales 16.6% 11.7% 10.5% 12.0% 14.7%
Leverage 1.05 2.08 3.13 2.83 2.56

GLOSSARY OF TERMS

Net debt

Interest bearing borrowings (current & non-current) - Cash & cash equivalents

Net cash

Cash and cash equivalents

Full time equivalents

Number of personnel, where part time employees are counted for the percentage of a full time job

EBITDA

Earnings before interest, tax, depreciation and amortization

Current ratio

Current assets / Current liabilities

Quick ratio

(Current assets - Inventories) / Current liabilities

Equity ratio

Total equity / (Total equity + Total Liabilities)

Return on owners' equity

Annualized result for the period / Average of total equity ([beginning balance + ending balance for the period] / 2)

Return on total assets

Annualized result for the period / Average of total assets ([beginning balance + ending balance for the period] / 2)

Leverage

Net interest bearing debt/ Last twelve months EBITDA