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6.3.2018 18:51 |
Marel: Highlights from the 2018 Annual General Meeting...
6.3.2018 18:51Marel: Highlights from the 2018 Annual General Meeting Marel’s Annual General Meeting (AGM) was held at the company’s headquarters in Gardabaer, Iceland, on March 6, 2018. Chairman of the Board Asthildur Otharsdottir addressed the meeting on behalf of the Board. CEO Arni Oddur Thordarson reported the Company’s 2017 consolidated financial statements and gave an extensive overview of the Company’s business activities. Chairman Asthildur Otharsdottir’s statement “We are proud of the achievements of the Marel team in 2017. It was a great year with strong financial results. Significant investments were made in strengthening Marel's foundation and important progress made towards our growth targets, benefitting both customers and shareholders. This year, Marel celebrated the 25th anniversary of its listing on NASDAQ Iceland and 2018 will mark the 35th anniversary of its founding. Marel has created excellent value for its shareholders since its listing in 1992 and progressed from a startup to a leading global provider of advanced food processing systems for poultry, meat and fish. The listing on Nasdaq Iceland has served Marel well but we have growing concerns about the relative size of the company on the Icelandic stock market. To further advance the global vision and drive continued shareholder returns Marel has engaged STJ Advisors, a leading independent capital markets advisory firm, to evaluate potential listing alternatives. We are committed to responsible growth and long-term value creation for Marel and all of our shareholders.“ CEO Arni Oddur Thordarson’s report: “Marel is a global leader in a dynamic growth industry with over EUR 1 billion in revenues. Revenues are up by 6% year-on-year and we have now been operating at an EBIT level of around 15% for eight consecutive quarters. In transforming the way food is processed, we have also been growing and advancing Marel as a company. Our revenues are well balanced geographically, consisting of a healthy mix of greenfield projects, modernization and extension projects with steady recurring revenues coming from our maintenance business. With an innovative portfolio and continued good partnerships with our customers, orders received were a record EUR 1,144 million in 2017, up 13% over last year. The outlook is promising and in 2017 we introduced an ambitious growth plan for the next ten years with a target of 12% average annual growth, both organic and acquired. United under one vision and one set of values, our dedicated team of 5,400 employees is firmly committed to delivering increased value to our society, customers and shareholders by enhancing safe and sustainable food processing.“ Results of the AGM The following were reelected to the Board of Directors: Olafur Steinn Gudmundsson, Astvaldur Johannsson, Margret Jonsdottir, Helgi Magnusson, Arnar Thor Masson, Asthildur Margret Otharsdottir, and Ann Elisabeth Savage. The new Board of Directors has convened and assigned roles and responsibilities. Asthildur Margret Otharsdottir will continue as Chairman of the Board and Arnar Thor Masson, as the Vice-Chairman of the Board. All proposals presented by the Board were approved by the meeting. The AGM approved a dividend payment of EUR 4.19 cents per share, corresponding to 30% of net profits for 2017, be paid to shareholders. The AGM approved the Board of Directors’ proposal to authorize the Company to acquire up to 10% of its own shares and that this authorization will be in effect for the next 18 months following approval. The Remuneration Policy for the year 2017 was approved un-amended for the year 2018 and remuneration to Board members was decided as well. KPMG hf. will remain the company’s external auditing firm until the next AGM. Annual Report 2017 Marel published its 2017 annual report on February 27, 2018. The report is digital, complete with interesting videos, interactive graphs and tables. This is the fifth consecutive year that Marel publishes a web version of its annual report, accessible on both marel.com and on the 2017 annual report web: http://ar2017.marel.com. AGM web All relevant information and documents in relation to the Annual General Meeting is available and archived on www.marel.com/agm. Investor relations For further information, please contact Tinna Molphy via email tinna.molphy@marel.com or investors@marel.com. Attachment (.pdf) |
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6.3.2018 18:27 |
Marel - Decisions of Annual General Meeting
6.3.2018 18:27Marel - Decisions of Annual General Meeting At the Annual General Meeting of Marel hf. which took place at the company‘s headquarters on 6 March 2018 the following proposals were approved. Below are the decisions of the Annual General Meeting (“Meeting”).
The Meeting approved that a dividend of 4.19 euro cents per share will be paid for the operational year 2017. The total dividend payment will be approximately 29 million euro, corresponding to approximately 30% of profits for the year. The company’s shares traded on and after 7 March 2018 (EX-Date) will be ex-dividend and the right to a dividend will be constricted to shareholders identified in the company´s shareholders registry at the end of 8 March 2018, which is the proposed record date. Payment date of the dividend is 27 March 2018.
It is as follows: Marel Remuneration Policy The Remuneration Policy of Marel hf. and its subsidiaries (the “Company”), is designed to attract, motivate and retain exceptional employees in a competitive and international market. The policy reflects the Company’s objectives for good corporate governance as well as sustained long-term value creation for shareholders. The Remuneration Policy applies to the Company’s senior management, including its Executive Team and Board of Directors. Executive Team Remuneration The remuneration of Marel’s Executive Team is proposed by the Remuneration Committee and subsequently approved by the Board of Directors. It is evaluated annually against performance and a benchmark of international companies, which in size and complexity are similar to Marel. Benchmark information is obtained from internationally recognized compensation service consultancies. Total remuneration shall be comprised as follows:
Board of Directors Members of the Board of Directors shall receive a fixed, monthly payment in accordance with the decision of the Annual General Meeting of the Company. The Board shall submit a proposal on the fee for the upcoming operating year, taking into account the extent of responsibilities and time commitment, the results of the Company and benchmark data on fees paid by European peer companies, which in size and complexity are similar to Marel. Board members are not offered stock options or participation in incentive schemes. Individual board members may take on specific ad hoc tasks outside their normal duties assigned by the Board. In each such case, the Board may determine a fixed fee for the work carried out related to those tasks, which shall be disclosed in the Company’s annual financial statements. Disclosure of Information Information on the total remuneration of members of the Company’s Board of Directors, Executive Team and senior management accountable for more than 10% of the assets or earnings of the Company, shall be disclosed in the Company’s annual financial statements. This includes any deferred payments and extraordinary contracts during the preceding financial year. Approval of the Remuneration Policy This Remuneration Policy shall apply to all future employment agreements with members of Company’s Executive Team and Board of Directors. The Remuneration Policy is binding for the Board of Directors as regards its provisions on stock options. In other respects, the Remuneration Policy shall be of guidance for the Board. Any departure from the policy shall be recorded and reasoned in the Board’s minutes. This Remuneration Policy has been approved by the Board of Directors of Marel hf. in accordance with article 79a of the Icelandic Companies Act No. 2/1995, taking into consideration the NASDAQ Iceland Rules for Issuers of Financial Instruments and the Icelandic Guidelines on Corporate Governance. The Remuneration Policy is reviewed annually and shall be approved by the Company’s Annual General Meeting, with or without amendments. The Company’s Remuneration Policy shall be published on its website.
The Meeting approved that the remuneration to Board members for the year 2018 shall be as follows: remuneration to Board members for the year 2018 will be €3,500 per month. The Chairman of the Board receives triple monthly remuneration and the Chairman of the Audit Committee receives double monthly remuneration. Members of sub-committees of the Board will further receive remuneration in the amount of €900 per month. The remuneration will be paid on the 15th day of each month. The Meeting approved that the Auditor’s fees will be paid against their invoices approved by the Company.
The Board’s proposal that seven Directors will be elected to serve on the Board of Directors of the Company was approved by the Meeting. The following candidates were elected to serve on the Board of Directors until the Company’s next Annual General Meeting: Ann Elizabeth Savage, Spalding, UK Arnar Thor Masson, London, England Asthildur Margret Otharsdottir, Reykjavik, Iceland Astvaldur Johannsson, Seltjarnarnes, Iceland Helgi Magnusson, Seltjarnarnes, Iceland Margret Jonsdottir, Seltjarnarnes, Iceland Olafur S. Gudmundsson, Princeton, US
The Meeting approved that the auditors KPMG ehf. will be the Company’s auditors.
The Meeting approved an authorization for the Company to acquire up to 10% of its own shares. Requirements pursuant to Article 55 of the Icelandic Companies Act No. 2/1995 shall be taken into consideration when own shares are purchased on the basis of this authorization. This authorization is effective for the next 18 months from approval. Earlier authorization shall be withdrawn.
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2.3.2018 10:22 |
Marel: Annual General Meeting Candidates for the Board of Directors...
2.3.2018 10:22Marel: Annual General Meeting Candidates for the Board of Directors Below is a list of candidates for the Board of Directors of Marel hf. at the Annual General Meeting, to be held at the Company's headquarters at Austurhraun 9, Gardabaer, Iceland, Tuesday 6 March 2018, at 16:00:
Further information about each of these candidates will be available on the Information Page for the Annual General Meeting 2018 on the Company´s website: http://www.marel.com/agm, no later than 2 days prior to the Meeting. The deadline for declaring candidature has now passed. According to the current Articles of Association of the Company, the Board of Directors shall be comprised of 5 to 7 members. Consequently, the above seven candidates will be elected to the Board without ballot at the meeting. |
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27.2.2018 17:45 |
Marel - Agenda and Proposals Annual General Meeting 6 March 2018...
27.2.2018 17:45Marel - Agenda and Proposals Annual General Meeting 6 March 2018 Agenda and Proposals - Annual General Meeting 6 March 2018 Please find hereby attached the final agenda and proposals to the Annual General Meeting of Marel, to be held Tuesday 6 March 2018 at 16:00. Notice to submit proposals or matters to be considered by the meeting has passed, as per Clause 4.20 of the Articles of Association of Marel hf. Further information can be found at the company's website: https://marel.com/corporate/investor-relations/events
Attachment (.pdf) Attachment (.pdf) Attachment (.pdf) Attachment (.pdf) |
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27.2.2018 15:29 |
Marel 2017 Annual Report
27.2.2018 15:29Marel 2017 Annual Report Marel has published its digital 2017 Annual Report The report is digital, complete with interesting videos, interactive graphs and tables. This is the fifth consecutive year that Marel publishes a web version of its Annual Report, accessible on both marel.com and on the 2017 Annual Report web: http://ar2017.marel.com. A new feature added this year is the unique social widget for each section of the report. This makes it easier to share specific sections or interesting stories from the report on social media as opposed to sharing the entire report. Strategy, business operations and corporate responsibility 2017 was a great year with strong financial results. The 2017 Annual Report provides an extensive overview of the company’s strategy and business operations, as well as providing valuable insight into the business activities in the development and sale of food processing equipment for the poultry, meat and fish industry. Revenues in 2017 were over EUR 1 billion and EBIT 15%. Marel has set a target for 12% average annual revenue growth in 2017-2026, both through organic growth and acquisitions. Innovation is and has been at the core of Marel´s strategy from the very beginning. Marel invests around 6% of revenues in innovation which supports better yield, safety and sustainability in the food processing industry. In 2017, EUR 58 million were invested in innovation. In 2017, Marel became part of the NASDAQ Sustainable Market Initiative for the first time and is now following the NASDAQ ESG reporting guidelines. The data of the ESG reporting can be found in the chapter on Responsible Growth in the Annual Report. From start up to a global leader in food processing equipment In 2017, Marel celebrated 25 years as a listed company. The listing in 1992 on Nasdaq Iceland marked a significant milestone in Marel’s progress from a startup company to becoming a leading global provider of advanced processing systems and services to the poultry, meat and fish industries. When Marel was listed in 1992 there were 45 employees and revenues totaled at around EUR 6m. Today, Marel has 5,400 employees in over 30 countries and EUR 1bn in revenues. Over the same period, the compounded average annual revenue growth has been over 20%. Today, Marel is the largest company listed on NASDAQ Iceland by market capitalization, or 30% of the total market capitalization of all listed companies in Iceland. Marel has over 2,200 shareholders and 95% are Icelandic investors. Dividends The Board of Directors has proposed a dividend of EUR 4.19 cents per share for the operating year 2017, the equivalent of approximately 30% of 2017 net results.
Investor relations For further information, please contact Tinna Molphy via email tinna.molphy@marel.com.
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20.2.2018 11:05 |
Marel - Transaction in own financial instruments
20.2.2018 11:05Marel - Transaction in own financial instruments Viðskipti með eigin bréf/transaction in own financial instruments
Nafn/Name: Marel hf.
Dagsetning viðskipta/Date of transaction: 20.02.2018
Kaup eða sala/Buy or Sell: Kaup/Buy
Tegund fjármálagernings / Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 5.000.000
Gengi/Verð pr. Hlut/Price: 377,00 ISK
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 51.747.226 Dagsetning lokauppgjörs / Date of settlement:
Ástæður viðskipta/Reason for transaction: Viðskipti gerð á grundvelli heimildar frá stjórn Marel hf. til stjórnenda félagsins til að kaupa allt að 20 milljónum hluta að nafnvirði sbr. fréttatilkynningu 7. febrúar 2018. / Transaction made on the basis of an authorization from the Board of Directors of Marel hf. to management to purchase own shares for nominal value of 20 million as per the company’s announcement on 7 February 2018. |
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19.2.2018 11:41 |
Marel - Transaction in own financial instruments
19.2.2018 11:41Marel - Transaction in own financial instruments Viðskipti með eigin bréf/transaction in own financial instruments
Nafn/Name: Marel hf.
Dagsetning viðskipta/Date of transaction: 19.02.2018
Kaup eða sala/Buy or Sell: Kaup/Buy
Tegund fjármálagernings / Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 2.000.000
Gengi/Verð pr. Hlut/Price: 378,50 ISK
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 46.747.226 Dagsetning lokauppgjörs / Date of settlement:
Ástæður viðskipta/Reason for transaction: Viðskipti gerð á grundvelli heimildar frá stjórn Marel hf. til stjórnenda félagsins til að kaupa allt að 20 milljónum hluta að nafnvirði sbr. fréttatilkynningu 7. febrúar 2018. / Transaction made on the basis of an authorization from the Board of Directors of Marel hf. to management to purchase own shares for nominal value of 20 million as per the company’s announcement on 7 February 2018. |
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16.2.2018 13:33 |
Marel - Transaction in own financial instruments
16.2.2018 13:33Marel - Transaction in own financial instruments Viðskipti með eigin bréf/transaction in own financial instruments
Nafn/Name: Marel hf.
Dagsetning viðskipta/Date of transaction: 16.02.2018
Kaup eða sala/Buy or Sell: Kaup/Buy
Tegund fjármálagernings / Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 3.000.000
Gengi/Verð pr. Hlut/Price: 367,50 ISK
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 44.747.226 Dagsetning lokauppgjörs / Date of settlement:
Ástæður viðskipta/Reason for transaction: Viðskipti gerð á grundvelli heimildar frá stjórn Marel hf. til stjórnenda félagsins til að kaupa allt að 20 milljónum hluta að nafnvirði, sem ætlaðir eru sem endurgjald í mögulegum fyrirtækjakaupum, sbr. fréttatilkynningu 7. febrúar 2018 / Transaction made on the basis of an authorization from the Board of Directors of Marel hf. to management to purchase own shares for nominal value of 20 million, to be used as payment for potential future acquisitions, as per the company’s announcement on 7 February 2018. |
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12.2.2018 18:55 |
Marel hf. - Issuance of Stock Options
12.2.2018 18:55Marel hf. - Issuance of Stock Options The Board of Directors of Marel hf. resolved on 12 February 2018 to grant to employees up to 4.1 million shares through stock option agreements. The aim of the stock option agreements is to align long-term interests of senior management and of the Company. The key terms and conditions of the new stock option program were approved by Marel’s Annual General Meeting on 2 March 2017 in accordance with the Company's Remuneration Policy as approved at the same meeting. The stock options will be granted to the Executive Team, and selected employees in strategic positions. Key terms and conditions of the agreements are as follows:
The total number of unexercised stock options granted by Marel hf., including this new stock option scheme, currently amounts to 14.0 million shares corresponding to approximately 1.9% of total issued share capital. The Company’s cost of the new share option scheme is estimated to be approximately EUR 2.1 million over the next 3 years based on the option pricing model of Black-Scholes. Details of the share options granted to Marel´s Executive Team:
[1] The exercise price is determined by the closing rate of Marel shares at NASDAQ Iceland hf. on 12 February 2018, i.e. ISK 366.00 per share, calculated with the Central Bank of Iceland EUR/ISK mid-rate on that day; 125.20
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12.2.2018 16:24 |
Marel hf. - Annual General Meeting 2018
12.2.2018 16:24Marel hf. - Annual General Meeting 2018 The Annual General Meeting of Marel hf. will be held at the Company‘s headquarters at Austurhraun 9, Gardabaer, Iceland, on Tuesday, 6 March 2018 at 16:00. Agenda:
The meeting will be conducted in English. In particular, it should be noted that candidatures for the Board of Directors shall be submitted in writing to the Board of Directors at least five full days prior to the meeting, i.e. before Thursday 1 March at 16:00 pm (GMT). In order for shareholders to have proposals or matters considered by the meeting, they must have been submitted to the Board of Directors at least ten days prior to the meeting, i.e. by the latest on 24 February at 16:00 pm (GMT). On the Company’s AGM website, www.marel.com/agm, further information in relation to the Annual General Meeting can be found, including the right of shareholders to submit items and proposals to the meeting’s agenda, a draft agenda for the meeting, proposals of the Board of Directors, Company's annual statements for the year 2017, information on the total number of shares and voting rights as of 7 February 2018, proxy template, as well as information on documents to be submitted in relation to the meeting. The meeting’s agenda and final proposals will be available to shareholders seven days prior to the meeting, both on the aforementioned AGM webpage of the Company as well as at the Company‘s offices at Austurhraun 9, Gardabaer, Iceland. Agents of shareholders shall submit written proxies at the entrance of the meeting. Ballots and other applicable documents will be available at the venue of the meeting as of 15:30 on the day of the meeting. The Board of Directors of Marel hf.
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8.2.2018 07:25 |
Marel: Q4 2017 Investor Presentation
8.2.2018 07:25Marel: Q4 2017 Investor Presentation Marel: Q4 2017 Investor Presentation Marel hf. published its Q4 2017 financial statements after the close of markets on February 7, 2018. Today, February 8, 2018, at 8:30 am (GMT), market participants are invited to an investor meeting where CEO Arni Oddur Thordarson and CFO Linda Jonsdottir will give an overview of the financial results and operational highlights. Please find attached the Q4 2017 investor presentation. The presentation will be held on Thursday October 26, at 8:30 am (GMT), at the company's headquarters, Austurhraun 9, Gardabaer. Please note that the meeting will also be webcast at www.marel.com/webcast. For further information, please contact Tinna Molphy via email tinna.molphy@marel.com. Attachment (.pdf) |
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7.2.2018 19:01 |
Marel Q4 2017 results - Strong close of a great year...
7.2.2018 19:01Marel Q4 2017 results - Strong close of a great year Marel Q4 2017 results (All amounts in EUR) Strong close of a great year Q4 2017 – Good execution led to higher volumes and EBIT
Full year 2017 – Above EUR 1bn in revenues and 15% EBIT
The Board of Directors has proposed a dividend of EUR 4.19 cents per share for the operating year 2017, the equivalent of approximately 30% of 2017 net results. In addition, the Board of Directors has authorized management to purchase own shares for nominal value of 20 million. Since listing on Nasdaq Iceland in 1992, Marel has with good support from shareholders delivered compounded average annual growth of over 20% and created excellent value for its stakeholders. As part of Marel’s ambitious growth strategy, the Company has decided to evaluate potential listing alternatives to further advance its global vision and drive continued shareholder returns. Marel is currently in the process of engaging an independent international advisor for this purpose. Arni Oddur Thordarson, CEO: “We had a strong close of a great year. In 2017, we had record orders received of EUR 1,144 million, up 13% between years. Our business is about advancing food processing. In recent years we have also been advancing Marel. We have prioritized investments and strengthened processes to be able to deliver complex solutions to customers at the right time and quality. We have also been adding resources to cope with the increased load. Today, we are team of 5,400 dedicated members in over 30 countries. Our committed team delivered record revenues of EUR 295 million in the fourth quarter, an 18% increase in revenues compared with the same period last year. Volumes and revenues increased faster than costs, leading to robust operational results. For the full year, revenues were over EUR 1 billion with 15% EBIT. In light of the good results delivered in 2017 and robust order book, we expect strong organic revenues growth in 2018. We drive organic growth and value creation with innovation and market penetration, supported by strategic partnerships and acquisitions. In partnership with our customers, we are transforming the way food is processed.”
Performance of Marel
Orders received at an all-time high Marel is reaping the benefits of a steady flow of innovative products with standard building blocks and a full line offering. Orders received in 2017 reached EUR 1,144m over the course of the year, up 13% compared to EUR 1,013m in 2016. Despite the EUR 282m of orders received in the fourth quarter, QoQ was down 4% which reflects the strong development of orders received over the last few quarters. The order book was EUR 472m at year-end, or close to 0.45 of trailing twelve month revenues. The order book includes the acquired order book of Sulmaq for EUR 17m. Greenfields and projects with long lead times constitute the vast majority of the order book. The strong order book provides a good foundation for the operational year 2018. Production load was well managed in 4Q17 Ramp up of production was well managed in 4Q17 delivering high revenues of EUR 295m. In order to deliver the right quality at the right time, production was ramped up in 4Q17 and more focus is being placed on Sales and Operational Planning (S&OP) internally. The recently implemented co-location product strategy has allowed for better production management of equipment load fluctuations. Outsourcing was a key success factor in improved management of the production load in 4Q17. Our recently extended Nitra facility (Slovakia) will also enable for improvements to production load management going forward. Strong earnings growth and healthy profit margin We continue to deliver strong earnings growth with a healthy profit margin of approximately 15% EBIT* for eight quarters in a row. Revenues in 2017 were EUR 1,038m with an adjusted EBIT of EUR 157m or 15.2% EBIT* margin. In comparison, pro forma revenues in 2016 were EUR 983m with an adjusted EBIT of EUR 143m or 14.6% EBIT* margin. The fourth quarter was one of the best ever for Marel, mainly due to the ramp up of production capacity in poultry. At the same time, operational costs rose at a slower pace, leading to higher EBIT*. This resulted in an increase in EBIT* to EUR 46m in 4Q17 from EUR 35m in 4Q16. All industries delivered higher revenues in 4Q17 compared with previous quarters. Strong cash flow enables substantial investments in innovation and the future platform Cash flow was exceptionally good in 2017. Free cash flow amounted to EUR 153m in 2017, and EUR 37m in 4Q17. Marel continues to invest in the business to prepare for future growth and full potential. Investment activities are expected to be, on average, above normalized levels for the coming period. Net interest bearing debt decreased by EUR 39m in 2017, despite the fact that Marel acquired Sulmaq for an amount equal to the enterprise value of EUR 26m and purchased EUR 63.4m worth of treasury shares, thereof EUR 6.8m was in order to fulfill obligations of stock option agreements and the remainder to facilitate future acquisitions. Net debt/EBITDA was x1.9 at YE17, compared to x2.3 at YE16, fully in line with the targeted capital structure of x2-3 net debt/EBITDA. Net result in 4Q17 was EUR 34m, up 50% from EUR 23m in 4Q16, translating to Earnings per share (EPS, trailing 12 months) of EUR 4.81 cents in 4Q17 (4Q16: EUR 3.17 cents). Net result in 2017 was EUR 97m, up 28% compared to EUR 76m in 2016, rendering EPS of EUR 13.70 cents (2016: EUR 10.59 cents). In Q2 2017, Marel secured an extension to and amendments of its long term financing at favorable terms and conditions reflecting its financial strength and current market conditions. The all senior loan facilities are approximately 640 million EUR with initial interest terms EURIBOR/LIBOR +185 bps that will vary in line with Marel’s leverage ratio (Net debt/EBITDA) at the end of each quarter. The final maturity is in May 2022. This provides Marel with increased strategic and operational flexibility to support the ambitious growth plan introduced at Marel’s Annual General Meeting in March 2017. Impact of changes in IFRS As of 1 January 2018 Marel will adopt the following new IFRS standards:
The impact of implementing the new standards will be reflected in the opening balance sheet as per 1 January 2018. The impact is:
For further details of the changes relating to these new IFRS standards, please refer to the Consolidated Financial Statements and the presentation on the financial results.. Dividend The Board of Directors will propose at the 2018 Annual General Meeting that EUR 4.19 cents dividend per outstanding share will be paid for the operating year 2017, corresponding to approximately 30% of net result attributable to Shareholders of the Company of EUR 97m for the year 2017, and refers to the Consolidated Financial Statements regarding appropriation of the profit for the year and changes in Shareholders’ equity. This is proposed in accordance to Marel’s dividend policy, disclosed at Marel’s Annual General Meeting in March 2011. The target is that the net debt/EBITDA ratio is x2-3 net debt/EBITDA, with excess capital to be used to stimulate growth and value creation as well as pay dividends. Dividends or share buy-backs are targeted at 20-40% of the net result. Outlook In light of the good results delivered in 2017 and robust order book, we expect strong organic revenues growth in 2018. Marel is targeting 12% average annual revenue growth in the period 2017-2026, by market penetration and innovation, complemented by strategic partnerships and acquisitions.
Growth will not be linear but based on opportunities and economic fluctuations. Operational results may vary from quarter to quarter due to general economic developments, fluctuations in orders received and timing of deliveries of larger systems.
On Thursday February 8, 2018, at 8:30 am (GMT), market participants are invited to an investor meeting where CEO Arni Oddur Thordarson and CFO Linda Jonsdottir will give an overview of the financial results and operational highlights. The meeting is conducted in English and will be held at the company's headquarters in Iceland. Please note that the meeting will also be webcast on www.marel.com/webcast. Financial calendar Marel will host its Annual General Meeting and publish its interim and annual Consolidated Financial Statements according to the below financial calendar:
Financial results will be disclosed and published after market closing. Investor relations: Tinna Molphy, Manager in Investor Relations, investors@marel.com and tel: (+354) 563 8603. Forward-looking statements Statements in this press release that are not based on historical facts are forward-looking statements. Although such statements are based on management’s current estimates and expectations, forward-looking statements are inherently uncertain. We therefore caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward-looking statements, and that we do not undertake to update any forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement. Market share data Statements regarding market share, including those regarding Marel’s competitive position, are based on outside sources such as research institutes, industry and dealer panels in combination with management estimates. Where information is not yet available to Marel, those statements may also be based on estimates and projections prepared by outside sources or management. Rankings are based on sales unless otherwise stated.
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31.1.2018 21:04 |
Marel: 2017 financial results published February 7, 2018, investor meeting on Februar...
31.1.2018 21:04Marel: 2017 financial results published February 7, 2018, investor meeting on February 8, 2018 Marel hf. will publish its 2017 annual consolidated financial statements after market closing on February 7, 2018.
Investor meeting and webcast On Thursday February 8, 2018, at 8:30 am (GMT), market participants are invited to an investor meeting where CEO Arni Oddur Thordarson and CFO Linda Jonsdottir will give an overview of the financial results and operational highlights. The investor meeting will be held at the company's headquarters in Iceland. Breakfast will be served from 8:00 am. Please note that the meeting will also be webcast on www.marel.com/webcast. Financial calendar
Investor relations For further information, please contact Tinna Molphy via email tinna.molphy@marel.com. |
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29.1.2018 10:22 |
Correction: Major shareholder announcement - Stefnir hf....
29.1.2018 10:22Correction: Major shareholder announcement - Stefnir hf. Correction: The major shareholder announcement filed with the exchange on January 26, 2018 at 19.01 (CET) should have been categorized and sent as a company release. Attached is a major shareholder announcement from Stefnir hf., on behalf of funds under management. Attachment (.pdf) |
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30.11.2017 13:21 |
Marel - Date of transaction 30 November 2017
30.11.2017 13:21Marel - Date of transaction 30 November 2017
Auðkenni útgefanda/Trade ticker: MARL
Nafn útgefanda/Issuer: Marel hf.
Dagsetning tilkynningar/Date of announcement 30.11.2017
Nafn fruminnherja/Name primary insider: Folkert Bölger
Tengsl fruminnherja við útgefanda/Insider's relation with the issuer: Yfirmaður alþjóðlegrar aðfanga- og framleiðslustýringar/ Executive Vice President Global Supply Chain
Dagsetning viðskipta/Date of transaction: 30.11.2017
Tímasetning viðskipta/Time of transaction:
Tegund fjármálagernings/Type of financial instrument: Hlutabréf/Equities
Kaup eða sala/Buy or Sell: Kaup/Buy
Fjöldi hluta/Number of shares: 17.862
Verð pr. Hlut/Price per share: 327,5 ISK
Fjöldi hluta í eigu fruminnherja eftir viðskipti/Primary insider's holdings after the transaction: 17.862
Fjöldi hluta sem fruminnherji á kauprétt að/Primary insider's option holdings after the transaction: 0
Fjöldi hluta fjárhagslega tengdra aðila eftir viðskipti/Related parties' holdings after the transaction: 0
Dagsetning lokauppgjörs*/Date of settlement*:
Athugasemdir*/Comments*:
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28.11.2017 14:21 |
Marel - Notification according to requirement of Article 93 of the Act No 108/2007 on...
28.11.2017 14:21Marel - Notification according to requirement of Article 93 of the Act No 108/2007 on Securities Transactions See notification in attachment. Attachment (.pdf) |
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28.11.2017 13:17 |
Marel - Transaction in own shares
28.11.2017 13:17Marel - Transaction in own shares
Viðskipti með eigin bréf/transaction in own financial instruments
Nafn/Name: Marel hf.
Dagsetning viðskipta/Date of transaction: 28.11.2017
Kaup eða sala/Buy or Sell: Kaup/Buy
Tegund fjármálagernings / Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 5.000.000
Gengi/Verð pr. Hlut/Price: 327,00 ISK
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 41.747.226 Dagsetning lokauppgjörs / Date of settlement:
Ástæður viðskipta/Reason for transaction: Viðskipti gerð á grundvelli heimildar frá stjórn Marel hf. til stjórnenda félagsins til að kaupa allt að 15 milljónum hluta að nafnvirði, sem ætlaðir eru sem endurgjald í mögulegum fyrirtækjakaupum, sbr. fréttatilkynningu 26. júlí 2017 / Transaction made on the basis of an authorization from the Board of Directors of Marel hf. to management to purchase own shares for nominal value of 15 million, to be used as payment for potential future acquisitions, as per the company’s announcement on 26 July 2017. |
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8.11.2017 10:34 |
Marel - Transaction in own financial instruments
8.11.2017 10:34Marel - Transaction in own financial instruments Viðskipti með eigin bréf/transaction in own financial instruments
Nafn/Name: Marel hf.
Dagsetning viðskipta/Date of transaction: 08.11.2017
Kaup eða sala/Buy or Sell: Kaup/Buy
Tegund fjármálagernings / Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 5.000.000
Gengi/Verð pr. Hlut/Price: 333,00 ISK
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 36.747.226 Dagsetning lokauppgjörs / Date of settlement:
Ástæður viðskipta/Reason for transaction: Viðskipti gerð á grundvelli heimildar frá stjórn Marel hf. til stjórnenda félagsins til að kaupa allt að 15 milljónum hluta að nafnvirði, sem ætlaðir eru sem endurgjald í mögulegum fyrirtækjakaupum, sbr. fréttatilkynningu 26. júlí 2017 / Transaction made on the basis of an authorization from the Board of Directors of Marel hf. to management to purchase own shares for nominal value of 15 million, to be used as payment for potential future acquisitions, as per the company’s announcement on 26 July 2017. |
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7.11.2017 11:46 |
Marel - Date of transactions 7 November 2017
7.11.2017 11:46Marel - Date of transactions 7 November 2017 See attachments. Attachment (.pdf)Attachment (.pdf) Attachment (.pdf) Attachment (.pdf) Attachment (.pdf) Attachment (.pdf) Attachment (.pdf) |
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7.11.2017 11:19 |
Marel - Transaction in own financial instruments
7.11.2017 11:19Marel - Transaction in own financial instruments
Viðskipti með eigin bréf/transaction in own financial instruments
Nafn/Name: Marel hf.
Dagsetning viðskipta/Date of transaction: 07.11.2017
Kaup eða sala/Buy or Sell: Sala/Sell
Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 689.000
Gengi/Verð pr. Hlut/Price: 131,88 ISK/1,072 EUR
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 31.747.226
Dagsetning lokauppgjörs/Date of settlement:
Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga/Transaction to fulfill obligations of stock option agreements |
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2.11.2017 07:38 |
Marel: Capital markets day presentation
2.11.2017 07:38Marel: Capital markets day presentation Today, November 2, 2017, Marel is hosting its Capital Markets Day for market participants and investors. The Event is held in Copenhagen, Denmark. Please find attached the presentation from the event For further information, please contact Tinna Molphy via email tinna.molphy@marel.com. Attachment (.pdf) |
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26.10.2017 08:30 |
Marel: Q3 2017 investor meeting presentation
26.10.2017 08:30Marel: Q3 2017 investor meeting presentation Marel hf. published its Q3 2017 financial statements after the close of markets on October 25, 2017. Today, October 27, 2017, Marel hf. invites market participants and investors to a meeting where the financial results for Q3 2017 will be presented by Arni Oddur Thordarson, CEO and Linda Jonsdottir, CFO. Please find attached the Q3 2017 investor presentation. The presentation will be held on Thursday October 26, at 8:30 am (GMT), at the company's headquarters, Austurhraun 9, Gardabaer. Please note that the meeting will also be webcast at www.marel.com/webcast. For further information, please contact Tinna Molphy via email tinna.molphy@marel.com. Attachment (.pdf) |
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25.10.2017 18:17 |
Marel Q3 2017 results
25.10.2017 18:17Marel Q3 2017 results (All amounts in EUR) Q3 2017 – Strong competitive position and good momentum
In Q3 order intake was robust at 296 million. Market conditions remain good and Marel’s competitive position is strong. The order book was at a good level of 468 million. Revenue in Q3 2017 was 247 million with a solid EBIT* of 15.2%. Revenue for the first nine months of 2017 was 743 million compared to 733 million on a pro forma basis for the same period in 2016. EBIT* for the first nine months of 2017 was 111 million (15.0% of revenue) compared to 108 million on a pro forma basis for the same period last year (14.8% of revenue). Marel’s acquisition of Sulmaq, a Brazilian primary meat processing equipment provider, was finalized on August 31, 2017. Sulmaq’s annual revenue is approximately 25 million. In the short term, the acquisition is not expected to have a material impact on Marel’s financial results. Cash flow was exceptionally strong in Q3 leading to further deleveraging, despite the acquisition of Sulmaq for an amount equaling the enterprise value of 26 million and the net purchase of treasury shares for 12 million during the quarter. Furthermore Marel continues to invest in the business to stimulate further growth and value creation. Leverage is now down to x2.0 net debt/EBITDA compared to x2.15 in last quarter. Arni Oddur Thordarson, CEO: “We are building on good momentum and delivering yet another quarter with robust order intake of 296 million. We are pleased with the operational results in the quarter with 247 million in revenue and EBIT in excess of 15%. This is delivered despite softness in the operational results of Marel Meat when compared with previous quarters. The outstanding performance of Marel Poultry in Q3 outweighs this. By being the leading global provider to three industries; poultry, meat and fish, we counterbalance fluctuations in business unit operations, leading to good overall operational results. Good earnings and strong cash flow enables us to continue to invest in innovation and strengthening the operational platform. In Q3 we finalized the acquisition of Sulmaq in Brazil for 26 millions in addition to acquiring treasury shares for 12 million. Marel´s financial position is strong and net leverage is down to two times EBITDA. We will continue to engage with new and existing customers around the world in exciting projects that will advance food processing”. Markets Marel’s competitive position is strong and market conditions are good. In Q3, Marel secured record order intake of 296 million. The order book is at an all-time high of 468 million compared with 419 million at the end of Q2 2017 and 305 million at the end of Q3 2016. Marel is the leading global provider of advanced processing systems and services to the poultry, meat and fish industries. Overall the business is showing good operational performance with a solid 15% EBIT and good underlying market fundamentals. Marel continues to invest in the future to be better equipped to capture market growth and to increase value for its customers and stakeholders. Revenue streams in poultry and fish are well balanced between standard equipment, Greenfields and maintenance while meat is a more project driven business. Poultry is delivering very strong results throughout this year with good product mix, volume and profitability. The operational performance of Marel Fish is still below long term targets and potential but is on track towards more streamlined and focused organization. Although Meat had a very good first half of the year, timing of delivery of projects adversely affected revenue and operational results in Q3. Marel Poultry Marel Poultry had an excellent first nine months (9M) of the year with solid operational profit margins, strong volume and robust order intake. During the first 9M of 2017, Marel Poultry generated 406 million in revenue and 76 million EBIT (18.7% of revenue). Projects were well distributed geographically and between different products. In Q1, a Greenfield project was secured in Russia and in Q2, large orders were secured in Europe and N-America. In Q3, Marel Poultry secured its largest order to-date, a groundbreaking Greenfield project with Costco and Lincoln premium poultry in the U.S. Marel Poultry accounted for 54.6% of Marel’s total revenue for the first 9M of 2017. Marel Meat Although Meat had a very good first half of the year, timing of delivery of projects adversely affected revenue and operational results in Q3. During the first 9M of 2017, Marel Meat generated 239 million in revenue and 29 million EBIT* (12.0% of revenue) Marel Meat accounted for 32.1% of Marel’s total revenue during the first 9M. Marel Meat is delivering good projects and fulfilling its customers’ needs worldwide. With the acquisition of Sulmaq in Brazil, Marel is strengthening its position in Central and South America and ensuring better access to a large and growing market for meat building on past sucess in the region in both poultry and fish. Marel Fish Marel Fish is on track in Q3 delivering good order intake, and improving operational margins. During the quarter, Marel secured large orders in Norway, S-Africa and Iceland. During the first 9M of 2017, Marel Fish generated 91 million in revenue and 4 million EBIT (3.9% of revenue). Marel Fish accounted for 12.2% of Marel’s total revenue for the first 9M of 2017. Financial items Cash flow and investments The balance sheet is healthy and net interest bearing debt amounted to 375 million at the end of Q3 2017, compared to 443 million at the end of Q3 2016. Operational cash flow before interest and tax was exceptionally strong at 72 million for Q3 2017 compared to 33 million in Q3 2016. The leverage is down to x2.0 net debt/EBITDA compared to x2.15 last quarter. Marel continues to invest in the business to prepare for future growth and full potential, which is in line with previous communication. Investment activities are expected to be, on average, above normalized levels for the coming period. In Q3 2017 Marel acquired Sulmaq where the purchase price is 25.6 million on a debt and cash-free basis. In Q3 2017, Marel purchased 5.0 million treasury shares for a total amount of EUR 14.5 million to be used as a payment for potential future acquisitions, as per the company’s announcement on February 8, 2017. Marel sold 0.9 million treasury shares for EUR 2.5 million to the management of Sulmaq in relation to Marel‘s acquisition of Sulmaq. The sold shares include a lock-up period of 18 months from the date of closing which was August 31, 2017. At the end of Q3 2017, Marel had 32.4 million treasury shares (end of Q2 2017: 28.4 million treasury shares). Outlook Marel expects market conditions to remain good in the poultry and fish industries, while a softer outlook is expected short term for the meat industry. Long term outlook is good for all industries. Strong position of the order book indicates that revenue will be higher in coming quarters. Marel is targeting 12% average annual revenue growth in the next 10 years.
Growth will not be linear but based on opportunities and economic fluctuations. Operational results may vary from quarter to quarter due to general economic developments, fluctuations in orders received and timing of deliveries of larger systems. Marel’s Capital Markets Day 2017 Marel’s Capital Markets Day for institutional investors, analysts and the media will take place on November 2, 2017 at Marel’s demonstration center, Progress Point, in Copenhagen. Presentation of results, October 26, 2017 Marel will present its results at an investor meeting on Thursday, October 26, 2017 at 8:30 am (GMT), at the company’s headquarters at Austurhraun 9, Gardabaer. The meeting will also be webcasted at marel.com/webcast. Marel’s Investor calendar
Release of financial statements will take place after market closing on the aforementioned dates. For further information, contact: Tinna Molphy, Manager in Investor Relations, tel: (+354) 563 8603 / mobile: (+354) 853 8603. Attachment (.pdf)Attachment (.pdf) |
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18.10.2017 14:24 |
Marel Q3 2017 results – Investor meeting on October 26, 2017...
18.10.2017 14:24Marel Q3 2017 results – Investor meeting on October 26, 2017
Marel will release the company’s consolidated financial statement for Q3 2017 after market closing on October 25, 2017. |
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31.8.2017 21:13 |
Marel -Transaction in own financial instruments
31.8.2017 21:13Marel -Transaction in own financial instruments Viðskipti með eigin bréf/transaction in own financial instruments
Nafn/Name: Marel hf.
Dagsetning viðskipta/Date of transaction: 31.8.2017
Kaup eða sala/Buy or Sell: Sala/Sell
Tegund fjármálagernings / Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 916.924
Gengi/Verð pr. Hlut/Price: 343,00 ISK
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 32.436.226 Dagsetning lokauppgjörs / Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskipti gerð á grundvelli samnings við stjórnendur Sulmaq Industrial e Comercial S.A. í tengslum við kaup Marel á Sulmaq, sbr. tilkynningu Marel sem birt var 26. júlí 2017. Stjórnendur Sulmaq nota, í tengslum við kaupin, hluta kaupverðsins til fjárfestingar í Marel eða sem nemur um 2,5 milljónum evra. Samkvæmt samkomulagi kaupa þeir 916.924 hluti í Marel á genginu 343 kr. á hlut eða sem nemur EUR 2,73 á hlut, og skuldbinda þeir sig til að eiga hlutina að lágmarki í 18 mánuði frá kaupunum, sem endanlega var gengið frá í dag./ Transaction made on the basis of an agreement with the management of Sulmaq Industrial e Comercial SA in relation to Marel‘s acquisition of Sulmaq, as per the Company’s announcement on 26 July 2017. In relation to the closing of the acquisition, Sulmaq management invests approximately EUR 2.5 million of their proceeds in Marel shares with a lock-up period of 18 months from the date of closing which took place today. The number of shares they acquire is 916,924 for the price of 343 ISK per share or equivalent to EUR 2.73 per share.
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17.8.2017 11:19 |
Marel - Transaction in own financial instruments
17.8.2017 11:19Marel - Transaction in own financial instruments Viðskipti með eigin bréf/transaction in own financial instruments
Nafn/Name: Marel hf.
Dagsetning viðskipta/Date of transaction: 17.8.2017
Kaup eða sala/Buy or Sell: Kaup/Buy
Tegund fjármálagernings / Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 2.500.000
Gengi/Verð pr. Hlut/Price: 362,5 ISK
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 33.353.150 Dagsetning lokauppgjörs / Date of settlement:
Ástæður viðskipta/Reason for transaction: Viðskipti gerð á grundvelli heimildar frá stjórn Marel hf. til stjórnenda félagsins til að kaupa allt að 15 milljónum hluta að nafnvirði, sem ætlaðir eru sem endurgjald í mögulegum fyrirtækjakaupum, sbr. fréttatilkynningu 26. júlí 2017 / Transaction made on the basis of an authorization from the Board of Directors of Marel hf. to management to purchase own shares for nominal value of 15 million, to be used as payment for potential future acquisitions, as per the company’s announcement on 26 July 2017. |
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15.8.2017 13:27 |
Marel - Transaction in own financial instruments
15.8.2017 13:27Marel - Transaction in own financial instruments Viðskipti með eigin bréf/transaction in own financial instruments
Nafn/Name: Marel hf.
Dagsetning viðskipta/Date of transaction: 15.8.2017
Kaup eða sala/Buy or Sell: Kaup/Buy
Tegund fjármálagernings / Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 2.500.000
Gengi/Verð pr. Hlut/Price: 367 ISK
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 30.853.150 Dagsetning lokauppgjörs / Date of settlement:
Ástæður viðskipta/Reason for transaction: Viðskipti gerð á grundvelli heimildar frá stjórn Marel hf. til stjórnenda félagsins til að kaupa allt að 15 milljónum hluta að nafnvirði, sem ætlaðir eru sem endurgjald í mögulegum fyrirtækjakaupum, sbr. fréttatilkynningu 26. júlí 2017 / Transaction made on the basis of an authorization from the Board of Directors of Marel hf. to management to purchase own shares for nominal value of 15 million, to be used as payment for potential future acquisitions, as per the company’s announcement on 26 July 2017. |
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27.7.2017 09:16 |
Marel: Presentation from Investor meeting
27.7.2017 09:16Marel: Presentation from Investor meeting In attachment is the presentations from Investor meeting held on July 27, 2017 Attachment (.pdf) |
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26.7.2017 16:51 |
Marel Q2 2017 results
26.7.2017 16:51Marel Q2 2017 results (All amounts in EUR) Q2 2017 – Strong order intake, solid performance with delays in orders booked off
Market conditions are good and Marel’s competitive position is strong. In Q2, Marel secured order intake of 273 million. The order book was at 419 million compared with 307 million at the end of Q2 2016. In the beginning of Q3, Marel secured its largest order to date with a groundbreaking Greenfield project with Costco and Lincoln premium poultry in the U.S. Revenue in Q2 2017 was 244 million with 14.7% EBIT*. Product mix and timing of deliveries of large orders resulted in orders booked off being lower in Q2 2017 than is expected going forward. Cash flow from operating activities was strong at 61.2 million in Q2 2017. Net debt/EBITDA was x2.15 at the end of the quarter. Net purchase of treasury shares amounted to EUR 14.6 million in Q2 2017. The Board of Directors of Marel has at its meeting on July 26, 2017 authorized management to to be used as payment for potential future acquisitions. Revenue for the first half of 2017 was 496.5 million and is at same level as pro forma revenue for the first half of 2016. Order intake for the first half of 2017 was 565.9 million compared with pro forma 484.9 million for the first half of 2016. The order book was at 418.9 million compared with 307 million at the end of the first half of 2016. Marel has agreed to acquire Sulmaq, a Brazilian meat primary processing equipment provider. The aim is to strengthen Marel’s position in Central and South America and ensure better access to a large and growing market for beef and pork. Sulmaq’s annual revenue is around 25 million. The acquisition is expected to close in the third quarter of 2017, subject to customary closing conditions. In the short term, the acquisition is not expected to have material impact on Marel’s financial results. Arni Oddur Thordarson, CEO: “In Q2, revenue was 244 million with close to 15% EBIT*. Due to product mix and timing of deliveries of large orders, revenue in Q2 2017 was at a lower level than we expect going forward. Revenue and operational profit for the first six months of the year were at a similar level as for the first half of 2016. Marel’s competitive position is strong and market conditions are good, resulting in a 17% increase in order intake in the first half of the year compared with the same period last year. In the beginning of Q3, our great team secured our largest order to date with Costco and Lincoln Premium Poultry where Marel is delivering a highly automated state-of-the-art poultry plant in the U.S. Marel, in partnership with its customers, is transforming the way food is processed by enabling our customers to deliver affordable and high quality food in a sustainable way. We are as well strengthening our position in South America with the acquisition of Sulmaq, which has been at the forefront of providing primary meat solutions in the region. Marel has had great success in the poultry and fish market in South America over the last two decades and is now gearing up for further growth in this 600 million people region”. Marel agrees to acquire Sulmaq Marel has agreed to acquire Sulmaq. The aim is to strengthen Marel’s position in Central and South America and ensure better access to a large and growing market for beef and pork. Established in 1971, Sulmaq is at the forefront of providing primary processing solutions to the pork and beef industries in Central and South America. Sulmaq is based in the state of Rio Grande do Sul in southern Brazil. The company employs around 400 employees and their main solutions include hog slaughtering lines, cattle slaughtering lines, cutting and deboning, viscera processing and food logistics. Sulmaq has a large installed base in Central and South America and strong customer relationships. The company also develops and manufactures precision investment castings for various market segments. Sulmaq’s annual revenue is around EUR 25 million. Over the years, Marel has grown organically as well as through the acquisition of several internationally renowned brands such as MPS, Stork and Scanvaegt. The Sulmaq acquisition is in line with Marel’s strategy to be a full line supplier to the poultry, meat and fish industries globally. Brazil is the second largest producer of beef and the third largest producer of poultry meat in the world and this step will strengthen Marel’s position in Central and South America. Marel is committed to invest in Brazil and the Central and South American market, due to its growth potential, advanced agriculture and access to resources for the food industry. The acquisition is expected to close in the third quarter of 2017, subject to customary closing conditions but anti-trust approval is not required. Sulmaq’s leaders, Fernando Roos, Henrique Roos and Julio Roos, are instrumental for the future of Marel and they will continue in their current positions at Sulmaq. At closing, the management of Sulmaq intends to reinvest part of their proceeds in Marel shares. Sulmaq will be run as a standalone business unit with support from Marel while the companies work on creating the optimal set-up, which will enable them to serve their customers in the best possible way in the future. Markets Marel’s competitive position is strong and market conditions are good. In Q2, Marel secured order intake of 273 million. The order book was at 419 million compared with 307 million at the end of Q2 2016. In the beginning of Q3, Marel secured its largest order to date with a groundbreaking Greenfield project with Costco and Lincoln premium poultry in the U.S. This new highly automated state-of-the-art poultry plant will deliver 1.6 million chickens per week and have all the latest technology available to ensure high quality food is produced sustainably at affordable prices.
Marel is the leading global provider of advanced processing systems and services to the poultry, meat and fish industries. Marel continues to introduce a steady stream of innovative products to the market that will continue to increase the customers’ value and advance food processing going forward. Marel Poultry Marel Poultry had an excellent first half of the year with solid operational profit margins, strong volume and good order intake. During the first half of 2017, Marel Poultry generated 268.1 million in revenue and 47.3 million EBIT (17.6% of revenue). Projects were well distributed geographically and between different products. In Q1, a Greenfield project was secured in Russia and in Q2, large orders were secured in Europe and N-America. Marel is reaping the benefits of a steady flow of highly innovative solutions introduced to its markets. Marel Poultry accounted for 54% of Marel’s total revenue for 1H 2017. Marel Meat The first half of 2017 was good for Marel Meat with good operational margins, volume, and order intake. Large Greenfield projects were secured in South-Korea and in Spain as well as numerous important projects worldwide. Marel’s full line offering in the meat industry is well perceived by customers and various cross- and upselling sales were secured. Marel Meat generated 164.5 million in revenue and 23.0 million EBIT* (14.0% of revenue) during 1H 2017. Marel Meat accounted for 33% of Marel’s total revenue for 1H 2017. Marel Fish The Q2 2017 results in Marel Fish are negatively affected by product mix and timing of deliveries of large orders. Marel Fish generated 59.2 million in revenue and 1.7 million EBIT (2.9% of revenue) during 1H 2017. Market conditions in fish remain good and good order intake continues with many large projects. In Q2, a Greenfield project in white fish was secured in Norway. Marel Fish accounted for 12% of Marel’s total revenue for 1H 2017. Financial items Cash flow and investments The balance sheet is healthy and net interest bearing debt amounted to 385.8 million at the end of Q2 2017, compared to 462.6 million at the end of Q2 2016. Operational cash flow before interest and tax was 61.2 million for Q2 2017 compared to 43.7 million in Q2 2016. In Q2, Net debt/EBITDA is x2.15 which is within the range of the targeted capital structure. Marel continues to invest in the business to prepare for future growth and full potential, which is in line with previous communication. Investment activities are expected to be, on average, above normalized levels for the coming period. In Q2 2017, Marel purchased 4.7 million treasury shares for a total amount of 15.0 million to be used as a payment for potential future acquisitions, as per the company’s announcement on 8 February 2017. Marel sold 0.4 million treasury shares for EUR 0.4 million in order to fulfill obligations of stock option agreements. At the end of Q2 2017, Marel has 28.4 million treasury shares (end of Q1 2017: 24.0 million treasury shares).
In Q2 2017, Marel secured an extension to and amendments of its long term financing at favorable terms and conditions reflecting its financial strength and current market conditions. The all senior loan facilities are approximately 640 million EUR with initial interest terms EURIBOR/LIBOR +185 bps that will vary in line with Marel’s leverage ratio (Net debt/EBITDA) at the end of each quarter. The final maturity is in May 2022. This provides Marel with increased strategic and operational flexibility to support the ambitious growth plan introduced at Marel’s Annual General Meeting in March 2017 Outlook Marel is targeting 12% average annual revenue growth in the next 10 years.
Growth will not be linear but based on opportunities and economic fluctuations. Operational results may vary from quarter to quarter due to general economic developments, fluctuations in orders received and timing of deliveries of larger systems. Marel’s Capital Markets Day 2017 Marel’s Capital Markets Day for institutional investors, analysts and the media will take place on November 2, 2017 at Marel’s demonstration center, Progress Point, in Copenhagen. More details and information about registration will be presented on Marel’s Investor Relations website. Presentation of results, July 27, 2017 Marel will present its results at an investor meeting on Thursday, July 27, at 8:30 am (GMT), at the company’s headquarters at Austurhraun 9, Gardabaer. The meeting will also be webcasted at marel.com/webcast. Marel’s Investor calendar
Release of financial statements will take place after market closing on the aforementioned dates. For further information, contact: Audbjorg Olafsdottir, Corporate Director of Investor Relations and Communications, tel: (+354) 563 8626 / mobile: (+354) 853 8626. Attachment (.pdf) Attachment (.pdf) |
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20.7.2017 11:16 |
Marel: Q2 2017 results – Investor meeting on July 27, 2017...
20.7.2017 11:16Marel: Q2 2017 results – Investor meeting on July 27, 2017
Marel will release the company’s consolidated financial statement for Q2 2017 after market closing on July 26, 2017. |
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1.6.2017 13:11 |
Marel announces changes in its Executive Team
1.6.2017 13:11Marel announces changes in its Executive Team Marel announces the appointment of Folkert Bölger to the position of Executive Vice President Global Supply Chain, as of today, June 1, 2017. Folkert will become member of Marel´s Executive Team and report directly to Arni Oddur Thordarson, CEO of Marel. Folkert succeeds Paul van Warmerdam who is leaving the company. Folkert Bölger has since March 1, 2017 been leading Marel’s global procurement organization as Chief Procurement Officer. In his new role he will be responsible for global manufacturing, procurement and logistics to support the further growth and value creation of Marel. Folkert is 51 years old and has extensive global managerial experience in supply, procurement and operational positions. Before joining Marel he was the Vice President of Operations and Procurement at Bang & Olufsen (Denmark) and has as well held various management positions at Philips and Siemens-VDO in Asia, Central Europe and Europe. He lives with his wife and three children close to Eindhoven in the Netherlands. Arni Oddur Thordarson, CEO of Marel: “I want to sincerely thank Paul van Warmerdam for his service and valuable contribution to Marel in past years. We are delighted that Folkert Bölger has agreed to expand his role and lead our global supply chain going forward. I wish him success in his new role and welcome him to the Executive Team”. |
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19.5.2017 13:53 |
Marel -Transaction in own financial instruments
19.5.2017 13:53Marel -Transaction in own financial instruments Nafn/Name: Marel hf.
Dagsetning viðskipta/Date of transaction: 19.05.2017
Kaup eða sala/Buy or Sell: Kaup/Buy
Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 700.000
Gengi/Verð pr. Hlut/Price: ISK 356
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 28.353.150
Dagsetning lokauppgjörs/Date of settlement:
Ástæður viðskipta/Reason for transaction:
Viðskipti gerð á grundvelli heimildar frá stjórn Marel hf. til stjórnenda félagsins til að kaupa hluti allt að verðmæti 15 milljóna evra, sem ætlaðir eru sem endurgjald í mögulegum fyrirtækjakaupum, sbr. fréttatilkynningu 8. febrúar 2017 / Transaction made on the basis of an authorization from the Board of Directors of Marel hf. to management to purchase shares amounting to a market value of 15m EUR, to be used as payment for potential future acquisitions, as per the company’s announcement on 8 February 2017
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17.5.2017 12:26 |
Marel - Transaction in own financial instruments
17.5.2017 12:26Marel - Transaction in own financial instruments Viðskipti með eigin bréf/transaction in own financial instruments
Nafn/Name: Marel hf.
Dagsetning viðskipta/Date of transaction: 17.5.2017
Kaup eða sala/Buy or Sell: Kaup/Buy
Tegund fjármálagernings / Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 4.000.000
Gengi/Verð pr. Hlut/Price: 359 ISK
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 27.653.150 Dagsetning lokauppgjörs / Date of settlement:
Ástæður viðskipta/Reason for transaction: Viðskipti gerð á grundvelli heimildar frá stjórn Marel hf. til stjórnenda félagsins til að kaupa hluti allt að verðmæti 15 milljóna evra, sem ætlaðir eru sem endurgjald í mögulegum fyrirtækjakaupum, sbr. fréttatilkynningu 8. febrúar 2017 / Transaction made on the basis of an authorization from the Board of Directors of Marel hf. to management to purchase shares amounting to a market value of 15m EUR, to be used as payment for potential future acquisitions, as per the company’s announcement on 8 February 2017. |
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16.5.2017 14:11 |
Marel - Date of transactions 16 May 2017
16.5.2017 14:11Marel - Date of transactions 16 May 2017 See attachments. Attachment (.pdf)Attachment (.pdf) Attachment (.pdf) Attachment (.pdf) |
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16.5.2017 12:46 |
Marel - Transactions in own financial instruments
16.5.2017 12:46Marel - Transactions in own financial instruments Viðskipti með eigin bréf/transaction in own financial instruments
Nafn/Name: Marel hf.
Dagsetning viðskipta/Date of transaction: 16.5.2017
Kaup eða sala/Buy or Sell: Sala/Sell
Tegund fjármálagernings / Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 390.000
Gengi/Verð pr. Hlut/Price: 120,17 ISK / 1,057 EUR
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 23.653.150
Dagsetning lokauppgjörs / Date of settlement:
Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfil obligations of stock option agreements.
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5.5.2017 21:59 |
Marel - Extension and amendment of financing facilities finalized...
5.5.2017 21:59Marel - Extension and amendment of financing facilities finalized With reference to Marel’s Q1 2017 announcement made on May 3, 2017, regarding extension and amendment of the company’s financing facilities, it can be confirmed that all documentation has now been finalized and the agreement becomes effective as of today, May 5, 2017. This provides Marel with increased strategic and operational flexibility to support the ambitious growth plan introduced at Marel’s Annual General Meeting in March 2017.
Linda Jonsdottir CFO of Marel: The extended and amended financing is at favorable terms and conditions reflecting Marel’s financial strength and current market conditions. The all senior loan facilities are approximately 640 million EUR and include a EUR 325 million revolving credit facility, a EUR 243 million term loan as well as a USD 75 million term loan. The initial interest terms are EURIBOR/LIBOR + 185 bps and will vary in line with Marel’s leverage ratio (Net debt/EBITDA) at the end of each quarter. The final maturity is in May 2022. |
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4.5.2017 09:27 |
Marel: Q1 2017 Investor presentation
4.5.2017 09:27Marel: Q1 2017 Investor presentation In attachment is the presentation from todays Investor´s meeting Attachment (.pdf) |
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3.5.2017 16:05 |
Marel Q1 2017 Results: Robust order intake and solid operational performance...
3.5.2017 16:05Marel Q1 2017 Results: Robust order intake and solid operational performance (All amounts in EUR) Q1 2017 – Robust order intake and solid operational performance
Marel started the year on a strong note. Order intake was robust at 293 million in the quarter. The order intake was well balanced between industries, products and geographies. The order book is at an all-time high of 390 million compared to 340 million at the same time last year. Revenue was 252 million with 14.9% EBIT*. Cash flow and operational performance were strong. In Q1, Marel declared a dividend and purchased own shares in the amount of 22.1 million. Net debt/EBITDA was x2.19 at the end of the quarter, which is within the range of the targeted capital structure. Marel has secured an extension to and amendments of its long term financing at favorable terms and conditions reflecting its financial strength and current market conditions. The all senior loan facilities are approximately 640 million EUR with initial interest terms EURIBOR/LIBOR +185 bps that will vary in line with Marel’s leverage ratio (Net debt/EBITDA) at the end of each quarter. The final maturity is in May 2022. This provides Marel with increased strategic and operational flexibility to support the ambitious growth plan introduced at Marel’s Annual General Meeting in March 2017. Arni Oddur Thordarson, CEO: “2017 started on a strong note for Marel with increased revenue, operational profit and order intake. Organic revenue growth between years is 8% with a solid EBIT* nearing 15% of revenue. We are now reaping the benefits of ongoing investments in innovation and strengthening of our full line offering. Order intake is robust and well balanced between poultry, meat and fish around the globe. Marel’s cash flow and financials are strong. We are pleased to announce an extension to and amendments of our financing agreement which provides us with increased operational and strategic flexibility to support our ambitious growth plan. I would like to thank our customers and employees for their engagement and good cooperation. Together we are transforming the way food is processed.” Markets In Q1 2017, order intake was robust at 293 million. Orders are well balanced between industries, products and geographies. Large orders for customers in the poultry, meat and fish industries were secured in Asia, North-America and Europe during the quarter. Marel is the leading global provider of advanced processing systems and services to the poultry, meat and fish industries. Marel continues to introduce a steady stream of innovative products to the market that will continue to increase the customers’ value and advance food processing going forward. Marel Poultry Marel Poultry started 2017 on a strong note, showing solid operational profit margins and strong volume. Marel Poultry generated 135.0 million in revenue and 22.3 million EBIT (16.5% of revenue) in Q1 2017. Projects were well distributed geographically and between different products. In Q1, a Greenfield project was secured in Russia and a large order was secured in Germany. Marel is reaping the benefits of a steady flow of highly innovative solutions introduced to its markets. Marel Meat Q1 2017 was a strong quarter for Marel Meat with good operational margins, order intake and volume. A large Greenfield project was secured in South-Korea as well as numerous important projects worldwide. Marel’s full line offering in the meat industry is well perceived by customers and various cross- and upselling sales were secured. Marel Meat generated 85.1 million in revenue and 12.7 million EBIT* (14.8% of revenue) in Q1 2017. Marel Fish In Q1 2017, Marel Fish continued to secure good order intake on the back of a record intake in the previous quarter. Following a strategic shift in 2016, operational results have improved. The FleXicut is now taking the first steps into the onboard and salmon segment through innovative partnerships with customers. Marel Fish generated 30.2 million in revenue and 2.0 million EBIT (6.6% of revenue) in Q1 2017. Financial items Cash flow and investments The balance sheet is healthy and net interest bearing debt amounted to 401.4 million at quarter-end Q1 2017, compared to 486.0 million in Q1 2016. Operational cash flow before interest and tax was 37.9 million for Q1 2017 compared to 27.9 million in Q1 2016. In Q1, Marel declared a dividend and purchased own shares in the amount of 22.1 million. Net debt/EBITDA is x2.19 which is within the range of the targeted capital structure. Marel continues to invest in the business to prepare for future growth and full potential, which is in line with previous communication. Investment activities are expected to be, on average, above normalized levels for the coming period. In Q1 2017, Marel purchased 2.5 million treasury shares for a total amount of 6.8 million in order to fulfill its obligations according to employee stock option agreements. At the end of Q1 2017 Marel has 24.0 million treasury shares (end of Q4 2016: 21.5 million treasury shares). There are 11.8 million outstanding stock options at the end of Q1 2017. Marel amends and extends financing facilities Marel has secured an extension to and amendment of its long term financing at favorable terms and conditions reflecting its financial strength and current market conditions. The all senior loan facilities are approximately 640 million EUR and include a EUR 325 million revolving credit facility, a EUR 243 million term loan as well as a USD 75 million term loan. The initial interest terms are EURIBOR/LIBOR +185 bps and will vary in line with Marel’s leverage ratio (Net debt/EBITDA) at the end of each quarter. The final maturity is in May 2022. This provides Marel with increased strategic and operational flexibility to support the ambitious growth plan introduced at Marel’s Annual General Meeting in March 2017. The agreement is in final documentation. Outlook Marel is targeting 12% average annual revenue growth in the next 10 years
Growth will not be linear but based on opportunities and economic fluctuations. Operational results may vary from quarter to quarter due to general economic developments, fluctuations in orders received and timing of deliveries of larger systems. Marel’s Capital Markets Day 2017 Marel’s Capital Markets Day for institutional investors, analysts and the media will take place on November 2, 2017 at Marel’s demonstration center, Progress Point, in Copenhagen. More details and information about registration will be presented on Marel’s Investor Relations website. Presentation of results, May 4, 2017 Marel will present its results at an investor meeting on Thursday, May 4, at 8:30 am (GMT), at the company’s headquarters at Austurhraun 9, Gardabaer. The meeting will also be webcasted at marel.com/webcast. Marel´s Investor calendar
Release of financial statements will take place after market closing on the aforementioned dates. For further information, contact: Audbjorg Olafsdottir, Corporate Director of Investor Relations and Communications, tel: (+354) 563 8626 / mobile: (+354) 853 8626. Attachment (.pdf) Attachment (.pdf) |
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26.4.2017 11:37 |
Marel- Q1 2017 results and Investor meeting
26.4.2017 11:37Marel- Q1 2017 results and Investor meeting
Marel will release the company’s consolidated financial statement for Q1 2017 after market closing on May 3, 2017. |
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7.3.2017 14:09 |
Marel - Transaction in own financial instruments
7.3.2017 14:09Marel - Transaction in own financial instruments Viðskipti með eigin bréf/transaction in own financial instruments
Nafn/Name: Marel hf.
Dagsetning viðskipta/Date of transaction: 07.03.2017
Kaup eða sala/Buy or Sell: Kaup/Buy
Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 2.500.000
Gengi/Verð pr. Hlut/Price: 314,50 ISK
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 24.043.150
Dagsetning lokauppgjörs/Date of settlement:
Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga/Transaction to fulfill obligations of stock option agreements |
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5.3.2017 16:39 |
Marel hf. Issuance of Stock Options
5.3.2017 16:39Marel hf. Issuance of Stock Options The Board of Directors of Marel hf. resolved on 5 March 2017 to grant to the members of Marel’s Executive Team up to 3.2 million shares through stock option agreements. The aim of the stock option agreements is to align long-term interests of senior management and of the Company. The key terms and conditions of the new stock option program were approved by Marel’s Annual General Meeting on 2 March 2017 in accordance with the Company's Remuneration Policy as approved at the same meeting. The stock options will be granted to all members of the Executive Team, including the CEO. Six members of the Executive Team will receive the same number of options, 200,000, the EVP’s for Meat and Poultry will receive 300,000, the CFO and the EVP Strategy and Corporate Development will receive 400,000 and the CEO will receive 600,000. Key terms and conditions of the agreements are as follows:
The total number of unexercised stock options granted by Marel hf., including this new stock option scheme, currently amounts to 11.8 million shares corresponding to approximately 1.6% of total issued share capital. The Company’s cost of the new share option scheme is estimated to be approximately EUR 1.7 million over the next 3 years based on the option pricing model of Black-Scholes. Details of the share options granted to Marel´s Executive Team:
[1] The exercise price is determined by the closing rate of Marel shares at NASDAQ OMX Iceland hf. on 3 March 2017, i.e. ISK 314.00 per share, calculated with the Central Bank of Iceland EUR/ISK mid-rate on that day; 113.00
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2.3.2017 19:48 |
Highlights of Marel’s Annual General Meeting 2017
2.3.2017 19:48Highlights of Marel’s Annual General Meeting 2017 Marel’s Annual General Meeting (AGM) was held at the company’s headquarters in Gardabaer, Iceland, on March 2, 2017. All proposals presented by the Board were approved by the meeting. Chairman’s address Asthildur Margret Otharsdottir, Chairman of Marel’s Board of Directors addressed the meeting. “2016 was yet another good year for Marel. It was a year of strategic growth and a further strengthening of our foundations. Amidst significant shifts in the world’s geopolitical landscape – resulting in both political and economic uncertainty – the strategic drivers in our industry remained intact. The immense social challenge of how to feed the world’s population in the future continues to present Marel with opportunities for sustainable value creation by advancing the way food is processed,” she said. The chairman presented the proposal to pay out dividend, corresponding to 20% of net profits for the operational year 2016. “The Board of Directors is pleased to propose to the Annual General Meeting today that a dividend of 15.3 million is paid to shareholders, corresponding to 20% of net profits. This is fully in line with our dividend policy” she said. In addition, the Board of Directors has authorized management to purchase own shares in 2017 for up to a value of 15 million to be used as payment for potential future acquisitions, she said. Asthildur also talked about the challenges that face Marel, consumers and companies worldwide today. “During the year, significant progress was made in developing and executing a formal approach to Marel’s corporate social responsibility. Guiding principles for the approach to people, the planet and profit were introduced throughout the organization and Marel became a signatory to the UN’s Global Compact” she said. CEO’s address “2016 was a great year for Marel and we are at the center point of prevailing trends which are driving global economic development. Our vision and strategy are clear and we are in the position to advance food processing at a global level” said Arni Oddur Thordarson, CEO of Marel, in his address to the company’s AGM. Arni Oddur Thordarson talked about Marel’s growth story, a story filled with strategic acquisitions and strong organic growth. He took the audience back to the year 2005, when Marel’s revenue was 129 million and EBIT 10 million and when Marel’s main focus was on the fish industry. That same year a growth strategy of becoming a global leader and a full line provider to the poultry, meat and fish industries was introduced. Arni then went through the several strategic acquisitions that later took place, the latest one being MPS Meat processing systems in January 2016. “Marel acquired MPS without issuing new shares and managed to stay within targeted capital structure of between x2-3 net debt/EBITDA. Net leverage was at x2.9 net debt/EBITDA after the acquisition and solid operational performance and strong cash flow has now driven it down to x2.25”. Since 2006, Marel’s revenue has grown around 20% per year on average, one-third through organic growth and two-thirds through acquisitions. This has brought Marel to its current situation; global leader in providing advanced equipment and services for the poultry, meat and fish industries with pro forma revenue close to 1 billion and 143 million in EBIT. Arni Oddur then covered the business and financial highlights of the year 2016. “Pro forma revenue was 983 million, compared to 819 million in the previous year for Marel stand alone. We have gradually increased the operational performance in recent years and delivered a solid operational performance with 14.6% EBIT in 2016. Earnings per share increased by 34% between years due to an improved operational performance and a better utilization of the balance sheet” he added. Throughout the year, the modernization and maintenance business remained strong while we saw some softness in the greenfield and expansion projects at the beginning of the year. However, in Q4 we saw the order intake at an all-time high with landmark projects secured for the poultry, meat and fish industries around the globe, resulting in a strong order book entering 2017. These greenfield projects will now go into engineering phase and will start to deliver revenue in Q2 2017 and onwards. Our product portfolio is strong and we introduced several revolutionary products to the market in 2016,” he added. Significant investments were also made in advancing Marel’s business, upgrading manufacturing equipment as well as improving facilities and IT platforms. Arni talked about Marel’s business model that consists of three main revenue streams;Greenfields, modernization and standard equipment and service and spare parts. Recurring revenue from service and spare parts are now 36% of total revenue, compared with 7% in 2005. “Our greenfield projects are Marel’s future revenue as they continue to deliver recurring service revenue and modernization revenue going forward”. Finally Arni Oddur introduced Marel’s outlook and strategy. Marel is targeting 12% average annual revenue growth in the next 10 years. Marel’s management expects 4-6% average market growth in the long term and the target continues to be set at growing faster than the market organically driven by innovation and market penetration. Strong financials and an experienced and united team make Marel well equipped to take on further growth through strategic acquisitions. By maintaining solid operational performance and strong cash flow a 5-7% annual revenue growth by acquisition can be pursued. Organic and acquisition growth will not be linear but based on opportunities, economic fluctuations and general economic conditions. “We are firmly committed to delivering increased value to the society, customers and shareholders by enhancing safe and sustainable food processing. We will continue to drive the growth forward with passion and discipline,” he added. Confirmation of annual accounts The company’s Consolidated Financial Statements and the Report of the Board of Directors and CEO were approved by the meeting. All proposals presented were approved by the meeting. Board of Directors All seven directors on the Board of Marel were re-elected unanimously. The board consists of: Astvaldur Johannsson, Olafur Gudmundsson, Arnar Thor Masson, Ann Elizabeth Savage, Asthildur Margret Otharsdottir, Helgi Magnusson and Margret Jonsdottir. The new Board of Directors has convened and assigned roles and responsibilities. Asthildur Margret Otharsdottir continues as Chairman of the Board and Arnar Thor Masson, as the Vice-Chairman of the Board. More information is available on Marel.com. More information about the Annual General meeting is available on Marel.com as well as the information page for the AGM at http://www.marel.com/agm. Attachment (.pdf) |
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2.3.2017 19:32 |
Marel - Decisions of Annual General Meeting 2017
2.3.2017 19:32Marel - Decisions of Annual General Meeting 2017 MAREL – DECISIONS OF ANNUAL GENERAL MEETING At the Annual General Meeting of Marel hf. which took place at the company‘s headquarters on 2 March 2017 the following proposals were approved. Below are the decisions of the Annual General Meeting (“Meeting”).
The Meeting approved that a dividend of 2.14 euro cents per share will be paid for the operational year 2016. The total dividend payment will be approximately 15.3 million euro, corresponding to approximately 20% of profits for the year. The company’s shares traded on and after 3 March 2017 (EX-Date) will be ex-dividend and the right to a dividend will be constricted to shareholders identified in the company´s shareholders registry at the end of 6 March 2017, which is the proposed record date. Payment date of the dividend is 23 March 2017.
It is as follows: Marel Remuneration Policy The Remuneration Policy of Marel hf. and its subsidiaries (the “Company”), is designed to attract, motivate and retain exceptional employees in a competitive and international market. The policy reflects the Company’s objectives for good corporate governance as well as sustained long-term value creation for shareholders. The Remuneration Policy applies to the Company’s senior management, including its Executive Team and Board of Directors. Executive Team Remuneration The remuneration of Marel’s Executive Team is proposed by the Remuneration Committee and subsequently approved by the Board of Directors. It is evaluated annually against performance and a benchmark of international companies, which in size and complexity are similar to Marel. Benchmark information is obtained from internationally recognized compensation service consultancies. Total remuneration shall be comprised as follows:
Board of Directors Members of the Board of Directors shall receive a fixed, monthly payment in accordance with the decision of the Annual General Meeting of the Company. The Board shall submit a proposal on the fee for the upcoming operating year, taking into account the extent of responsibilities and time commitment, the results of the Company and benchmark data on fees paid by European peer companies, which in size and complexity are similar to Marel. Board members are not offered stock options or participation in incentive schemes. Individual board members may take on specific ad hoc tasks outside their normal duties assigned by the Board. In each such case, the Board may determine a fixed fee for the work carried out related to those tasks, which shall be disclosed in the Company’s annual financial statements. Disclosure of Information Information on the total remuneration of members of the Company’s Board of Directors, Executive Team and senior management accountable for more than 10% of the assets or earnings of the Company, shall be disclosed in the Company’s annual financial statements. This includes any deferred payments and extraordinary contracts during the preceding financial year. Approval of the Remuneration Policy This Remuneration Policy shall apply to all future employment agreements with members of Company’s Executive Team and Board of Directors. The Remuneration Policy is binding for the Board of Directors as regards its provisions on stock options. In other respects, the Remuneration Policy shall be of guidance for the Board. Any departure from the policy shall be recorded and reasoned in the Board’s minutes. This Remuneration Policy has been approved by the Board of Directors of Marel hf. in accordance with article 79a of the Icelandic Companies Act No. 2/1995, taking into consideration the NASDAQ Iceland Rules for Issuers of Financial Instruments and the Icelandic Guidelines on Corporate Governance. The Remuneration Policy is reviewed annually and shall be approved by the Company’s Annual General Meeting, with or without amendments. The Company’s Remuneration Policy shall be published on its website.
It is as follows: Type of share incentive program: Stock options. Participants: The CEO and selected employees in strategic positions. Total number of share options: Up to 13.5 million shares may be granted as options and be in effect at each time under the program. If any stock options lapse prior to their vesting date, new stock options may be granted instead. Granting time: The stock options shall be granted periodically. No more than 5 million shares shall be granted as options and be in effect under the program in 2017. Vesting time: 3 years from the grant date. Exercise period: Immediately after the stock options are vested and/or within 1 year thereafter (within selected exercise periods). Exercise price: The EUR equivalent of the closing rate of Marel shares at NASDAQ Iceland on granting date (calculated with the Central Bank of Iceland midrate EUR/ISK). The exercise price shall be adjusted for future dividend payments (cent against cent). Other key terms and conditions:
The Company shall not grant any loans or guarantees to participants in connection with the share options.
The Meeting approved that the remuneration to Board members for the year 2017 shall be as follows: remuneration to Board members for the year 2017 will be €3,000 per month. The Chairman of the Board receives triple monthly remuneration and the Chairman of the Audit Committee receives double monthly remuneration. Members of sub-committees of the Board will further receive remuneration in the amount of €800 per month. The remuneration will be paid on the 15th day of each month. The Meeting approved that the Auditor’s fees will be paid against their invoices approved by the Company.
The Board’s proposal that seven Directors will be elected to serve on the Board of Directors of the Company was approved by the Meeting.
The following candidates were elected to serve on the Board of Directors until the Company’s next Annual General Meeting: Ann Elizabeth Savage, Spalding, UK Arnar Thor Masson, London, England Asthildur Margret Otharsdottir, Reykjavik, Iceland Astvaldur Johannsson, Seltjarnarnes, Iceland Helgi Magnusson, Seltjarnarnes, Iceland Margret Jonsdottir, Seltjarnarnes, Iceland Olafur S. Gudmundsson, Princeton, US
The Meeting approved that the auditors KPMG ehf. will be the Company’s auditors.
The Meeting approved an authorization for the Company to acquire up to 10% of its own shares. Requirements pursuant to Article 55 of the Icelandic Companies Act No. 2/1995 shall be taken into consideration when own shares are purchased on the basis of this authorization.
This authorization is effective for the next 18 months from approval. Earlier authorization shall be withdrawn.
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27.2.2017 10:18 |
Marel: Annual General Meeting Candidates for the Board of Directors...
27.2.2017 10:18Marel: Annual General Meeting Candidates for the Board of Directors Below is a list of candidates for the Board of Directors of Marel hf. at the Annual General Meeting, to be held at the Company's headquarters at Austurhraun 9, Gardabaer, Iceland, Thursday 2 March 2017, at 16:00:
Further information about each of these candidates will be available on the Information Page for the Annual General Meeting 2017 on the Company´s website: http://www.marel.com/agm, no later than 2 days prior to the Meeting.
The deadline for declaring candidature has now passed.
According to the current Articles of Association of the Company, the Board of Directors
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24.2.2017 14:23 |
Agenda and Proposals - Annual General Meeting 2 March 2017...
24.2.2017 14:23Agenda and Proposals - Annual General Meeting 2 March 2017 Please find hereby attached the final agenda and proposals to the Annual General Meeting of Marel, to be held Thursday 2 March 2017 at 16:00. Notice to submit proposals or matters to be considered by the meeting has passed, as per Clause 4.20 of the Articles of Association of Marel hf. Further information can be found at the company's website: http://marel.com/corporate/investor-relations/events?source=agm-shortcut
Attachment (.pdf) Attachment (.pdf) |
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23.2.2017 08:38 |
Marel - Annual Report 2016
23.2.2017 08:38Marel - Annual Report 2016 Marel hf. has published its Annual Report for 2016.The report is only available as a web version. The complete report along with videos, interactive graphs and other information can be accessed here and at marel.com. |
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13.2.2017 12:26 |
Marel - Date of transaction 13.02.2017
13.2.2017 12:26Marel - Date of transaction 13.02.2017 See attachment. Attachment (.pdf) |
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9.2.2017 08:33 |
Marel- Q4 and full year 2016 presentation
9.2.2017 08:33Marel- Q4 and full year 2016 presentation Presentation from Marel’s Investor meeting February 9, 2017 in attachment Attachment (.pdf) |
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8.2.2017 17:20 |
Marel hf. – Annual General Meeting 2017
8.2.2017 17:20Marel hf. – Annual General Meeting 2017 Marel hf. – Annual General Meeting 2017
The Annual General Meeting of Marel hf. will be held at the Company‘s headquarters at Austurhraun 9, Gardabaer, Iceland, on Thursday, 2 March 2017 at 16:00.
Agenda:
The meeting will be conducted in English.
In particular, it should be noted that candidatures for the Board of Directors shall be submitted in writing to the Board of Directors at least five full days prior to the meeting, i.e. before Saturday 25 February at 16:00 pm (GMT).
In order for shareholders to have proposals or matters considered by the meeting, they must have been submitted to the Board of Directors at least ten days prior to the meeting, i.e. by the latest on Monday 20 February at 16:00 pm (GMT).
On the Company’s AGM website (www.marel.com/agm) further information in relation to the Annual General Meeting can be found, including further information on the right of shareholders to submit items and proposals to the meeting’s agenda, a draft agenda for the meeting, proposals of the Board of Directors, Company's annual statements for the year 2016, information on the total number of shares and voting rights as of 8 February 2017, proxy template, as well as information on documents to be submitted in relation to the meeting.
The meeting’s agenda and final proposals will be available to shareholders seven days prior to the meeting, both on the aforementioned AGM webpage of the Company as well as at the Company‘s offices at Austurhraun 9, Gardabaer, Iceland.
Agents of shareholders shall submit written proxies at the entrance of the meeting. Ballots and other applicable documents will be available at the venue of the meeting as of 15:30 on the day of the meeting.
The Board of Directors of Marel hf.
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8.2.2017 17:12 |
Marel Q4 2016 and full year 2016 results
8.2.2017 17:12Marel Q4 2016 and full year 2016 results
Full year 2016 – Solid performance with 14.6% EBIT*
Marel’s management expects 4-6% average annual market growth in the long term. Marel aims to grow organically faster than the market based on good customer relations and the continuous introduction of revolutionary products to assist processors advance their business. Results may vary from quarter to quarter due to general economic developments, fluctuations in orders received and timing of deliveries of larger systems. In addition Marel’s aim is to strengthen product offering and stimulate further growth through strategic acquisitions.
Markets In Q4, 2016 order intake was at a record level totaling 295 million, with strong order intake of Greenfield projects for customers in the poultry, meat and fish industries. Projects were well distributed geographically with large orders secured in Asia, South-America, North-America and Europe. Marel is the leading global provider of advanced processing systems and services to the poultry, meat and fish industries. Marel introduced a steady stream of innovative products to the market in 2016 that will continue to increase the customers’ value and advance food processing going forward. Marel Poultry 2016 was a good year for Marel Poultry which showed solid operational profit margins and strong volume. Marel Poultry generated 514.2 million in revenue and EBIT of 85.3 million (16.6% of revenue) in 2016. Projects were well distributed geographically and between different product types. In Q4, a landmark Greenfield project with four high-speed lines was secured in South-Korea with a long-term customer. In Q4 Marel Poultry launched the second generation of the revolutionary Controlled Atmosphere Stunning system for the poultry industry which is now optimized by arranging the system into a single straight horizontal line. The solution is called SmoothFlow and was awarded the EuroTier 2016 Innovation Medal for setting a new industry standard. Marel Poultry accounted for 52.3% of Marel’s pro forma revenue in 2016. Marel Fish In Q4, Marel Fish secured record order intake due to a strategic shift and improved market conditions. Landmark projects were secured in the salmon industry in Norway in addition to various projects in Europe, North- America and South-America. Soft market conditions in the beginning of the year and the rationalization of product offering negatively affected Marel’s Fish results in 2016. Marel Fish generated 127.1 million in revenue and EBIT of 3.9 million (3.1% of revenue) in 2016. Marel Fish accounted for 12.9% of Marel’s pro forma revenue in 2016. Marel Meat 2016 was a strong year for Marel Meat with good operational margins and volume. Marel Meat generated 333.7 million in revenue on a pro forma basis and pro forma EBIT* of 51.9 million (15.6% of pro forma revenue) in of 2016. Integration of Marel and MPS is on track and going well. A unified sales team secured full line projects in both China and Europe during the latter half of the year. From January 1, 2017 all products from Marel Meat and MPS are presented as Marel Meat which offers full line solution in primary, secondary and further processing. In 2016 Marel Meat released among other solutions a new portion cutter, the I-Cut 130. This machine uses the latest in laser vision technology to ensure optimal utilization of the raw material and delivers fixed weight portions with high accuracy. Marel Meat accounted for 34.0% of Marel’s revenue in 2016. Financial items Cash flow and investments The balance sheet is healthy and net interest bearing debt amounts to 403.6 million at year-end 2016, compared with 142.8 million at year-end 2015. The increase is due to the acquisition of MPS meat processing systems that was acquired without issuing new shares. In relation to the acquisition Marel entered into a 670 million loan facility agreement with eight international banks: ING Bank, Rabobank, ABN Amro, Nordea, HSBC, BNP Paribas, Landsbankinn and UniCredit Bank. The facility converted the previous facility into an all senior facility and extended the term to 2020. Marel returned a strong cash flow from operations with operational cash flow before interest and tax being 74.3 million for Q4 2016 compared with 26.9 million in Q4 2015. The cash flow at the end of the year 2016 was 179.0 million compared with 119.7 million in 2015. Net debt/EBITDA is x2.25 which is within the range of the targeted capital structure. Marel continues to invest in the business to prepare for future growth and full potential in line with previous communication. Investment activities are expected to be on average above normalized levels for the coming period. In Q4 2016 Marel purchased 4.0 million shares for a total amount of 8.1 million in order to fulfill its obligations according to employee stock option agreements. Marel sold 0.5 million shares for a total amount of 0.6 million for the same reason. At end of 2016, Marel holds 21.5 million treasury shares. There are 8.8 million outstanding stock options at the end of 2016. Acquisition related items Purchase price allocation in relation to the acquisition of MPS, previously recorded as provisional, are now final and have not changed compared to the provisional amounts. Under international accounting rules, the period in which adjustments are permitted is limited to 12 months from the date of acquisition. Distribution of profit The Board of Directors proposes that a dividend of 2.14 euro cents per share be paid for the operational year 2016. The estimated total dividend payment, based on current outstanding shares, will be 15.3 million euro corresponding to approximately 20% of profits for the year, which amounted to 75.8 million euro. The proposed dividend is in line with Marel’s targeted capital allocation and dividend policy. This is in line with the dividend policy of 20-40% of net results and the targeted capital structure of x2-3 net debt/EBITDA. If approved by Marel’s shareholders, the company’s shares traded on and after March 3, 2017 (Ex-date) will be ex-dividend and the right to a dividend will be constricted to shareholders identified in the company´s shareholders registry at the end of March 6, 2017, which is the proposed record date. The board will propose that payment date of the dividend is March 23 2017. In addition, the Board of Directors has authorized management to purchase own shares in 2017 for up to a value of 15 million to be used as payment for potential future acquisitions. Outlook Marel’s management expects 4-6% average annual market growth in the long term. Marel aims to grow organically faster than the market based on good customer relations and the continuous introduction of revolutionary products to assist processors advance their business. Results may vary from quarter to quarter due to general economic developments, fluctuations in orders received and timing of deliveries of larger systems. In addition Marel’s aim is to strengthen product offering and stimulate further growth through strategic acquisitions.
Marel’s Capital markets day 2017 Marel’s Capital Markets Day for institutional investors, analysts and the media will take place on November 2, 2017 at Marel’s demonstration center, Progress Point, in Copenhagen. More details and information about registration will be presented at Marel’s investor relations website in coming weeks. Presentation of results, February 9, 2017 Marel will present its results at an investor meeting on Thursday, February 9, at 8:30 am (GMT), at the company’s headquarters at Austurhraun 9, Gardabaer. The meeting will also be webcasted at marel.com/webcast. Publication days of Consolidated Financial Statements in 2017 and 2018
Release of financial statements will take place after market closing on the aforementioned dates. For further information, contact: Audbjorg Olafsdottir, Corporate Director of Investor Relations and Communications, tel: (+354) 563 8626 / mobile: (+354) 853 8626. Attachment (.pdf) Attachment (.pdf) Attachment (.pdf) |
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1.2.2017 09:05 |
Marel- Investor meeting on February 9, 2017
1.2.2017 09:05Marel- Investor meeting on February 9, 2017
Marel will release the company’s consolidated financial statement for 2016 after market closing on February 8, 2017. The presentation will be held on Thursday, February 9, at 8:30 am (GMT), at the company's headquarters, Austurhraun 9, Gardabaer. Please note that the meeting will also be webcast. : www.marel.com/webcast Breakfast will be served from 8:00 am. |
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19.12.2016 08:45 |
Marel –Financial calendar 2017
19.12.2016 08:45Marel –Financial calendar 2017 Publication dates:
Release of financial statements will take place after market closing on the aforementioned dates. |
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15.11.2016 14:41 |
Marel - Transaction in own financial instruments
15.11.2016 14:41Marel - Transaction in own financial instruments Viðskipti með eigin bréf/transaction in own financial instruments
Nafn/Name: Marel hf.
Dagsetning viðskipta/Date of transaction: 15.11.2016
Kaup eða sala/Buy or Sell: Kaup/Buy
Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 1.200.000
Gengi/Verð pr. Hlut/Price: 247 ISK
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 21.543.150
Dagsetning lokauppgjörs/Date of settlement:
Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga/Transaction to fulfill obligations of stock option agreements |
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14.11.2016 14:51 |
Marel - Transactions in own financial instruments
14.11.2016 14:51Marel - Transactions in own financial instruments Nafn/Name: Marel hf.
Dagsetning viðskipta/Date of transaction: 14.11.2016
Kaup eða sala/Buy or Sell: Kaup/Buy
Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 900.000
Gengi/Verð pr. Hlut/Price: 246,17 ISK
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 20.343.150
Dagsetning lokauppgjörs/Date of settlement:
Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga/Transaction to fulfill obligations of stock option agreements |
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11.11.2016 14:36 |
Marel - Transaction in own financial instruments
11.11.2016 14:36Marel - Transaction in own financial instruments Viðskipti með eigin bréf/transaction in own financial instruments
Nafn/Name: Marel hf.
Dagsetning viðskipta/Date of transaction: 11.11.2016
Kaup eða sala/Buy or Sell: Kaup/Buy
Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 1.200.000
Gengi/Verð pr. Hlut/Price: 243,00 ISK
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 19.443.150
Dagsetning lokauppgjörs/Date of settlement:
Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga/Transaction to fulfill obligations of stock option agreements |
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10.11.2016 14:40 |
Marel - Transaction in own financial instruments
10.11.2016 14:40Marel - Transaction in own financial instruments Viðskipti með eigin bréf/transaction in own financial instruments
Nafn/Name: Marel hf.
Dagsetning viðskipta/Date of transaction: 10.11.2016
Kaup eða sala/Buy or Sell: Kaup/Buy
Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 700.000
Gengi/Verð pr. Hlut/Price: 238,18 ISK
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 18.243.150
Dagsetning lokauppgjörs/Date of settlement:
Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga/Transaction to fulfill obligations of stock option agreements |
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8.11.2016 14:08 |
Marel - Transaction in own financial instruments
8.11.2016 14:08Marel - Transaction in own financial instruments Viðskipti með eigin bréf/transaction in own financial instruments
Nafn/Name: Marel hf.
Dagsetning viðskipta/Date of transaction: 08.11.2016
Kaup eða sala/Buy or Sell: Sala/Sell
Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 547.600
Gengi/Verð pr. Hlut/Price: 131,03 ISK/1,064 EUR
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 17.543.150
Dagsetning lokauppgjörs/Date of settlement:
Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga/Transaction to fulfill obligations of stock option agreements |
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27.10.2016 09:07 |
Marel-Presentation from investor meeting
27.10.2016 09:07Marel-Presentation from investor meeting Presentation from investor meeting in attachment Attachment (.pdf) |
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26.10.2016 16:49 |
Marel Q3 2016-Solid performance with 14.2% EBIT
26.10.2016 16:49Marel Q3 2016-Solid performance with 14.2% EBIT
Marel Q3 2016 Results
Marel continues on a good track and reports solid performance in Q3 2016. Revenue for Q3 2016 is 235 mil-lion with 14.2% EBIT*. Cash flow remains strong resulting in a net debt/EBITDA of 2.6x.
Markets
Attachment (.pdf) Attachment (.pdf) |
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24.10.2016 09:39 |
Marel-Q3 results -investor meeting Oct 27
24.10.2016 09:39Marel-Q3 results -investor meeting Oct 27 Marel will release the company’s consolidated financial statement for Q3 2016 after market closing on October 26, 2016.
Marel hf. invites market participants and investors to a meeting where the financial results for Q3 2016 will be presented by Arni Oddur Thordarson, CEO and Linda Jonsdottir, CFO. Please note that the meeting will also be webcast at www.marel.com/webcast. Breakfast will be served from 8:00 am. |
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28.7.2016 09:14 |
Marel-Q2 2016 Investor meeting presentation
28.7.2016 09:14Marel-Q2 2016 Investor meeting presentation In attachment is presentation from Q2 2016 Investor meeting. Attachment (.pdf) |
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27.7.2016 17:55 |
Marel Q2 2016-Record revenue and robust operational performance...
27.7.2016 17:55Marel Q2 2016-Record revenue and robust operational performance
Marel Q2 2016 Results
Q2 2016 was a good quarter for Marel with record revenue of 264 million and 15.0% EBIT*. In the first half of the year Marel saw good performance and profitability. Pro forma revenue for 1H 2016 is 498 million with pro forma EBIT* of 15.1%.
Markets Marel is the leading global provider of advanced processing systems and services to the poultry, meat and fish industries. Marel has a commercially strong product portfolio stemming from its continuous focus on innovation and strategic acquisitions. During the first half of 2016, Marel has introduced various innovative solutions to the market that will continue to advance food processing and help Marel’s customers to increase value creation going forward. These projects are a mixture of new breakthrough innovations, product upgrades and incremental additions to existing machines and systems to maintain our competitive edge. Order intake was at a strong level during the first half of 2016 across all industries and geographies and a good increase was seen in standard equipment and spare parts. Market activity has been strong in the poultry industry and Marel Poultry has secured several large projects in 1H 2016. Market conditions for large greenfield projects in the meat and fish industries have been softer during the same period. Long term growth prospects for Marel are promising while short term economic uncertainty has recently increased. Marel Poultry Marel Poultry had an excellent start to the year, During the first half of 2016 Marel Poultry generated 271 million in revenue and EBIT of 47.8 million (17.6% of revenue). Marel Poultry accounted for 54% of Marel’s revenue in 1H 2016. Projects were well distributed geographically and between different product groups and sizes, including large projects in the U.S., Hungary and China. Marel Fish Marel Fish generated 63.4 million in revenue and EBIT of 3.1 million (4.9% of revenue) in the first half of 2016. Marel Fish accounted for 13% of Marel’s revenue in 1H 2016. Large projects were at a low level in the fish industry during 1H 2016. Marel Fish managed to secure milestone sales of FleXicut solutions during the period. Marel Fish’s results are colored by streamlining actions in its onboard business in Seattle, which was concluded during Q2 2016 resulting in the reduction of 50 employees. Marel is shifting focus in its Seattle operations from customized ad-hoc solutions towards innovative high-end solutions to better serve fish processors in North America. This is a significant step towards a more streamlined and cost effective future operation in North America and is fully in line with Marel's strategy to be a full-line supplier to the poultry, meat, and fish industries. The step also represents Marel's continuous effort on refocusing its product portfolio to concentrate on areas of competitive advantage and to strengthen its market position. Marel Meat Marel Meat generated 159.9 million on a pro forma basis in revenue and EBIT* of 22.4 million (14.0% of revenue) in 1H 2016. Marel Meat accounted for 32.1% of Marel’s revenue in 1H 2016. Order intake and volume is at a good level and the pipeline is promising. Integration of Marel and MPS is on track and is going well. Sales teams have been trained to sell the whole product portfolio in meat, from primary processing to secondary processing and further processing. Marel, with MPS on board is a leading global provider in the primary and secondary processing of meat. Financial items Cash flow and investments Marel returned a strong cash flow from operations with operational cash flow before interest and tax being 43.7 million for Q2 2016 compared with 23.7 million at Q2 2015. Marel continues to invest in the business to prepare for future growth and full potential in line with previous communication. Investment activities are expected to be on average above depreciation level for the coming quarters. Net debt/EBITDA is 2.7x which is within the range of the targeted capital structure. In Q2 2016, Marel sold 2.0 million treasury shares for a total amount of 2.1 million in order to fulfill its obligations according to employee stock option agreements. Marel now holds 18.1 million treasury shares. Acquisition related items Purchase price allocation in relation to the acquisition of MPS is recorded as provisional; the period during which adjustments are permitted is limited to 12 months from the date of acquisition. No material changes are foreseen from previous publication. Outlook Marel expects modest organic revenue growth and increase in EBIT* between years. The industry that Marel operates in has a history of 4-6% annual growth and it is expected that average annual growth will remain at that level in the long term. Marel’s aim is to continue to grow faster than the market by leveraging its market presence and with continuous investments in innovation. Long term growth prospects for Marel are promising while short term economic uncertainty has recently increased. Results may vary from quarter to quarter due to general economic developments, fluctuations in orders received and deliveries of larger systems. Presentation of results, July 28, 2016 Marel will present its results at an investor meeting on Thursday, July 28, at 8:30 am (GMT), at the Company’s headquarters at Austurhraun 9, Gardabaer. The meeting will also be webcasted at marel.com/webcast. Publication days of Consolidated Financial Statements in 2016
Release of financial statements will take place after market closing on the aforementioned dates. For further information, contact: Audbjorg Olafsdottir, Corporate Director of Investor Relations and Communications, tel: (+354) 563 8626 / mobile: (+354) 853 8626.
Attachment (.pdf) Attachment (.pdf) |
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21.7.2016 11:33 |
Marel Q2 2016 results – Investor meeting on July 28, 2016...
21.7.2016 11:33Marel Q2 2016 results – Investor meeting on July 28, 2016
Marel will release the company’s consolidated financial statement for Q2 2016 after market closing on July 27, 2016. |
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9.5.2016 16:18 |
Marel - Date of transactions 9 May 2016
9.5.2016 16:18Marel - Date of transactions 9 May 2016 See attachments. Attachment (.pdf)Attachment (.pdf) Attachment (.pdf) Attachment (.pdf) |
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9.5.2016 13:46 |
Marel - Transaction in own financial instruments
9.5.2016 13:46Marel - Transaction in own financial instruments Viðskipti með eigin bréf/transaction in own financial instruments
Nafn/Name: Marel hf.
Dagsetning viðskipta/Date of transaction: 9.5.2016
Kaup eða sala/Buy or Sell: Sala/Sell
Tegund fjármálagernings / Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 2.011.800
Gengi/Verð pr. Hlut/Price: 146,98 ISK / 1,050 EUR
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 18.090.750
Dagsetning lokauppgjörs / Date of settlement:
Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfil obligations of stock option agreements.
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3.5.2016 16:44 |
Marel hf. - Issuance of Stock Options
3.5.2016 16:44Marel hf. - Issuance of Stock Options The Board of Directors of Marel hf. resolved on 3 May 2016 to grant to the members of Marel’s Executive Team up to 2.2 million shares through stock option agreements. The aim of the stock option agreements is to align long-term interests of senior management and of the Company. This is in accordance with the Company’s remuneration policy approved at Marel’s Annual General Meeting in March 2016. The stock options will be granted to all members of the Executive Team, including the CEO. All will receive the same number of options, 180,000, with the exception of the CEO who will receive 360,000. Key terms and conditions of the agreements are as follows:
The total number of unexercised stock options granted by Marel hf., including this new stock option scheme, currently amounts to 11.5 million shares corresponding to approximately 1.6% of total issued share capital. The Company’s cost of the new share option scheme is estimated to be approximately EUR 660 thousand over the next 5 years based on the option pricing model of Black-Scholes. Details of the share options granted to Marel´s Executive Team:
[1] The exercise price is determined by the closing rate of Marel shares at NASDAQ OMX Iceland hf. on 3 May 2016, i.e. ISK 251.50 per share, calculated with the Central Bank of Iceland EUR/ISK mid-rate on that day; 140.12 |
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26.4.2016 09:27 |
Marel- Presentation from Investor meeting
26.4.2016 09:27Marel- Presentation from Investor meeting
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25.4.2016 18:19 |
Marel Q1 2016 Results: Pro Forma EBIT of 15% and strong order book...
25.4.2016 18:19Marel Q1 2016 Results: Pro Forma EBIT of 15% and strong order book
Pro forma financial results include MPS for the full quarter. Pro forma Q1 2016 is compared to pro forma Q1 2015 to show more representative future indicator than the consolidated accounts.
Marel’s consolidated accounts include MPS for two months and are compared to Q1 2015 Marel stand alone.
Markets
Release of financial statements will take place after market closing on the aforementioned dates.
Attachment (.pdf) Attachment (.pdf) |
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19.4.2016 09:52 |
Q1 2016 results – Investor meeting on April 26, 2016...
19.4.2016 09:52Q1 2016 results – Investor meeting on April 26, 2016
Marel hf. invites market participants and investors to a meeting where the financial results for Q1 2016 will be presented by Arni Oddur Thordarson, CEO and Linda Jonsdottir, CFO. Please note that the meeting will also be webcast at www.marel.com/webcast. Breakfast will be served from 8:00 am. |
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2.3.2016 17:44 |
MAREL- DECISIONS OF MAREL’S ANNUAL GENERAL MEETING
2.3.2016 17:44MAREL- DECISIONS OF MAREL’S ANNUAL GENERAL MEETING At the Annual General Meeting of Marel hf. which took place at the company’s headquarters on March 2, 2016 the following proposals were approved unanimously. Below are the decisions of the Annual General Meeting (the “Meeting”): 1. The Consolidated Financial Statements and the Report of the Board of Directors and CEO for 2015 were approved. 2. Proposal on how to address the profit for the operational year 2015 was approved The Meeting approved that a dividend of 1.58 euro cents per share will be paid for the operational year 2015. Based on the current number of outstanding shares, the estimated total dividend payment will be approximately €11.3 million euro, corresponding to approximately 20% of profits for the year. The company’s shares traded on and after 3 March 2016 (EX-Date) will be ex-dividend and the right to a dividend will be constricted to shareholders identified in the company´s shareholders registry at the end of 4 March 2016, which is the proposed record date. Payment date of the dividend is 23 March 2016. 3. Proposal on remuneration to board members for the year 2016 and of the Auditor for the year 2015 was approved The Meeting approved that the remuneration to Board members for the year 2016 shall be as follows: the Chairman will receive €8,250 per month and other members of the Board of Directors will receive €2,750 per month. Members of sub-committees of the Board will further receive remuneration in the amount of €750 per month. The chairman of the audit committee receives remuneration in the amount of €2,750 per month. The remuneration will be paid on the 15th day of each month. The Meeting approved that the Auditor’s fees will be paid against their invoices approved by the Company. 4. The Company’s Remuneration Policy was approved It is as follows: The Remuneration Policy of Marel hf. and its subsidiaries (the “Company”), is designed to attract, motivate and retain exceptional employees in a competitive and international market. The policy reflects the Company’s objectives for good corporate governance as well as sustained long-term value creation for shareholders. The Remuneration Policy applies to the Company’s senior management, including its Executive Team and Board of Directors.
Executive Team Remuneration The remuneration of Marel’s Executive Team is proposed by the Remuneration Committee and subsequently approved by the Board of Directors. It is evaluated annually against performance and a benchmark of international companies, which in size and complexity are similar to Marel. Benchmark information is obtained from internationally recognized compensation service consultancies. Total remuneration shall be comprised as follows:
Long Term Incentive Stock Option Program Marel has implemented stock option programs with the objective of aligning interests of the executive management and selected key employees with the long-term goals of the Company and its shareholders. The Company’s stock option program is designed with the intention of providing program participants with annual stock options for which the calculated estimated future gain equals up to a maximum of 20% of annual based salary at the date of issue. The stock options plan is long term for five to seven years with the first vesting time three years. Exercise price is adjusted annually with a hurdle rate as well as future dividend payments. The Company’s stock option program does not include any commitments for future issues and can be cancelled at any time. The program shall be reassessed annually and the structure of future issues can be changed, subject to shareholders’ approval. Board of Directors Members of the Board of Directors shall receive a fixed, monthly payment in accordance with the decision of the Annual General Meeting of the Company. The Board shall submit a proposal on the fee for the upcoming operating year, taking into account the extent of responsibilities and time commitment, the results of the Company and benchmark data on fees paid by European peer companies, which in size and complexity are similar to Marel. Board members are not offered stock options or participation in incentive schemes. Individual board members may take on specific ad hoc tasks outside their normal duties assigned by the Board. In each such case, the Board may determine a fixed fee for the work carried out related to those tasks, which shall be disclosed in the Company’s annual financial statements. Disclosure of Information Information on the total remuneration of members of the Company’s Board of Directors, Executive Team and senior management accountable for more than 10% of the assets or earnings of the Company, shall be disclosed in the Company’s annual financial statements. This includes any deferred payments and extraordinary contracts during the preceding financial year. Approval of the Remuneration Policy This Remuneration Policy shall apply to all future employment agreements with members of Company’s Executive Team and Board of Directors. The Remuneration Policy is binding for the Board of Directors as regards its provisions on stock options. In other respects, the Remuneration Policy shall be of guidance for the Board. Any departure from the policy shall be recorded and reasoned in the Board’s minutes. This Remuneration Policy has been approved by the Board of Directors of Marel hf. in accordance with article 79a of the Icelandic Companies Act No. 2/1995, taking into consideration the NASDAQ OMX Iceland Rules for Issuers of Financial Instruments and the Icelandic Guidelines on Corporate Governance. The Remuneration Policy is reviewed annually and shall be approved by the Company’s Annual General Meeting, with or without amendments. The Company’s Remuneration Policy shall be published on its website. 5. Election of Board of Directors The Board’s proposal that seven Directors will be elected to serve on the Board of Directors of the Company was approved by the Meeting. The following candidates were elected to serve on the Board of Directors until the Company‘s next Annual General meeting: Ann Elizabeth Savage, Spalding, UK Arnar Thor Masson, Reykjavik, Iceland Asthildur Margret Otharsdottir, Reykjavik, Iceland Astvaldur Johannsson, Reykjavik, Iceland Helgi Magnusson, Seltjarnarnes, Iceland Margret Jonsdottir, Seltjarnarnes, Iceland Olafur S. Gudmundsson, Princeton, US 6. Election of auditors The Meeting approved that the auditors KPMG ehf. will be the Company’s auditors. 7. Proposal to grant authorization to the Board of Directors to purchase treasury shares in the Company was approved The Meeting approved an authorization for the Company to acquire up to 10% of its own shares. Requirements pursuant to Article 55 of the Icelandic Companies Act No. 2/1995 shall be taken into consideration when own shares are purchased on the basis of this authorization. This authorization is effective for the next 18 months from approval. Earlier authorization shall be withdrawn. |
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2.3.2016 17:41 |
Highlights of Marel’s AGM 2016
2.3.2016 17:41Highlights of Marel’s AGM 2016 Marel’s Annual General Meeting (AGM) was held at the company’s headquarters in Gardabaer, Iceland, on March 2, 2016. All proposals presented by the Board were unanimously approved by the meeting. Chairman’s address Asthildur Margret Otharsdottir, Chairman of Marel´s Board of Directors discussed Marel’s powerful growth drivers during her presentation. Population growth, urbanization, sustainability and environment are all trends that will drive global economic development in the future and benefit Marel´s business directly. She then summarized Marel’s performance and main achievements during 2015 including the successful completion of the refocusing program “Simpler, Smarter, Faster” and the MPS acquisition. The chairman talked about the proposal to pay out dividend, corresponding to 20% of net profits for the operational year 2015. “The Board of Directors is pleased to propose to the Annual General Meeting today that a dividend of € 11.3 million is paid to shareholders, corresponding to 20% of net profits. This is fully in line with our dividend policy” she said. Asthildur also talked about the challenges that face Marel, consumers and companies worldwide today. “The colossal social challenge of fulfilling rising consumption demands in an environmentally, economically and socially sustainable way represents a wealth of opportunities for Marel and its customers. Our job is to work with our customers on finding innovative ways of minimizing waste in the production process and new technologies to enable more and higher quality food production with less use of scarce resources. In 2015, we set out to sharpen our vision, values and brand identity as well as formalize our approach to corporate Social responsibility”, she said. CEO’s address “2015 was a great year for Marel. It was a year of profitable growth and strategic moves. We successfully concluded our two year refocusing program and we enhanced Marel’s position as a full line provider to the poultry, meat and fish industries with the acquisition of MPS meat processing system. We managed to engage even better with our customers while refocusing, resulting in a 15% increase in revenue with €100 million in operating profits in 2015 compared with €49 million in 2014.” said Arni Oddur Thordarson CEO of Marel in his address to the company’s AGM. Arni then talked about the successful conclusion of the refocusing program “Simpler, Smarter Faster.” Arni then talked about the strategic move that was taken in 2015 with the acquisition of MPS meat processing systems. “This action is fully in line with Marel’s strategy of providing full line solutions to the poultry, meat and fish industries. Arni also talked about the changes in Marel’s corporate identity that was launched today, but now all 4,600 employees of Marel worldwide are united under one clear and strong Marel brand with one logo and redefined vision. Finally Arni also talked about the changes that were announced in Marel´s organizational structure and Executive Team earlier today. The changes will simplify and clarify the market approach and position Marel for future growth and success.
Marel’s management is redefining how it views and manages the business and serves the customer needs and will from now on report sales and operational results in poultry, meat and fish industries. Further Processing will operate as a business unit within Marel that works across all aforementioned industries. Marel Poultry, Marel Meat and Marel Fish will focus on standard solutions as well as full line offering throughout the process from primary, secondary, and further processing. Confirmation of annual accounts The Company’s Consolidated Financial Statements and the Report of the Board of Directors and CEO were approved unanimously by the meeting. All proposals presented were unanimously approved by the meeting. Board of Directors All seven directors on the Board of Marel were re-elected unanimously. The board consists of: Astvaldur Johannsson, Olafur Gudmundsson, Arnar Thor Masson, Ann Elizabeth Savage, Asthildur Margret Otharsdottir, Helgi Magnusson and Margret Jonsdottir The new Board of Directors has convened and assigned roles and responsibilities. Asthildur Margret Otharsdottir continues as Chairman of the Board and Arnar Thor Masson, as the Vice-Chairman of the Board. More information available on Marel.com More information about the Annual General meeting is available on Marel.com and on information page for the AGM at http://www.marel.com/agm Attachment (.pdf) |
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2.3.2016 15:19 |
Marel - Annual Report 2015
2.3.2016 15:19Marel - Annual Report 2015 Marel hf. has published its Annual Report for 2015.The report is only available as a web version. The complete report along with videos, interactive graphs and other information can be accessed here and at marel.com.
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2.3.2016 13:17 |
Marel announces changes in Executive Team, organizational structure, and corporate id...
2.3.2016 13:17Marel announces changes in Executive Team, organizational structure, and corporate identity Today, Marel announces changes in its Executive Team, organizational structure, and corporate identity. The changes will simplify and clarify the market approach and position Marel for future growth and success. Marel is the leading global provider of advanced processing systems and services to the poultry, meat and fish industries. Marel management is redefining how it views and manages the business and serves the customer needs and will from now on report sales and operational results in poultry, meat and fish industries. Further Processing will operate as a business unit within Marel that works across all aforementioned industries. Marel Poultry, Marel Meat and Marel Fish will focus on standard solutions as well as full line offering throughout the process from primary, secondary, and further processing. Marel has a commercially strong product portfolio stemming from its continuous focus on innovation and strategic acquisitions. Marel has enjoyed success and growth in primary and secondary processing and will now seize to capture growth in the further processing of poultry, meat and fish. This is in line with Marel’s strategy of being full line provider and with its vision to partner with customers to transform the way food is produced in a sustainable way. Unity, Innovation and Excellence are Marel’s values. Poultry, Meat and Fish are united under common Marel brand, with one Marel logo, tag line and a redefined vision and set of values. The following changes have been made to Marel’s Executive Team: Meat: Remko Rosman, CEO of MPS meat processing system, which was acquired by Marel in January, will join the Executive Team as the new Managing Director of Marel Meat. Decisive steps will be taken in integration of the two companies to strengthen the market approach and utilize full potentials of being full line provider. A migration plan is in place to fully merge the branding of the two companies under the Marel brand and logo. This will be finalized in January 2017. Further Processing: David Wilson, former Managing Director of Marel Meat will lead Marel’s activities in further processing as Managing Director. Marel announced, with its full-year 2015 annual results, that operational results were unacceptable in Further Processing and streamlining and step up in investments in innovation were needed to strengthen the position in that part of the value chain. David Wilson has lead transformation of Marel meat in recent years with good success and established Marel as key player in the secondary processing of meat that will now be integrated with MPS, the global leader in primary processing of meat. Gerrit den Bok who has been in charge of Marel’s Further Processing industry is leaving Marel. Commercial:Commercial function works across all industries and leads the Regional Management, Service and Product management in Marel. To simplify its structure it has been decided to combine roles and responsibilities within Commercial´s management. Petur Gudjonsson will now lead Commercial and Sigsteinn P. Gretarson, EVP Commercial is leaving the company. Árni Oddur Þórðarson, CEO of Marel: “Marel has enjoyed good growth and success in recent years. We live in a dynamic world, where Marel is serving the basic consumption needs of the fast growing population. We are now streamlining the organization to serve better our customers’ needs. I want to welcome Remko Rosman as the new Managing Director for Marel Meat and a new member of our Executive Team. I have high expectations of his leadership and experience which will undoubtedly benefit Marel. We are delighted that David Wilson has agreed to lead the changes in further processing. David has a proven track record within Marel where he restored profitability in the Meat organization and was instrumental in the acquisition of MPS. There are significant growth opportunities in further processing and we will continue to focus on innovation and further investments to be able to harvest this opportunities, now under the leadership of David Wilson. Petur Gudjonsson, has lead great transformation from former Global Sales and Service units into more industry focused approach around the globe. Marel is a global company with sales and service units in more than 30 countries and as EVP Commercial he will lead Regional management, product management and services. I want to thank Gerrit den Bok and Sigsteinn P. Gretarsson for their long service and valuable contribution to Marel and wish them success in their future endeavors”. Marel’s Annual General Meeting will be held today, March 2, where the organizational changes will be presented in more detail.
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26.2.2016 15:58 |
Marel: Annual General Meeting Candidates for the Board of Directors...
26.2.2016 15:58Marel: Annual General Meeting Candidates for the Board of Directors Below is a list of candidates for the Board of Directors of Marel hf. at the Annual General Meeting, to be held at the Company's headquarters at Austurhraun 9, Gardabaer, Iceland, Wednesday 2 March 2016, at 16:00:
Further information about each of these candidates will be available on the Information Page for the Annual General Meeting 2016 on the Company´s website: http://www.marel.com/agm, no later than 2 days prior to the Meeting.
The deadline for declaring candidature has now passed.
According to the current Articles of Association of the Company, the Board of Directors |
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24.2.2016 15:25 |
Agenda and Proposals - Annual General Meeting 2 March 2016...
24.2.2016 15:25Agenda and Proposals - Annual General Meeting 2 March 2016
Please find hereby attached the final agenda and proposals to the Annual General Meeting of Marel, to be held Wednesday 2 March 2016 at 16:00. Attachment (.pdf) |
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24.2.2016 14:58 |
Marel - Date of transaction 24.02.2016
24.2.2016 14:58Marel - Date of transaction 24.02.2016 See attachment. Attachment (.pdf) |
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23.2.2016 14:51 |
Marel - Date of transaction 23.02.2016
23.2.2016 14:51Marel - Date of transaction 23.02.2016 See attachment. Attachment (.pdf) |
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9.2.2016 17:03 |
Marel hf. - Annual General Meeting 2016
9.2.2016 17:03Marel hf. - Annual General Meeting 2016 The Annual General Meeting of Marel hf. will be held at the Company‘s headquarters at Austurhraun 9, Gardabaer, Iceland, on Wednesday, 2 March 2016 at 16:00. Agenda:
The meeting will be conducted in English. In particular, it should be noted that candidatures for the Board of Directors shall be submitted in writing to the Board of Directors at least five full days prior to the meeting, i.e. before Friday 26 February at 16:00 pm (GMT). In order for shareholders to have proposals or matters considered by the meeting, they must have been submitted to the Board of Directors at least ten days prior to the meeting, i.e. by the latest on 21 February at 16:00 pm (GMT). On the Company’s AGM website www.marel.com/agm further information in relation to the Annual General Meeting can be found, including further information on the right of shareholders to submit items and proposals to the meeting’s agenda, a draft agenda for the meeting, proposals of the Board of Directors, the Company's annual statements for the year 2015, information on the total number of shares and voting rights as of 9 February 2016, proxy template, as well as information on documents to be submitted in relation to the meeting. The meeting’s agenda and final proposals will be available to shareholders seven days prior to the meeting, both on the aforementioned AGM webpage of the Company as well as at the Company‘s offices at Austurhraun 9, Gardabaer, Iceland. Agents of shareholders shall submit written proxies at the entrance of the meeting. Ballots and other applicable documents will be available at the venue of the meeting as of 15:30 on the day of the meeting. The Board of Directors of Marel hf. |
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4.2.2016 08:35 |
Marel- Presentation from Investor meeting
4.2.2016 08:35Marel- Presentation from Investor meeting Attached is the presentation from Investor meeting held February 4, 2016 Attachment (.pdf) |
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3.2.2016 17:41 |
Marel: 2015- Year of profitable growth and strategic moves...
3.2.2016 17:41Marel: 2015- Year of profitable growth and strategic moves
Marel Q4 and full year 2015 Results
Full year 2015 - Adjusted EBIT 100 million, 12.2% of sales
Marel achieved 15% revenue growth in 2015. Revenue was 819 million with 12.2% adjusted EBIT or 100 million compared with 49 million in 2014 (6.8%). Net profit for 2015 is 57 million compared with 12 million last year. Cash flow and operational performance was strong leading to net debt/EBITDA at 1.05 at the end of the year compared with 2.08 at the end of 2014. Marel is entering the year 2016 with order book of 181 million compared with 175 million at the beginning of 2015.
Marel’s earnings per share (EPS) in 2015 are 7.93 euro cents compared with 1.60 euro cents for 2014. The acquisition of MPS is expected to be highly accretive and will enhance EPS going forward. The Board of Directors will propose to the 2016 Annual General Meeting that dividend of 1.58 euro cent per outstanding share will be paid for 2015, corresponding to 11.3 million or approximately 20% of net profit for the year.
Simpler, Smarter, Faster refocusing program
Attachment (.pdf) Attachment (.pdf) |
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29.1.2016 13:09 |
Marel - Transaction in own financial instruments
29.1.2016 13:09Marel - Transaction in own financial instruments Viðskipti með eigin bréf/transaction in own financial instruments
Nafn/Name: Marel hf.
Dagsetning viðskipta/Date of transaction: 29.01.2016
Kaup eða sala/Buy or Sell: Sala/Sell
Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 10.800.000
Gengi/Verð pr. Hlut/Price: 213 ISK
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 20.102.550
Dagsetning lokauppgjörs/Date of settlement:
Ástæður viðskipta/Reason for transaction:
Viðskipti gerð á grundvelli samnings við hluthafa og stjórnendur MPS meat processing systems („MPS“) í tengslum við kaup Marel á MPS, sbr. tilkynningar Marel sem birtar voru 21. nóvember 2015 og 29. janúar 2016.
Transaction made on the basis of an agreement with shareholders and managers of MPS meat processing systems („MPS“) in relation to Marel‘s acquisition of MPS, as per the Company’s announcements on 21 November 2015 and 29 January 2016.
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29.1.2016 11:08 |
Marel closes acquisition of MPS meat processing systems...
29.1.2016 11:08Marel closes acquisition of MPS meat processing systems Marel today announces that it has closed its acquisition of MPS meat processing systems (MPS). On November 21, 2015 Marel announced that the company had entered into an agreement to acquire MPS meat processing systems. The purchase price is EUR 382 million on a debt and cash-free basis. The closing of the acquisition was subject to anti-trust approvals that have now been obtained without reservation. As a result, all the conditions for the acquisition have been satisfied and the transaction has been closed today, January 29, 2016. Marel successfully completes the refinancing of its long term funding As previously announced on November 21, 2015, parallel to the acquisition of MPS, Marel entered into an approximately EUR 670 million all senior long term financing agreement at favorable terms in line with current market conditions. The all senior loan facilities, which have now replaced the prior senior/junior structure, include a EUR 343 million term loan, a USD 105 million term loan as well as a EUR 225 million revolving credit facility. The loans mature in November 2020. Current interest terms are EURIBOR/LIBOR plus a margin of 275 basis points which will vary in line with Marel’s leverage ratio (Net debt/EBITDA) at the end of each quarter. ABN Amro, ING and Rabobank acted as Book-runner Mandated Lead Arrangers. This financing provides Marel with strategic and operational flexibility to support growth and value creation going forward. The financial position of Marel remains strong and the leverage ratio is estimated to be in line with the targeted capital structure of the company. In relation to the closing of the acquisition, existing MPS shareholders, including MPS management, invest approximately EUR 16 million of their proceeds in Marel shares with a lock-up period of 18 months from the date of closing. The number of shares they acquire is 10.8 million for the price of 213 ISK per share or equivalent to EUR 1.51 per share. Marel becomes a full-line supplier to the meat industry United, the two companies will be at the forefront in developing full-line solutions and equipment for the meat processing industry. They have a good strategic and cultural fit with a highly complementary product portfolio and geographic presence, creating a strong platform to enhance further growth. MPS is a leader in primary processing solutions for the pork and beef industry as well as in innovative solutions in water treatment and food logistics. Under the leadership of MPS’ management, MPS has shown solid growth and profitability in recent periods. Based on preliminary figures, MPS’s revenues and EBITDA for the full year 2015 are slightly above the guidance communicated on November 21, 2015. MPS has one of the largest installed bases in the industry and a large global base of customers. The MPS acquisition enhances Marel’s position as a leading global provider of advanced systems and solutions to the poultry, meat and fish industries and is fully in line with the company’s previously announced growth strategy. This step will contribute to a more balanced revenue split between industry segments and geographies. On a pro-forma basis Marel’s meat segment will now contribute to approximately 30% of revenue and EBITDA of Marel. Marel's advisory cost associated with the MPS acquisition is EUR 3.3 million and is fully accounted for in Q4 2015 results of Marel. The acquisition as well as Marel’s new long term financing will be further introduced on the Investor meeting on February 4, 2016 at 8:30 GMT, where the financial results for the year 2015 will be presented.
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27.1.2016 08:44 |
Marel: 2015 full year results- Investor meeting on February 4, 2016...
27.1.2016 08:44Marel: 2015 full year results- Investor meeting on February 4, 2016
The presentation will be held on Thursday, February 4, at 8:30 am (GMT), at the company's headquarters, Austurhraun 9, Gardabaer. Please note that the meeting will also be webcast. : www.marel.com/webcast Breakfast will be served from 8:00 am.
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28.12.2015 12:27 |
Marel -Financial Calendar 2016
28.12.2015 12:27Marel -Financial Calendar 2016 Publication days of Consolidated Financial Statements in 2016
Release of financial statements will take place after market closing on the aforementioned dates.
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23.11.2015 16:00 |
Marel- Presentation from investor meeting
23.11.2015 16:00Marel- Presentation from investor meeting Attached is the presentation from investor meeting November 23, 2015 Attachment (.pdf) |
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23.11.2015 10:01 |
Marel Investor meeting on November 23, 2015
23.11.2015 10:01Marel Investor meeting on November 23, 2015 Marel invites market participants to a meeting where Arni Oddur Thordarson, CEO, Linda Jonsdottir, CFO and Arni Sigurdsson, Head of Strategy and Development will present the company’s acquisition of MPS meat processing systems.
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21.11.2015 10:42 |
Marel agrees to acquire MPS meat processing systems- favorable long-term financing se...
21.11.2015 10:42Marel agrees to acquire MPS meat processing systems- favorable long-term financing secured Marel has agreed to acquire MPS meat processing systems for €382 million on a debt and cash-free basis. Parallel to the acquisition Marel has entered into an agreement of long term financing for the total Marel group for the amount of close to €670 million at favorable terms and conditions. MPS is a global leader in primary processing solutions for the meat industry. The two companies have a great strategic and cultural fit with highly complementary product portfolios and geographic presence, creating a strong platform to enhance further growth. The acquisition enhances Marel’s position as the leading global provider of advanced equipment and solutions to the poultry, meat and fish industries and is fully in line with the company’s previously announced growth strategy. This step will support Marel’s full line offering in the meat processing industry and contribute to more balanced revenue split between industry segments and geographies. On a pro-forma basis Marel’s meat segment will contribute to around 30% of revenue and EBITDA of Marel following the acquisition.
MPS meat processing systems
Arni Oddur Thordarson CEO of Marel: The acquisition is fully in line with Marel’s strategy to be at the forefront of delivering full line solutions to the Poultry, Meat and Fish industries globally. The combination of MPS and Marel is in many ways similar to the combination of Stork Food Systems and Marel, 8 years ago that has stimulated organic growth and resulted in great solutions and value to Marel’s customers and shareholders”
Remko Rosman CEO of MPS meat processing system:
Completion of the acquisition Existing MPS shareholders, including MPS management will invest around €16 million of their proceeds in Marel shares with a lock-up period of 18 months from the date of closing. The number of shares they will buy is 10.8 million for the price of 213 ISK per share.
Marel will hold a meeting for analysts, media and investors on Monday, November 23, at 16:00 pm (GMT).
For further information, contact: Attachment (.pdf) |
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13.11.2015 13:29 |
Marel - Transaction in own financial instruments
13.11.2015 13:29Marel - Transaction in own financial instruments Viðskipti með eigin bréf/transaction in own financial instruments
Nafn/Name: Marel hf.
Dagsetning viðskipta/Date of transaction: 13.11.2015
Kaup eða sala/Buy or Sell: Sala/Sell
Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 816.000
Gengi/Verð pr. Hlut/Price: 148,26 ISK / 1,051 EUR
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 30.902.550
Dagsetning lokauppgjörs/Date of settlement:
Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements |
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29.10.2015 08:17 |
Marel: Presentation from Investor Meeting
29.10.2015 08:17Marel: Presentation from Investor Meeting
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28.10.2015 15:54 |
Marel:Q3 2015 Results -Strong order intake and robust operational performance...
28.10.2015 15:54Marel:Q3 2015 Results -Strong order intake and robust operational performance
Order intake was strong in Q3 at 211 million. The order intake is well balanced geographically and consists of medium and large size greenfield projects with good growth in the modernization and maintenance business. Revenue in the first nine months of the year was 617 million and adjusted EBIT 78 million (12.6%) compared with revenues of 513 million and adjusted EBIT of 33 million (6.4%) for the same period last year. Revenues in 2014 include 30 million low margin operations that were sold or discontinued early in 2015. Cash flow and operational performance is strong leading to net debt/EBITDA at 1.1 at the end of the quarter. A commercially strong product portfolio and focused market approach together with tailwind in the market has driven strong revenue growth in recent quarters. Near term it is expected that market conditions will normalize after a period of strong growth. The industry that Marel operates in has a history of 4-6% annual growth and it is expected that average annual growth will remain at that level in the long term. Marel’s aim is to sustain above market growth by leveraging its market presence and with continuous investments in innovation.
Arni Oddur Thordarson, CEO: The Marel team is committed to making food production more sustainable and cost effective. The goal is always the same; to increase customer and shareholder long-term value”.
Simpler, Smarter, Faster refocusing program
Markets
Poultry
Fish During the quarter, Marel’s fish segment exhibited its latest solutions and equipment for the fish industry at several international events. At AquaNor in Norway the highlight was the revolutionary MS2730 salmon filleting machine with back and belly trim tools. The I-Cut 130 portion was on display at the VietFish exhibition in Vietnam. The VietFish exhibition led to a breakthrough sale into the pangasius segment in Vietnam.
Meat During the quarter, Marel’s meat segment secured good order intake with good product and geographical mix. A landmark order was secured in Mexico during the quarter and a deboning project was sold to China. It is expected that product mix will lead to a lower profitability in Q4 than what is seen year-to-date in Marel’s meat segment.
Further Processing During the quarter, further processing held a successful event in its demo center in Boxmeer where four different product lines were exhibited to over 150 customers. Marel is currently refocusing and investing in the further processing segment to support poultry, meat and fish customers in further value creation to return healthy future profitability in the further processing segment for Marel. Innovation efforts will be stepped up and further streamlining will take place in order to increase profitability going forward.
Financial items In Q3 2015, Marel acquired 10.0 million treasury shares for a total amount of 13.8 million. This purchase was made after the Board of Directors of Marel hf. authorized management to purchase up to 25 million own shares to be used as payment for potential future acquisitions, per the company’s announcement on April 29, 2015. The authorization has now been fully utilized. Marel now holds 31.7 million treasury shares. There are 11.4 million outstanding stock options at the end of Q3 2015.
Financing The strong financial position with net debt/EBITDA at 1.1 enables Marel to further stimulate growth and strengthen its competitive position.
In the mid- and long-term, the company believes its innovative products and global presence in all segments will secure good growth and increased profitability. Results may vary from quarter to quarter due to general economic developments, fluctuations in orders received and deliveries of larger systems.
Presentation of results, October 29, 2015
For further information, contact: Attachment (.pdf) |
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15.10.2015 14:04 |
Marel-Q3 2015 results – Investor meeting on October 29, 2015...
15.10.2015 14:04Marel-Q3 2015 results – Investor meeting on October 29, 2015 Marel will release the company’s consolidated financial statement for Q3 2015 after market closing on October 28, 2015.
Marel hf. invites market participants and investors to a meeting where the financial results for Q3 2015 will be presented by Arni Oddur Thordarson, CEO and Linda Jonsdottir, CFO. Please note that the meeting will also be webcast at www.marel.com/webcast. Breakfast will be served from 8:00 am. |
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20.8.2015 10:39 |
Marel - Transaction in own financial instruments
20.8.2015 10:39Marel - Transaction in own financial instruments Viðskipti með eigin bréf/transaction in own financial instruments
Nafn/Name: Marel hf
Dagsetning viðskipta/Date of transaction: 20.08.2015
Kaup eða sala/Buy or Sell: Kaup/Buy
Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 10.000.000
Gengi/Verð pr. Hlut/Price: 203
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 31.718.550
Dagsetning lokauppgjörs/Date of settlement:
Ástæður viðskipta/Reason for transaction: Viðskipti gerð á grundvelli heimildar frá stjórn Marel hf. til stjórnenda félagsins til að kaupa allt að 25 milljónum hluta, sem ætlaðir eru sem endurgjald í mögulegum fyrirtækjakaupum, sbr. fréttatilkynningu 29. apríl 2015 / Transaction made on the basis of an authorization from the Board of Directors of Marel hf. to management to purchase up to 25 million own shares, to be used as payment for potential future acquisitions, as per the Company’s announcement on 29 April 2015. |
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4.8.2015 20:32 |
Marel hf. Issuance of Stock Options
4.8.2015 20:32Marel hf. Issuance of Stock Options The Board of Directors of Marel hf. resolved on August 4, 2015 to grant to the members of Marel’s Executive Team, excluding the CEO, up to 2.2 million shares through stock option agreements. The aim of the stock option agreements is to align the interests of senior management and the company in the long run. This is in accordance with the company’s remuneration policy approved at Marel’s Annual General Meeting in March 2015. The stock options will be granted to all members of the Executive Team, excluding the CEO. All will receive the same number of options, 200,000. Key terms and conditions of the agreements are as follows:
The total number of shares granted by Marel hf. in stock option agreements with employees, including this new stock option scheme, currently amounts to 11.5 million shares corresponding to approximately 1.6% of total share capital. The company’s cost of the new share option scheme is estimated to be EUR 488,000 over the next 5 years based on the option pricing model of Black-Scholes. Details of the share options granted to Marel´s Executive Team:
[1] The exercise price is determined by the closing rate of Marel shares at NASDAQ OMX Iceland hf. on August 4, 2015, i.e. ISK 198.00 per share, calculated with the Central Bank of Iceland EUR/ISK mid-rate on that day; 147.08
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30.7.2015 09:10 |
Presentation from investor meeting
30.7.2015 09:10Presentation from investor meeting See attachment: Attachment (.pdf) |
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29.7.2015 17:44 |
Marel Q2 2015 results- Organic growth and strong operational performance...
29.7.2015 17:44Marel Q2 2015 results- Organic growth and strong operational performance Organic growth and strong operational performance
Orders in Q2 are well balanced both geographically and between different product groups: Greenfield projects, modernization projects and maintenance business. Poultry and fish continue to show strong order intake while market conditions are softer in the meat and further processing segments. Third quarter revenues are expected to be lower than second quarter revenues due to seasonal effects and timing in delivery of orders. Overall market conditions remain favorable.
“It is an excellent first half of the year for Marel with significant organic growth and operational improvements. Revenues in the first 6 months are 428 million with adjusted EBIT of 12.5%. We are proud of this achievement which is based on strong commercial product portfolio, deep customer engagement and general good market conditions. Our financials are strong giving us ample room to explore various growth opportunities. The Marel team is committed to stay at the forefront of the dynamic and fast growing industry of providing innovative and high performing solutions to poultry, meat and fish processors on a global scale.”
Simpler, Smarter, Faster refocusing program
Markets
Fish During the quarter, Marel’s fish segment exhibited all its latest solutions and equipment for the fish industry at the annual seafood processing global exhibition in Brussels. During the exhibition, the FleXicut waterjet cutter drew the crowd’s attention, leading to several sales during and after the exhibition.
Meat During the quarter, Marel’s meat segment gained certification from Oz Meats that will allow Marel’s customers in Australia to export their meat trimmings to global markets. Marel was also named as the best equipment supplier in 2015 at the U.K Meat awards.
Further processing
Streamlining of further processing activities continued during Q2 2015. The transfer of manufacturing operations in Des Moines to an existing facility in Gainesville is ongoing and will be concluded before year-end.
During the quarter, Marel’s further processing segment continued to strengthen its market approach and participated in the seafood processing global exhibition in Brussels with the RevoPortioner that is now entering the fish segment building on its past success in poultry. In Q2 2015, Marel acquired 15.0 million treasury shares for a total amount of 18.2 million. This purchase was made after the Board of Directors of Marel hf. authorized management to purchase up to 25 million own shares to be used as payment for potential future acquisitions, per the Company’s announcement on 29 April 2015. After the purchase and exercise of stock options during the quarter with net cash outflow of 16.5 million the company holds 21.7 million treasury shares. Total outstanding stock options at the end of Q2 2015 are 9.3 million shares.
Financing
Outlook
Release of financial statements will take place after market closing on the aforementioned dates.
For further information, contact: Attachment (.pdf) |
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21.7.2015 12:17 |
Marel- Q2 2015 results – Investor meeting on July 30, 2015...
21.7.2015 12:17Marel- Q2 2015 results – Investor meeting on July 30, 2015
Marel will release the company’s consolidated financial statement for Q2 2015 after market closing on July 29, 2015. |
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28.5.2015 13:05 |
Marel - Transaction in own financial instruments
28.5.2015 13:05Marel - Transaction in own financial instruments Viðskipti með eigin bréf/transaction in own financial instruments
Nafn/Name: Marel hf.
Dagsetning viðskipta/Date of transaction: 28.05.2015
Kaup eða sala/Buy or Sell: Kaup/Buy
Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 3.000.000
Gengi/Verð pr. Hlut/Price: 182,50
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 21.718.550
Dagsetning lokauppgjörs/Date of settlement:
Ástæður viðskipta/Reason for transaction: Viðskipti gerð á grundvelli heimildar frá stjórn Marel hf. til stjórnenda félagsins til að kaupa allt að 25 milljónum hluta, sem ætlaðir eru sem endurgjald í mögulegum fyrirtækjakaupum, sbr. fréttatilkynningu 29. apríl 2015 / Transaction made on the basis of an authorization from the Board of Directors of Marel hf. to management to purchase up to 25 million own shares, to be used as payment for potential future acquisitions, as per the Company’s announcement on 29 April 2015. |
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26.5.2015 15:43 |
Correction - Marel - Date of Transaction May 26 2015...
26.5.2015 15:43Correction - Marel - Date of Transaction May 26 2015 The number of options belonging to primary insider was missing from previous announcement but has now been corrected. See attachment. Attachment (.pdf) |
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26.5.2015 15:22 |
Marel - Date of Transaction May 26 2015
26.5.2015 15:22Marel - Date of Transaction May 26 2015 See attachment. Attachment (.pdf) |
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11.5.2015 15:54 |
Marel - Transaction in own financial instruments
11.5.2015 15:54Marel - Transaction in own financial instruments Viðskipti með eigin bréf/transaction in own financial instruments
Nafn/Name: Marel hf.
Dagsetning viðskipta/Date of transaction: 11.05.2015
Kaup eða sala/Buy or Sell: Kaup
Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 12.000.000
Gengi/Verð pr. Hlut/Price: 179,00
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 18.718.550
Dagsetning lokauppgjörs/Date of settlement:
Ástæður viðskipta/Reason for transaction:
Viðskipti gerð á grundvelli heimildar frá stjórn Marel hf. til stjórnenda félagsins til að kaupa allt að 25 milljónum hluta, sem ætlaðir eru sem endurgjald í mögulegum fyrirtækjakaupum, sbr. fréttatilkynningu 29. apríl 2015 / Transaction made on the basis of an authorization from the Board of Directors of Marel hf. to management to purchase up to 25 million own shares, to be used as payment for potential future acquisitions, as per the Company’s announcement on 29 April 2015. |
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11.5.2015 14:01 |
Marel - Date of transactions May 11 2015
11.5.2015 14:01Marel - Date of transactions May 11 2015 See attachments. Attachment (.pdf)Attachment (.pdf) Attachment (.pdf) Attachment (.pdf) Attachment (.pdf) |
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11.5.2015 12:50 |
Marel - Transaction in own financial instruments
11.5.2015 12:50Marel - Transaction in own financial instruments Viðskipti með eigin bréf/transaction in own financial instruments
Nafn/Name: Marel hf.
Dagsetning viðskipta/Date of transaction: 11.05.2015
Kaup eða sala/Buy or Sell: Sala/Sell
Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities
Fjöldi hluta/Number of shares: 3.116.850
Gengi/Verð pr. Hlut/Price: 83,59 ISK / 0,567 EUR
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 6.718.550
Dagsetning lokauppgjörs/Date of settlement:
Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements. |
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30.4.2015 09:23 |
Marel- Presentation from Investor Metting
30.4.2015 09:23Marel- Presentation from Investor MettingSee attachment:Attachment (.pdf) |
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29.4.2015 17:08 |
Marel Q1 2015 result Strong sales and operational improvement...
29.4.2015 17:08Marel Q1 2015 result Strong sales and operational improvement
-- ? Revenue for Q1 2015 totaled 209.3m [Q1 2014: 154.8m].
-- ? Adjusted EBITDA* for Q1 2015 was 36.9m or 17.6% of revenue [Q1 2014:
11.6m]. EBITDA was 29.4m or 14.0% of revenue [Q1 2014: 8.1m].
-- ? Adjusted operating profit* (adj.EBIT) for Q1 2015 was 23.8m or 11.4% of
revenue [Q1 2014: 4.6m]. EBIT was 16.2m or 7.8% of revenue [Q1 2014: 1.0m].
-- ? Net result for Q1 2015 was 12.6m [Q1 2014: Loss of 1.9m]. Earnings per
share was 1.73 euro cents compared with a loss of 0.25 euro cents in Q1
2014.
-- ? Cash flow from operating activities before interest and tax was 39.5m [Q1
2014: 19.4m]. Net interest bearing debt was 161.7m [Q1 2015: 208.4m].
-- ? The order book was at 178.0m at the end of the quarter compared with
174.9m at the end of Q4 2014.
The year 2015 starts well for Marel. The company showed significant increase in
operational and net profit from previous quarters fuelled by record revenues
and order intake as well as operational improvements derived from a simplified
and streamlined organization. The strong financial position with net
debt/EBITDA at 1.48 enables Marel to further stimulate growth and strengthen
its competitive position. There is a general tailwind in Marel’s main markets
in addition to favorable conditions in the financial markets.
Two subsequent events have taken place between the end of Q1 and the publishing
date of the Q1 results;
• The sale of the High Speed Slicing operations in Norwich, U.K., which was
agreed in February 2015, was closed in April with a slightly positive P/L
effect and total estimated cash proceeds of 9.5 million.
• The real estate in Oss, Netherlands, was sold in April delivering cash
proceeds of 2.4 million. The Oss operation was previously transferred to the
multi-industry center in Boxmeer to better utilize manpower and investments and
as well, allow the company to be better equipped to deal with fluctuations in
demand among various product groups and industries.
From the beginning of the refocusing program until the end of Q1, taking into
account the proceeds from the above mentioned subsequent events, the total
cash-out cost of the refocusing program stands at 12 million with an 27 million
in P/L effect.
Management guidance for 2015 is organic revenue growth, with a solid increase
in operational and net profit. Full focus remains on strengthening the market
approach and operational improvement with the aim to reach EBIT of over 100
million in 2017.
Arni Oddur Thordarson, CEO:
“We are pleased with the good results in the beginning of 2015. With a focused
market approach and strong commercial product portfolio we managed to utilize
the tailwind in Marel´s main markets resulting in record order intake, revenues
and significantly improved operational results.
Our sales growth is well balanced between Greenfield projects, extension and
modernization projects and growth in our maintenance business. We have
invested well in innovation and we have been introducing steady flow of new and
exciting solutions to enable poultry, fish and meat processors to further
optimize yield and throughput as well as minimizing waste and reducing usage of
water and energy, making the value chain more sustainable.
All industries are showing improved operational results. I want to express my
thanks to our employees for their efforts and commitment. At the same time we
are refocusing and streamlining the operation we have managed to strengthen our
partnership with existing customers and attract new customers. The goal is
always the same, to deliver increased value to customers and shareholders.”
Authorization to purchase own shares
Board of Directors of Marel has granted management an authorization to purchase
up to 25 million own shares on the behalf of the company in one or more
transactions in the period that is remaining of the calendar year 2015. The
shares are to be used as payment for potential future acquisitions that needs
full approval of the Board of Directors.
Simpler, Smarter, Faster refocusing program
The Simpler, Smarter, Faster two year refocusing program is on track. The
program focuses on simplifying the market approach to better serve the customer
needs and to streamline operations to increase quality and efficiency in the
company while lowering the recurring cost base. There is special focus on
innovation and manufacturing optimization.
The innovation and manufacturing optimization is well on track. In Q1 Marel
announced the streamlining of its operations in Singapore, Denmark, the U.S.
and the U.K. as well as the divestment of a non-core business in Spain. The
sale of Stork Inter Ibérica in Spain was concluded during the quarter. The
closing of the sale of the High Speed Slicing operations in the U.K. took place
in April, though the deal was signed during Q1.
From the beginning of the refocusing program until the end of Q1, taking into
account the proceeds from subsequent events, the total cash-out cost of the
refocusing program is at 12 million with 27 million in P/L effect for the same
period. Total estimated cash-out costs related to refocusing actions is 25
million over the whole refocusing period while the total P/L effect cannot be
fully estimated at this time.
Refocusing actions taken during Q1 2015:
-- ? Ceasing of manufacturing of freezers in Singapore. Marel is entering into
partnerships with Heinen and VDL to continue to provide freezing solutions
to its customers. The aim is to support Marel’s full line offerings in
fish, meat and poultry processing.
-- ? Streamlining of U.S. operations. The manufacturing operation in Des
Moines will merge with an existing facility in Gainesville. At the same
time, a new innovation center will be established in Des Moines. The
transition process will be completed before year-end 2015.
-- ? Streamlining of operations in Denmark. All activities in Bornholm,
Denmark will be transferred to existing facilities in Aarhus and Nitra. The
transition process will be completed before year-end 2015.
-- ? Divestment of non-core palletizing business in Spain. Stork Inter Ibérica
was sold to a private investment group.
-- ? Streamlining of U.K. operations. High Speed Slicing operations in
Norwich, U.K. were sold to the Middleby Corporation. Marel will retain the
frozen portioning and robotics families, which remain of strategic
importance.
-- The discontinued operations mentioned above in Singapore, Spain and the
U.K. represented close to 30 million in revenues in 2014 with low gross
margins and negative EBIT. Revenues in Q1 from discontinued operations were
6 million and the order book of discontinued operations was 4 million at
the end of Q1.
Outlook
Management guidance for 2015 is organic revenue growth, with a solid increase
in operational and net profit. Full focus remains on strengthening the market
approach and operational improvement with the aim to reach EBIT of over 100
million in 2017.
In the mid- and long-term, the company believes its innovative products and
global presence in all segments will secure good growth and increased
profitability. The long-term outlook in the industry remains favorable and the
estimated annual market growth for providing advanced solutions and equipment
for meat, poultry and fish processing is 4-6%. Marel’s goal is to continue to
grow faster than the market, based on its innovative customer solutions and
extensive sales and service network.
Results may vary from quarter to quarter due to general economic developments,
fluctuations in orders received, and deliveries of larger systems.Attachment (.pdf) Attachment (.pdf) |
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28.4.2015 19:01 |
Correction of a Major Shareholder Announcement – Grundtvig Invest...
28.4.2015 19:01Correction of a Major Shareholder Announcement – Grundtvig InvestOn 22 April 2015 Marel published a Major Shareholder Announcement from
Grundtvig Invest, but mistakes were made in filling out section 7 of the
standard notification form on acquisition or disposal of major proportions of
voting rights. Hereby attached is a corrected Major Shareholder Announcement.Attachment (.pdf) |
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22.4.2015 17:27 | Q1 2015 results – Investor meeting on April 30, 2015... 22.4.2015 17:27Q1 2015 results – Investor meeting on April 30, 2015Marel will release the company’s consolidated financial statement for Q1 2015 after market closing on April 29, 2015. Marel hf. invites market participants and investors to a meeting where the financial results for Q1 2015 will be presented by Arni Oddur Thordarson, CEO and Linda Jonsdottir, CFO. The presentation will be held on Thursday April 30, at 8:30 am (GMT), at the company's headquarters, Austurhraun 9, Gardabaer. Please note that the meeting will also be webcast at www.marel.com/webcast. Breakfast will be served from 8:00 am. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
22.4.2015 17:22 |
Major Shareholder Announcement- The Pension Fund for State Employees...
22.4.2015 17:22Major Shareholder Announcement- The Pension Fund for State EmployeesSee attachment:Attachment (.pdf) |
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22.4.2015 17:19 |
Major Shareholder announcement -Grundtvig Invest
22.4.2015 17:19Major Shareholder announcement -Grundtvig InvestSee attachment:Attachment (.pdf) |
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20.4.2015 08:14 | Marel – Results for Q1 2015 above expectations 20.4.2015 08:14Marel – Results for Q1 2015 above expectationsAs provided for in the Marel 2014 annual results, published on February 5th 2015, the management guidance for the year 2015 was organic revenue growth, with a solid increase in operational and net profit. In addition, Marel has previously disclosed the aim to reach EBIT of over 100 million in 2017. According to Marel‘s management preliminary review of the numbers for Q1 2015 the results for the quarter will be above expectations driven by increased volume, favourable product mix and operational improvements. Orders received in the quarter are expected to be EUR 212 million. Revenues for Q1 2015 will be close to EUR 209 million, with adjusted EBIT* above 11% of revenue and EBIT close to 8% of revenue. Net result from the quarter is expected to be above EUR 12 million. Strong EBITDA and cash flow will result in a Total Net Leverage ratio around 1.5 at end of Q1 2015 compared to 2.1 at the end of Q4 2014.** Market conditions are good with strong tailwind in Marel´s main markets in addition to favourable conditions in financial markets. It should nevertheless be kept in mind that results may vary from quarter to quarter due to general economic developments, fluctuations in volume and mix of revenues. Q1 2015 results will be released after market closing on April 29th 2015. Marel will hold an investor meeting in the morning of 30th April, where the results and future outlook will be outlined. * Before refocusing cost. ** Total Net Leverage is based on adjusted EBITDA in recent 12 months and net interest bearing debts at the end of the quarter. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
23.3.2015 09:55 | Marel to merge its Bornholm and Aarhus activities 23.3.2015 09:55Marel to merge its Bornholm and Aarhus activitiesMarel is transferring all of its activities in Bornholm, Denmark to an existing facility in Aarhus, Denmark. Bornholm activities which are focused on development and manufacturing of advanced portioning equipment for the meat, fish and poultry industries will be transferred to Aarhus, the home of Marel’s activities in fixed weight packing and robotics. The transfer will see the merger of the company´s portioning activities in one location in Denmark which will strengthen portioning activities within the company, enhance competitive advantage and strengthen market position. Marel´s portioning operations has been performing well and the transfer to Aarhus will allow the portioning operation to run with increased efficiency, support talent attraction and position it for further growth and success. The transition process will begin in March 2015, with completion before the end of the year. Approximately 40 employees will be affected. Marel will provide support to the employees affected throughout the transition and they will be offered a range of options, including the opportunity to apply for positions at the Aarhus location. This is fully in line with Marel’s ongoing Simpler, Smarter, Faster refocusing program and the strategy to concentrate on areas of competitive advantage. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4.3.2015 18:53 |
Marel -Highlights of Marel’s AGM 2015
4.3.2015 18:53Marel -Highlights of Marel’s AGM 2015
Marel’s Annual General Meeting (AGM) was held at the company’s headquarters in
Gardabaer, Iceland, on 4 March 2015. All proposals presented by the Board were
unanimously approved by the meeting.
Chairman’s address
Asthildur Margret Otharsdottir, Chairman of Marel´s Board of Directors
discussed Marel´s powerful growth drivers during her presentation. Population
growth, urbanization, sustainability and environment are all trends that will
drive global economic development in the future and benefit Marel´s business
directly. She then summarized Marel’s performance and main achievements during
2014 and provided some insights into Marel´s corporate structure. The chairman
talked about the proposal to pay out dividend, corresponding to 30% of net
profits for the operational year 2014. “The Board of Directors is pleased to
propose to the Annual General Meeting today that a dividend of € 3.5 million is
paid to shareholders. This is fully in line with our dividend policy and
reflects our strong belief in the refocusing steps, which have been taken and
our value creating potential in the future.” During her address she also looked
ahead and said that Marel has a strong foundation for future growth and value
creation. “Marel’s leading market position is based on our continuous focus on
innovation, even during challenging times. This has resulted in a steady flow
of innovative products, which has transformed the way food is processed around
the world. The key to success is through partnership with our customers,” she
said.
CEO’s address
“2014 was a year of progress and transformation for Marel. The year started off
slowly, but in the spring we changed the game and we have managed to be at the
customer, for the customer while refocusing our operations. With good tailwind
in the market and a focused market approach, Marel delivered record order
intake and sales in the second half of the year; the operational results also
improved over the course of the year,” said Arni Oddur Thordarson CEO of Marel
in his address to the company’s AGM. Arni then talked about the progress that
has been achieved on the refocusing program “Simpler, Smarter Faster” that has
been launched with the aim to simplify Marel´s organizational structure and
increase service to customers.
“We have managed to be at the customer for the customer while refocusing our
business. In addition to streamlining, we are also investing in future growth
through innovation and we are advancing our business with investments in
business tools and IT systems. We enter 2015 with optimism, with much stronger
order book than one year ago and tailwind in our market.”
Confirmation of annual accounts
The Company’s Consolidated Financial Statements and the Report of the Board of
Directors and CEO were approved unanimously by the meeting. All proposals
presented were unanimously approved by the meeting.
All seven directors on the Board of Marel were re-elected unanimously. The
board consists of: Astvaldur Johannsson, Olafur Gudmundsson, Arnar Thor Masson,
Ann Elizabeth Savage, Asthildur Margret Otharsdottir, Helgi Magnusson and
Margret Jonsdottir
The new Board of Directors has convened and assigned roles and
responsibilities. Asthildur Margret Otharsdottir continues as Chairman of the
Board and Arnar Thor Masson, as the Vice-Chairman of the Board.
More information about the Annual General meeting is available on Marel.com and
on information page for the AGM at http://www.marel.com/agm. Videos from the
meeting will be made available soon.Attachment (.pdf) |
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4.3.2015 18:29 | MAREL- DECISIONS OF MAREL´S ANNUAL GENERAL MEETING 4.3.2015 18:29MAREL- DECISIONS OF MAREL´S ANNUAL GENERAL MEETINGAt the Annual General Meeting of Marel hf. which took place at the company’s headquarters on 4 March 2015 the following proposals were approved unanimously. Below are the decisions of the Annual General Meeting (the “Meeting”): 1. The Consolidated Financial Statements and the Report of the Board of Directors and CEO for 2014 were approved. 2. Proposal on dividends payment for the operational year 2014 was approved The Meeting approved that a dividend of 0.48 euro cents per share will be paid for the operational year 2014. Based on the current number of outstanding shares, the estimated total dividend payment will be approximately €3.5 million, corresponding to approximately 30% of profits for the year. The company’s shares traded on and after 5 March 2015 (EX-Date) will be ex-dividend and the right to a dividend will be constricted to shareholders identified in the company´s shareholders registry at the end of 6 March 2015, which is the proposed record date. Payment date of the dividend is 27 March 2015. 3. Proposal on remuneration to board members for the year 2015 and of the Auditor for the year 2014 was approved The Meeting approved that the remuneration to Board members for the year 2015 shall be as follows: the Chairman will receive €8,250 per month, the Chairman of the Audit Committee will receive €5,500 per month and other members of the Board of Directors will receive €2,750 per month. The remuneration will be paid on the 15th day of each month. The Meeting approved that the Auditor’s fees will be paid against their invoices approved by the Company. 4. The Company´s Remuneration Policy was approved It is as follows: The Remuneration Policy of Marel hf. and its subsidiaries (the “Company”), is designed to attract, motivate and retain exceptional employees in a competitive and international market. The policy reflects the Company’s objectives for good corporate governance as well as sustained long-term value creation for shareholders. The Remuneration Policy applies to the Company’s senior management, including its Executive Team and Board of Directors. Executive Team Remuneration The remuneration of Marel’s Executive Team is proposed by the Remuneration Committee and subsequently approved by the Board of Directors. It is evaluated annually against performance and a benchmark of international companies, which in size and complexity are similar to Marel. Benchmark information is obtained from internationally recognized compensation service consultancies. Total remuneration shall be comprised as follows: -- A fixed base salary, set at a level aimed at attracting and retaining executives with professional and personal competences required to drive the Company’s performance. -- Short-term incentives, based on the achievement of a number of individual, pre-defined financial and strategic business targets approved by the Board of Directors. Short-term incentives cannot exceed 40% of the fixed base salary, and are partly related to financial targets and partly to non-financial, strategic business targets. Short-term incentive payments are subject to recovery, provided that they have clearly been based on data, which proved to be manifestly misstated, false or misleading. -- Long-term incentives in the form of stock options, promoting a balance between short-term achievements and long-term thinking. The Company’s stock option program is further specified below. -- Pension contributions, made in accordance with applicable laws and employment agreements. -- Severance payments in accordance with termination clauses in employment agreements. Severance payments shall comply with local legal framework. Long Term Incentive Stock Option Program Marel has implemented stock option programs with the objective of aligning interests of the executive management and selected key employees with the long-term goals of the Company and its shareholders. The Company’s stock option program is designed with the intention of providing program participants with annual stock options for which the calculated estimated future gain equals up to a maximum of 20% of annual based salary at the date of issue. The stock options plan is long term for five to seven years with the first vesting time three years. Exercise price is adjusted annually with a hurdle rate as well as future dividend payments. The Company’s stock option program does not include any commitments for future issues and can be cancelled at any time. The program shall be reassessed annually and the structure of future issues can be changed, subject to shareholders’ approval. Board of Directors Members of the Board of Directors shall receive a fixed, monthly payment in accordance with the decision of the Annual General Meeting of the Company. The Board shall submit a proposal on the fee for the upcoming operating year, taking into account the extent of responsibilities and time commitment, the results of the Company and benchmark data on fees paid by European peer companies, which in size and complexity are similar to Marel. Board members are not offered stock options or participation in incentive schemes. Individual board members may take on specific ad hoc tasks outside their normal duties assigned by the Board. In each such case, the Board may determine a fixed fee for the work carried out related to those tasks, which shall be disclosed in the Company’s annual financial statements. Disclosure of Information Information on the total remuneration of members of the Company’s Board of Directors, Executive Team and senior management accountable for more than 10% of the assets or earnings of the Company, shall be disclosed in the Company’s annual financial statements. This includes any deferred payments and extraordinary contracts during the preceding financial year. Approval of the Remuneration Policy This Remuneration Policy shall apply to all future employment agreements with members of Company’s Executive Team and Board of Directors. The Remuneration Policy is binding for the Board of Directors as regards its provisions on stock options. In other respects, the Remuneration Policy shall be of guidance for the Board. Any departure from the policy shall be recorded and reasoned in the Board’s minutes. This Remuneration Policy has been approved by the Board of Directors of Marel hf. in accordance with article 79a of the Icelandic Companies Act No. 2/1995, taking into consideration the NASDAQ OMX Iceland Rules for Issuers of Financial Instruments and the Icelandic Guidelines on Corporate Governance. The Remuneration Policy is reviewed annually and shall be approved by the Company’s Annual General Meeting, with or without amendments. The Company’s Remuneration Policy shall be published on its website. 5. Amendments of the Company’s Articles of Association The following amendments to the Company’s Articles of Association were approved: 1. Proposed amendment of Article 4.13 The Meeting approved that paragraph 3 of Article 4.13 is adjusted as regards information to be published in relation to annual general meetings and applicable time-limits, in accordance with Article 88 d of the Act respecting Public Limited Companies no. 2/1995. The amended paragraph reads as follows: „The financial statements of the company, the Board of Director‘s report on operations, the auditor‘s report, information on the total number of shares and votes on the date of the calling of a meeting, the Board‘s proposal of a remuneration policy and other proposals of the Board to the Annual General Meeting shall be available for shareholders to examine at the company‘s headquarters no later than 21 days prior to the Annual General Meeting.“ 1. Proposed amendment of Article 4.13 The Meeting approved that Article 4.13 is amended as concerns the repealing of the Board‘s authority to offer new shares to certain shareholders and the authority to allocate new shares without pre-emptive rights is limited to circumstances where the share increase is a part of the Company‘s acquisition of new businesses, and the new shares are used as payment in the relevant transaction. The amended Article reads as follows: "The Company’s Board of Directors is authorised to increase its share capital by up to ISK 100,000,000 nominal value, or the equivalent in EUR if the Company’s share capital has already been registered in that currency when the authorisation is utilised. Details of the purchase price of shares and terms of sale shall be determined by the Company’s Board of Directors. Shareholders waive their pre-emptive rights, as provided for in Art. 34 of Act No. 2/1995 on Public Limited Companies provided that the new shares will be used as payment in relation to acquisition of new businesses and that the price for the new shares will not be lower than 10% under the posted average price of shares in the Company for the four weeks immediately preceding the sale. There are no restrictions on trading in the new shares. These new shares shall be of the same class and bear the same rights as other shares in the company. They shall confer rights in the Company as of the date the increase in share capital is registered. The Company’s Board of Directors may decide to have subscribers pay for the new shares in part or in full by other means than cash payment. This authorisation shall be valid for 5 years from the date of its adoption, insofar as it has not been utilised prior to that time." 6. Election of Board The following candidates were elected to serve on the Board of Directors until the Company‘s next Annual General meeting: Ann Elizabeth Savage, Spalding, UK Arnar Thor Masson, Reykjavik, Iceland Asthildur Margret Otharsdottir, Reykjavik, Iceland Helgi Magnusson, Seltjarnarnes, Iceland Margret Jonsdottir, Seltjarnarnes, Iceland Olafur S. Gudmundsson, Princeton, US Astvaldur Johannsson, Reykjavik, Iceland 7. Election of auditors The Meeting approved that the auditors KPMG ehf. will be the Company’s auditors. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
27.2.2015 15:08 | Marel hf. Annual General Meeting, 4 March 2015 – Candidates for the Board of Director... 27.2.2015 15:08Marel hf. Annual General Meeting, 4 March 2015 – Candidates for the Board of DirectorsBelow are candidates for the Board of Directors of Marel hf. at the Annual General Meeting, to be held at the Company's headquarters at Austurhraun 9, Gardabaer, Iceland, Wednesday 4 March 2015, at 16:00: Ann Elizabeth Savage, Spalding, UK Arnar Thor Masson, Reykjavik, Iceland Asthildur Margret Otharsdottir, Reykjavik, Iceland Astvaldur Johannsson, Reykjavik, Iceland Helgi Magnusson, Seltjarnarnes, Iceland Margret Jonsdottir, Seltjarnarnes, Iceland Olafur Gudmundsson, Princeton, New Jersey, U.S. Further information about each of these candidates will be available on the Information Page for the Annual General Meeting 2015 on the Company´s website: http://www.marel.com/agm, no later than 2 days prior to the Meeting. The deadline for declaring candidature has now passed. According to the current Articles of Association of the Company, the Board of Directors shall be comprised of 5 to 7 members. Consequently, the above seven candidates will be elected to the Board without ballot at the meeting. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
26.2.2015 10:18 | Marel-transaction in own financial instruments 26.2.2015 10:18Marel-transaction in own financial instrumentsViðskipti með eigin bréf/transaction in own financial instruments Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 26.02.2015 Kaup eða sala/Buy or Sell: Kaup/Buy Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 6.000.000 Gengi/Verð pr. Hlut/Price: ISK 150,00 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 9.835.400 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
26.2.2015 07:55 | Marel hf. - Annual Report 2014 26.2.2015 07:55Marel hf. - Annual Report 2014Marel hf. has published its Annual Report for 2014. The report is only available as a web version. The complete report along with videos, interactive graphs and other information can be accessed here and at marel.com. The report is accessible on all devices and can be downloaded in a PDF format in the download center found in the online report. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
25.2.2015 14:42 |
Agenda and proposals - Annual General Meeting March 4 2015...
25.2.2015 14:42Agenda and proposals - Annual General Meeting March 4 2015Please find attached final agenda and proposals to the Annual General Meeting
of Marel, to be held Wednesday March 4, 2015 at 16:00.
Notice to submit proposals or matters to be considered by the meeting has
passed, as per Clause 4.20 of the Articles of Association of Marel hf.
Further information can be found at the company’s website: http://marel.com/agmAttachment (.pdf) Attachment (.pdf) Attachment (.pdf) |
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24.2.2015 14:29 |
Marel-Date of transaction 24.02.2015
24.2.2015 14:29Marel-Date of transaction 24.02.2015See attachments:Attachment (.pdf) Attachment (.pdf) |
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24.2.2015 14:26 |
Marel- Date of transactions 24.02.2015
24.2.2015 14:26Marel- Date of transactions 24.02.2015See attachments:Attachment (.pdf) Attachment (.pdf) |
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24.2.2015 14:02 | Marel- Transaction in own financial instruments 24.2.2015 14:02Marel- Transaction in own financial instrumentsViðskipti með eigin bréf/transaction in own financial instruments Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 24.02.2015 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 1.160.500 Gengi/Verð pr. Hlut/Price: 85,76 ISK / 0,572 EUR Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 3.835.400 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
23.2.2015 13:00 | Marel divests its high speed slicing business in the U.K.... 23.2.2015 13:00Marel divests its high speed slicing business in the U.K.Marel today announces the divestment of its High Speed Slicing business, in particular the bacon and deli slicing businesses based in Norwich, United Kingdom. Marel will retain the frozen portioning and robotics product families, which remain of strategic importance to Marel. The divestment is an important step in Marel´s refocusing program as it will increase focus on Marel´s core product offering. The deli and bacon slicing business has revenue of approximately 10M EUR per year. The Middleby Corporation will be the acquirer of this business and closing of the transaction is expected before the end of first quarter 2015. Middleby is a global leader in the foodservice equipment industry and develops, manufactures, markets and services a broad line of equipment used in the commercial foodservice, food processing, and residential kitchen equipment industries. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.2.2015 14:52 |
Marel -Date of transaction 20.02.2015
20.2.2015 14:52Marel -Date of transaction 20.02.2015See attachments:Attachment (.pdf) |
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20.2.2015 14:49 |
Marel- Date of transaction 20.02.2015
20.2.2015 14:49Marel- Date of transaction 20.02.2015See attachment:Attachment (.pdf) |
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17.2.2015 15:15 |
Marel -Date of transaction 17.02.2015
17.2.2015 15:15Marel -Date of transaction 17.02.2015See attachments:Attachment (.pdf) Attachment (.pdf) |
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17.2.2015 15:12 |
Marel- Date of transaction 17.02.2015
17.2.2015 15:12Marel- Date of transaction 17.02.2015See attachmentsAttachment (.pdf) Attachment (.pdf) |
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17.2.2015 14:20 | Marel- transaction in own financial instruments 17.2.2015 14:20Marel- transaction in own financial instrumentsMarel -Viðskipti með eigin bréf/ Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 17.02.2015 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 1.961.950 Gengi/Verð pr. Hlut/Price: 85,70 ISK / 0,572 EUR Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 4.995.900 Dagsetning lokauppgjörs/Date of settlement: 0 Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.2.2015 17:51 | Marel hf. – Annual General Meeting 2015 10.2.2015 17:51Marel hf. – Annual General Meeting 2015The Annual General Meeting of Marel hf. will be held at the Company‘s headquarters at Austurhraun 9, Gardabaer, Iceland, on Wednesday, 4 March 2015 at 16:00. Agenda: -- ? Annual General Meeting matters as provided for in Article 4.13 of the Company‘s Articles of Association. -- ? Amendment to the Company’s Articles of Association: -- Article 4.13 regarding information to be published before shareholder meetings and applicable time-limits, adjusted in accordance with Article 88 d of Act no. 2/1995 on Public Limited Companies. -- ? Any other business, lawfully presented. The meeting will be conducted in English. In particular, it should be noted that candidatures for the Board of Directors shall be submitted in writing to the Board of Directors at least five full days prior to the meeting, i.e. before Friday 27 February at 16:00 pm (GMT). In order for shareholders to have proposals or matters considered by the meeting, they must have been submitted to the Board of Directors at least ten days prior to the meeting, i.e. by the latest on 22 February at 16:00 pm (GMT). On the Company’s AGM website, www.marel.com/agm, further information in relation to the Annual General Meeting can be found, including further information on the right of shareholders to submit items and proposals to the meeting’s agenda, a draft agenda for the meeting, proposals of the Board of Directors, Company's annual statements for the year 2014, information on the total number of shares and voting rights as of 10 February 2015, proxy template, as well as information on documents to be submitted in relation to the meeting. The meeting’s agenda and final proposals will be available to shareholders seven days prior to the meeting, both on the aforementioned AGM webpage of the Company as well as at the Company‘s offices at Austurhraun 9, Gardabaer, Iceland. The agents of shareholders shall submit written proxies at the entrance of the meeting. Ballots and other applicable documents will be available at the venue of the meeting as of 15:30 on the day of the meeting. The Board of Directors of Marel hf. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9.2.2015 18:24 | Marel – Stock Option Agreements completed 9.2.2015 18:24Marel – Stock Option Agreements completedWith reference to the announcement made by Marel on 3 December 2014, regarding issuance of stock options to the members of its Executive Team, excluding the CEO of Marel, available here it is hereby confirmed that stock option agreements have been made today, 9 February 2015, with each member of the team on that basis. As stated in the announcement, all will receive the same number of options, i.e. 225,000. Further details, key terms and conditions of the agreements which have now been accepted by the option holders can be found in the aforementioned announcement. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5.2.2015 15:54 |
Major shareholder announcement- Gildi
5.2.2015 15:54Major shareholder announcement- GildiSee attachmentAttachment (.pdf) |
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5.2.2015 08:23 |
Presentation from Investor meeting
5.2.2015 08:23Presentation from Investor meeting
Attached is the presentation from Investor meeting held February 5.Attachment (.pdf) |
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4.2.2015 17:11 |
Correction -Marel Q4 and full year 2014 results- At the customer, for the customer, w...
4.2.2015 17:11Correction -Marel Q4 and full year 2014 results- At the customer, for the customer, while refocusingThe announcment is sent again because the PDF version of the Press release in
Icelandic had to be replaced. All attachments in english are the same as in
previous version.
(All amounts in EUR)
Q4 2014 – Record order intake and strong cash flow
-- ? Revenue for Q4 2014 totaled 200.0m [Q4 2013: 168.2m].
-- ? Adjusted EBITDA* for Q4 2014 was 28.1m or 14.1% of revenue. EBITDA was
21.0m or 10.5% of revenue [Q4 2013: 14.1m].
-- ? Adjusted operating profit* (adj.EBIT) for Q4 2014 was 16.1m or 8.0% of
revenue. EBIT was 8.5m or 4.2% of revenue [Q4 2013: 7.4m].
-- ? Net result for Q4 2014 was 3.0m [Q4 2013: 3.7m]. Earnings per share were
0.41 euro cents [Q4 2013: 0.50 euro cents].
-- ? Cash flow from operating activities before interest and tax was 32.7m [Q4
2013: 34.7m]. Net interest bearing debt was 174.3m at the end of Q4 2014
[Q4 2013: 217.1m].
Full year 2014 – At the customer, for the customer, while refocusing
-- ? Revenue for 2014 totaled 712.6m, an increase of 7.7% compared with the
previous year [2013: 661.5m].
-- ? Adjusted EBITDA* was 83.7m or 11.7% of revenue. EBITDA was 66.7m or 9.4%
of revenue [2013: 69.4m].
-- ? Adjusted operating profit* (adj.EBIT) for 2014 was 48.8m or 6.8% of
revenue. EBIT was 29.2m or 4.1% of revenue [2013: 42.9m].
-- ? Net result for 2014 was 11.7m [2013: 20.6m]. Results were affected by
one-off costs associated with the refocusing actions in 2014. Earnings per
share were 1.60 euro cents [2013: 2.81 euro cents].
-- ? Cash flow from operating activities before interest and tax was 102.2m
[2013: 80.3m]. Net interest bearing debt was 174.3m at the end of the year
[2013: 217.1m].
Marel achieved 7.7% revenue growth in 2014 and an adjusted EBIT of 48.8 million
in line with management guidance. Order book in the beginning of 2015 stands
at 175 million compared with 132 million in the beginning of 2014. Management
guidance for 2015 is organic revenue growth, with a solid increase in
operational and net profit. Full focus remains on strengthening the market
approach and operational improvement with the aim to reach EBIT of over 100
million in 2017.
Arni Oddur Thordarson, CEO:
"The fourth quarter was a good quarter for Marel with record revenue and order
intake. In the quarter we saw revenue increase by 19% and order intake by 27%
compared with the same quarter one year ago.
2014 was a year of progress and transformation for Marel. The year started off
slow but in the spring we changed the game and we have managed to be at the
customer, for the customer, while refocusing our operations. The sales last
year were a good mix of Greenfields, modernization projects and maintenance
business around the globe. There is clearly a tailwind in the market,
particularly in the U.S. that fully offsets turbulences in Eastern European
countries and other countries that are dependent on raw material resources.
The Simpler, Smarter, Faster refocusing program is a two year journey and we
are now entering the second year. The streamlining of the operation is fully
on track and simultaneously we are investing in future growth through
innovation and general investments to advance the business. We are moving into
the right direction with operational improvements in the second half of the
year and we enter 2015 with optimism. The order book is at good level, we are
streamlining towards lower cost base and our aim is to capture good organic
growth and increased profits in 2015 compared with previous year.”
Simpler, Smarter, Faster refocusing program
Marel’s two year refocusing plan is on track and will continue throughout 2015,
after which the focus will be shifted towards full potential with the aim of
reaching over 100 million EBIT in 2017.
The refocusing plan’s objectives are to increase efficiency in order to serve
customers better and reduce the recurring annual cost base by 25 million. Total
estimated cash-out costs related to refocusing actions is 25 million, while the
total P/L effect cannot be fully estimated at this time. Recurring annual cost
savings from actions taken in 2014 is estimated to be approximately 14 million
compared to cash-out costs of approximately 14 million while the one-off costs
through the P/L is 19.6 million. The one-off costs in Q4 amount to 7.6 million,
thereof 6.5 million with cash-out effect.
Marel is streamlining the general business, optimizing the product portfolio
and manufacturing footprint and at the same time investing in further growth
through innovation and general investments to advance the business.
Throughout the refocusing program, Marel has managed to be at the customer, for
the customer resulting in increased sales with strong cash flow and net
debt/EBITDA at 2.08 at year-end compared to 3.13 at the end of 2013.
In addition to one-off cost related to the Simpler, Smarter Faster program
there are non-recurring cost items in sales, general administration and
innovation.
Refocusing actions taken during 2014:
-- ? The consolidation of several different business units in Marel’s meat
segment resulting in better utilization of resources and increased
synergies in Marel’s meat activities.
-- ? The transfer of salmon activities from Norresundby to a larger and
modernized facility in Stovring, Denmark. The transfer was finalized in Q2
and as of Q3; Marel’s salmon operation has been running with increased
efficiency.
-- ? The transfer of Marel’s operations from Oss to the multi-industry site in
Boxmeer was completed before year-end and will return increased synergies
in innovation and sales going forward.
-- ? The ceasing of manufacturing production in Singapore will be finalized
before mid-year 2015 and will increase operational profit during the second
half of 2015 and onwards. Marel is entering into partnership to continue to
provide freezing solutions for integrated solutions to its customers.
-- The streamlining of Marel’s activities in Further Processing.
Further refocusing actions will be taken in 2015. In January, Marel announced
the consolidation of its Des Moines, Iowa manufacturing operation to an
existing facility in Gainesville, Georgia. The aim is to capture synergies and
increase Marel’s competitiveness by consolidating its manufacturing platform
into few multi-industrial manufacturing sites. The transition process began in
January 2015, with completion before year-end 2015.
Employees with long term contracts are approximately 3,800 at year-end 2014
compared to approximately 4,000 at the beginning of the year. To manage
fluctuations in demand, Marel uses temporary manufacturing resources, of which
there are 250 resources at year-end compared with 130 at beginning of the year,
reflecting the increased business activity and order book at a good level. The
ceasing of freezing activities in Singapore and the U.S. manufacturing
consolidation will lead to further reductions of employees as previously
announced.
Dividend
The Board of Directors will propose to the Annual General Meeting (AGM) on
March 4, 2015 that a dividend of 0.48 euro cents per share be paid for the
operational year 2014. Based on the current number of outstanding shares, the
estimated total dividend payment will be approximately 3.5 million,
corresponding to approximately 30% of net profit for the year.
The proposed dividend is in line with Marel’s targeted capital allocation and
dividend policy. If approved by Marel’s shareholders, the company’s shares
traded on and after March 5, 2015 (EX-Date) will be ex-dividend and the right
to a dividend will be constricted to shareholders identified in the company´s
shareholders Registry at the end of March 6, 2015, which is the proposed record
date. The board will propose that payment date of the dividend is March 27,
2015.
Outlook
With an order book at a good level for the beginning of 2015 and tailwind in
main markets, Marel’s management guidance for 2015 is organic revenue growth,
with a solid increase in operational and net profit. Full focus remains on
strengthening the market approach and operational improvement with the aim to
reach EBIT of over 100 million in 2017.
In the mid- and long-term, the company believes its innovative products and
global presence in all industries will secure good growth and increased
profitability. The long-term outlook in the industry remains favorable and the
estimated market growth for providing advanced solutions and equipment for
meat, poultry and fish processing is 4-6%. Marel’s goal is to continue to grow
faster than the market, based on its innovative customer solutions and
extensive sales and service network.
Results may vary from quarter to quarter due to general economic developments,
fluctuations in orders received, and deliveries of larger systems.
Presentation of results, February 5, 2015
Marel will present its results at an investor meeting on Thursday, February 5,
at 8:30 am (GMT), at the Company’s headquarters at Austurhraun 9, Gardabaer.
The meeting will also be webcast at marel.com/webcast.Attachment (.pdf) Attachment (.pdf) Attachment (.pdf) |
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4.2.2015 16:28 |
Marel Q4 and full year 2014 results - At the customer, for the customer, while refocu...
4.2.2015 16:28Marel Q4 and full year 2014 results - At the customer, for the customer, while refocusing(All amounts in EUR)
Q4 2014 – Record order intake and strong cash flow
-- ? Revenue for Q4 2014 totaled 200.0m [Q4 2013: 168.2m].
-- ? Adjusted EBITDA* for Q4 2014 was 28.1m or 14.1% of revenue. EBITDA was
21.0m or 10.5% of revenue [Q4 2013: 14.1m].
-- ? Adjusted operating profit* (adj.EBIT) for Q4 2014 was 16.1m or 8.0% of
revenue. EBIT was 8.5m or 4.2% of revenue [Q4 2013: 7.4m].
-- ? Net result for Q4 2014 was 3.0m [Q4 2013: 3.7m]. Earnings per share were
0.41 euro cents [Q4 2013: 0.50 euro cents].
-- ? Cash flow from operating activities before interest and tax was 32.7m [Q4
2013: 34.7m]. Net interest bearing debt was 174.3m at the end of Q4 2014
[Q4 2013: 217.1m].
Full year 2014 – At the customer, for the customer, while refocusing
-- ? Revenue for 2014 totaled 712.6m, an increase of 7.7% compared with the
previous year [2013: 661.5m].
-- ? Adjusted EBITDA* was 83.7m or 11.7% of revenue. EBITDA was 66.7m or 9.4%
of revenue [2013: 69.4m].
-- ? Adjusted operating profit* (adj.EBIT) for 2014 was 48.8m or 6.8% of
revenue. EBIT was 29.2m or 4.1% of revenue [2013: 42.9m].
-- ? Net result for 2014 was 11.7m [2013: 20.6m]. Results were affected by
one-off costs associated with the refocusing actions in 2014. Earnings per
share were 1.60 euro cents [2013: 2.81 euro cents].
-- ? Cash flow from operating activities before interest and tax was 102.2m
[2013: 80.3m]. Net interest bearing debt was 174.3m at the end of the year
[2013: 217.1m].
Marel achieved 7.7% revenue growth in 2014 and an adjusted EBIT of 48.8 million
in line with management guidance. Order book in the beginning of 2015 stands
at 175 million compared with 132 million in the beginning of 2014. Management
guidance for 2015 is organic revenue growth, with a solid increase in
operational and net profit. Full focus remains on strengthening the market
approach and operational improvement with the aim to reach EBIT of over 100
million in 2017.
Arni Oddur Thordarson, CEO:
"The fourth quarter was a good quarter for Marel with record revenue and order
intake. In the quarter we saw revenue increase by 19% and order intake by 27%
compared with the same quarter one year ago.
2014 was a year of progress and transformation for Marel. The year started off
slow but in the spring we changed the game and we have managed to be at the
customer, for the customer, while refocusing our operations. The sales last
year were a good mix of Greenfields, modernization projects and maintenance
business around the globe. There is clearly a tailwind in the market,
particularly in the U.S. that fully offsets turbulences in Eastern European
countries and other countries that are dependent on raw material resources.
The Simpler, Smarter, Faster refocusing program is a two year journey and we
are now entering the second year. The streamlining of the operation is fully
on track and simultaneously we are investing in future growth through
innovation and general investments to advance the business. We are moving into
the right direction with operational improvements in the second half of the
year and we enter 2015 with optimism. The order book is at good level, we are
streamlining towards lower cost base and our aim is to capture good organic
growth and increased profits in 2015 compared with previous year.”
Simpler, Smarter, Faster refocusing program
Marel’s two year refocusing plan is on track and will continue throughout 2015,
after which the focus will be shifted towards full potential with the aim of
reaching over 100 million EBIT in 2017.
The refocusing plan’s objectives are to increase efficiency in order to serve
customers better and reduce the recurring annual cost base by 25 million. Total
estimated cash-out costs related to refocusing actions is 25 million, while the
total P/L effect cannot be fully estimated at this time. Recurring annual cost
savings from actions taken in 2014 is estimated to be approximately 14 million
compared to cash-out costs of approximately 14 million while the one-off costs
through the P/L is 19.6 million. The one-off costs in Q4 amount to 7.6 million,
thereof 6.5 million with cash-out effect.
Marel is streamlining the general business, optimizing the product portfolio
and manufacturing footprint and at the same time investing in further growth
through innovation and general investments to advance the business.
Throughout the refocusing program, Marel has managed to be at the customer, for
the customer resulting in increased sales with strong cash flow and net
debt/EBITDA at 2.08 at year-end compared to 3.13 at the end of 2013.
In addition to one-off cost related to the Simpler, Smarter Faster program
there are non-recurring cost items in sales, general administration and
innovation.
Refocusing actions taken during 2014:
-- ? The consolidation of several different business units in Marel’s meat
segment resulting in better utilization of resources and increased
synergies in Marel’s meat activities.
-- ? The transfer of salmon activities from Norresundby to a larger and
modernized facility in Stovring, Denmark. The transfer was finalized in Q2
and as of Q3; Marel’s salmon operation has been running with increased
efficiency.
-- ? The transfer of Marel’s operations from Oss to the multi-industry site in
Boxmeer was completed before year-end and will return increased synergies
in innovation and sales going forward.
-- ? The ceasing of manufacturing production in Singapore will be finalized
before mid-year 2015 and will increase operational profit during the second
half of 2015 and onwards. Marel is entering into partnership to continue to
provide freezing solutions for integrated solutions to its customers.
-- ? The streamlining of Marel’s activities in Further Processing.
Further refocusing actions will be taken in 2015. In January, Marel announced
the consolidation of its Des Moines, Iowa manufacturing operation to an
existing facility in Gainesville, Georgia. The aim is to capture synergies and
increase Marel’s competitiveness by consolidating its manufacturing platform
into few multi-industrial manufacturing sites. The transition process began in
January 2015, with completion before year-end 2015.
Employees with long term contracts are approximately 3,800 at year-end 2014
compared to approximately 4,000 at the beginning of the year. To manage
fluctuations in demand, Marel uses temporary manufacturing resources, of which
there are 250 resources at year-end compared with 130 at beginning of the year,
reflecting the increased business activity and order book at a good level. The
ceasing of freezing activities in Singapore and the U.S. manufacturing
consolidation will lead to further reductions of employees as previously
announced.
Dividend
The Board of Directors will propose to the Annual General Meeting (AGM) on
March 4, 2015 that a dividend of 0.48 euro cents per share be paid for the
operational year 2014. Based on the current number of outstanding shares, the
estimated total dividend payment will be approximately 3.5 million,
corresponding to approximately 30% of net profit for the year.
The proposed dividend is in line with Marel’s targeted capital allocation and
dividend policy. If approved by Marel’s shareholders, the company’s shares
traded on and after March 5, 2015 (EX-Date) will be ex-dividend and the right
to a dividend will be constricted to shareholders identified in the company´s
shareholders Registry at the end of March 6, 2015, which is the proposed record
date. The board will propose that payment date of the dividend is March 27,
2015.
Outlook
With an order book at a good level for the beginning of 2015 and tailwind in
main markets, Marel’s management guidance for 2015 is organic revenue growth,
with a solid increase in operational and net profit. Full focus remains on
strengthening the market approach and operational improvement with the aim to
reach EBIT of over 100 million in 2017.
In the mid- and long-term, the company believes its innovative products and
global presence in all industries will secure good growth and increased
profitability. The long-term outlook in the industry remains favorable and the
estimated market growth for providing advanced solutions and equipment for
meat, poultry and fish processing is 4-6%. Marel’s goal is to continue to grow
faster than the market, based on its innovative customer solutions and
extensive sales and service network.
Results may vary from quarter to quarter due to general economic developments,
fluctuations in orders received, and deliveries of larger systems.
Presentation of results, February 5, 2015
Marel will present its results at an investor meeting on Thursday, February 5,
at 8:30 am (GMT), at the Company’s headquarters at Austurhraun 9, Gardabaer.
The meeting will also be webcast at www.marel.com/webcast.Attachment (.pdf) Attachment (.pdf) Attachment (.pdf) |
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30.1.2015 09:18 | Consolidated financial statement 2014 - Presentation February 5 2015... 30.1.2015 09:18Consolidated financial statement 2014 - Presentation February 5 2015Marel will release the company’s consolidated financial statement for 2014 after market closing on February 4 2015. Marel hf. invites market participants and investors to a meeting where the financial results for 2014 will be presented by Arni Oddur Thordarson, CEO and Linda Jonsdottir, CFO. The presentation will be held on Thursday February 5, at 8:30 am (GMT), at the company's headquarters, Austurhraun 9, Gardabaer. Please note that the meeting will also be webcast at www.marel.com/webcast. Breakfast will be served from 8:00 am. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
21.1.2015 15:44 | Marel further optimizes its manufacturing footprint... 21.1.2015 15:44Marel further optimizes its manufacturing footprintMarel is taking two significant steps towards a more streamlined and cost effective future manufacturing footprint in line with Marel’s ongoing Simpler, Smarter, Faster refocusing program. • Marel is refocusing its product portfolio to concentrate on areas of competitive advantage and to strengthen its market position. As a result, Marel is ceasing its production of freezers in Singapore and is entering into partnership to continue to provide freezing solutions for integrated solutions its customers. The wind-down of manufacturing activities in Singapore has begun and is expected to be finished before mid-year 2015. The costs associated with the closure were booked as one-off costs in Q4 2014. The closure of the manufacturing operation in Singapore will increase operational profit during the second half of 2015 and onwards. • Marel is merging its Des Moines, Iowa manufacturing operation to an existing facility in Gainesville, Georgia. The aim is to capture synergies and increase Marel’s competitiveness by consolidating its manufacturing platform into few multi-industrial manufacturing sites. The transition process will begin in January 2015, with completion before year-end 2015. The costs associated with the transfer will be booked as one-off costs in Q1 2015 and the benefits will take effect in 2016 and onwards. • In addition, Marel is announcing an investment in a new innovation center in Des Moines with a focus on the meat and further processing industries. The new innovation center will replace the existing facility and at the same time Marel will sell current land and premises. These two steps will result in the reduction of approximately 150 employees. Marel will provide support to the employees affected throughout the transition. As a result, Marel’s U.S. operation will consist of: a multi-industry manufacturing site in Gainesville focusing on the poultry, meat and further processing industries; a manufacturing site in Seattle, Washington focusing on on-board solutions for the fish industry; a multi-industry sales and service office in Lenexa, Kansas; as well as an innovation center in Des Moines. All four of the U.S. sites will also continue to have a focus on sales and service support. After the changes, Marel will have approximately 600 employees in the U.S. serving the dynamic and growing U.S. market. Further details will be provided on the progress of the Simpler, Smarter, Faster refocusing program when the 2014 annual results are announced on February 4, 2015. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9.1.2015 16:33 | Marel - Extension of financing facilities finalized... 9.1.2015 16:33Marel - Extension of financing facilities finalized With reference to Marel’s announcement made on 30 December 2014, regarding extension and amendment of the company’s financing facilities, it can be confirmed that all documentation has now been finalized and the agreement becomes effective as of today, 9 January 2015. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30.12.2014 13:57 | Marel extends and increases financing facilities. 30.12.2014 13:57Marel extends and increases financing facilities.Marel has secured an amendment and extension of its current long term financing which includes an addition of a Junior facility of EUR 50 million. The changes increase strategic and operational flexibility. The financing is provided by a consortium of five international banks: ABN AMRO, ING Bank, Landsbankinn, Bayern LB and Rabobank. The parties will finalize the documentation in the upcoming weeks. • The facility of EUR 350 million was originally entered into in November 2010; the outstanding loan amounts to EUR 300 million at the beginning of 2015. • The Senior facility is now extended with final maturity in November 2018. • The Junior facility adds EUR 50 million maturing in February 2019. • Current interest terms are EURIBOR/LIBOR + 250 bps for the Senior facility and +500 bps for the Junior facility, changing in line with financial leverage. Linda Jonsdottir CFO of Marel: “Marel is grateful for the trust from our banking partners. The increased and extended financing gives Marel strategic and operational flexibility to support further growth and value creation.“ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
17.12.2014 08:15 | Marel -Financial Calendar 2015 17.12.2014 08:15Marel -Financial Calendar 2015Publication days of Consolidated Financial Statements in 2015 -- ? 4th quarter 2014 February 4, 2015 -- ? Annual General Meeting March 4, 2015 -- ? 1st quarter 2015 April 29, 2015 -- ? 2nd quarter 2015 July 29, 2015 -- ? 3rd quarter 2015 October 28 2015 -- ? 4th quarter 2015 February 3, 2016 Release of financial statements will take place after market closing on the aforementioned dates. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3.12.2014 08:31 | Correction - Marel Issuance of Stock Options 3.12.2014 08:31Correction - Marel Issuance of Stock OptionsIn the version previously published one name was missing from the list. That has now been corrected. The Board of Directors of Marel hf. resolved on December 2, 2014 to grant to the members of Marel’s Executive Team up to 2.5 million shares through stock option agreements. The aim of the stock option agreements is to align the interests of senior management and the company in the long run. This is in accordance with the company’s remuneration policy approved at Marel’s Annual General Meeting in March 2014. The stock options will be granted to all members of the Executive Team, excluding the CEO. All will receive the same number of options, 225,000. Key terms and conditions of the agreements are as follows: -- The stock option agreements entitle purchase of shares at the base offering price of EUR 0,8613 per share[1] that increases annually by 3% (hurdle rate). The exercise price shall be adjusted for any dividend payments made by the Company after the grant date. -- The options are allotted in three layers, so that the first 60% are exercisable in April 2018, the second 20% in 2019, and the remaining 20% in 2020. Exercise periods are two per year in April and October. Option holders can delay exercise of these options to 2021, when the agreements expire and all allotted but unexercised options are cancelled. -- Executive Team members are required to hold shares corresponding to approximately the net gain after tax from exercising the options, whilst employed by Marel. The total number of shares granted by Marel hf. in stock option agreements with employees, including this new stock option scheme, currently amounts to 16.9 million shares corresponding to approximately 2.3% of total share capital. The company’s cost of the new share option scheme is estimated to be EUR 346,000 over the next 5 years based on the option pricing model of Black-Scholes. Arni Sigurdsson Head of Strategy and Development now becomes a member of the Executive Team. Details of the share options granted to Marel´s Executive Team: Name: Title: New Older granted Shareholding in own Stock and unexercised name and/or fin. Option options related parties Anton de MD IC Poultry 225,000 665,000 0 Weerd Arni Head of 225,000 0 0 Sigurdsso Strategy n David Corp. Dir. HR 225,000 60,000 50,000 Freyr Oddsson David MD IC Meat 225,000 260,000 0 Wilson Gerrit Den MD Further 225,000 335,000 0 Bok Processing Linda CFO 225,000 182,500 0 Jonsdotti r Paul van Head of Global 225,000 60,000 0 Warmerdam Supply Chain Petur Head of inter. 225,000 665,000 159,430 Gudjonsso Sales and n service Sigsteinn COO 225,000 537,500 25,997 Gretarsso n Sigurdur MD IC Fish 225,000 0 0 Olason Vidar Head of Global 225,000 132,500 0 Erlingsso innovation n [1] The exercise price is determined by the closing rate of Marel shares at NASDAQ OMX Iceland hf. on 2 December 2014, i.e. ISK 132,50 per share, calculated with the Central Bank of Iceland EUR/ISK mid rate on that day; 153,83 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3.12.2014 08:13 | Marel-Issuance of Stock Options 3.12.2014 08:13Marel-Issuance of Stock OptionsThe Board of Directors of Marel hf. resolved on December 2, 2014 to grant to the members of Marel’s Executive Team up to 2.5 million shares through stock option agreements. The aim of the stock option agreements is to align the interests of senior management and the company in the long run. This is in accordance with the company’s remuneration policy approved at Marel’s Annual General Meeting in March 2014. The stock options will be granted to all members of the Executive Team, excluding the CEO. All will receive the same number of options, 225,000. Key terms and conditions of the agreements are as follows: -- The stock option agreements entitle purchase of shares at the base offering price of EUR 0,8613 per share[1] that increases annually by 3% (hurdle rate). The exercise price shall be adjusted for any dividend payments made by the Company after the grant date. -- The options are allotted in three layers, so that the first 60% are exercisable in April 2018, the second 20% in 2019, and the remaining 20% in 2020. Exercise periods are two per year in April and October. Option holders can delay exercise of these options to 2021, when the agreements expire and all allotted but unexercised options are cancelled. -- Executive Team members are required to hold shares corresponding to approximately the net gain after tax from exercising the options, whilst employed by Marel. The total number of shares granted by Marel hf. in stock option agreements with employees, including this new stock option scheme, currently amounts to 16.9 million shares corresponding to approximately 2.3% of total share capital. The company’s cost of the new share option scheme is estimated to be EUR 346,000 over the next 5 years based on the option pricing model of Black-Scholes. Arni Sigurdsson Head of Strategy and Development now becomes a member of the Executive Team. Details of the share options granted to Marel´s Executive Team: Name: Title: New Older granted Shareholding in own Stock and unexercised name and/or fin. Option options related parties Anton de MD IC Poultry 225,000 665,000 0 Weerd Arni Head of 225,000 0 0 Sigurdsso Strategy n David Corp. Dir. HR 225,000 60,000 50,000 Freyr Oddsson David MD IC Meat 225,000 260,000 0 Wilson Gerrit Den MD Further 225,000 335,000 0 Bok Processing Linda CFO 225,000 182,500 0 Jonsdotti r Paul van Head of Global 225,000 60,000 0 Warmerdam Supply Chain Petur Head of inter. 225,000 665,000 159,430 Gudjonsso Sales and n service Sigsteinn COO 225,000 537,500 25,997 Gretarsso n Vidar Head of Global 225,000 132,500 0 Erlingsso innovation n [1] The exercise price is determined by the closing rate of Marel shares at NASDAQ OMX Iceland hf. on 2 December 2014, i.e. ISK 132,50 per share, calculated with the Central Bank of Iceland EUR/ISK mid rate on that day; 153,83 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.11.2014 08:52 | Marel – Transaction in own financial instruments- Date of transaction 20.11.2014... 20.11.2014 08:52Marel – Transaction in own financial instruments- Date of transaction 20.11.2014Viðskipti með eigin bréf/transaction in own financial instruments Nafn/Name: Marel hf Dagsetning viðskipta/Date of transaction: 20.11.2014 Kaup eða sala/Buy or Sell: Kaup/Buy Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 2.000.000 Gengi/Verð pr. Hlut/Price: 130,00 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 6.957.850 Dagsetning lokauppgjörs/Date of settlement: 0 Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
19.11.2014 09:42 | Marel- Transaction in own financial instruments- Date of transaction 19.11.2014... 19.11.2014 09:42Marel- Transaction in own financial instruments- Date of transaction 19.11.2014Viðskipti með eigin bréf/transaction in own financial instruments Nafn/Name: Marel hf Dagsetning viðskipta/Date of transaction: 19.11.2014 Kaup eða sala/Buy or Sell: Kaup/Buy Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 2.000.000 Gengi/Verð pr. Hlut/Price: 128,50 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 4.957.850 Dagsetning lokauppgjörs/Date of settlement: 0 Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13.11.2014 13:25 |
Marel - Date of transaction 13.11.2014
13.11.2014 13:25Marel - Date of transaction 13.11.2014See attachment.Attachment (.pdf) |
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11.11.2014 13:49 | Marel - transaction in own financial instruments -Date of transaction 11.11.2014... 11.11.2014 13:49Marel - transaction in own financial instruments -Date of transaction 11.11.2014Viðskipti með eigin bréf/transaction in own financial instruments Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 11.11.2014 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 331.950 Gengi/Verð pr. Hlut/Price: 88,00 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 2.957.850 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4.11.2014 12:26 | Transaction in own financial instruments 4.11.2014 12:26Transaction in own financial instrumentsMarel hf. Dagsetning viðskipta/Date of transaction: 04.11.2014 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 247.000 Gengi/Verð pr. Hlut/Price: 87,94 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 3.289.800 Dagsetning lokauppgjörs/Date of settlement: 0 Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31.10.2014 11:03 |
Columbia Wanger Asset Management, LLC - Major shareholder announcements...
31.10.2014 11:03Columbia Wanger Asset Management, LLC - Major shareholder announcementsSee atachement.Attachment (docx) |
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27.10.2014 09:00 | Linda Jonsdottir has been appointed as new CFO of Marel... 27.10.2014 09:00Linda Jonsdottir has been appointed as new CFO of MarelMarel has appointed Linda Jonsdottir as Chief Financial Officer (CFO) with immediate effect. Linda has been Marel‘s Corporate Director of Treasury and Investor Relations since May 2009 and will as CFO become a member of Marel‘s Executive Team. Erik Kaman, who has been CFO of Marel since 2008, will be available for assistance and orderly handover until 1 March 2015. Arni Oddur Thordarson, CEO of Marel: “I want to thank Erik Kaman for his important contribution to Marel in the past years. I am delighted to announce the appointment of Linda Jonsdottir as new CFO. Linda has shown great leadership talent in her previous management role for Marel and I am convinced that she will strengthen our Executive Team and play a key role in further aligning execution with our strategy.” Linda Jonsdottir is 36 years old and holds a M.Sc. degree in Finance and Cand.Oecon degree in Business Administration. Before joining Marel, Linda worked in Treasury and Financing for Eimskip, Burðarás and Straumur Investment Bank and she has served as board member in the Enterprise Investment Fund (Framtakssjóður Íslands) since 2010. Consequently, Audbjorg Olafsdottir will now become Corporate Director of Investor Relations and Communications and Bjarki Bjornsson will become Corporate Director of Treasury and Financing. Audbjorg Olafsdottir joined Marel last year as a Specialist in Investor Relations. She holds an M.A. degree in International Economics and a B.A. degree in Political Science. Before joining Marel she worked at the European Union Delegation to Iceland, Islandsbanki and as a journalist with Reuters and the Icelandic Financial News (Viðskiptablaðið). Bjarki Bjornsson joined Marel in 2011 as Specialist in Treasury. He holds a M.Sc. degree in Investment Management and a B.sc. degree in Business Administration. Before joining Marel he worked for SP-Fjarmognun latest as a Treasury manager. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
23.10.2014 09:14 |
Presentation from Investor meeting
23.10.2014 09:14Presentation from Investor meetingAttached is the presentation from Investor meeting held October 23.Attachment (.pdf) |
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22.10.2014 16:56 |
Marel Q3 2014 results
22.10.2014 16:56Marel Q3 2014 resultsRecord order intake and revenue with improved results
(All amounts in EUR)
-- ? Revenue for Q3 2014 was 187.9m [Q3 2013: 156.9m].
-- ? Adjusted EBITDA* for Q3 2014 was 25.9m or 13.8% of revenue. EBITDA was
24.6m or 13.1% of revenue [Q3 2013: 19.5m].
-- ? Adjusted operating profit* (adj.EBIT) for Q3 2014 was 17.4m or 9.3% of
revenue. EBIT was 16.1m or 8.6% of revenue [Q3 2013: 12.9m].
-- ? Net result for Q3 2014 was 9.8m [Q3 2013: 6.0m]. Earnings per share
were1.34 euro cents [Q3 2013: 0.81 euro cents].
-- ? Cash flow from operating activities before interest and tax was 29.7m [Q3
2013: 3.0m]. Net interest bearing debt was 191.3m at the end of Q3 2014 [Q3
2013: 239.0m].
-- The order book was at 169.2m at the end of Q3 2014 compared with 156.4m at
the end of Q2 2014 [Q3 2013: 138.3m]
Marel achieved order intake of 201 million during the third quarter.
Modernization projects and standard equipment sales were at a high level in the
U.S. and Europe. Several small and medium sized Greenfields were secured in
growing emerging markets such as Africa, Asia and South America.
In the first nine months of the year, revenue increased by 4% compared to the
previous year with operational profit increasing over the course of the year.
Adjusted EBIT was 32.7 million year to date. Marel reaffirms management
guidance to reach organic revenue growth with an adjusted EBIT in the range of
40 - 50 million in 2014. There is full focus on strengthening the market
approach and operational improvement with the aim to reach an EBIT of over 100
million in 2017.
Arni Oddur Thordarson, CEO:
“Third quarter was a good quarter for Marel. We have managed to be at the
customer, for the customer while refocusing our business. Order intake and
revenue increased by 20% compared with the previous year with good improvement
in operational results.
We worked on modernization and expansion projects with long time partners in
the U.S. and Europe during the quarter. The customer base expanded in growing
markets as we secured several small and medium sized Greenfields in Africa,
Asia and South America.
There is a clear tailwind in our markets. With a focused market approach and
decisive steps towards lowering the cost base we are in the position to create
good value going forward.”
Simpler, Smarter, and Faster
Marel’s refocusing plan to become simpler, smarter, and faster is on track. The
plan’s objectives are to increase efficiency in order to serve customers better
and reduce the annual cost base by 20-25 million over the course of 2014 and
2015.
The transfer of Marel’s meat operations from Oss to the multi-industry site in
Boxmeer is proceeding according to plan. The transfer of salmon activities from
Norresundby to Stovring has been completed and Marel’s salmon operation is
running with increased efficiency in Q3 2014 and onward.
Recurring annual cost saving from actions taken in the first 9 months of the
year is estimated to be approximately 8 million compared with one-off costs of
approximately 12 million. The one-off costs in Q3 amount to 1.3 million which
is related to preparation for manufacturing optimization in coming quarters.
Record order intake in Q3
Marel secured record order intake during Q3 on the back of strong order intake
in the previous quarter. Orders received amounted to 201 million compared with
188 million in Q2 2014 and 163.3 million in Q3 2013. The order book now stands
at 169.2 million, 12.8 million higher than in the previous quarter.
Outlook
In the first nine months of the year revenue has increased by 4% compared to
the previous year with operational profit increasing over the course of the
year. Adjusted EBIT is 32.7 million year to date. Marel reaffirms management
guidance to reach organic revenue growth with an adjusted EBIT in the range of
40 - 50 million in 2014. There is full focus on strengthening the market
approach and operational improvement with the aim to reach an EBIT of over 100
million in 2017.
In the mid- and long-term, the Company believes its innovative products and
global presence in all industries will secure good growth and increased
profitability. The long-term outlook in the industry remains favorable and the
estimated market growth is 4-6% in upcoming years. Marel’s goal is to continue
to grow faster than the market based on innovative customer solutions and its
extensive sales and service network.
It should be kept in mind that results may vary from quarter to quarter due to
general economic developments, fluctuations in orders received, and deliveries
of larger systems.
Presentation of results, October 23, 2014
Marel will present its results at an investor meeting on Thursday, 23 October,
at 8:30 am (GMT), at the Company’s headquarters at Austurhraun 9, Gardabaer.
The meeting will also be webcast at marel.com/webcast.
Publication days of Consolidated Financial Statements in 2015
? 4th quarter 2014 February 4, 2015
? Annual General Meeting 2014 March 4, 2015
? 1st quarter 2015 April 29, 2015
? 2nd quarter 2015 July 29, 2015
? 3rd quarter 2015 October 28 2015
? 4th quarter 2015 February 3, 2016
Release of financial statements will take place after market closing on the
aforementioned dates.
For further information, contact:
Linda Jonsdottir, Corporate Director of Treasury and IR, tel: (+354) 563 8464 /
mobile: (+354) 825 8464.
Audbjorg Olafsdottir, Investor Relations specialist, tel: (+354) 563 8626 /
mobile: (+354) 853 8626.Attachment (.pdf) Attachment (.pdf) |
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15.10.2014 09:51 | Q3 2014 results – Investor meeting on 23 October 2014... 15.10.2014 09:51Q3 2014 results – Investor meeting on 23 October 2014Marel will release the company’s consolidated financial statement for Q3 2014 after market closing on 22 October 2014. Marel invites market participants and investors to a meeting where the financial results for Q3 2014 will be presented by Arni Oddur Thordarson, CEO, Erik Kaman, CFO, and Sigsteinn P. Gretarsson, COO. The presentation will be held on Thursday 23 October, at 8:30 am (GMT), at the company's headquarters, Austurhraun 9, Gardabaer. Please note that the meeting will also be webcast. : www.marel.com/webcast Breakfast will be served from 8:00 am. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
23.9.2014 16:32 | Marel appoints Head of Global Innovation 23.9.2014 16:32Marel appoints Head of Global InnovationMarel has appointed Vidar Erlingsson as Head of Global Innovation. The position is new at Marel. The Head of Global Innovation will become a member of Marel’s Executive Team and report directly to Arni Oddur Thordarson, CEO of Marel. Arni Oddur Thordarson CEO of Marel: “This appointment reflects Marel’s ongoing commitment to innovation. As Head of Global Innovation, Vidar will be responsible for driving and implementing the global innovation vision and strategy of Marel across the organization, prioritizing further innovation activities and shorten the “time to market”. Vidar has shown great leadership talent and I am convinced that he will in his new role successfully lead the innovation team. Under his leadership the team will continue to bring break-through solutions to the market. In addition to increased yield and throughput, Marel solutions increase quality, safety and sustainability of food processing. Continuous flow of innovative solutions is a key driver of Marel’s organic growth”. Vidar Erlingsson is 39 years old and is an experienced manager of innovative teams with a proven record of entrepreneurial leadership. He was instrumental in developing the Sensor X technology within Marel and played a key role in bringing the solution to commercial success. The Sensor X plays essential role in increasing food safety and quality as many of the most forward looking global food processors use the solution to detect bones and other contaminants. The technology is now moving into other areas such as minced meat fat analyzes and control unit in precise cutting of poultry, meat and fish. Vidar has a M.Sc. degree in engineering from DTU in Denmark and a B.Sc. degree in electrical and computer engineering from the University of Iceland. He has been with Marel’s innovation team for the last 14 years thereof heading the Product Center Inspection for the last 4 years. For further information, contact: Linda Jonsdottir, Corporate Director of Treasury and IR, tel: (+354) 563 8464 / mobile: (+354) 825 8464). Audbjorg Olafsdottir, Investor Relations Specialist, tel: (+354) 563 8626 / mobile: (+354) 853 8626) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3.9.2014 13:16 | Transaction in own financial instruments 3.9.2014 13:16Transaction in own financial instruments Transaction in own financial instruments Nafn/Name: Marel hf Dagsetning viðskipta/Date of transaction: 03.09.2014 Kaup eða sala/Buy or Sell: Kaup Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 1.000.000 Gengi/Verð pr. Hlut/Price: 101.00 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 3.536.800 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.8.2014 13:36 | Transaction in own financial instruments 12.8.2014 13:36Transaction in own financial instrumentsDate of transaction August 12 2014 Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 12.08.2014 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 75.500 Gengi/Verð pr. Hlut/Price: 88,49 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 2.536.800 Dagsetning lokauppgjörs/Date of settlement: 0 Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8.8.2014 14:56 | Marel - Date of transaction 8 August 2014 8.8.2014 14:56Marel - Date of transaction 8 August 2014Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 8. ágúst 2014/8 August 2014 Kaup eða sala/Buy or Sell: Kaup/Buy Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 1.000.000 Gengi/Verð pr. Hlut/Price: 103,00 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 2.612.300 Dagsetning lokauppgjörs/Date of settlement: 0 Ástæður viðskipta/Reason for transaction: Kaupin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Purchase to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5.8.2014 14:53 | Marel - Date of transaction 05.08.2014 5.8.2014 14:53Marel - Date of transaction 05.08.2014Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 05.08.2014 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 17.000 Gengi/Verð pr. Hlut/Price: 88,29 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 1.612.300 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30.7.2014 09:54 | Marel - Date of transaction 30 July 2014 30.7.2014 09:54Marel - Date of transaction 30 July 2014Nafn/Name: Marel hf Dagsetning viðskipta/Date of transaction: 30. júlí 2014/30 July 2014 Kaup eða sala/Buy or Sell: Kaup/Buy Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 500.000 Gengi/Verð pr. Hlut/Price: 108.00 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 1.629.300 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Kaupin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Purchase to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
25.7.2014 16:16 |
Marel - Date of transaction 25.07.2014
25.7.2014 16:16Marel - Date of transaction 25.07.2014See attachment.Attachment (.pdf) Attachment (.pdf) |
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25.7.2014 11:55 | Marel - transaction in own financial instruments - Date of transaction 25 July 2014... 25.7.2014 11:55Marel - transaction in own financial instruments - Date of transaction 25 July 2014 Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 25. júlí 2014/25 July 2014 Kaup eða sala/Buy or Sell: Kaup/Buy Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 1.000.000 Gengi/Verð pr. Hlut/Price: 106.50 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 1.129.300 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Kaupin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Purchase to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
24.7.2014 09:34 |
Presentation from investor meeting July 24
24.7.2014 09:34Presentation from investor meeting July 24Attached is the presentation from Investor meeting held July 24 2014Attachment (.pdf) |
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23.7.2014 16:05 |
Marel Q2 2014 Results
23.7.2014 16:05Marel Q2 2014 ResultsStrong order intake - Refocusing on track
(All amounts in EUR)
Strong order intake – Refocusing on track
-- ? Revenue for Q2 2014 was 169.8m [Q2 2013: 178.4m].
-- ? Adjusted EBITDA (EBITDA before refocusing cost) was 18.0m or 10.6% of
revenue. EBITDA was 13.0m or 7.7% of revenue [Q2 2013: 19.0m].
-- ? Adjusted operating profit (EBIT) was 10.7m or 6.3% of revenue. EBIT was
3.6m or 2.1% of revenue [Q2 2013: 12.3m].
-- ? Net result for Q2 2014 was 0.8m [Q2 2013: 5.2m]. Earnings per share was
0.10 euro cents [Q2 2013: 0.71 euro cents].
-- ? Cash flow from operating activities before interest and tax was 20.4m [Q2
2013: 25.3m]. Net interest bearing debt was 204.5m at the end of Q2 2014
[Q2 2013: 228.8m].
-- ? The order book was at 156.4m at the end of Q2 2014 compared with 138.4m
at the end of Q1 2014 [Q2 2013: 131.8m]
Marel’s main markets are showing positive developments. With a focused market
approach Marel secured well balanced orders in large systems, standard
equipment and spares. Operational profit in Marel’s poultry segment is
improving and salmon activities are performing well.
The refocusing plan of becoming simpler, smarter, and faster is proceeding
according to plan. The plan’s objective is to serve customers’ needs more
effectively and to reduce the company’s annual cost base by 20-25 million.
Recurring annual cost saving targets from actions taken in the first half of
the year amount to 8 million compared with one-off cost of 10.7 million.
In the beginning of the year Marel published guidance to reach organic revenue
growth in 2014 with 55 million adjusted EBIT. Based on the current order book
and market outlook organic revenue growth is realistic, however the guidance
for adjusted EBIT is now updated to 40 - 50 million. Full focus is on
strengthening the market approach and operational improvement with the aim to
reach EBIT of over 100 million in 2017.
Arni Oddur Thordarson, CEO:
“We are pleased with milestones reached in Q2. Our operational performance
improved, order intake is strong and we are moving forward with our refocusing
plan.
Order intake, a good forward leading indicator of revenues, was 188 million in
the quarter. The order intake was balanced between large systems, standard
equipment and spares. The geographical spread in orders was as well diversified
with orders coming in from India, China, the Middle-East and South America in
addition to good order intake from our U.S. and European customers.
Operational results are not yet in line with potential. We are moving towards
becoming a simpler, smarter, and faster company by taking decisive steps to
focus our market approach and optimize our manufacturing footprint. The primary
goal and principle is to increase customer and shareholder long-term value.”
Simpler, smarter, and faster
Marel’s refocusing plan to become simpler, smarter, and faster is on track. The
plan’s objectives are to increase efficiency in order to serve customers better
and reduce the annual cost base by 20-25 million over the course of 2014 and
2015. This will improve results in the future on a recurring basis and support
long-term growth and value creation.
Recurring annual cost saving targets from actions taken in the first half of
the year amount to around 8 million compared with one-off costs of
approximately 10.7 million. In Q1 the future benefits were estimated on a
recurring annual basis of approximately 3.6 million with the same amount as
non-recurring cost. In Q2 the future benefits are estimated to be 4-5 million
with 7.2 million non-recurring cost.
In Q2 2014 several actions were taken:
• Restructuring of Marel’s operations in Oss and transfer to Boxmeer in the
Netherlands. The transfer of activities to Boxmeer captures synergies in
administration, manufacturing and innovation and strengthens these activities
within the organization. The transfer will be completed before the end of the
year.
• Successful finalizing of the transfer of salmon activities from Norresundby
to Stovring in Denmark. The aim of moving the activities to a larger and
modernized facility in Stovring is to be better equipped to take on the
foreseen growth in the salmon business.
• Marel acquired the after sales services and business in Denmark and Sweden
from an agent. By controlling the full offering of large systems, standard
equipment and after sale services in the Nordic region, Marel believes it can
better serve its customers’ needs and create more value and to strengthen
further the recurring revenue base.
Further steps will be taken where business units serving the same customers´
needs which rely on the same technical capabilities will be combined. The
current diverse manufacturing base will be consolidated into larger
multi-industry sites where the company is better equipped to take on growth and
fluctuations in utilization. In addition, the overall operational efficiency
will be increased and the product portfolio sharpened.
Strong order intake in Q2
Markets are turning positive and with a focused market approach Marel secured
well balanced orders received in large systems, standard equipment and spares.
The order book now stands at 156.4 million, 18 million higher than in the
previous quarter. Orders received amounted to 187.8 million compared with 160.8
million in Q1 2014 and 159.1 million in Q2 2013. During Q2, orders were secured
from around the world confirming that Marel is strategically and commercially
strong with a good portfolio of unique solutions.
Outlook
In the beginning of the year Marel published guidance to reach organic revenue
growth in 2014 with 55 million adjusted EBIT. Based on the current order book
and market outlook organic revenue growth is realistic, however the guidance
for adjusted EBIT is now updated to 40 - 50 million. Full focus is on
strengthening the market approach and operational improvement with the aim to
reach EBIT of over 100 million in 2017.
In the mid- and long-term, the Company believes its innovative products and
global presence in all industries will secure good growth and increased
profitability. The long-term outlook in the industry remains favorable and the
estimated market growth is 4-6% in upcoming years. Marel’s goal is to continue
to grow faster than the market based on innovative customer solutions and its
extensive sales and service network.
It should be kept in mind that results may vary from quarter to quarter due to
general economic developments, fluctuations in orders received, and deliveries
of larger systems.Attachment (.pdf) Attachment (.pdf) |
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15.7.2014 10:10 | Q2 2014 results – Investor meeting on 24 July 2014 15.7.2014 10:10Q2 2014 results – Investor meeting on 24 July 2014Marel will release the company’s consolidated financial statement for Q2 2014 after market closing on 23 July 2014. Marel invites market participants and investors to a meeting where the financial results for Q2 2014 will be presented by Arni Oddur Thordarson, CEO, Erik Kaman, CFO, and Sigsteinn P. Gretarsson, COO. The presentation will be held on Thursday 24 July, at 8:30 am (GMT), at the company's headquarters, Austurhraun 9, Gardabaer. Please note that the meeting will also be webcast. : www.marel.com/webcast Breakfast will be served from 8:00 am. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.6.2014 19:29 | Restructuring and transfer of operations from Oss to Boxmeer... 10.6.2014 19:29Restructuring and transfer of operations from Oss to BoxmeerToday Marel announced the proposed decision to the employees in Oss, The Netherlands, to restructure and transfer all operations of Marel Meat Processing BV and Marel Benelux BV from Oss to Boxmeer, one of Marel’s core innovation and manufacturing sites. The aim is to capture synergies and increase Marel´s competitiveness by optimization of innovation and manufacturing resources and reduction of cost. The anticipated costs and benefits of this action are expected to be fully in line with the overall aim of the simpler, smarter, and faster refocusing plan, which was launched at the beginning of the year and is proceeding according to plan. Consultation with the local Works Council and Unions are under way and subject to the outcome of this consultation process, the company aims to complete the transfer before the end of 2014. This will result in estimated reduction of 50- 60 positions. Marel, the Works Council and the Unions will work on a reconciliation of interests and develop a social plan, in order to provide support for those employees affected. The operations in Oss include activities from IC Meat, PC Skinning and Sales and Service Unit for Marel Benelux and a Manufacturing Center. Marel´s facility in Oss currently employs 140 people. The distance between Oss and Boxmeer is 40 kilometers. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
16.5.2014 14:37 | Viðskipti með eigin bréf/transaction in own financial instruments... 16.5.2014 14:37Viðskipti með eigin bréf/transaction in own financial instrumentsNafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 16.05.2014 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 394.000 Gengi/Verð pr. Hlut/Price: 88,83 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 129.300 Dagsetning lokauppgjörs/Date of settlement: 21.05.2014 Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.5.2014 12:30 | Viðskipti með eigin bréf/transaction in own financial instruments... 12.5.2014 12:30Viðskipti með eigin bréf/transaction in own financial instrumentsNafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 12. maí 2014/May 12, 2014 Kaup eða sala/Buy or Sell: Kaup/Buy Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 500.000 Gengi/Verð pr. Hlut/Price: ISK 109,50 á hvern hlut / per share Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 523.300 Dagsetning lokauppgjörs/Date of settlement: 15. maí 2014/ May 15, 2014 Ástæður viðskipta/Reason for transaction: Kaupin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Purchase to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9.5.2014 12:57 | Viðskipti með eigin bréf/transaction in own financial instruments... 9.5.2014 12:57Viðskipti með eigin bréf/transaction in own financial instrumentsViðskipti með eigin bréf/transaction in own financial instruments Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 09.05.2014 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 618.500 Gengi/Verð pr. Hlut/Price: 88,93 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 23.300 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6.5.2014 10:07 | Viðskipti með eigin bréf/transaction in own financial instruments... 6.5.2014 10:07Viðskipti með eigin bréf/transaction in own financial instruments Viðskipti með eigin bréf/transaction in own financial instruments Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 6. maí 2014 Kaup eða sala/Buy or Sell: Kaup/Buy Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 400.000 Gengi/Verð pr. Hlut/Price: ISK 109,00 á hvern hlut / per share Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 641.800 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Kaupin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Purchase to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
29.4.2014 14:59 |
Date of transaction April 29, 2014
29.4.2014 14:59Date of transaction April 29, 2014See attachmentAttachment (.pdf) |
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29.4.2014 08:31 |
Marel - Presentation 29 April 2014
29.4.2014 08:31Marel - Presentation 29 April 2014
See attachmentAttachment (.pdf) |
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28.4.2014 18:13 | New Managing Director of Fish 28.4.2014 18:13New Managing Director of FishMarel is pleased to announce the appointment of Sigurdur Olason to the position of Managing Director of the Fish Industry Center as of May 1st 2014. He will become a member of Marel’s Executive Team and report directly to Arni Oddur Thordarson, CEO of Marel. Sigurdur will be succeeding Jon Birgir Gunnarsson who is leaving the company. Marel is thankful to Jon Birgir Gunnarsson for his important contribution and achievements during his employment for Marel and wishes him all the best in the future. Sigurdur Olason is 41 years old and has extensive, international experience within the seafood industry. He is familiar with Marel as he worked in Marel’s product development between the years 2001 to 2006. During the last six years he was Manager of Business Development with Samherji, one of Icelands´s leading seafood companies, and related companies. Sigurdur has an MBA degree from the Brisbane Graduate School of business, a B.Sc. degree in computer science and a B.Sc degree in engineering from the University of Iceland. Marel wishes Sigurdur Olason every success in his new role and welcomes him back to Marel. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
28.4.2014 18:07 |
Marel Q1 2014 results
28.4.2014 18:07Marel Q1 2014 resultsRefocusing for profitability improvement and growth
Marel Q1 2014 results
(All amounts in EUR)
Refocusing for profitability improvement and growth
-- ? Revenue for Q1 2014 totaled 154.8m, [Q1 2013: 158m].
-- ? Adjusted EBITDA before refocusing cost was 11.6m or 7.5% of revenue.
EBITDA was 8.1m or 5.2% of revenue, [Q1 2013: 16.9m].
-- ? Adjusted operating profit (EBIT) was 4.6m or 3% of revenue. EBIT was 1.0m
or 0.7% of revenue, [Q1 2013: 10.3m].
-- ? Net loss was 1.9m compared with 5.7m net profit in Q1 2013. Earnings per
share were negative by 0.25 euro cents, [Q1 2013: 0.78 euro cents].
-- ? Cash flow from operating activities before interest and tax was 19.4m,
[Q1 2013: 17.2m]. Net interest bearing debt was 208.4m at the end of Q1
2014, [Q1 2013: 239.3m].
-- ? The order book was at 138.4m compared with 132.4m at the beginning of the
year, [Q1 2013: 151.1m].
The market for large projects is still at a low level while sale of standard
equipment increased between years. Operating profit in the poultry segment was
lower than usual caused by underutilization in manufacturing and projects taken
on in a difficult market environment during 2013. Poultry is expected to show
improved profitability in Q2 based on current order book.
The refocusing plan of becoming simpler, smarter and faster was launched in the
beginning of the year and is proceeding according to plan. The plan’s objective
is to serve customers’ needs more effectively and to reduce the annual cost
base by 20-25 million. Annual cost savings that have already been achieved in
Q1 amount to annual cost 3.6 million.
First quarter results are as well affected by various non-recurring items
amounting to 2.4 million. Those items are not part of the formal refocusing
plan and are therefore not reported as one-off items.
Arni Oddur Thordarson, CEO:
“Marel sales are 155 million in first quarter with an adjusted EBIT of 4.6
million that is below potential. Our refocusing plan, which was launched in
beginning of the year is proceeding according to plan. During the first quarter
we have achieved cost savings initiatives that lower our cost base by 3.6
million annually.
We are taking clear steps to optimize our manufacturing footprint and overall
simplify the company structure. Marel is strategically and commercially strong
but needs to better align execution with strategy in order to reach its full
potential.
In the poultry industry we introduced the RoboBatcher and the SensorX
SmartSort. At the same time we are excited about the FleXicut, which will
revolutionize whitefish processing.
As stated in the beginning of the year, we believe that profitability will
improve over the course of the year. Our most promising markets in the short
term are the U.S. and South America. Expansion and modernization needs are
building up there and Marel is well placed to capitalize on these
opportunities. However, the sentiment in Europe is affected by current
geopolitical tension. Despite market volatility in emerging economies during
Q1, long-term outlook remains robust”.
Simpler, smarter and faster
Marel ´s refocusing plan to become simpler, smarter and faster is proceeding
according to plan. The plan´s objectives are to increase efficiency in order to
serve customers better and reduce the annual cost base by 20-25 million.
Already achieved cost savings in Q1 amount to 3.6 million.
The first steps towards this goal have already been realized. Actions during
the first quarter include:
• The merging of three different business units in Marel meat activities into
one in order to better utilize existing sales and innovation capabilities
• The narrowing of Marel’s product portfolio in the freezing segment
• The reduction of 75 employees thereof 25 from middle management
Further steps will be taken where business units serving the same customer
needs and that rely on the same technical capabilities will be combined.
Additionally manufacturing footprint will be optimized, product portfolio
sharpened and overall operational efficiency increased. The company´s resources
will be aligned to execute strategy and reach full potential. The refocusing
plan will be the foundation to reach the long-term business goals. To support
the implementation of the refocusing plan and to accelerate the process Marel
has engaged the Enterprise improvement team of AlixPartners as advisors.
Over the course of 2014 and 2015 the total refocusing cost is estimated to be
20-25 million which will improve results in the future on recurring basis and
support long-term growth and value creation.
Order book growing marginally
The order book now stands at 138.4 million compared with 132.4 million at the
beginning of the year. Orders received amounted to 160.8 million compared with
162.4 million in Q4 2013. Large orders are still at low level while sales of
standard equipment increased between years.
Outlook
Profitability is expected to improve over the course of the year. Management
guidance is to reach organic revenue growth with 55 million adjusted EBIT in
2014.
Refocusing cost is estimated to be around 20-25 million in total over the
course of the years 2014-2015 with the aim of reaching 100 million in EBIT by
2017.
In the mid- and long-term, the Company believes its innovative products and
global presence in all industries will secure good growth and increased
profitability. The long-term outlook in the industry remains favorable and
Marel’s goal is to continue to grow faster than market.
It should be kept in mind that results may vary from quarter to quarter due to
general economic developments, fluctuations in orders received, and deliveries
of larger systems.
Presentation of results, April 29, 2014
Marel will present its results at an investor meeting on Tuesday, 29 April, at
8:30 am (GMT), at the Company’s headquarters at Austurhraun 9, Gardabaer. The
meeting will also be webcast at marel.com/webcast.
Publication days of Consolidated Financial Statements in 2014
? 2nd quarter 2014 July 23, 2014
? 3rd quarter 2014 October 22, 2014
? 4th quarter 2014 February 4, 2015
? Annual General Meeting 2014 March 4, 2015
Release of financial statements will take place after market closing on the
aforementioned dates.
For further information, contact:
Linda Jonsdottir, Corporate Director of Treasury and IR, tel: (+354) 563 8464 /
mobile: (+354) 825 8464.
Audbjorg Olafsdottir, Investor Relations specialist, tel: (+354) 563 8626 /
mobile: (+354) 853 8626.Attachment (.pdf) Attachment (.pdf) |
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15.4.2014 13:27 | Q1 2014 results – Investor meeting on 29 April 2014... 15.4.2014 13:27Q1 2014 results – Investor meeting on 29 April 2014Marel will release the company’s consolidated financial statement for Q1 2014 after market closing on 28 April 2014. Marel invites market participants and investors to a meeting where the financial results for Q1 2014 will be presented by Arni Oddur Thordarson, CEO, Erik Kaman, CFO and Sigsteinn P. Gretarsson, COO. The presentation will be held on Tuesday 29 April, at 8:30 am (GMT), at the company's headquarters, Austurhraun 9, Gardabaer. Please note that the meeting will also be webcast. : www.marel.com/webcast Breakfast will be served from 8:00 am. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5.3.2014 17:38 |
Highlights of Marel’s AGM 2014
5.3.2014 17:38Highlights of Marel’s AGM 2014Marel’s Annual General Meeting (AGM) was held at the company’s headquarters in
Gardabaer, Iceland, on 5 March 2014. All proposals presented by the Board were
unanimously approved by the meeting.
Chairman’s address
Asthildur Margret Otharsdottir Chairman of Marel´s Board of Directors discussed
Marel´s powerful growth drivers during her presentation. Population growth,
urbanization, sustainability and environment are all trends that will drive
global economic development in the future and benefit Marel´s business
directly. She then talked about the Board´s proposal to pay no dividend for the
year 2013. “In the light of 2013 results, that were below full potential, and
the launching of refocusing program that will make Marel simpler, smarter, and
faster, the Board proposes that no dividend will be paid for the year 2013,”
Asthildur said. She then expressed her gratitude to Marel´s shareholders and
employees. ”With our great team, innovative products and global presence in a
world with an impending need to modernize and improve production, we are in a
unique position to create increased shareholder value,” she said.
CEO’s address
“Operating profit (EBIT) was 43 million euros and revenue was 662 million
euros. These results are neither in line with competitive position nor
potential,” said Arni Oddur Thordarson CEO of Marel in his address to the
company’s AGM. Arni then talked about the refocusing program “simpler, smarter
faster” that has been launched with the aim to simplify Marel´s organizational
structure and increase service to customers. Several steps have already been
taken towards this goal. During Q1 Marel’s meat activities have been
strengthened, freezing activities have been streamlined, long term financing
has been extended and employees have been reduced by 75, thereof 25 on middle
management level.
Confirmation of annual accounts
The Company’s Consolidated Financial Statements and the Report of the Board of
Directors and CEO were approved unanimously by the meeting. Marel’s total
revenues for the year amounted to 662 million euros and the net profit amounted
to 20.6 million euros. Marel’s Board of Directors proposal to not pay dividend
for the year 2013 was agreed.
New members of the Board of Directors
Astvaldur Johannsson and Olafur Gudmundsson were elected as new Board
Directors. Other Board Directors elected were Arnar Thor Masson, Ann Elizabeth
Savage, Asthildur Margret Otharsdottir, Helgi Magnusson and Margret Jonsdottir
The new Board of Directors has convened and assigned roles and
responsibilities. Asthildur Margret Otharsdottir continues as Chairman of the
Board and Arnar Thor Masson, as the Vice-Chairman of the Board.Attachment (.pdf) Attachment (.pdf) |
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5.3.2014 17:27 | DECISIONS OF MAREL´S ANNUAL GENERAL MEETING 5.3.2014 17:27DECISIONS OF MAREL´S ANNUAL GENERAL MEETING5 MARCH 2014 At the Annual General Meeting of Marel hf. which took place at the company’s headquarters 5 March 2014 the following proposals were approved unanimously. Below are the decisions of the Annual General Meeting (The Meeting): 1. The Consolidated Financial Statements and the Report of the Board of Directors and CEO for 2013 were approved. 2. Proposal on dividends payment for the operational year 2013 was approved The Meeting approved that no dividends will be paid for the operational year 2013. 3. Proposal on remuneration to board members for the year 2014 and of the Auditor for the year 2013 was approved The Meeting approved that the remuneration to Board members for the year 2014 remains unamended from last two years and be as follows: the Chairman will receive €7,500 per month, the Chairman of the Audit Committee will receive €5,000 per month and other members of the Board of Directors will receive €2,500 per month. The remuneration will be paid on the 15th day of each month. Furthermore, the Board of Directors proposes that the Auditor’s fees will be paid against their invoices approved by the Company. 4. The Company´s Remuneration Policy was approved It is as follows: The Remuneration Policy of Marel hf. and its subsidiaries (the “Company”), is designed to attract, motivate and retain exceptional employees in a competitive and international market. The policy reflects the Company’s objectives for good corporate governance as well as sustained long-term value creation for shareholders. The Remuneration Policy applies to the Company’s senior management, including its Executive Team and Board of Directors. Executive Team Remuneration The remuneration of Marel’s Executive Team is proposed by the Remuneration Committee and subsequently approved by the Board of Directors. It is evaluated annually against performance and a benchmark of international companies, which in size and complexity are similar to Marel. Benchmark information is obtained from internationally recognized compensation service consultancies. Total remuneration shall be comprised as follows: -- A fixed base salary, set at a level aimed at attracting and retaining executives with professional and personal competences required to drive the Company’s performance. -- Short-term incentives, based on the achievement of a number of individual, pre-defined financial and strategic business targets approved by the Board of Directors. Short-term incentives can not exceed 40% of the fixed base salary, and are partly related to financial targets and partly to non-financial, strategic business targets. Short-term incentive payments are subject to recovery, provided that they have clearly been based on data, which proved to be manifestly misstated, false or misleading. -- Long-term incentives in the form of stock options, promoting a balance between short-term achievements and long-term thinking. The Company’s stock option program is further specified below. -- Pension contributions, made in accordance with applicable laws and employment agreements. -- Severance payments in accordance with termination clauses in employment agreements. Severance payments shall comply with local legal framework. Long Term Incentive Stock Option Program Marel has implemented stock option programs with the objective of aligning interests of the executive management and selected key employees with the long-term goals of the Company and its shareholders. The Company’s stock option program is designed with the intention of providing program participants with annual stock options for which the calculated estimated future gain equals up to a maximum of 20% of annual based salary at the date of issue. The stock options plan is long term for five to seven years with the first vesting time three years. Exercise price is adjusted annually with a hurdle rate as well as future dividend payments. The Company’s stock option program does not include any commitments for future issues and can be cancelled at any time. The program shall be reassessed annually and the structure of future issues can be changed, subject to shareholders’ approval. Board of Directors Members of the Board of Directors shall receive a fixed, monthly payment in accordance with the decision of the Annual General Meeting of the Company. The Board shall submit a proposal on the fee for the upcoming operating year, taking into account the extent of responsibilities and time commitment, the results of the Company and benchmark data on fees paid by European peer companies, which in size and complexity are similar to Marel. Board members are not offered stock options or participation in incentive schemes. Individual board members may take on specific ad hoc tasks outside their normal duties assigned by the Board. In each such case, the Board may determine a fixed fee for the work carried out related to those tasks, which shall be disclosed in the Company’s annual financial statements. Disclosure of Information Information on the total remuneration of members of the Company’s Board of Directors, Executive Team and senior management accountable for more than 10% of the assets or earnings of the Company, shall be disclosed in the Company’s annual financial statements. This includes any deferred payments and extraordinary contracts during the preceding financial year. Approval of the Remuneration Policy This Remuneration Policy shall apply to all future employment agreements with members of Company’s Executive Team and Board of Directors. The Remuneration Policy is binding for the Board of Directors as regards its provisions on stock options. In other respects, the Remuneration Policy shall be of guidance for the Board. Any departure from the policy shall be recorded and reasoned in the Board’s minutes. This Remuneration Policy has been approved by the Board of Directors of Marel hf. in accordance with article 79 a of the Icelandic Companies Act No. 2/1995, taking into consideration the NASDAQ OMX Iceland Rules for Issuers of Financial Instruments and the Icelandic Guidelines on Corporate Governance. The Remuneration Policy is reviewed annually and shall be approved by the Company’s Annual General Meeting, with or without amendments. The Company’s Remuneration Policy shall be published on its website. 5. Amendments of the Company’s Articles of Association were approved 1. Proposed amendment of Article 4.20 The Meeting approved that Article 4.20 is adjusted to recent amendments made to Article 86 of the Icelandic Companies Act No. 2/1995, regarding proposals from shareholders to shareholders meetings. It was approved that the Article reads as follows: “Each shareholder has the right to have a specific matter discussed at a shareholders’ meeting, if he submits a request, in a written form or electronically, to the Board with enough notice to enable the matter to be placed on the agenda, but no later than 10 full days prior to the meeting. A rationale or a draft resolution shall be enclosed with such request to the Board. No later than 3 full days prior to the meeting, the Board shall inform the shareholders of the existence of the request, the proposal if applicable, as well as an updated agenda of the shareholders meeting if applicable, such as on the Company’s website.” 1. Proposed amendment of Article 5.1 The Meeting approved that Article 5.1 is amended with regards to the number of Directors elected to sit on the Board of Directors, i.e. from 7-9 to 5-7. It was approved that the Article reads as follows: “The company’s Annual General Meeting annually elects 5-7 (five to seven) people to sit on the Board of Directors. Their suitability is determined by law.” 1. Proposed amendment of Article 11.1 The Meeting approved that Article 11.1 is adjusted to amendments made to Article 55(2) of the Icelandic Companies Act No. 2/1995 regarding own shares. It was approved that the Article reads as follows: “The company is permitted to own up to 10% of own shares. Voting rights may not be exercised for shares owned by the company. Shares can only be acquired in accordance with authorization for the Board of Directors at a shareholders’ meeting. Authorization for the Board of Directors to purchase own shares shall only be granted for a limited time which shall be a maximum of 5 years each time. The Board of Directors shall set working procedures regarding the purchase and sale of own shares.” 1. Proposed amendment of Article 15.1 The Meeting approved that Article 15.1 regarding the authorisation of the Board of Directors to issue new shares in relation to fulfilment of share option agreements is slightly amended in terms of the maximum amount of nominal value (current amount is ISK 45,000,000 of which ISK 8,432,500 has been utilised) and the duration of the authorisation. It was approved that the article reads as follows: “The company’s Board of Directors is authorised to increase share capital by as much as ISK 35,000,000 nominal value by issuing new shares. Shareholders do not enjoy pre-emptive rights to subscribe for these new shares, which shall be used to fulfil share option contracts concluded with employees etc. in accordance with the Company’s currently applicable stock option programme. The purchase price of shares and terms of sale shall be as provided for in contract concluded by the Board or CEO with the individual concerned. This authorisation shall apply for five years from its adoption.” 1. Proposed amendment of Article 15.2 The Meeting approved that Article 15.2 regarding the authorisation of the Board of Directors to issue new shares is renewed and amended in terms of the maximum amount of nominal value (current amount is ISK 240,000,000 of which ISK 146,836,185 has been utilised) and the duration of the authorisation. It was approved that the article reads as follows: “The Company’s Board of Directors is authorised to increase its share capital by up to ISK 100,000,000 nominal value, or the equivalent in EUR if the Company’s share capital has already been registered in that currency when the authorisation is utilised. Details of the purchase price of shares and terms of sale shall be determined by the Company’s Board of Directors. Shareholders waive their pre-emptive rights, as provided for in Art. 34 of Act No. 2/1995 on Public Limited Companies provided that the price for the new shares will not be lower than 10% under the posted average price of shares in the Company for the four weeks immediately preceding the sale. The Company’s Board of Directors may, however, authorise individual shareholders in each instance to subscribe for part or all of the new shares. There are no restrictions on trading in the new shares. These new shares shall be of the same class and bear the same rights as other shares in the company. They shall confer rights in the Company as of the date the increase in share capital is registered. The Company’s Board of Directors may decide to have subscribers pay for the new shares in part or in full by other means than cash payment. This authorisation shall be valid for 5 years from the date of its adoption, insofar as it has not been utilised prior to that time.” 6. Election of Board The following were elected to serve on the Board of Directors until the Company‘s next Annual General meeting: Ann Elizabeth Savage, Spalding, UK Arnar Thor Masson, Reykjavik, Iceland Asthildur Margret Otharsdottir, Reykjavik, Iceland Helgi Magnusson, Seltjarnarnes, Iceland Margret Jonsdottir, Seltjarnarnes, Iceland Olafur Gudmundsson, Reykjavik, Iceland Astvaldur Johannsson, Reykjavik, Iceland 7. Election of auditors The Meeting approved that the auditors KPMG ehf. will be the Company’s auditors. 8. Approved to grant authorization to the Board of Directors to purchase treasury shares in the Company The Meeting approved that the Company is authorized to acquire up to 10% of its own shares at a price no higher than 10% over and no lower than 10% under the posted average price of shares in the Company for the two weeks immediately preceding the acquisition. Further requirements pursuant to Article 55 of the Icelandic Companies Act No. 2/1995 shall be taken into consideration when own shares are purchased on the basis of this authorization. It was furthermore approved that this authorization is effective for the next five years from approval. Earlier authorisation shall be withdrawn. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4.3.2014 11:47 | Marel extends maturity of financing 4.3.2014 11:47Marel extends maturity of financingMarel is pleased to announce that it has secured an amendment and extension of its current long term financing. The financing is provided by a consortium of five international banks that have agreed to extend maturity by one year. -- The facility is extended with final maturity in November 2017. -- The facility was originally entered into in November 2010, with total amount of EUR 350 million. -- The consortium consists of ABN Amro, ING Bank, Landsbankinn, LB Lux and Rabobank. -- Current interest terms are EURIBOR/LIBOR + 250 bps for the facility depending on leverage. The amendment and extension gives Marel additional flexibility to support the company’s long term strategy. For further information contact: Linda Jónsdóttir Corporate Director of Treasury and IR, tel: (+354) 563 8464. Auðbjörg Ólafsdóttir, Investor Relations specialist, tel: (+354) 563 8626. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3.3.2014 14:56 |
Date of transaction March 03 2014
3.3.2014 14:56Date of transaction March 03 2014See attachmentAttachment (.pdf) |
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28.2.2014 15:56 | Marel hf. Annual General Meeting, 5 March 2014 – Candidates for the Board of Director... 28.2.2014 15:56Marel hf. Annual General Meeting, 5 March 2014 – Candidates for the Board of DirectorsBelow are candidates for the Board of Directors of Marel hf. at the Annual General Meeting, to be held at the Company's headquarters at Austurhraun 9, Gardabaer, Iceland, Wednesday 5 March 2014, at 16:00: Ann Elizabeth Savage, Spalding, UK Arnar Thor Masson, Reykjavik, Iceland Asthildur Margret Otharsdottir, Reykjavik, Iceland Astvaldur Johannsson, Reykjavik, Iceland Helgi Magnusson, Seltjarnarnes, Iceland Margret Jonsdottir, Seltjarnarnes, Iceland Olafur Gudmundsson, Princeton, New Jersey, US Further information about each of these candidates will be available on the Information Page for the Annual General Meeting 2014 on the Company´s website: http://www.marel.com/agm, no later than 2 days prior to the Meeting. The deadline for declaring candidature has now passed. According to the current Articles of Association of the Company, the Board of Directors shall be comprised of 7 to 9 members and it is proposed that Articles of Association will be amended so that the Board shall be comprised of 5 to 7 members. Consequently, the above seven candidates will be elected to the Board without ballot at the meeting. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
27.2.2014 12:27 |
Agenda and proposals - Annual General Meeting 5 March 2014...
27.2.2014 12:27Agenda and proposals - Annual General Meeting 5 March 2014Please find attached final agenda and proposals to the Annual General Meeting
of Marel, to be held Wednesday 5 March 2014 at 16:00.
Notice to submit proposals or matters to be considered by the meeting has
passed, as per Clause 4.20 of the Articles of Association of Marel hf.
Further information can be found at the company’s website: http://marel.com/agmAttachment (.pdf) Attachment (.pdf) |
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27.2.2014 07:43 | Marel hf. - Annual Report 2013 27.2.2014 07:43Marel hf. - Annual Report 2013Marel hf. has published its Annual Report for 2013. For the first time, the full report is only available as a web version. The complete report along with videos, interactive graphs and other information can be accessed on http://marel.com/annualreport and at marel.com The report is accessible on all devices and can be downloaded in a PDF format in the download center found in the online report. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
25.2.2014 12:24 | Viðskipti með eigin bréf/transaction in own financial instruments... 25.2.2014 12:24Viðskipti með eigin bréf/transaction in own financial instrumentsNafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 25.02.2014 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 342.000 Gengi/Verð pr. Hlut/Price: 85,47 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 241.800 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
18.2.2014 14:45 | Viðskipti með eigin bréf/transaction in own financial instruments... 18.2.2014 14:45Viðskipti með eigin bréf/transaction in own financial instrumentsNafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 18.02.2014 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 133.500 Gengi/Verð pr. Hlut/Price: 85,28 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 583.800 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11.2.2014 16:01 | Marel hf. – Annual General Meeting 2014 11.2.2014 16:01Marel hf. – Annual General Meeting 2014The Annual General Meeting of Marel hf. will be held at the Company‘s headquarters at Austurhraun 9, Gardabaer, Iceland, on Wednesday, 5 March at 16:00. Agenda: -- Annual General Meeting matters as provided for in Article 4.13 of the Company‘s Articles of Association. -- Amendments of the Company’s Articles of Association: -- Article 4.20 regarding proposals from shareholders to shareholders meetings to be adjusted in line with recent amendments made to Article 86 of the Icelandic Companies Act No. 2/1995; -- Article 5.1 regarding the number of Directors elected to sit on the Board of Directors to be amended, i.e. from 7-9 Directors to 5-7 Directors; -- Article 11.1 regarding own shares to be adjusted in line with amendments made to Article 55(2) of the Icelandic Companies Act No. 2/1995; -- Article 15.1 regarding the authorisation of the Board of Directors to issue new shares in relation to fulfilment of share option agreements to be amended in terms of the maximum amount of nominal value and the duration of the authorisation; -- Article 15.2 regarding the authorisation of the Board of Directors to issue new shares is renewed and amended in terms of the maximum amount of nominal value (and the duration of the authorization). -- Proposal on a renewed authorisation for the Company to buy own shares. -- Any other business, lawfully presented. The meeting will be conducted in English. In particular, it should be noted that candidatures for the Board of Directors shall be submitted in writing to the Board of Directors at least five full days prior to the meeting. In order for shareholders to have proposals or matters considered by the meeting, they must have been submitted to the Board of Directors at least seven days prior to the meeting. Further information on deadlines in relation to the right of shareholders to submit proposals etc. can be found on the Company's AGM website www.marel.com/agm. Additionally, all further information in relation to the Annual General Meeting can be found on the website, including its Annual Report, draft agenda, proposals of the Board of Directors, Company's annual statements for the year 2013, information on the total number of shares and voting rights as of 11 February 2014, proxy template, as well as information on documents to be submitted in relation to the meeting. The meeting’s agenda and final proposals will be available to shareholders seven days prior to the meeting, both on the aforementioned AGM webpage of the Company as well as at the Company‘s offices at Austurhraun 9, Gardabaer. The agents of shareholders shall submit written proxies at the entrance of the meeting. Ballots and other applicable documents will be available at the venue of the meeting as of 15:30 on the day of the meeting. The Board of Directors of Marel hf. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11.2.2014 13:12 | Viðskipti með eigin bréf/Transaction in own financial instruments... 11.2.2014 13:12Viðskipti með eigin bréf/Transaction in own financial instrumentsNafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 11. febrúar 2014 Kaup eða sala/Buy or Sell: Kaup/Buy Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 600.000 Gengi/Verð pr. Hlut/Price: ISK 123,50 á hvern hlut / per share Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 717.300 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Kaupin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Purchase to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6.2.2014 08:00 |
Marel - Prensentation 6 February 2014
6.2.2014 08:00Marel - Prensentation 6 February 2014See attachment.Attachment (.pdf) |
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5.2.2014 17:10 |
Marel 2013 results
5.2.2014 17:10Marel 2013 resultsPRESS RELEASE
5 February 2014
Marel 2013 results
(All amounts in EUR)
Operating results below potential – Strong cash flow
-- Revenues for 2013 totaled 661.5 million (m), a decrease of 7.3% compared
with the year before [2012: 714.0m].
-- EBITDA was 69.4m or 10.5% of revenues compared with 86.0m in 2012.
-- Operating profit was 42.9m or 6.5% of revenues compared with 61.1m in 2012.
-- Net result for 2013 was 20.6m compared with 35.6m in 2012. Earnings per
share were 2.81 euro cents [2012: 4.88 euro cents].
-- Cash flow from operating activities before interest and tax was 80.3m in
2013 compared with 65.6m in 2012 and net interest bearing debt is 217.1m at
the end of 2013 [2012: 243.2m].
-- The order book was at 132.4m at the end of the year [2012: 125.4m].
Revenues were 662 million with 43 million in EBIT in 2013. Revenues declined by
7% compared with previous year. Revenues from large projects were at a low
level while recurring spare parts and service revenues continued to increase.
Management guidance is to reach organic revenue growth with 55 million adjusted
EBIT in 2014. The long term outlook in the industry remains favorable and
Marel’s goal is to continue to grow faster than market.
A refocusing plan has been launched where the organizational structure will be
simplified in order to service customers better. Business units serving the
same customer needs and that rely on the same technical capabilities will be
combined. Simultaneously the primary focus has been changed from volume to
value creation, with targeted operating profit (EBIT) exceeding 100 million in
2017.
Arni Oddur Thordarson, CEO:
“Marel´s market position is strong on all continents as a leading provider of
advanced solutions for poultry, meat and fish processors. Marel reached 4%
average annual growth during the last 5 years. At the same time global economic
growth has been historically low. This has been a difficult period for food
processors that have seen a spike in corn and energy prices. The situation is
improving and overall food processor returned healthy profits in 2013 which
enabled them to strengthen their financials.
There is now a clear need for expansion and modernization. Marel delivered 43
million operating profit last year which is not in line with potential.
Following recent management changes we have taken several initiatives to
simplify our structure and drive down fixed cost. A good example is the changes
already made in Marel´s meat activities. Three business units in Marel´s
operational structure were merged to better utilize existing innovation and
sales capabilities. Among those units are Carnitech activities that were
acquired last year.
The organizational structure will be further simplified in order to service
customers better. We will take careful steps to combine business units that
serve the same customer needs and rely on the same technical capabilities. Our
manufacturing footprint is extensive and spread causing over- and
underutilization in the system. We have formally started our refocusing plan
with the objective of becoming simpler, smarter and faster. Our aim is to reach
over 100 million in operating profits in 2017”.
Q4 2013 results
Strong cash flow– Low profit margin
-- Revenues for Q4 2013 totaled 168.2m, a decrease of 5.7% compared with
revenues for the same period the year before [Q4 2012: 178.4m].
-- EBITDA was 14.1m, or 8.4% of revenues [Q4 2012: 19.5m].
-- Operating profit (EBIT) was 7.4m, or 4.4% of revenues [Q4 2012: 13.6m].
-- Net result was 3.7m for Q4 2013 [Q4 2012: 7.1m].
-- Operating cash flow before interest and tax is exceptionally strong at
34.7m for Q4 compared with 28.6m in Q4 2012.
The EBIT margin in fourth quarter 2013 is low. The reasons for this are mainly
cost associated with management changes (2m) and adjustment of inventories
(2.9m). Cash flow from operating activities is exceptionally strong.
Orders received amounted to 162.4m in Q4 2013 compared with 152.3m in Q4 2012.
The order book stood at 132.4m at the end of Q4 2013 compared with 125.4m at
the end of Q4 2012.
Outlook
Management guidance is to reach organic revenue growth with 55 million adjusted
EBIT in 2014. Profitability is expected to improve over the course of the
year. Refocusing cost is estimated to be around 20-25 million in total over the
course of the years 2014-2015 with the aim of reaching 100 million in EBIT in
2017.
Mid- and long-term, the Company believes that Marel’s innovative products and
global presence in all industries will secure good growth and increased
profitability. The long term outlook in the industry remains favorable and
Marel’s goal is to continue to grow faster than market.
It should be kept in mind that results may vary from quarter to quarter due to
general economic developments, fluctuations in orders received and deliveries
of larger systems.
Presentation of results, 6 February 2014
Marel will present its results at an investor meeting on Thursday, 6 February,
at 8:30 am (GMT), at the Company’s headquarters at Austurhraun 9, Gardabaer.
The meeting will also be webcast atwww.marel.com/webcast.
Publication days of Consolidated Financial Statements and Annual General
Meeting in 2014
-- Annual General Meeting 2013 5 March 2014
-- 1st quarter 2014 28 April 2014
-- 2nd quarter 2014 23 July 2014
-- 3rd quarter 2014 22 October 2014
-- 4th quarter 2014 4 February 2015
-- Annual General Meeting 2014 4 March 2015
Release of financial statements will take place after market closing at
above-mentioned dates.
For further information, contact:
Linda Jónsdóttir Corporate Director of Treasury and IR, tel: (+354) 563 8464 /
mobile: (+354) 825 8464.
Auðbjörg Ólafsdóttir, Investor Relations specialist, tel: (+354) 563 8626 /
mobile: (+354) 853 8626.
About Marel
Marel is the leading global provider of advanced equipment, systems and services
to the fish, meat and poultry industries. With offices and subsidiaries in more
than 30 countries and a global network of more than 100 agents and
distributors, we work side-by-side with our customers to extend the boundaries
of food processing performance. Advance with Marel for all your processing
needs.
Forward-looking statements
Statements in this press release that are not based on historical facts are
forward-looking statements. Although such statements are based on
management’s current estimates and expectations, forward-looking statements are
inherently uncertain. We, therefore, caution the reader that there are a
variety of factors that could cause business conditions and results to differ
materially from what is contained in our forward-looking statements, and that
we do not undertake to update any forward-looking statements. All
forward-looking statements are qualified in their entirety by this cautionary
statement.Attachment (.pdf) Attachment (.pdf) Attachment (.pdf) Attachment (.pdf) |
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31.1.2014 08:39 | Consolidated financial statement 2013 - Presentation 6 February 2014... 31.1.2014 08:39Consolidated financial statement 2013 - Presentation 6 February 2014Marel will release the Company’s consolidated financial statement for 2013 after market closing on 5 February 2014. Marel hf. invites market participants and investors to a meeting where the financial results for 2013 will be presented by Arni Oddur Thordarson, CEO, Erik Kaman, CFO and Sigsteinn P. Gretarsson, COO. The presentation will be held on Thursday 6 February, at 8:30 am (GMT), at the Company's headquarters, Austurhraun 9, Gardabaer. Please note that the meeting will also be webcast at www.marel.com/webcast. Breakfast will be served from 8:00 am. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
24.1.2014 07:24 | Marel updates its guidance for Q4 2013 results 24.1.2014 07:24Marel updates its guidance for Q4 2013 resultsAccording to Marel’s unaudited preliminary results for Q4 2013, revenues are in line with previously issued guidance with deviation in EBIT margin. Revenues for Q4 2013 are expected to be EUR 168 million with 4.4% EBIT. The deviation in EBIT margin is mainly caused by cost associated with management changes and a write down of inventories as a result of Marel´s continuous improvement projects. Cash flow from operating activities is exceptionally strong in the quarter. The year 2014 starts with slightly higher order book than in the beginning of 2013. Marel will release full year 2013 results after market closing on 5th of February 2014. Marel will hold an investor meeting, in the morning of February 6th where the results and future outlook, including steps to align execution toward strategic goals, will be outlined. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
19.12.2013 09:37 | Marel expands its Executive Team 19.12.2013 09:37Marel expands its Executive TeamMarel´s executive team has been expanded and strengthened with several experienced and highly qualified Marel´s Managing Directors. These changes will further align execution with strategy and enable Marel to reach its long term goals. The new executive team members are: Anton de Weerd, Head of Poultry Industry Jon Birgir Gunnarsson, Head of Fish Industry Gerrit den Bok, Head of Further Processing Industry David Wilson, Head of Meat Industry Petur Gudjonsson, Head of Sales and Service Network Paul van Warmerdam, Head of Global Supply Chain David Freyr Oddsson, Head of Human Resources All of Marel´s key industries are now represented in the executive team sharpening the market and innovative -driven focus of the company. The appointment of the Head of Sales and Service network further reflects the importance of the global network which is essentially Marel´s competitive edge. The positions of the Head of Global Supply Chain and the Head of Human Resources have been appointed to the executive team to increase operational efficiency. In coming months the position of Global Head of Innovation will also be added to the team in order to prioritize further innovative activities and to speed time to market. These new members together with Arni Oddur Thordarson CEO, Erik Kaman CFO and Sigsteinn Gretarsson COO now form Marel’s executive team. Árni Oddur Thordarson CEO of Marel: “The extension of the executive team will support Marel in fully capitalizing on markets trends and in realizing its long-term goals. It will simplify the organizational structure at Marel enabling us to take better and faster decisions and to share best practices across business units. The new team members are experienced leaders with strong international backgrounds and profound expertise in their fields. We are all committed and passionate about Marel’s future. For further information, contact: Linda Jónsdóttir Corporate Director of Treasury and IR tel: (+354) 563 8464 / mobile: (+354) 825 8464. Auðbjörg Ólafsdóttir Investor Relations Specialist tel: (+354) 563 8626/ Mobile: (+354) 853 8626. For more information about Marel´s new executive team visit www.marel.com/et | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.11.2013 10:19 | Marel - Date of transaction 12.11.2013 12.11.2013 10:19Marel - Date of transaction 12.11.2013Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 12.11.2013 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 12.750 Gengi/Verð pr. Hlut/Price: 90,03 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 117.300 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga /Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5.11.2013 14:06 | Transaction in own financial instruments 5.11.2013 14:06Transaction in own financial instrumentsDate of transaction: 5 November 2012 Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 05.11.2013 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 33.500 Gengi/Verð pr. Hlut/Price: 90,86 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 130.050 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga /Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4.11.2013 08:24 | Marel – Changes in the Board of Directors 4.11.2013 08:24Marel – Changes in the Board of DirectorsMarel hf. has received letters from Arni Oddur Thordarson and Theo Rein Bruinsma announcing their resignations as members of the Company’s Board of Directors as of today. According to Art. 5.1 of the Company’s Articles of Association, the Annual General Meeting of Marel hf. annually elects 7-9 people to sit on the Board of Directors, but due to the above resignations the Board now consists of 5 Directors. With reference to Art. 64, para. 2, of the Company Act No. 2/1995, while taking due notice of the conditions therein, the Board of Directors has resolved to postpone the election of new Directors until the next Annual General Meeting. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1.11.2013 14:25 | Arni Oddur Thordarson new CEO of Marel 1.11.2013 14:25Arni Oddur Thordarson new CEO of MarelThe Board of Directors of Marel has appointed Arni Oddur Thordarson as the new CEO of Marel with immediate effect. Consequently roles within the Board of Directors have changed. Asthildur Otharsdottir takes the role of Chairman of the Board and Arnar Thor Masson was elected Vice Chairman. Asthildur Otharsdottir, Chairman of the Board says: “We are fortunate that Arni has accepted the role of CEO. Arni has been instrumental in shaping Marel’s strategy during his 8 year tenure as Chairman. He has broad international industrial experience and knows the company and its markets inside out.” Árni Oddur Thordarson, CEO of Marel says: “I look forward to working closely with the exceptional Marel team. Marel has established a global service network spanning more than 30 countries and it strives for continued technical leadership through innovation. The company´s growth story has been a success and we have great opportunities to capture increased value for customers and shareholders. The key is to fully align execution with strategic goals based on Marel’s core competencies”. Theo Hoen, who is leaving the CEO position, has been with Marel and Stork Food Systems since 1986. He has served the company as CEO since early 2009. „In recent years, Marel has strengthened its position as the global market leader in providing advanced equipment, systems and services to the fish, meat and poultry industries. Theo Hoen has been an integral part of the Marel and Stork Food System story for 28 years. On behalf of the Board of Directors, I would like to thank Theo for his contribution to the growth and success of Marel.” Asthildur Otharsdottir, Chairman of the Board of Directors. Arni Oddur Thordarson has extensive international business experience within the industrial sector. He has served on the Board of Directors in Marel since 2005, majority of the time as Chairman. Thordarson has an MBA degree from IMD Business School in Switzerland and a Cand.Oecon degree in Business Administration from the University of Iceland. For further information, contact: Linda Jónsdóttir Corporate Director of Treasury and IR tel: (+354) 563 8464 / mobile: (+354) 825 8464. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
24.10.2013 09:40 |
Marel hf. - Presentation for market participants and investors...
24.10.2013 09:40Marel hf. - Presentation for market participants and investorsAttached is a presentation of financial results of Marel hf. for Q3 2013
delivered at a meeting held with market participants and investors 24 October
2013.Attachment (.pdf) |
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23.10.2013 16:23 |
Marel Q3 2013 results
23.10.2013 16:23Marel Q3 2013 resultsImproved profit margins - Markets recovering at a slow pace
(All amounts in EUR)
Attachment (.pdf) |
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16.10.2013 13:40 | Q3 2013 results – Investor meeting on 24 October 2013... 16.10.2013 13:40Q3 2013 results – Investor meeting on 24 October 2013Marel will release the Company’s consolidated financial statement for Q3 2013 after market closing on 23 October 2013. Marel invites market participants and investors to a meeting where the financial results for Q3 2013 will be presented by Theo Hoen, CEO, Erik Kaman, CFO and Sigsteinn P. Gretarsson, COO. The presentation will be held on Thursday 24 October, at 8:30 am (GMT), at the Company's headquarters, Austurhraun 9, Gardabaer. Please note that the meeting will also be webcast: www.marel.com/webcast Breakfast will be served from 8:00 am. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.9.2013 12:54 | Changes in Investor Relations at Marel 10.9.2013 12:54Changes in Investor Relations at MarelMrs. Linda Jonsdottir, Marel’s Corporate Director of Treasury, has taken over the role of Investor Relations Manager, succeeding Mrs. Helga Bjork Eiriksdottir who has now left the Company. Following this the arrangement of Investor Relations at Marel has been changed and Mrs. Jonsdottir will now be Marel’s Corporate Director of Treasury and Investor Relations. In addition Mrs. Audbjorg Olafsdottir has been hired as an Investor Relations Specialist and will work closely with Mrs. Jonsdottir. Mrs. Olafsdottir will also work with Marel’s Corporate Director of Marketing and PR. Mrs. Linda Jonsdottir holds an M.S. degree in Finance and Cand.Oecon. degree in Business. Mrs. Jonsdottir has been with Marel since 2009. Before joining Marel she worked in treasury and financing for Eimskip, Burðarás and Straumur investment bank. Mrs. Audbjorg Olafsdottir is an economist with a degree in Political Science. Before joining Marel in August 2013 she worked at the European Union Delegation to Iceland, Islandsbanki Research and as a journalist with Reuters and the Icelandic Financial news. For further information please contact: Linda Jonsdottir, Corporate Director of Treasury and Investor Relations. T: +354 563 8464 and +354 825 8464 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.8.2013 16:16 |
Date of transaction August 20 2013
20.8.2013 16:16Date of transaction August 20 2013See attachment.Attachment (.pdf) Attachment (.pdf) |
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20.8.2013 16:11 | Date of transaction August 20 2013 20.8.2013 16:11Date of transaction August 20 2013Viðskipti með eigin bréf/transaction in own financial instruments Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 20.08.2013 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 2.150.000 Gengi/Verð pr. Hlut/Price: 85,83 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 163.550 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga /Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.8.2013 16:11 | Date of transaction August 20 2013 20.8.2013 16:11Date of transaction August 20 2013Viðskipti með eigin bréf/transaction in own financial instruments Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 20.08.2013 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 91.750 Gengi/Verð pr. Hlut/Price: 86,72 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 2.313.550 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga /Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
15.8.2013 08:58 |
Date of transaction August 14 2013
15.8.2013 08:58Date of transaction August 14 2013See attachments.Attachment (.pdf) Attachment (.pdf) |
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14.8.2013 16:40 |
Date of transaction August 14 2013
14.8.2013 16:40Date of transaction August 14 2013See attachments.Attachment (.pdf) Attachment (.pdf) Attachment (.pdf) Attachment (.pdf) |
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14.8.2013 16:21 | Date of transaction August 14 2013 14.8.2013 16:21Date of transaction August 14 2013 Viðskipti með eigin bréf/transaction in own financial instruments Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 14.08.2013 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 3.600.000 Gengi/Verð pr. Hlut/Price: 85,83 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 2.405.300 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga /Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
14.8.2013 16:20 | Date of transaction August 144 2013 14.8.2013 16:20Date of transaction August 144 2013Viðskipti með eigin bréf/transaction in own financial instruments Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 14.08.2013 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 326.550 Gengi/Verð pr. Hlut/Price: 86,62 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 6.005.300 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga /Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.8.2013 11:53 | Date of transaction August 12 2013 12.8.2013 11:53Date of transaction August 12 2013Viðskipti með eigin bréf 12.08.2013/transaction in own financial instruments Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 12. ágúst 2013 Kaup eða sala/Buy or Sell: Kaup/Buy Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 2.600.000 Gengi/Verð pr. Hlut/Price: ISK 143,00 á hvern hlut/ISK 143,00 per share Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 6.331.850 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Kaupin eru gerð til að mæta skilyrðum um framkvæmd kaupréttarsamninga /Purchase to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9.8.2013 15:37 | Date of transaction August 9 2013 9.8.2013 15:37Date of transaction August 9 2013Viðskipti með eigin bréf 09.08.2013/transaction in own financial instruments Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 9. ágúst 2013 Kaup eða sala/Buy or Sell: Kaup/Buy Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 1.100.000 Gengi/Verð pr. Hlut/Price: ISK 140,00 á hvern hlut/ISK 140,00 per share Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 3.731.850 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Kaupin eru gerð til að mæta skilyrðum um framkvæmd kaupréttarsamninga /Purchase to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8.8.2013 14:39 | Date of transaction August 8 2013 8.8.2013 14:39Date of transaction August 8 2013Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 8. ágúst 2013 Kaup eða sala/Buy or Sell: Kaup/Buy Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 1.000.000 Gengi/Verð pr. Hlut/Price: ISK 138,50 á hvern hlut/ISK 138,50 per share Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 2.631.850 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Kaupin eru gerð til að mæta skilyrðum um framkvæmd kaupréttarsamninga /Purchase to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
25.7.2013 13:25 | Correction: Published: 2013-07-25 15:09:46 - Date of transaction: 25 July 2013... 25.7.2013 13:25Correction: Published: 2013-07-25 15:09:46 - Date of transaction: 25 July 2013Corrected: Number of sold shares and ownership of Eignarhaldsfélag Hörpu ehf. Auðkenni útgefanda/Trade ticker: MARL Nafn útgefanda/Issuer: Marel hf. Dagsetning tilkynningar/Date of announcement 25. 07.2013 Nafn fjárhagslega tengds aðila sem á viðskipti/Name of related party trading the shares: Eignarhaldsfélag Hörpu ehf. Nafn fruminnherja/Name primary insider: Helgi Magnússon Tengsl fruminnherja við útgefanda/Insider's relation with the issuer: Stjórnarmaður í Marel hf/Member of Board of Directors Marel hf. Dagsetning viðskipta/Date of transaction: 25. 07.2013 Tímasetning viðskipta/Time of transaction: 11:56:00 Tegund fjármálagernings/Type of financial instrument: Hlutabréf/Equities Kaup eða sala/Buy or Sell: Sala/Sell Fjöldi hluta/Number of shares: 400.000 Verð pr. Hlut/Price per share: 136 Fjöldi hluta í eigu fruminnherja eftir viðskipti/Primary insider's holdings after the transaction: 0 Fjöldi hluta sem fruminnherji á kauprétt að/Primary insider's option holdings after the transaction: 0 Fjöldi hluta fjárhagslega tengdra aðila eftir viðskipti/Related parties' holdings after the transaction: 4.505.044 Dagsetning lokauppgjörs*/Date of settlement*: Athugasemdir*/Comments*: Helgi Magnússon er stjórnarmaður í Marel hf. og meirihlutaeigandi Eignarhaldsfélags Hörpu ehf. Helgi Magnusson is a member of the Board of Directors of Marel hf. and the major owner of Eignarhaldsfélag Hörpu ehf. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
25.7.2013 13:09 | Date of transaction: 25 July 2013 25.7.2013 13:09Date of transaction: 25 July 2013Auðkenni útgefanda/Trade ticker: MARL Nafn útgefanda/Issuer: Marel hf. Dagsetning tilkynningar/Date of announcement 25. 07.2013 Nafn fjárhagslega tengds aðila sem á viðskipti/Name of related party trading the shares: Eignarhaldsfélag Hörpu ehf. Nafn fruminnherja/Name primary insider: Helgi Magnússon Tengsl fruminnherja við útgefanda/Insider's relation with the issuer: Stjórnarmaður í Marel hf/Member of Board of Directors Marel hf. Dagsetning viðskipta/Date of transaction: 25. 07.2013 Tímasetning viðskipta/Time of transaction: 11:56:00 Tegund fjármálagernings/Type of financial instrument: Hlutabréf/Equities Kaup eða sala/Buy or Sell: Sala/Sell Fjöldi hluta/Number of shares: 400 Verð pr. Hlut/Price per share: 136 Fjöldi hluta í eigu fruminnherja eftir viðskipti/Primary insider's holdings after the transaction: 0 Fjöldi hluta sem fruminnherji á kauprétt að/Primary insider's option holdings after the transaction: 0 Fjöldi hluta fjárhagslega tengdra aðila eftir viðskipti/Related parties' holdings after the transaction: 4.505.044 Dagsetning lokauppgjörs*/Date of settlement*: Athugasemdir*/Comments*: Helgi Magnússon er stjórnarmaður í Marel hf. og eigandi Eignarhaldsfélags Hörpu ehf. Helgi Magnusson is a member of the Board of Directors of Marel hf. and the sole owner of Eignarhaldsfélag Hörpu ehf. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
25.7.2013 13:05 | Date of transaction: 25 July 2013 25.7.2013 13:05Date of transaction: 25 July 2013Auðkenni útgefanda/Trade ticker: MARL Nafn útgefanda/Issuer: Marel hf. Dagsetning tilkynningar/Date of announcement 25. 07.2013 Nafn fjárhagslega tengds aðila sem á viðskipti/Name of related party trading the shares: Varðberg ehf. Nafn fruminnherja/Name primary insider: Helgi Magnússon Tengsl fruminnherja við útgefanda/Insider's relation with the issuer: Stjórnarmaður í Marel hf/Member of Board of Directors Marel hf. Dagsetning viðskipta/Date of transaction: 25. 07.2013 Tímasetning viðskipta/Time of transaction: 11:50:00 Tegund fjármálagernings/Type of financial instrument: Hlutabréf/Equities Kaup eða sala/Buy or Sell: Sala/Sell Fjöldi hluta/Number of shares: 200.000 Verð pr. Hlut/Price per share: 136 Fjöldi hluta í eigu fruminnherja eftir viðskipti/Primary insider's holdings after the transaction: 0 Fjöldi hluta sem fruminnherji á kauprétt að/Primary insider's option holdings after the transaction: 0 Fjöldi hluta fjárhagslega tengdra aðila eftir viðskipti/Related parties' holdings after the transaction: 4.505.044 Dagsetning lokauppgjörs*/Date of settlement*: Athugasemdir*/Comments*: Helgi Magnússon er stjórnarmaður í Marel hf. og eigandi Varðbergs ehf. Helgi Magnusson is a member of the Board of Directors of Marel hf. and the sole owner of Varðberg ehf. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
25.7.2013 08:57 |
Presentation for market participants and investors
25.7.2013 08:57Presentation for market participants and investorsAttached is a presentation of financial results of Marel hf. for Q2 2013
delivered at a meeting held with market participants and investors 25 July
2013.Attachment (.pdf) |
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24.7.2013 17:24 |
Marel Q2 2013 results
24.7.2013 17:24Marel Q2 2013 resultsResults reflect delayed market recovery
(All amounts in EUR)
Results reflect delayed market recovery
-- Revenues for Q2 2013 totalled 178.4 million (
m)
, a decrease of 4.3%
compared to the second quarter of 2012 [
186.5m].
-- EBITDA was 19.0m or 10.6% of revenues [Q2 2012: 18.6m].
-- Operating profit (EBIT) was 12.3m or 6.9% of revenues [Q2 2012: 12.2m].
-- Net result for Q2 2013 was 5.2m [Q2 2012: 7m]. Earnings per share were 0.71
euro cents [Q2 2012: 0.96 euro cents].
-- Cash flow is healthy and net interest bearing debt is 228.8m at the end of
the quarter compared to 262.0m in Q2 2012.
-- The order book is at 131.8m at the end of the quarter [Q2 2012: 182.6m]
which is roughly 13% decrease compared to the end of last quarter [151.1m].
EBIT margin of 6.7% in the first half of 2013
-- Revenues totalled 336.5 million for the first half of the year, a decrease
of 9.4% compared to revenues for the same period the year before [1H 2012:
371.3 million].
-- Operating profit (EBIT) was 22.6 million for the first half of the year, or
6.7% of revenues [1H 2012: 33.3 million].
-- Net result was 10.9 million for the first half of the year [1H 2012: 20.1
million].
Marel’s performance in the first half of 2013 reflects challenging market
conditions and delayed recovery in the largest markets. Revenues in the first
half of the year decreased by 9.4% compared to the first half of 2012. The
order book is lower than at the end of Q2 2012, while being 6m higher than at
year-end 2012 (125.4m). EBIT margin of 6.7% is below the long-term target of
10-12% (H1 2012: 9%). The pressure on EBIT is mainly a consequence of lower
revenues while the Company remains geared up for increased sales.
The second quarter is in line with expectations with revenues of 178.4m and
improved EBIT margin of 6.9%. Clear signs of market improvements are visible in
the US while Europe continues to be weak. The situation in emerging markets is
mixed though market prospects remain favourable both mid and long term. A
number of important orders were received such as from Australia, US, Canada,
Mexico, Brazil, Turkey, Romania and UK.
Marel expects that market recovery will be realized in 2014 instead of in the
second half of 2013 and full year revenues are expected to decline moderately.
Theo Hoen, CEO:
“We had a decent quarter considering challenging market conditions. With a
growing installed base in recent years and extensive sales and service network,
Marel’s revenues deriving from service and spare parts are constantly
increasing. At the same time investments in large projects are delayed which is
causing underutilization and has influenced our gross profit.
We will keep our focus on operational efficiency while maintaining a good level
of investment in innovation and market development.
While remaining optimistic about the prospects, we anticipate that market
recovery will take longer time despite our earlier view. The underlying market
growth is present with investment need building up. We are ready to capture
increased demand when markets recover.”
Standalone equipment sales on track with larger projects delayed
Orders received amounted to 159.1m in the second quarter compared to 179.6 in
Q2 2012. The slowdown in orders received resulted in a decrease of the order
book compared to the last quarter. The order book amounted to 131.8m at the end
of the second quarter compared with 151.1m at the end of Q1 [Q2 2012: 182.6m].
The reason for a slower pace in new orders is the hesitation to invest, in
particular in larger projects, whereas standalone equipment, and spare parts
and service are on track. Lingering uncertainty in markets, especially in
Europe, could prolong delay in investments. Marel sees that demand for new
equipment and update of existing technology keeps building up. Clear signs of
improvement are visible in the US after three years of low investment level in
the poultry processing industry.
Outlook
The underlying assumption that markets will recover has not changed. However,
in light of slowdown in orders received and investment delays Marel now expects
that market recovery will be realized in 2014 instead of the second half of
2013. As a result the Company aims to be back on track with 10-12% EBIT during
next year.
Mid- and long-term, the Company believes that Marel’s innovative products and
global presence in all industries will stimulate strong growth and increased
profitability as the underlying market growth is still present.
It should be kept in mind that results may vary from quarter to quarter due to
general economic developments, fluctuations in orders received and deliveries
of larger systems.
See complete announcement in enclosed pdf. file.
Presentation of results, 25 July 2013
Marel will present its results at an investor meeting on Thursday, 25 July, at
8:30 am (GMT), at the Company’s headquarters at Austurhraun 9, Gardabaer. The
meeting will also be webcast at www.marel.com/webcast.
Publication days of Consolidated Financial Statements in 2013
-- 3rd quarter 2013 23 October 2013
-- 4th quarter 2013 5 February 2014
Release of financial statements will take place after market closing at
above-mentioned dates.
For further information, contact:
Helga Björk Eiríksdóttir, Investor Relations Manager, tel: (+354) 563 8543 /
mobile: (+354) 853 8543.
Erik Kaman, CFO, tel: (+354) 563 8072.
About Marel
Marel is the leading global provider of advanced equipment, systems and services
to the fish, meat and poultry industries. With offices and subsidiaries in more
than 30 countries and a global network of more than 100 agents and
distributors, we work side-by-side with our customers to extend the boundaries
of food processing performance. Advance with Marel for all your processing
needs.
Forward-looking statements
Statements in this press release that are not based on historical facts are
forward-looking statements. Although such statements are based on
management’s current estimates and expectations, forward-looking statements are
inherently uncertain. We, therefore, caution the reader that there are a
variety of factors that could cause business conditions and results to differ
materially from what is contained in our forward-looking statements, and that
we do not undertake to update any forward-looking statements. All
forward-looking statements are qualified in their entirety by this cautionary
statement.Attachment (.pdf) Attachment (.pdf) |
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17.7.2013 10:35 | Q2 2013 results – Investor meeting on 25 July 2013 17.7.2013 10:35Q2 2013 results – Investor meeting on 25 July 2013Marel will release the Company’s consolidated financial statement for Q2 2013 after market closing on 24 July 2013. Marel invites market participants and investors to a meeting where the financial results for Q2 2013 will be presented by Theo Hoen, CEO, Erik Kaman, CFO and Sigsteinn P. Gretarsson, COO. The presentation will be held on Thursday 25 July, at 8:30 am (GMT), at the Company's headquarters, Austurhraun 9, Gardabaer. Please note that the meeting will also be webcast. Breakfast will be served from 8:00 am. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8.7.2013 13:07 | Marel acquires part of Carnitech’s activities 8.7.2013 13:07Marel acquires part of Carnitech’s activitiesMarel has reached an agreement with the administrator of the Carnitech A/S estate to acquire Carnitech’s mixing and grinding activities, following its bankruptcy on 21 June 2013. The amount of the transaction is approximately EUR 1.5 million. Although the transaction is small in size, the acquired part of the Carnitech operations is a good strategic fit to Marel making the company’s market position stronger. Prior to its bankruptcy, Carnitech was in the ownership of American Industrial Acquisition Corporation (AIAC) – a privately held industrial group who acquired it from Marel in 2010 (see here: http://marel.com/corporate/investor-relations/investor-news/marel-announces-sale -of-operations-of--carnitech-a-s-in-stovring/923). “The mixing and grinding activities fit well with Marel’s strategy of being the customer’s choice in the industries the company operates in – fish, meat, poultry and further processing. From our previous ownership of the company we know that there are good capabilities at Carnitech which will enable us to serve our customers even better and provide them with complete processing solutions”, says Sigsteinn Gretarsson, Chief Operating Officer of Marel. By adding the mixing and grinding products to its portfolio, Marel strengthens its offering in the meat and further processing markets as Carnitech was a strong supplier of mixing and grinding equipment. Following the transaction, Marel will be able to offer positions to a very limited number of former Carnitech employees, matching the mixing & grinding activity. For further information contact: Helga Björk Eiríksdottir, Investor Relations Officer, tel. +354 853 8543, e-mail: helga.eiriksdottir@marel.com. Sigsteinn Gretarsson, COO, tel. +354 563 8000. About Marel Marel is the leading global provider of advanced equipment, systems and services to the fish, meat and poultry industries. With offices and subsidiaries in more than 30 countries and a global network of more than 100 agents and distributors, we work side-by-side with our customers to extend the boundaries of food processing performance. Advance with Marel for all your processing needs. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
16.5.2013 11:30 | Date of transaction: 16 May 2013 16.5.2013 11:30Date of transaction: 16 May 2013Viðskipti með eigin bréf/transaction in own financial instruments Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 16. maí 2013 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 463.400 Gengi/Verð pr. Hlut/Price: EUR 0.549 á hlut/ISK 84,84 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 1.631.850 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga /Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
15.5.2013 14:04 |
Eyrir Invest hf.
15.5.2013 14:04Eyrir Invest hf.Attached is information on major shareholder announcements.Attachment (.pdf) |
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15.5.2013 13:45 | Date of transation: 15 May 2013 15.5.2013 13:45Date of transation: 15 May 2013Auðkenni útgefanda/Trade ticker: MARL Nafn útgefanda/Issuer: Marel hf. Dagsetning tilkynningar/Date of announcement: 15. maí 2013 Nafn fruminnherja/Name primary insider: Eyrir Invest hf. Tengsl fruminnherja við útgefanda/Insider's relation with the issuer: Stærsti hluthafi/Largest shareholder Dagsetning viðskipta/Date of transaction: 15. maí 2013 Tímasetning viðskipta/Time of transaction: 0 Tegund fjármálagernings/Type of financial instrument: Hlutabréf/Equities Kaup eða sala/Buy or Sell: Sala/Sell Fjöldi hluta/Number of shares: 28.000.000 Verð pr. Hlut/Price per share: 142 Fjöldi hluta í eigu fruminnherja eftir viðskipti/Primary insider's holdings after the transaction: 215.366.838 Fjöldi hluta sem fruminnherji á kauprétt að/Primary insider's option holdings after the transaction: 0 Fjöldi hluta fjárhagslega tengdra aðila eftir viðskipti/Related parties' holdings after the transaction: 325.053 Dagsetning lokauppgjörs*/Date of settlement*: 0 Athugasemdir*/Comments*: Árni Oddur Þórðarson, forstjóri Eyris Invest hf. er formaður stjórnar Marel hf. og Margrét Jónsdóttir, fjármálastjóri Eyris Invest hf. situr í stjórn Marel hf./Arni Oddur Thordarson, CEO of Eyrir Invest hf. is Chairman of Board of Marel hf. and Margret Jonsdottir, CFO of Eyrir Invest hf. is a member of the Board of Directors of Marel hf. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7.5.2013 12:38 |
Date of transaction: 7 May 2013
7.5.2013 12:38Date of transaction: 7 May 2013Information on insider's dealing is attached.Attachment (.pdf) |
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7.5.2013 12:30 |
Date of transaction: 7 May 2013
7.5.2013 12:30Date of transaction: 7 May 2013Information on insider's dealing is attached.Attachment (.pdf) |
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7.5.2013 12:21 | Date of transaction: 7 May 2013 7.5.2013 12:21Date of transaction: 7 May 2013 Viðskipti með eigin bréf/transaction in own financial instruments Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 7. maí 2013 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 1.046.150 Gengi/Verð pr. Hlut/Price: 83,79 IKR pr. share (á hlut) - 0.549 EUR pr. share (á hlut) Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 2.095.250 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga /Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
23.4.2013 09:05 |
Presentation for market participants and investors
23.4.2013 09:05Presentation for market participants and investorsAttached is a presentation of financial results of Marel hf. for Q1 2013
delivered at a meeting held with market participants and investors 23 April
2013.Attachment (.pdf) |
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22.4.2013 16:13 |
Marel Q1 2013 results
22.4.2013 16:13Marel Q1 2013 resultsSlow start to the year but orders received picking up
(All amounts in EUR)
-- Revenues for Q1 2013 totalled 158.0 million (
m)
, a decrease of 14.5%
compared to the first quarter of 2012 [
184.9m].
-- EBITDA was 16.9m or 10.7% of revenues [Q1 2012: 27.4m].
-- Operating profit (EBIT) was 10.3m or 6.5% of revenues [Q1 2012: 21.1m].
-- Net result for Q1 2013 was 5.7m [Q1 2012: 13.1m]. Earnings per share were
0.78 euro cents [Q1 2012: 1.80].
-- Cash flow remains healthy and net interest bearing debt is 239.3m at the
end of the quarter compared to 243.2m at year-end 2012.
-- The order book is at 151.1m at the end of the quarter [Q1 2012: 189.4m]
which is a 20% increase compared to the end of last year [125.4m].
Revenues in Q1 amounted to 158.0m reflecting the low level of the order book at
the start of the year. The EBIT margin of 6.5% is below the long-term target of
10-12%. However, the size of the order book grew by 20% during the quarter
which supports the expectation of higher revenues and profitability in the
second half of the year.
Important sales were made in markets such as Brazil, China, Middle East and
Russia. Europe remains challenging while USA shows signs of recovery.
Theo Hoen, CEO:
“The first quarter was in line with our expectations with low revenues based on
a relatively low order book at the beginning of the year. However, the
significant increase in market activities and orders received during the
quarter gives room for optimism.
We will continue to maintain a strict focus on operational efficiency and cost
control but we are not scaling down and are geared towards capturing increased
sales and market share in the near term. As stated last quarter we expect to be
back on track with operating profit in our target range of 10-12% in the second
half of 2013, assuming continued recovery in our established markets.“
Order book back on a good level
After a downwards trend in recent quarters, Q1 saw strong growth in orders
received, which amounted to 183.7m or similar as in Q1 2012 [185.4m]. This is
an increase of 20% compared to last quarter [152.3m]. Orders received exceeded
orders booked off resulting in an order book of 151.1m at the end of the
quarter compared with 125.4m at the end of last year. The main drivers of
growth in orders received can be attributed to our innovative products, both
established solutions and new ones, and the extensive geographical network
Marel has built over the years.
Presentation of results, 23 April 2013
Marel will present its results at an investor meeting on Tuesday, 23 April, at
8:30 am (GMT), at the Company’s headquarters at Austurhraun 9, Gardabaer. The
meeting will also be webcast at www.marel.com/webcast.
See complete announcement in enclosed pdf. file.
Release of financial statements will take place after market closing at
above-mentioned dates.
For further information, contact:
Helga Björk Eiríksdóttir, Investor Relations Manager, tel: (+354) 563 8543 /
mobile: (+354) 853 8543
Erik Kaman, CFO, tel: (+354) 563 8072
About Marel
Marel is the leading global provider of advanced equipment, systems and services
to the fish, meat and poultry industries. With offices and subsidiaries in more
than 30 countries and a global network of more than 100 agents and
distributors, we work side-by-side with our customers to extend the boundaries
of food processing performance. Advance with Marel for all your processing
needs.
Forward-looking statements
Statements in this press release that are not based on historical facts are
forward-looking statements. Although such statements are based on
management’s current estimates and expectations, forward-looking statements are
inherently uncertain. We, therefore, caution the reader that there are a
variety of factors that could cause business conditions and results to differ
materially from what is contained in our forward-looking statements, and that
we do not undertake to update any forward-looking statements. All
forward-looking statements are qualified in their entirety by this cautionary
statement.Attachment (.pdf) Attachment (.pdf) |
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16.4.2013 10:59 | Q1 2013 results – Investor meeting on 23 April 2013... 16.4.2013 10:59Q1 2013 results – Investor meeting on 23 April 2013Marel will release the Company’s consolidated financial statement for Q1 2013 after market closing on 22 April 2013. Marel invites market participants and investors to a meeting where the financial results for Q1 2013 will be presented by Theo Hoen, CEO and Erik Kaman, CFO. The presentation will be held on Tuesday 23 April, at 8:30 am (GMT), at the Company's headquarters, Austurhraun 9, Gardabaer. Please note that the meeting will also be webcast: www.marel.com/webcast Breakfast will be served from 8:00 am. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6.3.2013 17:24 |
Highlights of Marel’s AGM 2013
6.3.2013 17:24Highlights of Marel’s AGM 2013Ann Elizabeth Savage a new Board Director
Marel's Annual General Meeting (AGM) was held at the Company’s headquarters in
Gardabaer, Iceland, on 6 March. All proposals presented by the Board were
unanimously approved by the meeting.
Chairman’s address
"Marel has grown by 29% in the last four years which represents an average
annual revenue growth of 6.5%. This strong growth was realised during a period
of challenging economic conditions. At the same time we have introduced a
steady pipeline of new products and strengthened our sales and service network
in all regions of the world.
Marel is at the center point of prevailing trends which are driving global
economic development. Poultry, meat and fish consumption is increasing due to
urbanization and fast growing middle class globally. Equally important is the
steady increase in demand for affordable and healthy convenience food.
Our growth strategy is on track. We expect continued strong organic growth that
will drive revenues to exceed 1 billion euros by 2017 with best in class
profitability,” said Arni Oddur Thordarson, Chairman of the Board of Marel in
his address to the company’s AGM.
Furthermore he added; “Our largest segment that is serving the poultry
processing industry on global basis is fast growing and already delivering best
in class profitability. We do not exclude bolt on acquisitions to enhance
further growth and profitability in the fish, meat and further processing
segments.”
Confirmation of annual accounts and decision on dividends
The Company’s Consolidated Financial Statements and the Report of the Board of
Directors were approved unanimously by the meeting. Marel‘s total revenues for
the year amounted to 714 million euros and the net profit amounted to 35.6
million euros. Marel will pay dividend of 7.1 million euros to shareholders
which is equivalent to 20% of net profit of the year 2012.
Ann Elizabeth Savage a new member of the Board of Directors
Ann Elizabeth Savage was elected a new Board Director, replacing Fridrik
Johannsson, who decided to step down after serving on the Board since 2004. The
Chairman extended warm gratitude for his great contribution to the growth story
of Marel in recent years. A period were the company entered into successful
strategic acquisitions to enhance further organic growth. The Chairman welcomed
Ann, who brings valuable new perspectives to the Board based on her background
and experience from the food industry.
Other Board Directors elected were Arnar Thor Masson, Arni Oddur Thordarson,
Asthildur Margret Otharsdottir, Helgi Magnusson, Margret Jonsdottir and Theo
Bruinsma.
Furthermore, the AGM approved amendments to the Company‘s Articles of
Association to adopt rules on gender quota as provided for by Icelandic law.
The new Board of Directors has convened and assigned roles and
responsibilities. Arni Oddur Thordarson continues as Chairman of the Board and
Asthildur Margret Otharsdottir as the Vice-Chairman of the Board.Attachment (.pdf) Attachment (.pdf) |
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6.3.2013 16:52 | DECISIONS OF MAREL´S ANNUAL GENERAL MEETING 6.3.2013 16:52DECISIONS OF MAREL´S ANNUAL GENERAL MEETING6 MARCH 2013 At the Annual General Meeting og Marel hf. which took place at the company’s headquarters 6 March 2013 the following proposals were approved unanimously. Below are the decisions of the Annual General meeting: 1. The Consolidated Financial Statement and the Report of the Board of Directors were approved. 2. Proposal on dividends payment for the operational year 2012 was approved The Meeting approved that the Company pay a dividend of 0.97 euro cents per share to shareholders for the operational year 2012, corresponding to about 20% of Company profits for the year. The right to a dividend is constricted to the day of the Annual General Meeting, end of day. Ex-date is March 7th 2013. Payment of dividends will occur on April 5th 2013. 3. Proposal on remuneration to board members for the year 2013 and of the Auditor for the year 2012 was approved The Meeting approved that the remuneration to Board members for the year 2013 remains unamended from last year and be as follows: the Chairman will receive €7,500 per month, the Chairman of the Audit Committee will receive €5,000 per month and other members of the Board of Directors will receive €2,500 per month. The remuneration will be paid on the 15th day of each month. Furthermore it was approved that the Auditor’s fees will be paid against their invoices approved by the Company. 4. The Company´s Remuneration Policy was confirmed It is as follows: The Remuneration Policy of Marel hf. and its subsidiaries (the “Company”), is designed to attract, motivate and retain exceptional employees in a competitive and international market. The policy reflects the Company’s objectives for good corporate governance as well as sustained long-term value creation for shareholders. The Remuneration Policy applies to the Company’s senior management, including its Board of Management and Board of Directors. Executive Remuneration – Board of Management Executive remuneration is proposed by the Company’s Remuneration Committee and subsequently approved by the Board of Directors. Executive remuneration is evaluated annually against performance and a benchmark of international companies, which in size and complexity are similar to Marel. Benchmark information is obtained from internationally recognized compensation service consultancies. Total remuneration shall be comprised as follows: -- A fixed base salary, set at a level aimed at attracting and retaining executives with professional and personal competences required to drive the Company’s performance. -- Short-term incentives, based on the achievement of a number of individual, pre-defined financial and strategic business targets approved by the Board of Directors. Short-term incentives can under normal circumstances not exceed 40% of the fixed base salary, of which 60% is related to financial targets and 40% non-financial, strategic business targets. Short-term incentive payments are subject to recovery, provided that they have clearly been based on data, which proved to be manifestly misstated, false or misleading. -- Long-term incentives in the form of stock options, promoting a balance between short-term achievements and long-term thinking. The Company’s stock option program is further specified below. -- Pension contributions, made in accordance with applicable laws and employment agreements. -- Severance payments in accordance with termination clauses in employment agreements. Severance payments shall comply with local legal framework. Long Term Incentive Stock Option Program Marel has implemented stock option programs with the objective of aligning interests of the executive management and selected key employees with the long-term goals of the Company and its shareholders. The Company’s stock option program is designed with the intention of providing program participants with annual stock options for which the calculated estimated future gain equals up to a maximum of 20% of annual based salary at the date of issue. The stock options plan is long term for five to seven years with the first vesting time three years. Exercise price is adjusted annually with a hurdle rate as well as future dividend payments. The Company’s stock option program does not include any commitments for future issues and can be cancelled at any time. The program shall be reassessed annually and the structure of future issues can be changed, subject to shareholders’ approval. Board of Directors Members of the Board of Directors shall receive a fixed, monthly payment in accordance with the decision of the Annual General Meeting of the Company. The Board shall submit a proposal on the fee for the upcoming operating year, taking into account the extent of responsibilities and time commitment, the results of the Company and benchmark data on fees paid by European peer companies, which in size and complexity are similar to Marel. Board members are not offered stock options or participation in incentive schemes. Individual board members may take on specific ad hoc tasks outside their normal duties assigned by the Board. In each such case, the Board may determine a fixed fee for the work carried out related to those tasks, which shall be disclosed in the Company’s annual financial statements. Disclosure of Information Information on the total remuneration of members of the Company’s Board of Directors, Executive Board of Management and senior management accountable for more than 10% of the assets or earnings of the Company, shall be disclosed in the Company’s annual financial statements. This includes any deferred payments and extraordinary contracts during the preceding financial year. Approval of the Remuneration Policy This Remuneration Policy shall apply to all future employment agreements with members of Company’s Executive Management and Board of Directors. The Remuneration Policy is binding for the Board of Directors as regards its provisions on stock options. In other respects, the Remuneration Policy shall be of guidance for the Board. Any departure from the policy shall be recorded and reasoned in the Board’s minutes. This Remuneration Policy has been approved by the Board of Directors of Marel hf. in accordance with article 79 a of the Icelandic Companies Act No. 2/1995, taking into consideration the NASDAQ OMX Iceland Rules for Issuers of Financial Instruments and the Icelandic Guidelines on Corporate Governance. The Remuneration Policy is reviewed annually and shall be approved by the Company’s Annual General Meeting, with or without amendments. The Company’s Remuneration Policy shall be published on its website. 5. Amendment of the Company’s Articles of Association was approved The Meeting approved a new Clause 5.2. is added to the Company’s Articles of Association, under the heading “Board of Directors”, and current Clauses 5.2., 5.3. and 5.4. will become Clauses 5.3., 5.4. and 5.5. respectively. It is proposed that the new Clause 5.2. reads as follows: “In elections to the Board of Directors, the ratio of each gender shall be no less than 40%. The same criteria shall apply to alternate Directors, as may be applicable. If this statutory ratio is not achieved in an election, the individual candidate or candidates of the gender that has the higher ratio following the election shall stand aside for the candidate or candidates of the lower gender ratio to ensure an acceptable balance. The number of votes cast shall decide which candidate or candidates become Directors instead of those standing aside due to gender imbalance. If there are not enough candidates of that gender to achieve the required ratio, the acting Board of Directors shall call a new shareholders’ meeting where a satisfactory gender balance of candidates shall be ensured.” 6. Election of Board The floowing were elected to serve on the Board of Directors until the Company‘s next Annual General meeting: Ann Elizabeth Savage, Spalding, England Arnar Þór Másson, Reykjavik, Iceland Árni Oddur Þórðarson, Reykjavik, Iceland Ásthildur Margrét Otharsdóttir, Reykjavik, Iceland Helgi Magnússon, Seltjarnarnes, Iceland Margrét Jónsdóttir, Seltjarnarnes, Iceland Theo Bruinsma, Oss, The Netherlands 7. Election of auditors The auditing firm KPMG ehf. will be the Company’s auditors. 8. Approved to grant authorization to the Board of Directors to purchase treasury shares in the Company Approved that the Company is authorized, pursuant to the provisions of Article 55 of the Act on Public Limited Liability Companies No. 2/1995, to acquire up to 10% of its own shares at a price which is no higher than 10% over and no lower than 10% under the posted average price of shares in the Company for the two weeks immediately preceding the acquisition. This authorisation is effective for the next 18 months from approval. Earlier authorisation shall be withdrawn. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4.3.2013 14:28 | Gerrit den Bok appointed as Managing Director of Marel Further Processing... 4.3.2013 14:28Gerrit den Bok appointed as Managing Director of Marel Further ProcessingMarel is pleased to announce the appointment of Gerrit den Bok to the position of Managing Director of the Further Processing Industry Center as of 1 May 2013, and as such he will be reporting directly to Theo Hoen, CEO of Marel. As announced on 14 February, Bert Jan Hardenbol, left the company on 28 February to pursue a career outside Marel. Gerrit den Bok is 50 years of age and has been with the company for 23 years. He has acquired extensive management experience as Manager of Service for Marel’s Poultry Industry Center. Marel wishes Gerrit den Bok every success in his new role. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1.3.2013 15:35 | Marel hf. Annual General Meeting, 6 March 2013 – Candidates for the Board of Director... 1.3.2013 15:35Marel hf. Annual General Meeting, 6 March 2013 – Candidates for the Board of DirectorsBelow are candidates for the Board of Directors of Marel hf. at the Annual General Meeting, to be held at the Company's headquarters at Austurhraun 9, Gardabaer, Iceland, Wednesday 6th March 2013, at 16:00: Ann Elizabeth Savage, Spalding, UK Arnar Thor Masson, Reykjavik, Iceland Arni Oddur Thordarson, Reykjavik, Iceland Asthildur Margret Otharsdottir, Reykjavik, Iceland Helgi Magnusson, Seltjarnarnes, Iceland Margret Jonsdottir, Seltjarnarnes, Iceland Theo Bruinsma, Oss, The Netherlands Further information about each of these candidates is available at the Information Page for the Annual General Meeting 2013 on the Company´s website: http://www.marel.com/agm. The deadline for declaring candidature has now passed. According to the current Articles of Association of the Company, the Board of Directorsshall be comprised of 7 to 9 members. Consequently, the above seven candidates will be elected to the Board without ballot at the meeting. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
28.2.2013 08:17 |
Agenda and proposals - Annual General Meeting 6 March 2013...
28.2.2013 08:17Agenda and proposals - Annual General Meeting 6 March 2013Please find attached agenda and proposals to the Annual General Meeting of
Marel, to be held Wednesday 6 March 2013 at 16:00.
Notice to submit proposals or matters to be considered by the meeting has
passed, as per Clause 4.20 of the Articles of Association of Marel hf.
Further information can be found at the company’s website: http://marel.com/agmAttachment (.pdf) Attachment (.pdf) Attachment (.pdf) |
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25.2.2013 15:01 | Viðskipti með eigin bréf/transaction in own financial instruments... 25.2.2013 15:01Viðskipti með eigin bréf/transaction in own financial instruments Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 25. febrúar 2013 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 713.550 Gengi/Verð pr. Hlut/Price: 0.537 EUR pr. share (á hlut) / 92.36 IKR pr. share (á hlut) Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 3.141.400 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskiptin eru til að mæta skilyrðum um framkvæmd kaupréttarsamninga /Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
21.2.2013 13:58 |
Marel hf. - Annual Report 2012
21.2.2013 13:58Marel hf. - Annual Report 2012Marel hf. has published its Annual Report for 2012. For the second time, the
Report is both available in a print version and an interactive web version. The
web version provides access to multi-media support material and interactive
charts and graphs. The web Report can be accessed at
www.marel.com/annualreport, along with a downloadable PDF of the print version,
which will be available at Marel headquarters as of 28 February 2012.Attachment (.pdf) |
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14.2.2013 16:00 | Managing Director of Marel’s Further Processing to pursue career outside of Marel... 14.2.2013 16:00Managing Director of Marel’s Further Processing to pursue career outside of MarelBert Jan Hardenbol, Managing Director of Marel’s Further Processing Industry Center, will leave the company on 28 February 2013 to pursue a career outside Marel. Marel has initiated the process of finding a suitable successor for the position and will announce the appointment when a replacement has been found. Theo Hoen, CEO of Marel, will lead the Further Processing Industry Center in the meantime. Theo Hoen: “We are grateful to Bert Jan for his important contribution and achievements during his employment for Marel. We wish Bert Jan all the best in his future endeavors.” | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
14.2.2013 14:50 | Date of transaction 14.02.2013 14.2.2013 14:50Date of transaction 14.02.2013Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 14.02.2013 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 274.000 Gengi/Verð pr. Hlut/Price: EUR 0.537 per share/ISK 92.53 per share Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 3.854.950 Dagsetning lokauppgjörs/Date of settlement: 0 Ástæður viðskipta/Reason for transaction: Kaupin eru gerð til að mæta skilyrðum um framkvæmd kaupréttarsamninga /Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.2.2013 17:43 | Marel hf. – Annual General Meeting 2013 12.2.2013 17:43Marel hf. – Annual General Meeting 2013The Annual General Meeting of Marel hf. will be held at the Company‘s headquarters at Austurhraun 9, Gardabaer, Iceland, on Wednesday, 6 March at 16:00. Agenda: -- Annual General Meeting matters as provided for in Article 4.13 of the Company‘s Articles of Association. -- Amendment of the Company’s Articles of Association in terms of Board of Directors’ gender quota as stipulated in Art. 63 of Icelandic Company Act no. 2/1995. -- Proposal on a renewed authorisation for the Company to buy own shares. -- Any other business, lawfully presented. The meeting will be conducted in English. In particular, it should be noted that candidatures for the Board of Directors shall be submitted in writing to the Board of Directors at least five full days prior to the meeting. In order for shareholders to have proposals or matters considered by the meeting, they must have been submitted to the Board of Directors at least seven days prior to the meeting. Further information on deadlines in relation to the right of shareholders to submit proposals etc. can be found on the Company's AGM website www.marel.com/agm. Additionally, all further information in relation to the Annual General Meeting can be found on the website, including its Annual Report, draft agenda, proposals of the Board of Directors, Company's annual statements for the year 2012, information on the total number of shares and voting rights as of 12 February 2013, proxy template, as well as information on documents to be submitted in relation to the meeting. The meeting’s agenda and final proposals will be available to shareholders seven days prior to the meeting, both on the aforementioned AGM webpage of the Company as well as at the Company‘s offices at Austurhraun 9, Gardabaer. The agents of shareholders shall submit written proxies at the entrance of the meeting. Ballots and other applicable documents will be available at the venue of the meeting as of 15:30 on the day of the meeting. The Board of Directors of Marel hf. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6.2.2013 08:30 |
Presentation for market participants and investors
6.2.2013 08:30Presentation for market participants and investorsAttached is a presentation of financial results of Marel hf. for the year 2012
delivered at a meeting held with market participants and investors 6 February
2013.Attachment (.pdf) |
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5.2.2013 16:58 |
Marel 2012 results
5.2.2013 16:58Marel 2012 resultsHealthy growth in a challenging market
(All amounts in EUR)
-- Revenues for 2012 totaled 714.0 million (m), an increase of 6.8% compared
to the year before [2011: 668.4m].
-- EBITDA was 86.0m or 12.0% of revenues compared with 87.0m in 2011 [2011:
98.0m normalized].
[1]
-- Operating profit was 61.1m or 8.6% of revenues compared with 62.2m in 2011
[2011: 73.2m normalized].1
-- Net result for 2012 was 35.6m compared to 34.5m in 2011. Earnings per share
were 4.88 euro cents [2011: 4.70 euro cents].
-- Cash flow remains healthy and net interest bearing debt is 243.2m at the
end of 2012 [2011: 250.5m].
-- The order book was at 125.4m at the end of the year [2011: 188.9m].
Playing on its strengths by reaping the benefits of integration and a global
network of sales and service, Marel showed solid revenue growth of 6.8%.
Marel’s core business has grown organically by 29% in the last four years, a
period which has been economically challenging.
Revenues for the year are in line with the Company’s expectations with EBIT
margin of 8.6%, below the long-term target of 10-12%. Last year was challenging
in Europe and USA with delays in high margin standard equipment whereas sales
of large projects in new markets continued to grow. Large greenfield projects
are expected to generate future revenues in the form of standard equipment and
service related revenues.
Theo Hoen, CEO:
“A healthy 6.8% growth in a challenging market is an achievement. In the last
four years we have grown immensely. We have introduced a steady pipeline of new
products, strengthened our sales and service network, and at the same time we
have merged several companies into one.
Last year we saw strong growth in our fish segment and in fourth quarter we saw
signs of a turn-around in the meat industry. We maintained our position as
market leader in further processing, and the poultry segment remained the
backbone of our revenue base with returns above target.
We expect moderate growth in 2013, assuming recovery in our established markets
in the second half of the year, in particular in USA which has been in downturn
for over two years. Looking further into the future, we believe that our
innovative products and standardization of solutions and service in all our
industries will secure strong organic growth. With increased sales of standard
solutions and focus on operational excellence we expect to be back on track
with 10-12% EBIT in the second half of 2013.”
The Company’s revenue base remains strong and can generally be divided into
three approximately equal components: 1) the sale of large systems, often for
greenfield projects, 2) the sale of stand-alone equipment and smaller
standardized systems, and 3) service and spare parts. However, last year large
projects generated around 40% of revenues, whereas standard solutions accounted
for less than 25%, lagging behind the previous two years, resulting in lower
gross profit in 2012. Marel’s poultry industry sector still accounts for over
50% of the Company’s revenues; however, there are signs that other segments may
grow faster in the coming years.
The Board of Directors will propose to the Annual General Meeting (AGM) on 6
March 2013 that a dividend of 0.97 euro cents per share be paid for the
operational year 2012 [2011: 0.95 euro cents per share]. Based on the current
number of outstanding shares, the estimated total dividend payment will be
approximately EUR 7.1m, corresponding to about 20% of profits for the year. The
proposed dividend is in line with Marel’s targeted capital allocation and
dividend policy introduced at the 2011 AGM.
If approved by Marel’s shareholders, the Company’s shares traded on and after 7
March 2013 (Ex-Date) will be ex-dividend and the right to a dividend will be
constricted to shareholders identified in the Company’s Shareholders’ Registry
at the end of 11 March 2013, which is the proposed record date. The Board will
propose that payment date of the dividend is 5 April 2013.
Q4 2012 results
Solid revenues with lower profit margin
-- Revenues for Q4 2012 totaled 178.4m, a decrease of 3% compared to revenues
for the same period the year before [Q4 2011: 183.9m].
-- EBITDA was 19.5m, or 10.9% of revenues [Q4 2011: 27.9m].
-- Operating profit (EBIT) was 13.6m, or 7.6% of revenues [Q4 2011: 21.6m].
-- Net result was 7.1m for Q4 2012 [Q4 2011: 15.0m].
-- Operating cash flow before interest and tax remains healthy at 28.6m for Q4
compared to 19.9m in Q4 2011.
In the face of challenging economic conditions throughout 2012, Marel generated
healthy revenue stream based on its strong market position and product
pipeline. Orders received during Q4 2012 amounted to 152.3m [Q4 2011: 176.0m]
which is an increase from previous quarter. At the end of 2012, the order book
amounted to 125.4m as opposed to 188.9m at the end of the previous year.
In December 2012, Marel signed an agreement with its lenders to amend and
extend the term of present loan facilities from November 2010 by one year, or
to the end of 2016. This important achievement in global, turbulent financial
markets will lead to more efficient financing and lower financing cost.
Presentation of results, 6 February 2013
Marel will present its results at an investor meeting on Wednesday, 6 February,
at 8:30 am (GMT), at the Company’s headquarters at Austurhraun 9, Gardabaer.
The meeting will also be webcast at www.marel.com/webcast.
See complete announcement in enclosed pdf file.
[1]Taking into account the one-off cost related to pension funding amounting to
11m.Attachment (.pdf) Attachment (.pdf) Attachment (.pdf) |
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29.1.2013 07:59 | Consolidated financial statement 2012 - Presentation 6 Feb 2013... 29.1.2013 07:59Consolidated financial statement 2012 - Presentation 6 Feb 2013Marel will release the Company’s consolidated financial statement for 2012 after market closing on 5 February 2013. Marel hf. invites market participants and investors to a meeting where the financial results for 2012 will be presented by Theo Hoen, CEO and Erik Kaman, CFO. The presentation will be held on Wednesday 6 February, at 8:30 am (GMT), at the Company's headquarters, Austurhraun 9, Gardabaer. Please note that the meeting will also be webcast at www.marel.com/webcast. Breakfast will be served from 8:00 am. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4.1.2013 15:53 |
Stefnir hf.
4.1.2013 15:53Stefnir hf.Attached is information on major shareholder announcements.Attachment (.pdf) |
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21.12.2012 16:12 | Marel extends maturity of financing and converts all loans to senior level... 21.12.2012 16:12Marel extends maturity of financing and converts all loans to senior levelToday, Marel is pleased to announce that it signed an amend & extend of its current long-term financing entered into in November 2010, originally in the amount of EUR 350 million. A consortium of international banks: ABN AMRO, Friesland Bank, ING Bank, Landsbankinn, LB Lux and Rabobank agreed to amend the terms of the original credit facilities with effective date on 31 December 2012. While the terms and conditions generally remain in line with Loan Market Association (LMA) corporate standards, the key amendments are: -- The junior loan is converted into senior debt, making it an all senior facility. -- The remaining tenor is four years as the facility is extended by one year with final maturity in November 2016 as opposed to November 2015. -- Initial interest terms are EURIBOR/LIBOR +250 bps for the facility depending on leverage. Erik Kaman, CFO: “We are very satisfied with the financing structure of Marel agreed in 2010 and the bank consortium supporting it. Now we have amended the facility on favourable terms to an all senior structure and prolonged the facilities by one year. This will allow us to further reduce interest costs and support the company‘s long term strategy and goals.“ For further information, please contact: Helga Björk Eiriksdottir, Investor and Public Relations Manager, Helga.eiriksdottir@marel.com, tel: (+354) 563-8453 About Marel Marel is the leading global provider of advanced equipment, systems and services to the fish, meat and poultry industries. With offices and subsidiaries in more than 30 countries and a global network of more than 100 agents and distributors, we work side-by-side with our customers to extend the boundaries of food processing performance. Advance with Marel for all your processing needs. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.11.2012 14:59 | Date of transaction: 12 November 2012 12.11.2012 14:59Date of transaction: 12 November 2012Viðskipti með eigin bréf/transaction in own financial instruments Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 12.11.2012 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 76.000 Gengi/Verð pr. Hlut/Price: 88,17 ISK Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 4.128.950 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Kaupin eru gerð til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
25.10.2012 09:06 |
Presentation for market participants and investors
25.10.2012 09:06Presentation for market participants and investorsAttached is a presentation of financial results of Marel hf. for Q3 2012
delivered at a meeting held with market participants and investors 25 October
2012.Attachment (.pdf) |
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24.10.2012 18:12 |
Marel Q3 2012 results
24.10.2012 18:12Marel Q3 2012 resultsSlower growth with improving profit margins
(All amounts in EUR)
-- R
evenues for Q3 2012 totalled 164.3 million, a decrease of 2.8%
compared to the third quarter of 2011 [169.1 million].
R
evenues YTD are up by 10.6% compared with 9 months 2011.
-- EBITDA was 20.5 million or 12.5% of revenues [Q3 2011: 25.8 million].
-- Operating profit (EBIT) was 14.1 million or 8.6%
of revenues in Q3 2012 [Q3 2011: 19.5 million].
-- Net result for Q3 2012 was 8.4 million [Q3 2011: 10.5 million]. Basic
earnings per share in Q3 were 1.15 euro cents [Q3 2011: 1.42 euro cents].
-- Cash flow from operating activities was 13.7 million and net
interest-bearing debt was 261.1 million at the end of the quarter.
-- The order book amounted to 151 million at the end of the quarter compared
to 196.8[1] million at the end of Q3 2011.
Revenues for the first nine months of 2012 show growth of 10.6% compared to
same period last year. The operating profit (EBIT) YTD is 8.9% which is below
the Company’s target (10-12%) for the full year.
Marel expects the revenues growth for the year 2012 to be around 5-6% with
revised EBIT margin of around 9%.
Theo Hoen, CEO:
“The market in 2012 has been challenging with results in last two quarters
below our target. Despite this I feel we are doing well. We have achieved
strong growth this year with operating profits close to 9% and expect to meet
our EBIT target of 10-12% soon again. We believe that demand is building up and
we have many promising projects underway which we expect will turn into orders
in the near future.
With our strong global sales and service network we are uniquely positioned to
deliver our innovative products. The efforts of our people to create a market
driven organisation are showing results. Our fish segment is doing very well
and the outlook for our meat segment is improving. All in all, we are well on
track realising our growth agenda and I´m optimistic for the coming years.”
Revenues are expected to reach 700 million in 2012
Revenues totalled 535.6 million for the 9-month period ending 30 September
which is an increase of 10.6% compared to the previous year. Marel has grown
rapidly in the last few years. The third quarter reflects a slower pace in the
world’s economy resulting in uncertainty which has caused delays in investment.
Marel has emphasised fluctuations between quarters. For the moment the
uncertain market conditions are reflected in the Company’s operations. However,
the revenue split in the third quarter is geographically well balanced with
large projects coming in from Canada, Saudi Arabia and Russia. As discussed
further below under “Markets”, the near- and long-term outlook remains good
with steady growth projected in the protein industry. Therefore, Marel
maintains its goal for EUR 1 billion turnover in 2015.
Expected EBIT margin of around 9% for the full year 2012
-- Operating profit (EBIT) was 47.4 million for the first nine months of the
year, or 8.9% of revenues, compared to 51.5 million normalised
[2]
for the same period of last year.
-- The EBIT margin is expected to be around 9% for the full year.
Operating profit has improved since last quarter and is up to 8.6% from 6.5% in
Q2 while falling below the Company’s target. The main reasons are similar to
last quarter; there were some extra costs of realising projects and the product
mix was rather unfavourable due to market conditions. There was less demand for
standalone equipment whereas larger projects have lower margins. However,
larger projects create future demand for standard products and services.
Order book at acceptable level
Orders received during the third quarter are at the lower end of what Marel has
seen in the recent past, amounting to 133 million. The timing of large orders
received always impacts the level of the order book which now amounts to 151.4
million. Marel’s customers are faced with difficult economic conditions coupled
with higher feed prices, which has caused delays in investment decisions both
in larger projects and standalone equipment as well as in spare parts and
services. The manufacturing load is at acceptable level. The company’s position
in the market is strong and the near to long-term outlook for orders received
is positive as the protein industry is expected to grow steadily in the coming
year
Presentation of results, 25 October 2012
Marel will present its results at an investor meeting on Thursday, 25 October,
at 8:30 am (GMT), at the Company’s headquarters at Austurhraun 9, Gardabaer.
The meeting will also be webcast at www.marel.com/webcast.
See complete announcement in enclosed pdf file.
[1]This is a restated figure for Q3 2011 of EUR (7.3) million, in accordance
with the Q2 presentation which disclosed that the order book was restated
following the new set-up of the organisation.
[2]Taking into account the one-off cost related to pension funding amounting to
11.1 million.Attachment (.pdf) Attachment (.pdf) |
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19.10.2012 10:06 | Marel hf. - Financial Statement Release 19.10.2012 10:06Marel hf. - Financial Statement ReleaseQ3 2012 - Investor meeting 25 October 2012 Marel hf. invites market participants and investors to a meeting where the Company's consolidated financial statement for Q3 2012 will be presented. The results will be presented by Theo Hoen, CEO, Erik Kaman, CFO, and Sigsteinn P. Gretarsson, COO. The presentation will be held on Thursday 25 October, at 8:30 am (GMT), at the Company's headquarters, Austurhraun 9, Gardabaer. Please note that the meeting will also be webcast at www.marel.com/webcast Breakfast will be served from 8:00 am. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
27.9.2012 16:41 | Supreme Court rules in favour of Marel 27.9.2012 16:41Supreme Court rules in favour of MarelThe Supreme Court of Iceland has today, 27 September, given its judgement in the case Glitnir bank hf. brought against Marel hf. The verdict is in favour of Marel. The judgement is accessible in whole (in Icelandic only) on the Court’s website: http://www.haestirettur.is/domar?nr=8334. The case originates from a dispute between the parties on the method of settlement of certain derivative agreements, which were made in relation to the issuance of a bond (MARL 06 1) in 2006. Immediately following the collapse of Glitnir in October 2008, Marel’s management requested that the agreements would continue to be valid until the agreed end date of February 2012. However, Glitnir was not able to honour its obligations under the agreements and the parties agreed on a settlement on 5 May 2009. As a result, Marel paid EUR 20.3 million to Glitnir. Using a different method of calculating the settlement amount, Glitnir claimed that Marel should pay an additional EUR 4 million plus 6% interest from the date of settlement. Marel’s opinion was that this approach was invalid as Glitnir had failed to meet the terms of the derivatives agreements and could therefore not claim further payment profiting from the Bank’s failure to comply with the agreements. Both parties agreed to file their disagreement on the method of calculation to the Icelandic courts for resolution. The District Court of Reykjanes ruled in favour of Marel 12 April 2011, and now the Supreme Court of Iceland has given its verdict on the matter, reaffirming the ruling of the District Court. Marel welcomes this decision given it supports the company’s position on this matter. The case is now closed and puts an end to any uncertainty relating to Marel’s original settlement with Glitnir. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
27.8.2012 10:50 | Transaction in own financial instruments 27.8.2012 10:50Transaction in own financial instrumentsDate of transaction: 27 August 2012 Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 27.08.2012 Kaup eða sala/Buy or Sell: Kaup/Buy Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 450.000 Gengi/Verð pr. hlut/Price pr. share: 141,50 ISK Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 4.204.950 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Kaupin eru gerð til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
15.8.2012 17:00 | Date of transaction August 15 2012 15.8.2012 17:00Date of transaction August 15 2012Nafn/Name: Marel hf Dagsetning viðskipta/Date of transaction: 15.08.2012 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument Hlutabréf /Equities Fjöldi hluta/Number of shares: 741.500 Gengi/Verð pr. Hlut/Price: ISK 84,98 per hlut/ISK 84,98 per share Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 3.754.950 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskipti til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8.8.2012 15:09 | Date of announcement August 8 2012 8.8.2012 15:09Date of announcement August 8 2012Auðkenni útgefanda/Trade ticker: MARL Nafn útgefanda/Issuer: Marel hf. Dagsetning tilkynningar/Date of announcement: 8. ágúst 2012 Nafn fruminnherja/Name primary insider: Sigsteinn P. Grétarsson Tengsl fruminnherja við útgefanda/Insider's relation with the issuer: Aðstoðarforstjóri/COO Dagsetning viðskipta/Date of transaction: 8. ágúst 2012 Tímasetning viðskipta/Time of transaction: 0 Tegund fjármálagernings/Type of financial instrument: Hlutabréf/Equities Kaup eða sala/Buy or Sell: Sala/Sale Fjöldi hluta/Number of shares: 500.000 Verð pr. Hlut/Price per share: 141,50 ISK Fjöldi hluta í eigu fruminnherja eftir viðskipti/Primary insider's holdings after the transaction: 25.997 Fjöldi hluta sem fruminnherji á kauprétt að/Primary insider's option holdings after the transaction: 625.000 Fjöldi hluta fjárhagslega tengdra aðila eftir viðskipti/Related parties' holdings after the transaction: 0 Dagsetning lokauppgjörs*/Date of settlement*: Athugasemdir*/Comments*: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8.8.2012 15:06 | Date of announcement 8. ágúst 2012 8.8.2012 15:06Date of announcement 8. ágúst 2012Auðkenni útgefanda/Trade ticker: MARL Nafn útgefanda/Issuer: Marel hf. Dagsetning tilkynningar/Date of announcement: 8. ágúst 2012 Nafn fruminnherja/Name primary insider: Sigsteinn P. Grétarsson Tengsl fruminnherja við útgefanda/Insider's relation with the issuer: Aðstoðarforstjóri/COO Dagsetning viðskipta/Date of transaction: 8. ágúst 2012 Tímasetning viðskipta/Time of transaction: 0 Tegund fjármálagernings/Type of financial instrument: Hlutabréf/Equities Kaup eða sala/Buy or Sell: Kaup/Buy Fjöldi hluta/Number of shares: 500.000 Verð pr. Hlut/Price per share: 87,41 ISK Fjöldi hluta í eigu fruminnherja eftir viðskipti/Primary insider's holdings after the transaction: 525.997 Fjöldi hluta sem fruminnherji á kauprétt að/Primary insider's option holdings after the transaction: 625.000 Fjöldi hluta fjárhagslega tengdra aðila eftir viðskipti/Related parties' holdings after the transaction: 0 Dagsetning lokauppgjörs*/Date of settlement*: 0 Athugasemdir*/Comments*: Viðskipti í samræmi við framkvæmd kaupréttarsamninga / Transaction according to stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8.8.2012 15:02 | Date of transaction 8.8.2012 8.8.2012 15:02Date of transaction 8.8.2012Viðskipti með eigin bréf/transaction in own financial instruments Nafn/Name: Marel hf Dagsetning viðskipta/Date of transaction: 8.8.2012 Kaup eða sala/Buy or Sell: Sala/sell Tegund fjármálagernings/Type of instrument: Hlutabréf /Equities Fjöldi hluta/Number of shares: 984.000 Gengi/Verð pr. Hlut/Price: ISK 86,54 per hlut/ISK 86,54 per share Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 4.496.450 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskipti til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8.8.2012 13:26 | Correction - Date of transaction 8.8.2012 - Published 2012-08-08 14:30:46... 8.8.2012 13:26Correction - Date of transaction 8.8.2012 - Published 2012-08-08 14:30:46Correction: Date of transaction August 8 Nafn/Name: Marel hf Dagsetning viðskipta/Date of transaction: 8.8.2012 Kaup eða sala/Buy or Sell: Kaup/Buy Tegund fjármálagernings/Type of instrument Hlutabréf /Equities Fjöldi hluta/Number of shares: 620.000 Gengi/Verð pr. Hlut/Price: ISK 139,50 per hlut/ISK 139,50 per share Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 5.480.450 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Kaupin eru gerð til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8.8.2012 12:30 | Date of transaction 9.8.2012 - Transaction in own financial instruments... 8.8.2012 12:30Date of transaction 9.8.2012 - Transaction in own financial instruments Nafn/Name: Marel hf Dagsetning viðskipta/Date of transaction: 9.8.2012 Kaup eða sala/Buy or Sell: Kaup/Buy Tegund fjármálagernings/Type of instrument Hlutabréf /Equities Fjöldi hluta/Number of shares: 620.000 Gengi/Verð pr. Hlut/Price: ISK 139,50 per hlut/ISK 139,50 per share Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 5.480.450 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Kaupin eru gerð til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3.8.2012 15:30 | Marel hf. : Share options cash settled 3.8.2012 15:30Marel hf. : Share options cash settled375,000 share options in Marel hf. granted on 3 June 2008 to Mr. Theo Bruinsma, then Managing Director of Stork Townsend and now Member of the Board of Directors of Marel hf., vested on 1 July 2012. Mr. Bruinsma has now chosen to exercise his options but due to restrictions in the Act on Public Limited Companies and the Act on Foreign Exchange as well as terms of his stock option agreement, no transaction will take place. Instead it will be settled with cash payment equaling to the difference of the exercise price (ISK 87.41) and market price (ISK 139.50), multiplied with the number of share options. The amount paid to Mr. Bruinsma corresponds to EUR 127,000 on today’s ISK/EUR mid-rate issued by the Central Bank. Mr. Bruinsma holds no further stock options in Marel hf. after this settlement. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
26.7.2012 09:29 |
Presentation for market participants and investors
26.7.2012 09:29Presentation for market participants and investorsAttached is a presentation of financial results of Marel hf. for Q2 2012
delivered at a meeting held with market participants and investors 26 July
2012.Attachment (.pdf) |
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25.7.2012 16:51 |
Marel Q2 2012 results
25.7.2012 16:51Marel Q2 2012 resultsStrong growth with lower profit margins in Q2
-- R
evenues for Q2 2012 totalled 186.5 million, an increase of 15.2%
compared to the second quarter of 2011 [161.9 million].
-- EBITDA was 18.6 million or 10.0% of revenues [Q2 2011 normalised: 20.9
million].
-- Operating profit (EBIT) was 12.2 million or 6.5% of revenues [Q2 2011
normalised: 15.0 million].
-- Net result for Q2 2012 was 7 million [Q2 2011: 0.2 million[1]]. Basic
earnings per share were 0.96 euro cents [Q2 2011: 0.03].
-- Cash flow remains healthy and net interest-bearing debt is 262 million at
the end of the quarter compared to 248.8 million in Q2 2011.
-- The order book remains at a good level of 182.6 million at the end of the
quarter compared to 169 million at the end of Q2 2011.
EBIT margin of 9% in first half 2012
-- Revenues totalled 371.3 million for the first half of the year, an increase
of 17.7% compared to revenues for the same period the year before [1H 2011:
315.4 million].
-- Operating profit (EBIT) was 33.3 million for the first half of the year, or
9% of revenues [1H 2011 normalised: 32.1 million].
-- Net result was 20.1 million for the first half of the year [1H 2011: 9.0
million consolidated
[2]
].
Marel shows strong market performance in the second quarter with revenues
amounting to 186.5 million, which is 15.2% higher than in the previous year.
EBIT margin of 6.5% in Q2 is below target (10-12%) for the full year. This is
mainly due to the extra cost of realising some projects, coping with continued
strong growth and an unfavourable product mix. The EBIT margin is 9% for the
first half of the year and the target remains at 10-12%.
The second quarter signals a well balanced geographical split with large
projects in Brazil, Turkey, the USA, South Africa and Russia. The revenue split
across the Poultry, Fish and Further Processing industries is also at a good
level.
Theo Hoen, CEO:
“We are satisfied that the business keeps growing and the order book stays at a
good level. We have emphasised that results can vary from quarter to quarter.
That is the case in the second quarter of this year. We have grown by 18%
compared to the first half of last year with an EBIT margin of 9%.
Marel has a strong market position with good geographical spread and innovative
products. Our aim is clearly to reach the EBIT target of 10 to 12% for the full
year.”
Order book at good level
In Q2 there was a good pace of orders received (including service revenues),
which amounted to 179.6 million compared to 168.8 million in Q2 2011. The main
drivers of growth are orders for complete processing lines that comprise a wide
range of products, such as the new salmon filleting system, which is taking off
thanks to its value-adding features for the benefit of the customer, as well as
innovative products like the AeroScalder.
Performance summary for Q2 2012
Key figures from Marel's operations in thousands of EUR
Operating Quarter Quarter 2 Change Quarter 2 Quarter 2 Change
results 2
Consolidated, 2012 2011 in % 2012 YTD 2011 YTD in %
(normalised
for 2011 Q2
and YTD) 1)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Revenues 186.469 161.854 15,2 371.333 315.391 17,7
Gross profit 62.277 57.883 7,6 130.269 116.800 11,5
Gross profit 33,4 35,8 35,1 37,0
as a % of
revenues
Result from 12.210 14.959 (18,4) 33.330 32.080 3,9
operations
(EBIT)
EBIT as a % 6,5 9,2 9,0 10,2
of revenues
EBITDA 18.570 20.942 (11,3) 45.971 44.265 3,9
EBITDA as a 10,0 12,9 12,4 14,0
% of
revenues
Consolidated 6.988 229 2.951, 20.057 9.004 122,8
net result 7
Net result 3,7 0,1 5,4 2,9
as a % of
consolidate
d revenues
Orders 179.619 168.822 6,4 365.039 329.579 10,8
received 2)
Order book 182.561 168.981 8,0
---------------------------------------------------------
---------------------------------------------------------
1) The 2011 numbers are normalised for EUR 11.1 mln
one-off costs for pension related issues.
2) Included are
service
revenues.
Cash flows
---------------------------------------------------------
---------------------------------------------------------
Cash generated 9.787 7.377 23.297 21.492
from operating
activities,
before interest
& tax
Net cash from 4.902 2.709 14.499 11.171
(to) operating
activities
Investing (9.016) (5.602 (16.201 (10.841
activities ) ) )
Financing (8.719) (9.693 (9.591) (32.557
activities ) )
------------------------------------
------------------------------------
Net cash flow (12.833) (12.58 (11.293 (32.227
6) ) )
Financial position
---------------------------------------------------------
---------------------------------------------------------
Net interest 261.988 248.795
bearing debt
Operational 117.890 78.649
working capital
3)
3) Third party debtors, inventories, net work in progress
and third party creditors.
Key ratios
---------------------------------------------------------
---------------------------------------------------------
Current ratio 1,3 1,3
Quick ratio 0,9 0,8
Number of 730.709 735.569
outstanding
shares
Market capitalisation in millions of euros based 697,1 532,1
on exchange rate at end of period
Return on equity 10,5% 5,2%
Earnings per 0,96 0,03 2,76 1,23
share in euro
cents
Leverage 4) 2,63 2,76
4) Net interest bearing debt / normalised
last twelve months EBITDA.
Markets
Marel’s core business focuses on four industry segments: poultry, fish, meat
and further processing.
Poultry: The order intake was again good for the 2nd quarter of this year, with
large orders coming in from Europe, Russia, Korea, Turkey and Brazil. The
Company’s load factor for its manufacturing facilities continues to be good.
This quarter’s major orders included two important greenfield projects: a
complete duck processing plant in Russia and a new high speed broiler
processing plant in Turkey that includes our innovative AeroScalder. We
received an important order in Brazil to replace a significant amount of
existing eviscerating systems with our Nuova eviscerating system, and a large
additional order from Korea.
Fish: We experienced great interest in Marel equipment at the SPE exhibition in
Brussels in April. There were many visitors at the Marel stand and several
deals were signed. In general, orders received in the second quarter met our
expectations, especially for larger systems. Marel completed many larger
installations in the quarter, both for salmon and whitefish processors. Amongst
these are installations of the newly launched MS 2730 salmon filleting machines
as well as the new standard flowline. The outlook for the next quarters is
viewed as quite positive.
Meat: Q2 has been slow in general. Our customers compete on quite thin margins,
and are experiencing the effect of a surplus of pork in the European market,
combined with a difficult financial and economic climate. Consequently, we are
experiencing investment delays from our customers. Project proposals, however,
have remained high, with activity mainly coming from Northern Europe, the US
and Pacific regions. Of particular interest to processors is our unique
StreamLine concept, which offers processors a solution for improving logistics
in the deboning hall, whilst ensuring product tracking and improved ergonomic
solutions for employees. In Poland we are nearing completion of the largest
Case Ready greenfield factory project that Marel has ever supplied. We remain
optimistic of new projects in the future.
Further processing: During the first half of 2012, the total order intake has
been according to plan, mainly thanks to further processors expanding their
capacity with full lines. Marel recently received a large order for the new
high capacity Cook-Smoke-Link system based on CoExtrusion technology. There
seems to be a growing interest in our products, particularly apparent in
Central Europe and the Middle East, although the decision-making process has
become significantly slower. To cope with growth in recent quarters, we have
now moved the FP Industry Center to a new building in the same area of Boxmeer.
In the US, the sales organisations for the Meat and Further Processing Industry
Centers have merged, meaning there are more sales managers for a smaller area
and thus a more concentrated market approach. We are working hard on a number
of market introductions for the second half of the year.
Innovation
Innovation portfolio management is a balancing act between short- and long-term
goals. Within Marel different horizons are used. On the short-term horizon,
product maintenance in which many “small” improvements originating from service
and customer feedback are dealt with to keep existing products up-to-date. A
good example of this is the recent launch of a new control and carrier system
for the Poultry AMF breast cap filleting system. It’s designed to improve the
filleting yield and consistency.
In the medium-term R&D horizon, new product concepts are developed based on
existing technology. For example, the inline immersion chill concept fills the
gap between full air chill, as used in most European processing plants, and
full immersion water chill, which dominates a large part of the rest of the
world. Inline Immersion water chill can be applied to enable a transition to
air chill in certain markets or solve space problems in others. Similarly, the
innovative SK 14-430 Poultry Skinner is designed to remove skins from boneless
butterfly chicken breasts, whole legs and thighs with the highest yields on the
market and without the need for water.
Long-term horizon projects usually take a number of years. They generate new
technology concepts to meet unanswered needs or make existing technology
outdated. The Smartweigher and the Innova equipment monitoring software both
belong in this category. The Smartweigher combines all Marel’s knowledge about
dynamic weighing into a stunning, simple solution for the high-speed weighing
of shackles fixed to a chain. It is suitable for many different lines in
poultry processing plants. Innova equipment monitoring helps keep the uptime of
the processing to a maximum and enables managers to make precise operational
decisions.
Operational excellence
Cost efficiency
Despite the setback with excess project costs in Q2, Marel will continue to
maintain a strict focus on rationalisation, manufacturing efficiency and costs.
There are many ongoing projects which aim at streamlining the business and
reducing the Company’s cost base in a sustainable manner despite further growth
in line with strategic goals.
Cash flow
Operational cash flow before interest and tax was positive at 9.8 million,
compared with 7.4 million in Q2 2011. The higher operational working capital
stems from the growth of the Company, although there is measurable improvement
in the working capital resulting from initiatives in that area.
Finance
The balance sheet is solid and net interest-bearing debt amounted to 262
million at the end of Q2 2012, compared with 254.2 million at the end of Q1.
The business remains well invested, though there has been some expansion of
facilities and equipment in order to allow further growth. Cash pooling is one
improvement effort which has already paid off, resulting in lower interest
expenses.
Outlook
Marel is on track with its growth strategy and remains optimistic that 2012
will meet the Company’s performance target of 10-12% despite lower margins in
Q2. Notwithstanding the uncertainties in the world economy, reports project a
steady moderate growth in the food industry. Marel views the fish and poultry
industries at a good level, whereas conditions in the meat industry are less
favourable in the short term. Nevertheless, it should be kept in mind that
results may vary from quarter to quarter due to general economic developments,
fluctuations in orders received and deliveries of larger systems.
Presentation of results, 26 July 2012
Marel will present its results at an investor meeting on Thursday, 26 July, at
8:30 am (GMT), at the Company’s headquarters at Austurhraun 9, Gardabaer. The
meeting will also be webcast at www.marel.com/webcast.
Publication days of the Consolidated Financial Statements in 2012
-- 3
rd
quarter 2012 24 October
2012
-- 4
th
quarter 2012 30 January
2013
For further information, contact:
Helga Björk Eiríksdóttir, Investor Relations Manager, tel: (+354) 563 8543 /
mobile: (+354) 853 8543
Erik Kaman, CFO, tel: (+354) 563 8072
Sigsteinn Grétarsson, COO, tel: (+354) 563 8072
About Marel
Marel is the leading global provider of advanced equipment, systems and services
to the fish, meat and poultry industries. With offices and subsidiaries in more
than 30 countries and a global network of more than 100 agents and
distributors, we work side-by-side with our customers to extend the boundaries
of food processing performance. Advance with Marel for all your processing
needs.
Forward-looking statements
Statements in this press release that are not based on historical facts are
forward-looking statements. Although such statements are based on management’s
current estimates and expectations, forward-looking statements are inherently
uncertain. We, therefore, caution the reader that there is a variety of factors
that could cause business conditions and results to differ materially from what
is contained in our forward-looking statements, and that we do not undertake to
update any forward-looking statements. All forward-looking statements are
qualified in their entirety by this cautionary statement.
[1]Taking into account the one-off cost related to pension funding amounting to
11.1 million.
[2]See footnote 1.Attachment (.pdf) Attachment (.pdf) |
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19.7.2012 10:12 | Marel hf. - Financial Statement Release 19.7.2012 10:12Marel hf. - Financial Statement ReleaseQ2 2012 - Investor meeting 26 July 2012 Marel hf. invites market participants and investors to a meeting where the Company's consolidated financial statement for Q2 2012 will be presented. The results will be presented by Theo Hoen, CEO, Erik Kaman, CFO, and Sigsteinn P. Gretarsson, COO. The presentation will be held on Thursday 26 July, at 8:30 am (GMT), at the Company's headquarters, Austurhraun 9, Gardabaer. Please note that the meeting will also be webcast at www.marel.com/webcast Breakfast will be served from 8:00 am. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11.6.2012 16:18 | Date of transaction June 11 2012 11.6.2012 16:18Date of transaction June 11 2012Viðskipti með eigin bréf/transaction in own financial instruments Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 11. júní 2012 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 899.250 Gengi/Verð pr. Hlut/Price: 85,12 ISK Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 4.860.450 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskipti til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreement | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5.6.2012 08:45 | Marel hf. – Issuance of Stock Options 5.6.2012 08:45Marel hf. – Issuance of Stock OptionsThe Board of Directors of Marel hf. resolved on its meeting on 4 June 2012 to grant up to 11 million shares through stock option agreements with Marel's Board of Management and key employees. The aim of the stock option agreements is to align the interests of the employees and the Company in the long run. This is in accordance with the Company's remuneration policy approved at its Annual General Meeting on 29 February 2012. Furthermore, Marel’s 2010 Annual General Meeting authorised the Board of Directors to increase share capital by as much as 45 million shares in relation to employee stock option agreements. Key terms and conditions of the agreements are as follows: -- The stock option agreements entitle purchase of shares at the base offering price of EUR 0.967 per share [1] that increases annually by 3% (hurdle rate). The exercise price shall be adjusted for any dividend payments made by the Company after the grant date. -- The options are allotted in three layers, so that the first 60% are exercisable in October/November 2015, the second 20% in 2016, and the remaining 20% in 2017. Employees can delay exercise of these options to 2018, when the agreements expire and all allotted but unexercised options are cancelled. -- The options are valid only if the holder is still employed by Marel group (Marel hf. or wholly owned subsidiaries of Marel hf.) at the time of vesting. No put options or financing are related to the stock option agreements, but option holders are able to request so-called cashless exercise, in case they opt for purchasing and selling simultaneously. Total number of shares granted by Marel hf. in stock option agreements with employees, including this new stock option scheme, currently amount to 33.2 million shares. The Company’s cost of the new share option scheme is estimated to be EUR 1.4 million over the next 5 years based on the option pricing model of Black-Scholes. Details on of the share options granted to Board of Management and Managing Directors of Industry Centers and International Sales & Service Network: Name Title New Older granted Shareholding in own stock and unexercised name and/or fin. options options related parties -------------------------------------------------------------------------------- Theo Hoen CEO 600,000 2,350,000 1,500,000 -------------------------------------------------------------------------------- Erik Kaman CFO 450,000 1,850,000 1,675,000 -------------------------------------------------------------------------------- Sigsteinn COO 450,000 675,000 25,997 P. Gretarsson -------------------------------------------------------------------------------- Anton de MD, IC Poultry 315,000 1,100,000 0 Weerd -------------------------------------------------------------------------------- Jon B. MD, IC Fish 210,000 100,000 0 Gunnarsson -------------------------------------------------------------------------------- BertJan MD, IC Further 210,000 125,000 0 Hardenbol Processing -------------------------------------------------------------------------------- David MD, IC Meat 210,000 50,000 0 Wilson -------------------------------------------------------------------------------- Petur MD, Int. Sales 315,000 850,000 114,430 Gudjonsson & Service Network -------------------------------------------------------------------------------- [1]The exercise price is determined by the closing rate of Marel shares at NASDAQ OMX Iceland hf. on 1st June 2012, i.e. ISK 156 per share, calculated with the Central Bank of Iceland EUR/ISK mid rate on that day; 161.35. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1.6.2012 14:44 | Transaction in own financial instruments 1.6.2012 14:44Transaction in own financial instruments Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 31. maí 2012 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 635.500 Gengi/Verð pr. Hlut/Price: 87,26 ISK Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 5.759.700 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskipti til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
21.5.2012 13:59 | Date of transaction: 21 May 2012 21.5.2012 13:59Date of transaction: 21 May 2012Auðkenni útgefanda/Trade ticker: MARL Nafn útgefanda/Issuer: Marel hf. Dagsetning tilkynningar/Date of announcement 21.05.2012 Nafn fjárhagslega tengds aðila sem á viðskipti/Name of related party trading the shares: Eignarhaldsfélag Hörpu ehf. Nafn fruminnherja/Name primary insider: Helgi Magnússon Tengsl fruminnherja við útgefanda/Insider's relation with the issuer: Stjórnarmaður í Marel hf./Member of Board of Directors of Marel hf. Dagsetning viðskipta/Date of transaction: 21.05.2012 Tímasetning viðskipta/Time of transaction: 13:23 Tegund fjármálagernings/Type of financial instrument: Hlutabréf/Equities Kaup eða sala/Buy or Sell: Sala/Sell Fjöldi hluta/Number of shares: 680.000 Verð pr. Hlut/Price per share: 153 Fjöldi hluta í eigu fruminnherja eftir viðskipti/Primary insider's holdings after the transaction: 0 Fjöldi hluta sem fruminnherji á kauprétt að/Primary insider's option holdings after the transaction: 0 Fjöldi hluta fjárhagslega tengdra aðila eftir viðskipti/Related parties' holdings after the transaction: 4.764.044 Dagsetning lokauppgjörs*/Date of settlement*: Athugasemdir*/Comments*: Helgi Magnússon er stjórnarmaður í Marel hf. og eigandi Eignarhaldsfélags Hörpu ehf. Helgi Magnusson is a member of the Board of Directors of Marel hf. and the sole owner of Eignarhaldsfélag Hörpu ehf. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
16.5.2012 10:56 | Date of transaction: 16 May 2012 16.5.2012 10:56Date of transaction: 16 May 2012Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 16.05.2012 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 761.500 Gengi/Verð pr. Hlut/Price: 87,42 ISK Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 6.395.200 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskipti til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.5.2012 12:16 | Date of transaction: 10 May 2012 10.5.2012 12:16Date of transaction: 10 May 2012Viðskipti með eigin bréf/transaction in own financial instruments Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 10. maí 2012 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 433.500 Gengi/Verð pr. Hlut/Price: 87,27 ISK Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 7.156.700 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskipti til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9.5.2012 13:47 |
Date of transaction: 9 May 2012
9.5.2012 13:47Date of transaction: 9 May 2012Information on insider's dealing are attached.Attachment (.doc) |
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9.5.2012 13:42 |
Date of transaction: 9 May 2012
9.5.2012 13:42Date of transaction: 9 May 2012Attached is information on insiders' dealing.Attachment (.doc) |
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9.5.2012 13:36 | Date of transaction: 9 May 2012 9.5.2012 13:36Date of transaction: 9 May 2012Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 9. maí 2012 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf(Equities Fjöldi hluta/Number of shares: 433.500 Gengi/Verð pr. Hlut/Price: 87,27 ISK Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 7.590.200 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskipti til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2.5.2012 16:39 | Date of transaction: 2 May 2012 2.5.2012 16:39Date of transaction: 2 May 2012Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 2.5.2012 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 1.201.300 Gengi/Verð pr. Hlut/Price: 88,68 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 8.023.700 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskipti til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
27.4.2012 10:02 | Date of transaction - 27 April 2012 27.4.2012 10:02Date of transaction - 27 April 2012 Auðkenni útgefanda/Trade ticker: MARL Nafn útgefanda/Issuer: Marel hf. Dagsetning tilkynningar/Date of announcement 27.04.2012 Nafn fjárhagslega tengds aðila sem á viðskipti/Name of related party trading the shares: Eignarhaldsfélag Hofgarðar ehf. Nafn fruminnherja/Name primary insider: Helgi Magnússon Tengsl fruminnherja við útgefanda/Insider's relation with the issuer: Stjórnarmaður í Marel hf./Member of Board of Directors of Marel hf. Dagsetning viðskipta/Date of transaction: 27.04.2012 Tímasetning viðskipta/Time of transaction: Tegund fjármálagernings/Type of financial instrument: Hlutabréf/Equities Kaup eða sala/Buy or Sell: Kaup/Buy Fjöldi hluta/Number of shares: 477.000 Verð pr. Hlut/Price per share: 157,50 Fjöldi hluta í eigu fruminnherja eftir viðskipti/Primary insider's holdings after the transaction: 0 Fjöldi hluta sem fruminnherji á kauprétt að/Primary insider's option holdings after the transaction: 0 Fjöldi hluta fjárhagslega tengdra aðila eftir viðskipti/Related parties' holdings after the transaction: 5.785.044 Dagsetning lokauppgjörs*/Date of settlement*: Athugasemdir*/Comments*: Helgi Magnússon er stjórnarmaður í Marel hf. og eigandi Eignarhaldsfélag Hofgarðar ehf. Helgi Magnusson is a member of the Board of Directors of Marel hf. and the sole owner of Eignarhaldsfélag Hofgarðar ehf. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
27.4.2012 09:19 |
Presentation for market participants and investors
27.4.2012 09:19Presentation for market participants and investorsAttached is a presentation of financial results of Marel hf. for Q1 2012
delivered at a meeting held with market participants and investors 27 April
2012.Attachment (.pdf) |
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26.4.2012 14:50 |
CORRECTION: Marel Q1 2012 results (All amounts in EUR) Published: 2012-04-26 16:25:0...
26.4.2012 14:50CORRECTION: Marel Q1 2012 results (All amounts in EUR) Published: 2012-04-26 16:25:00Strong revenue growth and good profitability
Correction: Earnings per share were 1.80 euro cents insted of 1.80 euros.
-- R
evenues for Q1 2012 totalled 184.9 million, an increase of 20.4%
compared to the first quarter of 2011 [153.5 million].
-- EBITDA was 27.4 million or 14.8% of revenues [Q1 2011: 23.3 million].
-- Operating profit (EBIT) was 21.1 million or 11.4% of revenues [Q1 2011:
17.1 million].
-- Net result for Q1 2012 was 13.1 million [Q1 2011: 8.8 million]. Earnings
per share were 1.80 euro cents [Q1 2011: 1.20] which represents an increase
of 50% from the previous year.
-- Cash flow remains healthy and net interest bearing debt is 254.2 million at
the end of the quarter compared to 250.5 million at year-end 2011.
-- The order book is at a solid level of 201 million at the end of the
quarter, significantly higher than in Q1 2011 [169 million].
Marel starts the year off strong in Q1 and in line with the Company’s growth
strategy. Revenues amounted to 184.9 million, which represents an increase of
20.4% compared to Q1 2011, similar to the record fourth quarter of 2011 [183.9
million]. The EBIT margin of 11.4% is in line with the Company’s target of
10-12% return on sales.
Marel has good geographical revenue split. This quarter, solid growth in areas
such as Asia and South America fully offsets a slower US market. The outlook
for 2012 remains positive based on the level of the order book and market
trends as perceived by Marel.
Theo Hoen, CEO:
“We are satisfied with robust revenues growth and profit is in line with our
targets. Strong order intake continued in the first quarter, particularly in
our poultry and fish business, especially in Asia and South America. Marel
clearly benefits from its strong market position and geographical expansion.
Furthermore, our commitment to investments in innovation enables us to steadily
offer new products and solutions, thus bringing added value to our customers.
We remain focused on improving operational efficiency by enhancing processes
and strengthening our sales and services network. In short, we are well on
track with our strategy and our employees are committed to reaching Marel’s
ambitious goals.”
Order book remains strong
In Q1 there was robust growth in orders received, which amounted to 189 million
compared to 161 million in Q1 2011. Orders received once again exceeded orders
booked off resulting in an order book of 201 million at the end of quarter (Q1
2011: 169 million). The main drivers of growth are innovative products such as
RevoPortioner, Sensor X and the delivery of complete processing lines that
comprise a wide range of products. This is coupled with comprehensive
geographical coverage.
Operating results Quarter Quarter Change
1 1
Consolidated 2012 2011 in %
--------------------------------------------------------------------------------
Revenues 184.864 153.537 20,4
Gross profit 67.992 58.918 15,4
Gross profit as a % of revenues 36,8 38,4
Result from operations (EBIT) 21.119 17.121 23,4
EBIT as a % of revenues 11,4 11,2
EBITDA 27.401 23.323 17,5
EBITDA as a % of revenues 14,8 15,2
Net result 13.068 8.776 48,9
Net result as a % of consolidated revenues 7,1 5,7
Orders received 1) 189.420 160.710 17,9
Order book 200.773 169.328 18,6
--------------------------------------------------------------------------------
1) Included are service revenues.
Cash Flows
--------------------------------------------------------------------------------
Cash generated from operating activities, before 13.509 14.115
interest & tax
Net cash from (to) operating activities 9.596 8.462
Investing activities (7.184) (5.239)
Financing activities (872) (22.863
)
------------------
Net cash flow 1.540 (19.642
)
Financial position
--------------------------------------------------------------------------------
Net interest bearing debt 254.179 247.622
Operational working capital 2) 112.952 60.316
2) Third party debtors, inventories, net work in progress and
third party creditors.
Key ratios
--------------------------------------------------------------------------------
Current ratio 1,3 1,3
Quick ratio 0,9 0,9
Number of outstanding shares 726.344 735.569
Market capitalisation in millions of euros based on 636,5 581,7
exchange rate at end of period
Return on equity 13,9% 10,0%
Earnings per share in euro cents 1,80 1,2
Leverage 3) 2,49 2,74
3) Net interest bearing debt / normalised last twelve
months EBITDA.
Markets
Marel’s core business focuses on four industry segments: poultry, fish, meat
and further processing.
Poultry: This quarter the order intake was good, with large orders coming in
from the US, Central America, Russia, Middle East and Europe. The high load in
the Company’s manufacturing facilities continued. A new greenfield project was
started with the Aeroscalder. Aeroscalder technology allows for reductions in
water and energy consumption and thereby diminishes the carbon footprint of
poultry processing plants. To better service Marel’s customers, a global
service structure is being established. The new structure will enable Marel to
provide ample support throughout the world.
Fish: We had a good start in Q1 marked by the successful Salmon Showhow that
took place at Marel premises in Norresundby, Denmark. The annual event
attracted around 200 customers from the global salmon processing industry,
where they experienced our latest developments in salmon processing systems.
Marel‘s largest single sale in the fish industry was concluded in Q1, a
processing flowline for high-volume processing facilities for whitefish. The
system was introduced in 2011 and features a solution specifically developed to
meet the requirements of the Chinese and other emerging markets. Worker
shortages and higher operating costs have increased demand for greater
automation, a niche for Marel’s economic and labour-saving solutions that
deliver faster processing times, increased yield and improved product handling,
as well as offering better management tools.
Meat: The year started with project activities covering a wide range of Marel
systems, and with a significant number of proposals being submitted. Of
particular note has been the interest of processors in the new Trim Management
System, which was introduced in late 2011. This activity has resulted in
several orders in Q1 with more expected in the second quarter. Although the
meat industry has seen slow activities, there is a future demand as many of the
major processors have plans to replace their old equipment. With Marel being
well placed to satisfy their requirements, we are optimistic of further orders
in the short term. Looking ahead there is good activity in Eastern Europe and
Australasia where we expect to be able to build on our recent successes.
Further processing: The first quarter of 2012 has seen a continued steady order
intake, in line with expectations. Several QX sausage lines were sold in
Western Europe and the US. The RevoPortioner 400 proved to be popular with
smaller businesses and companies with a greater variation in products, a market
segment where there is a noticeable increase in interest. A couple of events
took place in the DemoCenter in Boxmeer, which has expanded to include a
Customer Experience Center where customers can be received in comfortable
surroundings. The first event, hosted together with the Meat Industry Center,
focused on Coating. The second was a Sausage Event. Both attracted an
international mix of customers. At the end of the first quarter, the Further
Processing Industry Center participated in the Anuga FoodTec exhibition
together with the Meat Industry Centre, displaying the new RevoPortioner
500-600-700 and introducing both the ValueFryer and the newest version of the
ModularOven.
Innovation
Investing in R&D is fundamental to the success of Marel. To strengthen its
position in the fish industry Marel has created a new research team. Marel
believes that it is critical to understand the underlying mechanisms of “why
things work“ or “why things do not work“ before transferring knowledge into
equipment. This includes, for example understanding bone connection and muscle
physiology, pre- and postmortem, when modelling chilling curves. Only a
thorough understanding of the principles and mechanisms makes possible the
development of transformational breakthrough technologies, such as SuperChill
for ground fish and Automatic Pinbone Removal. These are two examples of
completely new approaches based on research.
Operational excellence
Cost efficiency
Marel continues to maintain a strict focus on rationalisation, manufacturing
efficiency and cost control. Great effort continues to be invested in creating
further value by ensuring that the Company’s reduced cost base is sustainable
despite the growth in activity.
Cash flow
Operational cash flow before interest and tax remains good at 13.5 million [Q1
2011; 14.1 million]. The higher operational working capital stems from the
growth of the company.
Finance
The balance sheet is strong and net interest bearing debt amounted to 254.2
million at the end of Q1 2012, compared with 250.5 million at the end of Q4
2011. The business remains well invested, though there has been some expansion
of facilities and equipment in order to allow further growth. In February the
remaining ISK denominated, EUR 7.6m equivalent bond issue of Marel matured.
With the repayment of this bond issue Marel has removed the remaining exposure
to the Icelandic krona (ISK) in the balance sheet and is now financed in EUR
and USD in a proportion giving a natural hedge to exposures. During Q1,
according to the AGM’s decision, a dividend of 0.95 euro cents per share was
paid out to shareholders, corresponding to about 20% of Company profits for the
year 2011. The Company also purchased treasury shares to cover the employee
stock option plan. The dividend and the purchase of own shares amounted to EUR
9.5 million.
Outlook
Marel is well on track with its growth strategy and optimistic that 2012 will
be in line with the Company’s expectations, as new markets will compensate for
slower activities in more established markets. A good start in Q1 and the
strength of the order book, signals a solid continuation for 2012. However, it
should be kept in mind that results may vary from quarter to quarter due to
general economic developments, fluctuations in orders received and deliveries
of larger systems.
Presentation of results, 27 April 2012
Marel will present its results at an investor meeting on Friday, 27 April, at
8:30 a.m. GMT, at the Company‘s headquarters at Austurhraun 9, Gardabaer. The
meeting will also be webcast at www.marel.com/webcast.
Publication days of the Consolidated Financial Statements in 2012
-- 2nd quarter 2012
25 July 2012
-- 3rd quarter 2012
24 October 2012
-- 4th quarter 2012
30 January 2013
For further information, contact:
Helga Björk Eiríksdóttir, Investor relations manager, tel: (+354) 563 8453 /
mobile: (+354) 853 8543
Erik Kaman, CFO, tel: (+354) 563 8072
Sigsteinn Grétarsson, COO, tel: (+354) 563 8072
About Marel
Marel is the leading global provider of advanced equipment, systems and services
to the fish, meat and poultry industries. With offices and subsidiaries in more
than 30 countries and a global network of more than 100 agents and
distributors, we work side-by-side with our customers to extend the boundaries
of food processing performance. Advance with Marel for all your processing
needs.
Forward-looking statements
Statements in this press release that are not based on historical facts are
forward-looking statements. Although such statements are based on
management’s current estimates and expectations, forward-looking statements are
inherently uncertain. We, therefore, caution the reader that there are a
variety of factors that could cause business conditions and results to differ
materially from what is contained in our forward-looking statements, and that
we do not undertake to update any forward-looking statements. All
forward-looking statements are qualified in their entirety by this cautionary
statement.Attachment (.pdf) |
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26.4.2012 14:25 |
Marel Q1 2012 results (All amounts in EUR)
26.4.2012 14:25Marel Q1 2012 results (All amounts in EUR)Strong revenue growth and good profitability
-- R
evenues for Q1 2012 totalled 184.9 million, an increase of 20.4%
compared to the first quarter of 2011 [153.5 million].
-- EBITDA was 27.4 million or 14.8% of revenues [Q1 2011: 23.3 million].
-- Operating profit (EBIT) was 21.1 million or 11.4% of revenues [Q1 2011:
17.1 million].
-- Net result for Q1 2012 was 13.1 million [Q1 2011: 8.8 million]. Earnings
per share were 1.80 euro [Q1 2011: 1.20] which represents an increase of
50% from the previous year.
-- Cash flow remains healthy and net interest bearing debt is 254.2 million at
the end of the quarter compared to 250.5 million at year-end 2011.
-- The order book is at a solid level of 201 million at the end of the
quarter, significantly higher than in Q1 2011 [169 million].
Marel starts the year off strong in Q1 and in line with the Company’s growth
strategy. Revenues amounted to 184.9 million, which represents an increase of
20.4% compared to Q1 2011, similar to the record fourth quarter of 2011 [183.9
million]. The EBIT margin of 11.4% is in line with the Company’s target of
10-12% return on sales.
Marel has good geographical revenue split. This quarter, solid growth in areas
such as Asia and South America fully offsets a slower US market. The outlook
for 2012 remains positive based on the level of the order book and market
trends as perceived by Marel.
Theo Hoen, CEO:
“We are satisfied with robust revenues growth and profit is in line with our
targets. Strong order intake continued in the first quarter, particularly in
our poultry and fish business, especially in Asia and South America. Marel
clearly benefits from its strong market position and geographical expansion.
Furthermore, our commitment to investments in innovation enables us to steadily
offer new products and solutions, thus bringing added value to our customers.
We remain focused on improving operational efficiency by enhancing processes
and strengthening our sales and services network. In short, we are well on
track with our strategy and our employees are committed to reaching Marel’s
ambitious goals.”
Order book remains strong
In Q1 there was robust growth in orders received, which amounted to 189 million
compared to 161 million in Q1 2011. Orders received once again exceeded orders
booked off resulting in an order book of 201 million at the end of quarter (Q1
2011: 169 million). The main drivers of growth are innovative products such as
RevoPortioner, Sensor X and the delivery of complete processing lines that
comprise a wide range of products. This is coupled with comprehensive
geographical coverage.
Operating results Quarter Quarter Change
1 1
Consolidated 2012 2011 in %
--------------------------------------------------------------------------------
Revenues 184.864 153.537 20,4
Gross profit 67.992 58.918 15,4
Gross profit as a % of revenues 36,8 38,4
Result from operations (EBIT) 21.119 17.121 23,4
EBIT as a % of revenues 11,4 11,2
EBITDA 27.401 23.323 17,5
EBITDA as a % of revenues 14,8 15,2
Net result 13.068 8.776 48,9
Net result as a % of consolidated revenues 7,1 5,7
Orders received 1) 189.420 160.710 17,9
Order book 200.773 169.328 18,6
--------------------------------------------------------------------------------
1) Included are service revenues.
Cash Flows
--------------------------------------------------------------------------------
Cash generated from operating activities, before 13.509 14.115
interest & tax
Net cash from (to) operating activities 9.596 8.462
Investing activities (7.184) (5.239)
Financing activities (872) (22.863
)
------------------
Net cash flow 1.540 (19.642
)
Financial position
--------------------------------------------------------------------------------
Net interest bearing debt 254.179 247.622
Operational working capital 2) 112.952 60.316
2) Third party debtors, inventories, net work in progress and
third party creditors.
Key ratios
--------------------------------------------------------------------------------
Current ratio 1,3 1,3
Quick ratio 0,9 0,9
Number of outstanding shares 726.344 735.569
Market capitalisation in millions of euros based on 636,5 581,7
exchange rate at end of period
Return on equity 13,9% 10,0%
Earnings per share in euro cents 1,80 1,2
Leverage 3) 2,49 2,74
3) Net interest bearing debt / normalised last twelve
months EBITDA.
Markets
Marel’s core business focuses on four industry segments: poultry, fish, meat
and further processing.
Poultry: This quarter the order intake was good, with large orders coming in
from the US, Central America, Russia, Middle East and Europe. The high load in
the Company’s manufacturing facilities continued. A new greenfield project was
started with the Aeroscalder. Aeroscalder technology allows for reductions in
water and energy consumption and thereby diminishes the carbon footprint of
poultry processing plants. To better service Marel’s customers, a global
service structure is being established. The new structure will enable Marel to
provide ample support throughout the world.
Fish: We had a good start in Q1 marked by the successful Salmon Showhow that
took place at Marel premises in Norresundby, Denmark. The annual event
attracted around 200 customers from the global salmon processing industry,
where they experienced our latest developments in salmon processing systems.
Marel‘s largest single sale in the fish industry was concluded in Q1, a
processing flowline for high-volume processing facilities for whitefish. The
system was introduced in 2011 and features a solution specifically developed to
meet the requirements of the Chinese and other emerging markets. Worker
shortages and higher operating costs have increased demand for greater
automation, a niche for Marel’s economic and labour-saving solutions that
deliver faster processing times, increased yield and improved product handling,
as well as offering better management tools.
Meat: The year started with project activities covering a wide range of Marel
systems, and with a significant number of proposals being submitted. Of
particular note has been the interest of processors in the new Trim Management
System, which was introduced in late 2011. This activity has resulted in
several orders in Q1 with more expected in the second quarter. Although the
meat industry has seen slow activities, there is a future demand as many of the
major processors have plans to replace their old equipment. With Marel being
well placed to satisfy their requirements, we are optimistic of further orders
in the short term. Looking ahead there is good activity in Eastern Europe and
Australasia where we expect to be able to build on our recent successes.
Further processing: The first quarter of 2012 has seen a continued steady order
intake, in line with expectations. Several QX sausage lines were sold in
Western Europe and the US. The RevoPortioner 400 proved to be popular with
smaller businesses and companies with a greater variation in products, a market
segment where there is a noticeable increase in interest. A couple of events
took place in the DemoCenter in Boxmeer, which has expanded to include a
Customer Experience Center where customers can be received in comfortable
surroundings. The first event, hosted together with the Meat Industry Center,
focused on Coating. The second was a Sausage Event. Both attracted an
international mix of customers. At the end of the first quarter, the Further
Processing Industry Center participated in the Anuga FoodTec exhibition
together with the Meat Industry Centre, displaying the new RevoPortioner
500-600-700 and introducing both the ValueFryer and the newest version of the
ModularOven.
Innovation
Investing in R&D is fundamental to the success of Marel. To strengthen its
position in the fish industry Marel has created a new research team. Marel
believes that it is critical to understand the underlying mechanisms of “why
things work“ or “why things do not work“ before transferring knowledge into
equipment. This includes, for example understanding bone connection and muscle
physiology, pre- and postmortem, when modelling chilling curves. Only a
thorough understanding of the principles and mechanisms makes possible the
development of transformational breakthrough technologies, such as SuperChill
for ground fish and Automatic Pinbone Removal. These are two examples of
completely new approaches based on research.
Operational excellence
Cost efficiency
Marel continues to maintain a strict focus on rationalisation, manufacturing
efficiency and cost control. Great effort continues to be invested in creating
further value by ensuring that the Company’s reduced cost base is sustainable
despite the growth in activity.
Cash flow
Operational cash flow before interest and tax remains good at 13.5 million [Q1
2011; 14.1 million]. The higher operational working capital stems from the
growth of the company.
Finance
The balance sheet is strong and net interest bearing debt amounted to 254.2
million at the end of Q1 2012, compared with 250.5 million at the end of Q4
2011. The business remains well invested, though there has been some expansion
of facilities and equipment in order to allow further growth. In February the
remaining ISK denominated, EUR 7.6m equivalent bond issue of Marel matured.
With the repayment of this bond issue Marel has removed the remaining exposure
to the Icelandic krona (ISK) in the balance sheet and is now financed in EUR
and USD in a proportion giving a natural hedge to exposures. During Q1,
according to the AGM’s decision, a dividend of 0.95 euro cents per share was
paid out to shareholders, corresponding to about 20% of Company profits for the
year 2011. The Company also purchased treasury shares to cover the employee
stock option plan. The dividend and the purchase of own shares amounted to EUR
9.5 million.
Outlook
Marel is well on track with its growth strategy and optimistic that 2012 will
be in line with the Company’s expectations, as new markets will compensate for
slower activities in more established markets. A good start in Q1 and the
strength of the order book, signals a solid continuation for 2012. However, it
should be kept in mind that results may vary from quarter to quarter due to
general economic developments, fluctuations in orders received and deliveries
of larger systems.
Presentation of results, 27 April 2012
Marel will present its results at an investor meeting on Friday, 27 April, at
8:30 a.m. GMT, at the Company‘s headquarters at Austurhraun 9, Gardabaer. The
meeting will also be webcast at www.marel.com/webcast.
Publication days of the Consolidated Financial Statements in 2012
-- 2nd quarter 2012
25 July 2012
-- 3rd quarter 2012
24 October 2012
-- 4th quarter 2012
30 January 2013
For further information, contact:
Helga Björk Eiríksdóttir, Investor relations manager, tel: (+354) 563 8453 /
mobile: (+354) 853 8543
Erik Kaman, CFO, tel: (+354) 563 8072
Sigsteinn Grétarsson, COO, tel: (+354) 563 8072
About Marel
Marel is the leading global provider of advanced equipment, systems and services
to the fish, meat and poultry industries. With offices and subsidiaries in more
than 30 countries and a global network of more than 100 agents and
distributors, we work side-by-side with our customers to extend the boundaries
of food processing performance. Advance with Marel for all your processing
needs.
Forward-looking statements
Statements in this press release that are not based on historical facts are
forward-looking statements. Although such statements are based on
management’s current estimates and expectations, forward-looking statements are
inherently uncertain. We, therefore, caution the reader that there are a
variety of factors that could cause business conditions and results to differ
materially from what is contained in our forward-looking statements, and that
we do not undertake to update any forward-looking statements. All
forward-looking statements are qualified in their entirety by this cautionary
statement.Attachment (.pdf) Attachment (.pdf) |
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20.4.2012 10:03 | Marel hf. - Financial Statement Release 20.4.2012 10:03Marel hf. - Financial Statement ReleaseQ1 financial statement 2012 - Presentation 27 April 2012 Marel hf. invites market participants and investors to a meeting where the Company's consolidated financial statement for Q1 2012 will be presented. The results will be presented by Theo Hoen, CEO, Erik Kaman, CFO, and Sigsteinn P. Gretarsson, COO. The presentation will be held Friday, 27 April, at 8:30 a.m. GMT, at the Company's headquarters, Austurhraun 9, Gardabaer. Please note that the meeting will also be webcast at www.marel.com/webcast Breakfast will be served from 8:00 a.m. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
23.3.2012 13:00 | Marel – Top 20 Shareholders 23.3.2012 13:00Marel – Top 20 ShareholdersThe following list shows the 20 largest shareholders in Marel hf. as at end of trading on 20 March. The list reflects the transactions relating to the 5% share held by Landsbankinn, which was sold in an offering on 13 and 14 March. Name No. of shares % Eyrir Invest ehf. 243.366.838 33,09 Grundtvig Invest ApS 61.673.494 8,38 Lífeyrissjóður verslunarmanna 50.090.932 6,81 Columbia Acorn International 35.982.499 4,89 Lífeyrissjóðir Bankastræti 7 30.000.000 4,08 Gildi -lífeyrissjóður 26.439.331 3,59 Stafir lífeyrissjóður 17.953.664 2,44 Sameinaði lífeyrissjóðurinn 17.122.328 2,33 Landsbankinn hf. 15.473.620 2,10 Stefnir - ÍS 5 13.398.189 1,82 Stefnir - ÍS 15 12.713.673 1,73 Festa - lífeyrissjóður 11.754.305 1,60 Columbia Acorn Fund 10.000.000 1,36 Marel hf. – eigin bréf 9.225.000 1,25 Lífeyrissjóður starfsm sveitarfélaga 8.127.127 1,10 Ingunn Sigurðardóttir 6.884.378 0,94 Úrvalsbréf Landsbankans 6.481.287 0,88 Helga Sigurðardóttir 5.831.030 0,79 Súsanna Sigurðardóttir 5.791.055 0,79 Íslandssjóðir hf - Úrval innlendir 5.073.028 0,69 20 largest in total 593.381.778 80,66 The total number of Marel shareholders is currently 2,146 which represents an increase of approx. 350 from the beginning of the year. The free float of the company‘s shares is currently estimated at about 65%. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
15.3.2012 08:39 |
Landsbankinn hf.
15.3.2012 08:39Landsbankinn hf.Attached is information on major shareholder announcements.Attachment (.pdf) |
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14.3.2012 18:05 | Landsbankinn completes a sale of 5% shareholding in Marel hf. for ISK 5.2 billion... 14.3.2012 18:05Landsbankinn completes a sale of 5% shareholding in Marel hf. for ISK 5.2 billionLandsbankinn hf. Offering of up to 5% shareholding in Marel hf. was completed today, Wednesday, 14 March 2012 at 16:00. Landsbankinn’s Capital Markets managed the Offering on behalf of Landsbankinn. Demand in the Offering was very good where investors requested to buy 74.3 million shares in Marel, which equals to 10.1% of the total share capital of Marel. Offers for the shares were between ISK 138-142 per share, but 88% of the amount of the offers, were at price of ISK 142 per share. The Sale Price in the Offering was determined at ISK 142 per share. The total nominal value of accepted offers, after reduction, was 36.778.455 shares in Marel which equals to 5% of the total share capital of Marel. The total sales value of accepted offers, after reduction, in the Offering was ISK 5.2 billion. All accepted Offers were awarded to investors at the same price whereby the lowest approved price determined the Sale Price. Accepted Offers at the same price as the Sale Price were reduced to meet excess demand but never below 100,000 shares at nominal value for each investor. The reduction was 52% on the number of shares exceeding 100,000 shares at nominal value. Offers received at a price below the Sale Price were rejected. Steinthor Palsson, CEO of Landsbankinn: “Marel is a leading company in Iceland and has been listed on the stock exchange since 1992. Strong demand by investor’s in the offering is particularly pleasing. Landsbankinn has been a large shareholder in Marel for the past few years and the investment has delivered good returns for the bank. We look forward to our continuing cooperation with Marel as a creditor and as its commercial bank and thereby participating in the company’s future growth and prosperity.” The Offering took place on the 13th and 14th of March 2012 where investors were invited to make an Offer for the minimum of 100,000 shares at nominal value and the offer price range was between ISK 138-142 per share. The Offering Transaction date was today, Wednesday, 14 March 2012 and the Settlement and delivery date is Monday, 19 March 2012. The Offering was concluded in accordance with the Terms of Offering that was published on the NASDAQ OMX Iceland News System and on Landsbankinn‘s website: www.landsbankinn.is on 12 March 2012. The Offering was based on an exemption from the publication of a prospectus, in accordance with Point 1 (c) of the first paragraph of Article 50 of Act No. 108/2007, on Securities Transactions. For further information, contact: Helgi Thor Arason, Director of Capital Markets at Landsbankinn. Tel: +354 410 7335 Hreidar Bjarnason, Managing Director of Markets and Treasury at Landsbankinn. Tel: +354 410 7313 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13.3.2012 17:20 |
Terms of offering
13.3.2012 17:20Terms of offeringPlease find attached information of terms of offering from Landsbankinn
published yesterday concerning sale of up to 5% shareholding of Marel.
Terms of offering and further information is to be found on the website of
Landsbankinn: www.landsbankinn.isAttachment (.pdf) |
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12.3.2012 10:22 | Landsbankinn intends to sell up to 5% holding in Marel hf.... 12.3.2012 10:22Landsbankinn intends to sell up to 5% holding in Marel hf.Landsbankinn hf. has decided to offer for sale up to 5% of its shareholding in Marel hf. The already issued and outstanding shares in Marel, currently held by Landsbankinn, are part of the bank's total shareholding of 6.84% in Marel. Landsbankinn Capital Markets manages the sale of the shares through an auction whereby an authorised exemption to the issue of prospectus is applicable, in accordance with the provisions of point 1 (c) of the first paragraph of Article 50 of Act No. 108/2007, on Securities Transactions. Minimum offers are for 100,000 shares in Marel at nominal value, with the minimum offer price set at ISK 138 per share and the maximum offer price at ISK 142 per share. Under the terms of the auction, all approved offers will be awarded to participants at the same price. The lowest accepted price determines the auction price. Detailed terms of the auction, as well as offer forms, will be available from Landsbankinn Capital Markets following closing of markets at the NASDAQ OMX Iceland today, Monday. Offers will be accepted as of Tuesday, 13 March 2012, at 10:00 (GMT +0). The time limit to submit offers expires on Wednesday, 14 March 2012, at 16:00 (GMT +0). The outcome of the auction will be announced on the NASDAQ OMX Iceland news system when the auction is completed. For further information, contact: Helgi Thor Arason, Director of Capital Markets at Landsbankinn. Tel: +354 410 7335 Hreiðar Bjarnason, Managing Director of Markets and Treasury at Landsbankinn. Tel: +354 410 7313 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.3.2012 09:51 | New market-making agreement between Marel hf. and Landsbankinn hf.... 12.3.2012 09:51New market-making agreement between Marel hf. and Landsbankinn hf.Marel hf. and Landsbankinn hf. have entered into a revised market-making agreement with for the company's issued shares. The purpose of market making is to facilitate trading in the company's shares on the Nasdaq OMX Nordic Exchange Iceland (the Exchange). Landsbankinn is committed to making daily bid and ask offers on the Exchange for shares in Marel hf. (MARL) for a minimum of ISK 200,000 at nominal value at a price which Landsbankinn determines in every instance. The maximum bid-ask spread shall not exceed 1.5% and the deviation from the last transaction price shall not exceed 3%. The maximum aggregated market value of total trades which Landsbankinn is committed to buy or sell each day is ISK 150,000,000. The agreement, which is valid for an undefinite period, is effective as of 15th March 2012 and is terminable with one month notice. As an effect, the current market-making agreement between the partieswill be terminated at the same time. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11.3.2012 20:27 |
Landsbankinn hf.
11.3.2012 20:27Landsbankinn hf.
Attached is information on major shareholder announcements.Attachment (.pdf) |
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11.3.2012 17:17 | Correction: Date of transaction; March 11th 2012 Published 2012-03-11 18:01:30 GMT... 11.3.2012 17:17Correction: Date of transaction; March 11th 2012 Published 2012-03-11 18:01:30 GMTCorrection: Related parties' holdings after the transaction andRelated parties' holdings after the transaction: Auðkenni útgefanda/Trade ticker: MARL Nafn útgefanda/Issuer: Marel hf. Dagsetning tilkynningar/Date of announcement: 11. mars 2012 Nafn fruminnherja/Name primary insider: Eyrir Invest ehf. Tengsl fruminnherja við útgefanda/Insider's relation with the issuer: Stærsti hluthafi/Largest shareholder Dagsetning viðskipta/Date of transaction: 11. mars 2012 Tímasetning viðskipta/Time of transaction: Tegund fjármálagernings/Type of financial instrument: Hlutabréf/Equities Kaup eða sala/Buy or Sell: Sala/Sell Fjöldi hluta/Number of shares: 18.600.000 Verð pr. Hlut/Price per share: 140 Fjöldi hluta í eigu fruminnherja eftir viðskipti/Primary insider's holdings after the transaction: 243.366.838 Fjöldi hluta sem fruminnherji á kauprétt að/Primary insider's option holdings after the transaction: Fjöldi hluta fjárhagslega tengdra aðila eftir viðskipti/Related parties' holdings after the transaction: 332.288 Dagsetning lokauppgjörs*/Date of settlement*: Athugasemdir*/Comments*: Árni Oddur Þórðarson, forstjóri Eyris Invest ehf. er formaður stjórnar Marel hf og Margrét Jónsdóttir, fjármálastjóri Eyris Invest situr í stjórn Marel hf./Arni Oddur Thordarson, CEO of Eyrir Invest ehf. is the Chairman of Board of Marel hf. and Margret Jonsdottir, CFO of Eyrir Invest ehf. is a member of the Board of Directors of Marel hf. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11.3.2012 17:01 |
Eyrir Invest ehf.
11.3.2012 17:01Eyrir Invest ehf.Attached is information on major shareholder announcements.Attachment (.pdf) |
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11.3.2012 16:53 | Date of transaction; March 11th 2012 11.3.2012 16:53Date of transaction; March 11th 2012Auðkenni útgefanda/Trade ticker: MARL Nafn útgefanda/Issuer: Marel hf. Dagsetning tilkynningar/Date of announcement: 11. mars 2012 Nafn fruminnherja/Name primary insider: Eyrir Invest ehf. Tengsl fruminnherja við útgefanda/Insider's relation with the issuer: Stærsti hluthafi/Largest shareholder Dagsetning viðskipta/Date of transaction: 11. mars 2012 Tímasetning viðskipta/Time of transaction: Tegund fjármálagernings/Type of financial instrument: Hlutabréf/Equities Kaup eða sala/Buy or Sell: Sala/Sell Fjöldi hluta/Number of shares: 18.600.000 Verð pr. Hlut/Price per share: 140 Fjöldi hluta í eigu fruminnherja eftir viðskipti/Primary insider's holdings after the transaction: 243.366.838 Fjöldi hluta sem fruminnherji á kauprétt að/Primary insider's option holdings after the transaction: 332.288 Fjöldi hluta fjárhagslega tengdra aðila eftir viðskipti/Related parties' holdings after the transaction: Dagsetning lokauppgjörs*/Date of settlement*: Athugasemdir*/Comments*: Árni Oddur Þórðarson, forstjóri Eyris Invest ehf. er formaður stjórnar Marel hf og Margrét Jónsdóttir, fjármálastjóri Eyris Invest situr í stjórn Marel hf./Arni Oddur Thordarson, CEO of Eyrir Invest ehf. is the Chairman of Board of Marel hf. and Margret Jonsdottir, CFO of Eyrir Invest ehf. is a member of the Board of Directors of Marel hf. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
29.2.2012 16:33 |
Annual General Meeting 2012:
29.2.2012 16:33Annual General Meeting 2012:Chairman of the Board of Directors and CEO's presentations
Attached are Arni Oddur Thordarson Chairman of the Board of Directors and Theo
Hoen CEO's presentations delivered at Marel hf. Annual General Meeting held 29
February 2012.Attachment (.pdf) Attachment (.pdf) |
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29.2.2012 16:31 | DECISIONS OF MAREL’S ANNUAL GENERAL MEETING 29.2.2012 16:31DECISIONS OF MAREL’S ANNUAL GENERAL MEETING29 FEBRUARY 2012 The Annual General Meeting of Marel hf. which took place at the company’s headquarters February 29th 2012 was well attended by its shareholders. All submitted proposals were approved unanimously. Below are the decisions of the Annual General Meeting: 1. The Consolidated Financial Statement and the Report of the Board of Directors were approved. 2. Proposal on paying dividend was approved. The Meeting approved that the Company will pay a dividend of 0.95 euro cents per share will be paid to shareholders for the operational year 2011, corresponding to about 20% of Company profits for the year. The right to a dividend is constricted to the day of the Annual General Meeting, end of day. Ex-date is March 1st 2012. Payment of dividends will occur on March 14th 2012. 3. Proposal on remuneration to Board of Directors for the year 2012 and of the Auditor for the year 2011 was approved. Approved that the remuneration to Board of Directors for the year 2012 will be increased from last year and be as follows: The Chairman will receive €7,500 per month, the Chairman of the Audit Committee will receive €5,000 per month and other members of the Board will receive €2,500 per month. The remuneration will be paid on the 15th day of each month. It was approved that the Auditor’s fees will be paid against their invoices approved by the Company. 4. The Company’s remuneration policy was confirmed. It is as follows: Article 1. Objective The remuneration policy of Marel hf. has the aim of making the Company and its subsidiaries competitive in hiring outstanding employees, a necessary prerequisite to fulfilling the Company‘s vision for its presence on the global market. The remuneration policy covers all main aspects of salary and benefits for the Chief Executive Officer (CEO) and the management of the Company. A wage and benefits committee operates within the Company comprised of three to four members of the Board. Article 2. Remuneration for Board of Directors Board of Directors shall receive a fixed, monthly payment in accordance with the decision of the Annual General Meeting of the Company, as stipulated in article 79 a of Act No. 2/1995 on Public Limited Companies. The Board of Directors shall submit a proposal on the fee for the upcoming operating year and shall take into account the time members of the Board spend on their duties, the responsibility involved and the Company’s performance. Article 3. Remuneration to the CEO A written employment contract shall be made between the Company and the CEO. His terms of employment shall be competitive on an international standard. The amount of salary and other payments to the CEO shall be decided on the basis of his education, experience and previous occupation. Other terms of employment shall be specified in the contract, along with pension payments, vacation rights, benefits and terms of notice. When preparing employment contract the emphasis shall be that no additional payments will be made at termination other than those stipulated in the employment contract. However, special circumstances in the opinion of the Board of Directors may lead to a separate termination agreement being concluded with the CEO. Article 4. Acknowledgements to senior management The CEO is authorized to propose to the Board of Directors and Compensation Committee that senior management should be rewarded in addition to their set terms of employment in the form of delivery of shares, performance based payments, stocks, stock options or other forms of payment having to do with the Company shares or the future value of such shares, pension fund contributions, retirement or redundancy payments. When deciding whether senior managers should be granted rewards in addition to the set terms of employment, the status, responsibility and future prospects of the respective manager within the Company shall be taken into consideration. Article 5. Disclosure of information At the Annual General Meeting, the Board of Directors shall present information on the remuneration of the Chief Executive Officer, managing directors and members of the Board. Information shall be presented on the total amount of salary payments during the year, payments from other companies in the Group, the amount paid in bonuses and stock options, other forms of payment related to the value of Company shares, termination payments if applicable, and the total amount of any other payments. The Company’s remuneration policy shall be published on the Company’s website. Article 6. Approval of the Remuneration Policy and other matters The Company’s Remuneration Policy shall be presented to the shareholders atn the Annual General Meeting for their approval or rejection. The Remuneration Policy is binding for the Board of Directors in regards to stock options and payments on the basis of share price movements as per paragraph 2 article 79.a of Act No. 2/1995 on Public Limited Companies. In all other aspects the policy shall be viewed as guidelines for the Company and its Board of Directors. The Board shall note in the minutes of its meeting any major deviation from the Remuneration Policy and such deviation shall be explained with just arguments. The Board of Directors shall inform the Annual General Meeting of such a deviation. 5. Election of Board. The following were elected to serve on the Board of Directors until the Company’s next Annual General Meeting: Arnar Þór Másson, Reykjavik, Iceland Árni Oddur Þórðarson, Reykjavik, Iceland Ásthildur Margrét Otharsdóttir, Reykjavik, Iceland Friðrik Jóhannsson, Reykjavik, Iceland Helgi Magnússon, Seltjarnarnes, Iceland Margrét Jónsdóttir, Seltjarnarnes, Iceland Theo Bruinsma, Oss, The Netherlands 6. Election of auditors. The auditing firm KPMG ehf. will be the company’s auditors. 7. Approved to grant authorization to the Board of Directors to purchase treasury shares in the company. Approved that the Company is authorized, pursuant to the provisions of Article 55 of the Act on Public Limited Liability Companies No. 2/1995, to acquire up to 10% of its own shares at a price which is no higher than 10% over and no lower than 10% under the posted average price of shares in the Company for the two weeks immediately preceding the acquisition. It is furthermore approved, that this authorization is effective for 18 months following the approval. Earlier authorization shall become void. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
24.2.2012 17:30 | Marel hf. Annual General Meeting, February 29, 2012 – Candidates for the Board of Dir... 24.2.2012 17:30Marel hf. Annual General Meeting, February 29, 2012 – Candidates for the Board of Directors Below are candidates for the Board of Directors of Marel hf. at the Annual General Meeting, to be held at the Company's headquarters at Austurhraun 9, Gardabaer, Iceland,Wednesday 29th February 2012, at 16:00: Arnar Thor Masson, Reykjavik, Iceland Arni Oddur Thordarson, Reykjavik, Iceland Asthildur Margret Otharsdottir, Reykjavik, Iceland Fridrik Johannsson, Reykjavik, Iceland Helgi Magnusson, Seltjarnarnes, Iceland Margret Jonsdottir, Seltjarnarnes, Iceland Theo Bruinsma, Oss, The Netherlands Further information about these candidates is available at the Information Pagefor the Annual General Meeting 2012 on the Company´s website: http://www.marel.com/agm. The deadline for declaring candidature has now passed. According to the currentArticles of Association of the Company, the Board of Directors shall be comprisedof 7 to 9 members. Consequently, the above seven candidates will be electedto the Board without ballot at the meeting. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
23.2.2012 14:39 | Correction: MAREL HF - ANNUAL GENERAL MEETING 29 FEBRUARY 2012 - Published: 2012-02-2... 23.2.2012 14:39Correction: MAREL HF - ANNUAL GENERAL MEETING 29 FEBRUARY 2012 - Published: 2012-02-23 12:03:34 GMTINFORMATION ON DIVIDEND PROPOSAL Correction: Clarification of record date. Information document in whole re-published. As stipulated in the proposals of Marel‘s Board of Directors to the 2012 Annual General Meeting (AGM), it is proposed that the Company pay a dividend to its shareholders of 0.95 euro cents per share for the operational year 2011, corresponding to about 20% of Company profits for the year. The proposed total dividend payment will amount to approximately EUR 6.9 million, based on the current number of outstanding shares. The dividend proposal is in line with Marel’s targeted capital allocation and dividend policy introduced at the 2011 Annual General Meeting. Should the AGM sustain the proposal, the record date (arðsréttindadagur) would be 5 March, 2012. The right to a dividend is constricted to shareholders identified in the Company‘s Shareholders‘ Registry at the end of the record date. Ex-date (arðleysisdagur), i.e. the day when the Company‘s shares are traded ex-dividend, would be 1 March, 2012, the day following the AGM. The Company would like to draw special attention to the fact that, should the proposal be agreed upon by the shareholders, the dividend will be paid out in Icelandic Krona (ISK). However, shareholders who prefer to receive the dividend payment in Euros (EUR) instead shall notify the Company of their preference by email to dividends@marel.com, no later than 7 March 2012. The notification shall also contain information on the relevant EUR account (including IBAN number, SWIFT code and the address of account holder), to ensure that the dividend payment can be made without difficulties. The account shall be registered to the respective shareholder. With respect to non-Icelandic shareholders, the Company assumes that they will automatically opt for dividend payment in EUR, unless notified otherwise. The mid-rate of the central exchange rate of the Central Bank of Iceland, fixed at 11:00 on the date of the AGM (29 February 2012), shall be used to calculate the dividend payment (http://www.sedlabanki.is/?PageID=183). Payment date (útborgunardagur) of the dividend is proposed to occur on 14 March 2012, i.e. two weeks after the AGM. All inquiries regarding the aforementioned items and other matters pertaining to the proposed dividend payments shall be sent to the Company via email to dividends@marel.com. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
23.2.2012 11:02 | MAREL HF - ANNUAL GENERAL MEETING 29 FEBRUARY 2012 23.2.2012 11:02MAREL HF - ANNUAL GENERAL MEETING 29 FEBRUARY 2012INFORMATION ON DIVIDEND PROPOSAL As stipulated in the proposals of Marel‘s Board of Directors to the 2012 Annual General Meeting (AGM), it is proposed that the Company pay a dividend to its shareholders of 0.95 euro cents per share for the operational year 2011, corresponding to about 20% of Company profits for the year. The proposed total dividend payment will amount to approximately EUR 6.9 million. The dividend proposal is in line with Marel’s targeted capital allocation and dividend policy introduced at the 2011 Annual General Meeting. The right to a dividend is constricted to the day of the AGM, end of day. Thus, ex-date is 1 March, 2012. The Company would like to draw special attention to the fact that, should the proposal be agreed upon by the shareholders, the dividend will be paid out in Icelandic Krona (ISK). However, shareholders who prefer to receive the dividend payment in Euros (EUR) instead shall notify the Company of their preference by email to dividends@marel.com, no later than 7 March 2012. The notification shall also contain information on the relevant EUR account (including IBAN number, SWIFT code and the address of account holder), to ensure that the dividend payment can be made without difficulties. The account shall be registered to the respective shareholder. With respect to non-Icelandic shareholders, the Company assumes that they will automatically opt for dividend payment in EUR, unless notified otherwise. The mid-rate of the central exchange rate of the Central Bank of Iceland, fixed at 11:00 on the date of the AGM (29 February 2012), shall be used to calculate the dividend payment (http://www.sedlabanki.is/?PageID=183). Payment of dividends is proposed to occur on 14 March 2012, i.e. two weeks after the AGM. All inquiries regarding the aforementioned items and other matters pertaining to the proposed dividend payments shall be sent to the Company via email to dividends@marel.com. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
22.2.2012 15:45 |
Agenda and proposals - Annual General Meeting 29 February 2012...
22.2.2012 15:45Agenda and proposals - Annual General Meeting 29 February 2012Please find attached agenda and proposals to the Annual General Meeting of
Marel, to be held Wednesday 29 February 2012 at 16:00.
Notice to submit proposals or matters to be considered by the meeting has
passed, as per Clause 4.20 of the Articles of Association of Marel hf.
Further information can be found at the company’s website: http://marel.com/agmAttachment (.pdf) Attachment (.pdf) |
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16.2.2012 12:42 | Marel hf. - Release Dates of Consolidated Financial Statements in 2012... 16.2.2012 12:42Marel hf. - Release Dates of Consolidated Financial Statements in 20121st quarter 2012: 26 April 2012 2nd quarter 2012: 25 July 2012 3rd quarter 2012: 24 October 2012 4th quarter 2012: 30 January 2013 The calendar is also available for download on our website: www.marel.com/investors | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.2.2012 14:07 | New Investor & Public Relations Manager at Marel 10.2.2012 14:07New Investor & Public Relations Manager at MarelMrs. Helga Björk Eiríksdóttir has been hired as Marel’s Investor & Public Relations Manager, succeeding Mr. Jon Ingi Herbertsson who has now left the Company. Mrs. Eiríksdóttir has been working as independent consultant focusing on public and investor relations. She served as Communications Manager for the Resolution Committee and the Winding-up Committee of Kaupthing Bank during 2009 and 2010. Prior to that she held the position of Head of Marketing and PR at OMX Nordic Exchange Iceland (Nasdaq OMX Iceland) for a period of 8 years. Furthermore, Mrs. Eiríksdóttir has media experience and various other work experiences. Mrs. Eiríksdóttir is Chairman of the Board of Dalvik Savings. Mrs. Eiríksdóttir has an MBA degree (Business Administration) from the University of Edinburgh. She graduated in 1997 with BA degree in English and Italian, completed a Diploma in Journalism in 1999 and a Diploma in Marketing and Export Management in 2002, all from the University of Iceland. Furthermore, Mrs. Eiríksdóttir has taken courses at Reykjavik University towards becoming Certified Securities Broker. Mrs. Eiríksdóttir’s commences work for Marel next week. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9.2.2012 14:59 |
Date of transaction - February 9th 2012
9.2.2012 14:59Date of transaction - February 9th 2012Attached is information of insider's dealing.Attachment (.pdf) |
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8.2.2012 14:09 |
Marel hf. - Annual Report 2011
8.2.2012 14:09Marel hf. - Annual Report 2011Marel hf. has published its Annual Report for 2011. For the first time, the
Report is being issued in an interactive web version, providing access to
multi-media support material and interactive charts and graphs. The web Report
can be accessed at www.marel.com/annualreport2011, along with a downloadable
PDF of the print version, which will be available at Marel headquarters as of
15 February 2012.Attachment (.pdf) |
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7.2.2012 07:36 | Marel hf. – Annual General Meeting 2012 7.2.2012 07:36Marel hf. – Annual General Meeting 2012The Annual General Meeting of Marel hf. will be held at the company‘s headquarters at Austurhraun 9, Gardabaer, Iceland, on Wednesday, 29 February at 16:00. Agenda: • Annual General Meeting matters as provided for in Article 4.13 of the company‘s Articles of Association. • Proposal on a renewed authorisation for the Company to buy shares in itself. • Any other business, lawfully presented. The meeting will be conducted in English. Specific interest is drawn to the fact that candidatures for the Board of Directors shall be submitted in writing to the Board of Directors at least five full days prior to the meeting. In order for shareholders to have proposals or matters considered by the meeting, they must have been submitted to the Board of Directors at least seven days prior to the meeting. Further information on deadlines in relation to the right of shareholders to submit proposals etc. can be found on the company's AGM website: www.marel.com/agm. Additionally, all further information in relation to the Annual General Meeting can be found on the website, including its Annual Report, draft agenda, proposals of the Board of Directors, Company's annual statements for the year 2011, information on the total number of shares and voting rights as of 7 February 2012, proxy template, as well as information on documents to be submitted in relation to the meeting. The meeting’s agenda and final proposals will be available to shareholders seven days prior to the meeting, both on the aforementioned AGM website of the company as well as at the company‘s offices at Austurhraun 9, Gardabaer. The agents of shareholders shall submit written proxies at the entrance of the meeting. Ballots and other applicable documents will be available at the venue of the meeting as of 15:30 on the day of the meeting. The Board of Directors of Marel hf. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6.2.2012 14:39 |
Date of transaction - February 6th 2012
6.2.2012 14:39Date of transaction - February 6th 2012Attached is information of insider's dealing.Attachment (.pdf) |
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6.2.2012 14:23 | Date of transaction - February 6th 2012 6.2.2012 14:23Date of transaction - February 6th 2012Viðskipti með eigin bréf/transaction in own financial instruments Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 6. febrúar 2012 Kaup eða sala/Buy or Sell: Sala/Sale Tegund fjármálagernings/Type of instrument: Hlutabréf/Securities Fjöldi hluta/Number of shares: 500.000 Gengi/Verð pr. Hlut/Price: 92 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 9.225.000 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskiptin eru gerð til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2.2.2012 11:11 |
Date of transaction - 2 February 2012
2.2.2012 11:11Date of transaction - 2 February 2012Attached is information on transaction in own financial instruments.Attachment (.doc) |
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2.2.2012 07:58 |
Presentation for market participants and investors
2.2.2012 07:58Presentation for market participants and investorsAttached is a presentation of financial results of Marel hf. for the year 2011
delivered at a meeting held with market participants and investors 2 February
2012.Attachment (.pdf) |
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1.2.2012 13:01 |
Marel 2011 results
1.2.2012 13:01Marel 2011 resultsStrong and profitable organic growth
(All amounts in EUR)
-- Revenues for 2011 totalled 668 mln, an increase of 15% compared to revenues
from core business the year before [2010: 582 mln].
[1]
-- Normalised EBITDA was 98.0 mln or 14.7% of revenues [2010: 88.1 mln
normalised from core business].
[2]
-- Normalised operating profit was 73.2 mln or 10.9% of revenues [2010: 64.1
mln normalised from core business].
-- Net result for 2011 was 34.5 mln [2010: 13.6 mln]. Earnings per share were
4.70 euro cents [2010: 1.87 euro cents].
-- Cash flow remains healthy and net interest bearing debt is 250.5 mln at the
end of 2011 [2010: 256.7 mln].
-- The order book is at a very good level, at 196.2 mln at the end of the year
[2010: 162.2 mln].
Marel had a very good year in 2011. Revenues amounted to 668 mln, an increase
of 15% compared to the previous year. The normalised EBIT margin was 10.9%,
which is in line with the company’s target of 10-12% return on revenues for the
year. The outlook for 2012 is positive.
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 EUR 6.9 million,
corresponding to about 20% of profits for the year. The proposed dividend is in
line with Marel’s targeted capital allocation and dividend policy introduced at
the 2011 Annual General Meeting.
Theo Hoen, CEO:
“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% return on sales. The strength of the order book gives us confidence
heading into 2012.
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.”
Q4 2011 results
Record revenue and good profitability
Marel had an excellent quarter with 184 mln in revenues, 28 mln in EBITDA and
22 mln in EBIT.
-- Revenues for Q4 2011 totalled 183.9 mln, an increase of 9.7% compared to
revenues for the same period the year before [Q4 2010: 167.7 mln].
-- EBITDA was 27.9 mln, or 15.2% of revenues [Q4 2010: 26.1 mln].
-- Operating profit (EBIT) was 21.6 mln, or 11.8% of revenues [Q4 2010: 20.1
mln].
-- Net result was 15.0 mln for Q4 2011 [Q4 2010: 5.5 mln].
Marel continues to benefit from its strong market position and product
pipeline. Orders received, including service revenues, were at a very good
level, amounting to 175.9 mln in Q4 2011, compared to 188.6 mln for the same
period the year before. The order book stands at 196.2 mln at the end of Q4
2011, compared to 162.2 mln at the end of the previous year.
Markets
Marel’s core business focuses on four industry segments: poultry, fish, meat
and further processing.
Poultry: Order intake was good during the quarter, with large orders coming in
from the U.S., Central and South America, Australasia and Europe. There was a
high load in the company’s manufacturing facilities during the quarter, with
delivery of a number of large orders from earlier in the year, including
greenfield projects and integrated solutions for customers in South Korea.
After Sales Service activity was at an all time high with the increasing
popularity of the preventive maintenance solutions offered by Marel.
Fish: The fourth quarter was an active period in all segments of the fish
processing industry, including both whitefish and salmon. Marel’s processing
flowlines for farmed whitefish species such as tilapia have been well received
by the market, including in Asia and Central America. In salmon, large and
complex grading systems for whole salmon from Marel have been in high demand in
Norway, thanks to the integration with Marel’s Innova production management
software. Customers have been impressed with the full traceability, improved
yield and logistics management that Innova provides.
Meat: The year finished well with a strong order intake, including significant
orders from Europe and North America. Of particular note was an order from a
major European fresh meat plant for the cutting and packing of a variety of
meat products for the retail sector. Another large order was received for the
new IBS4600 bacon slicer, which has enjoyed great success since its launch
earlier in the year. Heading into 2012, there is strong activity particularly
in Eastern Europe and Australasia.
Further processing: Order intake was once again good in the fourth quarter,
particularly in Asia, including Japan, South Korea and China. The sale of
complete processing lines is a growing trend that looks set to continue. Many
of the recent lines sold have included the RevoPortioner, which continues to
rise in popularity among further processors. The FP industry centre in Boxmeer
hosted a Heating Technology Event in late October, which attracted customers
from across the globe. The event saw the launch of the ValueFryer, the very
latest development in the Townsend Further Processing heat treatment programme.
Innovation
MS 2730 salmon filleting machine: The new MS 2730 provides superior salmon
filleting while offering several great new features that ensure optimal yield
and throughput. Yield is maximised in two key ways. First, the machine
automatically adjusts settings to accommodate a variety of fish sizes, between
2-8 kg. Second, a set of new circular knives cuts the fish from gut to tail,
ensuring that the meat close to the centre bone is included in the fillets. The
MS 2730 also offers increased throughput, with a capacity of 25 fish per
minute. Contrary to traditional filleting machines, the fish is fed belly-down
into the MS 2730, making the in-feed much easier and faster. Another key
feature of the machine is its ease of use, with all operations managed via a
multilingual colour touch-screen.
With the addition of the MS 2730 to its arsenal, Marel can now offer customers
a complete salmon processing line that is fully optimised from beginning to end
– from filleting all the way through to production of value-added products.
Operational excellence
Cost efficiency
Marel continues to maintain a strict focus on rationalisation and cost control.
Great effort continues to be invested in creating further value by ensuring
that the company’s reduced cost base is sustainable despite the growth in
activity.
Cash flow
Operational cash flow before interest and tax remains healthy at 19.9 mln for
Q4 2011. The balance sheet is strong and net interest bearing debt amounts to
250.5 mln at the end of Q4 2011 compared with 256.7 mln at the end of Q4 2010.
Overall, the business remains well invested, though there has been some
expansion of facilities and equipment in order to facilitate further growth.
Financing
Having reduced leverage, Marel has been able to reduce the average interest
terms on the long-term financing package the company secured in November 2010
to EURIBOR/LIBOR + 250 bps. Total interest cost on borrowings is approximately
EUR 11 million lower in 2011 than it was 2010, reflecting the lower financing
cost associated with the new financing structure.
Outlook
Market conditions continue to be favourable. Marel has strengthened its market
position with the introduction of new solutions and further geographical
expansion. The excellent level of the order book ensures a good continuation
into 2012. Nevertheless, results may vary from quarter to quarter due to
fluctuations in orders received and deliveries of larger systems.
Presentation of results, 2 February 2012
Marel will present its results at a meeting on Thursday, 2 February, at 8:30
a.m. GMT, at the company‘s headquarters at Austurhraun 9, Gardabaer. The
meeting will also be webcast at www.marel.com/webcast.
Annual General Meeting 2012
The Annual General Meeting of Marel will take place on Wednesday, 29 February
2012, at 4:00 p.m. at Marel’s headquarters at Austurhraun 9, Gardabaer. In
order for shareholders to have proposals or matters considered by the meeting,
they must have been submitted to the Board of Directors at least seven days
prior to the meeting. The meeting and its agenda will be announced at a later
date.
Publication days of the Consolidated Financial Statements in 2012
-- 1st quarter 2012 26 April 2012
-- 2nd quarter 2012 25 July 2012
-- 3rd quarter 2012 24 October 2012
-- 4th quarter 2012 30 January 2013
For further information, contact:
Jón Ingi Herbertsson, Investor and Public Relations Manager, tel: (+354)
563-8451
Erik Kaman, CFO, tel: (+354) 563-8072
Sigsteinn Grétarsson, COO, tel: (+354) 563-8072
About Marel
Marel is the leading global provider of advanced equipment, systems and
services to the fish, meat and poultry industries. With offices and
subsidiaries in more than 30 countries and a global network of more than 100
agents and distributors, we work side-by-side with our customers to extend the
boundaries of food processing performance. Advance with Marel for all your
processing needs.
Forward-looking statements
Statements in this press release that are not based on historical facts are
forward-looking statements. Although such statements are based on
management’s current estimates and expectations, forward-looking statements are
inherently uncertain. We, therefore, caution the reader that there are a
variety of factors that could cause business conditions and results to differ
materially from what is contained in our forward-looking statements, and that
we do not undertake to update any forward-looking statements. All
forward-looking statements are qualified in their entirety by this cautionary
statement.
[1]The consolidated 2010 results include figures from Carnitech A/S up until 1
February 2010 and Food & Dairy Systems until
31 March 2010. In comparing the 2011 results with the year before, it is
therefore more useful to refer to the 2010 figures for core business than the
consolidated figures.
[2]One-off costs of EUR 11.0 mln for pension-related issues, including the new
execution agreement of the Dutch pension plan and the transfer of the execution
of the pensions previously managed by the Stork Pension Fund to the
industry-wide pension fund PME, are included in the consolidated income
statement for 2011 but excluded from the normalised figures in order to make a
clean comparison with 2010 figures possible. The 2010 figures are normalised
for one off items amounting to 7.9 mln, thereof pension recovery premium costs
of 7.6 mln related to underfunding of the Stork Pension Fund.Attachment (.pdf) Attachment (.pdf) |
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27.1.2012 16:30 | Marel hf. - Financial Statement Release 27.1.2012 16:30Marel hf. - Financial Statement ReleaseConsolidated financial statement 2011 - Presentation 2 February 2012 Marel hf. invites market participants and investors to a meeting where the Company's consolidated financial statement for 2011 will be presented. The results will be presented by Theo Hoen, CEO, Erik Kaman, CFO, and Sigsteinn P. Gretarsson, COO. The presentation will be held Thursday, 2 February, at 8:30 a.m. GMT, at the company's headquarters, Austurhraun 9, Gardabaer. Please note that the meeting will also be webcast at www.marel.com/webcast Breakfast will be served from 8:00 a.m. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
17.1.2012 17:25 |
Notification
17.1.2012 17:25NotificationAttached is information on notification.Attachment (.pdf) |
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25.11.2011 14:57 |
Date of transaction: 25 November 2011
25.11.2011 14:57Date of transaction: 25 November 2011Information on insider´s dealing is attached.Attachment (.pdf) |
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25.11.2011 14:08 |
Date of transaction: 25 November 2011
25.11.2011 14:08Date of transaction: 25 November 2011Information on insiders´s dealing is attahed.Attachment (.pdf) |
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25.11.2011 14:01 | Date of transaction: 25 November 2011 25.11.2011 14:01Date of transaction: 25 November 2011Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 25. nóvember 2011 Kaup eða sala/Buy or Sell: Sala / Sale Tegund fjármálagernings/Type of instrument: Hlutabréf / Equities Fjöldi hluta/Number of shares: 275.000 Gengi/Verð pr. Hlut/Price: 92 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 6.725.000 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Viðskipti vegna kaupréttar/Stock option transaction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31.10.2011 09:41 | Date of transaction: 31 October 2011 31.10.2011 09:41Date of transaction: 31 October 2011Viðskipti með eigin bréf/transaction in own financial instruments Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 31.10.2011 Kaup eða sala/Buy or Sell: Kaup/Buy Tegund fjármálagernings/Type of instrument: Hlutabréf /Equities Fjöldi hluta/Number of shares: 7.000.000 Gengi/Verð pr. Hlut/Price: 126,5 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 7.000.000 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Kaupin eru gerð til að mæta skilyrðum um framkvæmd kaupréttarsamninga / Transaction to fulfill obligations of stock option agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
27.10.2011 16:09 | Date of transaction - 27 October 2011 27.10.2011 16:09Date of transaction - 27 October 2011Auðkenni útgefanda/Trade ticker: MARL Nafn útgefanda/Issuer: MAREL Dagsetning tilkynningar/Date of announcement: 27.10.2011 Nafn fruminnherja/Name primary insider: Ásthildur Otharsdóttir Tengsl fruminnherja við útgefanda/Insider's relation with the issuer: Stjórnarmaður/Member of Board Dagsetning viðskipta/Date of transaction: 27.10.2011 Tímasetning viðskipta/Time of transaction: 15:23 Tegund fjármálagernings/Type of financial instrument: Hlutabréf/Equities Kaup eða sala/Buy or Sell: Kaup/Buy Fjöldi hluta/Number of shares: 32.000 Verð pr. Hlut/Price per share: 125 Fjöldi hluta í eigu fruminnherja eftir viðskipti/Primary insider's holdings after the transaction: 32.000 Fjöldi hluta sem fruminnherji á kauprétt að/Primary insider's option holdings after the transaction 0 Fjöldi hluta fjárhagslega tengdra aðila eftir viðskipti/Related parties' holdings after the transaction: 0 Dagsetning lokauppgjörs*/Date of settlement*: Athugasemdir*/Comments*: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
27.10.2011 09:33 |
Presentation for market participants and investors
27.10.2011 09:33Presentation for market participants and investorsAttached is a presentation of financial results of Marel hf. for Q3 2011
delivered at a meeting held with market participants and investors 27 October
2011.Attachment (.pdf) |
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26.10.2011 13:54 |
Marel Q3 2011 results
26.10.2011 13:54Marel Q3 2011 resultsRecord order intake and solid operating performance
(All amounts in EUR)
-- Revenues for Q3 2011 totalled 169.1 mln, an increase of 13.1% compared to
revenues for the same period the year before [Q3 2010: 149.5 mln].
-- EBITDA was 25.8 mln, or 15.3% of revenues [Q3 2010: 19.9 mln].
-- Operating profit (EBIT) was 19.5 mln, or 11.5% of revenues [Q3 2010: 13.8
mln].
-- Net result was 10.5 mln for Q3 2011 [Q3 2010: 2.4 mln].
-- Cash flow remains healthy and net interest bearing debt is 243.3 mln at the
end of Q3 2011 [Q3 2010: 271.1 mln].
-- The order book continues to grow as a result of a strong product pipeline
and record quarterly order intake. The order book stands at 204.2 mln at
the end of the quarter [Q3 2010: 141.2 mln].
Q3 2011 was a very good quarter for Marel. Revenues totalled 169.1 mln, an
increase of 13% compared to Q3 2010 and 4% compared to the previous quarter,
despite the summer holiday period. The EBIT margin was 11.5%, which is in line
with the company's target of 10-12% return on revenues for the year.
Revenues for the first nine months of the year totalled 484.5 mln, an increase
of 16.9% compared to the same period the year before. Normalised operating
profit (EBIT) for the first nine months is 51.5 mln, or 10.6% of revenues, and
normalised EBITDA is 70.1 mln, or 14.5% of revenues.[1] The outlook for the
remainder of the year is positive.
Theo Hoen, CEO:
“We had a very good quarter despite the summer holiday period. The strong
growth in our business is all organic. Revenues for the first nine months
increased by 17% compared to the previous year with an operating profit of
10.6%, which is fully in line with our targets for the year. The geographical
mix of projects is good, as demonstrated by the recent sale of a complete fish
processing line to China and the success of our co-extrusion sausage-making
lines in more established markets. This balance provides a solid platform for
further growth and value creation.
We have many innovative products and solutions in the pipeline for all our
industry segments. Recent innovations include the new AeroScalder for the
poultry industry. The AeroScalder employs hot air for scalding, thereby
reducing the reliance on water, an increasingly scarce and expensive resource
globally. In addition to helping our customers to reduce costs, it is an
example of our efforts to develop environmentally friendly products that
contribute to sustainability.”
Order book at record level
Marel continues to benefit from its strong market position and product
pipeline. Orders received, including service revenues, amounted to 197.0 mln in
Q3 2011, compared to 165.4 mln for the same period the year before. Orders
received once again exceeded orders booked off. The result is a continuing
increase in the order book, which stood at a record 204.2 mln at the end of Q3
2011, compared to 141.2 mln at the same time the year before.
Outlook
Market conditions continue to be favourable. Marel has strengthened its market
position with the introduction of new solutions and further geographical
expansion. The excellent level of the order book ensures a good continuation of
the year. Nevertheless, results may vary from quarter to quarter due to
fluctuations in orders received and deliveries of larger systems.
Presentation of results, 27 October 2011
Marel will present its results at a meeting on Thursday, 27 October, at 8:30
a.m., at the company‘s headquarters at Austurhraun 9, Gardabaer, Iceland. The
meeting will also be webcast: www.marel.com/webcast
Publication days of the Consolidated Financial Statements in 2011 and 2012 and
the Annual General Meeting 2012
Publication dates of the Financial Statements for 2011:
-- 4th quarter 2011
1 February 2012
-- Annual General Meeting of Marel
hf. 29 February 2012
Publication dates of the Financial Statements for 2012:
1st quarter 2012 26
April 2012
2nd quarter 2012 25
July 2012
3rd quarter 2012 24
October 2012
4th quarter 2012 30
January 2013
For further information, contact:
Jón Ingi Herbertsson, Investor and Public Relations Manager, tel: (+354)
563-8451
Erik Kaman, CFO, tel: (+354) 563-8072
Sigsteinn Grétarsson, COO, tel: (+354) 563-8072
About Marel
Marel is the leading global provider of advanced equipment, systems and services
to the fish, meat and poultry industries. With offices and subsidiaries in
close to 30 countries and a global network of more than 100 agents and
distributors, we work side-by-side with our customers to extend the boundaries
of food processing performance. Advance with Marel for all your processing
needs.
Forward-looking statements
Statements in this press release that are not based on historical facts are
forward-looking statements. Although such statements are based on
management's current estimates and expectations, forward-looking statements are
inherently uncertain. We, therefore, caution the reader that there are a
variety of factors that could cause business conditions and results to differ
materially from what is contained in our forward-looking statements, and that
we do not undertake to update any forward-looking statements. All
forward-looking statements are qualified in their entirety by this cautionary
statement.
[1]The 2011 YTD figures are normalized for one-off costs of 11.1 mln in Q2 2011
related to a principle agreement on the future arrangement of the pensions
currently managed by the Stork Pension Fund.Attachment (.pdf) Attachment (.pdf) |
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21.10.2011 13:38 | Q3 2011 - Presentation 27 October 2011 21.10.2011 13:38Q3 2011 - Presentation 27 October 2011Marel hf. invites market participants and investors to a meeting where the Company's consolidated financial statement for Q3 2011 will be presented. The results will be presented by Theo Hoen, CEO, Erik Kaman, CFO, and Sigsteinn P. Grétarsson, COO. The presentation will be held Thursday, 27 October, at 8:30 a.m., at the company's headquarters, Austurhraun 9, Gardabaer. Please note that the meeting will also be webcast at www.marel.com/webcast Breakfast will be served from 8:00 a.m. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5.10.2011 16:20 | Sigsteinn Gretarsson appointed Chief Operating Officer of Marel hf.... 5.10.2011 16:20Sigsteinn Gretarsson appointed Chief Operating Officer of Marel hf.Sigsteinn Gretarsson has been appointed Chief Operating Officer (COO) of Marel hf. Mr. Gretarsson‘s new title provides a clearer description of his role and responsibilities within Marel‘s Board of Management, which he is a member of along with the company‘s CEO and CFO. Sigsteinn will also continue to head the company‘s operations in Iceland. With the increased focus on Mr. Gretarsson's role in Marel‘s Board of Management, David Wilson will succeed him as Managing Director of the company's Meat Industry Centre. Mr. Wilson has been with Marel for 13 years and currently serves as Senior Vice President of the company‘s Poultry Industry Centre in Gainesville, Georgia, in the United States. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5.9.2011 15:54 | Date of transaction: 5 September 2011 5.9.2011 15:54Date of transaction: 5 September 2011Nafn/Name: Marel hf. Dagsetning viðskipta/Date of transaction: 5. september 2011 Kaup eða sala/Buy or Sell: Sala/Sell Tegund fjármálagernings/Type of instrument: Hlutabréf/Equities Fjöldi hluta/Number of shares: 125.000 Gengi/Verð pr. Hlut/Price: 89 Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction: 0 Dagsetning lokauppgjörs/Date of settlement: Ástæður viðskipta/Reason for transaction: Framkvæmd kaupréttarsamninga/Implementation of stock option. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1.9.2011 09:45 | Changes in Market Making 1.9.2011 09:45Changes in Market MakingSaga fjarfestingabanki hf. will stop acting as market maker for the issued shares of Marel hf. as of today, 1 September 2011, due to changes in the bank's business. NBI hf. (Landsbanki) and MP Bank will continue to act as market makers as before. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31.8.2011 11:39 |
Transaction in own financial instruments
31.8.2011 11:39Transaction in own financial instrumentsViðskipti með eigin bréf/transaction in own financial instruments
Nafn/Name:
Marel hf.
Dagsetning viðskipta/Date of transaction:
31. ágúst 2011/31 August 2011
Kaup eða sala/Buy or Sell:
Kaup/Buy
Tegund fjármálagernings/Type of instrument:
Hlutabréf/Equities
Fjöldi hluta/Number of shares:
125.000
Gengi/Verð pr. Hlut/Price:
121,50 kr./ISK 121.50
Fjöldi hluta eftir viðskipti/Primary insider's holdings after the transaction:
125.000
Dagsetning lokauppgjörs/Date of settlement:
0
Ástæður viðskipta/Reason for transaction:
The transaction is in connection with the Company's obligations under share
option agreements with its employees.Attachment (.pdf) |
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28.7.2011 09:15 |
Presentation for market participants and investors
28.7.2011 09:15Presentation for market participants and investorsAttached is a presentation of financial results of Marel hf. for Q2 2011
delivered at a meeting held with market participants and investors 28 July
2011.Attachment (.pdf) |
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27.7.2011 15:24 |
Marel Q2 2011 results
27.7.2011 15:24Marel Q2 2011 resultsStrong revenue growth
(All amounts in EUR)
-- Revenues for Q2 2011 totalled 161.9 mln, an increase of 19% compared to
revenues for the same period the year before [Q2 2010: 136.1 mln].
-- Normalised EBITDA
[1]
was 20.9 mln, or 12.9% of revenues [Q2 2010: 21.1 mln normalised].
-- Normalised operating profit (EBIT) was 15.0 mln, or 9.2% of revenues [Q2
2010: 15.2 mln normalised].
-- One-off costs related to an agreement on the future arrangements of the
Stork Pension Fund, amounting to 11.1 mln, are included in the consolidated
income statement for Q2 2011.
-- Taking into account the above one-off costs, net result was 0.2 mln for Q2
2011 [Q2 2010: 0.1 mln].
-- Cash flow remains healthy and net interest bearing debt is 248.8 mln at the
end of Q2 2011 [Q2 2010: 284.1 mln].
-- The order book continues to grow as a result of a strong product pipeline
and favourable market conditions. The order book stands at 176.3 mln at the
end of the quarter [Q2 2010: 125.3 mln].
Q2 2011 was a good quarter for Marel. Revenues totalled 162 mln, an increase of
19% compared to Q2 2010 and 5% compared to the previous quarter. The EBIT
margin was 9.2% in Q2 and 10.2% for the first half of the year, which is within
the company's target of 10-12% return on revenues for the year. The outlook for
the remainder of the year is positive.
Orders received continue to exceed orders booked off, leading to a continuing
increase in the order book, which stood at 176 mln at the end of the quarter,
compared to 125 mln at the same time the year before.
Revenues of 315 million in 1H 2011 with EBIT margin of 10.2%
-- Revenues totalled 315.4 mln for the first half of the year, an increase of
19% compared to revenues for the same period the year before [1H 2010:
264.9 mln from core business].
-- Normalised operating profit (EBIT) was 32.1 mln for the first half of the
year, or 10.2% of revenues [1H 2010: 30.3 mln normalised from core
business].
-- Net result was 9.0 mln for the first half of the year [1H 2010: 5.7 mln
consolidated].
Theo Hoen, CEO:
“We are pleased with the continuing growth of our business. The order book is
mounting and has reached an exceptionally high level, reflecting the positive
reception that our latest products have met with in the market. The
RevoPortioner, SensorX, StreamLine and Modular Oven Systems are all selling
very well and our QX co-extrusion system for sausage production is also taking
off. We see good growth in countries like Ukraine, South Korea, Brazil and
China, compensating for non-growth in the U.S.
To stimulate future growth, we are investing in further geographical expansion,
as well as increasing our manufacturing capacity. We are, for example,
increasing the number of employees in manufacturing by approximately 300
worldwide during the course of the year. This is temporarily putting pressure
on our margins. Nevertheless, the EBIT margin for the first six months of the
year is within our target range of 10-12% and the outlook for the remainder of
the year is positive.”
Order book at record level
Marel continues to benefit from its strong market position and product
pipeline. Orders received, including service revenues, amounted to 168.8 mln in
Q2 2011, compared to 149.4 mln for the same period the year before. Orders
received once again exceeded orders booked off. The result is a continuing
increase in the order book, which stood at a record 176.3 mln at the end of Q2
2011, compared to 125.3 mln at the same time the year before.
Operational cash flow before interest and tax remains healthy at 7.4 mln for Q2
2011. The balance sheet is strong and net interest bearing debt amounts to
248.8 mln compared with 284.1 mln in Q2 2010.
Outlook
Market conditions continue to improve. Marel has strengthened its market
position and the excellent level of the order book ensures a good continuation
of the year. Nevertheless, results may vary from quarter to quarter due to
fluctuations in orders received and deliveries of larger systems.
Presentation of results, 28 July 2011
Marel will present its results at a meeting on Thursday, 28 July, at 8:30 a.m.,
at the company‘s headquarters at Austurhraun 9, Gardabaer, Iceland. The meeting
will also be webcast: www.marel.com/webcast
Publication days of the Consolidated Financial Statements in 2011 and the
Annual General Meeting 2012
-- 3rd quarter 2011
26 October 2011
-- 4th quarter 2011
1 February 2012
-- Annual General Meeting of Marel
hf. 29 February 2012
For further information, contact:
Jón Ingi Herbertsson, Investor and Public Relations Manager, tel: (+354)
563-8451
Erik Kaman, CFO, tel: (+354) 563-8072
Sigsteinn Grétarsson, Managing Director of Marel ehf., tel: (+354) 563-8072
About Marel
Marel is the leading global provider of advanced equipment, systems and
services to the fish, meat and poultry industries. With offices and
subsidiaries in close to 30 countries and a global network of more than 100
agents and distributors, we work side-by-side with our customers to extend the
boundaries of food processing performance. Advance with Marel for all your
processing needs.
Forward-looking statements
Statements in this press release that are not based on historical facts are
forward-looking statements. Although such statements are based on
management's current estimates and expectations, forward-looking statements are
inherently uncertain. We, therefore, caution the reader that there are a
variety of factors that could cause business conditions and results to differ
materially from what is contained in our forward-looking statements, and that
we do not undertake to update any forward-looking statements. All
forward-looking statements are qualified in their entirety by this cautionary
statement.
[1]In Q2 2011, one-off costs related to a principle agreement on the future
arrangement of the pensions currently managed by the Stork Pension Fund are
included in the consolidated income statement but excluded from the normalised
figures in order to make a clean comparison with 2010 normalised figures
possible. (The agreement is discussed in further detail under “Key events
during the period”.)Attachment (.pdf) Attachment (.pdf) |
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22.7.2011 14:09 | Financial results for Q2 2011 - Presentation 28 July 2011... 22.7.2011 14:09Financial results for Q2 2011 - Presentation 28 July 2011Marel hf. invites market participants and investors to a meeting where the Company's consolidated financial statement for Q2 2011 will be presented. The results for Q2 2011 will be published on Wednesday, 27 July. The meeting will take place the morning after, on Thursday, 28 July, at 8:30 a.m. GMT, at the company's headquarters at Austurhraun 9, Gardabaer, Iceland. The results will be presented by Theo Hoen, CEO, Erik Kaman, CFO, and Sigsteinn Gretarsson, Managing Director of Marel ehf. Please note that the meeting will also be webcast at www.marel.com/webcast. Breakfast will be served from 8:00 a.m. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31.5.2011 13:59 | Date of transaction: 31 May 2011 31.5.2011 13:59Date of transaction: 31 May 2011Auðkenni útgefanda/Trade ticker: MARL Nafn útgefanda/Issuer: Marel hf. Dagsetning tilkynningar/Date of announcement 31. maí 2011 Nafn fjárhagslega tengds aðila sem á viðskipti/Name of related party trading the shares: Eignarhaldsfélag Hörpu ehf. Nafn fruminnherja/Name primary insider: Helgi Magnússon Tengsl fruminnherja við útgefanda/Insider's relation with the issuer: Stjórnarmaður í Marel hf./Member of Board of Directors of Marel hf. Dagsetning viðskipta/Date of transaction: 31. maí 2011 Tímasetning viðskipta/Time of transaction: Tegund fjármálagernings/Type of financial instrument: Hlutabréf/Equity Kaup eða sala/Buy or Sell: Sala/Sell Fjöldi hluta/Number of shares: 800.000 Verð pr. Hlut/Price per share: 125,5625 Fjöldi hluta í eigu fruminnherja eftir viðskipti/Primary insider's holdings after the transaction: 0 Fjöldi hluta sem fruminnherji á kauprétt að/Primary insider's option holdings after the transaction: 0 Fjöldi hluta fjárhagslega tengdra aðila eftir viðskipti/Related parties' holdings after the transaction: 5.308.044 Dagsetning lokauppgjörs*/Date of settlement*: Athugasemdir*/Comments*: Helgi Magnússon er stjórnarmaður í Marel hf. og eigandi Eignarhaldsfélags Hörpu ehf. Helgi Magnusson is a member of the Board of Directors of Marel hf. and the sole owner of Eignarhaldsfélag Hörpu ehf. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
27.5.2011 16:17 |
Eyrir Invest
27.5.2011 16:17Eyrir InvestAttached is a notification of the acquisiton of major proportions of voting
rights.Attachment (.pdf) |
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27.5.2011 15:59 | Financially related party - Date of transaction 27.05.2011... 27.5.2011 15:59Financially related party - Date of transaction 27.05.2011Auðkenni útgefanda/Trade ticker: MARL Nafn útgefanda/Issuer: Marel hf. Dagsetning tilkynningar/Date of announcement: 27.05.2011 Nafn fruminnherja/Name primary insider: Eyrir Invest ehf. Tengsl fruminnherja við útgefanda/Insider's relation with the issuer: Stærsti hluthafi/Largest shareholder Dagsetning viðskipta/Date of transaction: 27.05.2011 Tímasetning viðskipta/Time of transaction: 0 Tegund fjármálagernings/Type of financial instrument: Hlutabréf/Equities Kaup eða sala/Buy or Sell: Kaup/Buy Fjöldi hluta/Number of shares: 7.000.000 Verð pr. Hlut/Price per share: 124 Fjöldi hluta í eigu fruminnherja eftir viðskipti/Primary insider's holdings after the transaction: 261.966.838 Fjöldi hluta sem fruminnherji á kauprétt að/Primary insider's option holdings after the transaction: 0 Fjöldi hluta fjárhagslega tengdra aðila eftir viðskipti/Related parties' holdings after the transaction: 0 Dagsetning lokauppgjörs*/Date of settlement*: 0 Athugasemdir*/Comments*: Árni Oddur Þórðarson, forstjóri Eyris Invest ehf. er formaður stjórnar Marel hf og Margrét Jónsdóttir, fjármálastjóri Eyris Invest situr í stjórn Marel hf./Arni Oddur Thordarson, CEO of Eyrir Invest ehf. is the Chairman of Board of Marel hf. and Margret Jonsdottir, CFO of Eyrir Invest ehf. is a member of the Board of Directors of Marel hf. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
25.5.2011 10:16 | Correction - Related party trading - Date of transaction 24.05.2011 - Published 2011-... 25.5.2011 10:16Correction - Related party trading - Date of transaction 24.05.2011 - Published 2011-05-24 21:41:12Correction: Information on Primary insider's holdings after the transaction and Primary insider's option holdings after the transaction was missing Auðkenni útgefanda/Trade ticker: MARL Nafn útgefanda/Issuer: Marel hf. Dagsetning tilkynningar/Date of announcement: 24.05.2011 Nafn fjárhagslega tengds aðila sem á viðskipti/Name of related party trading the shares: Varðberg ehf. Nafn fruminnherja/Name primary insider: Helgi Magnússon Tengsl fruminnherja við útgefanda/Insider's relation with the issuer: Stjórnarmaður í Marel hf./Member of Board of Directors of Marel hf. Dagsetning viðskipta/Date of transaction: 24.05.2011 Tímasetning viðskipta/Time of transaction: 0 Tegund fjármálagernings/Type of financial instrument: Hlutabréf/Equity Kaup eða sala/Buy or Sell: Sala/Sell Fjöldi hluta/Number of shares: 200.000 Verð pr. Hlut/Price per share: 127,50 Fjöldi hluta í eigu fruminnherja eftir viðskipti/Primary insider's holdings after the transaction: 0 Fjöldi hluta sem fruminnherji á kauprétt að/Primary insider's option holdings after the transaction: 0 Fjöldi hluta fjárhagslega tengdra aðila eftir viðskipti/Related parties' holdings after the transaction: 6.108.044 Dagsetning lokauppgjörs*/Date of settlement*: 0 Athugasemdir*/Comments*: Helgi Magnússon er stjórnarmaður í Marel hf. og eigandi Varðbergs ehf./Helgi Magnusson is a member of the Board of Directors of Marel hf. and the sole owner of Varðberg ehf. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
24.5.2011 19:41 | Related party trading - Date of transaction 24.05.2011... 24.5.2011 19:41Related party trading - Date of transaction 24.05.2011Auðkenni útgefanda/Trade ticker: MARL Nafn útgefanda/Issuer: Marel hf. Dagsetning tilkynningar/Date of announcement: 24.05.2011 Nafn fjárhagslega tengds aðila sem á viðskipti/Name of related party trading the shares: Varðberg ehf. Nafn fruminnherja/Name primary insider: Helgi Magnússon Tengsl fruminnherja við útgefanda/Insider's relation with the issuer: Stjórnarmaður í Marel hf./Member of Board of Directors of Marel hf. Dagsetning viðskipta/Date of transaction: 24.05.2011 Tímasetning viðskipta/Time of transaction: Tegund fjármálagernings/Type of financial instrument: Hlutabréf/Equity Kaup eða sala/Buy or Sell: Sala/Sell Fjöldi hluta/Number of shares: 200.000 Verð pr. Hlut/Price per share: 127,50 Fjöldi hluta í eigu fruminnherja eftir viðskipti/Primary insider's holdings after the transaction: Fjöldi hluta sem fruminnherji á kauprétt að/Primary insider's option holdings after the transaction: Fjöldi hluta fjárhagslega tengdra aðila eftir viðskipti/Related parties' holdings after the transaction: 6.108.044 Dagsetning lokauppgjörs*/Date of settlement*: Athugasemdir*/Comments*: Helgi Magnússon er stjórnarmaður í Marel hf. og eigandi Varðbergs ehf./Helgi Magnusson is a member of the Board of Directors of Marel hf. and the sole owner of Varðberg ehf. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
28.4.2011 09:26 |
Presentation for market participants and investors
28.4.2011 09:26Presentation for market participants and investorsAttached is a presentation of financial results of Marel hf. for Q1 2011
delivered at a meeting held with market participants and investors 28 April
2011.Attachment (.pdf) |
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27.4.2011 14:05 |
Marel Q1 2011 results
27.4.2011 14:05Marel Q1 2011 resultsA good start to the year
-- Revenues for Q1 2011 totalled 153.5 mln, an increase of 19.1% compared to
revenues from core business for the same period the year before [Q1 2010:
128.9 mln].[1]
-- EBITDA was 23.3 mln, or 15.2% of revenues [Q1 2010: 20.9 mln from core
business].
-- Operating profit (EBIT) was 17.1 mln, or 11.2% of revenues [Q1 2010: 15.1
mln from core business].
-- Net result was 8.8 mln for Q1 2011 [Q1 2010: 5.6 mln consolidated].
-- Operational cash flow remains strong and net interest bearing debt is 247.6
mln at the end of Q1 2011 [Q1 2010: 286.3 mln].
-- The order book continues to grow as a result of a strong product pipeline
and favourable market conditions. The order book stands at 169.3 mln at the
end of the quarter [Q1 2010: 113.5 mln from core business].
Q1 2011 was a good quarter for Marel. Revenues totalled 153.5 mln, an increase
of 19% compared to Q1 2010. Once again, the company delivered on its long-term
target of 10-12% return on revenues. Orders received continue to exceed orders
booked off, leading to a continuing increase in the order book, which stood at
169.3 mln at the end of the quarter, compared to 162.2 at the end of the
previous quarter and 113.5 mln at the same time the year before.
(All amounts in EUR)
Theo Hoen, CEO:
“The year has gotten off to a good start and we are satisfied with the results
of the first quarter. We see substantial growth compared to the same period
last year and our net result is increasing, with a good balance between our
four market segments. Once again we are well within our long-term target of
10-12% return on revenues.
Orders received remain strong and the order book continues to climb to new
record levels. After having recovered in 2010, greenfield and other large
projects are coming in at a steady pace and the sale of standard solutions
remains healthy. We continue to capitalise on our investment in innovation and
product development in the past two years, as demonstrated by the success of
our new IBS 4600 bacon slicer this quarter in the U.S.[2]
Our Q1 performance and growing order book give us confidence that 2011 will be
a good year.”
Order book continues to climb
Marel continues to benefit from its strong market position and product
pipeline. Orders received, including service revenues, amounted to 160.7 mln in
Q1 2011, compared to 135 mln for the same period the year before. With the
number of large orders having bounced back to the levels they were at before
the crisis, orders received once again exceeded orders booked off. The result
is a continuing increase in the order book, which stood at a record 169.3 mln
at the end of Q1 2011, compared to 113.5 mln at the same time the year before.
Operational cash flow before interest and tax remains healthy at 14.1 mln for
Q1 2011. The balance sheet is strong and net debts amount to 247.6 mln compared
with 286.3 mln in Q1 2010.
Outlook
Market conditions have continued to improve. Marel has strengthened its market
position and the excellent level of the order book ensures a good continuation
of the year. Nevertheless, results may vary from quarter to quarter due to
fluctuations in orders received and deliveries of larger systems.
Presentation of results, 28 April 2011
Marel will present its results at a meeting on Thursday, 28 April, at 8:30
a.m., at the company‘s headquarters at Austurhraun 9, Gardabaer, Iceland. The
meeting will also be webcast: www.marel.com/webcast
Publication days of the Consolidated Financial Statements in 2011 and the
Annual General Meeting 2012
-- 2nd quarter 2011
27 July 2011
-- 3rd quarter 2011
26 October 2011
-- 4th quarter 2011
1 February 2012
-- Annual General Meeting of Marel hf. 29
February 2012
For further information, contact:
Jón Ingi Herbertsson, Investor and Public Relations Manager, tel: (+354)
563-8451
Erik Kaman, CFO, tel: (+354) 563-8072
Sigsteinn Grétarsson, Managing Director of Marel ehf., tel: (+354) 563-8072
About Marel
Marel is the leading global provider of advanced equipment, systems and
services to the fish, meat and poultry industries. With offices and
subsidiaries in close to 30 countries and a global network of more than 100
agents and distributors, we work side-by-side with our customers to extend the
boundaries of food processing performance. Advance with Marel for all your
processing needs.
Forward-looking statements
Statements in this press release that are not based on historical facts are
forward-looking statements. Although such statements are based on
management's current estimates and expectations, forward-looking statements are
inherently uncertain. We, therefore, caution the reader that there are a
variety of factors that could cause business conditions and results to differ
materially from what is contained in our forward-looking statements, and that
we do not undertake to update any forward-looking statements. All
forward-looking statements are qualified in their entirety by this cautionary
statement.
[1] The disposal of the company's main non-core assets was completed in Q1 2010
with the sale of Carnitech A/S and Food & Dairy Systems. The consolidated Q1
2010 results include figures from Carnitech A/S up until 1 February 2010 and
Food & Dairy Systems until 31 March 2010. In comparing the Q1 2011 results with
the same period the year before, it is therefore more useful to refer to the
2010 figures for core business than the consolidated figures.
[2] The IBS 4600 is the first bacon slicer on the market to have four
independent feeds, each with its own vision system that measures the fat/lean
ratio of each belly or loin as it is being sliced and automatically adjusts the
thickness of each slice according to its fat content. The controlled weight
slices are then conveyed into a microwave cooker.Attachment (.pdf) Attachment (.pdf) |
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25.4.2011 18:01 | Financial results for Q1 2011 - Presentation 28 April 2011... 25.4.2011 18:01Financial results for Q1 2011 - Presentation 28 April 2011Marel hf. invites market participants and investors to a meeting where the Company´s consolidated financial statement for Q1 2011 will be presented. The results will be presented by Theo Hoen, CEO, Erik Kaman, CFO, and Sigsteinn Gretarsson, Managing Director of Marel ehf.. The meeting will be held on Thursday, 28 April, at 8:30 a.m. GMT, at the company's headquarters Austurhraun 9, Gardabaer, Iceland. The meeting programme will include a live presentation of a Marel innovation from the company's demo center in Boxmeer, the Netherlands. Please note that the meeting will also be webcast at www.marel.com/webcast Breakfast will be served from 8:00 a.m. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
19.4.2011 11:26 |
Agreement reached on Stork Pension Fund
19.4.2011 11:26Agreement reached on Stork Pension FundA principle agreement has been reached between the Stork Pension Fund, the
Dutch company Stork BV and a number of companies that were formerly part of the
Stork group on the future arrangement of the pensions currently managed by the
Fund. Marel is party to the agreement due to its acquisition of Stork Food
Systems.
A key part of the principal agreement is a new execution agreement on pension
arrangements, which safeguards employees‘ interests to the extent possible and
which is beneficial to Marel as it reduces open-ended financial exposure to
pension obligations.
Another central element of the agreement is the intended transfer of the
pension arrangements from the Stork Pension Fund to the industry-wide pension
fund Metal-Electro (PME) in the Netherlands with the aim of achieving greater
economies of scale and risk diversification. Agreement has been reached with
the social partners on this roadmap and discussions between PME and the Stork
Pension Fund are underway.
The principle agreement is subject to the final approval of the Dutch Central
Bank and the consent of the participation council of the Stork Pension Fund.
The estimated total cost due to the principle agreement for Marel is EUR 10
million, which is expected to be accounted as a one-time cost in Q2 2011,
payable over a period of 4 years
Theo Hoen, CEO of Marel:
“This agreement is a very positive outcome for all stakeholders - the
employees, pensioners and companies concerned. It establishes a stable and
secure foundation for the pension plans for the long-term future and eliminates
the open-ended financial exposures associated with the previous arrangement.
All the parties have demonstrated commitment and responsibility in arriving at
this mutually beneficial conclusion.”
The agreement is being announced in the Netherlands this morning (see attached
press release from Stork Pension Fund).
Further information is provided by:
Jon Ingi Herbertsson, Investor and Public Relations Manager, tel: +354 563
8451; jon.herbertsson@marel.com.Attachment (.pdf) |
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18.3.2011 07:54 |
NBI hf.
18.3.2011 07:54NBI hf.Notification of the acquisiton of major proportions of voting rights
Attached is a notification of the acquisiton of major proportions of voting
rights.Attachment (.pdf) Attachment (.pdf) |
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17.3.2011 19:11 |
Horn Fjárfestingarfélag ehf.
17.3.2011 19:11Horn Fjárfestingarfélag ehf.Notification of the acquisiton of major proportions of voting rights
Attached is a notification of the acquisiton of major proportions of voting
rights.Attachment (.pdf) Attachment (.pdf) |
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17.3.2011 17:40 | Insider's dealing 17.3.2011 17:40Insider's dealingDate of transaction: March 17.2011 Auðkenni útgefanda/Trade ticker: MARL Nafn útgefanda/Issuer: Marel hf. Dagsetning tilkynningar/Date of announcement: 17. 03.011 Nafn fruminnherja/Name primary insider: Horn Fjárfestingarfélag ehf. Tengsl fruminnherja við útgefanda/Insider's relation with the issuer: Annar stærsti hluthafi/Second largest share holder Dagsetning viðskipta/Date of transaction: 17. 03.011 Tímasetning viðskipta/Time of transaction: 17:20:00 Tegund fjármálagernings/Type of financial instrument: Hlutabréf/Equities Kaup eða sala/Buy or Sell: Sala/Sale Fjöldi hluta/Number of shares: 101.291.743 Verð pr. Hlut/Price per share: 120 Fjöldi hluta í eigu fruminnherja eftir viðskipti/Primary insider's holdings after the transaction: 0 Fjöldi hluta sem fruminnherji á kauprétt að/Primary insider's option holdings after the transaction: 0 Fjöldi hluta fjárhagslega tengdra aðila eftir viðskipti/Related parties' holdings after the transaction: 0 Dagsetning lokauppgjörs*/Date of settlement*: Athugasemdir*/Comments*: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
17.3.2011 17:21 | Insider's dealing 17.3.2011 17:21Insider's dealingDate of transaction: March 17, 2011 Auðkenni útgefanda/Trade ticker: MARL Nafn útgefanda/Issuer: Marel hf. Dagsetning tilkynningar/Date of announcement: 17.03.2011 Nafn fruminnherja/Name primary insider: Eyrir Invest ehf Tengsl fruminnherja við útgefanda/Insider's relation with the issuer: Stærsti hluthafi/Largest shareholder Dagsetning viðskipta/Date of transaction: 17.03.2011 Tímasetning viðskipta/Time of transaction: Tegund fjármálagernings/Type of financial instrument: Hlutabréf/Equities Kaup eða sala/Buy or Sell: Kaup/Buy Fjöldi hluta/Number of shares: 22.042.125 Verð pr. Hlut/Price per share: 120 Fjöldi hluta í eigu fruminnherja eftir viðskipti/Primary insider's holdings after the transaction: 254.966.838 Fjöldi hluta sem fruminnherji á kauprétt að/Primary insider's option holdings after the transaction:0 Fjöldi hluta fjárhagslega tengdra aðila eftir viðskipti/Related parties' holdings after the transaction: 332.288 Dagsetning lokauppgjörs*/Date of settlement*: Athugasemdir*/Comments*: Eyrir Invest ehf er fruminnherji í Marel Food Systems hf. Árni Oddur Þórðarson, forstjóri Eyrir Invest ehf, er stjórnarformaður í Marel Food Systems hf. Margrét Jónsdóttir, fjármálastjóri Eyrir Invest ehf, er stjórnarmaður í Marel Food Systems hf. Eyrir Invest ehf is an primary insider in Marel Food Systems hf. Árni Oddur Þórdarson, Eyrir Invest's CEO, is a Chairman of Board in Marel Food Systems hf. Margrét Jónsdóttir, Eyrir Invest's Financial Director, is a member of Board of Directors in Marel Food Systems hf. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2.3.2011 18:12 |
Annual General Meeting: Chairman of the Board of Directors and CEO's presentations...
2.3.2011 18:12Annual General Meeting: Chairman of the Board of Directors and CEO's presentations
Attached are Arni Oddur Thordarson Chairman of the Board of Directors and Theo
Hoen CEO's presentations delivered at Marel hf. Annual General Meeting held 2.
March 2011.
About Marel
Marel is the leading global provider of advanced equipment, systems and
services to the fish, meat and poultry industries. With offices and
subsidiaries in over 30 countries and a global network of more than 100 agents
and distributors, we work side-by-side with our customers to extend the
boundaries of food processing performance. Advance with Marel for all your
processing needs.Attachment (.pdf) Attachment (.pdf) |
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2.3.2011 17:51 | MAREL - ANNUAL GENERAL MEETING 2011 2.3.2011 17:51MAREL - ANNUAL GENERAL MEETING 2011Decisions of the AGM 2 March 2011 The Annual General Meeting of Marel hf which took place at the company's headquarters was well attended by its shareholders. Below are the decisions of the Annual General Meeting. Marel hf: Results of Annual General Meeting 1. The Consolidated Financial Statement and the Report of the Board of Directors were approved unanimously. 2. The Meeting approved that no dividends will be paid for the financial year 2010. 3. A decision was made on compensation to the Board of Directors for the year 2011. The Chairman will receive €6,000 per month, the Vice Chairman and Chairman of the Audit Committee will receive €4,000 per month and other members of the Board of Directors will receive €2,000 per month. The compensation will be paid on the 15th day of each month. Furthermore, the Board of Directors proposes that the Auditor's fees will be paid against their invoices approved by the Company. 4. The Company's remuneration policy was confirmed: It is as follows: Article 1. Objective The remuneration policy of Marel hf. has the aim of making the company and its subsidiaries competitive in hiring outstanding employees, a necessary prerequisite to fulfilling the company‘s vision for its presence on the global market. The remuneration policy covers all main aspects of salary and benefits for the Chief Executive Officer (CEO) and management of the company. A wage and benefits committee operates within the company comprised of three to four Board members. Article 2. Remuneration for Board members Board members shall receive a fixed, monthly payment in accordance with the decision of the annual general meeting of the company, as stipulated in article 79 a of Act No. 2/1995 on Public Limited Companies. The Board of Directors shall submit a proposal on the fee for the upcoming operating year and shall take into account the time board members spend on their duties, the responsibility involved and company performance. Article 3. Remuneration for the CEO A written employment contract shall be made between the company and the CEO. His terms of employment shall be competitive on an international standard. The amount of salary and other payments to the CEO shall be decided on the basis of his education, experience and previous occupation. Other terms of employment shall be specified in the contract, along with pension payments, vacation rights, benefits and terms of notice. When preparing employment contract the emphasis shall be that no additional payments will be made at termination other than those stipulated in the employment contract. However, special circumstances in the opinion of the Board of Directors may lead to a separate termination agreement being concluded with the CEO. Article 4. Acknowledgements to senior management The CEO is authorized to propose to the Board of Directors and Compensation Committee that senior management should be rewarded in addition to their set terms of employment in the form of delivery of shares, performance based payments, stocks, stock options or other forms of payment having to do with company shares or the future value of such shares, pension fund contributions, retirement or redundancy payments. When deciding whether senior managers should be granted rewards in addition to the set terms of employment, the status, responsibility and future prospects of the respective manager within the company shall be taken into consideration. Article 5. Disclosure of information At the Annual General Meeting, the Board of Directors shall present information on the remuneration of the Chief Executive Officer, managing directors and board members. Information shall be presented on the total amount of salary payments during the year, payments from other companies in the group, the amount paid in bonuses and stock options, other forms of payment related to the value of company shares, termination payments if applicable, and the total amount of any other payments. The Company's remuneration policy shall be published on the Company's website. Article 6. Approval of the Remuneration Policy and other matters The company's Remuneration Policy shall be presented to the shareholders in the annual general meeting for their approval or rejection. The Remuneration Policy is binding for the Board of Directors in regards to stock options and payments on the basis of share price movements as per paragraph 2 article 79.a of Act No. 2/1995 on Public Limited Companies. In all other aspects the policy shall be viewed as guidelines for the company and its Board. The Board of Directors shall note in the minutes of its meeting any major deviation from the Remuneration Policy and such deviation shall be well justified. The Board of Directors shall inform the annual general meeting of such a deviation. 5. Amendment of the Company's Articles of Association was approved The following proposal to amend the Articles of Association of Marel hf. was approved: Clause 4.14 of the Company's Articles of Association, on the minimum ratio of shareholders which can demand a shareholders' meeting, is amended in accordance with recent amendment of Article 85 of the Act on Public Limited Companies No. 2/1995, i.e. from 1/10 to 1/20. 6. Election of Board The following were elected to serve on the Board of Directors until next Annual General Meeting: Arnar Þór Másson, Reykjavik, Iceland Árni Oddur Þórðarson, Reykjavik, Iceland Ásthildur Margrét Otharsdóttir, Reykjavik, Iceland Friðrik Jóhannsson, Reykjavik, Iceland Helgi Magnússon, Seltjarnarnes, Iceland Margrét Jónsdóttir, Seltjarnarnes, Iceland Theo Bruinsma, Oss, The Netherlands Smári Rúnar Þorvaldsson, Hafnarfjordur, Iceland 7. Election of auditors The auditing firm KPMG ehf. will be the company's auditors. 8. Approved to grant authorization to the Board of Directors to purchase treasury shares in the company. The company is authorized, pursuant to the provisions of Article 55 of the Act on Public Limited Liability Companies No. 2/1995, to acquire up to 10% of its own shares at a price which is no higher than 10% over and no lower than 10% under the posted average price of shares in the Company for the two weeks immediately preceding the acquisition. It is furthermore proposed, that this authorisation is effective for the next 18 months from approval. Earlier authorisation shall be withdrawn. About Marel Marel is the leading global provider of advanced equipment, systems and services to the fish, meat and poultry industries. With offices and subsidiaries in over 30 countries and a global network of more than 100 agents and distributors, we work side-by-side with our customers to extend the boundaries of food processing performance. Advance with Marel for all your processing needs. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1.3.2011 13:20 | Correction: Published 2011-03-01 14:08:27 - Increase in share capital of Marel hf.... 1.3.2011 13:20Correction: Published 2011-03-01 14:08:27 - Increase in share capital of Marel hf. Correction: Date of increasing share capital. In accordance with Article 84 of the Act on Securities Transactions No 108/2007, Marel hf. announces that the Company increased its share capital by ISK 5,277,750 in February 2011. Increase of shares was to fulfill stock options agreements with employees, which has been fully executed. Shares in Marel hf. are now 735,568,997 of nominal value. Each share carries one vote. Votes in the Company are therefore 735,568,997. The Company does not own any treasury shares (own shares). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1.3.2011 12:08 | Increase in share capital of Marel hf. 1.3.2011 12:08Increase in share capital of Marel hf. In accordance with Article 84 of the Act on Securities Transactions No 108/2007, Marel hf. announces that the Company increased its share capital by ISK 5,277,750 in November 2010. Increase of shares was to fulfill stock options agreements with employees, which has been fully executed. Shares in Marel hf. are now 735,568,997 of nominal value. Each share carries one vote. Votes in the Company are therefore 735,568,997. The Company does not own any treasury shares (own shares). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
25.2.2011 15:27 | Marel Annual General Meeting, March 2 2011 - Candidates for the Board of Directors... 25.2.2011 15:27Marel Annual General Meeting, March 2 2011 - Candidates for the Board of Directors Below are candidates for the Board of Directors of Marel hf. at the Annual General Meeting, to be held at the Company's headquarters at Austurhraun 9, Gardabaer, Iceland, on Wednesday, 2 March 2011, at 16:00: Arnar Thor Masson, Reykjavik, Iceland Arni Oddur Thordarson, Reykjavik, Iceland Asthildur Margret Otharsdottir, Reykjavik, Iceland Fridrik Johannsson, Reykjavik, Iceland Helgi Magnusson, Seltjarnarnes, Iceland Margret Jonsdottir, Seltjarnarnes, Iceland Theo Bruinsma, Oss, The Netherlands Smari Runar Thorvaldsson, Hafnarfjordur, Iceland Further information about these candidates is available on the Information Page for the Annual General Meeting 2011 on the Company´s website: http://www.marel.com/agm. The deadline for declaring candidature has now passed. According to the current Articles of Association of the Company, the Board of Directors shall be comprised of 7-9 members. Should the Annual General Meeting agree with the proposal of the Company's Board of Directors, to elect eight Directors to serve on the Board of Directors for the coming operational year, the above candidates would be elected to the Board without ballot at the meeting. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
23.2.2011 16:02 |
Agenda and proposals - Annual General Meeting 2 March 2011...
23.2.2011 16:02Agenda and proposals - Annual General Meeting 2 March 2011
Please find attached agenda and proposals to the Annual General Meeting of
Marel, to be held Wednesday 2 March 2011 at 16:00.Attachment (.pdf) Attachment (.pdf) |
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10.2.2011 09:50 |
Additional information to Consolidated Financial Statements 2010...
10.2.2011 09:50Additional information to Consolidated Financial Statements 2010
Consolidated Financial Statements 2010 - Additional information to note 28
regarding stock options is attached.Attachment (.pdf) |
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9.2.2011 20:35 |
Marel hf. Annual Report
9.2.2011 20:35Marel hf. Annual Report
Attached is Marel hf. Annual Report 2010.Attachment (.pdf) |
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7.2.2011 14:39 | Marel hf. - Annual General Meeting 2011 7.2.2011 14:39Marel hf. - Annual General Meeting 2011 The Annual General Meeting of Marel hf. will be held at the company‘s headquarters at Austurhraun 9, Gardabaer, Iceland, on Wednesday, 2 March at 16:00. Agenda: 1. Annual General Meeting matters as provided for in Article 4.13 of the company‘s Articles of Association. 2. Proposal on a renewed authorisation for the Company to buy shares in itself. 3. Any other business, lawfully presented. The meeting will be conducted in English. Specific interest is drawn to the fact that candidatures for the Board of Directors shall be submitted in writing to the Board of Directors at least five full days prior to the meeting. In order for shareholders to have proposals or matters considered by the meeting, they must have been submitted to the Board of Directors at least seven days prior to the meeting. Further information on deadlines in relation to the right of shareholders to submit proposals etc. can be found on the company's AGM website www.marel.com/agm. Additionally, all further information in relation to the Annual General Meeting can be found on the website, including its Annual Report, draft agenda, proposals of the Board of Directors, Company's annual statements for the year 2010, information on the total number of shares and voting rights as of 8 February 2011, proxy template, as well as information on documents to be submitted in relation to the meeting. The meeting´s agenda and final proposals will be available to shareholders seven days prior to the meeting, both on the aforementioned AGM website of the company as well as at the company‘s offices at Austurhraun 9, Gardabaer. The agents of shareholders shall submit written proxies at the entrance of the meeting. Ballots and other applicable documents will be available at the venue of the meeting as of 15.30 on the day of the meeting. The Board of Directors of Marel hf. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7.2.2011 10:23 | Marel hf: Twenty largest shareholders after share increase of 5.277.750 shares... 7.2.2011 10:23Marel hf: Twenty largest shareholders after share increase of 5.277.750 shares Eyrir Invest ehf 232.924.713 31,67 Horn Fjárfestingarfélag ehf 101.291.743 13,77 Grundtvig Invest A/S 61.673.494 8,38 Lífeyrissjóður verslunarmanna 42.481.031 5,78 Columbia Acorn International 35.369.999 4,81 Lífeyrissjóðir Bankastræti 7 30.500.000 4,15 Gildi -lífeyrissjóður 18.310.521 2,49 Stafir lífeyrissjóður 17.343.664 2,36 Sameinaði lífeyrissjóðurinn 16.958.754 2,31 Festa - lífeyrissjóður 11.060.000 1,5 Columbia Acorn Fund 10.000.000 1,36 Ingunn Sigurðardóttir 7.482.779 1,02 Helga Sigurðardóttir 5.831.030 0,79 Stefnir -- Ís-15 5.791.102 0,79 Súsanna Sigurðardóttir 5.791.055 0,79 Stefnir ÍS-5 5.744.362 0,78 Eignarhaldsfélag Hörpu ehf 5.406.480 0,74 Wanger International 5.336.401 0,73 Söfnunarsjóður lífeyrisréttinda 5.290.599 0,72 Stapi lífeyrissjóður 4.986.865 0,68 Other shareholders 105.994.405 14,38 Total shares 735.568.997 100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4.2.2011 14:11 |
Date of transaction: 4 February 2011
4.2.2011 14:11Date of transaction: 4 February 2011
Attached is information about insider's dealing.Attachment (.doc) |
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4.2.2011 13:55 |
Date of transaction: 4 February 2011
4.2.2011 13:55Date of transaction: 4 February 2011
Attached is information about insider's dealing.Attachment (.doc) |
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4.2.2011 13:14 |
Date of transaction: 4 February 2011
4.2.2011 13:14Date of transaction: 4 February 2011
Attached is information on changes in company's own shares.Attachment (.doc) |
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3.2.2011 15:27 |
New Articles of Association - Marel hf.
3.2.2011 15:27New Articles of Association - Marel hf.
Attached are new Articles of Association dated 2 February 2011.Attachment (.pdf) |
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3.2.2011 08:36 |
Presentation for market participants and investors
3.2.2011 08:36Presentation for market participants and investors
Attached is a presentation of financial results of Marel hf. for the year 2010
delivered at a meeting with market participants and investors 3 February 2011.Attachment (.pdf) |
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2.2.2011 14:47 | Increase in share capital 2.2.2011 14:47Increase in share capital The Board of Directors of Marel hf resolved at its meeting today, 2 February 2011, to use an authorization in Marel‘s Articles of Associations, article 15.1., to increase the share capital of Marel hf in the amount of ISK 5,277,750 nominal value to fulfill stock option agreements made in 2006 and 2007. Thenew shares will be sold to stock option holders at the weighted average rate of ISK 71,51 per share. Accordingly, the share capital of Marel hf increases from ISK 730,291,247 to ISK 735,568,997. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2.2.2011 14:40 |
Marel 2010 results
2.2.2011 14:40Marel 2010 resultsStrong growth and good profitability
(All amounts in EUR)
-- Revenues for 2010 totalled 600.4 mln. Revenues from core business amounted
to 582.1 mln, an increase of 34% compared to the year before [2009: 434.8
mln].[1]
-- EBITDA from normalized core businesses was 88.1 mln or 15.1% of revenues
[2009: 47.4 mln]. Consolidated EBITDA 2010 was 82.2 mln [2009: 58.8 mln].
[2]
-- Operating profit from normalised core businesses was 64.1 mln or 11% of
revenues [2009: 24.8 mln]. Consolidated EBIT was 57.3 mln in 2010 [2009:
8.0 mln].
-- Net result in 2010 was 13.6 mln [2009: a loss of 11.8 mln].
-- Cash flow continues to be strong and net interest bearing debt has been
reduced to 256.7 mln at the end of 2010 [2009: 295.0 mln].
-- Long-term financing in the amount of 350 mln was secured at favourable
terms and conditions.
-- The order book grew throughout the year as a result of a strong product
pipeline and improved market conditions. The order book stands at 162.2 mln
at the end of the year [2009: 105.8 mln].
Marel had a very good year in 2010. Revenues from core business amounted to
582.1 mln, an increase of 34% over the previous year. The level of market
activity increased gradually during the course of the year, with orders
received exceeding revenues in each consecutive quarter. The result was a
continuing increase in the order book, which stood at a record 162.2 mln at the
end of the year, an increase of 53% compared to the year before.
Marel reached a major milestone in November 2010 when it signed an agreement
with a group of six international banks on long-term financing in the amount of
350 mln, providing a strong foundation for the future.
Theo Hoen, CEO:
“Q4 was an excellent quarter for us, our best to date, wrapping up a very good
year. With a steep increase in orders received in Q4, the order book climbed to
a record level. The EBIT margin reached 12% in Q4, and 11% for the year as a
whole, fully in line with our stated target range of 10-12%. Our decision to
maintain our level of investment in product development during the past two
years, despite the challenging operating environment, is now really paying off.
We have introduced a steady stream of innovative new products to the market
during the year, with many more in the pipeline.
The refinancing of the company in Q4 was a major milestone. With a growing
EBITDA stream and reduced leverage, we were able to secure a favourable
long-term financing package from an international consortium of six banks. This
milestone creates the conditions for us to build and grow the business and
focus on our long-term strategy. We can now truly reap the benefits of being
one integrated company.
Looking ahead to 2011, we are confident that we will achieve our goal of good
profitability and growth by relying on our proven business model founded on
three pillars - market penetration, innovation and operational excellence.”
Q4 2010 results
Excellent performance and strong order book
Marel had an excellent quarter with 167.7 mln in revenues, 26.1 mln in EBITDA
and 20.1 mln in EBIT.
-- Revenues for Q4 2010 totalled 167.7 mln, an increase of 49% compared to
revenues from core business the year before [Q4 2009: 112.5 mln from core
business; 135.7 mln consolidated].
-- EBITDA for Q4 2010 was 26.1 mln, or 15.6% of sales [Q4 2009: 12.8 mln from
core business; 12.0 mln consolidated].
-- Operating profit (EBIT) for the quarter was 20.1 mln, or 12% of sales [Q4
2009: 6.9 mln from core business; a loss of 19.6 mln consolidated].
-- Net result was 5.5 mln for Q4 2010 [Q4 2009: a loss of 23.0 mln].
-- The integration of the Marel and Stork Food Systems companies into one
unified company was formally completed at the end of Q3. The main focus now
is on increased profitability and internal growth through innovation,
market penetration and operational excellence.
Marel is benefitting strongly from its decision to maintain its level of
investment in research and development during the past two years. Thanks to a
steady stream of innovative new products and a strong product pipeline, orders
received, including service revenues, amounted to 188.6 mln in Q4 2010,
compared to 132.2 mln for the same period the year before. The strengthening of
the global sales and service network, undertaken as part of the integration
process, was also a key factor in enabling the company to capture its fair
share of the market. The number of large orders has bounced back to the levels
they were at before the crisis and financing of such projects is no longer an
issue for Marel's customers. Once again, orders received exceeded orders booked
off, leading to a continuing increase in the order book, which stood at a
record 162.2 mln at the end of Q4 2010, compared to 105.8 mln at the same time
the year before. The excellent level of the order book enables Marelto make a
good start in 2011.
Operational cash flow before interest and tax remains healthy at 33.5 mln in Q4
and 114.9 mln for the year. The balance sheet is strong and net debts amount to
256.7 mln compared with 295.0 mln a year ago.
Performance summary for Q4 2010
Key figures from Marel's operations in thousands of EUR
Operating results Quarter YTD Quarter YTD
4 4
Core business, normalised 2010 2010 2009 2009
Revenues 167,677 582,130 112,492 434,796
Gross profit 63,162 221,410 43,682 166,160
Gross profit as a % of Revenues 37.7% 38.0% 38.8% 38.2%
Other operating income (expenses) 110 (672) (246) (602)
Other operating income (expenses) 0.1% 0.1% 0.2% 0.1%
as a % of Revenues
SG&A costs (33,313) (120,671) (28,741) (112,397)
SG&A costs as a % of Revenues 19.9% 20.7% 25.5% 25.9%
Research and development expenses (9,896) (35,924) (7,775) (28,402)
Research and development expenses 5.9% 6.2% 6.9% 6.5%
as a % of Revenues
Result from operations (EBIT) 20,063 64,144 6,920 24,760
EBIT as a % of Revenues 12.0% 11.0% 6.2% 5.7%
EBITDA 26,104 88,060 12,763 47,432
EBITDA as a % of Revenues 15.6% 15.1% 11.3% 10.9%
Orders Received 1) 188,604 638,453 132,187 474,077
Order Book 162,155 105,832
1) Included are the service
revenues.
Consolidated Quarter YTD Quarter YTD
4 4
2010 2010 2009 2009
Cash flows
Cash generated from operating 33,451 114,881 17,084 75,395
activities, before interest &
tax
Net cash from (to) operating 20,759 78,986 756 25,526
activities
Investing activities (6,097) (16,757) (4,588) 10,758
Financing activities (36,459) (67,453) 20,114 10,168
-----------------------------------------
Net cash flow (21,797) (5,224) 16,385 46,452
Financial position
Net Debt 256,741 295,012
Operational working capital 2) 59,794 107,149
2) Third party Debtors,
Inventories, Net Work in Progress
and Third party Creditors.
Key ratios
Current ratio 1.4 1.6
Quick ratio 1.0 1.2
Number of outstanding shares 730,291 727,136
Market cap. in millions of Euros 473.5 210.3
based on exchange rate at end of
period
Return on equity 4.1% (3.9)%
Earnings per share in euro cents 1.87 (1.96)
Key events during the period
Financing
On 25 November 2010, Marel signed an agreement with a group of six
international banks on long-term financing in the amount of 350 mln. The
initial average interest terms are EURIBOR/LIBOR + 320 bps and are expected to
decrease during the maturity of the loans, in line with the increase of the
financial strength of Marel. The new financing structure is a major milestone
and provides the company with a strong foundation for the future. The agreement
enables the company to refinance all its existing debts at favourable terms and
conditions. Equally important, it supports the company's long-term strategy by
providing the stability and flexibility needed to continue to grow the
business, as well as making the full integration of the company's operations
possible.
As part of the refinancing strategy, Marel announced on 1 November 2010 a
conditional offer to bond holders to repurchase bonds issued by the company and
listed on NASDAQ OMX Iceland under the name MARL 06 1. These bonds represented
the only existing debt which could not be unconditionally repaid at Marel's
discretion. With the repurchase, Marel sought to further reduce the currency
risk on its balance sheet. Investors holding a total of 65.65% of the
outstanding bonds accepted the offer to repurchase the bonds at par. Following
the repurchase of the Bonds, the total value of the outstanding debt
denominated in ISK is EUR 7.5 mln, which represents an acceptable currency
risk, in Marel's view.
Cost efficiency and focus on cash flow
Marel continues to maintain a strict focus on rationalization and cost control.
Great effort continues to be invested in ensuring that the company's reduced
cost base is sustainable despite the renewed growth in activity.
Operational cash flow before interest and tax was positive by 33.5 mln in Q4
2010. The company's working capital programme continued to yield improvements
in our working capital ratio. The current liquidity position of 63 mln is
strong. The business is well invested and remains well equipped to deal with
fluctuations in the market environment.
Operating environment
Marel's core business focuses on four industry segments: fish, meat poultry and
further processing.
Poultry: Poultry continues to increase in popularity among consumers looking
for affordable sources of protein. Accordingly, the poultry segment once again
led the way in terms of the growth in order intake in 2010, including in large
orders in both established and emerging economies. In Q4, a number of large
projects were secured, including greenfield projects in China and the Russian
Federation (see customer focus below). A new integrated solution combining the
AMF-BX deboning line with the SensorX bone detection system has been very well
received in the market, setting a new standard for process control, performance
and reliability. The general outlook for 2011 is very positive.
Fish: High raw material prices and consolidation in the industry have led fish
processors to continue to invest in increased automation to improve yields,
product quality and overall efficiency. Maximizing the value extracted from the
raw material remains a priority. The strong growth of the aquaculture industry
continues. Salmon processors in Norway continue to seek to capitalize on the
collapse of the Chilean salmon industry due to a virus epidemic, resulting in
several large sales to Norway during the year. As the year came to a close, a
major processor acquired a second large SureTrack whole fish grading system for
salmon, with the first having been installed earlier in the year.
Meat: Q4 saw high levels of activity in Europe, Australia and South America,
with strong indications of sizeable investments to come in the early part of
2011. Processors continue to show growing interest in automation and process
monitoring, primarily to counter high raw material prices and a shortage of
labour. Order intake was, however, somewhat below expectations in Q4 overall,
with several big projects being delayed due to market instability, particularly
in the U.S. market, which was affected by low consumer prices and a general
lack of demand for the end products. Nevertheless, several StreamLine deboning
and trimming systems were sold to customers looking to improve profitability.
Further processing: The market for value added products continues to grow.
Consumers, who spend less and less time on food preparation, are looking for
greater variety in convenience food and complete ready-made meals. Fast food
restaurants also continue to thrive. Processors are investing in innovations
that allow them to meet ever changing consumer demands. Sales of the Townsend
Further Processing product range increased substantially in 2010, driven by the
success of the RevoPortioner, a revolutionary low-pressure forming and
portioning machine used in the production of a wide variety of products,
including hamburgers, nuggets and steaks. Growth is expected to continue in
2011.
Customer focus - BEZRK-Belgrankorm, Russian Federation: BEZRK-Belgrankorm is
one of the leading poultry producers in Central Russia, with a strong focus on
modern and innovative processing methods. The company plans to begin exporting
poultry products to Europe and recently signed an agreement with Marel to equip
a new slaughtering plant with an initial processing capacity of 12,000 chickens
per hour. The order includes equipment from Marel's Stork Poultry Processing
product range totalling 18.3 mln.
“We have been partners for more than five years now,” says Alexander Orlov,
Chairman and principal owner of BEZRK-Belgrankorm. “The high quality of Stork
Poultry Processing equipment and service speaks for itself. The machines are
very reliable, and the focus on innovation gives us great confidence for the
future. It is very positive that Marel and Stork Poultry Processing are now one
company with one concept, a concept that can offer solutions to all the
challenges we face.” The new plant is scheduled to begin operations in the
summer of 2011, with a capacity in excess of 150 thousand tons of poultry per
year.
Outlook
Market conditions have improved during the course of the year. Marel has
strengthened its market position and the excellent level of the order book
ensures a good start to the year.The outlook for 2011 is positive.
Nevertheless, results may vary from quarter to quarter due to fluctuations in
orders received and deliveries of larger systems.
Presentation of results, 3 February 2011
Marel will present its results at a meeting on Thursday, 3 February, at 8:30
a.m. GMT, at the company‘s headquarters at Austurhraun 9, Gardabaer.
Publication days of the Consolidated Financial Statements in 2011 and the
Annual General Meeting 2011
-- Annual General Meeting of Marel hf . 2 March
2011
-- 1st quarter 2011
27 April2011
-- 2nd quarter 2011
27 July 2011
-- 3rd quarter 2011
26 October 2011
-- 4th quarter 2011
1 February 2012
-- Annual General Meeting of Marel hf. 29 February
2012
For further information, contact:
Jón Ingi Herbertsson, Investor and Public Relations Manager, tel: (+354)
563-8451
Erik Kaman, CFO, tel: (+354) 563-8072
Sigsteinn Grétarsson, Managing Director of Marel ehf., tel: (+354) 563-8072
About Marel
Marel is the leading global provider of advanced equipment, systems and services
to the fish, meat and poultry industries. With offices and subsidiaries in over
30 countries and a global network of more than 100 agents and distributors, we
work side-by-side with our customers to extend the boundaries of food processing
performance. Advance with Marel for all your processing needs.
Forward-looking statements
Statements in this press release that are not based on historical facts are
forward-looking statements. Although such statements are based on management's
current estimates and expectations, forward-looking statements are inherently
uncertain. We, therefore, caution the reader that there are a variety of factors
that could cause business conditions and results to differ materially from what
is contained in our forward-looking statements, and that we do not undertake to
update any forward-looking statements. All forward-looking statements are
qualified in their entirety by this cautionary statement.
[1]The disposal of the company's main non-core assets was completed in Q1 2010
with the sale of Carnitech A/S and Food & Dairy Systems. The 2010 results
include figures from Carnitech A/S up until 1 February 2010 and Food & Dairy
Systems until 31 March 2010. In comparing the 2010 results with the previous
year, it is therefore more useful to refer to the figures for core business
than the consolidated figures.
[2]The 2010 figures are normalized for one off items amounting to 7.9 mln,
thereof pension recovery premium costs of 7.6 mln related to underfunding of
the Stork Pension Fund.Attachment (.pdf) Attachment (.pdf) |
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31.1.2011 08:47 | Marel hf. - Financial Statement Release 31.1.2011 08:47Marel hf. - Financial Statement ReleaseFinancial results for 2010 - Presentation 3 February 2010 Marel hf. invites market participants and investors to a meeting where the Company´s consolidated financial statement for 2010 will be presented. The results will be presented by Theo Hoen, CEO, and Erik Kaman, CFO. The presentation will be held Thursday, 3 February, at 8:30 a.m., at the company's headquarters, Austurhraun 9, Gardabaer. Please note that the meeting will also be webcast at www.marel.com/webcast Breakfast will be served from 8:00 a.m. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13.12.2010 10:24 | Marel hf. - Twenty largest shareholders 13.12.2010 10:24Marel hf. - Twenty largest shareholdersTwenty largest shareholders after the last transactions with shares in Marel hf. Eyrir Invest ehf 232.924.713 31,89 Horn Fjárfestingarfélag ehf 101.291.743 13,87 Grundtvig Invest A/S 61.673.494 8,45 Lífeyrissjóður verslunarmanna 42.481.031 5,82 Columbia Acorn International 35.369.999 4,84 Lífeyrissjóðir Bankastræti 7 30.500.000 4,18 Gildi -lífeyrissjóður 18.150.521 2,49 Stafir lífeyrissjóður 17.543.664 2,40 Sameinaði lífeyrissjóðurinn 17.043.754 2,33 Festa - lífeyrissjóður 11.060.000 1,51 Columbia Acorn Fund 10.000.000 1,37 Ingunn Sigurðardóttir 7.000.498 0,96 Stefnir - Ís-15 5.407.852 0,74 Eignarhaldsfélag Hörpu ehf 5.406.480 0,74 Helga Sigurðardóttir 5.348.749 0,73 Wanger International 5.336.401 0,73 Súsanna Sigurðardóttir 5.308.774 0,73 Söfnunarsjóður lífeyrisréttinda 5.290.599 0,72 Stefnir ÍS-5 5.039.112 0,69 Stapi lífeyrissjóður 4.986.865 0,68 Total shares: 730.291.247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7.12.2010 10:17 |
Liífeyrissjodur verzlunarmanna - Notification of the acquisiton of major proportions ...
7.12.2010 10:17Liífeyrissjodur verzlunarmanna - Notification of the acquisiton of major proportions of voting rightsAttached is a notification of the acquisiton of major proportions of voting
rights.
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7.12.2010 09:13 |
Horn Fjárfestingarfélag ehf. - Notification of the acquisiton of major proportions of...
7.12.2010 09:13Horn Fjárfestingarfélag ehf. - Notification of the acquisiton of major proportions of voting rightsAttached is a notification of the acquisiton of major proportions of voting
rights.
Attachment (docx) |
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6.12.2010 20:55 | Date o |