Introduction

Marel in Figures

With the exception of the order book and key figures from Marel's core operations (normalized), the figures in the table and graphs below are from the consolidated accounts of Marel.

€662
million
Revenues
€43
million
EBIT
€132
million
Order Book
€46
million
Free Cash Flow

Marel's Financial Results 

Marel's financial results were below full potential in 2013. Cash flow was strong. Order book and orders received were steady.  Strategic progress was made.

* Compounded Annual Growth Rate


Results20132012201120102009
Revenue  661,536 713,960 668,357 600,421 531,680
Gross profit  233,644 249,226 247,289 227,074 191,674
Result before depreciation (EBITDA)  69,444 85,963 87,006 82,177 58,752
Result from operations (EBIT)  42,909 61,081 62,166 57,334 8,047
Net result for the period  20,620 35,609 34,463 13,626 (11,811)
Order Book20132012201120102009
Orders Received* 668,584 650,493 702,419 638,453 474,077
Order Book 132,438 125,390 196,218 162,155 105,832

* Includes service revenues.

Cash flow statement20132012201120102009
Cash generated from operating activities, before interest & tax  80,320 65,569 63,716 114,881 75,395
Net cash from (to) operating activities  64,097 49,095 43,183 78,986 25,526
Investing activities  (31,963) (37,294) (28,690) (16,757) 10,758
Financing activities  (26,461) (26,486) (47,120) (67,453) 10,168
Financial position20132012201120102009
Total assets  839,568 865,128 877,818 877,623 882,882
Working capital  49,041 59,076 52,487 78,114 109,111
Equity  419,339 403,748 373,471 343,269 323,797
Net debt  217,130 243,242 250,489 256,741 295,012
Various figures in proportion to sales20132012201120102009
Gross profit  35.3% 34.9% 37.0% 37.8% 36.1%
Selling and marketing expenses 14.4%  12.6% 11.9% 11.8% 13.8%
Research and development expenses 6.7%  5.8% 6.0% 6.1% 5.9%
Administrative expenses 7.8%  8.0% 8.0% 9.1% 13.1%
Wages and benefits 37.9%  33.9% 31.4% 31.7% 36.1%
Result before depreciation (EBITDA) 10.5%  12.0% 13.0% 13.7% 11.1%
Depreciation/amortisation 4.0%  3.5% 3.7% 4.1% 9.5%
Result from operations (EBIT) 6.5%  8.6% 9.3% 9.5% 1.5%
Net result for the period 3.1%  5.0% 5.2% 2.3% (2.2%)
Other key ratios20132012201120102009
Current ratio  1.3 1.3 1.2 1.4 1.6
Quick ratio 0.8  0.8 0.8 1.0 1.2
Equity ratio 49.9%  46.7% 42.5% 39.1% 36.7%
Return on owners’ equity 5.0%  9.2% 9.6% 4.1% (3.9%)
Return on total assets 2.4%  4.1% 3.9% 1.5% (1.3%)
Key figures from Marel’s core operations, normalised20132012201120102009
Revenue  661,536 713,960 668,357 582,130 434,796
Result from operations (EBIT) 42,909  61,081 73,152 64,144 24,760
EBIT as a % of sales 6.5%  8.6% 10.9% 11.0% 5.7%
Result before depreciation and amortisation (EBITDA) 69,444  85,963 97,992 88,060 47,432
EBITDA as a % of sales 10.5%  12.0% 14.7% 15.1% 10.9%
Leverage 3.13  2.83 2.56 2.92 N/A

Glossary

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

Net cash
Cash and cash equivalents

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

EBITDA
Earnings before interest, tax, depreciation and amortisation

Current ratio
Current assets / Current liabilities

Quick ratio
(Current assets - Inventories) / Current liabilities

Equity ratio
Total equity / (Total equity + Total Liabilities)

Return on owners' equity
Annualised result for the period / Average of total equity ([beginning balance + ending balance for the period] / 2)

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

Leverage
Net interest bearing debt/ Last twelve months EBITDA