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

Results	2013	2012	2011	2010	2009
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 Book	2013	2012	2011	2010	2009
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 statement	2013	2012	2011	2010	2009
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 position	2013	2012	2011	2010	2009
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 sales	2013	2012	2011	2010	2009
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 ratios	2013	2012	2011	2010	2009
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, normalised	2013	2012	2011	2010	2009
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