million
Introduction
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.
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 |
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