Marel presented the Q4 2011 results – Fishupdate.com

Marel presented the Q4 2011 results Published:  02 February, 2012

“We had record revenues in quarter four… and we had excellent profitability, in the top end of our target range,” said Theo Hoen, CEO of Marel, when the company’s results for 2011 were presented this morning, 2 February, at a meeting with market participants and investors.

“What I think personally is most important, we were able to realise pure organic growth of 15% in 2011. This is a very significant step in realising our growth strategy.”

Erik Kaman, CFO, presented the financial results for the quarter. Among the highlights were revenues of EUR 668 million and an EBIT margin of 11.8% for the fourth quarter and 10.9% for the year as a whole. “Orders received are strong and the order book is at a stable, very high level – a 4-5 months workload.”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.”