Slow Start to Year for Marel26 April 2013
ICELAND - Meat and food processing equipment manufacturer, Marel, has reported a slow start to the year but says that now orders received are picking up.
Revenues for the first quarter of 2013 totalled €158.0 million, a fall of 14.5 per cent compared to the first quarter of 2012 when revenues were €184.9 million..
EBITDA reached €16.9 million or 10.7 per cent of revenues com[pared to the first quarter of 2012 where it reached €27.4million.
Operating profit (EBIT) was €10.3 million or 6.5 per cent of revenues compared to € 21.1 million in the first quarter of the previous year.
The net result for the first quarter of 2013 was €5.7 million. In the first quarter of 2012 is was €13.1million.
The company said that cash flow remains healthy and net interest bearing debt is €239.3 million at the end of the quarter compared to€243.2 million at year-end 2012.
The order book is at €151.1m at the end of the quarter compared to €189.4million in the same quarter last year. However, it is 20 poer cent higher than at the end of last year.
Revenues in the first quarter were €158.0 million reflecting the low level of the order book at the start of the year.
Marel said that important sales were made in markets such as Brazil, China, Middle East and Russia, while Europe remains challenging although USA shows signs of recovery.
Theo Hoen, CEO said: “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 per cent in the second half of 2013, assuming continued recovery in our established markets.“
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