Marel — Interim / Quarterly Report 2020

Oct 20, 2020

Income Statement

Consolidated Statement of Income	Unnamed: 1	Unnamed: 2	Unnamed: 3	Unnamed: 4
NaN	NaN	NaN	NaN	NaN
NaN	Q3	Q3	YTD	YTD
In EUR million unless stated otherwise	2020	2019	2020	2019
NaN	NaN	NaN	NaN	NaN
Revenues	287.2	312.5	894.5	963.6
Cost of sales	-174.7	-193	-560.5	-588.5
Gross profit	112.5	119.5	334	375.1
NaN	NaN	NaN	NaN	NaN
Selling and marketing expenses	-32.8	-37.2	-109.4	-117.5
General and administrative expenses	-21.4	-20.2	-64.1	-60.9
Research and development expenses	-16.9	-20.5	-53.9	-63.3
Result from operations	41.4	41.6	106.6	133.4
NaN	NaN	NaN	NaN	NaN
Finance costs	-3.2	-4.1	-13.7	-12.7
Finance income	0.00002	2.1	0.20003	4.4
Net finance costs	-3.19998	-2.0	-13.49997	-8.3
NaN	NaN	NaN	NaN	NaN
Share of result of associates	-0.0999	-0.00001	0.0001	-0.00001
NaN	NaN	NaN	NaN	NaN
Result before income tax	38.1	39.6	93.1	125.1
NaN	NaN	NaN	NaN	NaN
Income tax	-8.7	-6.2	-19.6	-25.2
Net result	29.4	33.4	73.5	99.9
NaN	NaN	NaN	NaN	NaN
Of which:	NaN	NaN	NaN	NaN
- Net result attributable to Shareholders of the Company	29.4	33.3	73.4	99.8
- Net result attributable to non-controlling interests	0	0.1	0.1	0.1
NaN	NaN	NaN	NaN	NaN
NaN	NaN	NaN	NaN	NaN
Earnings per share for result attributable to Shareholders of the Company during the period (expressed in EUR cent per share):	NaN	NaN	NaN	NaN
- basic	3.930863	4.382265	9.747059	14.194482
- diluted	3.898665	4.341749	9.680218	14.074374
NaN	NaN	NaN	NaN	NaN
NaN	Q3	Q3	YTD	YTD
In EUR million	2020	2019	2020	2019
NaN	NaN	NaN	NaN	NaN
Net result	29.4	33.4	73.5	99.9
NaN	NaN	NaN	NaN	NaN
Items that are or may be reclassified to profit or loss:	NaN	NaN	NaN	NaN
Currency translation differences	-5.8	1	-18	2.4
Cash flow hedges	-0.1001	0.1	-0.1001	0.8
Income tax relating to cash flow hedges	0.0001	-0.1	0.0001	-0.2
Other comprehensive income / (loss) for the period, net of tax	-5.9	1	-18.1	3
Total comprehensive income for the period	23.5	34.4	55.4	102.9
NaN	NaN	NaN	NaN	NaN
NaN	NaN	NaN	NaN	NaN
Of which:	NaN	NaN	NaN	NaN
- Total comprehensive income attributable to Shareholders of the\n Company	23.5	34.3	55.3	102.8
- Total comprehensive income attributable to non-controlling interests	0	0.1	0.1	0.1

Balance Sheet

Consolidated Statement of Financial Position	Unnamed: 1	Unnamed: 2
NaN	NaN	NaN
NaN	30/09	31/12
In EUR million	2020	2019
NaN	NaN	NaN
ASSETS	NaN	NaN
Property, plant and equipment	180.5	181.4
Right of use assets	38.6	36.4
Goodwill	642.3	645.8
Intangible assets	245.4	252.4
Investments in associates	17.3	15.6
Other receivables	2.5	2.1
Deferred income tax assets	11.8	11.9
Non-current assets	1138.4	1145.6
NaN	NaN	NaN
Inventories	180.6	166.8
Contract assets	50.6	38.3
Trade receivables	111.7	160
Other receivables and prepayments	53	46.8
Cash and cash equivalents	76.9	303.7
Current assets	472.8	715.6
NaN	NaN	NaN
TOTAL ASSETS	1611.2	1861.2
NaN	NaN	NaN
EQUITY AND LIABILITIES	NaN	NaN
Share capital	6.7	6.8
Share premium reserve	431.6	483.1
Other reserves	-29	-10.9
Retained earnings	506.4	476.5
Shareholders' equity	915.7	955.5
Non-controlling interests	0.3	0.3
Total equity	916	955.8
NaN	NaN	NaN
LIABILITIES	NaN	NaN
Borrowings	138.1	333.5
Lease liabilities	30.7	28.4
Deferred income tax liabilities	56.8	55.5
Provisions	11.8	10.6
Other payables	1.4	5.1
Derivative financial instruments	4.4	3
Non-current liabilities	243.2	436.1
NaN	NaN	NaN
Contract liabilities	221.9	217.5
Trade and other payables	208.1	200.5
Current income tax liabilities	4.9	3.7
Borrowings	0	30.6
Lease liabilities	8.8	8.8
Provisions	8.3	8.2
Current liabilities	452	469.3
NaN	NaN	NaN
Total liabilities	695.2	905.4
NaN	NaN	NaN
TOTAL EQUITY AND LIABILITIES	1611.2	1861.2

Cash Flow

Consolidated Statement of Cash Flows	Unnamed: 1	Unnamed: 2	Unnamed: 3	Unnamed: 4
NaN	NaN	NaN	NaN	NaN
NaN	Q3	Q3	YTD	YTD
In EUR million	2020	2019	2020	2019
Cash Flow from operating activities	NaN	NaN	NaN	NaN
Result from operations	41.4	41.6	106.6	133.4
NaN	NaN	NaN	NaN	NaN
Adjustments to reconcile result from operations to net cash provided by / (used in) operating activities:	NaN	NaN	NaN	NaN
NaN	NaN	NaN	NaN	NaN
Depreciation of property, plant and equipment and right of use assets	6.3	6.5	19.4	18.3
Amortization and impairment of intangible assets	8	8.3	24.2	24.9
Equity-settled share-based payment transactions	0.8	0.7	1.7	1.8
Changes in non-current receivables and payables	-0.0401	0	-0.0001	0.1
Working capital provided by / (used in) operating activities	56.5	57.1	151.8999	178.5
NaN	NaN	NaN	NaN	NaN
Changes in working capital:	NaN	NaN	NaN	NaN
Inventories and contract assets and liabilities	-6	-14.3	-22.9	-46.8
Trade and other receivables	13.3	9	39.3	-3.8
Trade and other payables	-8.8	-4.5	8.8	0.4
Provisions	-0.9	0.4	1.6	1.3
Changes in operating assets and liabilities	-2.4	-9.4	26.8	-48.9
NaN	NaN	NaN	NaN	NaN
Cash generated from operating activities	54.0599	47.7	178.6999	129.6
NaN	NaN	NaN	NaN	NaN
Taxes paid	-2.3	-11.5	-22.6	-32.3
Interest and finance income	0.0	0.8	0.3	2.4
Interest and finance costs	-2.0	-2.4	-9.2	-10.6
Net cash from operating activities	49.7599	34.6	147.1999	89.1
NaN	NaN	NaN	NaN	NaN
Cash Flow from investing activities	NaN	NaN	NaN	NaN
Purchase of property, plant and equipment	-8.7	-3.9	-15.9	-13.1
Investments in intangibles	-6.5	-3.9	-18.7	-14.3
Proceeds from sale of property, plant and equipment	0	0.6	1.3	1.4
Loans to associates	0	0	-1	0
Investments in associates	0	0	-1.7	-1.8
Net cash provided by / (used in) investing activities	-15.2	-7.2	-36.0	-27.8
NaN	NaN	NaN	NaN	NaN
Cash Flow from financing activities	NaN	NaN	NaN	NaN
New shares issued	0	0	0	370
Transaction costs	0	-9.6	0	-18.2
Purchase of treasury shares	0	0	-55.9	-37.6
Sale of treasury shares	0	0	3.3	0.2
Proceeds from borrowings	0	0	600	40
Repayments of borrowings	-100	-0.5	-825.7	-129.8
Payments of lease liabilities	-2.3	-1.8	-8	-14.5
Dividends paid	-5.8	0	-44	-36.7
Net cash provided by / (used in) financing activities	-108.1	-11.9	-330.3	173.4
NaN	NaN	NaN	NaN	NaN
Net increase / (decrease) in net cash	-73.5	15.5	-219.1	234.7
NaN	NaN	NaN	NaN	NaN
Exchange gain / (loss) on net cash	-3	2.4	-7.7	3.6
Net cash at beginning of the period	153.4	276.7	303.7	56.3
Net cash at end of the period	76.9	294.6	76.9	294.6

Quarterly Results

Quarterly results	Unnamed: 1	Unnamed: 2	Unnamed: 3	Unnamed: 4	Unnamed: 5	Unnamed: 6
NaN	NaN	NaN	NaN	NaN	NaN	NaN
NaN	NaN	2020	2020	2020	2019	2019
NaN	NaN	Q3	Q2	Q1	Q4	Q3
Revenue	NaN	287.2	305.7	301.6	320.1	312.5
Cost of sales	NaN	-174.7	-191.5	-194.3	-204.1	-193
Gross profit	NaN	112.5	114.2	107.3	116	119.5
NaN	NaN	NaN	NaN	NaN	NaN	NaN
Selling and marketing expenses	NaN	-32.8	-34.5	-42.1	-41.7	-37.2
General and administrative expenses	NaN	-21.4	-18.7	-24	-22.5	-20.2
Research and development expenses	NaN	-16.9	-18.6	-18.4	-22.6	-20.5
Result from operations (EBIT)	NaN	41.4	42.4	22.8	29.2	41.6
NaN	NaN	NaN	NaN	NaN	NaN	NaN
Net finance costs	NaN	-3.2	-5.2999	-5	-12.4	-2
Share of result of associates	NaN	-0.1	0.09	0.0001	-0.1	-0.00001
Result before income tax	NaN	38.1	37.2	17.8	16.7	39.6
NaN	NaN	NaN	NaN	NaN	NaN	NaN
Income tax	NaN	-8.7	-6.5	-4.4	-6.5	-6.2
Net result for the period	NaN	29.4	30.7	13.4	10.2	33.4
NaN	NaN	NaN	NaN	NaN	NaN	NaN
Result before depreciation & amortization (EBITDA)	NaN	55.7	56.9	37.6	43.7	56.4
NaN	NaN	NaN	NaN	NaN	NaN	NaN
NaN	NaN	NaN	NaN	NaN	NaN	NaN
Quarterly adjusted result from operations	NaN	NaN	NaN	NaN	NaN	NaN
NaN	NaN	NaN	NaN	NaN	NaN	NaN
NaN	NaN	2020	2020	2020	2019	2019
NaN	NaN	Q3	Q2	Q1	Q4	Q3
Revenue	NaN	287.2	305.7	301.6	320.1	312.5
Cost of sales	NaN	-174.7	-191.5	-194.3	-204.1	-193
Gross profit	NaN	112.5	114.2	107.3	116	119.5
NaN	NaN	NaN	NaN	NaN	NaN	NaN
Selling and marketing expenses	NaN	-31.1	-32.8	-40.5	-40.1	-35.5
General and administrative expenses	NaN	-21.3	-18.6	-23.9	-22.4	-20.1
Research and development expenses	NaN	-16	-17.8	-17.5	-21.5	-19.6
Adjusted result from operations*)	NaN	44.1	45	25.4	32	44.3
NaN	NaN	NaN	NaN	NaN	NaN	NaN
PPA related costs	NaN	-2.7	-2.6	-2.6	-2.8	-2.7
Result from operations (EBIT)	NaN	41.4	42.4	22.8	29.2	41.6
*) Operating income adjusted for PPA costs related to acquisitions, including depreciation and amortization.	NaN	NaN	NaN	NaN	NaN	NaN