avatar Marel Poultry B.V. Manufacturing

Pages

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    Annual Report 2003


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                     A Global Presence  =:'+ =    ''* := ! "#1*: ' 5       F      !  *F :*=:B  *   : 5    :   5 A%+EB'=:   "*2 *      %"##3   :* *=     3 =   %#"   *  ' $= & <   % F : &  ! :*     F       **    $     = 5   :5   ,   *   *    !                 !   !   !   !"#  ! &' ' &+ *    () &' $ %    ')#$%   " "-#+ $%   &'( )*+ 


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                        /+            H , >K+ 8+           ! (I 8LM 8            " J & EE A)&         #  ! 9 +( ,+& AJ)+ &   +*&  NLO 8 8 '  N+     NLL P   , !Q+JL  ! !  8KQ          ' &    Q R NLJL ,)$%   . % $%     ! " #$%  


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    Index Marel Group 2-3 Performance in 2003 4-15 Operational Activities 16-25 Signatures of the Board of Directors and Managing Director 28 Auditors’ Report 29 Financial Ratios 1999 - 2003 30 Income Statement 31 Financial Statements 32-33 Cash Flow 34 Accounting Policies 35-38 Notes 39-43


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    5 PERFORMANCE IN 2003


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       The year 2003 was in many aspects a good one for Operating expenses excluding financial items were Marel. It was a year that reaped benefits from 102.1 million euros, compared with 101.7 million in investments and rationalisation measures made during 2002, and are therefore virtually unchanged. The previous years, which offset difficult external conditions, contribution margin, i.e. the difference between operating in particular the world’s currency markets. revenue and bought material, has increased by about 2.5 million euros or about 3.5%. Wages & benefits Marel’s Financial Statements for 2003 are now were 43.5 million euros, and remained unchanged calculated in euros, which is the Group’s operational between the years. Other operating expenses dropped currency, the second time this is done. Comparative about 1.7 million euros or about 8% from 2002. As figures from previous years have been adjusted to these a ratio of operating revenue, the main operating items changes. Fundamentally, the same accounting methods are as follows: are used this year as in 2002. The following is a discussion concerning the Marel Year 2003 Year 2002 Group’s operations, financial position and cash flow. Bought material 33.4% 32.8% The Financial Statements are on pages 27 – 43. Wages & benefits 40.1% 42.1% Other operating expenses 17.4% 19.9% Operating revenues and expenses 2003 The Marel Group’s operating revenues for 2003 totalled Measures taken during the latter part of 2002, along 108.6 million euros, compared with 104.0 million the with stringent expense restraint during 2003, returned previous year. Operating revenues have therefore good results. Work is continuing on further increasing increased by 4.0%. the contribution margin of company production with added emphasis on standardised products.     # $% & '  ! "  ! " 120,000 12,000 100,000 10,000 80,000 8,000 60,000 6,000 40,000 4,000 20,000 2,000 0 0 1999 2000 2001 2002 2003 1999 2000 2001 2002 2003


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       ( 6   % 7,)      ,        ). -         894:2;        894;   3 Year 2003 Year 2002 94:2 9?6 5+'' /),5 94:2 . 5*. / . 94 9?6 ,/,+ '+ 94 . , . . "       *'         : <%           ==         $    '    ,.   -   =     <%  =  '.$             )   **          <  /*   $  & ).   >      *+=) . <    '    /      9           ?#> *'.       ?#2!  2 ). $    ?#                    $             3 1 quarter 2 quarter 3 quarter 4 quarter Total -  )* *5 * *, * +, -    * 5 *5+ 55 *  -  894; * ' * *' ,, 94. )*. +/. /). /). , . @    8  ; 8 ; 8 +; 8 ); 8*'; %  8 *; 8 +; 8  ; 8  ; 8*; < A8 ;  , *' * *  '


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    )   *)$ + ,-  ! "  ! " 90,000 30,000 80,000 25,000 70,000 60,000 20,000 50,000 15,000 40,000 30,000 10,000 20,000 5,000 10,000 0 0 1999 2000 2001 2002 2003 1999 2000 2001 2002 2003   # $% & '                      ! " +*     *     */.      120,000 12.0%       B   *)       100,000 10.0%       $   '     80,000 8.0% *)  2  B    60,000 6.0% )   40,000 4.0%        *5         20,000 2.0% **'      (          0 0.0%  =    1999 2000 2001 2002 2003       Turnover EBITDA as a % of turnover +    *'.  


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       . 2  *        */*.2   )+         /)      2.5 C      /,   2.0    '  ,.C=       **   = 1.5          ))             )    1.0  =           =       $ 0.5 = *  0.0 1999 2000 2001 2002 2003 /0 )     ! " 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 1999 2000 2001 2002 2003    #) 1$    ! " 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 1999 2000 2001 2002 2003


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    ) 3)    2$   #   2 IJ K  F   F     +"  I!#  IJJL 9 FB  $GH     2   " G !MJ    %   <   %                     :      "   #        "   2      4  #     2        !        * .  4:     4 ! <    


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    2 *0 #!9 %9N=*/   5*.   /" ):        ***.        *'   /" )   /5 C      ,5   !     '*       '.      #! 9    B       M !=!         < 4!     !     *  $  )  $ 6  452 $1! 250.00 200.00 150.00 100.00 50.00 0.00 3.1.2003 3.2.2003 3.3.2003 3.4.2003 3.5.2003 3.6.2003 3.7.2003 3.8.2003 3.9.2003 3.10.2003 3.11.2003 3.12.2003 3.1.2004 3.2.2004 452 $1 )


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    )   )0         !J ?#   &  <                 !  9?#2        &    !     )                <                 !       !          !   )              $             B   !           U                    B           !      :        !  9?#2


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    27 F I N A N C I A L S TAT E M E N T S 2 0 0 3


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    The Board and Managing Director's Report Operating revenues of the Group according to the profit and loss account were EUR 108.6 million in the year compared to EUR 104 million in year 2002. Net profit of the Group amounted to EUR 3.7 million compared to EUR 50 thousand in the preceding year. Assets of the Group amounted to EUR 81.3 million according to the balance sheet and shareholders' equity amounted to EUR 25.1 million at year-end. During the year an average of 773 employees were employed by the Group, with 273 employed by the parent company. Total wages and salaries for the group amounted to EUR 39.6 million. The number of shareholders in Marel hf at year's end 2003 were 1,629, a decrease of 194 during the year. One shareholder had a holding interest of more than 10% in the company, Burdarás hf, which owned 32.59%. The Board of Directors suggests that a dividend of 15% to be paid in the year 2004, but refers to the Financial Statements regarding appropriation of the year's net profit and changes in shareholders' equity. The Board of Directors and Managing Director of Marel hf hereby ratify the Financial Statements for 2003 with their signatures. Reykjavík, 17 February 2004 Benedikt Sveinsson Þorkell Sigurlaugsson Arnar Þór Másson Heimir Haraldsson Þórólfur Árnason Managing Director: Hörður Arnarson


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             <      =  3 4  /     !# - =  3 4      1  +( ,     , '    +' #,     ,         * # -  3 4     '   (              '   >      3 4 '       <         '  ( 3 4 , '     '      ' )   '    '    <                -   )           '  '     3 4       &     , '            5,       >,     '  ,              3 4  &                     '  ,          3 4   < '           ' '      ?    , '            (      '  ( 3 4 ,   3 4   ,          '    +' #, !#                 ,            ? 56 75, $ 3'  !     4 @  A  89 B9 


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mounts in thousands of EUR


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       ( ) *   # %  4       , %! ,% =   5        $.. ,#     ,#.! !,$ , #  ,. # +  1    #,!! # ,$ <   '  #,% . #,$#   >   ,.#% !, +   #,#. #,. !,$% ,$# #   ,% !,!$     ,-+ .  ?   >      * '  D%$E D#E     >   D,E D, %E D,%E D,.$%E    ' %  /+  ,. ## ? >   D,E D$.E "  >  D%E D$ E D,E D!%#E *  #,$ . % Marel hf. Consolidated Financial Statements 2003 Amounts in thousands of EUR


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     ,/ !0  *    +  ? '   G C       ! .. % H *    # $ #$   #,%% #,.. , ,% - ' >   G  1      !%, $ !%,$ /  )   ,$$% %, % 3>     ,  ,.     ,# , ##, # , # ?     * ' G + >     ,#% ,# 4     % $%# $% ,$ !,#  +  #.,! ,##$   ?   $ !!,$%$ !,$ - '   #,# % %,$!#  '    , !# !,  =     )    ,$!$ !,. !,!%! ,!%  ,## !,! Marel hf. Consolidated Financial Statements 2003 Amounts in thousands of EUR


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      ,/ !0 12 '  /    *    2 ' . 4   !,%. !, 4    ,$. ,!.# -      D,.E DE    !,. .,% !%,$ !!,$! ( /    = G +  > '   $! .. =  '  .  ,!$ ,% H * '  +'   ,..$ $,%.. 3    '  !#,.! !!,$ #,. !.,$$# =  ' 3    '  ,%. ,!! -   %,. $,%%      $,! ,$# C   ,.# !,%#! =     * '   !,!! ,$%% &  > '   . ! , !,%!%  /    %,$ %.,$ 2 '  /    ,## !,!    ! # ,  # Marel hf. Consolidated Financial Statements 2003 Amounts in thousands of EUR


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    , )1     ,  %   =     G "   #,$ . % ?    G +  #,#. #,. &        !%! ! #    D. E D,E ,# !,#$# +  D E    G - '   '  #,#. . ?   D!,%.E D#E =  '  D!,#!E D!,E D, !E D,.#.E *,  %   ,. # , %  %   C     ' >    D,.E D , .E C     ' >    ### ! C         D!!E D#,%%E =    *  '   ! # =         D!%E D! #E =   *    D#E D!%E D,$$E D$,.%.E ,    %   "  * '  !,%. !,$!    * '  D ,$E D , .!E =   * '  ,.$ ,.# +    D!E D#.E =      D%E D##E D,.E ,. 3 - .  ,# D.E =     )    '     D.E !,. #,%  2 %  ' ,$!$ !,. Marel hf. Consolidated Financial Statements 2003 Amounts in thousands of EUR


  • Page 35

             - =  3 4  /    3 4           3 4 & &       ,           -            3 4        , >   '    -             )                    '           '                  >       &       '    M '  5         ,                 '      ?   ? &  4      3 4 &,   ,        (   '  ,          ,  '                 )  ? '     ,       '      '      * >   )   >     '                * >  , '          >        &             >          , >    >    +       ,  >      !.    '          4   ,  - =  3 4  /     3 4  / ,   '   - '  ,    ' / ,  / &  C H, / )  ?, / 3 4&, / 4  &I4, / J H, / 4& ?, / /  ':, / -K/ ': L = J  = &I4 / +   ':   '   / -K/ ': L = J   '   = &4  = &  H, = 4 ?, = " &4  =C 3 &4    '  ,      3 4                   ,              >        , '  '          *   >  - 6            )  -      '                       '         - 3 4       '  '         , ' ,   >    3 4        , '          ' ,          /    + &    ' ?> 5    '    >      '    !  &   '                    *   >  >         '     /               


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             %   4       '                5                5               ,        ,                   5   &        =   5                    5     # ,          5,     )        ,+ ? > '    (     '                 %,  - (           '         3 4  -    '                         ( 5, =   *              -    '           4   -       = &I4 )       H * - C    !   )    =C 3 /   '    !!,        )        '  , >   )      )   -   '        !   Marel hf. Consolidated Financial Statements 2003


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           ,+ /  '-. ? > '    (   '             -    >    ,   >     '   >'       ' > ,    '   '     > ' -    '  >'     ( >    '        ' >    (      -         '  >  ,   ,       >           + >   ,    >      >  '   ,       >    ''     >'   '  ',      >    '   +  > '     >    ' '     >    (     '     '5       /    ?     '          5   ,      (     '        %   +       M 3 4          '   M   , %'  =  (     '                         


  • Page 39

     * !6    ,-+ . H *   - - ' !# !! ?     !!! !!! !% ?  >   D,%#!E D#$!E D,. E D!,#!E >     $% D%E ! !$ 4         D% E D% E D%$E D,E D,%E D,.$%E 6  %,    C    I  % % &  !% ! # &   D!%!E D! #E .. % 6( 5, H *   I  #$ ! &  # !% &   D!$E D!! E $ #$ 764    I  #,.. #. >     D.E # &  !! #, . &   D.$E D.E #,%% #,.. 86 ,    "   15     N  N     #0 ?4J #!. 425   $!.0 ?4J #,!#%   &' 4&  %0   # $%# Marel hf. Consolidated Financial Statements 2003 Amounts in thousands of EUR


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    * 96 / +  =        ' >   G 1  / 3>   -     )           I  !,!% ,# #,#%% ,# %,! >     D!E DE D$#E DE D! E &  ..  . ## ! ,. 4   D#!E D.E D!!E D!E -   #I!  !$, ,. #,%!! ,%% ,. &  I  . . %,!# , !,$# ,% >     D!E D$E D .E DE D#E +   ,#  ! !, % 4   D%E D%.E D E D!E -  #I!  ,## ,#% !, ! #,$ !,. " '5   #I! !# !%, $ ,$$% ,  ,# ##, +              G +   ' >    !, % &    *    !$ &     .$ #,#.   :63 %         ., . ., $% <5     !,% ,%%  5     , #,%% 3    ,#$ %,#$ !!,$%$ !,$ ;6  / +   '  $# $ 3   '  !,$! %,!%! #,# % %,$!# Marel hf. Consolidated Financial Statements 2003 Amounts in thousands of EUR


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     * "612 '   -         ?4J !    *   ?4J #    '            ?4J ,       2 ' 4 4 -   -        1 I  !, ,!.# DE .,% !!,$! 1     D!E D ..E D%E >         '   D%%E D%%E +    D!E D!E "   #,$ . #,$ . 1 #I! !#  !,%. ,$. D,.E !,. !%,$ !6  ,+ /  '-. =     > '     G +  > ' D E   '   D# E >         '   % ? >      , ? > '  DE D#.E +  >           * '  ,#% $! +  > ' D  E       G - ' >    .   D#E ->'     D, #E    !# D#.E Marel hf. Consolidated Financial Statements 2003 Amounts in thousands of EUR


  • Page 42

    * !!6( 5, /    H'      H'  +JJ  %,$ H'    !!,!! H'  BCO  ,#$ H'  4+  ,#  H'      ! ##, !# H' , >*5  ?4J   ##,% =     D!,!!E #,. &      (  * '    G O !  !,!! O !%  !,$. O !  %, # O !$  !, ! O !  !,! H  , $ ##,% !6    H     %                 ( '   H      '                          ! 6# ,  #  -          '  ,     ) ,     '     -    '             -          ! * !$ 3   -    '            5      !  , '          -   '        -        '      ! ,     )       )      ! ,  5   !  Marel hf. Consolidated Financial Statements 2003 Amounts in thousands of EUR


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     *   <  /   <   #.,%% 1  #,. #,% . &    '    $$#   ,   /   C  45 4 4 '  P   P  *P /  +  !#  # . =   1  +     ! 3   '   1  +  .   . &  !    4  +  .$ !% # ! ,! # .! P 4           - ' *        5      >  ' - '          '   %!   ,    ?4J !  , '       C     /     '      '        '         -   , ' '           !# &   ,  &  '    !         '  (   ' ?4J ,%,  ,    ?4J !  ,  ' >     !! * !$ - ' '              '                  (      / $, !   &      !              ! Marel hf. Consolidated Financial Statements 2003 Amounts in thousands of EUR


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         " G  0/


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    Marel hf =*% ,-.0/021  4 5 Marel USA Inc. Marel Canada Marel Scandinavia AB*C*D   *(*& )* + ,-."#"111#"" ,-."#/210"1" ,-./0##123/  4  5  4 5  4 5 Marel Deutschland Marel Australia PTY LTD Marel Russia =;+* : @A*  '*  ,-./#670/"0#3 ,-.2"673#01// ,-.6#07#020/#"  4 5  4 5  4 5 Marel UK Marel Spain Marel TVM  *E >? *   + ;<8 * : ,-.//"03110 ,-./2#23032 ,-./#12"133  4 5 4 5  4  5 Arbor Technologies Carnitech A/S CP Food Machinery A*! )* + 89)* + ,-.#302#2#2 ,-./0##12/ ,-./0#1#"0"" =54'5  45+  4  :5


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