avatar Marel Poultry B.V. Manufacturing
  • Location: NOORD-BRABANT 
  • Founded: 1948-07-27
  • Website:

Pages

  • Page 1

    Annual Report 2004


  • Page 2

     6 What We Do 7 Financial Summary 8-9 Chairman’s Address 10-11 Director’s Address 12-13 News 2004 16-19 Performance in 2004 22-23 Sales & Marketing 24-25 Product Development 26-27 Manufacturing 28 Corporate Social Responsibility 29 Human Resources 30-31 Marel Group Administration 32-33 Stockholders & Stocks 33 Corporate Governance 36-37 Board & Managing Director’s Report 38 Auditors’ Report 39 Financial Ratios 40 Consolidated Income Statement 41 Consolidated Balance Sheet 42 Consolidated Statement of Changes in Shareholders’ Equity 43 Consolidated Cash Flow Statement 44-49 Accounting Policies 50 Financial Risk Management 51-60 Notes to the Consolidated Financial Statements 4


  • Page 3

     


  • Page 4

     -  ($   "# $ 0,   & # # .$  " $ 2  ($$  /   !/ - ($    *  4556      #   *1 54    #     $       , 0   "     " "  # $  # $ 0  0 " ", $ 0 $#   0    "0   .  # /  " $  "  0  . !$  "      & /            !  " # !$!$% &$ &!' " ( $(  &!  )   &  $ &  ) (  & " *  ! " /-"0  $  $$ !$  ($!# "    /1&     0 $     !   $   0  &"$    2/      # $  &     $ /   $  $     $#  ".    !$  "$   " $ 30     0  $     #  #$      $  " $ / 6


  • Page 5

    +,-../ $)  7 $     )  $$ ) ( $. 8  -(  $)   €22 *3" &  (09( " $  )  ( ( "    :5;7€2*0"    ( 7€0*0" 4&  (<09( " $  )   (   $ 7€* 1  &$( "   !&  7€2*0"  -  &$( "   !&   Thous. € Thous. € 2 * 2 * 2* 2* 1* 1* 0* 0* * * * *    2  3   2  3     ! ( (   &  45  &$ ( !(6   Thous. € Thous. € 20* 20* 2* 2* 2 * 2 * 2* 2* 1* 1* 0* 0* * * * *    2  3   2  3 


  • Page 6

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


  • Page 7

    Þorkell Sigurlaugsson, Chairman 2&   / ! $   3$       &  $ 0 $!       ! $.   #  /-     0        $  &&   $  &0&$   "#     "  $$  #  ".     # $  $   *   / 5 !$ (  ( .  * $   & $ "&      "0    "    "$    " & !/*    0"    #"$ " $ 0  #"   #3$   /   & "0& 3$     &     $   $  #   $         / *  ! ! &&0 " "  0     .!    $   3   !/*   ! ! "$$   $ 0    #  $ /*   #    #  "& *   =   $       !$  /'$ 0   ,   $         *    &   $   &   # <& $   *   0  "   "   " $$ *   / >!  " "   )


  • Page 8

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


  • Page 9

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


  • Page 10

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gner Stabell, Carnitech Sales Manager Chile 


  • Page 11

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


  • Page 12

    +.,  &    )! 7 $      


  • Page 13


  • Page 14

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


  • Page 15

       ($    8 !    7B   FA/A   $F7/6    0 3$  8 &/+3        /-      #& ($0 # ($  $  3  "& F 8 0($  #   8 /1 #"5BF    3$     3  "   $      / 7/-8! # $    ($     $8  =    F"  4. quarter 3. quarter 2. quarter 1. quarter Total    !  C42 041 3243 D42 22 43    ! ( :5; 4D 4 34< 4 240 59 14D9 C49 224C9 <4C9 C49  (&6  :4<; :4; :4; :43; :241; ,&   64 &* :43; :40; :41; :4; : 42;  ( E: ; 24 24 4D 243 040 5 34 343 40 41 242


  • Page 16

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atio Thous. € Ratio 4D 2 * 249 4 2* 2 49 249 24D 1* 149 0* 24 049 * 49 4D * 49 4  49  2  3   2  3     5    ( 


  • Page 17

    $)  7 $      )  $ $ ) ( $. 8  ' )   Ratio D49 49 3D49 349 D49 49 2D49 249 D49 49  2  3  -$ $   >' ) Thous. € 3D* 3* D* * 2D* 2* D*   2  3     Thous. € 2* ,$+ 7 C* 1*    $ "   #    F <* 0* 4/A     0 $  F /6 D*   &/-   " *    ($/ 3* *  0   , #   2* F/   $F/6   $# /  2  3 


  • Page 18

    ,F- 


  • Page 19

          $   !  !&&


  • Page 20

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


  • Page 21

    !$2 & $ 0  #    ($&  $   2  /       ".  &  , $   &     "    .$  "&  $ /       #&  /- $         #     0  # $ 0$   0 0  80  $     .&   ! "   .        $  " $  /    "  $    &" 0              0      " / (  #&       "   $  &      "  / "  0 &       $  "  ! -($"$   ;    "$/  $  0          $   *    &  0   0 " " !       &     "    $  "$$/     $#   ,   0     0 ,  &)    $         +  $  "   "& "   /    , $  <0 .$!  " "    !       ! $  0  ,  /-  " $    /! " ($    " <    "   0    "     $#    #   $  "  /-  $      $  "      $   !0&   "   "    /1     $ 2$   " / - ( 7  -  ($&        2 $#   $   &   $ $      # # &  $  "   /     0  & & "    ""$ /- $            ;0    $   &     ,   /


  • Page 22

    ,F. -  ($  !. # $ " /1"!$ $ # $   $      #    ".  /  $ < # $ " $$    /$  #   <0  ".,  $     &  #"75B/     " # & /   &   &   $  "   #      ($= $ 0   "  $    "/    !)$#  *    " "$ # $  "0  ($  7    $( (   ( $   /     $    0       $!$% &$  #    # /  &    $ " "$  ""0    ($ $$   : $  /-($ 4$  $$  *    #.# $ " !0   ;4$   &  ($       $  ## $    #  0 # $ "  " ! "  "  # $   & $  # &        / $    #       0 & 00"     ($0 #   "$   


  • Page 23

     ""&     "  #   $ 3$  / - &$ ! " $  # $   ($   5B $  /    04;B! $  $ # $ / 1"&0 # #$  , " & 8    # $   &  "  & &     J/ # $      $      " " &  "0 $  ! " " ($$ /1   #$      # $  $ # $ 0 ! "   $   & " # #0 "., $  !/ -  ($ $ #  - 5  &   %  -   "($/-$   "$  !  "     "   ($  !  N&  ". .N & " "#    "  &/ -  ($                 &   "  "0 $#  "     ! "  $  $2   #  $   /-   !     $ # $ 0 ?+3-  5 &$     $ !   ($$  / ,  &$. .6


  • Page 24

    .+,8 & 0,   &    <   J  "  "  $   ($/-($    "$       " $    $   "   $ 0   $ <$., !  $/- $  # /    " #   $       $ "$  &   #$     "  !  "  $    0  $    $ 0  "  0 ,  /   #$  / -  " "$      0   "      $  # /   <  $#   $   0     $#$      &  $  #  0  $   $  "  &"  7/  # $   /- ,    9     # $$ . 7 &     $   /*  "  $ /   " 9  $      $          "        & $  *20     #   "   *   0   9 $  $    /      $ /     " <  3 &             ,  


  • Page 25

    " $@ %' ) 7 #"$   "(&  ! &   &  $    $  # / *   3 &  $     "   0 $    $ & &    "/$    .   "  &     $    0  $         "   &      $ !$$ /+$       "   / ,  &$-" + !.&$, 03 1#$   &     $  0& $      !   #0  " &.    "    $   /     $   & &.    . &   0      #    $    "/ -  ($    $   0& ! " & -."  -&!.&$   /-($&2  #           $   /* ;0$  &  $$  "L     "  ,        " #  $   0   "  ! ""   $# / . !   !.&$ , + .&$ )-#,


  • Page 26

    ,-,--5/ %$  & &          $    #  $ $   #     # #    < $ #$" #  # /    ($ $   $  &  "/ -   ($ * 0($& 7.$  "   $  $  &  $ $$       &# 0   $        # / ) $     # #  &2  #        #&    3$            $2 /      &  0 &   / 1  "         . 0 #$$ $  $$0         #  0       $ $       "   "      0    $ ($$       #     "  $  /             $/  $  # #      &       $   -  ($ # 37 $   "($="/   &$$ #      $  &     $2      #  "  "       0 $  "      $ 0    & "     /1&   $ $  # $               0      $"     ($# "/   #$ $      $$/   ($# $  $   !         $     " &     "    $$    "     0    $    0    " "   #    "$        $$ "   & $$ #  #  0      $        3      3$                  # / 1  / " & $  $0  


  • Page 27

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


  • Page 28

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


  • Page 29

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


  • Page 30

    -,H- G-,H- -$  $ $    *X44/:&  /- &  /A//      0 47;    *        0  !+3  "P*+DQ   4A7 . 7/    3*+D.4;/- $ *X6/7 7 -    &   "   *X5/ 0    "$ /  &   :B/ "$ *+D.  +  2Y "Z "   ,  4; 3  & AB/  -  4/:B   $ / - "  "  ..  $   *X   )GY 77/B ;:/ #&0   ..  $ / $ *X6/ K /  $   3  - !#         #    *+D    *X 60A70;6;0567 *X%;0A4 / &4:0   #A5B/-#" ;0           ..$/5AB/-! # *X%A0A4 / #  $ .  . -$  & ,%2D 6 D9 9 2D9 29 D9 9 D*2*  D* *  D*3*  D**  D*D*  D*0*  D*<*  D*1*  D*C*  D*2*  D*22*  D*2 *  D*2* D D* * D .  ,%2D 


  • Page 31

    2 ! $ $    2* * D   (-$  - -- 9 2 5 P M$( 1* 0*314 334 09 339 )  (BM ( !(Q!$( 3*1 *0 4 2 41 3 -B?M%"  )!!! $( 2<*111*D 4 <4D  R() B?P 5# S < 2*<1*2C4 41 D9 C9 D  #T $( 1*22*C104 34D <9 239 <9 0 . $( 0*012*D204 4<1 < -"PR() B?P  D* 1*0 4 4  1 !-! P ?  *<D*4 24C1 5 P M$( C !-! P ?  *<D*4 24C1 )  (BM ( !(Q!$( -B?M%"  )!!! $( 2 -N-! P ?   *<D*4 24C1 +&      " +   $  0D*<D0*C04 <43C  +  "  ) 5    *0*4 24  $  ,8F,  )   $      $(#   $  $    # &   /    /*  <*       & $   %          $  )/-)     / -      )           #   $     "         $  &  /   $(#  $  $        $  &  *      ! +3  "0 -   )/- $    *    &  .  " "     "  &     *    +$ /-   )  /


  • Page 32

    +,-.- 


  • Page 33

    &  !%  "  ) 7 $ !& & 


  • Page 34

    5 G.88,=- Total sales of the Group according to the income statement were EUR 112.3 million in the year compared to EUR 106 million in the year 2003. Net profit of the Group amounted to EUR 6.6 million compared to EUR 3.7 million in the preceding year. Assets of the Group amounted to EUR 90.6 million according to the balance sheet and shareholders' equity amounted to EUR 29.4 million at year-end. During the year an average of 836 employees were employed by the Group, with 287 employed by the parent company. Total wages and salaries for the group amounted to EUR 42.7 million. The number of shareholders in Marel hf at year's end 2004 was 1,354 a decrease of 275 during the year. Two shareholders had a holding interest of more than 10% in the company, Burdarás hf, with 33.42% and Eyrir fjárfestingafélag ehf, with 12,84%. The Board of Directors suggests that a dividend of 20% of nominal value to be paid in the year 2005, but refers to the Financial Statements regarding appropriation of the year's net profit and changes in shareholders' equity. Marel hf Board of Directors complies in its procedures with the Company's Articles of Association. It has also formalized Internal Rules of Procedures closely followed. These rules and the Board's activities comply with the guidelines set forward in Corporate Governance presented by the Icelandic Stock Exchange, the Icelandic Chamber of Commerce and SA-Confederation of Icelandic Employers. There are two issues in the Corporate Governance which have not been followed hitherto. An audit committee has not been especially set up within the Board. The Board itself deals with all related issues that would fall within the Audit Committee responsibilities. A Compensation Committee is not present within the Board. The compensation of the Managing Director is negotiated by the Chairman of the Board of Directors. The Board of Directors and Managing Director of Marel hf hereby ratify the Financial Statements for 2004 with their signatures. Garðabæ, 15 February 2005 Þorkell Sigurlaugsson Arnar Þór Másson Bjarni Benediktsson Friðrik Jóhannsson Þórólfur Árnason Managing Director Hörður Arnarson 


  • Page 35

    


  • Page 36

    =- To the Board of Directors and Shareholders of Marel hf D *  ?45 -      ' ? 45  0  )  %  ,,$  )$ ,   ,      E& ,     (' 45   $  %    F  $C  45$   D *     $ %45,$   *$ $ &    $     $  D           &        $ $   45     "  ,$    9, * C,$, *      45 "       $ ,*  * 45 D$*     * $$    @ ,$     %       $ %4 5,  45   ,      $  )$ ,'             ,     @  6$7,.4$  . PricewaterhouseCoopers hf 8:  G  G 8: ;:  


  • Page 37

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arel hf. Consolidated Financial Statements 2004 Amounts in thousands of EUR 


  • Page 38

       & "   "     %  '      ( ( 5  ' #  ?  H!'+I H!'+!I H+.!I H.'#I )   '+. '! .. #.! F    .#+ . + ++ 5 9C H'#.I H.I H!'I H'!I )*C H!'.!I H!#I H'I H#+I " *C H#.I H++I H+I H'I    "     .# .+ '!' ! 4(  H+!#I H.+I H!I H#I   *    + +!! '# !''  @CC ' H'I HI HI HI   CC H!+I H.I H.I H.I '   . !'# ' # ,  0    HI . ,+ ,.# , ,.. )     HI . ,! ,. ,.+ ,.' Marel hf. Consolidated Financial Statements 2004 Amounts in thousands of EUR 


  • Page 39

           "*  - .  '    ' /     @$ ! +.. ''+ B  ,&   !# + "*$(  (* # !. !. *$ #  )  C   . ' #+     @*  + # # F   9  # .+.# ' *$   .+'' '!+ ?  & * ' '!! '++ '.   #.. +'    0 1 % F     ! ! 5     #.# !#'      H!.I H'+I 4 *    * ! H'.I H#I   #++ #+     %&  #.# .! 2*   ' /   *   0   '' ++# )  C$   ! ! .   *      $  #'. '# ? C$ +  0   !. #' B * '  '# !'# '.. *   # .!  1 %*   #.. +' Marel hf. Consolidated Financial Statements 2004 Amounts in thousands of EUR 


  • Page 40

         "       0,1 % 3     %       '     ""     3       4%  #  H+I #. !' ?     H..I H..I JHI       H..I  H..I B       , H'##I HI H.I )*  H+I H+I    !'# !'#           HI   H'##I H'+I H..I '# ''     "* 5 4% ! !#' H'+I H#I #+ .! ?   L M  * JHI, C ! HI HI ?     ! H'I H'I JHI       H.'I  H.'I B       , H#!I HI H#I 0 $   . ! )*  H'!I H'!I    . .  H!.I H!I H.'I + '#     "*  ! #.# H!.I H'.I #++ #.# Marel hf. Consolidated Financial Statements 2004 Amounts in thousands of EUR 


  • Page 41

          "     %  '      "    3   ?     + . !' @  H.'+I H#I C H'I H+I ..+ '!'   "3   3   "&   $ ,  &   HI  B     ,&   H 'I  H++#I B   $ H!I H'I B   BB ! ! B        H+.I H#..I   "  3   B  H   I    , H#I H.I B  $  '. '''  $  H'I H'..I 4  H!'I HI )*       H'!I H+I H!I H.I   C    #  '    6   7   13   HI + ?  & *$   '!! +#   13     %  ' '!! Marel hf. Consolidated Financial Statements 2004 Amounts in thousands of EUR


  • Page 42

    .          ?       ;    .                       @  4   5  H@45I -           @45,      $        ,                        ' ? *   * $2                                   $L           * $                 *$       *                     &                        $        $                  *   C         "        $  % $ 9   *,         )    5 $  5 $ ,                             *        *        C      *         C $    * $               5 $                                                         &    $       &         *      * ,       $  9      &        $ $    &    C      &  *    *           $  &        5 $         @   , $        $       N           $ *  D    ,      $  * $        $         %    -   @                           $       $      *     *     HO     PI             HI,             $ 4                    C    *          4  C                           $      ,    ,C   & &      Marel hf. Consolidated Financial Statements 2004


  • Page 43

    .        @        ,     *             ,         Q      *  C           $          C      )$  C                *       $               *,   9      Q &  @        ,   *             ,         Q      *  C       , C     A         C  ,    $          C      )$ , C   ,   &   $          C  C        9    *  2       &              $           %-  1"  B  ,   &            )          (                  *  *      *  L 0  ('  B   .(.  &  *  (+           $                                                 @ $       ,&  C & *         C       &  *    *      Q            &    $ ,   ,      &     &          ;   '  $               Q & N    $  *          (   *       -            $   *     *         & ,        C  9   ,               &        2   &        C          9*  * C     "  $                     @    C                      * $ "       C  * $  Marel hf. Consolidated Financial Statements 2004


  • Page 44

    .        *   C      C    ?    *  2 H            *   I     $       $$      2  $            $,        $   $ F  * C       C    )*   *     C           $&    )*    * $                         ($*    C$ ,C *  ?     ?   *                C    C       C               $             *               ?                 (   *     *,  C    F  $ C   &   ,   9             (  *     *,$ C @$  *  &""    3   B  ,   &     (  ,     $    *      * *                   $ * $ "           $             C  * $            Q      *    4        ,           *            $   &3  "          *  $  &         L  , ((    *$(  (                 *   &   -         *            ( *         $ @*   C           $           ((        (  , C            $              @*   $         ,    $       &      ,  *$(  (N  (  B      *         ,                       ?          "*$(  ( *    $&      *  =((  *             *                  *        *$(  (     &     *   *  $  &  $       *     4 *    &        $  J    J                     &        *   $   $         D       *$(  (      ,       *  2          Marel hf. Consolidated Financial Statements 2004 


  • Page 45

    .      2   R    ,   &           $    9               4                     *              *              $   $          *        $        $,      ,        (  $                    *                        $    $         ,   &  &          *                   R            9           $            B      H   * *     I        ($*      &3    @*             $ *  ?        (,  (  H4@4FI            9        ,   $ ,           *  H$      I $  C  $    $ *                  $ ,         C ?  *          &   J  &      *    !   $  D 9                     $                   ,             D             $  $,   *       C             $$     $ * $ ?        D         9     $  $,   *         $                 $                9      $            D     $$        C    * ,   C     C ?            *       C       9      3*    *$        *     *        *$ "  *       *$  $        $2* *         $ $                  *$         *       $          * $  , $     *   C   ,   9      $   Marel hf. Consolidated Financial Statements 2004 


  • Page 46

    .        13   ?   & *        $     4          ,    & *     ,      $9,     (    &  *             09 *          $    $ $      F      &  D     ?    $       ?Q &     ,          $ $   C      C          Q &               D           $&     ,    *     Q&     0     *      "  +  )    C   *  ,    $  ,          $   C $    $             ?   C         C )   C        C      $$     C$     $ *$        $  )    C   *           *   $ ,   2 * , C          *            $       $$       *    $   ," % *    & $  5              F         9                     C $      F   C $ $           *         C   @    @45 ,       C  B    $      ,  $  9  $               $         *          * $      $      L M               $      $             R$         $     C  $                C$    Marel hf. Consolidated Financial Statements 2004 


  • Page 47

    .       3  B *                 * $       *,    $$           $ &       $,   $        $     *           9                  C   *  $ $ ,  C      ,   $         $       $   *     3      *      * *          *   * ( C, $   ,            *              9                     $   *       $         $      9            9$   @           $, 9              *  *       ,                    )*       *$  3  )*         %                * $    %      " 3  D    ,  *   * $ 2                   Marel hf. Consolidated Financial Statements 2004 


  • Page 48

     $ "   $     Q * C    *    9,               C          Q *  9           $    9  9    *                      **         C             C  9                 $   *$ 0  )      +  $           C    C  9    *     C                          C      9       $              9                     *                      *                        C        .    3 3   "    3   ?      *    **       &               *,     &  D                      H  C,   ,   & I    $,       *      &         &                    $ F  ,       &                 *   C,      ,                      H  C,    9I ?   **  ,    *  *       Q 9  ,   &              @"5 # ?      *     **       &        @"5 #            D      C    ,                   @"5 #,    *    C  &        &                       D            C   ,     *        &                         $      ,     9  $2*      9 *            9   **         $                     , $          $,        **               *    *       Marel hf. Consolidated Financial Statements 2004 


  • Page 49

    '  8( %   K'' K' K' K' K' 5 # + +! .!  ?  H+.!I H!'+#I H#.!I H.+#I H.'#I )   88888888888888888888888888888888888888888888888888 .. #' !. #+ #.! F    + #   ++ 5 9C H!'I H!#I H!'I H..I H'!I )*C H'I H.+I H+'.I H!!I H#+I " *C H+I HI HI H'+I H'I    "    6,& 7888888888888888888888 '!' ' !+ #!' ! 4( H!I H#I H'!I HI H#I   *    +8888888888888888888888888888888888888888888 !'' '  '+  @CC HI HI H!'.I H'!I HI   CC H.I H'I HI HI H.I '   88888888888888888888888888888888888888888888888888888 ' #' . ++ # B  $   H0@)"I # ! '. !# ' 8   9 '  @ CL ($9$  H+I HI (  H+#I HI (   C H'I H!!I H.I H#.I @  .  )*     C  JHI H.#I . H+!#I H.+I 8   '  D '++ #.. C '! #+' '! '.'# 5   L ?  +! # 5 9C +'+ +'+ )*C '!. ' " *C .!. '! '! '.'#  *  $  '+HL!!I@  ',  $   +'HL!++I Marel hf. Consolidated Financial Statements 2004 Amounts in thousands of EUR 


  • Page 50

    '  8& "  + +  '  ? C .+ + )  CH I '+ # '   C   %  $  C            C        ? L B  $  C +!! !'# C C  +/HL+/I .# !.     C      . '.     ' H.I B     C  ++    *   CJC A H#I  C   '  :8,  0          $ *        $ $       $     *   $               , C           $   ?        '     $ $    HI . !'# D *  $      H  I ' !+ 0    HI ,+ ,.#              2      *   $             *     *          ?       *       L     4                  $         * $ &     *  H     *     9         ?Q   I $      *      $                $        $*        $         * $       C      '           HI . !'# D *  $      H  I ' !+ "2     H  I . ##. D *  $             H  I ## '! )     HI ,! ,. Marel hf. Consolidated Financial Statements 2004 Amounts in thousands of EUR 

  • View More

Get the full picture and Receive alerts on lawsuits, news articles, publications and more!