Marel: Orders up by 22% in 2021, fueled by pioneering solutions and
Record orders received and strong pipeline, fueled by
pioneering solutions and scale up in local sales and service
Good product mix in orders, with step up in standard
consumer-ready solutions, and continued momentum in
We expect high customer activity in line with successful
start of the year at IPPE in Atlanta, driving new orders as well as
costs. Global supply chain pressures are expected to continue to
affect operational results in 1H22
Orders received were EUR 1,502.0m (2020: 1,234.1m).
order book1 was EUR 569.0m (3Q21: 527.8m, 4Q20: 415.7m).
Revenues were EUR 1,360.8m (2020: 1,237.8m).
EBIT2 was EUR 153.6m (2020: 166.8m), translating to an EBIT2 margin
of 11.3% (2020: 13.5%).
result was EUR 96.2m (2020: 102.6m).
Basic earnings per share (EPS) were EUR 12.85 cents (2020:
Cash flow from operating activities before interest and tax was EUR
212.3m (2020: 217.6m). Strategic inventory buildup of EUR 63.6m in
2021, excluding business combinations.
Free cash flow amounted to EUR 116.0m (2020: 140.5m).
Net debt/EBITDA was 1.0x (3Q21: 0.9x, 2020: 1.0x). Well below the
targeted capital structure of 2-3x net debt / EBITDA.
- Orders received
were EUR 400.7m (4Q20: 319.7m).
- Revenues were
EUR 367.4m (4Q20: 343.3m).
- EBIT2 was EUR
41.0m (4Q20: 52.3m), translating to an EBIT2 margin of 11.2% (4Q20:
- Net result was
EUR 28.5m (4Q20: 29.1m).
- Basic earnings
per share (EPS) were EUR 3.79 cents (4Q20: 3.87 cents)
- Cash flow from
operating activities before interest and tax was EUR 54.5m (4Q20:
- Free cash flow
at EUR 15.8m (4Q20: 17.7m).
Notes: 1 Including acquired order book of
Curio and PMJ of EUR 4.2m in 1Q21 and Valka EUR 7.9m in 4Q21.
2 Operating income adjusted for PPA related
costs, including depreciation and amortization, and acquisition
Arni Oddur Thordarson, CEO of
“We close the year with a record quarter of EUR
401 million in orders received, or a total of EUR 1.5 billion for
the full year which is an increase of 22% compared to 2020. The
industry mix is good with higher proportion of standard solutions
for the consumer-ready food market and continued good momentum in
services and software.
We see an uptick in revenues in Q4 to a level of
EUR 367 million while the EBIT2 remains soft, at 11.2%. Revenues
for the full year were up by 10% with EBIT2 of 11.3%. The cash
conversion is strong, and operating cash flow is at 15.6% of
revenues in 2021, despite building up safety stocks.
The food value chain is under transformation. A
system change is taking place focused on automation, robotics
technology and digital solutions that support sustainable food
processing. Marel is playing a pivotal role in this transition to
support our customers agility and flexibility as they cater to
changing consumer demands across various market channels such as
e-commerce, food service and traditional supermarkets.
The new landmark greenfield for Bell & Evans
in the US is a great example. It relies on Marel’s state-of-the-art
interconnected solutions and software reaching from post farm to
dispatch, and is highly focused on animal welfare, food safety and
sustainability. Through the reuse of onsite water and energy
savings and other sustainability measures, Bell & Evans were
the first US poultry company to secure green financing for their
Looking at the healthy order book and strong
pipeline gives us confidence to reconfirm our mid-term year-end
2023 targets of 40% gross profit, compared to 36.6% in 2021. The
main drivers to reach our targets are increased volume, better mix,
value-based pricing and streamlining of the customer journey
focusing on automating and synergizing the back-end. We have also
undertaken transformational initiatives in 2021, especially worth
noting is our investments in order fulfillment and distribution
systems for spare parts to secure quicker response and delivery
times around the globe.
We have courageously moved forward in the middle
of the pandemic and stepped-up sales and service coverage around
the globe ahead of the foreseen growth curve. We expect the
momentum for orders received to continue and higher revenues will
provide better cost coverage, moving sales and administration costs
towards the targeted 18% level by year-end 2023, from the current
level of 19.4% in 2021. The innovation performance and cost are
close to the 6% strategic levels.
The strategic moves in 2021 were important ones.
Marel and PMJ together provided the first full-line solution in the
developing and modernizing duck market and pipeline is building up.
A great example of how acquisitive cost is stimulating organic
growth. Looking at the fish segment, the focus is on full
integration and strong platform by combining Marel, Curio and
Valka. Based on our strong financials and organizational readiness,
we will intensify the focus on further strategic moves of larger
It’s a privilege to work with seven thousand
pioneers within team Marel, who in partnership with our customers
are key enablers and providers of solutions, services, and software
to reshape the food processing industry. We remain fully committed
to the 2023 operational performance targets and the growth targets
Marel remains committed to its mid-term and
long-term targets Management is committed to its mid-term
targets to achieve gross profit of 40% and SG&A of 18% by
year-end 2023, and maintain the innovation promise at the 6%
strategic level. For the period 2017-2026 Marel has set a target of
12% average annual increase in revenues, through both organic
growth and acquisitions. Compound annual growth rate (CAGR)
2017-2021 was 7.0%. Due to catch up effect from the past five years
and a very strong tailwind in the market, accelerated by the
pandemic, management believes that market growth in the medium term
(2021-2026) will be at a level of 6-8%. Marel’s growth plan
involves capitalizing on strong innovation investment, global reach
and digital solutions to drive expansion and market penetration, as
well as strategic partnerships and acquisitions.
Acquisitions and strategic partnerships
Strategic partnership with TOMRA is proceeding well. The two
companies co-developed and then in 2021 launched a true
game-changer in foreign material detection, the Marel Spectra. This
revolutionary solution will meet Marel’s customers challenges head
on to deliver contamination free, safe and sustainable food.
The acquisition of Dutch duck processing
solutions provider Poultry Machinery Joosten (PMJ), with EUR 5m in
annual revenues, closed on 21 Jan 2021. The acquisition makes
Marel the industry’s only full-line provider of duck
processing solutions. The growing duck market (estimated to be ~EUR
6bn) will become a third pillar within poultry processing
alongside broilers and turkey, allowing Marel to
leverage its global sales and service network and expand into
The acquisition of Valka, an Icelandic provider
of advanced processing solutions for the global fish industry with
EUR 17m in annual revenues, closed on 19 Nov 2021. The acquisition
will accelerate the innovation roadmap and strengthen Marel’s
full-line offering and scale to serve customers’ needs better. The
acquisition of a 40% stake in Stranda Prolog (Stranda), a Norwegian
provider of salmon processing solutions, and the launch of a
strategic partnership between the two companies was announced on 29
Subsequent events in beginning of 2022On 1
February 2022, Marel acquired the remaining 50.0% of the shares of
Curio, an innovative primary processing equipment provider for
whitefish processing. Curio and Marel have worked closely together
since Marel acquired 39.3% of Curio on 22 October 2019 and an
additional 10.7% of the share capital on 4 January 2021 and as
such, Marel initiated the acquisition of the remaining shares ahead
of the agreed timing.
The transaction is yet another important
building block on Marel’s ambitious growth journey. By combining
Curio’s highly complementary product portfolio of heading,
filleting and skinning solutions with Marel’s global sales and
service network, ensuring proximity to customers for sales,
installations and aftermarket services, the resulting synergies
from the integration are expected to positively contribute to
management’s medium and long-term target for EBIT2 margin expansion
in the fish industry.
Innovation performance and costs in line
with strategic targets
2021 proved to be another successful year for
innovation, despite various mobility challenges. Critical steps
taken in core developments and digitalization of new products and
installed base. 27 new highly innovative products and upgrades were
introduced to the market in 2021.
Marel R&D amounted to EUR 80.8m in 2021,
equal to 5.9% of revenues. This is in line with the company’s
innovation promise of ~6% on a continuous basis to drive further
The food value chain is under transformation
where automation, robotics and digital solutions that support
sustainable food processing are key drivers. Marel, together with
its innovation partners, is playing a pivotal role in this
transformation with focus on continued innovation and introduction
of pioneering solutions that strengthen our customers’
Investments to support increased speed,
scale and sustainability
To best serve customer needs and capture growth
opportunities from changing market dynamics, cash capital
expenditures excluding R&D investments are expected to increase
to on average 4-5% of revenues over the next four years, thereafter
returning back to more normalized levels.
Important transformative initiatives ongoing
e.g. stepping up market coverage in growth markets, innovation
investments in digital solutions, improvement projects to
streamline the back-end, as well as automating and digitizing the
manufacturing platform, supply chain and aftermarket.
In 2021, Marel opened new demo center facilities
in Campinas, Brazil and Shanghai, China, Marel’s first in both
Latin America and China. The facilities cement our commitment to
the growing markets and signal our intent to work even more closely
and efficiently to support our customers, partners and the broader
food processing industry in key regions.
Marel is a trusted maintenance partner and a key
focus going forward is on automating and digitizing the end-to-end
spare parts handling to ensure agility and shorter lead times.
Spare parts sales at a record level for two sequential quarters,
3Q21 and 4Q21.
Transforming food processing,
Innovation in partnership with customers,
enables Marel to continuously advance the industry and help
customers minimize their resource use and carbon emissions while
improving their operational efficiency. All new innovations go
through a sustainability innovation scorecard.
Marel is committed to becoming net zero by 2040.
To support its long-term commitment, Marel has launched a five-year
sustainability program aimed at steering both Marel and the
industry onto a more sustainable path, through ambitious
environmental, social, and governance targets.
During the year, Marel incorporated ESG into the
short-term incentive plans for management remuneration, started its
climate-related disclosure (TCFD) journey, implemented a robust
governance structure around sustainability related issues,
committed to setting a science-based target in line with the Paris
Agreement and announced its first medium-term sustainability
program, fully in line with our 2026 growth strategy.
Record orders received in the quarter
and for the full year
Orders received in the quarter were EUR 400.7m,
up 11.1% QoQ and 25.3% YoY, with strong orders across all
industries and all processing stages. Orders received in 2021 at a
record level, EUR 1,502.0m, up 21.7% from EUR 1,234.1m in 2020.
Good product mix with clear step up in sales of
standard consumer-ready solutions, with continued momentum in
Strong demand for Marel solutions, software and
services as the need for automation and digitalization in food
processing is accelerating. Labor availability, a dynamic shift in
consumer behavior and the request for agility to match consumer
demand, as well as an increased focus from consumers and regulators
on sustainability in food production, are driving forces to further
transform the industry.
M&A continues to stimulate organic growth
and accelerate the innovation roadmap. Throughout the year, Marel
secured important orders where a broader product portfolio
following recent acquisitions were key.
Marel’s competitive position remains strong with
continuous high conversion of pipeline into order book, while
gradually capturing market share.
Order book at a healthy
The order book at year-end was EUR 569.0m, up
36.9% compared to EUR 415.7m at year-end 2020 (3Q21: 527.8m),
representing 41.8% of 12-month trailing revenues.
The book-to-bill ratio in the quarter was 1.09,
compared to an average of 1.06 in the past four quarters
(4Q20-3Q21), while 1.10 for the full year 2021 (2020: 1.00).
Revenues scaling up by more than 10%
Marel is targeting a step up in revenues in
2022, compared to 2021, on the back of a strong order book and
Revenues totaled EUR 367.4m up by 10.7% QoQ and
7.0% YoY. Full year revenues were 1,360.8m, up 9.9% from 2020.
Organic revenue growth 4.4% and acquired growth 5.5% in 2021.
Aftermarket, comprising of services and spare
parts, represented 40% of total revenues in the quarter and for the
full year (4Q20: 38%, 2020: 40%). Spare parts at a record level for
two sequential quarters, full focus on strengthening the spare
parts delivery model and shortening lead times.
High focus on improving gross profit to
reach mid-term targets
Gross profit margin was 35.9% in the quarter
(3Q21: 37.1%, 4Q20: 37.4%) and gross profit was EUR 131.9m (3Q21:
123.2m, 4Q20: 128.5m), impacted by supply chain and logistics
challenges, as well as strategic projects with the aim of
increasing speed and scale. For the full year, gross profit margin
was 36.6% (2020: 37.4%) and gross profit EUR 498.1m (2020:
Marel's highest priority remains to deliver to
our customers the right quality, at the right time. In Q4 2021,
Marel continued to be impacted by an imbalance between supply and
demand for electronic components and raw materials, resulting in an
increase in prices and delivery times. It is expected that supply
chain and logistics challenges will continue to have an impact on
Marel’s operations in 1H22.
Mitigation actions such as price increases on
new orders have been implemented by Marel, with an emphasis on
value-based pricing, that will partly offset increased costs.
Continued investment to transform spare parts
handling with focus on investments in fulfillment centers and
digitizing and automating the end-to-end parts handling to ensure
shorter lead times.
Scaling up ahead of the growth
SG&A 19.4% in 2021 (2020:18.3%), compared to
mid-term YE23 target of 18.0%. SG&A is temporarily higher and
better cost coverage will be reached through more volume.
Sales and marketing (S&M) costs were at a
level of 12.5% of revenues in 2021 (2020: 11.4%) and reflect the
step up in market coverage in line with plans to leverage global
reach and digital solutions to drive organic growth, which has
started to translate into increased orders.
Travel for customer visits and exhibitions on
the rise as restrictions are lifted, focus on maintaining cost
efficiencies from new ways of working, but we are expecting high
customer activity and orders in the coming period.
General administrative (G&A) costs were 6.9%
of revenues in 2021 (2020: 6.9%), with important transformative
A new shared services platform launched in
October, one of several ongoing initiatives for standardization and
aligned ways of working to support YE23 targets aimed to lower
Innovation costs at the 6% level, or 5.9% in
2021 (2020: 5.6%).
Marel does not adjust results for non-recurring
costs, except for PPA and acquisition related costs.
Continued focus on improved
EBIT2 was EUR 41.0m (3Q21: 36.0m, 4Q20: 52.3m),
translating to an EBIT2 margin in the quarter of 11.2% (3Q21:
10.8%, 4Q20: 15.2%).
For the full year, EBIT2 was EUR 153.6m (2020:
166.8m), translating EBIT2 margin 11.3% (2020: 13.5%).
2021 margins colored by step up in market
coverage and infrastructure initiatives to increase speed and
agility for the expected growth curve resulting in higher operating
expenses, in addition to margin pressure from supply chain and
Strong orders received across all industries and
processing stages will increase volume with foreseen more favorable
industry mix, resulting in higher operating profits.
Management continues to target medium and
long-term EBIT2 margin expansion for Marel Meat and Marel Fish.
Robust cash flow generation
Operating cash flow was EUR 54.5m in the quarter
(4Q20: 38.9m) and EUR 212.3m for the full year 2021 (2020:
Operating cash flow before inventory buildup at
healthy level. To ensure timely delivery of equipment and spare
parts to customers, inventories increased by EUR 73.5m in 2021,
thereof EUR 9.9m from business combinations, was added in 2021,
using the strong balance sheet to mitigate supply chain
Strong cash flow supports continued investment
in infrastructure, innovation and growth strategy. Capital
expenditures (CAPEX) in 4Q21 were EUR 34.8m (4Q20: 24.6m) while EUR
85.1m in 2021 (2020: 71.1m). Cash capital expenditures excluding
R&D investments are expected to increase to on average 4-5% of
revenues over the next four years, thereafter, returning to more
Net cash used in investing activities, excluding
business combinations and investments/loans in associates, was EUR
29.7m in the quarter (4Q20: 18.4m) and EUR 67.1m (2020: 51.7m) for
the full year equivalent.
Free cash flow was EUR 15.8m in the quarter
(4Q20: 17.7m) and EUR 116.0m for the full year 2021 (2020: 140.5m).
Free cash flow in the quarter impacted by high investments in
property, plant, and equipment including supply chain improvement
projects as well as leases converted into assets in key Marel
Strong cash conversion supports continued
investments in innovation, infrastructure and strategic inventory
buildup when needed.
Robust financial position to support the
2017-2016 growth strategy
Leverage was 1.0x at the end of 4Q21 (4Q20:
1.0x), well below the targeted capital structure of 2-3x.
Committed liquidity of EUR 666.5m at
year-end 2021, including fully committed all-senior funding in
place until 2025.
The strong financial position enables continued
investment and will facilitate future strategic moves in the
ongoing industry consolidation wave, in line with the company’s
2017-2026 growth strategy.
Resilient business model
Marel is a critical infrastructure company in
the food industry. The company’s significant investments in recent
years in Marel’s global reach, digital platform and infrastructure,
have been instrumental in positioning the company to successfully
navigate a business environment colored by the pandemic,
geopolitical uncertainty, trade constraints and accelerated changes
in consumer behavior.
Marel’s effort in recent years, to shorten
production lead times and co-locate production, has also created
more resilience in the supply chain. This together with the
strategic inventory buildup allows us to be more agile during
turbulent times, continue to serve customers’ needs and ultimately
keep the food value chain running.
Dividend proposal of 40% payout ratio
for upcoming AGM
In line with Marel’s targeted capital
allocation and dividend policy of 20-40% payout ratio,
the Board of Directors will propose a 40% payout ratio at
the 2022 Annual General Meeting, to be held on 16 March 2022
(2021: 40%, 2020: 40%).
Based on a EUR 5.12 cents dividend per
outstanding share paid for the operational year 2021, or
6% lower per share than in 2020, the estimated total dividend
payment will be around EUR 38.7m.
2021 Capital Markets Day mini-series –
watch the 5 events
This year, Marel hosted a series of virtual
Capital Markets Day events where Marel leadership, joined by our
experts and customers, provided a 360° insight into how Marel
delivers growth — globally, digitally and sustainably.
The 360° mini-series consists of a virtual site
visit to Marel in Iceland and four Capital Markets Day virtual
events centered on four key features of Marel’s unique equity story
and the future of food processing: growth, global reach,
digitalization and sustainability.
The virtual events were recorded and available
4Q21: 49% of total revenues with 14.7% EBIT2
marginFY21: 47% of total revenues with 14.3% EBIT2 margin
Full-line offering with one of the largest
installed base world-wide, focusing on roll-out of innovative
solutions and market penetration through cross-selling of secondary
and further processing solutions.
Recent bolt-on acquisition of PMJ fueling organic
growth in terms of new sales into the duck market.
Orders received for Marel Poultry were strong in
4Q21, driven by demand for consumer-ready solutions. Orders have
been strong for three sequential quarters after a soft start to the
year, supporting stronger volume going forward with a favorable
product mix. Pipeline remains strong,
Revenues in 4Q21 for Marel Poultry were EUR 179.5m,
up 8.7% YoY (4Q20: 165.1m). Revenues in 2021 were EUR 639.1m, at
same level as the previous year (2020: 635.4m), despite softness in
orders for larger projects in the beginning of 2021 that impacted
volume during the year.
EBIT2 margin in 4Q21 was 14.7% (4Q20: 19.7%) and
14.3% for the full year (2020: 18.3%), impacted by volatility in
volume and scaling up ahead of the growth curve.
On the back of a stronger order book and pipeline,
volume will continue to increase with foreseen more favorable mix,
resulting in higher operating profits
4Q21: 35% of total revenues with 7.5% EBIT2
marginFY21: 38% of total revenues with 9.2% EBIT2 margin
Full-line offering with focus on strong product
development, increased standardization and modularization, market
penetration and further cross- and upselling in key growth markets
alongside significant step up in market coverage ahead of the
M&A: Acquisitions stimulating organic growth
and accelerating the innovation roadmap by transferring technology
across industries. TREIF acquisition in 2020 resulting in more
project wins, leveraging combined customer base and complementary
Orders received in 4Q21 for Marel Meat were strong
with well-balanced mix and increased sales in consumer-ready
solutions. Overall, orders received were strong in 2021 with
improved mix. The need for automation has never been clearer and
the pipeline shows good opportunities in China and North
Revenues in 4Q21 for Marel Meat were EUR 127.4m,
down by 0.5% YoY (4Q20: 128.0m). Revenues in 2021 were EUR 512.5m
(2020: 419.1m), up 22.3% on the back of acquisitions and organic
EBIT2 margin in 4Q21 of 7.5% (4Q20: 12.1%) Focus in
2021 was on stepping up market coverage, further strengthening the
management team, value-based pricing, better project execution, and
several other strategic initiatives ongoing for profit improvement,
some of which resulted in non-recurring costs not adjusted for in
the 2021 results.
Management continues to target medium and long-term
EBIT2 margin expansion for Marel Meat.
4Q21: 12% of total revenues with 4.6% EBIT2
marginFY21: 12% of total revenues with 5.6% EBIT2 margin
Objective to reach full-line offering across
farmed and wild whitefish and salmon through continued focus on
innovation and M&A.
M&A: On 1 February 2022, Marel acquired the
remaining 50.0% of the shares of Curio. The recent acquisitions of
Curio, Stranda and Valka, which was successfully closed in 4Q21,
will further accelerate the innovation roadmap to close certain
application gaps to reach full-line offering for both salmon, as
well as wild and farmed whitefish. Combined platform will also
further unlock synergies in terms of cross- and upselling, market
penetration and gradually expanding species coverage.
Marel foresees higher revenues for in 2022 with
better operating cost coverage, although non-recurring integration
costs will soften results in coming two quarters.
Orders received in 4Q21 for Marel Fish were at
record levels and have overall been solid in 2021 after a soft
start of the year. Strong pipeline for salmon while whitefish is
also picking up and expectations of higher conversion of pipeline
into orders in coming quarters.
Revenues for Marel Fish in 4Q21 were EUR 45.7m
(4Q20: 37.3m). Revenues in 2021 were EUR 161.1m (2020: 150.7m).
EBIT2 margin in 4Q21 was 4.6% (4Q20: 0.0%) and
5.6% for the full year (2020: 5.4%).
Management continues to target medium and
long-term EBIT2 margin expansion for Marel Fish.
Market conditions have been challenging due to
geopolitical uncertainty and the ongoing COVID-19 pandemic. Marel
enjoys a balanced exposure to global economies and local markets
through its global reach, innovative product portfolio and
diversified business mix. Supply chain and logistics challenges are
expected to continue to have an impact in 2022, although it is not
known what the full economic impact will be on Marel.
Marel is committed to achieve its mid- and
long-term growth targets. Our strategic mid-term targets are to
achieve gross profit around 40%, SG&A of around 18% and
Innovation at the 6% strategic level by year-end
In the period 2017-2026, Marel is targeting 12%
average annual revenue growth through market penetration and
innovation, complemented by strategic partnerships and
Marel’s management expects average annual market
growth of 4-6% in the long term. Marel aims to grow organically
faster than the market, driven by innovation and growing market
Due to catch up effect from the past five years
and a very strong tailwind in the market, accelerated by the
pandemic, management believes that market growth in the medium term
(2021-2026) will be at a level of 6-8%.
Maintaining solid operational performance and
strong cash flow is expected to support 5-7% revenues growth on
average by acquisition.
Marel’s management expects basic EPS to grow
faster than revenues.
Growth is not expected to be linear but based on
opportunities and economic fluctuations. Operational results may
vary from quarter to quarter due to general economic developments,
fluctuations in orders received and timing of deliveries of larger
Virtual investor meeting
and live webcast/conference call on
3 February 2021
On Thursday 3 February 2022, at 8:30 am GMT
(9:30 am CET), Marel will host a virtual investor meeting where CEO
Arni Oddur Thordarson and CFO Linda Jonsdottir will give an
overview of the financial results and operational highlights in the
fourth quarter and for the full year.
The meeting is webcast live on
www.marel.com/webcast and a recording is available after the
meeting on www.marel.com/ir.
Members of the investment community can also
join the meeting through a conference call by dialing:
- IS: +354 800 7437 (PIN 79477837#)
- NL: +31 10 712 9162
- UK: +44 33 3300 9030
- US: +1 646 722 4957
- AGM – 16 March
- Q1 2022 – 27
- Q2 2022 – 27
- Q3 2022 – 2
- Q4 2022 – 8
- AGM – 22 March
For further information, please contact Marel
Investor Relations via email firstname.lastname@example.org or tel. +354 563
Marel (NASDAQ: MAREL; AEX: MAREL) is a leading
global provider of advanced food processing equipment, systems,
software and services to the poultry, meat and fish industries.
Marel has around 7,000 employees in over 30 countries. In 2021,
Marel delivered EUR 1.4 billion in revenues, and invests around 6%
of revenues in innovation annually. By continuously transforming
food processing, Marel enables its customers to increase yield and
throughput, ensure food safety and improve sustainability in food
production. Marel was listed on Nasdaq Iceland in 1992 and
dual-listed on Euronext Amsterdam in 2019
Statements in this press release that are not
based on historical facts are forward-looking statements. Although
such statements are based on management’s current estimates and
expectations, forward-looking statements are inherently
We therefore caution the reader that there are a
variety of factors that could cause business conditions and results
to differ materially from what is contained in our forward-looking
statements, and that we do not undertake to update any
All forward-looking statements are qualified in
their entirety by this cautionary statement.
Market share data
Statements regarding market share, including
those regarding Marel’s competitive position, are based on outside
sources such as research institutes, industry and dealer panels in
combination with management estimates.
Where information is not yet available to Marel,
those statements may also be based on estimates and projections
prepared by outside sources or management. Rankings are based on
sales unless otherwise stated.
- Marel Consolidated Financial Statements 2021
- Marel Consolidated Financial Statements 2021 (Excel)
- Marel Q4 2021 Press release
- ESG report 2021
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