Annual report 2017
Throughout our company we promote good business practices along our value chain through transparency, innovation and collaboration with all our partners. Long-term profitability and fair trade are vital aspects of how we want to conduct our business. Continuous improvements are made to make sure that we, our partners, customers and suppliers are compliant with international law, anti-corruption rules and compliance regulations. We believe that all parties must contribute fairly towards the societies in which they operate.
We operate a global network of sales and service units and produce a range of products that are manufactured in the Netherlands, the United States of America, Iceland, Denmark, England and Slovakia.
The economic value generated by our operations in 2017 amounted to EUR 1038.2 million, consisting of sales and gains on sales of assets. Furthermore, we directly employed an average of 4,912 full-time employees in 2017.
The contributions we make to the societies in which we operate consist of many different elements, including salaries paid to employees and goods and services purchased from local suppliers.
Salaries paid during the year, excluding related expenses, amounted to EUR 306.2 million, or 29.5% of the economic value generated.
Taxes paid by Marel in 2017 amounted to EUR 59.7 million (2016: 52.2 million) or 5.7% of the economic value generated.
Employment taxes represented 46% of the levies during the period and 38% are corporate income taxes. In addition to the direct taxes, Marel collects and pays various taxes and duties on behalf of governments.
Total taxes and duties collected in 2017 amounted to EUR 77.2 million (2016: 72.7 million).
In 2017, the total tax footprint amounted to EUR 136.9 million (2016: 124.9 million).
Innovation is the creation and delivery of new customer value in the marketplace. In our experience, new innovations most often originate from the partnerships between customers and our employees with the collaborative aim of solving problems and improving processing in a new way.
We invested over EUR 58 million, or around 6% of revenues, in creating and delivering new value for our customers through innovation in 2017. These innovative efforts represent a full range: from breakthrough improvements in our products, to design upgrades and incremental additions to existing machines and systems. By working closely with our customers and employees we are making lasting equipment that stays competitive and meets the diverse needs of our customers.
We know that our company’s reputation is crucial to our success. Therefore, compliance with global anti-bribery and anti-corruption laws and regulations is taken very seriously. The anti-bribery and anti-corruption policy adopted in January 2017 reinforces our commitment. It applies to all employees, officers and directors as well as any contractors, consultants, agents and other business partners engaged in business on behalf of Marel.
As an international company, we adhere to the anti-bribery and anti-corruption laws of all the countries in which we operate around the world.