EUR 2,250.5 million; an increase of 5.8% compared with the first half of
2009
* Strong increase in volume of Fish feed and Premix and feed specialties
* All business segments report better operating results compared with the first half of
2009
* 2010 interim dividend of EUR 0.50 in cash or shares
* For the full year 2010, Nutreco expects an increase of approximately 25% in EBITA
before exceptional items compared with 2009 (EUR 175.2 million)
Key figures
(EUR x million)
H1 2010 H1 2009 Change
Revenue from ‘continuing operations’ 2,250.5 2,127.7 5.8%
Operating result before exceptional items and amortisation (EBITA) 84.0 41.6 101.9%
Operating result from ‘continuing operations’ before amortisation (EBITA) 74.1 38.5 92.5%
Profit after tax from ‘continuing operations’ 40.4 13.7 194.9%
Basic earnings per share from ‘continuing operations’ (EUR) 1.13 0.36 213.9%
Interim dividend per ordinary share (EUR) 0.50 0.20 150.0%
150.0%
Wout Dekker, CEO Nutreco:
“We have had excellent first six months. The results are better than in the same period
last year for all business segments. These results, the recovery of the markets and our
good financial situation give us confidence for the future. We are also very pleased
with the composition and quality of our results. For the second half of the year, we
expect results in line with the very strong second half of 2009. For the full year this
will lead to an increase of approximately 25% in EBITA before exceptional items.”
All business segments report better operating results
“Our premix and feed specialties operations have very good results, with a growth in
volume and an improved product mix. Fish feed operations show strong growth in Norway
and we experience a recovery in the Chilean aquaculture sector. Our compound feed
operations in Europe reported business results in line with the trend of the last
quarters of 2009. The results in The Netherlands improved substantially compared with
the first half of 2009. In Spain the acquisition of Cargill’s compound feed operations
contributed to revenues. The integration and optimisation of factories is progressing
well. Our meat operations had good results, slightly better than in the first half of
2009.”
Focus on strengthening global position in Fish feed and Premix and feed specialties
“The recent acquisition of a fish and shrimp feed business in Vietnam is in line with
our strategy to further strengthen our position in feed for amongst others shrimp,
tilapia, barramundi, snapper and grouper, in countries of strategic importance. After
China and India, Vietnam is the world’s largest aquaculture producer. For Nutreco, the
acquisition is a good entry into the Vietnamese market and a basis for further growth.
Next to this acquisition Nutreco is investing in renewing and expanding its production
capacity. In March we announced the investment of EUR 20 million in upgrading and
expanding the fish feed factory in Australia. The investment will enable Skretting to
meet the growing demand for high-quality fish feed for salmon, trout, barramundi and
tuna in both Australia and New Zealand. Since 2001, the volume for fish feed in this
region has grown by 10% annually.
In April, Nutreco announced a EUR 6 million investment in upgrading and expanding the
production capacity of Selko, a producer of additives for animal nutrition. This
investment will enable Selko to meet the globally growing demand for alternatives to
antibiotics and for products that can contribute to controlling the development of
salmonella in animal nutrition, raw materials for animal nutrition and drinking water.
Nutreco remains focused on growth by innovations and we continue to execute our strategy
to further strengthen our global market position in Premix and feed specialties and Fish
feed by means of organic growth and acquisitions.”
Outlook
Barring unforeseen circumstances, Nutreco expects EBITA before exceptional items in the
second half of the year to be in line with the very strong second half of 2009 (EUR
133.6 million). For the full year 2010 this will result in an increase of approximately
25% in EBITA before exceptional items compared with 2009 (EUR 175.2 million).
Strategy
Nutreco will continue to focus on growth in animal nutrition and fish feed by means of:
* Focusing on geographical regions and markets with prospects for structural profitable
growth in countries such as Brazil, China, Russia and Vietnam;
* Participating in consolidation in countries where Nutreco has a leading position in
compound feed, such as Canada/North America, the Netherlands and Spain;
* Further strengthen our global market position in Premix and feed specialties and Fish
feed through independent growth and acquisitions;
* Implementing Nutreco’s innovation strategy.
Nutreco will publish a trading update on the third quarter of 2010 on 28 October 2010.
* * * * *
Nutreco
Nutreco is a global leader in animal nutrition and fish feed. Our advanced feed
solutions are at the origin of food for millions of consumers worldwide. Quality,
innovation and sustainability are guiding principles, embedded in the Nutreco culture
from research and raw material procurement to products and services for agriculture and
aquaculture. Experience across 100 years brings Nutreco a rich heritage of knowledge and
experience for building its future. Nutreco employs approximately 9,700 people in 30
countries, with sales in 80 countries. Nutreco is listed on the NYSE Euronext stock
exchange in Amsterdam and with annual revenues of EUR 4.5 billion in 2009.
www.nutreco.com http://www.nutreco.com/
For more information:
Jurgen Pullens, Director Investor Relations and Corporate Communications, Nutreco
Telephone: +31 (0)33 422 6134
Mobile: +31 (0)6 5159 9483
E-mail: jurgen.pullens@nutreco.com mailto:jurgen.pullens@nutreco.com
The full press release is attached in the pdf below
HUG#1434661
Excellent results for the first half of 2010
http://hugin.info/133565/R/1434661/380210.pdf