Nutreco trading update Q1 2010
(Thomson Reuters ONE) -
* Revenue Q1 2010 EUR 1,072.6 million; an increase of 2.7% from Q1 2009
* All business segments report operating profits above Q1 last year
* Fish feed clearly starts better than in 2009
* Compound Feed Europe reports strong improvement compared to Q1 2009
* Integration of feed plants acquired from Cargill in Spain and Portugal is
well on track
* Nutreco expects EBITA before exceptional items in the 1st half year of 2010
to exceed EUR 70 million (2009: EUR 41.6 million)
Wout Dekker, Nutreco CEO: "I am pleased with this performance. We ended last
year strongly and our results continued to be strong in the first quarter of
2010. The results in all business segments are above the same period last year.
Our premix and feed specialties business continued its positive performance. The
fundamentals in the fish feed business are solid, showing strong growth in
Norway, the Mediterranean and Australia. Furthermore we are more confident about
a step-by-step recovery of the Chilean fish farming industry. Our compound feed
business in Europe reported an operational result in line with the trend of the
last quarters of 2009. The results in the Netherlands improved substantially
compared with Q1 2009. In Spain, we can see the revenue contribution coming from
the acquisition of the compound feed business of Cargill. The integration and
plant optimisation is well on track. Our meat business continued to report good
results, which were slightly better than in Q1 2009.
These results, our strong balance sheet and the initiatives we are involved in
mean that we are heading into 2010 with confidence. We will continue our growth
strategy to further strengthen our global market positions in feed specialties
and fish feed, by organic growth and acquisitions."
(EUR x million) Q1 2010 Q1 2009 D%
Revenues
Premix and feed specialties 254.9 257.9 -1.2%
Fish feed 217.1 189.4 14.6%
Compound feed Europe 261.6 238.4 9.7%
Animal Nutrition Canada 91.1 92.6 -1.6%
Meat and other 247.9 265.6 -6.7%
----------- -----------
Total revenues Nutreco 1,072.6 1,043.9 2.7%
Operational developments
The revenue in the 1st quarter amounted to EUR 1,072.6, an increase of 2.7%
compared with Q1 2009. The volume development in the 1st quarter was 2.3%
compared with the same period in 2009. Price effects were -6.7%, mainly related
to passing on lower raw material prices. The contribution of acquisitions was
4.6% related to the acquisition of the compound feed businesses of Cargill in
Spain and Portugal and the acquisition of 'Fri-Ribe' in Brazil. The foreign
exchange effect was 2.5% mainly related to the US dollar.
Premix and feed specialties
The revenue in Premix and feed specialties was EUR 254.9 million (Q1 2009: EUR
257.9 million). The volumes in Premix and feed specialties were 7.0% higher,
mainly due to a higher demand in Mexico, Poland and the UK. Excluded in this
analysis is compound feed revenue outside Western Europe of EUR 21.3 million
reported in Q1 2009 (Q1 2010: 3.0 million), which is reported under Premix and
feed specialties revenue. The prices were on average 6.6% lower due to lower raw
material prices. The acquisition of 'Fri-Ribe' contributed 5.0% in revenues. The
foreign currency effect was 1.3%. The Q1 operational results of Premix and feed
specialties are above Q1 2009.
Fish feed
The revenue in Fish feed of EUR 217.1 million is 14.6% higher than the 1st
quarter of 2009. The volume increase in the first quarter was 13.6%, the price
effect was -4.5% and the foreign exchange impact 5.7%. There was a strong volume
growth in Norway in the 1st quarter and to a lesser extent in other regions. The
situation in Chile is starting to improve with a higher demand for fish feed.
The operating results in Q1 are better than the same quarter of 2009, mainly due
to a strong demand in Norway. The Q1 results are normally 5-10% of the annual
results as the majority of the result in Fish feed will traditionally be made in
the 2nd half of the year due to seasonal influences.
Compound feed Europe
The revenue of Compound feed Europe increased with EUR 23.2 million to EUR
261.6 million compared to Q1 2009 (9.7%). The main contributor to the increased
revenues was the acquisition of the Cargill compound feed businesses in Spain
and Portugal (18.5%). The price-effect on revenues was -6.2% and the volumes
were 2.6% lower than the same period in 2009. The operational results in Q1 were
good and in line with the 2nd half of 2009.
Animal Nutrition Canada
The revenue in Q1 2010 of Animal Nutrition Canada was EUR 91.1 million compared
with EUR 92.6 million in Q1 2009 (-1.6%). The decline was mainly because of
8.6% lower prices and 4.0% lower volumes. The foreign exchange impact was
11.0%. The operational results were slightly higher than last year.
Meat and other
The revenue from Meat and other was 6.7% lower, mainly related to 8.8% lower
prices. The volumes were 1.7% above the ones of last year. The foreign exchange
impact was 0.4%. The result in Q1 was slightly above the result in Q1 2009.
Outlook first half year 2010:
The following developments are expected for the first half year of 2010:
* Premix and feed specialties: operational result in the first half year above
last year (1st half 2009: EUR 31.8 million)
* Fish feed: we expect a higher EBITA before exceptional items than the EUR
11.1 million in the 1st half of 2009
* Compound feed Europe: EBITA before exceptional items of approximately EUR
10 million (1st half 2009: EUR -12.9 million)
* Animal Nutrition Canada: operational result in line with last year (1st half
year 2009: EUR 9.7 million)
* Meat and other: operational result in line with last year (1st half year
2009: EUR 11.3 million)
* Corporate: the corporate costs will be slightly above last year (1st half
year 2009: EUR -9.4 million)
Operating result first half year 2010:
Based on current trading conditions, Nutreco expects the EBITA before
exceptional items to exceed EUR 70 million for the first half year of 2010 (1st
half year 2009: EUR 41.6).
Strategy
Nutreco's strategy is to further grow our animal nutrition and fish feed
businesses by:
* Focusing on geographical regions and markets that have the prospect of
structural profitable growth; for example countries as Brazil, China, Russia
and Vietnam
* Participating in the industry consolidation process in markets where Nutreco
has leading compound feed positions; for example Canada/North America, the
Netherlands and Spain
* Further strengthening our market positions in feed specialties and fish feed
by organic growth and acquisitions
* Executing Nutreco's science and innovation strategy
Nutreco will publish its 1st half year results 2010 on 29 July 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
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(at)nutreco.com
Cautionary note regarding forward-looking statements
This announcement contains forward-looking statements. Forward-looking
statements are statements that are not based on historical fact, including
statements about our beliefs and expectations. Any statement in this
announcement that expresses or implies our intentions, beliefs, expectations or
predictions (and the assumptions underlying them) is a forward-looking
statement. Such statements are based on plans, estimates and projections as
currently available to the management of Nutreco. Forward-looking statements
therefore speak only as of the date they are made and we assume no obligation to
publicly update any of them in the light of new information or future events.
Forward-looking statements involve inherent risks and uncertainties. A number of
significant factors could therefore cause actual future results to differ
materially from those expressed or implied in any forward-looking statement.
Such factors include but are not limited to conditions on the markets in Europe,
the United States and elsewhere from which we derive a substantial portion of
our revenue, potential defaults on the part of borrowers or trading
counterparties, the implementation of our restructuring programme including the
envisaged reduction in headcount and the reliability of our risk management
policies, procedures and methods. For more information on these and other
factors, please refer to our annual report. The forward-looking statements
contained in this announcement are made as of the date hereof and the companies
assume no obligation to update any forward-looking statement contained in this
announcement.
[HUG#1409659]
Nutreco trading update Q1 2010: http://hugin.info/133565/R/1409659/362180.pdf
Unternehmensinformation / Kurzprofil:
Datum: 29.04.2010 - 07:01 Uhr
Sprache: Deutsch
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