Nutreco trading update Q1 2013
(Thomson Reuters ONE) -
* Revenue Q1 2013 EUR 1,142.9 million; an increase of 1.3% from Q1 2012
* Animal Nutrition revenues increased by 3.1% to EUR 817.6 million. Increase
in operating results in Premix & Feed Specialties partly compensated for
lower results in the other segments
* Fish Feed revenues of EUR 325.3 million are 3.0% lower than last year. Slow
start to the year mostly due to exceptionally cold water temperatures in
Norway leading to 19% decline in Q1 salmonid feed volumes. Feed for non-
salmonid species saw a volume increase of 5%. Overall full year volume
growth is expected to be positive
* Closing of acquisition of the leading shrimp and tilapia feed producer Gisis
in Ecuador expected to be completed by the end of the second quarter of
2013
* Outlook: Based on current trading conditions, Nutreco expects EBITA before
exceptional items for the first half of 2013 to be approximately EUR 90
million (first half 2012: EUR 103.7 million)
Knut Nesse, CEO
"In the first quarter we had lower operating results compared with the excellent
start in the first quarter of 2012. In Animal Nutrition we are pleased with
higher operating results in Premix & Feed Specialties due to a continued strong
performance in globally branded specialty products such as feed additives. In
Spain, lower volumes in Compound Feed were caused partly by weather conditions
and partly by the economic conditions which also affected Meat & Other. We are
adjusting the cost structure in our Spanish operations to adapt to current
market developments. In Fish Feed we are having a slow start to the year, mostly
due to less favourable growing conditions caused by cold water temperatures in
Norway which will likely lead to a shift in feed demand to the remainder of the
year. The lower supply of salmon resulted in a strong salmon price increase
which is favourable for our customers. Fish feed for non-salmonid species
performed well with a volume increase of 5%. Overall full year volume growth in
Fish Feed is expected to be positive.
We are pleased with the positive developments in the core growth areas of higher
added value nutritional solutions and fish feed for other species.
Based on the developments in the first quarter, we expect EBITA before
exceptional items for the first half of 2013 to be approximately EUR 90 million
(H1 2012: EUR 103.7 million)."
Q1 Revenue
(EUR x million) Q1 2013 Q1 2012 Change %
Premix & Feed Specialties 303.3 302.3 0.3
Animal Nutrition Canada 126.9 119.7 6.0
Compound Feed 147.2 141.3 4.2
Meat & Other 240.2 229.7 4.6
Animal Nutrition 817.6 793.0 3.1
Fish Feed 325.3 335.2 -3.0
----------- -----------
Revenue (third parties) 1,142.9 1,128.2 1.3
Operational developments
The revenue in the first quarter amounted to EUR 1,142.9 million, an increase of
1.3% compared to Q1 2012. Volumes accounted for -6.1%, while the price effects
were 7.8%. The contribution of acquisitions was 0.2% and the exchange rate
effect was -0.6%.
Animal Nutrition
Revenue for the Animal Nutrition division in the first quarter amounted to EUR
817.6 million, an increase of 3.1% compared to Q1 2012. Volumes accounted for
-3.3%, while the price effect was 6.7%. The contribution of acquisitions was
0.3% and the exchange rate effect was -0.6%.
Premix & Feed Specialties
Revenue in Premix & Feed Specialties increased by 0.3% to EUR 303.3 million (Q1
2012: EUR 302.3 million). Organic volumes in Premix & Feed Specialties were
0.6% lower. In the quarter there were mixed volume developments with higher
sales in product lines such as premix and feed additives and lower volumes in
farm minerals. The sales prices were on average 0.5% higher, the acquisition
effect was 1.3% and related to the Q1 2012 purchase of Bellman in Brazil partly
offset by the divestment of our business in Hungary in Q4 2012. The exchange
rate effect was -0.9%. The operating result was higher than in the same quarter
last year.
Animal Nutrition Canada
The revenue in Q1 2013 of Animal Nutrition Canada was EUR 126.9 million compared
to EUR 119.7 million in Q1 2012, an increase of 6.0%. The increase was mainly
caused by 8.8% higher prices, due to higher raw material prices, partly offset
by 1.2% lower volumes. The exchange rate effect was -1.6%. The operating result
was slightly lower than the same period last year.
Compound Feed
The revenue of Compound Feed increased by EUR 5.9 million to EUR 147.2 million
compared to Q1 2012, an increase of 4.2%. Higher raw materials costs had a price
effect of 19.0%. Volumes decreased by 13.7% compared to the same period in
2012. The decline was mostly the result of adverse weather conditions as well as
lower swine herd sizes due to the economic situation in Spain. The acquisition
effect was -1.1% and related to the divestment of our business in Hungary in Q4
2012. The operating result in Q1 was lower than the same quarter last year due
to the lower volumes.
Meat & Other
Revenue from Meat & Other was 4.6% higher at EUR 240.2 million, due to 1.6%
lower volumes and 6.3% higher prices. The exchange rate effect was -0.1%. The
operating result was lower than the very strong Q1 2012 due to decreased Spanish
domestic consumption and higher input costs. In our Spanish poultry business we
are adjusting the cost structure to adapt to current market developments.
Fish Feed
The revenue in Fish Feed was 3.0% lower than in the first quarter of 2012 at EUR
325.3 million. Total volume declined by 12.9% mostly due to lower demand for
salmon feed in Norway partly offset by increased demand for non-salmonid feed
especially in China. The decline of 19% in salmonid volumes was caused by
reduced biomass and significantly less favourable growing conditions due to
exceptionally cold water temperatures in Norway compared with warm temperatures
in the same quarter last year. The Norwegian market as a whole has declined by
23% in volume. The price effect was 10.4% due to higher raw material prices and
the exchange rate effect was -0.5%. The first quarter is the smallest quarter of
the year by volume and EBITA. We expect full year volume growth to be positive.
The volume share of fish feed for non-salmonid species is now 37% compared with
31% in the same quarter last year. The operating result in Q1 was significantly
lower than the same quarter of 2012. This was mostly due to lower volumes.
Acquisition of leading shrimp and tilapia feed producer Gisis in Ecuador
On 8 October 2012 Nutreco announced the acquisition of 75% of the shares in
Gisis, the shrimp and fish feed subsidiary of the Expalsa group. Closing of the
transaction is subject to regulatory approval from the Ecuadorian competition
authority and expected by the end of the second quarter of 2013.
Outlook first half year 2013
The following developments are expected for the first half year 2013:
* Animal Nutrition: operating result slightly below last year (H1 2012: EUR
73.2 million) with a higher operating result in Premix & Feed Specialties,
an in-line operating result for Animal Nutrition Canada and lower operating
results for Compound Feed and Meat & Other.
* Fish Feed: an operating result which is clearly lower than the excellent
first half of 2012 (H1 2012: EUR 44.0 million).
Based on current trading conditions we expect EBITA before exceptional items for
the first half of 2013 to be approximately EUR 90 million (H1 2012: EUR 103.7
million). Due to seasonality of the business, the majority of Nutreco's result
is generated in the second half of the year.
AgriVision 2013
From 18 till 20 June 2013, the biennial AgriVision conference organised by
Nutreco will take place in Noordwijk, the Netherlands. Harvard Business School
professor Michael Porter is this year's keynote speaker and will share his
thoughts on shared value creation. The key question of AgriVision 2013 is how we
can make use of the full potential of available raw materials, represented by
the theme 'Time to Resourcify.' The theme follows earlier AgriVision conferences
that focused on how we can feed 9 billion people in a sustainable manner by
2050. 'Time to Resourcify' is a call to action to produce more food with fewer
raw materials.
Agenda 2013
Nutreco will continue to execute the strategic roadmap towards 2016:
* Develop higher added value portfolio of nutritional solutions
* Focus on Premix & Feed Specialties and Fish Feed
* Continue drive for operational excellence in mature markets
* Grow in geographies Latin America, Russia, Asia and Africa
Calendar 2013
2 May: First day of share trading after 1:2 share spilt
18-20 June: AgriVision, Noordwijk, the Netherlands
25 July: Publication of half-year results
17 October: Trading update third quarter
Ambition 2016
Nutreco's 'Ambition 2016 - driving sustainable growth' is to grow and improve
profitability by providing innovative and sustainable nutritional solutions for
its customers and is expected to result in an EBITA of EUR 400 million by 2016.
This will be realised by focusing on a higher added value portfolio of
nutritional solutions such as Premix & Feed Specialties and Fish Feed, and by
expanding into the growth geographies of Latin America, Russia, Asia and Africa,
which will see the largest increases in both production and consumption of
animal protein food products.
The full press release is attached in the pdf below
Nutreco trading update Q1 2013:
http://hugin.info/133565/R/1693816/556921.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Nutreco via Thomson Reuters ONE
[HUG#1693816]
Unternehmensinformation / Kurzprofil:
Datum: 18.04.2013 - 07:01 Uhr
Sprache: Deutsch
News-ID 250208
Anzahl Zeichen: 11462
contact information:
Town:
Amersfoort
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 160 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Nutreco trading update Q1 2013"
steht unter der journalistisch-redaktionellen Verantwortung von
Nutreco (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
