Nutreco trading update Q3 2013
(Thomson Reuters ONE) -
* Revenue Q3 2013 ? 1,490.5 million; an increase of 0.7% from Q3 2012
* Animal Nutrition revenue decreased by 7.1% to ? 794.4 million mainly due to
lower volumes in Compound Feed and an adverse foreign currency impact.
Animal Nutrition EBITA is in line with last year
* Fish Feed revenue of ? 696.1 million is 11.4% higher than last year. Higher
volumes and price effects more than offset an adverse foreign currency
impact. The recent acquisitions in Ecuador and Egypt had a positive effect
of 5.2%
* Global market leadership for salmon feed regained by securing volumes from
new customers. Fish Feed EBITA declined mainly due to market competition in
Norway, lower results in China and an adverse foreign currency impact
* Study to review strategic opportunities for Compound Feed and Meat & Other
activities in Spain is on track
* Outlook: Based on current trading conditions Nutreco expects the full year
EBITA before exceptional items to be approximately ? 255 million (previous
outlook; at least in line with 2012: ? 262.1 million)
Knut Nesse, CEO: "Our results for the third quarter were below last year mainly
due to lower results in Fish Feed and an adverse foreign currency impact. Our
Animal Nutrition division results were in line with last year mainly due to a
better performance in Meat & Other.
For 2013 we expect to maintain our full year EBITA margin above 7% in our growth
segment Premix & Feed Specialties and we expect to improve our results in Meat &
Other which will compensate for lower results in our Animal Nutrition businesses
in Canada and Spain.
In Fish Feed we secured our salmon feed volumes and regained our global market
leadership position. Due to a challenging market environment in Norway our EBITA
margin in salmon feed declined. The integration of our recently acquired
businesses in Ecuador and Egypt is on track.
Against this background and based on current trading conditions Nutreco expects
the full year EBITA before exceptional items to be approximately ? 255 million
(previous outlook; at least in line with 2012: ? 262.1 million).
In Animal Nutrition we aim to be the leader in the development and supply of
value-added nutritional solutions that are tailored to meet unique on-farm
requirements. Over the last 12 months we made significant progress in developing
and launching new products that give me a lot of confidence in the near future.
We continue to invest in innovation and we are setting the scene for world class
shrimp feed R&D. We expect to launch our sustainable MicroBalance concept for
shrimp feed, which replaces expensive fishmeal by alternative protein raw
materials, within 12 months.
I fully believe in the strong long term fundamentals of Animal Nutrition and
Fish Feed. I am committed to our strategy of increasing profitability through
innovative and sustainable nutritional solutions, while leveraging our position
and capabilities to seize global opportunities in our industry."
Q3 Revenue
+------------------------------------------------------------------------------+
|(? x million) Q3 2013 Q3 2012 Change % YTD Q3 2013 YTD Q3 2012 Change %|
| |
| |
| |
|Premix & Feed 303.2 315.3 -3.8 912.5 934.2 -2.3|
|Specialties |
| |
|Animal Nutrition 123.5 145.7 -15.3 379.1 394.6 -3.9|
|Canada |
| |
|Compound Feed 130.4 158.7 -17.9 414.5 445.1 -6.9|
| |
|Meat & Other 237.3 235.7 0.7 716.2 693.6 3.3|
| |
|Animal Nutrition 794.4 855.4 -7.1 2,422.2 2,467.5 -1.8|
| |
|Fish Feed 696.1 624.7 11.4 1,467.0 1,367.1 7.3|
| |
| |
| |
|Revenue (third 1,490.5 1,480.1 0.7 3,889.2 3,834.6 1.4|
|parties) |
+------------------------------------------------------------------------------+
Operational developments
The revenue in the third quarter amounted to ? 1,490.5 million, an increase of
0.7% compared to Q3 2012. Volumes accounted for -1.3%, while the price effects
were 4.2%. The contribution of acquisitions was 2.1% and the exchange rate
effect was -4.3%.
Animal Nutrition
Revenue for the Animal Nutrition division in the third quarter amounted to ?
794.4 million, a decrease of 7.1% compared to Q3 2012. Volumes accounted for
-3.4%, while the price effect was -0.3%. The contribution of acquisitions was
-0.2% and the exchange rate effect was -3.2%.
Premix & Feed Specialties
Revenue in Premix & Feed Specialties decreased by 3.8% to ? 303.2 million (Q3
2012: ? 315.3 million). Organic volumes in Premix & Feed Specialties were 0.1%
higher. Sales prices were on average 0.5% lower, the acquisition effect was
0.7% and relates to the premix activities of the acquisitions in Ecuador and
Egypt, partly offset by the divestment of our business in Hungary in Q4 2012.
The exchange rate effect was -4.1%. The operating result was slightly lower than
the same quarter last year.
Animal Nutrition Canada
The revenue in Q3 2013 of Animal Nutrition Canada was ? 123.5 million compared
to ? 145.7 million in Q3 2012, a decrease of 15.3%. The decrease was mainly
caused by an exchange rate effect of -8.7%. The price effect was -4.2% and
volumes declined by 2.4%. The operating result was lower than the same period
last year.
Compound Feed
The revenue of Compound Feed decreased to ? 130.4 million compared to Q3 2012, a
decrease of 17.9%. Lower raw materials costs had a price effect of -5.0%.
Volumes decreased by 11.5% compared to the same period in 2012. The decline was
mostly the result of lower feed volumes to farmers in the free market (not
integrated) which were affected by the economic situation in Spain. The
divestment effect was -1.3% and related to the sale of a business in Hungary in
Q4 2012. The operating result in Q3 was lower than the same quarter last year.
Meat & Other
Revenue from Meat & Other was 0.7% higher at ? 237.3 million, due to 3.2% lower
volumes and 5.5% higher prices. Active account management has resulted in an
increase in sales to new customers which partly compensated for lower sales to
existing customers. There was a divestment effect of -0.9% which related to the
sale of a small poultry activity in Canada. The exchange rate effect was -0.7%.
The operating result was higher than the weak Q3 2012 driven by slightly higher
prices and lower input costs.
Fish Feed
The revenue in Fish Feed was 11.4% higher than in the third quarter of 2012 at ?
696.1 million. The volume effect in revenue was 1.4% mostly due to an increase
in market share in salmon feed partly offset by lower non-salmonid feed sales
especially in China. Salmonid volumes increased by 6.1%. This was mainly driven
by securing higher volumes in Norway. The price effect was 10.5% due to the pass
through of higher raw material prices. The exchange rate effect was -5.8%. The
acquisition effect was 5.2% which is due to the acquisitions in Ecuador and
Egypt.
The volume share of fish feed for non-salmonid species is now 38% compared with
35% in the same quarter last year. The operating result in Q3 was lower than the
same quarter of 2012 due to a lower EBITA margin in Norway in a challenging
market environment and lower results in China.
Outlook full year 2013
The following developments are expected for the full year 2013:
* Animal Nutrition: EBITA before exceptional items in line with last year
(2012: ? 149.2 million) with higher operating results in Premix & Feed
Specialties and Meat & Other and lower operating results for Animal
Nutrition Canada and Compound Feed.
* Fish Feed: EBITA before exceptional items clearly below last year (2012: ?
142.0 million). The EBITA contribution of newly acquired companies will be
more than offset mainly by lower margins in Norway and to a lesser extent,
an adverse foreign currency impact.
Based on current trading conditions Nutreco expects the full year EBITA before
exceptional items to be approximately ? 255 million (previous outlook; at least
in line with 2012: ? 262.1 million).
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
6 February 2014: Full year results 2013
27 March 2014: Annual General Meeting of Shareholders
The full press releases in English and Dutch are attached in the pdfs below.
Nutreco trading update Q3 2013 NL:
http://hugin.info/133565/R/1736207/581816.pdf
Nutreco trading update Q3 2013:
http://hugin.info/133565/R/1736207/581815.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#1736207]
Unternehmensinformation / Kurzprofil:
Datum: 17.10.2013 - 07:01 Uhr
Sprache: Deutsch
News-ID 306596
Anzahl Zeichen: 11444
contact information:
Town:
Amersfoort
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 169 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Nutreco trading update Q3 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).
