Nutreco reports half-year revenues of EUR 2.1 billion and EBITA of
EUR 41.6 million
(Thomson Reuters ONE) - * Revenue of EUR 2,127.7 million; a decrease of 8.5% from first half 2008 mainly due to 7.0% lower volumes* Performance in line with outlook in the Q1 trading update* The agreed acquisition of twelve compound feed plants from Cargill in Spain and Portugal will strengthen Nutreco's leading market position* Company wide programmes to reduce working capital and operational costs are contributing to the result* Nutreco secured financing with a syndicated loan and a private placement and maintained a strong balance sheet* Interim 2009 dividend EUR 0.20 at choice of shareholder in cash or stockWout Dekker, Nutreco CEO: "The Nutreco performance in the first halfyear is in line with our outlook given in the Q1 trading update. Ourpremix and feed specialties business performed well and thefundamentals in the fish feed business are good, although demand forfish feed in Chile is reduced as a consequence of the ISA virus insalmon farming. The compound feed business in the Netherlandssuffered a major loss at the beginning of the year, but measures havebeen taken to restore profitability. In Spain the poultry businessreturned to profitability due to lower feed prices and higher poultryprices. We are strengthening the compound feed business in Spain andPortugal, with the acquisition in those countries of the animalnutrition business from Cargill. This acquisition fits in our growthstrategy of participating in the consolidation process in thosemarkets where we have leading positions. Due to the expansion ofNutreco and to support further growth we extended our Executive Boardto five members by appointing three Executive-Vice Presidents."Long-term prospects remain positive"Animal nutrition and fish feed products are directly linked to thebasic needs of consumers for food products such as dairy products,meat and fish. Due to the global financial downturn there is atemporary shift in consumer spending to less expensive foodcategories and a temporary decline in volumes. As a consequence thedemand for milk and meat products would decline slightly leading tolower milk and pig prices. Farmers are used to adjusting to suchsituations by measures including cost savings, which could lead to atemporary reduction in animal feed purchases. However, demand forfood will increase again as the global economies recover andpopulation numbers rise. In June Nutreco organised the fifth biennialAgri Vision multi stakeholder conference. The main question duringthe conference was 'will we be able to feed and fuel 9 billion peoplein 2050 in a sustainable way?' The majority of the 375 participantswas optimistic since current knowledge and technology can stillincrease agricultural productivity substantially and targetedresearch can boost it even further. Nutreco operates at the criticaljunction between the raw materials and the producers of meat, fish,dairy and eggs. Our slogan 'Feeding the future' reflects our ambitionto have a leading role in developing advanced feed solutions thatcontribute to feeding a growing world population."Key figures(EUR x million) H1 2009 H1 2008 ChangeRevenue from 'continuing operations' 2,127.7 2,324.2 -8.5%Operating result before exceptionals 41.6 82.3 -49.5%and amortisation (EBITA)Operating result from 'continuing 33.1 80.1 -58.7%operations' (EBIT)Profit after tax from 'continuing 13.7 48.8 -71.9%operations'Profit for the period attributable to 12.3 51.3 -76.0%equity holders of NutrecoBasic earnings per ordinary share for'continuing operations' (EUR) 0.36 1.38 -73.9%General:In comparing the first half year results of 2009 with 2008 two majorevents should be taken into consideration: 1. Nutreco had a negative one-off of approximately EUR 20 millionin compound feed in the first half of 2009. 2. The first half year results of 2008 were the best results in thehistory of Nutreco. This was partly related to EUR 20 million benefits related to favourable raw material positionin a market with increasing prices.Furthermore the majority of Nutreco's result is generated in thesecond half of the year. As we indicate in the outlook of this reportthe second half year results will be more in line with the secondhalf of 2008.Outlook second half-year 2009:The following developments are expected for the second half-year of2009:Animal NutritionPremix and feed specialties: operational result slightly lower thanthe second half of last year.Compound feed Europe: Nutreco expects a return to profitability inthe second half of 2009 and a marginal profit over the full year2009.Animal Nutrition Canada: operational result expected to be in linewith the second half of 2008.Fish feedStrong growth in Norway due to 12% harvest volume growth will largelycompensate for the decline in Chile as a result of the ISA virus inthe Chilean salmon farming market. Nutreco expects a slightly lowerresult in the second half of 2009 than in 2008.Meat and otherThe Spanish poultry business expects a profit for the second half ofthe year.ActionsNutreco has implemented a company-wide programme to control thedevelopment of working capital and to achieve operational costssavings.Nutreco will continue to grow in animal nutrition and fish feed andwill in 2009:* Further strengthen its global market positions in feed specialties and fish feed by organic growth and acquisitions;* Focus on new geographic regions and markets with a perspective of structural profitable growth;* Participate in the compound feed consolidation process in Canada, the Netherlands and Spain where Nutreco has leading local positions;* Focus on innovation. * * * * *NutrecoNutreco is a global leader in animal nutrition and fish feed. Ouradvanced feed solutions are at the origin of food for millions ofconsumers worldwide. Quality, innovation and sustainability areguiding principles, embedded in the Nutreco culture from research andraw material procurement to products and services for agriculture andaquaculture. Experience across 100 years brings Nutreco a richheritage of knowledge and experience for building its future. Nutrecoemploys almost 9,300 people in 30 countries, with sales in 80countries. Nutreco is listed on the Euronext stock exchange inAmsterdam and with annual revenues of EUR 4.9 billion in 2008.For more information:Jurgen Pullens, Director Investor Relations and CorporateCommunications NutrecoTelephone: +31 33 422 6134Mobile: +31 6 5159 9483E-mail: jurgen.pullens(at)nutreco.comhttp://hugin.info/133565/R/1331643/315161.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 30.07.2009 - 07:01 Uhr
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