Nutreco trading update Q3 2011
(Thomson Reuters ONE) -
* Revenue Q3 2011 EUR 1,535 million; an increase of 14.6% from Q3 2010
* Revenue increase driven by volume growth of 3.5% and a price effect of
11.7%
* Higher operational results in Fish feed in Q3 due to 12.3% volume growth
* Operational results of the Animal Nutrition segments in line with Q3 2010
* Operational results of Meat and other higher than in Q3 2010
* Nutreco confirms outlook for the full year 2011 expecting full year EBITA
before exceptional items of around EUR 230 million (2010: EUR 222.5
million)
Wout Dekker, CEO Nutreco: "Our portfolio showed strong results in Q3 2011, in
line with our outlook. Volume growth of our Fish feed business was driven by
both salmonid and non-salmonid species. Operating margins in Fish feed were
solid. Results in Premix and feed specialties were in line with the same period
last year. Strengthened by the successful integration of the acquired Cargill
activities, the Spanish compound feed business showed resilience in difficult
market circumstances. The Canadian business has performed well and results came
in slightly above Q3 2010. The meat operations had strong results that were
above the third quarter in 2010.
Based on the business developments in the third quarter we confirm our outlook
of full year EBITA before exceptional items of around EUR 230 million. This
performance demonstrates the robustness of our portfolio. With our strong
balance sheet we are well positioned to continue growing our business. On 16
November, we will provide a strategy update."
Q3 revenues
(EUR x million) Q3 2011 Q3 2010 Change Q3YTD 2011 Q3YTD 2010 Change %
%
Revenues
Premix and feed 278 266 4.6 806 768 4.9
specialties
Fish feed 515 432 19.0 1,122 965 16.3
Compound feed Europe 352 294 20.0 1,052 855 23.0
Animal Nutrition Canada 117 99 18.1 337 291 15.6
Meat & other 273 248 10.1 791 710 11.5
Total revenues Nutreco 1,535 1,339 14.6 4,108 3,589 14.5
N.B. Revenues of Q3 2010 have been reclassified. As a result the compound
feed revenues included in Meat and other and in Premix and feed specialties are
presented in Compound feed Europe and fish feed revenues included in Premix and
feed specialties are presented in Fish feed.
Operational developments
Revenue in the 3(rd) quarter amounted to EUR 1,535 million, an increase of
14.6% compared with Q3 2010. Of this increase, 11.7% was due to higher selling
prices, related to higher raw materials prices which were passed through. Volume
increase of 3.5% was driven by the growth in fish feed. The contribution from
acquisitions was 0.5% and concerned the acquisition of fish feed activities in
Vietnam in 2010. The exchange rate effect was -1.1%, mainly caused by a weaker
US dollar and Canadian dollar.
Premix and feed specialties
Revenue in Premix and feed specialties was 4.6% higher than in Q3 2010. Prices
were 9.2% higher on average due to higher raw materials prices. Volumes in
Premix and feed specialties were down by -1.0%, mainly due to exiting a pet food
toll milling contract. The exchange rate effect amounted to -3.5%. The
operational results in Q3 were in line with Q3 2010.
Fish feed
Revenue in Fish feed increased 19.0% in Q3 2011 compared to Q3 2010, mainly due
to a volume growth of 12.3%. The price effect was 5.3%. The salmon feed volumes
increased due to strong performance in Norway and a recovery in Chile. With the
Pargua plant back into production all three plants of Skretting Chile are now
being utilized. The exchange effect was -0.2% and the acquisition effect of
Skretting Vietnam was 1.7%.
Compound feed Europe
Revenue of Compound feed Europe was 20.0 % higher than in Q3 2010. The price
effect on revenue was 22.4%, while volumes were -2.4% lower than in the same
period in 2010. Due to challenging market circumstances, operational results
were slightly below last year.
Animal Nutrition Canada
Revenue in the 3(rd) quarter of 2011 for Animal Nutrition Canada increased by
18.1% compared to Q3 2010. The price effect was 18.3% due to higher raw material
prices that are passed through in feed prices. The volume effect was 4.0% and
relates to feed for dairy cows. The decline of the market for swine feed has
bottomed out. The exchange rate effect was -4.2%. The operational results for Q3
were slightly above last year.
Meat and other
Revenue for Meat and other operations increased by 10.1%, mainly due to a price
effect of 10.4%. The operational results in Meat and other were higher than in
the same period in 2010, supported by higher market prices for poultry in Spain.
Strategic agenda 2011
With a strong balance sheet, Nutreco's strategy is to achieve further growth of
its animal nutrition and fish feed businesses by:
* Capitalising on leading fish feed positions and diversifying by expanding in
new regions and into feed for shrimp and other species. This includes Asia
and Latin America;
* Pursuing significant positions in agri focus markets China, Brazil and
Russia;
* Developing sustainable businesses in agri home markets Western Europe and
North America;
* Further development of feed additives activities by innovation and
acquisitions.
Outlook for 2011
Based on performance to date and barring unforeseen circumstances, we confirm
our outlook that we expect full year EBITA before exceptional items of around
EUR 230 million (2010: EUR 222.5 million). In the second half year we expect
excellent results in Fish feed and the total of our other activities to be in
line with last year or slightly higher.
Agenda
* Nutreco will provide a strategy update on 16 November 2011 and will publish
its full year results 2011 on 9 February 2012.
* * * * *
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 over 10,000 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 4.9 billion in 2010.
www.nutreco.com
For more information:
Jurgen Pullens, Director Investor Relations and Corporate Communications,
Nutreco
Telephone: +31 33 422 6134
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.
Nutreco trading update Q3 2011:
http://hugin.info/133565/R/1556222/480250.pdf
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originality of the information contained therein.
Source: Nutreco via Thomson Reuters ONE
[HUG#1556222]
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Datum: 20.10.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 78798
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contact information:
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