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2014-04-24

Nutreco: Nutreco trading update Q1 2014

* Revenue Q1 2014 € 853.3 million; an increase of 8.4% from Q1 2013. Organic
volume effect was 10.7%

* Animal Nutrition revenues decreased by 4.6% to € 438.8 million. Organic
volume effect was +1.0%, offset mainly by foreign exchange effects

* Fish Feed revenues of € 414.5 million are 26.6% higher than last year
driven by a 24.3% increase in organic volumes and 11.1% growth from
acquisitions partly offset by 7.3% foreign exchange effects

* The process of exploring possible divestment opportunities of our compound
feed and meat business in Spain and Portugal is taking more time than
earlier anticipated as we seek a fair valuation that recognises the market
position, current financial performance and future potential of these
businesses

* First quarter operating results of compound feed and meat business in Spain
and Portugal ('discontinued operations') improved compared to Q1 2013

* Outlook: Based on current trading conditions, Nutreco expects EBITA before
exceptional items for continuing operations for the first half of 2014 to
be clearly higher than first half 2013 (€ 80.3 million)

Knut Nesse, CEO Nutreco
: "We are pleased with the higher results for the first quarter compared to
last year driven by higher volumes in Fish Feed, mainly in Norway. Animal
Nutrition results were slightly above last year with encouraging trends in
margin development and volumes particularly in mature markets.

Our new organisational structure has been effectively implemented. The
structure brings us closer to the business which will provide better
execution power and deliver increased focus to regions with more integrated
Animal Nutrition and Fish Feed businesses.

Our long term growth drivers are a growing world population and increased
demand for protein which remain the basis of our strategy. Organic growth
will be achieved by investing in new production facilities such as the
recently announced investments in Asia as well as value-accretive
acquisitions in line with our strategy.

Based on the developments in the first quarter, we expect EBITA before
exceptional items for continuing operations for the first half of 2014 to be
clearly higher than first half 2013 (€ 80.3 million)."

Q1 Revenue

--------------------------------------------------------------------------
|( Q1 2014 Q1 2013 % |
|€ |
|x million) |
| |
|Animal Nutrition 438.8 460.0 -4.6 |
|Fish Feed 414.5 327.5 26.6 |
| |
|Revenue from continuing operations (third parties) 853.3 787.5 8.4 |
--------------------------------------------------------------------------
Q1 Revenue analysis

-------------------------------------------------------------------------
|( Organic volume Price Acquisition FX Total |
|% change versus prior year |
|) |
| |
|Animal Nutrition 1.0 -1.9 1.6 -5.3 -4.6 |
|Fish Feed 24.3 -1.5 11.1 -7.3 26.6 |
| |
|Nutreco 10.7 -1.8 5.6 -6.1 8.4 |
-------------------------------------------------------------------------
Operational developments
The revenue in the first quarter amounted to € 853.3 million, an increase of
8.4% compared to Q1 2013. The volume effect accounted for 10.7%, while the
price effect was -1.8%. The contribution of acquisitions was 5.6%. The
exchange rate effect was -6.1% and relates to the weakening of all major
currencies versus the euro.

Animal Nutrition
Revenue for the Animal Nutrition segment in the first quarter amounted to €
438.8 million, a decrease of 4.6% compared to last year (Q1 2013: € 460.0
million). The volume effect was 1.0%, with higher sales in Canada and
increased volumes in value-added nutritional solutions such as young animal
feeds. The price effect was -1.9% caused by lower raw material prices. The
contribution of acquisitions was 1.6% and related to the animal nutrition
operations of Gisis in Ecuador and Hendrix Misr in Egypt. The foreign
exchange rate effect was -5.3%. The operating result was slightly higher than
the same quarter last year.

Fish Feed
The revenue in Fish Feed increased by 26.6% to € 414.5 million compared to
last year (Q1 2013: € 327.5 million). The volume effect was 24.3%, mostly due
to higher demand for salmon feed in Norway and fish feed for sea bass and sea
bream in southern Europe partly offset by lower demand for non-salmonid feed
especially in China. The increase in salmonid volumes was 35.9% driven by
higher water temperatures in Norway compared to exceptionally cold water
temperatures in the same quarter last year and increased biomass. The price
effect was -1.5% due to lower raw material prices. The contribution of
acquisitions was 11.1% and related to the acquisition of Gisis in Ecuador and
Hendrix Misr in Egypt. The foreign exchange rate effect was -7.3%.

The volume share in revenues of fish feed for non-salmonid species is now 37%
compared with 36% in the same quarter last year. The operating result in Q1
was clearly higher than the same quarter of 2013. This was mostly due to
higher volumes in Norway, a better result in southern Europe and the
contribution of operating companies in Ecuador and Egypt acquired in 2013.

Discontinued operations
Our Spanish and Portuguese compound feed and meat activities have had a good
first quarter compared with last year benefiting from their market leadership
positions and a recovery of the Spanish economy.

In July 2013 Nutreco announced that it was considering strategic opportunities
for the Spanish and Portuguese compound feed and meat businesses in order to
increase focus on a higher value-added portfolio of nutritional solutions,
growth segments Animal Nutrition and Fish Feed as well as growth geographies.
The compound feed and meat activities fall outside Nutreco's core strategic
focus and are subject to a process exploring possible divestment
opportunities. The process is taking more time than earlier anticipated.
Nutreco is seeking a fair valuation that recognises the market position,
current financial performance and future potential of these businesses. We
continue to consider all options and remain committed to serving all
stakeholders interests.

Outlook first half year 2014

The following developments are expected for the first half year 2014:

* Animal Nutrition: operating result slightly higher than last year (H1 2013:
€ 56.9 million)
* Fish Feed: an operating result which is clearly higher than last year (H1
2013: € 35.1 million).

Based on current trading conditions we expect EBITA before exceptional items
for continuing operations for the first half of 2014 to be clearly higher
than the first half year of 2013 (€ 80.3 million). Due to seasonality of the
business, the majority of Nutreco's result is generated in the second half of
the year.

AquaVision 2014
From 16 till 18 June 2014, the biennial AquaVision conference organised by
Nutreco will take place in Stavanger, Norway. The tenth AquaVision conference
will attract a diverse range of stakeholders from across the aquaculture
industry. At the conference we will explore ways in which aquaculture can
contribute sustainably to feeding the planet's growing population. The theme
for AquaVision 2014 is 'Meeting tomorrow today', and the two-day programme
will discuss three main topics: 'Feeding 9 billion people', 'The blue
revolution' and 'Beyond tomorrow'.

Agenda 2014
Nutreco will continue to execute our strategy with a focus on:

* A higher value-added portfolio of nutritional solutions
* Driving operational excellence in mature markets
* Growth in geographies Latin America, Russia, Asia and Africa
* Sustainability

Calendar 2014
16-18 June: AquaVision, Stavanger, Norway
24 July: Publication of half-year results
23 October: Trading update third quarter

END OF PRESS RELEASE

Note to the editor (not for publication)
This press release is also published in Dutch. In the event of differences,
the English language version shall prevail as the authoritative version.

Driving sustainable growth
Nutreco's strategy 'Driving sustainable growth' is to grow and improve
profitability by providing innovative and sustainable nutritional solutions
for its customers. This will be realised by focusing on a higher value-added
portfolio of nutritional solutions such as premixes, 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.

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 7,500 people in 30 countries, with
sales in 80 countries. Nutreco is listed on the NYSE Euronext stock exchange
in Amsterdam and reported annual revenue of € 3.9 billion in 2013.

www.nutreco.com

Investor and analyst enquiries
Jurgen Pullens, Director Investor Relations
T +31 (0) 33 422 6134
M +31 (0) 6 5159 9483
Ejurgen.pullens@nutreco.com

Media enquiries
Mark Woldberg, Manager Corporate Communication
T +31 (0) 33 422 6178
M +31 (0) 6 1503 3036
Emark.woldberg@nutreco.com

The full press releases in English and Dutch are attached in the pdfs below.

Nutreco trading update Q1 2014 NL
http://hugin.info/133565/R/1779334/608008.pdf
Nutreco trading update Q1 2014
http://hugin.info/133565/R/1779334/608006.pdf

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The issuer of this announcement warrants that they are solely responsible for the content, accuracy a...

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