Nutreco: excellent 2010 results - a strong focus on innovation

February 10, 2011 11:30
 
  • Revenue EUR 4,939.7 million; increase of 9.5%, reports www.megafishnet.com with reference to Nutreco.
  • Nutreco reports a record EBITA before exceptional items of EUR 222.5 million; an increase of 27.0% compared with 2009
  • Strong cash flow from operating activities of EUR 205.5 million
  • Dividend proposal of EUR 1.50 per share

2010

2009

Change

Revenue

4,939.7

4,511.7

9.5%

Operating result before exceptional items and amortisation (EBITA)

 222.5

 175.2

 27.0%

- Premix and Feed Specialties

78.9

70.4

12.1%

- Fish Feed

92.2

66.4

38.9%

- Compound Feed Europe

24.7

1.6

-

- Animal Nutrition Canada

22.8

21.8

4.6%

- Meat and Other

26.5

34.3

-22.7%

 - Corporate

-22.6

-19.3

       -17.1%

Operating result (EBIT)

185.7

157.9

17.6%

Profit after tax

113.0

93.0

21.5%

Basic earnings per share (EUR)

3.17

2.61

21.5%

Final dividend per ordinary share (EUR)

1.00

1.12

-10.7%

Dividend per ordinary share (EUR)

1.50

1.32

13.6%

Wout Dekker, CEO Nutreco: "We are proud to report an excellent operating result for Nutreco in 2010. The results in Premix and Feed Specialties were an improvement over 2009 through increased volumes. In the Fish Feed segment we had a record operating result, due in part to the recovery now occurring in Chile and a strong performance in Norway. The integration of the Cargill acquisition in Spain and Portugal is progressing according to plan.

The excellent 2010 results and our strong balance sheet give us the confidence to successfully execute our strategy in 2011, and the years beyond."

Challenges of the feed-to-food chain

"The world faces the challenge of doubling global food production while halving the footprint in order to sustainably feed nine billion people in 2050. Nutreco believes it can contribute to the required increase in productivity by applying new feed solutions based on our knowledge and investments in technology. The newly developed MicroBalanceTM concept in salmon feed is a perfect example of a Nutreco innovation where ecology and economy come together. It reduces dependency on the scarce raw material fishmeal in feeds, contributing to a sustainable growth in aquaculture."

Strategic agenda 2011:

We want to achieve growth through:

1. Capitalise on leading fish feed positions and diversify by expanding in new regions and into feed for other species and shrimp. This includes Asia and Latin America;

2.      Proactively pursue significant positions in agri focus markets China, Brazil and Russia;

3.      Develop sustainable businesses in agri home markets Western-Europe and North-America;

4.      Further development of feed additives activities by innovation and acquisitions.

The majority of Nutreco's results is generated in the second half of the year. Nutreco will provide its first quarter trading update on 21 April 2011.

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