Nutreco reports strong 2nd half year 2009, significantly ahead of 2008
(Thomson Reuters ONE) - * EBITA 2(nd) half year EUR 133.6 million; 33.9% higher than last year * All businesses reported above or in line with 2(nd) half 2008 * Operating result 2009 of EUR 175.2 million; 3.8% lower than 2008 * Revenue 2009 EUR 4,511.7 million; impact lower volumes limited to 3.7% * Strong cashflow by reduction of net working capital by EUR 98 million * Dividend proposal of EUR 1.32 per share; pay-out ratio 45% Key figures (EUR x million)+-------+-------+------+--------------------------------+-------+-------+------+|H2 2009|H2 2008|Change| | 2009| 2008|Change|+-------+-------+------+--------------------------------+-------+-------+------+|2,384.0|2,618.9| -8.9%|Revenue from continuing |4,511.7|4,943.1| -8.7%|| | | |operations | | | || | | | | | | || | | | | | | || | | |Operating result from | | | || 133.6| 99.8| 33.9%|exceptional items and | 175.2| 182.1| -3.8%|| | | |amortisation (EBITA) | | | || | | | | | | || | | | | | | || | | |Operating result from continuing| | | || 124.8| 92.0| 35.7%|operations (EBIT) | 157.9| 172.1| -8.3%|| | | | | | | || | | | | | | || | | |Profit after tax from continuing| | | || 79.3| 57.0| 39.1%|operations | 93.0| 105.8|-12.1%|| | | | | | | || | | | | | | || | | | | | | || | | | | | | || | | | | | | || | | |Basic earnings per share for | | | || 2.25| 1.64| 37.2%|continuing operations (EUR) | 2.61| 3.02|-13.6%|| | | | | | | || | | | | | | || | | | | | | || | | |Final dividend per ordinary | 1.12| 1.03| 8.7%|| | | |share (EUR) | | | || | | | | | | || | | |Dividend per ordinary share | 1.32| 1.43| -7.7%|| | | |(EUR) | | | |+-------+-------+------+--------------------------------+-------+-------+------+Wout Dekker, Nutreco CEO: "We are pleased with the performance in 2009 despitethe economic turmoil. Nutreco applied strong measures at the beginning of 2009to withstand the recession. Our programmes to reduce working capital andoperational costs paid off. After a challenging start, we ended the year in amuch stronger mode and well positioned for 2010. The development of the overalldemand for our products is encouraging. We achieved a strong increase of EBITAin the second half of 2009 compared with the same period in 2008. "Sound operational performance in challenging year"In 2009, there was a lower demand for feed in some regions, mainly for dairycows and pigs related to the low milk and pig prices. Farmers quickly adjust tosuch situations by cost-saving measures which led to a temporary reduction inanimal feed purchases.""Our premix and feed specialties business performed well. The fundamentals inthe fish feed business are solid, showing strong growth in Norway. The growth inNorway largely compensated the decline in Chile. The demand for fish feed inChile is reduced due to lower fish numbers as a consequence of the ISA diseasein salmon farming. On a positive note measures being implemented by the leadingfish farming companies and the Chilean authorities give us good reason tobelieve recovery is near. The compound feed business in the Netherlands suffereda major loss at the beginning of the year and measures were taken that restoredprofitability. In Spain, our poultry business returned to profitability due togood poultry prices and lower feed costs."Acquisitions strengthen market positions"In 2009 we have strengthened our compound feed business in Spain and Portugalwith the acquisition of the animal nutrition business from Cargill. Thisacquisition brings together the number one and three in the Spanish market foranimal nutrition. Combining these businesses will create cost savings due tooptimisation of production and logistics and it will bring potential for plantspecialisation.In November we announced the acquisition of a 51% shareholding in Fri-Ribe, aBrazilian animal nutrition and fish feed company, bringing Nutreco a platform tofacilitate its further expansion in Brazil. The acquisition perfectly fits inour growth strategy to strengthen our global market positions in feedspecialties and fish feed and brings substantial scope for selling Nutreco'sfeed specialties".Doubling food production, while halving emissions"Population numbers are increasing towards nine billion by 2050. On top of that,incomes of people are rising as economies develop. With higher income, peopleconsume more protein as meat, fish, milk and eggs. The challenge is clear. Wemust produce more food sustainably - more from less. Efficiency is key;delivering more from limited resources and simultaneously reducing emissions.The potential to sustainably increase efficiency is there. Nutreco is determinedand passionate to make a positive contribution. Operating at the criticaljunction between raw materials and animal protein production, we apply our longtradition of animal nutrition knowledge to upgrade raw materials into feeds. Forthe first time, we will incorporate sustainability targets in the remunerationpackage of our managers, including clear targets to reduce the CO2 emissions ofour operations by half in 2015. Sustainability is becoming a more important partof our business model.The many initiatives we are involved in, mean that Nutreco is heading into thefuture with confidence and inspiration. Our slogan 'Feeding the Future' showsour ambition to have a leading role in developing advanced feed solutions and togrow our business as we do so. I am confident we are well on track to fulfilthat ambition."Strategic agenda 2010 and outlook:Nutreco will continue to focus on growth in animal nutrition and fish feed. In2010 Nutreco will: * Focus on new geographic regions and markets with perspective of structural profitable growth in countries like Brazil, China, Russia and Vietnam * Participate in the industry consolidation process in markets where Nutreco has leading positions (Canada/North America, The Netherlands and Spain) * Further strengthen its global market positions in feed specialties and fish feed by organic growth and acquisitions * Execute Nutreco's science and innovation strategy and develop new sustainable products and feed solutions to add value to our customer's business and grow Nutreco's products portfolio to higher margin productsAlthough the economic environment continues to be uncertain, we believe that ourbusiness model and spread of activities provide stability in these challengingtimes. Barring unforeseen circumstances, Nutreco expects EBITA beforeexceptional items in the 1(st) half year of 2010 to exceed EUR 50 million (2009:EUR 41.6 million). Nutreco will also increase the investments in capacityexpansion and plant optimisation related to volume growth and the acquisition ofthe compound feed plants that were acquired from Cargill in Spain and Portugal.The capital expenditure in 2010 is therefore expected to be higher thandepreciation level.An outlook for the second half year 2010 will be provided at the interim resultsat 29 July, 2010. The majority of Nutreco's result is generated in the secondhalf of the year.Financial calendar 2010: 1 April: Annual General Meeting of Shareholders29 April: Trading update first quarter29 July: Publication of half-year results28 October: Trading update third quarter * * * * *NutrecoNutreco is a global leader in animal nutrition and fish feed. Our advanced feedsolutions are at the origin of food for millions of consumers worldwide.Quality, innovation and sustainability are guiding principles, embedded in theNutreco culture from research and raw material procurement to products andservices for agriculture and aquaculture. Experience across 100 years bringsNutreco a rich heritage of knowledge and experience for building its future.Nutreco employs almost 9,900 people in 30 countries, with sales in 80 countries.Nutreco is listed on the Euronext stock exchange in Amsterdam and with annualrevenues of EUR 4.5 billion in 2009.For more information:Jurgen Pullens, Director Investor Relations and Corporate Communications,NutrecoTelephone: +31 (0)33 422 6134Mobile: +31 (0)6 5159 9483E-mail: jurgen.pullens(at)nutreco.com
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 11.02.2010 - 01:01 Uhr
Sprache: Deutsch
News-ID 1010219
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
Amersfoort
Phone:
Kategorie:
Business News
Anmerkungen:
Diese Pressemitteilung wurde bisher 121 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Nutreco reports strong 2nd half year 2009, significantly ahead of 2008
"
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).
