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Nutreco fish feed bags. The Dutch company reporting strong earnings for H2 of 2009. (Photo: Skretting)
Nutreco reports good last half of 2009
NETHERLANDS
Friday, February 12, 2010, 02:10 (GMT + 9)
Dutch global leader in animal nutrition and fish feed Nutreco reported strong results for the second half of 2009 with EBITA of EUR 133.6 million, or 33.9 per cent higher than in 2008.
Operating results for the year, however, were 3.8 per cent lower than in 2008 at EUR 175.2 million due to falling prices for animal feeds and little demand. Revenues yielded EUR 4.512 billion with impact lower volumes limited to 3.7 per cent.
There was a strong cashflow by reduction of net working capital by EUR 98 million and a dividend proposal of EUR 1.32 per share with a pay-out ratio of 45 per cent.
"Our premix and feed specialties business performed well,” Wout Dekker, Nutreco CEO said. “The fundamentals in the fish feed business are solid, showing strong growth in Norway.”
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| Wout Dekker, Nutreco CEO (Photo: Nutreco) |
The growth in Norway largely compensated for the fall in demand in Chile due to lower fish numbers as a consequence of the infectious salmon anemia outbreak in farmed salmon, Dekker continued.
"In November we announced the acquisition of a 51 per cent shareholding in Fri-Ribe, a Brazilian animal nutrition and fish feed company, bringing Nutreco a platform to facilitate its further expansion in Brazil. The acquisition perfectly fits in our growth strategy to strengthen our global market positions in feed specialties and fish feed and brings substantial scope for selling Nutreco's feed specialties," he commented.
As the world’s population burgeons toward by 2050 and incomes rise, people will seek to incorporate more animal protein into their diets. Consequently, Dekker said, more food must be produced sustainably and from less – and Nutreco is “determined and passionate” to do its part.
“For the first time, we will incorporate sustainability targets in the remuneration package of our managers, including clear targets to reduce the CO2 emissions of our operations by half in 2015,” he announced.
This year, Nutreco plans to focus on new geographic regions and markets with perspective of structural profitable growth in countries like Brazil, China, Russia and Vietnam; to further boost its international market positions in feed specialties and fish feed by organic growth and acquisitions; and to execute its science and innovation strategy and develop new sustainable products and feed solutions.
The company expects EBITA before exceptional items in the first half year of 2010 to exceed EUR 50 million (compared to 2009’s EUR 41.6 million). The firm expects the capital expenditure in 2010 to be higher than the depreciation level, Dekker concluded.
Nutreco employs almost 9,900 people in 30 countries, with sales in 80 countries. It is listed on the Euronext stock exchange in Amsterdam.
Related article:
- Nutreco buys majority stake in Brazilian fish feed firm
By Natalia Real
[email protected]
www.seafood.media
Photo Courtesy of FIS Member  Skretting AS - Headquarters
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