10 February 2012

3 minute read

Europe

Highlights

Revenue from continuing operations of €4,721.1 million; an increase of 13.3 per cent.

EBITA from continuing operations of €231.6 million, an increase of 10.2 per cent.

Basic earnings per share of €3.74, an increase of 18.0 per cent.

Dividend proposal of €1.80 per share (2010: €1.50), an increase of 20.0 per cent.

Sale of Hendrix expected to be completed in due time.

Strong balance sheet as basis for "Ambition 2016 - driving sustainable growth"

Good momentum going into 2012

Wout Dekker, CEO Nutreco: "The past year was important in the history of Nutreco for several reasons. It was the final year of our Rebalancing for Growth strategy and we achieved targets financially. We made advances in our nutritional solutions - creating value for our customers -, reached sustainability objectives and we made commitments for the future. The excellent result in 2011, with a €241 million EBITA, means Nutreco exceeded the target to double the 2006 EBITA of €115 million. In November the Executive Board presented the strategy update 'Ambition 2016 - driving sustainable growth'. At the same time we announced our intention to sell the Hendrix compound feed business to ForFarmers, where it can be a core activity with a leading market position.

"Our Aquaculture division delivered a record operating result due to strong global volume growth, especially in Chile. In October 2011 we confirmed the completion of the acquisition of Shihai fish and shrimp feed company in Southwest China, which provides us with access to the largest aquaculture feed market in the world. Our animal nutrition and meat business benefited from our market leadership and achieved higher results in challenging market circumstances. We continue focusing on premix and feed specialties, while preserving our market leadership in our compound feed and meat business.

"This focus on our strategy, priorities, and execution, coupled with our excellent results in 2011 and our strong balance sheet, have prepared Nutreco for sustainable growth in the years ahead."

Agenda 2012:

• Develop higher margin portfolio of nutritional solutions
• Focus on Premix and Feed Specialties and Fish Feed
• Continue drive for operational excellence in mature markets
• Grow in geographies Brazil, Russia, China and Southeast Asia
• Start implementing the actions from Sustainability Vision 2020
• Complete divestment of Hendrix

Nutreco announces that CEO Wout Dekker (1956) will be leaving Nutreco by the end of 2012. This will mark the end of a career at the company encompassing almost thirty years, of which twelve years were as CEO.

Knut Nesse (1967, Norwegian nationality) has been appointed as the successor to Wout Dekker. Knut Nesse is currently Chief Operating Officer of the Aquaculture division and has been with the company since 1995. During his Nutreco career he has held various management positions and was appointed COO of the Aquaculture division and member of the Nutreco Executive Board in 2009.

TheCattleSite News Desk