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Company update: Nutreco, 2010

Global feed company Nutreco reported for the year 2010 total revenue of €4,939.7 million which is an increase of 9.5%.

The company reports a record EBITA before exceptional items of €222.5 million which reflects an increase of 27.0% compared with 2009. Cash flow from operating activities were €205.5 million.
 
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."

 
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 (€)
3.17
2.61
21.5%
Final dividend per ordinary share (€)
1.00
1.12
-10.7%
Dividend per ordinary share (€)
1.50
1.32
13.6%
 
Strategic agenda 2011
Dekker explained that Nutreco it to achieve further 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.
 
Executive Board changes
To win greater benefit from the knowledge and experience in each of the Agriculture and Specialties divisions of Nutreco, and gain from the potential synergies, it has been decided to merge them into one new global Animal Nutrition.
 
As a result Frank Tielens, Executive Vice-President Specialties division and member of the Executive Board of Nutreco, will relinquish his position with effect from 1 March 2011.
 
Jerry Vergeer, until now the Executive Vice-President for the Agriculture division, has been appointed as Chief Operating Officer Animal Nutrition.
 
As from 1 March 2011 the Executive Board of Nutreco N.V. will consist of Wout Dekker (CEO), Cees van Rijn (CFO), Jerry Vergeer (COO Animal Nutrition) and Knut Nesse (COO Aquaculture).
 
As of 30 September Gosse Boon will succeed Cees van Rijn (1947) the Chief Financial Officer. Van Rijn, who joined Nutreco as CFO and member of the Executive Board in 2001, will retire after ten years on that date.
 
Gosse Boon (Dutch, 1959) started his career at the corporate head office of Unilever in 1983, where he gained broad experience in a large international listed company. He joined Nutreco in June 2010 as programme manager for Unite, a company wide initiative to standardise and optimise business processes and management information.
 
Boon is also member of the Supervisory Board and chairman of the audit committee of Vion Food Group.
 
 

Dick Ziggers

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