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Company update: Nutreco H1 2011

Global animal feed manufacturer Nutreco reports that their robust business portfolio in the first half year of 2011 delivered EBITA of €86.4 million, which is 2.9% higher than in H1 2010.

Revenues of in the first half of 2010 amounted €2,573.4 million; an increase of 14.3% compared with the first half of 2010.
 
The company thus reports an excellent first half year and admits that fish feed compensated for slightly lower results in other businesses. Total EBITA Animal Nutrition and Fish feed were up by 9.5%.
 
Some key figures:
 
 (€ x million )
H1 2011
H1 2010
Change
Revenue
2,573.4
2,250.5
14.3%
EBITDA before exceptional items
114.7
112.0
2.4%
 
 
 
 
Animal Nutrition
54.6
61.5
-11.2%
- Premix and feed specialties
34.7
40.5
-14.3%
- Compound feed Europe
9.0
10.6
-15.1%
- Animal Nutrition Canada
10.9
10.4
4.8%
Fish feed
35.3
20.6
71.4%
Total Animal Nutrition and Fish feed
89.9
82.1
9.5%
Meat and other
8.0
12.8
-37.5%
Corporate
-11.5
-10.9
-5.5%
Operating result before exceptional items and amortisation (EBITA)

86.4 

84.0

2.9%
 
 
 
Operating result (EBIT)
72.7
67.6
7.5%
Profit after tax
44.9
40.4
11.1%
Basic earnings per share (€)
1.28
1.13
13.3%
Cash earnings per share (€)
1.38
1.23
12.2%

 

 Wout Dekker, CEO Nutreco said: "We are pleased to report good results for Nutreco in the first half of 2011. Fish feed is delivering excellent results. The growth is clearly back in salmon farming. There is a strong recovery in Chile from the ISA virus and a continuing good performance in Norway. Skretting Chile will reopen its Pargua fish feed plant in September 2011 to meet the growing demand. We also see exciting opportunities to further diversify in feed for other fish species and in new regions such as South-East Asia and South America." 

“Our results in Animal Nutrition provide a firm base for organic growth supported by acquisitions. We will strengthen our presence in China, Brazil and Russia and develop sustainable business in Western Europe and North America."
 
For the full press release: Nutreco H1 result
 

Dick Ziggers

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