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
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