2013 EBITA of EUR 256 million in line with Q3 outlook
* Revenue from continuing operations of € 3,867.1 million; an increase of
1.2%
* Full year EBITA continuing operations before exceptional items decreased by
4.3% to € 215.7 million, mainly due to 8% lower results in Fish Feed
* Animal Nutrition EBITA margin improved to 6.1% (2012: 5.9%) due to focus on
higher value-added nutritional solutions
* Compound feed and meat businesses in Spain and Portugal classified as
discontinued operations
* Basic earnings per share from continuing operations of € 1.85, a decrease of
3.1%
* Dividend proposal of € 1.00 (2012: € 1.03). Pay-out ratio 45% (2012: 45%)
Knut Nesse, CEO Nutreco: "This year was a respectable one for Nutreco and we
delivered solid results in a challenging market. In line with the Q3 outlook we
achieved a total EBITA of € 256 million, which is, although slightly lower than
2012, the second best operating result in the history of the company. Our
results in 2013 were impacted by a number of factors, including high commodity
prices impacting the profitability of our customers, lower results in Fish Feed,
especially in Norway and China, as well as an adverse foreign currency impact.
At the same time we were able to regain our global market leadership position in
salmon feed and we improved our margins in Animal Nutrition. Our strategy
'Driving sustainable growth' continued to provide a clear roadmap for achieving
our objectives by leveraging our knowledge, global footprint and financial
strength. After careful consideration of all available options it was decided
that the divestment of the compound feed and meat businesses in Spain and
Portugal provides the best future opportunities for these businesses and
Nutreco. With the intended divestment we increase our focus on premix, feed
specialties and fish feed, completely in line with our strategy. The acquisition
of Gisis in Ecuador takes Nutreco to the global top three shrimp feed producers.
The acquisition of Hendrix Misr in Egypt expands our footprint in Africa, where
we intend to grow further. Both acquisitions fit in with our strategy to expand
in growth geographies. Nutreco will continue to support innovation which we
believe is essential to meeting the challenges ahead. All new Nutreco
innovations are developed to achieve high nutritional value, sustainable
production and economic performance as we seek to fulfil our mission of 'Feeding
the Future'. I'm confident that the strategic actions taken in 2013 have
prepared Nutreco to execute our strategy and will bring us sustainable growth in
the years ahead. As usual we will give an outlook for the first half year of
2014 at our Q1 trading update on 24 April."
Key figures
+------------------------------------------------------------------------------+
|(€ x million) 2013 2012 %|
| |
|Â Â Â Â |
| |
|Revenue from continuing operations 3,867.1 3,821.5 1.2|
| |
|EBITDA before exceptional items from continuing 257.9 265.9 -3.0|
|operations |
| |
|Â Â Â Â |
| |
|EBITA Â Â Â |
| |
|Animal Nutrition 111.6 112.4 -0.7|
| |
|Fish Feed 130.6 142.0 -8.0|
| |
|Corporate -26.5 -29.0 -8.6|
| |
|EBITA before exceptional items from continuing 215.7 225.4 -4.3|
|operations |
| |
|EBITA before exceptional items from discontinued  40.6 39.1 3.8|
|operations(1) |
| |
|EBITA before exceptional items from total business(2) 256.3 264.5 -3.1|
| |
|Â Â Â Â |
| |
|Result after tax from continuing operations 127.5 133.1 -4.2|
| |
|Result after tax from discontinued operations(3) 23.3 44.5 -47.6|
| |
|Total result for the period 150.8 177.6 -15.1|
| |
|Â Â Â Â |
| |
|Basic earnings per share from continuing operations (€) 1.85 1.91 -3.1|
| |
|Dividend per ordinary share (€) 1.00 1.03 -2.9|
+------------------------------------------------------------------------------+
1. EBITA before exceptional items from discontinued operations in 2012 includes
€ 2.4 million related to the operational result of Hendrix
2. EBITA before exceptional items from total business consists of EBITA before
exceptional items from continuing and discontinued operations (compound feed
and meat businesses in Spain and Portugal and Hendrix)
3. Result after tax from discontinued operations includes a book profit of €
19.9 million on the sale of Hendrix completed in 2012
End of press release
Note to the editor (not for publication)
This press release is also published in Dutch. In the event of differences, the
English language version shall prevail as the authoritative version.
Driving sustainable growth
Nutreco's strategy 'Driving sustainable growth' is to grow and improve
profitability by providing innovative and sustainable nutritional solutions for
its customers. This will be realised by focusing on a higher value-added
portfolio of nutritional solutions such as premixes, feed specialties and fish
feed, and by expanding into the growth geographies of Latin America, Russia,
Asia and Africa, which will see the largest increases in both production and
consumption of animal protein food products.
Nutreco
Nutreco is a global leader in animal nutrition and fish feed. Our advanced feed
solutions are at the origin of food for millions of consumers worldwide.
Quality, innovation and sustainability are guiding principles, embedded in the
Nutreco culture from research and raw material procurement to products and
services for agriculture and aquaculture. Experience across 100 years brings
Nutreco a rich heritage of knowledge and experience for building its future.
Nutreco employs approximately 7,500 people in 30 countries, with sales in 80
countries. Nutreco is listed on the NYSE Euronext stock exchange in Amsterdam
and reported annual revenue from continuing operations of € 3.9 billion in 2013.
www.nutreco.com
For more information:
Jurgen Pullens, Director Investor Relations
Telephone: +31 (0)33 422 6134
Mobile: +31 (0) 651599483
E-mail: jurgen.pullens@nutreco.com
Cautionary note regarding forward-looking statements
This announcement contains forward-looking statements. Forward-looking
statements are statements that are not based on historical fact, including
statements about our beliefs and expectations. Any statement in this
announcement that expresses or implies our intentions, beliefs, expectations or
predictions (and the assumptions underlying them) is a forward-looking
statement. Such statements are based on plans, estimates and projections as
currently available to the management of Nutreco. Forward-looking statements
therefore speak only as of the date they are made and we assume no obligation to
publicly update any of them in the light of new information or future events.
Forward-looking statements involve inherent risks and uncertainties. A number of
significant factors could therefore cause actual future results to differ
materially from those expressed or implied in any forward-looking statement.
Such factors include but are not limited to conditions on the markets in Europe,
the United States and elsewhere from which we derive a substantial portion of
our revenue, potential defaults on the part of borrowers or trading
counterparties, the implementation of our restructuring programme including the
envisaged reduction in headcount and the reliability of our risk management
policies, procedures and methods. For more information on these and other
factors, please refer to our annual report. The forward-looking statements
contained in this announcement are made as of the date hereof and the companies
assume no obligation to update any forward-looking statement contained in this
announcement.
The full press releases in English and Dutch are attached in the pdfs below.
Solid results Nutreco in a challenging market:
http://hugin.info/133565/R/1759552/595198.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Nutreco via GlobeNewswire
[HUG#1759552]