Solid results Nutreco in a challenging market

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 %| | | |       | | | |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 | | | |       | | | |EBITA      | | | |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| | | |       | | | |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| | | |       | | | |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. For more information: Jurgen Pullens, Director Investor Relations Telephone: +31 (0)33 422 6134 Mobile: +31 (0) 651599483 E-mail: 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: 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]