Nutreco : Nutreco reports a strong year - on track towards 'Ambition 2016'

  Nutreco : Nutreco reports a strong year - on track towards 'Ambition 2016'

  *Revenue of €5,229.1 million; an increase of 10.8% compared to 2011, of
    which 1.8% is organic volume growth
  *Full year EBITA continuing operations before exceptional items increased
    by 13.2% to €262.1 million
  *Basic earnings per share from continuing operations of €4.53, an increase
    of 26.2%
  *Dividend proposal of €2.05, an increase of €0.25 (+13.9%). Pay-out ratio
  *Annual General Meeting of shareholders of 28 March 2013 to approve a 1:2
    share split
  *Progress on globally branded specialty products in Animal Nutrition and
    innovative fish feed solutions
  *Completion of new plants in Brazil and Russia and acquisitions in Brazil
    and Ecuador are strengthening the Nutreco presence in growth geographies
  *Significant progress in first year of executing 'Ambition 2016' roadmap.
    On track to achieve EBITA target of €400 million in 2016

Knut Nesse, CEO Nutreco: "2012 was a record year for Nutreco. In challenging
economic times, we have continued to support our customers through innovative
and sustainable feed solutions that contribute to their productivity and
profitability. I'm pleased that we realised the strongest operational results
in our growth segments Fish Feed and Premix & Feed Specialties.

We made significant progress in the first year of our strategy 'Ambition 2016
- driving sustainable growth.' In Animal Nutrition, this included the
strengthening of our presence in Brazil, a new production plant in Russia, the
establishment of two Application and Solution Centres and a clear focus on
global branded products in feed additives, young animal feed and animal
health. In Fish Feed, we reached agreement to acquire 75% of the leading
shrimp and tilapia feed producer in Ecuador, which takes us into a global
top-3 position in shrimp feed. This acquisition fully supports our strategy to
expand our fish feed business in growth geographies and non-salmonid species
whilst maintaining our global leading position in salmon feed. Innovation
remains central to our strategy and we have gradually increased our annual R&D
budget to €25 million to support the growing need for more sustainable high
added value nutritional solutions.

Our Ambition 2016 provides a clear roadmap for achieving our objectives. In
order to have adequate financing to execute Ambition 2016, Nutreco issued a
US$250 million private placement in July, and in September we successfully
amended our €500 million revolving credit facility with extended maturity from
2014 to 2017 and improved conditions. The progress we made in 2012 and our
strategic roadmap for the coming years leave us well placed to achieve our
EBITA target of €400 million in 2016."

Key figures

(€ x million)                                         2012    2011    D%
Revenue                                              5,229.1 4,721.1      10.8
EBITDA before exceptional items from continuing        320.2   285.5      12.1
Animal Nutrition                                       149.1   142.4       4.7
Fish Feed                                              142.0   118.7      19.6
Corporate                                              -29.0   -29.5      -1.7
EBITA before exceptional items from continuing         262.1   231.6      13.2
Result after tax from continuing operations            158.3   126.1      25.5
Result after tax from discontinued operations           19.3     5.1
Total result for the period                            177.6   131.2      35.4
Basic earnings per share from continuing operations     4.53    3.59      26.2
Dividend per ordinary share (€)                         2.05    1.80      13.9

EBITA before exceptional items from continuing operations of €262.1 million
represent a 13.2% increase over 2011. The strongest operational results were
realised in the growth segments Fish Feed and Premix & Feed Specialties.
Growth in Fish Feed was achieved in both salmonid and non-salmonid species,
with exceptional growth in salmon feed and significantly higher volumes from
China. In Premix & Feed Specialties, operating margins in the last two
quarters reached the guidance of 7% due to good performances in growth
geographies such as China and Indonesia, and in young animal feed and feed

Global growth
Nutreco continued to focus on growth geographies in 2012, with significant
investments in Latin America, Russia and China, where demand is strong for
feed specialties that require high levels of knowledge and technology. In
Brazil, the world's third largest animal nutrition market, Nutreco increased
its ownership stake in Nutreco Fri-Ribe to 97%, the Premix & Feed Specialties
supplier, and acquired farm mineral company Bellman. In Russia, a top ten
global feed market, Nutreco completed a new production facility in Voronezh,
where it will produce young animal feed, concentrates and premixes for
ruminants, pigs and poultry, ending its reliance on imports from Western
Europe for that market. In October, Nutreco reached an agreement to acquire
75% of Gisis in Ecuador, the local market leader in fish feed production for
shrimp and tilapia, with strong positions in Honduras and Peru. Nutreco also
continued to strengthen its market position in China since acquiring the
Shihai fish and shrimp feed company in late 2011. Nutreco started to leverage
its R&D expertise in salmonid species by applying the MicroBalance(TM) concept
to non-salmonid species.

Innovation and sustainability
Research is central to the Nutreco strategy, and important steps were taken in
2012 to strengthen capabilities and to implement the science strategy, with a
number of new PhDs joining the research teams. Nutreco opened an upgraded
Swine Research Centre (in the Netherlands, which will be equipped to
investigate the relationship between nutrition and production efficiency,
reproduction, and health. Nutreco also launched a new shrimp feed research
unit in China and extended the capabilities of rapid near-infrared reflectance
(NIR) analysis to guarantee more consistent and higher quality shrimp feed.

With the new Application and Solution Centres (ASCs) up and running in the
Netherlands and Canada, Nutreco is now better positioned to improve product
performance in line with market needs to share its knowledge and networks more
effectively and embed a consistent division-wide approach to the marketing of
Animal Nutrition products. In Premix & Feed Specialties, these efforts will
result in a clear focus on global products in feed additives, young animal
feed and animal health.

In Fish Feed, Nutreco is applying its knowledge to further broaden its focus
beyond salmon, and benefit from opportunities in areas such as shrimp feed and
feed for high value white fish in Asia. MicroBalance, the highly innovative
and sustainable feed concept, was successfully applied to other fish species
in 2012, including turbot and yellowtail. Looking ahead, researchers are
working to increase its benefits by applying the concept to shrimp feed.

Agenda 2013
Nutreco will continue to execute the strategic roadmap towards 2016:

  *Develop higher added value portfolio of nutritional solutions
  *Focus on Premix & Feed Specialties and Fish Feed
  *Continue drive for operational excellence in mature markets
  *Grow in geographies Latin America, Russia, Asia and Africa

Due to seasonality of the business, the majority of Nutreco's result is
generated in the second half of the year. Nutreco will provide its first
quarter trading update on 18 April 2013.

Calendar 2013:
28 March: Annual General Meeting of Shareholders
18 April:Trading update first quarter
18-20 June: Agri Vision, Noordwijk, the Netherlands
25 July: Publication of half-year results
17 October: Trading update third quarter

Ambition 2016
Nutreco's 'Ambition 2016 - driving sustainable growth' is to grow and improve
profitability by providing innovative and sustainable nutritional solutions
for its customers and is expected to result in an EBITA of €400 million by
2016. This will be realised by focusing on a higher added value portfolio of
nutritional solutions such as Premix & Feed Specialties and Fish Feed, and by
expanding into the growth geographies of Latin America, Russia, China and
Southeast Asia, which will see the largest increases in both production and
consumption of animal protein food products.

                            End of press release

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 10,000 people in over 30 countries, with sales
in more than 80 countries. Nutreco is listed on the NYSE Euronext stock
exchange in Amsterdam and recorded annual revenue of €5.2 billion in 2012.

For more information:
Jurgen Pullens, Director Investor Relations
Telephone: +31 (0)33 422 6134
Mobile: +31 (0) 651599483

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

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 release is attached in the pdf below

Nutreco full year results 2012


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