February 7, 2014

Nutreco's revenue from continuing operations rises 1.2% to €3,867.1 million (US$5.3 billion), an increase of 1.2%, while its full year earnings before interests, taxes and amortisations (EBITA) continuing operations before exceptional items decreased by 4.3% to €215.7 million (US$293 million), mainly due to 8% lower results in Fish Feed.

Animal Nutrition EBITA margin improved to 6.1% against 2012's 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 was at €1.85 (US$2.51), a decrease of 3.1%

Knut Nesse, chief executive officer of Nutreco commented: "This year was a respectable one for Nutreco and we delivered solid results in a challenging market. In line with the third quarter outlook we achieved a total EBITA of €256 million (US$348 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 the company was able to regain their global market leadership position in salmon feed and improved their margins in Animal Nutrition. Their strategy 'Driving sustainable growth' continued to provide a clear roadmap for achieving their objectives by leveraging their 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, Nesse added.

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 is a global leader in animal nutrition and fish feed. 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.