July 26, 2013
Press release
During the first half of 2013, Nutreco''s revenue reached €2,398.7 million (US$3.2 billion), a rise of 1.9% on-year while half year earnings before interest, taxes, and amortisation (EBITA) was €94.1 million (US$124.4 million), 9.2% lower on-year due to lower salmon feed demand in Norway.
According to Knut Nesse, CEO Nutreco, "In the first half of 2013, operating results were €94.1 million (US$124.4 million) which is above our guidance of €90 million (US$119 million). I am pleased with the continuing margin improvement within the Premix & Feed Specialties segment which now exceeds our guidance of 7%. This is due to a better performance in Europe and a solid contribution from our portfolio of globally branded specialty products. Nutreco''s strategy is focussed on the segments Premix & Feed Specialties and Fish Feed. In line with this strategy we are currently investigating the best options to facilitate the growth and development of the compound feed and meat business in Spain and Portugal and of the people who work in it."
Nutreco''s Fish Feed results were impacted by lower seawater temperatures in Europe which caused a slow start to the year. In the second half of the year growth is expected to be restored by higher demand, leading to modest organic volume growth for the full year. In Egypt they moved from a minority interest to full control of their tilapia feed business. Both investments support their strategy to expand in growth geographies as well as in fish feed for non-salmonid species.
In 2013, Nutreco, a global leader in animal nutrition and fish feed, will continue to execute the strategic roadmap towards 2016: develop higher value-added portfolio of nutritional solutions; focus on premix & feed specialties and fish feed; continue drive for operational excellence in mature markets; and grow in geographies Latin America, Russia, Asia and Africa.
Barring unforeseen circumstances, the company expect full year EBITA before exceptional items to be at least in line with 2012''s €262.1 million (US$346.4 million).