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Nutreco's Q3 Results in Line with Expectations

THE NETHERLANDS - The company's operational results for Animal nutrition and Fish Feed for the third quarter (Q3) are in line with the outlook, according to Nutreco. Revenues were down nine per cent compared to the same period of 2008 but the Fish Feed sector report an increase in sales volume.

According to Nutreco's Q3 report, volumes increased in Fish feed and Premix and feed specialties, and operational results for Animal Nutrition and Fish feed are in line with the company's outlook. Meat Spain reported excellent results in the quarter.

Revenue for the quarter, at €1,206.3 million, is 8.9 per cent below Q3 2008, mainly due to lower raw material prices.

Based on the third quarter results, Nutreco expects the second half-year EBITA to be 10 per cent higher than the second half of 2008. Working capital balance will be reduced by approximately €50 to 75 million at year-end compared with 2008.

The decision from the competition authorities regarding Nutreco's acquisition of animal nutrition businesses from Cargill in Spain and Portugal is expected in the fourth quarter.

CEO comments

Wout Dekker, Nutreco CEO said: "We are pleased with the performance in the third quarter of this year. After a challenging start of the year we see that the results are now in a stronger mode and we have confidence this will continue in the remainder of the year. The overall demand for feed is increasing compared with the first half year which is encouraging. The performance is further based on costs savings.

"We are optimistic that we have taken the right steps to prepare ourselves for the economic upturn and future animal nutrition challenges. Farmers everywhere in the world face the challenge of achieving greater productivity from limited resources while improving the health status of animals and reducing the impact on the environment. It is a major opportunity for Nutreco to address these challenges by accelerating the organic growth of its feed additives product portfolio.

"We are also strengthening the compound feed business in Spain and Portugal, with the acquisition in those countries of the animal nutrition business from Cargill. Furthermore, we continue our growth strategy to further strengthen our global market positions in feed specialties and fish feed."

Further Reading

- You can view the full report by clicking here.

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