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 45% * 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| |operations | | | |       | | | |EBITA      | | | |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| |operations | | | |       | | | |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| +------------------------------------------------------------------------------+ Overview 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 additives. 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 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 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 release is attached in the pdf below Nutreco full year results 2012: This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters 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 Thomson Reuters ONE [HUG#1676159]