October 23, 2012
Nutreco reports double-digit rise in its Q3 2012 revenues
Nutreco''s revenues for the third quarter 2012 hit a double-digit rise buoyed by a mixture of organic growth, higher prices and acquisitions.
Third-quarter revenue totalled EUR1.48 billion (US$1.9 billion), an increase of 12.6% compared with the same quarter in 2011. The company confirmed its outlook for the full year and expects EBIT A before exceptional items to be around EUR260 million (US$338 million), compared with EUR232 million (US$302 million) last year.
Animal Nutrition revenues up 7% due to higher feed prices as a result of rising raw materials prices. Volumes down 3% due to tough market conditions mainly in Spain. Fish Feed revenues increased by 21% driven by 15% total volume growth of which 6% is organic and a 9% contribution from the Shihai acquisition.
Solid profits in all segments except for Meat and Other which declined as a result of higher feed costs. Acquisition in Ecuador takes Nutreco to global top three shrimp feed producer.
In an uncertain environment and based on current trading conditions, Nutreco confirms its outlook for the full year and expects EBITA before exceptional items to be approximately EUR260 million (US$338 million).
The revenue in Premix and Feed Specialties increased by 8.4% to EUR315 million (US$410 million). Organic volumes in Premix and Feed Specialties were 0.5% lower. The sales prices were on average 1.6% higher, the acquisition effect was 3.7% and related to the purchase of Bellman in Brazil. The new premix plant in Russia with a 100,000 tonnes capacity will be opened on schedule in the fourth quarter. Nutreco intends to close the plant in Belgium.
The revenue in third quarter 2012 of Animal Nutrition Canada was EUR146 million (US$190 million) compared to EUR117 million (US$152 million) in third quarter 2011, an increase of 24.8%. The revenue of Compound Feed increased by EUR9 million (US$11.7 million) to EUR159 million (US$206.7 million) compared to third quarter 2011, an increase of 6.3%. Revenue from Meat and Other was 1.5% lower at EUR236 million (US$307 million), due to 5.5% lower volumes and 3.2% higher prices. The revenue in Fish Feed was 20.6% higher than in the third quarter of 2011 at EUR625 million (US$813 million). The total volume effect was an increase of 15.3%.