Notes to the Company’s financial statements

Principles of valuation and income determination

(1) General

The Company’s financial statements are part of the 2009 consolidated financial statements of Nutreco Holding N.V. With reference to the Company income statement of Nutreco Holding N.V., use has been made of the exemption pursuant to section 402 of Book 2 of the Netherlands Civil Code.

(2) Principles for the measurement of assets and liabilities and the determination of the result

For setting the principles for the recognition and measurement of assets and liabilities and determination of the result for its Company’s financial statements, Nutreco Holding N.V. makes use of the option provided in section 2:362 (8) of the Netherlands Civil Code. This means that the principles for the recognition and measurement of assets and liabilities and determination of the result (hereinafter referred to as principles for recognition and measurement) of the Company’s financial statements of Nutreco Holding N.V. are the same as those applied for the consolidated IFRS financial statements. Participating interests, over which significant influence is exercised, are stated on the basis of the equity method. These consolidated IFRS financial statements are prepared according to the standards laid down by the International Accounting Standards Board and adopted by the European Union (hereinafter referred to as IFRS). Please see pages 83 to 96 for a description of these principles.

The share in the result of participating interests consists of the share of Nutreco Holding N.V. in the result of these participating interests. Results on transactions where the transfer of assets and liabilities between Nutreco Holding N.V. and its participating interests and mutually between participating interests themselves are not incorporated insofar can be deemed to be unrealised.

(3) Financial fixed assets

4) Receivables from Group companies

The receivables from Group companies have a period shorter than one year and consist of a receivable position with Nutreco Nederland BV.

(5) Shareholders’ equity

Treasury shares
The shares held in treasury are accounted for as a reduction of the equity attributable to the equity holders. The treasury shares are deducted from other reserves.

Legal reserve
The legal reserve comprises a legal reserve for participating interests.

(6) Interest-bearing borrowings

Interest-bearing borrowings consist of the cumulative preference shares and the private placements. See note 23 of the consolidated financial statements.

(7) Other net result

Other net result mainly represents the interest expenses related to the interest-bearing borrowings and the interest income from subsidiaries and associates.

(8) Contingent assets and liabilities

Guarantees as defined in Book 2, section 403 of the Netherlands Civil Code have been given by Nutreco Holding N.V. on behalf of several Group companies in the Netherlands and filed with the Chamber of Commerce in ‘s-Hertogenbosch. The liabilities of these companies to third parties and to investments in associates totalled EUR 146.7 million as at 31 December 2009 (2008: EUR 120.2 million).

Nutreco Holding N.V. is jointly liable for several credit facilities of its subsidiaries, including the syndicated loan facility.

(9) Average number of employees

The Company did not employ any person in 2009.

Amersfoort, 1 March 2010

The Supervisory Board
The Executive Board

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