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Home > Consolidated financial statements > Notes to the consolidated financial statements > (3) Operating segments

(3) Operating segments


Nutreco has structured its organisation in five segments: Premix and Feed Specialties, Fish Feed, Compound Feed Europe, Animal Nutrition Canada and Meat and Other. The segment Meat and Other mainly covers Nutreco’s poultry and pork activities in Spain and Nutreco’s poultry activities in Canada. The segments are in accordance with the management responsibilities and in line with internal management reporting.


Reportable segments

 

(EUR x million)

Revenue

third parties

Intersegment

revenue

Total

revenue

Operating result

before amortisation

(EBITA)
 

2009

2008

2009

2008

2009

2008

2009

2008
                 

Premix and Feed Specialties

1,000.7

1,069.4

89.5

92.4

1,090.2

1,161.8

70.4

84.1

Fish Feed

1,120.4

1,169.9

7.3

7.4

1,127.7

1,177.3

66.4

67.7

Compound Feed Europe

949.9

1,219.7

283.9

454.5

1,233.8

1,674.2

1.6

29.4

Animal Nutrition Canada

382.6

398.0

19.4

20.4

402.0

418.4

21.8

20.9

Meat and Other

1,058.1

1,086.1

0.5

0.6

1,058.6

1,086.7

34.3

-0.4
                 

Eliminations

-

-

-455.7

-583.6

-455.7

-583.6

-

-
                 

Corporate and other

-

-

55.1

8.3

55.1

8.3

-19.3

-19.6
                 

Exceptional items

-

-

-

-

-

-

-5.2

0.8
               
 

Continuing operations

4,511.7

4,943.1

-

-

4,511.7

4,943.1

170.0

182.9
                 

Discontinued operations

-

-

-

-

-

-

-

10.9
                 

Consolidated

4,511.7

4,943.1

-

-

4,511.7

4,943.1

170.0

193.8

 

For 2009 the acquisition effect on revenue is EUR 43.8 million. The acquisition effect on the operating result before amortisation is EUR 2.8 million.


The acquisition effect on revenue and operating result before amortisation is related to acquisitions completed in 2009 and 2008.

 

 

Exceptional items

 

(EUR x million)

Exceptional items
 

2009

2008

Restructuring costs

-11.8

-9.4

Negative goodwill

11.2

10.2

Impairment charges

-7.5

-

Other

2.9

-

Total exceptional items

-5.2

0.8

 

Exceptional items are items which are non-operational income and/or gains and expenses and/or losses, which in general are not related to the normal course of the business. These are in general restructuring cost, impairment and badwill.


Part of the restructuring costs for 2009 is related to the acquisition of the animal nutrition business of Cargill in Spain and Portugal.


The negative goodwill is the result of the consideration paid and the market value of the net identifiable assets and liabilities related to the 2009 acquisition in Spain and Portugal.

 

The impairment charges are mainly related to the acquired assets of Maple Leaf Animal Nutrition (2007) and the animal nutrition business of Cargill in Spain and Portugal. The impairment in Spain and Portugal is a consequence of Nutreco’s strategic plans which have led to the decision to restructure the business.


The restructuring costs for 2008 are mainly related to the acquisition of Copaga and Marine Feed and the negative goodwill occurred from the acquisitions of Marine Feed, Copaga and Biofactory.


Result for the period

 

(EUR x million)

Financial income

Financial expenses

Foreign

exchange result

Share in

results of

associates

Income tax expense

Total result

for the period
 

2009

2008

2009

2008

2009

2008

2009

2008

2009

2008

2009

2008
                         

Premix and
Feed Specialties

2.2

3.4

-5.2

-7.1

    

1.8

1.3

-14.2

-23.3

51.9

55.5

Fish Feed

0.3

0.1

-11.5

-8.2

        

-14.0

-11.5

40.6

47.3

Compound Feed Europe

2.9

2.6

-6.3

-11.8

        

-2.0

-6.3

-5.2

12.3

Animal Nutrition Canada

0.1

-

-13.9

-10.9

    

-1.0

-0.1

-0.3

-0.8

2.3

4.5

Meat and Other

0.4

0.2

-1.4

-0.1

    

0.6

0.7

-9.5

0.8

23.3

-0.2
                         

Unallocated

        

0.8

0.6

    

5.3

3.9

-19.9

-13.6
                         

Continuing operations

 

5.9

 

6.3

 

-38.3

 

-38.1

 

0.8

 

0.6

 

1.4

 

2.1

 

-34.7

 

-37.2

 

93.0

 

105.8
                         

Discontinued operations*

-

-

-

-

-

-

-

-

-

0.2

-

11.1
                         

Consolidated

5.9

6.3

-38.3

-38.1

0.8

0.6

1.4

2.1

-34.7

-37.0

93.0

116.9

* See note 4.


The reported net financing costs/income and income tax expenses are determined based on the centralised finance and tax structure, adjusted with the unallocated financing costs/income and income tax expenses. The adjustments are based on the capital employed levels of the reportable segments at year-end.

 

Other expenses by segment

 

(EUR x million)

Total depreciation

and amortisation

Restructuring costs

Non-cash expenses

other than depreciation and

amortisation
 

2009

2008

2009

2008

2009

2008
             

Premix and Feed Specialties

-12.1

-11.7

-1.5

-3.4

2.7

-3.2

Fish Feed

-17.2

-16.8

-

-1.1

1.7

1.0

Compound Feed Europe

-12.7

-11.7

-5.8

-4.9

0.6

1.4

Animal Nutrition Canada

-9.4

-9.7

-1.0

-0.4

1.0

-0.4

Meat and Other

-10.6

-9.9

-0.7

-

-0.4

2.0

Unallocated

-2.8

-1.6

-2.8

-

4.7

-20.0
             

Continuing operations

-64.8

-61.4

-11.8

-9.8

10.3

-19.2
             

Discontinued operations

-

-

-

-

-

-
             

Consolidated

-64.8

-61.4

-11.8

-9.8

10.3

-19.2

 

Assets and liabilities by segment

 

(EUR x million)

Assets

Associates

Total assets

Liabilities

Total capital

expenditures of

PP&E and

intangible assets
 

2009

2008

2009

2008

2009

2008

2009

2008

2009

2008
                     

Premix and Feed Specialties

466.4

500.6

4.0

2.1

470.4

502.7

228.4

252.0

12.3

16.8

Fish Feed

571.7

590.8

0.8

0.8

572.5

591.6

283.1

288.0

21.5

40.1

Compound Feed Europe

285.4

291.7

-

-

285.4

291.7

198.1

264.2

10.4

14.6

Animal Nutrition Canada

269.7

257.5

12.3

9.3

282.0

266.8

55.5

49.7

2.7

5.3

Meat and Other

330.3

350.4

2.7

2.2

333.0

352.6

125.1

104.2

2.3

9.5

Unallocated

182.0

182.4

  

-

182.0

182.4

494.4

564.2

4.9

3.9
                     

Continuing operations

2,105.5

2,173.4

19.8

14.4

2,125.3

2,187.8

1,384.6

1,522.3

54.1

90.2
                     

Discontinued operations

-

-

-

-

-

-

-

-

-

-
                     

Consolidated

2,105.5

2,173.4

19.8

14.4

2,125.3

2,187.8

1,384.6

1,522.3

54.1

90.2

 

Unallocated comprises mainly investments and related revenue, borrowings and related expenses, corporate assets and head office expenses, and income tax assets and liabilities.

 

 

Geographical segments

 

In presenting information on the basis of geographical segments, revenue is based on the geographical location of Nutreco customers. Assets, capital expenditures of property, plant and equipment and intangible assets are based on the geographical location of the assets.

 

(EUR x million)

Revenue third parties

(destination)

Total assets

Total capital expenditures of PP&E and intangible assets
 

2009

2008

2009

2008

2009

2008
             

Spain

1,144.7

1,261.4

452.2

427.0

8.8

18.7

Netherlands

571.9

715.1

305.2

400.0

6.8

10.9

Norway

485.9

463.5

154.7

175.9

10.7

16.8

Canada

471.3

482.1

407.9

356.6

4.2

7.3

Germany

248.5

269.2

30.1

45.1

1.7

2.1

Belgium

228.3

243.8

45.1

58.4

0.8

1.7

USA

213.3

224.2

104.9

113.5

1.4

1.5

United Kingdom

186.9

198.3

84.9

83.2

2.6

7.3

Chile

118.0

201.2

85.4

108.1

1.6

3.9

Italy

96.5

108.2

71.1

77.3

6.6

1.7

Russia

80.4

107.7

29.1

32.2

-

0.4

Poland

55.3

66.1

21.4

22.6

0.5

4.1

China

54.0

58.6

26.5

25.0

0.1

0.2

Japan

50.7

51.4

44.3

55.6

0.2

0.9

Australia

48.6

44.3

48.1

39.0

1.2

1.9

Other countries

457.4

448.0

214.4

168.3

8.8

18.7

Total

4,511.7

4,943.1

2,125.3

2,187.8

54.1

90.2

 

The two largest customers of Nutreco, Marine Harvest in the segment Fish Feed and Mercadona in the segment Meat and Other, count each for less than 8% of the total annual sales.

 

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