Operational developments 2009

The Premix and Feed Specialties business reported a 6.4% decrease in revenue compared with 2008. The decline in volumes was 5.6%. Due to increasing raw material prices in 2008 we saw a period of stocking in 2008, which was followed by a destocking in 2009. The volumes were also affected by the global economic crisis, although we noted a recovery in the second half of 2009. Prices were on average 1.4% higher and the impact of acquisitions was 2.1%. The foreign exchange effect was -4.3%.

EBITA decreased by -16.3% to EUR 70.4 million (2008: EUR 84.1 million), but EBITA in 2008 included EUR 20 million of benefits related to favourable raw material positions in a market with increasing prices. The EBITA margin of 7.0% was above the normalised 6% in 2008, thanks to the procurement initiative and a focus on product mix with higher margins.

In 2009, Nutreco announced an acquisition of a 51% shareholding in Fri-Ribe in Brazil. The company is active in the production and sales of premixes, farm minerals, compound feed, horse feed, pet food and fish feed. Fri-Ribe is an important player in Brazil for shrimp and tilapia fish feed. The company has five production plants and six sales offices spread across the central and northeast of Brazil.

Nutreco has disposed its pet food business in Belgium. Restructuring programmes were executed at Trouw Nutrition Spain, Sloten, MasterLab and CE Europe. A new production plant was inaugurated in Italy. This new feed specialties plant integrates and will replace the production of the Trouw Nutrition plant in Bussolengo and the former BASF plant in Comun Nuovo, acquired in 2007. Hence, Nutreco captures synergies while the location facilitates synergies between Trouw Nutrition feed specialties and Skretting fish feeds. The plants in Poland and Indonesia were expanded and relocated.

In the innovation area, Fylax Forte was launched worldwide as a more effective mould inhibitor. In the farm mineral line, Maxcare, all-in-one, is a new proposition that combines all micro-ingredients in one product. In the Netherlands, Salar, salmon oil, was newly launched as a nutritional supplement for animal nutrition.

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