Nutreco

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Ten years of Nutreco income statement
(EUR x million)	2009	2008	2007	2006	2005¹	2004 IFRS¹	2004 D- GAAP	2003²	2002	2001	2000
						2004 IFRS¹	2004 D- GAAP

Revenue	4,512	4.943	4,021	3,031	2,774	3,269	3,858	3,674	3,810	3,835	3,126
Raw materials	3,567	4,001	3,153	2,308	2,056	2,381	2,776	2,593	2,731	2,775	2,245
Gross margin	945	942	868	723	718	888	1,082	1,081	1,079	1,060	881

Personnel costs³	442	428	368	308	322	417	487	473	443	394	289
Depreciation of property, plant and equipment	53	51	42	40	43	83	90	99	97	88	66
Other operating expenses³	280	280	303	259	235	276	378	386	394	396	389
Total operating expenses	775	759	713	607	600	776	955	958	934	878	744

Operating result before amortisation of goodwill (EBITA)	170	183	155	116	118	112	127	123	145	182	137
Amortisation expenses	12	11	6	3	2	6	6	5	6	5	1
Amortisation of goodwill/impairment of long-lived assets	-	-	-	-	5	-	7	12	14	13	1
Operating result (EBIT)	158	172	149	113	111	106	114	106	125	164	135

Net financing costs	-32	-31	-10	8	-12	-32	-27	-30	-38	-38	-13
Share in results of associates	1	2	1	-	2	4	4	-1	-	3	1
Result before tax	127	143	140	121	101	78	91	75	87	129	123

Taxation	-35	-37	-26	-16	-8	-22	-10	-15	-17	-31	-32
Result after tax	92	106	114	105	93	56	81	60	70	98	91

Result after tax from discontinued operations	-	11	7	415	44	26	-	-	-	-	-
Total result for the period	92	117	121	520	137	82	81	60	70	98	91

Dividend on cumulative preference shares		-	-	-	-	-	5	5	5	5	5
Minority interest	3	2	2	1	3	4	4	4	2	6	-

Result for the period attributable to the equity holders of the parent	89	115	119	519	134	78	72	51	63	87	86

Number of employees as at year-end	9,690	9,278	9,090	7,405	6,993	12,408	12,408	12,763	13,442	12,934	10,990
Operating result (EBITA) as a % of revenue	3.8%	3.7%	3.9%	3.8%	4.2%	3.2%	3.1%	3.2%	3.6%	4.6%	4.3%
Turnover rate of weighted average capital employed4	4.5	5.0	5.5	3.8	2.8	3.9	3.9	3.2	3.0	3.2	4.9
Return (EBITA) on weighted average capital employed	17%	19%	21%	15%	12%	14%	11%	10%	10%	14%	20%
Interest cover	7.0	7.5	19.5	-19.4	13.4	6.1	7.8	7.4	6.5	7.1	15.5
Dividend (EUR x million)	46	49	56	359	52	23	23	22	27	32	31
Dividend per share	1.32	1.43	1.64	1.60	1.52	0.53	0.53	0.53	0.67	0.80	0.82

The 1999-2004 Dutch GAAP figures have not been restated to IFRS accounting standards. The differences mainly relate to pensions, other employee benefits, the recognition of goodwill and the netting of income tax receivables with income tax liabilities.

1 Figures based on continuing operations

2 Results 2003 before impairment

3 Comparative figures of personnel costs and other operating expenses not adjusted for the years 1999-2002

4 Revenue divided by average capital employed

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Nutreco Annual Report 2009