Nutreco

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Ten years of Nutreco balance sheet
(EUR x million)	2009	2008	2007	2006	2005¹	2004 IFRS¹	2004 D- GAAP	2003	2002	2001	2000
						2004 IFRS¹	2004 D- GAAP

Property, plant and equipment	517	478	429	281	287	470	474	515	552	576	444
Intangible assets	310	286	319	91	84	166	180	199	392	393	346
Financial non-current assets	90	77	95	82	549	96	76	54	46	42	28
Non-current assets	917	841	843	454	920	732	730	768	990	1,011	818

Inventories/biological assets	356	385	342	235	204	473	421	397	407	384	319
Financial current assets	-	-	-	-	156	-	-	-	-	-	-
Trade and other receivables	620	734	600	531	415	462	472	506	580	562	523
Cash and cash equivalents	233	228	208	579	90	137	136	32	32	41	31
Current assets	1,209	1,347	1,150	1,345	865	1,072	1,029	935	1,019	987	873

Total assets	2,126	2,188	1,993	1,799	1,785	1,804	1,759	1,703	2,009	1,998	1,691

Equity attributable to the equity holders of Nutreco	730	655	643	744	698	527	604	536	734	683	583
Minority interest	11	11	8	6	13	15	15	14	23	24	19
Total equity	741	666	651	750	711	542	619	550	757	707	602

Non-current portion of provisions/employee benefits	15	14	25	37	26	68	35	48	78	97	134
Interest-bearing borrowings	414	467	410	250	276	502	434	396	422	440	357
Other non-current liabilities	15	12	19	2	14	16	-	-	-	-	-
Non-current liabilities	444	493	454	289	316	586	469	444	500	537	491

Current interest-bearing borrowings	42	128	87	92	165	11	11	28	43	79	40
Current portion of provisions/employee benefits	57	37	45	31	22	27	-	-	-	-	-
Other current liabilities	842	864	756	637	571	638	660	681	709	675	558
Current liabilities	941	1,029	888	760	758	676	671	709	752	754	598

Total equity & liabilities	2,126	2,188	1,993	1,799	1,785	1,804	1,759	1,703	2,009	1,998	1,691

Capital employed¹	964	1,033	984	552	1,102	1,002	969	1,008	1,271	1,285	1,105
Net debt²	223	367	290	-237	351	376	309	392	433	478	366
Current assets divided by non-interest-bearing debt	1.41	1.54	1.49	2.01	1.46	1.64	1.62	1.45	1.44	1.46	1.57
Solvency ratio (equity of the parent divided by total assets)	34%	30%	32%	41%	39%	29%	34%	31%	37%	34%	34%
Net debt divided by equity of the parent	31%	56%	45%	-27%	56%	71%	51%	73%	59%	70%	63%

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 Total assets less cash and cash equivalents and non-interest-bearing liabilities, except dividends payable

2 Non-current interest-bearing borrowings and current interest-bearing borrowings less cash and cash equivalents

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Nutreco Annual Report 2009