Higher salmon feed volumes for Nutreco

The first half year EBITA before exceptional items is € 108.2 million, 15.0% higher than last year (H1 2013: € 94.1 million).

Knut Nesse, CEO Nutreco: “We are pleased to report a satisfying first half year operating result of € 108.2 million which has been achieved due to better performances in all segments. “In Animal Nutrition the operating result was higher (+4.7% to €59.6 million), mainly due to improved performances in mature markets”.

Higher salmon feed volumes

In the Fish Feed segment, the first half year operating result was clearly higher than in the same period of 2013 (+23.9% to €43.5 million). “This was mainly due to higher salmon feed volumes in Norway as a result of exceptional market circumstances in the first six months of the year. A key strategic aim is to maintain our global market share in salmon feed as well as diversifying into feed for other species given their growth potential. The growth in feed for other species is helping to mitigate the impact of market developments in the Norwegian salmon feed market. Therefore we are pleased to see a strong contribution in results from our shrimp and tilapia feed companies in Ecuador and Egypt. We acquired these companies in 2013 as part of our strategy to grow in non-salmonid species and growth geographies”, according to Nesse.

Good chicken and pork markets

The compound Feed & Meat Iberia EBITA is € 18.1 million. That is 31.2% higher than last year (H1 2013: € 13.8 million) mainly due to lower raw material prices and good chicken and pork meat markets. Nesse: “We are pleased with the higher results in the Business Unit Compound Feed & Meat Iberia, the unit for which we started a process to explore a possible divestment. During the process we continuously operated with the clear intention that any valuation for the businesses should reflect their market-leading positions, solid financial results and future potential. As these discussions developed, it became clear that no fair valuation could be obtained at the current time. Accordingly, as we communicated on 11 June, the divestment process was halted in the best interests of all stakeholders; these businesses are now again reported as continued operations. The Iberian businesses are well-managed and combine market leadership with operational excellence”.