Total profit of € 520 million for Nutreco

Wout Dekker, CEO of Nutreco: ‘Nutreco achieved an excellent operating result
on its core activities of animal nutrition and fish feed in 2006, with the
recent acquisitions in Asia, Central America and Europe already contributing to
profit.

“The only activity reporting a lower result compared with 2005
was the meat business in Spain, reflecting concerns about bird flu in the first
half of the year. The sale of the Euribrid breeding business, which is scheduled
for the first half of 2007, will complete Nutreco’s repositioning, and with it
the first phase of our Rebalancing for Growth strategy.

“In the space of
two years, Nutreco has undergone a complete transformation and created
significant shareholder value.”

Further key points for the operating year
2006 were:
Divesting phase of “Rebalancing for Growth” strategy
completed
· Sale of Marine Harvest in 2006; gain on
sale EUR 380.2 million
· Agreement on sale of
breeding activities in 2007

Full focus on core activities: animal
nutrition and fish feed
· 15% growth in operating
result of animal nutrition and fish feed
· Strong
organic growth, particularly in fish feed
·
Reorganisation in Western Europe practically complete
· Expansion in growth markets in Russia, China and
India

Nutreco’s expertise, market knowledge and R&D place Nutreco in
an excellent position to capture opportunities in the dynamic global market for
animal nutrition and fish feed
· With raw materials in short supply,
boosted by the demand for biofuels and the effects of climate change,
sustainable solutions are needed for the deployment of natural resources (new
feed formulas, utilisation of by-products of the biofuel industry)

· Population
growth and rising per capita incomes in emerging markets will mean rising meat
consumption (1–3% per year). Growth in feed markets in Asia, Eastern Europe and
Latin America of over 5% per year is projected

· Global fish consumption is rising 7% per
year; wild fishery volume has peaked and rapid growth in aquaculture is
expected

2007 agenda
· Further growth
through acquisition in 2007; Nutreco in discussion with several takeover
candidates; with a revenue potential of € 1.3 billion
·
Nutreco Sourcing Initiative expected to save € 25 million a year by
2009
· Changes to the overhead organisation will
reduce costs
· Desired capital structure to be
discussed at annual general meeting on 26 April 2007 – acquisitions versus
shareholder return

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