NETHERLANDS - Drop in Fish Feed segment and currency conversions see Nutreco results dip in Q3 2013

Fish Feed revenue of ? 696.1 million is 11.4% higher than last year. Higher volumes and price effects more than offset an adverse foreign currency impact. The recent acquisitions in Ecuador and Egypt had a positive effect of 5.2%
October 19, 2013

Nureco CEO, Knut Nesse said \"Our results for the third quarter were below last year mainly due to lower results in Fish Feed and an adverse foreign currency impact. We secured our salmon feed volumes and regained our global market leadership position\". 

\"Due to a challenging market environment in Norway our EBITA margin in salmon feed declined\", he said. 

\"The integration of our recently acquired businesses in Ecuador and Egypt is on track. Against this background and based on current trading conditions Nutreco expects the full year EBITA before exceptional items to be approximately € 255 million (previous outlook; at least in line with 2012: € 262.1 million).

The revenue in Fish Feed was 11.4% higher than in the third quarter of 2012 at € 696.1 million. The volume effect in revenue was 1.4% mostly due to an increase in market share in salmon feed partly offset by lower non-salmonid feed sales especially in China. Salmonid volumes increased by 6.1%. This was mainly driven by securing higher volumes in Norway. The price effect was 10.5% due to the pass through of higher raw material prices. The exchange rate effect was -5.8%. The acquisition effect was 5.2% which is due to the acquisitions in Ecuador and Egypt.The volume share of fish feed for non-salmonid species is now 38% compared with 35% in the same quarter last year. The operating result in Q3 was lower than the same quarter of 2012 due to a lower EBITA margin in Norway in a challenging market environment and lower results in China.