Annual General Meeting of Shareholders

Transcription

1 Amsterdam, 1. Opening

2 2. Report of the Supervisory Board and of its sub committees for the financial year Report of the Executive Board for the financial year 2009

3 Content 2009 full year financial results Global market developments Strategy Strategic agenda Extended Executive Board to five members in 2009 New Executive Board members Agriculture Jerry Vergeer Specialties Frank Tielens Aquaculture Knut Nesse Canada Spain Netherlands Belgium Germany

4 Nutreco full year results 2009 EBITA 2nd half year 2009 EUR 134 million: 33.9% higher than 2008 All businesses reported above or in line with 2nd half 2008 Operating result 2009 EUR million; 3.8% lower than 2008 Revenue 2009 EUR 4.5 billion; impact lower volumes limited to 3.7% Strong cash flow by reduction net working capital by EUR 98 million Earnings per share EUR 2.61 (2008: EUR 3.02) Developments in main raw material prices USD/MT Soy and wheat price (FAO) 2007 H H H H H H2 H1 USD/MT Fish oil and fishmeal price 2007 H H H H H H2 H1 0 Soy Wheat 0 Peruvian Fishmeal Peruvian Fish oil Vitamin price (FeedInfo) EUR/KG H H H H H H2 H Vitamin A 1000 Vitamin E ads. 50%

5 Operating result (EBITA) by activity EUR million Delta Premix and feed specialties % Fish feed % Compound feed Europe % Animal Nutrition Canada % Meat and other Corporate % Operating result before exceptional items % Restructuring Negative goodwill Impairment on acquisitions Other Total exceptional items Total operating result cont. operations % Net result and EPS EUR million Delta EBITDA % Depreciation % EBITA % Amortization EBIT from continuing operations % Net financing costs/income % Share in results of associates Income tax expense Profit for the period continuing operations % Discontinued operations 11.1 Profit including discontinued operations EPS from continuing operations %

6 Balance sheet Assets (EUR mio) Equity & liabilities (EUR mio) Fixed assets Intangible assets Equity Other non current assets Interest bearing debt Inventories Trade receivables Other current assets Provisions Trade payables Cash and cash equivalents Other liabilities Total 2,125 2,188 Total 2,125 2,188 Net working capital Net debt Nutreco dividend 2009 Nutreco policy is to pay out a dividend in the range of 35 45% of the total result attributable to holders of ordinary shares excluding impairment and the result on disposed activities Dividend 2009 of EUR 1.32 (2008: 1.43) is maximum payout percentage of 45% In August Nutreco already distributed an interim dividend of EUR 0.20 Final dividend of EUR 1.12 can be received in cash or in ordinary shares Ratio between the value of stock dividend and cash dividend will be determined on 21 April 2010 after closing of the stock market based on the average weighted price during the last three days of the option period (19, 20 and 2) Dividend will be payable to shareholders on 27 April 2010

7 Nutreco Agri Vision and AquaVision: > 4,000 participants Themes AquaVision: 1996: The Nutreco Aqua Business Conference 1998: Managing a sustainable annual growth 2000: Seafood opportunities in the new millennium 2002: Take hold of the future or the future will take hold of you 2004: The sustainable Blue Revolution 2006: Oceans of opportunities 2008: Know the fundamentals Create your future 2010: Open your eyes Oceans of opportunities Themes Agri Vision: 2000: Future scenarios for animal food production in Europe 2003: Inspired by Consumers, Endorsed by Society 2005: Empowering Partnerships 2007: Balance the Challenge Feed, Food & Fuel 2009: Shifting Horizons Booklet Nutreco 2010 Feeding the Future Can we feed 9 billion people in 2050 in a sustainable way? AquaVision & Agri Vision Conferences from 1996 onwards > 4,000 participants, multi stakeholders from all continents, over 50 countries 2007: we need 3 additional planets to allow 9 billion people to have a North American lifestyle while addressing the concerns of Europe on climate change, animal welfare and sustainability + Agri Vision 2009: Feeding the World in 2050 Shifting Horizons Doubling the food production while halving the footprint 2010: Sharing the optimism with a wider audience

8 Animal Nutrition at a critical junction Struggling Supplies Plant Growers Animal Nutrition and Fish Feed Surging Demand Protein Processors Stressed Surroundings Scarce Resources High price volatility Climate Change Low stocks Government policies Bio energy Nutrition know-how Global presence Feed-to-food Quality & Safety, CSR Innovation & Technology Global food demand will double 850 mln underfed, >1 bln overweight Slow food versus Laboratory food Higher food prices (agflation) Co products More food will have to be produced over the next decades than has been produced during the past 10,000 years combined (FAO) Nutreco s growth perspective 1. Focus on new geographic regions and markets with perspective of structural profitable growth in countries like Brazil, China, Russia and Vietnam 2. Participate in the industry consolidation process in markets where Nutreco has leading positions (Canada/North America, The Netherlands and Spain) 3. Further strengthening our global market positions in feed specialties and fish feed by organic growth and acquisitions

9 Acquisition Fri Ribe in Brazil Acquisition of 51% shareholding in Brazilian animal nutrition and fish feed company Fri Ribe Fri Ribe is an important player in Brazil for shrimp and tilapia fish feed and also has important regional market positions in animal nutrition for beef cattle, dairy cattle and for horse feed The company has 5 production plants and 6 sales offices spread across the central and north east of Brazil Revenues amounted to EUR 47 million in 2008 with 400 employees Strong management, dedicated people and distribution network offers Nutreco substantial scope for selling Nutreco s feed specialties Provides a platform for building a strong position in one of the most important agriculture growth markets in the world Acquisition 12 feed plants in Spain and Portugal The acquisition of 12 animal feed production facilities from Cargill production volume of around 700,000 metric tonnes annual sales of approximately EUR 240 million and 450 employees After integration and transformation, the acquired business is in two years time expected to contribute a 2 3% operating margin The total consideration is approximately EUR 40 million which includes integration, transformation and investments in the next two years

10 EBITA EUR 230 million remains the medium term target Volume growth fish feed >5% Volume growth animal feed 2 3% Cargill (Iberia) Fri Ribe (Brazil) M&A Organic growth FY 2006 FY 2007 FY 2008 FY 2009 FY 2012 Note: Currency effects included in organic growth Strategic agenda Focus on new geographic regions and markets with perspective of structural profitable growth in countries like Brazil, China, Russia and Vietnam 2. Participate in the industry consolidation process in markets where Nutreco has leading positions (Canada/North America, The Netherlands and Spain) 3. Further strengthening our global market positions in feed specialties and fish feed by organic growth and acquisitions 4. Develop new sustainable products and feed solutions to add value to our customer s business and grow Nutreco s product portfolio to higher margin products 5. Incorporate CSR targets for management, including all operating companies 6. Barring unforeseen circumstances Nutreco expects the following developments for the first half year of 2010: An EBITA before exceptional items to exceed EUR 50 million compared to 2009 (EUR 41.6 million) Higher capital expenditure for production capacity expansion and optimisation

11 4. Annual Accounts 2009

12 4.1 Adoption of the Annual Accounts 4.2 Dividend proposal

13 5. Corporate Governance 5.1 Summary of the Corporate Governance policy

14 5.2 Remuneration of the Supervisory Board 6. Discharge

15 6.1 Discharge of the Executive Board for the conduct of the business 6.2 Discharge of the Supervisory Board for its supervisory duties

16 7. Appointment of KPMG Accountants N.V. as external auditor 8. Proposal to designate the Executive Board as the corporate body to issue ordinary shares and to restrict or to exclude the pre emption rights

17 8.1 Proposal to designate the Executive Board as the corporate body subject to the approval of the Supervisory Board to issue ordinary shares and to grant rights to subscribe for ordinary shares as provided for in article 8 of the Company s Articles of Association for a period of 18 months 8.2 Proposal to designate the Executive Board as the corporate body authorised subject to the approval of the Supervisory Board to restrict or to exclude pre emption rights as provided for in article 9 of the Company s Articles of Association for a period of 18 months

18 9. Authorisation to buy back own ordinary shares and Cumulative Preference A shares and proposal to cancel Cumulative Preference A shares 9.1 Authorisation of the Executive Board subject to the approval of the Supervisory Board to buy back the Company s own ordinary shares and Cumulative Preference A shares as specified in article 10 of the Company s Articles of Association for a period of 18 months

19 9.2 Proposal to cancel Cumulative Preference A shares 10. Composition of the Supervisory Board

20 10.1 The end of final term resignation of Mr Y. Barbieux as member of the Supervisory Board 10.2 The appointment of Mrs H. Verhagen as a member of the Supervisory Board

21 11. Amendment of the Articles of Association 11.1 Name change (Nutreco N.V. instead of Nutreco Holding N.V.) and other amendments, mainly to bring the existing Articles of Association in line with recent and expected changes in company law

22 11.2 Deletion of the quorum requirement of article 31.2 to amend the Articles of Association 12. Communications and questions

23 Amsterdam,