Nutreco trading update Q3 2014 - Seite 2

The Compound Feed & Meat Iberia segment is making good progress in replacing Mercadona poultry volumes with alternative customers. We have successfully replaced approximately 75% of these volumes. In the third quarter year on year we have also seen overall volumes improving, reversing the trend experienced in the first half of the year.

Based on the business developments in the third quarter I am confident we will achieve a full year EBITA before exceptional items of at least equal to last year, as we indicated at our half year results".

Q3 Revenue

(€ x million)	Q3 2014	Q3 2013	%	YTD Q3 2014	YTD Q3  2013	%
Animal Nutrition	454.9	444.6	2.3	1,339.2	1,351.6	-0.9
Fish Feed	639.4	696.1	-8.2	1,567.7	1,467.0	6.9
Compound Feed & Meat Iberia	334.6	349.8	-4.4	982.0	1,070.6	-8.3
Revenue (third parties)	1,428.9	1,490.5	-4.1	3,888.9	3.889.2	0.0

Q3 Revenue analysis

(% change versus prior year)	Organic volume	Price	Acquisition	FX	Total
Animal Nutrition	3.2	0.9	-0.1	-1.7	2.3
Fish Feed	-5.8	1.2	-	-3.6	-8.2
Compound Feed & Meat Iberia	3.3	-7.7	-	-	-4.4
Nutreco	-1.0	-1.0	0.0	-2.2	-4.1

Operational developments

The revenue in the third quarter amounted to € 1,428.9 million, a decrease of 4.1% compared to last year (Q3 2013: € 1,490.5 million). The volume effect accounted for -1.0%. The price effect was -1.0%. The exchange rate effect was -2.2% and relates to the weakening of the Norwegian krone and Canadian dollar versus the euro.

Animal Nutrition

Revenue for the Animal Nutrition segment in the third quarter amounted to € 454.9 million, an increase of 2.3% compared to last year (Q3 2013: € 444.6 million). The volume effect was 3.2%, driven by positive performances in Canada, Brazil, Europe and young animal feed. The price effect was 0.9%. The acquisition effect was -0.1% due to a small divestment in Canada. The foreign exchange rate effect was -1.7%. The operating result was higher than the same quarter last year.

Fish Feed

The revenue in Fish Feed decreased by 8.2% to € 639.4 million compared to last year (Q3 2013: € 696.1 million). The volume effect was -5.8%, mostly due to -10.1% lower demand for salmonid feed. The lower demand was mainly in Norway due to lower volumes to Marine Harvest as anticipated and also compared to the previous strong quarter a year ago. This was partially offset by 5.4% growth in non-salmonid feed, with growth in Ecuador, Japan, southern Europe, and Vietnam. The price effect was 1.2%. The foreign exchange rate effect was -3.6%.