Nutreco Reports Strong Year - On Track Towards 'Ambition 2016'

The company also noted that full year earnings increased by 13.2 per cent to €262.1 million.

Knut Nesse, CEO of Nutreco, stated: "2012 was a record year for Nutreco. In challenging economic times, we have continued to support our customers through innovative and sustainable feed solutions that contribute to their productivity and profitability. I'm pleased that we realised the strongest operational results in our growth segments Fish Feed and Premix & Feed Specialties.

"We made significant progress in the first year of our strategy 'Ambition 2016 - driving sustainable growth.' In Animal Nutrition, this included the strengthening of our presence in Brazil, a new production plant in Russia, the establishment of two Application and Solution Centres and a clear focus on global branded products in feed additives, young animal feed and animal health.

"In Fish Feed, we reached agreement to acquire 75 per cent of the leading shrimp and tilapia feed producer in Ecuador, which takes us into a global top-3 position in shrimp feed. This acquisition fully supports our strategy to expand our fish feed business in growth geographies and non-salmonid species whilst maintaining our global leading position in salmon feed. Innovation remains central to our strategy and we have gradually increased our annual R&D budget to €25 million to support the growing need for more sustainable high added value nutritional solutions.

"Our Ambition 2016 provides a clear roadmap for achieving our objectives. In order to have adequate financing to execute Ambition 2016, Nutreco issued a US$250 million private placement in July, and in September we successfully amended our €500 million revolving credit facility with extended maturity from 2014 to 2017 and improved conditions. The progress we made in 2012 and our strategic roadmap for the coming years leave us well placed to achieve our EBITA target of €400 million in 2016."