Nutreco has reported fish feed revenues of €414.5 million for Q1 2014, 26.6 per cent higher than last year driven by a 24.3 per cent increase in organic volumes and 11.1 per cent growth from acquisitions partly offset by 7.3 per cent foreign exchange effects.
The volume effect was 24.3 per cent, mostly due to higher demand for salmon feed in Norway and fish feed for sea bass and sea bream in southern Europe partly offset by lower demand for non-salmonid feed especially in China.
The increase in salmonid volumes was 35.9 per cent driven by higher water temperatures in Norway compared to exceptionally cold water temperatures in the same quarter last year and increased biomass.
The price effect was -1.5 per cent due to lower raw material prices. The contribution of acquisitions was 11.1 per cent and related to the acquisition of Gisis in Ecuador and Hendrix Misr in Egypt. The foreign exchange rate effect was -7.3 per cent.
The volume share in revenues of fish feed for non-salmonid species is now 37 per cent compared with 36 per cent in the same quarter last year. The operating result in Q1 was clearly higher than the same quarter of 2013. This was mostly due to higher volumes in Norway, a better result in southern Europe and the contribution of operating companies in Ecuador and Egypt acquired in 2013.
Knut Nesse, CEO Nutreco, stated: "We are pleased with the higher results for the first quarter compared to last year driven by higher volumes in Fish Feed, mainly in Norway. Animal Nutrition results were slightly above last year with encouraging trends in margin development and volumes particularly in mature markets.
"Our new organisational structure has been effectively implemented. The structure brings us closer to the business which will provide better execution power and deliver increased focus to regions with more integrated Animal Nutrition and Fish Feed businesses.
"Our long term growth drivers are a growing world population and increased demand for protein which remain the basis of our strategy.
Organic growth will be achieved by investing in new production facilities such as the recently announced investments in Asia as well as value-accretive acquisitions in line with our strategy.
"Based on the developments in the first quarter, we expect EBITA before exceptional items for continuing operations for the first half of 2014 to be clearly higher than first half 2013 (€ 80.3 million)."
