Annual Results Amsterdam, The Netherlands 9 February 2012

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1 Annual Results 2011 Amsterdam, The Netherlands 9 February 2012

2 Disclaimer The information contained herein shall not constitute or form any part of any offer or invitation to subscribe for, underwrite or otherwise acquire, or any solicitation of any offer to purchase or subscribe for, securities including in the United States, Australia, Canada or Japan. The information contained herein is not for publication or distribution into the United States, Australia, Canada or Japan. Neither this announcement nor any copy of it may be taken or distributed or published, directly or indirectly, in the United States, Australia, Canada or Japan. The material set forth herein is for informational purposes only and is not intended, and should not be construed, as an offer of securities for sale into the United States or any other jurisdiction. Securities may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended (the Securities Act ) or an exemption from registration. The securities of the company described herein have notbeenandwillnotbesoregistered.therewillbenopublicofferofsecuritiesintheunitedstates,australia, Canada or Japan. 2

3 Agenda Highlights 2011 Developments 2011 Ambition 2016 Full year financial results 2011 Strategic agenda

4 Excellent progress in 2011; Nutreco achieves total EBITA of EUR 241 million Revenue from continuing operations of EUR 4,721.1 million (+13.3%) EBITA from continuing operations of EUR million (+10.2%) Basic earnings per share of EUR 3.74 (+18.0%) Dividend proposal of EUR 1.80 per share (+20.0%) Sale of Hendrix expected to be completed in due time Strong balance sheet as basis for Ambition 2016 driving sustainable growth Good momentum going into

5 Where we come from Formation Since 1899 Since 1931 Family Businesses Since 1937 Since 1968 Part of BP Nutrition Private Equity Initial Public Offering Closer to the Consumer Since 1954 Since 1937 Rebalancing for Growth Animal Nutrition & Fish feed Driving Sustainable Growth

6 Who we are Revenue in 2011 of EUR 4.7billion Since 1994 Circa 100 production and processing plants in 30 countries Multinational workforce of approximately 10,000 employees Nutrition, Ecology, Economy 6

7 Nutreco the essential link in the feed-to-food chain Plant growers & Vitamin producers Animal & Fish feed producers Protein producers Struggling Supplies Food security Limited natural resources Price volatility Biodiversity Biofuel vs food Government policies Nutrition know-how Global presence Innovation & Technology Feed-to-Food Safety and Quality Carbon footprint Geographical shift of market Excess-supply vs food shortage Animal welfare Food safety Economic uncertainty Surging Demand Sustainability High-quality feed solutions assured feed-to-food safety feed efficiency sustainable industry value chain innovation changing diet patterns reduce pressure on natural resources reduce livestock CO 2 emissions animal health 7

8 Executive Board CEO Wout Dekker CFO Gosse Boon COO Animal Nutrition Jerry Vergeer COO Aquaculture Knut Nesse 8

9 Agenda Highlights 2011 Developments 2011 Ambition 2016 Full year financial results 2011 Strategic agenda

10 The 9 billion people question 2008 Food crisis as a leading global theme 2009 Financial crisis takes over the headlines 2010 Food crisis back in the spotlight 2011 The 9 billion people question 10

11 Surging demand for animal protein Demographical forecasts in the next decades 7bn to 9 bn 50% to 70% Changes in demographics lead to a surge in animal protein, especially in emerging markets Growing population Urbanisation 400mio to 1.2bn kg to 52 kg 2030 Growing middle class Converging diets Source: OECD-FAO Agricultural Outlook

12 Solid feed growth to meet the surging animal protein demand Animal feed volume (1,000 MT) and annual growth Animal feed growth driven by emerging markets Strong annual growth in the No 2 and No 3 countries: China (8.4%) and Brazil (6.1%) 14% 0% 12% Salmon feed volume in % 16% 43% 8% -1% 2% -8% 4% 18% Salmon consumption remained strong in 2011 Global feed demand growth of 18% 12% increase of feed demand in Norway Very strong recovery in Chile: demand close to 2008 level Norway Chile Other countries World Source: Feed International, Kontali(estimates) 12

13 Skretting invests in upgrade production capacity Aquaculture in Norway Ahigh single digit annual growth on average Salmonid feed consumption 12% higher in 2011 Skretting has a leading position in Norway Over 1 million MT salmon farmed Upgrade of fish feed plant in Averøy EUR 66 million investment Upgrade of the grinding facility, a new intake line and expansion of both storage capacity and operation premises Enables the benefits of MicroBalance 13

14 Acquisition of fish and shrimp feed company in China Aquaculture in China China is the world's number one aquaculture feed market Target market 8.6 miomt with a 10% growth last 5 years Domestic demand for seafood is strong Ample room for Nutreco sr&d and expertiseto accelerate progress of the aquaculture sector Acquisition of Shihai Feed Co. Located in central Pearl River Delta New 150,000 MT plant, 100,000 MT production high end feed Purchase price EUR 32 million, revenue in 2010 of EUR 65 million Acquisition completed in October

15 Sustainability progress made in % Carbon footprint manufacturing reduced with 35.6% (baseline 2009) New Code of Ethics supported by Integrity Line 100 Engaged with top 100 suppliers on vendor policy 375 delegates from 37 countries attended Agri Vision 2011 Renewed sustainability assessment for innovations tested on new gut health improver Presan MicroBalance concept also for other species 15

16 Exceeding the target to double 2006 EBITA from total business in 2011 Acquisitions EUR 241 mio* EUR 115 mio Organic growth Volume growth Product mix Innovation Cost discipline Central procurement Sloten BASF Premix Maple Leaf Animal Nutrition Cargill Iberia Fri-Ribe Tomboy Shihai *EBITA before exceptional items 16

17 Record EBITA from continuing operations before exceptionals in 2011 EUR million

18 Total Shareholder Return of 400% while Beta reduced to below

19 Sale of Hendrix and Strategic partnership with ForFarmers Profile Hendrix UTD No.2 Dutch compound feed player with a market share of 13% Revenue EUR 938 million (2010: 820 million) 690 employees 10 production facilities (Netherlands, Belgium and Germany) with annual capacity of 2.5 million MT Strategic partnership Long term strategic partnership including premix, farm minerals and feed specialties ForFarmers Hendrix combination Market share of ±20% in the Netherlands & Belgium and a strong position in Germany 19

20 Agenda Highlights 2011 Developments 2011 Ambition 2016 Full year financial results 2011 Strategic agenda

21 Ambition 2016 driving sustainable growth Ambition Higher margin portfolio of Nutritional Solutions 2.Segments Premix and Feed Specialties and Fish Feed 3.Growth geographies Brazil, Russia, China and Southeast Asia 4. Sustainability driving sustainable growth 21

22 Ambition 2016 Animal Nutrition Half of revenue will be originated from Premix and Feed Specialties in 2016 Revenue 2010 (incl. Hendrix) Revenue 2011 Revenue % 31% 29% 37% 12% 34% 19% 15% Premix and Feed Specialties Animal Nutrition Canada Compound Feed Europe Meat and Other Build solid positions in growth geographies, while securing our presence in mature segments Focus on high margin nutritional solutions EBITA margin will over time exceed current guidance of 7% Further develop feed additives business by innovation and acquisitions ASC Linking innovation and customer needs Go to market Improve the commercialisation of our value proposition 22

23 Ambition 2016 Fish Feed Double sales volume to 2.7 million MT in Volume (1,000 MT) Salmonid 72% Nonsalmonid 28% Nonsalmonid 45% Salmonid 55% Increase from 1.3 million MT (2010) to 1.8 million MT (2016) in existing markets Increase from 50,000 MT to 600,000 MT in newly acquired markets 300,000 MT innew markets Increase proportion of non-salmonidfeed from 28% in 2010 to 45% in 2016 Maintain feed for salmonidin line with the market (5% CAGR) EBITA margin guidanceincreased to 7% 23

24 Ambition 2016 strong continued growth of EBITA* Acquisitions EUR 400 mio EUR 232 mio Organic growth Mature segments Organic growth ASC and ARC Innovation Go to market Unite Latin America Russia China Southeast Asia Growth segments * EBITA from continuing operations before exceptional items 24

25 Agenda Highlights 2011 Developments 2011 Ambition 2016 Full year financial results 2011 Strategic agenda

26 Revenue development FY 2011 EUR million Organic growth % Acquisitions +1.0% 4,721.1 Currency -0.4% 4,166.4 Volume +3.0% Price +9.7% (EUR million) % Premix and Feed Specialties 1, , Fish Feed 1, , Animal Nutrition Canada Compound Feed Europe Meat and other Total revenue Nutreco 4, ,

27 Premix and Feed Specialties EUR million Delta % Revenue 1, , EBITDA* EBITA* EBITA*/Revenue 6.3% 7.0% Volume effect: +0.4% Price effect: +6.4% Acquisitions: N.A. FX effect: -1.6% Avg. capital employed ROACE (EBITA*/ACE) 26.1% 29.2% * Before exceptional items Revenue growth mainly driven by higher raw material prices EBITA impacted by moderate start in Q1 2011; EBITA margin diluted by intercompanysales to the Hendrix discontinued operations EUR 20 million investment in integrated premix and specialties feed plant in Russia underway Selko plant capacity doubled and upgraded with latest technology Strategic partnership with ForFarmers: supply and know-how agreement 27

28 Fish Feed EUR million Delta % Revenue 1, , EBITDA* EBITA* EBITA*/Revenue 7.4% 7.1% Volume effect: +8.5% Price effect: +7.9% Acquisitions: +3.1% FX effect: +0.7% Avg. capital employed ROACE (EBITA*/ACE) 33.9% 31.4% * Before exceptional items Volume growth in Norway and a very strong recovery in Chile Acquisition Shihai completed in October 2011 EBITA improved significantly thanks to growth and product mix EUR 66 mioexpansion and upgrade of fish feed plant in Averøy, Norway underway Parguaplant in Chile reopened in September 2011 Expansion and upgrade of feed plant in Australia completed Share of feed non-salmonidspecies of 30% (2010: 28%) 28

29 Animal Nutrition Canada EUR million Delta % Revenue EBITDA* EBITA* EBITA*/Revenue 5.3% 5.7% Volume effect: +3.5% Price effect: +13.2% Acquisitions: N.A. FX effect: -1.4% Avg. capital employed ROACE (EBITA*/ACE) 9.4% 8.6% * Before exceptional items Price effect of 13.2% due to passing through of raw material price increases Volume growth in feed for dairy and beef cows Canadian swine feed market recovering after three years of decline Solid EBITA development thanks to strong market position in stable market environment 29

30 Compound Feed Europe EUR million Delta % Revenue EBITDA* EBITA* EBITA*/Revenue 2.2% 2.4% Avg. capital employed ROACE (EBITA*/ACE) 24.7% 23.1% * Before exceptional items Volume effect: -6.5% Price effect: +18.1% Acquisitions: FX effect: N.A. N.A. Following the intended sale, Hendrix is reported as discontinued operations in 2010 and The results of 2010 are adjusted for comparison purposes. Price effect of 18.1% due to passing through raw material price increases Volume decrease due to fewer livestock in Spain and Portugal Market leadership and operational excellence Integration of the acquired feed business of Cargill starts paying off Divestment of Hendrix (Netherlands, Belgium and Germany) expected in due time 30

31 Meat and Other EUR million Delta % Revenue EBITDA* EBITA* EBITA*/Revenue 3.6% 3.3% Avg. capital employed ROACE (EBITA*/ACE) 16.8% 14.6% * Before exceptional items Volume effect: +3.2% Price effect: +10.0% Acquisitions: N.A. FX effect: -0.1% Following the intended sale, Hendrix is reported as discontinued operations in 2010 and The results of 2010 are adjusted for comparison purposes. Strong performance in second-half 2011 due to favorable market conditions Market leadership and operational excellence as basis for good performance Higher poultry volumes as a result of successful partnership with leading retailer 31

32 Operating result (EBITA) by segment EUR million Delta % Premix and Feed Specialties Fish Feed Animal Nutrition Canada Compound Feed Europe Meat and Other Corporate** EBITA* from continuing operations EBITA* from discontinued operations EBITA* from total business Restructuring Impairment losses/charges Acquisition related costs Income arising from settlements Other Total exceptional items EBITA from continuing operations * Before exceptional items ** Increase mainly due to costs related to strategic projects, capability building and an one off increase of EUR 2.5 million of costs related to changes within, and pension costs of the Executive Board. 32

33 Net result and EPS EUR million Delta % EBITDA Depreciation EBITA Amortisation EBIT from continuing operations Net financing costs Share in results of associates Income tax expense Result after tax from continuing operations Result after tax from discontinued operations Total result for the period Basic EPS (EUR) Basic EPS continuing operations (EUR) Weighted average number of shares outstanding (million)

34 Balance sheet Assets (EUR million) Equity & liabilities (EUR million) Fixed assets Equity Intangible assets Other non-current assets Interest bearing debt Inventories Trade receivables Other current assets Cash and cash equivalents Provisions Trade payables 1, ,004.0 Other liabilities Total 2, ,368.9 Total 2, , Net working capital* Net debt* * Continuing operations 34

35 Cash flow continuing operations EUR million EBIT Depreciation and amortisation EBITDA Working capital movement Other movements Capital expenditure Free cash flow Acquisitions and divestments Change in net debt / cash position

36 Key ratios from continuing operations Guidance EBITA* / Revenue 4.9% 5.0% 5-6% EBITDA* / Revenue 6.0% 6.3% ROACE* (annualised) 21.4% 21.1% >15% Return on Equity (ROE) 15.5% 14.5% Net debt / EBITDA <3.0 Interest coverage >5.0 Net debt / Equity <1.0 Net working capital % revenue 2.8% 1.9% % Basic EPS continuing operations (EUR) Average growth of 10% p.a. Dividend per share (EUR) Pay out of 35-45% * Before exceptional items 36

37 Agenda Highlights 2011 Developments 2011 Ambition 2016 Full year financial results 2011 Strategic agenda

38 Strategic agenda Develop higher margin portfolio of nutritional solutions Focus on Premix and Feed Specialties and Fish Feed Continue drive for operational excellence in mature markets Grow in geographies Brazil, Russia, China and Southeast Asia Start implementing the actions from Sustainability Vision 2020 Complete divestment of Hendrix 38

39 39

40 Appendix 40

41 Revenue Animal Nutrition* and Fish Feed Animal Nutrition 2011 (EUR 2,201 mio) Fish Feed 2011 (EUR 1,601 mio) Animal Nutrition 2010 (EUR 2,693 mio) Fish Feed 2010 (EUR 1,333 mio) * Premix & Feed Specialties, Animal Nutrition Canada, Compound Feed Europe, 2010 including Hendrix. 41

42 Segment revenue by region in EUR million Animal Nutrition Fish Feed Meat & Other 609 1,098 Norway Central & Eastern Europe North & Central America Western Europe 41 Asia-Pacific South America Rest of world 42

43 Revenue and EBITA per segment Meat & Other 19% Premix & Specialties 24% Premix & Specialties 26% Meat & Other 19% Revenue 2011 (EUR 4,721 million) Revenue 2010 (EUR 4,166 million) Compound Feed Europe 13% Animal Nutrition Canada 10% Fish Feed 34% Fish Feed 32% Compound Feed Europe 13% Animal Nutrition Canada 10% Meat & Other 12% Meat & Other 11% Premix & Specialties 28% Premix & Specialties 33% EBITA 2011 (EUR 261 million*) EBITA 2010 (EUR 233 million*) Compound Feed Europe 6% Animal Nutrition Canada 9% Fish Feed 45% Fish Feed 41% Compound Feed Europe 5% Animal Nutrition Canada 10% * Before exceptional items and excl. corporate costs 43

44 Other financial comments Within Nutreco financial framework room for acquisitions of EUR 600 million Financing and Liquidity Over EUR 300 million of un-used committed financing facilities as of December 2011 Maturity profile Syndicated Loan of EUR 500 million (EUR 180 million used): 2014 US Private Placement: EUR 98 million (2014), EUR 29 million (2016) and EUR 44 million (2019) Effective tax rate 2012 of max 27% Dutch pensions (defined contribution scheme) transferred to insurance company as of 1 January

45 Sustainability Vision

46 Maintain leadership position in feed for salmonids Thanks to MicroBalance TM, salmon producers became net fish protein producers in ,00 3,50 Kg fish protein used in feed versus kg fish protein produced 3,00 2,50 2,00 1,50 1,00 0,50 0, Potential Source: Skretting ARC 46

47 Innovation Protec an innovative health diet Protec is proactive nutrition (preventing health problems) Good fish health is vital to all fish farming operations Industrial fish farming needs innovative solutions to ensure good fish health 47

48 ASC geographical reach Ambition 2016 ASC -Asia Ambition 2016 ASC - Latin America More than 1,200 experts in local technical and sales teams serving our Customers ASC North America (27 experts) ASC Europe (31 experts) More than 100 R&D experts 48

49 R&D intelligence inside 7 research centres in 3 countries Ruminant RC (NL) Calf RC (NL) Swine RC (NL) Ingredient RC (NL) Agresearch(CA) Poultry and Rabbit RC (ES) Food RC (ES) ISO 9001, GMP+, HACCP More than 100 experts Qualified experts: Animal Nutrition Veterinarian Immunology Molecular biology Biochemistry Feed technology Food technology Food microbiology 49

50 Skretting ARC curiosity drives our research Centre of excellence in Stavanger Research projects integrated in business needs and defined by the businesses Established man years, 25 researchers 15 nationalities Focus on nutrition, feed technology and health Collaborations with over 40 research institutions worldwide Establishment of Skretting ARC-Asia in China in

51 Strategy and customer needs are translated into science solutions Business demands Science Solution Focus Q F Business demands Science Solution Focus Optimize Feed Value Predictable Performance Higher Performance & Efficiency Feed Evaluation & Least Cost Formulation (LCF) Animal Modeling Efficiency Additives Science Focus Areas Young Animal Vitality & Performance Better & Stable Gut Health Reduce Transition Problems Young Animal Feeds Gut Health Ingredients/ Programs Transition Feeds & Programs Sustainable Production Reduce Footprint Reduce Human Health Risks Zoonoses & Toxin Control Quantitative Nutrition Functional Nutrition 51

52 Innovations products Fysal Fit-4 poultry combats Salmonella in feed EU legislation important drive for Salmonella control Developed in cooperation with large integrators and proven in practice CalFixpatented technology, trains calcium metabolism and reduces risk for milk fever Milk fever adds high costs to dairy production The complete transition diet for dairy cow diets 52

53 Products with different margins Basic FA Macro minerals Protein Energy e.g. vitamins e.g. feed phosphates e.g. soya e.g. grain FA e.g. health products 10% Pure/blended Feed Additives Global %* High concentrate premix 6% Margin 4% 1-5%* Premix/Farm minerals Direct fed specialties 5-10%* Concentrates 3% 100%* Complete feed Local 1% 5% 10% 100% Volume * Inclusion rate: percentage of inclusion in final product 53

54 The blue revolution towards 2020 Global production of sea food ( ) (thousand tonnes) 54

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