Annual General Meeting of Shareholders Amsterdam, 21 April 2009 - PDF document

Annual General Meeting of Shareholders Amsterdam, 21 April 2009 NUTRECO HOLDING N.V. Annual General Meeting of Shareholders 21 April 2009 1. Opening

NUTRECO HOLDING N.V. Annual General Meeting of Shareholders 21 April 2009 2. Report of the Supervisory Board, of the Audit Committee and of the Remuneration Committee for the financial year 2008 NUTRECO HOLDING N.V. Annual General Meeting of Shareholders 21 April 2009 3. Report of the Executive Board for the financial year 2008

Content 2008 full year financial results  Global market developments  Strategy  Strategic agenda  Solid performance in a volatile year Revenue up 22.9% to EUR 4.9 billion driven by higher raw material prices and the  contribution of acquisitions Operating result (EBITA) up 14.7% to EUR 182 million with strong results in premix  and feed specialities Spread of activities and strategic positioning provides stability in challenging times  Doubling of 2006 EBITA to EUR 230 million expected to be met in 2010 ‐ 2012  Profit after tax from continuing operations decreased by 6.6% due to higher  financing costs and tax rate Sound balance sheet and healthy capital structure to support future growth  Dividend EUR 1.43; pay out ratio 45% 

Revenue development 2008 EUR mio Acquisitions +13% ‐ 81 ‐ 81 510 510 Organic growth +12% Currency ‐ 2% 607 607 ‐ 114 ‐ 114 Volume ‐ 3% Price +15% 4,943 4,943 4,021 4,021 FY FY 2007 2008 Operating result (EBITA) by activity 2008 2007 Delta EUR million Premix and speciality feed 84.1 38.7 117.3% Compound feed Europe 29.4 37.9 ‐ 22.4% Animal nutrition Canada 20.9 9.2 127.2% Animal nutrition 134.4 85.8 56.6% Fish feed 67.7 71.0 ‐ 4.6% Meat and other ‐ 0.4 22.3 ‐ 101.8% Corporate ‐ 19.6 ‐ 20.3 ‐ 3.4% Operating result before exceptional items 182.1 158.8 14.7% Restructuring ‐ 9.4 ‐ 11.1 Negative goodwill 10.2 5.6 Other ‐ 1.9 Total exceptional items 0.8 ‐ 3.6 ‐ 1.2 Total operating result cont. operations 182.9 155.2 17.8%

Net result and EPS 2008 2007 Delta EUR million EBITDA 233.5 197.1 18.5% Depreciation 50.6 41.9 20.8% EBITA 182.9 155.2 17.8% Amortization 10.8 6.2 EBIT from continuing operations 172.1 149.0 15.5% Net financing costs/income ‐ 31.2 ‐ 10.1 208.9% Share in results of associates 2.1 0.8 Income tax expense ‐ 37.2 ‐ 26.4 Profit for the period continuing operations 105.8 113.3 ‐ 6.6% Discontinued operations 11.1 7.4 EPS continuing operations 3.02 3.24 ‐ 6.8% EPS total Nutreco 3.34 3.46 ‐ 3.5% Numbers of shares outstanding (average) 34,365 34,317 Balance sheet Assets (EUR mio) Equity & liabilities (EUR mio) 31.12.08 31.12.07 31.12.08 31.12.07 Fixed assets 479 429 Equity 666 651 Intangible assets 286 319 Other non ‐ current assets 77 95 Interest bearing debt 595 498 Inventories 384 342 Trade receivables 706 585 Provisions 12 35 Other current assets 12 15 Trade payables 836 750 Cash and cash equivalents 228 208 Other liabilities 63 59 Total 2,172 1,993 Total 2,172 1,993 Net working capital 254 177 Net debt ‐ 367 ‐ 290

US Private Placement USD 150 mio  5, 7 and 10 year tranches  6 investors (3 new)  Coupon 7.2 – 8.2%  Successful closing at 8 April  Nutreco will use the notes to repay the maturing USD 46 mio tranche in May 2009  Existing bank debt will be refinanced by long ‐ term debt  No pressure for the syndicated loan facility renegotiations next year  Nutreco dividend 2008 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 book result on disposed activities 2008 dividend of EUR 1.43 (2007: 1.64) is maximum payout percentage of 45%  In August Nutreco distributed already an interim dividend of EUR 0.40 (2007: 0.35)  Final dividend of EUR 1.03 can be received in cash or in ordinary shares  Ratio between the value of stock dividend and cash dividend will be based on average  weighted price during last 3 days of option period (6, 7 and 8 May 2009) Dividend will be made payable to shareholders on 14 May 2009 

Content  2008 full year financial results  Global market developments  Strategy  Strategic agenda 2008 a challenging year Second half 2008: Global financial crisis First half 2008: Global food crisis  Increased demand for raw materials  Record high harvest quantities of commodities  Sharp increase in commodity prices  Sharp decline in raw material prices  Significantly higher vitamin prices  Pressure on liquidity in value chain  Higher feed costs pressured farm margins  Shift in consumption of food products

Global feed volume development Global animal feed production development Global salmonid feed volume development mio MT mio MT 2.9% 750 3.0 11% ‐ 1% 2.0% 1.7% 10% 2.5 600 2.0 450 1.5 300 1.0 150 0.5 0 0.0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008E 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008E  Growth of animal feed production of 2.9% in 2008 vs 2007  Global output of animal nutrition has grown nearly 18% in the last 10 years  World feed volumes have grown to over 700 million MT in 2008  Salmonid feed volumes approximately 2.5 million MT  Salmonid feed volumes impacted by downscaling fish farming activities in Chile due to ISA virus  Average annual growth salmonid feed 1999 ‐ 2008: >7% Source: Feed International, Kontali High volatility in raw material prices Soy and wheat price development Fish oil and meal price development market price market price USD/MT USD/ MT 2000 700 2006 2007 2008 2006 2007 2008 1800 600 1600 500 1400 1200 400 1000 300 800 600 200 400 100 200 0 0 Soy Wheat Peruvian Fish meal Peruvian Fish oil Vitamin price development Poultry meat prices and production cost in Spain market price market price EUR/KG EUR/KG 45 1.6 2006 2007 2008 2006 2007 2008 40 1.4 35 1.2 30 1.0 25 0.8 20 0.6 15 0.4 10 5 0.2 0 0.0 Vit A 1000 Vit E ads.50% Avg. broiler production cost Broiler real spot price Source: FAO, Crystal Ocean, TNI GPG, MAYPA Spain, Company data

Content  2008 full year financial results  Global market developments  Strategy  Strategic agenda The leading animal nutrition and fish feed company Our Vision In a world with limited natural resources and a growing population, Nutreco plays a leading role  in developing and supplying the most efficient and sustainable feed solutions. Our Mission Nutreco is a global leader in animal nutrition. We deliver high ‐ quality and sustainable feed  solutions and add value to our customer’s business by developing and supplying innovative products and concepts that support the best performance of farmed animals and fish.

Nutreco: a global player in animal nutrition and fish feed Global animal feed market is fragmented Top 10 suppliers have a 13% worldwide market share  Leading local positions in compound feed industry Market shares Nutreco: Canada 23%, The Netherlands 14%, Spain 10%  Premix and feed specialities industry is more consolidated 4 global players, with a joint global market share of about 50%  Nutreco’s Trouw Nutrition has a global number 2 position in premix with a 12% market share  Global salmon feed industry is concentrated: top 3 >90% Nutreco’s Skretting is the number 1 salmon feed producer with about 35% market share  Leading position in fish feed for other species in developed markets  Nutreco ranks the top 3 of the global animal nutrition industry in revenues An attractive position in the value chain… Plant growers/co ‐ products Animal nutrition/fish feed Protein producers/processors Plant growers/co ‐ products Animal nutrition/fish feed Protein producers/processors  Scarce raw materials  Nutritional know ‐ how  Global growth of food demand  High price volatility  Global presence  850 mio people undernourished  Climate change  Feed ‐ to ‐ Food safety  >1 billion people overweight  Low stocks  Quality assurance  ‘Slow food’ vs ‘Laboratory food’  Leading and responsible  Higher food prices  Government policies  Innovation and technology  Bio ‐ energy