Annual General Meeting of Shareholders Amsterdam, 1 April 2010 - PDF document

Annual General Meeting of Shareholders Amsterdam, 1 April 2010 NUTRECO HOLDING N.V. Annual General Meeting of Shareholders 1 April 2010 1. Opening

NUTRECO HOLDING N.V. Annual General Meeting of Shareholders 1 April 2010 2. Report of the Supervisory Board and of its sub ‐ committees for the financial year 2009 NUTRECO HOLDING N.V. Annual General Meeting of Shareholders 1 April 2010 3. Report of the Executive Board for the financial year 2009

Content 2009 full year financial results  Global market developments  Strategy  Strategic agenda  Extended Executive Board to five members in 2009 New Executive Board members New Executive Board members Agriculture Specialties Aquaculture Agriculture Specialties Aquaculture Jerry Vergeer Frank Tielens Knut Nesse Jerry Vergeer Frank Tielens Knut Nesse Canada Spain Netherlands Belgium Germany

Nutreco full year results 2009  EBITA 2nd half year 2009 EUR 134 million: 33.9% higher than 2008  All businesses reported above or in line with 2nd half 2008  Operating result 2009 EUR 175.2 million; 3.8% lower than 2008  Revenue 2009 EUR 4.5 billion; impact lower volumes limited to 3.7%  Strong cash flow by reduction net working capital by EUR 98 million  Earnings per share EUR 2.61 (2008: EUR 3.02) Developments in main raw material prices Soy and wheat price (FAO) Fish oil and fishmeal price USD/MT USD/MT 700 2000 2007 H1 2007 H2 2008 H1 2008 H2 2009 H1 2009 H2 H1 2007 H1 2007 H2 2008 H1 2008 H2 2009 H1 2009 H2 H1 1800 600 1600 500 1400 1200 400 1000 300 800 600 200 400 100 200 0 0 Soy Wheat Peruvian Fishmeal Peruvian Fish oil Vitamin price (FeedInfo) EUR/KG 45 2007 H1 2007 H2 2008 H1 2008 H2 2009 H1 2009 H2 H1 40 35 30 25 20 15 10 5 0 Vitamin A 1000 Vitamin E ads. 50%

Operating result (EBITA) by activity 2009 2008 Delta EUR million Premix and feed specialties 70.4 84.1 ‐ 16.3% Fish feed 66.4 67.7 ‐ 1.9% Compound feed Europe 1.6 29.4 ‐ 94.6% Animal Nutrition Canada 21.8 20.9 4.3% Meat and other 34.3 ‐ 0.4 ‐ Corporate ‐ 19.3 ‐ 19.6 ‐ 1.5% Operating result before exceptional items 175.2 182.1 ‐ 3.8% Restructuring ‐ 11.8 ‐ 9.4 Negative goodwill 11.2 10.2 Impairment on acquisitions ‐ 7.5 ‐ Other 2.9 Total exceptional items ‐ 5.2 0.8 Total operating result cont. operations 170.0 182.9 ‐ 7.1% Net result and EPS 2009 2008 Delta EUR million EBITDA 222.7 233.5 ‐ 4.6% Depreciation 52.7 50.6 4.2% EBITA 170.0 182.9 ‐ 7.1% Amortization 12.1 10.8 EBIT from continuing operations 157.9 172.1 ‐ 8.3% Net financing costs/income ‐ 31.6 ‐ 31.2 1.3% Share in results of associates 1.4 2.1 Income tax expense ‐ 34.7 ‐ 37.2 Profit for the period continuing operations 93.0 105.8 ‐ 12.1% Discontinued operations ‐ 11.1 Profit including discontinued operations 93.0 116.9 EPS from continuing operations 2.61 3.02 ‐ 13.6%

Balance sheet Assets (EUR mio) 31.12.09 31.12.08 Equity & liabilities (EUR mio) 31.12.09 31.12.08 Fixed assets 517 479 Equity 741 666 Intangible assets 310 286 Other non ‐ current assets 89 77 Interest bearing debt 455 595 Inventories 356 384 Trade receivables 606 722 Provisions 18 12 Other current assets 14 12 Trade payables 826 852 Cash and cash equivalents 233 228 Other liabilities 85 63 Total 2,125 2,188 Total 2,125 2,188 Net working capital 136 254 Net debt ‐ 222 ‐ 367 Nutreco dividend 2009 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 result on disposed activities Dividend 2009 of EUR 1.32 (2008: 1.43) is maximum payout percentage of 45%  In August Nutreco already distributed an interim dividend of EUR 0.20  Final dividend of EUR 1.12 can be received in cash or in ordinary shares  Ratio between the value of stock dividend and cash dividend will be determined on 21 April  2010 after closing of the stock market based on the average weighted price during the last three days of the option period (19, 20 and 21 April 2010) Dividend will be payable to shareholders on 27 April 2010 

Nutreco Agri Vision and AquaVision: > 4,000 participants Themes AquaVision: 1996: The Nutreco Aqua Business Conference 1998: Managing a sustainable annual growth 2000: Seafood opportunities in the new millennium 2002: Take hold of the future or the future will take hold of you 2004: The sustainable Blue Revolution 2006: Oceans of opportunities 2008: Know the fundamentals – Create your future 2010: Open your eyes – Oceans of opportunities Themes Agri Vision: 2000: Future scenarios for animal food production in Europe 2003: Inspired by Consumers, Endorsed by Society 2005: Empowering Partnerships 2007: Balance the Challenge – Feed, Food & Fuel 2009: Shifting Horizons Booklet Nutreco 2010 – Feeding the Future Can we feed 9 billion people in 2050 in a sustainable way? AquaVision & Agri Vision Conferences from 1996 onwards  > 4,000 participants, multi stakeholders from all continents, over 50 countries 2007: we need 3 additional planets to allow 9 billion people to have a North American lifestyle  while addressing the concerns of Europe on climate change, animal welfare and sustainability + Agri Vision 2009: ‐ Feeding the World in 2050  ‐ Shifting Horizons ”Doubling the food production while halving the footprint” 2010:  • Sharing the optimism with a wider audience

Animal Nutrition at a critical junction Struggling Supplies Surging Demand Animal Nutrition Plant Growers Protein Processors and Fish Feed Stressed Surroundings • Scarce Resources • Global food demand will double • High price volatility • 850 mln underfed, • Nutrition know-how • Climate Change >1 bln overweight • Global presence • Low stocks • ‘ Slow food ’ versus • Feed-to-food Quality • Government policies ‘ Laboratory food ’ & Safety, CSR • Innovation & • Bio ‐ energy • Higher food prices Technology (agflation) Co ‐ products “More food will have to be produced over the next decades than has been produced during the past 10,000 years combined” (FAO) Nutreco’s growth perspective 1. Focus on new geographic regions and markets with perspective of structural profitable growth in countries like Brazil, China, Russia and Vietnam 2. Participate in the industry consolidation process in markets where Nutreco has leading positions (Canada/North America, The Netherlands and Spain) 3. Further strengthening our global market positions in feed specialties and fish feed by organic growth and acquisitions

Acquisition Fri ‐ Ribe in Brazil  Acquisition of 51% shareholding in Brazilian animal nutrition and fish feed company Fri ‐ Ribe  Fri ‐ Ribe is an important player in Brazil for shrimp and tilapia fish feed and also has important regional market positions in animal nutrition for beef cattle, dairy cattle and for horse feed  The company has 5 production plants and 6 sales offices spread across the central and north ‐ east of Brazil  Revenues amounted to EUR 47 million in 2008 with 400 employees  Strong management, dedicated people and distribution network offers Nutreco substantial scope for selling Nutreco’s feed specialties  Provides a platform for building a strong position in one of the most important agriculture growth markets in the world Acquisition 12 feed plants in Spain and Portugal  The acquisition of 12 animal feed production facilities from Cargill  production volume of around 700,000 metric tonnes  annual sales of approximately EUR 240 million and 450 employees  After integration and transformation, the acquired business is in two years’ time expected to contribute a 2 ‐ 3% operating margin  The total consideration is approximately EUR 40 million which includes integration, transformation and investments in the next two years

EBITA EUR 230 million remains the medium term target  Cargill (Iberia)  Fri ‐ Ribe (Brazil)  Volume growth fish feed >5%  Volume growth animal feed 2 ‐ 3% M&A M&A Organic Organic growth growth 230 230 182 182 175 175 158 158 115 115 FY FY FY FY FY 2012 2006 2007 2008 2009 Note: Currency effects included in organic growth Strategic agenda 2010 1. Focus on new geographic regions and markets with perspective of structural profitable growth in countries like Brazil, China, Russia and Vietnam 2. Participate in the industry consolidation process in markets where Nutreco has leading positions (Canada/North America, The Netherlands and Spain) 3. Further strengthening our global market positions in feed specialties and fish feed by organic growth and acquisitions 4. Develop new sustainable products and feed solutions to add value to our customer’s business and grow Nutreco’s product portfolio to higher margin products 5. Incorporate CSR targets for management, including all operating companies 6. Barring unforeseen circumstances Nutreco expects the following developments for the first half year of 2010:  An EBITA before exceptional items to exceed EUR 50 million compared to 2009 (EUR 41.6 million)  Higher capital expenditure for production capacity expansion and optimisation

NUTRECO HOLDING N.V. Annual General Meeting of Shareholders 1 April 2010 4. Annual Accounts 2009

NUTRECO HOLDING N.V. Annual General Meeting of Shareholders 1 April 2010 4.1 Adoption of the Annual Accounts NUTRECO HOLDING N.V. Annual General Meeting of Shareholders 1 April 2010 4.2 Dividend proposal