Net sales and income from operations before amortization of goodwill (EBITA) in the Aquaculture business stream were strongly affected by low salmon prices, primarily in the beginning of 2002, and the stabilization of feed volumes.

This reduced net sales by 3.1% to EUR 1,215.2 million and income from operations before amortization of goodwill by 21.2% to EUR 72.1 million. Taking into account exceptional items, income from operations before amortization of goodwill, fell by 32.6% to EUR 61.7 million.

Salmon prices in the United States and Japan have developed positively in the second half of the year. In Europe, salmon prices showed a mixed picture, with prices in Norway in particular lagging behind expectations. The growth in demand for salmon and salmon products remained strong. Consumption of Atlantic salmon grew by 7% worldwide, whereas double-digit growth in the US persisted at 20% above 2001 levels.

Reorganizations in Norway resulted in a further reduction of operating costs.

The results of the salmon feed activities remained positive, despite stabilization of volumes. Nutreco was able to offset the stabilization of feed volumes by a reduction in production costs, improved purchasing terms and new products. The market for other types of farmed fish is promising, both on the farming and on the feed side, and Nutreco booked good results with its activities in that area.
Full results at: http://www.nutreco.com