ForFarmers N.V.: Results 2020 ForFarmers
March 11 2021 - 12:54AM
ForFarmers N.V.: Results 2020 ForFarmers
Lochem, 11th of March 2021
Results 2020 ForFarmers
Financial highlights 20201 :
· Total Feed volume2:of
which Compound Feed volume: |
-3.5% to 9.7 million tonnes;-3.9%
to 6.8 million tonnes; only growth in dairy and pig sector in
Germany/Poland |
· Gross profit: |
-1.7% to €433.2 million; despite
better product mix mainly due to volume decline |
· Underlying EBITDA: |
+8,7% to €96.2 million; compared
to a weak 2019 and especially due to execution of efficiency
plans;+9.3% to €96.7 million at constant currencies |
· Underlying net
profit3: |
+10.0% to €46.3 million,
excluding a.o. gain on sale of closed mills and goodwill impairment
of €34.2 million for activities in Poland due to a.o. Covid-19 |
· Dividend proposal |
regular dividend substantially
higher at €0.29 per ordinary share; distribution of 60% of
underlying net profit |
· Net cash flow from
operating activities: |
+2.1% to €98.1 million; besides
higher EBITDA also driven by lower working capital |
1 Results are always compared year-on-year2 Total Feed covers
the entire ForFarmers product portfolio and comprises compound
feed, specialties, co-products (including DML products), seeds and
other products (such as forage) 3 Underlying net profit: in this
instance profit attributable to shareholders of the Company
Yoram Knoop, CEO ForFarmers: “We look back on 2020
as a turbulent year, dominated by the outbreak of Covid-19 and its
consequences. Given the circumstances, our results are more than
satisfactory. In March last year, we were quick to take measures to
combat the spread of the coronavirus and to secure the continuity
of production and feed deliveries. Thanks to the tremendous efforts
of our employees, we were able to continue to provide a high level
of service to our customers. As a result of the closure of the
hospitality sector and the out-of-home segment our customers more
or less saw a decline in demand for their products followed by a
drop in the prices for their products. This also partly put
pressure on our volumes and margins. It is hard to predict how long
the Covid-19 measures will be sustained. This is one of the
reasons, why we have taken a goodwill impairment on our Polish
activities. Despite this we remain optimistic about the growth
opportunities in the Polish poultry sector once the Covid measures
are relaxed. We had already begun implementing efficiency measures
in 2019 and have accordingly been able to reduce our cost level
even further relatively quickly in 2020. We also managed our
working capital well again. All together this has led to a solid
contribution to our results.
Looking ahead, I have great confidence in our Build to Grow 2025
strategy despite the ongoing uncertainty. Following its launch in
September last year the strategy has got off to a good start, with
progress for example in terms of next-level innovation projects and
of course the recent acquisitions of poultry feed company De Hoop
Mengvoeders in the Netherlands in beginning 2021 and the Mühldorfer
Pferdefutter equine feed brand in Germany.”
Read the full press release in the attached pdf.
This press release contains information that qualifies as inside
information in the sense of Article 7 paragraph 1 of the EU Market
Abuse Regulation.
Note for the editorCaroline VogelzangDirector
Investor RelationsT: 0031 6 10 94 91 61E:
caroline.vogelzang@forfarmers.eu
About ForFarmersForFarmers N.V. is an
international organisation that offers complete and innovative feed
solutions for livestock farming. With its “For the Future of
Farming” mission, ForFarmers is committed to the continuity of
farming and making the agricultural sector more sustainable.
ForFarmers is the market leader in Europe with annual sales of
approximately 10 million tonnes of animal feed. The organisation is
operating in the Netherlands, Germany, Belgium, Poland and the
United Kingdom. In 2020, ForFarmers has approximately 2,500
employees. In 2020, turnover amounted to approximately €2.4
billion. ForFarmers N.V. is listed on Euronext Amsterdam.ForFarmers
N.V.Postbus 917240 AB Lochemthe NetherlandsT: +31 (0)573 28 88 00F:
+31 (0)573 28 88 99info@forfarmers.eu www.forfarmersgroup.eu
FORWARD-LOOKING STATEMENTSThis press release
contains forward-looking statements, including those relating to
ForFarmers legal obligations in terms of capital and liquidity
positions in certain specified scenarios. In addition,
forward-looking statements, without limitation, may include such
phrases as “intends to”, "expects“, “takes into account”, "is aimed
at“, ''plans to”, "estimated" and words with a similar meaning.
These statements pertain to or may affect matters in the future,
such as ForFarmers future financial results, business plans and
current strategies. Forward-looking statements are subject to a
number of risks and uncertainties, which may mean that there could
be material differences between actual results and performance and
expected future results or performances that are implicitly or
explicitly included in the forward-looking statements. Factors that
may result in variations on the current expectations or may
contribute to the same include but are not limited to: developments
in legislation, technology, jurisprudence and regulations, share
price fluctuations, legal procedures, investigations by regulatory
bodies, the competitive landscape and general economic conditions.
These and other factors, risks and uncertainties that may affect
any forward-looking statements or the actual results of ForFarmers,
are discussed in the last published annual report. The
forward-looking statements in this press release are only
statements as of the date of this document and ForFarmers accepts
no obligation or responsibility with respect to any changes made to
the forward-looking statements contained in this document,
regardless of whether these pertain to new information, future
events or otherwise, unless ForFarmers is legally obliged to do
so.
- 210311_Press Release_ForFarmers results 2020_
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