ForFarmers N.V.: ForFarmers first quarter 2021 Trading Update
May 06 2021 - 1:00AM
ForFarmers N.V.: ForFarmers first quarter 2021 Trading Update
Lochem, 6 May 2021 ForFarmers first quarter 2021 Trading
Update Highlights first
quarter 20211:
- Volume Total Feed2:
up (1.8%); due to like-for-like volume growth in clusters
Germany/Poland and the United Kingdom and due to the acquisition of
De Hoop Mengvoeders in the Netherlands
- Volume compound
feed: up (1.0%); the like-for-like volume growth in cluster
Germany/Poland and the acquisition of De Hoop Mengvoeders was
larger than the like-for-like volume decline in clusters
Netherlands/Belgium and the United Kingdom
- Gross profit: down
(-2.8%); the growth in cluster Netherlands/Belgium could not
compensate the unexpected decline in cluster Germany/Poland in
combination with the decline in the United Kingdom
- Underlying EBITDA:
down (-12.8%); due to gross profit decline and despite
like-for-like cost savings.
- Results and developments of the first quarter 2021 are compared
to those of the first quarter 2020, unless stated differently
- Total Feed covers the entire ForFarmers product portfolio and
comprises compound feed, specialties, co-products (from the feed
industry, referred to as DML products), seeds and other products
(such as forage)
Yoram Knoop, CEO of ForFarmers: “The first
quarter of 2021 showed a mixed picture compared to the same quarter
last year, when there was no Covid-19 yet. We are grateful for the
strong commitment of our employees during the still ongoing
difficult circumstances because of Covid-19. Our Total Feed volumes
rose due to the fact that like-for-like volumes remained virtually
stable, in combination with the two acquisitions which we made at
the beginning of this year. However, retaining and strengthening
our market positions in the current market circumstances, which
have temporarily become very competitive especially due to the
impact of Covid measures, has led to margin erosion in a number of
segments. In this context, a number of contracts were agreed upon
in Germany of which pricing proved unfavourable for our margin.
This has had an impact on both gross profit and underlying EBITDA
in the past quarter and will also have a temporary impact in the
coming months. It is expected that the total impact will be
approximately € 4 million on underlying EBITDA in the first
half-year of 2021. Consequently, we expect underlying EBITDA in the
first half-year of 2021 to be lower than in the comparative period
last year. The acquisitions of De Hoop Mengvoeders and Mühldorfer
Pferdefutter have contributed positively since their incorporation
as of the beginning of February 2021. The integration of both
companies is going according to plan and will be completely
finalised this year.”
Read the full press release on the website or open the pdf
via the link at the bottom of this message.
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 to the editor / For additional
information:
Caroline Vogelzang, Director Investor Relations T: 0031 573 288
000 M: 0031 6 10 94 91 61E:
caroline.vogelzang@forfarmers.eu
About ForFarmers N.V. ForFarmers 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 further sustainalising the agricultural
sector.
ForFarmers is the market leader in Europe with annual sales of
10.1 million tonnes of animal feed. The company is operating in the
Netherlands, Germany, Belgium, Poland and the United Kingdom.
ForFarmers has approximately 2,600 employees. In 2019, the turnover
amounted to approximately € 2.5 billion. ForFarmers N.V. is listed
on Euronext Amsterdam. ForFarmers N.V., P.O. Box 91, 7240 AB
Lochem, T: +31 (0)573 28 88 00, F: +31 (0)573 28 88 99,
info@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.
- 20210506_Press Release_ForFarmers Q1 2021 Trading Update
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