ForFarmers N.V.: ForFarmers third quarter 2021 Trading Update
November 02 2021 - 1:55AM
ForFarmers N.V.: ForFarmers third quarter 2021 Trading Update
Lochem, 2 November 2021
ForFarmers third quarter 2021 Trading
Update
Highlights third quarter 20211:
- Volume Total Feed2:
down by -1.4%
- Volume compound
feed: up by 1.0%; due to acquisitions and like-for-like growth in
Germany/Poland, decline elsewhere
- Gross profit: up by
2.6%; due to acquisitions and better product mix with more compound
feed
- Underlying EBITDA:
down by 22.0%; due to significantly higher energy prices and
despite structural organisational cost savings.
Yoram Knoop, CEO of ForFarmers: “Our total volume has
decreased in the third quarter as a result of the continuing
challenging market circumstances. However, the two acquisitions
which we made at the beginning of the year and our Polish
activities realised good results. Our gross profit rose
accordingly. During this quarter we have also made progress with
structural cost savings as part of our efficiency programme.
However, the increase of energy prices was so substantial that this
has led to a significant decrease of underlying EBITDA. How energy
prices in particular will develop is unpredictable. We therefore
refrain from providing an outlook for the results in the fourth
quarter of 2021. Further and faster implementation of the strategy
Build to Grow, including our efficiency programme, has the highest
priority. We aim to enhance our positions through M&A, in our
home countries but also possibly beyond. The intent is to create a
better geographical balance of activities. Within the strategy, and
given our strong balance sheet, we are also looking at alternatives
for capital allocation. We will report about this shortly. In this
light, we also intend to distribute a dividend per ordinary share
over the year 2021, which is comparable to the dividend over 2020.
Finally, we have also changed our management structure to be more
agile and decisive in our local markets.”
- Results and developments of the third quarter 2021 are compared
to those of the third 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)
Read the full press release on our website.
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 provides complete innovative feed
solutions to the livestock farming industry. With its ‘For
the Future of Farming’ mission ForFarmers is committed to
the continuity of farming and to further increasing the
sustainability of the agricultural sector. ForFarmers is the market
leader in Europe with annual sales of around 10 million tonnes of
animal feed. The company is active in the Netherlands, Belgium,
Germany, Poland and the United Kingdom. ForFarmers has
approximately 2,500 employees. In 2020 revenue amounted to
approximately €2.4 billion. ForFarmers N.V. is listed on Euronext
Amsterdam.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.
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