ForFarmers N.V.: ForFarmers annual results 2021
February 24 2022 - 1:00AM
ForFarmers N.V.: ForFarmers annual results 2021
24 February
2022
ForFarmers annual results 2021
Financial highlights
20211:
- Total Feed2 volume:
-0.8% to 9.7
million tonnes; virtually stable in the Netherlands/Belgium
and Germany/Poland but down in the United Kingdomof which
compound feed volume: +0.2% to 6.8 million
tonnes; up in Netherlands/Belgium (due to acquisitions) and in
Germany/Poland but down in United Kingdom
-
Revenue: +13.5%
to €2,671 million due to acquisitions and partly passing on
higher prices of raw materials
- Gross profit:
+0.7% to €436.3 million due to
acquisitions; increase limited by impact of high raw material
prices and like-for-like volume decline
- Underlying EBITDA:
-18.7%
to €78.2 million; higher energy costs could not be fully
passed on in the chain
- Underlying net profit3:
-37.4% to €29.0
million
- Working
capital: €37.5
million (2020: €33.4 million)
- Cash flow from operating activities: -44.2% to
€54.7 million; fall due to lower EBITDA and small rise in
working capital (compared to fall in 2020)
- Dividend proposal:
€0.29 per
ordinary share; €0.19 regular dividend equating to 60%
distribution and €0.10 special dividend (2020: €0.29)
1 Results are always compared year-on-year2 Total Feed
covers the entire ForFarmers product portfolio and consists of
compound feed, specialties, co-products (including DML products),
seed and other products (such as forage) 3 Net profit: in this
context is defined as profit attributable to shareholders in the
Company
Yoram Knoop, CEO of ForFarmers: “For ourselves
and our customers, 2021 was a turbulent year in which we were
impacted by challenges including rising input costs, animal
diseases and increasing pressure on the agricultural sector.
Despite many of our employees having suffered Covid infections and
the many challenges we faced in the supply chain, we were able to
continue supplying our customers well. Our results were affected by
the fact that prices for raw materials rose faster than the prices
for products sold by and to our customers. In these circumstances,
it proved difficult in the chain to pass on the significant rises
in energy prices on top of the higher raw material prices. In
addition, we had an incident involving unfavourably priced sales
contracts in Germany in the first half year, putting pressure on
our margins. At the same time, however, we saw a recovery of
results in Poland and a solid contribution from the acquisitions in
the Dutch poultry sector (De Hoop Mengvoeders) and the horse sector
(Mühldorfer), with both companies having been acquired in early
2021. Following the acquisition of De Hoop, the growing poultry
sector is currently the largest sector in our portfolio, before
ruminants and swine. The number of ftes has (like-for-like)
declined due to the implementation of our efficiency programme,
which puts us ahead of the cost savings plan. Nevertheless, we saw
a sharp decline in underlying EBITDA. We expect raw material and
energy prices to remain high, given the worrying political
situation between Russia and Ukraine. We therefore expect continued
pressure on margin and costs during 2022 and consequently on
underlying EBITDA, which will show a substantial decline (YoY) in
the first half year of 2022 in particular. We aim to enhance our
market position by focusing on optimal customer experience,
sustainability and innovation. At the same time we continue to
leverage our scale, work on realising acquisitions and optimise our
cost levels. In addition, in light of the changes and challenges in
the agricultural sector, we have started a process to evaluate our
strategy and, where necessary, to tighten it. The outcome hereof
will be presented later this year. Our employees have once again
made a huge effort and have shown flexibility and commitment in
2021, for which I am extremely grateful. As announced previously I
will be stepping down after the General Meeting of Shareholders in
April. The search for my successor is in full swing. In the
meantime ForFarmers will continue to focus fully on a sustainable
future perspective for all its stakeholders, in line with its
mission For the Future of Farming.” 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 to the editor / For further
information:Caroline Vogelzang, Director of Investor
Relations T: +31 6 10 94 91 61E:
caroline.vogelzang@forfarmers.eu
About ForFarmersForFarmers 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 2021 revenue amounted to approximately €2.7 billion.
ForFarmers N.V. is listed on Euronext Amsterdam.
ForFarmers N.V. P.O. Box 91 7240 AB Lochem The NetherlandsT: +31
(0)573 28 88 00 F: +31 (0)573 28 88
99info@forfarmers.euhttps://www.forfarmersgroup.eu/en/
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.
- Press release ForFarmers annual results 2021
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