ForFarmers N.V.: ForFarmers first quarter 2022 Trading Update
May 05 2022 - 12:55AM
ForFarmers N.V.: ForFarmers first quarter 2022 Trading Update
Lochem, 5th of May 2022
ForFarmers first quarter 2022 Trading
Update
Highlights first quarter 20221 :
- Volume Total Feed2 : down by -7.3%; decline in all countries
except Poland of which compound feed: down by 8.2%
- Gross profit: up by 9.3%; compared to weak gross profit in
first quarter of 2021
- Underlying EBITDA: down by 47.2% ; substantially higher prices
for raw materials, energy and diesel could not be passed on fully
in the chain.
Roeland Tjebbes, CFO and ad-interim CEO of ForFarmers: “The
first quarter of 2022 was mainly dominated by the shocking invasion
of Ukraine by Russia resulting in awful human suffering. The war
also impacts the availability of raw materials, a situation which
we are continuously monitoring. Up to now we have succeeded in
continuing to supply feed to our customers and based on the current
insights we can continue to do so. In line with our previously
stated expectations, we could not fully pass on the price increases
of raw materials and energy, which were eve higher than expected
due to the outbreak of the war. As result, we realised a
substantially lower underlying EBITDA in the past quarter despite
continued cost savings. Recently, we see some movement in the food
chain to make consumers pay for the heavily oppressive energy and
fuel costs. It is, however, too soon to draw any conclusions from
this. In the meantime, the European agricultural sector is fully
committed to continuing to ensure food security in a sustainable
way. We contribute to this by providing innovative solutions for
livestock farmers to help them improve their production and returns
on-farm while decreasing their footprint at the same time. This
remains the core of our strategy, of which the review is
progressing smoothly. We expect to communicate more about this
after the summer, following the appointment of Chris Deen by the
general meeting of shareholders.”
1. Results and developments of the first quarter 2022 are
compared to those of the first quarter 2021, unless stated
differently
2. 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)
This press release contains information that qualifies as inside
information within the meaning of Article 7(1) of the EU Market
Abuse Regulation.
Read the full press release on the website or open the pdf
via the link at the bottom of this message.
- 220505_Press Release_ForFarmers Q1 2022 Trading Update
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