ForFarmers N.V.: ForFarmers 2022 results
February 23 2023 - 1:00AM
ForFarmers N.V.: ForFarmers 2022 results
Lochem, 23 February 2023
ForFarmers 2022 results
Financial highlights 2022(1):
Total Feed (2) volume: |
-6.6% to 9.0 million tonnes; down in every cluster |
Of which compound feed volume: |
-7.8% to 6.3 million ton; decline mainly in swine
sector; growth in the poultry sector in Germany/Poland |
Revenue |
+24.1% to €3,315 million; due to higher raw material and
energy prices |
Gross profit: |
+13.4% to €494.8 million; up relatively less than
revenue due to high raw material prices and like-for-like volume
decline |
Underlying EBITDA: |
-2.7% to €76.1 million; due to sharp increase in energy
costs |
Underlying EBIT: |
-4.4% to €38.9 million |
Underlying net profit (3): |
+3.4% to €30.0 million |
Working capital: |
€38.8 million (2021: €37.4 million) |
ROACE (4) (based on EBIT) |
7.8% (2021: 8.4%) |
Dividend proposal: |
€0.20 per ordinary share (2021: €0.29, of which
€0.19 regular dividend) |
- Results are always compared year-on-year
- Total Feed covers the entire product portfolio and consists of
compound feed, specialties, co-products (including DML products),
seed and other products (such as forage)
- Net profit: in this context is defined as profit attributable
to shareholders in the Company
- ROACE means underlying EBIT (EBITDA) divided by 12-months
average capital employed
Roeland Tjebbes, CFO of ForFarmers: “2022 was a difficult year
on several fronts. We are therefore especially proud that our
employees have made a huge effort to continue supplying feed to our
customers on time and as agreed, even when the availability of raw
materials became uncertain as a result of the dreadful war in
Ukraine. Our volumes decreased, mainly due to the decline in the
pig sector as a result of the contraction in this sector.
Nevertheless, we achieved solid underlying EBITDA and underlying
net profit that was higher than last year. This was thanks to
tightened processes and a strong contribution from the
Germany/Poland cluster and despite the sharp rise in raw material
and energy prices. In the Netherlands we stood shoulder to shoulder
with our farmers to emphasize that we believe that partnering and
innovation are more effective solutions to the nitrogen problem
than only restructuring. We see that the agricultural sector is
facing an important transition. In our recently launched revised
strategy 2025, we consequently put even more emphasis both on
making our production processes more sustainable and on developing
innovative feed concepts that reduce the impact of the sector on
climate and nature. We do this through targeted sourcing of raw
materials and co-products, proper utilisation of feed and
appropriate advice. Our dairy customers in the Netherlands for
example have already significantly reduced their greenhouse gas
emissions.”
Theo Spierings, CEO of ForFarmers: “I recently joined ForFarmers
as CEO. During conversations and meetings over the past two months,
I have been struck by the knowledge, experience, dedication and
passion that are present in the company. Given the changes facing
our sector, this provides a solid foundation. After all, there is
currently a lack of a clear vision in the sector with regard to how
we can make the sector more sustainable in a fitting and correct
manner. That has to change and I want to actively contribute to
this with ForFarmers. So that all players in the chain know where
they stand and can act accordingly. I am confident that we can do
this. We have a good team and our strategy and focus are clear. In
addition, we have recently tightened the core values, building on
the already existing corporate culture. This culture will help us
to adapt the organization needed to properly implement the
strategy. We cannot do without our customers, the members of the
cooperative, employees, shareholders, suppliers and other
stakeholders. On behalf of myself and my colleagues in the
Executive Team I want to thank them, for the trust placed in us in
2022."
For the entire press release < click here >
For more information:Caroline Vogelzang,
Director Investor Relations T: +31 6 10 94 91 61 E:
caroline.vogelzang@forfarmers.eu
Company profile ForFarmers
N.V. ForFarmers N.V. (Lochem,
the Netherlands) is an international organisation that provides
complete and innovative feed solutions for conventional and organic
livestock farming. 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.
With annual sales of around 9 million tons of animal feed,
ForFarmers a prominent player in Europe. The company is active in
the Netherlands, Germany, Belgium, Poland and the United Kingdom.
ForFarmers has approximately 2,500 employees. In 2022, the turnover
amounted to approximately € 3.3 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
Look for footage on
www.forfarmersgroup.eu/en/media/imagery.aspx
FORWARD-LOOKING STATEMENTS This 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.
Forfarmers NV (EU:FFARM)
Historical Stock Chart
From Jul 2024 to Aug 2024
Forfarmers NV (EU:FFARM)
Historical Stock Chart
From Aug 2023 to Aug 2024