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 61
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, email@example.com, www.forfarmersgroup.eu
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.
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