ForFarmers N.V.posts 2019 first half-year results
15 Août 2019 - 6:55AM
ForFarmers N.V.posts 2019 first half-year results
Lochem, 15 August 2019
ForFarmers posts 2019 first
half-year results
Highlights for first-half
20191:
- Total Feed2 volume: +5.2% to 5.1 million tonnes; 6.8% growth
through acquisitions (made in second half of 2018 in Poland, the
Netherlands and Belgium), 1.6% like-for-like3 decline (in the
Netherlands, Belgium and the United Kingdom);
- Compound feed volume (part of Total Feed): +7.2% to 3.6 million
tonnes; 9.8% growth through acquisitions, 2.6% like-for-like
decline (in the Netherlands, Belgium and the United Kingdom);
- Gross profit: -1.7% to €214.1 million; 6.6% growth through
acquisitions, 8.6% like-for-like decline (especially due to
unfavourable purchasing positions in the Netherlands, Belgium and
the United Kingdom);
- Underlying EBITDA4 : -31.5% to €35.8 million; 8.2% growth
through acquisitions, 39.9% like-for-like decline (in all
countries) and including IFRS 16 effect of +€2.8 million;
- Underlying profit: -61.5% to €11.9 million.
[1] Results for the first half of 2019 are compared to the
results for the same period of 2018; there was virtually no impact
from currency translation in the first half of 2019, the
percentages are disclosed in the table on the consolidated key
figures [2] ‘Total Feed’ covers the entire ForFarmers product
portfolio and comprises compound feed, specialties, co-products
(including DML products), seeds and other products (such as forage)
[3] Explanatory notes on like-for-like developments are exclusive
of the contribution of Tasomix and therefore Poland, as Tasomix was
acquired on 2 July 2018 [4] Underlying means excluding incidental
items, see Note 12 of the interim financial statements on
Alternative Performance Measures
Other developments:
- Size of animal herd under pressure particularly due to various
environmental measures (in the Netherlands and Germany);
- Efficiency plans 2019-2020 for cost savings of €10 million in
2021 on track with announced plans to close 4 mills (involving a
total 91 FTE’s ) by end of this year;
- Investment plan for 2019 adjusted from €50 million to €40
million;
- Underlying EBITDA, underlying EBIT and underlying profit
expected to be lower in 2019 than in 2018.
Commenting on the first-half 2019 results ForFarmers CEO
Yoram Knoop said:
“The results for the first-half of 2019 were disappointing, but
in line with our expectations as disclosed in the first- quarter
trading update. The acquisitions, which we made in the second-half
of 2018, made a positive contribution but this was not enough to
offset the negative effects of the volume decline and the
unfavourable purchasing position which we experienced in the first
half of the year. We have reviewed and tightened up our purchasing
procedures including having shortened the permitted purchasing
coverage lengths for important raw materials. Since announcing our
efficiency plans in March, we have revealed plans to close four
mills this year. These plans will contribute to the targeted
structural cost savings of €10 million by 2021.
In more and more countries the agricultural sector is, amongst
others, being faced with government measures to reduce the
environmental impact of the sector. We will take into account the
speed and intensity with which such measures are being introduced
in the strategy for the period 2020 up to 2025. This strategy will
be finalised in the first-half of 2020. As ForFarmers has strong
positions in countries where the production of animal proteins is
very carbon-efficient, we are able to continue to play a
sustainable role for the future of farming and consequently in the
chain that supplies the growing world population with animal
proteins.”
Please find attached the link for the full press release
Note to the editor / For additional
information:
Caroline Vogelzang Director Investor Relations T: 0031 573 288
194
M: 0031 6 10 94 91 61 E: caroline.vogelzang@forfarmers.eu
About ForFarmers ForFarmers N.V., based in
Lochem, the Netherlands, is an internationally operating livestock
nutrition company that provides comprehensive and innovative feed
solutions for conventional and organic livestock farming. The
company’s ‘For the Future of Farming’ mission is aimed at
safeguarding the continuity of farming and promoting the financial
health of a sector which will continue to play a sustainable role
in society for many generations to come. ForFarmers works closely
with its customers to deliver concrete results: better returns, a
healthier herd and greater efficiency. It does so by providing
bespoke and Total Feed solutions through a targeted approach
supported by specialist and expert professionals. With production
sites in the Netherlands, Germany, Belgium, Poland and the United
Kingdom and an annual sales volume of around 10 million tonnes of
animal feed ForFarmers is market leader in Europe. In 2018
ForFarmers employed 2,761 people and generated revenue of € 2.4
billion. ForFarmers N.V. is listed on Euronext Amsterdam.
ForFarmers will be publishing its Third Quarter 2019 Trading Update
on 31 October 2019. ForFarmers N.V., Postbus 91, 7240 AB Lochem, T:
+31(0)573 28 88 00, F: +31 (0)573 28 88 99, info@forfarmers.eu/en/,
www.forfarmersgroup.eu/en/
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.
- Press release First half-year 2019 results ForFarmers
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