Ad hoc-Mitteilungen

ForFarmers N.V.: ForFarmers 2022 first-half results

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Lochem, 11 August 2022

ForFarmers 2022 first-half results

Increase underlying EBITDA due to positive results in countries outside of the Netherlands

Financial highlights for first-half of 20221:

  • Total Feed2 volume:                       -7.4% to 4.5 million tonnes; due to like-for-like decline in all clusters
    of which compound feed:               -7.9% to 3.2 million tonnes; decline in all clusters
  • Gross profit:                                  +18.3% to €257.3 million; higher raw material and energy prices largely passed on in Q2; 1H 2021 depressed by German incident
  • Underlying EBITDA:                       +5.6% to €43.1 million; higher gross profit and efficiency measures
  • Underlying net profit3:                    -4.5% to €17.1 million; mainly due to increased interest expenses and higher effective tax rate
  • Working capital:                             increase of €21.7 million (year-on-year) to €75.0 million due to sharp increase in raw material prices

  1. Results are always compared year-on-year
  2. Total Feed: the entire ForFarmers product portfolio consisting 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 of the Company

Commenting on the 2022 first-half results ForFarmers CEO Chris Deen said:

“While still in my induction period at ForFarmers it is my privilege to present these better-than-originally-expected first-half results, mainly due to the second quarter results. This is a great achievement by the team amid challenging market conditions due to the war in Ukraine and the consequential further increase in raw material and energy prices. Our total volumes fell, mainly due to a decline in the pig sector in Netherlands/Belgium and the United Kingdom, whereas poultry volumes in Poland grew. The cost increases could only be passed on in the chain in the course of the second quarter. This explains the result improvement versus the first quarter.  Finally, the absolute rise in gross profit in the first half-year was higher than the absolute increase in operating expenses. Underlying EBITDA consequently was higher than originally expected

Note to the editor / For additional information: 
Caroline Vogelzang, Director Investor Relations  
T: 0031 573 288 000   M: 0031 6 10 94 91 61 

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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