Press release
Lochem, 1 November 2024
ForFarmers trading update Q3 2024: Strong quarter with significant volume growth and robust profitability
Pieter Wolleswinkel, CEO ForFarmers: "The strong trend from the first half of the year continued into the third quarter. Our ambition to continue gaining market share was reflected in significant volume growth of 6%. Operational profitability has once again improved strongly, driven in part by the market-oriented approach, using our scale and knowledge. We remain committed to cost control. This result, in which we were again able to provide our farmers with good feed at competitive prices, is due to the hard work of our employees.
In the past quarter, we have again taken important strategic steps, such as the announcement of the joint venture with team agrar. This will lay the foundation for a solid long-term position in Germany. In September we were pleased to welcome the employees of Van Triest, which has significantly strengthened our position in co-products. We have also proudly communicated our sharpened sustainability ambitions towards 2030, in order to contribute to a future-proof agricultural sector."
Highlights Q3 2024
- Total volume increased by 6.1% compared to Q3 2023; compound feed volume increased by 2.8%; On a like-for-like basis, volume growth shows a similar trend at 4.3% for total volume and 2.5% for compound feed.
- Turnover decreased by 4.5%, entirely attributable to the decline in raw material prices.
- Strong increase in operating profitability; underlying EBIT increased by 48.9% and underlying EBITDA increased by 28.2%, driven by higher gross margin and cost control.
- The ROACE ratio1 on underlying EBIT increased from 10.7% as at 30 June 2024 to 11.6% as at 30 September 2024.
- The acquisition of Van Triest Veevoeders was completed in September 2024, an important step in increasing the share of circular raw materials.
- Announcement of joint venture with team agrar to more closely serve the German market.
1 ROACE means underlying EBIT of the last 12 months divided by average capital employed over the same period
Read and download the full press release on our website via this link.
For further information:
ForFarmers, Floor van Maaren: floor.vanmaaren@forfarmers.eu of +31 (0)573 28 88 00
Profile of ForFarmers
ForFarmers N.V. ('ForFarmers') is a company offering complete feed solutions for (organic) livestock farming. With its mission statement "For the Future of Farming", ForFarmers is committed to future-proof farming and making the agricultural sector even more sustainable. Our goal is clear: to contribute to good returns and a robust long-term earnings model. How? By leading the way with knowledge, advice, support and products on farm. Close to the farmers, solution-oriented and with an open mind to the future. The result: a contribution to affordable and sustainable food, For the Future of Farming.
With sales of around 8.4 million tonnes of animal feed, ForFarmers is a leading player in Europe. The company has production operations in the Netherlands (head office), Germany, Poland and the UK and exports to various countries within and outside Europe. ForFarmers has around 2,600 employees. Its turnover was approximately €3 billion in 2023. ForFarmers N.V. is listed on Euronext Amsterdam.
info@forfarmers.eu, www.forfarmersgroup.eu
Financial calendar
20-02-2025 Publication of annual results and annual report 2024
17-04-2025 Annual General Meeting of Shareholders
FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements that relate, among other things, to ForFarmers' regulatory capital and liquidity positions under certain specified scenarios. In addition, forward-looking statements may include, without limitation, statements containing words such as 'intends', 'expects', 'takes into account', 'aims at', 'has the plan', 'estimates' and words of similar purport. These statements concern or may affect future matters, such as ForFarmers' future financial results, business plans and current strategies. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results and performance to differ materially from the expected future results or performance implicitly or explicitly contained in forward-looking statements. Factors that may cause, or contribute to, differences in current expectations include, but are not limited to: developments in legislation, technology, taxation, case law and regulations, fluctuations in stock prices, legal proceedings, investigations by regulators, competitive conditions, and general economic conditions. These and other factors, risks and uncertainties that may affect any forward-looking statement or the actual results of ForFarmers are discussed in the latest published annual report. The forward-looking statements contained in this document relate solely to statements as of the date of this document, and ForFarmers assumes no obligation or responsibility to update the forward-looking statements contained in this announcement, whether in connection with new information, future events or otherwise, unless ForFarmers is required by law to do so.
