ForFarmers 2024 results Volume growth and significant improvement in profitability
Pieter Wolleswinkel, CEO of ForFarmers, said: “With solid volume growth and significant improvement in profitability, 2024 was an exceptionally good year for ForFarmers. We further strengthened our market positions by maintaining a strong customer focus and responding flexibly to the specific needs of livestock farmers across different markets. This approach, combined with a continuous focus on cost awareness, contributed significantly to profitability. Favorable external factors, such as limited impact from animal diseases, also had a positive impact compared to 2023. We took important strategic steps that increased our position in growing and attractive markets. In Poland, for example, we strengthened our market position with the acquisition and successful integration of Piast and are investing in further future growth. With the acquisition of Van Triest Veevoeders, we expanded our position in co-products, contributing to more sustainable feed solutions with a higher share of circular raw materials. The joint venture announced with team agrar lays the foundation for a solid long-term position in the German market. With Reudink’s recent acquisition of a compound feed plant in West Germany, we have further expanded our capacity to produce organic feed. These steps, alongside our SBTi-validated sustainability ambitions, have further strengthened ForFarmers’ foundation. With the dedication of our employees and close collaboration with our chain partners, we continue to build on our mission: ‘For the Future of Farming’.”
Highlights 2024
Total volume increased by 7.0% compared to 2023; compound volume increased by 3.3%; On a like-for-like basis, excluding the Belgian volumes divested and the acquired Piast and Van Triest volumes, total volume increased by 3.5% and compound volume 2.1%
Gross profit increased by 8.6% to €518.3 million, due to higher volumes and a more effective buying and selling approach
Underlying EBITDA increased 44.0% year-on-year to €100.8 million, while underlying EBIT increased by 80.7% to €59.1 million
Underlying net profit for 2024 increased to €40.6 million (2023: €22.7 million)
Net cash from operating activities amounted to €70.2 million in 2024
The ROACE on underlying EBIT increased from 7.1% as at 31 December 2023 to 13.0% as at 31 December 2024
Successful integration of Piast and investments in Poland to support further growth
The acquisition of Van Triest supports our sustainability ambitions through the use of circular raw materials
Joining forces with team agrar will lead to a more solid position in the German market
Dividend proposal of €0.20 per ordinary share (2023: €0.15)
Note to the editor / For further information: ForFarmers, Floor van Maaren: floor.vanmaaren@forfarmers.eu or +31 (0)573 28 88 00
Profile 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 9 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 2,700 employees. ForFarmers N.V. is listed on Euronext Amsterdam.
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.
