Lochem, September 15, 2020
ForFarmers announces the 2025 strategy
Resilience in difficult home countries, expansion into new markets
Today ForFarmers NV (ForFarmers / the company) presents its strategy Building to grow 2025 to analysts and investors during a Capital Markets Day. Over the next five years, the company will focus on strengthening its market positions in existing source countries, delivering innovative feeding concepts that help farmers improve their yields on the farm in a sustainable manner. . To this end, for example, the digitalization of business processes will be further improved, both on-farm and internally at ForFarmers. At the same time, ForFarmers aims to develop through acquisitions in existing markets and in new growth markets, potentially outside Europe. The objective is to be operational by 2025 in 7 countries, and to have a more balanced portfolio between developing and mature markets.
Solid financial ambitions with an attractive dividend policy
ForFarmers has defined the following financial ambitions for 2025, which are linked to the strategy:
- By 2025, an underlying EBITDA of between 125 million and 135 million1, due to both growth at constant scope and acquisitions (2019: 88.5 million and H1 2020: 48.2 million);
- Annual growth (like-for-like, i.e. excluding acquisitions) of the underlying EBITDA of 0% -3%1 (from 2020) in difficult countries of origin;
- At least 10 million lower operational costs in 2025 compared to 2020;
- A dividend policy, with a distribution of 40% -60% (was 40% -50%) of the underlying net profit (after tax).
1At constant exchange rates
Build to Grow 2025: customer-centric, innovative, efficient and sustainable
As the leader in animal feed in Europe, ForFarmers is an important link in the value chain which supplies feed, including animal protein, to the growing global population. However, with the exception of Poland, the agricultural sector is under increasing pressure in the European domestic markets of ForFarmers. For example, farmers are increasingly faced with extensive environmental measures to reduce phosphate and ammonia emissions from animals. Growth forecasts for the agricultural sector in Northwestern Europe are therefore very limited. Globally, the animal feed market continues to grow and remains very important and provides opportunities for strong and innovative players such as ForFarmers, both for organic growth and for future consolidation. ForFarmers is already the leader in animal feed in Europe and aims to maintain and strengthen this position.
With the Build to Grow 2025 strategy, ForFarmers highlights its resilience in existing home countries and its ambition to expand into two carefully selected new growth markets, potentially outside of Europe. By being customer-centric at the lowest possible cost, ForFarmers believes it will make a difference in its home markets. The key to this is its Total Feed approach, which aims to help farmers achieve optimum yield on the farm, especially in times of increasing environmental measures. This approach combines food, personalized advice and relies on monitoring tools. Innovative food concepts and data analysis are becoming increasingly important to make the agricultural sector more sustainable. ForFarmers devotes significant effort and resources to several programs aimed specifically at this. These include the use of more co-products from the food industry in animal feed, for example, and improved feed conversion (less feed, more production). In this context, ForFarmers is launching a strengthened and ambitious sustainable development policy, as part of the Build to Grow 2025 strategy, with the objective of reducing its carbon footprint from the production of animal feed and animal proteins.
This press release contains information that qualifies as inside information within the meaning of Article 7 (1) of the EU Market Abuse Regulation.
Capital Markets Day
Today, ForFarmers presents the different elements of the Build to Grow 2025 strategy and the associated programs during its Capital Markets Day. Presentations can be followed via webinar (09h00 12h30 CET). After the event, the webinar will be posted on the company’s website (www.forfarmersgroup.eu).
Note to the editor / For more information:
Caroline Vogelzang, Director of Investor Relations
T: 0031573288000 M: 0031 6 10 94 91 61
E: [email protected]
About ForFarmers NV
ForFarmers NV is an international organization that offers complete and innovative feeding solutions for animal husbandry. With his For the future of agriculture mission, ForFarmers is committed to the continuity of agriculture and the sustainability of the agricultural sector.
ForFarmers is the market leader in Europe with annual sales of 10.1 million tonnes of animal feed. The company operates in the Netherlands, Germany, Belgium, Poland and the United Kingdom. ForFarmers has approximately 2,600 employees. In 2019, the turnover was around 2.5 billion.
ForFarmers NV is listed on Euronext Amsterdam.
ForFarmers NV, PO Box 91, 7240 AB Lochem, T: +31 (0) 573 28 88 00, F: +31 (0) 573 28 88 99, [email protected], 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 phrases such as intention, “expects, considers”, aims, “anticipates”, “estimated” and words with similar meanings. These statements relate to or may affect future matters, such as future financial results, business plans and current strategies of ForFarmers. Forward-looking statements are subject to a number of risks and uncertainties, which may mean that there could be significant differences between actual results and performance and expected future results or performance which are implicitly or explicitly included in forward-looking statements. Factors that may cause or contribute to variations from current expectations include, but are not limited to: changes in legislation, technology, case law and regulations, fluctuations in stock prices, legal proceedings, investigations by regulatory bodies, the competitive landscape and economic conditions. These factors, risks and uncertainties, as well as others, which could affect the forward-looking statements or the actual results of ForFarmers, are discussed in the last published annual report. The forward-looking statements contained 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 to the forward-looking statements contained herein, whether or not they relate to new information, future events or otherwise, unless ForFarmers is legally obliged to do so.
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