ForFarmers

ForFarmers
ForFarmers trading update Q3-20

Volume declines persisted in Q3, although not as negative H1. Still, EBITDA was down by -9.4%

Q3 volumes declined, although not as negative as in H1
ForFarmers provided a trading update with selected KPI’s for its Q3-20. Highlights were the
following:
Volume Total Feed: l-f-l growth -2.8% (H1 -5.6%): The decline was thus softer than in H1.
Volumes were stable in Germany/Poland, but down in both the Benelux and the UK;
Volume Compound Feed: l-f-l growth -3.7% (H1 -4.9%). Same trend as in Total Feed;
Gross profit: l-f-l growth -6.8% (H1 +2.5%): Gross profit was impacted by the volume decline
but also margin pressure in Poland as well as a temporarily adverse mix in the UK;
Underlying EBITDA: l-f-l growth -9.4% (H1 +34.6%; note that growth in H1-20 was above all
due to a soft comparison base as H1-19 EBITDA was impacted by a purchasing mismatch).
Although operational costs were also reduced, that could not offset the gross profit decline.
Also note that Compound Feed’s volume decline was sharper than for Total Feed also
resulting in a negative mix.

ForFarmers (Lochem, the Netherlands) is an internationally operating feed company that offers Total Feed solutions for conventional and organic livestock farming. ForFarmers gives its very best “For the Future of Farming”: for the continuity of farming and for a financially secure sector that will continue to serve society for generations to come in a sustainable way. By working side-by-side with farmers ForFarmers delivers real benefits: better returns, healthier livestock and greater efficiency. This is achieved by offering tailored and Total Feed solutions and a targeted approach with specialist and expert support. With sales of approximately 10 million tons of feed annually, ForFarmers is market leader in Europe. The company is operating in the Netherlands, Germany, Belgium, Poland and the United Kingdom. ForFarmers has approximately 2,700 employees. In 2019, the turnover amounted to over € 2.46 billion. ForFarmers N.V. is listed on Euronext Amsterdam.