Brief: ForFarmers FY Revenue Down 4.5% At 2.35 Billion Euros

ForFarmers NV

11/03/2021 06:22

March 11 (Reuters) - FORFARMERS NV  FFARM.AS :
    * FY REVENUE 2.4 BILLION EUR
    * FY UNDERLYING EBITDA:+8,7% TO EUR 96.2 MILLION; COMPARED
TO A
WEAK 2019
    * FY GROSS PROFIT: -1.7% TO EUR 433.2 MILLION
    * FY UNDERLYING NET PROFIT3:+10.0% TO EUR 46.3 MILLION
    * FY DIVIDEND PROPOSAL: REGULAR DIVIDEND SUBSTANTIALLY
HIGHER AT
EUR 0.29 PER ORDINARY SHARE
    * FY NET CASH FLOW FROM OPERATING ACTIVITIES:+2.1% TO EUR
98.1
MILLION
    * OBJECTIVES 2025 : UNDERLYING EBITDA IN 2025 OF IN BETWEEN
€125
MILLION AND €135 MILLION, BOTH BY MEANS OF ORGANIC GROWTH AND
THROUGH ACQUISITIONS
    * OBJECTIVES 2025 ANNUAL LIKE-FOR-LIKE IMPROVEMENT OF
UNDERLYING
EBITDA OF 0%-3% (AS OF 2020) IN CHALLENGING HOME COUNTRIES
    * OBJECTIVES 2025: AT LEAST €10 MILLION OPERATING COST
SAVINGS IN
2025 (COMPARED TO NORMALISED LEVEL OF 2020)
    * FORFARMERS EXPERIENCED HARDLY ANY DISRUPTION TO ITS
OPERATING
PROCESSES AS A RESULT OF COVID MEASURES
    * OUTLOOK :  THE COMPANY PLANS TO INVEST APPROXIMATELY €35
MILLION
IN 2021
    * DUE TO THE CORONAVIRUS, THE ABSENTEE RATE IN 2020 WAS 3%,
COMPARED TO 2.5% IN 2019
    * OUTLOOK :  FORFARMERS WILL ALSO CONTINUE TO PURSUE
ACQUISITIONS
    * COVID-19: DECLINE IN DEMAND FOR PRODUCTS FROM FARMERS
MEANT THAT
FORFARMERS DID EXPERIENCE PRESSURE ON VOLUMES
    * FORFARMERS DOES NOT PROVIDE GUIDANCE FOR THE CURRENT
CALENDAR
YEAR
    * OUTLOOK :  FORFARMERS HAS SUFFICIENT FINANCIAL HEADROOM TO
REALISE HER GROWTH PLANS
    * COVID-19: MARGINS ALSO COMING UNDER PRESSURE IN THE SECOND
HALF
OF 2020
    * AS OF 31 DECEMBER 2020 DEBT /UNDERLYING EBITDA RATIO WAS
NEGATIVE 0.17
    * COVID-19: MARGINS ALSO COMING UNDER PRESSURE  ESPECIALLY
IN
POLAND AND THE UNITED KINGDOM
    * COVID-19:  DIFFICULT TO INDICATE EXACTLY WHAT PART OF
VOLUME
DECLINE CAN BE ATTRIBUTED TO COVID-19
    * IN 2020, THERE WAS ALSO MARGIN PRESSURE DUE TO OTHER
FACTORS
INCLUDING ANIMAL DISEASES IN SOME MARKETS AND REGULATION EFFECTS
ESPECIALLY IN NETHERLANDS
    * OBJECTIVES 2025 :  THE FIRST STEP OF THIS OBJECTIVE IS TO
REDUCE
OPERATING EXPENSES BY €7 MILLION IN 2021 AND 2022, OF WHICH THE
FULL EFFECT WILL BE VISIBLE IN 2023

Source text for Eikon:  ID:nGNEcffljH 
Further company coverage:  FFARM.AS 

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