Forfarmers Nv · EURONEXT:FFARM
Forfarmers Nv — FY2022 Earnings Presentation
24 slides from Forfarmers Nv's earnings presentation, Feb 23, 2023
Slide 1: ForFarmers Results 2022
ForFarmers Results 2022 Financial presentation
Slide 2: Notifications and disclaimer
Notifications and disclaimer Reporting standards Important dates Forward-looking statements The results in this presentation are 23-02-2023 2022 Annual Results and This presentation contains forward-looking statements, including those derived from the ForFarmers 2022 2022 Annual Report relating to F
Slide 3: ForFarmers Results 2022
ForFarmers Results 2022
Slide 4: Agenda
Agenda Highlights 2022, market developments and financial results 2022 - Roeland Tjebbes, CFO Going forward & Strategy 2025 - Theo Spierings, CEO Questions
Slide 5: Highlights 2022
Highlights 2022 2022: Solid results given challenging market Russian invasion in Ukraine; extreme spikes in Farmers saw prices for milk, meat and eggs circumstances raw material and energy prices rise Deliveries to farmers continued smoothly Underlying EBITDA: -2.7% YoY Long, hot and dry summer Pric
Slide 6: Market developments per country
Market developments per country in 2022 The Netherlands Belgium Unrest due to proposed nitrogen measures; Number of dairy farms declined but milk farmers’ actions production grew Continued outbreaks of AI2 Pig herds continued to shrink More and more welfare concepts broilers to Pig farmers and organ
Slide 7: Underlying EBITDA development
Underlying EBITDA development (in €m) 2022 2021 Total % Fx M&A LFL1 Comments Relatively less volume decline for co-products and residual flows, Total Feed volume (in mT) 9.0 9.7 -6.6% - 0.2% -6.8% particularly in 2H 22 compared to 1H 2022 Decline mainly in the pig sector; volumes in ruminant sector
Slide 8: Profit development
Profit development (in €m) 2022 2021 Comments Increase in underlying operating expenses higher than increase in Underlying EBIT 38.9 40.7 gross profit Higher interest charges due to higher debt position following Underlying Net Finance result -5.4 -3.1 lower cash flow and higher interest rate in PL
Slide 9: Profit ratios
Profit ratios 2022 2021 Comments Underlying profit (in €m) 30.0 29.0 Underlying earnings per share (in €) 0.33 0.32 The impact of the share buy back programme was negligible Mainly due to settlements of previous years and adjustment of Underlying effective tax rate 22.7% 31.9% deferred tax positions
Slide 10: Capital structure
Capital structure (in €m) 31-12-2022 31-12-2021 Comments Total Assets 1,020.4 943.4 Higher mainly due to higher receivable and inventories Mainly due to addition of profit (€18.2m) minus dividend distribution (-€26.3m) and SBB (-€15.4m) plus OCI (-€2.1m) Equity 344.2 366.3 comprising mainly remeasur
Slide 11: Cash flow development
Cash flow development (in €m) 2022 2021 Comments Net cash flow from operating activities 48.2 54.7 Mainly due to trade working capital No material acquisitions made in 2022 and slightly lower other Net cash flow from investing activities -34.8 -55.6 capex; 2021: acquisitions of De Hoop and Mühldorfe
Slide 12: Alternative Performance Measures (incidental items)
Alternative Performance Measures1 (incidental items) Business combinations (in €m) adjustments on different levels Impairments and divestments Restructuring Other Total APM items 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 On EBITDAA - - -1.6 1.7 -3.6 -4.0 1.6 -3.0 -3.6 -5.3 On EBITB -2.6 -4.4
Slide 13: Results: The Netherlands/Belgium
Results The Netherlands/Belgium (in €m) 2022 2021 Comments Decline mainly in pig sector; volumes in ruminant sector fairly stable; in Total Feed volume 4,705 5,069 poultry sector decline but improved market position; less tolling activities (in kT) for Reudink; co-products growing Revenue 1,747.8 1,
Slide 14: Results: Germany/Poland
Results Germany/Poland (in €m) 2022 2021 Comments Significant volume growth in poultry, decline in ruminant sector and Total Feed volume 1,993 2,176 substantial drop in swine. (in kT) Volumes up in all sectors in PL; pig sector in DE in financial distress Revenue 829.2 645.4 Higher raw material pric
Slide 15: Results: United Kingdom
Results United Kingdom (in €m) 2022 2021 Comments Volumes up in ruminant sector due to stronger market position; Total Feed volume 2,334 2,421 decrease in suffering pig sector, up in broilers but down in layers due (in kT) to AI Revenue 788.8 648.8 Higher raw material prices and positive currency tr
Slide 16: Key data
. Winder iby GHG emissions GHG emissions Keeper Gross profit EBITDA cut th featstics soy and palm oil 494.8° 76.1 ~ y . , million € x millon 21 million 2021; 18.6 kg 2021: 8.0 kg 2021: 75% / 70% Operating Dividend Feed safety profit ROACE' EBIT per sha Gender diversity LTls incidents 38.9" 7.8%" 0.2
Slide 17: Agenda
Agenda Highlights 2022, market developments and financial results 2022 - Roeland Tjebbes Going forward & Strategy 2025 - Theo Spierings Questions
Slide 18: ForFarmers revised strategy 2025
ForFarmers revised strategy 2025 Adapted to face the future
Slide 19: ForFarmers strategic principles
ForFarmers strategic principles Even closer to Differentiate in Good feed at a Provide sustainable Enhance (virtual) farmers/customers specific local competitive price solutions supply chain products/markets integration ...with local business in … by investing in and ...to provide economic ... to dr
Slide 20: Going Circular, For the Future of Farming
Sustainability ForFarmers' pro-active approach: Going Circular, For the Future of Farming Feed resources Feed production Source responsibly Produce and supply with and maximise use of minimal adverse impact non-food materials on the environment Feed solutions Balanced use of resources in the total a
Slide 21: Ambition 2025: our integrated objectives
Ambition 2025: our integrated objectives 21
Slide 22: Agenda
Agenda Highlights 2022, market developments and financial results 2022 - Roeland Tjebbes Going forward & Strategy 2025 - Theo Spierings Questions
Slide 23: For the Future of Farming
Slide 24: Contact
Contact Caroline Vogelzang Director Investor Relations M. +31 6 10 949 161 Caroline.Vogelzang@forfarmers.eu ForFarmers N.V. Kwinkweerd 12 Lochem, the Netherlands