Lochem, 16 August 2018

ForFarmers posts first half-year 2018 results

Highlights for first-half 2018 [1]:

• Total Feed² volume: +2.1% at 4.8mT; growth in the Netherlands and Germany/Belgium, decline in the United Kingdom
• Compound feed volume: +0.7% at 3.3mT; stable in the Netherlands and the United Kingdom, growth in Germany/Belgium
• Net revenue: +2.8% at €1,141.6 million; like-for-like growth equalled 3.9%
• Gross profit: +5.0% at €217.7 million; like-for-like growth (6.2%) in all clusters due to a.o. product mix, volume growth at specialties, contribution from strategic partnerships and passing on of higher energy prices
• Underlying EBITDA: +1.2% at €52.3 million; like-for-like increase in all clusters (totalling 4.4%)
• Incidental gain of €5.4 million (pre-tax), mainly relating to the sale of the arable activities in the Netherlands
• Profit (attributable to shareholders): +14.5% at €34.8 million
• Basic earnings per share: +20.7% at €0.35, total increase of €0.06, of which €0.04 from profit growth and €0.02 from the effect of the share buy-back programme

  [1] Results for the first half of 2018 are compared to the results for the same period of 2017

  [2] Total Feed covers the entire ForFarmers product portfolio and comprises compound feed, specialties, co-products (including DML products), seeds and other products (such as forage).

Commenting on the first-half 2018 results ForFarmers CEO Yoram Knoop said
"We are satisfied with the progress we have made in the first half of 2018 with regard to all four pillars of the Horizon 2020 strategy. Our focus on improving on-farm returns was once again reflected in an improved feed efficiency for the animals of our customers. In addition it helped us win more new customers. Total Feed volume saw like-for-like growth and the relating gross profit showed even stronger growth. It is encouraging that we were able to realise a like-for-like improvement in underlying EBITDA in all the clusters, with Germany/Belgium in particular achieving a satisfactory increase."
 
Please find attached pdf for the full press release.

Note to the editor / For additional information:
Caroline Vogelzang, Director Investor Relations and Communications
T: 0031 573 288 194   M: 0031 6 10 94 91 61  E: caroline.vogelzang@forfarmers.eu

ForFarmers Company profile
ForFarmers N.V. ('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 9.6 million tons of feed annually, ForFarmers is market leader in Europe. ForFarmers has approximately 2,300 employees and production facilities in the Netherlands, Belgium, Germany and the United Kingdom. In 2017, revenues amounted to over €2.2 billion.
ForFarmers N.V., Postbus 91, 7240 AB Lochem, T: +31 (0)573 28 88 00, F: +31 (0)573 28 88 99, info@forfarmers.eu, www.forfarmersgroup.eu.

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.