Befreiender Konzernabschluss Zum Geschäftsjahr Vom 01.01.2021 Bis Zum 31.12.2021 - ForFarmers GmbHVechta-Langförden
| Published date | 26 Enero 2023 |
| Section | Rechnungslegung / Finanzberichte |
| Issuer | ForFarmers GmbHVechta-Langförden |
ForFarmers GmbH
Vechta-Langförden
Befreiender Konzernabschluss zum Geschäftsjahr vom 01.01.2021 bis zum 31.12.2021
ForFarmers N.V.
Lochem/Niederlande
For the Future of Farming
Annual Report 2021
Table of contents
2021 in brief
ForFarmers in brief
Key figures
Results
History
Letter from the CEO
Who we are and what we do
Our mission: For the Future of Farming
The value chain and markets in which we operate
Our strategy: Build to Grow 2025
Our dialogue with stakeholders:the material themes
Developing talent For the Future of Farming
Going Circular For the Future of Farming
Financial and operational review 2021, Dividend proposal
ForFarmers' shares
Profile of ForFarmers for investors
How we safeguard long term value
Composition of the Executive Board and the Executive Team
Composition of the Supervisory Board and Committees
Corporate Governance
Risk management
Declaration by the Executive Board
Report of the Supervisory Board
Letter of the chairman of the Supervisory Board
Report of the Supervisory Board
Remuneration Report
Financial statements 2021
Consolidated financial statements
Consolidated statement of financial position
Consolidated statement of profit or loss
Consolidated statement of comprehensive income
Consolidated statement of changes in equity
Consolidated statement of cash flows
Notes to the consolidated financial statements
Basis of preparation
Results for the year
Employee benefits
Income taxes
Alternative Performance Measures
Assets
Equity and liabilities
Financial instruments
Group composition
Other disclosures
Accounting policies
Company financial statements
Company balance sheet
Company statement of profit or loss
Notes to the company financial statements
Other information
Result appropriation scheme under the articles of association
Special provision in the articles of association regarding governance
Branch offices
Independent auditor's report
Sustainability assurance report of the independent auditor
Overview financial history
Glossary
2021 in brief
ForFarmers in brief
Key figures
RESULTS
History
Letter from the CEO
ForFarmers in brief
Key figures
Results
| 2021 | 2020 | |
| Consolidated statement of profit or loss (€ million) | ||
| Revenue | 2,670.5 | 2,351.9 |
| Gross profit | 436.3 | 433.2 |
| EBIT | 22.6 | 24.2 |
| Underlying EBIT | 40.7 | 61.6 |
| EBITDA | 72.9 | 100.3 |
| Underlying1 EBITDA | 78.2 | 96.2 |
| Profit attributable to shareholders of the Company | 12.0 | 14.2 |
| Underlying profit | 29.0 | 46.3 |
| Consolidation statement of financial position per 31 December (€ million) | ||
| Equity | 366.3 | 362.5 |
| Balance sheet total | 943.4 | 816.7 |
| Average capital employed2 | 484.0 | 496.4 |
| Net debt position3 | 28.7 | -15.8 |
| Cash flow (€ million) | ||
| Net cash from operating activities | 54.7 | 98.1 |
| Acquisition/disposals of subsidiaries | -25.0 | -9.6 |
| Acquisition of property, plant and equipment and intangible assets | -39.6 | -35.8 |
| 2021 | 2020 | |
| Ratio's | ||
| Underlying EBITDA as % of gross profit | 17.9% | 22.2% |
| Return on average capital employed (EBITDA)(ROACE)4 | 16.2% | 19.4% |
| Return on average capital employed (EBIT)(ROACE)4 | 8.4% | 12.4% |
| Solvency ratio (equity divided by total assets) | 38.8% | 44.4% |
| Key data per share (€) | ||
| Earnings per share | 0.13 | 0.15 |
| Dividend per share | 0.29 | 0.29 |
| Share price at year-end | 4.04 | 5.34 |
| Other key figures per 31 December | ||
| Number of outstanding shares (million) | 93.3 | 95.2 |
| Market capitalisation (€ million) on 31 December | 376.9 | 508.4 |
| Number of employees (in Fte’s) | 2,444 | 2,502 |
1 Underlying means excluding incidental items (see note 17 to the financial statements on Alternative Performance Measures (APMs))
2 Based on 12-month average
3 Excluding IFRS 16 liabilities
4 ROACE means underlying EBIT(DA) divided by average invested capital
History
ForFarmers’ history goes back to 1896, which saw the foundation of the Dutch cooperative that was one of our legal predecessors. Over the next decades the cooperative - and subsequently the company - grew as a result of organic growth, mergers and acquisitions, resulting in the fact that as of 2005 we also became operational in Germany, Belgium and the United Kingdom.
ForFarmers’ shares were listed on Euronext Amsterdam in 2016. As of 2018 ForFarmers is also active in Poland with the poultry feed company Tasomix .
ForFarmers' core activity has stayed practically the same throughout the years: delivering good quality feed, combined with advice and underpinned by monitoring tools, at a fair price. All in all this has resulted in ForFarmers being the leading animal nutrition company in Europe selling some 10 million tonnes of Total Feed in 2021.
Letter from the CEO
“For ourselves and our customers 2021 was a turbulent year in which we were impacted by challenges including rising input costs, animal diseases and pressure on the agricultural sector.”
"We fully dedicate ourselves to a sustainable future for our stakeholders in line with our mission For the Future of Farming”
Challenging times for our sector
We can look back on a turbulent year in which we were hit by challenges including the Covid pandemic, animal diseases, high prices for raw materials and energy, and the ever-increasing pressure on the agricultural sector. Our sector is increasingly being scrutinised when it comes to climate and environment. This presents us with challenges but also opportunities. That is why sustainability is an inseparable and important pillar of our strategy. Making it possible that our sector can continue to ensure that consumers, especially those in Northwest Europe, are able to buy enough high-quality dairy produce, milk and meat at relatively low prices, with a relatively very low and decreasing carbon footprint, globally speaking. In this context in 2021 ForFarmers continued to work on a sustainable future for our stakeholders.
Results: reflection of a turbulent year
The 2021 results were under pressure, largely because of the challenging circumstance in which our customers received low prices for their products, to a greater or lesser extent, and raw material prices rose rapidly at the same time. It proved difficult for us to pass on to customers the fluctuation of raw material and energy prices, as we normally do. On top of the overcapacity already existing in the market this resulted in margin pressure for feed companies.
Consumer demand for more transparency with regard to food provenance boosts cooperation in the supply chain. The poultry sector is seeing an increasing number of 'virtual' integrations in this context, and early in the year this provided us with the opportunity to acquire the well-positioned poultry feed company De Hoop Mengvoeders in the Netherlands. De Hoop not only made a positive contribution to our profit but the acquisition has also considerably strengthened our position in the poultry sector. Whereas a few years ago poultry was our third - largest sector it has now become the largest. Also at the beginning of the year, we strengthened the position of Pavo, the leading brand through which we operate in the horse sector, with the acquisition of Mühldorfer Pferdefutter in Germany.
Covid continued to impact our markets during the year under review. The enforced closure of out-of-home activities caused somewhat of a slump in demand for our customers' products, with a knock-on effect on our volumes. Moreover labour shortages caused by high infection rates disrupted the supply chain, resulting in empty shelves in the shops for example in the United Kingdom. Some of our own employees fell seriously ill with Covid but thankfully all have recovered now.
I am very grateful for the tremendous dedication and effort of our employees. It enabled continuity of supply to our customers whilst allowing us to address the enormous challenges arising from the serious disruptions in the global supply chain.
Animal diseases are a recurring phenomenon that livestock farmers have to deal with. The sector is increasingly successful at combating the spread of animal diseases. Despite this, outbreaks of African swine fever and avian flu were detected in 2021, with the outbreak of avian flu towards the end of the year in fact being designated the worst outbreak ever in Europe.
We empathise with those of our customers who were affected by outbreaks of animal diseases.
In these challenging market conditions the importance of good internal processes and coordination was clearer than ever before. Unfortunately it was insufficient coordination between departments that resulted in a number of unfavourable contracts being concluded in Germany, which impacted on our results. The processes have since been improved. Thanks to the implementation of our efficiency plans we have reduced part of our costs and further increased the flexibility of another part. Despite this, as a result of the aforementioned challenges our underlying EBITDA in 2021 fell short of the target we issued in September 2020.
Review of Build to Grow 2025 strategy
We have decided to evaluate our strategy earlier than planned and to tighten it where necessary. This was prompted by our results in 2021 combined with the protracted Covid pandemic and the acceleration of various market developments. Moreover there is a hardening of sentiment in the market, for example in terms of the targets for improving climate, nature, water and biodiversity; these have been brought forward in several countries in line with the EU Green Deal.
Volume 10 mT
Revenue 2,671 million
The reassessment of our strategy is currently ongoing and will potentially lead to new insights with regard...
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