FORFARMERS - 1Q22 impacted by substantially higher prices for raw materials FFARM NA
We updated our model after 1Q22 Total Feed volume was down y/y by -7.3% and declining in all countries except Poland. Of this Total Feed volume 1Q22 compound feed volume was down y/y 8.2%. 1Q22 gross profit was up y/y 9.3% compared to weak gross profit in 1Q21. Nevertheless, 1Q22 Und. EBITDA was down by 47.2% (KBCSe for 1H22 was -18% to € 33.6m); impacted by substantially higher prices for raw materials and the fact that energy and diesel could not be passed on fully in the chain.ForFarmers NV is an agricultural feed company based in the Netherlands that offers feed solutions for conventional and organic livestock farming. Its product portfolio comprises, among others, products for crop farming and pasture farming, as well as feed for the ruminant, swine, poultry and equine sectors, including compound feed and blends, feed for young animals and specialties, raw materials and co-products to seed and fertilizers. Its core activities are feed production, logistics and the provision of total feed solutions. The Company operates through the segments The Netherlands, Germany/Belgium and the United Kingdom, and operates approximately 40 production facilities in these countries.
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