ForFarmers sees ‘robust’ results in 2013
Year dominated by consolidation, integration
ForFarmers announced March 25 that it saw €2.6 billion (US$3.6 billion) in turnover in 2013, a 29.5 percent increase from 2012. The company said 26.5 percent of this was from acquisition effects. It increased its volume of compound feed 30.7 percent to 5.8 million metric tons in 2013.
"The year 2013 was for us largely dominated by the integration of Hendrix and BOCM PAULS," said Yoram Knoop, CEO ForFarmers. "Underlying turnover and results proved to be relatively robust and were in line with expectations, despite the challenging market conditions. We further strengthened our financial position, partly due to more effective working capital management and the proceeds from the sale of Cefetra."
The company's gross profit, although pressured by exchange rate effects and greater volatility of raw materials prices, increased by 24.8 percent to €387.5 million (US$534.4 million). Gross profit fell by €13.4 million (US$18.5 million) compared with the pro forma 2012 results. ForFarmers increased its volume of compound feed 30.7 percent to 5.8 million metric tons in 2013. Feed sales volumes increased 2.2 percent compared with the pro forma 2012 results. ForFarmers said the lower operating profit and profit after taxes were largely due to extra addition to provision for receivables.