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BRIEF-ForFarmers FY profit for the period up at 53.8 million euros, proposes to initiate share buy back program
March 14, 2017 / 6:47 AM / in 4 months

BRIEF-ForFarmers FY profit for the period up at 53.8 million euros, proposes to initiate share buy back program

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March 14 (Reuters) - ForFarmers Nv:

* FY EBITDA 93.9 million euros ($99.97 million) versus 90.1 million euros year ago

* FY profit for the period 53.8 million euros versus 51.3 million euros year ago

* Reg-Forfarmers n.v.: improvement of result mainly due to one Forfarmers efficiency programme

* FY net revenue: 6.0 pct decline to 2,109.0 million euros

* Dividend distribution is proposed of 0.24218 euros per ordinary share (pay-out ratio of 50 pct of the qualifying normalised result)

* Geopolitical developments are expected to influence the markets in which Forfarmers is active in 2017

* FY volume total feed: 2.5 pct increase to 9.3 million tonnes,

* The volatility in raw material prices and on the currency markets is also expected to continue

* In particular, changes in the valuation of the Pound Sterling affect the consolidated results of Forfarmers

* Expects to invest approximately 40 million euros to 45 million euros (previously 35 million euros) both in 2017 and in 2018

* The investments for operational efficiency projects should lead to a further improvement of the underlying EBITDA/gross profit ratio

* Reiterates guidance for medium term of an on average annual increase of underlying EBITDA in mid single digits at constant currencies, barring other unforeseen circumstances

* Proposal to initiate a limited share buy-back programme ending ultimately October 2018, of an amount ranging between 40 million euros and 60 million euros

* Expects to see a downward trend in the number of FTEs; relating plans should lead to cost savings of at least £5 million by 2020 Source text for Eikon: Further company coverage: ($1 = 0.9393 euros) (Gdynia Newsroom)

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