ForFarmers N.V. (FFARM) Earnings Call Transcript & Summary

Hello, and welcome to the ForFarmers 2024 Results Presentation. My name is George, and I'll be your coordinator for today's event. Please note that this conference is being recorded. [Operator Instructions] I'd now like to hand the call over to your host today, Mr. Pieter Wolleswinkel, CEO, to begin today's conference. Please go ahead, sir.

Thank you, and welcome to all. We appreciate your attendance. We're sitting here in Lochem with Marloes Roetgerink, our CFO; and Rob Kiers, our COO. Today, we'll look back at 2024. I'll start off presenting the key events, after which Marloes will zoom in on our financial results of 2024. But today, we'll also look forward towards our Strategy 2030 that we are announcing today. And after that, we'll close off with the opportunity for you to ask questions. If we look back at 2024, it was an exceptionally good year. We recognized a strengthening of our market positions. Volumes went up, which is a very good achievement. Operational profitability has significantly increased, where we need to be realistic that 2023 was not a strong year, so an increase was needed. But all in all, 2024 is very satisfying. We recognized that the strong customer focus is paying off. We are better able to respond to specific needs of farmers and that makes us clearly successful. We were also able to take some strategic steps in the future. In January 2024, we started the integration of Piast in Poland, which was acquired and we announced in 2023, but started in January 2024. In September, we started with the acquisition of Van Triest Veevoeders, an important step for us to grow our position in the co-products. We believe that increasing the share of circular raw materials is vital for our future, and this was an important step in that. And with regards to Germany, we were happy to announce in September that we intend to start a joint venture with team agrar to lay a strong foundation for a longer-term position in North Germany. So, how does this translate then into the actual numbers? Today, we often talk about the reported numbers, so including the Van Triest business and the Piast business that we acquired. And we also talk about the like-for-like business in which we correct for the Van Triest and the Piast business, but also for the divestment of the Belgium compound feed activities in 2023 to really understand our underlying results. On a like-for-like basis, we saw an increase of 3.5% of the total feed, but a strong overall reported increase of total feed. So that means that especially on the co-products, we were able to increase our position, obviously, steered by the Van Triest acquisition. But also compound feed, a clear increase also on a like-for-like basis. And we're very pleased to recognize that, especially because we recognize an increase in all clusters and obviously, we recognize that as a major achievement. Increase of volume has clearly steered the gross profit to a higher level, and that is also supported by a more effective buying and selling approach. We also see that our costs are better under control. We started reorganization in 2023. And in a period where inflation is still very relevant, we see that we are better able to deal with our cost increases. So, that has led to an increase of our underlying net profit coming up from EUR 22.7 million in 2023 to EUR 40.6 million in 2024. And that is leading to a dividend proposal of EUR 0.20 per share. We're also satisfied to see the improvement of our ROACE, the return on capital employed, going up to 13%. So all in all, impressive figures that will be explain further by Marloes later on. Last year we also communicated our sustainability targets towards 2030. These are based on 3 pillars. The first is a reduction of our carbon footprint. Secondly, an increase of the use of circular raw materials. And thirdly, we want to protect the biodiversity. First, looking at our carbon footprint reduction. We announced last week that we received an approval from SBTi on our targets and we're very pleased on that. We are the first feed company that has accomplished that. So it's a big step forward. We are now in 2024 at a 14% reduction if we compare our carbon footprint versus 2022. So in that, we're nicely on track towards our target of 1/3 reduction in 2030. If we look at the second pillar, the promotion of circularity, that might come as a surprise that we see a small decline of the relative number of circular raw materials that we use. In 2022, we were at a level of 40%, and it is our ambition to increase that to 55% in 2030. We did see an increase coming from the Van Triest acquisition, obviously, fully based on co-products. But on the other hand, the divestment of Belgium has not helped, given that we recognized in the Belgium market a high access to co-products, where, for example, in Poland co-products are less accessible. So, this clearly means that action is needed and that is also what we'll do. Then zooming on the protection of the biodiversity. This for us is strongly related to the way we source our raw material. Much attention is given to soy and palm to make sure we make progress on the sourcing on that. But if we look forward to 2030, we want to achieve 100% responsible -- certified responsible sourcing of raw materials. And that is where we also communicate on. Moving from our sustainability targets to the operational and financial development of the clusters. We'll start off with the Netherlands and Belgium. All in all, a strong increase of volumes, obviously, driven by the Van Triest acquisition. But we also saw an increase of compound feed volumes in the Netherlands and that is a good achievement given that the market has declined. And we recognized that the steps are taken both in ruminants, pigs, as in all 3. So in all 3 species, an increase. In ruminants, we're pleased with a wide range of products to serve our customers. And also from an advice point of view, we see that our know-how in a complex environment is paying off. With pigs, we have a focus and a competitive market approach, and that has helped to bring the volumes up. In poultry, the technical results are good, and that has led to new customers coming in. Also in the Netherlands, we focus a lot on our cost base and the reorganization has also made sure that we are in control on that one. So all in all, that has led to a clear improvement of our profitability in 2024 if we compare ourselves to 2023. Then moving to the East, Germany and Poland. Obviously, if you look at the figures, big impact coming from Piast on volumes and profitability as well. And we were very pleased that in December, we could announce that we sold 1 million tonnes of feed in Poland, which is, I'd say, a great accomplishment after the start of the journey in 2018 for ForFarmers. We see that we are building our position and still are expanding in an attractive market. In Germany, the volumes were relatively stable. And all in all, we also recognized less impact of animal diseases in 2024. All in all, a good profitability of a cluster that was already performing well in 2023. So it's good to see that, that is sustaining. In Poland, we're working hard on several investment programs, especially in the newly acquired factories out of the Piast acquisition, and that will ensure a strong base for future volume growth. In Germany, we announced the merger with team agrar, and we expect that we can complete this deal on a short notice. Then moving to the United Kingdom. Last year, we announced the reorganization given the disappointing results of 2023, and we're pleased to see the outcome after 12 months. Volumes have clearly increased, especially coming from the ruminants, which is for us the key segment to focus on. That is supported by the higher milk prices, which has also led to higher milk production in the U.K., but also our market proposition is such that it clearly leads to new customer acquisition. In the pig and poultry, the volumes were supported by more toll mill services for integrators. That is a non-strategic activity, but it is nice to have, especially in a year of transition. So with that, that has supported the results as well. Costs are getting better under control coming out of the reorganization. We work with a smaller number of employees, and we're also working on the divestment of 2 locations as announced last year. The first location is sold and the second one is still under review by the English competition authorities, yet it was communicated this week that they don't have any objections. So, we expect the clearance coming in on a short notice. With that, I would like to hand over to you, Marloes.

Thank you, Pieter. Good morning, everyone. As Pieter shared, we had an exceptionally good 2024, although 2023 was a challenging year. I would like to discuss the financial figures in more detail with you. Our total volume for 2024 amounted to 9 million tonnes, an increase of 7% compared to last year. Adjusted for divestments and acquisition, total volume increased by 3.5%. The total compound fleet remained at over 6 million tonnes, an increase of 3.3% reported and an increase of over 2% adjusted for M&A. We are very pleased to see a positive volume development in all clusters and across almost all segments. Our revenue is strongly correlated with raw material and energy prices. As the average price of both raw materials and energy was significantly lower in 2024 compared to the average of 2023, revenue decreased by EUR 229 million despite the positive volume effect. In our sector, volumes and margins, therefore, say more than revenue. Our gross profit amounted to EUR 518 million for the full-year 2024, an increase of 8.6% reported and an increase of almost 5% on a like-for-like basis. We are very pleased that we have been able to show a good volume increase in 2024, along with a significant improvement in margins. The underlying operating expenses amounted to almost EUR 465 million, an increase of 4.3% reported and an increase of 1.7% on a like-for-like basis. We saw an increase in wages, both due to an increase in FTEs following the acquisitions and indexation, partly offset by lower energy costs. The like-for-like increase is below inflation and the underlying operating expenses per tonne decreased, which reflects our focus on cost control. This results in an underlying EBIT of EUR 59 million, an improvement of more than EUR 26 million versus 2023. Underlying depreciation and amortization increased mainly as a result of the acquisition of Piast. The underlying EBITDA came in above the EUR 100 million, more than EUR 30 million compared to previous year. On next page, we have a look at the profit development and ROACE. As just mentioned, the underlying EBIT amounts to over EUR 59 million. Net underlying finance costs are at a comparable level versus previous year. The result from share of profit of equity-accounted investees decreased. This is mainly concerns the result of HaBeMa. HaBeMa had an exceptionally good year in 2023. The result of HaBeMa in 2024 is comparable to previous years. The underlying income tax is higher, mainly due to higher profits. In addition, the results for 2023 included the deferred tax assets, which resulted in a slightly lower effective tax rate for 2023. Together, this results in an underlying profit assigned to shareholders of over EUR 40 million, which translates into earnings per share of EUR 0.46 versus EUR 0.25 in 2023. On the next line item, you see the alternative performance measures, which I will explain in more detail on the next slide. If we deduct the EUR 9.2 million from the EUR 40.6 million, it brings us to the EUR 31.4 million profit assigned to shareholders. Non-controlling interest is in line with previous year. ROACE is calculated based on the underlying EBIT divided by the average invested capital over the past 12 months. For 2024, we arrived at 30%, a strong increase compared to the 7% in 2023. So in 2024, we already realized the goal of 10% we set ourselves for 2025. On the next page, you'll find a detailed overview of the alternative performance measures. I will go through the most important items. First of all, the restructuring costs. As you can see, they are well below the level of 2023 when the decentralization and restructuring of the organization took place. 2024, restructuring costs were mainly related to the reorganization in the U.K. Below that line item, you see a gain of EUR 7.4 million related to business combinations and divestments. This amount is the result of a one-off gain related to the acquisition of Piast, the sale of 2 locations and M&A costs. At EBIT level, you see the amortization of previously acquired intangible assets. For 2024, this amounts to EUR 9.3 million. You see an amount of EUR 8.7 million in the net financing result. This is a non-cash item and is related to our core put option we have with our joint venture partner, Tasomix in Poland. The put option is considered as a liability under IFRS and must be valued on the balance sheet. Due to the acquisition of Piast, the value of our business in Poland has increased. As a result, the liability on the balance sheet also increased. This is reflected in the P&L in the financing results. Together with the tax effects on APM, the total APM amounts to EUR 9 million for 2024. On the next slide, I want to briefly discuss the capital structure. Total assets increased, mainly driven by the acquisition of Piast and Van Triest. Equity increased as a result of group profit minus the dividend paid. Net working capital increased to over EUR 25 million, mainly caused by the acquisition of Piast. Net debt came in at almost EUR 57 million, EUR 35 million more than in 2023. This is explained by the fact that the payments from the sale of Belgium was received at the end of 2023, while all acquisitions were paid in 2024. Looking at the net debt-to-EBITDA ratio, we arrived at a ratio of 0.62, which is a very good figure considering the acquisitions we did in 2024. Before I hand over to Pieter, let's go briefly through the cash flows. More than EUR 70 million was created from operational activities. The underlying increase in EBITDA is partly offset by the increase in working capital. The cash flow used in investing activities is more than EUR 78 million. The increase versus 2023 is obviously related to the acquisition of Piast, Thunderbrook and Van Triest. Together with the cash used in finance activities, this results in an increase in net debt of EUR 35.5 million. The debt position was EUR 21.4 million on the 1st of January. If we add the increase in debt over the past 12 months, this results in a net debt of EUR 56.8 million. In summary, we had an exceptionally good year. Everyone in our organization worked hard to deliver these good results. We are proud of this achievement and look forward to '25 with confidence. At the same time, we also realized that the world we operate in is volatile and will remain so. With this, I would like to hand over to Pieter.

Thank you, Marloes. And from looking back to 2024, we will now look forward towards 2030. But first, let's look back at 2022 when we announced the revision of our strategy. Important steps have been taken in the years after and also announced or explained today. First of all, we clearly put our -- For the Future of Farming mission central given the public debate, and that has actually helped to recognize business opportunities. We organized our company in a decentral manner to better align with the local markets and to be able to act faster and also to have a lower cost base. And the growth potential of our company has improved by the divestment of the Belgian compound feed activities and the acquisition of Piast and also of Van Triest. So, important steps have been taken. If we look at the trends towards 2030, we recognize that they remain pretty much in line with the previous years. The agrifood sector will continue to become more sustainable. We also recognized that the volatility of raw materials and energy prices remain, and this is confirmed by the current geopolitical situation. Consolidation and professionalization of farmers and chain partners will continue, especially in the Dutch market, the governmental policies will accelerate this. The labor market remains tight and on-farm data management continues to evolve, especially in the current AI era. So if we look towards 2030, many of the things that we are now doing will remain in place. Our mission for the future of farming is the starting point, and that is supported by our ESG ambition for which we have now local action plans in place. Our employees are in the heart of our company. Our core values PROUD help to ensure that they feel appreciated. We defined in 2022, our strategic principles, and they will remain in place, but we have formulating the new priorities around these. So let's first repeat these 5 principles. We want to be close to the farmer to achieve market share growth. We need to differentiate in products and markets to drive our product development forward. Good feed at a competitive price is what we do on a day-to-day basis, cost and quality conscious. We want to work in the agri-food chain on sustainable solutions, and we want to increase our position in chain integrations. So, what does that actually mean? And I'd like to share some examples to explain that in more detail. Close to the farmer largely builts about building higher market shares. Two examples already discussed today is that we're working towards a nationwide production footprint in Poland. In Germany, we are establishing the ForFarmers team agrar merger to build our position in the northern part of the country. If we look how to differentiate in our current markets and with what products, let's start with what makes ForFarmers really unique, and that is the fact that we are serving 28,000 customers on a day-to-day basis. We cooperate, we collect data, and that helps us to give a world-class advice. In the next slide, I'll zoom in on our M&A strategy, but European expansion will be on that list. Good feed at a competitive price. In a volatile surroundings, our procurement plays an essential role. And with that, we need to keep on developing our approach, and we will do that. Markets will grow. Markets will decline. And what is essential is that we quickly respond to these type of changes that is vital for our success, and we're working on that with our employees. Two examples of a sustainable solution. We announced that we have a cooperation with Remediiate in the U.K., zooming in on microalgae. We recognize microalgae as a future source of proteins in a sustainable way. Will that be available tomorrow? Most likely not, but we want to invest and ForFarmers in these type of technologies to make sure we are ready to apply it at the right moment in time. Co-products are high on our list, and that is obviously supported by the acquisition of Van Triest, and we will keep on developing concepts around circular raw materials. And then chain integrations, 2 examples. In Germany, we now own our own [ lay birds ], and that helps us to have a volume base, but also it helps to have a stronger relation with chain partners. As you might know, one of our joint venture partner in Poland owns a slaughterhouse, and we are more and more intensifying our cooperation. And that helps. That helps to be more efficient, that helps to serve better quality, both on farm as well as in the slaughterhouse and therefore, for us, an important part of our strategy. The key of this strategy will be autonomous growth for us, vital towards the future, but we clearly recognize that our M&A strategy can support this to ensure a future-proof business model. And the good thing is clearly expressed also by Marloes that we have sufficient financial capacity to take these steps. For that, as guidance, we look at our 5 strategic principles. And as example, we want to increase regional market positions by M&A or accelerate our sustainability ambitions. Besides zooming in at our current markets, we'll also look outside these markets, with a focus on the European feed market with a direct access to farmers. That is where we have the know-how about. We want to focus there on growth segments, with the aim to develop a significant position in a particular market. I think Poland is a good example how over time, we've taken step-by-step a stronger position. So what guidance are we then given? Let's first start on ESG. We want to achieve progression on our 2030 objectives compared to the base year 2022, which is in line with how we presented it today. With regards to ROACE on EBIT, we aim for at least 10% to enable a steady EBIT growth and also have the opportunity to invest. By investing, we are sure that we can grow the company forward. Then looking at the dividend. Our payout ratio is and will be 40% to 60% of the underlying net profit attributable to shareholders of the company, especially that last part is more and more relevant given that we work more and more in JV settings. So, obviously, that also affects with that profit that we can use for a payout. With that, I'd like to close off with a look at our Agenda 2025. Many things already discussed. We want to continue gaining our market share. We will be expanding our capacity in Poland. And obviously, much attention will go out to the merger of ForFarmers and team agrar. We were happy that in January, we could announce that we've acquired a feed mill in Western Germany to produce organic feed. We do that under our brand Reudink. For us, it's important that we can produce locally in an important organic feed market like Germany is. So with that, we can take the next step to expand our position. Attention on cost control will be necessary given that we still face high inflations. And closing off, achieving progress on our sustainability road map is very important. If we look at our carbon footprint reduction, we want to take the next step, especially on our Scope 3 reduction. And that is a thing we cannot do on our own. We need to discuss that with raw material suppliers. We need to discuss that with farmers. We need to discuss it with processes, but we do want to spend time on that. And the good thing is that these discussions become more and more concrete. Increasing co-products is high on the agenda, obviously, now via the full integration of Van Triest circular. And with regards to the protection of biodiversity, key this year will be the nitrogen reduction in the Netherlands that is clearly high on everybody's agenda. And we're working more and more on the segregation of the deforestation-free soy, and that is something that we do in all countries that we are active in. With that, I'd like to close off from our side and open the floor for questions.

[Operator Instructions] Our first question today is coming from Fernand de Boer of Degroof Petercam.

It's Fernand from Degroof Petercam. Couple of questions from my side, and congrats on the results, by the way. First of all, if I look at the gross profit, meaning underlying OpEx, I arrive at EUR 53.6 million, while you actually press release says EUR 59.1 million. So, I assume some EUR 5 million, EUR 6 million of other income in that line. Could you elaborate a little bit on that, what it was, et cetera? Then secondly, you acquired an organic mill in Germany. At the same time, you are selling mills in the U.K. for obvious reasons. But what about the organic feed market in the U.K. going forward? And then I think you also made a remark on Poland with byproducts where you are doing quite well in some other countries, but it's not existing in. And then you mentioned, Pieter, that, that takes a lot of work. What do I understand by that remark?

Okay. Thanks for these questions and also for the congratulations. Appreciate it. So let's first look at the question, and I think it's about the other income, if I'm correct.

Yes, that's right. Thank you, Fernand. Fernand, that's correct what you're mentioning. We have roughly EUR 15 million other income, and that exists of Piast and basically where we sold out 2 locations in the U.K. and the Netherlands, and we had also a few other income items.

But of this EUR 15 million, some EUR 5 million, EUR 6 million is then dropping in underlying. Is that a correct assumption?

Yes.

It's a correct assumption.

Yes.

Rob, can you answer the question on the organic feed market in the U.K.?

Yes. We are active in organic feed in U.K., and we also remain active in organic feed in U.K. So, we produce that in a few feed mills. So, that is for us an important market to grow. The difference with the continent is that in U.K., we operate under the brand name, ForFarmers, in the organic segment, whereas on the continent, we operate under the brand name of Reudink. The acquisition in Germany is to fuel our expansion in the German market, which is one of the most important organic markets in Europe.

Okay. And maybe one follow-up on that because I think you acquired the mill in Germany, but then it takes quite some time to really have converted that into organic. What is actually -- why does it take long? What is actually the main change then what you have to do in your production process to convert it to organic feed instead of normal feed because I think maybe it's the input, which is organic, but I think the process in my view should not be that materially different. But...

That is 100% correct. So the process -- so the production process is exactly the same, producing feed is producing feed. So, there are basically 2 things that need to happen. One is to be certified for organic feed, we need to clean the mill. So in order to make sure you can produce organic feed, indeed, use organic raw materials, there is a process to clean the mill. That's one. And second is also to have the different certifications in place, which we already have in Germany, but also the new feed mill needs to be registered for those certifications and that is -- that process takes a couple of months.

And then your final question on, let's say, the development of the co-products, for example, also in Poland. All in all, the sustainability journey is kind of a balancing act, especially to combine that with our business approach. So, we see from a business approach, the attractiveness of Poland stands out. But indeed, by taking this step, we went back in the percentage of circular raw materials that we use. And that is due that we recognize that in the Netherlands and also in Belgium, compound feed exists out of more co-products, and that has to do because there's a strong connection between food producers and feed manufacturer companies like ForFarmers. There's a strong infrastructure and the Netherlands is not that big. So the distances between those factories make it all very efficient. You can imagine that in Poland, that is still in a developing phase. And obviously, also the distances are much larger in Poland, and that leads to a situation that sometimes is not attractive to include co-products anymore from an economic standpoint, not talking about the sustainable value that comes out of that. So that means, obviously, we take these steps driven by our business drive. But on the other hand, we want to take steps in all countries that we're active in. So also this is on the agenda with the Polish management team and with that, where we have set an agenda, how they want to reduce the carbon footprint, how they want to increase the level of co-products, how they want to protect the biodiversity if they look at their sourcing. So based on this, that is all included in our plan towards 2030. But sometimes there's a bit more focus on the business and sometimes there's a bit more focus on the sustainability. But at the end of the day, this should come together if we look at 2030.

[Operator Instructions] We do have Mr. de Boer coming back with a follow-up question.

Yes. If I may, if I look to your Strategy 2030, on one hand, you say, okay, we are still going to do M&A, but also focus on organic growth. In which regions do you still feel that you have white spots in your portfolio because in the past years, you did organic feed, you had horse feed. And so where do you still believe and you had recently been in the Netherlands with byproducts. So where do you still feel do you have the white spots? And then secondly, you had a very strong return on invested capital already this year. You still target at least 10%. But what's the reason behind this 15% of 10% and not saying, okay, we moved that up to around 15% as it is a kind of target and we always have to step up a little bit certainly as analyst?

Yes. I understand that question. And obviously, especially looking back at a very successful year, this question comes out. Let me give the example of Poland. After the acquisition of Piast, we decided to start a strong investment plan to bring the capacities up in the newly acquired plants. So, that means we put CapEx in and it will take time before the returns come in. So, that will give some pressure on ROACE. So, we looked at the different plans that we have from an autonomous point of view, but also taking into account some potential acquisitions, and that has led to the situation that we want to be on the side where we see we take the right measurements to deal well with the capital that we use. But also that we have really the space to invest because we do see in the coming period that opportunities will come up, but also that there is ForFarmers. So, we need to take steps to position ourselves well in particular regions or in particular activities. So that is, let's say, the reason why we stick to the 10%. Coming back to your question, where are we doing well? As you know, we're always somewhat reluctant to discuss and to disclose too much on this one. And on the other side, there's a lot going on. So in the Netherlands, we're working on the fantastic acquisitions. In Germany, we're now starting off with the team agrar merger. So what -- as a whole, we also look at are we in control? Are we feeling that the integration is rightly on track before we take the next step. That is one part that we take into account. And otherwise, as always, it takes 2 to tango. But I would say that in all markets that we are active in, we recognize opportunities.

We'll now move to Patrick Roquas of Kepler Cheuvreux.

Two questions from my side. The first one is, so aside from government policies, how do you consider the outlook for protein markets in Europe for the first half and then particularly for poultry in Poland and ruminants and pigs in the Netherlands? And the second question relates to the third-party production in the U.K., which benefited your performance in Q4 in the U.K. Is there still some of that in the first half?

Let's start with the second question. Rob, can you give some insights on that?

Yes, I can. Yes. So basically, what we've done in 2024, we were in the process of divesting 2 of the feed mills. As you are aware, of course, those have been investigated by the CMA, basically meaning that we continue to own those feed mills. So, we've deliberately decided, let's say, to agree on contracts with larger integrators who needed support to continue to produce that volume. So, that gave a volume uplift in 2024. Those agreements are in place still. But as Pieter said, they were potentially temporary. So, they could also disappear in the period to come.

Then going to your first question. If you look at the governmental impact on our business, if we first look at Poland, all in all, for us, poultry obviously stands out as the key segment. We see several dynamics still being very positive. As a whole, the Polish government is very supportive to agriculture. So, that helps to develop the country and obviously, for us, very important. On the other side, on a European level, the discussions on the Mercosur take place. We do expect some effect on the imports and exports coming inside of Europe, and that might affect Poland, given that they have such a strong export phase. But on the other side, Poland still recognize opportunities themselves, for example, to export more towards Asia. So all in all, I would say, positive on a net basis, if I look at that. If we then look to the Netherlands and also to the segments that you described, what we see this year is that the buyout programs will become effective. Farmers can decide to sell their farms. They are entitled to continue their farming activities up until November of 2025. So, that makes it also for us quite difficult to come up with an expectation what will happen during this year. So, that's also why I mentioned that our reactiveness is vital. If markets come down or come up, like, for example, in Poland, we need to act quickly to adjust our organization and our activities around that. In general, going to your questions, what is clearly also published is that especially in pig farming, many farms have signed the buyout program. So, we foresee also a stronger effect on pigs than on poultry and ruminants. As a whole, in ruminants, we recognize that milk prices are fairly good at this point in time, so that farmers at this point are quite happy to continue, let's put it that way. And that also comes back in -- if you look at the results that we had in 2024. So it's a mix in the Netherlands. It's clearly a mixed bag with still a lot of uncertainties towards the future. But therefore, it's good to see that also in 2024, we saw a decline of the Dutch feed market, but we were able to strengthen our market position. So we're very pleased on that one, Patrick.

[Operator Instructions] As we do not appear to have any further questions, I will turn the call over back to you, Mr. Wolleswinkel, for any additional or closing remarks.

Yes. Thank you all for participating and also for asking the questions. And with that, we would like to close off. If there in the coming periods are any questions, you know where to find us. And with that, I would all wish you a very nice rest of the day.

Thank you, sir. Ladies and gentlemen, that concludes today's conference. Thank you very much for your attendance. You may now disconnect. Have a good day, and goodbye.