Animal feed group De Heus saw a slight decline in turnover last year, but overall the benefits have increased further. This is evident from the annual report of the group holding company, which was filed with the Chamber of Commerce at the beginning of this month. The increasing profit is remarkable given that other major feed manufacturers in our country actually had to record red figures in 2023.
After turnover exploded in 2022 due to high raw material prices and a major acquisition in Vietnam, this core figure fell by 7% last year to €6,44 billion. €3,45 billion of this will be realized within Europe, without it being clear how great the Dutch interest is. In the past, De Heus achieved approximately a third of its turnover in the Netherlands, but this has probably decreased in recent years.
It is striking that turnover in Asia remained virtually the same at €2,22 billion. In Africa, sales (a total of €458 million) even increased slightly. It can be concluded from this that De Heus' portfolio is increasingly gaining global coverage.
Record profit
Operating profit takes a step back, but bottom line profit increases by more than 10% to €157 million. This exceeds the previous record income from 2021 by €10 million. The losses that ForFarmers, Agrifirm and Nutreco had to absorb last year are somewhat stark in comparison.
The cash flow also improved significantly last year. This is related to the sharp drop in raw material prices that had exploded the year before due to the war in Ukraine. The dividend paid out last year was €7 million.
Acquisitions
In terms of acquisitions, De Heus clearly slowed down last year, after various feed companies at home and abroad were incorporated in the previous years. However, it is a poultry company Plukon, in which De Heus does not have a majority interest - but of which it is the largest shareholder - is growing rapidly. This year alone, Plukon acquired four companies and the company was also actively on the acquisition trail in 2023. The growth strategy is not doing any harm to Plukon, given the record profit achieved last year.
Management changes
De Heus made two months ago known that the management structure will change from 2025. Koen and Co de Heus will then leave their respective positions as CEO and instead become joint chairman of a new board of directors to be formed. Gabor Fluit will take up the position of CEO.