Summary
The Board of Directors and Management of FirstFarms A/S have today reviewed and
adopted the un-audited quarterly accounts for the period 1 January - 30
September 2010.
Highlights
* FirstFarms has in the accounting period realised a turnover of DKK 58.1
million, an EBIT result of DKK 3.6 million and a pre-tax result of DKK -0.9
million. The results correspond to the expectations. The EBIT result is
improved with DKK 35.2 million compared to the same period in 2009.
* In the beginning of the year, the milk price was lower than assumed but has
in the last half year increased and is at the moment a little above the
expectations. For the year, an average price of DKK 2.15 per kg is expected
compared to an assumed average price of DKK 2.24 per kg.
* The milk production has in the first three quarters been lower than assumed
as the planned extension of the cattle herd has happened later than assumed.
The yield per cow has not met the expectations. In the period, the total
milk production is however more than 20 percent higher than in the same
period in 2009.
* The sales prices on grain have been higher than assumed.
* The harvest in Romania has been good with higher yields than expected. The
harvest in Slovakia has been negatively influenced by flooding as mentioned
in the company announcement in August. Lower yields are expected in maize
and alfalfa silage than assumed at the half year report, as the flooding
have had a larger negative influence than estimated in August. The total
negative influence of the flooding, originally estimated at DKK 7.5 million,
is now calculated to approx. DKK 10 million.
* In the light of the above, FirstFarms maintains the expectations for 2010 as
earlier announced with an EBIT result of DKK 0-5 million and a pre-tax
result of DKK -5-0 million. The expectations for the turnover are decreased
with DKK 10 million to a turnover of DKK 80-85 million.
Billund, 24 November 2010
FirstFarms A/S
For further information:
Please visit our websitewww.firstfarms.com or
contact Managing Director Per Villumsen on telephone +45 75 86 87 87.
[HUG#1465336]
