Summary
The Board of Directors and Management of FirstFarms A/S have today reviewed and
adopted the un-audited half year report for the period 1 January - 30 June 2011.
Result in first half year better than expected
* FirstFarms has in the accounting period realised a turnover of DKK 32.0
million, an EBIT result of DKK 3.8 million and a pre-tax result of DKK 1.6
million. The results are better than the expectations.
* In the first half year, the milk price has been on level with the assumed.
There is a great volatility in the milk prices at the moment and the market
is under pressure and therefore a lower milk price is expected in the second
half year.
* The milk production has in the first half year been lower than assumed. The
milk production per cow is increased but in a lower pace than assumed. It is
decided to close old and uneconomic stables, and therefore the total number
of cows and the milk production will be lower than originally assumed in the
second half year.
* The sales prices on grain and oil seed are higher than expected.
* The harvest in Romania and Slovakia has been better than expected, and the
crops not yet harvested are also estimated to give a higher yield than
expected.
* In the light of the above, however specifying that the expectations are in
the upper range of the intervals, FirstFarms maintains the expectations of a
turnover of DKK 125-130 million, and EBIT result of DKK 17-22 million and a
pre-tax result of DKK 10-15 million.
Billund, 24 August 2011
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#1540827]
