Summary
The Board of Directors and Management of FirstFarms A/S have today reviewed and adopted the un-audited interim financial accounts for the period 1 January - 30 June 2016.
EBIT result in first half year as expected
- FirstFarms has in the accounting period realised a turnover of DKK 38.8 million, an EBIT result of DKK 2.1 million and a pre-tax result of DKK -2.3 million. The result corresponds to the expectation, but it is significantly affected by the low milk price, which is partly compensated by cost savings.
- In the first half year, the milk price has been lower than expected, but it is estimated that the decrease in the milk price is curbed and there are trends to price increases. The milk production has in the first half year been better than expected.
- The sales prices on grain have been lower than budgeted, whereas the prices on oilseeds have been higher than budgeted. A negative income effect from the sales prices compared to the budget is expected for the whole year.
- The harvest yields for the autumn crops have been higher that budgeted, and yields above budget for the spring crops are also expected. All in all, the crops look significantly better compared to same period in 2015.
- FirstFarms maintains the announced expectations of an EBIT result of DKK 0, and after final due diligence and implementation of 2/3 of the agreement with AP Pension an EBIT-result of DKK 26 million, cf. FirstFarms' company announcement 4/2016 published 21 April 2016.
Best regards,
FirstFarms A/S
For further information:
Please visit our website www.firstfarms.com or
contact CEO Anders H. Nørgaard on telephone +45 75 86 87 87.
