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 - 31 March 2018.
Continued growth in turnover and revenue despite pressure on food prices
- FirstFarms has in the accounting period realised a turnover of DKK 35.4 million, an EBITDA result of DKK 15.9 million, an EBIT result of DKK 8.9 million and a pre-tax result of DKK 6.3 million. EBIT is improved by DKK 2.3 million compared to same period last despite pressure on crop-, pig- and milk prices.
- Cf. company announcement no. 7/2018, pig production and plant production has been purchased in Czech Republic. These are taken over after the accounting period and are therefore not recognised in the number for the first quarter.
- In Q1, the milk price as well as the milk production has been on par with the expectations. The milk price has afterwards decreased, and an unchanged price is expected for the remaining part of the year.
- The price for piglets has been lower than budget in first quarter. Overall, it is considered possible to maintain the budgeted result of the year in the pig production.
- The spring 2018 has been marked by minimal amount of rain in large parts of Europe and also in our cultivation areas in both Slovakia and Romania.
- FirstFarms maintains the announced expectations of an EBITDA result in the level of DKK 49-53 million and an EBIT result of DKK 22-26 million.
- FirstFarms has obtained environmental permissions for significant expansions of the animal productions, which form foundation for possible future growth.
- FirstFarms owns a "land bank" of over 7,000 hectares of owned land and over 11,000 hectares rent contracts - a total of 18,000 hectares of agricultural land in operation.
- All owned land is booked at purchase prices and not market prices, and thus the company has significant reserves in the level of DKK 100-150 million before tax, which are not included in the booked equity.
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.
About FirstFarms:
FirstFarms is a Danish stock exchange listed company, which purchases and operation agriculture in Eastern Europe. We develop the individual farms to modern and sustainable businesses that deliver milk, meat and grains of the highest quality to the dinner tables all over the world.
