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 2012.
- FirstFarms has in the accounting period realised a turnover of DKK 73.8 million, an EBIT result of DKK -10.5 million and a pre-tax result of DKK -15.8 million. The results correspond to the expectations announced in company announcement no. 14/2012.
- In the first three quarters, the milk price has been significantly lower than the expectations. Increasing prices are expected in Q4 but the prices are still lower than the original expectations.
- The milk production has in the first three quarters been significantly lower than assumed. As mentioned in company announcement no. 14/2012, a larger extent of mycoplasma has been recorded, which influences the milk production negatively and gives a depreciation of the stock value due to slaughter of animals.
- In 2012, the harvest has been significantly negatively influenced by bad growth conditions with too little rain.
- The crop prices have been higher than expected.
- FirstFarms maintains the expectations announced in company announcement 14/2012 of an EBIT-result of DKK -15 to -20 million.
- An action plan and steps to revise the strategy has been implemented, which shall bring FirstFarms among the most profitable agricultures in Europe in the future.
Billund, 20 November 2012
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.
