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 September 2013.
- FirstFarms has in the period realised a turnover of DKK 83.8 million, an EBIT result of DKK 9.8 million and a pre-tax result of DKK 5.0 million.
- In the first three quarters, the milk price has been lower than assumed, but the price has increased and is expected higher than assumed in Q4.
- The milk production has in the first 3 quarters been marginal below the expected.
- The yields in Romania have been higher than assumed. In Slovakia, the yields for rape and wheat have been higher than expected whereas the yield on maize is expected lower than budgeted due to lack of rain over the summer. The harvest of maize is not yet fully finished, and there is thus still an uncertainty about the yield.
- The sales prices on grain and oil seed have been lower than budgeted.
- FirstFarms maintains the expectations of an EBIT result of DKK 10-15 million.
- As mentioned in company announcement 22/2013, FirstFarms has in November 2013 issued convertible bonds for a total of DKK 50 million and the proceeds are fully paid. The financial resources of FirstFarms are thus significantly strengthened. The proceeds will be used for development of existing business through purchase of land, land lease contracts or companies along with optimisation and further development of the activities according to FirstFarms' business concept.
Billund, 26 November 2013
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.
