Resume
The Board of Directors and Management of FirstFarms A/S has today reviewed and adopted the annual report for 2013.
2013: EBIT-result as expected in FirstFarms
- In 2013, FirstFarms realised a turnover of DKK 114.1 million, an EBIT-result of DKK 11.2 million and a pre-tax result of DKK 4.5 million.
- The result is significantly improved compared to 2012 and the EBIT-result corresponds to the announced expectation.
- In Slovakia, the crop yields for maize were negatively influenced by drought in the growth period, whereas the other crops had good yields. In Romania, the crop yields were satisfactory. The crop prices were lower than expected and all in all it was only partly compensated by the higher yields.
- The milk price in 2013 corresponded to the expectations. The milk production per cow was better than expected whereas the average number of cows was lower that expected. The result in the milk production was all in all as expected.
- In November 2013, FirstFarms issued convertible bonds for DKK 50 million. As from November 2014, the bonds can be converted into shares at a price of 42.78. The bonds carry interest at 6 per cent p.a. and fall due in March 2016 unless they are converted into shares.
- In 2013, FirstFarms realised a positive cash flow from main activities of DKK 18 million.
2014: Expectations
In 2014, FirstFarms expects an EBIT-result of DKK 17-22 million.
FirstFarms' annual report can be seen in its full length in the attached document/link (65 pages).
Billund 25 March 2014
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.
