Summary
The Board of Directors and Management of FirstFarms A/S have today
reviewed and adopted the un-audited half year report for the period 1
January - 30 June 2008.
Highlights
- In the first half of 2008, FirstFarms has realized a turnover of
DKK 27.2 million, an EBIT result of DKK 1.6 million and a pre-tax
result of DKK 3.3 million. In Q2 the turnover was DKK 12.5 million,
the EBIT result was DKK 0.9 million and the pre-tax result amounted
to DKK 1.4 million. The EBIT result for the first half of 2008 is DKK
5.8 million better than first half of 2007, but lower than expected,
due to a lower turnover in the milk production.
- The share capital has increased with DKK 19.8 million in the first
half of 2008 and is composed of a result of DKK 2.5 million and an
exchange rate adjustment of DKK 17.4 million. The exchange rate
adjustment is mainly due to an increase in the Slovak koruna (SKK).
- After the accounting period, the company in Slovakia has harvested
rye, barley, wheat and rape, and the yield result was above the
expected. After the accounting period, the company in Romania has
harvested 101 hectares spring barley with a yield result
corresponding to the expectations.
- FirstFarms maintains its expectations, including the stated effect
in announcement 7/2008, which are a turnover of DKK 85-90 million, an
EBIT result of DKK 5.8-7.8 million and a pre-tax result of DKK
8.5-11.5 million.
- In July 2008, the company purchased the Romanian agriculture
company, S. C. Agrisole s.r.l., which owns 1,400 hectares of land in
Eastern Romania, approx. 80 kilometres from Bucharest.
- FirstFarms has bought up a total of 8,025 hectares of farmland in
Romania, of which 1,750 hectares has been acquired after the
accounting period.
- The construction of cattle stalls in Slovakia, which helps ensure
the increase of the cattle herd to a total of 3,400 dairy cows, runs
as planned and it is expected to be finished at the end of 2009. The
first stable section with room for 540 cows will be in use in October
and a similar one in November 2008.
