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 2018.
FirstFarms maintains growth in the turnover and the result despite low prices on animal produce
- FirstFarms has in the accounting period realised a turnover of DKK 168.4 million compared to DKK 134.8 in the same period in 2017, and EBITDA result of DKK 42.8 million and an EBIT result of DKK 21.0 million. EBITDA and EBIT are improved with DKK 14.2 million and DKK 11.7 million, respectively compared to the same period last year.
- The milk price has in the first three quarters been marginal lower than budget. A milk price is expected on the current level for the last quarter. The milk production has in the period been a little lower than budget.
- The prices on grain and oil seed are in total expected to be higher than budget. The dry weather in the spring and summer has put upwards press on the prices due to an expected lower production on the world market.
- The harvest yields have been lower than budget due to a dry growth period.
- The price on piglets has been low in the first three quarters, and it has contributed negatively to the result in the pig production. The pig production efficiency has been satisfactory. Low prices are still expected for the rest of the year.
- The price on slaughter pigs is also low, and only a small increase is expected in the remaining part of the year.
- The take-over in May 2018 of the pig production in Czech Republic has contributed positively to the result, including recognition of negative goodwill.
- FirstFarms maintains the announced expectations of an EBITDA result in the level DKK 49-53 million and an EBIT result in the level of DKK 22-26 million.
Anders H. Nørgaard from FirstFarms A/S says: "Our risk spreading on production lines and geography shows high and positive effect, as we can withstand the fluctuations in climate and price, which the agricultural production in general is challenged by."
Furthermore, Anders H. Nørgaard states: "The agricultural production in Eastern Europe is in a very good development. The price of land is increasing, and the demand for pork is high, which provides basis for our future growth plans."
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 operates 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.
