Quarterly statement for 1 January - 30 September for FirstFarms A/S
Summary
The Board of Directors and Management of FirstFarms A/S have today reviewed and adopted the unaudited quarterly accounts for the period 1 January to 30 September 2007.
Highlights
- During the period, FirstFarms A/S has achieved a turnover of DKK 40.5 million, an EBIT result of DKK -2.4 million and a pre-tax result of DKK 5.6 million, which is on level with expectations.
- The company maintains the previously announced expectations. Consequently, for the fiscal year 2007, FirstFarms expects a turnover of DKK 55-60 million, an EBIT result of DKK -3 to -5 million and a pre-tax profit of DKK 4-6 million.
- In September the company purchased the Romanian agricultural company S. C. Cistapibe s.r.l., which owns 800 hectares of land in western Romania. The company owns various buildings, including a new 2,500-tonne-capacity corn storage plant and machinery of lesser value.
- Acceptance of FirstFarms' offer to purchase the Slovakian company Mlyn Zahorie A/S was given in October 2007. The company has at its disposal 2,000 hectares of leasehold property, half of which is certified for organic farming. A synergy effect is expected in the operation of the land, now totalling 8,300 hectares. In addition to the land, Mlyn Zahorie A/S has a flour mill at its disposal, which is planned to be sold.
- FirstFarms has continued its strategy concerning buying up land in Romania and now has ownership of 4,139 hectares agricultural land, of which 3,062 hectares were acquired during the accounting period.
- The construction of cattle stalls in Slovakia has now begun.
- FirstFarms publishes the financial calendar for 2008.
Billund, 22 November 2007
FirstFarms A/S
Henrik Hougaard Kim Stokholm
Board Chairman Managing Director
For further information:
Please visit our website www.firstfarms.com or
contact Managing Director Kim Stokholm on telephone +45 29 25 88 89.
