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 2014.
- FirstFarms has in the accounting period realised a turnover of DKK 105.8 million, an EBIT result of DKK 19.1 million and a pre-tax result of DKK 13.8 million.
- In the first three quarters, the milk price has been lower than assumed, but it has mostly been compensated for by higher milk production. Decreasing milk prices are expected in Q4, and it is not expected that it will be compensated for by higher production.
- FirstFarms has entered a fixed agreement of delivery of all produced milk to a German dairy. The agreement is entered to secure the sale i.a. in a period, where the milk quota will expire.
- The sales prices on grain and oil seed have been lower than budgeted. Entering of price agreements in the spring 2014 attenuates the effect hereof.
- The yields in Romania have been better than expected and it is the same for the spring crops in Slovakia. The maize harvest in Slovakia is considered to be slightly below the expected at the beginning of the year.
- FirstFarms maintains the expectations of an EBIT result of DKK 17-22 million.
Billund, 25 November 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.
