Interim financial report for 1 January - 30 September 2019 for FirstFarms A/S
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 2019.
FirstFarms increases turnover and result significantly based on growth in the pig production
FirstFarms has in the accounting period realised a turnover of DKK 204.0 million compared to DKK 168.4 in the same period in 2018, an EBITDA of DKK 70.0 million and an EBIT of DKK 32.5 million. EBITDA and EBIT are improved with DKK 27.2 million and DKK 11.4 million, respectively compared to the same period last year.
- The price on piglets and slaughter pigs has been below budget in Q1, 2019 but significantly above in Q2 and Q3, 2019. Together with increased efficiency in production, this has contributed to a satisfactory result for the first 9 months of 2019. Satisfactory pig prices are still expected for the rest of 2019.
- The harvest yields have been marginal below budget, due to a very dry year; especially in Romania.
- The milk price has been lower than budget. A milk price is expected on the current level for rest of the year. The milk production has been on par with the budgeted.
- The take-over of Hospoda Invest A/S, according to company announcement no. 10/2019, is included in the figures from 17 July 2019 and onwards. The company owns and operates 1,500 hectares and has 2,300 sows with production of piglets and slaughter pigs.
- FirstFarms maintains the upward adjusted expectations, as published in company announcement no. 13 of 20 October 2019, of an EBITDA of DKK 90-95 million and an EBIT of DKK 43-48 million. In 2018, there is realised an EBITDA of DKK 57 million and an EBIT of DKK 26 million.
Anders H. Nørgaard from FirstFarms A/S says: “It is going well in FirstFarms. Our purchase of companies the last 3 years has generated the expected growth. We now see the effect of our ambitious and sustainable growth strategy, and we expect a solid result for 2019.”
Best regards,
FirstFarms A/S
For further information:
Please visit our website or contact CEO Anders H. Nørgaard on telephone .
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 consumer’s dinner tables.
Attachments
