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 - 31 March 2017.
Significant improvement of the result in Q1 2017 and positive expectations for 2017
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FirstFarms has in the accounting period achieved a turnover of DKK 32.6 million, an EBIT result of DKK 7.9 and a pre-tax result of DKK 6.1 million. The result is improved by DKK 8.1 million compared to same period last year.
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The purchase of the pig production in Hungary was finally carried out at the end of March 2017, and has thus only small influence on operation. DKK 2.6 million has been booked as income in connection with the take-over.
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In Q1, the milk price as well as the milk production has been on par with the expectations. The milk price has been significantly above realised prices in same quarter 2016.
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The prices on grain products and oilseeds are in total expected on par with the budget.
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In both Slovakia and Romania, the crops are looking satisfactory for the season. Autumn crops are however influenced by low amounts of rain in the spring.
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FirstFarms maintains the announced expectations of an EBIT result of DKK 18-22 million.
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FirstFarms A/S' negotiations with AP Pension regarding land and buildings in Romania are still in progress in a positive dialogue, and it is expected that the final agreement can be ready before the end of first half year 2017. The result effect hereof is not included in the above EBIT expectations.
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.