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Interim financial report for 1 January – 31 March 2021 for FirstFarms A/S

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CEO Anders H. Nørgaard

CEO Anders H. Nørgaard
CEO Anders H. Nørgaard
CEO Anders H. Nørgaard

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 2021.

Prosperity despite the volatile market conditions

FirstFarms has in the accounting period realised a turnover of 76.2 mDKK, an EBITDA of 29.2 mDKK, an EBIT of 16.1 mDKK and a pre-tax result of 10.6 mDKK.

EBITDA and EBIT are improved by 3.0 mDKK and 2.0 mDKK, respectively, compared to the same period last year.

  • In Q1 2021, the milk price has been marginally higher compared to Q1 2020, while the milk production has been significantly higher.

  • The turnover for piglets and slaughter pigs are 16 mDKK less in Q1 2021 compared to same period last year, the reason for this is lower prices during the period. However, the prices have increased towards the end of the quarter, and there is thus a positive value adjustment of 9.0 mDKK on the herd.

  • Crop prices have increased significantly in Q1 2021, which has had a positive effect on the result. Crops in the field have a satisfactory development, and compared to 2020, the development is significantly better, as there was minimal rainfall in 2020.

  • FirstFarms clarifies the announced expectations for 2021, and an EBITDA in the level of 95-115 mDKK and an EBIT of 45-65 mDKK are now expected. In 2020, an EBITDA of 100 mDKK and EBIT of 54 mDKK was realised.

  • The remaining part of the ongoing land sale in West Romania is expected to be completed in tranches by the end of 2021.

"The result for the first quarter and the slight increase compared to the same period last year are satisfactory in view of the continued uncertainty that characterises the markets. However, we are experiencing trends towards a normalisation of prices and sale of our products, which means that we maintain the expectation of a stable 2021 result and clarify the announced expectations. FirstFarms also maintains focus on risk diversification, development and growth, so that we can fulfil our ambition to become one of Europe's best operated and most profitable companies in the area of agriculture and food products," says Anders H. Nørgaard, CEO of FirstFarms.

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. We operate FirstFarms with responsibility for the surrounding communities, and we deliver highest quality which is primarily sold locally. We act on new opportunities, that create value for our investors and for the surroundings. Every day, we work on creating a more sustainable company.

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