FirstFarms A/S’ interim financial report 1 January – 30 September 2024
November 27 2024 - 3:11AM
UK Regulatory
FirstFarms A/S’ interim financial report 1 January – 30 September
2024
Extreme weather affects the result
The interim result is affected by extreme
weather and is not satisfactory.
The Board of Directors and Management of
FirstFarms A/S have today reviewed and adopted the unaudited
interim financial accounts for the period 1 January – 30 September
2024.
Main figures
FirstFarms has in the accounting period realised:
- A turnover of 327 mDKK (2023: 345 mDKK)
- An EBITDA of 86 mDKK (2023: 79 mDKK)
- An EBIT of 41 mDKK (2023: 42 mDKK)
- A result before tax of 13 mDKK (2023: 28 mDKK)
The turnover in the period fell by 5 percent.
This is primarily due to difficult cultivation conditions combined
with shift in the delivery time of crops and a temporary decline in
milk production.
FirstFarms’ strategic business model with a
focus on efficiency in production, circularity, ownership of land
and risk diversification across operations and geography means that
we deliver an EBITDA above last year’s level. Result before tax is
lower than last year, primarily due to higher net financial items.
The interest rate level and financial costs are as expected.
FirstFarms’ investment in irrigation in Romania
is a success. 13 tonnes of maize per hectare under irrigation were
harvested in the autumn, compared to 1.5 tonnes per hectare on the
areas that were not irrigated.
Following the end of Q3, FirstFarms has decided
to invest in irrigation of an additional 750 hectares and a
doubling of the silo capacity to 46,000 tons in Romania. A total
investment of 80 mDKK, which is part of Strategy 2028 and will have
a positive impact on earnings in 2025.
Market prices for piglets and slaughter pigs
were at an acceptable but decreasing level in Q3. The pig prices
have decreased further in Q4 and are expected to remain unchanged
until the end of the year.
The prices of milk have been at a satisfactory
level throughout 2024. Unfortunately, there was a temporary
decrease in milk production towards the end of the period due to
heat stress.
In Q3, FirstFarms started the construction of the company’s own
dairy. The dairy is directly linked to milk production in Slovakia
and will produce cream and concentrated milk products, that will be
delivered directly to food producers in Europe. The dairy will
start production in mid-2025 and is another of the Groups strategic
initiatives that will contribute to the future growth and more
sustainable products.
CEO Anders H. Nørgaard is optimistic about the
future:
“We have a strong financial foundation and good liquidity. This
year we have focused on executing on our ambitious 2028 strategy,
and next year we will begin to capitalise on the strategic
initiatives and projects that have been launched.”
We also expect that the increases we are
seeing in crop prices right now will continue, and that pig prices
will remain at the current level until the end of the
year.”
FirstFarms’ long-term goal is to increase the
Group’s annual turnover to 750 mDKK and EBITDA to at least 240 mDKK
in 2028.
FirstFarms specifies the expectations for the
year to an EBITDA in the level of 90 - 100 mDKK and an EBIT of 30 -
40 mDKK.
Announced expectations 2024
mDKK |
EBITDA |
EBIT |
27 November 2024 (company announcement no. 13) |
90-100 |
30-40 |
28 August 2024 (company announcement no. 10) |
90-120 |
30-60 |
21 March 2024 (company announcement no. 5) |
110-140 |
50-80 |
Best regards,
FirstFarms A/S
For further information:
Please visit our website www.firstfarms.com
or contact CEO Anders H. Nørgaard on phone +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.
- (13) Q3-2024 announcement
- (13) Q3-2024 report
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