Interim financial report for 1 January - 30 June 2020 for FirstFarms A/S

Reasonable half year still gives expectations of a record result for 2020In the first half year of 2020, FirstFarms A/S has improved EBITDA by 39 percent compared to same period last year.The increase is primarily due to the company in June 2020 acquiring the company AISM srl. (Now FirstFarms Agro North srl.) in Northwest Romania.FirstFarms' operations have overall delivered slightly above budget before correcting for changes in the livestock, and although the individual farms in...

Billund, 26/08/2020 (informazione.news - comunicati stampa - cibi e bevande)

Reasonable half year still gives expectations of a record result for 2020

In the first half year of 2020, FirstFarms A/S has improved EBITDA by 39 percent compared to same period last year.

The increase is primarily due to the company in June 2020 acquiring the company AISM srl. (Now FirstFarms Agro North srl.) in Northwest Romania.

FirstFarms' operations have overall delivered slightly above budget before correcting for changes in the livestock, and although the individual farms in general have not been directly affected by COVID-19, the result is reasonable in light of the situation in which the farms have operated.

All in all, a satisfactory half-year, which with the acquisition in Northern Romania, expected sale of land in Western Romania over the next 7-10 months and an expectation of slightly higher prices for pigs and crops, means that FirstFarms maintains its expectations for 2020;
o An EBITDA result in the level of DKK 110-135 million
o An EBIT result of DKK 60-85 million

In 2019, an EBITDA of DKK 96 million an EBIT of DKK 48 million were realised, which was historically good. If the expectations for this year are met, 2020 becomes another record year for FirstFarms.

”Our ambition is develop into one of Europe's most well-run and attractive farms. It requires skilled and committed employees, an ambitious board of directors and a group of shareholders, who show confidence and support. And we have that,” says CEO of FirstFarms, Anders H. Nørgaard, who are willing to reveal the formula for continued growth in the company:

“Based on Danish agricultural management, we must continue to acquire, develop and run agriculture with respect for the surrounding communities. We must continue to deliver products of the highest quality, which are primarily sold and consumed locally. Last but not least, we must continue to contribute to the development towards more sustainable agriculture and execute on new opportunities that create value for consumers and our investors. ”

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 June 2020.

                                        
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, which purchases and operates agriculture in Eastern Europe. We develop the individual farms to modern businesses that deliver milk, meat and grains of the highest quality to the local food processing companies. FirstFarms contributes to, and approves, the development towards a more sustainable agriculture.

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