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Tuesday, 28 November 2017

Interim financial report for 1 January - 30 September 2017 for FirstFarms A/S

FirstFarms A/S    

Published: 15:39 CET 28-11-2017 /GlobeNewswire /Source: FirstFarms A/S / : FFARMS /ISIN: DK0060056166

Interim financial report for 1 January - 30 September 2017 for FirstFarms A/S

Significant profit increase for the first 9 months and maintains expectations

 

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 2017.

 

  • The turnover has increased by DKK 45 million and result before tax has improved by DKK 7 million compared to same period last year.
  • FirstFarms has in the accounting period realised a turnover of DKK 134.8 million, an EBIT result of DKK 9.3 million and a pre-tax result of DKK 1.9 million.
  • FirstFarms maintains the announced expectations about an EBIT result of DKK 18-22 million. The assumption is a stable price on piglets and a milk price in Q4, 2017 on the present level.
  • In the first 9 months of the year, the milk price has been significantly better than budget. The settlement price for milk has increased by DKK 0.85 pr. kg compared to same period last year.
  • The price on piglets has been as budgeted in the first 9 months of the year.
  • The sales prices for crops have in total been as budget.
  • The harvest yields for the winter crops have been as budgeted, whereas the spring crops in general have suffered during the drought. Especially the maize yields are negatively affected in Slovakia and West Romania, whereas East Romania has harvest yields in line with expected. All in all, the yields will result in a negative influence on the result with DKK 15 million.
  • The administration costs are increasing based on the expansion with activities in Hungary.
  • In Hungary, two building sites are purchased, which gives the possibility to establish a pig project with 4,000 sows incl. piglets.

 

FirstFarms A/S offers issuance of new convertible bonds

 

FirstFarms A/S offers issuance of new convertible bonds for up to DKK 72.25 million according to the authorisation in item 5.6 in the Articles of Associations. The purpose of the bonds is a combined supplement of the company's cash resources and the continued implementation of the growth strategy in several of the existing business areas, with a special focus on the company's new business area of pig production.

 

In connection with issuance of new convertible bonds, the conversion price is determined to 57.25 in accordance with the authorisation and the terms of the convertible bonds, which are attached to this company announcement. The bonds are not subject to rules of the prospectus and are not traded on a regulated market.

 

The deadline for the subscription is scheduled to 12th December 2017 at 11.59 pm. Interested parties shall forward the enclosed binding subscription form to the following mail address: tit@firstfarms.com.

 

The interested parties will soon after the abovementioned deadline receive the convertible bond for signature, and the deadline for payment of the subscription amount is determined to 18th December 2017.

 

 

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.

 

 

 



(18) Q1-Q3 2017 (UK)
Convertible bond 2017 (UK)
Subscription form 2017 (UK)



This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of Nasdaq Corporate Solutions clients. Source: FirstFarms A/S, Majsmarken 1, Billund 7190, Denmark
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