Interim financial report for 1 January - 30 June 2023 for FirstFarms A/S
30 Agosto 2023 - 2:14AM
Interim financial report for 1 January - 30 June 2023 for
FirstFarms A/S
Large turnover
increase and satisfactory
earning
FirstFarms A/S presents a turnover increase of
31 % and delivers satisfactory earnings in first half year of 2023.
Expectations for the year's result are maintained.
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 June
2023.
FirstFarms has in the accounting period
realised:
- A net turnover of 203 mDKK (2022:
155 mDKK)
- An EBITDA of 67 mDKK (2022: 66
mDKK)
- An EBIT of 42 mDKK (2022: 42
mDKK)
- A pre-tax result of 39 mDKK (2022:
41 mDKK)
FirstFarms maintains the announced expectations
for 2023 of an EBITDA in the level of 90-120 mDKK and an EBIT of
45-75 mDKK. In the record year 2022, an EBITDA of 148 mDKK and an
EBIT of 96 mDKK was realised.
Good pig prices and increasing
costsThe markets were unpredictable. Crop prices
dropped significantly and more than expected, while pig prices
surprisingly continued to increase in 2023 after prices otherwise
set a record last year.
FirstFarms is challenged by increasing costs
for, among other things salaries, which must be adjusted to the
high inflation in the countries in which FirstFarms operates.
CEO Anders H. Nørgaard says:"We are happy that
we managed to deliver a satisfactory result despite volatile
markets and other challenges. Once again, our risk diversification
has shown its value and created value for our shareholders. We
entered 2023 with some uncertainty about the year's development and
results and are therefore happy that we, with peace in mind, can
maintain the previously announced expectations for the year.
It has been a half year with many new
initiatives. I am particularly happy about our ongoing
transformation to renewable energy. In particular, the installation
of solar cell systems has picked up speed during the period.”
Pig prices
skyrocketedMarket prices in 2023 for piglets and
slaughter pigs are at a historically high level. Market prices for
piglets at the end of June were 677 DKK (+360 DKK compared to the
end of June last year) and 18.60 DKK /kg for fattening pigs (+4.84
DKK /kg). The turnover for piglets and slaughter pigs has increased
by 31 mDKK in first half year of 2023 compared to the same period
last year.
The Group's two new pig production facilities in
Hungary were put into full use with a capacity for 2,000 sows and
piglets. The first piglets are ready for delivery in Q4, 2023. The
productions have created 30 new local jobs.
Stable milk and low crop
pricesIn first half year of 2023, milk production was
slightly higher (+1.6 %) compared to first half year of 2022. The
milk price has stabilised at a reasonably high level (3.45 DKK/kg
compared to 3.09 DKK/kg in the same period last year). Overall,
this has resulted in a turnover from the milk production of 59 mDKK
in the first half year of 2023 compared to 53 mDKK in the first
half year of 2022.
The harvest is expected to be satisfactory,
however, with large geographical differences in quality and yield
as a result of the weather. Input costs for the fields have
increased and the price of crops has decreased significantly
compared to the first half year of 2022, which offered historically
high crop prices.
Focus must contribute
to realising
ambitions"Increased efficiency and circularity in
operations has been a focus area during the period, and will be so
going forward, as they are essential conditions for meeting our own
expectations for the year's result and for our ambition for a
future among Europe's best operated and most profitable companies
in the area of agriculture and food products," says Anders H.
Nørgaard.
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.
- (9) Q2-2023 announcement
- (9) Q2-2023_report
Firstfarms A/s (LSE:0EG1)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
Firstfarms A/s (LSE:0EG1)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024
