Annual report 2019 for FirstFarms A/S

Annual report 2019 for FirstFarms A/S

Historical strong financial report at FirstFarms a/s

In 2019, FirstFarms realised a growth of 32 percent in turnover and a result of DKK 29.0 million before tax compared to DKK 11.5 million in 2018.

The result of the year is, among other things, an expression of an efficient production in a generally favourable 2019-market, special favourable market conditions for pork and a persisting focus on costs.

“The result is historically good and satisfactory”, says FirstFarms’ CEO Anders H. Nørgaard and points out another significant reason for the result:

“2019 was the year, where we reaped the effect of our ambitious growth strategy. Since 2016, our Group has been expanded with three new companies and thus new production units. Thus, the risk spread has been strengthened both on geography and on branches, just as it is a great strength and certainty that our milk, meat and corn are sold to local food processing companies.”

The Board of Directors and Management of FirstFarms A/S has today reviewed and adopted the annual report for 2019.

2019: Turnover increased by 32 percent and EBITDA by 47 percent

2020: Expectations
Following a strong 2019, FirstFarms expects a stable 2020 with an EBITDA result in the level of DKK 80-105 million and an EBIT result in the level of DKK 30-55 million.

We expect, that 2020 will be a lucrative year for the pig production in EU, which can however be volatile. For the crop and milk production, a stable year is expected with unchanged prices on par with 2019. The efficiency in our milk production is expected improved compared to realised in 2019. In 2020, we will consolidate the production within the current business areas.

FirstFarms’ annual report can be seen in its full length in the attached document/link (95 pages).

Best regards,
FirstFarms A/S

For further information:
Please visit our website 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.

1 African swine fever

2 To illustrate the work with a sustainable development, we make use of Nasdaq’s recommendation for reporting - ESG-data (Environmental, Social, Governance). See more on page 14.