FirstFarms

Interim / Quarterly Report • Aug 27, 2019

National Storage Mechanism | Additional information

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Interim financial report for 1 January – 30 June 2019 for FirstFarms A/S

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 2019.

FirstFarms increases turnover and result concurrently with upward adjustment of the expectations for the result of the year

• FirstFarms has in the accounting period realised a turnover of DKK 108.5 million compared to DKK 85.3 million in the same period in 2018, an EBITDA of DKK 47.2 million and an EBIT of DKK 22.9 million. EBIT is improved with DKK 10.8 million compared to same period last year.
• The price on piglets and slaughter pigs has been below budget in Q1, 2019 but significantly above in Q2, 2019. This has together with increased production efficiency contributed to a satisfactory result for the first half year. Higher pig prices in the rest of 2019 are expected.
• The yields for the winter crops have only been marginally under budget despite a dry autumn. Yields for the spring crops are expected on par with the budget.
• In the first half year, the milk price has been marginal lower than budget. A milk price is expected on the same level for second half year. The milk production has been on par with the budget in the first half year.
• The take-over, according to company announcement no. 10/2019, of the company Hospoda Invest A/S will not have effect before second half year of 2019. The company owns and operates 1,500 hectares and has 2,300 sows with production of piglets and slaughter pigs.
• FirstFarms adjust upwards the announced expectations to an EBITDA of DKK 80-85 million and an EBIT of DKK 33-38 million, compared to previously DKK 75-80 million and DKK 30-35 million. In 2018, an EBITDA of DKK 57 million and an EBIT of DKK 26 million was realised.

Anders H. Nørgaard from FirstFarms A/S says: “It is going well in FirstFarms. Our three operation branches milk, pigs and crops have all made progress in first half year. We expect a good result for 2019 and thus adjust upwards our expectations. We now see the effect of our ambitious and sustainable growth strategy.”

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 and sustainable businesses that deliver milk, meat and grains of the highest quality to the consumer’s dinner table.

Attachment

• (11) Q2-2019 (UK)