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FirstFarms — Interim / Quarterly Report 2021
Aug 25, 2021
3433_rns_2021-08-25_b93a90ac-e070-406a-ae8d-0bfaf13914d6.pdf
Interim / Quarterly Report
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FirstFarms
Company announcement no. 15/2021
25 August 2021
Interim financial report for 1 January – 30 June 2021 for FirstFarms A/S
High prices on crops and upward adjustment
FirstFarms A/S has in the first half year of 2021 realised the highest prices on crops in history but has also experienced significantly lower pig prices compared to first half year 2020. As FirstFarms is not dependent on individual branches of operation, the company can still present a satisfactory result for first half year of 2021 and adjust the expectations upwards.
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 2021.
FirstFarms has in the accounting period realised:
- A turnover of 143 mDKK
- An EBITDA of 57 mDKK
- An EBIT of 36 mDKK
- A pre-tax result of 25 mDKK
The high crop prices have had a knock-on effect on the sale of crops from the 2020 harvest, as well as on the value adjustment of inventories from the 2021 harvest. Overall, there is as of 30 June 2021 a value adjustment on inventories of 18 mDKK against 9 mDKK in 2020.
However, a lower EBITDA was realised compared to the same period last year (56.9 mDKK against 65.3 mDKK in 2020). The most significant reasons are revenue recognition of a negative goodwill of 19.7 mDKK in 2020 when acquiring an agricultural company in Northwest Romania and significantly lower pig prices in first half year of 2021 compared to first half year of 2020.
The turnover on pigs is 22 mDKK lower compared to first half year 2020, production and efficiency is however at the same level as previous period. The value adjustment on pigs is positive with 5.5 mDKK against a negative value adjustment in first half year 2020 of 8.5 mDKK, which can be attributed to the fact that the value at the end of 2020 was very low.
Thus, the net effect on the pig production on turnover and value adjustment is negative with 8 mDKK compared the first half year 2020.
"As part of our strategy of risk diversification, FirstFarms' turnover and earnings are divided on four branches of operation; crops, milk, pigs and land development. We are therefore not dependent on individual branches of operation, which is crucial for us to be able present a satisfactory result for first half year 2021," says CEO Anders H. Nørgaard and continues:
"Our business model is robust and stable in a market that has been very volatile over the past 18 months. Thus, the very low pig prices in first half year 2021 are set off by high crop prices and stable yield. In 2020, we experienced very high pig prices in first half year, while experiencing drought in individual areas. This way, stable results emerge as the individual business areas are not directly coherent".
Company announcement no. 15/2021 for FirstFarms A/S
FirstFarms A/S
Majsmarken 1 – 7190 Billund – Danmark – Tel.: +45 7586 8787
www.firstfarms.dk – www.firstfarms.com – [email protected]
CVR no.: 28312504 – Registered office: Billund
FirstFarms
Branches of operations
- The milk price has been on par with the budget, while the efficiency and production have been better than both expected and same period last year.
- The prices for piglets and slaughter pigs have increased during first half year from a historically low level. The herd is adjusted with 5.5 mDKK against -8.5 mDKK in the same period last year.
- Overall, the harvest of the autumn crops has been better than budgeted and significantly above 2020. The spring crops are satisfactory at this stage.
Overall a satisfactory half year, and an expected sale of activities in Romania the next 4-8 months and an expectation of slightly higher prices for pigs, means that FirstFarms adjusts the expectations upwards for 2021:
- An EBITDA in the level of 100-120 mDKK
- An EBIT of 50-70 mDKK
In 2020, an EBITDA of 100 mDKK and an EBIT of 54 mDKK was realised, which was historically good. If the expectations for this year are met, 2021 will be better than the result for 2020.
"FirstFarms' journey of growth continues. We continue to develop and operate agriculture with respect for the surrounding communities, and we will continue to deliver products of the highest quality, which are primarily sold and consumed locally. Last but not least, we continue to develop towards more sustainable agriculture while executing on new opportunities that also create value for the consumers and our investors," 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 telephone +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.
Company announcement no. 15/2021 for FirstFarms A/S
FirstFarms A/S
Majemarken 1 – 7190 Billund – Danmark – Tel.: +45 7586 8787
www.firstfarms.dk – www.firstfarms.com – [email protected]
CVR no.: 28312504 – Registered office: Billund
FirstFarms
Main and key ratios
| The Group Q1+Q2 | The Group Q1+Q2 | The Group Q2 | The Group Q2 | The Group | |
|---|---|---|---|---|---|
| tDKK | 2021 | 2020 | 2021 | 2020 | 2020 |
Main figures
| Turnover | 143,384 | 151,845 | 67,186 | 69,282 | 312,616 |
|---|---|---|---|---|---|
| Gross profit/loss | 45,716 | 31,029 | 10,652 | 11,192 | 24,916 |
| Result before depreciations (EBITDA) | 56,854 | 65,422 | 33,469 | 42,037 | 100,204 |
| Profit/loss of primary operations (EBIT) | 35,911 | 39,759 | 19,788 | 25,602 | 54,240 |
| Net financial items | -10,597 | -10,926 | -5,047 | -5,452 | -22,838 |
| Pre-tax result | 25,314 | 28,833 | 14,741 | 20,150 | 31,402 |
| Net profit | 18,788 | 25,892 | 11,044 | 19,006 | 24,794 |
| Non-current assets | 948,503 | 961,835 | 948,503 | 961,835 | 954,069 |
| --- | --- | --- | --- | --- | --- |
| Current assets | 233,163 | 235,436 | 233,163 | 235,436 | 187,886 |
| Total assets | 1,181,666 | 1,197,271 | 1,181,666 | 1,197,271 | 1,141,955 |
| Share capital | 76,540 | 75,167 | 76,540 | 75,167 | 75,666 |
| Equity | 503,906 | 482,566 | 503,906 | 482,566 | 483,477 |
| Non-current liabilities | 463,553 | 491,099 | 463,553 | 491,099 | 461,134 |
| Current liabilities | 214,207 | 223,606 | 214,207 | 223,606 | 197,344 |
| Cash flow from primary operations | 13,168 | 47,298 | -12,149 | -25,317 | 79,572 |
| --- | --- | --- | --- | --- | --- |
| Cash flow from operations | 1,434 | 32,129 | -18,111 | -19,545 | 47,172 |
| Cash flow for investment, net | -10,399 | -28,435 | -1,708 | 8,691 | -13,217 |
| Of which for investment in tangible assets | -15,343 | 32,779 | -3,064 | 12,279 | -93,561 |
| Cash flow from financing | 4,996 | 216 | 9,875 | 4,879 | -29,259 |
| Total cash flow | -3,968 | 3,910 | -9,943 | -5,975 | 4,696 |
Key figures
| Gross margin | 31.9 | 20.4 | 15.9 | 16.2 | 7.9 |
|---|---|---|---|---|---|
| EBITDA margin | 39.7 | 43.1 | 49.8 | 60.7 | 32.1 |
| Operating margin | 25.0 | 26.2 | 29.5 | 37.0 | 17.4 |
| Solvency ratio | 42.6 | 40.3 | 42.6 | 40.3 | 42.0 |
| Earnings per share, DKK | 2.5 | 3.4 | 1.4 | 2.5 | 3.6 |
| Diluted earnings per share, DKK | 2.2 | 2.9 | 1.3 | 2.1 | 3.4 |
| Return on shareholders' equity | 7.6 | 11.8 | 8.9 | 17.4 | 5.7 |
| Average number of employees | 310 | 318 | 312 | 318 | 334 |
| --- | --- | --- | --- | --- | --- |
EBITDA = EBIT added depreciations of the period.
Company announcement no. 15/2021 for FirstFarms A/S
FirstFarms A/S
Majsmarken 1 – 7190 Billund – Danmark – Tel.: +45 7586 8787
www.firstfarms.dk – www.firstfarms.com – [email protected]
CVR no.: 28312504 – Registered office: Billund
FirstFarms
Management report for the period 1 January – 30 June 2021
FirstFarms has in the accounting period realised a turnover of 143 mDKK, an EBITDA of 57 mDKK, an EBIT of 36 mDKK and pre-tax result of 25 mDKK.
EBITDA and EBIT have decreased with 9 mDKK and 4 mDKK, respectively, compared to the same period last year. This is mainly due to the income in first half year 2020 of 20 mDKK on the acquisition of a West Romanian land company.
In the first half year, the equity has increased by 20.5 mDKK, due to early conversion of bonds for 5.0 mDKK, a result of 18.8 mDKK, an exchange rate adjustment of 1.3 mDKK, adjustment of hedging instrument of 1.0 mDKK and payment of dividends of 5.6 mDKK.
In the first half year, the milk price has been on par with the budgeted, whereas the efficiency and production has been better than expected.
The prices on piglets and slaughter pigs have in average been lower than budgeted in the first half year but ended at budgeted level. The prices have afterwards decreased a little, but FirstFarms expects an increase again in the coming months.
The harvest of autumn crops is finished. In total, the result has been higher than budgeted, contemporary with the prices being very beneficial. Currently, the spring crops look satisfactory, there is however large differences due to the geographical spread. In the places, where the crops are less satisfactory are due to large periods without rain.
The sale of activities in Romania runs as planned and is expected to be carried out over the next 4-8 months.
The operation and sales have to a minor extent been affected by consequences of COVID-19 or restrictions hereof.
Risk assessment
FirstFarms has in the annual report for 2020 described the most essential risks for the company, and it is the management's opinion that this description is still adequate. The annual report and the risk assessment can be found on the company's website www.firstfarms.com.
Accounting policies
The interim financial report is prepared in accordance with IAS 34 "Presentation of interim financial reports" as adopted by the EU and Danish disclosure requirements for listed companies.
Accounting policies are unchanged compared to the consolidated financial statement and annual report for 2020, to which is referred.
Company announcement no. 15/2021 for FirstFarms A/S
FirstFarms A/S
Majsmarken 1 – 7190 Billund – Danmark – Tel.: +45 7586 8787
www.firstfarms.dk – www.firstfarms.com – [email protected]
CVR no.: 28312504 – Registered office: Billund
FirstFarms
Expectations for 2021
FirstFarms adjusts upward the announced expectations to 2021, to an EBITDA in the level of 100-120 mDKK and an EBIT of 50-70 mDKK.
Announced expectations 2021
| mDKK | EBITDA | EBIT |
|---|---|---|
| 25 August 2021 (company announcement no. 15) | 100-120 | 50-70 |
| 26 May 2021 (company announcement no. 11) | 95-115 | 45-65 |
| 25 March 2021 (company announcement no. 4) | 85-115 | 35-65 |
Financial calendar for 2021
24 November 2021 Interim financial report 1 January – 30 September 2021
Company announcement no. 15/2021 for FirstFarms A/S
FirstFarms A/S
Majsmarken 1 – 7190 Billund – Danmark – Tel.: +45 7586 8787
www.firstfarms.dk – www.firstfarms.com – [email protected]
CVR no.: 28312504 – Registered office: Billund
FirstFarms
Management statement
The Management and Board of Directors of FirstFarms have today discussed and approved the interim financial report of FirstFarms A/S for the period 1 January – 30 June 2021.
The interim financial accounts, which has not been audited or reviewed by the independent auditors of the Company, has been prepared in accordance with IAS 34 – “Interim Financial Reporting” as adopted by the EU and additional Danish disclosure requirements for interim reports of listed companies.
In our opinion the interim financial accounts give a true and fair view of the Group’s assets, liabilities and financial position at 30 June 2021 and of the results of the Group’s operations and cash flows for the period 1 January – 30 June 2021.
Further, in our opinion the Management’s review gives a true and fair overview of the development in the Group’s operations and financial matters, the results of the Group’s operations and the Group’s financial position as a whole.
Billund, 25 August 2021
Management
Anders H. Nørgaard
CEO
Board of directors
Henrik Hougaard
Chairman
Asbjørn Børsting
Vice Chairman
Jens Bolding Jensen
Karina Boldsen
Bendt Wedell
Company announcement no. 15/2021 for FirstFarms A/S
FirstFarms A/S
Majsmarken 1 – 7190 Billund – Danmark – Tel.: +45 7586 8787
www.firstfarms.dk – www.firstfarms.com – [email protected]
CVR no.: 28312504 – Registered office: Billund
FirstFarms
Income statement
| tDKK | The Group | The Group | The Group | The Group | The Group |
|---|---|---|---|---|---|
| Q1+Q2 | Q1+Q2 | ||||
| 2021 | 2020 | Q2 2021 | Q2 2020 | 2020 | |
| Turnover | 143,384 | 151,845 | 67,186 | 69,282 | 312,616 |
| Value adjustment of biological assets | 23,659 | 1,851 | 10,652 | -906 | -25,186 |
| Production costs | -148,091 | -144,906 | -67,293 | -67,856 | -315,792 |
| Grants | 26,764 | 22,239 | 14,575 | 10,672 | 52,981 |
| Gross profit/loss | 45,716 | 31,029 | 25,120 | 11,192 | 24,619 |
| Other operating income | 2,132 | 20,235 | 804 | 20,233 | 54,857 |
| Administration costs | -11,937 | -11,505 | -6,136 | -5,823 | -25,236 |
| EBIT result | 35,911 | 39,759 | 19,788 | 25,602 | 54,240 |
| Financial income | 379 | 126 | 204 | 108 | 939 |
| Financial costs | -10,976 | -11,052 | -5,251 | -5,560 | -23,777 |
| Pre-tax result | 25,314 | 28,833 | 14,741 | 20,150 | 31,402 |
| Tax on net profit | -6,526 | -2,941 | -3,697 | -1,144 | -6,608 |
| Net profit | 18,788 | 25,892 | 11,044 | 19,006 | 24,794 |
| Earnings per share, DKK | 2.45 | 3.44 | 1.44 | 2.53 | 3.57 |
| Diluted earnings per share, DKK | 2.19 | 2.91 | 1.26 | 2.06 | 3.36 |
Total income statement
| The Group | The Group | The Group | The Group | The Group | |
|---|---|---|---|---|---|
| Q1+Q2 | Q1+Q2 | Q2 | Q2 | ||
| tDKK | 2021 | 2020 | Q2 2021 | Q2 2020 | 2020 |
| Net profit | 18.788 | 25.892 | 11.044 | 19.006 | 24.794 |
| Other total income | |||||
| Items, which can be re-classified to the income statement: | |||||
| - Exchange rate adjustments by conversion of foreign units | 1,298 | -8,540 | 3,176 | 7 | -9,112 |
| Hedging instruments | |||||
| - Value adjustment of the year | 1,531 | -386 | 445 | -111 | -2,175 |
| - Value adjustment re-classified to financial items | -243 | -487 | 3 | -304 | 900 |
| - Tax of other total income | -270 | 184 | -94 | 88 | 267 |
| Other total income after tax | 2,316 | -9,229 | 3.530 | -320 | -10,120 |
| Total income | 21,104 | 16,663 | 14,574 | 18,686 | 14,674 |
Company announcement no. 15/2021 for FirstFarms A/S
FirstFarms A/S
Majsmarken 1 – 7190 Billund – Danmark – Tel.: +45 7586 8787
www.firstfarms.dk – www.firstfarms.com – [email protected]
CVR no.: 28312504 – Registered office: Billund
FirstFarms
Balance
| The Group | The Group | The Group | |
|---|---|---|---|
| tDKK | Q1+Q2 2021 | Q1+Q2 2020 | 2020 |
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | |||
| Goodwill | 16,083 | 16,047 | 16,083 |
| Total intangible assets | 16,083 | 16,047 | 16,083 |
| Tangible assets | |||
| Land | 528,546 | 526,918 | 536,744 |
| Buildings | 233,225 | 228,291 | 227,371 |
| Plant and machinery | 90,140 | 105,240 | 95,996 |
| Fixtures and fittings, tools and equipment | 5,301 | 5,020 | 5,682 |
| Fixed assets under construction | 27,107 | 28,506 | 27,061 |
| Total tangible assets | 884,319 | 893,975 | 892,854 |
| Biological assets | |||
| Basic herd | 42,705 | 42,028 | 39,734 |
| Total biological assets | 42,705 | 42,028 | 39,734 |
| Other non-current assets | |||
| Deferred tax asset | 5,396 | 9,785 | 5,398 |
| Total other non-current assets | 5,396 | 9,785 | 5,398 |
| Total non-currents assets | 948,503 | 961,835 | 954,069 |
| Current assets | |||
| Inventories | 39,212 | 34,962 | 76,404 |
| Biological assets - breeding and crops | 137,937 | 137,200 | 64,593 |
| Receivables | 18,900 | 26,833 | 18,770 |
| Other receivables | 31,103 | 26,949 | 18,125 |
| Accruals and deferred expenses | 2,226 | 2,678 | 2,241 |
| Cash at bank and in hand | 3,785 | 6,814 | 7,753 |
| Total current assets | 233,163 | 235,436 | 187,886 |
| TOTAL ASSETS | 1,181,666 | 1,197,271 | 1,141,955 |
Company announcement no. 15/2021 for FirstFarms A/S
FirstFarms A/S
Majsmarken 1 – 7190 Billund – Danmark – Tel.: +45 7586 8787
www.firstfarms.dk – www.firstfarms.com – [email protected]
CVR no.: 28312504 – Registered office: Billund
FirstFarms
| The Group | The Group | The Group | |
|---|---|---|---|
| tDKK | Q1+Q2 2021 | Q1+Q2 2020 | 2020 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Share capital | 76,540 | 75,167 | 75,666 |
| Reserve for exchange rate adjustment | -36,171 | -36,897 | -37,469 |
| Transferred result | 463,537 | 444,296 | 439,605 |
| Proposed dividend | 0 | 0 | 5,675 |
| Total equity | 503,906 | 482,566 | 483,477 |
| Liabilities | |||
| Non-current liabilities | |||
| Deferred tax | 49,055 | 49,594 | 43,618 |
| Credit institutions | 257,114 | 250,934 | 251,967 |
| Convertible bonds | 107,941 | 118,988 | 112,946 |
| Other non-current debt | 49,443 | 71,583 | 52,603 |
| Total non-current assets | 463,553 | 491,099 | 461,134 |
| Current liabilities | |||
| Credit institutions | 111,376 | 118,075 | 105,852 |
| Convertible bonds | 6,350 | 3,229 | 6,350 |
| Trade payables and other payables | 82,060 | 83,111 | 70,300 |
| Corporation tax | 223 | 0 | 0 |
| Accruals and deferred income | 14,198 | 19,191 | 14,842 |
| Total current liabilities | 214,207 | 223,606 | 197,344 |
| Total liabilities | 677,760 | 714,705 | 658,478 |
| TOTAL EQUITY AND LIABILITIES | 1,181,666 | 1,197,271 | 1,141,955 |
Company announcement no. 15/2021 for FirstFarms A/S
FirstFarms A/S
Majsmarken 1 – 7190 Billund – Danmark – Tel.: +45 7586 8787
www.firstfarms.dk – www.firstfarms.com – [email protected]
CVR no.: 28312504 – Registered office: Billund
FirstFarms
Equity statement (Condensed)
| tDKK | The Group | The Group |
|---|---|---|
| Q1+Q2 2021 | Q1+Q2 2020 | |
| EQUITY STATEMENT | ||
| Equity 1 January | 483,477 | 392,315 |
| Result of the period | 18,788 | 25,892 |
| Other total income | 2,316 | -9,229 |
| Conversion of bonds and issuance of shares | 5,000 | 73,588 |
| Dividend | -5,675 | 0 |
| Total income for the period | 20,429 | 90,251 |
| Equity 30 June | 503,906 | 482,566 |
Cash flow statement
| tDKK | The Group | The Group |
|---|---|---|
| Q1+Q2 2021 | Q1+Q2 2020 | |
| Pre-tax result | 25,314 | 28,833 |
| Adjustment of non-cash items | 7,201 | 5,927 |
| Change in working capital | -19,347 | 12,538 |
| Cash flow from primary activities | 13,168 | 47,298 |
| Cash from ordinary operations and paid taxes | -11,734 | -15,169 |
| Cash flow from operating activities | 1,434 | 32,129 |
| Cash flow from investing activities | -10,399 | -28,435 |
| Cash flow from financing activities | 4,996 | 216 |
| Cash flow in the period | -3,968 | 3,910 |
| Available, at the beginning | 7,753 | 3,057 |
| Exchange rate adjustment of available | 0 | -153 |
| Available at closing | 3,785 | 6,814 |
Company announcement no. 15/2021 for FirstFarms A/S
FirstFarms A/S
Majsmarken 1 – 7190 Billund – Danmark – Tel.: +45 7586 8787
www.firstfarms.dk – www.firstfarms.com – [email protected]
CVR no.: 28312504 – Registered office: Billund
FirstFarms
Segment information
| Q1+Q2 2021
tDKK | Romanian activities | Slovakian activities | Hungarian activities | Czech activities | Total report compulsory segments |
| --- | --- | --- | --- | --- | --- |
| Total segment turnover | 10.255 | 83.615 | 19.331 | 36.395 | 149.596 |
| Grants | 5.257 | 16.553 | 976 | 3.978 | 26.764 |
| Value adjustment of biological assets | 10.000 | 10.028 | 2.712 | 919 | 23.659 |
| Financial income | 29 | 1.762 | 24 | 36 | 1.851 |
| Financial costs | -399 | -4.712 | -587 | -622 | -6.320 |
| Depreciations | -2.486 | -14.903 | -1.349 | -2.205 | -20.943 |
| Segment result before tax | 9.407 | 17.971 | 3.452 | 4.935 | 35.765 |
| Segment assets | 332.111 | 665.468 | 87.834 | 163.931 | 1.249.344 |
| Plant investments *) | 859 | 8.428 | 5.863 | 193 | 15.343 |
| Segment liabilities | 172.584 | 428.059 | 64.292 | 68.935 | 733.870 |
*) Plant investments are investments in machinery, land and buildings.
| Q1+Q2 2020
tDKK | Romanian activities | Slovakian activities | Hungarian activities | Czech activities | Total report compulsory segments |
| --- | --- | --- | --- | --- | --- |
| Total segment turnover | 9,380 | 83,079 | 28,637 | 41,191 | 162,287 |
| Grants | 6,099 | 13,878 | 1,026 | 1236 | 22,239 |
| Value adjustment of biological assets | -4,400 | 7,883 | -2,437 | 805 | 1,851 |
| Financial income | 10 | 73 | 11 | 32 | 126 |
| Financial costs | -2,758 | -3,867 | -1,461 | -794 | -8,880 |
| Depreciations | -7,136 | -15,178 | -1,417 | -1,909 | -25,640 |
| Segment result before tax | 11,002 | 16,845 | 6,573 | 1,154 | 35,574 |
| Segment assets | 362,318 | 601,282 | 93,991 | 144,287 | 1201,878 |
| Plant investments *) | 12,279 | 17,799 | 1,761 | 940 | 32,779 |
| Segment liabilities | 234,636 | 367,250 | 66,471 | 57,046 | 725,403 |
*) Plant investments are investments in machinery, land and buildings.
| Reconciliation of report compulsory segments result | ||
|---|---|---|
| tDKK | Q1+Q2 2021 | Q1+Q2 2020 |
| Segment result before tax for report compulsory segments | 35,765 | 35,574 |
| Non-allocated result, Group function | -10,451 | -6,741 |
| Result of continued operations before tax, cp. income statement | 25,314 | 28,833 |
Company announcement no. 15/2021 for FirstFarms A/S
FirstFarms A/S
Majsmarken 1 – 7190 Billund – Danmark – Tel.: +45 7586 8787
www.firstfarms.dk – www.firstfarms.com – [email protected]
CVR no.: 28312504 – Registered office: Billund
FirstFarms
Turnover
| tDKK | Q1+Q2 | Q1+Q2 |
|---|---|---|
| 2021 | 2020 | |
| Sale of milk | 37,166 | 32,652 |
| Sale of cows and calves | 1,915 | 2,596 |
| Sales of piglets and slaughter pigs | 66,314 | 88,293 |
| Sale of corn etc. | 30,574 | 24,382 |
| Other turnover | 7,416 | 3,922 |
| Total | 143,384 | 151,845 |
Company announcement no. 15/2021 for FirstFarms A/S
FirstFarms A/S
Majsmarken 1 – 7190 Billund – Danmark – Tel.: +45 7586 8787
www.firstfarms.dk – www.firstfarms.com – [email protected]
CVR no.: 28312504 – Registered office: Billund