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FirstFarms Interim / Quarterly Report 2023
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Interim / Quarterly Report
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Interim financial report for 1 January – 30 June 2023 for FirstFarms A/S
FIRSTFARMS
CONTENT
SATISFACTORY FIRST HALF YEAR 2023: TURNOVER INCREASE OF 31 % ... 4
FINANCIAL HIGHLIGHTS AND KEY RATIOS ... 7
EXPECTATIONS ... 8
MANAGEMENT STATEMENT ... 9
INCOME STATEMENT AND TOTAL INCOME STATEMENT ... 11
BALANCE SHEET ASSETS ... 12
BALANCE SHEET EQUITY AND LIABILITIES ... 13
EQUITY STATEMENT ... 14
CASH FLOW STATEMENT ... 15
INVESTOR INFORMATION ... 18
This report is composed in Danish and English. In case of doubt, in relation to interpretation, the Danish version takes precedence.
FIRSTFARMS
CEO in FirstFarms
Anders H. Nørgaard:
"We have succeeded in maintaining a stable, circular operation and delivering satisfactory earnings in first half year of 2023. We have also delivered a turnover increase of a whopping 31 % compared to the same period last year.
The positive results have been created despite significantly increasing costs for, among other things, salaries as well as challenging market conditions in parts of the operation.
It is our risk diversification that once again has shown its worth in a half year, where crop prices on one hand have gone the wrong way, while pig prices on the other hand have exceeded our expectations. The high pig prices are the basis for the large increase in turnover.
We entered 2023 with some uncertainty about the year's development and results, and are therefore happy that we now, with peace of mind, can maintain the previously announced expectations for the year."
FirstFarms
SATISFACTORY FIRST HALF YEAR 2023: TURNOVER INCREASE OF 31 %
FirstFarms is satisfied with the result for the first half year 2023, which offered record high pig prices and a turnover increase of 31 %.
As expected, the half year was also characterised by increasing costs in general and strongly declining prices for crops, which has negatively influenced the result.
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: 45 mDKK)
- A pre-tax result of 39 mDKK (2022: 41 mDKK)
Good sales prices and increasing costs
FirstFarms is challenged by increasing costs for i.e. salaries, which must be adjusted to the high inflation in the countries FirstFarms operates in. In addition, the markets are difficult to predict – crop prices have fallen significantly and more than expected, while pig prices have surprisingly continued to increase in 2023 after the prices otherwise set a record last year.
FirstFarms' great strength continues to be the risk spread, where the negative impact from the low crop prices was more than offset by the good pig prices. Just two years ago, it was the other way around.
The milk prices and the circular operation was the stable factor in the period.
New activities in the period
The group's two new pig production facilities in Hungary were put into full use, with capacity for 2,000 sows and piglets. The first piglets are ready for delivery in Q4, 2023. The productions have created 30 new jobs.
The start-up costs amount to 10 mDKK, which will affect the year's result negatively.
The transformation to renewable energy really took speed, and FirstFarms now has solar panels at a number of locations and the set-up continues.
The stable milk
In the first half year 2023, the milk production has been slightly higher (+1.6 %) compared to first half year 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 2023 compared to 53 mDKK in the first half year of 2022.
Significant drop on the price of crops
The harvest is not yet over, but it is expected to be satisfactory with large geographical differences in quality and yield, as a result of the weather. Romania has been affected by the drought this year. Input costs for the fields have increased, and the price of crops has decreased significantly compared to first half year of 2022, which showed historically high crop prices.
FirstFarms
Pig prices exceed the expectations
The market prices in 2023 for piglets and slaughter pigs are at a historically high level. Market prices for piglets at the end of June was 677 DKK (+360 DKK compared to the end of June last year) and 18.60 DKK/kg for slaughter pigs (+4.84 DKK/kg).
The turnover of piglets and slaughter pigs has increased by 31 mDKK in first half year 2023 compared to same period last year.
Feed costs are still negatively affected by general inflation – however less than expected.
There is a positive value adjustment of 9.5 mDKK on the herd against 11.4 mDKK in first half year of 2022.
Focus on efficiency and circularity
Increased efficiency and circularity in operations has been a focus area during the period and will be so for the rest of the year, as high efficiency and circularity are essential conditions for meeting our own expectations for the year's result.
The Group wants to create as much value as possible in the circular operation and the value chains surround the company's products.
Turnover is increased
The turnover in the first half year has increased by 48 mDKK compared to the same period last year, corresponding to 31%. This is primarily due to higher pig prices, as the turnover of pigs has increased by 30 mDKK.
EBITDA
In the first half year of 2023, the Group has realised an EBITDA of 67 mDKK compared to 66 mDKK in the same period 2022. EBITDA for the period is positively affected by the significantly higher pig prices compared to 2022.
EBITDA is negatively affected by increased input costs for the field, which have increased significantly compared to 2022. In combination with the decrease in the selling prices of crops, this means that the result from the field does not live up to expectations.
Hedging of crop prices is recognised under financial items; in first half the year there is an income of 5.5 mDKK. Value adjustment on other biological assets amounts to 15 mDKK, mainly as a result of increasing pig prices and is on par with 2022.
Financial items
Net financial items are on par with 2022. This is mainly due to the recognition of profit on future contracts on crops. Financial costs have increased by 4 mDKK as a result of the expansion in Hungary and a generally higher level of interest rates in 2023.
Result of the period
The result of the period is 31 mDKK compared to 33 mDKK for the same period in 2022.
FirstFarms
The balance
The balance sheet total for the Group per 30 June 2023 amounts to 1,485 mDKK, which is an increase of 273 mDKK compared to the same period last year and 144 mDKK compared to 31 December 2022. The main reason is the project with 2,000 sows in Hungary. Biological assets have also increased as a result of higher pig prices and the running-in of the herd in Hungary.
Equity
The equity has increased by 32 mDKK since 31 December 2022. In addition to the year's result and dividend payment, there is a positive exchange rate adjustment on foreign units of 9 mDKK. This primarily relates to strengthening of the Hungarian currency.
Cash flow
Cash flows from operations amount to 84 mDKK. This is positively influenced by investment subsidy for the project in Hungary with 40 mDKK. Corrected for this, cash flows from operations have increased by 19 mDKK. Cash flow from investment activity is 95 mDKK, of which investment subsidy of 40 mDKK has been received.
In the cash flow statement, investment subsidies, as mentioned above, are recognised under changes in working capital.
Expectations
FirstFarms maintains the announced expectations for 2023 of an EBITDA in the level of 90-120 mDKK and an EBIT of 45-75 mDKK.
Events after the balance sheet date
No events have occurred after the balance sheet date that are significant for the Group's position as per.30 June 2023.
Risk assessment
FirstFarms has in the annual report of 2022 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 2022, to which is referred.
FirstFarms
FIRSTFARMS
| Financial highlights
mDKK | The Group
H1 2023 | The Group
H1 2022 | The Group
Q2 2023 | The Group
Q2 2022 | The Group
2022 |
| --- | --- | --- | --- | --- | --- |
| Net turnover | 203.1 | 154.7 | 93.7 | 86.9 | 418.4 |
| Gross profit/loss | 109.8 | 102.1 | 56.6 | 54.9 | 226.9 |
| Result before depreciations (EBITDA) | 66.6 | 66.3 | 33.4 | 36.1 | 146.6 |
| Profit/loss from primary operations (EBIT) | 42.3 | 45.2 | 20.8 | 26.2 | 95.9 |
| Net financial items | -3.7 | -4.3 | -2.0 | -2.4 | -12.4 |
| Profit before tax | 38.6 | 40.9 | 18.8 | 23.9 | 83.6 |
| Net profit | 31.4 | 32.8 | 15.6 | 19.2 | 65.5 |
| Non-current assets | 1,151.0 | 893.4 | 1,151.0 | 893.4 | 1,048.7 |
| Current assets | 333.6 | 317.2 | 333.6 | 317.2 | 292.8 |
| Total assets | 1,484.6 | 1,210.5 | 1,484.6 | 1,210.5 | 1,341.5 |
| Share capital | 94.6 | 81.8 | 94.6 | 81.8 | 94.6 |
| Equity | 715.5 | 574.9 | 715.5 | 574.9 | 683.1 |
| Non-current liabilities | 486.4 | 357.8 | 486.4 | 357.8 | 404.3 |
| Current liabilities | 282.8 | 277.9 | 282.8 | 277.9 | 254.1 |
| Net interest bearing debt | 540.2 | 439.1 | 540.2 | 439.1 | 501.7 |
| Cash flow from primary operations | 83.7 | 24.0 | 90.3 | 20.5 | 89.7 |
| Cash flow from operating activities | 74.0 | 14.9 | 84.1 | 15.0 | 69.8 |
| Cash flow from investment activities, net | -95.0 | -71.9 | -71.4 | -28.3 | -245.4 |
| Of which for investment in tangible assets | -76.3 | -77.1 | -50.6 | -31.4 | -213.4 |
| Cash flow from financing activities | 24.9 | 38.9 | 31.5 | 45.5 | 120.0 |
| Total cash flow | 3.9 | -18.1 | 44.1 | 32.2 | -55.6 |
| Gross margin | 54.1 | 66.9 | 60.4 | 63.3 | 54.2 |
| EBITDA margin | 32.8 | 42.9 | 35.6 | 41.6 | 35.0 |
| Operating margin | 29.8 | 29.2 | 22.2 | 30.2 | 22.9 |
| Solvency ratio | 40.2 | 47.9 | 42.5 | 47.9 | 51.0 |
| Earnings per share, DKK | 3.3 | 4.0 | 1.6 | 2.5 | 7.0 |
| Diluted earnings per share, DKK | 3.1 | 3.5 | 1.6 | 2.1 | 6.6 |
| NIBD/EBITDA | 4.1 | 3.3 | 4.3 | 3.3 | 3.4 |
| Return on shareholders' equity | 9.0 | 11.9 | 8.9 | 13.9 | 11.2 |
| Average number of employees | 345 | 320 | 352 | 320 | 328 |
17
EXPECTATIONS
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.
| Announced expectations 2023 mDKK | EBITDA | EBIT |
|---|---|---|
| 24 March 2023 (company announcement no. 2) | 90-120 | 45-75 |
FIRSTFARMS
MANAGEMENT STATEMENT
The Board of directors and the management of i FirstFarms A/S have today discussed and approved the interim financial report for the period 1 January – 30 June 2023.
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 2023 and of the results of the Group’s operations and cash flows for the period 1 January – 30 June 2023.
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, 30 August 2023
Management
Anders H. Nørgaard
CEO
Board of directors
Henrik Hougaard
Chairman
Jens Bolding Jensen
Bendt Wedell
Asbjørn Børsting
Vice Chairman
Karina Boldsen
Claus Ewers
FIRSTFARMS
FIRSTFARMS
10
INCOME STATEMENT AND TOTAL INCOME STATEMENT
| INCOME STATEMENT
tDKK | The Group
H1 2023 | The Group
H1 2022 | The Group
Q2 2023 | The Group
Q2 2022 | The Group
2022 |
| --- | --- | --- | --- | --- | --- |
| Net turnover | 203,142 | 154,712 | 93,705 | 86,865 | 418,389 |
| Public subsidies | 31,447 | 31,315 | 17,161 | 19,113 | 71,562 |
| Other operating income | 2,241 | 5,156 | 986 | 3,075 | 3,904 |
| Value adjustment of biological assets | 14,896 | 19,528 | 7,453 | 3,780 | 47,138 |
| Total income | 251,726 | 210,711 | 119,305 | 112,833 | 540,993 |
| Cost of sales | -104,403 | -72,013 | -42,073 | -39,289 | -233,359 |
| Other external costs | -37,570 | -36,642 | -20,606 | -18,595 | -80,750 |
| Gross profit/loss | 109,753 | 102,056 | 56,626 | 54,949 | 226,884 |
| Staff costs | -43,176 | -35,758 | -23,197 | -18,838 | -80,263 |
| EBITDA | 66,577 | 66,298 | 33,429 | 36,111 | 146,621 |
| Depreciations | -24,239 | -21,057 | -12,600 | -9,869 | -50,687 |
| EBIT | 42,338 | 45,241 | 20,829 | 26,242 | 95,934 |
| Financial income | 9,746 | 4,003 | 6,852 | 1,150 | 7,044 |
| Financial costs | -13,464 | -8,328 | -8,896 | -3,516 | -19,409 |
| Pre-tax result | 38,620 | 40,916 | 18,785 | 23,876 | 83,569 |
| Tax on net profit | -7,230 | -8,134 | -2,501 | -4,725 | -18,103 |
| Net profit | 31,390 | 32,782 | 15,584 | 19,151 | 65,466 |
| Earnings per share | 3.32 | 4.01 | 1.65 | 2.06 | 7.56 |
| Diluted earnings per share | 3.14 | 3.45 | 1.56 | 2.07 | 6.60 |
| TOTAL INCOME STATEMENT
tDKK | The Group
H1 2023 | The Group
H1 2022 | The Group
Q2 2023 | The Group
Q2 2022 | The Group
2022 |
| Net profit | 31,390 | 32,782 | 15,584 | 19,151 | 65,466 |
| Other total income | | | | | |
| Items that can be reclassified to teh income statement: | | | | | |
| - Exchange rate adjustments by conversion of foreign units | 9,618 | -3,394 | -1,266 | -3,764 | -725 |
| Hedging instruments | | | | | |
| - Value adjustment for the period | -352 | 5,663 | 366 | 2,736 | 8,646 |
| - Value adjustment of reclassified to financial items | 837 | -420 | 433 | -195 | -435 |
| - Tax of other total income | -102 | -1,101 | -168 | -761 | -1,519 |
| Other total income after tax | 10,002 | 748 | -634 | -1,984 | 5,967 |
| Total income | 41,392 | 33,530 | 14,950 | 17,167 | 71,433 |
FIRSTFARMS
BALANCE SHEET
ASSETS
| BALANCE
tDKK | The Group
H1 2023 | The Group
H1 2022 | The Group
2022 |
| --- | --- | --- | --- |
| ASSETS | | | |
| Non-current assets | | | |
| Intangible assets | | | |
| Goodwill | 16,083 | 16,083 | 16,083 |
| Total intangible assets | 16,083 | 16,083 | 16,083 |
| Tangible assets | | | |
| Land | 469,206 | 438,548 | 465,506 |
| Buildings | 322,600 | 200,929 | 212,734 |
| Plant and machinery | 138,051 | 80,891 | 125,469 |
| Fixtures and fittings, tools and equipment | 12,014 | 5,957 | 11,922 |
| Assets under construction and prepayment | 84,587 | 99,966 | 142,705 |
| Total tangible assets | 1,026,458 | 826,291 | 958,336 |
| Biological assets | | | |
| Basic herd | 56,811 | 45,333 | 47,792 |
| Total biological assets | 56,811 | 45,333 | 47,792 |
| Other non-current assets | | | |
| Other capital shares | 45,114 | 0 | 24,197 |
| Other receivables | 5,273 | 0 | 0 |
| Deferred tax assets | 1,278 | 5,648 | 2,255 |
| Total other non-current assets | 51,665 | 5,648 | 26,452 |
| Total non-current assets | 1,151,017 | 893,355 | 1,048,663 |
| Current assets | | | |
| Inventories | 68,060 | 61,646 | 124,978 |
| Biological assets – breeding and crops | 170,601 | 139,422 | 84,482 |
| Receiveables from sale | 25,058 | 23,299 | 26,140 |
| Other receivables | 39,194 | 31,246 | 33,132 |
| Accruals and deferred expenses | 3,401 | 2,304 | 2,232 |
| Cash at bank and in hand | 27,252 | 59,270 | 21,860 |
| Total current assets | 333,566 | 317,187 | 292,824 |
| TOTAL ASSETS | 1,484,583 | 1,210,542 | 1,341,487 |
FIRSTFARMS
BALANCE SHEET EQUITY AND LIABILITIES
| BALANCE
tDKK | The Group
H1 2023 | The Group
H1 2022 | The Group
2022 |
| --- | --- | --- | --- |
| EQUITY AND LIABILITIES | | | |
| Equity | | | |
| Share capital | 94,603 | 81,804 | 94,603 |
| Reserve for exchange rate adjustment | -28,715 | -41,002 | -38,333 |
| Reserve for cash flow hedge | 4,402 | 3,053 | 5,271 |
| Transferred result | 645,176 | 531,019 | 612,533 |
| Proposed dividend | 0 | 0 | 8,987 |
| Total equity | 715,466 | 574,874 | 683,061 |
| Liabilities | | | |
| Non-current liabilities | | | |
| Deferred tax | 42,397 | 37,128 | 40,911 |
| Credit institutions | 387,120 | 286,091 | 327,815 |
| Convertible bonds | 0 | 22,351 | 0 |
| Other debts | 7,263 | 19,190 | 13,229 |
| Accruals and deferred income | 49,580 | 8,892 | 22,391 |
| Total non-current liabilities | 486,360 | 373,652 | 404,346 |
| Current liabilities | | | |
| Credit institutions | 145,326 | 92,450 | 149,850 |
| Convertible bonds | 22,351 | 66,702 | 22,351 |
| Trade payables and other payables | 103,723 | 95,291 | 74,437 |
| Corporation tax | 5,137 | 1,642 | 4,819 |
| Accruals and deferred income | 6,220 | 5,931 | 2,623 |
| Total current liabilities | 282,757 | 262,016 | 254,080 |
| Total liabilities | 769,117 | 635,668 | 658,426 |
| TOTAL EQUITY AND LIABILITIES | 1,484,583 | 1,210,542 | 1,341,487 |
FIRSTFARMS
| EQUITY STATEMENT (condensed)tDKK | The GroupH1 2023 | The GroupH1 2022 |
|---|---|---|
| Equity 1 January | 683,061 | 530,133 |
| Result of the period | 31,390 | 32,782 |
| Other total income | 10,002 | 748 |
| Conversion of bonds and issuance of shares | 0 | 18,164 |
| Dividend | -8,987 | -6,953 |
| Total income for the period | 32,405 | 44,741 |
| Equity 30 June | 715,466 | 574,874 |
FIRSTFARMS
CASH FLOW STATEMENT
FIRSTFARMS
| CASH FLOW STATEMENT
tDKK | The Group
H1 2023 | The Group
H1 2022 |
| --- | --- | --- |
| Pre-tax result (Int the parent company ex. result of subsidiaries) | 38,620 | 40,916 |
| Adjustments for non-monetary operating items etc.: | | |
| Depreciation/amortisation | 24,239 | 21,058 |
| Reversal of profit, sale of non-current assets and badwill | -1,402 | -3,028 |
| Value adjustment of biological assets | -14,896 | -19,528 |
| Financial income | -9,746 | -4,003 |
| Financial costs | 13,464 | 8,328 |
| Sharebased remuneration | 549 | 191 |
| Cash flow generated from operations before change in working capital | 50,828 | 43,934 |
| Change in working capital | 32,849 | -19,979 |
| Cash flow from main activities | 83,677 | 23,955 |
| Interest received | 9,746 | 4,003 |
| Interest paid | -12,627 | -8,328 |
| Paid corporation tax | -6,834 | -4,700 |
| Cash flow from operating activities | 73,962 | 14,930 |
| Acquisition of shares in Agri Invest | -20,876 | 0 |
| Disposal of material assets, paid | 2,147 | 5,116 |
| Acquisition of tangible assets | -76,294 | -77,059 |
| Cash flow from investing activities | -95,023 | -71,943 |
| Paid dividend | -8,987 | -6,953 |
| Proceeds from other debts | -7,120 | -6,911 |
| Proceeds from loans | 73,433 | 72,529 |
| Loan repayment | -32,387 | -19,767 |
| Cash flow from financing activities | 24,939 | 38,898 |
| Cash flow of the period | 3,878 | -18,114 |
| Available, at the beginning | 21,860 | 77,467 |
| Exchange rate adjustment of available | 1,514 | -83 |
| Available, at closing | 27,252 | 59,270 |
15
| SEGMENT INFORMATION H1 2023
IDKK | Romanian activities | Slovakian activities | Hungarian activities | Czech activities | Others/ Non-allocated | Intercompany elimation | Total |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Total turnover | 3,399 | 124,962 | 33,507 | 55,376 | 5,325 | -19,427 | 203,142 |
| Grants | 5,837 | 21,450 | 1,297 | 2,862 | 0 | 0 | 31,446 |
| Value adjustment of biological assets | -2,608 | 13,401 | 3,590 | 512 | 0 | 0 | 14,896 |
| Result before depreciations (EBITDA) | 3,319 | 45,828 | 11,013 | 9,739 | -3,322 | 0 | 66,507 |
| Depreciations | -4,512 | -14,326 | -3,232 | -2,145 | -24 | 0 | -24,239 |
| Profit/los from primary operations (EBIT) | -1,193 | 31,502 | 7,781 | 7,594 | -3,346 | 0 | 42,338 |
| Financial income | 930 | 872 | 140 | 833 | 15,479 | -8,508 | 9,746 |
| Financial costs | -4,350 | -6,221 | -4,593 | -1,147 | -4,824 | 8,508 | -12,627 |
| Result before tax | -4,613 | 26,153 | 3,328 | 7,280 | 7,309 | 0 | 39,457 |
| Assets | 242,798 | 703,112 | 351,404 | 212,743 | 407,055 | -432,895 | 1,484,217 |
| Plant investments ) | 5,425 | 18,002 | 51,218 | 1,649 | 0 | 0 | 76,294 |
| Liabilities | 158,998 | 396,389 | 334,648 | 82,280 | 224,325 | -428,301 | 769,039 |
| SEGMENT INFORMATION H1 2022
IDKK | Romanian activities | Slovakian activities | Hungarian activities | Czech activities | Others/ Non-allocated | Intercompany elimation | Total |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Total turnover | 5,745 | 95,687 | 17,882 | 40,202 | 4,470 | -9,274 | 154,712 |
| Grants | 5,355 | 20,736 | 1,050 | 4,174 | 0 | 0 | 31,315 |
| Value adjustment of biological assets | -4,000 | 16,202 | 3,672 | 3,654 | 0 | 0 | 19,528 |
| Result before depreciations (EBITDA) | 3,663 | 47,929 | 3,638 | 13,463 | -2,395 | 0 | 66,298 |
| Depreciations | -4,028 | -13,772 | -1,210 | -2,034 | -14 | 0 | -21,058 |
| Profit/los from primary operations (EBIT) | -365 | 34,157 | 2,428 | 11,429 | -2,408 | 0 | 45,241 |
| Financial income | 68 | 854 | 710 | 55 | 5,593 | -3,277 | 4,003 |
| Financial costs | -298 | -4,626 | -978 | -974 | -4,729 | 3,277 | -8,328 |
| Result before tax | -595 | 30,385 | 2,160 | 10,510 | -1,544 | 0 | 40,916 |
| Assets | 204,643 | 769,189 | 171,132 | 182,817 | 696,197 | -813,436 | 1,210,542 |
| Plant investments ) | 4,492 | 21,821 | 48,846 | 1,655 | 245 | 0 | 77,059 |
| Liabilities | 115,350 | 432,796 | 165,134 | 73,637 | 156,204 | -307,453 | 635,668 |
*) Investments include investments in machinery, land and buildings. FirstFarms' report compulsory segments are constituted by the business units in Slovakia, Romania, Hungary and the Czech Republic.
In Slovakia, we operate within pig, milk and crop production. In Romania, we operate within crop production. In Hungary we operate within pig production and in the Czech Republic within pig and crop production.
The four business units are operated independently, as each unit has different management, activities and customers. The report compulsory segments are identified without aggregation of operation segments.
FIRSTFARMS
Products
FirstFarms' turnover primarily concerns milk, pigs and crops. The turnover is specified:
| tDKK | Romania H1 2023 | Romania H1 2022 | Slovakia H1 2023 | Slovakia H1 2022 | Hungary H1 2023 | Hungary H1 2022 | Czech H1 2023 | Czech H1 2022 |
|---|---|---|---|---|---|---|---|---|
| Milk | 0 | 0 | 59,144 | 53,284 | 0 | 0 | 0 | 0 |
| Cows and calves | 0 | 0 | 5,459 | 7,007 | 0 | 0 | 0 | 0 |
| Piglets and slaughter pigs | 0 | 0 | 34,490 | 25,457 | 31,183 | 17,850 | 52,680 | 37,514 |
| Crops | 3,283 | 4,906 | 25,038 | 8,816 | 0 | 0 | 0 | 0 |
| Other turnover | 115 | 839 | 1,127 | 1,123 | 2,324 | 32 | 2,696 | 2,688 |
| Total | 3,398 | 5,745 | 125,258 | 95,687 | 33,507 | 17,882 | 55,376 | 40,202 |
Geographical information
FirstFarms operates in Romania, Slovakia, Hungary and the Czech Republic. Management and strategic services are provided by the parent company to the subsidiaries.
The subsidiaries are partly financed by loans from the parent company. When presenting information on geographical areas, information on the distribution of turnover by geographic segment is calculated based on the geographical location.
Distribution of assets by geographic segment is based on the physical location of the assets.
| Turnover tDKK | The Group H1 2023 | The Group H1 2022 |
|---|---|---|
| Milk | 59,144 | 53,284 |
| Cows and calves | 5,459 | 7,007 |
| Piglets and slaughter pigs | 107,139 | 76,477 |
| Crops | 25,886 | 13,722 |
| Other turnover | 5,514 | 4,222 |
| Total | 203,142 | 154,712 |
FIRSTFARMS
INVESTOR INFORMATION
Basic data
| Stock exchange: | Nasdaq Copenhagen A/S | Financial calendar | |
|---|---|---|---|
| Index: | SmallCap | 24 March 2023 | Annual report 2022 |
| Sector: | Consumer staples | 25 April 2023 | Annual general meeting |
| ISIN code: | DK0060056166 | 17 May 2023 | Interim financial report 1 January – 31 March 2023 |
| Short name: | FFARMS | 30 August 2023 | Interim financial report 1 January – 30 June 2023 |
| 29 November 2023 | Interim financial report 1 January – 30 September 2023 |
Contact us:
FirstFarms A/S
Majsmarken 1
7190 Billund
Group CFO Michael Hyldgaard
[email protected]
+45 75 86 87 87
Find more information about FirstFarms here: www.firstfarms.com
FirstFarms
LET'S GROW TOGETHER
VISION
We want to be one of Europe's best operated and most profitable companies in the area of agriculture and food products.
PURPOSE
Contribute to a healthier world with food products, which are produced with respect for people, animals, soil and climate.
MISSION
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.
FIRSTFARMS
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FirstFarms A/S · Majsmarken 1 · DK-7190 Billund · CVR no.: 28 31 25 04 · Tel: +45 75 86 87 87 · www.firstfarms.com