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FirstFarms Interim / Quarterly Report 2024
3433_rns_2024-08-28_4cec87fb-d260-40a3-a92a-a78b434d0ed1.pdf
Interim / Quarterly Report
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INTERIM FINANCIAL REPORT FOR 1 JANUARY - 30 JUNE 2024 FOR FIRSTFARMS A/S
FirstFarms
FirstFarms A/S · Majsmarken 1 · DK-7190 Billund · CVR no.: 28 31 25 04
CONTENT
Low crop prices and limited rainfall affect the expectations for 2024. .4
Financial highlights and key ratios . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Expectations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Management statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Income statement and total income statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Balance sheet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
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:
"FirstFarms emerged from the first half of 2024 with an acceptable result. We had a good six months in animal production, and increased the total turnover by 8 percent. However, crop production was challenged by low prices and limited rainfall to an extent, which means that we are adjusting the expectations downward for the year's result by 20 mDKK. The downward adjustment will not have impact on our long-term goals for growth. FirstFarms has a strong financial foundation and liquidity readiness."
FirstFarms
LOW CROP PRICES AND LIMITED RAINFALL AFFECT THE EXPECTATIONS FOR 2024
The first half of the year shows an increase in turnover of eight percent and animal production performs satisfactorily and creates good results. However, difficult growing conditions in the crop production throughout Europe and low prices also affect FirstFarms' earnings.
Key figures H1 2024
FirstFarms has in the accounting period realised:
- A turnover of 220 mDKK (2023: 203 mDKK)
- An EBITDA of 65 mDKK (2023: 67 mDKK)
- An EBIT of 35 mDKK (2023: 42 mDKK)
- A result before tax of 18 mDKK (2023: 39 mDKK)
The increase in turnover of 8% compared to the same period last year is primarily due to increased sale of piglets from the newly built productions in Hungary.
FirstFarms' strategic business model with focus on efficiency in production, circularity, ownership of land as well as risk spreading across branches of operation and geography means that we deliver an acceptable EBITDA. However, earnings before tax are lower than last year, primarily as a result of a higher interest and inflation, which increases the costs.
The level of interest rate and financial costs are as expected. At the same time, we expect a decreasing interest level going forward.
Good stable milk prices
The price of milk remains high and has been slightly increasing in 2024, but is however not at the level of H1 2023 (DKK 3.27/kg against DKK 3.66/kg). Efficiency and productivity are at a high level, contributing to a production increase in the milk production in H1 2024 of 4% compared to H1 last year.
Overall, this results in turnover in the milk production of 59 mDKK in the first half of 2024 – the same level as in the first half of 2023.
FirstFarms builds dairy
In the autumn 2024, the construction of FirstFarms' first dairy will begin. It is being built in connection with the company's milk production in Plavecký Štvrtok, Slovakia. The dairy, which will begin production in 2025, will supply products to a number of leading food manufacturers via FirstFarms' new partner, Interfood from the Netherlands.
Good half year in the pig production
The market prices for piglets and slaughter pigs are at an acceptable level.
In H1 2024, the sales price of piglets was DKK 736/pcs. against DKK 676/pcs. in H1 2023, and for slaughter pigs DKK 15.64/kg against DKK 17.02/kg.
Pig prices have decreased since 1 July this year. The prices at the end of the year are expected to be at the current level.
Feed prices have decreased in H1 this year compared to the same period last year.
In H1 2024, the turnover of piglets and slaughter pigs has increased by 25 mDKK compared to the same period last year. The increase in turnover is due to FirstFarms' two new pig productions in Hungary.
Crops challenged in Europe
Crop production is challenged by difficult growing conditions and low prices throughout Europe. It affects earnings. However, we expect slightly increasing prices going forward. FirstFarms sells net 65 percent of the crop production. The remaining 35 percent is used for feed for our animals.
The harvest is not over yet but is characterised by geographical fluctuations in yield and quality, primarily as a result of limited rainfall.
FirstFarms
FirstFarms
A prerequisite for better results in the crop production going forward is higher prices and good growing conditions. Irrigation is one of the key words. FirstFarms' new irrigation system, which covers 1,300 hectares of the Group's land in Romania, came into operation at the beginning of June, and the results in irrigated fields are already significant, which will positively affect the harvest yield and quality. FirstFarms expects to expand the areas under irrigation in the future.
The land portfolio has become larger
During the period, FirstFarms has expanded its land portfolio by 325 hectares divided between acquisitions in Romania and Slovakia. The company operates a total of 17,000 hectares of land. FirstFarms considers agricultural land as an inflation proof real asset, and the company's agricultural land makes up a quarter of the balance sheet.
General focus areas 2024
FirstFarms has continuous focus on fully utilising the production capacity and on improving our circularity and efficiency in everything the Group does. High efficiency and circularity are essential prerequisites 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 surrounding the company's products.
The journey towards an increasingly sustainable company continues with the reduction of emissions and preparation for CSRD and the EU taxonomy legislation, as well as a focus on implementing the right digital tools. FirstFarms continues to invest in facilities and machinery that support the sustainability agenda, which is an integrated part of everyday life in the Group.
Expectations to 2024
FirstFarms adjusts the announced expectations downwards by 20 mDKK for the year to an EBITDA in the level of 90 - 120 mDKK and an EBIT of 30 - 60 mDKK compared to a realised EBITDA of 101 mDKK and an EBIT of 50 mDKK in 2023.
We expect an increasing crop price for the rest of 2024, pig and milk prices at current levels. Pig prices and crop prices have in Q3, 2024 been decreasing and at the same time heat and limited rainfall have negatively affected the ongoing harvest.
FirstFarms' long-term goal is to increase the Group's
annual turnover to 750 mDKK and EBITDA to at least 240 mDKK in 2028.
Financial items
Net financial items are a cost of 17 mDKK against net 4 mDKK in 2023. The development in financial items is influenced by the fact that in 2023 there was a net income from hedging crops of 7 mDKK, where in 2024 there is a net income of 3 mDKK. Financial items are also affected by increased net interest-bearing debt.
The balance sheet
The balance sheet total for the group per 30 June 2024 amounts to 1,733 mDKK, which is an increase of 250 mDKK compared to the same period last year and 224 mDKK compared to 31 December 2023.
The main reason is increased cash holdings from the capital injection in Q1 2024 as well as seasonal fluctuations in inventory and biological assets.
Equity
During the period, equity increased by 96 mDKK, and in addition to the year's result and share emission in Q1 of 97 mDKK, FirstFarms bought own shares for 8 mDKK.
FirstFarms
FirstFarms
Cash flows
Cash flows from operations amount to 17 mDKK against 74 mDKK in 2023. The cash flows in 2023 were positively influenced by the payment of subsidies of 40 mDKK and larger sales of crops from previous harvest years. Cash flows from investment activity amount to 55 mDKK. The primary investment relates to irrigation in Romania and quarantine stable in Hungary.
Events after the balance sheet date
No events have occurred after the balance sheet date that are significant for the group's position as of 30 June 2024.
Risk assessment
FirstFarms has in the annual report of 2023 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 2023, to which is referred.
FirstFarms
FINANCIAL HIGHLIGHTS AND KEY RATIOS
| FINANCIAL HIGHLIGHTS
tDKK | Group
H1 2024 | Group
H1 2023 | Group
Q2 2024 | Group
Q2 2023 | Group
2023 |
| --- | --- | --- | --- | --- | --- |
| Net turnover | 219.7 | 203.1 | 115.8 | 93.7 | 461.6 |
| Gross profit/loss | 119.0 | 112.8 | 58.4 | 56.6 | 199.0 |
| Result before depreciations (EBITDA) | 65.0 | 66.6 | 28.7 | 33.4 | 101.2 |
| Profit/loss from primary operations (EBIT) | 35.3 | 42.3 | 13.1 | 20.8 | 50.1 |
| Net financial items | -17.3 | -3.7 | -8.5 | -2.0 | -16.5 |
| Profit before tax | 18.0 | 38.6 | 4.6 | 18.8 | 33.6 |
| Net profit | 14.0 | 31.4 | 3.7 | 15.6 | 26.0 |
| Non-current assets | 1,242.1 | 1,151.0 | 1,242.1 | 1,151.0 | 1,227.3 |
| Current assets | 491.8 | 333.6 | 491.8 | 333.6 | 282.4 |
| Total assets | 1,733.9 | 1,484.6 | 1,733.9 | 1,484.6 | 1,509.7 |
| Share capital | 111.5 | 94.6 | 111.5 | 94.6 | 99.5 |
| Equity | 820.5 | 715.5 | 820.5 | 715.5 | 722.2 |
| Non-current liabilities | 725.5 | 486.4 | 725.5 | 486.4 | 655.0 |
| Current liabilities | 187.3 | 282.8 | 187.3 | 282.8 | 132.5 |
| Net interest bearing debt | 535.5 | 438.9 | 535.5 | 438.9 | 591.4 |
| Cash flow from primary operations | 42.0 | 83.7 | 6.2 | 30.5 | 113.6 |
| Cash flow from operating activities | 17.5 | 74.0 | -6.4 | 25.0 | 103.5 |
| Cash flow from investment activities, net | -55.2 | -95.0 | -27.0 | -48.3 | -195.0 |
| Of which for investment in tangible assets | -60.3 | -76.3 | -32.1 | -51.4 | -187.1 |
| Cash flow from financing activities | 193.0 | 24.9 | 12.0 | 45.5 | 95.5 |
| Total cash flow | 155.3 | 3.9 | -21,5 | 22.2 | 4.0 |
| KEY RATIOS | | | | | |
| Gross margin | 54.2 | 55.5 | 50.4 | 60.4 | 43.1 |
| EBITDA margin | 29.6 | 32.8 | 24.7 | 35.7 | 21.9 |
| Operating margin | 16.1 | 20.8 | 11.3 | 22.2 | 10.9 |
| Solvency ratio | 47.3 | 48.2 | 47.3 | 48.2 | 47.8 |
| Earnings per share, DKK | 1.3 | 4.0 | 0.3 | 2.3 | 2.7 |
| Diluted earnings per share, DKK | 1.2 | 3.0 | 0.4 | 2.0 | 2.7 |
| NIBD/EBITDA | 4.1 | 3.3 | 4.3 | 3.3 | 5.8 |
| Return on shareholders' equity | 3.6 | 11.9 | 1.9 | 13.9 | 4.2 |
| Average number of employees | 385 | 345 | 386 | 352 | 364 |
FirstFarms
FINANCIAL HIGHLIGHTS AND KEY RATIOS | FINANCIAL REPORTING | 7
EXPECTATIONS
FirstFarms adjusts the announced expectations downwards with 20 mDKK to an EBITDA in the level of 90-120 mDKK, and an EBIT of 30-60 mDKK.
| Announced expectations 2024 (mDKK) | EBITDA | EBIT |
|---|---|---|
| 28 August 2024 (company announcement no. 10) | 90-120 | 30-60 |
| 21 March 2024 (company announcement no. 5) | 110-140 | 50-80 |
FirstFarms
EXPECTATIONS | FINANCIAL REPORTING | 8
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 2024.
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 2024 and of the results of the Group’s operations and cash flows for the period 1 January – 30 June 2024.
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, den 28. august 2024
Management
Anders H. Nørgaard
CEO
Board of directors
Henrik Hougaard
Chairman
Jens Bolding Jensen
Bendt Wedell
Lise Kaae
Asbjørn Børsting
Vice Chairman
Karina Boldsen
Claus Ewers
FirstFarms
MANAGEMENT STATEMENT | FINANCIAL REPORTING | 9
FirstFarms
INCOME STATEMENT AND TOTAL INCOME STATEMENT
| INCOME STATEMENT
tDKK | Group
H1 2024 | Group
H1 2023 | Group
Q2 2024 | Group
Q2 2023 | Group
2023 |
| --- | --- | --- | --- | --- | --- |
| Net turnover | 219,698 | 203,142 | 115,849 | 93,705 | 461,562 |
| Public subsidies | 37,614 | 31,447 | 23,164 | 17,161 | 62,242 |
| Other operating income | 2,823 | 2,241 | 1,388 | 986 | 15,331 |
| Value adjustment of biological assets | 8,445 | 14,896 | -2,680 | 7,453 | 9,233 |
| Total income | 268,580 | 251,726 | 137,721 | 119,305 | 548,368 |
| Cost of sales | -111,358 | -104,403 | -57,549 | -42,073 | -271,509 |
| Other external costs | -38,176 | -34,568 | -21,790 | -20,606 | -77,815 |
| Gross profit/loss | 119,046 | 112,755 | 58,382 | 56,626 | 199,044 |
| Staff costs | -54,032 | -46,178 | -29,726 | -23,197 | -97,802 |
| EBITDA | 65,014 | 66,577 | 28,656 | 33,429 | 101,242 |
| Depreciations | -29,703 | -24,239 | -15,515 | -12,600 | -51,147 |
| EBIT | 35,311 | 42,338 | 13,141 | 20,829 | 50,095 |
| Financial income | 5,286 | 9,746 | 2,814 | 6,852 | 20,105 |
| Financial costs | -22,581 | -13,464 | -11,344 | -8,896 | -36,639 |
| Pre-tax result | 18,016 | 38,620 | 4,611 | 18,785 | 33,561 |
| Tax on net profit | -3,982 | -7,230 | -894 | -3,201 | -7,519 |
| Net profit | 14,034 | 31,390 | 3,717 | 15,584 | 26,042 |
| Earnings per share | 1.26 | 3.32 | 0.33 | 1.65 | 2.68 |
| Diluted earnings per share | 1.24 | 3.14 | 0.36 | 1.56 | 2.65 |
| TOTAL INCOME STATEMENT
tDKK | Group
H1 2024 | Group
H1 2023 | Group
Q2 2024 | Group
Q2 2023 | Group
2023 |
| Net profit | 14,034 | 31,390 | 3,717 | 15,584 | 26,042 |
| Other total income | | | | | |
| Items that can be reclassified to teh income statement: | | | | | |
| - Result minority interests | -487 | 0 | -487 | 0 | 0 |
| - Exchange rate adjustments by conversion of foreign units | -4,247 | 9,618 | 650 | -1,266 | 3,854 |
| Hedging instruments | | | | | |
| - Value adjustment for the period | 0 | -352 | 0 | 366 | 0 |
| - Value adjustment of reclassified to financial items | 0 | 837 | 0 | 433 | -6,672 |
| - Tax of other total income | 0 | -102 | 0 | -168 | 1,401 |
| Other total income after tax | -4,734 | 10,002 | 163 | -635 | -1,417 |
| Total income | 8,300 | 41,392 | 3,880 | 14,950 | 24,625 |
FirstFarms
INCOME STATEMENT AND TOTAL INCOME STATEMENT | FINANCIAL REPORTING | 11
BALANCE SHEET
| BALANCE SHEET ASSETS
tDKK | Group H1 2024 | Group H1 2023 | Group 2023 |
| --- | --- | --- | --- |
| 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 | 477,111 | 469,206 | 474,449 |
| Buildings | 414,434 | 322,600 | 397,932 |
| Plant and machinery | 180,630 | 138,051 | 160,874 |
| Fixtures and fittings, tools and equipment | 14,552 | 12,014 | 13,003 |
| Assets under construction and prepayment | 30,945 | 84,587 | 54,002 |
| Total tangible assets | 1,117,672 | 1,026,458 | 1,100,260 |
| Biological assets | | | |
| Basic herd | 59,373 | 56,811 | 61,457 |
| Total biological assets | 59,373 | 56,811 | 61,457 |
| Other non-current assets | | | |
| Other capital shares | 45,063 | 45,114 | 45,063 |
| Other receivables | 0 | 5,273 | 0 |
| Deferred tax assets | 3,892 | 1,278 | 4,454 |
| Total other non-current assets | 48,955 | 51,665 | 49,517 |
| Total non-current assets | 1,242,083 | 1,151,017 | 1,227,317 |
| Current assets | | | |
| Inventories | 61,124 | 68,060 | 85,335 |
| Biological assets – breeding and crops | 163,835 | 170,601 | 97,153 |
| Receivables from sale | 38,627 | 25,058 | 28,792 |
| Other receivables | 37,452 | 39,194 | 33,182 |
| Receivable corporation tax | 4,429 | 0 | 2,275 |
| Accruals and deferred expenses | 5,185 | 3,401 | 9,755 |
| Cast at bank and in hand | 181,174 | 27,252 | 25,880 |
| Total current assets | 491,826 | 333,566 | 282,372 |
| TOTAL ASSETS | 1,733,909 | 1,484,583 | 1,509,689 |
FirstFarms
BALANCE SHEET / ASSETS | FINANCIAL REPORTING | 12
| BALANCE SHEET EQUITY AND LIABILITIES
tDKK | Group
H1 2024 | Group
H1 2023 | Group
2023 |
| --- | --- | --- | --- |
| EQUITY AND LIABILITIES | | | |
| Equity | | | |
| Share capital | 111,463 | 94,603 | 99,463 |
| Reserve for exchange rate adjustment | -38,726 | -24,861 | -34,479 |
| Reserve for cash flow hedge | 0 | 4,402 | 0 |
| Transferred result | 747,808 | 641,322 | 657,212 |
| Proposed dividend | 0 | 0 | 0 |
| Total equity ex. minority interests | 820,545 | 715,466 | 722,196 |
| Minority interests | 487 | 0 | 0 |
| Total equity | 821,032 | 715,466 | 722,196 |
| Liabilities | | | |
| Non-current liabilities | | | |
| Deferred tax | 40,349 | 42,397 | 41,598 |
| Credit institutions | 522,541 | 387,120 | 537,748 |
| Convertible bonds | 88,881 | 0 | 0 |
| Other debts | 5,714 | 7,263 | 5,547 |
| Accruals and deferred income | 68,057 | 49,580 | 70,144 |
| Total non-current liabilities | 725,542 | 486,360 | 655,037 |
| Current liabilities | | | |
| Credit institutions | 103,353 | 145,326 | 70,306 |
| Convertible bonds | 0 | 22,351 | 0 |
| Trade payables and other payables | 77,872 | 103,723 | 57,033 |
| Corporation tax | 356 | 5,137 | 1,791 |
| Accruals and deferred income | 5,754 | 6,220 | 3,326 |
| Total current liabilities | 187,335 | 282,757 | 132,456 |
| Total liabilities | 912,877 | 769,117 | 787,493 |
| TOTAL EQUITY AND LIABILITIES | 1,733,909 | 1,484,583 | 1,509,689 |
FirstFarms
BALANCE SHEET / EQUITY AND LIABILITIES
FINANCIAL REPORTING
EQUITY STATEMENT
| EQUITY STATEMENT (condensed) tDKK | Group H1 2024 | Group H1 2023 |
|---|---|---|
| Equity 1 January | 722,196 | 683,061 |
| Result of the period | 14,034 | 31,390 |
| Other total income | -4,734 | 10,002 |
| Conversion of bonds | 0 | 0 |
| Capital increase | 96,923 | 0 |
| Utilisaton of warrants | 0 | 0 |
| Warrants | 573 | 0 |
| Purchase of own shares | -8,447 | 0 |
| Dividend | 0 | -8,987 |
| Total income for the period | 98,349 | 32,405 |
| Equity 30 June | 820,545 | 715,466 |
At the annual general meeting on 25 April 2023 and 16 April 2024, FirstFarms was authorised to acquire 10% of the company's own shares. In H1 2024, the company utilised this authorisation and acquired 105,000 own shares. The share buy-back programme is afterwards used to cover the warrant program, totally 97,000 shares. The stock of own shares is hereafter 8,000 pcs.
FirstFarms
EQUITY STATEMENT | FINANCIAL REPORTING | 14
CASH FLOW STATEMENT
| CASH FLOW STATEMENT (DKK) | Group H1 2024 | Group H1 2023 |
|---|---|---|
| Pre-tax result (Int the parent company ex. result of subsidiaries) | 18,016 | 38,620 |
| Adjustments for non-monetary operating items etc.: | ||
| Depreciation/amortisation | 29,703 | 24,239 |
| Reversal of profit, sale of non-current assets and badwill | -1,005 | -1,402 |
| Value adjustment of biological assets | -8,445 | -14,896 |
| Financial income | -5,286 | -9,748 |
| Financial costs | 22,581 | 13,464 |
| Sharebased remuneration | 573 | 549 |
| Cash flow generated from operations before change in working capital | 56,137 | 50,826 |
| Change in working capital | -14,165 | 32,849 |
| Cash flow from main activities | 41,753 | 83,675 |
| Interest received | 5,286 | 9,746 |
| Interest paid | -22,581 | -12,627 |
| Paid corporation tax | -7,174 | -6,834 |
| Cash flow from operating activities | 17,284 | 73,960 |
| Purchase of shares in Agri Invest | 0 | -20,876 |
| Sale of tangible assets, paid | 5,097 | 2,147 |
| Acquisition of tangible assets | -60,272 | -76,294 |
| Cash flow from investing activities | -55,175 | -95,023 |
| Paid dividend | 0 | -8,987 |
| Buy-back of own shares | -8,447 | 0 |
| Capital increase | 96,923 | 0 |
| Proceeds from taking up convertible bonds | 88,881 | 0 |
| Repayment of other debts | -7,336 | -7,120 |
| Proceeds from loans | 39,596 | 73,433 |
| Loan repayment | -16,651 | -32,387 |
| Cash flow from financing activities | 193,185 | 24,939 |
| Cash flow of the period | 155,294 | 3,876 |
| Available, at the beginning | 25,880 | 21,860 |
| Exchange rate adjustment of available | 0 | 1,514 |
| Available, at closing | 181,174 | 27,250 |
FirstFarms
CASH FLOW STATEMENT | FINANCIAL REPORTING | 15
| SEGMENT INFORMATION H1 2024
(DKK) | Romanian activities | Slovakian activities | Hungarian activities | Czech activities | Other/ Non-allocated | Intercompany elimation | Total |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Total turnover | 2,685 | 121,331 | 58,138 | 52,101 | 5,719 | -20,276 | 219,698 |
| Production subsidies | 10,088 | 23,149 | 2,734 | 1,643 | 0 | 0 | 37,614 |
| Value adjustment of biological assets | 2,500 | 3,671 | 4,062 | -1,788 | 0 | 0 | 8,445 |
| Earnings before depreciations (EBITDA) | 6,688 | 34,361 | 21,274 | 6,766 | -4,075 | 0 | 65,014 |
| Depreciations | -6,096 | -15,186 | -6,681 | -1,715 | -25 | 0 | -29,703 |
| Earnings from primary operation (EBIT) | 592 | 19,175 | 13,717 | 5,051 | -4,100 | 0 | 34,435 |
| Financial income | 465 | 223 | 25 | 168 | 16,995 | -12,590 | 5,286 |
| Financial costs | -7,060 | -9,474 | -10,925 | -1,094 | -6,618 | 12,590 | -22,581 |
| Result before tax | -6,003 | 9,924 | 2,817 | 4,125 | 6,277 | 0 | 17,140 |
| Assets | 325,898 | 702,351 | 336,349 | 202,182 | 585,746 | -418,617 | 1,733,909 |
| Plant investments ) | 22,451 | 24,555 | 9,364 | 3,902 | 0 | 0 | 60,272 |
| Liabilities | 251,009 | 405,370 | 327,904 | 67,375 | 277,020 | -415,801 | 912,877 |
| SEGMENT INFORMATION H1 2023
(DKK) | Romanian activities | Slovakian activities | Hungarian activities | Czech activities | Other/ Non-allocated | Intercompany elimation | Total |
| Total turnover | 3,399 | 124,962 | 33,507 | 55,376 | 5,325 | -19,427 | 203,142 |
| Production subsidies | 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 |
| Earnings before depreciations (EBITDA) | 3,319 | 45,828 | 11,013 | 9,739 | -3,322 | 0 | 66,577 |
| Depreciations | -4,512 | -14,326 | -3,232 | -2,145 | -24 | 0 | -24,239 |
| Earnings from primary operation (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 | 397,089 | 334,648 | 82,280 | 224,325 | -428,301 | 769,039 |
*) 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 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
SEGMENT INFORMATION | FINANCIAL REPORTING
Products
FirstFarms' turnover primarily concerns milk, pigs and crops.
The turnover is specified:
| tDKK | Romania
H1 2024 | Romania
H1 2023 | Slovakia
H1 2024 | Slovakia
H1 2023 | Hungary
H1 2024 | Hungary
H1 2023 | Czech
H1 2024 | Czech
H1 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Milk | 0 | 0 | 58,680 | 59,144 | 0 | 0 | 0 | 0 |
| Cows and calves | 0 | 0 | 4,860 | 5,459 | 0 | 0 | 0 | 0 |
| Piglets and slaughter pigs | 0 | 0 | 35,439 | 34,490 | 57,326 | 31,183 | 51,641 | 52,680 |
| Crops | 2,369 | 3,283 | 21,100 | 25,038 | 198 | 0 | 0 | 0 |
| Other | 316 | 116 | 1,252 | 831 | 614 | 2,324 | 460 | 2,696 |
| Total | 2,685 | 3,399 | 121,331 | 124,962 | 58,138 | 33,507 | 52,101 | 55,376 |
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 | Group
H1 2024 | Group
H1 2023 |
| --- | --- | --- |
| Milk | 58,680 | 59,144 |
| Cows and calves | 4,860 | 5,459 |
| Piglets and slaughter pigs | 131,704 | 107,139 |
| Crops | 21,817 | 25,886 |
| Other | 2,637 | 5,514 |
| Total | 219,698 | 203,142 |
FirstFarms
TURNOVER | FINANCIAL REPORTING | 17
INVESTOR INFORMATION
Basic data
| Stock exchange: | Nasdaq Copenhagen A/S | Financial calendar | |
|---|---|---|---|
| Index: | SmallCap | 21 March 2024 | Annual report 2023 |
| Sector: | Konsumentvarer | 16 April 2024 | Annual general meeting |
| ISIN code: | DK0060056166 | 30 May 2024 | Interim financial report 1 January – 31 March 2024 |
| Short name: | FFARMS | 28 August 2024 | Interim financial report 1 January – 30 June 2024 |
| 27 November 2024 | Interim financial report 1 January – 30 September 2024 |
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
INVESTOR INFORMATION | FINANCIAL REPORTING | 18
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 A/S · Majsmarken 1 · DK-7190 Billund · CVR no.: 28 31 25 04 · Tel: +45 75 86 87 87 · www.firstfarms.com