GlobeNewswire by notified

FirstFarms A/S’ interim financial report 1 January – 30 September 2022

Share


High settlement prices ensure good interim result

FirstFarms A/S has realised improved results on all significant financial parameters in the first three quarters of 2022. High efficiency and productivity in all branches of operation and good settlement prices on crops and milk are the foundation for the interim result, which is considered satisfactory.

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 September 2022.

FirstFarms has in the accounting period realised:

  • A net turnover of 291 mDKK compared to 248 in the same period last year
  • An EBITDA of 121 mDKK compared to 74 mDKK in the same period last year
  • An EBIT of 89 mDKK compared to 44 mDKK in the same period last year
  • A pre-tax result of 77 mDKK compared to 24 mDKK in the same period last year

“It is a good result delivered in a turbulent time with unpredictable market conditions and many challenges, over which we have no control. But we can control how with run our business, and we have done that with high efficiency and high productivity in our branches of operation and with control on the value chain, which together with high prices for milk and crops, are the primary reasons for the good interim result. I am happy and proud that we will probably deliver another record result, when the year is over,” says CEO Anders H. Nørgaard.

Positive operation
2022 has been favoured by high milk prices and at the same time the efficiency in the milk production is at a very satisfactory level. The yield per cow is still improving - although more slowly than the first half of 2022. Production is 10% higher compared to the same period last year. It is expected that the high price of milk will last the rest of the year.

The settlement prices for crops are still historically high. The crop production is however characterised by large fluctuations, both in prices, quality and in yield geographically

The harvest has been negatively affected by extreme weather conditions such as severe drought in Romania. However, the high prices for crops continue to partially compensate for the lower harvest yield.

The pig prices are still too low compared to the cost level, but a high level of efficiency and productivity means that it has been possible to maintain a satisfactory result in the operating branch year to date. The world market for pigs is characterised by great uncertainty and continues to be affected by ASF in Germany and China.

”We are constantly working on optimising the efficiency of the pig production and the circular operation with a view to continued reasonable earnings from our pigs. The consumption of pork has been decreasing in several countries and high production costs have contributed to creating the concern in the market. However, it is positive for us, that we produce in countries, where we have a high competitiveness in a European perspective, because the countries we produce in have a low degree of self-sufficient, which means that they need our products,” says Anders H. Nørgaard.

High activity in Q3

In the third quarter, FirstFarms has among other things completed the acquisition of the company Try-Béta Kft. in Hungary, which will be central to the circular operation. The crops will be used as feed in the nearby pig production and the natural fertiliser will be spread at the Try-Béta fields. FirstFarms has also purchased shares in Agri Invest A/S, who owns and operates 10,000 hectares of land in Romania and taken into use a newly built silo facility in Slovakia. FirstFarms has furthermore initiated a large and ongoing investment in green energy production. Initially with a view to becoming as energy independent as possible in relation to external factors.

Strengthening of the capital
On 30 September 2022, 24 bond owners chose to convert bonds for a total of 66 mDKK to FirstFarms shares. The Equity is now 665 mDKK corresponding to a solvency ratio of 51 %. This is a major strengthening of the capital and an underlining of the company's robust and healthy financial foundation, which must ensure resilience in difficult times and securing future growth and the necessary investments.

”The difficult market conditions and the external threats are not expected to diminish in the near future – on the contrary – but we are prepared to navigate in trouble waters, and we continue to invest, develop and grown our company, just as we continue the development towards a more sustainable,” concludes Anders H. Nørgaard.

FirstFarms maintains the announced 2022-expectations of an EBITDA of 110-140 mDKK and an EBIT of 65-95 mDKK as stated in company announcement no. 22/2022, which means that the company still expects, that the 2022-result to be the best in the company’s history.

Best regards,
FirstFarms A/S

For further information:
Please visit our websitewww.firstfarms.comor contact CEO Anders H. Nørgaard on phone +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.

Attachments

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Major shareholder notification – Norges Bank3.12.2022 14:45:28 CET | Press release

GN Store Nord A/S hereby announces that on December 2, 2022, pursuant to Section 38(1) and Section 39(1) of the Danish Capital Markets Act, it received a notification from Norges Bank stating that on December 1, 2022 Norges Bank decreased its aggregate holding of shares and financial instruments, cf. Section 38(1) and Section 39(2)(1) of the Danish Capital Markets Act, to under 5% of the share capital and voting rights in GN Store Nord A/S. For further information, please contact: Investors and analysts Anne Sofie Staunsbæk Veyhe Vice President – Investor Relations, Treasury & M&A Tel: +45 45 75 85 06 or Rune Sandager Senior Director – Investor Relations Tel: +45 45 75 92 57 Press and the media Steen Frentz Laursen Vice President, Corporate Communications Tel: +45 20 65 34 20 About GN GN facilitates communication between people through intelligent hearing, audio, video, and gaming technology. Inspired by people and driven by our passion for innovation, we leverage technologies to deliv

Brookfield Announces Reset Dividend Rate on Its Series 30 and Series 48 Preference Shares3.12.2022 03:45:00 CET | Press release

All amounts in Canadian dollars unless otherwise stated. BROOKFIELD, NEWS, Dec. 02, 2022 (GLOBE NEWSWIRE) -- Brookfield (NYSE: BAM, TSX: BAM.A) today announced that it has determined the fixed dividend rate on its Cumulative Class A Preference Shares, Series 30 (“Series 30 Shares”) (TSX: BAM.PR.Z) for the five years commencing January 1, 2023 and ending December 31, 2027, and also determined the fixed dividend on its Cumulative Class A Preference Shares, Series 48 (“Series 48 Shares”) (TSX: BAM.PF.J) for the five years commencing January 1, 2023 and ending December 31, 2027. As previously disclosed, the Series 30 Shares and Series 48 Shares are expected to commence trading on the TSX under the updated symbols “BN.PR.Z” and “BN.PF.J”, respectively, on December 12, 2022. Series 30 Shares and Series 31 Shares If declared, the fixed quarterly dividends on the Series 30 Shares during the five years commencing January 1, 2023 will be paid at an annual rate of 6.089% ($0.3805625 per share per

EverWind selects Black & Veatch for Front-end Engineering Design of First Green Hydrogen Hub in Nova Scotia2.12.2022 20:23:30 CET | Press release

HALIFAX, Nova Scotia, Dec. 02, 2022 (GLOBE NEWSWIRE) -- EverWind Fuels Company ("EverWind") today announces it has selected Black & Veatch to provide front-end engineering design (FEED) services for its green hydrogen and ammonia production and storage facility in Point Tupper, Nova Scotia, with initial commercial operations planned for 2025. EverWind is a private developer of green hydrogen and ammonia production and storage sites, and global engineering and construction company Black & Veatch is a green energy solutions leader. In its first phase, the facility will produce green hydrogen and green ammonia through electrolysis using certified green power from the Nova Scotia Power transmission system; onshore wind generation will power production in a second phase. In future phases, EverWind will use offshore wind power to produce hydrogen through electrolysis, unlocking Nova Scotia’s offshore wind capabilities. The first two phases will produce a combined 1 million tonnes per annum o

Information on the Total Number of Voting Rights (Denominator) following Conversion Notice from NEGMA2.12.2022 19:00:00 CET | Press release

Negma Group has converted 322convertible bonds in Oxurion resulting in a EUR 805,000capital increase. This is part of Negma Group’s EUR 30 million Capital Commitment1 that will allow Oxurion to focus on progressing its novel and differentiated back of the eye drug candidate targeting potential market opportunities of over USD 5billion. Leuven, BELGIUM,Boston, MA, US–December2, 2022– 07.00 PM CET – In accordance with article 15 of the Belgian Act of May 2, 2007 on the disclosure of major participations in issuers of which shares are admitted to trading on a regulated market and regarding miscellaneous provisions, Oxurion NV (Euronext Brussels: OXUR) (the “Company” or “Oxurion”), announces the below information, following (i) the issuance of 63,550,419 new ordinary shares on November 28, 2022, for a total amount of EUR 605,000, as the result of the conversion of 242 class B convertible bonds, and (ii) the issuance of 21,008,403 new ordinary shares on November 30, 2022, for a total amount

Transactions in Zealand Pharma shares and/or related securities by persons discharging managerial responsibilities and/or their closely associated persons2.12.2022 18:05:00 CET | Press release

Company announcement – No. 56/ 2022 Transactions in Zealand Pharma shares and/or related securities by persons discharging managerial responsibilities and/or their closely associated persons Copenhagen, Denmark and Boston, MA, U.S. December 2, 2022 – Zealand Pharma A/S (“Zealand”) (NASDAQ: ZEAL) (CVR-no. 20 04 50 78), a Copenhagen-based biotechnology company focused on the discovery and development of innovative peptide-based medicines, has received information on transactions in Zealand's shares or related securities conducted by persons discharging managerial responsibilities and/or their closely associated persons and hereby publishes the information on such transactions. Please see the attached file(s). # # # About Zealand Pharma A/S Zealand Pharma A/S (Nasdaq: ZEAL) ("Zealand") is a biotechnology company focused on the discovery and development of peptide-based medicines. More than 10 drug candidates invented by Zealand have advanced into clinical development, of which two have re