Downgrading of expectations to the result by DKK 10 million for 2012
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For best results when printing this announcement, please click on the link below: http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130306:nHUGcYwX Expectation to the result of the year is further negatively influenced by disease pressure in the livestock, sale of agricultural land and fraud in Romania. Disease pressure in the livestock has had negative effect with approx. DKK 5 million more than expected. Larger preventive maintenance and higher use of employee resources have been carried out. In February 2013, the company sold 411 hectares of agricultural land in Romania, which is not in the company's primary cultivation area, with a smaller loss. At the same time FirstFarms chose to write off on a few larger operational assets in the livestock. The total write offs constitute approx. DKK 3 million. In general, FirstFarms assesses that the agricultural land in the Group is booked conservatively. FirstFarms A/S has been exposed to fraud at the office in Bucharest. The fraud amounts to DKK 1.5-2 million. FirstFarms A/S got suspicion about the fraud, when we in September last year were closing the office in Bucharest and moving the administration to the company's office in Faurei, from where the company's fieldwork already is operated. FirstFarms A/S has made claim for refund of the money from the now expelled employees. Civil cases have been raised against the now expelled employees, just as a police investigation is initiated regarding the fraud. The expelled employees have made claim against FirstFarms for termination benefit in the region of DKK 2.0 million. These demands are now tested before the courts and are expected to be dismissed. Changes in the organisation and tightening of the procedures are initiated, and it reduces the risk for similar cases in the future. FirstFarms downgrades in the light of the above the expectations for the result for 2012 to an EBIT-result in the region of DKK -28 to -30 million compared to previous expectation of an EBIT-result of DKK -15 to -20 million in company announcement no. 14/2012. Billund 6 March 2013 FirstFarms A/S For further information: Please visit our website www.firstfarms.com http://www.firstfarms.com/ or contact CEO Anders H. Nørgaard on telephone +45 75 86 87 87. Downgrading http://hugin.info/137806/R/1683341/550891.pdf ---------------------------------------------------------------------------------------------------- This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: FirstFarms A/S via Thomson Reuters ONE HUG#1683341
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