November 24 (SeeNews) - Danish agricultural investment company FirstFarms said it has completed the sale of its activities in northwestern Romania for 104 million Danish crowns ($16 million/14 million euro).
The sale does not change the company's expectation for an EBITDA between 100 and 120 million Danish crowns and an EBIT between 50 and 70 million Danish crowns at the end of 2021, FirstFarms said in a press release on Tuesday.
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FirstFarms first announced the sale in July.
"We have made a good deal and are now realising 104 million Danish Crowns in free cash. Right now, we have the largest cash preparedness in our history, which must be invested in the continued positive development in the rest of the business," FirstFarms CEO Anders H. Nørgaard said.
FirstFarms purchases and modernises farming companies in order to optimize their operations in terms of competitiveness of the price and quality of their produce. Its activities are concentrated in the Czech Republic, Slovakia, Romania and Hungary.
Earlier this month, FirstFarms sold a 477 hectare land plot in western Romania for 20 million Danish crowns. The sale is part of an agreement signed by the company in May 2020 to divest a total 1,675 ha it owns in western Romania. The total sale price for the 1,675 ha is expected to reach 85 million Danish crowns.
(1 Danish crown =0.1345 euro)