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Land portfolio


One of the most essential foundations of the operation is the agricultural land, which is in ownership or rented. The land is purchased or on rent contracts, which are continuously renewed. The operating value is therefore continuously significantly increased. This value add on land is not included in FirstFarms’ asset statements on land.

Price development on land

There are no official statistics for purchase and sale of agricultural land in our operating areas, and there is no official evaluation of the land. It is therefore difficult to obtain fully documented information about land prices and the development in the land prices. Our assessment of market prices is based on knowledge of actual land transactions and official independent valuations. The valuation is influenced by several parameters, of which the most important are field size, quality and transaction size. The largest part of the land has been in our ownership in over 10 years.

Development in the land portfolio

FirstFarms always focuses on land improvements and compactation of the land in present areas and expansion in areas with potential good compactation and high-quality land close to present operation centres. The costs for this process is paid over the operation. FirstFarms has great focus on the average field size. There is positive operating economy in increasing the field size and compacted location of fields. At the same time, we are constantly working on registered ownership in land book. Only a marginal part of the land is not registered in land book.

Booked value of purchased agricultural land

  2023 Value 2022 Value 2021 Value 2020 2019
  Hectares mDKK mDKK Hectares mDKK mDKK Hectares mDKK mDKK Hectares mDKK Hectares mDKK
Slovakia 2,625 190 292 2,559 188 266 2,524 185 232 2,522 183 2,332 135
Romania 4,897 127 344 4,868 123 313 4,664 114 298 7,560 224 5,939 136
Czech Rep. 961 84 123 961 84 125 929 83 94 961 81 929 75
Total 8,483 401 759 8,388 395 704 8,117 382 624 11,043 488 9,200 346

 

Overview of agricultural land, hectares

  Slovakia Romania Czech Republic Hungary Total
  Cultivated Owned Cultivated Owned Cultivated Owned Cultivated Owned Cultivated Owned
2023 9,900 2,625 5,300 4,897 1,165 961 400 0 16,765 8,483
2022 9,615 2,559 5,127 4,868 1,165 961 425 0 16,332 8,388
2021 9,552 2,524 4,669 4,664 1,165 961 0 0 15,385 8,149
2020 9,475 2,522 9,230 7,560 1,151 961 0 0 19,916 11,073
2019 9,004 2,332 7,597 5,939 1,151 929 0 0 17,752 9,200