Harboes Bryggeri A/S
Annual Report 2012/2013
Harboes Bryggeri A/S 10.07.2013 12:34 --------------------------------------------------------------------------- Harboes Bryggeri A/S Skælskør, 2013-07-10 12:34 CEST (GLOBE NEWSWIRE) -- Harboes Bryggeri A/S Highlights for 2012/2013 Consolidated results -- 2012/13 was a challenging year characterised by difficult market conditions, special events and ongoing investments in strategic development activities, all of which affected earnings. -- Revenue fell by 4.7% to DKK 1,344 million, while sales declined by 12% to DKK 5.74 million hectolitres. -- Seasonal fluctuations, price pressure and the weeding-out of unprofitable contracts had a negative impact on developments in the Northern European markets. -- Harboe's international drinks business developed positively although difficult conditions put activities under pressure in some markets. -- Continued growth in malt extract activities with focus on international sales and more new products in the pipeline. -- Profit before depreciation, amortisation, net financials and tax (EBITDA) was DKK 90.9 million. -- The group posted a profit before tax of DKK 4.1 million. -- Cash flows from operating activities and free cash flow amounted to DKK 51 million and DKK 24 million, respectively. Outlook 2013/14 -- Harboe expects all the group's business areas to contribute to growth in group revenue in 2013/2014. -- In 2013/14, Harboe thus expects to realise growth in revenue as well as improved results. Further information: Bernhard Griese, CEO Tel.: +45 56 16 88 88 CEO Bernhard Griese on the preliminary announcement of financial statements: 'The opportunities for realising our commercial targets and results in 2012/2013 were hampered by an unpleasant mix of difficult market conditions, rising input prices, bleak summer weather and can packaging defects, which together resulted in both decreasing revenue and lower earnings. In spite of the unsatisfactory results, however, we are pleased to see the considerable recognition enjoyed by our products and brands in the Northern European countries, which is an important precondition for maintaining our solid position in these important main markets in the coming years. We also maintained our strategic focus on developing our business by continuing to strengthen the international platform outside Northern Europe and by taking important steps towards a commercial breakthrough for activities involving new ingredients based on malt extract. The positive progress underpins our ambition of making these focus areas the foundation for new growth and strengthened earnings over the coming years.' News Source: NASDAQ OMX 10.07.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Harboes Bryggeri A/S Denmark Phone: Fax: E-mail: Internet: ISIN: DK0060014751 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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