Interim Report for the period 1 May 2013 - 31 January 2014

Harboes Bryggeri A/S

| Source: Harboes Bryggeri A/S

Skælskør, 2014-04-15 14:30 CEST (GLOBE NEWSWIRE) --  


CEO Bernhard Griese on the interim report:

"We experienced a positive development in the first three quarters of the financial year with increasing revenue, especially driven by our international activities outside Northern Europe. In Harboe Nordic, which is still an important part of our business, we maintain our position in the intense competition, but earnings are challenged by a continued massive pressure on prices. We take pride in never compromising on the quality of our products, which is crucial to the customer experience and the overall positioning of our brands. Recognising that our scope for increasing earnings margins is limited in this part of the business, we are continuing our targeted strategic development of our other activities.

We have continued the development of our international infrastructure and sales organisation, which will drive the continued growth in Harboe International. In Harboe Ingredients we continue the expansion of the strategic platform, which will support sales of our malt-based ingredients in close collaboration with customers and partners. We see positive prospects for these activities, which are both targeted at growth markets and segments. However, the investments and the relatively long market penetration time mean that the effect will only gradually materialise in our financial statements."


Bernhard Griese