Annual Report 2013/2014

Harboes Bryggeri A/S

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| Source: Harboes Bryggeri A/S

Skælskør, 2014-07-14 06:30 CEST (GLOBE NEWSWIRE) --  

 

Growth in revenue driven by new markets

Results in line with the outlook

Harboe’s revenue increased by 5.7% to DKK 1,420 million. A total of 5.93 million hectolitres of beer, water, soft drinks and malt wort products were sold compared with 5.74 million hectolitres last year.

EBITDA was DKK 107.4 million against DKK 90.9 million last year, while EBIT increased to DKK 16.7 million against DKK 9.4 million last year. Net profit for the year amounted to DKK 10.9 million.

Continued growth and a higher profit in the range of DKK 15-25 million are expected in 2014/15.

 

CEO Bernhard Griese on the annual report:

“The developments in the international markets outside Northern Europe are driving the results. Particularly Africa and Asia deliver high growth rates, and the position is continually expanded in close collaboration with regional distributors.

In Northern Europe, we are facing fierce competition and a declining demand for drinks products, but our focus on quality and continuous adaptation of the product mix has enabled us to maintain our position in these markets, although the overall earnings margin is negatively affected by the price competition.

Our activities within malt-based ingredients are under constant development, and we are working hard to further stimulate the demand through continued product development. The development activities are carried out in close collaboration with customers, and we expect that this will pave the way for an increased activity level and increasingly contribute to the group’s results over the next two to three years.

We expect fierce competition and generally challenging market conditions in the next year as well, but we continue our efforts in our strategic focus areas and the close collaboration with customers and distributors. We therefore expect positive developments in all our activities in the coming financial year.”