Skælskør, 2015-08-27 08:50 CEST (GLOBE NEWSWIRE) --
Harboes Bryggeri A/S - Annual Report 2014-2015
Strengthened earnings driven by own brands and efficient operations
Growth is lower – but EBITDA exceeds the outlook for the year
- Harboe’s revenue fell by 3.4% to DKK 1,371 million. with an unchanged sales at 5.93 million hectolitres compared to last year.
- The slight fall in revenue is due to challenging market conditions in a number of the group’s markets, but also to a number of strategic adjustments of the product mix, replacing large amounts of smaller with better earnings contribution.
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Continued added momentum to the sale of Harboe’s own brands, which drive our expansion in the international markets.
Recent years’ strategic investments are now kicking in on the bottom line
- EBITDA rose by 20.5% to DKK 129.4 million compared with last year’s DKK 107.4 million, corresponding to an EBITDA margin of 9.4% against 7.5% in 2013/2014. EBITDA thus slightly exceeded the outlook of DKK 115-125 million announced in connection with the interim report of December 2014.
- One of the reasons for the positive earnings performance is the effect of recent years’ investments in efficiency improvements and energy optimisations – and continued growth in the sale of own brands is also contributing to attractive margins.
- Consolidated profit before tax rose to DKK 33.4 million against DKK 10.4 million the year before.
- Investments during the financial year totalled DKK 58.2 million, mainly focusing on continued streamlining and improvements.
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Continued streamlining of our management of the working capital ensures a substantial strengthening of cash flows from operating activities.
Bernhard Griese commenting on the annual report:
"The positive earnings performance is driven by changes in our product mix and continued international expansion, and we are also really feeling the impact of recent years' investments in efficiency improvements. The performance also confirms the international potential of our own brands, which we are working hard to build in the international markets and which are gaining growing recognition among our customers. It brings us important steps closer to realising an increased and consistently more robust value creation, and we expect continued positive performance in the coming year."
