Harboes Bryggeri A/S reported audited the consolidated earnings results for the year ended April 30, 2013. For the period, the company reported gross revenue of DKK 1,588 million against DKK 1,677 million last year. Revenue fell by 4.7% to DKK 1,344 million against DKK 1,410.5 million a year ago. Seasonal fluctuations, price pressure and the weeding-out of unprofitable contracts had a negative impact on developments in the Northern European markets. EBITDA was DKK 90.9 million against DKK141.0 million a year ago. Profit before tax was DKK 4.1 million against DKK 51.1 million a year ago. Net profit for the year was DKK 3.1 million against DKK 38.4 million a year ago. Operating profit was DKK 9.4 million against DKK 59.5 million a year ago. Cash flows from operating activities was DKK 51.1 million against DKK 91.3 million a year ago. Free cash flow was DKK 24.0 million against DKK49.6 million a year ago. Earnings per share was DKK 0.56 against DKK 6.87 a year ago. Purchase of intangible assets was DKK 6.966 million against DKK 16.606 million a year ago. Purchase of property, plant and equipment was DKK 34.058 million against DKK 89.810 million a year ago. The development in results is attributable partly to a fall in revenue and partly to continued increases in raw material prices of malt as well as increasing energy and oil prices. Due to continued intense competition, particularly in Northern Europe it has not been possible to balance out the increasing costs through higher selling prices, and this affects the group's total EBITDA margin negatively. The continued pressure on prices has also impacted earnings margins in connection with the renewal of major individual contracts. The decline in cash flows from operating activities is due primarily to lower earnings in the year.

For the fiscal year 2013/14 the company expects all the group's activities to contribute to growth in revenue, which is expected to be higher than in 2012/13. The company expects improved earnings.

The Board of Directors of the company recommends to the annual general meeting on August 28, 2013 that no dividend be paid for the fiscal year 2012/13.