Harboes Bryggeri A/S reported group earnings results for the first quarter ended July 31, 2015. For the quarter, the company reported revenue of DKK 380,546,000 against DKK 392,059,000 a year ago. The lower revenue is due to the persistently challenging market conditions in a number of the group's markets and a cool start to the summer in Northern Europe, among other things, but also to structural changes in the product mix in favour of own brands. A profit before depreciation, amortisation, net financials and tax (EBITDA) of DKK 45.1 million was returned against DKK 39.6 million for the prior-year period. The positive development is driven by increasing sales in the international markets, which contribute attractive margins, while the effect of the streamlining and energy efficiency investments made in recent years is also having a positive impact on results. Operating profit (EBIT) rose by 33.3% to DKK 22.8 million compared with last year's DKK 17.1 million. Consolidated profit before tax was DKK 21.8 million against DKK 15.9 million last year. Net profit for the period was DKK 16,022,000 or DKK 3.46 per basic and diluted shares against DKK 11,865,000 or DKK 2.40 per basic and diluted shares a year ago. Cash flows from operating activities were DKK 11,944,000 against cash used on operating activities of DKK 14,491,000 a year ago. Purchase of intangible assets was DKK 301,000 against DKK 345,000 a year ago. Purchase of property, plant and equipment was DKK 23,875,000 against DKK 11,088,000 a year ago. Net interest-bearing debt was DKK 167.823 million against DKK 222.15 million a year ago.

The company maintains its outlook for the year 2016 as a whole for improved earnings and EBITDA in the region of DKK 120 million to DKK 140 million and a profit before tax of approx. DKK 35 million to DKK 45 million.