Harboes Bryggeri A/S reported unaudited consolidated earnings results for the second quarter and six months ended October 31, 2014. For the quarter, the company reported operating profit of DKK 10.4 million, profit before tax of DKK 9.1 million on revenue of DKK 341.8 million compared to operating profit of DKK 8.1 million, profit before tax of DKK 6.6 million on revenue of DKK 358.5 million for the same period a year ago. Net profit was DKK 6.4 million against DKK 4.3 million for the same period a year ago. EBITDA was DKK 32.4 million against DKK 30.5 million for the same period a year ago. Cash flows from operating activities of DKK 42.3 million compared to DKK 10.1 million for the same period a year ago. Investments in property, plant and equipment was DKK 18.5 million against DKK 5.1 million for the same period a year ago. Investments in intangible assets was DKK 0.215 million against DKK 0.432 million for the same period a year ago. The improved earnings are, among other things, attributable to the recent years' investments in increased efficiency across the entire value chain as well as energy optimisations in production, which are now beginning to have a positive effect on costs.

For six months, the company reported operating profit of DKK 27.4 million, profit before tax of DKK 24.977 million on revenue of DKK 733.8 million compared to operating profit of DKK 18.8 million, profit before tax of DKK 16.1 million on revenue of DKK 751.5 million for the same period a year ago. Net profit was DKK 18.2 million or DKK 3.76 per diluted share compared to DKK 11.8 million or DKK 2.13 per diluted share for the same period a year ago. Cash flows from operating activities of DKK 27.8 million compared to DKK 35.5 million for the same period a year ago. Purchase of property, plant and equipment was DKK 25.5 million against DKK 10.6 million for the same period a year ago. Purchase of intangible assets was DKK 0.561 million against DKK 1.4 million for the same period a year ago. EBITDA was DKK 72.0 million against DKK 63.4 million for the same period a year ago. Net interest-bearing debt was DKK 202.9 million against DKK 108.9 million for the same period a year ago.

For the fiscal 2015, the company revised its outlook for the full year upwards to EBITDA in the region of DKK 115-125 million (previously DKK105-115 million) and a profit before tax in the region of DKK 25-35 million (previously DKK 20-30 million).