Harboes Bryggeri A/S reported unaudited consolidated earnings results for the third quarter and nine months ended January 31, 2014. For the quarter, the company reported operating loss of DKK 4,464,000 against DKK 2,528,000 a year ago. Revenue was DKK 316,409,000 against DKK 291,883,000 a year ago. Loss before tax was DKK 6,410,000 against DKK 3,567,000 a year ago. Net loss was DKK 4,758,000 against DKK 2,992,000 a year ago. EBITDA was DKK 17,793,000 against DKK 17,001,000 a year ago.

For the nine months, the company reported operating profit of DKK 14,333,000 against DKK 22,714,000 a year ago. Revenue was DKK 1,067,950,000 against DKK 1,020,468,000 a year ago. Profit before tax was DKK 9,678,000 against DKK 20,222,000 a year ago. Net profit was DKK 7,024,000 against DKK 14,305,000 a year ago. Distribution of net profit for the period to shareholders of parent was DKK 7,045,000 against DKK 14,317,000 a year ago. Earnings per share and diluted earnings per share was DKK 1.29 against DKK 2.55 a year ago. Cash inflows from operating activities were DKK 30,142,000 against cash outflows from operating activities of DKK 4,865,000 a year ago. Purchase of intangible assets was DKK 1,827,000 against DKK 5,094,000 a year ago. Purchase of property, plant and equipment was DKK 18,361,000 against DKK 22,574,000 a year ago. EBITDA was DKK 81,212,000 against DKK 82,593,000 a year ago. The increase in revenue is primarily attributable to continued growth in the international activities outside Northern Europe, which are developing positively overall in spite of particularly challenging market conditions with turmoil and conflicts in a number of the markets in both the Middle East and Africa. Earnings are also affected by the continued investments in Harboe Ingredients where the strategic development and marketing activities are being expanded. Also, the work continues to further develop the sales organisation in Harboe International, which is primarily targeted at the markets outside Europe.

The company expects all the group's activities to contribute to growth in revenue, which is still expected to be higher than in 2012/13. In the next year, earnings will also be affected by a general pressure on margins and continued investments in the development of the strategic business areas. General sensitivity to seasonal fluctuations may also influence the group's results. However, the company still expects improved results compared with 2012/13.