Harboes Bryggeri A/S reported unaudited consolidated earnings results for the third quarter and nine months ended January 31, 2013. For the quarter, revenue from continuing activities was DKK 291.9 million against DKK 335.5 million a year ago. Operating loss was DKK 2.5 million against operating profit of DKK 5.7 million a year ago. Loss before tax was DKK 3.6 million against profit before tax of DKK 4.5 million a year ago. Net loss from continuing activities was DKK 3 million against net profit from continuing activities of DKK 2.9 million a year ago. Net loss was DKK 3 million against net profit of DKK 2.7 million a year ago. EBITDA was DKK 17.0 million against DKK 25.1 million a year ago. Investments in intangible assets were DKK 1.7 million against DKK 0.7 million a year ago. Investments in property, plant and equipment was DKK 24.5 million against DKK 14.0 million a year ago. Cash flows used in operating activities was DKK 8.5 million against cash flows from operating activities of DKK 24.9 million a year ago.

For the nine months, revenue from continuing activities was DKK 1,020.5 million against DKK 1,081.8 million a year ago. Operating profit was DKK 22.7 million against operating profit of DKK 48.4 million a year ago. Profit before tax was DKK 20.2 million against profit before tax of DKK 43.4 million a year ago. Net profit from continuing activities was DKK 14.3 million against net profit from continuing activities of DKK 32.1 million a year ago. Net profit was DKK 14.3 million against net profit of DKK 32.1 million a year ago. Distribution of net profit to the shareholders of parent was DKK 14.3 million against DKK 32.1 million a year ago. Earnings per DKK 10 share from continuing and discontinued activities were DKK 2.6 against DKK 9.7 a year ago. Earnings per DKK 10 share from continuing activities were DKK 2.6 against DKK 5.7 a year ago. Cash flows used in operating activities was DKK 4.8 million against cash flows from operating activities of DKK 32.0 million a year ago. Purchase of intangible assets was DKK 5.1 million against DKK 9.3 million a year ago. Purchase of property, plant and equipment was DKK 22.6 million against DKK 46.9 million a year ago. Purchase of financial assets was DKK 0.3 million. The combination of rising input prices, continued fierce competition and declining consumption in the Northern European markets is putting the business under considerable pressure, and the negative market forces impacted both sales and earnings in the first three quarters of the financial year. EBITDA was DKK 82.6 million against DKK 108.9 million a year ago. Investments in intangible assets were DKK 18.7 million against DKK 1.8 million a year ago. Investments in property, plant and equipment was DKK 80.6 million against DKK 49.8 million a year ago. The fall in revenue was expected and is attributable to the group's discontinued collaboration with a major Northern European customer in spring 2012. Net interest-bearing debt amounted to DKK 164.6 million against DKK 166.9 million at January 31, 2012.

For the fiscal 2013, the company revised outlook for EBITDA to DKK 110 million from previously DKK 130 million. The profit before tax for the year is expected to be DKK 20 million from previously DKK 40 million. Apart from the risk of the impact of usual market conditions, the outlook for the year as a whole is subject to uncertainty in relation to the settlement of the pending case concerning a consignment which had to be recalled due to a packaging defect. The case exposes Harboe to a loss risk of an additional maximum amount of DKK 3 million in fiscal 2013. Investments planned were in the order of DKK 50 million - DKK 80 million. Investments are expected to be in the low end of the interval. The investments will primarily be focused on ongoing maintenance and efficiency improvements.