Interim report for the period 1 May to 31 July 2012

10/4/2012 7:19 AM EST

Harboes Bryggeri A/S
Quarterly report

Interim report for the period 1 May to 31 July 2012

Harboes Bryggeri A/S

Skælskør, 2012-10-04 13:19 CEST (GLOBE NEWSWIRE) -- 

CEO Bernhard Griese on the interim report:

“As expected, revenue fell relative to the same period last year, among other
things as a result of the discontinued collaboration with a large North
European customer at the beginning of 2012, but also because we wish to devote
our production resources to volume that contributes to long-term value
creation. This means that we have not accepted orders which would take up
capacity without generating acceptable earnings margins. Instead, we are well
on our way to replacing the above-mentioned customer with new international
customer relations reflecting our continued strategic growth initiatives. This
has, however, not fully compensated for the fall in sales, which have been
significantly influenced by the cold summer, which is otherwise the high
season. 

Earnings were negatively affected by a continued increase in the prices of our
primary raw materials, which, due to the fierce competition, cannot simply be
added to selling prices. We do expect, however, that our activities will
develop positively during the rest of the year, and we thus maintain our
outlook.” 



Bernhard Griese

CEO