Annual Financial Report 2022/23
June 22 2023 - 10:12AM
Annual Financial Report 2022/23
Annual Report for Harboes Bryggeri A/S –
2022/23
Increasing turnover and results in line with reported
outlook
- Net turnover
increased by 14% to DKK 1,621 million
- EBITDA for 2022/23
was DKK 85 million against DKK 99 million in the previous financial
year. This corresponds to the latest reported outlook of an EBITDA
around middle of the range DKK 63-103 million. EBITDA margin was
5.3%
- The result was
affected by very challenging market conditions with sharply rising
prices on raw materials, packaging, transport, and energy. The
development affected H1 in particular, while implemented price
increases and increased business volume contributed to positive
results in the last two quarters of the financial year.
- Profit before tax
from continuing operations was a loss of DKK -9 million, which
corresponds to the latest reported outlook of around the middle of
the range DKK -30 - + 10 million
- Net profit after tax
was DKK -4 million
- Cash flow from
operations was DKK -59 million, which was affected by rising
revenue and tied-up inventory
Harboe’s CEO Søren Malling expresses in connection with the
annual report:
“It has been an extremely challenging year with soaring input
prices, supply chain bottlenecks and energy supply uncertainty. The
entire organisation has worked hard to meet the challenges and
secure deliveries to our customers, with whom we have maintained a
close and positive dialogue.
In the second half of the year, we saw a positive effect from
realised price increases, and combined with increased volumes, this
helped secure positive results in the last two quarters of the year
– although it was not quite enough to cover the losses in the first
half. However, we are pleased that we have succeeded in reversing
the trend, and we expect to return to delivering profits and value
to our shareholders in the coming year.”
Outlook for 2023/24
Going into 2023/24, the commercial situation looks better but
still challenged. Overall, purchase prices remain at higher levels
and negotiations are ongoing to achieve the corresponding necessary
increases in sales prices with customers and other commercial
activities to mitigate these increases.
Harboe expects, that the initiatives launched in 2022/23 to
consolidate the Group’s own brands through increased innovation,
updated visuals and increased marketing efforts will generate
renewed growth, especially in the Danish market.
In the German market, volumes are expected to increase due to
the expansion of private label agreements.
The export markets are expected to have a difficult year in
2023/24, and particularly cost price increases and continued high
distribution costs are expected to put a damper on growth.
In Harboe Ingredients it is expected that a step up in sales
efforts with new products aimed at new segments will contribute to
both growth and improved earnings in the coming financial year.
Internally, focus will be on maintaining high reliability of
delivery and continuing the clear focus on optimisation and
long-term efficiency improvements.
Overall, Harboe expects a positive development in EBITDA, which
is expected to be in the region of DKK 100 – 130 million and a
profit before tax of DKK 10 - 40 million.
The outlook is based on the following overall assumptions:
- Stabilised
development in both business segments (Beverages and
Ingredients)
- Continued
uncertainty about the development in prices on raw materials,
packaging, energy, and distribution
The assumptions are further described in the annual report.
For further information:
Bernhard Griese
Simon Andersson
Chairman of the
Board
CFO
Phone: +45 58 16 88 88
Phone: +45 58 16 88 88
- Annual report 2022/2023
- ESG report 2022/2023
- Corporate Governance 2022/2023
- Remuneration report 2022/2023
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