HARBOES BRYGGERI A/S — Credit Rating and Financial Key Figures

CVR number: 43910515

Spegerborgvej 34, 4230 Skælskør

post@harboe.com

Income statement (mDKK)

	2014	2015	2016	2017	2018
Fiscal period length	12	12	12	12	12
Net sales	560.14	599.46	632.39	573.17	610.56
Other operating income	0.88	0.99	2.74	1.11	2.18
Costs of manufacturing	- 463.87	- 484.49	- 523.83	- 488.69	- 510.58
Gross profit	96.27	114.97	108.56	84.48	99.97
Costs of management	-33.95	-35.89	-37.45	-38.97	-42.98
Costs of distribution	-76.48	-67.85	-70.39	-68.49	-70.58
EBIT	-13.29	12.22	3.46	-21.87	-11.40
Other financial income	2.23	3.26	2.26	1.97	1.63
Other financial expenses	-4.80	-7.81	-1.79	-2.85	-3.25
Net income from associates (fin.)	-0.05	-13.19	-14.23	0.06	-23.96
Pre-tax profit	-15.90	-5.47	-10.30	-22.69	-36.98
Income taxes	3.62	-3.28	-1.11	4.91	2.77
Net earnings	-12.29	-8.75	-11.42	-17.77	-34.21

	2014	2015	2016	2017	2018
Intangible rights		21.89	17.91	18.73	20.53
Intangible assets total		21.89	17.91	18.73	20.53
Other tangible assets		320.17	366.00	367.15	370.08
Tangible assets total		320.17	366.00	367.15	370.08
Holdings in group member companies		95.78	87.25	98.48	89.38
Other non-current investments		5.45	5.17	5.13	5.11
Investments total		101.23	92.43	103.61	94.49
Non-curr. owed by group member comp.		29.29	23.02	13.36
Long term receivables total		29.29	23.02	13.36
Inventories total		64.85	65.55	60.28	63.19
Current amounts owed by group member comp.			1.04	1.63	5.30
Prepayments and accrued income		3.84	5.39	5.35	5.13
Current other receivables		389.71	402.28	484.10	530.85
Short term receivables total		393.55	408.72	491.08	541.28
Cash and bank deposits	- 274.81	- 302.06	- 299.32	- 382.95	- 415.19
Cash and cash equivalents	- 274.81	- 302.06	- 299.32	- 382.95	- 415.19
Non-current assets for sale					3.13
Balance sheet total (assets)	- 274.81	628.93	674.31	671.26	677.52

	2014	2015	2016	2017	2018
Share capital		60.00	60.00	60.00	60.00
Other reserves		-1.72	-1.71	1.03	3.52
Retained earnings	12.29	129.88	112.00	88.84	37.12
Profit of the financial year	-12.29	-8.75	-11.42	-17.77	-34.21
Shareholders equity total		179.42	158.88	132.10	66.43
Non-current loans from credit institutions		4.28	4.08	3.78	3.47
Non-current leasing loans					23.12
Non-current accruals and deferred income		1.96	1.06	0.15
Non-current deferred tax liabilities		23.36	24.79	20.02	17.64
Non-current liabilities total		29.60	29.92	23.95	44.23
Current loans from credit institutions		4.99	4.38	49.93	65.58
Advances received		3.37
Current trade creditors		59.07	92.50	52.84	60.07
Current owed to group member		299.06	327.54	341.49	357.65
Short-term deferred tax liabilities		0.34
Current other interest-bearing loans					3.40
Other non-interest bearing current liabilities		52.18	57.10	70.05	80.01
Current provisions			3.10
Accruals and deferred income		0.90	0.90	0.90	0.15
Current liabilities total		419.90	485.51	515.21	566.86
Balance sheet total (liabilities)		628.93	674.31	671.26	677.52

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