Hartmann reported satisfactory performance for Q1 2011, which was positively impacted by the effects of the operational improvements and organisational initiatives introduced in 2010. The sale of egg packaging saw a slight decline on the year-earlier level due to timing differences of the Easter sales and a temporary drop in the sale of eggs in Germany and the Netherlands caused by the discovery that illegal dioxin-contaminated animal feed had been used in German farms. Hartmann retains its full-year forecast for 2011.

CEO Michael Rohde Pedersen on Hartmann's performance in Q1 2011:
During the first quarter of the year, we saw positive results of the initiatives we introduced in 2010. The efforts to optimise production and create a more dynamic organisation with shorter chains of command continued, and we successfully enhanced our competitive strength. Based on this, we reported satisfactory financial results and a profit margin of 9.5% for Q1 2011 despite growing competition and increasing raw material prices.

We are confident that we can continue the positive trend witnessed in Q1 2011 by maintaining a strategic focus on creating a strong corporate culture, improving operations and strengthening competency levels further among our highly skilled employees.

Michael Rohde Pedersen on Hartmann's outlook:
We recently begun implementing our new strategy "Competitive edge - driving growth", and we expect to see the positive effects of these efforts in the course of 2011. Based on the positive performance in the first quarter of the year and the prospects for further optimisation of operations and internal processes, we retain our full-year forecast of revenue for 2011 on a level with that in 2010 and operating profit of DKK 105-125 million for 2011 against DKK 73 million last year.

Highlights

• Hartmann generated revenue for Q1 2011 of DKK 375 million (2010: DKK 381 million) and operating profit* of DKK 36 million (2010: DKK 37 million), equalling a profit margin* of 9.5% (2010: 9.8%).
• Hartmann saw a significant improvement in its total cash flows during the first quarter of the year, with cash flows from operating activities contributing DKK 43 million (2010: cash inflow of DKK 19 million).
• With a view to obtaining a better overview of the individual business areas' contribution to overall performance, a change was implemented in Hartmann's segments. As a result of the change, the Other business areas segment has been discontinued, and Hartmann's activities will in future be allocated to the Europe and North America segments.
• The European business reported revenue for Q1 2011 of DKK 322 million (2010: DKK 328 million) and operating profit of DKK 39 million (2010: DKK 44 million).
• The North America business area reported revenue for Q1 2011 of DKK 53 million (2010: DKK 53 million) and operating profit of DKK 4 million (2010: DKK 2 million).
• Hartmann retains its full-year forecast for 2011 of revenue on a level with revenue for 2010 (DKK 1,483 million) and operating profit of DKK 105-125 million (2010: DKK 73 million), equalling a profit margin of 7-8.5% (2010: 4.9%).

For further information, please contact:

Michael Rohde Pedersen
CEO
Tel.: +45 45 97 00 00