Hartmann saw a positive trend in H1 2011 with growth in both revenue and operating profit, driven by increased sales of egg packaging and positive effects of operational improvements and cost reductions already implemented. Hartmann retains its full-year forecast for 2011.

CEO Michael Rohde Pedersen on the performance in H1 2011:
We are very pleased with the way our business and organisation developed in the first half of 2011. The operational improvements and cost reductions we have implemented contributed to a satisfactory operating profit for the period of DKK 57 million (2010: DKK 31 million). We also committed efforts to creating a stronger organisation with clear targets and to composing the right team of managers and staff to jointly take Hartmann to the next level. The efforts to increase Hartmann's profitability and create a more efficient and dynamic organisation will continue in the second half of 2011.

Michael Rohde Pedersen on Hartmann's outlook:
The implementation of our new "Competitive edge - driving growth" strategy is proceeding according to plan, and we are pleased that our initiatives have produced results. The positive development we saw in Q1 continued in Q2, and we still expect to generate an operating profit within the previously announced DKK 105-125 million range in 2011 compared to DKK 73 million last year.

Highlights

• Hartmann generated revenue of DKK 727 million for H1 2011 (2010: DKK 706 million) and operating profit of DKK 57 million (2010: DKK 31 million), corresponding to a profit margin of 7.8% (2010: 4.3%). For Q2 2011, Hartmann generated revenue of DKK 352 million (2010: DKK 326 million) and operating profit of DKK 21 million (2010: a loss of DKK 7 million), corresponding to a profit margin of 6.1% (2010: negative at 2.0%).
• The European business reported revenue of DKK 622 million for H1 2011 (2010: DKK 599 million) and operating profit of DKK 65 million (2010: DKK 47 million). Revenue for Q2 2011 was DKK 300 million (2010: DKK 271 million) and operating profit DKK 26 million (2010: DKK 3 million).
• The business area North America reported revenue of DKK 104 million for H1 2011 (2010: DKK 107 million) and operating profit of DKK 8 million (2010: DKK 5 million). For Q2 2011, the North American business reported revenue of DKK 52 million (2010: DKK 54 million) and operating profit of DKK 4 million (2010: DKK 2 million).
• Hartmann retains its full-year forecast of revenue on a level with 2010 (DKK 1.5 billion) and an operating profit of DKK 105-125 million (2010: DKK 73 million), corresponding to a profit margin of 7-8.5% (2010: 4.9%).

For additional information, please contact:

Michael Rohde Pedersen
CEO

Tel.: +45 45 97 00 00