Brødrene Hartmann A/S : Interim Report 9M 2011


Hartmann's overall performance was in line with expectations. The nine months ended 30 September 2011 were favourably impacted by increased sales of moulded-fibre packaging and a continued positive effect of the operational improvements and cost reductions implemented. As a result, Hartmann expects to generate an operating profit at the high end of the previously announced DKK 105-125 million range.

Claus Frees Sørensen has announced that he will resign from his position as CFO and member of the Executive Board of Brødrene Hartmann A/S.

  • Hartmann generated revenue of DKK 1,081 million for 9M 2011 (2010: DKK 1,044 million) and an operating profit* of DKK 82 million (2010: DKK 51 million), corresponding to a profit margin* of 7.6% (2010: 4.9%). For Q3 2011, Hartmann generated revenue of DKK 355 million (2010: DKK 338 million) and an operating profit of DKK 25 million (2010: DKK 21 million), corresponding to a profit margin of 7.1% (2010: 6.2%).

  • The European business reported revenue for 9M 2011 of DKK 925 million (2010: DKK 883 million) and an operating profit of DKK 92 million (2010: DKK 71 million). Revenue for Q3 2011 was DKK 303 million (2010: DKK 284 million) and operating profit DKK 28 million (2010: DKK 24 million).

  • The North American business area reported revenue for 9M 2011 of DKK 156 million (2010: DKK 161 million) and an operating profit of DKK 11 million (2010: DKK 8 million). For Q3 2011, the North American business reported revenue of DKK 52 million (2010: DKK 54 million) and an operating profit of DKK 4 million (2010: DKK 3 million).

  • Hartmann retains its forecast of revenue for 2011 on a level with 2010 (DKK 1.5 billion). Based on the increased sales of moulded-fibre packaging and the satisfactory earnings growth in the nine months ended 30 September 2011, Hartmann is expected to generate an operating profit for 2011 at the high end of the previously announced DKK 105-125 million range, corresponding to a profit margin at the high end of the 7-8.5% range.

  • As announced in company announcements nos. 11/2011 and 12/2011, Hartmann has been informed that Lactosan-Sanovo Holding A/S has submitted a voluntary public offer to the shareholders of Hartmann at DKK 95 per share. The offer period is determined at 4 weeks and will expire on 21 December 2011 at 6 pm (Danish time), unless it is extended. Later today, Hartmann's Board of Directors will issue a statement in respect of the offer. The statement will be available at www.hartmann-packaging.com.

  • Claus Frees Sørensen has announced that he will resign from his position as Chief Financial Officer (CFO) and member of the Executive Board of Brødrene Hartmann A/S as soon as possible to seek new challenges. Claus Frees Sørensen will continue in his present position during a transition period and will leave the group no later than 31 May 2012.

* References to operating profit refer to operating profit before special items, and references to profit margin refer to profit margin before special items, unless otherwise stated.
> Interim Report 9M 2011



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