Stable development in Hartmann in Q2 2014

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| Source: Brødrene Hartmann A/S
In Q2 2014, Hartmann continued to grow sales of premium products to customers in
both Europe and North America. The higher average selling price partly offset
the considerable adverse impact of currency fluctuations and expected costs
related to the expansion in North America. We maintain our guidance for full-
year revenue of DKK 1.6-1.7 billion and a profit margin of 9.0-10.5%.

CEO Ulrik Kolding Hartvig says: "Developments in Europe were stable in Q2, and
in North America we continued to increase the share of premium products. Yet,
results in our North American business were restrained by exchange rates and, as
expected, by the ongoing production expansion."

"We will see the effects of our investment in North America already in the
second half-year, and in Europe we expect continued results progress. With the
initiatives we have accomplished, we are establishing capacity for growth across
our markets."

Q2 2014

  * Total revenue came to DKK 351 million (2013: DKK 370 million) with operating
    profit* at DKK 17 million (2013: DKK 21 million), corresponding to a profit
    margin* of 4.9% (2013: 5.7%). Exchange rate fluctuations impacted negatively
    on revenue by DKK 15 million and operating profit by DKK 6 million.
  * In Europe, revenue came to DKK 281 million (2013: DKK 296 million) with
    operating profit at DKK 12 million (2013: DKK 10 million), corresponding to
    a profit margin of 4.1% (2013: 3.5%). We continued to grow earnings through
    increasing the proportion of premium products and lifting the average
    selling price.
  * In North America, revenue came to DKK 69 million (2013: DKK 74 million) with
    operating profit at DKK 12 million (2013: DKK 18 million), corresponding to
    a profit margin of 16.6% (2013: 24.0%). The development in North America is
    essentially attributable to adverse exchange rate fluctuations and expected
    costs related to the ongoing production capacity expansion, which is
    progressing to plan and expected to be fully implemented in 2014.
  * Cash flows from operating activities amounted to a net cash inflow of DKK
    43 million (2013: DKK 46 million).

H1 2014

  * Revenue was DKK 764 million (2013: DKK 793 million) and operating profit DKK
    62 million (2013: DKK 65 million), corresponding to a profit margin of 8.1%
    (2013: 8.2%). Exchange rate fluctuations impacted negatively on revenue by
    DKK 35 million and operating profit by DKK 15 million.
  * In Europe, revenue came to DKK 622 million (2013: DKK 647 million) with
    operating profit at DKK 50 million (2013: DKK 44 million), corresponding to
    a profit margin of 8.0% (2013: 6.9%). Period-to-period fluctuations in
    finished deliveries in Hartmann Technology adversely impacted revenue.
  * In North America, revenue came to DKK 142 million (2013: DKK 146 million)
    with operating profit at DKK 24 million (2013: DKK 33 million),
    corresponding to a profit margin of 17.1% (2013: 22.9%).
  * Cash flows from operating activities amounted to a net cash inflow of DKK
    52 million (2013: DKK 93 million), and return on invested capital grew to
    21.2% (2013: 17.7%).

Outlook for 2014

  * We maintain our full-year guidance of revenue of DKK 1.6-1.7 billion and a
    profit margin in the range of 9.0-10.5%.


On Friday 22 August 2014 at 9.00 (CET), Hartmann will host a conference call at
which CEO Ulrik Kolding Hartvig and CFO Marianne Rørslev Bock will review the
financial results, the outlook and answer questions. Registration is not
required. The conference call will be conducted in English and can be heard live
at investor.hartmann-packaging.com, where relevant telephone numbers and the
accompanying presentation will be available.

For additional information, please contact:

Ulrik Kolding Hartvig
CEO
Tel.: (+45) 45 97 00 57


* References to operating profit are to operating profit before special items,
and references to profit margin are to profit margin before special items.


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