Hartmann delivered on the expectations for 2014, lifting both revenue and profit
margin. The development was driven by increased sales of retail packaging across
Hartmann's markets and by a positive effect of the capacity expansion in North
America. Based on good results in 2014, expansion in North America and
acquisition of South American activities in early 2015, we are launching the
strategy 'Unpacking our potential' along with new financial targets for 2017.
CEO Ulrik Kolding Hartvig says: "2014 was a good year for Hartmann with
increased sales of retail packaging and good results in both Europe and North
America. Q4 turned out to be both historically strong and a milestone in
Hartmann's development, with the expansion of production capacity in North
America taking effect and the acquisition of South America's leading
manufacturer of moulded-fibre packaging, effective from the start of 2015."
"Based on our expansion in the Americas, we are launching 'Unpacking our
potential', Hartmann's new strategy for enhancing our efficiency and
accelerating growth in the years ahead. In 2015, we expect revenue of DKK
2.0-2.1 billion and a profit margin of 10-11.5%. By the end of 2017, we intend
to further lift revenue to DKK 2.2-2.4 billion and the profit margin to 12-14%."
Q4 2014
* Total revenue came to DKK 478 million (2013: DKK 410 million), with
operating profit*up at DKK 75 million (2013: DKK 44 million), corresponding
to a profit margin* of 15.8% (2013: 10.8%).
* In Europe, revenue grew to DKK 377 million (2013: DKK 337 million) and
operating profit to DKK 57 million (2013: DKK 37 million), corresponding to
a profit margin of 15.1% (2013: 10.8%). The positive development was driven
by sales growth
* In North America, revenue grew to DKK 100 million (2013: DKK 73 million) and
operating profit to DKK 25 million (2013: DKK 14 million), corresponding to
a profit margin of 25.2% (2013: 18.9%). The progress is attributable to
increased sales and a higher proportion of premium products, just as the
currency development contributed favourably.
2014
* Hartmann's total revenue came to DKK 1,615 million in 2014 (2013: DKK 1,579
million), and operating profit grew to DKK 163 million (2013: DKK 148
million), corresponding to a profit margin of 10.1% (2013: 9.4%). Return on
invested capital was 22.3% (2013: 23.0%).
* The Board of Directors proposes dividends of DKK 9.50 per share (2013: DKK
9.50).
* In Europe, revenue grew to DKK 1,296 million (2013: DKK 1,287) and operating
profit to DKK 128 million (2013: 109 million), corresponding to a profit
margin of 9.9% (2013: 8.5%).
* In North America, revenue grew to DKK 319 million (2013: DKK 292 million)
with operating profit at DKK 60 million (2013: DKK 63 million),
corresponding to a profit margin of 18.7% (2013: 21.6%).
Outlook for 2015 and financial targets for 2017
* In 2015, revenue is expected to be DKK 2.0-2.1billion and the profit margin
10-11.5%.
* In 2017, revenue will reach DKK 2.2-2.4 billion and the profit margin
12-14%.
On Tuesday 10 March 2015 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 further information, please contact:
Ulrik Kolding Hartvig
CEO
Phone: (+45) 45 97 00 79
* References to operating profit and profit margin are before special items.
[HUG#1900501]
