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.
[HUG#1566251]
