Brdr. Hartmann — Earnings Release 2020

Aug 5, 2020

HARTMANN
Management

Company announcement no. 13/2020

Gentofte, 5 August 2020

Hartmann lifts 2020 outlook

Hartmann has boosted its egg packaging sales following the outbreak of COVID-19 and now expects 2020 revenue of DKK 2.5-2.7 billion after restatement for hyperinflation against previous revenue expectations of DKK 2.4-2.6 billion. Due to continued high capacity utilisation and improved production efficiency, Hartmann simultaneously increases its profit margin guidance to 15-18% before restatement for hyperinflation and special items against previous expectations of a profit margin of 12-15%. The outlook for an investment level at around DKK 400 million in 2020 is maintained.

"We have continued the strong development from the beginning of the year and increased sales significantly in all markets after a surge in demand for eggs and egg packaging in retail trade during the outbreak of COVID-19. We have taken the necessary precautions to protect our employees who are working around the clock to maintain operations at all factories, deliver to our customers and ensure Hartmann's continued progress. We are lifting our 2020 outlook as we expect continued strong demand due to COVID-19, which also entails limited visibility and increased operational risks," says Torben Rosenkrantz-Theil, CEO of Hartmann.

Hartmann still expects to increase production capacity in the European business and at the factory in the USA as well as establishing a new factory in Brazil in 2020.

Hartmann will publish the HI interim report on 19 August 2020.

For further information, please contact:
Torben Rosenkrantz-Theil
CEO
(+45) 45 97 00 57

Bradrene Hartmann A/S Ørnegårdsvej 18 DK-2820 Gentofte Denmark
CVR no. 63 04 96 11
Tel.: +45 45 97 00 00
Fax: +45 45 97 00 01
E-mail: bh@hartmann-packaging.com
www.hartmann-packaging.com