7.3.2023 14:43:31 CET | Brødrene Hartmann A/S | Inside information

Hartmann anticipates continued growth across its markets in 2023 and expects to generate consolidated revenue of DKK 3.6-4.0 billion for an operating profit of DKK 220-320 million before special items and restatement of hyperinflation.

Revenue growth is expected to be driven by higher sales volume as well as pricing actions to counter cost inflation.

Against the background of a continued challenging macroeconomic environment with low visibility and geopolitical uncertainty, Hartmann expects prices of recycled paper and energy to remain high and volatile. These effects may have a detrimental impact on the group’s earnings and profit margin.

Persistently high raw materials prices are expected to impact production costs, which Hartmann intends to offset by efforts to adjust selling prices and improve the overall price and product mix. Due to the duration of existing customer agreements, price adjustments are implemented at a certain time lag. In the prevailing inflationary environment Hartmann remains focused on protecting earnings by countering higher external costs through pricing actions, thus Hartmann is guiding on nominal operating profit for 2023.

Investments are expected at around DKK 300 million in 2023.

Contacts

• Torben Rosenkrantz-Theil, CEO, (+45) 4597 0057

About Brødrene Hartmann A/S

Hartmann is the world’s leading manufacturer of moulded-fibre egg packaging and a market-leading manufacturer of fruit packaging in South America and India. The group is also the world’s largest manufacturer of technology for the production of moulded-fibre packaging. Founded in 1917, Hartmann’s market position builds on its strong technology know-how and extensive experience of sustainable moulded-fibre production dating back to 1936. Hartmann sells egg and fruit packaging to manufacturers, distributors and retail chains, which are increasingly demanding sustainable packaging solutions and specialised marketing expertise. Our versatile product portfolio is customised to accommodate customer and consumer needs in each individual market. Hartmann sells machinery and technology to manufacturers of moulded-fibre packaging in selected markets. Headquartered in Gentofte, Denmark, with a production platform consisting of 15 factories in Europe and Israel, North and South America, and India and Russia (discontinuing).

Attachments

• Guidance 2023.pdf