FinAnciAl highlights And R Atios MANAG EMENT R EPORT 20 09 Five-year financial highlights and ratios 2009 statement of comprehe
MANAG EMENT R EPORT 20 09 contE nts contents Management report introduction and strategy Five-year financial highlights and rat
hARtMAnn At A gl AncE MANAG EMENT R EPORT 20 09 hartmann at a glance Hartmann is among the world’s three largest manufacturers
MANAG EMENT R EPORT 20 09 hARtMAnn At A gl AncE Production Production and sales Sales office canada UsA Finland denmark England
hARtMAnn ME t E xPEctAtion s MANAG EMENT R EPORT 20 09 hartmann met expectations The year 2009 was a successful year for Hartma
MANAG EMENT R EPORT 20 09 hARtMAnn ME t E xPEctAtion s declining revenue. These efforts will continue in 2010, and we will be k
stR AtEgy MANAG EMENT R EPORT 20 09 strategy The year 2010 is the last year in the implementation period of Hartmann’s ‘10 in 1
MANAG EMENT R EPORT 20 09 stR AtEgy Phase 3 ’From Good to Great’ During phase 3 of the strategy period, Hartmann will ensure or
MARKE t MANAG EMENT R EPORT 20 09 Four reasons why customers choose hartmann • our product portfolio • our quality • our delive
MANAG EMENT R EPORT 20 09 MARKE t hartmann: a key industry player hartmann plays an active role in industry organisations where
MARKE t MANAG EMENT R EPORT 20 09 Packaging changes with customer needs in Western Europe, the number of small households is gr
hartmann’s production process Hartmann’s standardised production processes enable the Company to supply the same product to the
gRoU P dE VE loPMEnts 20 09 MANAG EMENT R EPORT 20 09 ‘10 in 10’: Process optimisation in January 2009, the hungarian factory,
MANAG EMENT R EPORT 20 09 gRoU P dE VEloPME nts 20 09 ‘10 in 10’: Reduction of energy consumption in 2009, hartmann’s factory i
gRoU P dE VE loPMEnts 20 09 MANAG EMENT R EPORT 20 09 ‘10 in 10’: Wastage rate down Alo (afterpress line optimisation) was inst
MANAG EMENT R EPORT 20 09 gRoU P dE VEloPME nts 20 09 ‘10 in 10’: Print line efficiency improvement in the summer of 2009, for
FinAnciAl RE ViE W ANN UAL R EPORT 20 09 Financial review 2009 As expected, Hartmann generated revenue of DKK 1,380 million for
AN N UAL R EPORT 20 09 FinAnciAl RE ViE W was primarily due to an increase in the sale of property, plant and equipment on 2008
oUtlooK FoR 2010 MANAG EMENT R EPORT 20 09 outlook for 2010 Hartmann expects an unchanged revenue level of about DKK 1,400 mill
MANAG EMENT R EPORT 20 09 oUtlooK FoR 2010 Overall, the performance of Other business areas, comprising Hartmann Technology, th
Ri sK FActoRs MANAG EMENT R EPORT 20 09 Risk factors It is a key objective of the Management of Hartmann to ensure constant and
MANAG EMENT R EPORT 20 09 Ri sK FActoRs Environmental and social risks Environmental risks Hartmann’s operations, including man
Ri sK FActoRs MANAG EMENT R EPORT 20 09 have a material adverse effect on the Group’s results of operations. Management closely
shAREholdERs And thE stocK E xchAngE MANAG EMENT R EPORT 20 09 shareholders and the stock exchange Hartmann aims to provide tim
MANAG EMENT R EPORT 20 09 shAREholdERs And thE stocK E xchAngE are registered on Hartmann’s insider list. They may only trade i
shAREholdERs And thE stocK E xchAngE MANAG EMENT R EPORT 20 09 Financial calendar 2010 17 18 20 27 24 25 23 March 2010 March 20
MANAG EMENT R EPORT 20 09 coRPoR AtE goVERnAncE corporate governance In 2009, Hartmann continued to focus on constant optimisat
BoARd oF diREctoRs And E xEcUtiVE BoARd MANAG EMENT R EPORT 20 09 Board of directors and Executive Board Board of Directors Eri
MANAG EMENT R EPORT 20 09 BoARd oF diREctoRs And E xEcUtiVE BoARd Executive Board Peter Arndrup Poulsen (1962) • No. of shares
coRPoR AtE sociAl REs Pon s iB ilit y MANAG EMENT R EPORT 20 09 Environmental focus in marketing activities hartmann north Amer
MANAG EMENT R EPORT 20 09 coRPoR AtE sociAl REs Pon s iB ilit y Product lifecycle is crucial to customers’ choice of material h
FINANCIAL STATEMENTS
CONSOLIDATED AN D PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 CoNte NtS Contents Consolidated and parent company financial state
State MeNt oF CoM PReHe N S IVe INCoMe CONSOLIDATED AND PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 Statement of total comprehen
CONSOLIDATED AN D PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 State MeNt oF CaS H FlowS Statement of cash flows 1 January - 31 D
Bal aNCe S Hee t, aS S e tS CONSOLIDATED AND PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 Balance sheet, assets Group 2009 Note a
CONSOLIDATED AN D PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 Bal aNCe SHee t, equ It y aNd lIaB IlItIeS Balance sheet, equity a
State Me Nt oF CHaNGeS IN equ It y CONSOLIDATED AND PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 Statement of changes in equity G
CONSOLIDATED AN D PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 CoNte NtS Notes to the financial statements 1 2 3 4 Basis of prepa
NoteS CONSOLIDATED AND PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 Notes 1. Basis of preparation The consolidated financial stat
CONSOLIDATED AN D PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 NoteS Notes 3. Significant accounting estimates and judgments In a
NoteS CONSOLIDATED AND PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 Notes 4. Segment information amounts in DKKm Segment informat
CONSOLIDATED AN D PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 NoteS Notes 4. Segment information, cont’d 2009 External revenue e
NoteS CONSOLIDATED AND PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 Notes to the statement of comprehensive income Group 2009 5.
CONSOLIDATED AN D PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 NoteS Notes to the statement of comprehensive income 7. Staff cost
NoteS CONSOLIDATED AND PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 Notes to the statement of comprehensive income 8. Share-based
CONSOLIDATED AN D PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 NoteS Notes to the statement of comprehensive income 8. Share-base
NoteS CONSOLIDATED AND PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 Notes to the statement of comprehensive income Group 2009 10.
CONSOLIDATED AN D PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 NoteS Notes to the statement of comprehensive income Group Group 2
NoteS CONSOLIDATED AND PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 Notes to the statement of comprehensive income 13. earnings p
CONSOLIDATED AN D PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 NoteS Notes to the balance sheet Goodwill 15. Intangible assets Gr
NoteS CONSOLIDATED AND PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 Notes to the balance sheet Land and buildings Technical plant
CONSOLIDATED AN D PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 NoteS Notes to the balance sheet Land and buildings Technical plan
NoteS CONSOLIDATED AND PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 Notes to the balance sheet 17. Investments in subsidiaries Co
CONSOLIDATED AN D PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 NoteS Notes to the balance sheet 18. Receivables from subsidiaries
NoteS CONSOLIDATED AND PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 Notes to the balance sheet Group 2009 19. Investments in asso
CONSOLIDATED AN D PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 NoteS Notes to the balance sheet Group Group 2009 21. deferred tax
NoteS CONSOLIDATED AND PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 Notes to the balance sheet Intangible assets Property, plant
CONSOLIDATED AN D PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 NoteS Notes to the balance sheet Group 2009 22. Inventories Raw ma
NoteS CONSOLIDATED AND PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 Notes to the balance sheet 24. Share capital Share capital at
CONSOLIDATED AN D PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 NoteS Notes to the balance sheet amounts in DKKm 25. Pension oblig
NoteS CONSOLIDATED AND PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 Notes to the balance sheet 2009 25. Pension obligations, cont
CONSOLIDATED AN D PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 NoteS Notes to the balance sheet 25. Pension obligations, cont’d a
NoteS CONSOLIDATED AND PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 Notes to the balance sheet Group 2009 26. Current and non-cur
CONSOLIDATED AN D PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 NoteS Notes to the balance sheet 26. Current and non-current liabi
NoteS CONSOLIDATED AND PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 Notes to the balance sheet Group 2009 27. Government grants G
CONSOLIDATED AN D PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 NoteS Notes to the balance sheet Group 2009 28. Provisions Warrant
NoteS CONSOLIDATED AND PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 Supplementary notes Group 2009 30. Fee to the auditors Deloit
CONSOLIDATED AN D PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 NoteS Supplementary notes 34. Financial risks General risk Changes
NoteS CONSOLIDATED AND PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 Supplementary notes 34. Financial risks, cont’d Management of
CONSOLIDATED AN D PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 NoteS Supplementary notes amounts in DKKm 35. derivative financial
NoteS CONSOLIDATED AND PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 Supplementary notes 36. Related party transactions Group The
CONSOLIDATED AN D PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 NoteS Supplementary notes 38. accounting policies amounts in DKKm
NoteS CONSOLIDATED AND PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 Supplementary notes 38. accounting policies, cont’d Productio
CONSOLIDATED AN D PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 NoteS Supplementary notes 38. accounting policies, cont’d other in
NoteS CONSOLIDATED AND PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 Supplementary notes 38. accounting policies, cont’d deferred
CONSOLIDATED AN D PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 NoteS Supplementary notes 38. accounting policies, cont’d Income t
NoteS CONSOLIDATED AND PAR ENT COMPANY FINANCIAL STATEMENTS 20 09 Supplementary notes 38. accounting policies, cont’d Cash flow