Brief: Hartmann Initiates Divestment Of Group's Russian Activities

Broedrene Hartmann A/S

04/04/2022 09:13

April 4 (Reuters) - Brødrene Hartmann A/S  HARTb.CO :
    * SAID ON FRIDAY INITIATES DIVESTMENT OF THE GROUP'S RUSSIAN
ACTIVITIES
    * AS CONSEQUENCE OF RUSSIAN INVASION OF UKRAINE, BOARD OF
DIRECTORS HAS DECIDED TO INITIATE SALES PROCESS FOR HARTMANN'S
RUSSIAN FACTORY
    * HARTMANN WILL EXPLORE THE MARKET FOR POTENTIAL BUYERS
WHILE
MAINTAINING OPERATIONS IN THE TRANSITION PERIOD TO SAFEGUARD THE
FACTORY'S 300 EMPLOYEES AND REDUCE THE RISK OF NATIONALISATION
    * BASED ON THIS DECISION, THE RUSSIAN ACTIVITIES WILL BE
TREATED
AS ASSETS HELD FOR SALE AND THUS NOT CONTRIBUTE TO THE GROUP'S
REVENUE AND OPERATING PROFIT UNTIL THE COMPLETION OF THE SALES
PROCESS
    * HARTMANN MAINTAINS EXPECTATIONS OF GENERATING REVENUE OF
DKK
2.9-3.3 BLN AND PROFIT MARGIN OF 2-7% BEFORE SPECIAL ITEMS AND
RESTATEMENT FOR HYPERINFLATION WITH AN INVESTMENT LEVEL AROUND
DKK 225 MLN IN 2022

    
    
 Source text for Eikon:  urn:newsml:reuters.com:*:nNDL9Ftfg6
 Further company coverage:  HARTb.CO  

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