The HARTMANN GROUP, an internationally leading medical device company.
Key figures

internationally leading
medical device

HARTMANN at a glance

We have offices in over 36 countries around the world, but our products are available in over 130 countries through a network of distributors.

The HARTMANN GROUP is one of Europe’s leading providers of professional medical and healthcare products and support services.

In a world where health is becoming an increasingly important matter and is managed more professionally, we offer our customers simple and effective solutions for the benefit of the patients. We are ambitious and constantly looking for ways to improve outcomes in both the professional sector and at home. This is expressed in our brand promise of “Helps. Cares. Protects”. Our core portfolio is augmented by consumer-based medical ranges, along with care products and cosmetics.

In 2020, we employed 10,625 staff worldwide and generated sales of EUR 2,43 billion.

The HARTMANN solutions

In compliance with internal controlling, the activities of the HARTMANN GROUP are reported in business segments. They are broken down into the focus areas of Wound, Incontinence and Infection Management, as well as the Other Group Activities segment, primarily including the businesses of Group members KNEIPP, CMC and KOB.

Share sales by business segment

Within the Incontinence Management segment, sales revenues remained at virtually the same level as the previous year at EUR 690.5 million. At 0.2 %, organic sales was slightly down. This solid outcome is, among other things, attributable to the increase in sales in the pharmacy and online sales area. There HARTMANN managed, in a market characterized by slight growth, to expand the market share of the product solutions from the MoliCare® family of trademarks. This meant the Company was able to compensate for the negative effects of the coronavirus pandemic on sales in clinics and care homes.

In the 2020 financial year, the Wound Management segment registered sales revenues of EUR 452.1 million. The reduction in operations as a result of the pandemic led, together with the downturn in doctors' visits, to a negative organic sales performance in the segment of -4.5 %. In terms of product ranges, the business in traditional wound treatment products, such as dressings and adhesive plasters, was seriously affected by the decrease in sales. Modern wound treatment concepts, on the other hand, showed positive growth in sales. Thus, innovative super-absorbent or silicone-coated dressings under the HydroClean®, RespoSorb® and Zetuvit® trademarks encountered growing customer acceptance. As a result of the smaller sales base, the adjusted EBITDA for the Wound Management segment fell by EUR 28.3 million to EUR 60.3 million.

In the Infection Management segment HARTMANN achieved sales during the reporting year of EUR 829.8 million. This equates to an organic increase in sales of 60.9 %. As a result, due to the pandemic, the segment ended up having the strongest sales in the HARTMANN GROUP. Demand for hand sanitizers and surface disinfectants marketed under the Sterillium® brand as well as for protective equipment, such as masks and examination gloves, during the reporting period was substantial. This shows HARTMANN's crucial importance within the health sector. Due to the pandemic, the number of surgeries was reduced. This led to falling sales in customized surgical kits. Positive volume effects from increased customer demand were the main reasons for the EUR 107.7 million improvement in the adjusted EBITDA in the Infection Management segment to EUR 147.0 million.

Sales revenues in the Other Group Activities segment stood at EUR 460.6 million in 2020. This equates to an organic increase in sales of 4.5 %. The KNEIPP Group made a considerable contribution to this positive performance as it successfully serves the trend for greater health awareness and more time at home. This was also clear from growing customer acceptance in the international sales markets. At Group member KOB, negative effects of the coronavirus pandemic led in particular to declining sales revenues. The adjusted EBITDA in the Other Group Activities segment improved in the reporting year by EUR 7.4 million to EUR 31.8 million.

share totale sales by region

In the 2020 financial year, HARTMANN was again able to increase its sales revenues domestically and abroad. Thanks to the dynamic sales performance in Germany, the relationship changed by about two percentage points: Germany accounted for 35.0 % of Group sales at EUR 850.9 million, other countries for 65.0 % (EUR 1,582.1 million). In Germany, the effects of Covid-19 contributed to strong organic sales growth of 28.6 %.

Beyond Germany, sales revenues in Europe stood at EUR 1,364.0 million. This equates to an organic sales increase of 10.7 %. This performance was supported by a similar pandemic-related increase in customer sales in the regions of Central Europe (excluding Germany) and Western/Southern Europe.

While sales revenues in the regions of Africa, Asia and Oceania, at EUR 162.1 million, declined, HARTMANN demonstrated organic sales growth in America of 3.2 % to EUR 56.0 million.

Affected by the coronavirus pandemic, world market prices for raw materials of importance to HARTMANN were subject to significant fluctuations during the reporting year.

Cellulose is the raw material the Company purchases in the greatest volume. In the first six months of 2020, the price for cellulose rose continuously before falling slightly at the beginning of the third quarter of 2020. At year-end, however, the rate was USD 60 higher than the previous year-end rate of USD 1,105/mt. The lower average price compared to the previous year had an offsetting effect in respect of raw materials consumption during the current year.

The prices for polymers, such as polyethylene and polypropylene, were similarly volatile. Following a decline to the middle of the year, these rose again towards year end. During the reporting year, price performance for trade goods varied, too.

The positive overall effects for raw materials prices in the HARTMANN GROUP were additionally supported by a weaker US dollar compared to the previous year.

Performance indicators

For HARTMANN, the 2020 financial year was dominated by changing demand due to the pandemic. Strong growth in the Infection Management segment led overall to strong organic sales growth and a clear improvement in results.

With a 3.2% increase in sales to EUR 2,186.8 million, the HARTMANN GROUP maintained its course for growth in 2019 despite difficult market conditions.

At EUR 104.4 million, EBIT was within the forecast range and below that of the previous year.

in EUR thousand20192020Change

compared to

prior year in %
Sales revenues2,186,765
Of which outside Germany in %67.265.0-2.2
Consolidated net income62,930112,94079.5
Net return on sales in %
Cost of materials946,7561,063,80212.4
Personnel expense578,489606,4434.8
Adjusted EBITDA211,890 292,427
Return on adjusted EBITDA in %9.712.02.3
Depreciation/amortization on tangible and intangible assets105,969
Return on EBIT in %4.8
Balance Sheet
Balance sheet total1,609,3571,730,5167.5
Non-current assets748,998
Investments in tangible and intangible assets 2)107,047
Current assets828,309996,45520.3
Equity capital and reserves932,404 973,3304.4
Equity/asset ratio in %57.956.2
Return on equity in %6.711.64.9
Net Financial Status33,494
Employees as at Dec. 31 1)11,09610,625-4.2

1) Excluding staff on parental leave and PAUL HARTMANN AG Management Board members

2) Excluding investments from acquisitions such as goodwill

During the reporting year, global action against the coronavirus pandemic had a significant impact on the business performance of the HARTMANN GROUP. As a leading European provider of system solutions for the medical and healthcare sectors, HARTMANN was directly affected by the impact of the pandemic on the national health system.

The sales performance in 2020 reflected an increased demand overall as compared to normal business years. It was shaped by two competing factors. On the one hand, the infection prevention measures led to a clear increase in demand for disinfectants and personal protective equipment. On the other, the demand for customized surgical kits and wound treatment products fell due to the reduction in elective surgeries and the reduced frequency of doctors' visits.

In order to manage the growth in sales revenues and for the purpose of transparent communication, HARTMANN uses organic sales growth as its central performance metric. Across the Group, organic sales growth stood at 14.6 %. This equated to strong growth in sales, as a result of which the HARTMANN GROUP exceeded the expectation of moderate sales growth.

Including all business segments, the HARTMANN GROUP reported Group sales of EUR 2,433.0 million in 2020. This equates to an increase of 11.3 %. During the reporting period, exchange rate effects, at 0.7 percentage points, had a slight negative impact on the overall growth of the HARTMANN GROUP. For the currencies relevant to sales, the depreciation of the Russian ruble and the South African rand was essentially counterbalanced by the appreciation of the Swiss franc. Furthermore, the effects of acquisitions/divestments are at -2.6 %.

Since the 2020 financial year, adjusted EBITDA has become the key metric for the HARTMANN GROUP's earnings performance. This valuation metric has the advantage of not being burdened by special effects. It provides a reasonable and precise portrayal of business performance in the context of the strategic transformation program that began in 2019, and is linked to significant investment. The adjusted EBITDA shows EBIT before depreciation of tangible assets, amortization of intangible assets, impairments/recoveries, and adjustments to operating results. In 2020, the HARTMANN GROUP's EBITDA stood at EUR 308.9 million compared to EUR 210.4 million the previous year. During the 2020 financial year, HARTMANN made multiple adjustments in relation to its operational results. Restructuring costs of EUR 2.8 million were incurred in the course of this strategic focusing process, along with losses of EUR 1.9 million from disinvestments in connection with the sale of the SANIMED Group. These costs contrasted with revenues from one-off adjustments of EUR 21.2 million that were generated almost exclusively from one-off sales due to the increased demand for masks during the pandemic.

Adjusted EBITDA in 2020 therefore amounted to EUR 292.4 million compared with EUR 211.9 million the previous year. The forecast for 2020 published in the 2019 annual report was therefore exceeded. For the reporting year, there is an adjusted EBITDA return of 12.0 % compared to 9.7 % the previous year. In 2020, the HARTMANN GROUP's net financial loss stood at EUR -3.4 million compared to EUR -6.3 million the previous year. The improvement is largely attributable to the lower interest rate on the assessment of pension liabilities. Income tax liabilities during the financial year came to EUR 46.9 million, as compared to EUR 35.1 million in 2019. The 6.5-percentage-point lower tax ratio largely results from the non-tax-effective depreciations during the 2019 financial year in connection with the valuation of the SANIMED Group under IFRS 5. Consolidated net income improved by EUR 50.0 million from the previous year to EUR 112.9 million.