As a general rule, Hartmann invests its free cash flow in measures to achieve its ambitions to deliver growth and attractive profitability while maintaining a balanced risk profile. In the absence of medium-term attractive investments in profitable organic or acquisitive growth, the board of directors may decide to pay out excess capital to shareholders.

Based on the revised dividend policy and the substantial investments made in existing and new markets, the board of directors
will propose at the general meeting to be held on 27 April 2021 that no dividend be paid for the financial year ended 31 December 2020 (2019: DKK 0 per share).

At the end of 2020, Hartmann had approximately 3,400 registered shareholders, representing 6.8 million shares in aggregate, or 97% of the share capital.

The following shareholders own more than 5% of Hartmann's share capital:

• Thornico Holding A/S and related parties, Odense, Denmark (68.6%)
• Lannebo Fonder AB, Stockholm, Sweden (5.6%)

Treasury shares
At 31 December 2020, the members of Hartmann’s board of directors and executive board held 0.1% of the share capital, and the group’s portfolio of treasury shares amounted to 1.4% of the share capital.