Rotterdam, November 3, 2011 – Hunter Douglas, the world market leader in window coverings (Luxaflex®) and a major manufacturer of architectural products,  nine months 2011 results:

• Sales: 7.0% higher to USD 1,929.3 million, compared with USD 1,802.3 million in the first nine months of 2010.  


• Earnings before interest, tax, depreciation and amortization - EBITDA (before non-recurring restructuring expenses) were USD 169.7 million, 9.1% lower than USD 186.7 million in the first nine months of 2010.  


• Income from Operations (before non-recurring restructuring expenses): USD 102.7 million compared with USD 119.8 million in the first nine months of 2010. In local currencies all areas had better results than last year, except Europe and Australia where results were lower.  


• Non-recurring restructuring expenses were USD 7.7 million compared with USD 4.3 million in the first nine months of 2010. The 2011 non-recurring restructuring expenses relate to the European and North American operations.


• Net Result Investment Portfolio: USD 20.0 million negative (after deduction of imputed interest and expenses) compared with USD 4.1 million positive in the first nine months of 2010.  


• Total Net Profit: USD 76.4 million (per share EUR 1.53) compared with USD 114.7 million in the first nine months of 2010 (per share  EUR 2.44).

Sales: The 7.0% sales increase reflects a 1.1% volume increase, a 1.2% increase from acquisitions and a 4.7% positive currency impact. Volume increased in all areas except Europe where sales were level and Australia where sales declined.  

Europe accounted for 41% of sales, North America 38%, Latin America 9%, Asia 8% and Australia 4%. Window Coverings were 81% and Architectural and Other Products were 19% of sales.  

Net Result Investment Portfolio: The Portfolio's return in U.S. dollars (before imputed interest and expenses) was 9.0% negative compared with 6.2% positive in the first nine months of 2010. The Portfolio had a fair value per September 30, 2011 of USD 204 million compared with USD 143 million on December 31, 2010. Management of these assets is delegated to a widely diversified range of independent managers.  

Operating cash flow: USD 83.6 million compared with USD 125.2 million in the first nine months of 2010.  

Capital expenditures were USD 79 million compared with USD 44 million in the first nine months of 2010, while depreciation was USD 63 million, compared with USD 62 million in the first nine months of 2010. For the full year capital expenditures are expected to be approximately USD 125 million and depreciation USD 90 million . 

Shareholder's equity was USD 1,154 million compared with USD 1,159 million at the end of 2010, reflecting the first nine months results, offset by the payment of the dividend of EUR 1.25, totalling USD 63 million, and negative exchange translation.  

Financing: All borrowings are covered by committed long term facilities.  

Q3 2011 

Q3 Sales were USD 646.0 million, 1.2% higher than USD 638.1 million in the same period of 2010. The increase reflects a 3.2% volume decrease and a positive currency impact of 4.4%. Third quarter local currency sales were higher in Asia and Australia, level in Latin America and lower in Europe and North America.  

Q3 Earnings before interest, tax, depreciation and amortization - EBITDA  (before non-recurring restructuring expenses) was USD 47.9 million, compared with USD 77.5 million in Q3 2010. 

Q3 Income from Operations (before non-recurring restructuring expenses) was USD 26.5 million, compared with USD 55.2 million in Q3 2010. In local currencies all areas had lower results than last year except Asia where results were better. 

Q3 Non-recurring restructuring expenses were USD 3.4 million compared with USD 4.3 million in Q3 2010. The 2011 non-recurring restructuring expenses relate to the European and North American operations. 

Q3 Net Result Investment portfolio was USD 20.2 million negative (after deduction of imputed interest and expenses) compared with USD 3.7 million positive in Q3 2010. The Portfolio's return in U.S. dollars in Q3 (before imputed interest and expenses) was 10.0% negative compared with 4.6% positive in Q3 of 2010. 

Q3 Total Net Profit: USD 0.3 million (per share EUR 0.01), compared with USD 45.6 million in Q3 2010 (per share EUR 0.98). 

First nine months 2011 by Region

Europe
European sales were USD 790 million, 10% higher than USD 720 million in the same period last year. This reflects level volume, a 3% contribution from acquisitions and a 7% positive currency impact. In EUR, sales increased to EUR 560 million compared with EUR 543 million in 2010.  

North America
North American sales increased by 2% to USD 743 million, reflecting a 1% volume increase and a 1% positive currency impact.  

Latin America
Latin American sales were USD 173 million, 16% higher than USD 149 million in the same period last year. The sales increase reflects a 9% volume increase and a 7% positive currency impact.  

Asia
Asian sales were USD 146 million, 8% higher than USD 135 million in the same period last year. The sales increase reflects a 4% volume increase and a 4% positive currency impact.  

Australia
Australian sales were USD 77 million compared with USD 71 million in the same period last year reflecting a 7% volume decrease and a 15% positive currency impact.

Outlook
The outlook remains cautious for Europe and North America, where the business environment is expected to remain challenging until housing markets and consumer confidence recover. Continued strong growth is expected in Asia and Latin America.  

Hunter Douglas remains in a strong position in terms of its products, distribution, finances and management

Profile Hunter Douglas
Hunter Douglas is the world market leader in window coverings and a major manufacturer of architectural products. The Company has its Head Office in Rotterdam, the Netherlands, and a Management Office in Lucerne, Switzerland. The Group is comprised of 168 companies with 68 manufacturing and 100 assembly operations in more than 100 countries. Hunter Douglas employs about 17,000 people, and had sales in 2010 of USD 2.445 billion.  

The common shares of Hunter Douglas N.V. are traded on Amsterdam's Euronext and the Deutsche Boerse.  

For further information:
Leen Reijtenbagh
Chief Financial Officer
Tel. +31 10 486 9582
E-mail  : l.reijtenbagh@hdnv.nl
Website: www.hunterdouglasgroup.com  

A consolidated Statement of Income for the first nine months and Q3 (Annex 1+2), Balance Sheet (Annex 3), Cash Flow Statement (Annex 4) and Sales change attribution percentages by geographic region for the first nine months and Q3 (Annex 5) are attached. 

Annex 1
Annex 2
Annex 3
Annex 4
Annex 5