Rotterdam, October 29, 2015 – Hunter Douglas, the world market leader in window coverings (Luxaflex®) and a major manufacturer of architectural products, results for the first nine months 2015:

• Sales: USD 1,910.8 million, 5.0% lower compared with USD 2,012.2 million in the first nine months of 2014.

• Earnings before interest, tax, depreciation and amortization – EBITDA: USD 216.4 million, 5.6% higher than USD 205.0 million in the first nine months of 2014.

• Income from Operations: USD 155.9 million, 10.8% higher than USD 140.7 million in the first nine months of 2014. Results in local currencies were better in all areas, except in Latin America where they were lower. 

• Non-recurring restructuring expenses: nil, compared with USD 6.0 million in the first nine months of 2014.

• Net Result Investment Portfolio: USD 7.3 million negative (after deduction of imputed interest and expenses). The Portfolio’s return in U.S. dollars (before imputed interest and expenses) was 2.4% negative. The Portfolio had a fair value at September 30, 2015 of USD 199.8 million and did not exist in the first nine months of 2014. 

• Profit before Tax: USD 137.3 million, 14.8% higher than USD 119.6 million in the first nine months of 2014. 

• Total Net Profit: USD 108.3 million (per  share EUR 2.78), 10.8% higher than USD 97.7 million in the first nine months of 2014 (per share  EUR 2.08).

Q3 2015

Q3 Sales: USD 650.7 million, 5.5% lower than USD 688.3 million in the same period of 2014. The decrease reflects a 2.7% volume increase, a 9.5% negative currency impact and 1.3% increase from acquisitions. Third quarter organic sales were higher in all areas, except in Europe and Asia where sales were about flat.

Q3 Income from Operations: USD 59.5 million, 11.8% higher than USD 53.2 million in Q3 2014. Results were better in all areas, except in Latin America where they were lower.

Q3 Non-recurring restructuring expenses: nil, compared with USD 6.0 million in the first nine months of 2014.

Q3 Net Result Investment Portfolio: USD 12.9 million negative (after deduction of imputed interest and expenses). The portfolio did not exist in Q3 2014.

Q3 Profit before Tax: USD 43.9 million, 3.3% higher than USD 42.5 million in Q3 2014.

Q3 Total Net Profit: USD 30.9 million (per share EUR 0.80), 6.4% lower than USD 33.0 million in Q3 2014 (per share EUR 0.72).

First nine months 2015 by Region

Europe
European sales were USD 678 million, 12% lower than USD 774 million in the same period last year. This reflects a 1% volume increase, a 16% negative currency impact and 3% increase from acquisitions. In EUR, sales increased by 6% to EUR 606 million compared with EUR 573 million in 2014.

North America
North American sales increased by 7% to USD 907 million. The sales increase reflects a 9% volume increase and a 2% negative currency impact.

Latin America
Latin American sales were USD 135 million, 23% lower than USD 175 million in the same period last year. The sales decrease reflects a 2% volume decrease and a 21% negative currency impact. 

Asia
Asian sales decreased by 13% to USD 130 million. The lower sales reflect a volume decrease of 9% and a 4% negative currency impact. 

Australia
Australian sales were USD 61 million, 10% lower than last year. This reflects a 6% volume increase and a 16% negative currency impact.

Outlook 

We expect further improvement in economic conditions in the US and Asia, continued growth in the UK, stable conditions in Europe and more difficult conditions in Latin America.

Hunter Douglas is 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 125 companies with 50 manufacturing and 75 assembly operations in more than 100 countries. Hunter Douglas employs about 16,000 people, and had sales in 2014 of USD 2.695 billion.

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

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