Hunter Douglas Reports ResultsNine Months Sales 2.8% Lower, Profit 4.4% Lower
Hunter Douglas Reports ResultsNine Months Sales 2.8% Lower, Profit 4.4% Lower
Hunter Douglas Reports Results
Nine Months Sales 2.8% Lower, Profit 4.4% Lower
Hunter Douglas Reports Results
Rotterdam, 12 November 2002 – Hunter Douglas, the world market leader in window coverings (Luxaflexâ), and a major manufacturer of architectural products (Luxalonâ) reports results for the first nine months of 2002.
Nine Months 2002
Hunter Douglas’ sales in the first nine months of 2002 were EUR 1,273.2 million, 2.8% lower than EUR 1,309.5 million in the first nine months of 2001. The sales decrease reflects 1.6% volume decrease, 2.4% negative currency impact and 1.2% contribution from acquisitions. Sales in Europe, North America and Latin America were lower, while Asia and Australia had higher sales.
Europe accounted for 34% of sales, North America 53%, Latin America and Asia 5% each and Australia 3%. Window coverings were 88% and architectural and other products 12% of total sales.
Net profit was EUR 87.5 million, 4.4% lower than EUR 91.5 million in the first nine months of 2001. Net profit per average outstanding common share was EUR 2.15, compared with EUR 2.22 for the first nine months of last year, adjusted for stock dividends.
Capital expenditures were EUR 50 million compared with EUR 63 million in the first nine months of 2001, while depreciation was EUR 45 million.
The investment portfolio gained 0.8% in USD in the first nine months and had a book value per September 30, 2002 of EUR 331 million. Net investment income, after deduction of provisions, imputed interest, and expenses was EUR 3.6 million. Management of these assets is delegated to a widely diversified range of independent managers.
Shareholder’s equity increased to EUR 865 million.
Hunter Douglas had approximately 14,600 employees at the end of September 2002.
Third quarter 2002
Third quarter sales were EUR 415.6 million, 6.1% lower than the EUR 442.4 million in the same period of 2001. The sales decrease reflects 2.5% lower volume, 5.3% negative currency impact and 1.7% contribution from acquisitions.
Sales increased in Asia and Australia, and decreased in Europe, North America and Latin America.
Net profit in the third quarter was EUR 34.2 million, 0.6% lower than EUR 34.4 million in the third quarter of 2001. Profits increased in Latin America, Asia and Australia and were somewhat lower in Europe and North America.
Results by Region
Hunter Douglas’ European Operations
Hunter Douglas’ European Operations first nine months sales decreased 1.1% to EUR 433 million. The sales decrease reflects 1.3% volume decrease, 0.7% negative currency impact and 0.9% contribution from acquisitions. Sales in the third quarter decreased by 1.4% to EUR 141 million. Hunter Douglas’ sales in the UK were higher, level in Germany and slightly lower in other countries. Window covering retail sales remained strong while project sales, particularly for architectural products, were weaker.
In September the Eclipse Group, a leading UK window covering distributor based in Glasgow, Scotland was acquired.
Nedal, the Dutch-based aluminium extrusion operation, had lower sales but higher profits.
Hunter Douglas North America
North American Operations’ first nine months sales decreased 4.1% to EUR 674 million. The sales decrease reflects 2.7% volume decrease, 3.1% negative currency impact and 1.7% contribution from acquisitions. Sales in the third quarter decreased by 10.5%, of which 6.1% was due to negative currency effects.
Although US consumer confidence continued to deteriorate, Hunter Douglas’ proprietary products continued to enjoy good consumer acceptance in a still buoyant housing market.
In October Bytheway’s, a Sacramento, California based fabricator of Hunter Douglas’ window covering products was acquired.
Hunter Douglas Latin America
Latin American Operation’s first nine months sales were EUR 58 million, 10.8% lower than in the same period last year. The sales decrease reflects 4.6% volume decrease and 6.2% negative currency impact. Third quarter sales were 10% lower due to a 20% negative currency effect, which was partly compensated by 10% increase in volume.
Hunter Douglas Asia
Hunter Douglas Asia’s first nine months sales were EUR 68 million, 3.0% higher than in the comparable period last year. The sales increase reflects 7.6% volume growth and 4.6% negative currency impact. Third quarter sales were 5.0% higher than last year.
Hunter Douglas Australia
Hunter Douglas Australia’s first nine months sales were EUR 40 million, 5.3% higher, due entirely to volume growth. Third quarter sales were 7.8% higher. Volume growth was 15.4%, which was partly offset by 7.6% negative currency impact.
Outlook
Economic conditions are expected to remain difficult during the remainder of 2002 and the outlook is uncertain. Hunter Douglas, therefore, does not make any forecast for the full year.
On a longer term basis the Company remains optimistic, given its strong position in terms of its products, distribution, organization and finances.
Profile
Hunter Douglas is the world market leader in window coverings and a major manufacturer of architectural products. Hunter Douglas has its head office in Rotterdam, The Netherlands and a Management Office in Lucerne, Switzerland. The group is comprised of 151 companies; 66 manufacturing and 85 assembly operations, and marketing organizations in more than 100 countries.
The shares of Hunter Douglas N.V. are traded on the Dutch, Swiss and German Stock exchanges.
Hunter Douglas Reports Results
Nine Months Sales 2.8% Lower, Profit 4.4% Lower
Rotterdam, 12 November 2002 – Hunter Douglas, the world market leader in window coverings (Luxaflexâ), and a major manufacturer of architectural products (Luxalonâ) reports results for the first nine months of 2002.Nine Months 2002
Hunter Douglas’ sales in the first nine months of 2002 were EUR 1,273.2 million, 2.8% lower than EUR 1,309.5 million in the first nine months of 2001. The sales decrease reflects 1.6% volume decrease, 2.4% negative currency impact and 1.2% contribution from acquisitions. Sales in Europe, North America and Latin America were lower, while Asia and Australia had higher sales.
Europe accounted for 34% of sales, North America 53%, Latin America and Asia 5% each and Australia 3%. Window coverings were 88% and architectural and other products 12% of total sales.
Net profit was EUR 87.5 million, 4.4% lower than EUR 91.5 million in the first nine months of 2001. Net profit per average outstanding common share was EUR 2.15, compared with EUR 2.22 for the first nine months of last year, adjusted for stock dividends.
Capital expenditures were EUR 50 million compared with EUR 63 million in the first nine months of 2001, while depreciation was EUR 45 million.
The investment portfolio gained 0.8% in USD in the first nine months and had a book value per September 30, 2002 of EUR 331 million. Net investment income, after deduction of provisions, imputed interest, and expenses was EUR 3.6 million. Management of these assets is delegated to a widely diversified range of independent managers.
Shareholder’s equity increased to EUR 865 million.
Hunter Douglas had approximately 14,600 employees at the end of September 2002.
Third quarter 2002
Third quarter sales were EUR 415.6 million, 6.1% lower than the EUR 442.4 million in the same period of 2001. The sales decrease reflects 2.5% lower volume, 5.3% negative currency impact and 1.7% contribution from acquisitions.
Sales increased in Asia and Australia, and decreased in Europe, North America and Latin America.
Net profit in the third quarter was EUR 34.2 million, 0.6% lower than EUR 34.4 million in the third quarter of 2001. Profits increased in Latin America, Asia and Australia and were somewhat lower in Europe and North America.
Results by Region
Hunter Douglas’ European Operations
Hunter Douglas’ European Operations first nine months sales decreased 1.1% to EUR 433 million. The sales decrease reflects 1.3% volume decrease, 0.7% negative currency impact and 0.9% contribution from acquisitions. Sales in the third quarter decreased by 1.4% to EUR 141 million. Hunter Douglas’ sales in the UK were higher, level in Germany and slightly lower in other countries. Window covering retail sales remained strong while project sales, particularly for architectural products, were weaker.
In September the Eclipse Group, a leading UK window covering distributor based in Glasgow, Scotland was acquired.
Nedal, the Dutch-based aluminium extrusion operation, had lower sales but higher profits.
Hunter Douglas North America
North American Operations’ first nine months sales decreased 4.1% to EUR 674 million. The sales decrease reflects 2.7% volume decrease, 3.1% negative currency impact and 1.7% contribution from acquisitions. Sales in the third quarter decreased by 10.5%, of which 6.1% was due to negative currency effects.
Although US consumer confidence continued to deteriorate, Hunter Douglas’ proprietary products continued to enjoy good consumer acceptance in a still buoyant housing market.
In October Bytheway’s, a Sacramento, California based fabricator of Hunter Douglas’ window covering products was acquired.
Hunter Douglas Latin America
Latin American Operation’s first nine months sales were EUR 58 million, 10.8% lower than in the same period last year. The sales decrease reflects 4.6% volume decrease and 6.2% negative currency impact. Third quarter sales were 10% lower due to a 20% negative currency effect, which was partly compensated by 10% increase in volume.
Hunter Douglas Asia
Hunter Douglas Asia’s first nine months sales were EUR 68 million, 3.0% higher than in the comparable period last year. The sales increase reflects 7.6% volume growth and 4.6% negative currency impact. Third quarter sales were 5.0% higher than last year.
Hunter Douglas Australia
Hunter Douglas Australia’s first nine months sales were EUR 40 million, 5.3% higher, due entirely to volume growth. Third quarter sales were 7.8% higher. Volume growth was 15.4%, which was partly offset by 7.6% negative currency impact.
Outlook
Economic conditions are expected to remain difficult during the remainder of 2002 and the outlook is uncertain. Hunter Douglas, therefore, does not make any forecast for the full year.
On a longer term basis the Company remains optimistic, given its strong position in terms of its products, distribution, organization and finances.
Profile
Hunter Douglas is the world market leader in window coverings and a major manufacturer of architectural products. Hunter Douglas has its head office in Rotterdam, The Netherlands and a Management Office in Lucerne, Switzerland. The group is comprised of 151 companies; 66 manufacturing and 85 assembly operations, and marketing organizations in more than 100 countries.
The shares of Hunter Douglas N.V. are traded on the Dutch, Swiss and German Stock exchanges.
| Consolidated Statement of Income (Annex 1) | |
| Balance Sheet (Annex 2) | |
| Sales change attribution percentages by geographic region for the nine months 2002 and the third quarter (Annex 3) |
