Rotterdam, March 17, 2011 – Hunter Douglas, the world market leader in window coverings (Luxaflex®) and a major manufacturer of architectural products, results for 2010:

. Sales: 2.9% higher to USD 2.445 billion compared with USD 2.376 billion in 2009.

. Earnings before interest, tax, depreciation and amortization - EBITDA (before non-recurring restructuring expenses) were USD 256.9 million, 20.8% higher than USD 212.7 million in 2009.

. Income from Operations (before non-recurring restructuring expenses): 39.0% higher to USD 166.8 million compared with USD 120.0 million in 2009; was higher in all areas except Latin America and Asia.

. Net Profit from Operations (before non-recurring restructuring expenses): USD 158.6 million (per share EUR 3.37), 38.6% higher than USD 114.4 million in 2009 (per share EUR 2.31).

. Non-recurring restructuring expenses were USD 17.0 million compared with USD 27.2 million in 2009. The 2010 non-recurring restructuring expenses relate to the European, North American and Asian operations.

. Net profit from Operations (after non-recurring restructuring expenses): USD 141.6 million (per share EUR 3.01) 62.4% higher than USD 87.2 million in 2009 (per share EUR 1.76).

. Net Result Investment Portfolio: USD 11.2 million (after deduction of imputed interest and expenses) compared with USD 2.9 million in 2009.

. Total Net Result: USD 152.8 million (per share EUR 3.24), 69.6% higher than USD 90.1 million in 2009 (per share EUR 1.82).

Sales: The 2.9% sales increase reflects a 0.3% volume decrease, a 2.5% increase from acquisitions and a 0.7% positive currency impact. Volume was higher in North and Latin America and declined in Europe, Asia and Australia.

Europe accounted for 40% of sales, North America 40%, Latin America 9%, Asia 7% and Australia 4%. Window Coverings were 83% and Architectural and Other Products were 17% of sales.

Net Result Investment Portfolio: The Portfolio's return in U.S. dollars (before imputed interest and expenses) was 13.7% compared with 5.4% in 2009. The Portfolio had a fair value at year end 2010 of USD 143 million compared with USD 144 million on December 31, 2009. It will be increased to about USD 200 mln. Management of these assets is delegated to a widely diversified range of independent managers.

Operating cash flow: USD 159 million compared with USD 234 million in 2009.

Capital expenditures were USD 71 million compared with USD 63 million in 2009, while depreciation was USD 85 million, compared with USD 88 million in 2009. In 2011 capital expenditures will be about USD 125 million and depreciation USD 87 million.

Shareholder's equity was USD 1,159 million compared with USD 1,372 million at the end of 2009. Dividends of USD 345 million and negative exchange translation were partly offset by 2010 earnings.

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

Return before interest on Net Assets Employed – RONAE (before non-recurring expenses): 10.3% compared with 7.1% in 2009.

Employees: The company had approximately 17,000 employees at the end of 2010, the same as last year.

Dividend: The Board of Directors proposes a Regular Dividend for 2010 of EUR 1.25 per Common share, compared with EUR 1.00 in 2009.

Q4 2010

Q4 Sales were USD 642.6 million, 0.3% higher than USD 640.9 million in the same period of 2009. The increase reflects a 1.7% volume decrease, a 2.9% increase from acquisitions and a negative currency impact of 0.9%. Fourth quarter organic sales were higher in Europe and Latin America and lower elsewhere.

Q4 Earnings before interest, tax, depreciation and amortization - EBITDA (before non-recurring restructuring expenses) was USD 70.2 million, compared with USD 87.6 million in Q4 2009.

Q4 Income from Operations (before non-recurring restructuring expenses) was USD 47.0 million, compared with USD 66.6 million in Q4 2009. In local currencies North America and Australia had higher results while results in other areas were lower.

Q4 Net Profit from Operations (before non-recurring restructuring expenses): was USD 43.7 million (per share EUR 0.92) compared with USD 57.8 million in Q4 2009 (per share EUR 1.16).

Q4 Non-recurring restructuring expenses were USD 12.7 million compared with USD 11.3 million last year. The 2010 non-recurring restructuring expenses relate to the European, North American and Asian operations.

Q4 Net profit from Operations (after non-recurring restructuring expenses): USD 31.0 million (per share EUR 0.66) compared with USD 46.5 million in Q4 2009 (per share EUR 0.94).

Q4 Net Result Investment portfolio was USD 7.1 million (after deduction of imputed interest and expenses) compared with USD 4.0 million in the fourth quarter of 2009. The Portfolio's return in U.S. dollars in Q4 (before imputed interest and expenses) was 7.5% compared with 2.9% in Q4 of 2009.

Q4 Total Net Result: USD 38.1 million (per share EUR 0.80) compared with USD 50.5 million in Q4 2009 (per share EUR 1.01).

Total year 2010 by Region

Europe
European operations had lower sales and higher profits.

European sales were USD 986 million, 1% lower than USD 997 million in the same period last year. This reflects a 4% volume decrease, a 6% increase from acquisitions and a 3% negative currency impact. In EUR, sales increased by 4% to EUR 742 million compared with EUR 714 million in 2009.

North America
North American sales and profits were higher.

North American sales increased by 5% to USD 955 million, reflecting a 3% volume increase and a 2% positive currency impact.

Latin America
Latin American operations had lower profits with higher sales.

Latin American sales were USD 219 million, 16% higher than USD 189 million in the same period last year. The sales increase reflects a 8% volume increase and a 8% positive currency impact.

Asia
Asian operations had higher sales with lower profits.

Asian sales were USD 182 million, 1% higher than USD 181 million in the same period last year. The sales increase reflects a 2% volume decrease and a 3% positive currency impact.

Australia
Australian sales were USD 103 million compared with USD 97 million in the same period last year reflecting a 9% 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 167 companies with 68 manufacturing and 99 assembly operations in more than 100 countries. The common shares of Hunter Douglas N.V. are traded on Amsterdam's Euronext and 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 full year 2010 and Q4 2010 (Annex 1+2), Balance Sheet (Annex 3), Cash Flow Statement (Annex 4) and Sales change attribution percentages by geographic region for the full year 2010 and Q4 2010 (Annex 5) are attached. 

Annex 1
Annex 2
Annex 3
Annex 4
Annex 5