HUNTER DOUGLAS RESULTS FIRST HALF YEAR 2013
HUNTER DOUGLAS RESULTS FIRST HALF YEAR 2013
HUNTER DOUGLAS RESULTS FIRST HALF YEAR 2013
HUNTER DOUGLAS RESULTS FIRST HALF YEAR 2013
Rotterdam, August 14, 2013 – Hunter Douglas, the world market leader in window coverings (Luxaflex®) and a major manufacturer of architectural products, results for the first half year 2013 :
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Sales: USD 1,282.9 million, 1.6% higher compared with USD 1,262.9 million in the first half of 2012.
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Earnings before interest, tax, depreciation and amortization - EBITDA (before non-recurring restructuring expenses): USD 120.3 million, 8.2% higher than USD 111.2 million in the first half of 2012.
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Income from Operations (before non-recurring restructuring expenses): USD 75.5 million, 9.4% higher than USD 69.0 million in the first half of 2012.
Results were better in all areas except in Europe where they were lower.
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Non-recurring restructuring expenses: nil compared with USD 3.2 million mainly in Europe and Australia in the first half of 2012.
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Net Result Investment Portfolio: USD 1.1 million compared with USD 5.2 million in the first half of 2012. The portfolio has been wound down.
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Income before Tax: USD 68.2 million compared with USD 67.0 million in the first half of 2012.
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Total Net Profit: USD 59.8 million (per share EUR 1.31), 3.6% higher than USD 57.7 million in the first half of 2012 (per share EUR 1.25).
Sales: The 1.6% sales increase reflects a 1.3% volume increase, a 0.8% increase from acquisitions and a 0.5% negative currency impact. Volume increased in all areas except in Europe where sales declined.
North America accounted for 41% of sales, Europe 38%, Latin America 9%, Asia 8% and Australia 4%. Window Coverings were 82% and Architectural and Other Products were 18% of sales.
Operating cash flow: USD 7.2 million compared with USD 33.4 million in the first half of 2012.
Capital expenditures were USD 30 million compared with USD 32 million in the first half of 2012, while depreciation was USD 41 million compared with USD 39 million in the first half of 2012. For the full year capital expenditures are expected to be approximately USD 75 million and depreciation USD 85 million .
Shareholder’s equity was USD 1,069 million compared with USD 1,093 million at the end of 2012, reflecting the first half year results offset by negative exchange translation and the payment of the dividend of EUR 1.25, totalling USD 58 million.
Q2 2013
Q2 Sales: USD 702.0 million, 5.0% higher than USD 668.8 million in the same period of 2012. The increase reflects a 4.5% volume increase, a 0.7% contribution from acquisitions and a negative currency impact of 0.2%. Second quarter organic sales were higher in all areas except in Europe where they were lower.
Q2 Earnings before interest, tax, depreciation and amortization - EBITDA (before non-recurring restructuring expenses): USD 85.8 million, 12.9% higher than USD 76.0 million in Q2 2012.
Q2 Income from Operations (before non-recurring restructuring expenses): USD 63.4 million, 9.9% higher than USD 57.7 million in Q2 2012. Results in local currencies were better in all areas.
Q2 Non-recurring restructuring expenses: nil compared with USD 3.2 million mainly in the European and Australian operations in Q2 2012.
Q2 Income before Tax: USD 57.8 million, 24.8% higher than USD 46.3 million in Q2 2012.
Q2 Total Net Profit: USD 49.4 million (per share EUR 1.08), 36.5% higher than USD 36.2 million in Q2 2012 (per share EUR 0.79).
First half year 2013 by Region
Europe
European sales were USD 484 million, 6% lower than USD 515 million in the same period last year. This reflects a 7% volume decrease and a 1% contribution from acquisitions. In EUR, sales decreased by 6% to EUR 369 million compared with EUR 393 million in 2012.
North America
North American sales increased by 7% to USD 531 million. The sales increase reflects a 6% volume increase and a 1% contribution from acquisitions.
Latin America
Latin American sales were USD 120 million, 6% higher than USD 113 million in the same period last year. The sales increase reflects a 10% volume increase and a 4% negative currency impact.
Asia
Asian sales increased by 10% to USD 101 million. The higher sales are caused by a volume increase of 11% and a 1% negative currency impact.
Australia
Australian sales were USD 47 million, level with last year. This reflects a 2% volume increase and a 2% negative currency impact.
Outlook
Hunter Douglas expects improving economic conditions in the US, Latin America and Asia, but an ongoing challenging economic environment in Europe.
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 169 companies with 68 manufacturing and 101 assembly operations in more than 100 countries. Hunter Douglas employs about 17,000 people, and had sales in 2012 of USD 2.529 billion.
The common shares of Hunter Douglas N.V. are traded on Amsterdam’s Euronext and Deutsche Boerse.
The consolidated first half year report prepared in accordance with IAS 34 is available on our website www.hunterdouglasgroup.com.
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 half year and Q2 (Annex 1+2), Balance Sheet (Annex 3), Cash Flow Statement (Annex 4) and Sales change attribution percentages by geographic region for the first half year and Q2 (Annex 5) are attached.
