Hunter Douglas Results Q1 2011

 
Rotterdam, May 17, 2011 – Hunter Douglas, the world market leader in window coverings (Luxaflex®) and a major manufacturer of architectural products, results for Q1 2011:
 
.           Sales: 10.0% higher to USD 588.8 million
compared with USD 535.5 million in Q1 2010.
 
.           Earnings before interest, tax, depreciation and amortization - EBITDA
(before non-recurring restructuring expenses) was USD 33.7 million, compared with USD 32.7 million in Q1 2010.
 
.           Income from Operations (before non-recurring restructuring expenses):
USD 11.5 million compared with USD 11.9 million in Q1 2010. Results were better in Europe and Latin America and lower in all other areas.
 
.           Non-recurring restructuring expenses in Q1 2011 were USD 1.0 million compared with none in 2010.
 
.           Net Result Investment Portfolio: USD 2.0 million
(after deduction of imputed interest and expenses) compared with USD 3.3 million in Q1 2010.

.           Total Net Profit: USD 15.5 million (per share EUR 0.32), 11.5% higher than USD 13.9 million in Q1 2010 (per share EUR 0.28).

Sales: The 10.0% sales increase reflects a 4.9% volume increase, a 3.1% increase from acquisitions and a 2.0% positive currency impact. Volume increased in all areas except Asia where sales were level and Australia where sales declined.
 
Europe accounted for 40% of sales, North America 38%, Latin America 9%, Asia 8% and Australia 5%. Window Coverings were 83% and Architectural and Other Products were 17% of sales.
 
Operating cash flow: USD 52.4 million negative compared with USD 15.9 million negative in Q1 2010.
 
Net Result Investment Portfolio: The Portfolio’s return in U.S. dollars (before imputed interest and expenses) was 1.8% compared with 3.9% in Q1 2010. The Portfolio had a fair value per March 31, 2011 of USD 207 million compared with USD 143 million on December 31, 2010. Management of these assets is delegated to a widely diversified range of independent managers.
 
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. 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
 

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