HUNTER DOUGLAS RESULTS Q1 2012
HUNTER DOUGLAS RESULTS Q1 2012
HUNTER DOUGLAS RESULTS Q1 2012
Rotterdam, May 10, 2012 – Hunter Douglas, the world market leader in window coverings (Luxaflex®) and a major manufacturer of architectural products, results for Q1 2012:
- Sales: 0.2% lower to USD 587.5 million compared with USD 588.8 million in Q1 2011.
- Earnings before interest, tax, depreciation and amortization - EBITDA (before non-recurring restructuring expenses) was USD 34.7 million, compared with USD 33.7 million in Q1 2011.
- Income from Operations (before non-recurring restructuring expenses): USD 11.2 million compared with USD 11.5 million in Q1 2011. Results were better in North America and lower in all other areas.
- Non-recurring restructuring expenses in Q1 2012: nil, compared with USD 1.0 million in 2011.
- Net Result Investment Portfolio: USD 12.1 million (after deduction of imputed interest and expenses) compared with USD 2.0 million in Q1 2011.
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Total Net Profit: USD 21.5 million (per share EUR 0.46), 38.7% higher than USD 15.5 million in Q1 2011 (per share EUR 0.32).
Sales: The 0.2% sales decrease reflects a 1.4% volume increase, a 0.2% increase from acquisitions and a 1.8% negative currency impact. Volume increased in North and Latin America, was level in Europe and Asia and decreased in Australia.
Europe and North America were each 39% of sales, Latin America 10%, Asia 8% and Australia 4%. Window Coverings were 81% and Architectural and Other Products were 19% of sales.
Operating cash flow: USD 19.8 million negative compared with USD 52.4 million negative in Q1 2011.
Net Result Investment Portfolio: The Portfolio’s return in U.S. dollars (before imputed interest and expenses) was 7.0% compared with 1.8% in Q1 2011. The Portfolio had a fair value per March 31, 2012 of USD 196 million compared with USD 192 million in December 31, 2011. Management of these assets is delegated to a widely diversified range of independent managers. The portfolio is being wound down over the course of this year and the proceeds will be used to reduce debt.
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 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 169 companies with 68 manufacturing and 101 assembly operations in more than 100 countries. Hunter Douglas employs about 16,500 people, and had sales in 2011 of USD 2.573 billion.
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 Q1 2012 (Annex 1), Balance Sheet per March 31, 2012 (Annex 2), Cash Flow Statement for Q 1 2012 (Annex 3) and Sales change attribution percentages by geographic region for Q1 2012 (Annex 4) are attached.
