Rotterdam, August 1, 2018 – Hunter Douglas, the world market leader in window coverings (Luxaflex®) and a major manufacturer of architectural products, results for the first half year 2018:
Sales: USD 1,792.6 million, 18.5% higher, compared with USD 1,512.8 million in the first half of 2017.
The 18.5% sales increase reflects a 4.9% volume increase, a 3.7% positive currency impact and 9.9% increase from acquisitions. Volume increased in all areas.
North America accounted for 47% of sales, Europe 41%, Asia 5%, Latin America 4% and Australia 3%. Window Coverings were 85% and Architectural and Other Products were 15% of sales.
Earnings before interest, tax, depreciation and amortization - EBITDA:
USD 211.7 million, 20.4% higher than USD 175.8 million in the first half of 2017.
Income from Operations:
USD 161.0 million, 26.4% higher than USD 127.4 million in the first half of 2017.
Results in local currencies were higher in North America and Europe and lower in all other areas.
Profit before Tax: USD 156.6 million, 22.5% higher than USD 127.8 million in the first half of 2017.
Total Net Profit: USD 122.7 million (per share EUR 2.93), 23.3% higher than USD 99.5 million in the first half of 2017 (per share EUR 2.63).
Capital expenditures were USD 67 million compared with USD 60 million in the first half of 2017, while depreciation was USD 40 million compared with USD 40 million in the first half of 2017. For the full year capital expenditures are expected to be approximately USD 140 million and depreciation USD 85 million.
Operating cash flow: USD 68 million compared with USD 19 million in the first half of 2017.
Shareholder’s equity was USD 1,380 million, compared with USD 1,385 million at the end of 2017, reflecting the first half year results offset by negative exchange translation and the payment of the dividend of EUR 1.85, totalling USD 76 million.
RONAE (Return before interest/net assets employed) excluding Metals Trading and Investment Portfolio was 12.9% compared with 16.5% in the first half of 2017.
Q2 2018
Q2 Sales: USD 974.2 million, 20.4% higher than USD 809.1 million in the same period of 2017. The increase reflects a 8.1% volume increase, a 2.4% positive currency impact and a 9.9% increase from acquisitions. Second quarter organic sales were higher in all areas.
Q2 Earnings before interest, tax, depreciation and amortization – EBITDA:
USD 141.7 million, 28.8% higher than USD 110.0 million in Q2 2017.
Q2 Income from Operations: USD 116.9 million, 34.4% higher than USD 87.0 million in Q2 2017. Results in local currencies were better in North America, Europe and Australia and were lower in the other areas.
Q2 Profit before Tax: USD 116.0 million, 34.9% higher than USD 86.0 million in Q2 2017.
Q2 Total Net Profit: USD 89.6 million (per share EUR 2.15), 38.3% higher than USD 64.8 million in Q2 2017 (per share EUR 1.70).
First half year 2018 by Region
EUROPE
European sales were USD 728 million, 41% higher than USD 515 million in the same period last year. This reflects a 3% volume increase, a 10% positive currency impact and a 28% increase from acquisitions. In EUR, sales increased by 28% to EUR 604 million compared with EUR 473 million in 2017.
North America
North American sales increased by 6% to USD 837 million. The sales increase reflects a 6% volume increase.
Latin America
Latin American sales were USD 81 million, 8% higher than USD 75 million in the same period last year. The sales increase reflects a 11% volume increase and a 3% negative currency impact.
Asia
Asian sales increased by 9% to USD 97 million. The higher sales reflect a volume increase of 6% and a 3% positive currency impact.
Australia
Australian sales were USD 50 million, 11% higher than USD 45 million in the same period last year. The sales increase reflects a 9% volume increase and a 2% positive currency impact.
Outlook
Hunter Douglas expects continued growth in Europe, the US and Asia, and improving economic conditions in Latin America. Hunter Douglas is in a strong position in terms of its brands, products, distribution and finances.