HUNTER DOUGLAS NINE MONTHS 2021 RESULTS
Rotterdam, November 9, 2021 – Hunter Douglas, the world market leader in window coverings (Luxaflex®) and a major manufacturer of architectural products, results for the first nine months 2021:
Sales: USD 3,421.9 million, 31.5% higher than USD 2,602.4 million in the first nine months of 2020.
The 31.5% sales increase reflects a 28.7% volume increase, 3.3% positive currency impact, a 0.4% increase from acquisitions and a 0.9% decrease from divestments. Volume increased in all areas.
North America accounted for 52% of sales, Europe 39%, and Asia, Latin America and Australia each 3%. Window Coverings were 94% and Architectural Products 6% of sales.
Earnings before interest, tax, depreciation and amortization – EBITDA: USD 646.0 million, compared with USD 368.1 million in the first nine months of 2020.
Income from Operations (before other income/expense):USD 527.3 million, compared with USD 252.1 million in the first nine months of 2020. Results in local currencies were higher in all areas.
Other income/expense: USD 16.3 million negative compared with USD 133.0 million negative in the first nine months of 2020. The 2021 charges relate to the adjustment to the future purchase prices of interests in partially owned companies (USD 19.4 million), partly offset by a gain on a divestment (USD 3.1 million). The 2020 charges were USD 48.0 million for reorganization expenses mainly in Europe and North America and USD 85.0 million for adjustments to the future purchase prices of interests in partially owned companies.
Profit before Tax: USD 509.8 million, compared with USD 113.3 million in the first nine months of 2020.
Total Net Profit: USD 390.3 million (per share EUR 9.39), compared with USD 66.4 million in the first nine months of 2020 (per share EUR 1.69).
Capital expenditures were USD 67.8 million compared with USD 44.7 million in the first nine months of 2020, while depreciation was USD 100.1 million compared with USD 98.6 million in the same period last year. For the full year capital expenditures are expected to be approximately USD 100 million and depreciation USD 130 million.
Operating cash flow: USD 385.4 million compared with USD 306.4 million in the first nine months of 2020.
Shareholder’s equity was USD 2,280.3 million compared with USD 1,925.4 million at the end of 2020, reflecting the first nine months results decreased by a negative exchange translation.
RONAE (Return before interest/net assets employed) was 29.0% compared with 13.1% in the first nine months of 2020.