Rotterdam, May 6, 2020 – Hunter Douglas, the world market leader in window coverings (Luxaflex®) and a major manufacturer of architectural products, results for Q1 2020:
. Sales: 2.5% lower to USD 802.2 million,
compared with USD 823.1 million in Q1 2019.
The 2.5% sales decrease reflects a 1.3% volume decrease, 1.9% negative currency
impact, 2.2% decrease from divestments and 2.9% increase from acquisitions.
Volume decreased in all areas except in North America where sales were higher.
North America accounted for 53% of sales, Europe 38%, Asia 2%, Latin America 4%,
and Australia 3%. Window Coverings were 92% and Architectural Products
were 8% of sales.
. Earnings before interest, tax, depreciation and amortization – EBITDA:
USD 88.1 million, 10.3% higher than USD 79.9 million in Q1 2019.
. Income from Operations (before other income):
13.8% higher to USD 49.6 million compared with USD 43.6 million in Q1 2019. Results in local currencies were higher in North America and Europe and lower in the other areas.
. Other income:
Nil compared with USD 2.9 million positive in Q1 2019. The 2019 amount relates to the restatement of divestments.
. Profit before Tax: USD 48.4 million, 9.1% higher than USD 44.0 million in Q1 2019.
. Total Net Profit: USD 38.6 million (per share EUR 1.00) compared with
USD 36.0 million in Q1 2019 (per share EUR 0.91).
Operating cash flow: USD 5.2 million negative compared with USD 5.7 million negative in Q1 2019.

Outlook
The corona crisis has caused unprecedented disruptions and declines in most economies; which only started to significantly impact the company’s sales towards the end of March.
Hunter Douglas therefore expects substantially lower sales and profits in most markets for the rest of the year.
Hunter Douglas is in a strong position in terms of its brands, products, distribution and finances.

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