Hunter Douglas N : Half year report 2022 184 KB

Hunter Douglas N.V.

Unaudited interim condensed unconsolidated financial statements

30 June 2022

Hunter Douglas Half Year Report 2022

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Contents
Chairman's letter	3
Statement of income	4
Cash flow statement	5
Balance sheet	6
Statement of changes in equity	8
Notes to financial statements	9

Hunter Douglas Half Year Report 2022

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Chairman's letter

To our shareholders

As from the Asset Sale on 25 February 2022, the only material assets of the Company are promissory notes from its parent company Hunter Douglas Holding BV. The income from interest on these notes and the related tax accruals are the main items in the income statement. Given that the majority shareholder has acquired 96% of the Common Shares and 99% of the Preferred Shares of the Company, and the Company has applied for delisting and no minority shareholders objected to the price offered in the squeeze out proceeding, it should be expected that after completion of the squeeze out proceedings, the Company will be liquidated in due course.

Financial reporting

To the best of our knowledge and in accordance with the applicable accounting principles for interim financial reporting, the interim unconsolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit and loss of the Company.

The Chairman's letter gives a true and fair view of the important events of the past six-months' period and their impact on the half year financial statements, as well as the principal risks and uncertainties for the six-months' period to come.

Hunter Douglas Half Year Report 2022

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Interim condensed unconsolidated statement of income for the first half year ended 30 June

	USD
Amounts in millions	2022			2021
	(unaudited)	(unaudited)
General and administrative expense	-5.2			-10.1
Income from operations before other income (expense)	-5.2			-10.1
Other income	6,750.6
Income from operations (EBIT)	6,745.4			-10.1
Dividend income	9.8			125.8
Finance costs	-0.1			-1.4
Income before taxes	6,755.1			114.3
Taxes on income	0.9			-2.9
Net profit attributable to equity shareholders	6,756.0			111.4

Interim condensed consolidated statement of comprehensive income for the first half year ended 30 June

		USD
Amounts in millions	2022	2021
	(unaudited)			(unaudited)
Net profit for the period	6,756.0	111.4
Other comprehensive income
Other comprehensive income that may be reclassified to
profit or loss in subsequent periods
Currency translation differences	-424.3	9.4
Net other comprehensive income/(loss) that may be reclassified to
profit or loss in subsequent periods	-424.3	9.4
Other comprehensive income that will not be reclassified to
profit or loss in subsequent periods
Other	-73.1	39.8
Net other comprehensive income/(loss) that will not be reclassified
to profit or loss in subsequent periods	-73.1			39.8
Total comprehensive income for the period, net of tax	6,258.6	160.6
Attributable to equity shareholders	6,258.6	160.6

Hunter Douglas Half Year Report 2022

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Interim condensed unconsolidated cash flow statement for the first half year ended 30 June

	USD
Amounts in millions	2022			2021
	(unaudited)	(unaudited)
Net profit	6,756.0			111.4
Adjustments for:
Other non-cash items	-6,955.5			57.0
Operating cash flow before working capital changes	-199.5			168.4
Changes in working capital:
-increase trade and other receivables and prepayments				-152.4
-increase trade and other payables				127.6
Operating cash flow	-199.5			143.6
Net cash from operations	-199.5			143.6
Cash flow from investing activities
Increase other financial non-current assets				39.5
Net cash from investing activities	0.0			39.5
Cash flow from financing activities
Decrease interest-bearing loans and borrowings				-49.6
Net cash from financing activities	0.0			-49.6
Net (decrease) increase in cash and cash equivalents	-199.5			133.5
Change in cash and cash equivalents
Balance at 1 January	199.5
Net (decrease) increase in cash and cash equivalents	-199.5			133.5
Balance at 30 June	0.0			133.5

Hunter Douglas Half Year Report 2022

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