Beter Bed Holding realised higher revenue and profit in first six months of 2017
30 Août 2017 - 8:00AM
YASTEST
-
Revenue rose by 6.7% to € 209.8 million.
-
Gross profit increased to 57.5%.
-
EBITDA increased to € 17.5 million.
-
Operating profit amounted to € 11.5
million.
-
Net profit € 7.5 million.
Key figures interim
results
(in millions of € unless stated otherwise)
|
2017 H1 |
2016 H1 |
Change |
Revenue |
209.8 |
196.7 |
6.7% |
Gross profit (%) |
57.5 |
57.0 |
|
EBITDA |
17.1 |
17.1 |
2.8% |
Operating profit |
11.5 |
11.6 |
-1.3% |
|
|
|
|
Net profit |
7.5 |
8.4 |
-11.1% |
|
|
|
|
Earnings per share (in €) |
0.34 |
0.38 |
-10.5% |
|
|
|
|
Ton Anbeek, Chief Executive
Officer:
"Overall, we are satisfied with the revenue
growth and results for the first six months of 2017, partly in view
of the growth we are seeing in the group's two most important
markets. Beter Bed is benefiting from the high level of consumer
confidence and the strong propensity to buy which remain unabatedly
high in the Netherlands. Our continual focus on customer
satisfaction is reflected in revenue growth that is outpacing the
average market trend. In addition, a trend towards improving
revenue growth is visible in Germany in the first six months of
2017, driven mainly by swifter execution of the strategic plans.
The reintroduction of the Sängjätten brand in Sweden, followed by a
comprehensive range change in that country, has also had a very
positive impact on like-for-like revenue growth."
First six months of
2017
Revenue rose by 6.7% to € 209.8 million in the first six months of
2017. Excluding the acquisition of Sängjätten, revenue grew by
4.1%. The like for like development is 1.5% in the first six months
of 2017.
Revenue performance per country in the first six months of 2017 was
as follows:
Netherlands |
9.3% |
Germany |
0.4% |
Austria |
-5.8% |
Switzerland |
6.5% |
Spain |
17.3% |
Belgium |
34.2% |
France |
23.3% |
Sweden (order intake
development) |
19.2% |
|
|
With the exception of Austria, all countries in
which the group operates reported revenue growth in the first six
months of 2017. A slight increase in revenue is visible in Germany,
which appears to indicate a reversal of the downward revenue
spiral, despite unfavourable weather conditions in the second
quarter in particular. Further recovery is possible due to the
introduction of a broad boxspring and textiles range and the
expansion of the omnichannel strategy. Revenue in the Netherlands
benefited from the continuing positive economic conditions. The
decrease in Austria was due to the strong comparative basis last
year. A sale of the inventories of the former BettenMax format took
place early in 2016, which boosted revenue at the time.
Gross profit for the first six months of the year
was 57.5%, up 0.5% from the same period a year ago (H1 2016:
57.0%). This increase was achieved due to a continual focus on
improvement in conditions, the product range, product innovation
and where possible the introduction of price increases. In
addition, the current purchasing volumes, which are related to a
simplification of the product range, lead to higher volume
discounts.
Total expenses rose from € 100.5 million to €
109.1 million in the first six months of the year. This 8.6%
increase was mainly attributable to the expansion of the group
(3.5% more stores), increased logistics expenses associated with
the increased revenue (which entails higher logistics expenses in
the Netherlands in particular) and increased overhead costs,
related to the further expansion of the IT and e-commerce
activities in line with the strategy. Adjusted for the (partly
non-recurring) costs relating to Sängjätten, expenses rose by 5.3%.
Average expenses per store excluding Sängjätten increased by 2.7%
in the first six months of 2017.
The group already pursued a strict cost control
and investment policy in the second quarter of 2017. Its most
significant effects will only become manifest in the second half of
the year. The average number of stores rose by 3.5% in the first
six months of 2017 compared to the same period in 2016.
EBITDA for the first six months of the year was €
17.5 million. This is an increase of € 0.4 million (2.8%) compared
to the same period of last year. Excluding Sängjätten, EBITDA rose
by 5.3% compared to the same period of last year.
Operating profit (EBIT) fell by 1.3% to € 11.5
million in the first six months of 2017. Excluding Sängjätten, EBIT
rose by 5.2%. As a percentage of revenue, operating profit
decreased from 5.9% to 5.5%.
Net profit decreased by 11.1% from € 8.4 million
to € 7.5 million in the first six months of 2017. The decrease is
for the largest part attributable to changes in German laws
concerning corporate income tax and tax losses carryforwards that
have not been capitalised (for the time being).
Earnings per share in the first six months of 2017 amounted to €
0.34 (first six months of 2016: € 0.38).
Investments and cash
flow
Investments in intangible and tangible fixed assets in the first
six months of 2017 totalled € 9.9 million (H1 2016: € 6.8 million).
Investments in stores in this period amounted to € 6.8 million (H1
2016: € 4.5 million). A significant part of this amount related to
the remodelling of the Matratzen Concord stores in the
German-speaking countries, and the remaining amount was invested
mainly in IT.
Financing/solvency
Solvency amounted to 56.3% on 30 June 2017. This was 53.5% at
year-end 2016.
Operational
24 stores were opened and 36 stores were closed in the first six
months of 2017. The group had a total of 1,194 own stores at the
end of June 2017.
Number of stores
|
31-12-2016 |
Closed |
Opened |
30-6-2017 |
Matratzen Concord |
1,004 |
26 |
16 |
994 |
Beter Bed |
100 |
4 |
1 |
97 |
El Gigante del Colchón |
48 |
2 |
2 |
48 |
Beddenreus |
33 |
4 |
4 |
33 |
Sängjätten |
16 |
- |
- |
16 |
Literie Concorde |
5 |
- |
1 |
6 |
Total |
1,206 |
36 |
24 |
1,194 |
Matratzen
Concord
Number of
stores |
31-12-2016 |
Closed |
Opened |
30-6-2017 |
Germany |
861 |
22 |
11 |
850 |
Austria |
84 |
- |
- |
84 |
Switzerland |
59 |
4 |
5 |
60 |
Total |
1,004 |
26 |
16 |
994 |
Matratzen
Concord
Revenue of the cash & carry format Matratzen Concord in the
first six months of 2017 totalled € 123.9 million (59.1% of total
group revenue). This is an increase of 0.3% compared to the first
six months of 2016. Of the revenue of this format, 83.2% was
achieved in Germany and 16.8% in Austria and Switzerland. Revenue
at comparable stores (open for at least one year) decreased by
1.6%.
Beter Bed
This format operates in the Netherlands and Belgium. Revenue grew
in the first six months of 2017 by € 5.4 million to € 66.5 million,
which equals an increase of 8.8%. The order intake in comparable
stores increased by 5.9% in the first six months of 2017. Beter Bed
contributed 31.7% to the total group revenue.
Other
formats
Revenue of the other formats rose by 61.7% in the first six months
of 2017 to € 19.4 million. The other formats contributed 9.2% to
the total group revenue. This includes the revenues of the retail
formats Beddenreus (The Netherlands), Sängjätten (Sweden), El
Gigante del Colchón (Spain), Literie Concorde (France) and the
wholesaler DBC.
Outlook for the second half of
2017
The outlook for the second half of 2017 is positive. The
simplification of the product range together with a greater
emphasis on boxsprings at Matratzen Concord form the basis for
further improvement in revenue growth. The investments in
e-commerce and the cooperation with Emma will enable the company to
serve consumers in the Netherlands and Germany even better, both
online and offline. In addition, the high level of consumer
confidence and the strong propensity to buy in the Benelux appear
to be unabatedly high going forward. Lastly, the initial effects of
the cost saving programme have already been realised in the first
six months of 2017. On the basis of the current progress and the
measures we have taken, the savings target for the full year 2017
issued previously is expected to be achieved. Apart from unforeseen
circumstances, the group is expected to realise a further
improvement of the EBITDA.
Interim
dividend
The company plans to pay an interim dividend in 2017. As is
customary, further information regarding this matter will be
provided upon the publication of the trading update on 3 November
2017.
FOR MORE INFORMATION:
Ton Anbeek
Bart Koops
Chief Executive
Officer
Chief Financial Officer
+31 (0)413 338819
+31 (0)413 338819
+31 (0)6 53662838
+31 (0)6 46761405
ton.anbeek@beterbed.nl bart.koops@beterbed.nl
Please click on the link below for the full
version of the press release.
press release 30-8-2017
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Beter Bed Holding NV via Globenewswire
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