-
Net revenue increased by 1.8% to € 364.0
million.
-
Like-for-like order intake rose by 4.8%.
-
Average number of stores decreased by
4.1%.
-
Gross profit rose to 57.3%.
-
Operating profit increased to € 23.0 million
(2013: € 12.3 million).
-
Net profit amounted to € 16.9 million (2013: €
8.2 million).
-
Dividend proposal: € 0.65 per share, pay-out
ratio of 85%.
-
Final dividend proposal: € 0,37 per share.
Key figures for the year
(in millions of € unless stated otherwise) |
2014 |
2013 |
Change |
Revenue |
364.0 |
357.4 |
1.8% |
Gross profit (%) |
57.3 |
56.9 |
|
EBIT |
23.0 |
12.3 |
87.6% |
|
|
|
|
Net profit |
16.9 |
8.2 |
105.7% |
|
|
|
|
Earnings per share (in €) |
0.77 |
0.38 |
102.6% |
Proposed dividend (in €) |
0.65 |
0.27 |
|
Pay-out ratio (in %) |
85 |
72 |
|
|
|
|
|
Operating cash flow (net profit plus
depreciation) |
25.1 |
18.2 |
38.0% |
|
|
|
|
|
31-12-2014 |
31-12-2013 |
|
Solvency (%) |
58.6 |
56.6 |
|
Ton Anbeek,
Chief Executive Officer:
'2014 was a year with two faces for Beter Bed
Holding. After a difficult start we saw a positive development of
the order intake and revenue in the second quarter of 2014 in
almost all the countries in which the group operates. The second
half of the year was very successful in the Netherlands thanks in
part to the recovering housing market and the successful relaunch
of the Beter Bed formula. Revenue in Germany rose substantially due
to an increase in propensity to buy and consumer confidence, as
well as the successful marketing campaigns. Spain and Austria also
showed very positive developments thanks to the successful
marketing campaigns and the start of the relaunch of the El Gigante
del Colchón formula. In addition to the relaunch of the formulas,
which will be implemented in all countries in the coming years, we
are working hard on rolling out the customer satisfaction benchmark
'Net Promoter Score' and the execution of an omni-channel strategy
internationally.'
Key figures for the fourth
quarter
(in millions of € unless stated otherwise) |
Q4 2014 |
Q4 2013 |
Change |
Revenue |
99.6 |
90.8 |
9.7% |
Gross profit (%) |
58.8 |
58.3 |
|
EBIT |
10.5 |
0.5 |
|
|
|
|
|
Net profit |
7.5 |
0.0 |
|
|
|
|
|
Fourth quarter 2014
Revenue at comparable stores in Germany and the Netherlands rose by
11.5% and 14.3% respectively in the fourth quarter of 2014 based on
order intake. There was also a like-for-like increase in virtually
all the other countries in which the group operates. Revenue at
comparable stores increased by 11.8% in total in this period.
Total revenue rose by 9.7% to € 99.6 million in
the fourth quarter of 2014. Gross profit amounted to 58.8% in this
period and is higher in comparison to the fourth quarter of 2013.
This increase is attributable to factors including the result of
improved purchasing conditions, changes to the sales mix and the
closure of Slaapgenoten and Matrassen Concord Netherlands and
Belgium that exerted downward pressure on gross profit in 2013.
Expenses fell by 8.4% to € 48.0 million in the
fourth quarter of 2014. This decrease of € 4.4 million was due
primarily to the closure of Slaapgenoten and Matrassen Concord
Netherlands and Belgium, which accounted for € 6.4 million in
non-recurring expenses in 2013. When these non-recurring expenses
are excluded, expenses increased by approximately € 2.0 million
(4.4%). This increase was due mainly to higher marketing spending
and staff costs.
Operating profit (EBIT) rose to € 10.5 million in
the fourth quarter. Net profit for the fourth quarter of 2014
totalled € 7.5 million positive (fourth quarter 2013: € 0.0
million).
2014
Revenue increased by 1.8% to € 364,0 million in 2014. Revenue at
comparable stores rose by 4.8% in 2014.
Revenue performance per country in 2014 was as
follows:
Netherlands |
-5.0% |
Germany |
6.0% |
Austria |
13.3% |
Switzerland |
-3.8% |
Spain |
-17.8% |
Belgium |
28.9%
|
Lower revenue in the Netherlands was caused
partially by the phased closure of the Slaapgenoten and Matrassen
Concord Netherlands and Belgium formulas in 2014. Excluding these
formulas, revenue remained stable in the Netherlands in 2014.
The decrease in Spain is attributable entirely to
the closure of 32 El Gigante del Colchón stores in 2013. The stores
in Spain that remained after the downsizing realised a 15.7%
increase in revenue at comparable stores.
Gross profit as a percentage of revenue amounted
to 57.3% in 2014 and was consequently higher than in the same
period of 2013 (2013: 56.9%). The increase was realised in part by
improved purchasing conditions, year-end bonuses, the phasing out
of the aforementioned activities and price increases when deemed
possible and responsible.
Total expenses decreased from € 190.9 million to €
185.6 million. This decrease of 2.8% was caused largely by the
non-recurring expenses totalling € 7.4 million that were the
consequence of the closure of Slaapgenoten and Matrassen Concord
Netherlands and Belgium which were accounted for in 2013, plus the
expenses connected with the restructuring of the activities in
Spain and the head office in the Netherlands.
When these non-recurring expenses are excluded,
expenses increased by 1.1% (approximately € 2.1 million This
increase was caused primarily by higher marketing and staff
costs.
The average number of stores decreased by 4.1%.
Due to this and higher marketing and staff costs, average expenses
per store rose by 5.3%. The closure of Slaapgenoten and Matrassen
Concord Netherlands and Belgium and the restructuring of El Gigante
del Colchón also caused the number of stores with a relatively
higher cost base to rise.
Operating profit rose by 87.6% to € 23 million in
this period. Operating profit as a percentage of revenue increased
from 3.4% to 6.3%.
Net profit rose by 105.7% from € 8.2 million to €
16.9 million in 2014. Earnings per share amounted to € 0.77 in 2014
(2013: € 0.38).
Investments and cash
flow
Investments in 2014 totalled € 13.2 million (2013: € 5.4 million).
Investments in stores amounted to € 10.8 million in 2014 (2013: €
3.7 million). The remaining amount was invested primarily in IT and
to a lesser degree in other operating assets. This means that the
group's investment returned to the pre-crisis level. Operational
cash flow (net profit plus depreciation) rose by 38% from
€ 18.2 million in 2013 to € 25.1 million in 2014.
Financing
Solvency amounted to 58.6% on 31 December 2014, compared to 56.6%
on 31 December 2013.
Operational
63 stores were opened and 111 stores were closed in 2014. The
decrease in the number of stores was due primarily to the phased
closure of the Slaapgenoten and Matrassen Concord Belgium and the
Netherlands formulas. The group had a total of 1,127 stores at the
end of 2014.
Number of stores |
31-12-2013 |
Closed |
Opened |
31-12-2014 |
Matratzen Concord |
1,002 |
74 |
38 |
966 |
Beter Bed |
92 |
13 |
15 |
94 |
El Gigante del Colchón |
31 |
2 |
3 |
32 |
Beddenreus |
40 |
12 |
7 |
35 |
Slaapgenoten |
9 |
9 |
- |
- |
Schalfberater.com |
1 |
1 |
- |
- |
|
|
|
|
|
Total |
1,175 |
111 |
63 |
1,127 |
Matratzen Concord
Number of
stores |
31-12-2013 |
Closed |
Opened |
31-12-2014 |
Germany |
864 |
47 |
29 |
846 |
Netherlands |
18 |
18 |
- |
- |
Austria |
64 |
3 |
6 |
67 |
Switzerland |
51 |
1 |
3 |
53 |
Belgium |
5 |
5 |
- |
- |
|
|
|
|
|
Total |
1,002 |
74 |
38 |
966 |
|
|
|
|
|
Matratzen Concord
The cash & carry formula Matratzen Concord realised revenue
totalling € 249.1 million in 2014 (68.5% of the total group
revenue), which is an increase of 4.5% compared to 2013. Revenue at
comparable stores rose by 5.1%. 85.5% of this formula's revenue was
realised in Germany and 13.8% in Austria and Switzerland.
Beter Bed
This formula operates in the Netherlands and Belgium. The number of
Beter Bed stores increased by two in 2014. Revenue in 2014 rose
from € 89.5 million to € 91.3 million, which is an increase of
2.1%. Revenue in comparable stores increased by 5.3% in 2014. Beter
Bed contributed 25.1% to the total group revenue in 2014.
Other formulas
The revenue of the other formulas amounted to € 23.5 million in
2014 and consequently contributed 6.4% to the total group revenue.
This includes the revenue of the Beddenreus (Nederland),
Slaapgenoten (Nederland) and El Gigante del Colchón (Spain) retail
formulas and the wholesaler DBC.
Outlook 2015
The economic outlook remains moderately positive, as does the
forecast for consumer spending. The focus remains fully on
like-for-like growth in revenue and consequently on formula and
product innovation, omni-channel e-commerce and customer
satisfaction. In addition to completing the refurbishment of the
Beter Bed stores, the process of rolling out the updated store
concepts will also commence for the other formulas following the
successful conclusion of the pilots that are currently
underway.
Improving margins, stringently controlling
expenses and lowering net working capital will obviously continue
to receive our full attention.
The company consequently expects the positive
revenue trend of 2014 to continue in 2015, although in the
Netherlands this will be partially dependent upon the speed of
recovery of the housing market.
Dividend
Beter Bed Holding N.V.'s dividend policy is aimed at maximising
shareholder return while at the same time maintaining a solid
capital position. The company aims to distribute at least 50% of
its net profit to the shareholders provided that its solvency is
not less than 30% and the net-interest-bearing debt/EBITDA ratio
does not exceed two.
In November 2014, the company paid an interim cash
dividend of € 0.28 per share. A proposal will be submitted to the
Annual General Meeting of Shareholders, scheduled for 19 May 2015,
to distribute a final cash dividend of € 0.37. This brings the
dividend for 2014 to € 0.65 per share (2013: € 0.27 per share) and
85% of net profit will be distributed to shareholders.
Auditor's report
The financial information in the appendices is taken from the
consolidated financial statements of Beter Bed Holding N.V., which
will be submitted for adoption to the Annual General Meeting of
Shareholders on 19 May 2015, and for which an unqualified auditor's
report has been issued by the independent auditor.
Profile
Beter Bed Holding N.V. operates in the European bedroom furnishings
market. Its activities include retail trade through a total of
1,127 stores at the end of 2014 that operate via the chains Beter
Bed (the Netherlands and Belgium), Matratzen Concord (Germany,
Switzerland and Austria), El Gigante del Colchón (Spain) and
Beddenreus (the Netherlands). Beter Bed Holding is also active in
the field of developing and wholesaling branded products in the
bedroom furnishing sector in the Netherlands, Germany, Belgium,
Spain, Austria and Switzerland via its subsidiary DBC
International. Beter Bed Holding N.V. achieved net revenue of €
364.0 million in 2014. 70% of the group's net revenue is realised
outside the Netherlands. The company has been listed on Euronext
Amsterdam since 1996 and is included in the Amsterdam Small Cap
Index.
For further information:
Ton Anbeek |
Bart Koops |
CEO |
CFO |
+31 (0)413 338819 |
+31 (0)413 338819 |
+31 (0)6 53662838 |
+31 (0)6 46761405 |
ton.anbeek@beterbed.nl |
bart.koops@beterbed.nl |
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press release
13-3-2015.pdf
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
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information contained therein.
Source: Beter Bed Holding NV via Globenewswire
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