-
Net revenue rose by 6.5%
to € 410.5 million.
-
Gross profit increased to
57.8% (2015: 57.7%).
-
EBITDA decreased to € 37.5
million (2015: € 41.1 million).
-
Operating profit decreased
to € 26.0 million (2015: € 30.7 million).
-
Net profit amounted to €
19.0 million (2015: € 22.6 million).
-
Dividend proposal: € 0.74
per share, pay-out ratio of 85%.
Key figures for the year
(in millions of € unless stated otherwise) |
2016 |
2015 |
Change |
Revenue |
410.5 |
385.4 |
6.5% |
Gross profit (%) |
57.8 |
57.7 |
|
EBITDA |
37.5 |
41.1 |
-8.7% |
EBIT |
26.0 |
30.7 |
-15.2% |
|
|
|
|
Net profit |
19.0 |
22.6 |
-15.7% |
|
|
|
|
Earnings per share (in €) |
0.87 |
1.03 |
-15.5% |
Proposed dividend (in €) |
0.74 |
0.87 |
|
Pay-out ratio (in %) |
85 |
85 |
|
|
|
|
|
|
31-12-2016 |
31-12-2015 |
|
Solvency (%) |
53.5 |
57.5 |
|
Ton Anbeek, Chief Executive
Officer:
'Beter Bed Holding looks back on a year in which
performance varied sharply from country to country. Ultimately the
group as a whole realised higher revenue with slightly rising
margins. It did so, however, with higher expenses that caused
operating profit to decrease slightly in 2016 compared to previous
year. These higher expenses relating to IT, e-commerce, expansion,
acquisition and optimising the number of staff on the shop floor
are in line with the strategy. All countries within the group, with
the exception of Germany, succeeded in achieving the objectives set
out in the strategy.
The lagging performance in
Germany relates to the delayed introduction of a new technical
webshop platform, a growing trend towards box-springs and the entry
of online players with one-size-fits-all mattresses that 'buy'
market share at extremely high acquisition costs. Internal measures
have been taken in order to reverse the negative revenue
trend.'
Key figures for the fourth
quarter
(in millions of € unless stated otherwise) |
2016 Q4 |
2015 Q4 |
Change |
Revenue |
111.8 |
102.9 |
8.6% |
Gross profit (%) |
59.9 |
60.6 |
|
EBITDA |
13.1 |
15.5 |
-15.7% |
EBIT |
10.1 |
12.7 |
-20.3% |
|
|
|
|
Net profit |
7.4 |
9.3 |
-20.7% |
Fourth quarter of
2016
Group revenue at comparable stores rose by 4.6% in the fourth
quarter. Especially in the Netherlands there was a strong increase,
where like-for-like order intake increased by 21.5%. Like-for-like
revenue in Germany fell by 4.5%, primarily as a result of lower
visitor numbers. Switzerland also saw like-for-like revenue come
under pressure due to a challenging comparison base. Like-for-like
revenue rose in Belgium, Austria and Spain.
Total revenue increased by 8.6% to € 111.8 million
in the fourth quarter. Gross profit in 2016 of 59.9% was lower
compared to the fourth quarter of 2015 (60.6%). After the press
release of January 20 a further analysis has taken place of the
stock valuation. This analysis has led to an adjustment of the
stock value of € 1.0 million (non-cash). Excluding this
administrative adjustment, gross profit would have risen by 0.2% in
the fourth quarter.
Expenses rose by 14.4% to € 56.8 million in the
fourth quarter. This increase of € 7.1 million was caused on the
one hand by expansion, as a result of which the average number of
stores increased by 3.9%, and on the other hand by higher marketing
spending in Germany, higher depreciation as a result of the
investment program in the stores, rising logistics costs owing to
the revenue growth and higher overhead costs due to expansion of
the e-commerce activities.
EBITDA decreased to € 13.1 million. Operating
profit (EBIT) decreased to € 10.1 million in the fourth quarter.
Net profit for the fourth quarter of 2016 totalled € 7.4 million
(Q4 2015: € 9.3 million).
2016
Revenue for 2016 increased by 6.5% to € 410.5 million. Revenue at
comparable stores rose by 2.8% in 2016.
Revenue performance per country in 2016 was as
follows:
The Netherlands |
19.8% |
Germany |
-4.0% |
Austria |
14.8% |
Switzerland |
3.3% |
Spain |
22.0% |
Belgium |
30.9%
|
With the exception of Germany, all group companies
showed positive revenue performance. The decrease in revenue in
Germany is in line with the development of the German market in
2016. The lagging performance in Germany relates to the delayed
introduction of a new technical webshop platform, a growing trend
towards box-springs and the entry of online players. The growth in
revenue in the Netherlands and Austria was caused primarily by a
positive like-for-like development. The growth in Switzerland,
Spain and Belgium was due to a combination of expansion and
like-for-like growth in the order intake.
Gross profit as a percentage of revenue amounted
to 57.8% in 2016, which is a slight increase compared to previous
year (2015: 57.7%). This increase was achieved through improvements
in conditions, the assortment, product innovation and, when
possible, the implementation of price increases. Excluding the
aforementioned adjustment in the stock valuation, gross profit
amounts to 58.0%.
Total expenses rose from € 191.5 million to €
211.1 million. This increase of 10.2% is attributable in part to
rising staff costs. This is connected with the expansion of the
group in primarily the second half of 2016, the acquisition of
Sängjätten in June 2016, a higher number of staff on the shop floor
and the payment of higher bonuses due to the higher revenue. This
higher revenue also led to higher logistics costs. Overhead
expenses rose as a result of strengthening the management teams in
various countries and expanding mainly the IT and e-commerce
activities. The non-recurring expenses for e-commerce, logistics
studies, et cetera amounted to € 2.6 million in 2016 on an annual
basis.
The average number of stores grew by 3.6%. Owing
to the aforementioned development of expenses, average expenses per
store rose by 6.3%.
EBITDA decreased by 8.7% to € 37.5 million in this
period. EBITDA as a percentage of revenue decreased from 10.7% to
9.1%.
Operating profit (EBIT) decreased in this period
by 15.2% to € 26.0 million. Operating profit as a percentage of
revenue decreased from 8.0% to 6.3%.
Net profit for 2016 decreased by 15.7% from € 22.6
million to € 19.0 million. Earnings per share for 2016 were € 0.87
(2015: € 1.03).
Investments and cash
flow
Investments in intangible and tangible fixed assets amounted to
€ 16.5 million in 2016 (2015: € 16.0 million). Investments in
stores were € 10.4 million in 2016 (2015: € 8.9 million). The
remaining amount was invested primarily in IT and to a lesser
extent in other operating assets.
Solvency
Solvency amounted to 53.5% on 31 December 2016, compared to 57.5%
on 31 December 2015.
Operational
108 stores were opened and 63 stores were closed in 2016. New
stores were opened primarily in Germany, Spain, Belgium and France.
The increase in the number of stores, apart from the acquisition of
Sängjätten in Sweden in June, was distributed evenly across the
year. At year-end 2016, the group owned a total of 1,206
stores.
Number of stores |
31-12-2015 |
Closed |
Opened |
31-12-2016 |
Matratzen Concord |
992 |
48 |
60 |
1,004 |
Beter Bed |
97 |
6 |
9 |
100 |
Beddenreus |
34 |
7 |
6 |
33 |
El Gigante del Colchón |
36 |
2 |
14 |
48 |
Literie Concorde |
2 |
- |
3 |
5 |
Sängjätten |
- |
- |
16 |
16 |
Total |
1,161 |
63 |
108 |
1,206 |
|
|
|
|
|
Matratzen Concord
Number of
stores |
31-12-2015 |
Closed |
Opened |
31-12-2016 |
Germany |
849 |
40 |
52 |
861 |
Austria |
85 |
4 |
3 |
84 |
Switzerland |
58 |
4 |
5 |
59 |
Total |
992 |
48 |
60 |
1,004 |
|
|
|
|
|
Matratzen Concord
Revenue of the cash & carry format Matratzen Concord for 2016
totalled € 257.0 million (62.6% of total group revenue). This is a
decrease of 2.0% in comparison to 2015. Revenue decreased by 4.8%
in comparable stores. 83.2% of the revenue of Matratzen Concord was
achieved in Germany and 16.8% in Austria and Switzerland.
Beter Bed
This format operates in the Netherlands and Belgium. Revenue grew
from € 101.3 million to € 122.4 million in 2016, which equals an
increase of 20.9%. Order intake at comparable stores increased by
19.2% in 2016. Beter Bed contributes 29.8% to the total group
revenue.
Other formats
The revenue of the other formats amounted to € 31.1 million for
2016, contributing 7.6% to the total group revenue. This includes
the revenue of the store formats Beddenreus (Netherlands), El
Gigante del Colchón (Spain), Sängjätten (Sweden), Literie Concorde
(France) and the wholesale entity DBC.
Outlook 2017
While economic developments in the various countries appear to be
favourable, the outlook for 2017 is primarily determined by the
extent to which revenue recovers in the German market. Through the
final delivery of the new webshop platform in the first quarter of
2017 and a refined promotion and advertising strategy, we expect to
see a slight improvement in Germany in the first half of 2017.
Given the results achieved so far, we will
continue to pursue the objectives set out in our 'From Good to
Great 2016-2020' strategic plan with the primary focus being on
maximising customer satisfaction in an omnichannel environment,
which will be supported by a sharpened retail marketing focus and
innovations and an acceleration of logistics. The company
furthermore aims at market leadership in the various markets
through like-for-like growth in revenue and expansion.
After driving organic growth in revenue across the
company through various new initiatives, investments and
experiments for a number of years, a stringent cost control and
investment policy will be followed in 2017.
Dividend
Beter Bed Holding N.V.'s dividend policy is aimed at maximising
shareholder returns while 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 2016 the company paid an interim cash
dividend of € 0.34 per share. A proposal will be submitted to the
Annual General Meeting, scheduled for 18 May 2017, to distribute a
final cash dividend of € 0.40. This brings the dividend for 2016 to
€ 0.74 per share (2015: € 0.87 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 on 18
May 2017, and for which an unqualified auditor's report has been
issued by the independent auditor.
Profile
Beter Bed Holding is a European
retail organisation that strives to offer its customers a
comfortable and healthy night's rest every night at an affordable
price. The company does this via stores and its own web shops
through the formats:
- Matratzen Concord, located in Germany,
Switzerland and Austria.
- Beter Bed, located in the Netherlands and Belgium.
- Beddenreus, located in the Netherlands.
- El Gigante del Colchón, located in Spain.
- Sängjätten, located in Sweden.
- Literie Concorde, located in France.
The retail formats ensure products of good quality, offer customers
the best advice and always the best possible deal.
Beter Bed Holding is also active as a wholesaler
of branded products in the bedroom furnishing sector via its
subsidiary DBC International. The international brand M line is
sold in the Netherlands, Germany, Belgium, Spain, Austria,
Switzerland, France, Sweden and the United Kingdom.
In 2016, the company achieved net revenue of €
410.5 million with a total of 1,206 stores. 66.4% of this figure
was realised outside the Netherlands.
Beter Bed Holding N.V. has been listed on the
Euronext Amsterdam since December 1996 and its shares (BBED
NL0000339703) have been included in the AScX Index.
For more information:
Ton
Anbeek
Chief Executive Officer
+31 (0)413 338819
+31 (0)6 53662838
ton.anbeek@beterbed.nl |
Bart
Koops
Chief Financial Officer
+31 (0)413 338819
+31 (0)6 46761405
bart.koops@beterbed.nl |
Click for the press release including appendices on the link
below.
Press release Annual results 2016
1
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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