- Net revenue rose by 5.9% to €
385.4 million.
- Gross profit increased to 57.7%
(2014: 57.3%).
- EBITDA up 31.4% to € 41.1
million (2014: € 31.3 million).
- Operating profit up 33.2% to €
30.7 million (2014: € 23.0 million).
- Net profit amounted to € 22.6
million (2014: € 16.9 million).
- Dividend proposal: € 0.87 per
share, pay-out ratio of 85%.
Key figures for the year
(in millions of € unless stated otherwise) |
2015 |
2014 |
Change |
Revenue |
385.4 |
364.0 |
5.9% |
Gross profit (%) |
57.7 |
57.3 |
|
EBITDA |
41.1 |
31.3 |
31.4% |
EBIT |
30.7 |
23.0 |
33.2% |
|
|
|
|
Net profit |
22.6 |
16.9 |
33.8% |
|
|
|
|
Earnings per share (in €) |
1.03 |
0.77 |
33.2% |
Proposed dividend (in €) |
0.87 |
0.65 |
|
Pay-out ratio (in %) |
85 |
85 |
|
|
|
|
|
|
31-12-2015 |
31-12-2014 |
|
Solvency (%) |
57.5 |
58.6 |
|
Ton Anbeek,
Chief Executive Officer:
'The company's organic (like-for-like) growth
continued to increase in 2015. The first half of 2015 in Germany
and Austria in particular as well as the sharply increasing growth
in the Benelux contributed significantly to this. Beter Bed Holding
was able to further improve its market position in almost all
countries. In 2015, the new strategy 2016-2020 ('From Good to
Great') was developed in order to strengthen the attraction power
and transaction power of the various formulas in the coming years.
The spearheads of this strategy are customer satisfaction,
innovation, omnichannel e-commerce, IT systems, logistics,
expansion and acquisitions.'
Key figures for the fourth
quarter
(in millions of € unless stated otherwise) |
2015 Q4 |
2014 Q4 |
Change |
Revenue |
102.9 |
99.6 |
3.4% |
Gross profit (%) |
60.6 |
58.8 |
|
EBITDA |
14.9 |
12.2 |
22.0% |
EBIT |
12.7 |
10.5 |
20.2% |
|
|
|
|
Net profit |
9.3 |
7.5 |
23.9% |
|
|
|
|
Fourth quarter 2015
Group revenue at comparable stores rose by 2.2% in the fourth
quarter. There was a strong increase in the Netherlands especially,
where like-for-like revenue on the basis of order intake increased
by 17.7%. In Germany like-for-like revenue decreased 3.6% due to a
challenging basis of comparison (like-for-like revenue growth in Q4
2014: 11.5%). In Spain and Austria, like-for-like revenue was also
subject to pressure due to a challenging basis of comparison.
Like-for-like revenue rose in Belgium and Switzerland.
Total revenue increased by 3.4% to € 102.9 million
in the fourth quarter. At 60.6%, gross profit was higher in this
quarter than in the same period in 2014. The increase was partly
attributable to improved purchasing conditions and higher supplier
bonuses.
Expenses rose by 3.5% to € 49.7 million in the
fourth quarter. This increase of € 1.7 million was caused on the
one hand by expansion, as a result of which the average number of
stores increased by 1.8%, and on the other by higher marketing
spending in Germany, higher depreciation as a result of the
investment programme in particularly the shops, rising logistics
costs owing to the revenue growth and higher overhead costs due to
expansion of the e-commerce activities.
EBITDA rose to € 14.9 million. Operating profit
(EBIT) increased to € 12.7 million in the fourth quarter. Net
profit for the fourth quarter of 2015 totalled € 9.3 million (Q4
2014: € 7.5 million).
2015
Revenue for 2015 increased by 5.9% to € 385.4 million. Revenue at
comparable stores rose by 5.4% in 2015.
Revenue performance per country in 2015 was as
follows:
Netherlands |
5.5% |
Germany |
4.5% |
Austria |
15.4% |
Switzerland |
10.2% |
Spain |
8.4% |
Belgium |
28.8%
|
All countries of the group achieved revenue
growth. In Germany, the Netherlands and Belgium, this was mainly
attributable to like-for-like growth. In Austria, due to the
acquisition of BettenMax, and Spain revenue rose as a consequence
of expansion in combination with like-for-like revenue growth.
Switzerland reported lower revenue on a like-for-like basis, caused
by the economic conditions (as a result of the revaluation of the
Swiss franc).
Gross profit as a percentage of revenue was 57.7%
in 2015, up from the same period in the preceding year (2014:
57.3%). The increase was partly attributable to improved purchasing
conditions, year-end bonuses and responsible price increases.
Total expenses rose from € 185.6 million to €
191.5 million. This 3.2% increase was largely attributable to
higher depreciation resulting from the investment programme
launched in 2014 and higher marketing spending, mainly for
preparations for the relaunch of the Matratzen Concord formula. In
addition, staff costs rose due to higher staff deployment and the
pay-out of higher bonuses as a result of the higher revenue. The
higher revenue also led to higher logistics costs. Lastly, overhead
costs rose due to expansion of the e-commerce activities in
particular.
The average number of stores fell by 1.5%. Owing to this decrease
and the cost increases referred to earlier, average costs per store
rose by 4.6%.
EBITDA rose by 31.4% to € 41.1 million in this
period. EBITDA as a percentage of revenue increased from 8.6% to
10.7%.
Operating profit increased by 33.2% to € 30.7
million in this period. Operating profit as a percentage of revenue
rose from 6.3% to 8.0%.
Net profit for 2015 increased by 33.8% from € 16.9
million to € 22.6 million. Earnings per share for 2015 were € 1.03
(2014: € 0.77).
Investments and cash
flow
Investments amounted to € 16.0 million in 2015 (2014: € 13.2
million). Investments in stores were € 8.9 million in 2015 (2014: €
10.8 million). Beter Bed also acquired a logistics centre that had
previously been rented for € 2.5 million. The remaining amount was
invested primarily in IT and to a lesser extent in other operating
assets.
Solvency
Solvency amounted to 57.5% on 31 December 2015, compared to 58.6%
on 31 December 2014.
Operational
In 2015, 95 stores were opened and 63 stores were closed. The
growth in the number of stores was mainly attributable to the
acquisition of BettenMax at the end of 2015. At year-end 2015, the
group had a total of 1,159 stores.
Number of stores |
31-12-2014 |
Closed |
Opened |
31-12-2015 |
Matratzen Concord |
966 |
46 |
72 |
992 |
Beter Bed |
94 |
9 |
12 |
97 |
El Gigante del Colchón |
32 |
2 |
6 |
36 |
Beddenreus |
35 |
6 |
5 |
34 |
Total |
1,127 |
63 |
95 |
1,159 |
|
|
|
|
|
Matratzen Concord
Number of
stores |
31-12-2014 |
Closed |
Opened |
31-12-2015 |
Germany |
846 |
42 |
45 |
849 |
Austria |
67 |
3 |
21 |
85 |
Switzerland |
53 |
1 |
6 |
58 |
Total |
966 |
46 |
72 |
992 |
|
|
|
|
|
Matratzen Concord
Revenue of the cash & carry formula Matratzen Concord for 2015
totalled € 262.2 million (68.0% of total group revenue). This is an
increase of 5.2% compared to 2014. Revenue at comparable stores
grew by 3.1%. Within revenue of this formula, 85.0% was achieved in
Germany and 15.0% in Austria and Switzerland.
Beter Bed
This formula operates in the Netherlands and Belgium. The number of
Beter Bed stores increased by three. Revenue grew from € 91.3
million to € 101.3 million in 2015, up 10.9%. Order intake in
comparable stores rose by 11.6% in 2015. Beter Bed contributed
26.3% to the total group revenue.
Other formulas
The revenue of the other formulas amounted to € 22.0 million for
2015, contributing 5.7% to the total group revenue. This includes
the revenue of the store formulas Beddenreus (Netherlands), El
Gigante del Colchón (Spain) and the wholesaler DBC. The revenue of
the other formulas is lower than in the preceding year as a result
of the closure of Slaapgenoten during 2014.
Outlook 2016
The outlook for 2016 is positive. The economic outlook and the
development of the housing market (at low mortgage interest rates)
continue to appear to be favourable, despite a number of
uncertainties. Building on the results of the measures put in place
in the past few years, steps will be taken to continue
like-for-like growth and to ensure that the formulas remain
contemporary. To achieve this, a new strategic plan was formulated
in 2015 for the period 2016-2020, named 'From
good to great'. The primary focus in that plan will be on
innovation and maximum customer satisfaction in an omnichannel
environment. Expansion will also be a priority, in order to further
strengthen the position of our formulas in the various
countries.
Dividend
Beter Bed Holding N.V.'s dividend policy is aimed at maximising
shareholder return 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 2015 the company paid an interim cash
dividend of € 0.39 per share.
A proposal will be submitted to the Annual General Meeting of
Shareholders, scheduled for 19 May 2016, to distribute a final cash
dividend of € 0.48. This brings the dividend for 2015 to € 0.87 per
share (2014: € 0.65 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 2016, 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 sleep every
night at an affordable price. The company does
this through its retail formulas:
-
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.
-
Literie Concorde, located in France.
The retail formulas ensure products of good
quality, offer better advice to customers than their competitors
and always offer 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, Austria, Switzerland, Spain and
France.
In 2015, the company achieved net revenue of €
385.4 million with a total of 1,159 stores. 70.1% of this figure
was realised outside the Netherlands.
Beter Bed Holding N.V. is a listed company and its
shares have been included in the AScX Index of Euronext Amsterdam
since December 1996.
For further 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 PDF version
of the press release.
press release 11-3-2016
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX 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
HUG#1993536
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