-
Revenue increases by 10.3% to € 186.1
million.
-
Like-for-like order intake + 9.1%.
-
Underlying gross profit increases by 0.1% to
56.7%.
-
Operating profit increases by 65.9% to € 10.5
million (H1 2014: € 6.4 million).
-
Net profit increases by 59.8% to € 7.8 million
(H1 2014: € 4.9 million).
Key figures interim
results
(in millions of €
unless otherwise stated) |
2015 H1 |
2014 H1 |
Change |
Revenue |
186.1 |
168.7 |
10.3% |
Gross profit (%) |
56.6 |
57.2 |
|
EBIT |
10.5 |
6.4 |
65.9% |
|
|
|
|
Net profit |
7.8 |
4.9 |
59.8% |
|
|
|
|
Earnings per share (in
€) |
0.36 |
0.22 |
58.8% |
|
|
|
|
Operating cash
flow |
15.2 |
10.5 |
44.8% |
|
|
|
|
|
30-6-2015 |
30-6-2014 |
|
Solvency (%) |
58.6 |
60.2 |
|
Ton Anbeek,
Chief Executive Officer:
'We see a positive development of revenue in all
the countries in which the group operates. The generally increasing
consumer confidence, the higher propensity to buy and the
recovering housing market in the Netherlands are contributing to
this development. Furthermore, investments in the Beter Bed format
and Matratzen Concord's new visual identity and advertising
campaign are resulting in additional growth in revenue, which in
turn means the group is gaining market share.'
Key figures second quarter
results
(in millions of €
unless otherwise stated) |
2015 Q2 |
2014 Q2 |
Change |
Revenue |
83.9 |
76.0 |
10.4% |
Gross profit (%) |
56.7 |
57.7 |
|
EBIT |
1.3 |
0.0 |
|
|
|
|
|
Net profit |
1.0 |
0.4 |
146.9% |
|
|
|
|
Second quarter of
2015
Revenue at comparable stores increased in the second quarter of
2015 in all the countries in which the group is active. Revenue at
comparable stores in Germany and the Netherlands rose by 9.4% and
5.7% respectively (increase for the whole group amounted to 7.7%).
Total revenue rose by 10.4% to € 83.9 million in the second
quarter. The change to the exchange rate of the Swiss franc at the
beginning of this year was attributable for € 0.8 million of the
increase in revenue.
Gross profit was 56.7% lower in the second quarter
of 2015 than in the comparable period of last year. This is
attributable to the fact that the costs of free deliveries at
Matratzen Concord have not been recognised as expenses, but are
instead accounted for in the gross profit since the fourth quarter
of 2014. Excluding these expenses, gross profit amounted to 57.4%
in the second quarter (Q2 2014: 57.7%).
Expenses rose by 5.6% to € 46.3 million in the
second quarter. This increase was caused by higher depreciations
due to the investment program launched in early 2014, higher
advertising expenses owing to the Matratzen Concord format's new
campaign and increased staff costs due to the payment of higher
bonuses to sales staff as a result of the growth in revenue.
The aforementioned change to the Swiss franc
exchange rate led to a € 0.5 million increase in expenses during
this period. In addition, there was a non-recurring decrease in
expenses of € 0.9 million in the second quarter of 2014 as a result
of the release of reserves in connection with lower liabilities
ensuing from employee stock options and rental obligations.
Excluding these items, expenses rose by 2.3% in the second quarter
of 2015.
Average expenses per store (excluding DBC)
increased by 8.1% in the second quarter. Average expenses per store
rose more sharply than the total expenses due to a 2.7% decrease in
the average number of stores. Excluding the exchange rate effect
and non-recurring income in 2014, average expenses per store rose
by 4.6%.
Operating profit (EBIT) rose in the second quarter
from € 0.0 million to € 1.3 million. Net profit in the second
quarter of 2015 amounted to € 1.0 million positive (second quarter
2014: € 0.4 million positive).
Revenue and net profit are generally lower in the
second and third quarter of the year than in the first and fourth
quarter due to the seasonal pattern in consumer demand.
First half of 2015
Revenue increased in the first half of 2015 by 10.3% to € 186.1
million. Revenue in comparable stores rose by 9.1% in the first
half of 2015.
The movements in revenue for the first half of
2015 by country were as follows:
Netherlands |
6.1% |
Germany |
10.2% |
Austria |
22.6% |
Switzerland |
23.5% |
Spain |
15.7% |
Belgium |
28.6% |
The higher revenue was caused primarily by a
rising demand due to the improving economy, the recovering housing
market in the Netherlands and formula and range improvements. The
group is consequently gaining market share in virtually all
markets. Exchange rate differences had a positive effect of € 1.6
million on revenue.
Gross profit as a percentage of revenue was 56.6%
in the first half of 2015, which is lower than in the same period
of last year (H1 2014: 57.2%). This decrease was also largely
caused by recognising the expenses of free delivery at Matratzen
Concord under gross profit. Excluding these expenses, the
underlying gross profit amounted to 57.3% in the first half of
2015.
The average number of stores decreased by 3.3% in
the first half of 2015 compared to the same period of last year.
Total expenses increased from € 90.2 million to € 94.8 million in
the first half of 2015, representing a 5.0% increase. This rise was
caused by the aforementioned depreciation, marketing and staff
costs. Exchange rate differences caused expenses to rise by € 1.0
million. Operating expenses as a percentage of revenue for the
first half year decreased from 53.5% in 2014 to 50.9% in 2015.
Excluding non-recurring income in 2014 and the
effects of exchange rate differences in 2015, the increase in
expenses for the first half of 2015 amounted to 3.0%.
Average expenses per store (excluding DBC) rose by
8.3% in the first half of 2015 due to both the relatively sharp
decrease in the number of stores and the increase in expenses.
Excluding the exchange rate effect and the non-recurring income in
2014, average expenses per store rose by 6.0%.
Operating profit (EBIT) rose in this period by
65.9% to € 10.5 million. Operating profit (EBIT) as a percentage of
revenue increased from 3.8% to 5.7%.
Net profit for the first half year rose by 59.8%
from € 4.9 million to € 7.8 million. Earnings per share for the
first half of 2015 amounted to € 0.36 (first half of 2014: €
0.22).
Investments and cash
flow
Investments amounted to € 8.7 million in the first half of 2015
(first half of 2014: € 4.5 million). Investments in stores totalled
€ 4.8 million in the first half of 2015 (first half 2014: € 3.7
million). Other investments related to the purchase of a DC,
and IT. The operating cash flow increased by 44.8% from € 10.5
million in 2014 to € 15.2 million in 2015.
Financing
Solvency was 58.6% as at 30 June 2015, compared with 60.2% on 30
June 2014 and 58.6% at year-end 2014. The group has also this year
extended its account overdraft facilities totalling € 40 million
(of which € 20 million committed) for a period of five years based
on the existing covenants.
Operational
In the first half of 2015, 32 stores were opened and 38 stores were
closed. At the end of June 2015, the group had a total of 1,121
stores.
Number of stores |
31-12-2014 |
Closed |
Opened |
30-6-2015 |
Matratzen Concord |
966 |
27 |
20 |
959 |
Beter
Bed |
94 |
6 |
5 |
93 |
El
Gigante del Colchón |
32 |
1 |
4 |
35 |
Beddenreus |
35 |
4 |
3 |
34 |
|
|
|
|
|
|
|
|
|
|
Total |
1,127 |
38 |
32 |
1,121 |
|
|
|
|
|
Matratzen Concord
Number of stores |
31-12-2014 |
Closed |
Opened |
30-6-2015 |
Germany |
846 |
26 |
19 |
839 |
Austria |
67 |
- |
1 |
68 |
Switzerland |
53 |
1 |
- |
52 |
|
|
|
|
|
Total |
966 |
27 |
20 |
959 |
|
|
|
|
|
Matratzen Concord
The revenue of the cash & carry formula Matratzen Concord for
the first half of 2015 totalled € 124.9 million (67.1% of total
group revenue). This is an increase of 10.8% compared with the same
period in 2014. Within the revenue of this formula, 84.7% is
realised in Germany and 15.3% in Austria and Switzerland. Revenue
increased by 9.9% in the comparable stores.
Beter Bed
This formula is active in the Netherlands and Belgium. Revenue rose
by € 6.4 million to € 50.4 million in the first half of 2015,
representing an increase of 14.5%. Revenue in comparable stores
increased by 8.1% in the first half of 2015. Beter Bed contributes
27.1% of total group revenue.
Other formulas
Revenue of the other formulas for the first half of 2015 decreased
with 10.2% to € 10.8 million, mainly as a result of the closure of
the Slaapgenoten formula. The other formulas contributed for 5.8%
to the total group revenue. This includes the revenue of the retail
formulas Beddenreus (the Netherlands), El Gigante del Colchón
(Spain) and the wholesaler DBC.
Outlook for the third quarter of
2015
In all countries the underlying trend is positive and the economic
recovery in the Netherlands seems to continue. At the same time the
basis for comparison will be challenging. In addition, the warm
summer weather in primarily the Matratzen Concord countries, but
also in the Benelux, influenced the number of visitors.
Interim dividend
The company intends to distribute an interim dividend in 2015. As
is customary, further information regarding this matter will be
provided upon the publication of the trading update on 30 October
2015.
Profile
Beter Bed Holding N.V. operates in the European bedroom furnishings
market. Its activities include retail trade through a total of
1,121 stores at the end of June 2015 that operate via the chains
Beter Bed (active in the Netherlands and Belgium), Matratzen
Concord (active in Germany, Switzerland and Austria), El Gigante
del Colchón (active in Spain) and Beddenreus (active in 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.
Approximately 70% of the group's net revenue is realised outside
the Netherlands. The company has been listed on the NYSE Euronext
Amsterdam since 1996 and is included in the Amsterdam Small Cap
Index.
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
28-8-2015.pdf
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#1947962
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