-
2013 net revenue fell by 10% to € 357.4 million
(2012: € 397.3 million).
-
Gross profit rose to 56.9% (2012: 56.3%).
-
Non-recurring expenses mainly for streamlining
the Benelux formula portfolio and store closures in Spain amounted
to € 7.4 million.
-
2013 net profit including non-recurring expenses
and write-downs fell by 43.1% to € 8.2 million (2012: € 14.4
million); earnings per share stood at € 0.38 (2012: € 0.67).
-
Normalised net profit in 2013 (excluding
non-recurring expenses) decreased by 36.8% to € 14.0 million (2012:
€ 22.2 million); normalised earnings per share stood at € 0.65
(2012: € 1.02).
-
Dividend proposal: € 0.27 per share, payout
ratio of 72%.
Key figures for the year
(in millions of € unless stated otherwise) |
2013 |
2012 |
Change |
Revenue |
357.4 |
397.3 |
-10.0% |
Change in revenue at comparable stores |
-11.2% |
-4.7% |
|
Gross profit (%) |
56.9% |
56.3% |
|
EBITDA |
22.3 |
38.1 |
-41.6% |
Operating profit/EBIT |
12.3 |
23.7 |
-48.2% |
Net profit |
8.2 |
14.4 |
-43.1% |
|
|
|
|
Earnings per share (in €) |
0.38 |
0.67 |
-43.3% |
Proposed dividend (in €) |
0.27 |
0.47 |
-42,6% |
Payout ratio |
72% |
70% |
|
|
|
|
|
Solvency |
56.6% |
50.4% |
|
Number of stores |
1,175 |
1,219 |
-3.6% |
Normalised EBITDA |
27.8 |
40.4 |
-31.3% |
Normalised operating profit/EBIT |
19.6 |
31.2 |
-37.0% |
Normalised net profit |
14.0 |
22.2 |
-36.8% |
Normalised earnings per share (in €) |
0.65 |
1.02 |
-36.9% |
|
|
|
|
Key figures
for the fourth quarter
(in millions of € unless stated otherwise) |
Q4
2013 |
Q4
2012 |
Change |
Revenue |
90.8 |
100.8 |
-10.0% |
Change in revenue at comparable stores |
-9.2% |
-10.5% |
|
Gross profit |
58.3% |
58.0% |
|
Operating profit/EBIT |
0.5 |
4.5 |
-87.9% |
EBITDA |
3.8 |
11.9 |
-68.3% |
Net profit |
0.0 |
0.9 |
-102.8% |
Earnings per share (in €) |
0.00 |
0.05 |
-103.1% |
Normalised operating profit/EBIT |
6.9 |
10.6 |
-34.4% |
Normalised EBITDA |
8.3 |
13.0 |
-36.0% |
Normalised net profit |
4.9 |
7.5 |
-34.8% |
Normalised earnings per share (in €) |
0.22 |
0.34 |
-35.0% |
Ton
Anbeek, Chief Executive Officer:
'2013
was a difficult year for our company. With the exception of Austria
and Switzerland, the propensity to buy was under pressure in all
markets, which was primarily reflected in lower visitor numbers.
Despite a higher conversion, this ultimately led to 10% lower
revenue. Germany saw a decline in the propensity to buy in the home
furnishings segment in general and the bedroom furniture segment in
particular. Our market share nevertheless grew. Consumer confidence
dropped to a low point in the Netherlands. This led to fewer
visitors in the stores. Two of our formulas, Slaapgenoten and
Matrassen Concord in the Benelux, were hit particularly badly by
this development, which forced us to decide to discontinue these
formulas and to shift the strategic focus in the Netherlands and
Belgium to Beter Bed and BeddenREUS. The group was able to raise
gross profits further and achieve additional cost-savings in 2013.
The net working capital was also reduced.
In anticipation of recovery of
the markets, which is not expected before the fourth quarter of
this year, we will begin working on relaunching and fine-tuning all
the formulas in all the countries in which we are active. The
initial steps in this process have already been taken for Beter Bed
Benelux in early 2014. We will also continue to focus on measures
in the field of cost-savings and improving margins. The group's
financial position remains strong, with a healthy balance sheet and
a strong cash position. This, combined with the commitment of our
motivated employees, provides us with the foundation to look to the
future with confidence despite the current difficult market
conditions.'
Fourth quarter
2013
The revenue of Beter Bed Holding decreased by
10.0% to € 90.8 million in the fourth quarter of 2013 (fourth
quarter 2012: € 100.8 million). The revenue at comparable stores
fell by 9.2% (fourth quarter 2012: -10.5%).
Revenue performance per country in the fourth
quarter was as follows:
Germany |
-4% |
The Netherlands |
-19% |
Switzerland |
-3% |
Austria |
+1% |
Spain |
-52% |
Belgium |
-14% |
|
|
|
|
|
|
|
Revenue in Germany decreased by 4% in the fourth
quarter. Revenue at comparable stores fell by 7% in the fourth
quarter (fourth quarter 2012: -8%). This decrease in revenue is
attributable to low consumer spending in Germany within the home
furnishings segment, which includes mattresses. In the Netherlands,
a combination of a lower-than-average number of stores and a 16%
decrease in revenue at comparable stores in the fourth quarter led
to a 19% decrease in revenue. In Spain, the drop in revenue at
comparable stores amounted to 14% in the fourth quarter.
Gross profit amounted to 58.3% in the fourth
quarter of 2013 (fourth quarter 2012: 58.0%). Operating expenses
decreased by 3.0% from € 54.0 million in 2012 to € 52.3 million in
2013. Average expenses per store increased by 0.8% in the fourth
quarter of 2013. Operating profit (EBIT) in the fourth quarter of
2013 amounted to € 0.5 million (2012: € 4.5 million). Net profit in
the fourth quarter of 2013 decreased to € 0.0 million (2012: € 0.9
million).
Streamlining of Benelux
formula portfolio
For the sake of portfolio rationalisation Beter
Bed Holding announced on 22 January 2014 its decision to close the
Slaapgenoten and Matrassen Concord formulas in the Benelux in 2014.
As a result of this the fixed assets of these formulas have been
written down, a stock provision has been made and a provision for
onerous rental contracts has been formed with a total negative
effect on operating profit in 2013 of € 6.4 million and € 4.9
million on net profit.
Full year 2013
Revenue for the full year 2013 decreased by 10% to
€ 357.4 million (2012: € 397.3 million). This decline is due to the
decrease in revenue at comparable stores of 11.2% (2012: -4.7%).
The number of stores decreased by 44 to 1,175 (year-end 2012: 1,219
stores), primarily as a result of store closures in Spain.
Continuing low consumer confidence in the Netherlands led to a 16%
decrease in revenue at comparable stores. Consumers' reduced
propensity to buy in the home furnishings and bedroom furnishings
segments in Germany and the bad weather in the first half of the
year led to an 8% decrease in revenue at comparable stores on an
annualised basis.
Revenue performance per country in the full year
2013 was as follows:
Germany |
-5% |
The Netherlands |
-17% |
Switzerland |
+2% |
Austria |
+4% |
Spain |
-48% |
Belgium |
-25% |
|
|
|
|
|
|
|
Gross profit rose to 56.9% (2012: 56.3%) in 2013
due to substantially improved purchasing conditions. As a result of
the initiated cost-savings program, operational expenses fell from
€ 200.1 million to € 190.9 million. Costs as a percentage of
revenue rose from 50.4% to 53.4%.
Operating profit for the full year 2013 amounted
to € 12.3 million (3.4% of revenue) compared to € 23.7 million
(6.0% of revenue) in 2012. Net profit in 2013 amounted to € 8.2
million (2012: € 14.4 million). Earnings per share amounted to €
0.38 in 2013 (2012: € 0.67).
2013 and 2012
normalised
In addition to the non-recurring expenses of € 6.4
million in connection with the closure of the Slaapgenoten and
Matrassen Concord formulas in the Benelux, the company incurred
non-recurring expenses totalling € 1.0 million in early 2013 for
the closure of the stores in Spain and the reorganisation of the
head office in the Netherlands.
An amount of € 7.5 million in additional expenses
was included in the 2012 financial statements for the write-down of
the activities in Spain and other reorganisation expenses.
The normalised operational expenses decreased in
2013 by € 8 million to € 184.6 million (2012: € 192.6 million). The
normalised average expenses per store decreased by 3.0% in 2013.
The normalised operating profit fell from € 31.2 million (7.9% of
revenue) to € 19.6 million (5.5% of revenue). Normalised net profit
amounted to € 14.0 million in 2013 (2012: € 22.2 million).
Investments, cash flow and
balance sheet positions
Total investments in 2013 amounted to € 5.4
million (2012: € 10.9 million). A total of € 3.7 million of this
amount was invested in new and existing stores in 2013 (2012: € 7.2
million). The remaining amount has been invested primarily in IT.
The cash flow (net profit plus depreciations and write-downs)
amounted to € 18.2 million in 2013, compared to € 28.8 million in
2012. Solvency at year-end 2013 amounted to 56.6% (2012: 50.4%).
Interest-bearing debt amounted to € 5.0 million at year-end 2013
(year-end 2012: € 12.3 million).
Operational
A total of 75 stores were opened and 119 stores
were closed in 2013. The total number of stores consequently
decreased by 44 on balance. The company had 1,175 stores at the end
of 2013.
Number of
stores |
31-12-2012 |
Closed |
Opened |
31-12-2013 |
Matratzen Concord |
1,004 |
72 |
70 |
1,002 |
Beter Bed |
88 |
- |
4 |
92 |
El Gigante del Colchón |
63 |
32 |
- |
31 |
BeddenREUS |
44 |
4 |
- |
40 |
Slaapgenoten |
16 |
7 |
- |
9 |
Schlafberater.com |
4 |
4 |
1 |
1 |
|
|
|
|
|
Total |
1,219 |
119 |
75 |
1,175 |
Matratzen Concord
The revenue of the cash & carry retail formula
Matratzen Concord amounted to € 238.4 million in 2013 (66.7% of the
total group revenue). This represents a decrease of 5.1% compared
to 2012. Revenue at comparable stores decreased by 7.7%. The
formula closed a net total of two stores in 2013. Twelve stores
were opened on balance in Germany. The number of stores in the
other countries decreased.
Number of stores |
31-12-2012 |
Closed |
Opened |
31-12-2013 |
Germany |
852 |
44 |
56 |
864 |
Austria |
67 |
7 |
4 |
64 |
Switzerland |
52 |
10 |
9 |
51 |
The Netherlands |
27 |
9 |
- |
18 |
Belgium |
6 |
2 |
1 |
5 |
Total |
1,004 |
72 |
70 |
1,002 |
Beter Bed
This formula is active in the Netherlands and
Belgium. The number of Beter Bed stores grew by four from 88 to 92
as a result of store openings in Belgium. Revenue fell by 12.6% in
2013 to € 89.5 million (2012: € 102.4 million). The formula
consequently contributes 25.0% to the total group revenue. Beter
Bed's revenue at comparable stores fell by 13.5% for the full year
2013. Online revenue performed according to expectation in 2013 and
contributed approximately 5% to the total revenue.
Other formulas
The revenue of the other formulas amounted to €
29.5 million in 2013 (2012: € 43.7 million). This includes the
revenue of the BeddenREUS (Netherlands), Slaapgenoten
(Netherlands), El Gigante del Colchón (Spain) retail formulas and
the wholesaler DBC. These other formulas contribute 8.3% to the
total group revenue.
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 2013, the company paid an interim cash
dividend of € 0.20 per share. A proposal will be submitted to the
Annual General Meeting of Shareholders, scheduled for 19 May 2014,
to distribute a final cash dividend of € 0.07. This brings the
dividend for 2013 to € 0.27 per share (2012: € 0.47 per share) and
72% 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 2014, and for which an
unqualified auditor's report has been issued by the independent
auditor.
Developments and outlook
2014
The company expects that the
economic situation in the Netherlands will only begin to recover
cautiously at the end 2014 or beginning of 2015. This will be
followed by an increase in consumer spending. It is also still too
early to be able to detect a change in German consumers' buying
behaviour. There will consequently not be a substantial increase in
revenue in the short term. The various formulas will be fine-tuned
further in the months ahead, with the related focus being on
increasing the number of visitors, the conversion, the service and
customer satisfaction. In addition, priority will be placed on
improving margins, reducing costs and closing poor-performing
stores.
Profile
Beter Bed Holding N.V. operates in the European
bedroom furnishings market. Its activities include retail trade
through a total of 1,175 stores at the end of 2013 that operate via
the chains Beter Bed (active in the Netherlands and Belgium),
Matratzen Concord (active in Germany, Switzerland, Austria, the
Netherlands and Belgium), El Gigante del Colchón (active in Spain),
BeddenREUS and Slaapgenoten (both 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, Switzerland and
the United Kingdom via its subsidiary DBC International. Beter Bed
Holding N.V. achieved net revenue of € 357.4 million in 2013. More
than 67% 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.
Financial
Calendar
Analysts' Meeting annual results
2013
week
11
14.03.2014
Publication Annual Report
2013
week 13
24.03.2014
Annual General Meeting of
Shareholders
week 21
19.05.2014
Publication Q2 2014 trading
statement
week 29
18.07.2014
Publication interim figures
2014 week
34
22.08.2014
Analysts' Meeting interim figures
2014
week 34
22.08.2014
Publication Q4 2014 trading
statement
week
4
23.01.2015
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 |
Please click
on the link below for the full version of the press
release.
press release
14-3-2014.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#1768701
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