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2016-03-11

Beter Bed Holding NV: Beter Bed again achieves higher revenue and profit in 2015

* 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

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| (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 |
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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

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| (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% |
| |
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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 |
| |
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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.

Be...

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