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2016-08-30

Beter Bed Holding NV: Beter Bed Holding realises increased revenue and profit in first six months of 2016

* Revenue increases by 5.7% to € 196.7 million.
* Like-for-like order intake: + 3.5%.
* Gross profit rises by 0.4% to 57.0%.
* EBITDA increases by € 1.6 million (10.3%) to € 17.1 million.
* Net profit rises by 7.4% to € 8.4 million.

Key figures interim results

(in millions of € unless stated otherwise)

-----------------------------------------------------------
| 2016 H1 2015 H1 Change |
| Revenue 196.7 186.1 5.7% |
| Gross profit (%) 57.0 56.6 |
| EBITDA 17.1 15.5 10.3% |
| Operating profit 11.6 10.5 10.3% |
| |
| Net profit 8.4 7.8 7.4% |
| |
| Earnings per share (in €) 0.38 0.36 7.3% |
| |
| 30-6-2016 30-6-2015 |
| Solvency (%) 57.9 58.6 |
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Ton Anbeek, Chief Executive Officer
'The strategic decision to enable the company to develop into an omnichannel
retailer with a marketing and advertising policy aimed at customer
satisfaction and innovation is producing results given the development of the
online revenue and revenue in our stores in the first six months of 2016.
This is revealed most clearly in the Benelux countries where the execution of
the 'From Good to Great' strategy is taking place according to plan. With
some delay the German-speaking countries will carry out the same strategy.
Combined with a strong comparative basis, this provides an explanation for
the lower like-for-like growth. Gross profit and EBIT also showed healthy
growth. While great importance is placed on cost control, the expenses were
higher in the first six months of 2016. This is due in part to the new
strategy in which further professionalisation of the organisation is a top
priority. Non-recurring expenses were also recorded in the first six months
of 2016 that relate to logistics tests/studies, omnichannel/ecommerce,
marketing projects and the acquisition of Sängjätten. We expect Sängjätten to
contribute to profit from the first half of 2017 onwards.'

Key figures second quarter results
(in millions of € unless stated otherwise)

----------------------------------------------
| 2016 Q2 2015 Q2 Change |
| Revenue 89.8 83.9 7.0% |
| Gross profit (%) 57.4 56.7 |
| EBITDA 4.3 3.7 16.8% |
| Operating profit 1.5 1.3 17.1% |
| |
| Net profit 1.0 1.0 -5.7% |
----------------------------------------------
Second quarter of 2016

Order intake in comparable stores rose in the second quarter of 2016 in all
the countries in which the group operates, with the exception of Germany and
Switzerland. The order intake in comparable stores in the Netherlands
increased by 15.9% and decreased by 4.0% in Germany. Like-for-like order
intake growth amounted to 2.5% for the entire group.

Total revenue increased by 7.0% to € 89.8 million in the second quarter. The
growth in revenue was caused on the one hand by the positive like-for-like
development and on the other hand by the increase in the average number of
stores by 3.3% as a result of organic growth and acquisitions. Revenue also
rose as a result of a high order portfolio at the beginning of the quarter.

Gross profit in this period amounted to 57.4%, representing a 0.7% increase
compared to the second quarter of 2015. Gross profit rose as a result of
improved purchasing conditions and range improvements.

Total expenses increased by 8.2% to € 50.0 million in the second quarter of
2016. This rise was caused by the increase in the average number of stores
and the growth in like-for-like, and relates primarily to logistics and staff
costs (increased number of employees and variable remuneration). Investments
in the further professionalisation of the organisation, in fields including
retail marketing, training and ecommerce, also led to higher amortisation,
staff and IT expenses. In addition, € 1.0 million in non-recurring expenses
were included in the second quarter results of 2016, with the largest
proportion of this amount being connected to the strategy development.
Average expenses (excluding DBC) per store rose by 5.2% in the second quarter
(excluding non-recurring expenses, the increase was 3.0%).

EBITDA totalled € 4.3 million in the second quarter. This is an increase of €
0.6 million (16.8%) compared to the same period of last year. Total operating
profit (EBIT) increased in the second quarter from € 1.3 million to € 1.5
million. Net profit in the second quarter of 2016 totalled € 1.0 million
(second quarter 2015: € 1.0 million).

Revenue and net profit are generally lower in the second and third quarter
than in the first and fourth quarter due to the seasonal pattern in consumer
demand.

First six months of 2016
Revenue rose by 5.7% to € 196.7 million in the first six months of 2016. Order
intake at comparable stores rose by 3.5% during this period.

Revenue performance per country in the first six months of 2016 was as
follows:

----------------------
| Netherlands 18.9% |
| Germany -2.8% |
| Austria 20.6% |
| Switzerland -4.1% |
| Spain 13.0% |
| Belgium 29.0% |
| France 63.6% |
----------------------
The higher revenue in the Netherlands was attributable, in addition to a
pick-up in demand resulting from the recovering housing market, primarily to
the execution of the new 'From Good to Great' strategy that emphasises
omnichannel ecommerce, retail marketing, customer satisfaction, innovation
and logistics. Revenue in Germany decreased due to lower footfall in our
stores and the strong comparative basis (like-for-like H1 2015: 10.2%). The
growth in Austria and Spain is primarily attributable to an increase in the
number of stores as a result of organic expansion and acquisitions. The group
has gained market share in almost all the countries in which it operates.

Gross profit amounted to 57.0% in the first six months of 2016 and is
consequently 0.4% higher than in the same period of last year (H1 2015:
56.6%). The increase was once again achieved mainly through improved
purchasing conditions and range adjustments.

The average number of stores in the first six months of 2016 rose by 3.1%
compared to the first six months of last year. Total expenses increased by
6.0% from € 94.8 million to € 100.5 million in the first six months of 2016.
This increase largely stems from the aforementioned increase in the average
number of stores and (investments in) the further professionalisation of the
organisation. Average expenses (excluding DBC) per store rose by 3.2% in the
first six months of 2016.

EBITDA totalled € 17.1 million in the first six months of 2016. This amounts
to an increase of € 1.6 million (10.3%) compared to the same period of last
year. Operating profit (EBIT) increased by 10.3% to € 11.6 million in this
period. Operating profit as a percentage of revenue rose from 5.7% to 5.9%.

Net profit rose by 7.4% from € 7.8 million to € 8.4 million in the first six
months of 2016.

Earnings per share in the first six months of 2016 amounted to € 0.38 (first
six months of 2015: € 0.36).

Investments
Investments in the first six months of 2016 totalled € 8.9 million (first six
months of 2015: € 8.7 million). During this period, investments in stores
amounted to € 4.5 million (first six months of 2015: € 4.8 million). The
assets acquired through the acquisition of Sängjätten total € 2.1 million,
and consist of € 0.3 million in tangible fixed assets and € 1.8 million in
intangible assets.

Financing/solvency
Solvency amounted to 57.9% on 30 June 2016, compared to 58.6% on 30 June 2015
and 57.5% at year-end 2015.

Operational
53 stores were opened and 38 stores were closed in the first six months of
2016. The group had a total of 1,176 stores at the end of June 2016.

Number of stores

-----------------------------------------------------------------
| 31-12-2015 Closed Opened 30-6-2016 |
| Matratzen Concord 992 30 24 986 |
| Beter Bed 97 4 3 96 |
| El Gigante del Colchón 36 - 8 44 |
| Beddenreus 34 4 2 32 |
| Literie Concorde 2 - - 2 |
| Sängjätten - - 16 16 |
| Total 1,161 38 53 1,176 |
-----------------------------------------------------------------
Matratzen Concord

-----------------------------------------------------------
| Number of stores 31-12-2015 Closed Opened 30-6-2016 |
| Germany 849 24 23 848 |
| Austria 85 4 - 81 |
| Switzerland 58 2 1 57 |
| Total 992 30 24 986 |
-----------------------------------------------------------
Matratzen Concord
Revenue of the cash&carry format Matratzen Concord in the first six months of
2016 totalled € 123.6 million (62.8% of total group revenue). This is a
decrease of 1.1% compared to the first six months of 2015. Of the revenue of
this format, 83.1% was achieved in Germany and 16.9% in Austria and
Switzerland. Revenue at comparable stores decreased by 4.1%.

Beter Bed
This format operates in the Netherlands and Belgium. Revenue grew in the first
six months of 2016 by € 10.7 million to € 61.1 million, which equals an
increase of 21.2%. Revenue in comparable stores increased by 20.9% in the
first six months of 2016. Beter Bed contributed 31.1% to the total group
revenue.

Other formats
Revenue of the other formats rose by 11.3% in the first six months of 2016 to
€ 12.0 million. The other formats contributed 6.1% to the total group
revenue. This includes the revenues of the retail formats Beddenreus (The
Netherlands), El Gigante del Colchón (Spain), Literie Concorde (France),
Sängjätten (Sweden) and the wholesaler DBC.

Outlook for third quarter of 2016
The revenue trends in the Benelux, Spain and France are continuing. Demand
continues to lag behind, primarily in Germany and Austria, despite a less
stronger comparative basis .

Interim dividend
The company plans to pay an interim dividend in 2016. As is customary, further
information regarding this matter will be provided upon the...

Författare Hugin

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