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2015-08-28

Beter Bed Holding NV: Beter Bed realises sharply higher profit in first half of 2015

* 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

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| (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 |
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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

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| (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% |
| |
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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.

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| 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 |
| |
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Matratzen Concord

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| 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 |
| |
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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.

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