Beter Bed achieves higher revenue and profit in 2014
(Thomson Reuters ONE) -
* Net revenue increased by 1.8% to ? 364.0 million.
* Like-for-like order intake rose by 4.8%.
* Average number of stores decreased by 4.1%.
* Gross profit rose to 57.3%.
* Operating profit increased to ? 23.0 million (2013: ? 12.3 million).
* Net profit amounted to ? 16.9 million (2013: ? 8.2 million).
* Dividend proposal: ? 0.65 per share, pay-out ratio of 85%.
* Final dividend proposal: ? 0,37 per share.
Key figures for the year
(in millions of ? unless stated otherwise) 2014 2013 Change
Revenue 364.0 357.4 1.8%
Gross profit (%) 57.3 56.9
EBIT 23.0 12.3 87.6%
Net profit 16.9 8.2 105.7%
Earnings per share (in ?) 0.77 0.38 102.6%
Proposed dividend (in ?) 0.65 0.27
Pay-out ratio (in %) 85 72
Operating cash flow (net profit plus 25.1 18.2 38.0%
depreciation)
31-12-2014 31-12-2013
Solvency (%) 58.6 56.6
Ton Anbeek, Chief Executive Officer:
'2014 was a year with two faces for Beter Bed Holding. After a difficult start
we saw a positive development of the order intake and revenue in the second
quarter of 2014 in almost all the countries in which the group operates. The
second half of the year was very successful in the Netherlands thanks in part to
the recovering housing market and the successful relaunch of the Beter Bed
formula. Revenue in Germany rose substantially due to an increase in propensity
to buy and consumer confidence, as well as the successful marketing campaigns.
Spain and Austria also showed very positive developments thanks to the
successful marketing campaigns and the start of the relaunch of the El Gigante
del Colchón formula. In addition to the relaunch of the formulas, which will be
implemented in all countries in the coming years, we are working hard on rolling
out the customer satisfaction benchmark 'Net Promoter Score' and the execution
of an omni-channel strategy internationally.'
Key figures for the fourth quarter
(in millions of ? unless stated otherwise) Q4 2014 Q4 2013 Change
Revenue 99.6 90.8 9.7%
Gross profit (%) 58.8 58.3
EBIT 10.5 0.5
Net profit 7.5 0.0
Fourth quarter 2014
Revenue at comparable stores in Germany and the Netherlands rose by 11.5% and
14.3% respectively in the fourth quarter of 2014 based on order intake. There
was also a like-for-like increase in virtually all the other countries in which
the group operates. Revenue at comparable stores increased by 11.8% in total in
this period.
Total revenue rose by 9.7% to ? 99.6 million in the fourth quarter of 2014.
Gross profit amounted to 58.8% in this period and is higher in comparison to the
fourth quarter of 2013. This increase is attributable to factors including the
result of improved purchasing conditions, changes to the sales mix and the
closure of Slaapgenoten and Matrassen Concord Netherlands and Belgium that
exerted downward pressure on gross profit in 2013.
Expenses fell by 8.4% to ? 48.0 million in the fourth quarter of 2014. This
decrease of ? 4.4 million was due primarily to the closure of Slaapgenoten and
Matrassen Concord Netherlands and Belgium, which accounted for ? 6.4 million in
non-recurring expenses in 2013. When these non-recurring expenses are excluded,
expenses increased by approximately ? 2.0 million (4.4%). This increase was due
mainly to higher marketing spending and staff costs.
Operating profit (EBIT) rose to ? 10.5 million in the fourth quarter. Net profit
for the fourth quarter of 2014 totalled ? 7.5 million positive (fourth quarter
2013: ? 0.0 million).
2014
Revenue increased by 1.8% to ? 364,0 million in 2014. Revenue at comparable
stores rose by 4.8% in 2014.
Revenue performance per country in 2014 was as follows:
Netherlands -5.0%
Germany 6.0%
Austria 13.3%
Switzerland -3.8%
Spain -17.8%
Belgium 28.9%
Lower revenue in the Netherlands was caused partially by the phased closure of
the Slaapgenoten and Matrassen Concord Netherlands and Belgium formulas in
2014. Excluding these formulas, revenue remained stable in the Netherlands in
2014.
The decrease in Spain is attributable entirely to the closure of 32 El Gigante
del Colchón stores in 2013. The stores in Spain that remained after the
downsizing realised a 15.7% increase in revenue at comparable stores.
Gross profit as a percentage of revenue amounted to 57.3% in 2014 and was
consequently higher than in the same period of 2013 (2013: 56.9%). The increase
was realised in part by improved purchasing conditions, year-end bonuses, the
phasing out of the aforementioned activities and price increases when deemed
possible and responsible.
Total expenses decreased from ? 190.9 million to ? 185.6 million. This decrease
of 2.8% was caused largely by the non-recurring expenses totalling ? 7.4 million
that were the consequence of the closure of Slaapgenoten and Matrassen Concord
Netherlands and Belgium which were accounted for in 2013, plus the expenses
connected with the restructuring of the activities in Spain and the head office
in the Netherlands.
When these non-recurring expenses are excluded, expenses increased by 1.1%
(approximately ? 2.1 million This increase was caused primarily by higher
marketing and staff costs.
The average number of stores decreased by 4.1%. Due to this and higher marketing
and staff costs, average expenses per store rose by 5.3%. The closure of
Slaapgenoten and Matrassen Concord Netherlands and Belgium and the restructuring
of El Gigante del Colchón also caused the number of stores with a relatively
higher cost base to rise.
Operating profit rose by 87.6% to ? 23 million in this period. Operating profit
as a percentage of revenue increased from 3.4% to 6.3%.
Net profit rose by 105.7% from ? 8.2 million to ? 16.9 million in 2014. Earnings
per share amounted to ? 0.77 in 2014 (2013: ? 0.38).
Investments and cash flow
Investments in 2014 totalled ? 13.2 million (2013: ? 5.4 million). Investments
in stores amounted to ? 10.8 million in 2014 (2013: ? 3.7 million). The
remaining amount was invested primarily in IT and to a lesser degree in other
operating assets. This means that the group's investment returned to the pre-
crisis level. Operational cash flow (net profit plus depreciation) rose by 38%
from ? 18.2 million in 2013 to ? 25.1 million in 2014.
Financing
Solvency amounted to 58.6% on 31 December 2014, compared to 56.6% on 31 December
2013.
Operational
63 stores were opened and 111 stores were closed in 2014. The decrease in the
number of stores was due primarily to the phased closure of the Slaapgenoten and
Matrassen Concord Belgium and the Netherlands formulas. The group had a total of
1,127 stores at the end of 2014.
Number of stores 31-12-2013 Closed Opened 31-12-2014
Matratzen Concord 1,002 74 38 966
Beter Bed 92 13 15 94
El Gigante del Colchón 31 2 3 32
Beddenreus 40 12 7 35
Slaapgenoten 9 9 - -
Schalfberater.com 1 1 - -
Total 1,175 111 63 1,127
Matratzen Concord
Number of stores 31-12-2013 Closed Opened 31-12-2014
Germany 864 47 29 846
Netherlands 18 18 - -
Austria 64 3 6 67
Switzerland 51 1 3 53
Belgium 5 5 - -
Total 1,002 74 38 966
Matratzen Concord
The cash & carry formula Matratzen Concord realised revenue totalling ? 249.1
million in 2014 (68.5% of the total group revenue), which is an increase of
4.5% compared to 2013. Revenue at comparable stores rose by 5.1%. 85.5% of this
formula's revenue was realised in Germany and 13.8% in Austria and Switzerland.
Beter Bed
This formula operates in the Netherlands and Belgium. The number of Beter Bed
stores increased by two in 2014. Revenue in 2014 rose from ? 89.5 million to ?
91.3 million, which is an increase of 2.1%. Revenue in comparable stores
increased by 5.3% in 2014. Beter Bed contributed 25.1% to the total group
revenue in 2014.
Other formulas
The revenue of the other formulas amounted to ? 23.5 million in 2014 and
consequently contributed 6.4% to the total group revenue. This includes the
revenue of the Beddenreus (Nederland), Slaapgenoten (Nederland) and El Gigante
del Colchón (Spain) retail formulas and the wholesaler DBC.
Outlook 2015
The economic outlook remains moderately positive, as does the forecast for
consumer spending. The focus remains fully on like-for-like growth in revenue
and consequently on formula and product innovation, omni-channel e-commerce and
customer satisfaction. In addition to completing the refurbishment of the Beter
Bed stores, the process of rolling out the updated store concepts will also
commence for the other formulas following the successful conclusion of the
pilots that are currently underway.
Improving margins, stringently controlling expenses and lowering net working
capital will obviously continue to receive our full attention.
The company consequently expects the positive revenue trend of 2014 to continue
in 2015, although in the Netherlands this will be partially dependent upon the
speed of recovery of the housing market.
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 2014, the company paid an interim cash dividend of ? 0.28 per share.
A proposal will be submitted to the Annual General Meeting of Shareholders,
scheduled for 19 May 2015, to distribute a final cash dividend of ? 0.37. This
brings the dividend for 2014 to ? 0.65 per share (2013: ? 0.27 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 2015, and for
which an unqualified auditor's report has been issued by the independent
auditor.
Profile
Beter Bed Holding N.V. operates in the European bedroom furnishings market. Its
activities include retail trade through a total of 1,127 stores at the end of
2014 that operate via the chains Beter Bed (the Netherlands and Belgium),
Matratzen Concord (Germany, Switzerland and Austria), El Gigante del Colchón
(Spain) and Beddenreus (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. 70% of the group's net revenue
is realised outside the Netherlands. The company has been listed on Euronext
Amsterdam since 1996 and is included in the Amsterdam Small Cap Index.
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(at)beterbed.nl bart.koops(at)beterbed.nl
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Source: Beter Bed Holding NV via GlobeNewswire
[HUG#1903022]
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Datum: 13.03.2015 - 08:00 Uhr
Sprache: Deutsch
News-ID 378299
Anzahl Zeichen: 15069
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