Beter Bed: profit of ? 6.2 million in 1st half 2009
(Thomson Reuters ONE) - Beter Bed Holding N.V. achieved net profit of ? 6.2 million in thefirst six months of 2009 (first six months of 2008: ? 10.9 million).This corresponds with the forecast stated in conjunction with thepublication of the revenue figures in July 2009. Revenue in the firstsix months of 2009 decreased by 4.3% to a total of ? 167.7 million(first six months of 2008: ? 175.3 million). The company forecastsnet profit of approximately ? 3.5 million in the third quarter of2009 (third quarter 2008: ? 4.3 million).Results in the first six months of 2009Revenue performance per country was as follows:Netherlands -14%Germany 3%Austria 20%Switzerland 16%Spain -8%Belgium 81% (from 3 to 5 stores)Poland not available / first store opening in December2008Market conditions were unfavourable during the first six months of2009 in all of the countries in which Beter Bed Holding is active.Revenue at comparable stores decreased by more than 9%. Revenue atcomparable stores in the Netherlands, Germany, Spain and Switzerlanddecreased by 13%, 6%, 21% and 6% respectively. Austria was the onlycountry in which there was an increase in revenue at comparablestores totalling +4%. Performance was better in the second quarterthan in the first quarter in all countries with the exception ofSwitzerland.While the policy of store expansion and closing poorly performingstores remains unchanged, more stores than normal are unable to meetthe predetermined objectives owing to the difficult marketconditions. As a result the company opened 56 stores and closed 40stores during the period under review. This resulted on balance in anincrease of 16 stores in the first six months of 2009. There were atotal of 1,052 stores at the end of June 2009.Number of stores 31-12-2008 Closed Opened 30-06-2009Matratzen Concord (including MAV) 857 31 50 876Beter Bed 84 2 2 84El Gigante del Colchón 50 5 2 47BeddenReus 33 2 2 33Slaapgenoten/Dormaël Slaapkamers 12 - - 12Total 1,036 40 56 1,052At 53.8%, gross profit was virtually the same as in the first sixmonths of 2008 (53.9%).Operating expenses increased by 2.2% from ? 79.5 million (45.4% ofrevenue) to? 81.3 million (48.4% of revenue). The rise in operating expenses isattributable to the growth in the number of stores. The measurestaken in the field of cost savings made it possible to reduce averagecosts per store by 5% in the first six months of 2009.Operating profit (EBIT) amounted to ? 9.0 million (5.3% of revenue)compared to ? 14.9 million (8.5% of revenue) in the first six monthsof 2008. Net profit amounted to ? 6.2 million compared to ? 10.9million in the first six months of 2008.Performance in second quarterWhile the second quarter of 2009 began weak, there was a clearimprovement in May and June. Revenue nevertheless decreased from ?79.3 million in the second quarter of 2008 to? 75.5 million in the second quarter of 2009. Even though thedevelopment of revenue at comparable stores in the second quarter of2009 amounted to -4.8%, this was significantly better than in thefirst quarter of 2009 (-12.6%). Gross profit was marginally lower at54.2% than in the second quarter of 2008 (54.6%). Operationalexpenses increased as a percentage of revenue from 49.3% in thesecond quarter of 2008 to 52.4% in the second quarter of 2009.Operating profit (EBIT) amounted to ? 1.3 million compared to ? 4.1million in the second quarter of 2008. Net profit totalled ? 0.8million in the second quarter of 2009 (second quarter 2008: ? 2.9million). Revenue and profit are normally lower during the second andthird quarters than in the first and fourth quarters due to theseasonal pattern in consumer demand.Financing and cash flowA loan of ? 10 million was agreed with a German bank in June 2009.This loan has a term of five years with a fixed interest rate of4.75% and will be repaid monthly on a linear basis.Net debt at the end of June 2009 totalled ? 9.3 million (end ofDecember 2008: ? 11.1 million). Solvency at the end of the secondquarter amounted to 48.4%, in comparison to 44.0% at the end of 2008.OutlookBased on developments in the third quarter until now, barringunforeseen circumstances, net profit of approximately ? 3.5 millionis forecast for the third quarter of 2009 (third quarter 2008:? 4.3 million).The company's profit depends to a large extent on the development ofrevenue. Owing to the still low level of consumer confidence and therelated capricious consumer behaviour, this component remainsdifficult to predict. The company's profit is, however, normallyspeaking better in the second six months than in the first six monthsof the year.Interim dividendThe company intends to also pay out an interim dividend in 2009. Asis customary, further information regarding this interim payout willbe provided upon publication of the third quarter figures on 30October 2009.ProfileBeter Bed operates in the European bedroom furnishings market. Itsactivities include retail trade through a total of approximately1,050 stores that operate via the chains Beter Bed (active in theNetherlands), Matratzen Concord (active in Germany, the Netherlands,Austria, Switzerland, Belgium and Poland), El Gigante del Colchón(active in Spain), BeddenReus, Dormaël and Slaapgenoten (all threeactive in the Netherlands) and MAV (active in Germany). Beter BedHolding is also active in the field of developing and wholesalingbranded products in the bedroom furnishings sector in theNetherlands, Belgium, Germany and Spain via its subsidiary DBCInternational. Beter Bed Holding achieved net revenue of ? 358.6million in 2008. The company has been listed on Euronext Amsterdamsince December 1996. The Beter Bed Holding share is included in theAmsterdam Small Cap Index.APPENDIX:* Half-year results 2009This press release/interim report should be viewed in connection withthe half-year results 2009 in the appendix.For more information, please contact: Frans Geelen, Chief ExecutiveOfficerTel. +31 (0)413 338819 / Fax +31 (0)413 338829 / Mob. +31 (0)629565517E-mail: frans.geelen(at)beterbed.nl / Website: www.beterbedholding.comPlease click on the link below for the full version of the pressrelease (including appendix).http://hugin.info/132850/R/1337721/318886.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 28.08.2009 - 08:00 Uhr
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