Beter Bed books a record year and distributes entire net profit to shareholders
(Thomson Reuters ONE) -
· Increase in revenue over the full year 2010 of 3.7% to ? 374.7
million.
· Record gross profit over both the full year 2010 (55.9%) and the
fourth quarter of 2010 (58.5%).
· Net profit up 16.8% to a record of ? 27.9 million in 2010.
· Earnings per share: ? 1.30 (2009: ? 1.12).
· Proposed dividend: ? 1.30 per share, pay-out ratio 100%.
· Profit forecast for first quarter 2011 at least equal to first quarter
2010 (? 8.2 million).
Key figures for the year
(in millions of ? unless stated otherwise) 2010 2009 Change
Revenue 374.7 361.5 +3.7%
Change in revenue at comparable stores (%) -1.3% -3.1%
Gross profit (%) 55.9% 54.7%
Operating profit/EBIT 37.5 32.6 +14.8%
Net profit 27.9 23.9 +16.8%
Earnings per share (in ?) 1.30 1.12 +16.1%
Solvency (%) 53.4% 50.5%
Proposed dividend (in ? ) 1.30 1.04 +25.0%
Key figures for the fourth quarter
(in millions of ? unless stated otherwise) Q4 2010 Q4 2009 Change
Revenue 102.6 101.9 +0.7%
Change in revenue at comparable stores (%) -4.5% +7.9%
Gross profit (%) 58.5% 56.7%
Operating profit/EBIT 15.8 15.7 +0.9%
Net profit 11.9 11.9 +0.1%
Ton Anbeek, Chief Executive Officer:
'We are proud to be able to report a record year with respect to revenue, gross
profit and net profit, certainly in a year in which consumers showed continuing
caution, there were twice as many days of snow as in 2009, and our most
important markets once again contracted. The increase in revenue, the expansion
of our store network, the increased gross profit and the high level of cost
consciousness all contributed to this net profit record achievement, which
without the huge commitment and professionalism of our staff would not have been
possible. Our strong balance sheet and relatively stable prospects have put us
in a position this year to be able to distribute our entire net profit to our
shareholders.'
Fourth quarter 2010
The revenue in the fourth quarter of 2010 of ? 102.6 million was 0.7% higher
than in the fourth quarter of 2009 (? 101.9 million). Revenue at comparable
stores fell by 4.5% (Q4 2009: +7.9%). Revenue performance per country in the
fourth quarter was as follows:
The Netherlands 3%
Germany -4%
Austria 9%
Switzerland 26%
Spain 7%
Belgium 13%
Poland 50% (four stores)
In addition to the increase in the number of stores, the strong increase in
revenue in Switzerland was partly due to the appreciation of the Swiss franc
against the euro. In Spain, we were able to realise growth in revenue in the
second half of 2010 of 6%, and for the first time in 14 quarters, a revenue
growth at comparable stores of 4% was realised in the fourth quarter.
The gross profit in the fourth quarter of 2010 came to 58.5%, compared to 56.7%
in the same period in 2009. Operating expenses rose, partly due to the net
increase of 23 stores, from ? 42.1 million to ? 44.2 million. The average
expenses per store rose marginally in the fourth quarter of 2010. The operating
profit (or EBIT) in the fourth quarter of 2010 amounted to ? 15.8 million (15.4%
of revenue) compared to ? 15.7 million (15.4% of revenue) in the fourth quarter
of 2009. The net profit of ? 11.9 million was the same as the net profit in the
fourth quarter of 2009.
Full year 2010
Revenue over the full year 2010 increased by 3.7% from ? 361.5 million in 2009
to ? 374.7 million in 2010, partly due to the growth in the number of stores.
The number of stores rose by 59 from 1,064 at the end of 2009 to 1,117 at the
end of 2010. Revenue at comparable stores on the contrary fell by 1.3%. The
company had to cope with disappointing visitor numbers in its most important
markets, the Netherlands and Germany, as a result of more than double the number
of days of snow last year than occurred in 2009, as well as a warm period during
the summer. Consumer spending on bedroom products was lower in 2010 than in
2009. Nevertheless the company once again managed to increase its market share
in 2010. Revenue performance per country in the full year 2010 was as follows:
The Netherlands 7%
Germany 0%
Austria 8%
Switzerland 25%
Spain -2%
Belgium 10%
Poland 48% (four stores)
The continuous effort to improve the gross profit also made an important
contribution to the result in 2010. The gross profit rose from 54.7% in 2009 to
55.9% in 2010. Operating expenses rose, partly as a result of the increase in
the number of stores, from ? 165.2 million to ? 172.0 million. As a percentage
of revenue, expenses rose slightly from 45.7% to 45.9%. Average expenses per
store also rose marginally in 2010.
The operating profit for the full year 2010 came to ? 37.5 million (10.0% of
revenue), compared to ? 32.6 million (9.0% of revenue) in 2009. The tax burden
fell from 25.2% over the full year 2009 to 24.6% for the full year 2010. This
was due to factors including the realisation of tax-losses from the past,
whereby the tax burden was ? 0.4 million lower than in the same period in the
previous year. Net profit came to ? 27.9 million compared to ? 23.9 million in
2009. Earnings per share came to ? 1.30 in 2010 (2009: ? 1.12).
Total investment in 2010 amounted to ? 8.2 million (2009: ? 6.3 million). In
2010, the majority of this sum, ? 6.7 million, was invested in new and existing
stores. Most of the remainder was invested in IT. Cash flow (net profit plus
depreciation) in 2010 amounted to ? 35.8 million, compared to ? 31.7 million in
2009. The solvency ratio at year-end 2010 stood at 53.4% (2009: 50.5%).
The company's interest-bearing debt at year-end 2010 amounted to ? 7.0 million
(year-end 2009: ? 9.0 million).
Operational
A total of 112 stores were opened and 59 stores were closed in 2010. This means
that, on balance, a total of 53 stores were added, bringing the total at year-
end 2010 to 1,117.
Number of stores 31-12-2009 Closed Opened 31-12-2010
Matratzen Concord (incl. MAV) 883 46 95 932
Beter Bed 84 1 2 85
El Gigante del Colchón 51 9 11 53
BeddenREUS 34 3 4 35
Slaapgenoten/Dormaël Slaapkamers 12 - - 12
---------------------------------------
Total 1,064 59 112 1,117
---------------------------------------
Matratzen Concord (incl. MAV)
Revenue from the cash & carry formula Matratzen Concord amounted to ? 219.2
million in 2010 (58.5% of the total group revenue). This is an increase of 1.7%
compared to 2009. Revenue at comparable stores declined by 3.8%.
84% of the revenue from Matratzen Concord was realised in Germany in 2010.
49 new stores were opened on balance in 2010, with 31 new stores in Germany. On
balance, six new stores were opened in Austria, four in Switzerland, six in the
Netherlands, one in Belgium and one in Poland.
Number of stores 31-12-2009 Closed Opened 31-12-2010
Germany 761 39 70 792
The Netherlands 32 3 9 38
Austria 46 1 7 52
Switzerland 34 3 7 38
Belgium 7 - 1 8
Poland 3 - 1 4
-------------------------------------------------
Total 883 46 95 932
-------------------------------------------------
Beter Bed
This formula operates in the Netherlands. The number of Beter Bed stores rose by
one from 84 to 85 as a result of two openings and one closure. Revenue increased
by 5.9% from ? 107.4 million in 2009 to ? 113.7 million in 2010. This formula
contributed 30.3% of the total group revenue. Revenue at comparable stores
increased by 3.0% in the full year 2010.
Other formulas
The other formulas realised revenue of ? 41.8 million in 2010 (2009: ? 38.5
million). This includes the revenue generated by the retail formulas BeddenREUS
(the Netherlands), Slaapgenoten/Dormaël (the Netherlands), El Gigante del
Colchón (Spain) and the wholesaler DBC. The revenue in 2010 was 8.4% higher than
in 2009. DBC produced a particularly strong performance, with revenue growth of
30.1%. The other formulas contributed 11.2% to total group revenue.
Dividend
An interim dividend of ? 0.47 per share was distributed in cash in November
2010.
A proposal will be made to the General Meeting of Shareholders to be held on 28
April 2011 to distribute a final cash dividend of ? 0.83.
This will bring the dividend for 2010 to ? 1.30 per share (2009: ? 1.04 per
share) and means that the entire net profit for 2010 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 to the
Annual General Meeting of Shareholders on 28 April 2011 and for which an
independent auditor's report of approval has been provided.
Developments in the early months of 2011 and outlook
The market conditions for Beter Bed Holding are expected to remain challenging
in 2011. Most consumers are uncertain regarding the future. Their willingness to
buy is expected to remain relatively low. Furthermore, the number of removals -
which is an important factor in the market for bedroom products - does not lead
the company to expect any increase in the near future,. The same applies to the
number of new-build homes.
Despite these difficult market conditions, our tightened retail marketing policy
in 2011 will continue to focus on winning market share in all the markets in
which the company operates.
In addition to our continuing international expansion, in 2011 specific
attention will be devoted to the potential for expanding our existing formulas
in the Netherlands.
In previous years, the net increase in new stores (the balance of openings and
closures) has been between 50 and 100 stores annually. Depending on the
opportunities in the real estate market and the general economic developments,
our intention is to achieve a figure towards the upper end of this range in
2011.
2011 began with a lower order book in comparison to the beginning of 2010. This
was due to a lower order intake in November and December in 2010 than in those
months in 2009. The lower order book will lead to lower revenue in the first
quarter of 2011 for the formulas that operate with an order book.
In the first quarter of 2010, the tax burden was ? 0.4 million lower as a result
of the possibility of realising non-recurring tax-losses, among other factors.
Despite the above, the company expects to be able to realise net profit in the
first quarter of 2011 at least equal to that in the first quarter of 2010, when
net profit amounted to ? 8.2 million, partly due to strong promotional
campaigns.
Profile
Beter Bed operates in the European bedroom furnishings market. Its activities
include retail trade through a total of 1,117 stores at the end of 2010 that
operate via the chains Beter Bed (active in the Netherlands), Matratzen Concord
(active in Germany, the Netherlands, Austria, Switzerland, Belgium and Poland),
El Gigante del Colchón (active in Spain), BeddenREUS, Dormaël and Slaapgenoten
(all three active in the Netherlands) and MAV (active in Germany). Beter Bed
Holding is also active in the field of developing and wholesaling branded
products in the bedroom furnishings sector in the Netherlands, Belgium, Germany
and Spain via its subsidiary DBC International. Beter Bed Holding achieved net
revenue of ? 374.7 million in 2010. The company has been listed on Euronext
Amsterdam since December 1996. The Beter Bed Holding share is included in the
Amsterdam Small Cap Index.
--------------------------------------------------------------------------------
For more information, please contact: Ton Anbeek, Chief Executive Officer
Tel. +31 (0)413 338819 / Fax +31 (0)413 338829 / Mob. +31 (0)6 53662838
E-mail:ton.anbeek(at)beterbed.nl / Website: www.beterbedholding.com
Please click on the link below for the full version of the press release.
press release 10-3-2011.pdf:
http://hugin.info/132850/R/1495809/431496.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Beter Bed Holding NV via Thomson Reuters ONE
[HUG#1495809]
Unternehmensinformation / Kurzprofil:
Datum: 10.03.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 52311
Anzahl Zeichen: 15264
contact information:
Town:
Uden
Kategorie:
Business News
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