BETER BED HOLDING N.V. 
By Uden, the Netherlands, 10 May 2012
Contents1. Press release - first quarter results 2011 …………………………………………………… 3
2. Consolidated balance sheet……………………..……………………………………………. 6
3. Consolidated profit and loss account.........………………………………………..………… 7
4. Consolidated cash flow statement...…………………………………………………......….. 8
5. Consolidated statement of comprehensive income ……………………………………….. 9
6. Consolidated overview of movement equity..…………………………………………........ 9
Beter Bed Holding N.V. - Q1 results 2012 2
1. Press release Beter Bed realises 7% growth in revenue and increased operating profit in Q1 2012
• Growth in revenue mainly due to positive developments in
Germany.
• Challenging market conditions continue in the Netherlands
and in Spain.
• 3.5% growth in operating profit despite increased marketing
activities.
• Net profit virtually the same as in Q1 2011 at € 8.9
million (Q1 2011: € 9.0 million).
• Expansion continued unabated: Net total of 23 stores opened
in Q1 2012.
Beter Bed Holding N.V. realised revenue totalling € 108.5
million in the first quarter of 2012. This represents an
increase of nearly 7% compared to the first quarter of 2011
(first quarter
2011: € 101.4 million). Operating profit grew by 3.5% to €
12.3 million (first quarter 2011: € 11.9 million). Net profit
remained virtually the same as in the first quarter of 2011
at € 8.9 million (first quarter 2011: € 9.0 million). The
increased revenue, a fractionally lower gross profit and
strongly
increased marketing costs, with unchanged average expenses
per store, led to an increase of the operating profit by
3.5%. Net profit in the first quarter of 2012 is marginally
lower due to the
higher tax burden.
(in millions of € unless stated otherwise) | Q1 2012 | Q1 2011 | Change |
Revenue | 108.5 | 101.4 | 6.9% |
Gross profit (%) | 55.8% | 56.0% | |
Operating profit/EBIT | 12.3 | 11.9 | 3.5% |
Net profit | 8.9 | 9.0 | (0.7%) |
Earnings per share (in €) | 0.41 | 0.42 | (2.4%) |
Solvency (%) | 57.9% | 55.7% |
'We are very satisfied with the developments in Germany. The company has succeeded in realising strong growth in revenue in comparable stores for the third consecutive quarter. This increase has amounted to more than 9% over the last three quarters. Market share in Germany also rose again in the first quarter. The company does, however, continue to be faced with markets in Spain and the Netherlands that once again contracted in the first quarter. Despite this contraction, market shares in both countries nonetheless grew as a result of strengthened promotional activities and the increase in the number of stores.'
First Quarter 2012
There was limited growth in revenue in comparable stores of
0.3% in the first quarter of 2012. There continued to be
differing performance between the two key markets of the
Netherlands and Germany in the first quarter of 2012. Revenue
in comparable stores rose by 8% in Germany, while it
decreased by 7% in the Netherlands.
Revenue rose by 12% in Germany in the first quarter of 2012
(including new stores).
Despite the decrease in revenue in comparable stores in the
Netherlands, the total decrease in revenue in the country
could be limited to 2% due to the growth in the number of
stores.
Beter Bed Holding N.V. - Q1 results 2012 3
This has also led to continuing growth in market share.
The decrease in revenue in comparable stores amounted to 17%
in Spain. Total revenue in
Spain rose by 5% thanks to the opening of new stores.
The change in revenue per country in the first quarter of
2012 compared to the first quarter of
2011 is as follows:
Netherlands -2% Germany +12% Austria +14% Switzerland +23%
Spain +5%
Belgium +52% (from 9 to 10 stores) Poland +49% (from 4 to 6
stores)
Total +7%
38 stores were opened and 15 stores were closed in the first
quarter of 2012. This brings the total number of stores to
1,210 at the end of March 2012. The new stores are mainly
Matratzen Concord stores in Germany and El Gigante del
Colchón stores in Spain.
Number of stores | 31.12.2011 | Closed | Opened | 31.3.2012 |
Matratzen Concord | 963 | 7 | 29 | 985 |
Beter Bed | 87 | - | - | 87 |
El Gigante del Colchón | 67 | - | 6 | 73 |
BeddenREUS Slaapgenoten/ Dormaël Slaapkamers | 39 16 | - - | 1 1 | 40 17 |
Matratzen-AbVerkauf (MAV) 15 8 1 8
Total 1,187 15 38 1,210
Financial
Revenue rose by 6.9% in the first quarter of 2012 compared to
the first quarter of 2011. Gross profit decreased by 0.2
percentage points in the first quarter of 2012 to 55.8%.
Gross profit decreased primarily as a result of more
aggressive promotions during the important winter sales
period, principally in the Netherlands. The increase in
operating expenses from € 44.9 million in the first quarter
of 2011 to € 48.2 million in the first quarter of 2012 is in
line with the growth in the number of stores from 1,127 at
the end of March 2011 to 1,210 at the end of March 2012.
Operational expenses as a percentage of revenue increased
from 44.3% in the first quarter of
2011 to 44.5% in the comparable period of 2012. Operating
profit totalling € 12.3 million or
11.4% of the revenue was achieved in the first quarter of
2012 (first quarter 2011: € 11.9 million,
11.8% of the revenue). Due in part to the growth in the share
of the profit realised in Germany, the tax burden rose from
24.4% in the first quarter of 2011 to 27.2% in the first
quarter of 2012.
Beter Bed Holding N.V. - Q1 results 2012 4
Net profit in the first quarter of 2012 amounted to € 8.9
million compared to € 9.0 million in the same period of last
year. Earnings per share in the first quarter of 2012
amounted to € 0.41 (same period 2011: € 0.42).
Solvency totalled 57.9% at the end of the first quarter of
2012 (end first quarter 2011: 55.7%, end 2011: 54.1%).
In April the company was able to benefit in the Netherlands
from an early Easter with favourable weather conditions,
which resulted in more visitors. There are not, however, any
signs of structural recovery yet. In Germany the positive
trend also continued in the second quarter. Nevertheless, the
order portfolio for the entire group at the beginning of the
second quarter was
€ 2 million lower than a year before. Based on these
developments, the company expects to realise a virtually
unchanged or lower operating profit in the first half of 2012
compared to the first half of 2011.
Profile
Beter Bed Holding N.V. operates in the European bedroom
furnishings market. Its activities include retail trade
through a total of 1,210 stores at the end of March 2012 that
operate via the chains Beter Bed (the Netherlands and
Belgium), Matratzen Concord (Germany, Switzerland, Austria,
the Netherlands, Belgium and Poland), El Gigante del Colchón
(Spain), BeddenREUS, Dormaël Slaapkamers and Slaapgenoten
(all three active in the Netherlands) and MAV (Germany).
Beter Bed Holding is also engaged in developing and
wholesaling branded products in the
bedroom furnishings sector in the Netherlands, Germany,
Belgium, Spain, Austria, Switzerland and Turkey via its
subsidiary DBC International. Beter Bed Holding achieved net
revenue of
€ 397.0 million in 2011. A total of 63% of the group's net
revenue is generated outside the
Netherlands. The company has been listed on NYSE Euronext
Amsterdam since December
1996. Beter Bed Holding shares are traded on the Amsterdam
Small Cap Index.
Financial Calendar | ||
Publication Q2 2012 trading statement | week 28 | 20.07.2012 |
Publication half-year results 2012 | week 35 | 30.08.2012 |
Analysts' Meeting half-year results 2012 | week 35 | 30.08.2012 |
Publication Q3 2012 results | week 43 | 26.10.2012 |
Publication Q4 2012 trading statement | week 3 | 18.01.2013 |
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@beterbed.nl/ Website: www.beterbedholding.com
Beter Bed Holding N.V. - Q1 results 2012 5
2. Consolidated balance sheet(* EUR 1.000) Tangible fixed assets | 31-03-2012 34.544 | 31-3-2011 30.169 | 31-12-2011 33.986 | ||
Intangible fixed assets | 3.811 | 3.811 | 3.811 | ||
Financial fixed assets | 1.928 | 1.729 | 1.930 | ||
Stocks | 61.285 | 55.807 | 59.461 | ||
Debtors | 6.379 | 6.131 | 8.308 | ||
Cash and cash equivalents | 14.544 | 28.819 | 7.075 | ||
TOTAL ASSETS | 122.491 | 126.466 | 114.571 | ||
Equity attributable to equity holders of the parent | 70.945 | 70.462 | 62.015 | ||
Long-term liabilities | 4.500 | 6.424 | 5.000 | ||
Credit institutions | 2.000 | 2.000 | 5.314 | ||
Other current liabilities | 45.046 | 47.580 | 42.242 | ||
TOTAL LIABILITIES | 122.491 | 126.466 | 114.571 |
Beter Bed Holding N.V. - Q1 results 2012 6
3. Consolidated profit and loss account(* EUR 1.000)
First quarter 2012 2011Revenue | 108.474 | 101.436 |
Cost of sales | (47.904) | (44.587) |
Gross profit | 60.570 | 56.849 |
55,8% | 56,0% | |
Wage and salary costs | 22.175 | 21.230 |
Depreciation of tangible fixed assets | 2.332 | 2.024 |
Other operating expenses | 23.720 | 21.672 |
Total operating expenses | (48.227) -44,5% | (44.926) -44,3% |
Operating profit (EBIT) | 12.343 | 11.923 |
11,4% | 11,8% | |
Financial income and expenses | (76) | (22) |
Profit before taxation | 12.267 | 11.901 |
Income tax expense | (3.332) | (2.900) |
Net profit | 8.935 | 9.001 |
8,2% | 8,9% | |
Earnings per share in € | 0,41 | 0,42 |
Diluted earnings per share in € | 0,41 | 0,42 |
Beter Bed Holding N.V. - Q1 results 2012 7
4. Consolidated cash flow statement(* EUR 1.000) First quarter
2012 2011Cash flow from operating activities Operating result | 12.343 | 11.923 | ||
Financing income received | 124 | 239 | ||
Financing expenses paid | (200) | (261) | ||
Income taxes paid | (1.511) | (1.627) | ||
Depreciation | 2.332 | 2.024 | ||
Costs employee stock options Movements in: Stocks | 79 (1.824) | 114 826 | ||
Debtors | 1.929 | (479) | ||
Short-term liabilities | 983 | 2.105 | ||
Other | (148) | (46) | ||
14.107 | 14.818 | |||
Cash flow from investing activities Additions to tangible fixed assets | (2.945) | (2.856) | ||
Disposals of tangible fixed assets | 62 | 68 | ||
Changes in long-term accounts receivable | 2 | (14) | ||
(2.881) | (2.802) | |||
Cash flow from financing activities Repayment of loan | (500) | (500) | ||
Income from the reissuance of shares | 57 | 542 |
(443) 42 Change in net cash and cash equivalents 10.783 12.058
Cash and cash equivalents at the end of the reporting
period 14.544 28.819
Current bank overdraft not including repayment obligations
at the end of the reporting period - -
Net cash and cash equivalents at the end of the reporting
period 14.544 28.819
Cash and cash equivalents at the start of the reporting
period 7.075 16.761
Current bank overdraft not including repayment obligations
at the start of the reporting period (3.314) -
3.761 16.761
Change in net cash and cash equivalents 10.783 12.058Beter Bed Holding N.V. - Q1 results 2012 8
5. Consolidated statement of comprehensive income(* EUR 1.000)
First quarter 2012 2011Net profit 8.935 9.001
Change in revaluation reserve due to a
change in the tax rate - -
Movements in reserve for currency
translation differences (141) (46)
Total comprehensive income 8.794 8.955 6. Consolidated overview of movements equity(* EUR 1.000)
Balance on 1 January 2011 60.851 436 16.145 504 2.722 13.107 27.937
Net profit for 2011 | 9.001 | - - - | - - | 9.001 |
Other components of comprehensive income 2011 | (46) | - - (46) | - - | - |
Profit appropriation 2010 | - | - - - | - 27.937 | (27.937) |
Reissuance of shares | 542 | - - - | - 542 | - |
Costs of employee stock options 114 - - - - 114 -
Balance on 31 March 2011 70.462 436 16.145 458 2.722 41.700 9.001
Balance on 1 January 2012 62.015 436 16.145 768 2.740 13.901 28.025
Net profit for 2012 8.935 - - - - - 8.935
Other components of comprehensive
income 2012 (141) - - (141) - - -
Profit appropriation 2011 - - - - - 28.025 (28.025) Reissuance of shares 57 - - - - 57 - Costs of employee stock options 79 - - - - 79 -
Balance on 31 March 2012 70.945 436 16.145 627 2.740 42.062 8.935
Beter Bed Holding N.V. - Q1 results 2012 9
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