Beter Bed Holding successfully executed transformation in 2019
17 Marzo 2020 - 7:00AM
Beter Bed Holding successfully executed transformation in 2019
Highlights 2019
- Full-year sales increased by 7.5% to € 185.8 million
(continuing business) with like-for-like sales growth of 4.7%;
order intake increased by 3.3% on like-for-like basis.
- Positive EBITDA and cash flow generation, while performance is
still impacted by one-off costs and investments to support further
growth.
- Net loss of € 4.2 million; including discontinued operations,
related impairments and one-off costs € 52.6 million loss.
- Important milestones achieved to restore financial position:
- Successful divestment of Matratzen Concord securing new future
for the operations; purchase price mechanism resulted in improved
purchase price from € 5.0 million to € 7.9 million.
- Sale and leaseback of distribution centers for total cash
consideration of € 19.1 million.
- Issued € 5.0 million in ordinary shares and secured € 7.0
million incremental shareholder loan, of which 50% converted to
perpetual loan.
- Bank debt significantly reduced; new bank covenants
successfully tested per 31 December 2019.
- The 2019 transformation resulted in a better balance sheet and
cash position.
- In the first 2.5 months of 2020 sales and order intake
developed very positively compared to last year. Given recent
developments related to COVID-19, we strengthened our precautionary
measures. Our primary concern is to safeguard the health of our
customers and employees. Customers can shop online and remain
welcome in our stores and our employees are extra alert to personal
hygiene and potential disease symptoms, taking all health
authorities’ guidance into account.
John Kruijssen, CEO of Beter Bed Holding N.V.,
comments:
"Now that we have transformed the business to focus on our
Benelux and New Business, we are off to a good start of the year.
Both divisions have shown positive sales growth since the start of
2020. In 2019 tough decisions were taken to realise a turnaround of
the Company. We divested Matratzen Concord and went through a
significant financial restructuring. We could never have
accomplished this transformation without the passionate and
committed contribution of all our employees, who continue to work
hard to further grow our company. The support received from our
shareholders and banks are proof of the resilience of our
continuing business.
In Magical Honour Limited, a company backed by Healthcare Co.
Ltd. (a Chinese public company), we found the best owner for all
employees and all other stakeholders of Matratzen Concord Germany,
Austria and Switzerland, who we also welcome as strategic investor
into our group. Our continuing business now delivers solid sales
growth. We are aware though that consumers might become less
confident due to the current macroeconomic and political
volatility, especially now the impact of the COVID-19 virus on the
global economy provides increased uncertainty. Beter Bed Holding
currently has an improved financial position and started the year
very well, however we are focused on managing the impact of
Covid-19 and are taking all the measures possible to keep our
customers and employees safe.”
Please click for the complete version of the press release on
the link below. Press photos can be downloaded here.
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