Annual Results. Beter Bed Holding N.V. March 13th, 2015

Transcription

1 Annual Results 2014 Beter Bed Holding N.V. March 13th,

2 Agenda Financials Objectives, strategy and CSR Formulas Outlook Summary 2

3 Revenue per quarter Eur x Q1 Q2 Q3 Q4 Quarter

4 EBIT per quarter EUR x Q1 Q2 Q3 Q4 Quarter

5 Key data EPS (EUR) 0,77 0,38 Cash flow from operations* (EUR M) 25,1 18,2 Capex (EUR M) 13,2 5,4 Total assets (EUR M) 117,1 102,5 Sales/stocks 6,7 6,1 * net profit plus depreciation 5

6 (EUR x 1.000) P&L Revenue Cost of sales Gross margin ,3% ,9% Wage and salary costs Depreciation and impairments Other operating expenses Total operating expenses ,0% ,4% EBIT ,3% ,4% Financial expenses Income tax expense Net profit ,6% ,3% 6

7 (EUR x 1.000) P&L Q Revenue Cost of sales Gross margin ,8% ,3% Wage and salary costs Depreciation Other operating expenses Total operating expenses ,2% ,7% EBIT ,6% 549 0,6% Financial expenses Income tax expense Net profit ,6% -25 0,0% 7

8 (EUR x 1.000) Consolidated Balance sheet Total Assets Tangible fixed assets Intangible fixed assets Financial fixed assets Stocks Debtors Cash and cash equivalents Total

9 (EUR x 1.000) Consolidated Balance sheet Total Liabilities Equity attributable to equity holders of the parent Provisions Long-term obligations Credit institutions Other current liabilities Total

10 Cash flow (1/2) EUR x Profit before taxes Paid profit tax Depreciation and impairments Costs of employee stock options Movements in: - Stocks Debtors Short-term liabilities Provisions Short-term investment liabilities Other Cash flow from operational activities

11 (EUR x 1.000) Cash flow (2/2) Cash flow from operating activities Additions to (in)tangible fixed assets Short-term investment liabilities Disposals of (in)tangible fixed assets Changes in long-term accounts receivable Cash flow from investing activities Repayment of loan Reissuance of shares Dividend paid Cash flow from financing activities Movements in cash and cash equivalents

12 Vision To become market leader in the value-for-money segment of the bed and mattress market, in a socially responsible manner 12

13 Mission Each day, there is nothing that inspires and motivates us more than ensuring that all our clients can sleep soundly and comfortably at an affordable price: Hard at work on a good night s rest 13

14 Objectives Increasing market share Increasing customer satisfaction Increasing net profit Strong and healthy balance sheet Corporate Social Responsibility 14

15 CSR Objectives Subject Objective Supply chain 100% 100% 97% % Signed codes of conduct Diversity in management 22% 22% 16% % Women in management Sickness-related absenteeism 3.6% 3.5% 3.2% % Germany Sickness-related absenteeism 4.2% 4.3% 4.8% % The Netherlands Safe products 82% 81% 78% % Certified mattresses Energy consumption GJ GJ GJ GJ Recycled waste 48% 46% 46% % 15

16 Strategy (1/3) Retail Marketing Increasing like-for-like growth by continuously sharpening the formulas More visitors, higher conversion and higher average tickets More innovative products and marketing concepts Higher marketing investment in retail formats and brands Developing own web shops and partnerships in all countries in which the company operates (omni channel retail) Implementing NPS and RRS (customer satisfaction) Expansion Expansion of the store base with low investments and flexible leases per store 16

17 Strategy (2/3) Financial Gradual annual increase of gross margin Reduction of rent through less m 2 and continuous renegotiation of leases Optimisation of opening times Reduction of net working capital Reduction of investment/costs of opening new stores Acquisition of (online) players 17

18 Strategy (3/3) Logistics Shorter delivery times (inbound/outbound) More flexible logistics at lower costs (inbound/outbound) Human Resources Continuous improvement in training of our staff > 30% women in management positions in 2017 Further increase of employee satisfaction Corporate Social Responsibility 18

19 (EUR x 1,0 million) Breakdown of revenue %+/- vs Total LFL Matratzen Concord 249,1 238,4 4,5 5,1 Beter Bed 91,3 89,5 2,1 5,3 DBC 14,0 13,4 4,5 --- El Gigante del Colchón 5,5 6,7 (17,8) 15,7 Beddenreus 10,6 11,9 (10,7) (2,1) Slaapgenoten 1,8 4,7 (62,2) (35,0) Schlafberater.com 0,0 0,4 (96,1) (100,0) Intercompany (8,3) (7,5) 11,3 --- Total 364,0 357,4 1,8 4,8 19

20 Like-for-like development % Q1-4,1-10,7 +0,3 +0,3 +1,4-12,6 Q2-0,8-9,0-0,6-1,0 +0,8-4,8 Q3 +12,6-15,4-6,6 +0,3-1,8-3,1 Q4 +11,8-9,2-10,5 +1,8-4,5 +7,9 Year +4,8-11,2-4,7 +0,4-1,3-3,1 20

21 Gross margin % Q1 56,9 56,4 55,8 56,0 54,8 53,5 Q2 57,7 56,4 55,8 55,7 55,0 54,2 Q3 56,0 56,3 55,7 55,2 55,0 54,2 Q4 58,8 58,3 58,0 58,8 58,5 56,7 Year 57,3 56,9 56,3 56,5 55,9 54,7 21

22 Costs per store Costs per store increased in 2014 with 5,3% due to higher marketing and staff expenditure and lower average number of stores Constant exchange rates, excluding nonrecurring costs, impairments and costs for DBC/M Line are excluded in this metric 22

23 Number of stores per formula Matratzen Concord Beter Bed El Gigante del Colchón Beddenreus Slaapgenoten Schlafberater.com (CH) Total

24 Number of stores per country Austria Belgium Germany The Netherlands Spain Switzerland Total

25 Matratzen Concord LFL Germany 5,6% 2014 Market share increases in Germany German consumer confidence stable and positive economic outlook New branding and advertising 25

26 Beter Bed Dutch market improving 2014 turn around with LFL 5,3% Expansion in Belgium with 2 stores New branding and advertising Own web shop sales continue to grow 26

27 Beddenreus New branding and advertising Pilot stores opened at the end of

28 Other DBC El Gigante del Colchón 28

29 Payout ratio >50% Dividend policy Partly as interim dividend Conditions: Solvency >30% (2014: 58,6%) Ratio interest bearing debt/ebitda<2 (2014: 0) 29

30 Dividend Interim dividend 2014: 0,28 Proposal final dividend 2014: 0,37 Proposal total dividend 2014: 0,65 Pay-out ratio 2014: 85% of 2014 net profit 30

31 EPS/DPS 1,40 EPS 1,27 1,30 1,30 1,29 1,20 1,00 DPS 1,10 0,90 1,05 1,04 1,12 1,04 1,10 0,80 0,60 0,40 0,72 0,60 0,52 0,67 0,47 0,38 0,27 0,77 0,65 0,

32 Outlook (1/2) Sales trends continue in almost all countries Sharper positioning of formats in 2014 Improvement sales (top line growth) Visitors Conversion Service Customer satisfaction Gross margin improvement 32

33 Outlook (2/2) Cost control Complexity reduction Net working capital improvement 33

34 Summary 2014 Revenue: + 1,8% (LFL + 4,8%) 48 net store closings EBIT: 23,0 million (2013: 12,3 million) Net profit: 16,9 million (2013: 8,2 million) 34

35 Annual Results 2014 Beter Bed Holding N.V. March 13th,