Beter Bed Holding successfully executed transformation in 2019
17 March 2020
- 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, relatedimpairments and one-offcosts € 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.
Download the full press release:20200317 Full-year results 2019 (195.7kb)