Brief: Beter Bed Holding FY Net Result Turns To Loss Of 4.2 Million Euros

Beter Bed Holding NV

17/03/2020 06:13

March 17 (Reuters) - Beter Bed Holding NV  BETR.AS :
    * REG-BETER BED HOLDING SUCCESSFULLY EXECUTED TRANSFORMATION
IN
2019
    * FULL-YEAR SALES INCREASED BY 7.5% TO EUR 185.8 MILLION
    * POSITIVE EBITDA AND CASH FLOW GENERATION, WHILE
PERFORMANCE IS
STILL IMPACTED BY ONE-OFF COSTS AND INVESTMENTS TO SUPPORT
FURTHER GROWTH
    * SALE AND LEASEBACK OF DISTRIBUTION CENTERS FOR TOTAL CASH
CONSIDERATION OF EUR 19.1 MILLION
    * FY NET LOSS OF EUR 4.2 MILLION
    * BANK DEBT SIGNIFICANTLY REDUCED; NEW BANK COVENANTS
SUCCESSFULLY
TESTED PER 31 DECEMBER 2019
    * TOTAL CASH FLOW FROM OPERATING ACTIVITIES IN 2019 WAS €
3.2
MILLION (2018: € 3.0 MILLION)
    * EBITDA INCREASED FROM € 11.8 MILLION IN 2018 TO € 21.2
MILLION
IN 2019
    * BETER BED HOLDING CURRENTLY HAS AN IMPROVED FINANCIAL
POSITION
AND STARTED YEAR VERY WELL, HOWEVER WE ARE FOCUSED ON MANAGING
IMPACT OF COVID-19 AND ARE TAKING ALL MEASURES POSSIBLE TO KEEP
OUR CUSTOMERS AND EMPLOYEES SAFE
    * BETER BED HOLDING WILL NOT DISTRIBUTE DIVIDENDS OVER THE
YEAR
2019
    * LOOKING AHEAD, WE SEE INCREASED UNCERTAINTIES FOLLOWING
THE
COVID-19 OUTBREAK AND MARKET VOLATILITY
    * IMPACT ON BETER BED HOLDING TO DATE IS LIMITED, THIS MIGHT
IMPACT CONSUMER CONFIDENCE, SUPPLY-CHAIN AND TRANSPORT
RELIABILITY
    * INCREASED COMPETITION IS CHANGING THE RETAIL LANDSCAPE IN
THE
MARKETS WE OPERATE
    * DURING THE YEAR, WE INTEND TO FURTHER OPTIMISE OUR
FINANCING
STRUCTURE, AS THE CURRENT CREDIT FACILITIES WILL EXPIRE MID-2020
    * OUTLOOK : THE CHANGES IN THE COMPANY STRUCTURE WILL LEAD
TO A
REVISION AND UPDATE ON THE STRATEGY FOR MID-TERM AND LONGER-TERM
GOALS
    * ON CORONAVIRUS: GIVEN RECENT DEVELOPMENTS RELATED TO
COVID-19,
WE STRENGTHENED OUR PRECAUTIONARY MEASURES
    * ON CORONAVIRUS: CUSTOMERS CAN SHOP ONLINE AND REMAIN
WELCOME IN
OUR STORES AND OUR EMPLOYEES ARE EXTRA ALERT TO PERSONAL HYGIENE
AND POTENTIAL DISEASE SYMPTOMS
    * BENELUX AND NEW BUSINESS ARE OFF TO A GOOD START OF YEAR.
BOTH
DIVISIONS HAVE SHOWN POSITIVE SALES GROWTH SINCE START OF 2020

Source text for Eikon:  ID:nGNE9gBNJn 
Further company coverage:  BETR.AS 

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