March 17, 2020 / 6:16 AM / in 21 days

BRIEF-Beter Bed Holding FY Net Result Turns To Loss Of 4.2 Million Euros

March 17 (Reuters) - Beter Bed Holding NV:

* 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: Further company coverage: (Gdansk Newsroom)

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