Half-year results 2019 - solid sales continued operations - exit of Matratzen Concord on track

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Overig advies 30/08/2019 09:46
30 August 2019
Highlights of first half year 2019
• Solid sales growth of the continued operations Benelux and New Business.
• The process leading to the exit of Matratzen Concord is on track expected to be completed by the end of 2019.
• An extraordinary shareholders' meeting (EGM) will be held in Q4 2019.
• On track with agreeing amending financing covenants for the remaining Group.

"Since we announced our new strategy in October 2018, we have taken significant steps to improve our overall
performance. However, as the recovery of Matratzen Concord was more time-consuming than earlier anticipated, with
a significant financial impact, we decided to exit Matratzen Concord. This will allow us to focus on driving faster
growth of our activities in the Benelux region and our New Business.
We expect to complete the exit of Matratzen Concord by the end of 2019, and are currently in advanced stage of
negotiations with a select number of seriously interested parties, which potentially presents a good fit to all
stakeholders of Matratzen Concord. We will hold an EGM by the end of 2019. A secured short-term financial platform
has been agreed with the banks and three major shareholders and we are now in the process to amend the financing
At the same time, we continue to grow our Benelux operations and have seen sales growth of more than 6%. The New
Business, consisting of the Swedish operation and DBC Wholesale, showed promising sales performance, albeit from
a small basis. We are now focused on further acceleration and improving profit levels."
2019 H1 performance
The table below shows the results of the continued operations for H1 2019.
Continued operations in € million 2019 H1 2018 H1
Sales 94.2 86.4
EBIT 0.4 3.5
Operating cash flow 2.7 3.3
Total cash flow 0.5 (2.1)
Net profit (loss) after tax including discontinued operations (22.7) (6.8)
For the continued operations, H1 2019 sales of € 94.2 million increased by 9.0% compared to H1 2018 due to good
sales performance in both the Benelux operations and New Business (Sweden and DBC wholesale). EBIT decreased to
€ 0.4 million due to higher cost levels in the New Business operations to accelerate the sales performance, and higher
incidental advisory and legal costs in Beter Bed Holding N.V. The operating cash flow from the continued operations was € 2.7 million.

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