Beter Bed Holding

Annual Report 2014

Notes to the company balance sheet and
profit and loss account

  • General

    The registered office of Beter Bed Holding N.V. is Linie 27, Uden, the Netherlands. The financial statements have been compiled on the basis of Title 9, Book 2 of the Dutch Civil Code in accordance with International Financial Reporting Standards (IFRS), as adopted for use in the European Union and applied to the consolidated financial statements. The participating interests are valued at net asset value. Participating interests in group companies are valued at the net asset value calculated in accordance with Beter Bed Holding N.V.’s policies. When a participating interest has a negative equity the sequence is as follows: first, the valuation of the participating interest is reduced, then a provision is formed for amounts owed by the participating interest and, when so required, a provision is formed.

    The company financial statements are presented in euros and all amounts are rounded to thousands (€ 000) unless stated otherwise. The option provided by Section 402 of Book 2 of the Dutch Civil Code to include an abbreviated profit and loss account in the company financial statements has been used.

  • 1. Financial fixed assets

    This item includes the participating interests in the group companies and the amounts owed by the group companies. The movement in this item is as follows:

    Participating interests in group companies

    Loans

    Total

    Balance at 1 January 2013

    53,862

    87,918

    141,780

    Profit from participating interest in 2013

    2,822

    -

    2,822

    Dividend paid

    (1,300)

    -

    (1,300)

    Capital contribution

    15

    -

    15

    Exchange gain

    31

    -

    31

    Granted loans to group companies

    -

    87,240

    87,240

    Repaid loans to group companies

    -

    (87,336)

    (87,336)

    Movements in participating interests provision

    5,113

    267

    5,380

    Balance at 31 December 2013

    60,543

    88,089

    148,632

    Balance at 1 January 2014

    60,543

    88,089

    148,632

    Profit from participating interest in 2014

    11,819

    -

    11,819

    Dividend paid

    (1,029)

    -

    (1,029)

    Capital contribution

    98

    -

    98

    Exchange gain

    59

    -

    59

    Granted loans to group companies

    -

    -

    -

    Repaid loans to group companies

    -

    -

    -

    Movements in participating interests provision

    (502)

    151

    (351)

    Balance at 31 December 2014

    70,988

    88,240

    159,228

  • 2. Debtors

    2014

    2013

    Group companies

    323

    409

    Taxes and social security contributions

    402

    1,445

    Other debtors

    2,344

    2,206

    Total

    3,069

    4,060

    All debtors fall due within one year.

  • 3. Cash and cash equivalents

    This item relates to the balance of cash in hand and at the bank. The cash and cash equivalents are at the full disposal of the company.

  • 4. Equity

    The company’s authorised capital amounts to € 2,000, divided into 100 million ordinary shares with a nominal value of € 0.02 each. At the end of 2014 21,905,562 shares had been issued and paid up (2013: 21.805.117).

    Shares repurchased and not yet cancelled total 2,723. The share repurchase in the company’s own capital was financed from the other reserves. These repurchased shares are no longer included in the earnings per share calculation.

    The movement in the equity items is explained in the consolidated statement of changes in equity. The revaluation reserve is the statutory revaluation reserve and relates to company land. The reserve for currency translation differences is also a statutory reserve. Neither reserve is freely distributable.

  • 5. Provisions

    At year-end 2014 and 2013 the provisions consisted in full of the provision for participating interests. The participating interests provision is a provision for participating interests that have negative net asset value after setting off loans provided by the company. The movements in the provisions in 2014 and 2013 are as follows:

    2014

    2013

    Balance at 1 January

    13,208

    7,828

    Other movements

    (351)

    5,380

    Balance at 31 December

    12,857

    13,208

  • 6. Current liabilities

    The breakdown of this balance sheet item is as follows:

    2014

    2013

    Credit institutions

    80,053

    82,065

    Group companies

    -

    -

    Taxes and social security contributions

    -

    -

    Other liabilities, accruals and deferred income

    918

    443

    Total

    80,971

    82,508

    In 2014, Beter Bed Holding put in place a new cash pool structure in which no current account intra-group balances are used.

  • 7. Financial statement audit fees

    The fees for the audit of the financial statements performed by Ernst & Young Accountants LLP amounted to:

    2014

    2013

    Audit of financial statements

    207

    187

    Other non-audit services

    16

    42

    Total

    223

    229

    The other non-audit engagement entails the assessment of the half-year figures.

  • 8. Commitments not included in the balance sheet

    The company, as the responsible company within the tax entity in the Netherlands, is liable for debts arising from corporation tax owed by the Dutch companies.

    Beter Bed Holding N.V. has issued declarations of joint and several liability for all Dutch group companies for the obligations arising from all legal transactions entered into by these group companies.



    Uden, The Netherlands, 12 March 2015

    Management Board

    Supervisory Board

    A.H. Anbeek

    D.R. Goeminne

    B.F. Koops

    A.J.L. Slippens

    E.A. de Groot

    W.T.C. van der Vis