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 2015Management 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