Beter Bed Holding

Annual Report 2014

Investments, financing and cash flow

Total investments in 2014 stood at € 13.2 million; € 8.0 million higher than in 2013. This increase is connected primarily with the remodelling (of part) of the Beter Bed stores. A total of € 10.8 million was invested in new and existing stores. Investments were made in IT (e-commerce/webshops) and logistics. The cash flow (net profit plus depreciation) amounted to € 25.1 million in 2014 (2013: € 18.2 million). Solvency at the end of 2014 was 58.6% (2013: 56.6%). At the end of 2014, the ratio between net interest-bearing debt and EBITDA was 0 (end 2013: 0.22). The € 10.0 million loan taken mid-2009 was repaid in full in June 2014. The reduction of the net working capital, which began in 2013, was continued in 2014. The reduction in 2014 was largely achieved by reducing inventories by € 2.1 million on the one hand and on the other by increasing accounts payable and other debts by € 8.8 million and € 3.0 million respectively.