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Beter Bed Holding N.V.
Earnings Release • Mar 10, 2023
3820_iss_2023-03-10_8583a3a1-6f23-4bfa-b2fe-48146d7656ba.pdf
Earnings Release
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Press release
Beter Bed Holding achieves strong sales growth at stable gross margin and an increased market share in 2022
Uden, the Netherlands, 10 March 2023
Today, Beter Bed Holding N.V. (BBH) – the Netherlands' largest sleep specialist in retail, wholesale and B2B – publishes its results for the full year 2022.
Highlights
- Sales growth of +7.1% to € 229.4 million (2021: € 214.2 million) with gross profit increase of +7.0% to € 126.4 million at stable gross margin of 55.1%
- Continued strong performance with Compound Annual Growth Rate (CAGR) over FY2019 to FY2022 of +10.7% in sales and +10.1% in order intake
- Underlying EBITDAand underlying EBIT of € 30.7million (2021: € 32.8million) and € 10.6million (2021: € 14.5million) respectively
- Order book at € 23.1 million (+16.2% compared with 30 September 2022)
- Strong cash position at year-end 2022 of € 37.7 million (€ 38.0 million at year-end 2021) and financing facilities of € 30 million to support further implementation of strategic plan and the pursuit of potential growth opportunities
- Proposed cash dividend of € 0.15 per ordinary share for the financial year 2022
- Accelerated rollout of strategic agenda and well on track to reach 2025 targets
- Outlook 2023: based on the strong start of 2023, BBH expects a further increase of revenues with gross margin anticipated to be in line with the gross margin over 2022
The table below shows the key figures for the full-year 2022.
| Key figures continuing operations | 2022 | 2021 |
|---|---|---|
| Revenue (in € million) | 229.4 | 214.2 |
| Gross margin | 55.1% | 55.1% |
| EBIT (in € million) | 8.7 | 14.8 |
| Underlying EBIT (in € million) | 10.6 | 14.5 |
| EBITDA (in € million) | 28.8 | 33.2 |
| Underlying EBITDA (in € million) | 30.7 | 32.8 |
| Net profit (in € million) | 5.3 | 12.5 |
| Underlying net profit (in € million) | 5.3 | 9.4 |
| Number of stores at year-end | 131 | 134 |
| Online channel share | 18.3% | 23.4% |
| Number of employees (FTE) at year-end | 911 | 937 |
John Kruijssen, CEO of BBH, comments:
"In 2022, our team made considerable progress in building our business at a time marked by challenging macroeconomic circumstances. The continued success of our strategic change in positioning from bedding retailer to sleep specialist – from introducing innovative store formats to the rolling out of 'Beter Slapen ID' – was reflected in double-digit NPS growth and an increase in market share. With a sales growth of 7.1% continuing the trend of the last three years, we achieved solid financial results. Whilst absorbing price pressure, we maintained our gross margin at 55.1% without having to charge customers with price increases, resulting in a strong value-for-money proposition. In line with our ambition to become an ever more sustainable organisation, we reduced our CO₂ emissions by 64% by transitioning to 100% green electricity and improving the energy efficiency of our operations.
We continue to look to the future with confidence. 2022 demonstrated that our business is built on strong and sustainable foundations, and I am pleased that our strategy to forge deep and meaningful relationships with our customers is proving highly effective. Given the success of our strategic implementation and our financial position, we are proactively examining opportunities to expand our businesses."
Developments in 2022
During 2022, we took significant steps towards the ambitious goals we set in 2025, with 8.0% growth in Beter Bed and Beddenreusin the Benelux, and an impressive 16.0% growth in our New Business operations, which comprise our DBC wholesale business, its sales to Beter Bed, and our subscription model Leazzzy. While the macroeconomic environment remained challenging, with high inflation and uncertainty for consumers, we maintained our value-formoney proposition and protected our margins, retaining our focus on cost control, disciplined capital spend and strict cash flow management. We maintained higher inventory levels to ensure smooth deliveries to our customers, and we will continue these measures as we expect the market circumstances to remain unchanged for the coming period. To further roll out our strategic agenda, our Capex spend increased in 2022.
BBH ended the financial year with a strong net cash position. To further strengthen the financial position of the Company and to ensure that there is sufficient financial headroom to execute our strategy, we increased our credit facility to € 30 million. We also maintained a strict working capital management, and limited both operations in noneuro currencies and interest risks due to our net cash position.
Positioning
2022 saw us ramp up our activities to promote healthy living through better sleep. This work included advertising campaigns, events such as the launch of our Sleep Manifesto, and the establishment of a network of sleep experts to support our company with science-based advice, online content generation and sleep innovations. Thought leadership such as this is central to our work as sleep specialist, and has led to increased public attention. This was reflected not only in the double-digit growth of our Net Promotor Score, but also the multiple awards that Beter Bed and DBC received,such as Beter Bed winning the ABN AMRO Best Retail Chain of the Netherlands' award and the 'ABN AMRO Best Webshop Award' for the fifth time, and M line winning the Shopping award for best webshop in the category 'Sleep'. Market research also indicates an increase in customer awareness of our Sleep better, live better purpose, which we employ as a distinctive and memorable slogan in commercials. In addition, research showed that more people consider buying their products at one of our retail formulas compared with last year.
Bricks-and-Mortar
New and innovative store formats are key to transforming our customers' experience. Following the huge success of our first experience store in Groningen, we opened the doors to our Eindhoven Ekkersrijt Experience Store in December, with more such stores to come in the future. In addition, we also began piloting a new Beter Bed City store format to examine how we can offer the key elements of our collection in a high-traffic location with a small store footprint.
'Beter Slapen ID' has proven to be a game changer in bringing our Sleep better, live better purpose alive, and a significant commercialsuccess, helping to differentiate BBH from othersin the market. Allstores with 'Beter Slapen ID' have seen a significant improvement in customer satisfaction (NPS), ticket value and conversion rate. Full rollout across our entire Beter Bed store network is set to be completed in the first half year of 2023.
Online
Our leading online presence enables us to connect with and serve customers how and where they wish to shop. Innovationssuch as new online advice tools have enhanced the online customerjourney, increasing online NPS by 33% year on year. Moreover, we are starting to see momentum build in our marketplace channels after the introduction of a marketplace specific assortment. Excellence online continues to drive excellence offline across our wider business. The addition of our team of digital experts, for instance, has helped to create a new culture of experimentation, learning and innovation in a traditional retail environment. Furthermore, our award-winning data analytics team is helping us cater for fast-evolving customer demands by driving continuous learning, experimentation, and innovation.
New Business
We continue to see considerable potential in the hotel sector and holiday parks. Since June 2022, DBC has been fitting all EuroParcs holiday homes exclusively with M line box springs and mattresses. In addition, it signed a partnership agreement with the Adova group to distribute the international Simmons brand in the Netherlands and Flanders, significantly expanding its portfolio. DBC also continuesto introduce innovative sleep solutionsto its assortment,such as the first Air Tulip M line headboard, which features a unique air-purification system. Having successfully launched a lease subscription model through Leazzzy in 2021, we added additional services to our subscription propositions in 2022. Furthermore, while we are closely following regulatory developments, potential exists for data-driven services to leverage the Internet of Things (IoT) and provide more sophisticated and personalised sleep advice in the future.
Strong backbone
To enhance the efficiency of our supply-chain operations and ICT backend, we undertook preparations to implement a new order management system and point-of-sale system, with efficiencies expected to start to materialise by the end of 2023. As a result of last year's risk analysis, all key IT employees were trained based on ISO information security standards, and we increased investment in our cyber defence capabilities to protect against evolving cybersecurity threats. Furthermore, to drive efficiencies in our newly announced distribution centre in Uden, detailed plans have been drawn up to ensure that it will be equipped with the latest advanced warehouse managementsystem and internal routing, in addition to optimising the use of space, robotisation and mechanisation.
Sustainability
2022 saw us transition to 100% green electricity and improve the energy efficiency of all our in-house operations. This resulted in a saving of 3,985 tonnes of CO2 , which equates to 64% of our own operations' carbon emissions over the year – an important step towards our goal of being carbon neutral by 2030. We are also striving to become an ever more circular business. During 2022, we adopted four sustainable product categories – circular, modular, certified natural and certified recycled – which now form part of our tender criteria for new products. Finally, as an organisation that touches many people'slives both within and beyond our company, we were pleased to have secured the commitment of 100% of our suppliers to our Code of Conduct, which outlines how we expect them to conduct business.
Financial review 2022
Revenue
Revenue from continuing operations in 2022 was € 229.4 million, which is 7.1% higher compared with € 214.2 million in 2021. This revenue growth was driven by the Benelux operations, as the New Business operations showed a slight decrease compared with the prior year. The Benelux reported year-on-year revenue growth of 8.0%, whereas New Business, which includes the DBC wholesale business, had a 6.3% decrease in revenue growth. The Group's online revenues amounted to € 42.1 million, with a full-year online channelshare of 18.3%. From a geographical perspective, 93% of revenue in 2022 was generated in the Netherlands (2021: 93%) and 7% in Belgium (2021: 7%).
Gross profit
Gross profit as a percentage of revenue remained stable at 55.1%. As a result of higher revenue at a stable gross margin, gross profit for the year increased by 7.0% to € 126.4 million, compared with € 118.1 million in 2021.
Other income
No other income was recognised in 2022. In 2021, Beter Bed Holding closed sale-and-leaseback agreements for three stores for a cash consideration of € 3.0 million. From these transactions, BBH recorded a one-time gain of € 0.9 million in 2021.
Operating expenses
Total operating expenses for 2022 were € 117.7 million, compared with € 104.2 million in 2021. Personnel expenses of € 49.5 million were higher compared with € 43.9 million in 2021. This increase is mainly driven by the comparison base in 2021 as a result of the lockdown period, higher temporary labour cost, and non-cash share-based compensation expenses in 2022. Depreciation, amortisation and impairment expenses were € 20.1 million in 2022, compared with € 18.4 million in 2021. This increase was mainly driven by higher depreciation charges related to the right-of-use assets. Other operating expenses increased from € 41.9 million in 2021 to € 48.1 million in 2022. This was mainly driven by higher warehouse and logistic expenses associated with the higher revenue volume and following the opening of our e-DC in Veghel in November 2021, further marketing investments to grow our online and offline order intake, and general costs associated with the further implementation of our strategy.
Results
Operating profit (EBIT) was EUR € 8.7 million in 2022 compared with € 14.8 million in 2021. This was driven by revenue volume increase, maintaining a stable gross margin, and offset by the realised other income in 2021 and increased operating expenses in 2022. Net profit in 2022 amounted to € 5.3 million (2021: € 13.9 million). The total net result for the year 2021 included a profit from discontinued operations of € 1.3 million and a tax gain of € 3.5 million following the divestment of our Swedish operations.
Non-GAAP measures
Underlying EBIT. Underlying EBIT is defined as operating profit (EBIT) adjusted for acquisition and divestment related costs, incremental operating costs, restructuring costs, share-based compensation costs, and other income, and was € 10.6 million in 2022 (2021: € 14.5 million). Reported IFRS EBIT was adjusted for the following items, gains on saleand-leaseback transactions of nil in 2022 (2021: € -0.9 million), acquisition and divestmentrelated costs of € 0.3 million in 2022 (2021: € 0.2 million), and share-based compensation costs of € 1.6 million in 2022 (2021: € 0.4 million).
EBITDA. EBITDA is defined as operating profit (EBIT) adjusted for depreciation, amortisation and impairments. In 2022, depreciation, amortisation and impairments was € 20.1 million (2021: € 18.4 million) resulting in an EBITDA of € 28.8 million in 2022 compared with € 33.2 million in 2021.
Underlying EBITDA. Underlying EBITDA is defined as underlying EBIT adjusted for depreciation, amortisation and impairments. In 2022, depreciation, amortisation and impairments was € 20.1 million (2021: € 18.4 million) resulting in an underlying EBITDA of € 30.7 million in 2022 compared with € 32.8 million in 2021.
Underlying net profit. Underlying net profit is defined as net profit adjusted net for tax for significant one-offs and special items and was € 5.3 million in 2022 (2021: € 9.4 million). In 2022, no one-offs and special items occurred whereas in 2021 net profit from continuing operations (€ 12.5 million) was adjusted for gains on sale-and-leaseback transactions (€ 0.9 million), realisation of currency translation reserves (€ 0.3 million), and tax gains on divestments (€ 1.9 million).
Dividend
As a result of its financial position and its financial performance in 2022, BBH proposes a cash dividend of € 0.15 per ordinary share for the financial year 2022 (2021: € 0.15), reflecting the Company's ambition of a sustainable dividend per share. This will be proposed to the AGM, to be held on 10 May 2023.
Cash and liquidity
Total cash flow generated fromcontinuing business operating activitiesin 2022 was € 26.4million (2021: € 28.3million).
Total cash flow from continuing business investing activities in 2022 was an outflow of € 6.3 million, compared with an inflow of € 3.0 million in 2021. The 2022 outflow related entirely to investments in tangible and intangible fixed assets, amounting to € 6.3 million in 2022, compared with € 4.2 million in 2021. The majority of these investments related to investments in IT and e-commerce platforms, new stores, including the second Beter Bed experience store in Eindhoven, the rollout of our independence sleep advice tool 'Beter Slapen ID' in our store network, and required maintenance in existing stores. In 2022, no cash inflow eventsrelated to investing activities occurred, whereasin 2021 there were three sale-and-leaseback transactions, which totalled € 3.0 million, and cash proceeds of the divestment of the Swedish operations, which totalled € 4.2 million.
The cash flow from continuing business financing activities for the year was an outflow of € 20.4 million (2021: outflow of € 13.9 million). The financing cash flow consists of the payment of lease liabilities of € 15.9 million (2021: € 13.7 million), payment of the 2021 dividend of € 4.1 million (2021: nil), and interest payments of € 0.4 million (2021: € 0.4 million). The 2021 financing cash flow was also impacted by several deleveraging events.
The cash position as at 31 December 2022 was € 37.7 million, compared with € 38.0 million net cash at year-end 2021.
Financing
In August 2022, BBH increased its credit facility from € 15 million to € 30 million, with Rabobank joining the current financing agreement alongside ABN AMRO Bank N.V. This increase was made to support further implementation of the strategic plan and pursue potential opportunities. The duration and interest percentages applicable regarding the credit facility were not changed. The credit facility entered into in July 2021 and increased in August 2022, is effective until July 2024, with the possibility to extend for another two years.
Benelux
Revenue of Beter Bed and Beddenreus in the Benelux was € 216.1 million in 2022, which is 8.0% higher compared with € 200.0 million in 2021. This growth underlinesthe strong business performance, asthe stores were closed in the first two weeks of 2022 and the last two weeks of 2021 which impacted revenue in 2022. Despite the challenging macroeconomic environment, we noted a strong order intake and revenue performance in the fourth quarter, with record sales during the Black Friday period. Online sales normalised compared with 2021 as a result of the shorter lockdown period in 2022. The online channel share for the Benelux was 18.9%.
In 2022, costs increased compared with the previous year, mainly related to increased housing costs, marketing activities, and incremental supply chain costs to further enable the omni-channel proposition.
New Business
The New Business operations comprise the DBC wholesale business and our subscription model Leazzzy. In 2022, totalrevenues amounted to € 30.5million, including intercompany sales of € 17.2million, compared with € 26.3million, including intercompany sales of € 12.1 million, in 2021. This represents a total growth of 16.0%.
The DBC wholesale business showed strong revenue growth for the internal Beter Bed channel in 2022, with a slight decrease to external dealers, due to the challenging macroeconomic climate. BBH continued to add new B2B customers, including dealers that sell the new Simmons brand and B2B clients in the leisure business. For DBC, this included further investments in additional sales force, which will enable us to drive the M line and Simmons brands in existing markets and a number of carefully selected new markets. Going forward, we continue to see significant opportunities for further acceleration of these activities.
Outlook
With ourstrong execution capabilities, ourstrong store network, and a growing online presence, we remain confident that we can weather the current challenges driven by the war in Ukraine, elevated inflation, consumer confidence, high commodity prices, and a tight labour market. Moreover, as a result of continuing to adjust and strengthen our proposition - and our continued strong strategic progress - we remain confident in our ability to increase revenues in the coming years. This confidence is underpinned by: growing public awareness of the importance of sleep for physical and mental health; the successful rollout of our new shop format, featuring the popular 'Beter Slapen ID' tool, and the national and international growth of DBC. By offsetting of the current increases in commodity prices through continued improvements in category management, we have been able to offer a consistent value-for-money proposition to our customers. Despite the current challenging environment, this is expected to deliver a stable gross margin towards the end of the year compared with 2022. Furthermore, 2023 will see us stabilise our capital expenditures to update the look & feel of our existing stores and finalise the roll out of 'Beter Slapen ID' throughout our network – all while continuing to build our front- and back-end digital capabilities as we continue our company's investments to support accelerated omni-channel revenue growth in line with our 2025 Strategy.
Risk paragraph
BBH operates in the bed and mattress segment. BBH's operations, which are based on the Group's strategic objectives, are affected by the management of a number of opportunities and risks. For this reason, we have implemented a risk managementsystem to monitor and control the Group's most important risks, which was updated to its current monitoring format in 2021. This involves applying a matrix that describes the risks, their financial and non-financial impact, the probability that they will occur, control measures, and the actions to be taken. This matrix is updated and discussed in the Audit Committee twice a year and the key points are reported to the Supervisory Board. BBH's risk appetite is based on the Company's operational results, financial position and carefully considered financial management. Although the Company's daily operations involve taking risks, BBH adopts a prudent and balanced approach to those risks. More information about the risk appetite in the various categories defined by BBH is explained in the 2022 annual report.
Independent auditor's report
The financial information in the appendices is taken from the consolidated financial statements of Beter Bed Holding N.V. for which an unqualified auditor's report has been issued by the independent auditor.
2022 Annual report and AGM Beter Bed Holding N.V.
Beter Bed Holding N.V. is publishing its annual report for the 2021 financial year today on its website www.beterbedholding.com. The Annual General Meeting will take place on 10 May 2023 in Uden, the Netherlands. The agenda including explanatory notes and notice to the AGM will be published on the Company's website on 29 March 2023.
Caution concerning forward-looking statements
Some statements included in this report contain forward-looking statements. These statements may relate to or may affect future matters concerning future results, strategies or business plans, but may also include the impact of regulatory initiatives on the operation of BBH. Forward-looking statements may, without limitation, include wordslike "believes", "intends to", "expects", "anticipates", "will", "may", "could", "should", "intends", "estimate", "plan", "goal", "target", "aim", "remain confident" or expressions similar to those. These forward-looking statements rely on a number of assumptions concerning future events and are subject to uncertainties and other factors, many of which are outside the control of BBH and that could cause actual resultsto differ materially from such statements. A number of these factors are described (not exhaustively) in the 2022 Annual Report. All forward-looking statements and ambitions stated in this press release that refer to a growth or decline, refer to such growth or decline relative to the situation per 31 December 2022, unless stated otherwise. This press release contains information that qualifies as inside information in the sense of Article 7 paragraph 1 of the EU Market Abuse Regulation.
Financial calendar
| 19 January 2024 | Q4 2023 Trading update |
|---|---|
| 20 October 2023 | Q3 2023 Trading update |
| 21 July 2023 | Q2 2023 Trading update / 2023 Half-year results |
| 10 May 2023 | 2023 Annual General Meeting |
| 21 April 2023 | Q1 2023 Trading update |
About Beter Bed Holding
Beter Bed Holding (BBH) is the Netherlands' leading sleep specialist in retail, wholesale and B2B.
Our mission is simple. We believe that the better we sleep, the happier, healthier and more productive we are. And we won't rest until everyone gets the high-quality sleep they deserve.
Listed on Euronext Amsterdam, BBH operates the successful retail brands Beter Bed, Beddenreus, the new subscription brand Leazzzy and the digital organisation LUNEXT. In addition, through its subsidiary DBC International, BBH has a wholesale business in branded products in the bedroom furnishings sector, which includes the well-known international brands M line and Simmons.
With 4 distribution centres, a fleet of 80 vehicles, 131 stores, a fast-growing online presence, and a wholesale company our team of over 1,000 dedicated employees generated € 229.4 million revenue in 2022.
Providing expert sleep advice is at the very heart of our strategy, and thanks to our revolutionary 'Beter Slapen ID' tool, oursleep consultants help customersto get the perfect night'ssleep. BBH is proud that M line isthe officialsleep supplier of AFC Ajax, TeamNL, Jumbo-Visma, NOC*NSF and the KNVB.
FOR MORE INFORMATION:
Press enquiries: Uneke Dekkers / CFF Communications T +31 (0)20 575 4010 or M +31 (0)6 50261626 E [email protected]
Consolidated balance sheet
At 31 December and before result appropriation
| in thousand € | 2022 | 2021 |
|---|---|---|
| Non-current assets | ||
| Intangible assets | 6,792 | 8,269 |
| Property, plant and equipment | 6,048 | 3,590 |
| Right-of-use assets | 43,038 | 49,584 |
| Deferred tax assets | 144 | 4,456 |
| Other non-current financial assets | 81 | 117 |
| Total non-current assets | 56,103 | 66,016 |
| Current assets | ||
| Inventories | 27,594 | 29,998 |
| Trade receivables | 1,851 | 1,943 |
| Income tax receivable | 1,035 | - |
| Other receivables | 6,292 | 5,969 |
| Cash and cash equivalents | 37,695 | 38,005 |
| Total current assets | 74,467 | 75,915 |
| Total assets | 130,570 | 141,931 |
At 31 December and before result appropriation
| in thousand € | 2022 | 20211 |
|---|---|---|
| Equity | ||
| Issued share capital | 544 | 544 |
| Share premium | 34,401 | 34,401 |
| Legal reserves | 786 | - |
| Other reserves | (6,661) | (17,303) |
| Retained earnings | 5,271 | 13,897 |
| Total equity attributable to equity holders of the parent | 34,341 | 31,539 |
| Liabilities | ||
| Non-current liabilities | ||
| Lease liabilities | 29,819 | 37,002 |
| Provisions | 553 | 350 |
| Deferred tax liabilities | - | 776 |
| 30,372 | 38,128 | |
| Current liabilities | ||
| Lease liabilities | 15,936 | 15,986 |
| Trade payables | 20,803 | 24,240 |
| Income tax payable | - | 3,549 |
| Other taxes and social security contributions | 10,421 | 10,944 |
| Other liabilities | 18,697 | 17,545 |
| 65,857 | 72,264 | |
| Total liabilities | 96,229 | 110,392 |
| Total equity and liabilities | 130,570 | 141,931 |
1 In the comparative figures, €350k has been reclassed from other liabilities to provisions for comparison purposes.
Consolidated profit and loss account
For the year ended 31 December
| in thousand €, unless otherwise stated | 2022 | 2021 |
|---|---|---|
| Continuing operations | ||
| Revenue | 229,434 | 214,222 |
| Materials and services from third parties | (103,035) | (96,140) |
| Gross profit | 126,399 | 118,082 |
| Other income | - | 896 |
| Personnel expenses | (49,532) | (43,893) |
| Depreciation, amortisation and impairment | (20,131) | (18,390) |
| Other operating expenses | (48,052) | (41,894) |
| Total operating expenses | (117,715) | (104,177) |
| Operating profit (EBIT) | 8,684 | 14,801 |
| Finance costs | (882) | (527) |
| Profit before tax | 7,802 | 14,274 |
| Income tax | (2,531) | (1,726) |
| Net profit from continuing operations | 5,271 | 12,548 |
| Discontinued operations | ||
| Profit/(loss) after tax from discontinued operations | - | 1,349 |
| Net profit | 5,271 | 13,897 |
Consolidated statement of comprehensive income
For the year ended 31 December
| in thousand € | 2022 | 2021 |
|---|---|---|
| Profit for the year | 5,271 | 13,897 |
| Other comprehensive income | ||
| Items that may be reclassified to profit or loss: | ||
| Exchange differences on translation of foreign operations | - | (304) |
| Other comprehensive income for the year, net of tax | - | (304) |
| Total comprehensive income for the year, net of tax | 5,271 | 13,593 |
| Total comprehensive income/(loss) for the year, net of tax | ||
| Continuing operations | 5,271 | 12,244 |
| Discontinued operations | - | 1,349 |
| Total comprehensive income for the year, net of tax | 5,271 | 13,593 |
| Earnings per share from all operations | ||
| Earnings per share in € | 0.19 | 0.52 |
| Diluted earnings per share in € | 0.19 | 0.50 |
| Earnings per share from continuing operations | ||
| Earnings per share in € | 0.19 | 0.47 |
| Diluted earnings per share in € | 0.19 | 0.45 |
Consolidated cash flow statement
For the year ended 31 December
| in thousand € | 2022 | 2021 |
|---|---|---|
| Operating activities | ||
| Profit before tax | 7,802 | 14,274 |
| Adjustments for: | ||
| - Net finance costs | 882 | 527 |
| - Change in provisions | 203 | - |
| - Income taxes | - | (702) |
| - Cost of share-based compensation | 1,609 | (207) |
| - Depreciation and impairment of right-of-use assets | 14,783 | 13,223 |
| - Depreciation and impairment of property, plant and equipment | 1,705 | 2,019 |
| - Amortisation and impairment of intangible assets | 3,643 | 3,148 |
| - Book profit on sale-and-leaseback | - | (896) |
| Adjusted operating result for the period | 30,627 | 31,386 |
| Working capital adjustments: | ||
| - Decrease / (Increase) in inventories | 2,404 | (6,190) |
| - Decrease / (Increase) in trade and other receivables | (231) | (113) |
| - Increase / (Decrease) in trade and other liabilities | (2,808) | 6,360 |
| Change in working capital | (635) | 57 |
| Guarantees | (29) | 128 |
| Income tax (paid) / received | (3,570) | (3,270) |
| Discontinued operations | - | (418) |
| Cash flow from operating activities | 26,393 | 27,883 |
| Investing activities | ||
| Capital expenditure on purchase of intangible assets | (2,166) | (2,316) |
| Capital expenditure on purchase of PP&E | (4,163) | (1,925) |
| Proceeds from sale and leaseback | - | 3,000 |
| Divestment of Swedish operations | - | 4,240 |
| Discontinued operations | - | (87) |
| Cash flow from investing activities | (6,329) | 2,912 |
| in thousand € | 2022 | 2021 |
|---|---|---|
| Financing activities | ||
| Proceeds from issuance of new shares | - | 6,453 |
| Repayment of equity instruments | - | (4,023) |
| Repayment of borrowings | - | (2,285) |
| Dividends paid | (4,078) | - |
| Interest paid | (437) | (373) |
| Payment lease liabilities | (15,859) | (13,673) |
| Discontinued operations | - | (535) |
| Cash flow from financing activities | (20,374) | (14,436) |
| Movement in cash and cash equivalents | (310) | 16,359 |
| Net foreign exchange difference | - | 19 |
| Opening balance | 38,005 | 21,627 |
| Closing balance | 37,695 | 38,005 |
Consolidated statement of changes in equity
| in thousand € | Issued | Share | Equity | Revaluation | Currency | Legal | Other | Retained | Total |
|---|---|---|---|---|---|---|---|---|---|
| share capital |
premium | instruments1 | reserve1 | translation reserve2 |
reserves3 | reserves | earnings | ||
| Balance at 1 January 2021 | 525 | 27,967 | 3,814 | 386 | 304 | - (25,211) | 7,938 | 15,723 | |
| Net profit 2021 | - | - | - | - | - | - | - | 13,897 | 13,897 |
| Other components of | |||||||||
| comprehensive income 2021 | - | - | - | - | (304) | - | - | - | (304) |
| Total comprehensive income | - | - | - | - | (304) | - | - | 13,897 | 13,593 |
| Profit appropriation 2020 | - | - | - | - | - | - | 7,938 | (7,938) | - |
| Contributions of equity | 19 | 6,434 | - | - | - | - | - | - | 6,453 |
| Interest on equity instruments | - | - | 209 | - | - | - | (209) | - | - |
| Repayment of equity | |||||||||
| instruments | - | - | (4,023) | - | - | - | - | - | (4,023) |
| Realisation of revaluation | |||||||||
| reserve | - | - | - | (386) | - | - | 386 | - | - |
| Cost of share-based | |||||||||
| compensation | - | - | - | - | - | - | (207) | - | (207) |
| Balance at 31 December 2021 | 544 | 34,401 | - | - | - | - (17,303) 13,897 | 31,539 | ||
| Net profit 2022 | - | - | - | - | - | - | - | 5,271 | 5,271 |
| Other components of | |||||||||
| comprehensive income 2022 | - | - | - | - | - | - | - | - | - |
| Total comprehensive income | - | - | - | - | - | - | - | 5,271 | 5,271 |
| Profit appropriation 2021 | - | - | - | - | - | - | 13,897 (13,897) | - | |
| Addition to legal reserves | - | - | - | - | - | 786 | (786) | - | - |
| Dividend payment | - | - | - | - | - | - | (4,078) | - | (4,078) |
| Cost of share-based | |||||||||
| compensation | - | - | - | - | - | - | 1,609 | - | 1,609 |
| Balance at 31 December 2022 | 544 | 34,401 | - | - | - | 786 | (6,661) | 5,271 | 34,341 |
1 Concerns restricted equity.
2 In the comparative figures, the release of the currency translation reserve is reclassed to other comprehensive income in both the consolidated statement of changes in equity and the consolidated statement of comprehensive income for comparison purposes. Concerns restricted equity.
3 Applies to internally developed intangible assets. Concerns restricted equity.