Beter Bed Holding

Annual Report 2015

Investment, financing and cash flow

Total investments amounted to € 16.0 million in 2015. A total of € 8.9 million was invested in new and existing stores. In addition, substantial investments were made in the omnichannel infrastructure (e-commerce and webshops).

The cash flow1 amounted to € 33.0 million in 2015 (2014: € 25.1 miljoen). Solvency remained high, at 57.5% at year-end 2015 (2014: 58.6%).

As the company operates on a debt-free basis, the ratio between net interest-bearing debt and EBITDA was zero at the end of 2015, as it had been a year earlier.

The reduction of net working capital, while maintaining the commercial strength of the formulas, was continued in 2015. This reduction was achieved largely by an increase in accounts payable by € 5.0 million.

  1. 1 net profit plus depreciation, impairments and carrying amount of disposals. Before 2015, net profit was not adjusted for the carrying amount of disposals.