BENE AG In the financial year which ended on 31 January 2015, Vienna-listed Bene AG implemented a comprehensive series of measures under a restructuring plan designed to create a solid basis for the company and lay the foundations for an operational turnaround and the realignment of the Bene Group. The Group's improved production and sales structures have made its business processes far more efficient than ever before. Following completion of the financial restructuring programme the Company also has a strong equity base, with an equity ratio of 11.2%, leaving it well equipped for a healthy financial performance in the future.
In the 2014/15 financial year - its 225th year of existence - the Bene Group installed more than 40,000 workspaces, 37,000 metres of partition walls, and produced approximately 200,000 individual pieces of furniture. Bene received numerous design awards that emphasise the high quality of its products. However, the past fiscal year was also shaped by a process of profound transformation within the Group. The optimisation of production and sales processes continued, a new sales strategy was implemented and financial restructuring paved the way for completion of the restructuring process.
Operating performance was affected by international crisesInternational crises and the decline in both the rouble and the oil price, which led to significant changes in consumer behaviour that had a major impact on the operating performance. Media reports on the restructuring programme burdened the performance in the Group's core Austrian and German markets. Combined with the targeted development of selected markets and a sales strategy focused on gross profit margins as opposed to revenue, these factors resulted in a 2.5% drop in consolidated revenue that amounts to EUR 158.9 million (m). The gross profit margin (after adjustment for restructuring costs) was 59.9% in the 2014/15 financial year, up from 55.2% in 2013/14. As a consequence, Bene has achieved its medium-term goal of increasing the gross profit margin for 2013/14 by a further two to three percentage points. In spite of the fall in revenue, the Group recorded an EBITDA of EUR 2.0m, and of EUR 7.3m before restructuring expenses, thanks to increased cost efficiency. EBIT was negative by EUR 9.5m, an improvement on the loss of EUR 24.2m recorded in the 2013/14 financial year. The Bene Group had 1,048 employees worldwide as at 31 January 2015 (31 Jan. 2014: 1,079). Due to the ongoing losses reported by the Group (31 Jan. 2015: consolidated losses of EUR 13.4m), total assets declined by EUR 7.1m as against the start of the 2014/15 financial year. Equity amounted to -44.0% of total assets at the end of the reporting period. Restoring equity to the industry average was the primary target of the restructuring measures implemented in the 2014/15 financial year.
Restructuring programme completedIn order to secure the future of the company, the Executive Board launched a bidder process in March 2014, approaching more than 80 potential investors worldwide. This process was finalised by the resolutions of the Extraordinary General Meeting by the Bene AG in the commercial register on 14 July 2015, and implementation of the financing package by the investors Bartenstein Holding GmbH and grosso holding GmbH as well as the financing banks. After reduction of the share capital to around EUR 1.9m and the capital increase of EUR 18m carried out at the same time, BGO Beteiligungsverwaltungs GmbH now has a stake of over 90% in Bene AG. As a result of the substantial strengthening of the equity base, the Bene Group's equity ratio is now 11.2%, and this solid financial and capital structure will lay the foundations for continued strong performance in the future.
About BeneBene is a leading international specialist in the design and furnishing of inspiring office and working environments. Bene defines the office as a living space and its concepts, products and services turn this philosophy into reality. It combines a tradition of quality stretching back 225 years with innovation and award-winning design. The corporate group is listed on the Vienna Stock Exchange, has its head office and production facilities in Waidhofen an der Ybbs, Austria, and is active in more than 40 countries. As a full-service provider, Bene implements office concepts, and thereby contributes to its customers' corporate success.
For further details please contact:
Martina Vomela
BENE AG
Schwarzwiesenstrasse 3
3340 Waidhofen/Ybbs
Austria
IR Hotline: +43-7442-500-3100
ir@bene.com
© Bene AG, no charge for printing. Specimen copy requested.
|
distributed by
|
