Annual Report 2017

Investment, financing and cash flow

Total investments amounted to € 21.4 million in 2017. A total of € 14.8 million was invested in new and existing stores. The largest investments were made in the refurbishment of Matratzen Concord. Substantial investments were also again made in the omnichannel infrastructure (e-commerce and web shops).

Cash flow1 amounted to € 22.6 million in 2017 (2016: € 30.5 million). Solvency remained high, but decreased to 44.8% (2016: 53.5%). This decrease is mainly attributable to the use of the facilities within the cash pool structure.

The net interest-bearing debt/EBITDA ratio at year-end 2017 was zero (2016: zero).

Net working capital2 decreased in 2017. The change compared with 2016 has several effects and is due, on the one hand, to the higher inventory value resulting from the addition of box springs to the range in the German-speaking countries and the receivables in connection with prepaid corporate tax. On the other hand, amounts owed to credit institutions increased due to the use of the facilities within the cash pool structure.

  1. 1 Net profit plus depreciation, amortisation, impairments and carrying amount of disposals.
  2. 2 Total current assets less current liabilities.