13.05.2015
Delticom AG DE0005146807
DGAP-News: Delticom publishes 3-Monthly Report 2015
DGAP-News: Delticom AG / Key word(s): Quarter Results
Delticom publishes 3-Monthly Report 2015
13.05.2015 / 08:00
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Delticom publishes 3-Monthly Report 2015
Hanover, 13 May 2015 - Delticom (German Securities Code (WKN) 514680, ISIN
DE0005146807, stock market symbol DEX), Europe's leading online tyre
dealer, has published its full report for the first three months of 2015.
In Q1 15 the company recognised revenues of EUR 111.3 million, an increase
of 18.1 %. EBITDA amounted to EUR 0.8 million, after EUR 2.4 million the
previous year's quarter (-68.0 %).
Business in the first quarter
According to initial estimates by industrial associations, the replacement
tyre business in Germany in the first quarter of 2015 was unable to
continue the strong trend seen at the start of 2014. While winter tyre
sales were up by 4.4 %, summer tyre sales were down by almost 15 %. This
was due to the changeable weather, which led consumers to delay changing
their tyres. In the previous year's period, the summer tyre business got
off to an early start thanks to spring-like temperatures in March.
Revenues. In Q1 15 the company recognised revenues of EUR 111.3 million, an
increase of 18.1 % after EUR 94.3 million in the prior-year period.
Revenues in the E-Commerce division with its 163 online shops were up
year-on-year by 18.5 %, from EUR 91.9 million to EUR 108.9 million. The
share of divisional revenues amounted to 97.8 %, compared to 97.4 % in the
previous year.
Gross margin. Group COGS increased by 21.9 % from EUR 71.2 million in Q1 14
to EUR 86.8 million in Q1 15. The gross margin for the first quarter was
set to 22.0 %, after 24.5 % in Q1 14.
Personnel expenses. On 31.03.2015, the company employed a total of 154
employees. 137 of them (including trainees) worked for Delticom and the
remaining 17 for Tirendo (Q1 14: 147). In the reporting period Delticom
group employed an average of 140 staff members (Q1 14: 278). Personnel
expenses amounted to EUR 2.2 million (Q1 14: EUR 3.6 million, -39.6 %).
This decrease is mainly due to the significant workforce reduction at
Tirendo. The personnel expenses ratio in the first quarter came to 2.0 %
(staff expenditures as percentage of revenues, Q1 14: 3.9 %).
Other operating expenses. Other operating expenses amounted to EUR 25.8
million (Q1 14: EUR 20.1 million, + 28.5 %).
Among the other operating expenses, transportation costs is the largest
line item. The increase from EUR 7.2 million by 34.1 % to EUR 9.7 million
is mainly due to sales country-mix and the higher business volume. The
share of transportation costs against revenues increased in the reporting
period from 7.7 % in Q1 14 to 8.7 % in Q1 15.
Marketing. Group marketing expenses in Q1 15 were increased by 9.9 % from
EUR 4.8 million to EUR 5.3 million to push an early start into the summer
tyre business. Q1 15 marketing spent with 4.7 % of revenues was lower than
last year's 5.1 %.
Depreciation. Depreciation for Q1 15 remained with EUR 2.1 million nearly
unchanged (Q1 14: EUR 2.1 million, +1.4 %)
EBITDA. Earnings before interest, taxes, depreciation and amortization
(EBITDA) for the reporting period came in at EUR 0.8 million (Q1 14: EUR
2.4 million). The 68.0 % drop is mainly attributable to the volume-related
increase in costs. EBITDA margin for the period under review stood at 0.7 %
(Q1 14: 2.5 %).
Income taxes. In the reporting period, deferred taxes led to tax income of
EUR 50.2 thousand. In Q1 14, the expenditure for income taxes was EUR 10.5
thousand.
Net income. Consolidated net income shrank in the reporting period from EUR
20 thousand in Q1 14 to EUR -1,390 thousand.
Inventories. Among the current assets, inventories is the biggest line
item. Since the beginning of the year stock grew by EUR 17.4 million or
31.0 % to EUR 73.6 million (31.12.2014: EUR 56.2 million). This corresponds
to a share of 39.3 % of total assets (31.12.2014: 34.2 %, 31.03.2014: 42.7
%).
Cash flow and liquidity position. Due to the development in net working
capital, the Q1 15 cash flow from ordinary business activities (operating
cashflow) of EUR -9.1 million was significantly lower than in the
comparison period (Q1 14: EUR 10.7 million).
In the first quarter, Delticom invested EUR 75 thousand into property,
plant and equipment and EUR 158 thousand in intangible assets. Q1 15 cash
flow from investing activities amounted to EUR -0.2 million (Q1 14: EUR
-0.2 million).
Due to repayment of loans of EUR -1.1 million and the raising of financial
liabilities of EUR 0.7 million, the cash flow from financing activities
amounted to EUR -0.4 million in the reporting period (Q1 14: EUR -0.9
million).
Liquidity (cash and cash equivalents plus liquidity reserve) as of
31.03.2015 totalled EUR 20.5 million (31.12.2014: EUR 29.9 million,
31.03.2014: EUR 21.1 million). The company's net cash position amounted to
EUR 15.3 million (liquidity less liabilities from current accounts,
31.03.2014: EUR 8.7 million).
Outlook.
The first quarter only has a comparatively small importance relative to the
whole year and in particular with regard to profitability. Delticom will
continue to tenaciously strive for cost optimization in 2015 to reach the
full-year guidance.
At the current time, there is still major uncertainty when it comes to
market and price development in the European replacement tyre business in
2015.
The management of Delticom is planning on increasing sales volume in 2015
to exceed that of the previous year. In the case of a deflationary price
climate Delticom considers it conceivable that this increase in sales will
not necessarily result in a corresponding increase in revenues. For fiscal
year 2015, the management continues to aim for revenues in absolute terms
at least on par with fiscal year 2014.
An increase in unit sales results in a rise in volume-based costs. Should
these rise more sharply in 2015 than revenues, a positive volume effect
could have a negative impact on earnings. Irrespective of this, we are
aiming to match at least 2014 EBITDA in 2015 in absolute terms.
The full report for the first three months 2015 stands ready for download
within the "Investor Relations" section of the website www.delti.com.
Company profile:
Delticom is Europe's leading online tyre retailer. Founded in 1999, the
Hanover-based company has more than 160 online shops in 42 countries, among
others ReifenDirekt, www.mytyres.co.uk in UK and www.123pneus.fr in France,
as well as the Tirendo shops which enjoy a high level of recognition, not
least due to its brand ambassador, Sebastian Vettel. Delticom offers a wide
range of products for its private and business customers: more than 25,000
models from over 100 tyre brands for cars, motorcycles, commercial vehicles
and buses, but also complete wheels. More than 200,000 car parts, including
motor oil, replacement parts and accessories, complement the product
portfolio.
Customers enjoy all the advantages of modern E-Commerce: convenience in
order placing, quick, efficient delivery, clear cost information and, last
but not least, low prices. The products are delivered in two business days
to any address the customer chooses. Alternatively, Delticom delivers the
tyres to one of more than 41,000 service partners (9,500 in Germany alone)
for professional fitting directly on to the customer's vehicle at a
reasonable price.
On the Internet at: www.delti.com
Contact:
Delticom AG Investor Relations
Melanie Gereke
Brühlstraße 11
30169 Hannover
Tel.: +49(0)511-936 34-8903
Fax: +49 (0)89-208081147
e-mail: [email protected]
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Language: English
Company: Delticom AG
Brühlstraße 11
30169 Hannover
Germany
Phone: +49 (0)511 93634 8000
Fax: +49 (0)511 33611 655
E-mail: [email protected]
Internet: www.delti.com
ISIN: DE0005146807
WKN: 514680
Listed: Regulated Market in Frankfurt; Regulated Unofficial Market
in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart
End of News DGAP News-Service
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356975 13.05.2015
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E-Commerce , 514680 , DEX , XETR:DEX