13.11.2014 Delticom AG  DE0005146807

DGAP-News: Delticom publishes 9-Monthly Report 2014


 
DGAP-News: Delticom AG / Key word(s): Quarter Results/9-month figures Delticom publishes 9-Monthly Report 2014 13.11.2014 / 08:00 --------------------------------------------------------------------- Delticom publishes 9-Monthly Report 2014 Hanover, 13 November 2014 - 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 nine months of 2014. In the reporting period, the company recognized revenues of EUR 314.1 million, an increase of 1.6 % (9M 13: EUR 309.1 million). EBITDA came in at EUR 8.0 million. This equates to an EBITDA margin of 2.5 %, after 3.9 % the previous year. Business in the third quarter Following a significant increase in sales in the first quarter, the tyre business already cooled considerably in the second quarter due to the effects of customers purchasing tyres early on in the season. The first three months of the second half of the year are typical of the transitional period between the summer and the winter tyre business. After the business with summer tyres had already cooled off in the second quarter, sales performance also lagged behind expectations in the third quarter. According to initial estimates by trade associations, 5 % fewer summer tyres were sold in Germany in the third quarter. Persistent mild weather also had the effect that drivers had not begun to switch from summer to winter tyres as at the end of the reporting period. During the third quarter, one-third fewer winter tyres were sold by German traders than in the same period of the previous year. In the other countries that typically switch from summer to winter tyres, the temperatures at the end of September were likewise too warm for an early start to the season. Revenues. In the third quarter, the company generated revenues of EUR 88.1 million (Q3 13: EUR 96.9 million, -9.1 %). In 9M 2014 the Delticom Group recognized revenues of EUR 314.1 million, an increase of 1.6 % after EUR 309.1 million in the prior-year period. Revenues in the E-Commerce division with its 144 online shops increased year-on-year by 2.5 %, from EUR 299.8 million to EUR 307.2 million. Tirendo. Revenues of Tirendo for nine months 2014 amounted to EUR 21.8 million, a decrease of 14.7 % compared to the previous year (9M 13: EUR 25.6 million). The focus at Tirendo this year is on optimizing costs to create a basis for a profitable growth course. The 46.8 % decline in revenues in the third quarter, from EUR 8.1 million in Q3 13 to EUR 4.3 million, is partly due to weaker demand on account of the mild weather. The drop is also attributable to the strategy of cutting advertising costs and aligning them more flexibly to market conditions with a view to increasing the efficiency of such measures in the future. Since its acquisition, Tirendo has benefited from Delticom's strengths in procurement and logistics. Tirendo's gross margin in the third quarter amounted to 18.3 % (Q3 13: 13.9 %). Thanks to the improvement in margins and a lower cost base, Tirendo's EBITDA stood at EUR -1.9 million in Q3 14, which was 48.6 % higher than in the same period in the previous year (Q3 13: EUR -3.7 million). New customers. In the reporting period, Delticom and Tirendo together acquired a total of 643 thousand new customers (9M 13: 634 thousand, Delticom excluding Tirendo, +1.5 %). Over the same period, 550 thousand existing customers bought their tyres from the Delticom Group again. Gross margin. Group COGS increased by +0.4 % from EUR 234.1 million in 9M 13 to EUR 235.1 million in 9M 14. Gross margin came in with 25.2 %, after 24.3 % the previous year. Despite the weak market environment, the quarterly gross margin increased from 24.1 % in Q3 13 to 26.1 %. Personnel expenses. Personnel expenses for nine months 2014 amounted to EUR 11.4 million (9M 13: EUR 7.0 million). The 9M 14 personnel expenses ratio stood at 3.6 % (staff expenditures as percentage of revenues, 9M 13: 2.3 %). On 30.09.2014, the company had a total of 257 employees, of which 154 were employed at Delticom (including trainees) and 103 at Tirendo (including interns). As at 30 June 2014, this number was much higher, totalling 300 employees. The integration of Tirendo was accompanied by a reduction in staff numbers in the course of the third quarter. Other operating expenses. Among the other operating expenses, transportation costs is the largest line item. They increased in the reporting period from EUR 27.2 million by 3.5 % to EUR 28.1 million. The share of transportation costs against revenues went up from 8.8 % in 9M 13 to 8.9 % in 9M 14. Marketing. For the year so far, marketing expenses grew by 49.1 % to EUR 15.4 million (9M 13: EUR 10.3 million), equating to a ratio of 4.9 % (9M 13: 3.3 %). This significant increase is mainly due to the EUR 6.1 million additional marketing spend of Tirendo in the first nine months of the current fiscal year. Q3 14 marketing expenses of 4.4 % of revenues were higher than last year's 4.0 %. EBITDA. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the reporting period came in at EUR 8.0 million (9M 13: EUR 12.0 million). This equates to an EBITDA margin of 2.5 % (9M 13: 3.9 %). The negative result contribution from Tirendo during the first nine months of 2014 comprises an important reason for the -33.3 % year-on-year decline of group EBITDA. Depreciation. Depreciation for 9M 14 rose by 174.1 % from EUR 2.2 million to EUR 6.2 million. Main reason for this increase is the scheduled depreciation of intangible assets. Depreciation from PPA amounted to EUR 4.0 million in the reporting period. EBIT. EBIT for the reporting period came down by 81.3 % from EUR 9.7 million to EUR 1.8 million. This equates to an EBIT margin of 0.6 % (9M 13: 3.1 %). Delticom excluding Tirendo. Delticom generated revenues of EUR 292.3 million in the reporting period, compared to EUR 306.2 million in 9M 13 (-4.5 %). EBITDA amounted to EUR 17.0 million, an increase of 31.7 % (9M 13: EUR 12.9 million). This corresponds to an EBITDA margin of 5.8 % (9M 13: 4.2 %). Against the backdrop of a weak market environment, Delticom's revenues in the third quarter decreased by 10.9 % to EUR 83.8 million (Q3 13: EUR 94.0 million). Despite the downturn in revenues, Delticom succeeded in raising EBITDA significantly by 37.6 % in the third quarter. Income taxes. The expenditure for income taxes amounted to EUR 2.1 million in the reporting period (9M 13: EUR 3.5 million). Net income. For the period under review, consolidated net income totalled EUR -0.9 million after EUR 6.2 million the previous year. This negative performance was primarily attributable to Tirendo's accumulated losses after tax of EUR -9.8 million in 9M 14. Inventories. Among the current assets, inventories is the biggest line item. Since the beginning of the year their value grew by EUR 44.5 million to EUR 117.4 million (31.12.2013: EUR 72.8 million, 30.09.2013: EUR 120.7 million). This corresponds to a share of 50.7 % of total assets (31.12.2013: 41.1 %, 30.09.2013: 51.8 %). Liquidity position. Liquidity (cash and cash equivalents plus liquidity reserve) as of 30.09.2014 totalled EUR 24.5 million (30.09.2013: EUR 9.2 million, 31.12.2013: EUR 11.3 million). On 30.09.2014, the company's net cash position amounted to EUR -3.2 million (liquidity less liabilities from current accounts, 30.09.2013: EUR -16.6 million). Outlook. The fourth quarter is of central importance in terms of revenues and profitability for the full year. This year, the switchover to winter tyres only began to gather pace in mid-October in many regions. Although the volume of incoming orders at Delticom and Tirendo has been significantly higher in a year-on-year comparison since the second half of October, the course of business in the fourth quarter will be impacted by the weather conditions in Europe in the weeks ahead. Given the unusually mild weather, the market situation in the first nine months and the uncertain course of business in the fourth quarter, Delticom has adjusted its full-year forecast for the current financial year. On the basis of current planning, consolidated revenues will lie in a range of between EUR 500 million and EUR 520 million on a full-year view. Depending on the respective market situation over the coming weeks and related price trends, the company is aiming for EBITDA of between EUR 15 million and EUR 20 million in the 2014 financial year. Tirendo. We will continue to improve cost structures and profitability at Tirendo over the next few months. Due to the fact that Tirendo is now fully integrated in the Delticom Group, there will be further planned job cuts at Tirendo through to the end of the current financial year. Starting next year, the crew in Berlin will consist of a core team of about 20 employees. Operational activities will be mainly outsourced to long-standing partners of Delticom, and existing processes in the Group will be standardised and streamlined. Advertising costs at Tirendo were reduced significantly in the third quarter, and we intend to make additional cost savings and improve the efficiency of our advertising measures in the months ahead. With regard to the measures described above, we expect that Tirendo will become break even during the course of the financial year ahead and will make a positive contribution to the company's success in future. The full report for the first nine months 2014 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 140 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 40,000 service partners (9,000 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] --------------------------------------------------------------------- 13.11.2014 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 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: Regulierter Markt in Frankfurt; Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 296885 13.11.2014


Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 667,71 645,72 625,76 541,26 585,37 509,30 476,00
EBITDA1,2 9,27 9,00 -6,64 15,04 17,09 15,00 21,60
EBITDA-Marge3 1,39 1,39 -1,06 2,78 2,92 2,95
EBIT1,4 2,04 1,09 -42,05 5,36 7,06 4,22 10,30
EBIT-Marge5 0,31 0,17 -6,72 0,99 1,21 0,83 2,16
Jahresüberschuss1 1,12 -1,70 -40,78 6,87 6,81 2,81 5,80
Netto-Marge6 0,17 -0,26 -6,52 1,27 1,16 0,55 1,22
Cashflow1,7 15,38 -11,71 -22,45 35,89 21,93 -5,52 0,00
Ergebnis je Aktie8 0,09 -0,13 -3,27 0,55 0,49 0,19 0,31
Dividende8 0,10 0,00 0,00 0,00 0,00 0,00 0,50
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2022 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: PricewaterhouseCoopers

INVESTOR-INFORMATIONEN
©boersengefluester.de
Delticom
WKN Kurs in € Einschätzung Börsenwert in Mio. €
514680 2,250 Kaufen 33,37
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
10,71 17,23 0,64 -23,68
KBV KCV KUV EV/EBITDA
0,81 - 0,07 5,38
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,00 0,00 0,00 14.05.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
13.05.2024 14.08.2024 14.11.2024 12.04.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-0,88% 4,31% 1,81% 30,43%
    
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E-Commerce , 514680 , DEX , XETR:DEX