DGAP-News: Delticom AG / Key word(s): Quarterly / Interim Statement Delticom publishes Q1 business development 13.05.2016 / 09:03 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Delticom publishes Q1 business development Hannover, May 13, 2016 - Delticom AG (WKN 514680, ISIN DE0005146807, ticker symbol DEX), Europe's leading online retailer of tyres and automotive accessories as well as efood specialist recognized in Q1 16 revenues of EUR 105.8 million including the food companies (Gourmondo and ES Food) acquired on 23.02.2016. Compared to the previous year group revenues decreased in the reporting period by 5.0 % (Q1 15: EUR 111.3 million). EBITDA came in at EUR -0.4 million (Q1 15: EUR 0.8 million). This drop is mainly attributable to closing-date related shifts in revenues. During the first four months of the current year, group revenues of more than EUR 180 million were achieved, an increase of more than 5.0 % yoy. EBITDA for the period from January till April remained at the previous year's level. The company has successfully grown tyre unit sales by almost 10 % during the first four months. Business performance and earnings situation Market environment. This year's start to the summer tyre season in Germany has shifted to the end of March due to persistently cold temperatures. According to initial estimates by industry experts, German tyre dealers sold around 10 % fewer car tyres to motorists during the first three months of this year. Although the weather in March of last year was also changeable, some mild days nevertheless prompted an earlier start to the season last year. Experts assume that unit sales figures in German tyre retailing will prove more positive by the end of the first four months. Cost of goods sold. The cost of goods sold decreased in the reporting period from EUR 28.7 million by 2.2 % to EUR 28.1 million. Personnel expenses. In the reporting period Delticom group employed an average of 128 staff members (Q1 15: 140). Personnel expenses increased slightly due to the initial consolidation of the food companies. Other operating expenses. Other operating expenses increased during the first three months from EUR 25.8 million by 1.7 % to EUR 26.2 million. Higher transportation costs and the first-time consolidation of the food companies outweighted the savings on warehousing costs. Marketing. Group marketing expenses in Q1 16 decreased by 7.2 % from EUR 5.3 million to EUR 4.9 million. EBITDA. EBITDA came down from EUR 0.8 million to EUR -0.4 million. This decrease is mainly attributable to the accrual effect in revenues. The sales relating to some of the costs incurred in the first quarter were only recognized beginning of April in accounting terms. Q1'16 % +% Q1'15 Revenues 105,814 100.0 -5.0 111,339 Other operating income 3,506 3.3 -16.9 4,218 Total operating income 109,320 103.3 -5.4 115,557 Costs of goods sold -81,206 -76.7 -6.5 -86,814 Gross profit 28,114 26.6 -2.2 28,744 Personnel expenses -2,326 -2.2 5.9 -2,196 Other operating expenses -26,229 -24.8 1.7 -25,787 EBITDA -442 -0.4 -158.1 761 Financial and assets position Inventories. Among the current assets, inventories is the biggest line item. Since the beginning of the year stock grew by EUR 27.5 million or 44.5 % to EUR 89.4 million. Inventories by closing-date comparison as of the end of March were EUR 15.8 million higher compared to the previous year (31.03.2015: EUR 73.7 million) due to the delayed start into the summer season. Receivables. Trade receivables usually follow the seasons, but reporting date effects are often unavoidable. At the end of the quarter, the accounts receivable amounted to EUR 32.8 million (31.12.2015: EUR 18.6 million, 31.03.2015: EUR 23.0 million). Part of the orders received end of March was only paid by customers after delivery of the tyres in April. Payables. In the wake of this inventory build-up, the accounts payable increased from an opening balance of EUR 78.2 million by 52.9 % to EUR 119.6 million (31.03.2015: EUR 96.6 million). Liquidity position. Even after having paid in cash EUR 18.5 million of the purchase price for the two food companies, liquidity (cash and cash equivalents plus liquidity reserve) on 31.03.2016 stood at EUR 13.2 million (31.12.2015: EUR 11.5 million, 31.03.2015: EUR 20.7 million). The company's net cash position amounted to EUR -4.4 million (liquidity less liabilities from current accounts, 31.12.2015: EUR 7.1 million, 31.03.2015: EUR 14.8 million). Balance sheet total. As of 31.03.2016 the balance sheet total amounted to EUR 226.6 million (31.12.2015: EUR 160.0 million). 31.03.16 % +% 31.12.15 Assets Non-current assets 74,190 32.7 42.6 52,010 Fixed assets 72,635 32.1 43.8 50,507 Other non-current assets 1,555 0.7 3.4 1,504 Current assets 152,369 67.3 41.1 107,963 Inventories 89,356 39.4 44.5 61,845 Receivables 49,796 22.0 43.8 34,634 Liquidity 13,221 5.8 15.1 11,484 Assets 226,559 100.0 41.6 159,974 Equity and Liabilities Long-term funds 64,863 28.6 2.4 63,350 Equity 53,309 23.5 4.0 51,270 Long-term debt 11,555 5.1 -4.3 12,080 Provisions 421 0.2 14.3 368 Liabilities 11,134 4.9 -4.9 11,712 Short-term debt 161,695 71.4 67.3 96,623 Provisions 2,460 1.1 6.3 2,315 Liabilities 159,236 70.3 68.8 94,308 Equity and Liabilities 226,559 100.0 41.6 159,974 Outlook. The Management of Delticom AG confirms the full-year guidance provided in March as follows: Tyres & Accessories - Revenues: around EUR 600 million - EBITDA: EUR 18 million if business performance is positive Food - Revenues: EUR 20 - 30 million - EBITDA: EUR -2 million Company profile: Delticom is Europe's leading online retailer for tyres and car parts and accessories. Founded in 1999, the Hanover-based company has more than 300 online shops and websites in 45 countries, among others ReifenDirekt in Germany, Austria and Switzerland. The Delticom group also includes the online shops of Tirendo. 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. 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 42,000 service partners (9,500 in Germany alone) for professional fitting directly on to the customer's vehicle at a reasonable price. More than 300,000 car parts, including motor oil, replacement parts and accessories, complement the product portfolio. In the field of eFood the Delticom group offers a wide range of products as well: At the gourmet online supermarket Gourmondo.de alone, more than 17,000 articles are available. With the focus on gourmet and organic food as well as delicacies the online food shops of Delticom pick up current trends. Furthermore, Delticom take account of the future market organic food through the online store of the organic food supermarket chain Alnatura among others. 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] --------------------------------------------------------------------------- 13.05.2016 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: Regulated Market in Frankfurt; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart End of News DGAP News Service --------------------------------------------------------------------------- 463489 13.05.2016