DGAP-News: Delticom publishes 3-Monthly Report 2013
(firmenpresse) - DGAP-News: Delticom AG / Key word(s): Quarter Results
Delticom publishes 3-Monthly Report 2013
25.04.2013 / 08:01
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Hanover, 25 April 2013 - 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 2013.
In Q1 13 the company recognised revenues of EUR 81.3 million, a decrease of
4.9 %. Earnings before interest and taxes (EBIT) amounted to EUR 2.5
million.
Business in the first quarter
Revenues
Winter finally took hold in the month of January: Persistent snowfall in
many parts of Germany and elsewhere right through to late March made for
difficult conditions on the road. Delticom was able to record a substantial
rise in sales of winter tyres during the first quarter of 2013, but winter
tyre business at the start of the year is relatively insignificant overall.
Given the freezing temperatures and treacherous road conditions, many
drivers presumably decided to put off purchasing summer tyres for a few
weeks.
The positive sales trend in business with private end customers at the
start of the year was unable to fully compensate for the weak demand on
account of the weather experienced in March. Quarterly revenues decreased
by 4.9 % to EUR 81.3 million (Q1 12: EUR 85.5 million). Revenues in the
E-Commerce division were down year-on-year by 4.2 %, from EUR 80.9 million
to EUR 77.5 million.
On the back of sluggish sales, many dealers were evidently not yet willing
to fully replenish their stocks for the upcoming summer tyre business. As a
result of the difficult market climate, sales in B2B-E-Commerce were down
substantially year on year in the first quarter of 2013. The revenues of
the Wholesale division decreased by 17.0 % to EUR 3.8 million, after
prior-year revenues of EUR 4.5 million.
Gross margin
The cost of goods sold decreased in the reporting period by 3.7 %, from
EUR 63.4 million in Q1 12 to EUR 61.1 million. The gross margin for the
first quarter was 24.9 % (Q1 12: 25.8 %). In order to achieve its sales
targets, Delticom continues to offer its customers more attractive prices.
Other operating income
Other operating profit increased by 122.6 % to EUR 1.5 million (Q1 12: EUR
0.7 million), thereof gains from exchange rate differences to the order of
EUR 1.1 million (Q1 12: EUR 0.4 million). FX losses have to be accounted
for as line item in the other operating expenses (Q1 13: EUR 0.8 million,
Q1 12: EUR 1.5 million). The balance of FX income and losses totalled EUR
0.3 million (Q1 12: EUR -1.1 million). Altogether, the gross profit
worsened in the reporting period by 4.4 % year-on-year, from EUR 22.7
million to EUR 21.8 million.
Personnel expenses
In the reporting period on average 148 staff members were employed at
Delticom (Q1 12: 142). Delticom focused on employing new colleagues in the
logistics area. Personnel expenses amounted to EUR 2.3 million (Q1 12: EUR
2.2 million). The Q1 13 personnel expenses ratio stood at 2.8 % (staff
expenditures as percentage of revenues, Q1 12: 2.6 %).
Other operating expenses
The other operating expenses of EUR 16.3 million remained more or less
unchanged (Q1 12: EUR 16.4 million, -1.0 %).
Among the other operating expenses, transportation costs is the largest
line item. It grew from EUR 7.0 million by 1.1 % to EUR 7.1 million. The
share of transportation costs against revenues went up from 8.2 % in Q1 12
to 8.7 % in Q1 13.
Rents and overheads increased by 4.4 % to EUR 1.6 million (Q1 12: EUR 1.6
million). Stocking costs came in at EUR 0.7 million, -28.9 % lower than
prior-year's EUR 1.0 million.
In the reporting period, marketing expenses grew by 20.7 % to EUR 2.5
million (Q1 12: EUR 2.1 million). In order to support the start into summer
tyre season, Q1 13 marketing spent with 3.1 % of revenues was higher than
last year's 2.4 %.
Depreciation
Depreciation in the amount of EUR 0.7 million came in at prior year's level
(Q1 12: EUR 0.7 million, +0.3 %).
Earnings performance
EBIT came down from EUR 3.4 million by 25.9 % to EUR 2.5 million.
Financial income amounted to EUR 13 thousand (Q1 12: EUR 6 thousand) while
financial expenses in Q1 13 were EUR 20 thousand (Q1 12: EUR 43 thousand).
At the reporting date the financial result totalled EUR -7 thousand after
EUR -37 thousand the previous year.
The expenditure for income taxes was EUR 0.9 million (previous year: EUR
1.1 million). The tax rate was 33.8 % (Q1 12: 31.6 %). Consolidated net
income for Q1 13 came down from EUR 2.3 million to EUR 1.7 million. This
corresponds to earnings per share (EPS) of EUR 0.14 (undiluted, Q1 12: EUR
0.20).
Working Capital
Among the current assets, inventories is the biggest line item. They grew
from the beginning of the year by 17.3 %, totalling EUR 86.9 million on
31.03.2013. In the corresponding prior-year period the increase in
inventory value had amounted to EUR 28.2 million.
In the wake of this inventory build-up, the accounts payable increased from
EUR 74.8 million by EUR 16.2 million or 21.6 % to EUR 91.0 million. Taken
together with accounts receivable of EUR 13.3 million (31.03.2012: EUR 17.2
million), the net working capital on 31.03.2013 amounted to EUR 3.7 million
(31.03.2012: EUR 41.1 million).
Cash flow and liquidity position
Due to the working capital development, the Q1 13 cash flow from
ordinary business activities (operating cash flow) of EUR -1.4 million was
lower than in the comparison period (Q1 12: EUR 5.6 million).
This year's investments into property, plant and equipment have just been
EUR 0.1 million year-to-date (Q1 12: EUR 0.1 million).
In the reporting period, Delticom recorded a cash flow from financing
activities amounting to EUR -0.4 million. The disbursements due to
redemption of loans (EUR -0.5 million) were accompanied by the utilisation
of short-term credit lines (EUR 0.1 million).
Liquidity (cash and cash equivalents plus liquidity reserve) as of
31.03.2013 totalled EUR 44.3 million (31.03.2012: EUR 26.8 million). The
company's net cash position (liquidity less liabilities from current
accounts) amounted to EUR 41.5 million.
Outlook
For the first half of the year with its focus on summer tyre sales,
Delticom is expected to grow revenues in its core E-Commerce segment by up
to 10 % year-on-year.
Assuming a satisfactory course of business for the full year, Delticom
should be able to exceed previous year's revenues. The management expects
company growth to once again clearly outperform the industry as a whole in
2013, regardless of broader sector developments.
The full report for the first three months 2013 stands ready for download
within the 'Investor Relations' section of the website www.delti.com.
Company profile:
Delticom, Europe's leading online tyre retailer, was founded in Hanover in
1999. With more than 100 online shops in 42 countries, the company offers
its private and business customers an unequalled assortment of excellently
priced car tyres, motorcycle tyres, bicycle tyres, truck tyres, bus tyres,
special tyres, rims, complete wheels (pre-mounted tyres on rims), selected
replacement car parts and accessories, motor oil and batteries. The
independent website reifentest.com contains impartial information about
tyre tests and helps the customers choose from more than 100 tyre brands
and more than 25,000 tyre models. Delticom delivers either directly to the
customer's home address, or to one of more than 35,000 service partners -
affiliated garages which take delivery of tyres and then install these on
the customer's vehicle. Delticom's Wholesale division also sells tyres to
wholesalers domestically and abroad.
On the Internet at: www.delti.com
Selected online shops: www.reifendirekt.de, www.123pneus.fr,
www.mytyres.co.uk, www.reifendirekt.ch
End of Corporate News
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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: info(at)delti.com
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
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