Delticom AG

EANS-News: Delticom publishes 3-Monthly Report 2012

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quarterly report


Hanover (euro adhoc) - 10 May 2012 - 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 2012.
In Q112 the company recognised revenues of EUR 85.5 million, a plus of 0.2%.
Earnings before interest and taxes (EBIT) amounted to EUR 3.4 million.

Business in the first quarter

Revenues

Due to the lack of snow, sales of winter tyres lagged behind expectations at the
start of the year. This was compounded by the fact that prior to Easter it was
too cold for a good start into the changeover season. The low temperatures are
likely to have prevented many drivers from making an early switch to summer
tyres.

Despite difficult market conditions revenues in Q112 came in flat year-on-year.
Quarterly revenues increased by 0.2% to EUR 85.5 million (Q111: EUR 85.4
million). Revenues in the E-Commerce division were up year-on-year by 0.5%, from
EUR 80.5 million to EUR 80.9 million. The revenues of the Wholesale division
decreased by 5.8% to EUR 4.5 million, after prior-year revenues of EUR 4.8
million.

Gross margin

The cost of goods sold increased in the reporting period by 0.3%, from EUR 63.2
million in Q111 to EUR 63.4 million. The gross margin for the first quarter was
set to 25.8%, more or less flat from prior-year's 25.9%.

Other operating income

Other operating profit decreased by 48.2% to EUR 0.7 million (Q111: EUR 1.3
million), thereof gains from exchange rate differences to the order of EUR 0.4
million (Q111: EUR 1.0 million). FX losses have to be accounted for as line item
in the other operating expenses (Q112: EUR 1.5 million, Q111: EUR 1.7 million).
The balance of FX income and losses totalled EUR -1.1 million (Q111: EUR -0.7
million). Altogether, the gross profit worsened in the reporting period by -3.0%
year-on-year, from EUR 23.5 million to EUR 22.7 million.

Personnel expenses

In the reporting period on average 142 staff members were employed at Delticom
(Q111: 108). The reason for the increase was the build up of qualified staff for
our new warehouse facility which was opened in Q2 last year. Personnel expenses
amounted to EUR 2.2 million (Q111: EUR 1.7 million). The Q112 personnel expenses
ratio stood at 2.6% (staff expenditures as percentage of revenues, Q111: 2.0%).

Other operating expenses

Overall the other operating expenses totalled EUR 16.4 million in the past
quarter, an increase of 6.7% over the prior-year value of EUR 15.4 million.

Among the other operating expenses, transportation costs is the largest line
item. It grew from EUR 6.8 million by +3.7% to EUR 7.0 million. The share of
transportation costs against revenues went up from 7.9% in Q111 to 8.2% in Q112.

Due to the expansion of warehouse capacity, rents and overheads increased by
63.9%, from EUR 1.0 million to EUR 1.6 million. Stocking costs came in at EUR
1.0 million, 15.0% higher than prior-year's EUR 0.9 million.

In the reporting period, costs for advertising totalled EUR 2.1 million, after
EUR 2.0 million in Q111. The ratio of marketing expenses to revenues was with
2.4% basically flat year-on-year.

Depreciation

In line with our gradual warehouse capacity expansion and the last year's
investments into warehousing infrastructure, depreciation rose by 83.0% from EUR
0.4 million in Q111 to EUR 0.7 million.

Earnings performance

EBIT came down from EUR 5.9 million to EUR 3.4 million, primarily due to higher
fixed costs.

Financial income amounted to EUR 6.4 thousand (Q111:EUR 42.3 thousand) while
financial expenses in Q112 increased to EUR 43.4 thousand (Q111:EUR 2.9
thousand). At the reporting date the financial result totalled EUR -37.1
thousand after EUR 39 thousand the previous year.

The expenditure for income taxes was EUR 1.1 million (previous year: EUR 1.9
million). The tax rate was 31.6% (Q111: 32.2%). Consolidated net income for Q112
came down from EUR 4.1 million to EUR 2.3 million. This corresponds to earnings
per share (EPS) of EUR 0.20 (undiluted, Q111: EUR 0.34).

Balance sheet

Among the current assets, inventories is the biggest line item. They grew from
the beginning of the year by 26.4%, totalling EUR 134.7 million on 31.03.2012.
This corresponds to a share of 66.3% of total assets (31.12.2011: 64.0%,
31.03.2011: 49.9%).

In the wake of this inventory build-up, the accounts payable increased from EUR
68.2 million by EUR 35.6 million or 52.1% to EUR 103.8 million.

Cash flow and liquidity position

The net working capital came down by 7.6%, from EUR 44.4 million at 31.12.2011
to EUR 41.1 million at 31.03.2012. In the last year the Q1 net working capital
had increased by EUR +22.2 million. Consequently, in Q112 the cash flow from
ordinary business activities (operating cashflow) of EUR 5.6 million was
significantly stronger than in the comparison period (Q111: EUR -18.5 million).

Liquidity (cash and cash equivalents plus liquidity reserve) as of 31.03.2012
totalled EUR 26.8 million (31.03.2011: EUR 47.5 million). The company's net cash
position (liquidity less liabilities from current accounts) amounted to EUR 23.2
million.

Outlook

Experts continue to regard the European economic outlook with caution. After the
elections in Greece and France it is looking less likely that European states
will agree on a common strategy for managing public deficits in the near future.
In addition, high petrol and energy prices are unsettling European consumers.
This will weigh on consumer sentiment in coming months.

Due to unfavourable weather conditions, the European tyre trade had a relatively
soft start into the year. At the beginning of the second quarter, the picture is
still mixed throughout Europe. Demand shifts between quarters are quite common
in the tyre trade, though. Assuming that the market environment for the tyre
business continues to improve then volumes in the second quarter should benefit
from catch-up effects.

All in all, our forecast of a rise in revenues of 10% year-on-year remains
unchanged. Assuming margins at prior-year levels, earnings should grow in line
with revenues.

The full report for the first three months 2012 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 41 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
30,000 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


Further inquiry note:
Delticom AG Investor Relations
Melanie Gereke
Brühlstraße 11
30169 Hannover
Tel.: +49 (0)511-936 34-8903
Fax:  +49 (0)89-208081147
e-mail: melanie.gereke@delti.com

end of announcement                               euro adhoc 
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company:     Delticom AG
             Brühlstraße 11
             D-30169 Hannover
phone:       +49 (0)511 93634 8903
FAX:         +49 (0)511 336116 55
mail:     info@delti.com
WWW:      http://www.delti.com
sector:      Electronic Commerce
ISIN:        DE0005146807
indexes:     SDAX, CDAX, Classic All Share, Prime All Share
stockmarkets: free trade: Berlin, München, Düsseldorf, Stuttgart, regulated
             dealing/prime standard: Frankfurt 
language:   English
 



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