Delticom Ag · XETR:DEX
Delticom — 9M 2010 Earnings Presentation
21 slides from Delticom's earnings presentation, Nov 9, 2010
Slide 1: On the right track. Investor and Analyst Presentation
On the right track. Investor and Analyst Presentation On the Occastion of the Release of the 9-Monthly Report 2010 Hanover, 9 November 2010
Slide 2: Agenda
Agenda Delticom at a Glance Business Model Profit & Loss Balance Sheet Outlook Investor Presentation (9M) Hanover, 9 November 2010 2
Slide 3: Agenda
Agenda Delticom at a Glance Business Model Profit & Loss Balance Sheet Outlook Investor Presentation (9M) At a glance Business Model Profit & Loss Balance Sheet Outlook Hanover, 9 November 2010 3
Slide 4: Delticom at a Glance
Delticom at a Glance #1 European online tyre dealer > 100 online shops in 35 countries founded 1999, IPO Oct 2006, SDAX Dec 2008 2010 more than 625 thousand new customers so far customer base: more than 4.0 million focus on replacement tyres: > 100 tyre brands, > 25,000 models other products: motorc
Slide 5: Key Financials Q3 10
Key Financials Q3 10 * Q3 10 Q3 09 yoy % guidance Revenues €m 79.7 62.4 +27.6 > 15% current Q4 trading ok EBIT-Margin % 7.5 7.3 +0.3p 9% Q4 09: > 13% EPS € 0.33 0.26 +28.3 > 1.80 FY 09: € 1.71 Capex €m 0.6 0.6 +4.1 2.0m new warehouse planned Q2 2011 Liquidity €m 24.3 30.8 –21.0 ~ LY dividend sum >20
Slide 6: Agenda
Agenda Delticom at a Glance Business Model Profit & Loss Balance Sheet Outlook Investor Presentation (9M) At a glance Business Model Profit & Loss Balance Sheet Outlook Hanover, 9 November 2010 6
Slide 7: Tyres and the Internet
Tyres and the Internet European Car Replacement Tyres: € 11 billion Germany: 2009 ok, mixed outlook for 2010 60 SA Rest 20 +1.9% 50 DE EE+CE other 50 –12.7% +2.5% NA 51 –3.7% 58 68 –5.5% 253 40 Western World 30 Europe UK 25 20 WE 203 ES in million tyres Asia FR 10 14 206 IT 24 22 in million tyres 0
Slide 8: Redesign of the Tyre Distribution Chain
Redesign of the Tyre Distribution Chain Traditional Retail ► Delticom Redesign Investor Presentation (9M) At a glance Business Model Profit & Loss Balance Sheet Outlook Hanover, 9 November 2010 8
Slide 9: Key Benefits for Our Partners
Key Benefits for Our Partners Customers Fitting Partners Suppliers save time and money customer generation, free of Europe’s leader in the online select from broad product charge channel, strong growth, high offering no restrictions on fitting prices volumes fast delivery, even at peak might offer o
Slide 10: Agenda
Agenda Delticom at a Glance Business Model Profit & Loss Balance Sheet Outlook Investor Presentation (9M) At a glance Business Model Profit & Loss Balance Sheet Outlook Hanover, 9 November 2010 10
Slide 11: Customers
Customers 2008 2009 2010 in thousands +12% New Customers ...still the main growth driver 123 218 143 210 146 231 169 259 188 248 189 +27% Repeat Customers ...long replacement cycle and customers are happy 110 125 102 147 114 152 130 61 98 76 79 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Ratio ... repeat custo
Slide 12: Quarterly Revenues
Quarterly Revenues in € million 2008 2009 2010 +31% +17% 100 100 +12% +21% +25% +28% +46% 75 75 +16% +22% +20% 50 +9% 50 25 25 109.7 102.9 42.6 78.9 53.7 83.8 51.0 88.1 62.4 74.5 79.7 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ► Fluctuations in growth rates: seasons, weather, base effects, strategy Inv
Slide 13: Quarterly EBIT
Quarterly EBIT in € million 2008 2009 2010 +96% 15.0 15.0 12.5 12.5 +44% 10.0 10.0 +39% +49% 7.5 +33% 7.5 +122% –3% +34% 5.0 +419% 5.0 +134% N/A 2.5 2.5 14.7 10.9 0.5 5.1 3.4 7.5 2.6 7.5 4.5 6.0 5.9 0.0 0.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ► Q1 10 helped by scale and cost improvements Investor Pr
Slide 14: P&L Drivers (Q3)
P&L Drivers (Q3) EUR yoy % of Revenues Q310 Q309 % Q310 Q309 chng Revenues 79.7 62.4 27.6 100.0 100.0 0.0 Cost of sales 58.1 45.1 28.9 72.9 72.2 0.7 Gross Profit (simple) 21.6 17.4 24.4 27.1 27.8 –0.7 investment in market share Direct costs 10.9 9.9 9.8 13.7 15.9 –2.2 Direct costs (dep. on sales) 8.
Slide 15: P&L Drivers (9M)
P&L Drivers (9M) EUR yoy % of Revenues 9M10 9M09 % 9M10 9M09 chng Revenues 257.0 201.6 27.5 100.0 100.0 0.0 Cost of sales 187.4 147.7 26.9 72.9 73.3 –0.4 Gross Profit (simple) 69.6 53.9 29.2 27.1 26.7 0.4 stable price environment, stable mix Direct costs 36.2 30.9 17.1 14.1 15.3 –1.2 Direct costs (d
Slide 16: Agenda
Agenda Delticom at a Glance Business Model Profit & Loss Balance Sheet Outlook Investor Presentation (9M) At a glance Business Model Profit & Loss Balance Sheet Outlook Hanover, 9 November 2010 16
Slide 17: Working Capital Management
Working Capital Management 2008 2009 2010 3.2 2.2 2.1 0.1 –1.6 1.1 0.5 –0.1 –0.4 Accounts receivable ... follow the seasonal peaks. –2.2 –3.2 17.3 11.6 9.8 6.1 5.6 4.6 4.5 3.5 0.6 Inventories ... strong increase ... –6.7 17.8 16.0 –16.1 12.3 ... funded w/ AP Accounts payable 6.4 5.6 –0.9 –2.9 –3.5 –
Slide 18: Liquidity Bridge (ttm)
Liquidity Bridge (ttm) in € million 80 80 1.4 0.7 –19.8 37.4 70 70 11.3 0.0 –14.3 60 60 –0.8 50 –2.1 50 –0.2 0.0 –20.1 40 40 30.8 30 0.0 –0.1 24.3 30 20 20 10 10 0 0 Interest and Equipment Depreciation Intangible FX Translation Securities etc. 30.09.09 Provisions Inventories Receivables Payables Tax
Slide 19: Agenda
Agenda Delticom at a Glance Business Model Profit & Loss Balance Sheet Outlook Investor Presentation (9M) At a glance Business Model Profit & Loss Balance Sheet Outlook Hanover, 9 November 2010 19
Slide 20: Outlook
Outlook Current trading in Q4: no snow yet, mild temperatures support from discussions wrt „Winterreifenpflicht“ German market (BRV) 2010 est (as of Oct 2010): summer ~5.0%, winter 0 – 5.0% (depends on weather) 2010 top- and bottom line drivers comparable w/ 2009, rebound of consumer sentiment, nega
Slide 21: Summary
Summary 1 #1 European online tyre retailer 2 Resilient and profitable business model 3 Strong cash flow, strong balance sheet 4 Redesign of the tyre distribution chain Investor Relations: 5 Excellent growth opportunities Melanie Gereke Delticom AG Brühlstr. 11 30169 Hanover, Germany eMail: gereke@de