Delticom Ag · XETR:DEX
Delticom — 9M 2011 Earnings Presentation
22 slides from Delticom's earnings presentation, Oct 18, 2011
Slide 1: On track. Investor and Analyst Presentation 9M 2011
On track. Investor and Analyst Presentation On the Occasion of the Release of the Preliminary Figures for 9M 2011 Hanover, 18 October 2011
Slide 2: Agenda
Agenda Delticom at a Glance Business Model Profit & Loss Balance Sheet Outlook Investor Presentation 9M Hanover, 18 October 2011 2
Slide 3: Agenda: Delticom at a Glance
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, 18 October 2011 3
Slide 4: Delticom at a Glance
Delticom at a Glance #1 European online tyre dealer > 100 online shops in 40 countries founded 1999, IPO Oct 2006, SDAX Dec 2008 2011 more than 590 thousand new customers so far customer base: more than 4.9 million focus on replacement tyres: > 100 tyre brands, > 25,000 models other products: motorc
Slide 5: Key Financials 9M
Key Financials 9M Q311 Q310 yoy % 9M11 9M10 yoy % guidance* New Customers k 183 189 –3.2 594 625 –5.0 Sluggish summer tyre season... Customer Base m 5.0 4.1 +22.8 ... but still good customer generation. Revenues €m 99.4 79.7 +24.7 297.7 257.0 +15.8 ~ 10 % Early start in the winter tyre season... Gro
Slide 6: Agenda: Business Model
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, 18 October 2011 6
Slide 7: Tyres and the Internet
Tyres and the Internet PC & LT Replacement Tyres Europe: > € 10 billion Germany: very good 2010, uncertain outlook for 2011 60 SA Rest +10.1% 0.0% 52 21 other DE +3.3% EE+CE 50 –12.7% –1.3% NA 69 59 60 255 40 Western World 30 Europe WE 220 UK 20 ES 27 in million tyres Asia 15 10 IT FR 239 24 26 in m
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, 18 October 2011 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: Profit & Loss
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, 18 October 2011 10
Slide 11: Customers
Customers 2009 2010 2011 in thousands New Customers ...still the main growth driver –3% 146 231 169 259 188 248 189 333 181 230 183 +8% Repeat Customers ...long replacement cycle and customers are happy 125 102 147 114 152 130 180 133 165 140 79 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Ratio ... repeat cust
Slide 12: Quarterly Revenues
Quarterly Revenues in € million 2009 2010 2011 175 +48% 175 150 150 125 +31% +10% 125 +17% +25% 100 +12% +15% 100 +28% +46% 75 +16% 75 +20% 50 50 109.7 102.9 162.6 112.9 25 25 51.0 88.1 62.4 74.5 79.7 85.4 99.4 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ► Fluctuations in growth rates: seasons, weather,
Slide 13: Quarterly Gross/EBIT Margins
Quarterly Gross/EBIT Margins Gross Margin (simple) EBIT Margin 2009 2010 2011 1.8 30% 2.2 30% 1.9 1.6 –0.3 30.6% –0.4 2.1 2.4 0.3 –1.6 28.8% –0.3 28.0% 27.8% 27.7% 27.4% 25% 25% 26.4% 26.0% 25.9% 25.8% 25.7% 20% 20% 1.8 15% 4.4 15% 2.4 0.3 1.7 10% 2.2 10% 1.0 0.6 2.0 –0.2 4.0 5% 5% 13.4% 11.0% 15.2%
Slide 14: Quarterly EBIT
Quarterly EBIT in € million 2009 2010 2011 +69% 25 25 20 20 +96% 15 +13% 15 +49% +51% 10 10 +49% +102% +38% +11% +419% +34% 5 5 14.7 11.3 24.8 12.8 2.6 7.5 4.5 5.3 6.3 9.5 5.9 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ► Step-up from strong 9M10 base Investor Presentation 9M At a glance Business Model
Slide 15: P&L Drivers (Q3)
P&L Drivers (Q3) EUR yoy % of Revenues Q311 Q310 % Q311 Q310 chng Revenues 99.4 79.7 24.7 100.0 100.0 0.0 Cost of sales 73.7 57.8 27.4 74.2 72.6 1.6 Gross Profit (ex ooi) 25.7 21.8 17.6 25.8 27.4 –1.6 attractive prices Direct costs 13.1 10.9 20.5 13.2 13.7 –0.5 Direct costs (dep. on volume) 10.4 8.3
Slide 16: P&L Drivers (9M)
P&L Drivers (9M) EUR yoy % of Revenues 9M11 9M10 % 9M11 9M10 chng Revenues 297.7 257.0 15.8 100.0 100.0 0.0 Cost of sales 218.6 187.3 16.7 73.4 72.9 0.6 Gross Profit (ex ooi) 79.1 69.7 13.4 26.6 27.1 –0.6 Direct costs 40.0 36.2 10.6 13.4 14.1 –0.6 Direct costs (dep. on volume) 31.1 27.9 11.4 10.4 10
Slide 17: Agenda: Balance Sheet
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, 18 October 2011 17
Slide 18: Working Capital Management
Working Capital Management 2009 2010 2011 6.2 5.1 3.2 2.1 –1.6 0.5 Accounts receivable ... follow the seasonal peaks. 1.1 –0.4 –2.2 –2.7 –5.5 31.4 19.7 19.6 16.6 12.3 8.4 5.7 5.4 4.8 Inventories ... significant increase ... 26.7 –13.7 17.7 15.4 –24.3 10.9 ... funded w/ AP and credit lines 6.1 5.8 Ac
Slide 19: Liquidity Bridge (ttm)
Liquidity Bridge (ttm) in € million 90 90 1.8 1.7 –46.5 52.9 80 80 70 70 36.6 0.1 –17.4 60 60 50 –9.6 50 40 –9.3 –0.1 –0.8 –32.2 40 30 24.3 30 20 20 10.0 0.1 11.7 10 10 0 0 Interest and Equipment Depreciation Intangible FX Translation Securities etc. 30.09.10 Provisions Inventories Receivables Payab
Slide 20: Agenda: Outlook
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, 18 October 2011 20
Slide 21: Outlook
Outlook Current trading in Q4: good start into the winter tyre season higher demand in winter tyres across Europe (including GB, BE, NL, ...) Market for replacement tyres Germany: 2011 est (BRV, as of March 2011): summer ±0%, winter ±0% 2011 top- and bottom line drivers: shortages (possibly Q4) new
Slide 22: 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