Slide 1: Europe's leading online tyre retailer – H1 2024 Results
Europe‘s leading online tyre retailer H1 2024 Results 1
Slide 2: Agenda
Market environment H1 2024 1 Key financials H1 2024 2 AGENDA Outlook FY 2024 3 Content of Webcast 2
Slide 3: H1 2024: Market Environment
H1 2024: MARKET ENVIRONMENT According to initial estimates by market experts, in Germany tyre sales for passenger cars increased by approx. 3 % in H1 2024 vs. H1 2023 (summer: at previous year’s level, all-season: +9 %, winter: -3 %) European sell-in data Q1: passenger car tyres sales +3 % according
Slide 4: H1 2024: Revenues Development
H1 2024: REVENUES DEVELOPMENT Revenues (in €m) +6.1 % +23.8 % -5.5 % GMV GMV GMV 212 198 115 120 97 78 +7.2% / +24.0% / -3.7% / +14.3 €m +18.7 €m -4.4 €m H1 2024 H1 2023 Q1 2024 Q1 2023 Q2 2024 Q2 2023 Gross merchandise volume (GMV) Good sales and pre-sales in Q1 2024 with both private and commercia
Slide 5: H1 2024: Gross Margin & Gross Profit Margin
H1 2024: GROSS MARGIN & GROSS PROFIT MARGIN Gross margin simple Gross profit simple (Revenues less COGS; (Revenues less COGS; in % of Revenues) in €m) 56 45 26.4 22.9 +3.5 pps. +23.7% H1 2024 H1 2023 H1 2024 H1 2023 Gross profit margin Gross profit 66 63 (Total income less COGS; (Total income less C
Slide 6: H1 2024: EBITDA
H1 2024: EBITDA Reported EBITDA (in €m) H1 2024 H1 2023 Q1 2024 Q1 2023 Q2 2024 Q2 2023 7.2 7.5 7.8 6.8 0.6 +1.0 €m +1.4 €m -0.4 €m -0.7 EBITDA margin: EBITDA margin EBITDA margin 3.7% (H1 2023: 3.4%) 0.7% (Q1 2023: -1.0%) 6.2% (Q2 2023: 6.3%) Operative EBITDA improved from € 7.2 million to € 8.0 mi
Slide 7: H1 2024: EBIT
H1 2024: EBIT EBIT (in €m) H1 2024 H1 2023 Q1 2024 Q1 2023 Q2 2024 Q2 2023 6.1 4.4 3.2 2.8 -0.3 €m +1.4 €m -1.7 €m -1.6 -2.9 EBIT margin: EBIT margin EBIT margin 1.3% (H1 2023: 1.6%) -1.6% (Q1 2023: -3.8%) 3.8% (Q2 2023: 5.1%) Depreciation increased by € 1.4 million as a result of the increase in ri
Slide 8: H1 2024: P&L
H1 2024: P&L Unit H1 2024 H1 2023 Revenues €m 211.9 197.7 +7.2.% Improved gross margin due to change in the sales mix and new pricing tool Gross profit €m 66.4 62.7 +6.0% Reduction in headcount and inflation compensation bonus paid at the beginning of Personnel expenses €m 7.0 7.4 -5.8% 2023 Other o
Slide 9: H1 2024: Balance Sheet: Assets (Excerpt)
H1 2024: BALANCE SHEET: ASSETS (EXCERPT) Unit 30.06.2024 31.12.2023 30.06.2023 Non-current assets €m 111.3 108.9 118.5 Increased fixed assets is mainly due to additions to investments in warehouse infrastructure Fixed assets €m 98.3 94.1 95.4 Other assets €m 13.0 14.8 23.1 Current assets €m 122.2 82
Slide 10: H1 2024: Balance Sheet: Equity & Liabilities (Excerpt)
H1 2024: BALANCE SHEET: EQUITY & LIABILITIES (EXCERPT) Unit 30.06.2023 31.12.2023 30.06.2023 Equity €m 48.0 47.6 41.3 Liabilities €m 185.4 143.9 194.2 Long-term lease obligations (IFRS 16) Long term liabilities €m 48.2 46.1 52.1 Short-term liabilities €m 130.6 90.8 138.9 87.4 €m accounts payables, 2
Slide 11: H1 2024: Free Cashflow
H1 2024: FREE CASHFLOW Free Cashflow H1 2024 (€m) Free Cashflow H1 2023 (€m) Cashflow from operating Cashflow from investing Cashflow from operating Cashflow from investing activities activities Free Cashflow activities activities Free Cashflow -3.2 -3.1 -0.9 -2.2 -24.7 -21.5 Decreased operating cas
Slide 12: Outlook FY 2024: Revenues and EBITDA Guidance
OUTLOOK FY 2024: REVENUES AND EBITDA GUIDANCE € 450 – 470 million Positive Free Cashflows to be expected in 2024 and beyond € 19 – 21 million Revenues 2024e EBITDA (operative) 2024e ➔ The strong winter tyre business in 2023 is not expected to be repeated in 2024 ➔ Opportunities for a market recovery
Slide 13: Q&A Session
Q&A Session We welcome your questions 13