Delticom Ag · XETR:DEX
Delticom — 9M 2009 Earnings Presentation
21 slides from Delticom's earnings presentation, Nov 9, 2009
Slide 1: A Firm Grip. Investor and Analyst Presentation
A Firm Grip. Investor and Analyst Presentation on the Occasion of the Release of the 9-Monthly Results 2009 Frankfurt am Main, 9th November 2009
Slide 2: Agenda
Agenda Delticom at a Glance Business Model Seasonalities in the Tyre Trade Financials Outlook Investor Presentation Frankfurt, 9th November 2009 2
Slide 3: Agenda
Agenda Delticom at a Glance Business Model Seasonalities in the Tyre Trade Financials Outlook Investor Presentation At a glance Business Model Seasonalities Financials Outlook Frankfurt, 9th November 2009 3
Slide 4: Delticom at a Glance
Delticom at a Glance 9M 09 9M 08 yoy % #1 European online tyre dealer (car replacement tyres): > 100 online shops in 35 countries Revenues €m 201.6 175.2 +15.1 founded 1999, IPO Oct 2006, SDAX Dec 2008 Gross profit €m 56.4 45.0 +25.4 customer base: more than 3 million EBIT €m 14.7 8.9 +64.6 2008: ~7
Slide 5: Agenda
Agenda Delticom at a Glance Business Model Seasonalities in the Tyre Trade Financials Outlook Investor Presentation At a glance Business Model Seasonalities Financials Outlook Frankfurt, 9th November 2009 5
Slide 6: Tyres and the Internet
Tyres and the Internet European Car Replacement Tyres: € 11 billion Germany: Outlook for 2009 remains dim Rest SA 60 20 DE +1.9% 50 other 49 EE+CE NA 50 –12.7% 67 –3.7% –3.5% 76 263 40 Western World Europe 30 UK WE 20 24 199 ES 10 in million tyres FR Asia 13 IT 24 213 22 0 in million tyres 98 99 200
Slide 7: Redesign of the Tyre Distribution Chain
Redesign of the Tyre Distribution Chain Traditional Retail ► Delticom Redesign European Tyre Non-European Tyre European Tyre Non-European Tyre Manufacturers Manufacturers Manufacturers Manufacturers Wholesalers Delticom European Wholesalers Distribution Centers Retailers Small Garages B2B B2C Custom
Slide 8: Key Benefits for Our Partners
Key Benefits for Our Partners Customers Fitting Stations Suppliers save time and money customer generation, free Europe’s leader in the online select from broad product of charge channel, strong growth, high offering no restrictions on fitting volumes fast delivery, even at peak prices reliable stra
Slide 9: Agenda
Agenda Delticom at a Glance Business Model Seasonalities in the Tyre Trade Financials Outlook Investor Presentation At a glance Business Model Seasonalities Financials Outlook Frankfurt, 9th November 2009 9
Slide 10: 2007 / 2008 / 2009 Seasonalities
2007 / 2008 / 2009 Seasonalities Q3 Q4 Q1 Q2 Q3 Q4 cold in Jan 09 (but not as much snow as in 08), even colder in Feb „Relative“ 09 (late snow) Weather 2 warm weeks Mar 09, revenues increased yoy strong base from Q2 08 leads to decrease in tyre sales latter part of Q2 colder, but still good growth i
Slide 11: Customers
Customers in thousands 2007 2008 2009 +18.2% New Customers ...still the main growth driver 131 188 127 180 123 218 143 210 146 231 169 +34.2% Repeat Customers ...long replacement cycle, and customers are happy 110 125 102 50 74 60 87 61 98 76 79 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Ratio ...weight of re
Slide 12: Agenda
Agenda Delticom at a Glance Business Model Seasonalities in the Tyre Trade Financials Outlook Investor Presentation At a glance Business Model Seasonalities Financials Outlook Frankfurt, 9th November 2009 12
Slide 13: Quarterly Revenues
Quarterly Revenues in € million 2007 2008 2009 100 100 +11.6% +20.6% +25.2% 80 +8.2% 80 +26.5% +16.3% 60 +21.9% 60 +19.8% +31.5% +9.4% +52.3% 40 40 20 20 38.9 63.1 44.0 69.5 42.6 78.9 53.7 83.8 62.4 51.0 88.1 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ► Fluctuations in growth rates: seasons, weather, b
Slide 14: Revenues-to-EBIT Bridge
Revenues-to-EBIT Bridge in € million 201.6 2.5 –147.7 –4.1 –0.6 –17.9 –5.3 –2.6 –2.1 –1.4 –1.4 –1.5 –1.3 –0.4 –3.0 14.7 s s IT lco n les s nts t er s me n g ing l eb ega ard tr e se ue tio t in tio EB oth Te Sa s Re o dd en v en cia r ta rke cen c ou &L inc dit xp of Ba pre po reh Ma Re g n ial le C
Slide 15: P&L Drivers
P&L Drivers growth margin % 9M 09 9M 08 % factor 9M 09 9M 08 chng Revenues 201.6 175.2 15.1 1.0 100.0 100.0 0.0 Cost of sales 147.7 132.2 11.7 0.8 73.3 75.5 –2.2 Gross Profit (simple) 53.9 43.0 25.3 1.7 26.7 24.5 2.2 Direct costs 30.9 26.6 16.2 1.1 15.3 15.2 0.2 Direct costs (dep. on sales) 22.7 18.
Slide 16: Working Capital Management
Working Capital Management 160 2007 2008 2009 4.2 3.8 2.7 2.5 1.6 ...follow the seasonal peaks. –0.5 Accounts receivable 140 7.2 –1.3 –1.6 –1.9 –2.3 –4.4 9.8 9.6 120 6.1 5.5 5.6 4.6 3.5 Inventories ...driven by sales (–), capacity (+). 0.6 (e.g. 2009 ramp-up) 100 15.0 14.4 –6.7 13.4 –7.5 ...discreti
Slide 17: Cash Bridge (TTM)
Cash Bridge (TTM) in € million 60 60 22.2 0.7 0.0 –13.8 12.5 0.6 –5.7 50 –3.3 50 –0.1 0.0 –11.8 –0.7 40 40 30.2 0.0 –0.1 30.7 30 30 20 20 10 10 0 0 t s ies t IT les . aid les ts n ing ces 8 9 xes en etc res i on tio 9.0 9.0 EB se ab tor b nc ipm sP Ta r en cia e vis iva As s 0 .0 0 .0 Int na y itie
Slide 18: Agenda
Agenda Delticom at a Glance Business Model Seasonalities in the Tyre Trade Financials Outlook Investor Presentation At a glance Business Model Seasonalities Financials Outlook Frankfurt, 9th November 2009 18
Slide 19: Outlook
Outlook Current trading in Q4: early snow in D/A/CH good sales, stable prices German market (BRV) 2008: summer ↓ 4.0%, winter ↓ 3.4% 2009 est: summer ↓ 4%, winter ↓ 3% Fuzzy signals from the economy Ifo ↑, deflated retail sales ↓ GfK ↑↓, unemployment ↑ price levels? volume? depends (at least partly)
Slide 20: Key Investment Highlights
Key Investment Highlights 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 5 Excellent growth opportunities Investor Presentation At a glance Business Model Seasonalities Financials Outlook
Slide 21: Vielen Dank!
Vielen Dank! Investor Relations: Melanie Gereke Delticom AG Brühlstr. 11 30169 Hanover, Germany eMail: ir@delti.com phone: +49-511-93634-8903 Investor Presentation Frankfurt, 9th November 2009 21