Delticom Ag · XETR:DEX
Delticom — Q1 2009 Earnings Presentation
19 slides from Delticom's earnings presentation, May 14, 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 3-Monthly Results 2009 Hanover, 14th May 2009
Slide 2: Agenda
Agenda Delticom at a Glance Business Model Seasonalities in the Tyre Trade Financials Outlook Investor Presentation Hanover, 14th May 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 Hanover, 14th May 2009 3
Slide 4: Delticom at a Glance
Delticom at a Glance Q1 09 Q1 08 yoy #1 European online tyre dealer (car replacement tyres): Revenues €m 51.0 42.6 +19.8 > 100 online shops in 35 countries Gross profit €m 14.1 10.9 +28.9 founded 1999, IPO Oct 06, SDAX Dec 08 EBIT €m 2.6 0.5 +419.4 EBIT margin % 5.2 1.2 customer base: more than 2.8
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 Hanover, 14th May 2009 5
Slide 6: Tyres and the Internet
Tyres and the Internet European Car Replacement Tyres: € 11 billion Germany: 2 bad years in a row, difficult 2009 ahead. Rest SA 60 20 DE 50 +2.5% EE+CE other 49 NA 50 -12.7% 67 -3.5% -3.3% 76 263 40 Western World Europe 30 UK WE 20 24 199 ES 10 in million tyres Asia FR 13 IT 213 24 22 0 in million
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: 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 Hanover, 14th May 2009 8
Slide 9: 2007 / 2008 / 2009 Seasonalities
2007 / 2008 / 2009 Seasonalities Q1 Q2 Q3 Q4 Q1 25 20 „Relative“ 15 Weather 1. Cold Mar 08 – late start into 10 summer season 2008, revenues decreased yoy 5 2. Cold in Jan 09 (but not as much 0 snow as in 08), even colder in Feb 09 (late snow) -5 3. Two warm weeks in Mar 08, revenues increased yoy „
Slide 10: 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 Hanover, 14th May 2009 10
Slide 11: Quarterly Revenues
Quarterly Revenues in € million 2007 2008 2009 100 100 +20.6% +25.2% 80 +8.2% 80 +26.5% 60 +21.9% +19.8% 60 +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 51.0 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ► Fluctuations in growth rates: seasons, weather, base effects, strategy In
Slide 12: Revenues-to-EBIT Bridge
Revenues-to-EBIT Bridge in € million 51.0 0.9 -37.8 -1.4 -0.1 -4.8 -1.7 -0.9 -0.4 -0.4 -0.3 -0.3 -0.3 -0.1 -0.7 2.6 s s IT lco n s bt s s ts er e on g g al ard tr e ale se ue tio t in sin om EB n eg de oth ati Te Re en en cia cen rke fS it c ou inc &L or t d xp v Ba pre reh Ma to Re d nsp ing n ial
Slide 13: P&L Drivers
P&L Drivers growth margin % Q1 09 Q1 08 % factor Q1 09 Q1 08 chng Revenues 51.0 42.6 19.8 1.0 100.0 100.0 0.0 Cost of sales 37.8 32.4 16.5 0.8 74.0 76.1 -2.1 Gross Profit (simple) 13.2 10.2 30.3 1.5 26.0 23.9 2.1 Direct costs 8.4 7.2 17.2 0.9 16.5 16.8 -0.4 Direct costs (dep. on sales) 6.1 5.1 18.2
Slide 14: Working Capital Management
Working Capital Management 160 2007 2008 2009 4.2 3.8 2.7 2.5 1.6 Accounts receivable 140 ... Follow the seasonal peaks. Q1 09: Warm in last week of March -1.3 -1.6 -2.3 -4.4 9.8 6.9 120 5.6 5.4 4.5 3.0 0.5 Inventories ... Driven by sales (–) and capacity (+). (e.g. 2007 ramp-up) 100 16.0 -6.5 -7.5
Slide 15: Cash Bridge (TTM)
Cash Bridge (TTM) in € million 50 1.2 -6.3 50 5.7 18.6 0.5 0.0 -2.4 45 -2.2 45 -2.4 -0.1 1.0 -7.9 40 40 35 30.9 35 0.0 -0.1 30 30 25.2 25 25 20 20 15 15 10 10 5 5 0 0 t s s t IT s . aid s ts n ing s 8 9 xes en etc res i on r ie le ble tio ce 3.0 3.0 EB se ab nc ipm sP Ta en nto cia e vis iva As s 1
Slide 16: 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 Hanover, 14th May 2009 16
Slide 17: Outlook
Outlook Current trading in Q2: pleasing April, satisfactory yoy growth warm reversal of Easter effect price levels remain robust remember base effects Q2 08 ... German market (BRV) 2008: summer ↓ 4.5%, winter ↓ 3.3% 2009: summer ↓ 4%, winter ↓ 3% „Sales drop of ∅ –3.5% ... is ‚Best-Case‘-Scenario. M
Slide 18: 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 19: 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 Hanover, 14th May 2009 19