Delticom Ag · XETR:DEX
Delticom — FY2021 Earnings Presentation
21 slides from Delticom's earnings presentation, Mar 24, 2022
Slide 1: Europe's leading online tyre retailer – Results FY 2021
Europe‘s leading online tyre retailer Results FY 2021 1
Slide 2: Agenda
Strategic environment 1 Market environment FY 2021 2 AGENDA Key financials FY 2021 3 Content of Webcast Outlook 2022 4 2
Slide 3: Strategic Environment (1/4): Milestones achieved since 2020
STRATEGIC ENVIRONMENT (1/4) MILESTONES ACHIEVED SINCE 2020 Operational commissioning of a further warehouse location in the border triangle of Germany, France and Switzerland to optimize transport routes to customers Significant strengthening of equity thanks to successful capital increases substant
Slide 4: Strategic Environment (2/4): Successful capital increases
STRATEGIC ENVIRONMENT (2/4) SUCCESSFUL CAPITAL INCREASES Capital increase without subscription rights on June 2, 2021 and capital increase with subscription rights on June 24, 2021 Issue of 1,246,333 + 1,121,697 new no-par value registered shares at a placement price of € 7.12; increase of free floa
Slide 5: Strategic Environment (3/4): Successfully securing follow-up financing
STRATEGIC ENVIRONMENT (3/4) SUCCESSFULLY SECURING FOLLOW-UP FINANCING Operational restructuring already successfully declared completed in August last year Conclusion of a syndicated loan agreement on December 20, 2021 with a term of two years + option for one further year Financing framework reduce
Slide 6: Strategic Environment (4/4): Successful sale of the US business
STRATEGIC ENVIRONMENT (4/4) SUCCESSFUL SALE OF THE US BUSINESS Conclusion of an agreement in January 2022 with an American investor on the sale of the companies 75 % share in Delticom North America Inc. US-business contributed around € 70 million to group sales in 2021 at low profits due to the diff
Slide 7: Market Environment (1/2)
FY 2021: MARKET ENVIRONMENT (1/2) COVID-19 related restrictions had been eased from Q2 due to increasing vaccination levels Degree of recovery in the European replacement tyre business was uneven across the individual countries in Europe, overall +0.2 % consumer tyres volume increase according to ET
Slide 8: Market Environment (2/2)
FY 2021: MARKET ENVIRONMENT (2/2) Sales in passenger and 4x4 tyre business in Germany (change in million units) All season Winter Summer Total All-season Winter Summer Total 2021 / 2020 2021 / 2019 2019 / 2018 Sales volume in 2019 was already weaker than in 2018 Catch up potential available if marke
Slide 9: Revenues Development
FY 2021: REVENUES DEVELOPMENT +11.1% Revenues (in €m) +9.0% +6.5% core business** core business** core business** 585 541* 541 303 336 303* 249 *Revenues 2020 includes revenues 238* from discontinued operations: H1 20: 3.8 €m; H2 20: 0.7 €m **Growth rate core business based +10 .8% / on revenues 202
Slide 10: Gross Margin & Gross Profit Margin
FY 2021: GROSS MARGIN & GROSS PROFIT MARGIN Gross margin simple Gross profit simple (Revenues less COGS; 21.9 22.7 (Revenues less COGS; 128 123 in % of Revenues) in €m) -0.8 pps. +4 .1% FY 2021 FY 2020 FY 2021 FY 2020 27.1 Gross profit margin 25.5 Gross profit 157 156 (Total income less COGS; (Total
Slide 11: EBITDA
FY 2021: EBITDA Reported EBITDA (in €m) FY 2021 FY 2020 H1 2021 H1 2020 H2 2021 H2 2020 17.1 16.5 1 5.0 9.1 8.0 +2.1 €m +9.5 €m -7.4 €m -1.5 EBITDA margin: EBITDA margin EBITDA margin 2.9% (2020: 2.8%) 3.2% (2020: -0.6%) 2.7% (2020: 5.4%) Significant improvement of EBITDA: focus on profitability and
Slide 12: From Reported to Operative EBITDA
FY 2021: FROM REPORTED TO OPERATIVE EBITDA in €m Reported EBITDA Extraordinary expenses Extraordinary Extraordinary income Extraordinary Operative EBITDA Reported EBITDA Operative EBITDA expenses income 17.1 15.8 15.0 12.7 9.5 6.2 +13.7% / +31.9% / -34.7% / +24.4% / +2.1 €m +2.3 €m -3.3 €m +3.1 €m F
Slide 13: EBIT
FY 2021: EBIT EBIT (in €m) FY 2021 FY 2020 H1 2021 H1 2020 H2 2021 H2 2020 11.5 7.1 5.4 4.3 +1.7 €m 2.7 +8.9 €m -7.2 €m -6.2 EBIT margin: EBIT margin EBIT margin 1.2% (2020: 1.0%) 1.1% (2020: -2.6%) 1.3% (2020: 3.8%) Depreciation of € 10 million (+3.7% yoy), thereof € 6.8 million rights of use Furth
Slide 14: P&L
FY 2021: P&L Unit 2021 2020 Revenues €m 585.4 541.3 +8.2% Revenues growth in core business: +9.0% Gross profit €m 156.6 155.9 +0.5% Extraordinary income reduced by 3.3 €m Non-core businesses closed in 2020 Personnel expenses €m 13.4 14.3 -6.3% Transportation costs €m 53.6 50.1 +7.0% Cost increases p
Slide 15: Balance Sheet: Assets (Excerpt)
FY 2021: BALANCE SHEET: ASSETS (EXCERPT) Unit 31.12.2021 31.12.2020 Non-current assets €m 111.5 124.0 Amortization of rights of use according to Fixed assets €m 88.2 99.4 IFRS 16 Other assets €m 23.2 24.6 Current assets €m 92.7 75.8 Advanced stockpiling for the summer tyre Inventories €m 46.6 36.9 b
Slide 16: Balance Sheet: Equity & Liabilities (Excerpt)
FY 2021: BALANCE SHEET: EQUITY & LIABILITIES (EXCERPT) Unit 31.12.2021 31.12.2020 Equity €m 38.0 14.8 Successful capital increases in the reporting period and improvement in profitability Liabilities €m 170.1 185.0 Long term liabilities €m 47.4 50.0 Lease obligations according to IFRS 16 Repayment o
Slide 17: Financial Liabilities (1/2)
FY 2021: FINANCIAL LIABILITIES (1/2) in €m 31.12.2019 31.12.2020 31.12.2021 in €m 31.12.2019 31.12.2020 31.12.2021 Non-current liabilities 29.8 50.0 47.4 Current liabilities 149.9 135.0 122.7 Non-current financial liabilities 28.8 49.6 42.3 Accounts payable 69.4 68.8 84.6 thereof lease liability IFR
Slide 18: Financial Liabilities (2/2)
FY 2021: FINANCIAL LIABILITIES (2/2) in €m FY 2019 FY 2020 FY 2021 Non-current liabilities to banks incl. other non-current liabilities Current liabilities to banks Syndicated loan agreement signed in December 2021 for 2 years with extension option Financing framework € 60 million includes current a
Slide 19: Free Cashflow
FY 2021: FREE CASHFLOW Free Cashflow FY 2020 (€m) Cashflow from operating Cashflow from investing activities activities Free Cashflow Cashflow from operating Cashflow from investing activities activities Free Cashflow 35.9 34.3 21.9 21.5 -0.8 -1.6 Free Cashflow FY 2021 (€m) Reduced operating cashflo
Slide 20: Outlook FY 2022: Revenues and EBITDA Guidance
OUTLOOK FY 2022: REVENUES AND EBITDA GUIDANCE 480 – 520 €m 12 – 15 €m At least € 10 million Free Cashflow from operating activities 2.5 €m Revenues 2022e EBITDA (operative) EBITDA contribution 2022e from sale of US shares ➔ Deconsolidation of the US business (~ € 70 million in sales 2021) ➔ Conserva
Slide 21: Q&A
Q&A A firm grip on the road to success 21