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Delticom AG
Quarterly Report • Aug 14, 2019
95_10-q_2019-08-14_e94b8286-9231-4060-9ff7-84a7cf566eed.pdf
Quarterly Report
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Semi-Annual Report 2019
Profile
Delticom AG is an E-Commerce company operating primarily in Europe and the USA with expertise in the design and operation of online shops, Internet-based customer acquisition, Internet marketing, developing partner networks and in the field of complex and highly efficient product picking and distribution logistics.
Delticom AG is the leading online distributor of tyres and automotive accessories. The online trade with used cars and high-quality gourmet and organic foods rounds off the product range. Delticom has extensive experience in creating shops for the international market and in transnational E-Commerce. In addition to design, Delticom also provides product descriptions and a comprehensive customer service in the national language. Establishing efficient warehousing and logistics processes is utilised not only in the tyre trade and the online used car trade but is also offered to third parties as a service.
Since its establishment in Hanover, Germany in 1999, the company has accrued exceptional expertise in designing efficient, fully integrated internal ordering and logistics processes. The company's own warehouses, including a fully automated small items warehouse, are among its most important assets.
In 2018, Delticom AG generated revenues of almost € 646 million. The E-Commerce specialist operates in 73 countries with 475 online shops and online distribution platforms, serving over 14 million customers. The range of tyres offered to retail and commercial customers includes over 100 brands and more than 25,000 models of tyres for passenger cars, motorbikes, trucks, utility vehicles, buses as well as complete wheel sets. Customers are also able to have the ordered products sent to one of the around 40,000 service partners of Delticom AG worldwide.
Our range also encompasses over 500,000 automotive parts and accessories, including motor oils, snow chains and batteries. The entry into the business of online used car selling has rounded off the automotive offering. In this sense, Delticom AG has developed from a classic online retailer to an online solutions provider. In the area of high-quality gourmet and organic food, Delticom AG offers a comprehensive range of around 14,000 different food items.
The shares of Delticom AG have been listed in the Prime Standard of the German Stock Exchange since October 2006 (ISIN DE0005146807).
Key Figures 01.01.2019 01.01.2018 -/+
| 30.06.2019 | 30.06.2018 | (%, %p) | ||
|---|---|---|---|---|
| Revenues | € million | 284.6 | 290.5 | -2.0 |
| Total income | € million | 299.0 | 304.4 | -1.8 |
| Gross margin1 | % | 21.9 | 21.7 | +0.2 |
| Gross profit2 | € million | 76.9 | 76.9 | -0.1 |
| EBITDA | € million | -3.7 | 6.8 | -153.8 |
| EBITDA-Marge | % | -1.3 | 2.3 | -3.6 |
| EBIT | € million | -10.5 | 3.2 | -426.2 |
| Net income | € million | -8.0 | 2.0 | -498.3 |
| Earnings per share | % | -0.64 | 0.16 | -498.3 |
| Total assets | € million | 258.1 | 220.1 | +17.3 |
| Inventories | € million | 99.2 | 93.8 | +5.7 |
| Investments3 | € million | 3.6 | 3.2 | +14.3 |
| Equity | € million | 41.0 | 53.3 | -23.1 |
| Equity ratio | % | 15.9 | 24.2 | -8.3 |
| Return on equity | % | -19.4 | 3.7 | -23.2 |
| Liquidity position4 | € million | 3.8 | 4.0 | -4.5 |
(1) Gross profit ex other operating income in % of revenues
(2) Gross profit including other operating income
(3) Investments in tangible and intangible assets (without aquisitions)
(4) Liquidity position = cash and cash equivalents + liquidity reserve
Highlights H1 2019
Revenues € 285 million H1 2018: € 291 million Improvement of the operating cash flow as of 30.06.2019 € -25.3 million € -41.3 million as of 30.06.2018 Increase in gross margin 21.9 % H1 2018: 21.7 % Increased efficiency in marketing
4.6 % marketing expense ratio in Q2 19 (Q1 19: 5.0 %)
More than
616,000
new customers in H1 2019
More than
497,000
customers made a repeat purchase with us
Content
- Interim Management Report of Delticom AG
- Consolidated Interim Financial Statements of Delticom AG
- Notes to the Consolidated Interim Financial Statements of Delticom AG
- Responsibility Statement
Interim Management Report of Delticom AG
Content
Economic Environment
- Macroeconomic developments
- Sectoral developments
Business performance and earnings situation
Financial and assets position
Organisation
Significant events after the reporting date
Risk Report
Outlook
- Macroeconomic developments
- Sectoral developments
Economic Environment
Macroeconomic developments
In light of the ongoing trade conflict between China and the USA, global economic growth lost momentum in the first half of the year 2019. After the US economy recorded a strong upswing in the first quarter, economic indicators now point to a gradual loss of momentum in the USA. The Japanese economy also gained some momentum in the first quarter. On the other hand, developments in the emerging markets have been subdued recently. The pace of growth in China continued to slow, as did Russia and India. In Brazil, the economy even shrank slightly.
The weak growth in Europe continued only slightly accelerated up to mid-year 2019. In the United Kingdom, the continuing uncertainty surrounding the Brexit put pressure on economic growth. Although Spain has been growing faster than the EU average for four years, high debt and political instability have weakened the country. In France, concerns that the protests of the Yellow West movement will cause lasting damage to the economic development have as of yet not materialized.
The German economy as a whole returned to a moderate growth path in the first six months of the current year. While at the beginning of the year catch-up effects following the sales difficulties of the automotive industry and fiscal relief boosted the German economy, the German economy developed more subduedly in the second quarter of 2019. Thanks to a good labor market situation and higher incomes, private consumption and government construction investments were the main pillars of the domestic economy in the first half of 2019.
Sectoral developments
Tyre trade After a comparatively mild winter in Q4 2018, the new year started with cold weather accompanied by widely-spread snowfalls. As a result, part of the demand for winter tyres has shifted into the current year. Industry experts estimate that 12.1 % more winter tyres were sold by the German tyre trade to consumers in the first half of the year 2019.
A few mild days in March - unlike last year - also prompted many drivers to switch to summer tyres early on. However, some motorists still convert their vehicles according to the rule of thumb from October to Easter. While Easter last year fell on the first weekend in April, Easter this year was three weeks later according to the calendar. After Easter and thus at the end of April, the summer tyre business reached its second seasonal peak this year. Overall, market experts have reported a sales decline of 6.4 % in the summer tyre business for the first six months of the current year.
The trend towards all-season tyres continued on a half-year basis with an increase in sales of 23.2 % compared to 2018. According to estimates by the Trade Association of the German Rubber Industry (WdK) and the manufacturers' association ETRMA, a total of 1.4 % more replacement car tyres were sold from retailers to consumers in the first half of the year. At the European level, the car tyre replacement business according to the European Tyre and Rubber Manufacturers' Association (ETRMA) declined in the first half of the year. In the second quarter the downward trend increased compared with the first three months of the current year. The general economic situation and the registration figures for new cars in the European Union are cited as reasons for the volume decline.
Online trade E-commerce will continue to drive domestic online trade in the first half of 2019 and, according to the German E-Commerce and Distance Selling Association (bevh), achieved an overall increase of 11.3 % in the first six months of the current year compared to the first half of 2018. According to a recent consumer study by bevh the online trade with fast moving consumer goods (FMCG) such as food or drugstore goods is currently growing the strongest.
Business performance and earnings situation
Revenues
Group The Delticom Group generates the bulk of its revenues through online sales of replacement tyres for cars, motorcycles, trucks and industrial vehicles. Automotive components and accessories, used cars, premium gourmet and organic food as well as logistics services complete the product offering.
In H1 19 the Group recognized revenues of € 285 million, a decrease of 2.0 % after € 291 million in the prior-year period.
Seasonality The chart Revenues trend summarises the development of the half-year revenues.
Revenues trend
In total, the Delticom Group generated revenues of € 122 million in the first quarter of the current fiscal year (Q1 18: € 111 million, +10.2 %). Due to the cold weather conditions at the beginning of the year, accompanied by snowfalls down to low-altitudes, more winter tyres were in demand in our shops at the beginning of the year than in the previous year. After a comparatively mild winter in Q4 2018 a part of the winter tyre demand has shifted into the current year. In addition, a few mild days in March - unlike last year - prompted many motorists to switch to summer tyres early on. This weather related effect additionally supported the positive revenue development in the first quarter.
In Q2 19 the Group generated revenues of € 162 million, a decrease of 9.6 % (Q2 18: € 180 million). Due to comparatively mild temperatures at the end of March, the start of the summer tyre business this year has advanced into the first quarter. Although the summer tyre business in the classic countries that regularly switch from winter to summer tyres reached a second seasonal peak after Easter at the end of April, this was not sufficient to compensate for weaker demand in the rest of Europe in the further course of the second quarter.
Regional split The Group offers its product range in 73 countries. In H1 19 revenues in EU countries totalled € 211 million (H1 18: € 223 million, –5.1 %). Across all non-EU countries the revenue contribution for H1 19 was € 73.3 million (H1 18: € 67.8 million, +8.1 %). The increase in the non-EU countries is mainly due to a positive revenue development in the USA.
Revenues by region
in € thousand
| H1'19 | % | +% | H1'18 | % | +% | H1'17 | % | |
|---|---|---|---|---|---|---|---|---|
| Revenues | 284,561 | 100.0 | -2.0 | 290,506 | 100.0 | -2.2 | 297,094 | 100.0 |
| Regions | ||||||||
| EU | 211,251 | 74.2 | -5.1 | 222,689 | 76.7 | -2.4 | 228,140 | 76.8 |
| Rest | 73,310 | 25.8 | 8.1 | 67,817 | 23.3 | -1.6 | 68,954 | 23.2 |
Customer numbers The customer numbers shown below are the customer numbers in our core business - the online trade with tyres and car spare parts in Europe. In the first six months 2019 497 thousand existing customers (H1 18: 506 thousand, –1.8 %) have once again purchased tyres and car spare parts in one of the Delticom Group's online shops. The decline in the number of rebuyers was mainly attributable to our core business - the replacement tyre business with private end customers. In our estimation, this development is based, among other things, on the trend towards all-season tyres, which has a short-term effect on repurchase rates. Anyone who bought all-season tyres, will - depending on the individual driving behaviour - not need new tyres in the following 2-4 years. However, we believe that the increasing demand for all-season tyres will shorten the replacement cycle, so that we will be able to welcome customers back to one of our online shops more quickly.
A total of 616 thousand new customers (H1 18: 601 thousand, +2.5 %) were acquired in H1 19 via our tyre and car parts shops in Europe. This development is essentially based on the measures taken in recent months to increase the efficiency of our marketing activities. Since the company was founded, more than 14 million customers have made purchases in our online shops. On a halfyear basis, the number of active buyers (new customers and repeat buyers - the latter are counted only once, regardless of the number of purchases in H1 19) is 0.5 % lower than in the previous year.
Key expense positions
Cost of goods sold The cost of goods sold (COGS) is the largest expense item; it considers the purchase price of sold products (mainly tyres). Group COGS decreased by 2.4 % from € 228 million in H1 18 to € 222 million in H1 19.
Personnel expenses On average, the company employed 281 staff in the first six months of the current fiscal year (H1 18: 185). The acquisition of Allyouneed Fresh at the beginning of November 2018 significantly increased the average number of employees within the Delticom group compared to the previous year. Personnel expenses amounted to € 9.3 million in the reporting period (H1 18: € 6.1 million, +53.5 %). At the time of the acquisition, Allyouneed Fresh had a total of 110 employees. As part of the restructuring process, the headcount in Berlin was gradually reduced further in the course of H1 19 and stood at 35 employees at the end of June 2019. On the other hand, the company hired additional warehouse personnel last year who had previously worked for Delticom on a temporary basis. The personnel expense ratio (ratio of personnel expenses to revenues) in H1 19 amounted to 3.3 % (H1 18: 2.1 %).
- Transportation costs The largest single item within other operating expenses is transport costs. Despite the decline in revenues, these amounted to € 28.9 million after € 24.8 million in the comparative period (+16.3 %). The increase in transport costs compared with the previous year is due on the one hand to the correction made in H1 18 for transport costs for 2016 and 2017, which were too high. On the other hand, the increase in costs is due to the country mix in revenues and the associated distance between delivery routes. The share of transport costs in sales amounted to 10.1 % (H1 18: 8.5 %).
- Warehousing The inventory costs were € 5.1 million, after € 4.0 million in H1 18. The increase of 27.2 % is mainly due to relocation costs in connection with the closure, relocation and opening of new warehouses.
- Rents and operating costs Rental and operating expenses decreased by 47.1 % from € 3.4 million in the previous year to € 1.8 million in the reporting period. This decline is primarily due to the first-time application of IFRS 16 as of January 1, 2019. Leasing obligations are now accounted for accordingly, so that rental expenses for operating leases are primarily included in depreciation.
- Marketing In the reporting period, € 13.7 million (H1 18: € 13.1 million, +4.5 %) was spent on marketing. The increase is mainly due to higher sales commissions and listing fees for online marketplaces, through which Delticom increasingly sells its products in addition to its pure online shops. Marketing expenses as a percentage of sales were 4.8 % (H1 18: 4.5 %). The measures introduced to increase the efficiency of marketing activities began to have an impact in the further course of the reporting period, with the result that marketing expenses as a percentage of sales came down from 5.0 % in Q1 19 to 4.6 % in Q2 19.
- Depreciation Depreciation and amortization amounted to € 6.8 million in the reporting period, compared with € 3.6 million in H1 18. The increase of 88.0 % is mainly due to the new regulations in the course of the first-time application of IFRS 16 - Leases as of January 1, 2019.
- Financial and Legal Financial and legal expenses in the reporting period amounted to € 3.2 million, after € 2.6 million in the previous year (+25.6 %). The increase is mainly due
to additional costs incurred in connection with the delayed audit of the annual financial statements.
Earnings position
- Gross margin The company achieved a gross margin of 21.9 % in the reporting period, after 21.7 % in the corresponding prior-year period. Despite a difficult market environment, the company succeeded in maintaining its gross margin at a constant level compared to the previous year.
- Other operating income Other operating income increased in the reporting period by 3.8 % to € 14.5 million (H1 18: € 13.9 million). Of this amount, € 1.3 million relates to gains from exchange rate differences (H1 18: € 2.0 million, –34.4 %). FX losses are accounted for in the other operating expenses. In H1 19 the FX losses amounted to € 1.4 (H1 18: € 1.5 million). In the period under review, the balance from FX gains and losses was € –0.1 million (H1 18: € 0.4 million).
- Gross profit Gross profit remained with € 76.9 million nearly unchanged compared to the previous year. Gross profit in relation to total income of € 299 million (H1 18: € 304 million) amounted to 25.7 % (H1 18: 25.3 %).
- EBITDA In the reporting period, earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to € –3.7 million (H1 18: € 6.8 million, –154 %). This corresponds to an EBITDA margin of –1.3 % (H1 18: 2.3 %). The increased cost base in the first half of the year 2019 mainly results from the acquisition of Allyouneed Fresh in the last quarter of the previous financial year. Since Allyouneed Fresh is currently not yet making a positive contribution to earnings, there is a corresponding effect on earnings for the Group as a whole compared with the previous year. The ongoing restructuring process in Berlin will be completed by the end of the current year.
Also the restructuring of warehouses and the rise in transport costs are having a negative impact on earnings in the reporting period. The measures taken to increase the efficiency of marketing activities with the aim of reducing costs are showing its effects since the second quarter. However, the increase in costs in the first quarter could not yet be fully offset by the middle of the year. The first-time application of IFRS 16 resulted in a positive effect on the operating result before depreciation due to the reclassification of rental expenses to depreciation.
| EBIT | Earnings before interest and taxes (EBIT) decreased in the reporting period by 426 % to € –10.5 million (H1 18: € 3.2 million). This translates into an EBIT mar gin of –3.7 % (EBIT in percent of revenues, H1 18: 1.1 %). |
|---|---|
| Financial result | Financial income for the first six months amounted to € 14 thousand (H1 18: € 13 thousand). Financial expenses were € 369 thousand (H1 18: € 260 thou sand). The financial result totalled € –356 thousand (H1 18: € –246 thousand). |
| Income taxes | The tax result for the first six months was € 2.9 million (H1 18: € –1.0 million) and mainly relates to deferred taxes. This corresponds to a tax rate of 26.5 % (H1 18: 32.5 %). |
| Net income | Consolidated net income in the first half of the year totalled € –8.0 million after € 2.0 million in H1 18. This corresponds to earnings per share (EPS) of € –0.64 (H1 18: € 0.16). |
| The table Abridged P+L statement summarises key income and expense items from multiple years' profit and loss statements. |
in € thousand
Abridged P+L statement
| H1'19 | % | +% | H1'18 | % | +% | H1'17 | % | |
|---|---|---|---|---|---|---|---|---|
| Revenues | 284,561 | 100.0 | -2.0 | 290,506 | 100.0 | -2.2 | 297,094 | 100.0 |
| Other operating income | 14,473 | 5.1 | 3.8 | 13,943 | 4.8 | 14.6 | 12,161 | 4.1 |
| Total operating income | 299,034 | 105.1 | -1.8 | 304,449 | 104.8 | -1.6 | 309,255 | 104.1 |
| Cost of goods sold | -222,150 | -78.1 | -2.4 | -227,506 | -78.3 | -3.1 | -234,835 | -79.0 |
| Gross profit | 76,884 | 27.0 | -0.1 | 76,943 | 26.5 | 3.4 | 74,420 | 25.0 |
| Personnel expenses | -9,332 | -3.3 | 53.5 | -6,078 | -2.1 | 15.8 | -5,247 | -1.8 |
| Other operating expenses | -71,227 | -25.0 | 11.2 | -64,040 | -22.0 | -0.2 | -64,193 | -21.6 |
| EBITDA | -3,674 | -1.3 -153.8 | 6,825 | 2.3 | 37.1 | 4,979 | 1.7 | |
| Depreciation | -6,795 | -2.4 | 88.0 | -3,615 | -1.2 | -0.5 | -3,633 | -1.2 |
| EBIT | -10,469 | -3.7 -426.2 | 3,209 | 1.1 | 138.4 | 1,346 | 0.5 | |
| Net financial result | -356 | -0.1 | 44.4 | -246 | -0.1 | 40.6 | -175 | -0.1 |
| EBT | -10,825 | -3.8 -465.3 | 2,963 | 1.0 | 153.1 | 1,171 | 0.4 | |
| Income taxes | 2,864 | 1.0 -397.0 | -964 | -0.3 | 159.6 | -371 | -0.1 | |
| Consolidated net income | -7,961 | -2.8 -498.3 | 1,999 | 0.7 | 150.0 | 800 | 0.3 |
Financial and assets position
Balance sheet
As of 30.06.2019 the balance sheet total amounted to € 258 million (31.12.2018: € 233 million, 30.06.2018: € 220 million).
Fixed Assets The increase in fixed assets in the reporting period from € 81.4 million at 31.12.2018 by € 22.3 million to € 104 million mainly results from the first-time application of IFRS 16 as of January 01, 2019. Existing operating leases with a value in use of approximately € 26 million were therefore capitalized as of January 1, 2019.
Inventories Among the current assets, inventories are the biggest line item. Since the beginning of the year, stocks have decreased by € 0.4 million to € 99.2 million (31.12.2018: € 99.6 million).
In a year-on-year comparison, inventories are € 5.4 million higher (30.06.2018: € 93.8 million). This increase on the one hand comes along with declining summer tyre sales in H1 19, which resulted in a slightly higher stock of summer tyres compared to the previous year. In addition, the company started winter stockpiling somewhat earlier this year due to expanded storage capacities. As of 30.06.2019, the share of inventories in the balance sheet total amounted to 38.4 % (31.12.2018: 42.8 %, 30.06.2018: 42.6 %).
Receivables Trade receivables usually follow the seasons, but reporting date effects are often unavoidable. At the end of the second quarter, receivables amounted to € 43.2 million (31.12.2018: € 43.7 million, 30.06.2018: € 43.0 million), thereof € 20.0 million accounts receivable (31.12.2018: € 24.3 million, 30.06.2018: € 25.0 million).
Payables Trade accounts payable have been reduced by € 24.5 million from € 131 million at the beginning of the year to € 107 million. In a closing date comparison trade payables are € 18.9 million higher (30.06.2018: € 88.1 million). Last year, due to the difficult market situation, the company had paid part of the liabilities due end of June before the balance sheet date. In the current year, on the other hand, the payment terms granted were increasingly used. Trade payables accounted for 41.4 % of the balance sheet total (31.12.2018: 56.5 %, 30.06.2018: 40.0 %).
Abridged balance sheet
in € thousand
| 30.06.19 | % | +% | 31.12.18 | % | 30.06.18 | % | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Non-current assets | 111,920 | 43.4 | 30.4 | 85,858 | 36.9 | 79,357 | 36.1 |
| Fixed assets | 103,693 | 40.2 | 27.4 | 81,369 | 35.0 | 74,104 | 33.7 |
| Other non-current assets | 8,227 | 3.2 | 83.2 | 4,490 | 1.9 | 5,253 | 2.4 |
| Current assets | 146,168 | 56.6 | -0.3 | 146,677 | 63.1 | 140,737 | 63.9 |
| Inventories | 99,169 | 38.4 | -0.4 | 99,586 | 42.8 | 93,784 | 42.6 |
| Receivables | 43,200 | 16.7 | -1.1 | 43,687 | 18.8 | 42,977 | 19.5 |
| Liquidity | 3,799 | 1.5 | 11.6 | 3,404 | 1.5 | 3,976 | 1.8 |
| Assets | 258,088 | 100.0 | 11.0 | 232,535 | 100.0 | 220,094 | 100.0 |
| Equity and Liabillities | |||||||
| Long-term funds | 67,214 | 26.0 | 19.0 | 56,490 | 24.3 | 60,680 | 27.6 |
| Equity | 41,013 | 15.9 | -16.7 | 49,254 | 21.2 | 53,337 | 24.2 |
| Long-term debt | 26,200 | 10.2 | 262.1 | 7,236 | 3.1 | 7,343 | 3.3 |
| Provisions | 308 | 0.1 | 22.0 | 252 | 0.1 | 191 | 0.1 |
| Liabilities | 25,559 | 9.9 | 290.4 | 6,547 | 2.8 | 6,723 | 3.1 |
| OtherNonCurrentLiabilities | 334 | 0.1 | -23.5 | 437 | 0.2 | 429 | 0.2 |
| Short-term debt | 190,874 | 74.0 | 8.4 | 176,045 | 75.7 | 159,414 | 72.4 |
| Provisions | 822 | 0.3 | -38.2 | 1,330 | 0.6 | 1,365 | 0.6 |
| Liabilities | 190,052 | 73.6 | 8.8 | 174,715 | 75.1 | 158,049 | 71.8 |
| Equity and Liabillities | 258,088 | 100.0 | 11.0 | 232,535 | 100.0 | 220,094 | 100.0 |
Liquidity position Liquidity as of 30.06.2019 totalled € 3.8 million (31.12.2018: € 3.4 million, 30.06.2018: € 4.0 million). During the reporting period, Delticom made increasing use of existing credit lines for the intra-year financing of working capital. On 30.06.2019, the company's net cash position (liquidity less liabilities from current accounts) amounted to € –63.9 million (31.12.2018: € –23.7 million, 30.06.2018: € –51.6 million). Due to the seasonal nature of the business and the payment terms in the tyre trade, the use of credit lines at mid-year is typically the highest.
Cash flow
Operating cash flow Due to the development in working capital, cash flow from operating activities for H1 19 improved to € –25.3 million (H1 18: € –41.3 million).
Investments In the reporting period Delticom invested € 1.5 million into property, plant and equipment (H1 18: € 2.2 million). These are mainly investments in warehouse equipment. Further € 2.2 million were invested in intangible assets (H1 18: € 1.0 million). As a result, the cash flow from investment activities totalled € –3.6 million (H1 18: € –3.2 million).
Financing activities The cash flow from financing activities totaled € 29.4 million in the reporting period. On the one hand, this results from payments received from the raising of short-term financial liabilities from current account in the amount of € 35.4 million. In addition to the repayment of existing loans, the € 6.0 million repayment of financial liabilities includes in particular the repayment of lease liabilities in connection with the first-time application of IFRS 16 as of January 1, 2019.
Organisation
Legal structure The following section lists the subsidiaries that are fully consolidated in the consolidated financial statements as of 30.06.2019:
- All you need GmbH, Berlin (Germany)
- DeltiCar SAS, Paris (France)
- Delticom North America Inc., Benicia (California, USA)
- Delticom OE S.r.l., Timisoara (Romania)
- Delticom Japan GK (Tokyo, Japan) owned 100 % by Delticom OE SRL
- Delticom TOV, Lwiw (Ukraine)
- Delticom Russia OOO, Moscow (Russia)
- Deltiparts GmbH, Hanover (Germany)
- DeltiStorage GmbH, Hanover (Germany)
- DeltiLog Ltd., Oxford (United Kingdom)
- DeltiLog GmbH, Hanover (Germany)
- Extor GmbH, Hanover (Germany)
- Giga GmbH, Hamburg (Germany)
- Gigatires LLC, Benicia (California, USA)
- Gourmondo Food GmbH, Munich (Germany)
- MobileMech GmbH, Hanover (Germany)
- Pnebo Gesellschaft für Reifengroßhandel und Logistik mbH, Hanover (Germany)
- Ringway GmbH, Hanover (Germany)
- Tireseasy LLC, Wilmington (Delaware, USA)
- Tirendo Deutschland GmbH, Berlin (Germany)
- Tirendo Holding GmbH, Berlin (Germany)
- Toroleo Tyres GmbH, Gadebusch (Germany)
- Toroleo Tyres TT GmbH & Co.KG, Gadebusch (Germany)
- TyresNET GmbH, Munich (Germany)
Significant events after the reporting date
There were no events of special significance after the end of the reporting period.
Risk Report
As a company that operates internationally, Delticom is exposed to varying types of risk. In order to be able to identify, evaluate and respond to such risks in a timely fashion, Delticom put in place a risk management system early on. The system is based on corporate guidelines for the early risk detection and risk management. An outline of the risk management process is presented in the Annual Report for fiscal year 2018 on pages 66ff, together with a list of key individual risks and opportunities.
Compared to the Annual Report 2018, the risk situation has not changed materially. Individual risks endangering the company do not exist, and considered together, the aggregate risk does not pose any danger to Delticom's going concern.
Outlook
Macroeconomic developments
In view of the escalating trade conflict between the USA and China, experts expect the global economy to cool down in the coming months. Leading economic research institutes had recently again lowered their forecasts for global economic growth this year. The still unclear modalities regarding Britain's withdrawal from the European Union could also have an inhibiting effect on the economy in the euro zone, so that a subdued economic upswing is forecasted . Against this background, the pace of economic activity in Germany is also expected to further slow down in 2019. Nevertheless, the German economy will again benefit from robust domestic demand this year. In view of a good labour market situation and a positive income trend, private consumption is expected to rise sharply. In addition, the construction industry is expected to continue the boom.
Sectoral developments
Tyre Trade The European replacement tyre business was weak in the first half of the year compared with the previous year. Experts see both the overall economic development and the number of new car registrations as reasons for this. In addition, the consolidation process in the European tyre trade that has been going on now for some time is continuing. There is currently a lack of visibility as to whether or to what extent the European tyre replacement market can benefit from a turnaround in the second half of the year.
E-Commerce The general trend towards E-Commerce will continue to increase. According to the Global Digital Report 2019, around 4.4 billion people - almost 60 % of the world's population - use the Internet today, an increase of 9.1 % compared to 2018. In Europe, Delticom's core market, the usage rate is as high as 86 %. The time spent on the Internet is also increasing: in Germany, the average Internet user now spends around 2.5 hours a day online. And 98 % of German Internet users now shop online, three out of four even several times a month.
For Germany, the E-Commerce and Distance Selling Trade Association (bevh) calculates for this year with an increase in E-Commerce revenues of 10.5 % to around € 72 billion. As Europe's leading online retailer for tyres and car accessories and expert in efficient warehouse logistics, Delticom will continue to benefit from the E-Commerce trend in the future.
Guidance unchanged Due to the weak market development, business development in the first half of 2019 fell short of expectations. Over the past few months, Delticom has taken measures to increase efficiency mainly in marketing and warehouse logistics with the aim of reducing costs and has recorded a positive development in recent months. In addition, the scheduled restructuring costs for Allyouneed Fresh in the second half of 2019 will be significantly lower than in the reporting period. This year, the winter business in the fourth quarter will again be decisive for the development for the year as a whole. We expect a positive sales trend for the second half of the year.
Against this backdrop, we continue to expect to achieve total annual revenues in a range between € 660 million and € 690 million, accompanied by EBITDA between € 8 million and € 12.5 million.
- New customers Thanks to our multi-shop approach, we address different customer groups in order to optimally exploit the market potential. Due to our constantly growing range of products and services and the advancing international orientation of our business, we assume that we will again be able to convince more than 1 million new customers of the advantages of buying in one of Delticom's online shops in the current fiscal year.
- Repeat customers In view of the multi-year replacement cycle, we are confident of being able to greet some of the new customers we have acquired over the past few years as repeat customers in our shops in the coming months.
- Liquidity In line with our sales planning for the current year, we will build up and reduce inventories in the coming months. Towards the end of the year, cash flow and liquidity should develop similarly to 2018.
- Investments For the current year, we plan to invest in the expansion and technical equipment of our warehouse infrastructure. In addition, we will also invest in software. Capital expenditure for the year as a whole will amount to between € 5 million and € 10 million. For this purpose, it is planned to compensate the investment amount through leasing and sales.
Consolidated Interim Financial Statements of Delticom AG
Content
- Consolidated Income Statement
- Statement of Recognised Income and Expenses
- Consolidated Balance Sheet
- Assets
- Shareholders' Equity and Liabilities
- Consolidated Cash Flow Statement
- Statement of Changes in Shareholders' Equity
Consolidated Income Statement
| 01.01.2019 | 01.01.2018 | |
|---|---|---|
| in € thousand | - 30.06.2019 | - 30.06.2018 |
| Revenues | 284,561 | 290,506 |
| Other operating income | 14,473 | 13,943 |
| Total operating income | 299,034 | 304,449 |
| Cost of goods sold | -222,150 | -227,506 |
| Gross profit | 76,884 | 76,943 |
| Personnel expenses | -9,332 | -6,078 |
| Deprication of intangible assets and property, plant and equipment | -6,795 | -3,615 |
| Other operating expenses | -71,227 | -64,040 |
| Earnings before interest and taxes (EBIT) | -10,469 | 3,209 |
| Financial expenses | -369 | -260 |
| Financial income | 14 | 13 |
| Net financial result | -356 | -246 |
| Earnings before taxes (EBT) | -10,825 | 2,963 |
| Income taxes | 2,864 | -964 |
| Consolidated net income | -7,961 | 1,999 |
| Thereof allocable to: | ||
| Non-controlling interests | -103 | -112 |
| Shareholders of Delticom AG | -7,858 | 2,111 |
| Earnings per share (basic) | -0.64 | 0.16 |
| Earnings per share (diluted) | -0.64 | 0.16 |
Statement of Recognised Income and Expenses
| 01.01.2019 | 01.01.2018 |
|---|---|
| - 30.06.2019 | - 30.06.2018 |
| -7,961 | 1,999 |
| -280 | 217 |
| -280 | 175 |
| 0 | 21 |
| 0 | 22 |
| -8,241 | 2,216 |
| -157 | -116 |
| -8,084 | 2,332 |
Consolidated Balance Sheet
Assets
| in € thousand | 30.06.2019 | 31.12.2018 |
|---|---|---|
| Non-current assets | 111,920 | 85,858 |
| Intangible assets | 82,964 | 59,671 |
| Property, plant and equipment | 20,721 | 21,688 |
| Financial assets | 7 | 10 |
| Investments using equity method | 0 | 0 |
| Other financial assets | 7 | 10 |
| Deferred taxes | 6,884 | 4,033 |
| Other receivables | 1,343 | 457 |
| Current assets | 146,168 | 146,677 |
| Inventories | 99,169 | 99,586 |
| Accounts receivable | 20,036 | 24,283 |
| Other current assets | 14,252 | 12,753 |
| Income tax receivables | 8,912 | 6,650 |
| Cash and cash equivalents | 3,799 | 3,404 |
| Assets | 258,088 | 232,535 |
Shareholders' Equity and Liabilities
| in € thousand | 30.06.2019 | 31.12.2018 |
|---|---|---|
| Equity | 41,013 | 49,254 |
| Equity attributable to Delticom AG shareholders | 41,064 | 49,148 |
| Subscribed capital | 12,463 | 12,463 |
| Share premium | 33,739 | 33,739 |
| Stock option plan | 103 | 103 |
| Other components of equity | 96 | 374 |
| Retained earnings | 200 | 200 |
| Net retained profits | -5,535 | 2,269 |
| Non-controlling interests | -51 | 106 |
| Liabilities | 217,075 | 183,281 |
| Non-current liabilities | 26,200 | 7,236 |
| Long-term borrowings | 22,861 | 3,750 |
| Non-current provisions | 308 | 252 |
| Deferred tax liabilities | 2,697 | 2,797 |
| Other Non Current Liabilities | 334 | 437 |
| Current liabilities | 190,874 | 176,045 |
| Provisions for taxes | 235 | 401 |
| Other current provisions | 588 | 929 |
| Accounts payable | 106,956 | 131,408 |
| Short-term borrowings | 67,714 | 27,119 |
| Other current liabilities | 15,381 | 16,188 |
| Shareholders' equity and liabilities | 258,088 | 232,535 |
Consolidated Cash Flow Statement
| 01.01.2019 | 01.01.2018 | |
|---|---|---|
| in € thousand | - 30.06.2019 | - 30.06.2018 |
| Earnings before interest and taxes (EBIT) | -10,469 | 3,209 |
| Depreciation of intangible assets and property, plant and equipment | 6,795 | 3,615 |
| Changes in other provisions | -285 | -249 |
| Changes in inventories | 417 | -13,973 |
| Changes in receivables and other assets not allocated to | 2,144 | -4,343 |
| investing or financing activity | ||
| Changes in payables and other liabilities not allocated to | -21,168 | -24,565 |
| investing or financing activity | ||
| Interest received | 14 | 13 |
| Interest paid | -284 | -260 |
| Income tax paid | -2,507 | -4,769 |
| Cash flow from operating activities | -25,343 | -41,321 |
| Payments for investments in property, plant and equipment | -1,470 | -2,207 |
| Payments for investments in intangible assets | -2,175 | -981 |
| Payments for the acquisition of consolidated susidiaries (less acquired cash | 0 | 0 |
| and cash equivalents) | ||
| Cash flow from investing activities | -3,645 | -3,188 |
| Dividends paid by Delticom AG | 0 | -1,246 |
| Cash inflow of financial liabilities | 35,408 | 46,682 |
| Cash outflow of financial liabilities | -6,020 | -833 |
| Cash flow from financing activities | 29,388 | 44,603 |
| Changes in cash and cash equivalents due to currency translation | -5 | 0 |
| Cash and cash equivalents at the start of the period | 3,404 | 3,881 |
| Changes in cash and cash equivalents | 395 | 95 |
| Cash and cash equivalents - end of period | 3,799 | 3,976 |
Statement of Changes in Shareholders' Equity
| Reserve | Net Invest | Non | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Sub | from | ment | Net | control | ||||||
| scribed | Share | currency | Hedge | Stock op | Retained | retained | ling | Total | ||
| in € thousand | capital | premium | translation | Reserve | tion plan | earnings | profits | Total | interests | equity |
| as of 1 January | ||||||||||
| 2018 | 12,463 | 33,739 | 215 | 16 | 71 | 200 | 5,651 | 52,355 | 585 | 52,940 |
| Compensation of differences from purchase of non controlling interests |
-604 | -604 | 14 | -590 | ||||||
| Dividends paid | -1,246 | -1,246 | -1,246 | |||||||
| Stock option plan | 0 | 17 | 17 | 0 | 17 | |||||
| Net Income | 2,111 | 2,111 | -112 | 1,999 | ||||||
| Other comprehensive income |
175 | 42 | 4 | 221 | -4 | 217 | ||||
| Total | ||||||||||
| comprehensive income |
175 | 42 | 2,115 | 2,332 | -116 | 2,216 | ||||
| as of 30 June 2018 | 12,463 | 33,739 | 390 | 58 | 88 | 200 | 5,916 | 52,854 | 483 | 53,337 |
| as of 1 January 2019 Net income |
12,463 | 33,739 | 374 | 0 | 103 | 200 | 2,269 -7,961 |
49,148 -7,961 |
106 -103 |
49,254 -8,064 |
| Other comprehensive income |
-280 | 0 | 157 | -123 | -54 | -177 | ||||
| Total comprehensive income |
-280 | 0 | -7,804 | -8,084 | -157 | -8,241 | ||||
| as of 30 June 2019 | 12,463 | 33,739 | 94 | 0 | 103 | 200 | -5,535 | 41,064 | -51 | 41,013 |
Content
- Reporting companies
- Employees
- Seasonal effects
- Principles of accounting and consolidation, balance sheet reporting and valuation methods
- Group of consolidated companies
- Changes in significant accounting policies
- IFRS 16 Leases
- Profit and loss statement, balance sheet and statement of cash flow
- Notes to the income statement
- Revenues
- Other operating expenses
- Earnings per share
- Calculation of earnings per share
- Dividends
- Related parties disclosure
- Contingent liabilities and other financial commitments
- Key events after the reporting date
- Declaration according to section 37w Abs. 5 WpHG (Securities Act)
- German Corporate Governance Codex
Reporting companies
Delticom AG (hereinafter referred to as the "company") is the parent company of the Delticom Group (hereinafter referred to as the "Delticom"). Delticom AG is entered in the commercial register of Hanover local court with register number HRB58026. Delticom's address is Brühlstrasse 11, 30169 Hanover, Germany.
Delticom is Europe's leading online retailer of tyres and automotive accessories as well as efood specialist and expert in the field of efficient warehouse logistics. The range of tyres offered to retail and commercial customers includes over 100 brands and more than 25,000 models for cars, motorbikes, trucks, utility vehicles, buses and complete wheel sets. Customers are also able to have the ordered products sent to one of the around 40,000 service partners of Delticom AG around the world.
Our range also encompasses over 500,000 automotive parts and accessories, including motor oils, snow chains and batteries. Entry into the business of online used car selling has rounded off the automotive offering. In this sense, Delticom AG has developed from a classic online retailer to an online solutions provider. Delticom AG also now offers a comprehensive range of around 20,000 different food items. Delticom has enhanced its logistics expertise with the acquisition of the efood and logistics companies in 2016 and taken an important strategic step to further expand its future market position in European E-Commerce.
Comprehensive information about the reporting company is presented in the management report of the annual report 2018 in the section Business activities and in the section Organization.
Employees
From 01.01.2019 to 30.06.2019 Delticom had an average of 281 employees (thereof on average 10 apprentices and interns). The calculation is based on full-time equivalents, thus taking into account the actual work hours.
Seasonal effects
In many countries, business with car replacement tyres depends to a large extent on the seasons with their different weather and road conditions. For example, the business in the northern parts of Europe and in the German-speaking countries is characterized by two peak periods - the purchase of summer tyres in spring and winter tyres in early winter. Volume is generally weaker in the first quarter, as most winter tyres are bought and fitted with the first snow, and thus before the end of the year. The second quarter is characterized by strong sales: the weather in April and May is usually quite warm and car drivers buy their new summer tyres.
The third quarter is a transitional quarter between the summer and winter business, with unit sales again being somewhat weaker. In most European countries, the last quarter generates the highest sales as car drivers face difficult road conditions and become aware of the fact that they need new tyres. Due to the seasonality, differences in performance between quarters and year-over-year are unavoidable.
For the food business the days before Christmas in December traditionally represent the highest salesperiod of the year.
Principles of accounting and consolidation, balance sheet reporting and valuation methods
Delticom's consolidated interim financial statements as of 30.06.2019 were prepared according to the International Financial Reporting Standards (IFRS), as prescribed by the International Accounting Standards Board (IASB), that were mandatory according to the European Union (EU) Directive. All applicable and mandatory IFRS standards on the balance sheet date were applied, especially IAS 34 (Interim Financial Reporting).
According to the IAS 34 the minimum components of the Interim Financial Report are:
- a condensed balance sheet (statement of financial position)
- either (a), a condensed statement of comprehensive income or (b), a condensed statement of comprehensive income and a condensed income statement
- a condensed statement of changes in equity
- a condensed statement of cash flows
- selected explanatory notes
These interim financial statements do not contain all clarifications and information required for Group annual financial statements, and should therefore be read in conjunction with the annual financial statements as of 31.12.2018 of Delticom Group. The Annual Report 2018 is made available on the Delticom website in the section Investor Relations or can be downloaded directly using the following link:
www.delti.com/Investor_Relations/Delticom_AnnualReport_2018.pdf
The fair value of the financial instruments corresponds to the book value in respect of all balance sheet items. The financial instruments in the following categories have been assigned to Level 2 of the fair value hierarchy: Financial assets held for trading amounting to € 42 thousand (31.12.2018: € 42 thousand) and Financial liabilities held for trading amounting € 206 thousand (31.12.2018: € 30 thousand). As in previous years, there are no Level 3 fair value inputs. Changes in the fair values have been recognized in the income statement. The calculation was performed by the issuing banks and includes actual euro-reference-quotation and timing discounts respectively timing additions.
Due to short due dates for payments the book value of the trade receivables is equal to their fair value. In the interim financial statements, the taxes on income reported in the Income Statement are calculated pursuant to IAS 34.30c on the basis of an annual tax rate essentially include tax income from the recognition of deferred tax assets.
Group of consolidated companies
The group of consolidated companies comprises Delticom AG as controlling company, fifteen domestic and nine foreign subsidiaries, all fully consolidated in the interim financial accounts.
The fully consolidated subsidiaries at 30.06.2019 are:
- All you need GmbH, Berlin (Germany)
- DeltiCar SAS, Paris (France)
- Delticom North America Inc., Benicia (California, USA)
- Delticom OE S.R.L., Timisoara (Romania)
- Delticom Japan GK (Tokio, Japan) owned 100 % by Delticom OE SRL
- Delticom TOV, Lwiw (Ukraine)
- Delticom Russia OOO, Moscow (Russia)
- Deltiparts GmbH, Hanover (Germany)
- DeltiLog Ltd., Oxford (United Kingdom)
- DeltiLog GmbH, Hanover (Germany)
- DeltiStorage GmbH, Hanover (Germany)
- Extor GmbH, Hanover (Germany)
- Giga GmbH, Hamburg (Germany)
- Gigatires LLC, Benicia (California, USA)
- Gourmondo Food GmbH, Munich (Germany)
- MobileMech GmbH, Hanover (Germany)
- Pnebo Gesellschaft für Reifengroßhandel und Logistik mbH, Hanover (Germany)
- Ringway GmbH, Hanover (Germany)
- Tireseasy LLC, Wilmington (Delaware, USA)
- Tirendo Deutschland GmbH, Berlin (Germany)
- Tirendo Holding GmbH, Berlin (Germany)
- Toroleo Tyres GmbH, Gadebusch (Germany)
- Toroleo Tyres TT GmbH & Co.KG Gadebusch (Germany)
- TyresNET GmbH, Munich (Germany)
Changes in significant accounting policies
Except as described below, the accounting policies in these interim financial statements are the same as those applied in the Group´s consolidated financial statements for the year that ended 31.12.2018.
The changes in accounting policies are also expected to be reflected in the consolidated financial statements as of 31.12.2019 . The Group applied IFRS 16 Leases for the first time from 01.01.2019. A number of other new standards are effective from 01.01.2019 but do not have a material impact on the consolidated financial statements.
IFRS 16 Leases
The standard published by the IASB on January 13, 2016 replaces the previous standards and interpretations on leases "IAS 17", "IFRIC 4", "SIC-15" and "SIC-27" and was adopted into EU law on October 31, 2017 with publication in the Official Journal of the EU and is mandatory for fiscal years beginning on or after January 1, 2019. For lessees in particular, the new standard requires a completely new approach to the accounting treatment of leasing contracts. If, in accordance with IAS 17, the transfer of material risks and rewards incidental to ownership of the leased asset was decisive for the recognition of a lease in the lessee's balance sheet, the lessee must now present each lease as a financing transaction in its balance sheet. For lessors, on the other hand, the accounting rules have remained largely unchanged, particularly with regard to the continued need to classify leases. In detail, however, there are differences e.g. in sub-leases and sale- and leaseback transactions. Delticom AG adopted the simplified modified retrospective approach as of January 1, 2019 (IFRS 16.C5(b)). When IFRS 16 was first applied to operating leases, the right to use the leased asset was generally measured at the amount of the lease liability, using the interest rate at the date of initial application (IFRS 16.C8(b)(i)). In the case of deferred leasing liabilities, the right of use was adjusted by the amount of the deferred leasing liability in accordance with IFRS 16.C8(b) (ii). The initial direct costs in accordance with IFRS 16.C10(d) were not taken into account when measuring the right of use at the time of first application. Short-term lease agreements with a term of no more than twelve months (and without purchase option) and lease agreements in which the asset underlying the lease is of minor value are not accounted for in accordance with IFRS 16, in accordance with the option provided by IFRS 16.5. The comparative information for the prior-year periods has not been restated in accordance with IFRS 16.C7.
As of January 1, 2019, long-term leasing liabilities amounting to € 26.1 million and rights of use of € 26.1 million were recognized in the balance sheet. This balance sheet extension led to a reduced equity ratio and a higher gearing ratio. In the income statement, the expenses incurred for previous operating leases are no longer recognized as leasing expenses. The new regulations lead to depreciation on the rights of use and interest expenses from the compounding of the lease liabilities. In the cash flow statement, there were positive effects on cash flow from operating activities and negative effects on cash flow from financing activities
Disclosures due to first-time adoption of IFRS 16
Without the application of IFRS 16, the following values would have resulted in the current reporting period in accordance with the standards previously applicable:
- Other operating expenses would have amounted to € 73,821 thousand (with IFRS 16: € 71,227 thousand), depreciation to € 4,239 thousand (with IFRS 16: € 6,795 thousand) and interest expenses to € 287 thousand (with IFRS 16: € 367 thousand).
- This would have resulted in an EBITDA of € –6,269 thousand (with IFRS 16: € –3,674 thousand) and a consolidated result of € –7,917 thousand (with IFRS 16: € –7,961 thousand).
- As of June 30, 2019, intangible assets of € 58,747 thousand (with IFRS 16: € 82,964 thousand), other non-current financial liabilities of € 2,917 thousand (with IFRS 16: € 22,861 thousand) and current financial liabilities of € 62,527 thousand (with IFRS 16: € 67,714 thousand) would have been reported.
- Equity would have amounted to € 41,059 thousand (with IFRS 16: € 41,013 thousand) as of June 30, 2019.
Profit and loss statement, balance sheet and statement of cash flow
Detailed information with regards to business trends and the profit and loss statement can be found in the chapter Business performance and earnings situation of the interim management report. The chapter Financial and assets position presents additional information concerning the balance sheet and the cash flow statement.
The majority of sales contracts (and the resulting revenues) exist between Delticom and private end customers. Delticom is a one-segment company with a focus on e-commerce. Sales are categorized by geographical region into EU and non-EU countries. Due to the short payment terms and comprehensive monitoring, it is not necessary to categorise the payment default risk. The e-commerce products sold lead to clearly identifiable contractual performance obligations.
Notes to the income statement
Revenues
Revenues relate almost exclusively to the revenues from goods transferred to customers for the period from 01.01.2019 to 30.06.2019.
| in € thousand | EU Countries | Not EU Countries | Total |
|---|---|---|---|
| Revenues | 211,251 | 73,310 | 284,561 |
Other operating expenses
The following table shows the development of the other operating expenses.
| in € thousand | H1'19 | H1'18 |
|---|---|---|
| Transportation costs | 28,869 | 24,822 |
| Warehousing costs | 5,092 | 4,003 |
| Credit card fees | 2,554 | 2,516 |
| Bad debt losses and one-off loan provisions | 1,918 | 1,693 |
| Marketing costs | 13,662 | 13,074 |
| Operations centre costs | 5,285 | 4,804 |
| Rents and overheads | 1,794 | 3,393 |
| Financial and legal costs | 3,243 | 2,583 |
| IT and telecommunications | 1,941 | 2,029 |
| Expenses from exchange rate differences | 1,433 | 1,548 |
| Other | 5,434 | 3,574 |
| Summe | 71,227 | 64,040 |
Earnings per share
Basic earnings per share totalled € –0.64 (H1 18: € 0.16). The diluted earnings per share totalled € –0.64 (H1 18: € 0.16).
Calculation of earnings per share
Pursuant to IAS-33, undiluted (basic) earnings per share are calculated by dividing the consolidated net income of € –7,961,112.50 (previous year: € 1,998,901.00) by the 12,463,331 weighted average number of ordinary shares in circulation during the financial year (previous year: 12.463.331 shares).
No stock options were exercised during the current year. The option rights can be fully exercised after four years starting from the date the options rights were granted. In general, all shares to be issued should be included in computing diluted EPS if the effect from the stock options is dilutive. They are dilutive when they would result in the issue of ordinary shares for less than the average market price of ordinary shares during the period (no dilutive effect in H1 19).
Dividends
No dividend was paid for the past fiscal year (2017: € 0.10).
Related parties disclosure
Related companies and persons in the meaning of IAS 24 include the Managing and Supervisory boards of Delticom AG (category persons in key positions), the majority shareholders Binder GmbH and Prüfer GmbH (category companies with a significant influence on the Group), as well as not consolidated subsidiaries (category not cosolidated subsidiaries). All transactions with related parties are agreed contractually, and conducted on terms as would also be usual with third parties. Transactions which occured during the interim reporting period did not have any signifanct effects on the earnings, financial and asset positions.
Contingent liabilities and other financial commitments
There were no material changes in other financial obligations compared to 31.12.2018. The leasing transactions now to be accounted for in accordance with IFRS 16 are an exception to this rule.
As of the reporting date, there were no contingent liabilities or claims.
Key events after the reporting date
No key events occurred after the reporting period.
Declaration according to section 37w Abs. 5 WpHG (Securities Act)
These interim financial statements and the interim management report have neither been audited nor reviewed by an auditor.
German Corporate Governance Codex
The website www.delti.com/Investor_Relations/Entsprechungserklaerung.html shows the current statements made by the Management and the Supervisory Board of Delticom AG pursuant to Section 161 of the German Public Limited Companies Act (AktG).
Responsibility Statement
To the best of our knowledge, we declare that, according to the principles of proper interim consolidated reporting applied, the interim consolidated financial statements provide a true and fair view of the company's net assets, financial position and results of operations, that the interim consolidated management report presents the company's business including the results and the company's position such as to provide a true and fair view and that the major opportunities and risks of the company's anticipated growth for the remaining financial year are described.
Hanover, 14.08.2019
(The Management Board)
The Delticom Share
| WKN | 514680 |
|---|---|
| ISIN | DE0005146807 |
| Reuters / Bloomberg | DEXGn.DE / DEX GR |
| Index membership | CDAX, CLXP, D1BL, 4N83, |
| CXPR, 4N9U, I1RC, PXAP, | |
| NX20 | |
| Type of shares | No-par value, registered |
| Transparency level | Prime Standard |
| 14.11.2019 | Q3-Notification |
| 25. - 27.11.2019 | German Equity Forum |
| Frankfurt | |
| 01.01.2019 - 30.06.2019 |
01.01.2018 - 31.12.2018 |
||
|---|---|---|---|
| Number of shares | shares | 12,463,331 | 12,463,331 |
| Share price on the first trading day1 | € | 7.42 | 11.35 |
| Share price on the last trading day of the period1 | € | 4.90 | 7.18 |
| Share performance1 | % | -34.0 | -36.7 |
| Share price high/low1 | € | 7.62 / 4.90 |
11.50 / 7.18 |
| Market capitalisation2 | € million | 61.1 | 89.5 |
| Average trading volume per day (XETRA) | shares | 3,369 | 3,902 |
| EPS (undiluted) | € | -0.64 | -0.13 |
| EPS (diluted) | € | -0.64 | -0.13 |
| (1) based on closing prices |
(2) based on official closing price at end of quarter
| Estimates for 2019 | Estimates for 2020 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Recom | Target | Sales | EBITDA | EBIT | EBIT | EPS | Sales | EBITDA | EBIT | EBIT | EPS | ||
| Broker Analyst |
mendation | price | (€m) | (€m) | (€m) | (%) | (€) | (€m) | (€m) | (€m) | (%) | (€) | |
| Warburg | Marc-René Tonn | Hold | 7.50 | 693.9 | 14.2 | 8.6 | 1.2 | 0.44 | 738.7 | 16.8 | 10.9 | 1.5 | 0.56 |
as of 05 August 2019
Imprint
| Publisher | Delticom AG Brühlstraße 11 30169 Hanover Germany |
|---|---|
| Contact Investor Relations | Melanie Gereke Brühlstraße 11 30169 Hanover Phone: +49 511 93634-8903 E-Mail: [email protected] |