DGAP-News

Delticom publishes Semi-Annual Report 2014

DGAP-News: Delticom AG / Key word(s): Half Year Results
Delticom publishes Semi-Annual Report 2014

14.08.2014 / 08:00

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Hanover, 14 August 2014 - Delticom (German Securities Code (WKN) 514680,
ISIN DE0005146807, stock market symbol DEX), Europe's leading online tyre
dealer, has published its full report for the first six months of 2014. In
the reporting period, the company recognized revenues of EUR 226.1 million,
an increase of 6.5 % (H1 13: EUR 212.2 million). EBITDA came in at EUR 6.2
million. This equates to an EBITDA margin of 2.7 % (H1 13: 4.8 %).

Business in the first six months
Warm temperatures in March prompted many motorists to make an early switch
to summer tyres. As a result, the summer tyre business cooled off in the
second quarter. First assessments from trade associations for the past
quarter showed summer tyre sales in Germany down by nearly 7 % year on
year.

Revenues. In the reporting period, the company recognized revenues of EUR
226.1 million, an increase of 6.5 % after EUR 212.2 million in the
prior-year period. Revenues in the E-Commerce with its 140 online shops
increased year-on-year by 7.3 %, from EUR 206.4 million to EUR 221.4
million.

Tirendo. Tirendo's performance in the first half of the year is
significantly below planning, both in terms of revenues and earnings. At
EUR 17.5 million, revenues in the first six months remained nearly
unchanged (H1 13: EUR 17.5 million). Whereas Tirendo's revenues increased
by 131.2 % in the first quarter of the current fiscal year, business in the
second quarter was unable to match the positive development at the
beginning of the year. Spring-like temperatures resulted in an early start
of the summer season in March. With a view to the strong prior-year base
and the still low proportion of international business, revenues of Tirendo
decreased by 33.8 % to EUR 9.2 million in Q2 14.

New customers. In the period under review, the company was able to acquire
a total of 454 thousand new customers (H1 13: 435 thousand, Delticom
excluding Tirendo, +4.3 %).

Over the same period, 420 thousand existing customers bought their tyres
from the Delticom Group again.

Gross margin. Group COGS increased by 5.9 % from EUR 160.5 million in H1 13
to EUR 170.0 million in H1 14. Gross margin for H1 14 came in with 24.8 %,
after 24.4 % in H1 13.

Personnel expenses. On 30.06.2014, the company employed a total of 300
employees. 149 of them (including trainees) worked for Delticom and the