Delticom publishes Annual Report 2023: Consolidated net income increased to € 8 million, basis for possible dividend payment in 2025 formed
EQS-News: Delticom AG / Key word(s): Annual Report
Delticom publishes Annual Report 2023: Consolidated net income increased to € 8 million, basis for possible dividend payment in 2025 formed
19.04.2024 / 13:48 CET/CEST
The issuer is solely responsible for the content of this announcement.*Delticom publishes Annual Report 2023: Consolidated net income increased to € 8 million, basis for possible dividend payment in 2025 formed *
*Hanover, April 19, 2024 – Delticom AG (German Securities Code (WKN) 514680, ISIN DE 0005146807, stock market symbol DEX), Europe’s leading online retailer for tyres and complete wheels, today published its Annual Report 2023. *
· Gross merchandise volume (GMV) totalled € 586 million (2022: € 582 million)
· Revenues of € 476 million (forecast for 2024: € 450-470 million)
· Increase in operating EBITDA to € 22 million (forecast for 2024: € 19-21 million)
· Net income amounted to € 8 million (2022: € 3 million)
· Further reduction in financial debt against the backdrop of the company's positive development and stringent working capital management
· Increase in equity to € 48 million (2022: € 40 million)
· Equalisation of loss carryforwards from previous years at Delticom AG creates basis for possible dividend payment in 2025*Fiscal year 2023*
In the past fiscal year, Delticom AG focussed on further improving the profitability in its operating business and was able to increase its operating EBITDA from € 15.0 million to € 21.8 million. As a result, operating EBITDA exceeded the upper range of the forecast corridor (forecasted range: € 14-18.9 million).
In the past fiscal year, the Delticom Group generated revenues of € 476 million (2022: € 509 million). In the 2023 financial year, the previous shop business was supplemented by platform business. The company provides the technical infrastructure and its sales and process expertise to enable external third parties to sell goods online to Delticom's private and commercial end customers. This results in a partial shift of the shop business to platform business. Accordingly, commission income is realised for the shifted share of revenues. The year-on-year decrease in revenues is primarily due to this shift. The gross merchandise volume for the year as a whole totalled € 586 million (2022: € 582 million).
The gross margin (trade margin excluding other operating income) totalled 24.4 % for the past financial year, compared to 21.6 % in the same period of the previous year. This improvement is primarily due to the change in the sales mix. In the past financial year, demand for quality tyres from Asian manufacturers increased.
At € 5.6 million, the investments made in 2023 are higher than the previous year's figure of € 2.6 million. In the past fiscal year, Delticom AG invested in AI-supported software and in technical warehouse equipment, especially in the warehouse in Ensisheim.
At € 8.0 million or € 0.54 per share, consolidated net income is higher than in the previous year (2022: € 2.8 million or € 0.19 per share). Delticom AG's earnings relevant for distribution amount to € 8.0 million or € 0.54 per share. In 2022, Delticom AG's earnings amounted to € -9.4 million or € -0.63 per share due to unscheduled write-downs on the carrying amounts of selected subsidiaries.
The release of both the legal reserve and part of the capital reserve as part of the preparation of the annual financial statements of the individual company Delticom AG as of December 31, 2023 to offset the loss carryforwards from previous years still existing after offsetting against the net income for the 2023 financial year created the basis for future dividend distributions. The reversal of reserves presented in the 2023 annual financial statements may only be carried out for the purpose of offsetting losses. Accordingly, no dividend payment can be proposed by the Management Board for the 2023 financial year.
*Outlook 2024*
Although inflation has weakened in recent months and experts expect real wages in Europe to rise and private consumption to pick up over the course of this year, there are economic and geopolitical risks that cannot be assessed in terms of their potential impact on companies, consumers and supply chains. Delticom AG is currently unable to estimate the extent to which European demand for replacement tyres will pick up this year in a market environment characterised by uncertainties, due to the wide range of possible influences. In its planning for the current financial year, the company has therefore not recognised opportunities for a market recovery. The same applies to positive weather effects. In particular, Delticom AG does not expect the strong winter tyre business of 2023 to be repeated in 2024. There is also the possibility that more revenues will be shifted to the platform business in the current year than in the previous year. Accordingly, the management is planning revenues in the range of € 450-470 million in the current financial year.
The company also expects to further reduce costs in the current year. For operating EBITDA for the year as a whole, the Management Board is planning a range of € 19-21 million, depending on revenues. Accordingly, we expect to stabilise the operating result achieved in 2023 in the current year.
*The complete report for the 2023 fiscal year can be downloaded from the website *www.delti.com* in the “Investor Relations” section.Delticom Group – Key Figures*
*2023* 2022 -/+ (%, %p)
GMV €m *586* 582 +0.8
Revenues €m *476* 509 -6.6
Total income €m *503* 543 -7.4
Gross margin % *24.4* 21.6 +2.8
Gross profit €m *143* 144 -0.3
EBITDA €m *20.6* 15.0 +37.6
Operative EBITDA €m *21.8* 15.0 +45.3
EBITDA margin % *4.3* 2.9 +1.4
EBIT €m *11.5* 4.2 >100
Net income for the period €m *8.0* 2.8 >100
Earnings per share € *0.54* 0.19 >100
Total assets €m *192* 195 -1.9
Inventories €m *41.2* 43.3 -4.9
Liabilities from trade payables €m *61.5* 53.9 +14.2
Investments €m *5.6* 2.6 >100
Equity €m *47.6* 39.7 +20.1
Equity ratio % *24.9* 20.3 +4.5
Return on equity % *16.8* 7.1 +9.8
Liquidity €m *7.3* 3.0 >100
Operating cash flow €m *27.5* -2.4 >100* *
With its brand Reifendirekt, Delticom AG is the leading company in Europe for the online distribution of tyres and complete wheels.
The product portfolio for private and business customers comprises an unparalleled range of more than 600 brands and over 40,000 tyre models for cars and motorcycles. Complete wheels and rims complete the product range. The company operates 355 online shops and online distribution platforms in 67 countries, serving more than 19 million customers.
As part of the service, the ordered products can be sent to one of Delticom's around 30,000 partner garages in Europe for mounting at the customer's request.
Based in Hanover, Germany, the company operates primarily in Europe and has extensive expertise in the development and operation of online shops, internet customer acquisition, internet marketing and the establishment of partner networks.
Since its foundation in 1999, Delticom has built up comprehensive expertise in designing efficient and fully integrated ordering and logistics processes. The company's own warehouses are among its most important assets.
In fiscal year 2023, Delticom AG generated revenues of around 476 million euros. At the end of last year, the company employed 172 people.
Delticom AG shares have been listed in the Prime Standard of Deutsche Börse since October 2006 (ISIN DE0005146807).
On the internet at: www.delti.com*Contact: *
Delticom AG
Investor Relations
Melanie Becker
Brühlstraße 11
30169 Hannover
Phone: +49 (0)511-93634-8903
Fax: +49 (0)511-8798-9138
Email: melanie.becker@delti.com
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Language: English
Company: Delticom AG
Brühlstraße 11
30169 Hanover
Germany
Phone: +49 (0)511 93634 8000
Fax: +49 (0)511 8798 9138
E-mail: info@delti.com
Internet: www.delti.com
ISIN: DE0005146807
WKN: 514680
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1884835
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