EANS-News: Delticom AG: Q1 2011 on track

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Financial Figures/Balance Sheet

Hannover (euro adhoc) - Hanover, 19 April 2011 - Delticom (German
Securities Code (WKN) 514680, ISIN DE0005146807, stock market symbol
DEX), Europe's leading online tyre dealer, looks back on another
successful quarter. According to todays preliminary figures, revenues
in the first quarter of 2011 increased by 14.6% to EUR 85.4 million
and EBIT by 4.6% to EUR 6.1 million. EBIT margin decreased to 7.2%
(Q110: 7.9%). Earnings per share grew 4.8% to EUR 0.35.

Due to a lower amount of snowfall this winter, sales were initially
weaker than in the previous year. On top of this, Easter does not
fall until the second half of April this year; traditionally, many
drivers change to their summer tyres before this holiday. Last year,
business in March was able to benefit from this effect, whereas this
year will see relatively more summer tyre sales happen in the second
quarter. However, demand did not gather significant momentum until
springlike temperatures took hold in March.

Revenues

In spite of of the previous year's basis, Delticom was able to
generate revenues of EUR 85.4 million, a plus of 14.6% from
prior-year's EUR 74.5 million. Revenues in the E-Commerce division
were up year-on-year by 13.9%, from EUR 70.7 million to EUR 80.5
million. The revenues of the Wholesale division lifted by 28.6% to
EUR 4.8 million, after prior-year revenues of EUR 3.7 million. Other
operating income increased in Q111 by 3.1% to EUR 1.3 million
(previous year: EUR 1.3 million).

Gross profit

The cost of sales increased in the reporting period by 15.0%, from
EUR 54.8 million in 2010 to EUR 63.0 million. In an environment of
rising purchasing prices and further supply bottlenecks, Delticom was
to a good extent able to cushion the hikes by purchasing early. As a
result, the gross profit advanced in the reporting period by 13.0%
year-on-year, from EUR 21.0 million to EUR 23.7 million. The gross
profit margin (gross profit in relation to total income) decreased
from 27.7% to 27.3%.

Personnel expenses

In the reporting period on average 108 staff members were employed at
Delticom (Q110: 94). Personnel expenses amounted to EUR 1.7 million
(previous year: EUR 1.6 million). Compared to the prior-year period,
the personnel expenses ratio (staff expenditures as percentage of
revenues) remained almost unchanged (2.0%, Q110: 2.1%).

Other operating expenses

Overall the other operating expenses totalled EUR 15.4 million in the
past quarter, an increase of EUR 2.2 million or 16.7% over the
prior-year value of EUR 13.2 million.

Among the other operating expenses, transportation costs is the
largest line item. Tyres sold online are picked up at the delivery
points by parcel services which then transport the tyres to the
customers or fitting stations. As business volume increases, so too
do these transportation costs, from EUR 6.4 million by 5.8% to EUR
6.8 million. The share of transportation costs against revenues
decreased from 8.6% in Q110 to 7.9% in Q111, partly driven by
relatively stronger revenue growth coming from higher selling prices.

Marketing expenses amounted to EUR 2.0 million, after EUR 1.7 million
in Q110. Although this represents an increase of 17.0%, the
relationship to revenues remained on a level with last year, with a
share of 2.3%.

Depreciation

In line with the gradual expansion of warehouse capacity and the
parallel investments into warehousing infrastructure, scheduled
depreciation rose by 24.6% from EUR 0.3 million in Q110 to EUR 0.4
million. The low absolute level of depreciation underlines the low
capital intensity of Delticom's business.

Earnings performance

Although EBIT had risen steeply in the first quarter of last year
(+122.3%), EBIT for Q111 saw a year-on-year increase once again, by
4.6% to EUR 6.1 million (Q110: EUR 5.9 million). This translated to
an EBIT margin of 7.2% (Q110: 7.9%).

The continually low Euro money market rates led to a poor financial
result of EUR 39 thousand (Q110: EUR 26 thousand). The expenditure
for income taxes was EUR 2.0 million (previous year: EUR 1.9
million). The tax rate of 32.2% was almost flat at the previous
year's level.

Consolidated net income for the period grew from EUR 4.0 million to
EUR 4.2 million. This corresponds to earnings per share (EPS) of EUR
0.35 (undiluted, Q110: EUR 0.34), a step-up of 4.8%.

Cash flow and liquidity position

Following the reversal of year-end effects and the scheduled buildup
of stock levels to EUR 83.3 million (31.12.2010: EUR 51.7 million),
net working capital increased to EUR 23.7 million (31.12.2010: EUR
1.3 million). As a consequence, cash flow from ordinary business
activities (operating cash flow) for the period under review came in
lower than last year, at EUR -18.5 million (Q110: EUR 4.7 million).
Delticom's reporting-date liquidity amounted to EUR 47.5 million; it
was slightly higher than in the previous year (31.03.2010: EUR 45.0
million).

Frank Schuhardt (CFO) is satisfied with the progress of business so
far: "The success seen in the equivalent quarter of last year placed
the bar very high. So of course that makes me all the more pleased to
see that Delticom has managed to once again increase revenues and its
result. We´re absolutely on track." For 2011, Delticom AG´s
management continues to anticipate an increase in revenues of
approximately 10%, with an EBIT margin around one percent lower than
in 2010.

The full report for the first quarter of 2011 will be published by
Delticom AG on 10 May 2011 on its website www.delti.com within the
"Investor Relations" section.

Company profile: Delticom, Europe's leading online tyre retailer, was
founded in Hanover in 1999. With more than 100 online shops in 39
countries, the company offers its private and business customers an
unequalled assortment of excellently priced car tyres, motorcycle
tyres, bicycle tyres, truck tyres, bus tyres, special tyres, rims,
complete wheels (pre-mounted tyres on rims), selected replacement car
parts and accessories, motor oil and batteries. The independent
website reifentest.com contains impartial information about tyre
tests and helps the customers choose from more than 100 tyre brands
and more than 25,000 tyre models. Delticom delivers either directly
to the customer's home address, or to one of more than 28,000 service
partners - affiliated garages which take delivery of tyres and then
install these on the customer's vehicle. Delticom's Wholesale
division also sells tyres to wholesalers domestically and abroad. On
the Internet at: www.delti.com Selected online shops:
www.reifendirekt.de, www.123pneus.fr, www.mytyres.co.uk,
www.reifendirekt.ch

Contact:

Melanie Gereke
Brühlstraße 11
30169 Hannover
Tel.: +49 (0)511-936 34-8903
Fax: +49 (0)89-208081147
Email: melanie.gereke@delti.com

end of announcement euro adhoc
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ots Originaltext: Delticom AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Delticom AG Investor Relations
Melanie Gereke
Brühlstraße 11
30169 Hannover
Tel.: +49 (0)511-936 34-8903
Fax: +49 (0)89-208081147
e-mail: melanie.gereke@delti.com

Branche: Electronic Commerce
ISIN: DE0005146807
WKN: 514680
Index: SDAX, CDAX, Classic All Share, Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade