30169 Hannover, de
+49 (511) 93634-8903
Delticom AG publishes Semi-Annual Report 2012
In a challenging environment H1 12 group revenues declined by 2.5 % to € 193.3 million (H1 11: € 198.3 million).
Primarily due to higher personnel costs and rents for the large scale warehouse opened in Q2 11 EBIT in the reporting period decreased by 29.2 % to € 13.2 million (H1 11: € 18.7 million). This translates into an EBIT margin (EBIT in percent of revenues) of 6.9 % (H1 11: 9.4 %).
Consolidated net income totalled € 8.8 million after € 12.7 million the year before. This corresponds to earnings per share (EPS) of € 0.74 (undiluted, H1 11: € 1.08), a decline of 31.1%.
Despite difficult market conditions Delticom was able to cut back summer tyre stocks significantly. As a result, the company currently holds fewer summer tyres on stock than in the preceding years. Since the beginning of the year, working capital grew by just € 1.0 million or 2.2 % to € 45.4 million (31.12.2011: € 44.4 million). In the corresponding prior-year period the increase in working capital value had amounted to € 42.7 million. In light of the positive development in net working capital the cash flow from ordinary business activities (operating cash flow) for the period under review was significantly better than last year, at € -0.5 million (H1 11: € -30.2 million).
Business has lagged behind expectations so far this year. The Management has therefore decided to reduce the growth target for full-year revenues to +5°%. EBIT margins above 9 % are attainable only in the event of very favourable winter weather, as the higher fixed costs will continue to burden earnings in the second half of the year.
The complete report for the first six months of 2012 can be downloaded from the website www.delti.com within the "Investor Relations" area.
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