PRESS RELEASE : Delticom AG: Turnaround succeeded! -2-

in the previous year (2019: EUR -40.8 million or EUR -3.27 per share). The group thus succeeded in returning to a positive 
consolidated result one year earlier than planned in the restructuring plan, despite the difficult market environment 
caused by Corona. With the measures taken to increase profitability, the company has cleared the way last year for 
sustainable profitable growth in its core European tyre business. 
Inventories. The largest item in current assets is inventories. Against the backdrop of active working capital 
management, inventories were reduced by EUR 26.1 million to EUR 36.9 million over the course of the year (31.12.2019: EUR 
62.9 million). Due to lower inventory levels during the year and the decrease in revenues, average Days Inventory 
Outstanding for 2020 (DIO, average inventory level divided by average cost of sales) decreased over the course of the 
past financial year, from 60.2 days in 2019 to 43.7 days in 2020. 
Liquidity. Cash and cash equivalents registered net inflows of EUR 0.3 million. On 31.12.2020 liquidity totalled EUR 5.6 
million (prior year: EUR 5.3 million). Despite the significant reduction in credit line utilization compared with the 
previous year, debt remained virtually unchanged at EUR 185.0 million (2019: EUR 179.9 million). This results from the 
capitalization of rights of use in connection with the new warehouse location in the border triangle. The current 
assets amounted to EUR 75.8 million (31.12.2019: EUR 99.4 million) on the balance sheet date. The decrease by EUR 23.7 
million is primarily due to the reduction in inventories in a closing date comparison. 
Free cash flow. The free cash flow (operating cash flow less cash flow from investing activities) increased from EUR 
-26.5 million to EUR 34.3 million. 
Equity. Equity increased by EUR 6.5 million or 78.9 % from EUR 8.3 million to EUR 14.8 million. The increase is mainly 
attributable to the positive consolidated net income realized in the past fiscal year in the amount of EUR 6.9 million. 
As a result, the structure of liabilities and equity shows an increase in the equity ratio from 4.4 % to 7.4 % compared 
to the previous year. 
Outlook 2021 
For the current fiscal year 2021, Delticom Group expects total annual revenues in a range between EUR 550 million and EUR 
590 million. The decisive factor for growth this year will be how quickly the European countries can lift the mobility 
restrictions and return to a degree of normality. The purchase of replacement tyres cannot be postponed indefinitely. 
Accordingly, a catch-up effect cannot be ruled out for the coming months following a significant decline in replacement 
tyre business last year. Taking into account that in the past fiscal year 2020 the closed business units still 
generated total sales in the single-digit million range, reaching the lower end of the sales corridor would mean 
moderate growth in the core business this year. With the forecasted revenues range for 2021, we sufficiently reflect 
the uncertainties about the development in the current year and furthermore take into account growth opportunities that 
may potentially arise from an overcoming of the pandemic in Europe expected for this year. 
Despite the anticipated growth, our focus this year remains on profitability. For EBITDA, the Management Board is 
planning a range of EUR 16.0 million and EUR 20.0 million, depending on revenues. Management assumes that EBITDA will 
increase directly if the lower end of the revenues forecast is exceeded. 
In the current financial year, too, the ongoing restructuring will result in extraordinary expenses. The Management 
board is planning this effect in the amount of around EUR 4 million. 
Increasing digitization worldwide, coupled with steadily rising online penetration, is a key factor for future growth. 
As the market leader in European online tyre retailing, Delticom will continue to benefit from the growing importance 
of e-commerce as a sales channel in the medium term. As a result of the refocusing on the core business, a changed 
organizational structure and efficiency enhancements along the value chain, we will be able to tap existing growth 
potential in a more targeted manner in the future. In the medium term, we are aiming for an operating EBIT margin of 
3%. 
Expansion of the Management Board 
The company optimised its organisational structure in the past fiscal year in order to position Delticom for the future 
and to exploit the market potential in its core business with a high level of innovation over the next few years. Mr. 
Torsten Pötzsch was appointed as Chief Sales Officer (CSO) of Delticom AG with effect from January 01, 2021. Mr. 
Pötzsch has many years of management experience gained in a wide variety of companies and business models. He most 
recently held a management position at zooplus AG in Munich and has extensive expertise in the fields of e-commerce, 
sales & purchasing, shop and business development, as well as the necessary sensitivity for the transition of Delticom 
AG. The appointment of Mr. Pötzsch is an important step in the realignment of the company and goes hand in hand with 
the targeted organizational structure defined as part of the restructuring. 
Continuation of the US business 
In connection with the restructuring process, a consulting firm was commissioned in 2019, among other things, to find 
potential buyers for Delticom AG's US subsidiary. A possible sale was linked to the achievement of an appropriate sales 
price. This condition can not be met at the present time. As the US subsidiary has good success in revenues and 
earnings, Delticom AG's management has decided to discontinue the M&A process in the USA and to continue the profitable 
growth path there. 
The complete report for the 2020 financial year can be downloaded from the website www.delti.com in the "Investor 
Relations" section. 
(End of disclosure) 
About Delticom: 
With the 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 
around 18,000 tyre models for cars and motorcycles. Complete wheels and rims complete the product range. The company 
operates 410 online shops and online distribution platforms in 74 countries, serving more than 15.9 million customers. 
As part of the service, the ordered products can be sent to one of Delticom's approximately 38,000 workshop partners 
worldwide for mounting at the customer's request. 
Based in Hanover, Germany, the company operates primarily in Europe and the USA 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 2020, Delticom AG generated revenues of around 541 million euros. At the end of last year, the company 
employed 177 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: [phone] 
Fax: [phone] 
Email: [e-mail] 
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2021-03-26 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. 
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Language:     English 
Company:      Delticom AG 
              Brühlstraße 11 
              30169 Hanover 
              Germany 
Phone:        [phone] 
Fax:          [phone] 
E-mail:       [e-mail] 
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:  1178778 
 
End of News   DGAP News Service 
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1178778 2021-03-26

(END) Dow Jones Newswires

March 26, 2021 04:43 ET (08:43 GMT)