DGAP-News: Delticom AG
/ Key word(s): AGM/EGM
Delticom AG: Successful first virtual Annual General Meeting
Hanover, July 8, 2020 - Yesterday, Tuesday, Delticom AG (German Securities Code (WKN) 514680, ISIN DE0005146807, stock market symbol DEX), Europe's leading online retailer for tyres and complete wheels, held its fourteenth Annual General Meeting.
Due to the corona pandemic, the Annual General Meeting was conducted virtually this year - for the protection of the persons involved. The Annual General Meeting was broadcast on the company's website for all of Delticom AG's registered shareholders. Shareholders had the opportunity to ask their questions in advance and could exercise or transfer their voting rights, among others, online.
Delticom AG, which today operates the leading online tyre shops for private and commercial end customers in Europe with its brands ReifenDirekt, MotorradreifenDirekt and Autoreifenonline, recorded an attendance of 82 % of its issued share capital at the Annual General Meeting. The shareholders approved all of the items on the agenda with a large majority.
According to Delticom Management Board member Andreas Prüfer in his speech, the past fiscal year 2019 was "the most difficult in our 20-year company history". Against the backdrop of a tense earnings and liquidity situation, Delticom initiated a restructuring process in mid-2019, which culminated in a restructuring agreement with the financiers in December of last year. At the heart of the restructuring concept is the refocusing on the core business - the online trade with tyres and complete wheels in Europe -, accompanied by divesting loss-making business areas.
In his report on the 2019 annual financial statements, CFO Thomas Loock referred to the special charges resulting from the extraordinary effects of € 16.7 million in the course of restructuring and refocusing. According to Loock, EBITDA adjusted by this amount amounts to plus € 10 million: "This figure allows us to look to the future with hope. Our operating result in our core business is good and the latter has a solid profitability base".
In addition, the focus on profitability and the measures taken to optimize costs are beginning to take effect. With lower revenues in the first quarter of 2020 compared to the previous year and restructuring costs of € 2.2 million, EBITDA was already € 0.3 million better compared to the same period in 2019.
Delticom AG sees further growth potential in Europe, which it aims to leverage in future with an optimized market strategy and improved customer segmentation measures. With this and the consistent implementation of the turnaround measures, the company aims to return to the path of profitable growth and expects positive results again as early as 2021.
The Semi-Annual Report 2020 will be available for download on August 13, 2020 on the website www.delti.com in the "Investor Relations" section.
With the brand ReifenDirekt, Delticom AG is the leading company in Europe for the online distribution of tyres and complete wheels.
On the internet at: www.delti.com
08.07.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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|EQS News ID:||1089019|
|End of News||DGAP News Service|