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Redcare Pharmacy N.V.
Investor Presentation • May 5, 2021
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Q1 2021 EARNINGS CALL PRESENTATION.
SEVENUM, 06 MAY 2021
PRESENTING FROM OUR HEADQUARTERS IN SEVENUM.
STEFAN FELTENS, CEO. JASPER EENHORST, CFO.
2
TODAY'S AGENDA.
UPDATE ON BUSINESS AND STRATEGY.
! ANOTHER QUARTER OF STRONG GROWTH.
GROWTH OF 22.4% TO EUR 284M IN Q1; INTERNATIONAL UP 71%, DACH UP 15%.
HIGHLIGHTS
Q1
2021
! EARNINGS IN LINE WITH GUIDANCE.
ADJ. EBITDA MARGIN AT A POSITIVE 2.0% – DRIVEN BY A HIGHER GROSS PROFIT MARGIN.
! RECORD YEAR-OVER-YEAR CUSTOMER GROWTH. BASE OF ACTIVE CUSTOMERS UP 0.5M IN Q1 AND UP 1.8M VS. LAST YEAR.
! SUCCESSFUL PLACEMENT OF CONVERTIBLE BONDS. JANUARY 14, EUR 225M WITH ZERO COUPON AND 50% PREMIUM.
! FOCUSED STRATEGY EXECUTION.
E-RX FIRST, DIGITAL MEDICATION MANAGEMENT EXPANDED BY ACQUISITIONS OF SMARTPATIENT AND MEDAPP.
KEY FINANCIALS. CONTINUED ORGANICALLY DRIVEN GROWTH. INTERNATIONAL UP 71 %; DACH UP 15 %.
ACTIVE CUSTOMER BASE UP 1.8 MILLION. CUSTOMER NET PROMOTER SCORE VERY STRONG AGAIN.
KPIs. WEB TRAFFIC GROWTH CONTINUES ABOVE PRE-CORONA LEVEL.
KPIs. MORE THAN 5 MILLION ORDERS IN JUST ONE QUARTER. CONTINUED HEALTHY MIX OF CUSTOMER LOYALTY AND NEW CUSTOMERS.
KEY FINANCIALS. ADJ. EBITDA MARGIN 2.0 %. INVESTMENTS IN GROWTH AND BETTER GROSS PROFIT.
| in EUR million | YTD Q1 2021 vs. Q1 2020 |
Q3 Q1 2021 vs. Q4 2020 |
||||
|---|---|---|---|---|---|---|
| Q1 2020 | Q1 2021 | better/ (worse) |
Q4 2020 | Q1 2021 | better/ (worse) |
|
| Sales | 232.0 | 284.1 | 22% | 264.7 | 284.1 | 7% |
| Gross profit margin | 21.5% | 25.6% | 4.1 pp | 23.6% | 25.6% | 2.0 pp |
| Adj. selling & distribution as percentage of sales |
-16.9% | -20.7% | (3.8) pp | -18.4% | -20.7% | (2.3) pp |
| Adj. administrative costs as percentage of sales |
-2.5% | -2.9% | (0.4) pp | -3.0% | -2.9% | 0.1 pp |
| Adj. EBITDA | 4.9 | 5.7 | 0.8 | 6.1 | 5.7 | (0.4) |
| Adj. EBITDA margin | 2.1% | 2.0% | (0.1) pp | 2.3% | 2.0% | (0.3) pp |
| EBITDA | 3.9 | 3.0 | (0.9) | 3.1 | 3.0 | (0.1) |
Adjustments in 2021 EUR 2.6M: Non-cash employee stock option costs and one-off costs related to projects, which included the set-up of new logistics centre, convertible bond placement and acquisition expenses this quarter.
KEY FINANCIALS. GROSS MARGIN IMPROVED BY 4.1 PERCENTAGE POINTS.
KEY FINANCIALS. SELLING & DISTRIBUTION EXPENSES UP. TEMPORARY OPERATION OF TWO LOGISTICS CENTRES.
KEY FINANCIALS. CASH AND CASH EQUIVALENTS WELL ABOVE EUR 300 MILLION.
TODAY'S AGENDA.
UPDATE ON BUSINESS AND STRATEGY.
FROM A PURE ONLINE RETAILER …
… TO EUROPE'S LEADING CUSTOMER-CENTRIC E-PHARMACY PLATFORM.
SHOP APOTHEKE EUROPE TODAY.
LEADING POSITIONS ACROSS EUROPE.
! GROWTH DRIVEN BY CUSTOMER SATISFACTION.
15
! CONTINUOUS INCREASE OF OUR CUSTOMER BASE. Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021 1.4M 5.0M 2.0M 2.7M 4.0M 6.8M
NPS: 71
! NPS CONSISTENTLY HIGH AND GROWING ACROSS ALL COUNTRIES.
BEST PREPARED FOR TOMORROW.
STRATEGIC MILESTONES ACHIEVED IN Q1.
- ! EXPERTISE IN DIGITAL MEDICATION MANAGEMENT STRENGTHENED BY THE ACQUISITION OF SMARTPATIENT.
- ! CAPACITY: AUTOMATION IN OUR NEW LOGISTICS CENTRE RAMPED UP IN JANUARY.
- ! FURTHER EXPANSION OF E-RX BUSINESS BY ENTERING THE DUTCH MARKET – STRENGTHENED BY ACQUISITIONS OF SMARTPATIENT AND MEDAPP.
EXPANSION OF DIGITAL HEALTH SERVICES AND PORTFOLIO EXTENSION INTO PRESCRIPTION DRUGS IN THE NETHERLANDS.
E-RX IN GERMANY IS JUST A STONE'S THROW AWAY.
WE'RE PREPARED FOR THE NEXT STEP TO FURTHER INCREASE CUSTOMER SATISFACTION.
WELCOME HENRIETTE PEUCKER.
SUPERVISORY BOARD CHANGES. PER THIS YEAR'S AGM ON APRIL 21.
- ! JAN PYTTEL: RETIREMENT FROM SUPERVISORY BOARD.
- ! BJÖRN SÖDER: NEW CHAIR.
- ! HENRIETTE PEUCKER: NEW SUPERVISORY BOARD MEMBER.
GUIDANCE 2021. CONTINUED FAST GROWTH AND MARGIN EXPANSIONS.
Full-year organically driven sales growth: around 20% or more.
Full-year adjusted EBITDA margin: in the range of 2.3% to 2.8%.
Full-year CAPEX: around 3.5% of sales.
Long-term target profitability: unchanged, in excess of 6% EBIT.
TODAY'S AGENDA.
FINANCIAL PERFORMANCE.
UPDATE ON BUSINESS AND STRATEGY.
?
IF YOU WANT TO ASK QUESTIONS... PLEASE MUTE THE WEBCAST. DIAL IN FROM YOUR PHONE.
| LOCATIONS. | PHONE NUMBERS. |
|---|---|
| GERMANY, Frankfurt | +49 (0) 69 2 22 22 55 74 |
| UK, LOCAL | +44 (0) 33 03 36 91 05 |
| USA, Los Angeles | +1 323-994-2131 |
Confirmation Code: 1354059
Press * 1 to ask questions.
THANK YOU.
2021 Interim Statement Q1 SHOP APOTHEKE EUROPE Appendix. 15!"
.
CONSOLIDATED SEGMENT FINANCIALS. CONSOLIDATED SEGMENT FINANCIALS. CONSOLIDATED SEGMENT FINANCIALS.
2021 Interim Statement Q1 SHOP APOTHEKE EUROPE Appendix. 14!"
Segment information Q1 2021 ñ non≠ adjusted and adjusted Segment information Q1 2021 – non-adjusted and adjusted.
| March 31 2021 | DACH | International | Unaudited interim consolidated |
|---|---|---|---|
| in EUR 1,000 | in EUR 1,000 | in EUR 1,000 | |
| Revenue | 230,724 | 53,330 | 284,054 |
| Cost of sales | ñ 172,157 | ñ 39,046 | ñ 211,203 |
| Adjusted CoS | ñ 172,157 |
ñ 39,046 |
ñ 211,203 |
| Gross profit | 58,567 | 14,284 | 72,851 |
| Adjusted gross profit | 58,567 | 14,284 | 72,851 |
| % of revenue | 25.4% | 26.8% | 25.6% |
| Other income | 11 | 2 | 13 |
| Selling & distribution | ñ 43,801 | ñ 15,172 | ñ 58,973 |
| Adjusted S&D | ñ 43,693 | ñ 15,161 | ñ 58,854 |
| Segment EBITDA | 14,777 | ñ 886 | 13,891 |
| Adjusted segment EBITDA | 14,885 | ñ 875 | 14,010 |
| Administrative expenses | ñ 6,735 | ñ 4,120 | ñ 10,855 |
| Adjusted AE | ñ 4,701 | ñ 3,654 | ñ 8,355 |
| EBITDA | 8,042 | ñ 5,006 | 3,036 |
| Adjusted EBITDA | 10,184 | ñ 4,529 | 5,655 |
| Depreciation | ñ 3,386 | ñ 2,071 | ñ 5,457 |
| EBIT | 4,656 | ñ 7,077 | ñ 2,421 |
| Adjusted EBIT | 6,798 | ñ 6,600 | 198 |
| Net finance cost and income tax | ñ 3,369 | ||
| Adjusted net finance cost and income tax |
ñ 3,369 |
||
| Net loss | ñ 5,790 | ||
| Adjusted net loss | ñ 3,171 |
Segment information Q1 2020 – non-adjusted and adjusted. Segment information Q1 2020 ñ non≠ adjusted and adjusted
| March 31 2020 | DACH | International | Unaudited interim consolidated |
|---|---|---|---|
| in EUR 1,000 | in EUR 1,000 | in EUR 1,000 | |
| Revenue | 200,830 | 31,156 | 231,986 |
| Cost of sales | ñ 159,156 | ñ 22,919 | ñ 182,075 |
| Adjusted CoS | ñ 159,189 |
ñ 22,919 |
ñ 182,108 |
| Gross profit | 41,641 | 8,237 | 49,911 |
| Adjusted gross profit | 41,608 | 8,237 | 49,878 |
| % of revenue | 20.7% | 26.4% | 21.5% |
| Other income | 4 | 1 | 5 |
| Selling & distribution | ñ 30,346 | ñ 8,878 | ñ 39,224 |
| Adjusted S&D | ñ 30,345 | ñ 8,878 | ñ 39,223 |
| Segment EBITDA | 11,331 | ñ 640 | 10,692 |
| Adjusted segment EBITDA | 11,300 | ñ 640 | 10,660 |
| Administrative expenses | ñ 5,168 | ñ 1,664 | ñ 6,832 |
| Adjusted AE | ñ 4,328 | ñ 1,394 | ñ 5,722 |
| EBITDA | 6,165 | ñ 2,305 | 3,860 |
| Adjusted EBITDA | 6,971 | ñ 2,033 | 4,938 |
| Depreciation | ñ 2,535 | ñ 816 | ñ 3,352 |
| EBIT | 3,630 | ñ 3,121 | 508 |
| Adjusted EBIT | 4,436 | ñ 2,851 | 1,586 |
| Net finance cost and income tax | ñ 5,466 | ||
| Adjusted net finance cost and income tax |
ñ 5,466 |
||
| Net loss | ñ 4,958 | ||
| Adjusted net loss | ñ 3,880 |
CONSOLIDATED STATEMENT OF PROFIT AND LOSS. UNAUDITED CONSOLIDATED STATEMENT
2021 Interim Statement Q1 SHOP APOTHEKE EUROPE Appendix. 17!"
| Period ended March 31 2021 |
Period ended March 31 2020 |
|
|---|---|---|
| in EUR 1,000 | in EUR 1,000 | |
| Revenue | 284,054 | 231,986 |
| Cost of sales | 211,204 | 182,075 |
| Gross profit | 72,850 | 49,911 |
| Other income | !# | 4 |
| Selling and distribution | 63,611 | 42,072 |
| Administrative expenses | 11,673 | 7,335 |
| Result from operations | 2,421 | 508 |
| Finance income | 109 | 80 |
| Finance expenses | 3,459 | 5,701 |
| Share of profit of associates and joint venturs | 0 | 0 |
| Net finance costs | 3,350 | 5,621 |
| Result before tax | 5,771 | 5,113 |
| Income tax | 19 | 155 |
| Result after tax | 5,790 | 4,958 |
| Attributable to: | ||
| Owners of the company | 5,790 | 4,958 |
OF PROFIT AND LOSS.
368,616 282,822
466,179 254,087
March 31 2021 Dec. 31 2020
2021 Interim Statement Q1 SHOP APOTHEKE EUROPE Appendix. 17!"
471,680 425,138
256,656 37,157
106,459 74613
CONSOLIDATED STATEMENT OF FINANCIAL POSITION. Intangible assets 283,464 204,661 Deferred tax assets 120 120 Other financial assets 5,474 1,730 Investments in equity≠ accounted joint ventures 1,151 1,151
471,680 425,138
Equity and liabilities Shareholdersí equity
Assets
Non≠ current assets
Current assets
Non≠ current liabilities
Current liabilities
256,656 37,157
106,459 74613
2021 Interim Statement Q1 SHOP APOTHEKE EUROPE Appendix. 17!"
| March 31 2021 | Dec. 31 2020 | |
|---|---|---|
| in EUR 1,000 | in EUR 1,000 | |
| Assets | ||
| Non≠ current assets | ||
| Property, plant and equipment | 77,792 | 74,545 |
| Intangible assets | 283,464 | 204,661 |
| Deferred tax assets | 120 | 120 |
| Other financial assets | 5,474 | 1,730 |
| Investments in equity≠ accounted joint ventures | 1,151 | 1,151 |
| Investments in associates | 605 | 605 |
| Investments in equity≠ instruments | 10 | 10 |
| 368,616 | 282,822 | |
| Current assets | ||
| Inventories | 82,820 | 81,240 |
| Trade and other receivables | 42,678 | 44,591 |
| Other financial assets | 37,628 | 37,771 |
| Cash and cash equivalents | 303,053 | 90,485 |
| 466,179 | 254,087 | |
| Total assets | 834,795 | 536,909 |
UNAUDITED INTERIM CONSOLIDATED STATEMENT
OF FINANCIAL POSITION.
Issued capital and share premium 561,840 552,019 Reserves/accumulated losses ≠ 90,160 ≠ 126,881
Deferred tax liability 6,644 4,347 Loans and borrowings 250,012 32,810
Trade and other payables 72,399 53,147 Loans and borrowings 5,667 5,384 Amounts due to banks 37 39 Other liabilities 28,356 16,043
Total equity and liabilities 834,795 536,908
Equity and liabilities Shareholdersí equity
Non≠ current liabilities
Current liabilities
| Total assets | March 31 2021 834,795 |
Dec. 31 2020 536,909 |
|---|---|---|
| in EUR 1,000 | in EUR 1,000 | |
| Assets Equity and liabilities |
||
| Non≠ current assets Shareholdersí equity |
||
| Property, plant and equipment Issued capital and share premium |
77,792 561,840 |
74,545 552,019 |
| Intangible assets Reserves/accumulated losses |
283,464 ≠ 90,160 |
204,661 ≠ 126,881 |
| Deferred tax assets | 120 471,680 |
120 425,138 |
| Other financial assets Non≠ current liabilities |
5,474 | 1,730 |
| Investments in equity≠ accounted joint ventures Deferred tax liability |
1,151 6,644 |
1,151 4,347 |
| Investments in associates Loans and borrowings |
605 250,012 |
605 32,810 |
| Investments in equity≠ instruments | 10 256,656 |
10 37,157 |
| Current liabilities | 368,616 | 282,822 |
| Trade and other payables Current assets |
72,399 | 53,147 |
| Loans and borrowings Inventories |
5,667 82,820 |
5,384 81,240 |
| Trade and other receivables Amounts due to banks |
42,678 37 |
44,591 39 |
| liabilities Other financial assets |
28,356 37,628 |
16,043 37,771 |
| Cash and cash equivalents | 303,053 106,459 |
90,485 74613 |
| Total equity and liabilities | 466,179 834,795 |
254,087 536,908 |
UNAUDITED INTERIM CONSOLIDATED STATEMENT
UNAUDITED INTERIM CONSOLIDATED STATEMENT
Property, plant and equipment 77,792 74,545
Investments in associates 605 605 Investments in equity≠ instruments 10 10
Inventories 82,820 81,240 Trade and other receivables 42,678 44,591 Other financial assets 37,628 37,771 Cash and cash equivalents 303,053 90,485
OF FINANCIAL POSITION.
OF FINANCIAL POSITION.
Issued capital and share premium 561,840 552,019 Reserves/accumulated losses ≠ 90,160 ≠ 126,881
Deferred tax liability 6,644 4,347 Loans and borrowings 250,012 32,810
Trade and other payables 72,399 53,147 Loans and borrowings 5,667 5,384 Amounts due to banks 37 39 Other liabilities 28,356 16,043
Total equity and liabilities 834,795 536,908
in EUR 1,000 in EUR 1,000
Period ended March 31 2020
2021 Interim Statement Q1 SHOP APOTHEKE EUROPE Appendix. 19!"
Period ended March 31 2021
CONSOLIDATED STATEMENT OF CASH FLOWS. and amortisation, taxes and provisions 4,696 4,302 Movements in working capital ñ (Increase)/decrease in trade and other receivables 2,344 ñ 4,212
2021 Interim Statement Q1 SHOP APOTHEKE EUROPE Appendix. 19!"
| Period ended March 31 2021 |
Period ended March 31 2020 |
|
|---|---|---|
| in EUR 1,000 | in EUR 1,000 | |
| Cash flow from operating activities | ||
| Result from operations | ñ 2,421 | 508 |
| Adjustments for: | ||
| ñ D epreciation and amortisation of non≠ current assets | 5,457 | 3,352 |
| ñ C orporate income tax | ñ 65 | 0 |
| ñ Shar e≠ based payment charge for the period | 1,725 | 442 |
| Operating result adjusted for depreciation and amortisation, taxes and provisions |
4,696 | 4,302 |
| Movements in working capital | ||
| ñ (Increase)/decrease in trade and other receivables | 2,344 | ñ 4,212 |
| ñ ( Increase)/decrease in inventory | ñ 1,580 | 839 |
| ñ (Increase)/decrease in trade and other payables | 24,324 | 11,193 |
| Working capital movement | 25,088 | 7,820 |
| Net cash (used in)/generated by operating activities | 29,784 | 12,122 |
| Cash flow from investing activities | ||
| Investment for property, plant and equipment | ñ 4,591 | ñ 7,402 |
| Investment for intangible assets | ñ 5,337 | ñ 2,979 |
| Investment for other financial assets | 0 | 4,755 |
| Acquisition of subsidiary, net of cash acquired | ñ 43,588 | 0 |
| Net cash (used in)/generated by investing activities | ñ 53,516 | ñ 5,626 |
UNAUDITED INTERIM CONSOLIDATED STATEMENT
\$%&'&(%)'&*&+,&- !!! ./ #\$%&'&(%)01+- ñ 1,706 ñ 879 210+%13)+\$*'&1(&)&4&'*+(&-)5678 .9:;< / #((=&)*>\$,&'%+?3&)?>\$- <<<9!"@ / #((=&A'&01BC&\$%)>%D&')3>\$EF%&'C)3+1?+3+%B 8,585 ñ 9 21(DF>=%)3&1(&)01BC&\$%( ñ 1,229 ñ 592
320%."#\$%45#26%,-78/2-2*"026%9:%&,-"-.,-/%".0,1,0,2# ;<=><?? ñ @><AA
320%,-.*2"#28462.*2"#27%,-%."#\$%"-6%."#\$%2B5,1"'2-0# ;@;>C=D C>?AE
!"#\$%"-6%."#\$%2B5,1"'2-0#%"0%0\$2%92/,--,-/%(&%0\$2%F2*,(6 A?>GDC =;>=C<
!"#\$%"-6%."#\$%2B5,1"'2-0#%"0%0\$2%2-6%(&%0\$2%F2*,(6 <?<>?C< =E>EC?
!"#\$%&'()%&*(+%&,-"-.,-/%".0,1,0,2#
OF CASH FLOWS.
| Investment for other financial assets Acquisition of subsidiary, net of cash acquired |
0 Period ended ñ 43,588 March 31 2021 |
4,755 Period ended 0 March 31 2020 |
|---|---|---|
| Net cash (used in)/generated by investing activities | ñ 53,516 in EUR 1,000 |
ñ 5,626 in EUR 1,000 |
| Cash flow from operating activities !"#\$%&'()%&*(+%&,-"-.,-/%".0,1,0,2# |
||
| Result from operations | ñ 2,421 | 508 |
| #\$%&'&(%)'&*&+,&- | !!! | ./ |
| Adjustments for: #\$%&'&(%)01+- |
ñ 1,706 | ñ 879 |
| ñ D epreciation and amortisation of non≠ current assets | 5,457 | 3,352 |
| 210+%13)+\$'&1(&)&4&'+(&-)5678 | .9:;< | / |
| ñ C orporate income tax | ñ 65 | 0 |
| #((=&)*>\$,&'%+?3&)?>\$- | <<<9!"@ | / |
| ñ Shar e≠ based payment charge for the period | 1,725 | 442 |
| #((=&A'&01BC&\$%)>%D&')3>\$EF%&'C)3+1?+3+%B | 8,585 | ñ 9 |
| Operating result adjusted for depreciation 21(DF>=%)3&1(&)01BC&\$%( |
ñ 1,229 | ñ 592 |
| and amortisation, taxes and provisions 320%."#\$%45#26%,-78/2-2*"026%9:%&,-"-.,-/%".0,1,0,2# Movements in working capital |
4,696 ;<=><?? |
4,302 ñ @><AA |
| ñ (Increase)/decrease in trade and other receivables | 2,344 | ñ 4,212 |
| 320%,-.2"#28462.2"#27%,-%."#\$%"-6%."#\$%2B5,1"'2-0# | ;@;>C=D | C>?AE |
| ñ ( Increase)/decrease in inventory | ñ 1,580 | 839 |
| ñ (Increase)/decrease in trade and other payables | 24,324 | 11,193 |
| !"#\$%"-6%."#\$%2B5,1"'2-0#%"0%0\$2%92/,--,-/%(&%0\$2%F2*,(6 | A?>GDC | =;>=C< |
| Working capital movement | 25,088 | 7,820 |
| !"#\$%"-6%."#\$%2B5,1"'2-0#%"0%0\$2%2-6%(&%0\$2%F2*,(6 | <?<>?C< | =E>EC? |
| Net cash (used in)/generated by operating activities | 29,784 | 12,122 |
UNAUDITED INTERIM CONSOLIDATED STATEMENT
UNAUDITED INTERIM CONSOLIDATED STATEMENT
ñ ( Increase)/decrease in inventory ñ 1,580 839 ñ (Increase)/decrease in trade and other payables 24,324 11,193 Working capital movement 25,088 7,820
Net cash (used in)/generated by operating activities 29,784 12,122
Investment for property, plant and equipment ñ 4,591 ñ 7,402 Investment for intangible assets ñ 5,337 ñ 2,979
Investment for property, plant and equipment ñ 4,591 ñ 7,402 Investment for intangible assets ñ 5,337 ñ 2,979 Investment for other financial assets 0 4,755 Acquisition of subsidiary, net of cash acquired ñ 43,588 0
Net cash (used in)/generated by investing activities ñ 53,516 ñ 5,626
\$%&'&(%)'&*&+,&- !!! ./ #\$%&'&(%)01+- ñ 1,706 ñ 879 210+%13)+\$*'&1(&)&4&'*+(&-)5678 .9:;< / #((=&)*>\$,&'%+?3&)?>\$- <<<9!"@ / #((=&A'&01BC&\$%)>%D&')3>\$EF%&'C)3+1?+3+%B 8,585 ñ 9 21(DF>=%)3&1(&)01BC&\$%( ñ 1,229 ñ 592
320%."#\$%45#26%,-78/2-2*"026%9:%&,-"-.,-/%".0,1,0,2# ;<=><?? ñ @><AA
320%,-.*2"#28462.*2"#27%,-%."#\$%"-6%."#\$%2B5,1"'2-0# ;@;>C=D C>?AE
!"#\$%"-6%."#\$%2B5,1"'2-0#%"0%0\$2%92/,--,-/%(&%0\$2%F2*,(6 A?>GDC =;>=C<
!"#\$%"-6%."#\$%2B5,1"'2-0#%"0%0\$2%2-6%(&%0\$2%F2*,(6 <?<>?C< =E>EC?
Cash flow from investing activities
OF CASH FLOWS.
Cash flow from investing activities
Cash flow from operating activities
OF CASH FLOWS.
Operating result adjusted for depreciation
Adjustments for:
!"#\$%&'()%&*(+%&,-"-.,-/%".0,1,0,2#