Redcare Pharmacy N.V.

Earnings Release • Jul 25, 2017

SHOP APOTHEKE EUROPE N.V.

INTERIM FINANCIAL STATEMENTS FIRST HALF-YEAR 2017

Dr. Ulrich Wandel, CFO

26 JULY 2017

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TOPICS

• The European Growth Story
• Driven by Technology
• Financial Performance
• Q+A

SHOP APOTHEKE EUROPE IS THE LEADING ONLINE PHARMACY.

4

ACCOMPLISHMENTS IN THE FIRST HALF-YEAR 2017.

• Strong sales growth at the upper end of the FY 2017 guidance (+54% YoY). SHOP APOTHEKE EUROPE remains the fastest growing OTC-online pharmacy in Europe.
• Number of active customers increased by more than 0.4 million YTD and 0.7 YoY to more than 2.2 million (+47% YoY).
• Market leadership in the German core market expanded: Growth +31% YoY, growing more than twice as fast as the OTC-online market. Gross margin in Germany increased to 21.0%.
• Extraordinary international growth (+206% YoY) with above average gross margin growth to 22.1% (+5.1% YoY). The share of international sales has risen to 27%.
• Economies of scale in Administration and Marketing on target.

KNOWN FOR BEST PHARMACEUTICAL ADVICE.

"Our Customers can always rely on our pharmaceutical expertise as the leading online pharmacy. Our pharmaceutical know-how is an important part of SHOP APOTHEKE EUROPE's business strategy"

Theresa Holler,

COO and Chief Pharmacist SHOP APOTHEKE EUROPE

SHOP APOTHEKE WINS IN ZDF WISO.

"Best pharmaceutical advice by shop-apotheke.com…"

Videos

BRAND INDEX 2017: BEST RESULTS FOR SHOP-APOTHEKE.

• SHOP APOTHEKE EUROPE has been awarded for the second time running as an « excellent brand » by the international market research institute YouGov and the German business newspaper Handelsblatt.
• A large number of consumers positively mentioned the convincing value for money of the shop's offerings in this representative survey, which, based on data analysis, was rated "excellent" by YouGov. The high quality of service, the aboveaverage customer satisfaction and interest to recommend the brand SHOP APOTHEKE support the results of this brand ranking.

7

VOTED BEST GERMAN ONLINE PHARMACY BY THE PHARMACEUTICAL INDUSTRY.

Voted as the #1 for the fifth time by decision makers of the pharmaceutical industry according to SEMPORA.

SHIFT FROM OFFLINE TO ONLINE BOOSTS GROWTH IN CONTINENTAL EUROPE

Source: SHOP APOTHEKE EUROPE, Sempora Research, Euromonitor. Note: 1) Online penetration calculated by dividing the Internet retailing market size across Continental Europe by the total market size for each vertical. 2) Excludes Germany and the UK and certain small EU countries; countries included are: France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Portugal, Czech Republic, Hungary, Sweden, Bulgaria, Denmark, Slovakia, Norway, Austria.

SITE VISIT GROWTH REFLECTS STRONG POSITION.

Web traffic (in m)

• Web traffic confirms strong growth.
• Q2 site visits grew by 8.8 million compared to Q2 2016.
• Mobile share keeps growing.
• SHOP APOTHEKE EUROPE further increases its online pharmacy leadership

ACTIVE CUSTOMER BASE CONSTANTLY GROWS.

Number of Active Customers (in m)

• The customer base has increased by +47% in 1st HY 2017 versus 1st HY 2016.

• More than 2.2 million active customers as at 30 June 2017.

Source: SHOP APOTHEKE EUROPE.

*We define active customers as unique customers who are active in 12 months preceding a given period of time.

ATTRACTIVE BASKET SIZE SUPPORTS PROFITABILITY

Number of Orders in '000

• Orders increased by 48% in Q2 2017 vs. Q2 2016
• Basket size slightly increased to > EUR 53
• Return rates remain close to zero.
• Increase in repeat orders to 75% in Q2 despite strong international new customer growth.

TOPICS

• The European Growth Story
• Driven by Technology
• Financial Performance
• Q+A

STATE OF THE ART WEBSHOP PLATFORM. DEVELOPED AND RUN IN-HOUSE.

Websites for featured brands, promotions & cross selling.

• State of the Art Usability.
• Excellent product presentation.
• New features to support cross-selling.

OPERATIONS ARE SET FOR FUTURE GROWTH. ONGOING PROCESS AUTOMATION.

First mover advantage in European expansion 7 countries served from our Venlo pharmacy.

"Already prepared to effectively meet tomorrow´s demand."

Christian Brüggemann, Director Operations SHOP APOTHEKE EUROPE

DRIVEN BY TECHNOLOGY. LED BY ENTREPRENEURS.

MICHAEL KÖHLER CEO & Major Shareholder Strategy, M&A, Purchasing, HR, Regulatory

STEPHAN WEBER CMO & Co-founder Business Development, Marketing & Sales

DR. ULRICH WANDEL CFO Finance

MARC FISCHER CTO & Co-founder IT, Technology and Products

• 20 years experience in the pharmaceutical industry (Hoechst, Aventis)

• 15 years of pharmaceutical & online experience

• Has led the business since 2001

• 20 years life sciences work experience (incl. Fresenius, Hoechst)

• 15 years work experience in leading mail-order pharmacies (incl. DocMorris)

• 20 years work experience in IT (incl. Credit Suisse, Bechtle)

TOPICS

• The European Growth Story
• Driven by Entrepreneur Technology
• Financial Performance
• Q+A

THE CONSOLIDATED KEY FINANCIALS OF SHOP APOTHEKE EUROPE ARE ON TARGET.

• Strong sales momentum in 1st HY 2017.

• SHOP APOTHEKE EUROPE is on target for FY 2017.

• Gross Profit growth exceeds revenue growth despite costs for new customer acquisition.

• Margin in Germany has increased to 21.0%.
• International margin has increased to 22.1%.

STRONG INTERNATIONAL SALES GROWTH.

• 1st HY 2017 group sales increased by 54%. • SHOP APOTHEKE EUROPE is growing fast in

all relevant Continental European markets.

²⁰ CONSOLIDATED SEGMENT FINANCIALS PERIOD ENDED JUNE 2017.

Considering application of IFRS 16 to be endorsed by the EU in Q4 2017	Germany	International	Germany Services	Eliminations	Consolidated
	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000
Revenue	92,129	34,113	3,145	-2,680	126,707
Cost of sales	-72,757	-26,588	-146	0	-99,490
Gross Profit	19,372	7,525	2,999	-2,680	27,216
% of revenue	21.0%	22.1%	95.4%		21.5%
Other income	973	335	25	-9	1,323
Selling & Distribution	-17,526	-11,444	-2,814	2,680	-29,104
Segment EBITDA	2,818	-3,584	210	-9	-565
Administrative expense					-3,832
EBITDA					-4,397
Depreciation and amortisation					-2,655
EBIT					-7,052
Net finance cost and income tax					-1,124
Net Loss					-8,176

²¹ CONSOLIDATED SEGMENT FINANCIALS PERIOD ENDED JUNE 2016.

	Germany	International	Germany Services	Eliminations	Consolidated
	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000
Revenue	70,174	11,152	1,976	-1,141	82,161
Cost of sales	-55,783	-9,255	-256	0	-65,294
Gross Profit	14,391	1,897	1,720	-1,141	16,867
% of revenue	20.5%	17.0%	87.1%		20.5%
Other income	937	147	13	0	1,097
Selling & Distribution	-13,988	-4,143	-1,259	1,141	-18,249
Segment EBITDA	1,340	-2,099	474	0	-284
Administrative expense					-3,137
EBITDA					-3,421
Depreciation and amortisation					-1,489
EBIT					-4,910
Net finance cost and income tax					-1,314
Net Loss					-6,224

CONSOLIDATED STATEMENT OF PROFIT AND LOSS. 22

Considering application of IFRS 16 to be endorsed by the EU in Q4 2017	PERIOD ENDED 30 JUN 17	PERID ENDED 30 JUN 16
	EUR 1,000	EUR 1,000
Revenue	126,707	82,161
Costs of sales	-99,490	-65,294
Gross profit	27,216	16,867
Other income	1,323	1,098
Selling and Distribution	-31,389	-19,514
Administrative Expense	-4,230	-3,361
Result from operations	-7,052	-4,910
Finance income	71	0
Finance expense	-987	-1,310
Net finance cost	-916	-1,310
Result before tax	-7,967	-6,220
Income tax expenses	-209	-4
Result for the period	-8,176	-6,224
Attributable to: Owners of the Company	-8,176	-6,224

²³ CONSOLIDATED BALANCE SHEET.

ASSETS	30 JUN 17	31 DEC 16
Considering application of IFRS 16 to be endorsed by the EU in Q4 2017	EUR 1,000	EUR 1,000
Non-current assets
Property, plant and equipment	7,549	2,613
Intangible assets	23,336	22,169
	30,885	24,782
Current assets
Inventories	14,546	18,841
Pre-ordered stock	4,766	6,823
Trade and other receivables	12,275	8,278
Receivables from related parties	111	0
Other current assets	2,554	3,130
Other financial assets	23,528	20,012
Cash and cash equivalents	29,507	38,485
	87,286	95,569
Total Assets	118,171	120,351

EQUITY AND LIABILITIES	30 JUN 17	31 DEC 16
Considering application of IFRS 16 to be endorsed by the EU in Q4 2017	EUR 1,000	EUR 1,000
Shareholders' equity
Issued capital and share premium	122,238	122,238
Reserves/accumulated losses	-37,169	-28,993
	85,069	93,245
Provisions	1,971	2,961
Non-current liabilities
Loan from related parties (shareholders)	0	0
Deferred tax liability	0	0
Amounts due to related parties	3,000	3,000
Other liabilities	3,255	334
	6,255	3,334
Current liabilities
Trade and other payables	16,010	12,563
Amounts due to related parties	0	404
Other liabilities	8,866	7,844
	24,876	20,811
Total Equity and Liabilities	118,171	120,351

Source: SHOP APOTHEKE EUROPE.

*Considering application of IFRS 16 to be endorsed by the EU in Q4-2017

CASH FLOW STATEMENT.

	CASH FLOW FROM OPERATING ACTIVITIES	30 JUN 17	30 JUN 16
CONSOLIDATED	Results flow from operations Adjustments for:	-7,094	-4,910	24
	– Depreciation and amortisation of non-current assets	2,095	1,489
CASH FLOW	Operating result adjusted for depreciation and amortisation, taxes and provisions – Movements in working capitals:	-4,999	-3,421
STATEMENT.	- (Increase)/decrease in trade and other receivables and other current assets - (Increase)/decrease in inventory - (Increase)/decrease in pre-ordered stock - Increase/(decrease) in in trade and other payables and other liabilities - Increase/(decrease) in amounts due to related parties	-3,422 4,295 2,057 2,969 -515	-994 108 1,297 4,056 -1,784
	- Working capital movement	5,385	2,682
	Cash generated from operations Interest received	386 180	-739 0
	Net cash (used in)/generated by operating activities	566	-739
	CASH FLOW FROM INVESTING ACTIVITIES
	Investment for property, plant and equipment Investment for intangible assets Investment for acquisitions Investment in other financial assets	-1,271 -2,846 0 -3,516	-376 -1,364 0 0
	Net cash (used in)/generated by investing activities	-7,632	-1,740
	CASH FLOW FROM FINANCING ACTIVITIES
	Interest paid Net additional financing from related parties Capital increase Share issue from IPO Payment of earn-out obligations Farmaline Deposit from related parties and other non-current liabilities	-888 0 0 0 -1,100 77	-597 0 10,005 0 0 0 0
	Net cash (used in)/generated by financing activities	-1,911	9,408
	Net increase/(decrease) in cash and cash equivalents	-8,977	6,929
	Cash and cash equivalents at the beginning of the year	38,485	3,529
Source: SHOP APOTHEKE EUROPE.	Cash and cash equivalents at the end of the year	29,507	10,458

OUTLOOK

• On target in first half-year 2017.
• FY 2017 sales expected to grow at 45% to 55% in compared to FY 2016.
• 2017 total investment in IT infrastructure, capacity expansion and automation planned at c. EUR 10 m.
• EBITDA is expected to range from -2.0% to -3.0%.

Medium-/long-term:

• Profitable growth in Germany by further increase of repeat orders followed by continued new customer acquisition.
• Strong international growth driven by increased market penetration in Austria, France, Belgium as well as new markets Italy and Spain.

CLEAR PATH TO GROUP PROFITABILITY.

Expand market leadership in existing markets.

• Use first mover advantage.
• Economies of scale.
• Competitive advantage through established sales, logistics and IT platforms.
• Constantly increase share of existing customers and repeat orders.

Accelerate market penetration.

• Strengthen presence in continental Europe.
• Build on existing systems and platforms.
• Further acquisitions are possible.

Operational Excellence.

• Further invest in sales, logistics and IT platforms.
• Continuously improve online customer experience.

STRONG SHARE PERFORMANCE SINCE IPO 2016.

Type of Shares:	Bearer shares
Stock Exchange:	Frankfurt Stock Exchange
Market Segment:	Regulated Market (Prime Standard)
ISIN:	NL0012044747
Number of shares outstanding:	9,069,878
Issue Price:	EUR 28.00
Placement Volume:	EUR 115 m including Greenshoe
Free Float	currently c. 78%

SHOP APOTHEKE THE EUROPEAN GROWTH STORY.

• Established Leader with Barriers to Entry Built Over 15 Years.
• Leading OTC Online pharmacy brand.
• Strong Technological position.
• Entrepreneurial Culture.
• Financial strength for high organic growth plus further potential acquisitions.

CORPORATE CALENDAR 2017.

August 29-31, 2017	Commerzbank Conference, Frankfurt
September 6-8, 2017	Citi Global Technology Conference, New York
September 18-20, 2017	Berenberg & Goldman Sachs German Corporate Conference, Munich
November 13, 2017	Publication of the Third Quarter Results 2017

INVESTOR CONTACT.

Dr. Ulrich Wandel

CFO

Phone: +31 77-8 50 6117

E-Mail: ulrich.wandel@shop-apotheke.com