Investor Presentation • Nov 22, 2016
Investor Presentation
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23 NOVEMBER 2016
The information contained in this Presentation has been provided by Shop Apotheke Europe N.V. (the "Company" and, together with its shareholders, subsidiaries and associated companies, the "Group") and has not been verified independently. Unless otherwise stated, the Company is the source of the information contained herein. For the purposes of this notice, the Presentation includes this document, its contents or any part of it and any related video or oral presentation, any question or answer session and any written or oral material discussed or distributed during the presentation meeting.
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• Q+A
5
Source: SHOP APOTHEKE EUROPE.
Note: Continental Europe excludes the UK and certain small EU countries; countries included are: Germany, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Portugal, Czech Republic, Hungary, Sweden, Bulgaria, Denmark, Slovakia, Norway, Austria. #1 OTC position in terms of revenue .
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.
7
FARMALINE is consolidated as of 14 September, accelerating group sales growth from Q4 on.
International sales to Austria and France more than tripled compared to Q3 2015.
• Existing customer base has increased by +37 % YoY.
Source: SHOP APOTHEKE EUROPE.
*We define active customers as unique customers who are active in 12 months preceeding a given period of time, excluding Farmaline customer base.
FARMALINE will add growth to group sales in Q4 2016.
Further positive margin development in Germany.
Important events after 30 September 2016 related to IPO:
Working capital (in € m, in % of revenue)
* Net Working Capital will increase substantially in Q4 due to build-up of international inventory and seasonal effects at year-end.
* Includes FARMALINE acquisition
CAPEX (in € m)
| 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: |
€ 28.00 |
| Placement Volume: | € 115m including Greenshoe |
| Free Float | c. 45 % (as of 15 November 2016) |
Medium-/long-term:
MICHAEL KÖHLER CEO & Major Shareholder Strategy, M&A, Purchasing, HR, Regulatory
• > 20 years experience in the pharmaceutical industry (Hoechst, Aventis)
STEPHAN WEBER CMO, Deputy CEO & Co-founder Business Development, Marketing & Sales
15 years of pharmaceutical & online experience
20 years life sciences work experience (incl. Fresenius, Hoechst)
DR. ULRICH WANDEL
CFO Finance
15 years work experience in leading mail-order pharmacies (incl. DocMorris)
THERESA HOLLER
Operations & Customer Services
Chief Pharmacist,
COO
MARC FISCHER CTO & Co-founder IT, Technology and Products
• > 20 years work experience in IT (incl. Credit Suisse, Bechtle)
Huge Addressable Market – Continental Europe2) (2015, € bn)
Highly Fragmented Market – No Upcoming Competitor From Consolidation Play
| 30/09/2016 | GERMANY | INTERNATIONAL | GERMANY SERVICES |
ELIMINATIONS | CONSOLIDATED |
|---|---|---|---|---|---|
| € '000 |
€ '000 |
€ '000 |
€ '000 |
€ '000 |
|
| Revenue Cost of sales |
105,132 -83,542 |
18,396 -15,250 |
2,986 -342 |
-1,826 0 |
124,688 -99,134 |
| Gross Profit % of revenue |
21,590 20.5 % |
3,146 17.1 % |
2,644 88.6 % |
-1,826 | 25,554 20.5 % |
| Other income Selling & Distribution Adjusted S&D* |
1,346 -19,984 -19,961 |
232 -6,843 -6,625 |
21 -1,936 -1,936 |
0 1,826 1,826 |
1,599 -26,937 -26,697 |
| Segment EBITDA Adjusted Segment EBITDA |
2,952 2,975 |
-3,465 -3,247 |
729 729 |
216 456 |
|
| Administrative expense Adjusted AE** |
-5,054 -4,788 |
||||
| EBITDA Adjusted EBITDA |
-4,838 -4,333 |
||||
| Depreciation | -2,283 | ||||
| EBIT Adjusted EBIT |
-7,121 -6,615 |
||||
| Finance income Finance expense Net finance cost |
1 -1,912 -1,912 |
||||
| Result before tax Adjusted Result before tax |
-9,033 -8,527 |
* Adjusted S&D excludes one-off Farmaline integration cost
Source: SHOP APOTHEKE EUROPE.
** Adjusted AE excludes one-off costs related to the IPO
| PERIOD ENDED 30 SEP 16 |
PERIOD ENDED 30 SEP 15 |
||
|---|---|---|---|
| € '000 |
€ '000 |
||
| Revenue | 124,688 | 91,043 | |
| Costs of sales |
-99,134 | -71,873 | |
| Gross profit |
25,554 | 19,170 | |
| Other income Selling and Distribution Administrative Expense |
1,599 -28,877 -5,397 |
758 -21,053 -4,413 |
|
| Result from operations |
-7,121 | -5,539 | |
| Finance income Finance expense Net finance cost |
1 -1,912 -1,912 |
591 -1,688 -1,097 |
|
| Result before tax |
-9,033 | -6,636 | |
| Income tax expenses |
4 | -37 | |
| Result for the year |
-9,029 | -6,673 |
| ASSETS | 30 SEP 16 | 30 SEP 15 | |
|---|---|---|---|
| € '000 |
€ '000 |
||
| Non-current assets |
|||
| Property, plant and equipment Intangible assets |
2,370 21,815 |
2,256 13,233 |
|
| 24,185 | 15,489 | ||
| Current assets |
|||
| Inventories | 15,452 | 6,151 | |
| Pre-ordered stock |
3,414 | 4,554 | |
| Trade an other receivables |
7,440 | 4,020 | |
| Other current assets |
2,692 | 2,476 | |
| Cash and cash equivalents |
6,271 | 7,446 | |
| 35,269 | 24,647 | ||
| Total Assets | 59,454 | 40,135 |
| EQUITY AND LIABILITIES | 30 SEP 16 | 30 SEP 15 | |
|---|---|---|---|
| € '000 |
€ '000 |
||
| Capital and reserves |
|||
| Business Equity | 6,492 | ||
| Equity | 8,054 | ||
| 8,054 | 6,492 | ||
| Non-current liabilities |
|||
| Loan from related parties (shareholders) |
20,071 | 18,669 | |
| Deferred tax liability |
2,560 | 2,572 | |
| Other liabilities | 3,000 | ||
| 25,631 | 21,241 | ||
| Current liabilities |
|||
| Trade and other payables |
16,096 | 7,190 | |
| Amounts due to related parties |
2,030 | ||
| Other liabilities | 7,643 | 5,212 | |
| 25,769 | 12,402 | ||
| Total Equity and Liabilities |
59,454 | 40,135 |
Source: SHOP APOTHEKE EUROPE.
| CASH FLOW FROM OPERATING ACTIVITIES | 30. SEP 16 | 30. SEP 15 |
|---|---|---|
| Operating result | -7,121 | -5,539 |
| – Depreciation and amortisation of non-current assets – Movements in working capital: |
2,283 | 1,525 |
| - (Increase)/decrease in trade and other receivables |
-3,694 | -1,565 |
| - (Increase)/decrease in inventory - (Increase)/decrease in pre-ordered stock |
-5,040 2,239 |
-1,559 978 |
| - Increase/(decrease) in provisions |
-1 | -78 |
| - Increase/(decrease) in trade and other payables - Increase/(decrease) in amounts due to related parties |
10,479 -1,173 |
190 0 |
| Working capital movement |
2,810 | -2,034 |
| Cash generated from operations |
-2,028 | -6,047 |
| Interest received | 1 | 0 |
| Net cash (used in)/generated by operating activities |
-2,027 | -6,047 |
| CASH FLOW FROM INVESTING ACTIVITIES | ||
| Investment for property, plant and equipment |
-526 | -966 |
| Investment for intangible assets | -2,231 | -1,893 |
| Investment for acquisitions | -1,650 | 0 |
| Net cash (used in)/generated by investing activities |
-4,407 | -2,859 |
| CASH FLOW FROM FINANCING ACTIVITIES | ||
| Interest paid | -833 | -695 |
| Net additional financing from related parties | 16,750 | |
| Capital increase | 10,008 | |
| Net cash (used in)/generated by financing activities |
9,175 | 16,055 |
| Net increase/(decrease) in cash and cash equivalents |
2,741 | 7,148 |
| Cash and cash equivalents at the beginning of the year |
3,529 | 297 |
| Cash and cash equivalents at the end of the year |
6,271 | 7,446 |
Dr. Ulrich Wandel
CFO
Phone: +31 77-8 50 6117
E-Mail: [email protected]
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