SHOP APOTHEKE EUROPE N.V.

INTERIM STATEMENT 9 MONTHS 2017

Dr. Ulrich Wandel, CFO

13 NOVEMBER 2017

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Performance and Accomplishments
Acquisition of Europa Apotheek
Financial Performance
Q+A

SHOP APOTHEKE EUROPE CONTINUES ITS PERFORMANCE RECORD:

CONTINUED STRONG SITE VISIT GROWTH.

Web traffic (in m)

Web traffic confirms strong growth.
Q3 site visits grew by 7.7 million compared to Q3 2016.
Mobile share keeps growing.
SHOP APOTHEKE EUROPE further increases its online pharmacy leadership.

ACTIVE CUSTOMER BASE INCREASED TO 2.4 MILLION.

Number of Active Customers (in m)*

The customer base has increased by +50% in 9M 2017 versus 9M 2016.
2.4 million active customers as at 30 September 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 44% in Q3 2017 vs. Q3 2016.
Basket size increased to EUR 54.2
Return rates remain close to zero.
Increase in repeat orders to 76% in Q3 despite strong international new customer growth.

ACCOMPLISHMENTS IN THE FIRST NINE MONTHS.

Strong sales growth at the upper end of the original FY 2017 guidance (+53% YoY). Shop Apotheke remains the fastest growing OTC-online pharmacy in Europe.
Market leadership in the German core market expanded: Sales growing +31% YoY, more than twice as fast as the OTC online market with gross margin in Germany at 20.8%.
Strong international growth (+188% YoY) with above average gross margin growth to 21.9% (+4.8pp YoY). The share of international sales has risen to 28%.
Economies of scale reduced relative administrative costs.
Additional automation step in Operations already implemented in September to support sales growth including Europa Apotheek.

TOPICS

Performance and Accomplishments
Acquisition of Europa Apotheek
Financial Performance
Q+A

ACQUISITION OF EUROPA APOTHEEK VENLO COMPLETED SUCCESSFULLY

SAE IS WELL-PREPARED TO CAPITALIZE ON THE RX E-COMMERCE OPPORTUNITY.

v RX online penetration is growing fast
v Europa Apotheek benefits from SHOP APOTHEKE's state-of-the-art IT and Operations

(1)

v Sales & Marketing expertise will be rolled out to Europa Apotheek

#1 Player in Continental European Pharma E-commerce(1)...

• We expect to become the #1 player in Continental Europe across Rx / OTC / BPC

… With a Huge TAM(4)…

Accessing the Rx market will expand our current TAM by c. 4X
Benefit from the significant upside from limited Rx online penetration

... With Fastest Growth(1)

Source: (1) EHS company information and company filings as per Dutch GAAP, includes Rx and OTC. (2) Germany only. (3) Includes only Germany revenues, excludes Germany services. (4) Sempora, see page 10 for country split classification; figures rounded. (5) 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. (6) As per IFRS.

"THIS IS THE UNIQUE OPPORTUNITY TO CREATE EUROPE'S LARGEST ONLINE PHARMACY"

Theresa Holler, COO and Chief Pharmacist SHOP APOTHEKE EUROPE

"…WITH A COMPREHENSIVE OFFERING FOR THE ENTIRE FAMILY."

SAE EHS

Source: SAE company information, EHS company information. (1) Excludes age range 0-17

RAPID ROLLOUT: OUR VENLO PHARMACY SERVES ALL OUR CONTINENTAL EUROPEAN MARKETS.

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

SHOP APOTHEKE EUROPE is the only Pan-European brand.
Location close to the German core market.
Significant capacity headroom for further expansion.
High basket size per parcel.

OPERATIONS ARE SET FOR FUTURE GROWTH. ONGOING PROCESS AUTOMATION.

Venlo Operations serve both Shop Apotheke and Europa Apotheek.
Significant investments in automation and increased capacity on target.
Significantly increased efficiency along logistics chain.
Tablet-based picking system implemented.
High-performance ERP and webshop systems scaled up to handle future growth.
Performance and Accomplishments
Acquisition of Europa Apotheek
Financial Performance
Q+A

THE CONSOLIDATED KEY FINANCIALS OF SHOP APOTHEKE EUROPE.

Strong sales momentum in 9M 2017.
SHOP APOTHEKE EUROPE in line with guidance for FY 2017.
Gross Profit growth exceeds revenue growth despite costs for new customer acquisition.
20.8% gross margin in Germany.
21.9% International gross margin.

STRONG INTERNATIONAL SALES GROWTH.

+ 53%

Group Sales Development (EUR m) International Sales Development (EUR m)

• 9M 2017 group sales increased by 53%. • SHOP APOTHEKE EUROPE is growing fast in all relevant Continental European markets.

²⁰ CONSOLIDATED SEGMENT FINANCIALS PERIOD ENDED SEPTEMBER 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	137,514	53,039	4,591	-3,979	191,165
Cost of sales	-108,914	-41,410	-248	0	-150,571
Gross Profit	28,600	11,629	4,343	-3,979	40,594
% of revenue	20.8%	21,9%	94,6%		21.2%
Other income	1,442	517	36	9	1,986
Selling & Distribution	-25,857	-17,424	-4,268	3,979	-43,570
Segment EBITDA	4,185	-5,278	111	-9	-991
Administrative expense					-5,842
EBITDA					-6,833
Depreciation					-4,134
EBIT					-10,967
Finance income Finance expense Net finance cost					69 -1,452 -1,383
Result before tax					-12,350

²¹ CONSOLIDATED SEGMENT FINANCIALS PERIOD ENDED SEPTEMBER 2016.

	Germany	International	Germany Services	Eliminations	Consolidated
	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000
Revenue	105,132	18,396	2,986	-1,826	124,688
Cost of sales	-83,542	-15,250	-342	0	-99,134
Gross Profit	21,590	3,146	2,644	-1,826	25,554
% of revenue	20.5%	17.1%	88.6%		20.5%
Other income	1,346	232	21	0	1,599
Selling & Distribution	-19,984	-6,843	-1,936	1,826	-26,937
Adjusted S&D*	-19,961	-6,625	-1,936	1,826	-26,697
Segment EBITDA	2,952	-3,465	729		216
Adjusted Segment EBITDA	2 975 ,	-3 247 ,	729		456
Administrative expense					-5,054
Adjusted AE**					-4,788
EBITDA					-4,838
Adjusted EBIDTA					-4,333
Depreciation					-2,283
EBIT					-7,121
Adjusted EBIT					-6,615
Finance income					1
Finance expense					-1,912
Net finance cost					-1,912
Result before tax					-9,033
Adjusted Result before tax					-8,527

* Adjusted S&D excludes one-off Farmaline integration cost

** Adjusted AE excludes one-off costs related to the IPO

CONSOLIDATED STATEMENT OF PROFIT AND LOSS. 22

Considering application of IFRS 16 to be endorsed by the EU in Q4 2017	PERIOD ENDED 30 SEP 17	PERIOD ENDED 30 SEP 16
	EUR 1,000	EUR 1,000
Revenue	191,165	124,688
Costs of sales	-150,571	-99,134
Gross profit	40,594	25,554
Other income	1,986	1,599
Selling and Distribution	-47,084	-28,877
Administrative Expense	-6,463	-5,397
Result from operations	-10,967	-7,121
Finance income	69	1
Finance expense	-1,452	-1,912
Net finance cost	-1,382	-1,911
Result before tax	-12,350	-9,033
Income tax expenses	-237	-4
Result for the period	-12,586	-9,029
Attributable to: Owners of the Company	-12,586	-9,029

²³ CONSOLIDATED BALANCE SHEET.

ASSETS	30 SEP 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	7,569	2,613
Intangible assets	23,916	22,169
	31,484	24,782
Current assets
Inventories	19,751	18,841
Pre-ordered stock	5,283	6,823
Trade and other receivables	12,284	8,278
Other current assets	4,276	3,130
Other financial assets	21,071	20,012
Cash and cash equivalents	30,464	38,485
	93,129	95,569
Total Assets	124,613	120,351

EQUITY AND LIABILITIES	30 SEP 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	-41,580	-28,993
	80,658	93,245
Provisions	2,015	2,961
Non-current liabilities
Amounts due to EHS	3,000	3,000
Other liabilities	3,061	334
	6,061	3,334
Current liabilities
Trade and other payables	24,683	12,563
Amounts due to EHS	3,213	404
Other liabilities	7,984	7,844
	35,879	20,811
Total Equity and Liabilities	124,613	120,351

²⁴ CONSOLIDATED CASH FLOW STATEMENT.

ASSETS	30 SEP 17	31 DEC 16
Net cash (used in)/generated by operating activities	3,699	-2,026
Net cash (used in)/generated by investing activities	-11,896	-4,407
Net cash (used in)/generated by financing activities	175	9,175
Net increase/(decrease) in cash and cash equivalents	-8,020	2,742
Cash and cash equivalents at the beginning of the year	38,485	3,529
Cash and cash equivalents at the end of the year	30,464	6,271

• On target for 2017.

FY 2017 sales growth increased 55% to 65% compared to FY 2016 due to the successful acquisition of EHS Europe Health Services B.V. with listing of new shares on 10 November 2017.
EBITDA before transaction-related costs 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, additional growth coming from Europa Apotheek.
Strong international growth driven by increased market penetration in Austria, France, Belgium as well as new markets Italy and Spain.

OUTLOOK

CLEAR PATH TO GROUP PROFITABILITY.

Strengthen leadership in existing markets.

Grow OTC, BPC and RX sales in the German core market.
Implement common international brand for Shop Apotheke and Europa Apotheek.
Realize synergies from common brand and administrative costs of EUR 2-2.5m p.a. from 2019 on.

Accelerated market penetration.

Strengthened presence in continental Europe including RX.
Grow with increasing online penetration in OTC, BPC and RX.
Active role in market consolidation.

Operational Excellence and Integration of Europa Apotheek.

Further invest in sales, logistics and IT platforms.
Smooth integration of the Europa Apotheek business.

STRONG SHARE PERFORMANCE SINCE IPO 2016. NEW SHARES LISTED SINCE 10 NOVEMBER 2017.

Free Float	currently c. 75%
Number of shares outstanding:	12.020.456
ISIN:	NL0012044747
Market Segment:	Regulated Market (Prime Standard)
Stock Exchange:	Frankfurt Stock Exchange
Type of Shares:	Bearer shares

CORPORATE CALENDAR 2017/2018.

November 15, 2017	Commerzbank Conference Warsaw
December 7-8, 2017	Berenberg Pennyhill Conference, London
April 26, 2018	Annual General Meeting
May 22 – 24 2018	Berenberg US Conference 2018, Tarrytown NY

INVESTOR CONTACT.

Dr. Ulrich Wandel

CFO

Phone: +31 77-8 50 6117

E-Mail: [email protected]

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