Quarterly Report • May 14, 2017
Quarterly Report
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Dr. Ulrich Wandel, CFO
15 MAY 2017
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
"It´s great to be part of Europe´s leading OTC online pharmacy."
Leen Ponet and Lode Fastré, Founders of FARMALINE
Growth of the online pharmacy market in Continental Europe is speeding up
Huge Addressable Market – Continental Europe2) (2015, € bn)
€ 33 bn Current Focus Market
Highly Fragmented Market – No Upcoming Competitor From Consolidation Play
Source: SHOP APOTHEKE EUROPE, Sempora Research, Cosmetics Europe Research. All market sizes exclude VAT. Note: OTC is defined as non-prescription medication. 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) Based on Sempora estimates (2015) incl. VAT adjusted by Rx VAT rate (source: Statista). 2) Euromonitor International; online penetration calculated by dividing the internet retailing market size across Continental Europe by the total market size for each vertical.
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.
"Already prepared to effectively meet tomorrow´s demand."
Christian Brüggemann, Director Operations SHOP APOTHEKE EUROPE
Brand Index 2017.
Online Videos
Integration eines schönes Videos. SHOP APOTHEKE WINS IN ZDF WISO.
"Best pharmaceutical advice by shop-apotheke.com…"
ARD TV MARKET CHECK; TEST ONLINE PHARMACIES 3/2017.
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.
• The customer base has increased by +51% in Q1 2017 vs Q1 2016.
• 2.1 million active customers as at 31 March 2017.
Source: SHOP APOTHEKE EUROPE. *We define active customers as unique customers who are active in 12 months preceeding a given period of time.
SHOP APOTHEKE EUROPE is on target for FY 2017.
Gross Profit growth exceeds revenue growth despite high sales growth.
• Q1 2017 group sales increased by 56% compared to +52% in Q4 2017.
2017 profitable growth in core market Germany continued:
• Sales grew by 33% compared to Q1 2016 versus 26% in FY 2016.
International sales more than tripled, profitability has significantly increased:
• Driven by SHOP APOTHEKE sales growth in Austria and France and FARMALINE (Belgium, Italy, Spain).
to ensure strong sales growth in 2017 and in future.
24
25
CFO Finance
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
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)
| 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 |
Includes ca. € 2m for extra external workforce during warehouse capacity project plus Q1 TV spots.
| GERMANY | INTERNATIONAL | GERMANY SERVICES |
ELIMINATIONS | CONSOLIDATED | |
|---|---|---|---|---|---|
| € '000 |
€ '000 |
€ '000 |
€ '000 |
€ '000 |
|
| Revenue Cost of sales |
47,493 -37,662 |
16,034 -12,812 |
1,678 -73 |
-1,427 0 |
63,778 -50,547 |
| Gross Profit % of revenue |
9,831 20.7 % |
3,222 20.1% |
1,605 95.6 % |
-1,427 | 13,231 20.7 % |
| Other income Selling & Distribution |
590 -9,979 |
188 -5,753 |
6 -1,372 |
0 1,427 |
784 -15,676 |
| Segment EBITDA |
442 | -2,343 | 240 | 0 | -1,661 |
| Administrative expense | -1,900 | ||||
| EBITDA | -3,561 | ||||
| Depreciation and amortisation |
-1,295 | ||||
| EBIT | -4,856 | ||||
| Finance income Finance expense Net finance cost |
22 -553 -531 |
||||
| Result before tax |
-5,387 | ||||
| Net Loss | -5,439 |
| GERMANY | INTERNATIONAL | GERMANY SERVICES |
ELIMINATIONS | CONSOLIDATED | |
|---|---|---|---|---|---|
| € '000 |
€ '000 |
€ '000 |
€ '000 |
€ '000 |
|
| Revenue Cost of sales |
35,640 -28,364 |
4,992 -4,133 |
991 -122 |
-613 0 |
41,010 -32,619 |
| Gross Profit % of revenue |
7,276 20.4 % |
859 17.2 % |
869 87.7% |
-613 | 8,391 20.5 % |
| Other income Selling & Distribution |
484 -7,784 |
67 -1,871 |
6 -649 |
0 613 |
558 -9,691 |
| Segment EBITDA |
-24 | -945 | 226 | 0 | -743 |
| Administrative expense | -1,516 | ||||
| EBITDA | -2,259 | ||||
| Depreciation and amortisation |
-721 | ||||
| EBIT | -2,980 | ||||
| Finance income Finance expense Net finance cost |
0 -650 -650 |
||||
| Result before tax |
-3,631 | ||||
| Net Loss | -3,627 |
| ٠ | ||
|---|---|---|
| YEAR ENDED 31 MAR 17 |
YEAR ENDED 31 MAR 16 |
||
|---|---|---|---|
| € '000 |
€ '000 |
||
| Revenue | 63,778 | 41,010 | |
| Costs of sales |
-50,547 | -32,619 | |
| Gross profit |
13,231 | 8,391 | |
| Other income Selling and Distribution Administrative Expense |
784 -16,776 -2,095 |
558 -10,305 -1,624 |
|
| Result from operations |
-4,856 | -2,980 | |
| Finance income Finance expense Net finance cost |
22 -553 -531 |
0 -650 -650 |
|
| Result before tax |
-5,387 | -3,630 | |
| Income tax expenses |
-52 | 3 | |
| Net Loss | -5,439 | -3,627 |
| ASSETS | 31 MAR 17 | 31 DEC 16 | |
|---|---|---|---|
| € '000 |
€ '000 |
||
| Non-current assets |
|||
| Property, plant and equipment Intangible assets |
6,536 22,844 |
2,613 22,169 |
|
| 29,380 | 24,782 | ||
| Current assets |
|||
| Inventories | 17,244 | 18,841 | |
| Pre-ordered stock |
5,458 | 6,823 | |
| Trade and other receivables |
9,449 | 8,278 | |
| Amounts due related parties |
4,169 | 0 | |
| Other current assets |
1,471 | 3,130 | |
| Other financial assets |
20,012 | 20,012 | |
| Cash and cash equivalents |
34,912 | 38,485 | |
| 92,715 | 95,569 | ||
| Total Assets | 122,095 | 120,351 |
| EQUITY AND LIABILITIES | 31 MAR 17 |
31 DEC 16 | |
|---|---|---|---|
| € '000 |
€ '000 |
||
| Shareholders´ equity |
|||
| Issued capital and share premium |
122,238 | 122,238 | |
| Reserves/accumulated loss |
-34,432 | -28,993 | |
| 87,806 | 93,245 | ||
| Provisions | 3,027 | 2,961 | |
| Non-current liabilities |
|||
| Shareholder loan | 0 | 0 | |
| Other liabilities | 3,321 | 3,334 | |
| 3,321 | 3,334 | ||
| Current liabilities |
|||
| Trade and other payables |
17,942 | 12,563 | |
| Amounts due to related parties |
0 | 404 | |
| Other liabilities | 9,999 | 7,844 | |
| 27,941 | 20,811 | ||
| Total Equity and Liabilities |
122,095 | 120,351 |
| CASH FLOW FROM OPERATING ACTIVITIES | 31 MAR 17 |
31 MAR 16 |
|
|---|---|---|---|
| Operating result | -4,856 | -2,980 | 35 |
| Adjustments for: – Depreciation and amortisation of non-current assets – Corporate Income Tax – Deferred Tax Liability – Increase/(decrease) in provisions Operating result adjusted for depreciation and amortisation, taxes and provisions – Movements in working capitals: - (Increase)/decrease in trade and other receivables and other current assets - (Increase)/decrease in inventory |
1,295 -52 0 66 -3,547 486 |
722 3 -2,564 0 -4,819 -1,012 |
|
| - (Increase)/decrease in pre-ordered stock - Increase/(decrease) in trade and other payables and other liabilities - Increase/(decrease) in amounts due to related parties Working capital movement |
1,366 3,912 -4,573 2,788 |
462 4,981 -462 4,761 |
|
| Cash generated from operations Interest received |
-759 22 |
-58 0 |
|
| Net cash (used in)/generated by operating activities |
-737 | -58 | |
| CASH FLOW FROM INVESTING ACTIVITIES | |||
| Investment for property, plant and equipment Investment for intangible assets Investment for Farmaline acquisition Investment for other financial assets |
-738 -1,545 0 0 |
-210 -831 0 0 |
|
| Net cash (used in)/generated by investing activities |
-2,283 | -1,041 | |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| Interest paid Deposit from related parties and other non-current liabilities |
-553 0 |
-294 0 |
|
| Net cash (used in)/generated by financing activities |
-553 | -294 | |
| Net increase/(decrease) in cash and cash equivalents |
-3,573 | -1,393 | |
| Cash and cash equivalents at the beginning of the year |
38,485 | 3,529 | |
| Cash and cash equivalents at the end of the year |
34,912 | 2,136 | |
| 1,597 | 792 |
Dr. Ulrich Wandel
CFO
Phone: +31 77-8 50 6117
E-Mail: [email protected]
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