REDCARE PHARMACY NV
DGAP-News: SHOP APOTHEKE EUROPE N.V. / Key word(s): Quarterly / Interim Statement/Quarter Results
SHOP APOTHEKE EUROPE: Strong Start into 2021 with 22.4% Sales Growth and 2.0% adj. EBITDA Margin.
2021-05-06 / 07:00
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SHOP APOTHEKE EUROPE: Strong Start into 2021 with 22.4% Sales Growth and 2.0% adj. EBITDA Margin.
. Group sales up 22.4% in Q1 to EUR 284 million.
. DACH segment +15%, International segment +71%.
. Earnings on track: adj. EBITDA margin 2.0%.
. Record year-over-year customer growth of 1.8 to 6.8 million; up half a million in Q1.
. Digital medication management expanded by the acquisitions of SMARTPATIENT and MEDAPP, the latter also enabling the
entrance into the Dutch Rx market.
. Financial guidance for FY 2021 confirmed.
Sevenum, the Netherlands, 06 May 2021. SHOP APOTHEKE EUROPE N.V., operating in seven European countries, has increased
its Q1 group-level sales by 22.4% to EUR 284 million. During the first three months of 2021, the gross margin improved
by 4.1 percentage points (pp) to 25.6% and the number of active customers grew by more than 500,000 to 6.8 million.
Year-over-year, the active customer base rose by 1.8 million. Overall, SHOP APOTHEKE EUROPE combined fast growth with
another quarter of a positive adjusted EBITDA margin of 2.0%. Thus, the company is on track with its full-year
guidance.
"We continue to focus on driving top-line growth without losing sight of managing our bottom-line. At the same time, we
have demonstrated our commitment to investing in those areas that drive growth and add significant value for our
customers. With the acquisition of the digital medication management experts SMARTPATIENT and MEDAPP we have reached
further important milestones of our strategy - especially in preparation for the upcoming e-Rx business", says CEO
Stefan Feltens.
Total group sales increased by 22.4% to EUR 284.1 million in the first quarter after EUR 232.0 million in Q1 2020. EUR
45 million of Q1 2021 revenues came from the prescription drugs (Rx) business, 17% lower than previous year due to a
peak of Rx orders in March 2020, connected to the first Coronavirus outbreak in Europe, the absence of the usual cold
and flu season this year and particularly the ban on Rx bonuses in Germany. On the other hand, SHOP APOTHEKE EUROPE's
OTC business in Germany gained significant market shares while sales in our International segment accelerated to 71%.
With a rate of 46.1%, gross profit increased significantly faster than sales, from EUR 49.9 million during the first
three months of 2020 to EUR 72.9 million this year. Compared to last year, the consolidated gross profit margin rose by
4.1 pp to 25.6% reflecting net pricing effects, sourcing improvements as well as a different product and country mix.
Selling and distribution (S&D) expenses increased from EUR 39.2 million last year to EUR 59.0 million. The S&D ratio of
20.8% was 3.9 pp higher than last year due to investments in growth and temporarily operating two logistics centres in
the Netherlands at the same time.
Administrative costs amounted to EUR 10.9 million (previous year: EUR 6.8 million) and included extraordinary items of
EUR 2.5 million (previous year: EUR 1.1 million). The increase of 0.4 pp is mainly related to higher costs in
connection with the acquisition of digital medication management expert SMARTPATIENT.
Overall, the adjusted EBITDA reached EUR 5.7 million versus EUR 4.9 million in Q1 2020. This translates into an
adjusted EBITDA margin of 2.0% after 2.1% last year. After depreciation charges of EUR 5.5 million (previous year: EUR
3.4 million), EBIT was EUR -2.4 million after EUR 0.5 million. Net finance costs decreased by EUR 2.3 million or 59.6%
to EUR -3.4 million. The net result of EUR -5.8 million compares to EUR -5.0 million a year earlier.
DACH segment shows strong gross margin improvement, growth in International segment accelerated.
In the DACH segment (Germany, Austria and Switzerland), sales rose by 14.9% from EUR 200.8 million to EUR 230.7 million
during Q1. Compared to last year, gross profit grew at a rate of 40.6% to EUR 58.6 million, equivalent to a 4.6 pp
gross margin increase to 25.4%. The adjusted EBITDA in the DACH segment improved by EUR 3.2 million to EUR 10.2 million
(previous year: EUR 7.0 million).
Q1 sales for the International segment - which consists of SHOP APOTHEKE EUROPE's business activities in Belgium,
France, Italy and the Netherlands - increased by 71.2%, from EUR 31.2 million last year to EUR 53.3 million. Gross
profit rose by 73.4% to EUR 14.3 million with the gross margin at 26.8%, 0.4 pp higher than last year's 26.4%. Adjusted
EBITDA for the International segment stood at EUR -4.5 million after EUR -2.0 million last year.
Jasper Eenhorst, CFO of SHOP APOTHEKE EUROPE: "We concluded two important strategic acquisitions and achieved a
positive adjusted EBITDA margin on previous year's level of 2% in Q1. The concurrent operation of two logistics
facilities impacts our earnings in the first six to nine months of this year, but provides us with the necessary
capacity for our ambitions. Once again, our consistent customer focus has paid off: While growing fast, our customer
Net Promotor Score increased to 71, showing a continued high level of customer loyalty."
For the full-year 2021, the Management Board of SHOP APOTHEKE EUROPE expects sales growth of around 20% or more and an
adjusted EBITDA margin in the range of 2.3% to 2.8% (2020: 2.2%).
The Q1 Interim Report can be downloaded on SHOP APOTHEKE EUROPE's Corporate Website www.shop-apotheke-europe.com in the
Investor Relations section. For definitions of non-IFRS terms, please refer to the glossary of the Annual Report 2020
(pages 146 and 147).
ABOUT SHOP APOTHEKE EUROPE.
SHOP APOTHEKE EUROPE is one of Europe's leading and fastest-growing online pharmacies, currently operating in Germany,
Austria, France, Belgium, Italy, the Netherlands and Switzerland.
Headquartered in the Dutch logistics hub of Sevenum near Venlo with locations in Cologne, Berlin, Munich, Warsaw,
Milan, Paris and Tongeren, SHOP APOTHEKE EUROPE offers its customers a broad range of more than 100,000 original
products at attractive prices: OTC, beauty and personal care products as well as prescription drugs, supplemented by
high quality natural food and health products, low carb products and sports nutrition. Currently, more than 6.8 million
active customers trust SHOP APOTHEKE EUROPE.
Since safe and reliable pharmaceutical advice are top priorities at SHOP APOTHEKE EUROPE, the e-pharmacy provides
comprehensive pharmaceutical consulting services.
In preparation for the introduction of electronic prescriptions in Germany in summer 2021, the company will further
improve the customer experience with focus on disease-specific digital medication management services following the
acquisition of SMARTPATIENT in January 2021. This is a key part of SHOP APOTHEKE EUROPE's strategy to transform itself
from a pure online retailer into a truly customer-centric e-pharmacy platform.
SHOP APOTHEKE EUROPE N.V. has been listed on the regulated market of the Frankfurt Stock Exchange (Prime Standard)
since 2016 and has been part of the MDAX stock index since September 2020.
PRESS CONTACTS.
Trade and popular media:
Sven Schirmer
Tel: +49 221 99 53 44 31
Email: presse@shop-apotheke.com
Financial media:
Bettina Fries
Tel: +49 211 75 80 779
Email: presse@shop-apotheke.com
Investor relations:
Carmen Herkenrath
Tel.: +31 77 850 6109
Email: carmen.herkenrath@shop-apotheke.com
Thomas Schnorrenberg
Mobile: +49 151 465 31317
Email: presse@shop-apotheke.com
DISCLAIMER.
This publication constitutes an advertisement. This announcement does not constitute an offer for sale or a
solicitation of an offer to purchase securities of SHOP APOTHEKE EUROPE N.V. in any jurisdiction. It does not
constitute a securities prospectus. A public offer of securities of SHOP APOTHEKE EUROPE N.V. is not taking place.
Statements contained herein could constitute so-called "forward-looking statements". Forward-looking statements can be
recognized by words such as "might," "will," "should," "plans," "anticipates," "anticipates," "estimates," "believes,"
"intends," "aims," "aim" or their negative form or corresponding modifications and comparable terms.
Forward-looking statements are based on current expectations and involve a number of known and unknown risks,
uncertainties and other factors that could cause the actual results, levels of utilization, developments and
achievements of the group or industry in which it operates to be materially different than those contained herein or
implied. There should be no undue reliance on forward-looking statements. The group will not update or revise any
forward-looking statements contained herein, whether as a result of new information, future events or otherwise.
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2021-05-06 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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Language: English
Company: SHOP APOTHEKE EUROPE N.V.
Dirk Hartogweg 14
5928 LV Venlo
Netherlands
Phone: 0800 - 200 800 300
Fax: 0800 - 90 70 90 20
E-mail: carmen.herkenrath@shop-apotheke.com
Internet: www.shop-apotheke-europe.com
ISIN: NL0012044747, DE000A19Y072
WKN: A2AR94, A19Y07
Indices: MDAX (MORE TO FOLLOW) Dow Jones Newswires
May 06, 2021 01:01 ET (05:01 GMT)
