15.05.2018
SHOP APOTHEKE EUROPE N.V. NL0012044747
DGAP-News: SHOP APOTHEKE EUROPE posts strong growth during first quarter of 2018.
DGAP-News: SHOP APOTHEKE EUROPE N.V. / Key word(s): Quarterly / Interim
Statement/Quarter Results
SHOP APOTHEKE EUROPE posts strong growth during first quarter of 2018.
15.05.2018 / 06:59
The issuer is solely responsible for the content of this announcement.
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SHOP APOTHEKE EUROPE posts strong growth during first quarter of 2018.
* Consolidated revenues doubled to EUR 130.7 m during Q1 2018 after EUR
63.8 m in the first quarter 2017.
* Growth rate further accelerated: +105% during the first quarter of 2018
after +60% in 2017 fiscal year.
* Profitable growth in Germany, largest market by revenue, increased by
117%.
* International revenues rose by 69% with further increase in gross
margin.
* Consolidated segment EBITDA improved from EUR -1.7 m to EUR -1.3 m.
* Guidance for 2018 re-confirmed.
Venlo, 15 May 2018. SHOP APOTHEKE EUROPE N.V., Continental Europe's leading
online pharmacy, has started the 2018 fiscal year dynamically with
significant revenue growth. Boosted by the first-time full consolidation of
Europa Apotheek following the acquisition of the company in November 2017,
SHOP APOTHEKE EUROPE more than doubled its consolidated revenues by 105% to
130.7 m during the reporting period (January 1, 2018 - March 31, 2018),
which further strengthened the company's market position in Germany and
Continental Europe. Over the same timeframe, SHOP APOTHEKE EUROPE improved
its consolidated segment EBITDA from EUR -1.7 m to EUR -1.3 m. Relative to
revenues, the consolidated segment EBITDA margin improved from -2.6% to
-1.0%. The Management Board is confirming its forecast for the 2018 fiscal
year, projecting an 87% - 97% increase in revenues to EUR 530 m to EUR 560 m
and a positive adjusted EBITDA of EUR 0 to EUR 2 m.
SHOP APOTHEKE EUROPE increased its consolidated gross earnings from EUR 13.2
m during the first three months of the 2017 fiscal year to EUR 23.0 m, a
rise of 74%. As projected, the consolidated gross margin was lower than last
year due to the larger ratio of prescription medications sold following the
takeover of Europa Apotheek as well as a greater focus on the contribution
margin per parcel, which is geared towards achieving positive Group-level
EBITDA (excluding one-time costs) for the 2018 fiscal year. SHOP APOTHEKE
EUROPE's Q1 2018 gross margin stood at 17.6% compared to 20.7% during the
same period last year.
Effects of scale and cost reductions also contributed to a positive
development of the Group's administrative cost ratio which sank from 3.3% to
3.1% with the sales cost ratio decreasing substantially from 26.3% during Q1
2017 to 20.7% due to improvements in efficiency, further automation of
processes and the adapted pricing strategy with its greater focus on the
contribution margin. As a result, the EBITDA margin improved from -5.6% a
year ago to -3.8% during the period under review even though EBITDA declined
from EUR -3.6 m to EUR -5.0 m. First quarter EBIT was -8.1 m compared to EUR
-4.9 m during the first quarter of 2017. Relative to revenues the EBIT
margin improved to -6.2% during the reporting period from -7.6% in Q1 2017.
Thanks to the acquisition of Europa Apotheek and SHOP APOTHEKE EUROPE's
successful growth initiatives, the number of active customers grew
substantially, from 2.1 m at the end of Q1 2017 to more than 2.7 m as of
March 31, 2018 - an increase of 29%. The first quarter number of orders grew
by a disproportionate 50%, from 1.4 m in 2017 to 2.1 m in 2018. The ratio of
repeat orders also rose significantly, from 71% in Q1 2017 to 82% during the
first quarter of 2018. SHOP APOTHEKE EUROPE was able to further reduce its
already minimal return rate to 0.7% (2017: 0.8%). The number of page visits
increased by 18% to 21.9 m year-on-year with the number of mobile site
visits up 38% to 12.3 m, approximately 56% of all site visits. These
operational performance indicators further confirm SHOP APOTHEKE EUROPE's
leading online presence.
Rising customer numbers and large ratio of orders by repeat customers drive
profitable growth in Germany.
The integration and consolidation of Europa Apotheek led to a substantial
increase in first quarter revenues for the "Germany" segment during the
first quarter. Revenues increased by 117% to EUR 103.5 m (previous year: EUR
47.5 m) in the German core market, the company's largest by revenue. This
enabled SHOP APOTHEKE EUROPE to further extend its leading position in
Continental Europe's largest online pharmacy market. Due to the higher ratio
of prescription medications sold and an adapted pricing strategy with a
stronger focus on the contribution margin per parcel, the segment's gross
margin declined in line with projections to 16.6% (previous year: 21%).
Segment EBITDA for Q1 was at +418k following +448k over the same period last
year. These figures are calculated taking into account effects due to the
company's new segment structure as well as the loss of other operational
income related to the integration of Europa Apotheek. Adjusted for these
effects, segment EBITDA would be slightly improved compared to a year
earlier.
Segment "International" continues to grow strongly; gross earnings increase.
Thanks to a huge increase in the number of orders, the International segment
contributed strongly to the growth in consolidated revenues: Segment
revenues for the period under review rose by 69% to EUR 27.1 m (previous
year: EUR 16.0 m). Unlike in Germany, the gross margin in the company's
international markets (Austria, France, Belgium, the Netherlands, Spain and
Italy) is not impacted by the sale of prescription medicines since business
there is focused almost exclusively on non-prescription medications as well
as beauty and personal care products. As a result, the gross earnings of
SHOP APOTHEKE EUROPE's second core segment rose by a disproportionate 80%
from EUR 3.2 m in Q1 2017 to EUR 5.8 m during the period under review, which
boosted its gross margin from 20.1% to 21.4% (+1.3%). The continuing dynamic
growth is a result of the company's consistent international expansion
strategy.
Forecast confirmed, further acquisitions possible.
Taking the company's strong first quarter growth into account, the
Management Board of SHOP APOTHEKE EUROPE confirms its outlook for the 2018
fiscal year with an 87% to 97% increase in consolidated revenues projected.
The further acceleration of the company's growth trajectory compared to the
previous year is driven by both the consolidation of Europa Apotheek - which
further boosts revenues in the German market - as well as the continuing
dynamic growth of the company's international business. In addition,
management also expects positive effects from the dynamic online market
environment. Based on economies of scale, improvements in efficiency and
further automation, the Management Board forecasts a substantial improvement
in profitability (excluding one-time costs) during the 2018 financial year
with positive consolidated EBITDA between EUR 0 and EUR 2 m. Potential
acquisitions are not considered for the purpose of the 2018 outlook. SHOP
APOTHEKE EUROPE intends to keep playing an active role in the ongoing
consolidation of the online pharmacy market, particularly the German OTC
market. In April 2018, SHOP APOTHEKE EUROPE has placed convertible bonds
worth EUR 75 m with institutional investors in order to be able to react
quickly and flexibly to possible target opportunities.
2018 FINANCIAL CALENDAR.
17 May 2018 Citibank Internet and eCommerce Day, London
23-24 May 2018 Berenberg Conference USA 2018, Tarrytown, NY
14 August 2018 Publication of the results for 1st HY 2018
30 August 2018 Commerzbank Sector Conference, Frankfurt
14 November 2018 Publication of the results for Q3 2018
CONSOLIDATED STATEMENT OF PROFIT AND LOSS.
PERIOD ENDED PERIOD ENDED
31.03.2017 31.03.2018
EUR 1,000 EUR 1,000
Revenue 130,667 63,778
Cost of sales -107,652 -50,547
Gross profit 23,015 13,231
Other income 29 784
Selling and distribution -27,001 -16,777
Administrative expensess -4,101 -2,095
Result from operations -8,057 -4,856
Finance income 24 22
Finance expenses -477 -553
Net finance costs -452 -531
Result before tax -8,510 -5,387
Income tax expenses 403 -52
Result after tax -8,107 -5,439
Attributable to: -8,107 -5,439
Owners of the company
CONSOLIDATED SEGMENT FINANCIALS FOR Q1 2017.
Germany International Consolidated
EUR 1,000 EUR 1,000 EUR 1,000
Revenue 103,527 27,139 130,667
Cost of sales -86,319 -21,333 -107,652
Gross profit 17,209 5,806 23,015
% of revenue 16.6% 21.4% 17.6%
Other income -13 42 29
Selling & distribution -16,778 -7,599 -24,377
Segment EBITDA 418 -1,751 -1,333
Administrative expenses -3,637
EBITDA -4,970
Depreciation -3,087
EBIT -8,057
Net finance cost and income tax -50
Net loss -8,107
ABOUT SHOP APOTHEKE EUROPE.
SHOP APOTHEKE EUROPE is the leading and fastest growing online pharmacy in
Continental Europe. SHOP APOTHEKE EUROPE already operates online pharmacies
in Germany, Austria, France, Belgium, Italy, Spain and the Netherlands. In
Germany, the TÜV-certified shop-apotheke.com is the market leading. SHOP
APOTHEKE EUROPE delivers a broad range of more than 100,000 original
products to about 2.8 million active customers quickly and at attractive
prices. In addition, SHOP APOTHEKE EUROPE provides comprehensive and
consistent pharmaceutical services.SHOP APOTHEKE EUROPE N.V. has been listed
on the regulated market of the Frankfurt Stock Exchange (Prime Standard)
since 13 October 2016.
MEDIA CONTACTS.
Trade and public media:
Sven Schirmer
Mobile: +49 152 28 50 63 61
Email: [email protected]
Financial media:
Thomas Schnorrenberg
Mobile: +49 151 46 53 13 17
Email: [email protected]
Investor Relations:
Dr. Ulrich Wandel
Telephone: +31 77 850 6117
Email: [email protected]
DISCLAIMER.
This publication is an advertisement.
This communication constitutes neither an offer to sell nor a solicitation
to buy securities of Shop Apotheke Europe N.V. in any jurisdiction. This is
not a securities prospectus. No public offering of any securities of Shop
Apotheke Europe N.V. is being made.
Statements contained herein may constitute "forward-looking statements."
Forward-looking statements are generally identifiable by the use of the
words "may", "will", "should", "plan", "expect", "anticipate", "estimate,"
"believe", "intend", "project", "goal" or "target" or the negative of these
words or other variations on these words or comparable terminology.
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 Group's or its industry's actual results, levels of
activity, performance or achievements to be materially different from any
future results, levels of activity, performance or achievements expressed or
implied by such forward-looking statements. You should not place undue
reliance on forward-looking statements and the Group does not undertake
publicly to update or revise any forward-looking statement that may be made
herein, whether as a result of new information, future events or otherwise.
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15.05.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Financial/Corporate News and Press Releases.
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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: [email protected]
Internet: www.shop-apotheke-europe.com
ISIN: NL0012044747, DE000A19Y072
WKN: A2AR94, A19Y07
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart, Tradegate Exchange
End of News DGAP News Service
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