Redcare Phamacy Unsp/Adr

Thank you very much. And I want to welcome all of you to Shop Apotheker's earnings release call. I hope that after the presentation, you will agree with Jasper and me that Shop Apotheker had indeed another strong quarter and we did another step on our growth trajectory. However, before we walk you through the details of our performance in Q1, I'd like to acknowledge the questions that you might have around the announcement by the Gematik last week regarding the rollout of electronic prescriptions in Germany. I'm sure that this will come up during our Q&A session as well. Later in the presentation, we are going to share our thoughts regarding this announcement. Most importantly, however, Shop Apotheke Europe, we will be ready for e-prescriptions when they start in earnest. Yes, but I think this is the fourth time we're doing this from our new headquarters here in Severnum, and it's actually the fourth time we are doing this via video webcast. Based on some feedback that we have received from you, we're going to handle the Q&A session a bit differently. This time and unless we hear something different from you, we want to do this also for future webcasts. We're going to switch the questions back to audio. You remember in the past we did this by our chat function. We want to do it again. We want to make sure that we will be able to answer all of the questions that you have, including some follow-ups on your side. So when we get to the Q&A session, for those of you who want to ask a question, please use the DAL information that was part of the invitations that you all received. When you ask a question, please turn off the audio of your webcast to avoid an echo. for everybody else. So if you don't want to ask a question, nothing changes. Just stay on the webcast. So we're going to start, as usual, with the highlights of our performance in the first quarter, followed by an update on our strategy, some of the milestones we reached in the first quarter. And as you will see, we have considerably shortened and condensed our presentation to ensure that we will have sufficient time for your questions. Well, let's have a look at the first quarter. We delivered, we think, another quarter of strong growth. Our top line went up by more than 22% and reached 284 million euros. Furthermore, for the fifth quarter in a row, Phamacy Unsp & Adr When you look at our top line performance at 22% growth, I think that can only be fully appreciated if you consider a couple of headwinds that we experienced in the first quarter of this year. Number one, of course, the RX bonus ban had a negative impact on our RX business. Number two, the absence of a regular cough and cold season related to the social distancing measures and the generally higher hygiene standards negatively impacted both our Rx as well as our OTC portfolios. But to keep this in perspective, the overall, if you look at the OTC market in Germany for the first quarter, covering both stationary pharmacies as well as the online pharmacies declined year over year by 17%. We could decouple ourselves from this negative development. Our OTC business in Germany actually went up a little bit. But again, that's the context in which we operated in the first quarter. And last but least, and I think that's also obvious to all of you, Q1 last year was simply a tough quarter to compare ourselves against. Despite these headwinds, again, we grew by 22% and the growth was purely organic in nature. Our active customer base increased by 36% versus March last year, and we're over 500,000 active customers versus the end of last year. Jasper is going to share a little bit more color around the successful placement of our convertible bond earlier this year. But in parallel to driving our top line, we didn't lose sight of executing our strategy We continued, as I already mentioned, with our preparations for the e-prescription launch in Germany and we strengthened our expertise in the area of digital medication management with the acquisitions of Smart Patient in January and then just a few weeks ago with the acquisition of MedApp in the Netherlands. So if we look at the two reporting segments on the right-hand side, this time we're going to start with international segment, which went up really significantly by 71% year over year. The international segment, if you're not yet familiar with it, covers Belgium, France, Italy, and the Netherlands. And all of these markets posted very significant year over year growth. In the DAF segment, the three countries also all increased and increased nicely. All the product segments increased with one exception. And again, you're familiar with this already. Our RX business in Germany declined 17% year over year. Looking at the RX development, we need to keep in mind that Q1 last year, of course, included March and in March last year, Many, many of the chronically ill patients in Germany rushed to their doctors before the first lockdown in order to stock up on their prescription medication. So we had very strong Rx sales in March last year. March was actually one of the very, you know, the strongest months, Rx months in the history of shop apotheke. Only the month of July was even stronger. Again, this was after the lockdown when patients went back to their doctors to renew their prescriptions. When you look at these two segments, and I'll Phamacy Unsp Adr actually accounted or is approaching 20%. So significant growth in these international markets. And I know we don't talk too much about them or haven't talked too much about them in the past, but also going forward for the foreseeable future, we see significant growth potential in these international markets. Our active customer base reached 6.8 million, so close to 7 million by the end of March. Our Net Promoter Score actually compared to Q4 last year went up by one point from 70 to 71 and you might have heard Jasper and me talk about this in the past. We closely monitor and more importantly we manage our Net Promoter Score because it's the best measure to assess the overall satisfaction of our customers with the end-to-end Phamacy Unsp Adr Our average shopping basket went down by roughly €1.60 versus a year ago. This is purely a mix effect because we saw we had the decline in our RX business. The RX business has significantly higher average basket values. By the way, when you just look at the non-RX Phamacy Unsp Adr Phamacy Unsp Switching to our web traffic. The orange line shows the total number of weekly visits to all of Shop Apotheca's websites. We see the January jump to above 5 million weekly visits and we have stayed at this elevated level. By the way, if you look at the Phamacy Unsp I want to talk about the blue bars. Just briefly, the blue bars indicate our year-over-year traffic growth versus the exact same week a year ago. And again, looking at the first quarter this year with the exception of the first week of March, which was a little bit of an Anomaly. Throughout the quarter, we saw year-over-year growth in excess or far in excess of 40%. By the way, in March, Shop Apotheke's German website was the fourth most frequently visited healthcare-related website In Germany, not a surprise, the number one position was the Robert Koch Institute. And when you compare, when you look at the pharmacy websites, Shop Apotheke in the month of March was once again clearly in the pole position. Well, before I head over to Jasper to walk you through the financials of the first quarter, a quick look at the evolution of our quarterly orders and our repeat order share. So you see the increase here. They reached 5.1 million, increased compared to a year ago by 23%. So that's pretty much in line with our top line growth. Our repeat order share remains in the 80% range. That's what we're aiming for. We think that is a healthy mix of loyal returning customers and new customers that we have continued to gain and want to continue to gain going forward.

Yes, okay. Thank you very much, Stefan. And good morning to everybody on the call today. On this slide, all the key P&L lines are summarized this quarter versus the same quarter last year, and this quarter versus the last Q4 quarter. Before I go into the details of the numbers you're seeing here, I take one step back and just remind us of what happened last year. to break even for the first time on the adjusted EBITDA level, so around zero. Phamacy Unsp & Adr increased sales by 22%. That's an increase of 52 million. And this increase, despite the headwind from RX bonus ban and very important, fewer people being ill and fewer people going to the doctor in this quarter, we actually achieved the same profitability as we did last year. So that's my perspective. And also compared to our internal plans, 2.0% in the first quarter is entirely online Phamacy Unsp Adr Phamacy Unsp Adr Phamacy Unsp Achieved a better gross profit margin. Here's the next slide. Here's the bridge of the increase of 4.1%. So I start at the left. Last year already significantly above 20% for the first time, but we increased this year again on top of the sourcing improvements in 2019. Phamacy Unsp & Adr Phamacy Unsp & Adr is coming from the building I'm presenting from, so the new facility. But at the same time, everything from DACH is coming from the old facility. So we accept for six to nine months some inefficiency because we prioritize stability and capacity to grow. We expect in the end of the current year that we will have all orders coming from one facility, an automated facility. So that's the story of S&D. Next one, please. What does it mean for our cash? We started the year and we started the quarter with 128 million of cash, which includes short-term financial assets. And we ended the quarter 230 million higher at Capital movements. On one hand, in quarter one, we generally always see a favour of working capital because we start with the high yield Smart Patient. Financing, to make a long story clear, basically we could say this increase that you're seeing here is the result of the successful placement of our new convertible bond. And on the convertible bond, please remind that we had a convertible bond where we paid a coupon, an interest of 4.5%, but in a win-win situation with the large investors in our convertible bonds, 2020, so that bond did not exist anymore, and we placed a successful bond at the start of this year, where we paid a coupon of zero. But those modeling based upon the P&L, please know that because of IFRS rules, the accounting of a convertible bond is split in the value of a co-option, and the presumed bond coupon So you will see in our P&L still interest expenses related to this bond, but that's offset in the cash flow because we don't pay interest. It's a zero in the cash flow. So that's all another picture. One concluding remark, looking at this picture, I think we are in a real robust situation.

And with that, Sterhan, back to you. Thank you. So let's shift gears for a quick and concise update on some of our strategy topics. You have heard of Shop Apotheke's ambition to evolve from predominantly being an online retailer to becoming Europe's leading customer-centric e-pharmacy platform. We have of course built our strategy around this ambition and in the first quarter We achieved a couple of milestones tied to this strategy. Shop Apotheke has an active presence today in seven European countries. We are, of course, solidly positioned in Germany. We have market-leading positions in Austria and Belgium. And in the other four markets, we see significant growth potential going forward. is, of course, the overall satisfaction with Shop Apotheca's offering reflected in our end-to-end customer journey, which is measured, as I mentioned a moment ago, with our Net Promoter Score of 71. We talked about the strategic milestones that we hit in the first quarter. Of course, and you've heard about this before, we strengthened our We remain convinced that sophisticated digital medication management will be a key driver, especially in an ERX world. Phamacy Unsp of our processes and we are about to commence the transfer of customer orders from customers in the DACH region from the old to the new facility. I hope you agree with us that our strategy remains on track. Just a couple of words about the acquisition of MedApp in the Netherlands, and to be precise, in the city of Eindhoven. The addition of MedApp fits in three ways to shop Apotheke. Number one, we strengthen our expertise in digital medication management. Number two, we continue our expansion into promising European markets. And number three, with the Netherlands, we entered the second ARX market. And actually, it's the first ERX market for shop apotheca. So let me say a couple of words about our path towards e-prescriptions. Starting with the announcement from the Gematik last week, which from our vantage point was reassuring in a couple of ways. Number one, the Gematik confirmed that it will start up the telematics infrastructure in July as it had promised. Number two, it confirmed its readiness for the ERX mandate, and that's when e-prescriptions are going to start in earnest on the 1st of January next year. And principally, it confirmed that the mandate will indeed stay in place. And in terms of the decision to start with a test region in the Berlin-Brandenburg We actually think that was a smart move because based on the experience that all the market participants are going to gain, we're going to end up with a better overall user experience and that can only help with the adoption and the use of electronic prescriptions when once again e-prescriptions are going to start in January next year. Phamacy Unsp & Adr based on everything that we have seen so far, we really, we have no doubt that the Gematik, they have hit all of the milestones of their, you know, admittedly tight and ambitious ERX roadmap. And based on everything we know today, we have no reason to doubt that this will hold true for the remaining steps as well. We at Shop Apotheke, we, of course, with our RX Task Force, which has been in place Phamacy Unsp & Adr Before I, on the next chart, before I hand over again to Jasper, just a couple of words about some changes on our supervisory board. Jan Pütel, who had been at the helm of our supervisory board since the IPO, he, for purely personal reasons, he decided not to go for another term. Jan has really been instrumental, not just with the IPO itself, but he also helped us and the management team to avoid some of the potential post-IPO pitfalls of fast-growing companies. So Jan, thank you very much for your leadership, and we're very happy that you will stay involved with Shop Apotheke as one of our major shareholders. Björn Söder, who has been on the supervisory board since the IPO. He's going to take over as the chairperson of the supervisory board. Björn is going to ensure continuity on the supervisory board, and we are looking forward to working with Björn in his new capacity. And last but not least, we are also happy to welcome Henriette, Henriette Poiker, to the supervisory board. Henriette has a wealth of experience Media Relations in Public Affairs and Investment Banking. And we are really excited to benefit from all the insights that she is going to bring to the table. So, Henrietta, a warm welcome from all of us. And again, we're looking forward to working closely with you in the future. With this, I'll hand it over to Jasper again. Yeah, super.