DGAP-News: SHOP APOTHEKE EUROPE N.V. increases revenues by over 90% to EUR 540 million in 2018

Nachricht vom 15.03.201915.03.2019 (www.4investors.de) -


DGAP-News: SHOP APOTHEKE EUROPE N.V. / Key word(s): Annual Results/Forecast

SHOP APOTHEKE EUROPE N.V. increases revenues by over 90% to EUR 540 million in 2018
15.03.2019 / 06:58


The issuer is solely responsible for the content of this announcement.
NOT FOR RELEASE OR DISTRIBUTION IN THE USA, CANADA, AUSTRALIA OR JAPAN.

SHOP APOTHEKE EUROPE increases revenues by over 90% to EUR 540 million in 2018.

2018 consolidated adjusted EBITDA margin improved to -2.2% (previous year: -3.0%)
2019: focus on organic growth
2019 forecast I: acceleration of organic growth to ca. 30% with revenues of around EUR 700 million
2019 forecast II: adjusted EBITDA level at least on the level of previous year
 

Venlo, the Netherlands, March 15, 2019. SHOP APOTHEKE EUROPE N.V., one of Continental Europe's leading online pharmacies, has reached its ambitious growth target for the 2018 financial year (reporting date: December 31, 2018): Consolidated revenues rose by 90%, from EUR 284 million in 2017 to EUR 540 million (organic 25%). Higher-than-expected costs for the integration of nu3 in particular had a negative impact on earnings; nonetheless the adjusted EBITDA margin improved by 0.8% to -2.2%.

The company's dynamic revenue growth is based on successfully increasing the number of active customers across Europe from 2.7 million at the end of 2017 to ca. 3.5 million at the end of 2018 as well as on the corresponding rise in order volumes. The number of orders placed rose from 5.7 million to 8.7 million year-on-year with the ratio of repeat orders continuing to be at a high level at 81% (2017: 76%). The return rate remained minimal as in previous years. The number of page visits increased from 71.5 million in 2017 to 93.1 million during the reporting period.

Dr. Ulrich Wandel, CFO of SHOP APOTHEKE EUROPE, comments on the 2018 financial year's business development: "We were able to once more reach our ambitious growth target with revenues of EUR 540 million. Due to the acquisition of nu3 as well as our strategic decision to prepare strong organic growth in 2019, our adjusted EBITDA margin was -2.2%. We strongly believe that further growing our customer base is an investment that will pay off, particularly in regard to the introduction of electronic prescriptions planned for 2020 in Germany."

Stefan Feltens, CEO of SHOP APOTHEKE EUROPE, emphasizes that, "Our goal is to establish SHOP APOTHEKE EUROPE as the first destination for pharmacy needs in all our markets in the medium term. That's why we will keep focusing on organic growth to further expand our market share in the DACH region and across Europe. We will do this always keeping an eye on the development of our profitability, which we can steer by controlling the intensity of our growth rate. Our primary goal is to reach break-even EBITDA on Group level in 2020."
SHOP APOTHEKE EUROPE's Management Board expects an acceleration of the company's organic growth rate to around 30% (2018: 25%) for the 2019 fiscal year, which correlates to an increase in consolidated revenues to ca. EUR 700 million. The adjusted EBITDA margin is projected to be at least on the previous year's level or slightly improved during the current fiscal year, with break-even to be achieved in 2020.

As a result of the new business in Switzerland as well as the substantially increased business volume in Austria, the company has decided to adjust its segment reporting structure. Starting with the 2018 financial report, SHOP APOTHEKE EUROPE is reporting the results for two segments, "DACH" and "International". The DACH segment includes all of the company's activities in Germany, Austria and Switzerland. The International segment covers operations in the Netherlands, Belgium, France, Italy and Spain. In the past, the company had reported results for the "Germany" and "International" (all markets outside of Germany) segments. The corresponding figures for the previous year have been adjusted accordingly.

Based on the previous segmentation, the Germany segment almost doubled its revenues by 98% to EUR 415 million (previous year: EUR 210 million) while the International segment grew by 69% to EUR 125 million (2017: 74 million).

Consolidated revenues for the 2018 financial year rose by 90%, from EUR 284 million to EUR 540 million. That increase is due to both organic growth of around 25% and the first-time full consolidation of Europa Apotheek during the reporting period. The online pharmacy focuses on prescription medications and provides its customers with special consulting services including drug interaction checks, medication profiles, unique information and patient magazines for people suffering from certain illnesses as well as SMART, a therapy support programme for patients suffering from specific chronic diseases. As a result of the integration of Europa Apotheek, the share of prescription medications sold increased to ca. 31% in 2018 (previous year: ca. 10%), leading to a substantial increase in the value of the average shopping basket to EUR 72.44 (2017: EUR 57.78).

The consolidated gross margin declined in line with expectations, from 20.3% in 2017 to 18.4% in 2018. This is largely due to the higher share of prescription medications sold, which typically have a lower gross margin due to legally required fixed pricing. Overall the gross margin rose by 72%, from EUR 57.6 million in 2017 to EUR 99.3 million. The consolidated segment EBITDA** adjusted for one-off costs improved to EUR 6.8 million compared to EUR 0.2 million in the 2017 financial year.

Improvements in efficiency and effects of scale contributed to an improvement in the administrative expenses ratio. Administrative costs including depreciation rose by EUR 9.3 million from EUR 13.4 million in 2017 to EUR 22.7 million. This includes one-time costs of around EUR 1.6 million connected mainly to a stock option plan and the acquisition of nu3 GmbH. Overall, SHOP APOTHEKE EUROPE was able to reduce its administrative expenses ratio from 4.7% in 2017 to 4.2% in 2018. Adjusted for one-time costs, the administrative expenses ratio was 3.9%.
After the deduction of administrative costs, adjusted consolidated EBITDA for 2018 was EUR -11.8 million compared to EUR -8.5 million the previous year. The adjusted EBITDA margin improved to -2.2% compared to -3.0% in 2017.

SHOP APOTHEKE EUROPE generated revenues of EUR 491 million in the profitable DACH segment. That's an increase of ca. 95% compared to the 2017 fiscal year when revenues were EUR 251 million when adjusted for the new segment structure. Segment EBITDA was EUR 9.8 million or EUR 11.3 million when adjusted for one-off effects.* That's an increase of 66% or 92% based on the adjusted result compared the 2017 EBITDA of EUR 5.9 million for the DACH segment.
SHOP APOTHEKE EUROPE's International segment increased its revenues by 49% from EUR 33 million in 2017 to EUR 49 million for the reporting period. Segment EBITDA improved from EUR -5.7 million the previous year to EUR -4.7 million for the reporting period or EUR -4.5 million adjusted for one-off effects.* Relative to revenues, the segment's EBITDA margin (adjusted) improved to -9.3% in the year under review compared to -17.4% in 2017.
* One-off effects from transactions and/or acquisitions
** Segment EBITDA: Defined as earnings before taxes, interest and deductions as well as Group-level administrative costs.
 

2019 FINANCIAL CALENDAR

15 March 2019
Publication of the 2018 financial results
30 April 2019
Annual general meeting
15 May 2019
Publication of Q1 2019 financial results
14 August 2019
Publication of 2019 half-year financial results
14 November 2019
Publication of Q3 2019 financial results

 

 

CONSOLIDATED STATEMENT OF PROFITS AND LOSSES.

 
FINANCIAL YEAR ENDED ON
FINANCIAL YEAR ENDED ON
December 31, 2017
December 31, 2018
 
EUR 1,000
EUR 1,000
Revenues
283,992
539,710
Cost of sales
-226,407
-440,392
Gross profit
57,585
99,318
Other income
3,015
196
Selling & distribution costs
-66,417
-105,564
Administrative expenses
-13,378
-22,679
Operating income (EBIT)
-19,197
-28,730
Finance income
40
324
Finance expenses
-2,246
-6,185
Net finance costs
-2,206
-5,861
Earnings before taxes (EBT)
-21,403
-34,591
Taxes on income and earnings
45
982
Period result
-21,358
-33,609
Attributable to shareholders:
-21,358
-33,609

 

 

 

 

SEGMENT INFORMATION FOR 2018.

 
DACH
International
 
Consolidated
 
 
 
 
 
 
EUR 1,000
EUR 1,000
 
EUR 1,000
 
 

 
 
 
Revenues
491,078
48,632
 
539,710
Cost of sales
-403,328
-37,064
 
-440,392
 
 
 
 
 
Gross profit
87,750
11,568
 
99,318
% of revenues
17.9%
23.8%
 
18.4%
 
 
 
 
 
Other income
156
40
 
196
Selling & distribution costs
-78,082
-16,287
 
-94,369
Adjusted selling&distribution costs
-76,605
-16,132
 
-92,736
 
 
 
 
 
Segment EBITDA
9,825
-4,680
 
5,145
Adjusted segment EBITDA
11,301
-4,524
 
6,777
 
 
 
 
 
Administrative expenses
 
 
 
-20,704
Adjusted administrative expenses
 
 
 
-18,530
 
 
 
 
 
EBITDA
 
 
 
-15,559
adjusted EBITDA
 
 
 
-11,753
 
 
 
 
 
Depreciation
 
 
 
-13,171
 
 
 
 
 
EBIT
 
 
 
-28,730
Adjusted EBIT
 
 
 
-24,924
 
 
 
 
 
Financial result and taxes on income
 
 
 
-4,879
Adjusted financial result and taxes on income
 
 
 
-4.879
 
 
 
 
 
Period result
 
 
 
-33,609
Adjusted period result
 
 
 
-29,803

 

 

SEGMENT INFORMATION FOR 2017.

 
DACH
International
 
Consolidated
 
 
 
 
 
 
EUR 1,000
EUR 1,000
 
EUR 1,000
 
 

 
 
 
Revenues
251,289
32,703
 
283,992
Cost of sales
-201,721
-24,687
 
-226,407
 
 
 
 
 
Gross profit
49,569
8,016
 
57,585
% of revenues
19.7%
24.5%
 
20.3%
 
 
 
 
 
Other income
2,592
422
 
3,015
Selling & distribution costs
-46,286
-14,131
 
-60,416
Adjusted selling&distribution costs
 
 
 
-60,416
 
 
 
 
 
Segment EBITDA
5,875
-5,693
 
182
Adjusted segment EBITDA
5,875
-5,693
 
182
 
 
 
 
 
Administrative expenses
 
 
 
-12,320
Adjusted administrative expenses
 
 
 
-8,728
 
 
 
 
 
EBITDA
 
 
 
-12,137
Adjusted EBITDA
 
 
 
-8,545
 
 
 
 
 
Depreciation
 
 
 
-7,059
 
 
 
 
 
EBIT
 
 
 
-19,197
Adjusted EBIT
 
 
 
-15,605
 
 
 
 
 
Financial result and taxes on income
 
 
 
-2,161
Adjusted financial result and taxes on income
 
 
 
-2,161
 
 
 
 
 
Period result
 
 
 
-21,358
Adusted period result
 
 
 
-17,766

 

ABOUT SHOP APOTHEKE EUROPE.

SHOP APOTHEKE EUROPE is the leading and fastest-growing online pharmacy in Continental Europe. With the acquisition of Europa Apotheek Venlo in November 2017, SHOP APOTHEKE EUROPE significantly extended its European market leadership. The product range for the whole family in the OTC, beauty and personal care products as well as prescription drugs segments is supplemented by high quality natural food and health products, low carb products and sports nutrition following the acquisition of nu3 GmbH in July 2018.

SHOP APOTHEKE EUROPE already operates online pharmacies in Germany, Austria, France, Belgium, Italy, Spain, the Netherlands and Switzerland.

SHOP APOTHEKE EUROPE delivers a broad range of more than 100,000 original products to over 3.5 million active customers fast and at attractive prices. In addition, SHOP APOTHEKE EUROPE provides comprehensive pharmaceutical consulting services.

SHOP APOTHEKE EUROPE N.V. has been listed on the regulated market of the Frankfurt Stock Exchange (Prime Standard) since 13 October 2016 and part of the SDAX index since 24 September 2018.

MEDIA CONTACTS.

Trade and popular media:
Sven Schirmer
Phone: +49 221 99 53 44 31
Email: presse@shop-apotheke.com

Financial media:
Thomas Schnorrenberg
Mobile: +49 151 46 53 13 17
Email: presse@shop-apotheke.com

Investor relations:
Dr. Ulrich Wandel
Phone: +31 77 850 6117
Email: ulrich.wandel@shop-apotheke.com












15.03.2019 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.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

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:
ulrich.wandel@shop-apotheke.com
Internet:
www.shop-apotheke-europe.com
ISIN:
NL0012044747, DE000A19Y072
WKN:
A2AR94, A19Y07
Indices:
SDAX
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




787907  15.03.2019 











Aktuelle Nachrichten aus der 4investors-Redaktion

22.03.2019 - Software AG kündigt höhere Dividende an
22.03.2019 - cyan: „Bestätigen unsere Prognose für 2019”
22.03.2019 - Baader Bank will „schrittweise Profitabilität zurückgewinnen”
22.03.2019 - Ströer hebt die Dividende an
22.03.2019 - Wirecard: Ja dann macht es doch endlich! - Kommentar
22.03.2019 - Encavis hebt die Dividende an - „weiterhin voll im Plan”
22.03.2019 - Pyrolyx: Neue Aktien aus Wandlungen
22.03.2019 - Hapag-Lloyd erwartet für 2019 operatives Gewinnplus
22.03.2019 - SAF-Holland hält Dividende konstant - Bilanz vorgelegt
22.03.2019 - MS Industrie AG verkauft Teile des Daimler-Zuliefergeschäfts


Chartanalysen

22.03.2019 - Steinhoff Aktie: Das sind sehr interessante Beobachtungen!
22.03.2019 - Commerzbank Aktie hält wichtige Marke - Trendwende perfekt?
21.03.2019 - Wirecard Aktie: Achtung, neue Verkaufssignale!
21.03.2019 - Wirecard Aktie: Kommt der große Einbruch doch noch?
21.03.2019 - Wirecard Aktie: Platzt die nächste Bombe?
21.03.2019 - Bayer Aktie: Es kam, wie es kommen musste…
20.03.2019 - Bayer Aktie: Der Monsanto-Crash als Kaufgelegenheit?
20.03.2019 - Wirecard Aktie: Das sieht nicht gut aus!
20.03.2019 - Evotec Aktie: Jetzt! Endlich! Oder doch nicht?
20.03.2019 - Paragon Aktie: Die Luft wird verdammt dünn!


Analystenschätzungen

22.03.2019 - E.On und RWE: Kaufempfehlungen für die Aktien
22.03.2019 - DEAG Aktie: Kaufempfehlung bestätigt
22.03.2019 - Biofrontera Aktie: Starkes Aufwärtspotenzial
22.03.2019 - Scherzer Aktie: Experten wollen Modell bald überarbeiten
22.03.2019 - Geely Aktie: Geht hier was?
21.03.2019 - Bayer Aktie: Herausfordernde Zeiten
21.03.2019 - mVISE: Neues Kursziel für die Aktie
21.03.2019 - Fuchs Petrolub: Kaum noch Aufwärtspotenzial
21.03.2019 - BMW: Marge in der Kritik
21.03.2019 - Deutsche Post: Konkurrenz ermöglicht Veränderung


Kolumnen

22.03.2019 - Steiler Bund & fallende Renditen: „Japanische Verhältnisse“ in Europa - Donner & Reuschel Kolumne
22.03.2019 - Weltwassertag: Investment in eine knappe Ressource - AXA IM Kolumne
22.03.2019 - DAX: Korrektur weitet sich aus - UBS Kolumne
22.03.2019 - Gold: Erholung in Form einer bearishen Flagge - UBS Kolumne
22.03.2019 - Börse in Südkorea erholt sich nach schwächerem Jahresstart - Commerzbank Kolumne
22.03.2019 - DAX: Brexit, Brexit, Brexit - „Kaugummi“ zieht sich - Donner & Reuschel Kolumne
21.03.2019 - USA: Fed setzt Zinspause fort bis sich der konjunkturelle Nebel gelichtet hat - Nord LB Kolumne
21.03.2019 - Fed: Zinserhöhungen sind 2019 vom Tisch - VP Bank Kolumne
21.03.2019 - Commerzbank Aktie: Pullback oder Trendwende? - UBS Kolumne
21.03.2019 - DAX: Aufwärtstrend bekommt Gegenwind - UBS Kolumne

All Right Reserved by minimalthemes - ©2018 Stoffels & Barck GbR