DGAP-News

SHOP APOTHEKE EUROPE: Strong Start into 2021 with 22.4% Sales Growth and 2.0% adj. EBITDA Margin. - Seite 2

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).