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SHOP APOTHEKE EUROPE reports sales growth of 33% in the first quarter of 2019.

NOT FOR RELEASE OR DISTRIBUTION IN THE USA, CANADA, AUSTRALIA OR JAPAN.

Venlo, the Netherlands, May 15, 2019. SHOP APOTHEKE EUROPE N.V. started the 2019 fiscal year (January 1 – December 31) with substantial revenue growth. Consolidated first quarter revenues rose by 33% to EUR 174.7 million compared to EUR 130.7 million during the first quarter a year earlier. The number of active customers increased substantially, from 2.7 million as of March 31 2018 to now more than 3.8 million as a result of the company’s successful growth initiatives, a plus of 40%.

The number of orders rose by 55% compared to the corresponding period last year, reaching 3.1 million (Q1 2018: 2.1 million), with the size of the average shopping basket at EUR 64.95 during the first three months of the year, slightly below the previous year’s high level of EUR 73.40. This is largely due to the changed product mix following the acquisition of nu3 GmbH in July 2018 as well as to the effect of new customer acquisition. The share of repeat orders was 78% compared to 81% the previous year while the return rate remained minimal at less than 1%. The share of mobile page visits rose to 66% during the first quarter of 2019 after 56% during Q1 2018.

SHOP APOTHEKE EUROPE increased its consolidated gross earnings by 42%, from EUR 23.0 million during the first three months of 2018 to EUR 32.6 million over the period under review. Compared to a year earlier, the consolidated gross margin rose by 1.1% to 18.7%.

At EUR -3.9 million, segment EBITDA was below last year’s figure of EUR -1.4 million. This was  largely due to  increased marketing spending to further drive organic growth.

Administrative costs for Q1 were EUR 5.9 million (previous year: EUR 3.6 million); the administrative cost ratio was 3.4%. Because the company’s strong growth and related costs for new customer acquisition, selling expenses increased by a significant 49.7%, from EUR 24.4 million during Q1 2018 to EUR 36.5 million for the period under review. Adjusted consolidated EBITDA stood at EUR -9.8 million compared to EUR -5.0 million for the first three months of 2018. Including amortisations of EUR 3.5 million (previous year: EUR 3.1 million), the adjusted EBIT was EUR -13.3 million (Q1 2018: EUR -8.1 million). Adjusted earnings after taxes were EUR -14.7 million compared to EUR -8.1 million a year earlier.

During the first three months of 2019, DACH - SHOP APOTHEKE EUROPE’s largest segment by revenues – grew by 29.3% compared to the corresponding period last year. Revenues rose to EUR 155.0 million compared to EUR 119.0 million for the first quarter 2018. Q1 gross earnings were up 37.9% year-on year, from EUR 20.3 million to EUR 28.0 million. The gross margin rose by 1.1% to 18.0% compared to 16.9% last year. Segment EBITDA for the first three months of the year was EUR -1.7 million compared to EUR 0.2 million for the same period last year, a development that is largely due to increased marketing expenditures in order to further drive organic growth.

SHOP APOTHEKE EUROPE significantly increased its revenues outside of Germany, up 82.7% to EUR 19.6 million (previous year: EUR 10.7 million). The company also further expanded its market position in Belgium, the Netherlands, France, Italy and Spain. Segment gross earnings rose by 70.4% from EUR 2.7 million to EUR 4.7 million during the reporting period with the gross margin at 23.7%, slightly below last year’s 25.4%.

In line with this share expansion in the company’s younger markets, the segment also had a sharp increase in customer numbers. Due to the high ratio of orders by new customers – which require greater acquisition costs – segment EBITDA for the first three months of 2019 declined to EUR -2.2 million from EUR -1.6 million a year earlier.

CEO Stefan Feltens comments: “With our successful recent capital-raising measures, we generated total proceeds of EUR 110 million. Thanks to this strong financial position we are well equipped to continue our growth course and to concurrently prepare for the introduction of electronic prescriptions in Germany in 2020. We do so from our strong position as European online leaders.”

For the 2019 fiscal year, the Management Board expects SHOP APOTHEKE EUROPE to accelerate its organic growth rate to approximately 30% (2018: 25%), equivalent to an increase in consolidated revenues to ca. EUR 700 million. The planned (adjusted) EBITDA margin is projected to be at the level of the previous year or slightly better. Break-even is expected in 2020.

CONSOLIDATED STATEMENT OF PROFITS AND LOSSES.

PERIOD ENDED ONPERIOD ENDED ONMarch 31, 2019March 31, 2018EUR 1,000EUR 1,000Revenues174,646130,667Cost of sales-142,029-107,652

Other income129Selling & distribution costs-39,498-27,001Administrative expenses-6,435-4,101

Finance income4824Finance expenses-1,496-477Net finance costs-1,448-452

Attributable to shareholders:-14,721-8,107

% of revenues18,0%23.7%18.7%Other income101Selling & distribution costs-29,620-6,883-36,503

Financial result and taxes on income  -1,406

SHOP APOTHEKE EUROPE is one of the leading and the fastest-growing online pharmacies 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 areas of OTC, beauty and personal care products as well as prescription drugs 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 3.8 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 is part of the SDAX index since 24 September 2018.

This release contains statements that relate to future business performance and future financial performance, as well as to events or developments pertaining to SHOP APOTHEKE EUROPE, and that may constitute forward-looking statements. These statements are based on current expectations and assumptions by SHOP APOTHEKE EUROPE’s management, a large number of which are beyond the control of SHOP APOTHEKE EUROPE. They are therefore subject to a variety of risks and uncertainties. If these risks and uncertainties materialize, or the underlying expectations do not materialize or the assumptions made prove incorrect, actual events, both in a positive and negative sense, may differ materially from those described or implied in the forward-looking statements. SHOP APOTHEKE EUROPE undertakes no obligation to update these forward-looking statements or to correct them in any other than anticipated development. SHOP APOTHEKE EUROPE also does not intend to do so.