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Zur Rose Group
Zur Rose Group Zur Rose Group
Time to change an 800 year old guilded system.
Company profile
Zur Rose Group
Zur Rose Group Zur Rose Group
3. Change happens now: Zur Rose Group perfectly positioned to exploit eRx opportunity
2. Pole position: Size, brand, operations and know-how
1. Large total addressable market with low online penetration
Key investment highlights
4
Zur Rose Group Zur Rose Group
Zur Rose Group: «Game Changer» in the CHF 146 bn medications market
Large total addressable market with low online penetration
Sources: Euromonitor, Market sizes for 2016, includes CH, DE, ES, FR, IT, UK Notes: 1 medications include Rx and OTC & BPC, 2015, excl. VAT, 2015 CHF/EUR = 0.92346 2 Online penetration for Rx in Germany | 3 Media products include music, films and books
146 bn
193 bn
54 bn
Medications Apparel Media products
(1)
(2)
(3)
CHF Market size and
e-commerce share
50% 40% 30% 20% 10% 0%
5
Zur Rose Group
Market mainly consists of chronic demand
Large total addressable market
Source: IMS Health 2016, Sempora market study, 2017, Helsana Arzneimittelreport, 2016, pharmaSuisse, 2016, Zur Rose/DocMorris estimates | 1 2015, core European market consists of CH, DE, ES, FR, IT, UK, excl. VAT, 2015 CHF/EUR = 0.9235 | 2 2016 CHF/EUR = 0.9326 | 3 Sales 2018 of Segment Germany, B2C Sales Switzerland and International EUR/CHF 0.866 | 4 According to James Dudley Management: Mail Order and Internet Pharmacy in Europe 2017, p. 13 | 5 Beauty Personal Care
Core European market: CHF 146 bn(1)
Rx OTC & BPC(5)
#1 player(4)
Illustrative / not true to scale
acute
ch
ron
ic
B2C sales: CHF 811 m(3)
e-Commerce DE & CH: CHF 1.9 bn(2)
Total DE & CH: CHF 49.8 bn(2)
20% 80%
80
%
20
%
6
Zur Rose Group
Zur Rose Group the undisputed #1 e-commerce pharmacy player in Europe
Notes: 1 Sales 2019 | 2 Sales 2019 including medpex EUR/CHF 1.112194 | 3 Sales 2018 EUR/SEK 10.3852
EUR 701 m(1)
EUR 190 m(3)
10
10
Overview of competitive positioning
10
10
EUR 1‘410 m(2)
7
Zur Rose Group Zur Rose Group
Notes: 1 Including sales of medpex | 2 in local currency
FY 18 Sales
1’207 CHF Mio.
553 40
Switzerland Germany
Zur Rose Group at a Glance
#1 e-commerce pharmacy in Europe and a leading medication supplier to doctors and medical centres in Switzerland
Rest of Europe
976
FY 19 Sales
1’569
CHF Mio.(1)
Profit Base Growth Engine
FY 2019 Sales
FY 2018 EBITDA
13 +50.9% FY 2019 Sales growth(2)
FY 2019 Sales(1)
+53.5% Q4 2019 Sales growth
FY 2019 Sales
8
In Mio. CHF
Zur Rose Group
Comprehensive business model and core profit base
Notes: 1 SD: Self dispensing by physicians allowed | 2 NSD: Non-self dispensing/Self dispensing by physicians not allowed | 3 Last twelve months ending 31 December 2019 | 4 Of the e-commerce pharmacy market 2018; source: IMS Health | 5 Of the physician supply market 2018; source: IMS Health
SD allowed(1)
Mixed cantons NSD(2)
134’000 Active customers B2C(3)
KPI’s
35% Market share B2C(4)
25% Market share B2B(5)
4’200 Active customers B2B(3)
A leading Swiss pharmaceutical supplier
9
Zur Rose Group
German e-commerce pharmacy leader in scale and quality with unique customer stickiness
Notes: 1 Last twelve months ending 31 December 2019 including all acquisitions | 2 Sources: Sempora, Insight Health, Zur Rose Group market share 2017 is an aggregate number of Segment DE, apo-rot, Eurapon, medpex and Vitalsana | 3 combined site visits of DocMorris, medpex, apo-rot, eurapon, Vitalsana and Zur Rose DE | 4 Share of orders from existing customers in relation to total number of orders
6.3 million Active customers(1)
KPI’s
German market leader
10
163 million Site visits(3)
37% Market share(2)
80% Repeat order rate(4)
Zur Rose Group
Marketplace model scaling rapidly
Notes: 1 Last twelve months ending 31 December 2019 | 2 as of 31 December 2019
543’000 Active customers(1)
KPI’s
Rest of Europe
11
795 # of sellers(2)
138’000 # of products(2)
6’000 # of brands(2)
Market trends
Zur Rose Group Zur Rose Group
New technology enables medicine to become mobile and convenient
Digitalisation in healthcare
Zur Rose Group
Pharmaceuticals well suited for e-commerce
Growth driver 1: Digitalisation in healthcare
Note: 1 DocMorris 2019
— Small size and weight, high value
— Predetermined product selection via prescription
— Return rate: 0,8 %(1)
14
Zur Rose Group Zur Rose Group
The need for an innovative cost reduction approach is increasing
Cost pressure
Zur Rose Group
Zur Rose Group’s digital services allow for superior quality vs. brick-and-mortar
Growth driver 2: Cost pressure
— 14 out of 15 studies show a higher adherence of patients
using an e-commerce pharmacy vs. brick-and-mortar(1)
— EUR bn 1.8 avoidable costs caused by medication errors(2)
— McKinsey(3): Digitizing healthcare could take EUR 34bn
out of the German healthcare system
Source: 1 PubMed research carried out by Inav Institute 2019 | 2 IMS Health 2014 | McKinsey 2018
16
Zur Rose Group Zur Rose Group Source: Börsen-Zeitung, 05.05.2018, Autor Oliver Cassé, «Die demographische Herausforderung» https://www.boersen-zeitung.de/index.php?li=1&artid=2018086808&artsubm=&subm=
Demographic change
The share of the 60+ year old population will increase globally
Zur Rose Group
36%
14%
58%
33%
77%
57%
92%
77%
35-54 55-64 65+ 18-34
≥1 chronic disease ≥2 chronic diseases
Older and chronically ill population growing fast
Growth driver 3: Demographic change
Source: Demographic development Switzerland, Bundesamt für Statistik 2015; Share of chronically ill patients by age, USA 2005, Machlin et al. 2008; 18
20% 20% 19% 19%
62% 59% 56% 55%
18% 21% 24% 27%
2015 2025 2035 2045
20-64 years old 65+ years old <20 years old
Zur Rose Group Zur Rose Group
European Court of Justice paving the way for competition
European liberalisation
Zur Rose Group
2003
2009
2016
Fragmented market
ECJ continues to allow prohibition of foreign ownership for pharmacies
Competition from abroad
ECJ rules that foreign pharmacies in the EU are not bound to local fixed price systems
OTC mail-order all over Europe ECJ allows EU-wide OTC medication delivery via mail-order
ECJ taking out bricks in the wall, which seal pharmacy off competition
Growth driver 4: European liberalisation
20
Zur Rose Group
1. Ban of Rx mail-order
2. eRx intro-duction
3. Rx bonus ban
Law to introduce eRx in Germany enacted on 16 August 2019
“Whether there will ever be a ban on Rx bonuses, on the other hand, is more uncertain than ever.” – Apotheke Adhoc after Health Minister Spahn’s speech at German Pharmacists' Congress
“Therefore, there are still considerable constitutional and European legal concerns with regard to a ban on mail-order sales of prescription drugs in the current situation.“ – German federal government, Sabine Weiss
Regulatory headwind in Germany is easing up
Growth driver 4: European liberalisation
21
Zur Rose Group
Legislator considering opening the French OTC market for e-commerce
22
— Draft law to accelerate and simplify public trade includes measures to ease OTC e-commerce for French pharmacies
— EURbn 6 French OTC market to be liberalized for mail-order
— OTC market entry under review
Growth driver 4: European liberalisation
«French government wants to open
OTC market to online platforms.»
Zur Rose Group Zur Rose Group
Brand power
Brands determine competition
Zur Rose Group 65%
39%
19%
18%
13%
Source: 1 Aided brand awareness based on GFK 2019
Zur Rose Group 24
Growth driver 5: Brand power
No. 1 in Germany(1)
Zur Rose Group
4%
10%
54%
No. 1 in Switzerland(1)
Growth driver 5: Brand power
Source: 1 Aided brand awareness based on GFK, 2018
Zur Rose Group 25
Zur Rose Group Zur Rose Group
The scene is set for change
Market trends
1 Digitalisation
2 Cost Pressure
3 Demographic Change
4 European Liberalisation
5 Brand Power
26
Zur Rose Group
Acceleration of e-commerce & digital healthcare
27
— Short term sales boost
— Digitalisation receives significant public acceptance
— Covid-19 catalyses shift towards e-commerce pharmacy and eRx
— Associated risks to be evaluated and managed
Covid-19 impact
«The covid-19 epidemic
has brought millions of
new patients online. They
are likely to stay there.»
Management additions
Zur Rose Group
Zur Rose Group
Moving towards an agile business model driven organization
29
Management additions
Head B2C
Olaf Heinrich
Head B2B2C & B2B
Walter Hess
Head Marketplace
David Masó
Chief Financial Officer Group
Marcel Ziwica
Chief Operations Officer Group
Bernd Gschaider
Chief Strategy & Digital Officer
Betül Susamis Unaran
CEO Group
Walter Oberhänsli
Head Switzerland
Walter Hess Head Germany
Olaf Heinrich Head Europe
David Masó
Regional unit (Segment) Business model Community leader Corporate function
Zur Rose Group
— Former Global Head of Digital Medicines at Novartis
— Former Head of Digital at Ferring Pharmaceuticals
— Industrial Engineering degree from Bogaziçi University in Istanbul & MBA from INSEAD
Management team strengthened by recent additions
30
Management additions
Betül Susamis Unaran Chief Strategy & Digital Officer
David Masó Head Europe / Marketplace
Bernd Gschaider Chief Operations Officer
— Former Country Director Logistics Germany and Austria at Amazon
— Mechanical engineering degree from RWTH Aachen
— Co-founder of PromoFarma and several start-ups in Spain
— Telecommunications engineering degree from UPC Barcelona
— MBA from ESADE Barcelona & Stanford Executive Program
30
Strategy Update
Zur Rose Group
Zur Rose Group Zur Rose Group
1. Evaluation of chances and risks
2. Acceleration e-commerce & digital healthcare
32
Key initiatives
Strategy update
eRx opportunity 1. Ressource allocation shift OTC to eRx while maintaining #1 position
2. Launch eRx marketplace app
3. Scaling of pilot project
Integration & synergies
1. Strengthen leadership team
2. Warehouse ramp-up and further integration steps
3. Branding strategy
OTC market opportunity France
2
3
1
2
3
1
E-Health Ecosystem
Covid-19
1. Technology platform
2. Integrating key partners
1
1 1. Market entry strategy 1
2
2
eRx opportunity
Zur Rose Group
Zur Rose Group Zur Rose Group 34
Low online penetration leaves ample room for growth
25%
10%
0%
19%
1.3%
Rx OTC OTC &
BPC
Rx /
OTC & BPC
Rx Rx /
OTC & BPC
10%
eRx
implemented
eRx
implemented
eRx:
Initiatives in progress
eRx
Implemented
e-commerce penetration rate(1)
Source: Sempora 2017, IMS, 2018, Dr. Kaske 2019, Breakit.se, Euromonitor (as of 03-Apr-2017), online penetration calculated by dividing the internet retailing market size across Europe by the total market size for each vertical DE 2017, CH 2017, SWE estimate 2018, US 2015 Note: 1 Share of value of the respective market fulfilled via e-Commerce
eRx opportunity
Zur Rose Group Zur Rose Group
Increasing online penetration through eRx expected, unlocking substantial upside potential
Source: 1 Sempora 2017 incl. VAT Illustrative, assuming constant Zur Rose Group share of e-commerce market and constant total market size
Rx sales EUR 0.25bn
Rx sales EUR 1.0bn
Rx sales EUR 1.9bn
Online penetration Rx in %
10%
5%
1.3%(1)
35
eRx opportuniy
Zur Rose Group
Law to introduce eRx in Germany enacted with strong role for Gematik
eRx opportunity
Key topics of the law:
— eRx introduced as alternative to paper script
— Gematik (51% owned by Ministry of Health) is mandated to implement technical infrastructure for eRx
— Focus on safe connection of physicians and pharmacies to a national eRx server
Gematik timeline for Telematik infrastructure:
— Connect remaining doctors (currently approximately 80% connected)
— Connect pharmacies until Q3 2020 (start Q2 2020)
— National eRx server planned to be ready in 2021
36
Zur Rose Group
Regulation currently drafted to define operations for eRx ramp-up in 2021
— Access to eRx server will be possible for all market participants
— EU mail-order pharmacies will be able to connect
— Competition for eRx between pharmacies via value-add services
— Gematik solution planned with connectivity to third party solutions
37
eRx opportunity
Zur Rose Group
Opportunity to scale eRx via eHealth-Tec B2B solution and partnerships
— eHealth-Tec technology solution for professionals (physicians and pharmacies) can be integrated seamlessly into existing physician and pharmacy software via download
— Partnerships with relevant stakeholders can catalyse eRx roll-out ahead of Gematik solution
38
eRx opportunity
Physical doctor
Physician information
system
Pharmacy information
system
Pharmacy eRx Server Patient Marketplace App
Telemedicine E-commerce pharmacy
Zur Rose Group
Launch of eRx marketplace app targeted for H2 2020
39
eRx opportunity
— eRx marketplace business model in place
— Launch of DocMorris branded eRx marketplace app on the basis of existing marketplace technology of the group in 2020
— Repeat script, stock availability at local pharmacies, pick-up and 2 hour delivery as core functions
Zur Rose Group
Zur Rose Group
Case study - Fully digital eRx process in Techniker Krankenkasse pilot project
Source: https://das-erezept.de/; Watch the video at: https://youtu.be/Cpu45PYS52o
— Techniker Krankenkasse established fully digital eRx process from physician to patient to pharmacy to insurance company
— eRx already issued
— Proof of concept
40
eRx opportunity
Integration & synergies
Zur Rose Group
Zur Rose Group
Acquisition strategy leads to market share of 37% in Germany
Source: EHI Retail Institute Note: Size of the bubble indicates company size based on transaction consideration but not sized to scale
Integration and synergies
Dutch e-commerce pharmacy
2017
Top 10 German e-commerce
pharmacy
2017
#3 German e-commerce
pharmacy
2018
#7 German e-commerce
pharmacy
2018
42
Zur Rose Group
Brands
Target picture One brand
Target 2020 Branding strategy
Logistics
Target picture One logistics hub
for Germany
Target 2020 Expansion of Heerlen site
IT Platform
Target picture One unified platform
Target 2020 Launch eRx marketplace in
Germany
Organisation Culture
Target picture
Shared DNA and vision
Target 2020 Expansion of
management team
Zur Rose Group
Zur Rose Group integration strategy – a combination of four pillars
43
Integration & synergies
Zur Rose Group
Key additions to the German management team to address growth and operational excellence
44
— Integration of medpex founders into segment leadership after Earn-out settlement
— Ex-Amazon logistic manager Gschaider to take over COO Group and Germany role
— Marketplace specialist Dr. Malte Dous to lead the eRx marketplace build-up in Berlin
Marketing Frank Müller
Operations Bernd Gschaider
Technology Tobias Kindlieb
Integration Ulrich Spindler
Marketplace Dr. Malte Dous
Integration & synergies
Zur Rose Group
DocMorris
apo-rot
Scaling up Heerlen site
45
2020 initiatives:
— Increase capacity in existing distribution center
— Further integration steps
— Launch of installation of warehouse automation in the new distribution center
Integration & synergies
E-Health Ecosystem
Zur Rose Group
Zur Rose Group 47
E-Health Ecosystem
#1 E-Commerce Pharmacy in Europe
Become the “E-Health Ecosystem of Europe“
Sell Rx, OTC, beauty and personal care products
Deliver solutions and services in addition to
products
Today Tomorrow
Focus on transactional business
Ensure the efficacy of pharmaceuticals with the help of digital solutions
Zur Rose Group
Zur Rose Group
Technology powerhouse
Media
Multi-Category
E-Commerce & Cloud
Computing
Bookstores
Music Streaming
Service
Music (CDs)
Content Streaming Service
Video Rentals
Online Accomo-
dation Marketplace
Hotels / Landlords
On-Demand Transpor-
tation & Food Delivery
Taxis
E-Health Ecosystem
Brick-and- mortar
pharmacies
Online- Search Engine
Online Book Retail
Music Downloads
Video on Demand
Travel Booking Websites
Ride- Hailing Service
e-Commerce pharmacies
48 Zur Rose Group
Taking healthcare where retail, entertainment, travel and mobility have already gone
E-Health Ecosystem
Zur Rose Group Zur Rose Group
The opportunity to evolve into the E-Health Ecosystem in Europe is now
Patient
► Best positioned to bring best-in-class solutions to people's livesl
E-commerce pharmacies
Brick-and- mortar
pharmacies
Disease specific care
solutions
Connected devices
Social media
platform
Home Care /
Telemedicine
eRx/ e-commerce
pharmacy
49
E-Health Ecosystem
Zur Rose Group 50
From today’s transactional business…
…to a technology and data-driven
leader
E-Health Ecosystem
Zur Rose is building on existing assets to evolve its core business
Zur Rose Ecosystem
Core
Marketplace & platforms
Note: Displayed logos are showing examples of current and potential partners Zur Rose Group 50
Zur Rose Group 51 Zur Rose Group
Large and quickly growing team in Barcelona, Berlin and Zurich leading the tech development for the Group
Investing in technology
—3 great Tech Hubs Berlin, Barcelona, Zurich(1) —Agile culture and continous deployment —150+ employees from 20 nationalities —Tech background: software engineers, data scientists, UX designers
and product managers —Product focus: marketplaces, eRx, digital health platforms
Notes: 1 Winterthur, canton of Zurich
Financials
Zur Rose Group
Zur Rose Group
4.3
7.0
1.7
FY 2018 FY 2019
Active customers1
in millions Site visits3
FY 2018 FY 2018 FY 2019 FY 2019
(5.1%)
81% FY 2018
Repeat order rate2
79% FY 2019
Notes: Figures reflecting performance of entire business regardless of consolidation progress of the acquired businesses; all numbers reflecting the performance in the last twelve months period ending 31 December 2018 and 31 December 2019 respectively | 1 Customers placing an order within the past twelve months | 2 Share of orders from existing customers in relation to total number of orders | 3 Number of website visits | 4 Basket size equals average value of the purchase per order | 5 Number of orders per active customer and year
Basket size4
in EUR
+61.0%
(6.7%)
Order frequency5
in #
146m FY 2018
216m FY 2019
53
B2C & Marketplace Addition via acquisitions
KPIs
Group KPIs B2C & Marketplace
2.6 2.4 61 57
Zur Rose Group
Growth strategy accelerating sales development
in CHFm
Zur Rose Group
879.5 982.9
1207.1
+224.2 (+22.8%)
+103.4 (+11.8%)
29.7 73.7 27.2 188.0
2016 2017 2018 Germany Switzerland Germany Switzerland
9.0
+18.0% +5.4% +38.9% +6.3% n.a.
Rest of Europe
54
FY 19(1) +30.0%
Note: 1 FY 2019 sales growth rate incl. medpex
Financials
Zur Rose Group
Group sales grew 30%
1207.1 1568.7
26.3
304.5
+361.6 (+30.0%)
Switzerland FY 2018 Germany incl. medpex(1)
FY 2019 incl. medpex(1)
30.8
+5.0% +45.4% n.a.
Europe
Note: 1 medpex sales not yet consolidated 55
in CHFm
Financials
Zur Rose Group
In CHFm
FY 2018(1)
%
FY 2019
%
Sales incl. medpex 1‘568.7
Sales 1‘207.1 1‘355.5
Gross profit 191.2 15.8 208.7 15.4
Personnel expenses -93.7 -7.8 -117.5 -8.7
Marketing expenses -41.3 -3.4 -53.2 -3.9
Other operating income & expenses -70.3 -5.8 -51.8 -3.8
EBITDA -14.0 -1.2 -13.8 -1.0
EBIT -32.9 -2.7 -45.7 -3.4
Net income -39.1 -3.2 -52.4 -3.9
Income statement
56 Note: 1 restated
Financials
Zur Rose Group
Convertible Bond
Convertible Bond issuance increasing financial flexibility and autarchy
Fund accelerated roll out of our eRX solutions and European growth initiatives
Invest in platform and ecosystem partnerships
57 57
Rapidly adjust to the significantly increased levels of demand since the beginning of the Covid-19 crisis
General corporate purposes
Broaden our customer base through organic expansion as well as potential acquisitions
Financial outlook
Zur Rose Group
Zur Rose Group
Financial outlook
Current developments in the markets are creating very strong momentum
As the strategic focus is shifting from pure OTC growth to eRx, management targets sales increase of around 10 per cent in 2020 (including medpex's total annual sales) and as a consequence overproportional Rx growth acceleration starting 2021.
The aim is to break even in 2020 at the EBITDA level after adjusting for expenditure on additional growth initiatives, especially in electronic prescriptions and European opportunities.
59 59
The medium-term target for the EBITDA margin after adjusting for growth initiatives is around 8 per cent, with revenue in excess of CHF 3 billion.
Implementing the healthcare ecosystem will generate further relevant EBITDA potential over the long term.
Any effect of the Covid-19 virus on the business is not reflected in the outlook
Zur Rose Group
~8%
Outlook
Mid-term financial targets – path to profitability
60
Notes: 1 including personnel and distribution expenses Absolute figures in CHFm % of sales
209 15% -159 -12% -14 -1% -39 -3% -53 -4%
2019 1569
~240 Mid-term 3bn
2-3% run-rate 1569 31-46
60
Lower picking costs Organisational
synergies
Lock-in marketing
Shift towards higher margin eRx &
Ecosystem business
Sales Gross margin Variable costs(1) Marketing Other expenses EBITDA
Sales Gross margin Variable costs(1) Marketing Other expenses EBITDA
Increasing OTC margin
29 2%
One-off Gross margin Variable costs(1) Marketing Other expenses EBITDA Sales
Increased marketing efficiency
Contact information
Walter Oberhänsli
Founder, Group CEO
[email protected] +41 58 810 11 49
Marcel Ziwica
Group CFO
Zur Rose Group
2019 2018(1) 2017
CHF m % CHF m % CHF m %
Sales 1355.5 100.0 1207.1
100.0
982.9
100.0
Cost of goods (1146.9) (1015.9)(2) (836.3)
Other income 42.0 3.1(2) 9.7
Personnel expenses (117.5) (8.7) (93.7) (7.8) (78.3) (8.0)
Marketing expenses (53.2) (3.9) (41.3) (3.4) (33.7) (3.4)
Distribution expenses (41.9) (3.1) (33.1) (2.7) (26.6) (2.7)
Administrative expenses (34.9) (2.6) (24.9) (2.1) (27.4) (2.8)
Rent expenses (4.0) (6.0) (4.2)
Fair Value adjustment (2.9) (1.5)
Other operating expenses (10.1) (7.9) (7.3)
EBITDA (13.8) (1.0) (14.0) (1.2) (21.2) (2.2)
D&A (31.9) (18.9) (17.1)
EBIT (45.7) (3.4) (32.9) (2.7) (38.3) (3.9)
Financial result (4.4) (5.7) 1.8
EBT (50.1) (3.7) (38.5) (3.2) (36.5) (3.7)
Income tax expenses (2.3) (0.6) 0.2
Net income (52.4) (3.9) (39.1) (3.2) (36.3) (3.7)
Income Statement
Zur Rose Group financials
62 Note: 1 restated 2 Advertising allowances included in the cost of goods
Zur Rose Group Note: 1 See note 6 change in consolidation scope of the financial statements 2018 | 2 Includes investments in associates and JVs, non-current financial assets and deferred tax assets | 3 Includes other payables, tax payables, accrued expenses and short-term provisions
31 Dec 2019 31 Dec 2018 31 Dec 2017 restated (1)
CHF m % CHF m % CHF m %
Cash and cash equivalents 204.7 230.7 107.8
Current financial assets 0.2 0.2 0.2
Trade receivables 126.7 92.3 84.0
Other receivables & prepaid expenses 25.8 24.2 22.3
Inventories 70.6 69.4 59.3
Current assets 428.1 43.2 416.7 57.4 273.5 59.2
Property, plant & equipment 77.1 34.3 29.7
Intangible assets 465.3 264.6 147.6
Other assets(2) 21.3 10.9 11.0
Non-current assets 563.7 56.8 309.8 42.6 188.3 40.8
Total assets 991.7 100.0 726.5 100.0 461.8 100.0
Current financial liabilities 87.4 3.5 10.4
Trade payables 92.1 83.1 75.3
Other payables & accrued expenses(3) 33.1 32.3 33.4
Short-term liabilities 212.6 21.4 119.0 16.4 119.1 25.8
Non-current financial liabilities 38.1 30.6 32.0
Bonds 312.1 114.1 0
Pension liabilities 15.2 13.7 13.0
Deferred taxes & long-term provisions 8.2 5.5 3.5
Long-term liabilities 373.6 37.7 163.9 22.6 48.5 10.5
Equity 405.5 40.9 443.6 61.1 294.2 63.7
Total equity and liabilities 991.7 100.0 726.5 100.0 461.8 100.0
Balance Sheet
Zur Rose Group financials
63
Zur Rose Group
2019 2018(1) 2017
CHF m
Net income (52.4) (39.1) (36.3)
D&A 31.9 18.9 17.1
Non cash items financial result (2.2) 3.2 (4.6)
Non cash income and expenses (35.3) 3.4 3.6
Income taxes paid 2.3 0.6 (0.1)
Change in trade receivables, other receivables and prepaid expenses (37.3) (12.2) (13.1)
Change in inventories (3.4) (10.3) 1.0
Change in trade payables 13.5 4.1 6.4
Change in provisions 0.4 (1.8) 3.8
Cash flow from operating activities (82.6) (33.2) (22.2)
Acquisition & Sale of subsidiaries, net (103.1) (108.6) (40.9)
Purchase of property, plant and equipment (10.4) (10.3) (5.1)
Acquisition of intangible assets (31.1) (21.2) (16.6)
Investments/ (disposal) of financial assets 1.4 (0.2) 0.3
Cash flow from investing activities (143.2) (140.3) (62.2)
Proceeds from capital increases 0.5 191.1 222.4
Transaction costs of capital increase (0.3)
Increase in financial liabilities 205.0 114.1 0.0
Repayment of financial liabilities (5.0) (1.8) (56.1)
Purchase of treasury shares (0.0) (6.4) (0.4)
Cash flow from financing activities 200.2 297.1 165.9
Total cash flow (25.6) 123.6 81.5
Fx differences (0.5) (0.6) 1.1
Cash Flow Statement Zur Rose Group financials
64 Note: 1 restated
Zur Rose Group
Disclaimer
This presentation (the "Presentation") has been prepared by Zur Rose Group AG ("Zur Rose" and together with its subsidiaries, "we", "us" or the "Group") solely for informational purposes and has not been independently verified and no representation or warranty, express or implied, is made or given by or on behalf of any of the Group. Zur Rose reserves the right to amend or replace the Presentation at any time, and undertakes no obligation to provide the recipients with access to any additional information. Zur Rose shall not be obligated to update or correct the information set forth in the Presentation or to provide any additional information. Nothing in this Presentation is, or should be relied upon as, a promise or representation as to the future. Certain statements in this Presentation are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, but not limited to, future global economic conditions, changed market conditions, intense competition in the markets in which the Group operates, costs of compliance with applicable laws, regulations and standards, diverse political, legal, economic and other conditions affecting the Group’s markets, and other factors beyond the control of the Group). Neither Zur Rose nor any of its respective directors, officers, employees, advisors, or any other person is under any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak of the date of this Presentation. Statements contained in this Presentation regarding past trends or events should not be taken as a representation that such trends or events will continue in the future. This Presentation does not constitute or form part of, and should not be construed as, an offer or invitation or inducement to subscribe for, underwrite or otherwise acquire, any securities of Zur Rose, nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Group, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This Presentation is not a prospectus and is being made available to you solely for your information and background and is not to be used as a basis for an investment decision in securities of Zur Rose or the Group.
