FARMAÈ ACQUIRES AMICAFARMACIA - BECOMING THE UNDISPUTED ITALIAN ONLINE PHARMA CHAMPION 29 JUNE 2021 - Farmae Group
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FARMAÈ ACQUIRES AMICAFARMACIA
BECOMING THE UNDISPUTED ITALIAN ONLINE PHARMA CHAMPION
29 JUNE 2021
PEOPLE SPEAKING TODAY
Riccardo Iacometti Marco Di Filippo Alberto Maglione Maurizio Paganini
Founder of Farmaè Founder of AmicaFarmacia Vice President of Farmaè Finance Consultant of Farmaè
30+ years of experience 15+ years of experience 15+ years of experience 30+ years of experience
in the Health & in the Pharmacy in the Communication in the Financial
Beauty Sector Sector & E-commerce & Marketing Sector Sector
Prior experience: Founder of Founder of Valnan Prior experience:
Country general manager AmicaFarmacia in 2006 Communication in 2003 Chief Financial Officer of
for Italy at Alliance Farmaè
Healthcare
2
THE NEW
Undisputed leader in the Italian online e-
Retailing in pharma & personal care market,
paving the way for International expansion
Strong growth potential leveraging the wider
customer base and the advanced Media Platform
A unique reference partner for the Industry
enhancing co-marketing activities and improving
visibility on the Italian Market
A scalable and omnichannel business model
3
WE HAVE LAID THE FOUNDATIONS IN THE PAST…
€65.5m →
Revenues 2020
+74%
YoY Growth
→ +81% Revenues
2015-2020 CAGR
First Italian online
e-Retailer in pharma 10 ~45k
& personal care Physical stores SKUs
market
>40m 4.0% 2.7x
Site visits on the Conversion rate in 1Q2021 Repeated orders
website in 2020 per year
7.5m €42.6 >1.4m
Average ticket in Online orders
Products sold
2020 (net of VAT) received in 2020
4
…BEING ABLE TO CREATE VALUE FOR OUR SHAREHOLDERS…
+315%
€ 178.3m di Market Cap (1)
€ per share from
IPO price
€ 31.1(2)
€ per share
€ 7.5
IPO price
1) Market Cap as of June 24th, 2021
5
2) As of June 24th, 2021
… AND TODAY WE ARE READY TO BECOME THE UNDISPUTED ITALIAN ONLINE PHARMA CHAMPION…
2020 Revenues (€ m)
93.3
27.8
65.5 19.3 (1)
19.3
Please note that comps revenues are reported only for illustrative purposes. Source: IQVIA, Aida
6
1) Gross revenues. Source: Assemblea Delibera Aucap
…IN A ITALIAN E-COMMERCE MARKET WITH STRONG GROWTH POTENTIAL
2020
€ 30.6 bn (-3%) E-commerce Market Value
E-commerce
€ 23.4 bn (+31%) Products
Market
€ 7.2 bn (-47%) Services
8.0% Penetration rate
€ 10.8 bn Personal Care & OTC Market Value
Personal Care &
Otc Market * € 389 m (+23%) Personal Care & OTC Online Market
3.6% Penetration rate
€ 10.0 bn Beauty & Professional Market Value
Beauty & Professional
Market ** € 658 m (+40%) Online Beauty & Professional Market
6.5% Penetration rate
Source: IQVIA (2020) * Sold through pharmacies and drugstores, retail price
7 Politecnico di Milano/Osservatori.net ** Sold through Perfume Shops and Beauty Salons, retail price
FARMAE’ & AMICAFARMACIA AGGREGATED
In € m
YoY YoY
‘18 – ‘19 ‘19 – ‘20
Revenues
27.8 25% 34%
20.8
16.6
In € m
Revenues 93.3
2018A 2019A 2020A Combined
58.4
65.5 YoY YoY
‘18 – ‘19 ‘19 – ‘20 41.4
In € m
52% 74%
37.6
24.8
2018A 2019A 2020A
2018A 2019A 2020A
8
SINERGIES (1/2)
Strengthen product portfolio in the Health
01 and Wellness sector
Consolidation of its positioning in the online
02 channel through a significant increase in the
user base
Acceleration of the launch of new commercial
03 and marketing strategies
Expansion of the logistic capacity, up to
04 12,000sqm, divided into 2 operating units
9
SINERGIES (2/2)
Improved commercial purchasing conditions
05 thanks to a greater critical mass
Further development of industrial partnerships
06 aimed at increasing targeted marketing and
communication actions
Enhancement of a single Group Media Platform
07
Integration of new service systems by proximity
08 (i.e. Farmaè Speed, Pro Active Customer Care)
10OVERVIEW OF AMICAFARMACIA
A GROWTH STORY
In the last few years, revenues have increased exponentially. Product portfolio has been
strengthened, including over-the-counter medicines, cosmetics, food supplements, sports, etc.
2018
Ca. 80 2020
employees Expansion of the
Logistic Hub and
transformation into Srl
2014
Online channel achieves
higher revenues than
2016
physical channel Online sales of over-the-
counter medicine after
the market liberalization
2006
Establishment of
AmicaFarmacia 2007
brand
Set up of the website
Amicafarmacia.com
12AMICAFARMACIA 2020 KEY FIGURES
€27.8m → +34% → +29%
Revenues 2020 YoY Growth Revenues 2018-2020 CAGR
1.8 Days 2 ~40k
Average order fulfilment Physical stores
SKUs
time
€51(1) ca. 1.6%(1) 26.9m(1)
Average ticket in 2020 Average conversion Sessions on the
(net of VAT) rate in 2020 website in 2020
13 1) Sources: Google AnalyticsCHANNELS & STORES
Pharmacy
• Pharmacy «Madonna della Neve» Via Rossini 15
• 290sqm
Logistic Hub
Online Channel Physical Channel • Via Roma 64 / 66, Bagnolo Piemonte (CN)
• 1,100sqm + 400sqm of container acquired close to
AmicaFarmacia.com Madonna della Neve the logistic hub
• A new hub of up to 8,000sqm to be opened by the
end of the year
Para - Pharmacy
Para - Pharmacy
2020 Online revenues(1) 2020 Physical revenues(1)
€2.5m 9%
• Via Roma 64 / 66, Bagnolo Piemonte (CN)
89% €24.6m
14 1) Remaining 2% refers to “Other revenues”.PEOPLE
MANAGEMENT STAFF (as of 31th March 2021)
Marco Di Filippo 6 44 13
CEO AFC Logistic Client service
• Degree in Pharmacy (1986)
• Founder of AmicaFarmacia.com in 2006
• Award “Eccellenze Italiane” received for AmicaFarmacia in 2020
6 5 2
Purchases Marketing IT
Tommaso Lino Biffi
CFO
• Degree in Business Administration 13
• CFO in AmicaFarmacia since 2019 Pharmacists
15DEAL STRUCTURE & GOVERNANCE
DEAL STRUCTURE & OWNERSHIP OF FARMAè POST DEAL
Riccardo
Mercato
MDF Holding Srl • 100% Equity Value: € 39m
Iacometti Di Filippo(1)
• Cash: € 7.0m (€4.5m+€2.5m subject to target
58.6% 25.1% 16.3% revenues as of June21’)
• Shares: € 32.0m (1,112,270 of new shares issued)
• Implied EV/Sales 2020 AmicaFarmacia: 1.42x
• Farmaè price per share agreed for new shares
Online Business
AmicaFarmacia
Amicafarmacia.
com issued: € 28.77 (implied EV/Sales 2020: 2.47x(2))
Farmaè
Phara-
100% pharmacy
AmicaFarmacia
(Pharmacy)
1) 100% owned by Marco Di Filippo
17
2) Based on net debt as of 31th December 2020GOVERNANCE POST DEAL
BOARD OF DIRECTORS ROLE OF MARCO DI FILIPPO
Riccardo Iacometti
Chairman & CEO • General Manager of AmicaFarmacia “Online Business”
Alberto Maglione Marco Di Filippo
Vice President Director
LOCK – UP MARCO DI FILIPPO
General Manager of Amicafarmacia
Giuseppe Cannarozzi Giovanni Bulckaen
Director Director
• 18 months (starting from closing date)
Dario Righetti Marco Guidi AUDIT FIRM & NOMAD
Independent Director Indipendent Director
STATUTORY AUDITORS SHAREHOLDERS
Sergio Marchese
Chairman
Riccardo Iacometti
MDF Holding 58.6%
Alberto Colella Monica Barbara Baldini 16.3%
Regular Statutory Regular Statutory
Auditor Auditor
Fabio Panicucci Gian Luca Succi
Alternate Statutory Alternate Statutory Free Float
Auditor Auditor
25.1%
18TIMETABLE
TIMETABLE
• Investors • Expected Closing date: Farmaè shareholders' meeting
• Farmaè Board of conference call resolves the capital increase to be paid for by contribution in
Directors for kind
transaction
approval
25th June 2021 28th June 2021 29th June 2021 2nd July 2021 2° mid of September 2021
• Signing
• Press release • Roadshow
20CONTACTS
Farmaè S.p.A. Media Relations
IR Manager
Via Marco Polo 190 Daniele Pinosa – SEC S.p.A.
Alberto Maglione
55049 Viareggio (LU) pinosa@secrp.com
ir@farmaegroup.it
www.farmaegroup.it Ph. +39 0584 1660552 M. +39 335 7233872
IR Advisor Fabio Santilio – SEC S.p.A.
Vincenza Colucci – CDR Communication santilio@secrp.com
vincenza.colucci@cdr-communication.it M. +39 339 8446521
M. +39 335 69 09 547
Nomad
Alantra Capital Markets
+39 02 63 67 16 01
Specialist
Banca Profilo
+39 02 584081
21DISCLAIMER
“This Presentation contains certain forward-looking statements. Forward-looking statements concern future circumstances and results and
other statements that are not historical facts, sometimes identified by the words "believes," "expects," "predicts," "intends," "projects," "plans,"
"estimates," "aims," "foresees," "anticipates," "targets," and similar expressions. Forward-looking statements contained in this Presentation,
including assumptions, opinions and views of Farmaè S.p.A. (“Farmaè” or the “Company”) or cited from third party sources, are solely opinions
and forecasts reflecting current views with respect to future events and plans, estimates, projections and expectations which are uncertain and
subject to risks. Market data used in this Presentation, which are not attributed to a specific source, are estimates made by the Company and
have not been independently verified. These statements are based on certain assumptions that, although reasonable at this time, may prove to
be erroneous. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual
results or events which materially differ from those expressed or implied by the forward-looking statements. If certain risks and uncertainties
materialize, or if certain underlying assumptions prove incorrect, the Company could be unable to achieve its financial targets and strategic
objectives. A multitude of factors which are in some cases beyond the Company’s control can cause actual events differ significantly from any
anticipated development. Forward-looking statements contained in this Presentation regarding past trends or activities should not be taken as
a representation that such trends or activities will continue in the future. No one undertakes any obligation to update or revise any forward-
looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements refer only as of the date of
this Presentation and are subject to change without notice. No representations or warranties, express or implied, are given as to the
achievement or reasonableness of, and no reliance should be placed on, any forward-looking statements, including (but not limited to) any
projections, estimates, forecasts or targets contained herein. Farmaè does not undertake to provide any additional information or to remedy
any omissions in or from this Presentation. Farmaè does not intend, and does not assume any obligation, to update industry information or
forward-looking statements set forth in this Presentation. This Presentation does not constitute a recommendation regarding the securities of
the Company.
This Presentation is not an offer, or a solicitation of an offer, to buy, sell or exchange any securities in Italy, pursuant to Section 1, letter (t) and
letter (v) of Legislative Decree no. 58 of February 24, 1998, or in any other Country or State and is not a prospectus or an offer document within
the meaning of Italian laws and regulations.”
22THANK YOU
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