Pilulka's Market Expansion and Innovation
5.3
HISTORICAL AND PROJECTED FINANCIAL STATEMENTS (1/2)
Profit and loss statement (CZK million)
Gross profit
2020
Revenues
1,786
2021
2,413
2022
2023
2024
Revenues CZ online
827
1,317
2,465 2,611 3,021
1,381 1,408
2026
3,589 4,227
1,620 1,900 2,200
2025
Revenues CZ offline
421
400
368
316
305
305
305
Revenues SK online
392
489
514
583
670
770
860
Revenues RO online
48
74
74
77
90
125
160
Revenues AT online
47
111
170
250
Revenues HU online
48
90
160
270
Revenues Plus Care
0
3
7
13
20
25
Other revenues
98
132
122
126
122
139
Cost of sales
1,292
1,753
1,756
1,910
493
659
709
701
2,207
813
2,625
157
3,098
964
1,130
% from revenues
27.6%
27.3%
28.8%
26.8%
26.9%
26.9%
26.7%
Operating expenses
467
630
710
709
782
874
974
EBITDA
27
29
(1)
(8)
31
90
156
EBITDA CZ online + CZ offline +
31
41
31
27
64
90
112
Plus Care + Other (CZ)
EBITDA SK online + Other (SK)
7
6
10
9
23
39
EBITDA RO online + Other (RO)
(11)
(17)
(20)
(9)
(6)
(2)
1
EBITDA AT online + Other (AT)
EBITDA HU online + Other (HU)
(6)
(18)
(18)
(9)
3
(11)
(18)
(17)
(11)
2
% from revenues
1.5%
1.2%
(0.0%)
(0.3%)
1.0%
2.5%
3.7%
2.7
27
1.5%
29
2
1.2%
0.1%
(8)
(0.3%)
31
1.0%
90
2.5%
156
3.7%
Actuals Forecast
EBITDA adjustment
Adjusted EBITDA
% from revenues
བྱེ॰
Note: The presented financial data are based on the Company's management accounting
After a period of significant growth (also influenced by the COVID-19
pandemic and the associated increased demand for pharmaceuticals
and medical supplies), the Company recorded an annual revenues
growth of approximately 2.2% in 2022, despite an overall decline in
e-commerce
The Company expects average revenues growth in the 2023 2026
period to be approximately 17% per annum due to:
Continued growth of Pilulka on Czech and Slovak markets
Additional revenues from the Romanian and newly opened
Austrian and Hungarian branches
The evolution of the gross margin from 27.6% in 2020 to 28.8% in
2022 indicates a gradual improvement in Pilulka's profitability
due to:
Stabilization of business and further consolidation of the
penetrated markets
Increased bargaining power in respect to suppliers
Introduction of profitable private labels into the portfolio
Decline in the gross margin after 2022 is due to foreign expansion
EBITDA adjustment in 2022 includes one-off expenses incurred in
relation to the acquisition of another company. The acquisition was
ultimately not completed
The Company has positive EBITDA in the Czech Republic and
Slovakia, indicating the functionality and sustainability of its local
business model. As a result of the foreign expansion, Company's
EBITDA will be negative in 2023
21
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