Redcare Pharmacy N.v. · XETR:RDC
Redcare Pharmacy — Shop Apotheke Europe — Shareholder Meeting (April 2018)
54 slides from Redcare Pharmacy's shareholder meeting presentation, Apr 26, 2018
Slide 1: Shop Apotheke Europe N.V. Annual General Meeting
SHOP APOTHEKE EUROPE N.V. ANNUAL GENERAL MEETING. VENLO, 26 APRIL 2018
Slide 2: Disclaimer
DISCLAIMER. 2 THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. IMPORTANT NOTICE The information contained in this Presentation has been provided by Shop Apotheke Europe
Slide 3: Today's Agenda
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 3 1. Opening 2. Annual Report for the financial year 2017 (discussion item) 3. Reservation and dividend policy (discussi
Slide 4: 1. Opening
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 4 1. OPENING.
Slide 5: Company Overview
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 5 COMPANY OVERVIEW. MICHAEL KÖHLER, CHIEF EXECUTIVE OFFICER
Slide 6: The shift from offline to online
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 6 THE SHIFT FROM OFFLINE TO ONLINE. CONTINOUSLY BOOSTING OUR EUROPEAN GROWTH STORY. Huge adressable medication market €
Slide 7: Penetrating a highly fragmented market with no offline brands
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 7 PENETRATING A HIGHLY FRAGMENTED MARKET WITH NO OFFLINE BRANDS. No significant offline player… …and no online player wi
Slide 8: Fully on target: seamless integration of Europa Apotheek
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 8 FULLY ON TARGET: THE SEAMLESS INTEGRATION OF EUROPA APOTHEEK. Combining the OTC and Rx offering & & Serving the whole
Slide 9: The acquisition of Europa Apotheek is the unique opportunity
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. “THE AQUISITION OF EUROPA APOTHEEK IS THE UNIQUE 9 OPPORTUNITY TO CREATE EUROPE’S LARGEST ONLINE PHARMACY...” Combining
Slide 10: Comprehensive offering for the whole family
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 10 “…WITH A COMPREHENSIVE OFFERING FOR THE WHOLE FAMILY.” Combined Entity’s Customer Age Profile(1) % of Total Active Cu
Slide 11: Strong public resistance against potential Rx ban
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 11 STRONG PUBLIC RESISTANCE AGAINST POTENTIAL RX BAN THAT WOULD CONFLICT WITH GERMAN AND EUROPEAN LAW. Selected press vi
Slide 12: Successful convertible bond placement on 12 April 2018
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 12 SUCCESSFUL CONVERTIBLE BOND PLACEMENT ON 12 APRIL 2018: EUR 75M FOR ACQUISITIONS IN OTC/BPC TO ACCELERATE GROWTH. Sal
Slide 13: Highly experienced management with a >25% stake
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 13 HIGHLY EXPERIENCED MANAGEMENT WITH A >25% STAKE AND A STRONG COMMITMENT TO PROFITABLE GROWTH. Michael Köhler, CEO & F
Slide 14: Operational Development and Prospects
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 14 OPERATIONAL DEVELOPMENT AND PROSPECTS. STEPHAN WEBER, CHIEF MARKETING OFFICER
Slide 15: Active customer base increased to 2.7 million
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 15 ACTIVE CUSTOMER BASE INCREASED TO 2.7 MILLION. Number of Active Customers (in m)* 2.7 2.4 2.2 2.1 1.8 1.5 1.6 • Our c
Slide 16: Continued strong site visit growth
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 16 CONTINUED STRONG SITE VISIT GROWTH. Web traffic (in m) 18.6 17.9 18.0 17.1 Share of mobile visits (%) 14.0 • Web traf
Slide 17: Attractive basket size supports profitability
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 17 ATTRACTIVE BASKET SIZE SUPPORTS PROFITABILITY. 1,800 140% Number of Orders in '000 1,600 1,552 Share of repeat orders
Slide 18: Well-positioned to grasp the huge market opportunity
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 18 SHOP APOTHEKE WELL-POSITIONED AND PREPARED TO GRASP THE HUGE MARKET OPPORTUNITY FOR ONLINE PHARMACIES. Enormous OTC o
Slide 19: 2. Annual Report for Financial Year 2017
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 19 2. ANNUAL REPORT FOR FINANCIAL YEAR 2017 (DISCUSSION ITEM).
Slide 20: Presentation of the Financial Year 2017
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 20 PRESENTATION OF THE FINANCIAL YEAR 2017. DR. ULRICH WANDEL, CHIEF FINANCIAL OFFICER
Slide 21: Consolidated Key Financials 2017
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 21 CONSOLIDATED KEY FINANCIALS 2017 SHOP APOTHEKE EUROPE. Revenue in € m Gross Profit in € m +60 % + 59 % 177 284 36.3 5
Slide 22: Revenue growth further accelerated
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 22 REVENUE GROWTH FURTHER ACCELERATED. Revenue in € m 284.0 2017 profitable growth in core market Germany continued: • R
Slide 23: Venlo operations serve both Shop Apotheke and Europa Apotheek
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 23 VENLO OPERATIONS SERVE BOTH SHOP APOTHEKE AND EUROPA APOTHEEK. SIGNIFICANT INVESTMENTS IN AUTOMATION 2017 TO INCREASE
Slide 24: Segment EBITDA Germany increased, financing international expansion
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 24 SEGMENT EBITDA GERMANY INCREASED, FINANCING INTERNATIONAL MARKET EXPANSION. Adjusted segment EBITDA in € m FY 2016 FY
Slide 25: Financial performance: cash flow
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 25 SHOP APOTHEKE EUROPE FINANCIAL PERFORMANCE: CASH FLOW. Development of cash (in € m) • Operating cash-flow includes bu
Slide 26: Financial performance: working capital and capex
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 26 SHOP APOTHEKE EUROPE FINANCIAL PERFORMANCE: WORKING CAPITAL AND CAPEX. Working capital (in € m, in % of revenue) CAPE
Slide 27: Outlook – on a path of profitable growth
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 27 OUTLOOK – SHOP APOTHEKE IS ON A PATH OF PROFITABLE GROWTH. Growing German segment EBITDA finances international expan
Slide 28: 3. Reservation and Dividend Policy
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 28 3. RESERVATION AND DIVIDEND POLICY (DISCUSSION ITEM).
Slide 29: Reservation and Dividend Policy
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 29 3. RESERVATION AND DIVIDEND POLICY (DISCUSSION ITEM). Due to the Company’s European growth story and online pharmacy
Slide 30: 4. Adoption of the Annual Accounts 2017
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 30 4. ADOPTION OF THE ANNUAL ACCOUNTS FOR THE FINANCIAL YEAR 2017 (VOTING ITEM).
Slide 31: Presentation of the Independent Auditor's Report 2017
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 31 PRESENTATION OF THE INDEPENDENT AUDITOR‘S REPORT 2017. Presentation by Pieter-Paul Saasen Partner Audit & Assurance B
Slide 32: Proposal Agenda Item 4
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 32 PROPOSAL AGENDA ITEM 4. It is proposed to adopt the annual accounts 2017. On 27 February 2018, the members of the Man
Slide 33: 5. Proposal to Allocate the Results of 2017
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 33 5. PROPOSAL TO ALLOCATE THE RESULTS OF THE FINANCIAL YEAR 2017 (VOTING ITEM).
Slide 34: Proposal Agenda Item 5
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 34 PROPOSAL AGENDA ITEM 5. It is proposed by the Managing Board, with the prior approval of the Supervisory Board and in
Slide 35: 6. Remuneration Policy and ESOP
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 35 6. ADOPTION AND IMPLEMENTATION OF: a. the remuneration policy for the members of the managing board and the members o
Slide 36: Proposal Agenda Item 6.A
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 36 PROPOSAL AGENDA ITEM 6.A: Adoption and implementation of the remuneration policy for the members of the managing boar
Slide 37: Proposal Agenda Item 6.B
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 37 PROPOSAL AGENDA ITEM 6.B: Adoption and implementation of the management and employee stock option plan as part of the
Slide 38: 7. Discharge of the Managing Board
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 38 7. DISCHARGE FROM LIABILITY OF THE MEMBERS OF THE MANAGING BOARD FOR THE PERFORMANCE OF THEIR DUTIES DURING THE PAST
Slide 39: Proposal Agenda Item 7
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 39 PROPOSAL AGENDA ITEM 7. It is proposed to grant discharge to all members of the Managing Board from liability for the
Slide 40: 8. Discharge of the Supervisory Board
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 40 8. DISCHARGE FROM LIABILITY OF THE MEMBERS OF THE SUPERVISORY BOARD FOR THE PERFORMANCE OF THEIR DUTIES DURING THE PA
Slide 41: Proposal Agenda Item 8
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 41 PROPOSAL AGENDA ITEM 8. It is proposed to grant discharge to all members of the Supervisory Board from liability for
Slide 42: 9. Re-appointment of BDO as External Auditor
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 42 9. RE-APPOINTMENT OF BDO AUDIT & ASSURANCE B.V., EINDHOVEN, AS EXTERNAL AUDITOR OF THE COMPANY FOR THE FINANCIAL YEAR
Slide 43: Proposal Agenda Item 9
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 43 PROPOSAL AGENDA ITEM 9. It is proposed to re-appoint BDO Audit & Assurance B.V. in Eindhoven, The Netherlands, as the
Slide 44: 10. Revocation of Designation of Managing Board
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 44 10. REVOCATION OF THE CURRENT DESIGNATION OF THE MANAGING BOARD AS THE CORPORATE BODY AUTHORISED TO: a. issue shares
Slide 45: Proposal Agenda Item 10.A
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 45 PROPOSAL AGENDA ITEM 10.A: Revocation of the current designation of the managing board of the Company as the corporat
Slide 46: Proposal Agenda Item 10.B
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. PROPOSAL AGENDA ITEM 10.B: 46 Revocation of the current designation of the managing board of the Company as the corporat
Slide 47: 11. Designation of Managing Board
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 47 11. DESIGNATION OF THE MANAGING BOARD AS THE CORPORATE BODY AUTHORISED TO: a. issue shares and/or grant rights to acq
Slide 48: Proposal Agenda Item 11.A
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 48 PROPOSAL AGENDA ITEM 11.A: Designation of the managing board of the Company as the corporate body authorised to issue
Slide 49: Proposal Agenda Item 11.B
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. PROPOSAL AGENDA ITEM 11.B: 49 Designation of the managing board of the Company as the corporate body authorised to restr
Slide 50: 12. Prolongation of Authorisation to Acquire Shares
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 50 12. PROLONGATION OF THE AUTHORISATION OF THE MANAGING BOARD TO ACQUIRE SHARES IN THE COMPANY'S OWN SHARE CAPITAL (VOT
Slide 51: Proposal Agenda Item 12
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 51 PROPOSAL AGENDA ITEM 12. It is proposed that the general meeting authorises the Managing Board to repurchase shares,
Slide 52: 13. Questions and Any Other Business
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 52 13. QUESTIONS AND ANY OTHER BUSINESS.
Slide 53: Voting
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 53 VOTING.
Slide 54: 14. Closing
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 54 14. CLOSING.
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