Consolidated results

1 quarter 2011

Warsaw, 11th May 2011

Market data

Company NEUCA S.A.

Number of shares 4 431 922 shares

Capitalisation PLN 346 mn, conversion rate PLN 78.00 PLN per share for

10.05.2011

Free Float 43,92%

Index sWIG80, WIG, WIGdiv

Market basic

Ticker NEU

Management Board Piotr Sucharski – President of the Board

Grzegorz Dzik – Vice-President of the Board

Robert Piątek Vice-President of the Board

Jacek Styka – Vice-President of the Board

Website www.neuca.pl

IR Contact

1 quarter 2011 – good market and record results

High, but falling market dynamics

Sales growth above market, but unfavourable structure (50% growth done by

chains)

High dynamics of EBIT growth and net profit

Unrest on the financial market caused by planned legal changes in the

pharmaceuticals industry

VAT quote change influenced margin on refundable pharmaceuticals

New warehouse’s in Ołtarzew launch

FAVOURABLE

MARKET

SITUATION

Market position NEUCA

1,60

1,50 1,491,55

1,77

30,8% 30,8%30,5%

31,8%

31,5%

1Q 2Q 3Q 4Q 1Q

Quarterly market value Q1 2010 – Q1 2011 *

[PLN bn]

NEUCA quarterly revenues Q1 2010 – Q1 2011

[PLN bn]

# 2

19,00%

# 3

18,50%

# 4

7,00%

# 5

6,00%

others

18,00%

NEUCA

31,50%

Market shares in Q1 2011*

5,72

5,47 5,51 5,57

6,31

1,1%

6,5%

8,2%

0,4%

10,3%

1Q 2Q 3Q 4Q 1Q

2010 2011

2010 2011

High market growth dynamics with a falling

tendency retained in April

Market shares stabilisation

* source: IMS Health, own estimates

VERY GOOD

FINANCIAL RESULTS

1 596

1 770

Q1 2010 Q1 2011

NEUCA Group revenues growth

higher than entire market growth

50% of growth realised by increase in

the pharmacy chains channel; its

share in sales structures exceeded

25% in Q1

Maintaining high sales growth

despite decreased discounts on

refundable pharmaceuticals and

temporary service level worsening

due to Ołtarzew warehouse launch

Sales revenues dynamic growth y/y

+11%

Sales revenues

[PLN mn]

18 319

25 233

Q1 2010 Q1 2011

Dynamic EBIT growth in fully comparable environment both including and

excluding incidental events

Jumpy growth of EBIT Q1 2011

+38%

15 783

26 405

Q1 2010 Q1 2011

+67%

EBIT

[PLN thousand]

EBIT excluding incidental events

[PLN thousand]

11 754

15 388

Q1 2010 Q1 2011

Net profit growth both including and excluding incidental events makes

prognosis realisation for 2011 highly probable

Net profit Q1 2011 best ever

+31%

9 218

16 337

Q1 2010 Q1 2011

+77%

Net profit

[PLN thousand]

Net profit

excluding incidental events

[PLN thousand]

2011net profit prognosis realisation*

PLN 44 mn net profit prognosed for 2011

* Excluding incidental events

9,3

22,8

37,2

16,316,3

99%

61%

44%

25%

37%

1Q 2Q 3Q 4Q2010 quarterly results 2011 quarterly results

2010 prognosis realisation 2011 prognosis realisation

Q1 2011 vs. Q2 2010

CORRECTIONS DESCRIPTION

Q1 2010: negative company value: PLN 2.5 mn

Q1 2011: restructuring costs: PLN 1.2 mn including:

PLN 0.9 mn severance payments (mainly logistics and Centre of Common Services)

PLN 0.1 mn holiday compensation (related to employment reduction)

PLN 0.1 mn disassembly and dismantling costs

(PLN mn)Q1 2011 Q1 2010 Q1 2011

correctionsQ1 2010

correctionsQ1 2011

correctedQ1 2011

corrected

revenues 1 769.8 1 596,5 1 769,8 1 596.5

Gross profit on sales 141.6 128,8 141,6 128.8

EBITDA 30.3 23.8 1.2 -2,5 31,5 21.3

EBIT 25.2 18.3 1.2 -2,5 26.4 15.8

Net result 15.4 11,8 0.9 -2,5 16.3 9.2

% sales revenue

Gross profit on sales 8.00% 8,07% 8.00% 8.07%

EBITDA 1,71% 1.49% 1.78% 1.33%

EBIT 1,43% 1.15% 1.49% 0.99%

Net result 0.87% 0,74% 0.92% 0.58%

Restructuring activities’ continuation

Warehouse logistics

Closing down of warehouses in: Pruszków, Janki, Sady – employment

reduction by 114 people

Incorporation of another prosper office into representatives’ model

Preparation for a third central warehouse opening in Gądki near Poznań

(May/June 2011)

Telemarketing:

Call centre architecture selection completed by a contract signing

Centralised activities commencement within one city structure

Active Sales Department (DSA) consolidation – employment reduction

by 20 people along with a new quality structure establishment and

unification of work standards in the Group

Sales/ Marketing / Świat Zdrowia:

NEUCA sales structures’ unification – employment reduction by 15

people

Świat Zdrowia pharmacies product-services offer management from the

NEUCA level and market programmes management sharing

Category management and negotiations with producers (wholesale

and retail) management structure consolidation

- PLN 27.5 mnFrom 2013 vs.

end of 2009

- PLN 5 mn From 2013 vs.

end of 2010

- PLN 10 mn from 2013 vs.

end of 2010

www.portal-magazyny.pl

Mikołów PLN 18.0 mn

Wielogóra PLN 1.9 mn Piotrków Tryb. PLN 0.6 mn

Elbląg PLN 1.7 mn

Kępno PLN 0.5 mn

Janki PLN 6.3 mn

Nowa Wieś PLN 2.2 mn

PLN 31.1 mn – property value by asking prices

Financial revenues and costs

Financial costs increase y/y caused mainly by WIBOR rate growth

Visible margin amelioration as a result of renegotiation of conditions on entire credit portfolio

=> predicted yearly effect on the level of - 3.0 mn

Lower financial revenues resulting from lower scale of loan revenues

Revenues and financial costs for 1Q 2011

[PLN mn]

3,6

5,80,6

0,4

(0,4)

0,3

1,3

saldo przych /

koszty fin I kw

2010

wibor różnice kursowe poprawa marż pozostałe koszty

finansowe

mniejsze

przychody

pożyczkowe

saldo przych /

koszty fin I kw

2011

Financial costs

and revenues

balance Q1 2010

Exchange

rate

differences

Margin

ameliorationOther financial

costsOther financial

costsLower loan

Incomes

Financial costs and

revenues balance

Q1 2011

Indebtedness and asset rotation

Financial liabilites [PLN

thousand] 31.03.2011 31.12.2010 30.09.2010 31.03.2010

> long-term 145 399 148 275 149 101 90 438

> short-term 265 486 257 297 279 891 325 254

TOTAL , including: 410 885 405 572 428 992 415 692

leasing 73 912 75 457 75 523 65 693

Long-term share 35.4% 36.6% 34.8% 21.7%

Stabilisation of interest indebtedness in the last 4

quarters.

Resolute indebtedness structure amelioration y/y

Current assets rotation [days] Q1 2011 Q4 2010 Q3 2010 Q1Q 2010

1. Stock rotation cycle 41 53 50 34

2. Receivables rotation cycle 47 47 54 44

3. operational cycle(1.+2.) 88 100 105 78

4. Liabilities rotation cycle 72 83 87 63

5. Cash conversion cycle (3.-4.) 16 17 18 15

Stock rotation fall Q/Q with an even trade liabilities

rotation drop – end of season and high sales

effect.

Stock rotation increase y/y – low base effect.

Maintaining of receivables rotation Q/Q.

Shortening of cash conversion cycle up to 16 days.

NEUCA’s market strategy

Philosophy: we do not own pharmacies, we do not compete with our Clients

CM and best promotions in Pharmacies – highest retail margin

Sales-marketing tools

Marketing programmes

Brand power

Pharmacists’ training, patient care,

Management support, business audits, marketing consultancy, HR

IT Technology

Independent

traditional

PharmaciesNEUCA

Highest profits

Best support

Scale of Activity

Market leader

NEUCA market programmes – numerical reach

March 2011:

3544 Number of

pharmacies

with NEUCA

programmeApteki Dobrych Cen:

1222 Pharmacies

Local Marketing Programmes:

1296 Pharmacies

Świat Zdrowia Partner: 339 Pharmacies

Świat Zdrowia Standard: 1222 Pharmacies

Number of pharmacies participating

in NEUCA market programmes by provinces

Share of pharmacies with NEUCA

programmein provinces

Example from Great Britain

Independent pharmacies –

biggest number of pharmacies

36%

Independent pharmacies–

Highest sales growth dynamics

– 5,5%

Traditional pharmacies create a stable market as a result

of:

Close distance issue

Counselling and ethical role towards the Patient

Virtual chains supporting traditional pharmacies

Virtual chains are oriented on the needs of independent pharmacies sector supporting

traditional pharmacies market position.

Virtual chains in the world - examples

2 300 pharmacies in the USA

1 300 pharmacies in the USA, 400 in

other countries

3 760 pharmacies in the USA

2 500 in 6 countries: Great Britain,

Czech Republic, France, Italy, Russia,

Spain

2 300 in 7 countries, mostly in

Great Britain

Am

eri

ca

Eu

rop

e

PHARMACEUTICALS

PRODUCTION AND

ADVERTISEMENT

49% y/y sales to pharmacies growth in Q1 2011

11% Vitamin C share – first APTEO product in the

Vitamin C segment in the first month of sale (IMS

data)

In March launch of Magnesium with Vit B6

20 products to be launched in 2011

Vitamins jellies for children introduced in January

noted higher sales results than predicted

Record distribution for a leading product: NURSEA

Trawienie (Digestion): 56% in February (IMS data)

Media consumer campaign continuation in Q1

2011

Strong advertising start in internet

search engines (Google)

Introduction of modern capsule form with

inscription for NURSEA Trawienie (Digestion)

Synoptis Pharma

Dynamic Sales Growth

Strong economic brand APTEO market launch

NURSEA products market perception

strengthening

Systematic distribution improvement

Good market reception

of jellies NURSEA Vita Kic Kic

NEKK

ZZ Group internal orders

APTEO brand packaging design

New trade marketing products – „Pharmacy&Business” bulletin

Conception and execution of lottery „Graj w Zielone” (Choose green and play) for

Świat Zdrowia

„Świat Zdrowia”, „Moje Zdrowie” and „Magazyn Aptekarski” magazines layout

modernisation

Group external orders and clients

GNIEZNO – national city promotional ATL campaign for 2011-2012

GDDKiA – editorial, dtp, production and distribution of 18 issues of bulletin „Kurier

Drogowy” (Road courier)

BIOFARM – design and production of promotional materials of an Rx brand, materials

for doctors

KRKA – project design and production of a leaflet with a non standard insert (aroma

marketing), material for doctors

TERMY MALTAŃSKIE – complete strategy for brand communication

Kompania Piwowarska – catalogue dedicated to Trade clients

SGH – dtp and publication of university advertisements in selected national

newspapers

Over PLN 2.3 mn of total sales revenues from NEKK sales in 1st quarter, 10% realised outside NEUCA Group

NEAREST QUARTERS 2011

Nearest quarters for 2011

Call Centre implementation, telemarketing and sales structures restructuring

following Prosper offices incorporated into trade offices model:

April – Łódź

June – Szczecin

APTEO new product launches APTEO:

May – Fibre with pineapple

June – pregnancy test

highest priority on cash flow project

Disclaimer

This presentation is for informational purposes only. It does not constitute an

advertisement nor an offer to sell securities in public offering. The

information are based on sources NEUCA S.A. considers reliable and

thorough with no guarantee they are complete and fully reflect actual

state of affairs. The information contained refer to the events that will or may

occur in the future, may therefore pose investment risk or source of

uncertainty and may differ from the actual results. NEUCA S.A. assumes no

responsibility for the results of decisions taken on the basis of the

Presentation. Responsibility shall be borne exclusively the party making

decision on basis of the Presentation. The presentation is protected by the

Act on Copyrights and Related Rights. Reproduction, publishing and

distribution of the Presentation requires NEUCA S.A. written consent.