Hello, a very warm welcome to all of you to Zur Rose Group AG's Capital Markets Day 2021. I'm Christoph Herrmann, responsible for investor relations at Zur Rose, it's my pleasure to introduce today's agenda to you. Due to the pandemic situation, we have decided to host this event in a fully virtual setup. For best experience, we have recorded parts of the presentation and will be back later live for the Q&A session. Today, you will meet five members of the executive team of Zur Rose Group, starting with our CEO, Walter Oberhänsli, who will give you an introduction. We will hand it over to Walter Hess, head Germany, who will give you the latest update on the eRx opportunity. Betül Susamcioglu will explain our vision and strategy to become Europe's leading healthcare ecosystem before we move into a short break. After the break, our Head Europe, David Masó, will give you an explanation about the technology of Zur Rose Group before Marcel Ziwica will dive into the KPIs and unit economics of our business. Walter Oberhänsli will conclude the presentations today. For the Q&A session now, use the question function on the left-hand side of your screen to hand in questions via text. We will answer them later in the Q&A session. During the session, we will prioritize those questions coming from analysts covering our stock and our investors. All unanswered questions or questions that we will not be able to answer live, we will come back to you later after the Capital Markets Day. I hand it over now to our Founder and CEO, Walter Oberhänsli. Thank you, Christoph. Welcome, everyone. I'm very happy to have you all here at our Capital Markets Day 2021. If I look back the last 28 years of personal engagement in dealing with disruption in the pharmacy field, I today see Zur Rose in a really fantastic shape with a once in a lifetime opportunity ahead of us starting in Germany. My team and I are really excited to present now today what we are up to do. Let's just start. I see five key pillars for the future success of Zur Rose. We will touch on all of them during today's presentations. First, and at least in the short term, the biggest and most important topic is the opportunity that the introduction of the electronic prescription in Germany is bringing to us. This is the largest growth driver for the next years and the main factor for us to reach our midterm targets. All disruption in the past had always been in favor of the customer. Doing things better for them was always the main driver for us. People are just dealing with too many challenges in healthcare in their journeys. Let's think on someone who takes several years to finally get diagnosed in the right treatment. Let's see someone who is not able to get an appointment with the doctor in time, or let's look into the hours waiting in the doctor's office or searching insufficient medical advice on Google or driving to brick-and-mortar pharmacy multiple times to finally collect the right medication. There is so much base for improvement in this healthcare sector. Let us empower people to manage their health in a much more convenient, personalized, and effective way. Our vision is to create a world where everyone can manage their health in one click. This means to build the healthcare ecosystem of Europe, providing personalized and seamless health journeys specifically designed towards the needs of chronically ill patients. We develop these journeys by collaborating with best-in-class players with shared ambition to improve people's lives. We are up to boost our core business as well as create new business models based on tech and data. Tech is more and more in the core of our business as we see tech as the key enabler to reach our vision. All of us are committed and excited to execute on this strategy and create value for our customers, employees, partners, and with that, our shareholders. You might remember this chart, which shows a still very low e-commerce penetration in Rx in Germany with just 1%, obviously limited by the paper hurdle. I just had today in the morning a discussion with Pär, founder of Apotea, who told us that in Sweden, COVID-19 led to a doubling of e-commerce within just one year from 10% to 20%. Unbelievable. What we see also are the verticals like Zalando in fashion, where e-commerce penetration has jumped by 40% or seven percentage points during COVID-19. The introduction of electronic prescriptions in Germany and the opening of this EUR 40 billion market of e-commerce is the biggest possible short-term opportunity of our company. In the e-commerce pharmacy space, Zur Rose is the undisputed leader with roughly EUR 1.7 billion revenues, a market share of 43% in Germany and 11 million active customers. All these empowered by roughly 2,000 employees, of which 200 are working in tech and an area which is continuing to grow and in importance for our group. With DocMorris and medpex, in Germany, we hold the leading position in that market. PromoFarma is the biggest marketplace in Spain. In our home market in Switzerland, we are the leading player, and in France, we are the second biggest marketplace in that field. Our technology and digital-focused subsidiaries, including TeleClinic in Germany, are setting us up for success in reaching our ecosystem vision. I see this as an amazing starting position ahead of the big eRx opportunity in Germany and the execution of our vision and strategy. This chart now gives you an idea of how we think when designing health journeys. With the customer in the center, we focus on the critical steps of chronic diseases. This journey always starts with awareness, activation, continues with diagnosis, leading to treatment and subsequent adherence or monitoring. The picture shows the example of such a journey for people living with obesity, which has been designed and developed together with our first big ecosystem partner, who is Novo Nordisk. Betül will elaborate later on a bit more in detail about that journey. I just would like to tell you what Mike Doustdar, Executive of Novo Nordisk, told me. First, that he's very much fond of that cooperation, second, that he has never seen a project going from PowerPoint to a product within just three months. I'm really happy about this, look forward to next cooperations coming further. The example journey, which I just showed you to explain our vision and strategy in a very simple way. We are looking to strengthen our core, which is and will remain our e-commerce business, by designing and offering comprehensive health journeys with a focus on chronically ill people. We'll build additional collaborations with best-in-class players. Our focus is on the 10 priority chronic conditions that you can see here on the right-hand side of the chart. We believe that this customer simplicity will help us to improve people's lives while increasing loyalty and customer locking significantly, leading to better economics for us as well. In order to achieve our vision, technology is a critical factor on our journey that will be the key enabler for our future success. We are using technology to build flexible, scalable platforms in an agile approach and based on microservice architecture. Digital value-add services like telemedicine, electronic prescription, digital interaction checks, adherence solutions, and many more will be part of that journey and improve customer experience and loyalty. Additionally, ramping up our common group technology platform and its full implementation will help us to realize synergies by eliminating redundancies, like, for example, in Germany with several different web shops. To be successful on this path, we will have to continue to build the best possible team and continue to acquire best-in-class talents. I'm therefore extremely happy today to announce the addition of Madhu Nutakki as a new group CTO, joining us from Nissan with prior experiences from Kaiser Permanente, where he helped to build maybe the first relevant healthcare ecosystem in the U.S. with high quality and affordable healthcare services in a holistic approach. In addition to the electronic prescription opportunity in Germany, we see generally the trend of acceleration in digitization of healthcare systems across Europe as a result of COVID-19. We believe that the experience we are currently gaining in Germany will help us and can act as a playbook really to capture additional expansion opportunities. Obviously, the most tangible of which seems to be the liberalization of the OTC market in France for e-commerce. We believe that the opportunity is now in front of the door as the regulator is moving closer to allowing online advertising via search engines, which is a big factor for establishing an e-commerce or marketplace business. Our toolbox of different business models and stakeholder approaches allows us to react flexibly regarding the best market entry for the French OTC opportunity. As stated in the beginning, we believe that the time for digitization is ripe and that further European markets will follow the path of Germany and others to digitize processes within the healthcare system. What does that all mean for Zur Rose and our way forward? We believe we are best positioned to be the winner within our vertical in driving the change from digitizing the pharmacy business via building up a digital health technology platform to become the European healthcare ecosystem. Executing on our vision and strategy will allow us to become the winner in the digital European healthcare market like Google, Netflix, Amazon, or Zalando have proven in their respective verticals. I want to conclude my introduction together with my colleagues. The whole management of Zur Rose is really excited and fully committed to execute on our vision and strategy. In their presentations today, you will meet Walter, Betül, David, and Marcel. Bernd, our COO who joined from Amazon, and Emanuel, our Head of Switzerland, send their best regards and stand available in the future in case you have any specific questions. Again, I want to emphasize that I am very happy to announce the addition of Madhu Nutakki to the team, which implements the importance of technology with a role within our executive team. With that, I hand it over now to Walter, who will share the latest updates on the electronic prescription opportunity in Germany. Thank you very much. Walter, please. Thank you very much, Walter, and welcome to everybody, also from my side. My name is Walter Hess. I am head Germany and the CEO of DocMorris. I am pleased to give you some insights in the exciting developments in the German market. We are experiencing a structural change in the healthcare system in Germany right now. On one hand, due to changing consumer behaviors based on the coronavirus pandemic, and on the other hand, due to changes in legislation, which is accelerated by digitalization. Therefore, we look forward to a great growth opportunity coming from these changes in general and the introduction of Rx in particular. We are very excited to drive this change and turn this once-in-a-lifetime opportunity into success. Therefore, the clear focus of all our organization is on Rx. Germany, as the largest Rx market in Europe with more than EUR 40 billion, has only mail order business market share of 1% as of today, which means there is 99% of the market in front of us to be captured. We are best positioned. We are today already the market leader. We have the best-known brand in the market. We have operations, capacity, and technology ready, and we have the right market expertise to do it. Very important, we have 10 million customers to activate with online experience and digital savings. My presentation will be structured in three parts. First, I would like to give you some insights in the market. Second, I would like to give you a status of the Rx preparation and introduction in Germany. Then the third part, I can inform you how we will take advantage of the upcoming great potential. Let's start with the addressable market. Today, Rx mail order market size is roughly EUR 600 million, which is equal to only 1.4% of the total Rx market. If it moves up to 5%, the online market is already EUR 2 billion of size. If it goes up to 10%, which is more or less the level of Sweden is even higher meanwhile, it is already a market of EUR 4 billion to capture. If it goes up to 20%, as the OTC market in Germany is today, we are in an eight-plus billion market present. As stated in our guidance, our expectation is that we will reach a 10% share within the next three to five years. Let's have a look at the competitive landscape. As said before, 99% of the paper-based Rx market is covered by roughly 19,000 local pharmacies, and only 1% is covered by online pharmacies. Anticipating the Rx shift from a paper base to a digital business, new platforms for local pharmacies arise. Whilst they have to build on relations with local pharmacies only, we have a complete different starting position. Our starting position is that we have a direct access to almost 10 million active customers. We have already now the best-known pharmacy brand in the market, with an aided brand awareness of up to 64%. We have a very high repeat order rate of 78%, which shows the significant loyalty of our customer base. To conclude this first part, we are very convinced that the online share will increase post-Rx introduction, and that we, as DocMorris, will be able to profit most of all of these developments and changes. Let's come now to the second part, and I would like to give you some update on the eRx preparation and implementation. Let's start with the government and gematik. They just announced a few weeks ago that 1 July, they will start with the eRx test phase in Berlin and Brandenburg. This means, as they always stated, they will really start 1st of July with eRx in the German market. In Q4, there will be the rollout of the eRx technology nationwide, so that everyone, all participants, can test their systems, and that everyone is ready for 1st of January, when eRx will become mandatory in Germany. An important milestone is the publishing of the specifications of the Third-party app APIs, which is expected mid-2021. Yes, of course, the schedule for gematik is tight till end of the year, but we are convinced that gematik will deliver, and we are also convinced that all other participants have to deliver and also will deliver. What do they have to deliver? What are the prerequisites for eRx rollout just on time? First of all, it's the distribution of the required institution and healthcare professional cards to all participants. These cards are necessary in order to make the connection with the own systems and organizations to the eRx part of the gematik Telematics Infrastructure, and is important for the reimbursement of the prescriptions. There are no timing issues from today's perspective. Another important prerequisite is the connection of the physicians and the pharmacies to the eRx server at gematik. There also, we are in contact with all the major players, and we see that they have planned it, they have it on their roadmaps, and they will and they have to deliver by end of the year. The systems have to be installed, have to be tested, and they will be ready by end of the year. Another important prerequisite, mainly for the doctors, is to have a convenient qualified electronic signature in place. With the launch 1st of July, there will be a batch signature in place for up to 250 prescriptions, but by end of the year, there will be a comfort signature in place where a doctor can input a PIN one time per day and then sign the scripts for a full day. Also here, from today's perspective, all these tasks are manageable and will be ready end of the year. Where are we in our organizations with the readiness? As said before, for us, this has greatest priority, highest priority, and therefore everybody's really working on the preparation and introduction also in our systems. The good thing is, with the pilot projects, the Pre-gematik phase, together with Techniker Krankenkasse and others, we could also already learn a lot and get experience in what is needed in the front-end and back-end systems by processing electronic prescription. As shown on the graph on the right-hand side of the slide, all our systems will be connected directly to the Telematics Infrastructure and enabling us to have a direct access to the Rx data on behalf of our patients and customers. Overall, also we are well on track. We are ready for the 1st electronic prescriptions coming in from Berlin and Brandenburg starting 1 July. Very important, of course, is which use cases can we expect. I can assure you that we monitor all changes, be it from the regulatory side or be it also within the gematik app in the journeys very closely. As of today, we expect that more than 90% of the prescriptions will be printed out on paper and less than 10% will really be issued via the eRx app of gematik. Thus, we expect that most of the patients will conveniently submit the prescription via scan of the token to us. Some might send it in via post. Others might use the eRx app of gematik. In any case, we are ready to receive the eRx tokens. Maybe one word about the gematik app. We expect that on 1 July, gematik will launch an MVP kind of app, and they will constantly improve and further develop the app and the journeys. Therefore, we are in a close contact and exchange with them and giving them feedback and input also from our side, to secure a seamless journey for our customers, coming from the gematik app in the future to the mail order pharmacy and to our healthcare ecosystem. Now let's move to the third part of my presentation. Here we would like to show you a little bit how we will size the eRx opportunity with our healthcare ecosystem approach. To create a world where everyone can manage their health in one click is our vision, and this vision comes to life now. Based on our customer-centric and agile approach, continuously, we develop, expand, and optimize our healthcare ecosystem. Last December, we launched the DocMorris+ as part of our DocMorris e-commerce platform with the main scope to test delivery options and gain experience with same-day deliveries by using our marketplace functions. Of course, also to lay the foundation of our partner pharmacy network. A next step will be that we launch a DocMorris e-commerce app, including new eRx functions. For the first time, a customer can redeem an Rx, and at the same time, in the same buying process, purchase OTC and beauty personal care products at the best prices. By bringing together e-commerce, health services, and marketplace, we will be able to offer the most convenient customer experience. From awareness to diagnosis, to delivery to adherence for chronically ill patients and for acute demand with flexible delivery options such as mail order next day, same day, and click and collect. Of course, also telemedicine is a very important part of our ecosystem. More as we have meanwhile integrated more than 27,000 products from our e-commerce platform and linked with TeleClinic. Of course, always giving the choice to the customer to choose any doctor or any pharmacy. The coronavirus pandemic has accelerated the demand for telemedicine in Germany, and market studies predict that 5%-10% of the doctor's visits, which is 40 million-80 million treatments, will be carried out online in the midterm already. We also expect further growth of the telemedicine channel with the start of eRx. As the first time, the customer will have a seamless customer journey from telemedicine to e-pharmacy, and as a result, a really unique customer experience. One real key success factor for us will be to activate the active customer base I've talked about. 25% of the German population has chronic diseases. This corresponds to 2.5 million of our active customers. They are used to purchasing their medication and health products online, and therefore potentially also redeem eRx through the same channel. According to a recent study of Apotea, 14% of the respondents would use an online pharmacy to redeem eRx. Bear in mind, that's 10 times more than today. According to Sempora, even 25% will use online channels in the future. For us, the key pillars to activate our customer base are a comprehensive package of CRM measures for all brands in combination with a nationwide multi-channel marketing campaign. Of course, to continuously further develop and optimize the best-in-class healthcare ecosystem product. Let me give you some information about the branding and the marketing campaign, which I just mentioned. End of 2020, we started with a multimedia marketing campaign, with a viral Xmas spot which has been viewed more than 147 million times worldwide. Followed by a marketing campaign with a nationwide TV presence in Q1, focusing on health in one click, "Das neue Gesund," and underlining our new brand identity as one of the leading digital health providers. This brought us to an unaided brand awareness increase by 8% up to 24 points already. More campaign flights are planned and will follow ahead of the eRx launch and of course, also afterwards. We will just give you an impression of the TV spot and show it to you at the end of my presentation. Another key success factor is to offer delivery options and speed. Both are becoming more and more important for customers. As the introduction of eRx already eliminates 2-3 days of the whole process because people don't have to send the prescription anymore via post to us, we will be able to secure next day delivery promise out of our own logistics hubs for more than 90% of our active customer base. Complementary, we can offer same day and click and collect options for acute medication together with our partner pharmacies. At the moment, there are already 35 partners live on the marketplace, covering 16 cities, with the target to go up to 200 partners by the end of this year. Another key success factor, and very important, is to have enough capacity and being efficient. Both we will reach with the construction and the go live of the new distribution center in Heerlen in the first half of next year. With the new distribution center, we'll increase our capacity from 12 million up to 27 million in Heerlen and in a total to almost 50 million parcels capacity in all our logistic hubs. Also the efficiency will increase significantly with the new distribution center as it will go to an automation rate of 70%. To conclude my presentation, and as of today, we can say the mandatory Rx will go live on 1 January 2022. There will be a seamless customer journey, which will lead to a significant growth of the Rx online market. We are totally ready and fully committed to take full advantage of this great opportunity when 500 million Rx will be issued electronically. Thank you very much. Now we would just like to show you the presentation of our TV spot before my colleague Betül will give insights to our healthcare ecosystem. [Non-English content] [Non-English content] [Non-English content] Thank you, Walter. Today, I am very excited to share with you our group vision and strategy as well as ecosystem collaborations. First, I would like to share with you how we see the healthcare and digital health environment and key trends which help us shape our group vision and ambitions. First of all, the digitalization and datafication of our lives and bodies has led to a big disruption in the way we interact with healthcare and in the way we look for care. More than 80% of people living on the world look for health information online and engage in health-related interactions online. We have access to exciting digital technologies like connected devices, which help us monitor and manage our health and wellness. Online pharmacies, telemedicine, and digital health apps are also among these technologies. There are more than 400,000 apps around the globe that focus on healthcare in App Store. Secondly, the digitalization is not only impacting our lives, but also posing value creation opportunity with better outcomes and efficiencies. According to studies, digitalization can create up to $350 billion-$400 billion value in the U.S. by 2025. This value is EUR 35 billion for Germany. Thirdly, when we look at the global population, we see a big demographic change. We expect more than 2.2 billion people, more than 20% of the world population, to be above 60 years age by 2050, doubling versus today. This means more people suffering from chronic conditions and comorbidities who can benefit considerably from digital health to manage their conditions and have a better life. Next, I would like to look at the regulatory environment. We see big liberalization efforts. In Germany, the reimbursement of telemedicine, the reimbursement approved digital health applications, the so-called DiGA, the mandatory introduction of e-prescription as of January next year, are big steps forward, which are followed by other countries, as Walter mentioned, for example, France. This exciting healthcare environment is attracting big companies, big brands. We see Amazon Care, Amazon Pharmacy in the U.S., Google Health. AXA and Microsoft joining their forces to develop the healthcare ecosystem. Sanofi's efforts together with Capgemini, Generali, and Orange Future4Care, Tencent, and JD Health in Asia. The big brands game is on. Last but not least, COVID-19 has impacted our lives considerably since last year. It has accelerated digital health and digital consumer behavior. We all look for safe, convenient, and contactless health journeys. When we have a closer look at some facts behind COVID-19, we see that teleconsultations grew by 500% in Germany. This number is eightfold on Ping An Good Doctor in China, and the global telemedicine market is expected to reach $200 billion by 2025 versus the current value of $40 billion. We see a big investment increase in digital health as well. In the U.S. alone, in the first quarter of this year, we reached a record investment level of close to $7 billion versus $14 billion in 2020 for the whole year. When we look at the digital health app downloads, we see a 25% increase across the globe, and this value differs by disease. 500% for diabetes apps, 200% for mental health, 30-fold for diet and weight management apps. The big question is: is this behavior sticky? Are we going to see the same behavior after COVID-19 disappears? According to studies, 60%-70% people around the world say that they are going to stick to this changed digital behavior, and we are way beyond the 66 days it takes for a behavior to become a habit. Lastly, I would like to comment on the maturity of the business models in digital health. We look at the DiGAs in Germany, we see there are 15 of them approved for different conditions: migraine, obesity, mental health, cancer. They have price points between EUR 120 and EUR 750 for three months treatment. Telemedicine is reimbursed across the globe, also in big European markets, U.K., France, Germany, Scandinavia. Some markets like Poland and Belgium are giving temporary reimbursement status to telemedicine behind COVID-19. As I mentioned before, we see big investment levels in health innovation, digital health, and big M&A activity as we have seen with Teladoc and Livongo in the U.S. The business models are maturing for digital health. In this exciting healthcare environment, we set our ambition as the Zur Rose Group to create a world where everyone can manage their health in one click in one place. How do we achieve this? We develop personalized, seamless treatment journeys for our consumers. We give convenient access to products, OTC, BPC, Rx, and also best-in-class digital solutions on our health journeys. By doing that, we ensure effective medication and better outcomes and better lives for our consumers under the umbrella brand of DocMorris for our European healthcare ecosystem. As we develop the health journeys, we put consumers at the center. We understand their needs, preferences, pain points along the steps they take in their health journeys, starting with prevention, disease interception, awareness, activation, diagnosis through treatment, and adherence. We focus on the solutions in our portfolio to address those needs with our online pharmacies, telemedicine, and bring them together with the best-in-class providers who bring solutions for other steps and pain points in these health journeys, addressing the biggest chronic conditions of the world. These health journeys and ecosystem collaborations drive three key business model layers for our group. First of all, we boost our core e-commerce and marketplace business by providing access to our consumers and for the best treatments and best products and drive sales. We also have dedicated clinics on TeleClinic for telemedicine consultations for these chronic conditions. Last but not least, we have collaboration fee models with our partners who work with us to develop these health journeys. These three business models help us drive value across the group. I would like to emphasize the importance of eRx on our health journeys. eRx is critical for us to be able to provide end-to-end digital health journeys and also convenient access to prescribed medications. eRx is critical in our portfolio of solutions. I also would like to emphasize the importance of telemedicine. As we have developed our digital vision and strategy, we have asked ourselves the question: which technologies and platforms do you want to have in our portfolio, in our own portfolio? We looked at solutions that are relevant across all diseases, and that is why we have acquired the biggest telemedicine provider in Germany, TeleClinic, last year. With more than 120,000 medical treatments performed since the ban on new treatments was lifted in Germany in 2019. To summarize, we develop health journeys by focusing on the needs of our consumers along their health journeys. We start with our e-commerce solutions and platforms that provide access to products, eRx, BPC, OTC. We bring it together with the marketplace model that brings the convenient solutions like 2-hour delivery, click and collect, and we combine it with ecosystem solutions and also collaborations with the most relevant stakeholders like Big Pharma, Big Tech, insurances, digital solution providers, healthcare providers, and regulators, to be able to bring the best of healthcare to our consumers. As I have mentioned, we have developed a concrete and actionable strategy, we have looked at several criteria: prevalence, cost to the health system, digital maturity, and value for consumers for different disease areas. We have prioritized the top 10 chronic conditions for our strategy for us to start building the health journeys. Now, I would like to share with you an example, obesity. Earlier this year, in January, we have announced our European collaboration with Novo Nordisk to develop the health journey for people living with obesity, with the purpose, the joint purpose of bringing impact to people's lives who live with obesity. As Walter alluded to, our Novo Nordisk colleagues are impressed by the speed we have brought the concept to design and to life. I would like to share with you about the importance of obesity. Obesity is one of the biggest chronic diseases of the world, with 650 million people suffering from the disease, more than 25% of the German population being affected, and close to half of the people living with obesity not diagnosed, and with a big burden on the healthcare systems. Within the COVID context, obesity became even more critical. People living with BMI over 35 are two times more likely to be hospitalized and 3.5 times more likely to be admitted into intensive care unit due to COVID-19. This is the MVP, minimum viable product, the first version of the obesity care journey that we brought to life by end of March. It starts with a big activation campaign across digital media channels that brings people living with obesity to DocMorris Obesity Care Hub, where they have access to information about the disease, the treatment options, and they have the opportunity to get in touch with specialists online via telephone consultations or via an HCP locator, which helps them find the specialist living close by. They have access to the best treatments based on the decision of the specialist, and also access to solutions like zanadio, an approved digital application for obesity, and Selfapy for mental health, for people who are impacted by the stigmatization and psychological consequences of living with obesity. I would like to share with you now a video for the marketing campaign for DocMorris Obesity Care. So far, I have touched upon some critical success factors for our ambition, Health in One Click. Customer centricity, focus on key chronic conditions, our solutions in our portfolio, online pharmacies, telemedicine, marketplace, and working with best-in-class partners. I also talked about the importance of the brand. That's why we have intensely worked on our branding since last year. We have developed the new DocMorris, our strongest brand, to become the European healthcare ecosystem brand for the group. We have launched the new DocMorris last year via Christmas campaign, which has reached close to 160 million views across the globe and has won two awards so far with ADC and Die Klappe, and we are shortlisted in five categories in the New York Festivals. There are two more critical enablers for our vision. one is technology, and the other one is data and analytics. We have more than 200 colleagues in our three technology hubs in Berlin, Barcelona, and Zurich who focus on our agile and scalable technology platform. Our colleagues at eHealth-Tec are partnering with IBM to provide part of the technology for the e-prescriptions in Germany, and my colleague David is going to elaborate more in the next session. Data and analytics is a critical enabler for the personalization and seamlessness of our health journeys. We aspire to understand the needs and preferences of our consumers at every touch point we create along the health journeys. Data and analytics is also posing attractive future business models. This is how the Zur Rose Group ecosystem strategy is coming together in the so-called Zur Rose Atom. We have in the core our e-commerce business with our online pharmacies. We have the marketplace with the convenience solutions, with brick-and-mortar pharmacies, with 2-hour and same-day delivery, and quick collect models. We have our collaborations and digital solutions that complete the picture. Technology, data and analytics, and our solutions for doctors, insurers, and pharmacies come together with the core three layers to enable our vision of health in one click. We believe that we are best positioned to address the opportunity of European healthcare ecosystem. With more than 11 million active customers across all platforms across European markets, our deep expertise in medication and pharmaceutical processes with our heritage as pharmacists, with our ability to attract best-in-class partners to build the health journeys, with our strong technology focus and technology team developing our technology backbone, our scale across the key European markets, and last but not least, our deep understanding of the regulatory systems across Europe. We are moving from being the biggest online pharmacy in Europe to becoming the European healthcare ecosystem, not only bringing to people's lives products, Rx, OTC, BPC, but also best-in-class digital solutions and seamless health journeys. Ensuring so the efficacy of medications, better lives, and better outcomes. With those words, I would like to thank you for your attention, and I look forward to being in touch for your questions and further discussions. Now we are going into a 10-minute break, which will be followed by a session led by my colleague, David, who is going to elaborate in more detail about our technology assets and ambitions. My colleagues have shared with you our vision on Health in One Click and the next opportunity we are facing. Both are enabled by technology. I'm David Masó, Head of Europe at Zur Rose Group. I will explain to you how we are moving forward and evolving towards our vision using technology to build platforms by putting customers at the center. Well, first of all, I must say that customer centricity is an important part of our culture as a company. It defines the way we are building our B2C and B2B platforms. When our team, our business owners, product owners, and tech leads have the obsession of putting customers at the center, what we are doing is first innovating to reduce frictions patients find on current fragmented journeys. Second, creating technology platforms to offer a seamless experience across different services. In fact, customer centricity drives our innovation and tech roadmap. When we ask to our more than 10 million active customers, what we see is that they are requesting the convenience that the eRx, the digital prescription, will bring to us. Also when we are asking to our customers, what we see is that they want a fast delivery, not just the next day standard, but also same day and just in a few hours. Functionality that, for example, the seller integration to our marketplace platform already enables. Another interesting insight from our customer-centric approach are the adherence solutions for chronic patients, and also value-added services to manage the Health in one Click, where telemedicine will play an important role. Patients want a frictionless walk, and that's the reason we are building one app integrating e-pharmacy, marketplace, and telemedicine journeys, all in a seamless, connected, and comprehensive way to cover their needs in healthcare. Our vision of Health in One Click requires building flexible and scalable technology platforms as the one we are building at Zur Rose Group. Here I'm showing to you a high-level representation of our platform's ecosystem. Within the yellow box, our microservices provide flexibility, and just below you see our infrastructure, which is built under Kubernetes cluster and provides really high scalability. This is enabling us fast time to market when developing new functionalities our customers may need, and also capacity to address millions of customers with the same user experience. You can see our data and analytics layer, which enables our teams to take data-driven decisions. Our product teams deploy services based on artificial intelligence to provide a customized experience on each of our customers. Thanks to this approach, using the orchestration layer that you may see in our platform and also APIs, we may offer e-commerce functionalities to each of our webshops across different segments. We may integrate the eRx platform eHealth-Tec has developed to offer a secure and reliable experience. Also, you can see one of the components is the marketplace platform that enables to integrate third-party pharmacies to offer new second delivery journeys when requested by our customers. Also, we may offer consultation with a doctor in minutes with the TeleClinic platform. We can improve the adherence into specific treatment and also connect the medical practices to enable the end-to-end patient journeys using our BlueCare platform and services. We are building this platform ecosystem in a way that we can license any module under a Platform as a Service or Software as a Service model to other players, like insurance companies or new market opportunities. Our proprietary platforms will transform the way health stakeholders like doctors, pharmacies, insurance companies interact with patients, enabling our vision to have Health in One Click. We are sure that it will make us one of the leading companies in the digital health space. Since Zur Rose Group is the leading e-pharmacy in Europe, but also is becoming a tech leader thanks to its platform ecosystem approach for the health industry, let me give you some additional insights on each of the components I've just mentioned to you on the previous slide. I will start with e-commerce component, our core business. DocMorris is one of our leading webshops, will be integrated within the Zur Rose platform, and in that way it will benefit from further scalability, the latest technologies, also having a meaningful integration of medical services through different channels, always with the highest standard security. Which is a prerequisite, as you know, for successfully running the Rx. Another component, and this one is key for our future, is the one eHealth-Tec has developed that, in fact, is a prescription platform, and furthermore, has specialized modules for the steering and managing of different rules for prescriptions. This is our own technology that is facilitating the Rx rollout in Germany right now. eHealth-Tec has a deep understanding of the current challenges in healthcare and existing partnerships with insurance companies and pharmacies, and for sure will benefit the future Rx activities that we are planning to roll out. This is a highly secure, reliable, and ready-to-use tech solution that, thanks to its scalability, opens the door for future licensing in other markets and with potential further monetization business models. In addition to all these components, we have also a marketplace technology platform, which is tailor-made for the pharmacy industry. It enables a quick integration of the stocks of physical pharmacies in real time to build new journeys as express delivery or the click and collect. The marketplace also enables to improve the customer experience by extending the catalog to retail products or extending, for example, the offering to new categories some sellers may bring to the platform. This platform, the marketplace platform, is already fully operative in Spain and France, and it will complement DocMorris journeys in Germany. It will be launched this year in Switzerland. It's a strong backend, that we call Partner Home for sellers. It's making us sign great partnerships in a win-win model, where partners may benefit from serving new customers looking for convenient journeys. We have a lot of modules, and one of the latest that we have integrated after the acquisition of TeleClinic is the telemedicine platform of Zur Rose Group, which provides the fastest and seamless customer journey experience from diagnosis, offering appointments with doctors just within minutes to delivery of the medicines through a network of integrated pharmacies. Our telemedicine platform is also the safest and most affordable way to see a doctor online and get the medication in a really easy way. The platform structure has been built in a way that also enables cost efficiency for doctors. As we have already explained, our platform setup works also as a hub to integrate relevant services for patients with chronic diseases. The obesity journey that just was explained by Betül is just the beginning. Our platform is ready to deploy journeys to improve the life of patients with the most important chronic diseases in an easy and fast way. One of the really interesting modules that we are offering in our ecosystem of platforms is the BlueCare technology, which is focused on IT products for medical practices, for example, the second screen for doctors, and it's digitalizing the healthcare system. All their products are being integrated right now with the Zur Rose platform. They will be available group-wide as well as ready for licensing models to third parties. Among the BlueCare products, we may find really a wide range of products from B2B and also B2C and professional healthcare providers like the doctor software, the managed care, or the medication plan. We have all this platform we are creating for us to serve our online pharmacies like DocMorris and Zur Rose on our core markets and to build our vision. Also the software architecture we have deployed enable us to launch platform as a service to third parties as well on Migros, where through our orchestration layer, they may connect into best-in-class services available for licensing, like the Rx, the marketplace, the telemedicine, or the medication services. That means that we offer all these services to third parties, licensing as modules. The Platform as a Service provides speed with a significant reduction of time to market for Platform as a Service customers and a range of APIs available for connection with other solutions. We are really proud of our Platform as a Service. Zur Rose technology has been assessed by a third party to be the best technology solution to build a health ecosystem in a consortium of insurance companies. I will now show you some different examples to understand better this potential. The first example I would like to share with you is a good example of our platform. It is the one that is used to power our marketplace in Switzerland. The Zur Rose marketplace is a joint venture between Zur Rose and Migros, the largest retail company of Switzerland, which will also become a seller on our marketplace. Here you can see that using our APIs, they can address and access to all our e-commerce marketplace services, as well as other kind of functions just using our orchestration layer. Another interesting example of our platform technology is the one we are operating with Well health platform. Well is an independent company that is funded by Swiss health insurance companies like CSS and Visana that covers around 30% of the Swiss population, as well as Allianz and Zur Rose Group. We offer health journeys that give the users access to digital health providers, such as the symptom checker and the telemedicine, as well as regular healthcare providers such as doctors and pharmacists. Our technology enables these seamless health journeys, and this is just the beginning of the potential. Another really interesting module that we have in our Platform as a Service approach is the eHealth-Tec e-prescription platform that has been built as a modular platform and includes all needed modules to cover the whole e-prescription process. We have modules from the registration of the medical providers, doctors, pharmacy. We have also module for the qualified electronic signature with Face ID and fingerprint. We also have interfaces to the doctor and the pharmacy systems. In the case of Germany, we have interfaces to the gematik system. We have modules for e-prescriptions, a functionality really interesting for chronic patients. We have also interfaces to the patients' apps and also ID management with eSecurity. We offer all these modules through a software SDK that enables to connect them to the different stakeholders that may require this kind of technology. The platform modules are already being used by the Ministry of Health, gematik, to provide the Germany prescription service to more than 82 million citizens, also has been deployed within the largest health insurance Rx project, the Rx Project that was initiated by TK and more than eight other health insurance, all together with more than 32 million members in Germany. All the health tech platform modules are ready to be deployed as a Platform as a Service to other partners and markets. All this evolution towards an agile tech company building great platforms to offer the best experience is done by more than 200 people from 20 nationalities, distributed in three different tech hubs located in Berlin, Barcelona and Zurich. I must say that Zur Rose Group is a great place to work. Our vision of creating better health in one-click experience is attracting great talent around the world, as for example, Madhu Nutakki, coming from Silicon Valley as the new group CTO. Hope this is offering you a glimpse of what we are building as a technology company and the new potential it brings to us. Many thanks for your time, and we'll be glad to answer some of your questions on the Q&A session. Bye. Hello and welcome everyone to the financial deep dive session. After hearing about our key priorities, e-prescription, ecosystem ramp-up, and tech, I will now explain you how this translates into numbers. By looking into unit economics and the potential of the different business models, I want to show how we will reach our midterm targets and the upside potential beyond our plan. Zur Rose Group is built on attractive business unit economics, including the established business models e-commerce, but also professional services in Switzerland and our managed BPC marketplace in Spain and in France. In the short term, the huge eRx opportunity in Germany will accelerate this core business and give a positive dynamic to our main KPIs. On top of this core business, we see a significant upside potential via our digital ecosystem solution and new businesses. All of these business models can obviously expand into further geographies, ideally also in a combination. In the next couple of slides, I will lead you through the status and the main driver of these four layers. As already explained by my colleagues, the customer is always in the center of our thinking and acting. Everyone is of course treated as a unique customer. Nevertheless, from a financial perspective, I would like to simplify. A chronic customer on the left-hand side, with his regular need of medication, has the best KPI values and offers the highest customer lifetime value. Order frequency or basket size, for example, is more than double compared to other customer groups. Already between the age of 40 and 50, 16% of the population have at least one chronic disease. At the age of 60, this increases already to roughly 50%. From a customer lifetime perspective, it makes a lot of sense to acquire customers in early stage by providing a convincing offering of OTC, BPC, and health-related products and services. Customers of these categories already show attractive economics and have a potential for future Rx needs. Let's do a deep dive into our unit economics of Germany to explain the driver of our core business. Today, our group figures are characterized by a majority of pure OTC customers. Based on our actual volume and operational structure, we are able to show a solid OTC contribution margin after variable fulfillment cost of 9%. An average paper prescription order has a comparable contribution margin of almost 10%, but on a significantly higher absolute amount. In combination with the higher order frequency, we can afford higher customer acquisition costs and achieve, nevertheless, a higher customer lifetime value. Due to cost savings and lower discounts of an e-prescription, the contribution margin rises by 5%. The expected increase of the Rx share plausibilize an improvement of our overall profitability in line with financial outlook. In addition to this effect from increasing Rx share, we see improvement on all three line items. Firstly, an increase of basket size due to combined baskets. Secondly, further improvement of the cross-margin by better pricing, changes in the product mix, like increasing the share of private label products and buying synergies. Thirdly, a decrease of fulfillment costs enabled our high efficiency in the new warehouse. We are working hard to further improve our processes to execute on our cost-saving targets for the benefit of a better and faster service for our customer and improve our margins. The improvement of unit economics and contribution margins is not the only driver of profitability. On top, we see a positive development and a significant leverage of moving the other most important KPIs in a positive direction. Obviously, a rising number of active customers is the key to increase growth and economies of scale. As explained by Walter earlier, with our more than 11 million active customers, we are the clear market leader, and we have an ideal starting position. The second lever is increasing share of wallet of our repeat customers by promoting eScripts, combined baskets, and digital services and solutions. By moving our customer base towards a higher share of chronic ill customers and increase the range of our product offering, we will rise the number of orders per customer per year. With our lock-in model, driven by a high service quality, a comprehensive offering, and the focus on seamless journeys, the customer loyalty will also increase. This dynamic, based on experience over many years, makes you understand why we are that excited about this opportunity of the introduction of eScripts, which is, in our view, the main driver of increasing online penetration and digitalization in healthcare. Customer lifetime value is in the center of our KPI set. All the figures just discussed have a positive impact on this CLV of our customers. Our internal customer model for steering the business on a daily basis is much more sophisticated. We are not only talking about a higher share of chronic ill customer, we have a bundle of measures in place to influence the customer lifetime value in a positive direction. Just to give you an idea about how we work to make it really happen. The more strategic topics, such as reduction of brand, increased brand awareness, and enlarged product catalog will have a positive impact. We have the more technical dimension, where we work in agile teams together with our marketing experts on the user experience, on recommendation engines, or generally on extending digital solutions. On the marketing side, we talk, for example, about steering of our loyalty program or optimization of pricing. In addition to the core business and the Rx opportunity, we already work hard on digital ecosystem solutions with very attractive monetization opportunities. All of them have to be seen as service take rate or fee business with high margins. It's too early to give a concrete outlook because we have to learn on our first implementations, as explained by my colleagues earlier, and it depends also on the scaling speed and dimension. Overall, we see a huge potential in each of these new business initiatives. TeleClinic, together with e-pharmacy, will be the core of our e-health ecosystem and creates a take rate in relation to the treatment costs of the doctor. Via eRx, it strengthen our e-pharmacy business and increases the loyalty of our existing customers. For the marketplace business on BPC products, we already have a lot of experience in our European segment. In a marketplace on pharmaceuticals, our risk report sales will only be the charged fees and the expenses focus on marketing. Therefore, the profit contribution will definitely be double-digit percentage. Betül already explained the logic of ecosystem collaborations. From a monetization perspective, we expect an acceleration of our e-pharmacy and telemedicine businesses, and on top, a collaboration fee for customer access or advertising services. Last but not least, we are leveraging our existing platforms to become a tech leader. Our first experiences as a tech provider are very promising. David talked about these initiatives earlier. The monetization idea is very simple. We license our already developed applications to third parties and get additional profit contribution. As we have learned in the last two hours, we have a clear strategy of driving digitalization in healthcare and bringing all the initiatives together in one e-health ecosystem. From a profitability point of view, we have to consider several maturity levels of markets and business models. Today, the Swiss segment is already profitable and cash generating. In Germany and Spain, we have a sustainable base, but still investing in growth with a clear timeline and path to profitability. These two markets will be profitable in the midterm. It is very important not only to focus on these markets, but also invest in new businesses and drive our digital ecosystem solutions. Otherwise, we would lose upside potential and chances of digitalization healthcare with very high future value creation. With our excellent starting position and the changes happening now in our markets, we are convinced that this is the right approach to tackle the opportunities and maximize value for all the stakeholders. The following three slides about our financial outlook are well-known and communicated. We confirm both our 2021 and our midterm financial targets. For 2021, we expect a revenue growth of around 20%, and for the breakeven of EBITDA, we target within 12-18 months after 2021. In the midterm, we expect sales of more than EUR 4 billion and an EBITDA margin in the area of 8%. To reach this profitable level of 8%, we have two main layers. One is cost savings and executing on synergies and integration. The second layer is the e-prescription opportunity in Germany with higher contribution margins. With this, I would like to hand it back over to Walter for his closing remarks before meeting you live in the Q&A session. Thank you, Marcel, and also to the other speakers. I would now like to conclude our capital markets day presentation by highlighting how the different parts of the presentation play all together. I see DocMorris at the center of the exciting building blocks of e-commerce, healthcare, and technology, which from my perspective, is really the sweet spot of digitalization to provide best-in-class customer experience and solutions. In the field of e-commerce, we have established ourselves over the last 28 years as the undisputed leader in Europe and serve more than 11 million customers in Europe. The electronic prescription opportunity will be a huge booster of our core and will lead to significant growth over the coming years. Our deep roots in healthcare, displayed via our long-standing connection to physicians and insurance companies, as well as our efforts to build up a large overall partnership network, will enable us to ramp up health journeys for the top 10 chronic disease journeys as shown earlier today. Lastly, our growing experience in technology with our agile and flexible approach and our microservice architecture will act as an enabler and core competence for the next phase of our transformation. I'm very proud that our first successful past contracts prove how advanced our technology already is. The key messages that we would like you to keep in mind are the following. First, customer centricity is at the core of the DocMorris vision and strategy. We aim to provide seamless health journeys to improve people's lives. COVID-19 has drastically accelerated the adoption of digital health across the globe, displayed by more digital consumer behavior, the acceleration of electronic prescription introduction in Germany, or the potential OTC opportunity in France. We are highly focused on our key growth opportunities, especially, of course, on the electronic prescription in Germany, but also the ecosystem ramp-up and further European expansion. The strongest European pharmacy brand ready to also become the leading ecosystem brand in Europe. Digital services and our well-advanced technology footprint are key factors and enabler for us to achieve our vision of health in one click. In financial terms, we are ahead of our once-in-a-lifetime growth story, driven by the electronic prescription with an attractive with a medium-term EBITDA margin of 8% and further upside potential. I now personally want to thank all of you for your interest and also trust in the Zur Rose Group and us as the management team. We cannot say enough how excited we are to execute on that strategy, on the journey, and ultimately deliver health in one click. With that, I hand it back to Christoph, who now will moderate the Q&A session. Thank you very much. Good things take three attempts is one good wording. Another one is the most common sentence this year, which is, you are on mute. I'm very sorry for this technical problems, but really hope that this time we have a good audio quality, which has just been confirmed from somebody in the room. Thank you again for bearing with us, for staying with us, and hopefully you enjoyed the presentations that we delivered with the speakers earlier. We will now move into the live Q&A session, and we have already received a number of questions from your side. Remember that you can still use the question function on the left-hand side of your screen to hand in additional questions. Let's start with the first question for the third time now, which comes from Michael Heider from Berenberg Research. The question is: What is your view on the onboarding process for the gematik app? Will you have to wait for NFC-capable health insurance cards, or will it be possible to order easily by scanning the QR code with the DocMorris app? I believe this is a question for our head Germany, Walter Hess. I hand it over to you. Okay. As I've shown in the presentation, there are two major ways to redeem e-prescriptions. One is via the eRx app of gematik, and there you need an NFC-capable health insurance card for the identification process. As the distribution of this card is still relatively low in Germany, there is an expectation that it will be at least less than 10% of the prescriptions are going through the gematik app at the starting point. Therefore, more than 90%, and this is the meaning of a broad number of experts, more than 90% will be based on printouts of the e-prescription. There the printouts, you will be able to photo scan the token and forward it within the app or another device to us, or send this paper printout directly to us as online pharmacy. Okay, thank you, Walter. The next question comes from Alvira Rao from Barclays, she also has a question about e-prescription. The question is, the specifications on gematik APIs for third-party apps expected to be published in mid-2021. She asked if you can explain in simple terms what this publication may contain and what potential outcomes could come out of it and their respective impact on our business in this publication. What we expect is that there will be a definition of who or what is a third-party provider first, and then how they can be connected to the Rx server of the Telematics Infrastructure or, and/or the gematik app. Bear in mind, as we are already a pharmacy, we have direct access to the Rx server at gematik, and therefore, have direct access to the prescription data on behalf of our customers and patients. Okay. Thank you. Now next, a question for Betül coming from Gaurav Malhotra. The question is, can you please, at a high level, describe what the revenue models look like within the ecosystem opportunity, for example, with pharma companies, and perhaps help us to size the opportunity? Thank you for the question. As I have mentioned in my presentation, our healthcare journeys have three business model layers. The first is to drive our core business revenues, e-commerce as well as marketplace with product sales. The second business layer is to drive teleconsultations with the dedicated clinics we are creating and developing on TeleClinic. The third business model is a collaboration fee model we have with our partners. It is quite early to mention numbers and figures for these business layers. However, we can mention that we are looking at an attractive business model and high margin potential. Okay, thank you. The next question comes from Alexandre de Freitas Santos, and it is about the following. First of all, thanks for the presentation. Indeed, the German Rx opportunity is really exciting, and from my point of view, it will serve as an example to other EU countries. Therefore, is there any talks of regulation coming up in other European countries? Walter, do you want to take this one? Indeed, COVID-19 changed sort of the world, and we see that not only on the side of the customers or patients, who adopted very much their behavior to the new situation, but we see also on the regulatory side, huge changes starting now with Germany. We have other discussions in other places. For example, in our small country, Switzerland, the electronic prescription will also be introduced, most probably, hopefully soon. We see other discussions taking place in France and in other countries, more in Southern Europe. As you also have read just recently, France will now start on the OTC side, where they will allow the marketing on Google, which was forbidden so far, and the respective regulation is already enacted. Actually this is a great starting point now for France. We are pretty sure over time that we see the digitalization going further on, and that we will have a better outcome for patients finally, and this is a great thing. Okay, thank you. The next question comes from Ketan Gadhia from Wincrest Capital, and his question is, if DocMorris is connected to gematik, why do you expect over 90% of journeys to start with a paper printout? If the Rx is automatically uploaded to DocMorris, why would this be the case? Yeah, as mentioned before, the reason is that there are not as many NFC cards in the field already. Most of the prescriptions will be coming via printouts. Sorry, can you repeat the second part of the question, please? Yes, the question- Okay, I got it again. It's a great one. It would be great to have access to all of them. Of course, in Germany, as everywhere else, the patient has the choice of the pharmacy. Therefore, of course, the patient first has to choose us, and then he will redeem the prescription to us. There's a question directed to myself. One of you is asking where the presentation can be downloaded, and it is available under the publication section of our website. The video recording will also be made available shortly. The next question is coming from Chris Lee, and he is mentioning Sweden. In Sweden, they allow patients to get up to 10 prescriptions without visiting doctors to refill. Is that required for Rx market to move online in Germany? If you have to visit doctor every time you get a prescription, there's no incentive to use online pharmacy if there's pharmacy near the doctor's office? What is your view on this? Just recently, it has been announced that the repeat prescription will be available, in Germany, starting at the same time as e-prescription, which is 1st of January 2022. The prescription will be valid for a period maximum of 365 days. The details are not defined yet, and they are on the way to being defined by the associations of the physicians, the pharmacists, as well as the health insurance companies. Okay, now we have received a number of questions from Alexander Thiel. His first question to Walter Hess is, how do you see the rollout progressing on the marketplace side? Can you give us more information on how many brick-and-mortar pharmacies have already signed up? How should we think about the ramp-up from 200 to around 1,200? At the moment, we are at the number of 35 partner pharmacies offering same-day delivery to our customers. Another 65 more pharmacies are in the pipeline. With the 35 today, we already cover about 16 cities. Amongst them is Berlin, Hamburg, Cologne, Frankfurt, and Munich, so the most important ones. By the end of the year, we plan to have acquired more than 200 pharmacies and the ramp-up to 1,000 or 1,200, or how many will be needed to really cover the whole country. It is just by doing the continuation of the acquisition process, with a whole team that is working behind and which will make it possible. The next part of the question is for Betül. The question is, can you give us a little bit more color around the conversation you are currently having with potential partners? What kind of partner would make sense in the current stage of the ecosystem? As for our strategy, we are focusing on the top 10 chronic conditions. We are having deep and advanced discussions with potential partners to cover these top 10 chronic diseases. We are in discussions with big pharma, big tech, and digital solution providers to ensure that we can bring the best possible health journey for these chronic conditions. We are expecting to have additional one to two health journeys that we can announce in 2021. Okay, the last part of this question is for Marcel. On slide 71, where you were showing the new business models and their margin potential, you showed several layers that could significantly lift the current mid-term margin profile of 8%. How would you describe the terminal margin profile, including digital solution upsides? Yeah, it's very early to really answer this question in concrete because we learn on the first implementations, and it depends on scaling and the dynamic in this upside business models. I cannot give you a concrete number, but in the end, I think it's obvious that these new business models will have significantly higher margins and have the potential really to boost our profitability for the future. Okay, thank you. The next question is on the announcement from yesterday on Madhu Nutakki joining Zur Rose Group. Can you give us some additional color on the background of Madhu Nutakki and why he decided to join Zur Rose Group? Walter. Yes, sure. As I said before, I'm really happy that Madhu Nutakki is joining our company because he is bringing really great knowledge, especially from his experience with Kaiser Permanente in the U.S. We have to see that Kaiser Permanente is maybe the founder of managed care, just generally spoken. If you look a little bit more into what Kaiser Permanente is doing, they have 12 million users actually with 300,000 employees and offering a fantastic app. Actually, this app is something which we are aiming for to have with Zur Rose as well. Therefore, I'm pretty sure the knowledge of Madhu Nutakki is really of big help for our future and will increase our tech competencies and also our product competencies, aiming for apps and several kinds of services for our customers. A great addition. Next, we have a series of financial questions. The first one coming from Laura Pfeiffer from Octavian. How comfortable do you feel with your balance sheet considering the amount of investments ahead? Are you funded through to profitability without compromising on growth opportunities? Yes, we did our financing round last year in order to have cash on the balance sheet and have the financial power to execute on our plans and to achieve our midterm targets. For this, especially e-prescription opportunity in Germany, we are financed. Of course, if you talk about additional geographies or significant upside investments in technology or new business models, which are not included in our financial targets, we have to discuss and see if we need additional financing. For achievement of our midterm targets, we have enough financial power. Okay, the next one is on the unit economics that have been shown. The gross margin for paper Rx versus eRx, there has been shown a three percentage point difference from 18%-21%. Can you help us understand that better? Is the question of Alvira Rao. Yeah, sure. In the past, on the paper prescription, we have our Rx bonus in order to give this incentive. This is not possible anymore. Therefore, for the electronic prescription, the margins will be higher. As we always said, we build on a convenience model for the electronic prescription for seamless journeys for our customers, and therefore we can achieve higher margins. Okay, two further question on KPIs. How much is the customer acquisition cost in Rx versus OTC in Germany, and what is the difference in order frequency for OTC and Rx customers today? Yes, beginning with the order frequency in Rx, as with chronically ill patients, we see five orders a year per customer. This in comparison to the OTC ones, which is more on acute and not on a regular basis. There, the order frequency is between 2 and 2.5 times a year. In terms of acquisition costs there, we stopped already years ago acquiring paper prescription, therefore we do not have really the experience how the customer acquisition cost for e-prescription customer in the future will develop. In the beginning, it's also about education, making people learn that also prescription drugs can be ordered e-commerce and online. With our advertising campaign, in the beginning it will be higher, we think it will come significantly down over time. In comparison to OTC, there we focus on purely performance online business, and there we have a customer acquisition cost between €10 and €20. Our expectation is that in prescription it will be higher because chronically ill patients, they need their medication for life. They need a lot of trust and safety. Because of online marketing, it will come down in this direction like we have for OTC customers. Next question is for Walter Hess again. How do you plan to transfer your 9.8 million active customers to the DocMorris app? In a first step, in the short term, we will activate them under the existing and their brands where they purchase already their products today. In accordance to the brand integration process, we then will transfer them to the DocMorris brand and the DocMorris app. Okay, there is a question from Olivier Calvet from Kepler. He is wondering after seeing the video clip of the advertisement, how can I avoid in practice going to the doctor by using the DocMorris app to get an eScript? Yeah, this will be a very important feature in our app. At the moment it's under construction already, so as part of the roadmap, and will be available in the near future on this app. With this feature, you will be able to directly contact your general practitioner. Okay, we have a question on the branding. We have seen a new logo and new design language. What is your brand strategy going forward? Until when do you plan to unify your brands under the DocMorris label? Betül, over to you. Thank you. We believe in the power of strong brands. We have launched a new DocMorris at the end of last year, and we have now a large-scale marketing campaign with Das neue Gesund since February. We have started also with the migration efforts towards one umbrella brand, DocMorris, for our European healthcare ecosystem. We have migrated with Eurapon, apo-rot in Germany, and we have started with migration actions for Doctipharma and PromoFarma in France and Spain respectively. We are moving towards one DocMorris with one health in one-click experience that we would like to bring to our consumers across Europe. Okay, thank you. Now, the next question is: Hi there, just want to make sure I heard correctly. Did you say online penetration in Sweden went from 10%-20% due to COVID? I thought it was 11% in 2020. Walter, maybe you want to comment. Yes, sure. As I said on Monday, as I said in my presentation, I had a discussion with Pär, the CEO of Apotea in Sweden, and he just commented that within COVID-19, the penetration jumped really from 10% to 20% within just one year. We see these numbers also in the recent publishings. Actually that's the fact, and this shows the dynamics if you have electronic prescriptions also in Germany. Again, the time is right for that disruption, and we think that will take place now. Okay. Then there's no closer session without this question. Can you please run through the competitive landscape and the barriers for large U.S. players like McKesson or Amazon moving into the market? Yes, sure. As the market shows a fantastic opportunity, it would be not plausible that the players like Amazon and others would look into that opportunity very concretely. We have to see that there are quite some obstacles in dealing with this opportunity, needing the right licenses, needing the right stuff, and dealing with the several regulatory frameworks all over the place in Europe. Nevertheless, this is hard work to do. On our opinion, we will see such players in the European space knowing that, for example, Amazon entered the U.S. market already showed that the pharmacy space is of interest for them. Let's see. We think we are very well situated. We have a fantastic starting point established with our huge customer base, with our huge investments in technology and building up now a relevant ecosystem network. That's our answer to that, to such a competitive, let's say, situation. Okay, the next question is: if the prescription is 90% paper, then doesn't this lead to customers going to offline pharmacy to fill it and take medicine at home? Well, there was just, I mentioned it in the presentation, a recent study by ABDA in Germany. The respondents told them that up to 14% will go to the online pharmacies in the future. Yeah, as you have seen before, today we are at the market share of online prescriptions or prescriptions redeemed via online pharmacies of that 1.4%. It would be 10 times more, and then Tencent has even 25%. We think due to the new opportunity and having really seamless journeys, digital journeys, no media interruption anymore, this will be much more convenient, and of course, some customers need immediate medication. They will go to the local pharmacy. They have a good relation to the pharmacist. They will go there also for chronic medication. There will be a number of, let's say, 10 up to 20%, 25% in the future of customers, which will just get their medication through mail order pharmacies and online pharmacies. If I might add one thing here, at least, again, the discussion with Pär, looking into the Swedish situation. Pär is estimating the potential not 10% and not 20%. He's estimating the potential on 50% plus. He says the opportunity is much higher than in the books market where he's actually coming from, where we have already 50%. Actually, there is a lot of, let's say, really excitement about that opportunity. Thank you. Let's move to our last question. What is your view on the percentage of prescriptions that will not require in-person visits with doctor in five years' time? With doctors in five years' time. Well, also there, what we see at the moment is that a huge increase of demand for telemedicine and doctors doing treatments online. The growth rates are really significant. Also there, neutral studies say it goes up to 5%-10% of all the treatments, which is 40 million-80 million treatments per year, which will be treated online in the future. Okay. Thank you, Walter, thank you all very much for participating in our virtual Capital Markets Day 2021. We remain at your availability anytime via ir@zurrose.com, and we'll of course, be happy to answer all future and additional requests via email. Thank you everyone very much for participating in the Capital Markets Day, and enjoy the rest of the day.