Financial Results

1Q 2010

Market information

Company NEUCA S.A.

Number of shares 4 415 912

Market Cap

(at PLN 68.00 per share)300.3 million PLN

Free Float 43.75%

Index sWIG80, WIG

Market main

Ticker NEU

Company’s Board

Piotr Sucharski – President of the Board, General Director

Dariusz Śmiejkowski – Vice President of the Board, Director for Development

Robert Piątek – Vice President of the Board, Director of Operations

Website www.neuca.pl

IR contact

We strive after synergy

on the health market.

WHOLESALEWe are an indispensable agent in

medicines trading in Poland

RETAIL

We are the most effective

seller of selected medicines in

Poland

SERVICE

We are a main supplier of

logistic, marketing, and selling

services on Poland’s health

market

NEW

PRODUCTS

We develop innovative

medicines, recommended by

pharmacists

NEUCA – Pillars of Development

Wholesale Network of partner pharmacies Own medicines Services on the health market

a holding company – Group management

Transport and logistics

NEUCA – 1st quarter 2010

1.622 million PLN - consolidated revenues,

129 mln PLN gross profit on sales

a leader on Poland’s pharmaceutical wholesale market with a 30.8% market share

Development of new businesses in line with assumptions

implementation of a strategy connected with warehouse and logistic

restructuring and launching the Common Services Center activity

11 million PLN of EU funds obtained to support finance of the Common

Services Center project in May 2010

NEUCA in a new structure of the Group Business since March 2010

MARKET

CONDITION

1.1% yoy sales increase in 1Q 2010 in spite of weak January

consolidation on the pharmacies market – nearly 1 pharmacy out of 5 is in the network

Direct to Pharmacy, new rules

AstraZeneca UK Ltd located in London is NEUCA’s partner in Poland

A successful IT and operational change completed in February 2010

Pharmaceutical wholesale market 1Q 2010

5,72

5,55

5,66

Value of pharmaceutical market [in bil. PLN]

1Q 2009 4Q 2009 1Q 2010

Monthly market sales

1.1% yoy market growth in 1Q 2010

8% yoy decline in January 2010. January 2009, the best month in the previous period

September 2008/March 2009

Market recapture in the subsequent months

+3% yoy in February 2010 and +9.3% yoy in March 2010

[mil. PLN]

Unusual January in the 2009/2010 period

NEUCA Group’s market share

No 2

21,0%

No 3

17,0%

No 4

7,0%

No 5

6,0%

Other

18,4%

Neuca Group

30,8%

* own assessment based on IMS data for 4Q 2009; share together with DTP Astra-Zeneca’s sales

FINANCIAL

RESULTS

Consolidated results

+38%, i.e. +448 million PLN, increase of sales revenue and increase of all results in 1Q 2010 compared to the same

period in the year before

insignificantly weaker operating margin yoy du to consolidation of the less profitable Group Prosper

+56% yoy increased net profit and improved net profitability by +0.08 p.p. yoy in 1Q 2010, despite of greater

advantage value on obtained rebates booked in1Q 2009

(millions of PLN) 1Q 2010 1Q 2009change

% yoy

change

PLN yoy

revenue 1 622.3 1 173.9 38.2% 448.4

gross sales profit 128.4 97.6 32.0% 31.2

EBITDA 23.8 18.1 31.6% 5.7

EBIT 18.3 14.8 23.8% 3.5

net result 11.8 7.5 55.7% 4.2

% of sales revenue

gross sales profit 7.94% 8.31% -0.37 p.p

EBITDA 1.47% 1.54% -0.07 p.p.

EBIT 1.13% 1.26% -0.13 p.p.

net result 0.72% 0.64% +0.08 p.p.

* the net result published for 1Q2009 was adjusted when changes of rules of recognition of rebates obtained from suppliers were introduced

Gross sales margins 1Q 2009-1Q 2010

Improved gross sales margin since the acquisition of GK Prosper in 2Q 2009

Focus on increased profitability after GK Prosper’s consolidation, even at the cost of decreased sales

+0.31 p.p. Q/Q increase of gross sales margin

-88 million PLN, i.e. by -5% yoy sales decrease in the conditions comparable to those for Q 2010 – resignation

from unprofitable customers in the network trade and the pre-wholesale (-53 mln PLN yoy)

in 1Q 2009 the majority of rebate advantages from the warehouse at the end of 2008 were included

* The data after 2009 GK NEUCA (without GK Prosper) and GK NEUCA (pro forma) took into account new rules of accounting advantages from additional rebates in stocks,

introduced in the consolidated periodical report for 4Q 2009 and the presentational correction introduced ion the consolidated annual report for 2009

8.31%

7.33%7.54% 7.63%

7.94%

6.13%

5.59%

7.13%

1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010

GK NEUCA (w/o GKP)

GK NEUCA

GK Prosper

Adjustments to the gross revenue from sales /1

[ths. of PLN] 1Q2009 2Q2009 3Q2009 4Q2009

Before adjustments

Revenue from sales 1 173 877 1 383 941 1 526 964 1 602 562

Manufacturing costs of products and services 3 148 11 783 11 983 14 839

Costs of sales of trade goods and materials 1 083 242 1 276 960 1 402 964 1 472 890

Self-cost of disposal 1 086 390 1 288 743 1 414 947 1 487 729

Gross profit on sales 87 487 95 198 112 017 114 833

Adjustments

Manufacturing costs of products and services -1 386 -7 811 -5 652 -7 512

Costs of sales of trade goods and materials -8 731 1 497 2 591 0

Self-cost of disposal -10 117 -6 314 -3 061 -7 512

After adjustments

Revenue from sales 1 173 877 1 383 941 1 526 964 1 602 562

Manufacturing costs of products and services 1 762 3 972 6 331 7 327

Costs of sales of trade goods and materials 1 074 511 1 278 457 1 405 555 1 472 890

Self-cost of disposal 1 076 273 1 282 429 1 411 886 1 480 217

Gross profit on sales 97 604 101 512 115 078 122 345

Gross return on sales

- Before adjustments 7.45% 6.88% 7.34% 7.17%

- After adjustments 8.31% 7.33% 7.54% 7.63%

Change due to adjustments 0.86% 0.46% 0.20% 0.47%

* an adjustment to the new rules of accounting of additional benefits from producers in 4Q 2009

** an adjustment to the presentation consisting in the shift of the self-cost of service sales to the enterprise overheads

Explanation

CHANGE OF ACCOUNTING RULES

adjustments included in the self-cost of goods and materials sales in correspondence with the value of inventory

an adjustment to the value of inventory of inventory and self-cost of sales by data activated for budgetary purposes in the

“Warehouse of benefits".

an adjustment to the value of inventory of inventory and self-cost of sales by the value benefits transferred to the Group

Business companies in proportion to the value of the stock of goods in the companies at each balance sheet date

elimination of the margin on stocks purchased by the Group Business companies which were not sold at the balance

sheet date

CHANGES IN PRTESENTATIONS

transfer of self-cost of sales in the part concerning transactions between companies in the Group Business to enterprise

overheads -> increase in gross profit from sales, increase in the enterprise overheads

transfer of part of enterprise overheads to sales costs -> with no effect to the results

Adjustments to the gross revenue from sales /2

Net profit 1Q’09 - difference

in 2009 a change of recognition of discounts obtained from suppliers was introduced in order to reflect

better the economic content of the transactions carried out

instead of general estimates, a detailed identification of allocations of estimated rebates to

individual inventory items was introduced

effect of increase in net profit for 1Q 2009 by 7 073 thousand PLN in comparison with the data

published in 2009

Net profit 1Q 2009 [ths. PLN]

„old” rules „new” rules

Indebtedness and assets turn.

Financial liabilities [ths. of PLN] 1.03.2010 31.12.2009 30.09.2009

> long term 102 063 96 410 77 757

> short term 325 254 281 560 160 592

TOTAL 427 317 377 970 238 349

leasing 65 693 55 186 43 683

share in Leasing 15,4% 14,6% 18,3%

+49.3 million PLN Q/Q increase of financial debt

Q/Q increase of percentage share of leasing in the

debt structure

planned increase of credit limits in subsequent

quarters in 2010

Current assets turnover [days] 1Q 2010 4Q 2009 3Q 2009

1. stock turnover cycle 46 50 48

2. Collection cycle 41 42 45

3. operating cycle (1.+2.) 87 92 93

4. liabilities turnover cycle 76 82 80

5. cash conversion cycle (3.-4.) 11 11 13

Change of status Q/Q [ths. of PLN] 1Q 2010 4Q 2009 3Q 2009

1. stock level 284 477 -171 830 58 903

2. trade obligations -264 636 133 241 -5 777

3. total (1.+2.) 19 841 -38 589 53 126

4. financial liabilities 49 347 -23 440 -15 878

5. total (3.+4.) 69 188 -62 029 37 248

decrease of trade liabilities together with the

reduced inventories in 1Q 2010

19.8 million PLN of cash from operations released

in 1Q of 2010 used to finance the increase of

liabilities

increase in financial liabilities, mainly short-term

ones 43.7 million PLN Q/Q

a faster inventories turnover as a result of

continuous improvement in logistics

operating cycle is shortened after the takeover of

GK Prosper

cash conversion cycle of 11 days

Consolidated CF for 1Q 2010

22 719

22 013

(60 183) (1 932)

6 236

32 096

20 949

OBS monetary

resources

Operating CF

excl.current asets

current assets tax paid investment CF Financial CF CBS monetary

resources

[ths. PLN]

Operating CF and Financial CF 1Q 2010 used to finance the increase of receivables

a significant reduction in inventories (284 million PLN), and trade liabilities (269 million

PLN) with respect to the end of 2009

NEUCA GROUP

COMPANIES

„ŚWIAT ZDROWIA” CHAIN

1Q 2010 nearly 1.7 thousand pharmacies, including 412 contract pharmacies

25.6% of Group revenue from sales originated by Świat Zdrowia (World of Health) pharmacies

54% higher purchases of pharmacies associated with the partnership program compared with any other

pharmacies/customers of NEUCA Group

change of terms of cooperation - offering additional business benefits to pharmacies

NURSEA recommendations implemented in 100% of Świat Zdrowia pharmacies - 100% of staff

AIMS 2010 achieve BEP (break even point)

constant improvement of revenue-cost ratio

completed development of a model of cooperation with partner pharmacies ("franchise")

signing at least 200 "Partner" contracts which assume the realization of 80% of pharmacy’s turnover in the Group

enforcing the implementation of the provisions of the contract with the Świat Zdrowia pharmacies - 65% of

turnover with the Group companies

implementation of AMAX, a IT program, in the Świat Zdrowia pharmacies

ensuring the attainment of Nursea’s aims in the Świat Zdrowia pharmacies

300.000 entries/month

into the website

www.swiat-zdrowia.pl

SYNOPTIS PHARMA

1Q 2010NOVELTIES

Omincardia

on sale from March 20

Nursea Urextra

on sale from May 12

(launched May 17))

REVENUE

1.85 million PLN, +37% increase yoy

AIMS 2010 12 million PLN sales

10 million PLN sales under the NURSEA brand

effective marketing of more lines of NURSEA sub-brands

further increase of synergies with the NEUCA Group to maximize a return to scale

Revenue form sales

2009/2010

[mil. PLN]

NEKK

ORDERS OUTSIDE NEUCA

GROUP tenders awarded: Cinema City, City Office of Poznań, Harper

Hygienics

orders made independently: Sokal, Twoje Apteki

(Your Pharmacies) strategies

continuous building of own history/portfolio

AIMS 2010 strong commitment to work for an internal customer - to

optimize the working time

building a "story" of external orders - strengthening of

additional Accounts with the sales profile

offer addressed to customers outside the pharmaceutical

sector

CINEMA CITY design,

mechanism and realization of

contest website

CITY OFFICE

OF POZNAŃ design and

realization of catalogue for

sector B2B

HARPER HYGIENICS market

research and strategic analyses

ILC

1Q 2010 work for companies outside the NEUCA Group, including Polbita, EMPIK, Ruch

INternet

March 23 – presentation of the new AMAX program to 120 pharmacists

AMAX – ca 500 implementations

in 2010 effective management of purchasing and inventory

promotions analyzer – an innovative and unique feature in the market

hint function - it helps the pharmacist when purchasing a medicine, presents the

stock level and the prices of similar medications in the whole therapeutic category

a patient may obtain, from the pharmacist, an SMS text on mobile phone, among

other things about the delivery of an ordered finished drug or information about the

need to implement another prescription

UPCOMING

QUARTERS 2010

NEUCA Group - warehouses

38

3432

28

20

17

12

78,2 76,674,6

87,6

73,1

68,0

61,1

0

5

10

15

20

25

30

35

40

45

1Q 2010 2Q 2010 3Q 2010 4Q 2010 2011 2012 2013

Nu

mb

er

of

wa

reh

ou

ses

0

10

20

30

40

50

60

70

80

90

Su

rfa

ce

are

a [

tho

usa

nd

s o

f m

2]

number of warehouses

storage surface area

Dividend policy 2006-2010

69% dividend payout ratio* in 2010, 12.9 million PLN unit net profit for the year 2009

maintained a high average annual growth of dividend payout rate

Value of dividend [ths. PLN]

Value of dividend per share [PLN]

* Management Board recommendation

Result forecast 2010

2009* 2010 P 2009 2010 P

2009** 2010 P***2009 2010 P

Net revenue from sales [mil. PLN] EBITDA [mil. PLN]

EBIT [mil. PLN] Net profit [mil.PLN]

* 6 388 million PLN revenue 2009 assuming consolidation of GK Prosper from 01.01.2009 r.** net profit 2009 r. without one-off transactions; 32.2 million PLN consolidated net profit for 2009

*** net profit forecast 2009 r. without one-off transactions; additional 2,5 mln zł million PLN of consolidated net profit from one-off transaction