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Miniaturka

Investor relations

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NEUCA Group is continuously working on improving the level of communication with investors and goes far beyond the obligations imposed on the companies by the disclosure policy regulations for stock exchange firms.

The Company regularly holds quarterly earnings conferences and direct meetings with the shareholders. There are dozens of such meetings, both as part of individual contacts as well as through participation in conferences organised by Polish brokerage houses.

The Board of Directors of NEUCA is determined to regularly communicate not only with investment or pension funds but also with individual investors. It is primarily with them in mind in recent years the Company implemented new solutions for more efficient communication. Twice a year we conduct on–line meetings in the form of chats attended by more than 200 investors.

Another form of communication between the earnings conferences, direct meetings and chats is an investor bulletin which has more subscribers month by month. In 2016 our newsletter was supplemented by a summary of the most important information about the healthcare market, and especially the pharmacy wholesale market. When developing communication with investors, the Company continues to work on improving the functionality of its website so that it constitute a possible source of information on our business. Last year at the corporate website we launched the "information section" which contains all the important data relating to the NEUCA Group's presence on the stock exchange. The Company also opted for an innovative movie–based presentation of the summary of the results. As part of the summary of the annual and semi–annual results the website offered video comments on the results while showing different areas of the company.

In the circle of our interest there are also foreign investors who meet with the Company's Board of Directors in Poland. One of them, the Norwegian state pension fund — has a significant stake in the Company.

We also never forget about communication with analysts — opinion leaders among investors interested in our industry. We put emphasis on active dialogue with this group and from year to year grows the number of brokerage houses writing about our Company. We implement new solutions helping investors to contact the Company too.

“We recommend buying NEUCA stocks due to the expected increase in free cash flows. With the acquisition of ACP Pharma NEUCA strengthened its position of the strongest player in the pharmacy channel and improved its purchasing position. Own brands will increase their positive contribution to the results which will result in improved profitability in the Group. Good working capital management translates into a limited debt, and planned completion of the investments in outpatient care clinics will release free cash flows which will give the potential for dividend growth or for resumption of acquisitions.”.
Extract from the industry report by Dom Maklerski PKO BP dated November 2015 on the distribution of pharmaceuticals.

“In 2016, investors should focus on the growth prospects of the pharmacy wholesale market, especially in the context of the activities of companies seeking to improve operational efficiency . Particular attention should be paid to the results of NEUCA Group, including its new business initiatives. They are the solution to achieve growth in subsequent years, with limited potential opportunities in the market for distribution of pharmaceuticals.”.
Extract from the Report by Dom Maklerski BZ WBK dated December 2015 concerning the investment strategy for 2016.

Shareholding

  Shareholder
Number of shares
Percentage interest
1 Kazimierz Herba (with subsidiaries) 1 060 631 23,84%
2 Wiesława Herba 1 005 240 22,59%
3 FPT Foundation (through SORS Holdings Limited) 470 000 10,56%
4 NEUCA SA 38 180 0,86%
5 Government of Norway 116 371 2,62%
6 Others — number of shares 1 758 580 39,53%
  Total 4 449 002 100%

Recommendations of Analysts

  Target price
Issue date
Institution
buy 398 06.11.2015 DM PKO BP
buy 403 17.08.2015 DM BZ WBK
buy 338 30.07.2015 DM BOŚ
buy 326,5 19.04.2015 DM BOŚ
hold 285,5 17.02.2015 DM BOŚ
buy  377 16.02.2015 DM BZ WBK
hold 271 12.12.2014 DM TRIGON SA
buy 339,18 04.12.2014 BM BGŻ SA
buy 265 01.09.2014 DM BOŚ
hold 278,5 21.07.2014 DM BOŚ
buy 314,12 30.05.2014 BM BGŻ SA
buy 297,6 19.05.2014 DM IDM SA
buy   28.04.2014 CITIGROUP
sell 125 07.04.2014 ERSTE BANK
buy 365 30.01.2014 DM BZ WBK SA