Ladies and gentlemen, welcome to the conference call of Medios AG. At our customer's request, this conference will be recorded. As a reminder, all participants will be in a listen-only mode. After the presentation, there will be an opportunity to ask questions. If any participant has difficulty hearing conference, please press star key followed by the zero for an operator assistant. May I now hand over to Claudia Nickolaus, Head of Investor and Public Relations at Medios.
Welcome, everybody, to our conference call on our results for the first three months of this year. As always, all relevant documents can also be downloaded from our investor relations website. Additionally, this presentation can be followed in parallel via the internet link provided to you in the invitation. Today, with me is our CEO and CFO, Matthias Gärtner. He will guide us through the presentation and will be available to answer your questions. I would now like to hand over to Matthias.
Thank you, Claudia, and also a warm welcome from my side. Thank you for attending this call, and also thank you for your interest in Medios. I'm very happy to tell you that we had a very good start in the year, with a record quarter in Medios history following an already very successful fourth quarter 2020. I will start with the highlights for the first month of this year, followed by some comments on our financials and on our outlook for 2021. I will also be referring to the slides of the presentation. Let's start with the highlights of our operations and financials outlined on slide three. Given the record quarter, it is needless to mention that our growth strategy is on track. Both segments reported sales and earnings growth with improved margins.
We realized first synergy effect for both of our latest acquisitions, mainly in purchasing and logistics. We are starting to exploit the cross-selling potential within our extended partner network of now more than 500 specialized pharmacies. The acquisition of Cranach Pharma is already paying off, as demonstrated by the positive development of our financials. Furthermore, we expanded our product portfolio, whereof the indication hemophilia is the most important. Meanwhile, we became a leader in this attractive market of around 5,000 patients in Germany. At the beginning of the year, we started setting up our new labs in the new building within the complex where our wholesale business is already located. With this, we will be able to up to triple our production capacity in the midterm and realize further synergies by concentrating logistics and warehousing at one site.
We should be able to start production in the fourth quarter of this year. We advanced the digitalization internally and to support our partner network by further developing the innovative mediosconnect online platform, a crucial element in our growth strategy. This platform connects doctors, health insurance companies, and specialized partner pharmacies with each other and serves as an ordering, billing, and settlement portal. The number of users as well as the number of ordering and billing processes carried out on mediosconnect is constantly increasing. Already more than 12,000 transactions per month. This is partly due to the introduction of the software in other federal states in addition to Berlin. We also advanced the establishment of an e-prescription capable platform that offers added value for doctors, health insurance companies, specialized partner pharmacies, and patients.
This allows the aforementioned stakeholders and Medios to benefit from the increasing digitalization in the healthcare system. The message is unchanged. We are well prepared for the mandatory start of the e-prescription in January 2020 in Germany. No surprise that the focus of our M&A is on the compounding business and digitalization. Our growth plans are safeguarded by our strong financial background. I also want to point out that in Q1, we improved our cash conversion and achieved a strong operating cash flow. Also, a new record number for Medios. I'll give you more details about that later on. Let's switch to slide four, an overview on the financials. As I said, Q1 was a record quarter. Overall, our financial position remains strong. We handled the challenges caused by the COVID-19 pandemic very well and are seeing already the effects of the Cranach acquisition.
Our KPIs doubled or almost doubled. Revenues increased 94%. EBITDA pre 107%, and EBT pre 91%. Driven by inorganic growth of our wholesale business, including especially Cranach Pharma, but also Kölsche Blister and hemophilia for all three months. Both segments, pharmaceutical supply and patient-specific therapies, contributed to revenue and earnings. Financial were persistently, negatively affected by COVID-19, but on a significant lower level. We have adapted to the situation and are coping well. I can only repeat what I stressed during our last calls. We do not know how long this quota system will be in place. The Federal Institute declared as long as the COVID pandemic persists, the quota will remain. Slide five provides a revenue and EBITDA pre-breakdown per segment. Pharmaceutical supply generated 95% of revenues and 76% of EBITDA pre.
Our target is still to grow the share of the higher margin segment, patient-specific therapies, the compounding activities. I will now provide a short update on our ESG strategy and what has been done so far, illustrated on slide six. We describe the work we are doing in connection with environmental, social, and governance, ESG, in a dedicated voluntary report. This non-financial consolidated statement is included in our annual report and posted on our website. Furthermore, we joined the world's largest responsible corporate governance initiative, the United Nations Global Compact, in March. We have committed to its 10 universal principles in the areas of human rights, labor, the environment, and anti-corruption. We still have a lot ahead of us. Sustainability will be an integrated part in our corporate strategy. We have already started to develop a comprehensive ESG strategy for Medios.
In addition, we will shortly implement ESG targets in our remuneration system for the Executive Board that will be presented at our forthcoming AGM on the 10th of June. A further resolution at the AGM will also be on the extension of our Supervisory Board from three to four members, to implement new committees, an Audit Committee, as well as a Nomination and Remuneration Committee. These measures will further improve the governance at Medios. During the last month, we received first ESG ratings from some institutions, as well as from investors representing good or at least average scores. We will be able to advance on ESG issues and thus also improve our ratings in the future. This is a clear aim. Our conclusion. ESG is of top priority for us. We will keep you posted about Medios ESG development.
I will now comment on the financials and on our outlook for 2021, starting with slide eight, covering the figures for the first three months of this year. A full set of financial figures can be found in the quarterly statement 2021 on our website and in the appendix of this presentation as well. If not explicitly mentioned otherwise, I will refer to the first quarter figures on 2021 compared to Q1 2020. Once again, Q1 of 2021 is the best quarter we've ever had, driven by the integration of Cranach Pharma since the beginning of this year. Furthermore, our figures were less affected by the pandemic than in the previous quarters. Medios KPI doubled or nearly doubled due to organic and inorganic growth. It is worth to mention that personnel and other expenses have only risen disproportionally due to the lean structure of Cranach Pharma.
In addition to the new employees from Kölsche Blister and Cranach Pharma, new colleagues came on board to prepare for future growth. For example, to be ready for the mandatory e-prescription from January 2022 onwards. Not to mention the expansion of our compounding business, which I had already commented on. The number of employees has grown from 191 in the first quarter 2020 to now 307. Of the new employees, around 80 came from the acquisition.
Please keep in mind that the posted higher D&A are mainly a result of the amortization of Cranach's customer list for the first time shown in the appendix, amounting to EUR 2.1 million for the first quarter, of which EUR 1.98 million are dedicated to Cranach and will be eventually amortized over a period of eight years in the course of the initial consolidation we have examined in detail and gained more insight. EBT pre and EBITDA pre were adjusted by extraordinary expenses for stock options, M&A, and for amortization of the customer base, mainly for Cranach. A respective breakdown is outlined in the quarterly statement as well. The operating cash flow substantially improved by EUR 31.8 million up to EUR 21.4 million, a consequence of higher earnings and an improved working capital. Inventories have already been reduced significantly, and the cash position has been raised accordingly.
Financial cash flow increased to EUR 5.6 million, representing the positive balance from the further utilization of the credit line and the settlement of financial liabilities to the former owner of Cranach Pharma. The rise of cash flow from investment activities from -EUR 2 million to more than EUR 27 million is a result of cash inflows from the Cranach acquisition. More details can be found in the appendix of this presentation. These effects on cash flows led to a corresponding increase of cash and cash equivalents from just under EUR 20 million at year end 2020 to around EUR 74 million as of March 31st, 2021. On slide nine, we provide a revenue breakdown of organic and inorganic growth by segment. The message is clear.
First quarter revenue is driven by the almost 87% external growth of our segment, pharmaceutical supply, including Cranach Pharma, of the overall growth of 94% compared to the very strong first quarter of 2020. This growth is strongly supported by synergy effects being mainly realized by Cranach Pharma, such as benefits from a greatly enlarged network of specialized pharmacies and respective cross-selling opportunities. A proof of a successful acquisition and integration. Let's switch to slide 10, outlining revenue and earnings by segment. As [Charles said, revenue growth was driven by pharmaceutical supply, reporting more than doubled revenues of around EUR 300 million. Again, earnings of the segment were less impacted by higher procurement prices as seen during previous quarters.
We posted lower cost of goods sold ratios for both operational segments, along with margin improvements year-over-year as a result of Cranach's good cost structure and higher margin portfolio compared with Medios. Let's switch to slide 11, providing an overview of our currently available funds as at March 31st, which amount to around EUR 105 million, reflecting a contract signed for a syndicated loan in March 2020 with the amount of EUR 62.5 million. Thereof, we used EUR 31.5 million so far in relation to the acquisition of Cranach Pharma. Liquidity of around EUR 74 million, representing a strong first quarter with a substantially improved operating cash flow, as well as a lower working capital following the successful launch of the new indication hemophilia. In line with our growth strategy, we will use these funds for organic growth and potential acquisitions as well.
Up to EUR 10 million will be invested to build up additional laboratories in the already rented new building in Berlin. We will pursue our M&A strategy looking for attractive targets mainly in the compounding business and/or the area of digitalization. We confirm our forecast provided at the end of March, as shown on slides 13 and 14. The 2021 financial year, we expect to exceed the 1 billion mark, a new record, and generate revenues of approximately EUR 1.15 billion-EUR 1.2 billion. This is +84%-92% compared to 2020. An EBITDA pre of EUR 38 million-EUR 39 million, a +152%-159% compared to 2020. An EBT pre of EUR 31 million-EUR 32 million, which corresponds to a +158%-166% compared to 2020. Percentage-wise, earnings are expected to increase disproportionately.
The EBT margin will improve significantly to 2.7% in 2021 after 1.9% in 2020. This guidance already includes ongoing uncertainty due to the corona situation, extraordinary expenses because of the mandatory implementation of the e-prescription as of January 2022, as well as significant investments into the expansion of our production capacities in Berlin. We are very confident that all these investments will pay off in 2022 and the years beyond. Ladies and gentlemen, as you can see, the overall growth model of Medios is intact. We will continue where we left off at the end of 2020 and build on the successful business performance of the first quarter 2021. We are very well prepared to continue our successful and sustainable growth story.
We are convinced of the mid- and long-term growth potential, also driven by the two acquisitions, and this, of course, at higher margins than in an exceptional year 2020. As stressed before, our growth strategy remains unchanged, and its implementation will further advance. I have explained why we are well-positioned to drive future growth, not only for 2021. Now a brief summary of our growth initiatives outlined on slide 15. The conclusion is unchanged for us. The growth story of Medios continues. First, we will drive organic growth by expanding our compounding business.
The new building gives us the potential to triple our production capacities in the future by exploiting the blistering business with high future potential and synergy effects, by expanding our partner network of specialized pharmacies and extending business with already existing specialized partner pharmacies, by taking on new business opportunities in relation to the e-prescription as of January 2022, by further market penetration through the innovative digital platform mediosconnect, and by further expanding and diversifying the indication areas. Second, we will drive growth via M&A, focusing on the compounding business as well as potentially on digitalization. Ladies and gentlemen, this completes our presentation. Thank you very much for your attention.
Okay. Thank you very much for joining us for this conference call. We look forward to speaking to you at upcoming investor conferences, still virtual, and you will hear from us at our next conference call. If there are any follow-up questions, please just drop an email or give us a call. We wish you a pleasant and nice afternoon, and goodbye.
Bye-bye. Thank you.
Ladies and gentlemen, thank you for your attendance. This call has been concluded. You may disconnect.