Pharmacy Chain 36.6 Announces 2Q 2009 Trade Update (Unaudited)
OREANDA-NEWS. On 03 August 2009 was announced, that OJSC Pharmacy Chain 36.6 [RTS:APTK; MICEX:RU14APTK1007], the leading Russian pharmaceutical retailer, announces unaudited sales and operational results according to the management accounts.
Group sales [1]
Y-o-Y Group’s consolidated sales decreased by 13,5% in ruble terms and reached RUR 5 775.2 mln versus RUR 6 673.3 mln in Q2 2008.
Y-o-Y Pharmacy Retail Sales decreased by 21.9% in ruble terms and reached RUR 4 034.9 mln versus RUR 5 164.5 mln in Q2 2008.
Y-o-Y Sales of finished goods of the production unit Veropharm increased by 25.6% in ruble terms and reached RUR 1 545.0 mln versus RUR 1 230.0 mln in Q2 2008.
Y-o-Y other non-core businesses decreased by 29.9% in ruble terms as the Company no longer consolidates the operation of European Medical Center.
|
Sales, mln |
Consolidated |
Retail |
Veropharm |
Other | ||||
|
|
|
|
|
|
|
|
| |
|
RUR |
USD |
RUR |
USD |
RUR |
USD |
RUR |
USD | |
|
|
|
|
|
|
|
|
|
|
|
Q2 2009 |
5 775,2 |
178,6 |
4 034,9 |
125,1 |
1 545,0 |
47,5 |
195,3 |
6,0 |
|
Q2 2008 |
6 673,3 |
283,8 |
5 164,5 |
220,1 |
1 230,0 |
51,8 |
278,8 |
11,9 |
|
Change y-o-y |
-13,5% |
-37,1% |
-21,9% |
-43,2% |
25,6% |
-8,3% |
-29,9% |
-48,6% |
|
| ||||||||
|
| ||||||||
|
1H 2009 |
11 628,2 |
350,9 |
8 804,4 |
265,4 |
2 457,8 |
74,3 |
366,0 |
11,2 |
|
1H 2008 |
13 386,0 |
563,8 |
10 660,6 |
449,7 |
2 072,0 |
86,5 |
653,4 |
27,6 |
|
Change y-o-y |
-13,1% |
-37,8% |
-17,4% |
-41,0% |
18,6% |
-14,0% |
-44,0% |
-59,4% |
Retail
As of the end of Q2 2009 Pharmacy Chain 36.6 operated 1036 stores in 29 regions of
During Q2 2009 6 stores were opened organically and 54 were closed (no stores were rebranded or reformatted).
As of the end of Q2 2009 Pharmacy Chain 36.6 operated 9 ELC stores, 12 stand-alone optical outlets and 19 additional optical departments within pharmacies.
As of the end of Q2 2009:
|
Business Unit |
No. of pharmacies |
Share of Sales |
Ave. retail space per | |||
|
|
|
|
| |||
|
Moscow — Central |
350 |
48,2% |
76,0 | |||
|
Northwest |
24 |
2,8% |
67,8 | |||
|
South Urals |
232 |
16,3% |
57,5 | |||
|
South |
185 |
15,2% |
51,8 | |||
|
Volga |
127 |
8,9% |
62,5 | |||
|
North Urals |
86 |
7,2% |
53,0 | |||
|
Siberia |
56 |
4,2% |
53,3 | |||
|
| ||||||
|
| ||||||
|
Company Total: |
1036 |
100,0% |
62,8 |
|
|
|
|
|
|
| ||||
Operational data for the retail unit
In Q2 2009 17.8 million purchases were made, which is 30.1% lower than in Q2 2008.
During 1H 2009 38.9 million purchases were made in Pharmacy Chain 36.6, which is 26.6% lower than in 1H 2008.
In Q2 2009 average check across the network stood at RUR 235 (USD 7.29), in
In 1H 2009 average check across the network stood at RUR 235 (USD 7.09), in
Average sales floor size in Q2 2009 is 62.8 sq meters, an increase of 2.6% versus Q2 2008.
Private label
In Q2 2009 the private label sales reached RUR 279.8 mln (USD 8.7 mln) which represents a 10.7% growth in dollar terms and 50.9% growth in ruble terms compared to Q2 2008.
In 1H 2009 the private label sales reached RUR 559.3 mln (USD 16.9 mln) which represents a 25.6% growth in dollar terms and 73.4% growth in ruble terms compared to 1H 2008.
In Q2 2009 the share of private label sales reached 6.9%.
The number of SKUs has increased by 29.1% from 537 at the end of Q2 2008 to 693 by the end of Q2 2009.
Like-for-like sales in comparable stores[2]
As of the end of Q2 2009 the Company operates 672 comparable stores representing 74.0% of sales and 69.3% of traffic in the retail unit in Q2 2009.
L-F-L sales reduction in these stores reached 16% as compared to Q2 2008 (in ruble terms) and 38% decrease (in dollar terms) while traffic decreased by 25%:
|
Business unit |
Number of |
L-F-L sales |
L-F-L sales |
Average |
Average | |
|
|
|
|
|
|
| |
|
Moscow — Central |
229 |
-8% |
-33% |
13% |
-17% | |
|
Northwest |
21 |
-12% |
-35% |
4% |
-24% | |
|
South Urals |
179 |
-24% |
-44% |
8% |
-21% | |
|
South |
90 |
-25% |
-45% |
7% |
-21% | |
|
Volga |
91 |
-22% |
-43% |
10% |
-19% | |
|
North Urals |
67 |
-21% |
-42% |
12% |
-18% | |
|
Siberia |
16 |
-15% |
-37% |
12% |
-17% | |
|
| ||||||
|
| ||||||
|
Total: |
672 |
-16% |
-38% |
13% |
-17% |
|
|
| ||||||
In 1H 2009 L-f-L sales represented 72.9% of total sales and 68.1% of traffic in the retail unit in 1H 2009. L-F-L sales reduction reached 12% as compared to 1H 2008 (in ruble terms) and 36% decrease (in dollar terms) while traffic in 1H 2009 decreased by 23%:
|
Business unit |
Number of |
L-F-L sales |
L-F-L sales |
Average |
Average | |
|
|
|
|
|
|
| |
|
Moscow — Central |
229 |
-5% |
-31% |
15% |
-17% | |
|
Northwest |
21 |
-6% |
-32% |
9% |
-21% | |
|
South Urals |
179 |
-19% |
-41% |
10% |
-20% | |
|
South |
90 |
-19% |
-41% |
11% |
-19% | |
|
Volga |
91 |
-16% |
-39% |
12% |
-19% | |
|
North Urals |
67 |
-20% |
-42% |
12% |
-19% | |
|
Siberia |
16 |
-8% |
-34% |
17% |
-15% | |
|
| ||||||
|
| ||||||
|
Total: |
672 |
-12% |
-36% |
15% |
-17% |
|
|
|
| |||||
Debt
According to the management accounts as of the end of Q2 2009 the total Group’s financial debt (in ruble terms) equaled to RUR 4 639.3 mln (USD 149.5 mln) of which Retail debt is RUR 3 835.5 mln (USD 123.6 mln) and Veropharm debt is RUR 803.8 mln (USD 25.9 mln).
[1] Hereinafter – these financial indicators may vary from the consolidated financial reporting prepared in accordance with IFRS.
[2] Comparable stores are defined as stores:
Opened or acquired 24 months from the current reporting period, and
Neither rebranded nor reformatted or significantly changed during the last 24 months, and
Not closed in the current.
Комментарии