Pharmacy Chain 36.6 Publishes FY2009 and Q4 Trade Update
OREANDA-NEWS. April 20, 2010. OJSC Pharmacy Chain 36.6 [RTS:APTK; MICEX:RU14APTK1007], the leading Russian pharmaceutical retailer, announces FY2009 and Q4 2009 unaudited sales and operational results according to the management accounts.
Group sales1
Group’s consolidated sales reached RUR 21 065.2 mln versus RUR 26 042.5 mln. in 2008, a 19.1% decrease in ruble terms y-o-y;
Pharmacy Retail Sales reached RUR 15 988.6 mln versus RUR 20 837.2 mln in 2008, a 23.3% decrease in ruble terms y-o-y;
Sales of finished goods of the production unit Veropharm increased by 2.2% in ruble terms and reached RUR 4 395.1 mln versus RUR 4 301.3 mln in 2008.
Valeria Solok, Chief Executive Officer of the Management Company “Pharmacy Chain 36.6”:
“2009 was a turning year for Pharmacy Chain 36.6, difficulties with raising capital and decline in consumer demand led to the 23.3% decline in the Retail unit sales in 2009. However, we managed to restructure our long-term obligations, completely restore our relations with suppliers, reduce stock-out levels and optimize the Company in order to become efficient in the new economic environment. Positive changes already were obvious in Q4, and we saw a slow down in a sales decline rate. New strategy of the Company which among others includes revision of relations with suppliers, qualitative leap in our private label development, and formation of a unique product offering will allow us to increase traffic and achieve growth of the profitability indicators in 2010”.
Retail
As of the end of Q4 2009, Pharmacy Chain 36.6 operated 1019 stores in 29 regions of
During Q4 2009 5 stores were opened organically and 12 were closed (no stores were rebranded or reformatted).
As of the end of Q4 2009, Pharmacy Chain 36.6 operated 13 ELC stores, 10 stand-alone optical outlets and 19 additional optical departments within pharmacies.
As of 31.12.2009:
|
Business Unit |
No. of pharmacies |
Share of Sales |
Ave retail space per |
|
|
|
|
|
|
Moscow-Central |
373 |
50,2% |
74,9 |
|
Northwest |
24 |
3,1% |
67,9 |
|
|
217 |
16,8% |
57,4 |
|
South |
163 |
12,8% |
53,1 |
|
|
128 |
9,4% |
55,6 |
|
|
86 |
6,6% |
55,2 |
|
|
52 |
4,2% |
53,0 |
|
| |||
|
| |||
|
Total: |
1019 |
100,0% |
62,5 |
|
| |||
Operational data for the retail unit
In 2009 70.9 million purchases were made, which is 29.9% lower than in 2008.
In Q4 2009 16.1 million purchases were made in Pharmacy Chain 36.6, which is 32.4% lower than during Q4 2008. In Q4 2009 versus Q3 2009 the number of purchases increased by 1.6% (in 2008 – 2.2% decrease in the same compared period).
In 2009 average check across the network stood at RUR 236, in
In Q4 2009 versus Q4 2008 average check across the network stood at RUR 245, in
Average sales floor size in Q4 2009 is 62.5 sq meters, an increase of 1.6% versus Q4 2008.
Private label
In 2009 private label sales reached RUR 1 127.9 mln, which represents a 29.5% growth in ruble terms compared to 2008.
In Q4 2009 private label sales reached RUR 287.4 mln, which represents a 0.8% decrease in ruble terms compared to Q4 2008.
In 2009 share of private label sales reached 7.1%.
In Q4 2009 share of private label sales reached 7.9%.
Number of SKUs has increased by 17.6% from 698 at the end of 2008 to 821 by the end of 2009.
Like-for-like sales in comparable stores3
As of the end of Q4 2009, the Company operates 850 comparable stores representing 95.0% of sales and 91.0% of traffic in the retail unit in Q4 2009.
L-F-L sales reduction in these stores reached 21% as compared to Q4 2008 while traffic decreased by 28%:
|
Business Unit |
Number of |
L-F-L sales growth |
Average check growth |
|
|
|
|
|
|
|
287 |
-14% |
7% |
|
Regions |
563 |
-28% |
3% |
|
Total: |
850 |
-21% |
6% |
|
| |||
During 2009 L-f-L sales represented 88.4% of total sales and L-f-L traffic represented 87.2% of traffic in the retail unit during 2009.
L-F-L sales reduction reached 17% as compared to 2008, while traffic decreased by 25% during 2009:
|
Business Unit |
Number of |
L-F-L sales growth |
Average check growth |
|
|
|
|
|
|
|
287 |
-9% |
11% |
|
Regions |
563 |
-23% |
8% |
|
Total: |
850 |
-17% |
11% |
Debt
According to the management accounts as of the end of 2009, the total Group’s financial debt (in ruble terms and including arrears of interest) equaled to RUR 7 619.7 mln, of which Retail debt is RUR 6 666.7 mln4.
[1] Hereinafter — these financial indicators may vary from the consolidated financial reporting prepared in accordance with IFRS.
[2] 2008 results include operational results of the European medical center which was sold in May 2008.
[3] 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 reporting period.
[4] Growth of the Retail debt in Q4 2009 versus Q3 2009 (under IFRS) is due to the fact that in December 2009 part of the Consortium of the banks in Glazar joint venture was restructured into financial debt of Pharmacy Chain 36.6.
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