Protek Group Announces Preliminary Q1 Operational Results
OREANDA-NEWS. Protek Group (PRTK: RTS, MICEX), one of the major pharmaceutical companies in Russia has announced its preliminary operating results for Q1-2013 according to the management accounts (unaudited).
Group Operating Highlights by segment:
Revenue, |
Group |
Distribution |
Retail Sales |
Production |
Eliminations |
Q1-2013 |
34,689 |
29,807 |
4,888 |
1,681 |
-1,688 |
Q1-2012 |
28,539 |
24,645 |
3,893 |
1,596 |
-1,595 |
Change, 2013/2012, % |
21.5% |
20.9% |
25.5% |
5.4% |
In Q1-2013, the consolidated revenue of the Group* increased by 21.5% y-o-y to RUB 34,689 mln.
The Group’s revenue growth in Q1-2013 was driven to a large extent by the Distribution and Retail Sales segments.
Distribution Segment:
Key company of the segment is CV Protek.
Distribution Segment Operating Highlights:
Revenue, RUB mln. | |
Q1-2013 |
29,807 |
Q1-2012 |
24,645 |
Change, 2013/2012, % |
20.9% |
In Q1-2013, the revenue of the Distribution Segment increased by 20.9% y-o-y to RUB 29,807 mln.
The Distribution Segment makes up 82.0% of the Group’s total revenue**.
Retail Sales Segment
Key company of the segment is Rigla pharmacy chain.
The total number of retail outlets was 839 at March 31, 2012.
In Q1-2013, 44 pharmacies were organically opened and 10 pharmacies were closed.
Retail Sales Segment Operating Highlights:
Revenue, |
Traffic, ‘000 | |
Q1-2013 |
4,888 |
14,733 |
Q1-2012 |
3,893 |
12,793 |
Change, 2013/2012, % |
25.5% |
15.2% |
In Q1-2013, the revenue of the Retail Sales Segment increased by 25.5% to RUB 4,888 mln.
The Retail Sales Segment makes up 13.4% of the Group’s total revenue**.
Like-for-Like (L-f-L) Sales***:
As at March 31, 2013, there were 580 Like-for-Like pharmacies in the Retail Sales Segment.
L-f-L Retail Sales Segment Operating Highlights:
L-f-L revenue change, % |
Traffic change, % |
Average ticket change, % | |
Q1-2013 /Q1-2012 |
13.5% |
2.1% |
11.2% |
In Q1-2013, the revenue of L-f-L pharmacies increased by 13.5%.
“Bud Zdorov!” discount pharmacy chain expansion:
As at March 31, 2013, Rigla’s “Bud Zdorov!” (Bless You!) discount brand was represented in 246 pharmacies (compared to 215 pharmacies as at December 31, 2013).
In Q1-2013, the revenue of L-f-l “Bud Zdorov!” pharmacies increased by 16.2% y-o-y, L-f-l traffic was up 5.7%.
Private label development:
As at March 31, 2013, the private label product line included 582 items compared to 552 items as at December 31, 2013.
As at March 31, 2013, private label products comprised 3.4% and 8.0% of the segment’s total revenue and gross profit, respectively.
Production Segment
Key company of the segment is Sotex.
Production Segment Operating Highlights:
Revenue, RUB mln. |
Volume, mln. packages |
Own brands in revenue, % | |
Q1-2013 |
1,681 |
7,72 |
56% |
Q1-2012 |
1,596 |
6,42 |
41% |
Change, 2013/2012, % |
5.4% |
20.3% |
In Q1-2013, the Production Segment’s revenue increased by 5.4% y-o-y to RUB 1,681 mln.
The Production Segment makes up 4.6% of the Group’s total revenue**.
In Q1-2013, revenue from own brands increased by 44% y-o-y to RUB 934 mln., compared to RUB 650 mln. in Q1-2012. Over Q1-2013, the product line reached 58 own brands, compared to 49 in Q1-2012.
Vadim Muzyayev, President of Protek Group: "In the reporting period, the Protek Group outpaced the market growth. The top revenue gainers were the Distribution and Retail Sales Segments (20.9% and 25.5%, respectively). CV Protek, Protek's core distributor, expanded its coverage of commercial market (that makes up 89% of the segment's revenue versus 85% in Q4-2012). From early in the year, the Retail Sales Segment was boosting organic growth rates to open 44 pharmacies in Q1-2013. The Production Segment's relatively moderate growth in revenue (5.4%) was due to sales of some licensed generics stopped. At the same time, our own brands (share in the segment's portfolio up 18% y-o-y) demonstrated growth. Generally, the Q1-2013 performance meets our expectations. We are looking forward to positive growth ahead of the market throughout 2013."
* Unaudited management accounts for Q1-2013, preliminary data.
** Calculated as the share of each segment in the total revenue (excluding unallocated revenue and eliminations).
*** Like-for-Like data on the pharmacies opened or acquired over the 24 months immediately preceding the reporting period and not closed during the reporting period.
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