OREANDA-NEWS. Protek Group (PRTK:RTS, MICEX), one of the major pharmaceutical companies in Russia operating in all segments of the pharmaceutical market (production, distribution, and retail sales), announces its financial results for 1HY-2013.

In 1HY-2013, the Group's consolidated revenue increased by 17.1% y-o-y to RUB 66,580 mln.

The Group made a gross profit of RUB 8,646 mln, driving the gross margin to 13.0%.

The Group's EBITDA amounted to RUB 1,827 mln., with EBITDA margin reaching 2.7%. Adjusted EBITDA* reached RUB 2,379 mln., with the corresponding adjusted margin of 3.6%.

The key drivers behind the Group's financial performance in 1HY-2013 were:

In the Distribution Segment, the revenue from sales and services stood at RUB 57,015 mln., up 15.5% y-o-y, supported by a 17% increase in commercial market sales and product range expansion (+1,136 SKUs on the price list).

The Retail Segment showed a healthy 23.4% increase in revenue, driven by a higher number of pharmacies (+80 in 1HY-2013) and by an increase of average ticket (up 8.7% net of VAT).

In the Production Segment, the revenue was up 23.2% at RUB 3,596 mln., with the adjusted EBITDA margin rising from 19.3% to 25.2%. The revenue increase was mainly driven by higher sales across all product groups. The main contributors here were proprietary products of AnviLab (AnviMax and Antigrippin ANVI) and Sotex (Chondrogard, Eralfon, Amelotex, Cereton, Idrinol). In licensed pharmaceuticals, the top gainers were Actovegin, Xefocam, Synocrom (Sotex).

The Group's financial debt as at June 30, 2013 stood at RUB 248 mln.

Mr. Vadim Muzyayev, President of Protek Group, has commented on the 1HY-2013 financial results: ”Over the first half of 2013, Protek Group sustained good operational and financial performance. The main contributors to the consolidated revenue were the Retail (+23.4%) and Production (+23.2%) Segments. The Distribution Segment, despite the tight competition, also managed to deliver strong revenue growth (+15.5%). The Group was able to maintain the upbeat performance thanks to the ongoing strategy of product range improvement in the Distribution Segment, organic growth of the retail chain, growing share of private labels in the Retail Segment, and higher sales of own products in the Production Segment.”