Pharmacy Chain 36.6 announces Q1 2006 financial results05.07.2006 5 JULY 2006, MOSCOW – OAO Pharmacy Chain 36.6 [MICEX: RU14APTK1007; RTS: APTK] announces non-audited consolidated financial results for the first quarter of 2006 in accordance with the International Financial Reporting Standards (IFRS). Sales- Consolidated sales grew 52% y-o-y in Q1 2006 and reached $99 million.
- Net sales in the pharmacy segment increased by 60% in Q1 2006. Pharmacy Chain 36.6 organically opened 17 new pharmacies and re-branded 10 previously acquired pharmacies. During the first three months of 2006 the Company acquired two regional pharmacy chains — Pharmacia (Permskie Apteki) in the Perm region with 37 pharmacies and Pharmakom in Omsk with 13 pharmacies. Sales at pharmacies that had been opened or acquired before January 1, 2005 grew by 11.9%.
- Veropharm sales reached $20 million, up 32% y-o-y. This increase was primarily due to significant growth in sales of prescription medicines brought to the market in 2004—2005.
Profit- Consolidated gross profit rose 46% in Q1 2006. The growth in gross profit in the production sector totalled 35% and exceeded growth in sales; the gross profit margin for Veropharm increased to 59%. The rapid development of the pharmacy chain in the regions continues to have an effect on profitability indicators, leading to a decrease in gross profit margin in the retail sector to 32%. Gross profit in retail grew 52% and reached $23 million.
- The Company’s consolidated EBITDA increased 57% and reached $5 million. EBITDA in the production segment increased 72% and reached $6 million while decreasing in the retail segment to $1 million.
- Net profit for Q1 2006 amounted to $291,000.
Debt - In Q1 2006 Pharmacy Chain 36.6 increased its credit portfolio by $6 million. The Company’s debt totalled $116 million.
| 
