Pharmacy Chain 36.6 announces financial results for H1 200630.08.2006 30 AUGUST 2006, MOSCOW – Pharmacy Chain 36.6 [MICEX: RU14APTK1007; RTS: APTK] announces its unaudited financial results for H1 2006 according to International Financial Reporting Standards (IFRS). Sales- Consolidated sales for H1 2006 increased by 61.0% y-o-y and reached $217.6 million.
- Sales in the retail segment grew by 70.9% in H1 2006. During the period 44 pharmacies were organically opened and 20 pharmacies were rebranded. Pharmacy Chain 36.6 acquired 7 regional pharmacy chains, which combined include 102 pharmacies. Same store sales in the chain’s pharmacies opened or acquired before July 1, 2005 were up 15.3%.
- Veropharm’s sales for H1 2006 reached $45.2 million, representing an increase of 34.2% y-o-y. The sales growth was achieved as a result of the new portfolio of medicines introduced in H2 2005.
Profit- Consolidated gross profit for H1 2006 increased by 53.9% y-o-y and reached $78.8 million. Pharmacy Chain 36.6’s regional expansion lead to a decrease in the gross profit margin from 37.9% in H1 2005 to 36.2% in H1 2006.
- The Company’s consolidated EBITDA moved up slightly (0.5%) and reached $9.2 million.
- Net profit totalled $49.5 million in H1 2006. The growth in net profit is a result of Veropharm’s successful IPO in April 2006 during which 30% of the company’s shares were sold.
Debt- Pharmacy Chain 36.6’s consolidated net debt at the end of H1 2006 amounted to $98.5 million. Restatement of Certain Financial Figures — Pharmacy Chain 36.6 has unified its method of calculating EBITDA. As a result, EBITDA for 2005 does not include $1.8 million in one-time expenditures that were not related to the Company’s regular operational cycle. Thus, consolidated EBITDA of Pharmacy Chain 36.6 for 2005 totalled $22.9 million.
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