OAO Pharmacy Chain 36.6 in the 2 quarter of 2009 reduced the net loss under IFRS from 447.7 million rubles in the 2 quarter of 2008 to 155.5 million rubles, which is an improvement in comparison with 2 blocks in 2008 to 65 , 3%, the report says the company.
The main indicators of the Group of up to 2 quarters of 2009:
- EBITDA for the retail segment improved by 119.2% (in rubles) compared with the 2 quarter of 2008;
- Group sales from continuing operations decreased by 14,2% to 5 592.8 million rubles;
- Gross profit from continuing operations increased by 4,7% to 2 365.5 million rubles, which is 42,3% of total consolidated sales;
- EBITDA for the Group from continuing operations reached 611.9 million rubles, compared with 220.8 million rubles for the 2 quarter of 2008, representing an improvement in the rate of 177.1%;
- Net loss from ongoing operatsiy1 (excluding effect of exchange rate changes and the profits earned from the sale of the European Medical Center) dropped from 447.7 million rubles in the 2 quarter of 2008 to 155.5 million rubles.
compared to the same period last year, in the 2 quarter of 2009, sales in the retail segment decreased to RUR 21,4% to 5 149.1 million rubles to 4 045.1 million rubles due to the closure of unprofitable pharmacies partial defektury product resulting from the reduction of working capital and reduce consumer demand.
sales decrease in the 2 quarter of 2009 compared to the 1 st quarter 2009 at 15.6% due primarily to the closure of the pharmacy (a net reduction of 43 pharmacies in the 1 st quarter of 2009 and by 48 pharmacies - in the 2 quarter of 2009 ), seasonality and reduced level of consumer demand. In 1 half of 2009 sales in the retail segment decreased to RUR 17,6% 10 731.6 million rubles to 8 837.6 million rubles.
In the retail segment gross margin increased from 26,0% in the 2 quarter of 2008 to 32,8% in the 2 quarter of 2009, and by 2,5% compared with the 1 st quarter of 2009. This result was achieved by increasing the proportion of goods under its own trademark (CTM) in total sales (from 3,6% in the 2 quarter of 2008 to 6,9% in the 2 quarters of 2009), successful businesses to lower prices from suppliers, improved pricing and assortment policy.
In the 2 quarter 2009 selling, general and administrative expenses decreased 17.5% to RUR 1 663.3 million rubles in the 2 quarter of 2008 to 1 371.7 million rubles in the 2 quarter of 2009 in connection with closure of unprofitable pharmacies, a significant reduction in staff, and lower costs for logistics, information and consulting services. Compared with the 1 st quarter of 2009, commercial, general and administrative expenses decreased by 9%.
In comparison with the 2 quarter of 2008, trade payables decreased by 19,4% to 6 956.8 million rubles to 5 606.7 million rubles at the end of 2 quarters of 2009. This improvement is the possibility of paying off debt from the money received from the sale of assets in the 2 half of 2008, and declining inventories. Compared with the 1 st quarter of 2009, trade payables decreased by 0,7%.
At the end of 2 quarters in 2009 the total financial debt of the Group in ruble terms was reduced to 4 674.1 million rubles to 5 686.5 million rubles at the end of 2 quarters of 2008 and 4 838.3 million rubles at the end of 1 quarter in 2009 as a result of partial repayment of debt and the impact of exchange rate differences. At the end of 2 quarter 2009 financial debt of the retail segment amounted to 3 867.5 million rubles, of which 43% - in U.S. dollars; financial debt OAO Veropharm amounted to 806.5 million rubles, of which 22% - in U.S. dollars. 97,6% of total financial debt of the Group is short.
In the 2 quarter of 2009, total investments of the Group amounted to 70.2 million rubles, of which: investment investments of the retail segment (27.7 million) investment at the store segment, Center for Early Development - ELC (~ 10 million ) and investment investments OAO Veropharm (27 million rubles).
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