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PROTEK Group announces FY-2019 financial results

29.04.2020

PROTEK Group (PRTK: MICEX), one of the major pharmaceutical companies in Russia operating in all the segments of the pharmaceutical market (production, distribution, and retail sales), has announced its audited IFRS results for FY-2019.

In FY-2019, the Group’s consolidated IFRS revenue went up by 5.5% y-o-y to RUB 265,647 mln.

The Group achieved consolidated gross profit of RUB 36,946 mln, driving the gross margin to 13.9%.

The Group’s consolidated EBITDA* amounted to RUB 8,376 mln, with EBITDA* margin reaching 3.2%.

The Group’s and segments’ financial highlights, FY-2019 (*old style reporting in accordance with IAS 17):

Revenue, RUB mln.

Gross profit, RUB mln.

Gross margin, %

EBITDA*, RUB mln.

EBITDA* margin, %

GROUP

265,647

36,946

13.9%

8,376

3.2%

Distribution

207,620

11,922

5.7%

3,386

1.6%

Retail

70,006

18,213

26.0%

2,324

3.3%

Production

12,022

6,698

55.7%

2,667

22.2%

 

Financial highlights of the Group and segments, FY-2018:

Revenue, RUB mln.

Gross profit, RUB mln.

Gross margin, %

EBITDA*, RUB mln.

EBITDA* margin, %

GROUP

251,733

34,263

13.6%

9,357

3.7%

Distribution

203,266

12,528

6.2%

4,649

2.3%

Retail

61,640

16,557

26.9%

2,942

4.8%

Production

9,979

4,953

49.6%

1,716

17.2%

 

Mr. Vadim Muzyaev, President of PROTEK Group, has commented on the FY-2019 financial results: “Group's consolidated revenue growth rate accounted to 5.5%, while Russian pharmaceutical market showed growth of 14% (1,792 bln.): commercial market +9%, budget market +33%. In value terms and grew by 8% (9,1 bln.) in packages**. Revenue of the Distribution segment increased by 2.1% in comparison with FY-2018, which was below the growth of the market as a whole (+14% as per Alpha RM data). This trend was stipulated by the company's policy to minimize the risks of bad and doubtful debts, strong competition and low growth of an average package price. Revenue of the Production segment increased by 20.5% in comparison with with FY-2018, due to launch of new medicines in oncology and oncohematology fields, strengthened activity in products promotion and  correction of both volume and terms of pharmacy chain contracts. Revenue growth rate of Retail segment of 13.6% was due to a growing number of pharmacies in the retail chain (+17.7%). Overall, the management of PROTEK Group is satisfied with FY-2019 Group results”.

**According to AlphaRM

 

***

Matters discussed in this document may constitute forecasts and other forward-looking statements concerning future events or financial performance of the Company.  The words “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “aim”, “forecast”, “project”, “will”, “may”, “might”, “should”, “could” and similar expressions (or their negative) identify certain of these forward-looking statements.

The Company warns that these forward-looking statements are but forecasts that may differ significantly from actual events and performance.  The Company does not intend to supplement, amend, update or revise any of the forward-looking statements contained in this document to reflect any events or circumstances occurring after the publication of this document, or any extraordinary circumstances.

Multiple factors, including, in particular, overall economic conditions, competitive environment and many other risks inherent to the Company and its operations, may result in actual performance differing substantially from these forecasts and forward-looking statements of the Company.

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