Photo: Nikita Popov/RBC
Group of companies “36,6” has offered to its suppliers — the largest Russian distributors, which it needs more than 3 billion rubles — to discount its debt to them by 30-50%. While negotiations, deliveries stopped
Ask for a discount
“Ask for a discount up to 30% of the debt, says RBC General Director, CV PROTEK Dmitry Pogrebinsky. — And for that we owe them to give such a discount? Because they are so big? So we will be better to work with smaller players who pay”.
According to him, the total debt of the group of “36,6” (drugstores under the brand “36,6”, “A5”, “Gorzdrav”, A. V. E) before “leaking, we sinned” currently stands at 1.4 billion rubles. Distributor worked with “36,6” not pre-paid, and with a 90-day deferred payment, so have accumulated such a sum, explains Pogrebinsky. On December 17, stopped paying A. V. E, the money from “A5” is received, but in very small volumes, — the contract on direct debit, he says.
Total financial debt “36,6” at the end of 2015 amounted to 13.2 billion rubles, follows from the statements of a retailer, a year earlier the figure was 10.9 billion RUB.
“This year, we met twice with [the General Director “36,6”] Vladimir Kintsurashvili, and he says the company will pay, but the exact date does not name, explaining that now there is no money, — says Pogrebinsky. — At the same time they continue to buy the pharmacy network [see reference]. They just expand their business on our money!”
“36,6” has addressed with the offer to discount the debt and to the “Quatrain”, said a source close to the negotiations. “First, they [“36,6″] they say they will pay, then come back after a year talk, either let the discount % 50%”, — says the interlocutor of RBC. — Negotiations, they are good, tough, quality “squeeze” their”.
The duty of the retailer to “Quatrain” is 1.9 billion rubles., said the marketing Director of the company Igor Chudnov. According to him, the distributor is not willing to discuss a discount, the debts, decided by the courts. The retailer stopped paying in early December of 2015, added the representative of “Quatrain”.
Assessment of DSM Group, Katren was the largest pharmaceutical distributor in Russia by the end of 2015, its revenue amounted to 202,9 billion rubles market share of 19.9%, PROTEK ranked second with 185,9 billion roubles and 18,3%, “Growth”, the third to 109.6 billion rubles and 10.8%.
Vice-President of “Growth” Alexander Tarasov confirmed to RBC that the company had filed lawsuits to the group of “36,6”, ceased to pay for delivery, but other comments has refused.
With some manufacturers “36,6” also tries to bargain for the best price for future supplies. “For a number of drugs requested bonuses amounted to 60% of the turnover, — said Deputy Director of Stada CIS Ivan Glushkov. — The vast majority of our portfolio companies is prohibitive level.” Other chemist’s networks, according to Glushkov, ask for a discount not more than 30%.
In 2015, the “36,6” has got 1.6 billion RUB of additional premiums from suppliers against 258 million rubles in 2014, said in statements the retailer.
Member of the Board of Directors of the company “pharmacy chain 36,6” Temur Shakaia refused to discuss the size of the requested discounts.
Why “36,6” discounts
Revenue of PJSC “pharmacy chain 36,6” in accordance with IFRS in 2015 amounted to 31.2 billion rubles, the net loss totaled RUB 1.2 bn, debt of 13.2 billion rubles.
In this operative legal entity by the summer should be completed the merger of networks “36,6”, A. V. E. and “A5”. Together, they will become the largest player in the pharmacy retail: according to DSM Group, in 2015, their total market share reached 5.7%, revenue of 53.5 billion rubles, and the market leader Rigla pharmacy chain was 3.6% and 34.1 billion rubles.
The world’s largest pharmacy chain Walgreens Boots Alliance (WBA) in April announced the purchase of 15% in “36,6”. Have WBA got the option to increase its stake in “36,6” to 85% for several years, told RBC two sources in the pharmaceutical market. Shakaia this information has not commented. Sold to WBA, we need to solve the debt problem; to solve it, you want to increase the profitability, and this can be done by embossing from suppliers, additional discounts for volume, told the interlocutors of RBC.
Now, according to SPARK, 78,96% of PJSC “pharmacy chain 36,6” belongs to the Cyprus offshore Palesora Ltd. In the financial statements of the company for 2015 States that the majority shareholders are members of the Board of Directors “36,6” Vladimir Kintsurashvili and Ivan Saganelidze. Of 5.81%, JSC belongs Confeyia Limited, which, according to the Cypriot registry, owned by the former owners of the pharmacy network “A5” Roman Buzdalin and Sergey Solodov. Even at 9.53% owned by National settlement Depository.
While Moscow credit Bank Roman Avdeev credits “36,6”, A. V. E., “A5” holds in pledge part of the shares in “36,6” as collateral. Through the concern of Rossium” Avdeyev owns 62,94% of the parent company network “A5”. According to Avdeev, he and companies under its control, are not shareholders of the group “36,6”. According to the source RBC, close to the former leadership “36,6”, “may not the Minister of culture and owns a stake in the company, but it is possible that he under the terms of the loan agreements at any time can take everything”.
See “In the power of lender: save you “36,6” the partnership with American WBA”.
In early 2016, a group of “36,6” collapsed lawsuits, including from the distributors. According to SPARK, on 24 may to a subsidiary of the company “Apteka-A. V. E.” received 44 cases for a total amount of 1.9 billion rubles For comparison, in 2015 the sum of claim claims to it was only 394,4 million rubles, in 2014-m — 366 mln.
Since the beginning of 2015 to 24 may 2016 the parent company of “A5” — JSC “Torgovaya set “Aptechka” (is in the process of merging with “36,6”) was filed 106 lawsuits worth nearly 2 billion rubles (information updated on may 24), including from “Katren, PROTEK’s, “Growths”. The volume of claims for previous years was significantly less in 2014 — in the amount of 34.9 million rubles, in 2013-m — 201,4 million rubles.
Shakaia believes that the talk about the big debt “36,6” is exaggerated. “At all pharmacy chains have debt to distributors,” he says. — It happens that companies do not agree on the amount of debt. For such cases, we have constructed the judicial system”. The total amount of debt of the group of “36,6” distributors Shakaia called difficult.
Meanwhile, PROTEK and Katren stopped the delivery group network “36,6” confirmed RBC Pogrebinsky and Chudniv. The representative of “Growth” could not clarify whether the shipment continues in “36,6”.
“36,6” continues to work with distributors, but is trying to arrange direct contracts with producers, said the Shakaia. According to him, the range is not decreased. RBC visited pharmacies “36.6” in the center of Moscow, did not find signs of a lack of supply.
In “36,6” has its own distribution division — “good distribution partners. In April, the us Walgreens Boots Alliance announced the purchase of 15%, “36,6”, and she paid for that share its distribution business in Russia — company Alliance Healthcare Russia. The combined company expects to increase the share of the hospital segment for the year to 10% from 3-4% in 2015 (from Alliance).
“36,6” has already announced its intention to enter the top 3 pharmaceutical distributors. CEO of Alliance Healthcare Russia to Henry Fogels said in April that two of these companies will be a total of approximately 550 contracts with manufacturers.