Delivering Health As A Trusted Partner
JACOBSON PHARMA CORPORATION LIMITED
Incorporated under the laws of the Cayman Islands with limited liability
Stock Code : 2633
Annual Report 2022
CONTENTS
1
Corporate Information
2
Financial Highlights
4
Chairman's Statement
6
Corporate Vision and Mission
7
Corporate Profile
8
Management Discussion & Analysis
21
Corporate Governance Report
34
Report of the Directors
50
Independent Auditor's Report
55
Consolidated Statement of Profit or Loss and Other Comprehensive Income
57
Consolidated Statement of Financial Position
58
Consolidated Statement of Changes in Equity
59
Consolidated
Cash Flow Statement
60
Notes to the
Financial Statements
120
Group Properties
121
Five-year Financial Summary
122
Glossary
CORPORATE INFORMATION
BOARD OF DIRECTORS
Executive Directors
Mr. Sum Kwong Yip, Derek
(Chairman and Chief Executive Officer)
Mr. Yim Chun Leung
Ms. Pun Yue Wai
Non-executive Director
Professor Wong Chi Kei, Ian
Independent Non-executive Directors
Dr. Lam Kwing Tong, Alan
Mr. Young Chun Man, Kenneth Professor Lam Sing Kwong, Simon
AUDIT COMMITTEE
Mr. Young Chun Man, Kenneth (Chairman) Dr. Lam Kwing Tong, Alan Professor Lam Sing Kwong, Simon
REMUNERATION COMMITTEE
Dr. Lam Kwing Tong, Alan (Chairman)
Mr. Young Chun Man, Kenneth
Ms. Pun Yue Wai
NOMINATION COMMITTEE
Mr. Young Chun Man, Kenneth (Chairman)
Dr. Lam Kwing Tong, Alan
Mr. Yim Chun Leung
EXECUTIVE COMMITTEE
Mr. Sum Kwong Yip, Derek (Chairman)
Mr. Yim Chun Leung
Ms. Pun Yue Wai
ENVIRONMENTAL, SOCIAL AND GOVERNANCE COMMITTEE
Professor Lam Sing Kwong, Simon (Chairman)
Mr. Yim Chun Leung
Mr. Yu Chun Kau
HONG KONG HEADQUARTERS AND PRINCIPAL PLACE OF BUSINESS
Unit 2313-18, 23/F
Tower 1, Millennium City 1
388 Kwun Tong Road
Kwun Tong, Kowloon
Hong Kong
PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE
Conyers Trust Company (Cayman) Limited
Cricket Square
Hutchins Drive
PO Box 2681
Grand Cayman KY1-1111
Cayman Islands
HONG KONG BRANCH SHARE REGISTRAR
Tricor Investor Services Limited Level 54, Hopewell Centre 183 Queen's Road East
Hong Kong
(17/F, Far East Finance Centre 16 Harcourt Road, Hong Kong with effect from 15 August 2022)
AUDITOR
KPMG
Certified Public Accountant Public Interest Entity Auditor registered in accordance with the Financial Reporting Council Ordinance
PRINCIPAL BANKERS
(in alphabetical order) Chong Hing Bank Limited Standard Chartered Bank (Hong Kong) Limited
The Hongkong and Shanghai Banking Corporation Limited
AUTHORISED REPRESENTATIVES | PUBLIC RELATIONS CONSULTANT |
Mr. Yim Chun Leung | Strategic Public Relations Group |
Ms. Pun Yue Wai | INVESTOR RELATIONS |
COMPANY SECRETARY | |
Email: jacobsonpharma@sprg.com.hk | |
Mr. Yu Chun Kau | STOCK CODE |
REGISTERED OFFICE | 2633 |
Cricket Square | COMPANY WEBSITE |
Hutchins Drive | |
www.jacobsonpharma.com | |
PO Box 2681 | |
Grand Cayman KY1-1111 | |
Cayman Islands |
002 JACOBSON PHARMA CORPORATION LIMITED
FINANCIAL HIGHLIGHTS
Revenue | ||||
(HK$'000) | ||||
1,800,000 | ||||
1,600,000 | ||||
1,400,000 | ||||
1,200,000 | ||||
1,000,000 | ||||
800,000 | ||||
600,000 | ||||
400,000 | ||||
200,000 | ||||
0 | ||||
FY2018 | FY2019 | FY2020 | FY2021 | FY2022 |
(Restated)(1) |
Adjusted EBITDA
(HK$'000) | ||||
500,000 | ||||
450,000 | ||||
400,000 | ||||
350,000 | ||||
300,000 | ||||
250,000 | ||||
200,000 | ||||
150,000 | ||||
100,000 | ||||
50,000 | ||||
0 | ||||
FY2018 | FY2019 | FY2020 | FY2021 | FY2022 |
Net Debts
(HK$'000) | ||||
1,200,000 | ||||
1,000,000 | ||||
800,000 | ||||
600,000 | ||||
400,000 | ||||
200,000 | ||||
0 | ||||
FY2018 | FY2019 | FY2020 | FY2021 | FY2022 |
Profit Attributable
to Equity Shareholders
(HK$'000) | ||||
300,000 | ||||
250,000 | ||||
200,000 | ||||
150,000 | ||||
100,000 | ||||
50,000 | ||||
0 | ||||
FY2018 | FY2019 | FY2020 | FY2021 | FY2022 |
(Restated)(1)
Profit Attributable to Equity Shareholders One-Off Employment Support Scheme Subsidy
Net Assets
(HK$'000) | ||||
3,000,000 | ||||
2,500,000 | ||||
2,000,000 | ||||
1,500,000 | ||||
1,000,000 | ||||
500,000 | ||||
0 | ||||
FY2018 | FY2019 | FY2020 | FY2021 | FY2022 |
Net Gearing Ratio
0.5 | ||||
0.4 | ||||
0.3 | ||||
0.2 | ||||
0.1 | ||||
0.0 | ||||
FY2018 | FY2019 | FY2020 | FY2021 | FY2022 |
JACOBSON PHARMA CORPORATION LIMITED | ANNUAL REPORT 2022 | 003 |
Year ended | Year ended | ||
31 March 2022 | 31 March 2021 | Change | |
HK$'000 | HK$'000 | ||
Revenue from continuing operations | |||
- Generic Drugs | 1,191,360 | 1,048,757 | +13.6% |
- Branded Healthcare | 404,183 | 397,158 | +1.8% |
Total | 1,595,543 | 1,445,915 | +10.3% |
Gross profit | 620,522 | 561,083 | +10.6% |
Gross profit margin (%) | 38.9% | 38.8% | |
Profit attributable to equity shareholders of the Company | 177,666 | 173,713 | +2.3% |
Profit margin attributable to equity shareholders of the Company (%) | 11.1% | 12.0% | |
Adjusted EBITDA(2) | 441,614 | 466,797 | -5.4% |
Adjusted EBITDA margin (%)(3) | 27.7% | 32.3% | |
Return on equity (%)(4) | 6.5% | 6.8% | |
As at | As at | ||
31 March 2022 | 31 March 2021 | Change | |
HK$'000 | HK$'000 | ||
Total assets | 4,755,540 | 4,867,150 | -2.3% |
Total liabilities | 1,797,575 | 2,007,041 | -10.4% |
Total equity | 2,957,965 | 2,860,109 | +3.4% |
- The wholesale and retail segment has been classified as discontinued operations of the Group for the years ended 31 March 2021, 2020 and 2019. In accordance with Hong Kong Financial Reporting Standard 5, Non-current Assets Held for Sale and Discontinued Operations, the Group has restated the comparative information in 2019 in this regard.
- Adjusted EBITDA is calculated based on adjusted earnings before interest, taxes, depreciation and amortisation, where "interest" is regarded as including interest income and interest expenses and "depreciation and amortisation" is regarded as including impairment losses on non-current assets. To arrive at adjusted EBITDA, the Group's earnings are further adjusted for share of losses of associates, share of losses of joint ventures and non-recurring items not attributable to the operations of individual segments.
- Adjusted EBITDA margin is calculated based on adjusted EBITDA divided by revenue from continuing operations and multiplied by 100%.
- Return on equity is calculated based on profit for the year divided by the arithmetic mean of the opening and closing balances of total equity in the relevant year and multiplied by 100%.
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Disclaimer
Jacobson Pharma Corporation Ltd. published this content on 21 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2022 11:13:15 UTC.