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%

  1. 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.
  2. 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.
  3. Adjusted EBITDA margin is calculated based on adjusted EBITDA divided by revenue from continuing operations and multiplied by 100%.
  4. 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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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.