Harvesting On Growth Opportunities Through People's Talents
JACOBSON PHARMA CORPORATION LIMITED
Incorporated under the laws of the Cayman Islands with limited liability
Stock Code : 2633
Annual Report 2023
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
36
Report of the Directors
54
Independent Auditor's Report
58
Consolidated Statement of Profit or Loss and Other Comprehensive Income
59
Consolidated Statement of Financial Position
60
Consolidated Statement of Changes in Equity
61
Consolidated
Cash Flow Statement
62
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
AUTHORISED REPRESENTATIVES
Mr. Yim Chun Leung
Ms. Pun Yue Wai
COMPANY SECRETARY
Mr. Yu Chun Kau
REGISTERED OFFICE
Cricket Square
Hutchins Drive
PO Box 2681
Grand Cayman KY1-1111
Cayman Islands
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
17/F, Far East Finance Centre
16 Harcourt Road
Hong Kong
AUDITOR
KPMG
Certified Public Accountant
Public Interest Entity Auditor registered in accordance with
the Accounting and 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
PUBLIC RELATIONS CONSULTANT
Strategic Public Relations Group
INVESTOR RELATIONS
Email: jacobsonpharma@sprg.com.hk
STOCK CODE
2633
COMPANY WEBSITE
www.jacobsonpharma.com
002 JACOBSON PHARMA CORPORATION LIMITED
FINANCIAL HIGHLIGHTS
Revenue | ||||
(HK$'000) | ||||
1,800,000 | ||||
1,600,000 | ||||
1,400,000 | ||||
1,200,000 | ||||
1,000,000 | ||||
800,000 | ||||
600,000 | ||||
400,000 | ||||
200,000 | ||||
0 | ||||
FY2019 | FY2020 | FY2021 | FY2022 | FY2023 |
(Restated)(1) |
Adjusted EBITDA
(HK$'000) | ||||
600,000 | ||||
550,000 | ||||
500,000 | ||||
450,000 | ||||
400,000 | ||||
350,000 | ||||
300,000 | ||||
250,000 | ||||
200,000 | ||||
150,000 | ||||
100,000 | ||||
50,000 | ||||
0 | ||||
FY2019 | FY2020 | FY2021 | FY2022 | FY2023 |
Net Debts
(HK$'000) | ||||
1,200,000 | ||||
1,000,000 | ||||
800,000 | ||||
600,000 | ||||
400,000 | ||||
200,000 | ||||
0 | ||||
FY2019 | FY2020 | FY2021 | FY2022 | FY2023 |
Profit Attributable
to Equity Shareholders
(HK$'000) | ||||
300,000 | ||||
250,000 | ||||
200,000 | ||||
150,000 | ||||
100,000 | ||||
50,000 | ||||
0 | ||||
FY2019 | FY2020 | FY2021 | FY2022 | FY2023 |
Net Assets
(HK$'000) | ||||
3,500,000 | ||||
3,000,000 | ||||
2,500,000 | ||||
2,000,000 | ||||
1,500,000 | ||||
1,000,000 | ||||
500,000 | ||||
0 | ||||
FY2019 | FY2020 | FY2021 | FY2022 | FY2023 |
Net Gearing Ratio
0.5 | ||||
0.4 | ||||
0.3 | ||||
0.2 | ||||
0.1 | ||||
0.0 | ||||
FY2019 | FY2020 | FY2021 | FY2022 | FY2023 |
JACOBSON PHARMA CORPORATION LIMITED | ANNUAL REPORT 2023 | 003 |
Year ended | Year ended | ||
31 March 2023 | 31 March 2022 | Change | |
HK$'000 | HK$'000 | ||
Revenue | |||
- Generic Drugs | 1,267,598 | 1,191,360 | +6.4% |
- Branded Healthcare | 517,981 | 404,183 | +28.2% |
Total | 1,785,579 | 1,595,543 | +11.9% |
Gross profit | 747,172 | 620,522 | +20.4% |
Gross profit margin (%) | 41.8% | 38.9% | |
Profit attributable to equity shareholders of the Company | 251,044 | 177,666 | +41.3% |
Profit margin attributable to equity shareholders of the Company (%) | 14.1% | 11.1% | |
Adjusted EBITDA(2) | 568,172 | 441,614 | +28.7% |
Adjusted EBITDA margin (%)(3) | 31.8% | 27.7% | |
Return on equity (%)(4) | 9.1% | 6.5% | |
As at | As at | ||
31 March 2023 | 31 March 2022 | Change | |
HK$'000 | HK$'000 | ||
Total assets | 5,380,499 | 4,755,540 | +13.1% |
Total liabilities | 2,123,977 | 1,797,575 | +18.2% |
Total equity | 3,256,522 | 2,957,965 | +10.1% |
- 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.
- Adjusted EBITDA is calculated based on adjusted earnings before interest, taxes, depreciation and amortisation, where "interest" is regarded as including interest income and finance costs 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 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 07 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 July 2023 08:50:07 UTC.