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Annual Report 2011 AttendingCARING FOR LIFE to Health SINOPHARM GROUP CO. LTD. 6th Floor, No.221 Fuzhou Road Shanghai 200002, China Company Profile Sinopharm Group Co. Ltd. (the “Company” or “Sinopharm Group”) and its subsidiaries (the “Group”) has rapidly increased its market share and profits in a highly fragmented industry by taking advantage of its economies of scale and nationwide distribution network, through which the Group offers a wide range of value-added supply chain services for its customers and suppliers. The Group has integrated operations in the following business segments, namely: • Pharmaceutical distribution segment: Pharmaceutical distribution is the Group’s principal business. The Group provides distribution, logistics and other value-added services for domestic and international manufacturers of pharmaceutical and healthcare products and other suppliers. The Group stands out from its competitors in China by its geographical coverage, the breadth of its product portfolio and the strength of the supply chain services it provides to its customers and suppliers. • Retail pharmacy segment: The Group has a network of retail drug stores that it directly operates and franchises in major cities throughout China. i • Other business operations segment: The Group is also engaged in the production and sale of pharmaceutical products, chemical reagents and laboratory supplies. The Group is the industry leader in the distribution of pharmaceutical and healthcare products in China both in terms of its market share and the geographical coverage of its distribution network. As a leading pharmaceutical distributor in China, the Group will benefit from the rapid growth, consolidation, and regulatory reform in pharmaceutical and healthcare industry in the PRC. SINOPHARM GROUP CO. LTD. Sinopharm Group Co. Ltd. is the largest distributor of pharmaceutical and healthcare products and a leading value- added supply chain service provider in the PRC. In year 2011, we became the first pharmaceutical distributor in domestic market that achieved over RMB100 billion in sales. Looking forward, we are confident in being the benchmark of the pharmaceutical distribution industry in the PRC and becoming an internationally recognized pharmaceutical and healthcare service provider. Contents 2 Corporate Information 69 Independent Auditor’s Report 4 Financial Highlights 71 Consolidated Income Statement 8 Chairman’s Statement 72 Consolidated Statement of Comprehensive Income 14 Shareholding Structure of the Group 73 Consolidated Balance Sheet 15 Management Discussion and Analysis 75 Company Balance Sheet 25 Corporate Governance Report 77 Consolidated Statement of Changes in Equity 36 Biographies of Directors, Supervisors and Senior Management 78 Consolidated Cash Flow Statement 47 Report of the Board of Directors 80 Notes to the Consolidated 1 Financial Statements 65 Report of the Supervisory Committee 67 Corporate Social Responsibility SINOPHARM GROUP CO. LTD. Corporate Information DIRECTORS AUDIT COMMITTEE Mr. She LuLin (Non-executive Director and Chairman) Mr. Xie Rong (Chairman) Mr. Wang Qunbin (Non-executive Director) Mr. Chen Wenhao Mr. Chen Wenhao (Non-executive Director) Mr. Wang Fanghua Mr. Zhou Bin (Non-executive Director) Mr. Fan Banghan Mr. Chen Qiyu (Non-executive Director) Mr. Deng Jindong Mr. Deng Jindong (Non-executive Director) Mr. Zhou Bajun Mr. Fan Banghan (Non-executive Director) Mr. Liu Hailiang (Non-executive Director) REMUNERATION COMMITTEE Mr. Wei Yulin (Executive Director and President) Mr. Wang Fanghua (Independent Non-executive Director) Mr. Tao Wuping (Chairman) Mr. Tao Wuping (Independent Non-executive Director) Mr. Wang Fanghua Mr. Xie Rong (Independent Non-executive Director) Mr. Xie Rong Mr. Zhou Bajun (Independent Non-executive Director) Mr. Fan Banghan Mr. Liu Hailiang SUPERVISORS NOMINATION COMMITTEE Mr. Yao Fang (Chief Supervisor) Mr. Lian Wanyong Mr. She Lulin (Chairman) Ms. Zhang Jian Mr. Wang Fanghua Mr. Tao Wuping JOINT COMPANY SECRETARIES Mr. Xie Rong Mr. Fan Banghan Mr. Ma Wanjun Mr. Liu Wei AUTHORIZED REPRESENTATIVES STRATEGIC AND INVESTMENT Mr. Wei Yulin COMMITTEE Mr. Ma Wanjun Mr. She LuLin (Chairman) LEGAL ADVISERS Mr. Wang Qunbin Mr. Chen Qiyu As to Hong Kong and United States laws: Mr. Zhou Bin DLA Piper Mr. Fan Banghan 2 Mr. Wei Yulin As to PRC law: Mr. Wang Fanghua Jincheng & Tongda Law Firm Mr. Zhou Bajun SINOPHARM GROUP CO. LTD. Corporate Information COMPLIANCE ADVISER STOCK CODE China International Capital Corporation Hong 01099 Kong Securities Limited PRINCIPAL BANKS AUDITOR Bank of Communications Co. Ltd. PricewaterhouseCoopers Shanghai Branch Hongkou Sub-branch Bank of Communications Co. Ltd. PRINCIPAL PLACE OF BUSINESS Beijing Branch Tiantan Sub-branch IN HONG KONG Bank of Communications Co. Ltd. Guangzhou Branch Operating Department Room 2302, 23th Floor, Far East Finance Centre, China Merchants Bank Co. Ltd. 16 Harcourt Road, Admiralty, Hong Kong. Shanghai Branch Nan Xi Sub-branch Bank of China Limited PRINCIPAL PLACE OF BUSINESS Shanghai Yangpu Sub-branch IN THE PRC, REGISTERED China Minsheng Banking Co. Ltd. OFFICE AND HEADQUARTERS Shanghai Branch Minhang Sub-branch Industrial and Commercial Bank of China Shanghai Branch Operating Department 6th Floor, No. 221 Fuzhou Road Shanghai 200002, China OFFICE OF BOARD OF DIRECTORS COMPANY’S WEBSITE Tel: (86 21) 6339 1911 Email: [email protected] www.sinopharmgroup.com.cn H SHARE REGISTRAR Computershare Hong Kong Investor Services Limited Shops 1712-1716, 17th Floor Hopewell Centre 183 Queen’s Road East Wanchai, Hong Kong 3 SINOPHARM GROUP CO. LTD. Financial Highlights Unit: RMB’000 2007-2011 (Compound 2009 Annual 2007 2008 2009 (adjusted) 2010 2011 growth rate) Operating results Revenue 31,110,214 38,191,909 47,045,853 52,668,164 69,233,669 102,224,807 34.64% Gross profit 2,550,223 3,039,147 3,784,568 4,407,340 5,835,870 8,354,697 34.54% Operating profit 789,346 1,173,510 1,550,279 1,891,964 2,408,815 3,636,216 46.50% Earnings before interest and tax 953,518 1,321,013 1,788,379 2,140,065 2,670,204 3,945,605 42.63% Profit attributable to the shareholders 380,920 587,613 845,819 967,165 1,208,751 1,560,606 42.27% Profitability Gross margin 8.20% 7.96% 8.05% 8.37% 8.43% 8.17% Operating margin 2.54% 3.07% 3.29% 3.59% 3.48% 3.56% Net profit margin 1.22% 1.54% 1.80% 1.84% 1.75% 2.35% Data per share (RMB) Earnings per share – Basic 0.23 0.36 0.47 0.53 0.53 0.66 Earnings per share – Fully diluted 0.23 0.36 0.37 0.43 0.53 0.66 Asset status Total assets 14,287,261 16,125,335 28,275,250 32,545,024 42,014,480 67,627,852 Equity attributable to shareholders of the Group 1,683,759 2,267,046 10,910,856 11,866,879 11,711,138 15,673,849 Total liabilities 11,668,913 12,711,937 15,770,795 18,522,507 27,295,400 47,239,766 Cash and cash equivalents 1,955,596 1,712,119 6,616,801 7,567,839 7,474,698 13,091,012 Gearing ratio 81.67% 78.83% 55.78% 56.92% 64.97% 69.85% Liquidity ratio Current ratio (times) 1.09 1.15 1.71 1.35 1.68 1.40 Inventory turnover ratio (days) 29.9 30.1 31.3 32.0 36.9 37.86 Trade receivables turnover ratio (days) 64.4 67.0 71.3 68.9 78.4 78.08 Trade payables turnover ratio (days) 82.0 84.4 89.4 86.2 96.6 89.91 4 SINOPHARM GROUP CO. LTD. Financial 47.65 29.11 P R to shareholders CAGR of2010–2011 RMB’000 CAGR of2010–2011 RMB’000 rofit attributable evenue 2007 2007 380,920 31,110,214 Highlights 2008 2008 587,613 38,191,909 (restated) (restated) 2009 2009 % 967,165 52,668,164 % 2010 2010 1,208,751 69,233,669 2 2 0 0 1 1 1 1,560,606 1 102,224,807 60.96 33.84 Equity attributable T the to shareholders of RMB’000 CAGR of2010–2011 RMB’000 CAGR of2010–2011 otal otal assets G 2007 2007 roup 1,683,759 14,287,261 2008 2008 2,267,046 16,125,335 (restated) (restated) 2009 2009 % 11,866,879 % 32,545,024 2010 2010 11,711,138 42,014,480 2 2 0 0 1 1 1 15,673,849 1 67,627,852 SINOPHARM GROUP CO. LTD. 5 Adhering to the rich tradition of CNPGC accumulated in its 50-year history,“Caring for Life, Attending to Health”, Sinopharm Group has always been positioning itself as the “leader and integrator of China’s pharmaceutical industry”. Revenue of the company amount to RMB 102,225 million 6 SINOPHARM GROUP CO. LTD. CARING FOR LIFE Attending Health 7 SINOPHARM GROUP CO. LTD. Chairman’s Statement Dear respected Shareholders, I would like to express my heartfelt gratitude to the shareholders and the community for your consistent support to the Group over the past year. In view of year 2011, it was a year full of challenges and opportunities for the pharmaceutical industry, and it was also a year of reforms. As the largest pharmaceutical distribution network in the PRC, we are facing a complicated and ever- changing external environment. We are in the crucial period of deepening the medical system reform. We have been working towards the strategic targets of “Sinopharm Twelfth Five-Year Plan” and by uniting as one and working hard together, we continued our glorious performance during our “Eleventh Five-Year Plan” and maintained a speedy and healthy growth of the Group. Our Group achieved a tremendous sales revenue of over RMB100 billion and we became the first pharmaceutical distribution network in the PRC that achieved over RMB100 billion in sales and established an important milestone for the pharmaceutical distribution industry.
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