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Enhancing Everyday Living (Incorporated in the Cayman Islands with limited liability) (Stock Code: 0775) Annual Report 2017 Enhancing Everyday Living PHARMACEUTICAL 2 Dai Fu Street, Tai Po Industrial Estate, Hong Kong Tel: (852) 2126 1212 Fax: (852) 2126 1211 NUTRACEUTICAL www.ck-lifesciences.com Annual Report 2017 AGRICULTURE–RELATED About CK Life Sciences CK Life Sciences Int’l., (Holdings) Inc. is listed on The Stock Exchange of Hong Kong Limited. Bearing the mission of improving the quality of life, CK Life Sciences is engaged in the business of research and development, manufacturing, commercialisation, marketing, sale of, and investment in, products and assets which fall into three core categories – nutraceuticals, pharmaceuticals and agriculture-related. CK Life Sciences is a member of the CK Hutchison Group. Contents 2 Chairman’s Statement 6 Business Review Agriculture-related Business Nutraceutical Business Pharmaceutical Business 24 Long Term Development Strategy 25 Financial Summary 26 Financial Review 28 Directors and Key Personnel 35 Report of the Directors 46 Independent Auditor’s Report 52 Consolidated Income Statement 53 Consolidated Statement of Comprehensive Income 54 Consolidated Statement of Financial Position 56 Consolidated Statement of Changes in Equity 57 Consolidated Statement of Cash Flows 59 Notes to the Consolidated Financial Statements 124 Principal Subsidiaries 129 Principal Joint Ventures 130 Schedule of Major Investment Properties 131 Corporate Governance Report 163 Environmental, Social and Governance Report 173 Risk Factors 178 Corporate Information and Key Dates Chairman’s Statement 2 CK Life Sciences Int’l., (Holdings) Inc. For the year ended 31 December 2017, CK Life Sciences Int’l., (Holdings) Inc. (“CK Life Sciences” or the “Company”) reported profit attributable to shareholders of HK$258 million, an increase of 2% as compared to the Company’s restated profit1 in 2016. The Board of Directors has recommended a final dividend of HK$0.01 per share for the year ended 31 December 2017 (2016: HK$0.01 per share), same as the previous year. The proposed dividend will be paid on Monday, 28 May 2018 following approval at the 2018 Annual General Meeting to those shareholders whose names appear on the Register of Members of the Company at the close of business on Wednesday, 16 May 2018. AGRICULTURE-RELATED BUSINESS The vineyards in CK Life Sciences’ agriculture-related portfolio recorded a positive performance. An increase in rental income, expansion of the portfolio and an uplift in the valuation of the portfolio contributed to the performance. Market sentiment for Australian vineyards has improved over the past year with increased demand. Australian Agribusiness (Holdings) Pty Ltd, which comprises the Company’s businesses in home gardening, pest management, professional turf, specialty agriculture and plant protection manufacturing, was negatively impacted by extensive drought, strong price competition and manufacturing delays. The root cause of the production delays has been identified and addressed. Although price competition remains strong and dry conditions in some areas persist, we are hopeful that market conditions will stabilise in the near future. 1 In 2017, the Company changed its accounting policy for land and building from revaluation model to cost model to align with industry practice. This change resulted in a restatement of the figures for 2016. Annual Report 2017 3 Chairman’s Statement (Cont‘d) Cheetham Salt Limited recorded satisfactory Santé Naturelle A.G. Ltée continued its diversification growth during the year under review. In December, into new channels and markets. In addition to achieving CK Life Sciences completed the acquisition of the an above market average growth rate among retailers in remaining 50% share of the salt field operations in Quebec, it has established a presence in online platforms New Zealand it doesn’t already own, and the disposal and increased coverage of, and penetration into, export of its shares in a 50/50 joint venture engaged in retail markets. and distribution in Australia and New Zealand. This asset swap has allowed the Company to strategically focus on PHARMACEUTICAL R&D the stable, cash-generative salt production and refinery The 2 R&D initiatives of CK Life Sciences progressed business, while simultaneously exiting the cyclical steadily in 2017. distribution business. 1) Melanoma Vaccine by Polynoma NUTRACEUTICAL BUSINESS The Company is developing a therapeutic cancer Lipa Pharmaceuticals Limited (“Lipa”) reported steady vaccine for melanoma. The global market of this performance in 2017. The contraction in demand most serious form of cancer currently exceeds that started in the latter half of 2016 resulting from US$1 billion and is projected to grow to at least a slowdown in export to China by key customers five times this value by 2023. Polynoma LLC abated in 2017. A profitable business with a strong (“Polynoma”) made good progress in its adaptive reputation for quality and service, Lipa continues to Phase III clinical trial in the US and Canada, and be a manufacturer of choice by leading vitamin and is on schedule for an interim data analysis. The supplements brands in Australia. In 2017, Lipa continued cancer vaccine is being developed to stimulate to be named “High Quality Manufacturer of the Year” the body’s immune system to delay recurrence by Complementary Medicines Australia. This is the in patients who suffer from an early stage of fourth consecutive year that Lipa has won the accolade. melanoma and have undergone surgery to remove the cancer. Unlike other drugs that have Vitaquest International Holdings LLC, a custom contract been approved for this indication, Polynoma’s manufacturer of vitamins and supplements in the US, vaccine has so far been shown to be very safe. experienced a challenging year, as its customers scaled back orders in the face of strong competition from online players. It has started to establish new relationships with online marketers to make up for the slowdown in demand from the existing customer base. These efforts are beginning to bear fruit and should result in improved performance in due course. 4 CK Life Sciences Int’l., (Holdings) Inc. 2) Pain Management by WEX Pharma We will also continue to deploy the necessary funding Uncontrolled chronic pain is a major unmet to support R&D projects, enabling both the creation and medical need; in particular, there is demand commercial launch of ground-breaking products that for treatment specifically approved for cater to unaddressed market needs. chemotherapy-induced neuropathic pain (“CINP”). WEX Pharmaceuticals Inc. (“WEX Pharma”) As always, I must thank our shareholders, Board of is developing tetrodotoxin (TTX), an analgesic Directors and staff for their continued support. belonging to a new class of drugs called sodium channel blockers, and is in advanced discussions with the US FDA to allow the start of a Phase III clinical trial for CINP. This clinical trial has already received the go-ahead from Health Canada. Once Li Tzar Kuoi, Victor demonstrated effective for CINP, TTX can be Chairman developed for other more generic types of chronic pain, as well as other methods of administration. Hong Kong, 13 March 2018 Prospects for such pain management solutions are significant. PROSPECTS Although some business segments faced challenging short-term market conditions during the year, we remain positive regarding CK Life Sciences’ overall prospects for the future. As the Company continues to strengthen our performance through organic growth, we will at the same time pursue strategically beneficial acquisitions. As a member of the CK Group, CK Life Sciences also holds the unique opportunity to tap into the Group’s rich capital resources and vast operating experience, allowing the Company to explore synergistic business ventures within the Group. Annual Report 2017 5 6 CK Life Sciences Int’l., (Holdings) Inc. Business Review Agriculture-related Business Annual Report 2017 7 Business Review (Cont‘d) Vineyards CK Life Sciences owns close to 6,500 hectares of vineyards in Australia and New Zealand. CK Life Sciences owns close to 6,500 hectares of Three of the 12 vineyards are located in New Zealand vineyards in Australia and New Zealand. Almost all of with the remainder situated in the Margaret River, them are on long-term leases with wine companies, Barossa Valley, Adelaide Hills, Padthaway, Riverland and generating steady and secure cashflows. The Company Riverina regions of Australia. has two vineyard portfolios: Other Vineyards Belvino Portfolio CK Life Sciences has another portfolio which features In 2011, CK Life Sciences acquired 72.26% of vineyards that are wholly-owned by the Company. These Challenger Wine Trust (“CWT”), a listed Australian include three table grape vineyards acquired in 2016; unit trust for A$33.08 million (approximately three vineyards acquired in 2015; a portfolio of five in HK$260 million). Following the acquisition, CWT New Zealand known as the Mud House Vineyards which was de-listed and renamed Belvino Investments Trust were acquired in 2014; Northbank Millennium Vineyard (“Belvino”). Belvino’s portfolio includes 12 vineyards in New Zealand which was acquired in 2013; three and irrigation water entitlements, covering around vineyards in Margaret River acquired in 2012; and the 3,200 hectares of land in Australasia. original Qualco West Vineyard purchased in 2011. 8 CK Life Sciences Int’l., (Holdings) Inc. The Qualco West Vineyard is currently midway through
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