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Enhancing Everyday Living Annual Report 2015 Agriculture- Related (Incorporated in the Cayman Islands with limited liability) (Stock Code: 0775) Enhancing Everyday Living Annual Report 2015 Agriculture- related Nutraceutical 2 Dai Fu Street, Tai Po Industrial Estate, Hong Kong Tel: (852) 2126 1212 Fax: (852) 2126 1211 Annual Report 2015 www.ck-lifesciences.com Pharmaceutical 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, commercialisation, marketing and sale of health and agriculture-related products. Products developed by CK Life Sciences are categorised into the areas of human health and environmental sustainability. A number of inventions have been granted patents by the US Patent and Trademark Office. 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 38 Report of the Directors 49 Independent Auditor’s Report 51 Consolidated Income Statement 52 Consolidated Statement of Comprehensive Income 53 Consolidated Statement of Financial Position 55 Consolidated Statement of Changes in Equity 56 Consolidated Statement of Cash Flows 58 Notes to the Consolidated Financial Statements 118 Principal Subsidiaries 123 Principal Joint Ventures 124 Schedule of Major Investment Properties 125 Corporate Governance Report 161 Risk Factors 166 Corporate Information and Key Dates Chairman’s Statement 2 CK Life Sciences Int’l., (Holdings) Inc. For the year ended 31 December 2015, CK Life Sciences Int’l., (Holdings) Inc. (“CK Life Sciences” or the “Company”) reported a turnover of HK$4.92 billion, a marginal decrease of 1% compared with last year. Profit attributable to shareholders was HK$284.9 million, an 8% increase as compared to 2014. The Board of Directors has recommended a final dividend of HK$0.009 per share for the year ended 31 December 2015 (HK$0.008 per share in 2014), a 13% increase over the previous year. The proposed dividend will be paid on Monday, 30 May 2016 following approval at the 2016 Annual General Meeting to those shareholders whose names appear on the Register of Members of the Company at the close of business on Thursday, 19 May 2016. AGRICULTURE-RELATED BUSINESS CK Life Sciences’ agriculture-related business recorded a turnover of HK$2,098.8 million, a 5% decrease compared to last year. This result was impacted by a lower Australian dollar exchange rate against the Hong Kong dollar during the period under review. Had the results been recorded in local currencies, a growth of approximately 13% would have been reported. Annual Report 2015 3 Chairman’s Statement (Cont'd) In January 2015, CK Life Sciences further broadened its Businesses in the portfolio performed well during the year: vineyard portfolio through the acquisition of three of • In Canada, Santé Naturelle A.G. Ltée introduced new McWilliam’s vineyards in Australia. Total consideration for products and started implementing plans to upgrade the acquisition was A$15.7 million (approximately packaging, storage and air handling capabilities at its HK$100 million). Like our other vineyard investments, manufacturing site. It reported encouraging growth these vineyards are backed by the security of long-term and improvement in market position. tenancy agreements, and are poised to provide an immediate and steady recurrent income for the Company. • In the United States, Vitaquest International Holdings LLC (“Vitaquest”) responded to increased customer In May 2015, Accensi Pty Ltd (“Accensi”), the leading toll demand and began implementing plans to automate manufacturer of crop protection products in Australasia, its powder and packaging operations, as well as to opened a new manufacturing facility in Victoria. With increase capacity to handle proprietary products. This this new facility in the south, and the existing facilities improvement in manufacturing capability has enabled in Queensland in the north and Western Australia in the Vitaquest to capture a bigger share of the market and west, Accensi’s customer base has been widened, local achieve satisfactory margin and profit improvement. transportation cost optimised, and customer service in the different regions enhanced. • In Australia, Lipa Pharmaceuticals Limited (“Lipa”) has further moved to vertically integrate its Other operations reported steady progress and growth materials sourcing business. During the year, it in 2015. also benefited from increased customer demand in overseas markets, particularly China, reporting NUTRACEUTICAL BUSINESS solid growth in sales and profit contribution. It also During the year under review, CK Life Sciences’ commenced its initiative to increase the capacity nutraceutical business reported a 3% increase in turnover, for the manufacturing of tablets and to expand amounting to HK$2,810.3 million. This result has been the packaging capabilities. Lipa was also named by impacted by the weakening of the Australian dollar. Had Complementary Medicines Australia in 2015 as the the results been recorded in local currencies, a growth of “Manufacturer of the Year” for the third time in the approximately 11% would have been reported. last four years. 4 CK Life Sciences Int’l., (Holdings) Inc. PHARMACEUTICAL R&D PROSPECTS CK Life Sciences’ R&D initiatives continued to make We are optimistic about the future prospects of CK Life steady progress in 2015. During the year, an expenditure Sciences. of HK$183.1 million of research funding was incurred The recent acquisitions of the vineyards in the agriculture- to support these activities; the expenses of which were related business have strengthened our investment reflected in the Consolidated Income Statement for the portfolio and boosted our income flow. year under review. The continued organic growth and stable performance 1. Polynoma LLC commenced the second part of of our existing businesses are poised to continue to Phase III US FDA-approved clinical trial strengthen our revenue stream. Polynoma LLC has commenced the second part of On the R&D front, research activities have progressed the Phase III US FDA (United States Food and Drug well. Adequate funding will continue to be deployed to Administration)-allowed clinical trial for the cancer support our R&D projects. vaccine which was developed for the treatment of melanoma. The first patient was dosed in January Going forward, we will carry on leveraging our sound 2015, and approximately 200 patients have been fundamentals to strengthen our investment portfolio and enrolled to date in this part of the trial. enhance our profitability. In addition, we will seek new opportunities to acquire assets that will further propel 2. WEX Pharma’s discussions with Health Canada on our growth. Phase III clinical trial data are in progress I would like to take this opportunity to thank our In regards to WEX Pharmaceuticals Inc.’s tetrodotoxin shareholders, Board of Directors and staff for their (“TTX”)-based cancer pain management product, confidence and continued support over the years. advanced discussions with Health Canada on the Phase III clinical trial data are in progress. 3. WEX Pharma commenced planning for TTX’s Phase III clinical trial in the United States for the treatment of chemotherapy-induced neuropathic pain Li Tzar Kuoi, Victor Chairman In the United States, subsequent to an End-of-Phase II clinical trial meeting with the FDA, the overall Hong Kong, 14 March 2016 planning for TTX’s Phase III clinical trial has begun. Annual Report 2015 5 Business Review Agriculture- related Business Accensi Amgrow CK Life Sciences’ agriculture-related Cheetham business continued to make steady Salt progress in 2015. The Company further broadened its vineyard portfolio through the acquisition of three of McWilliam’s vineyards in Australia. Vineyards Business Review (Cont’d) CK Life Sciences is the second largest vineyard owner in Australia and New Zealand. 8 CK Life Sciences Int’l., (Holdings) Inc. The McWilliam’s vineyards are purchased from and Vineyards leased back to the award-winning McWilliam’s Wines Group, one of Australia’s oldest family-owned wine making companies on a long-term tenancy agreement. CK Life Sciences is the second largest vineyard owner in Australasia. It has two vineyard portfolios: The Mud House Vineyards in New Zealand was acquired in 2014. They comprise the Woolshed Vineyard in Belvino Portfolio Marlborough; the Mound Vineyard, the Home Vineyard, and the Deans Vineyard in Waipara; as well as the Claim In 2011, CK Life Sciences acquired 72.26% of Challenger Vineyard in Otago. It has a total land area of about Wine Trust (“CWT”), a listed Australian unit trust 600 hectares, and a planted area of about 390 hectares. for A$33.08 million (approximately HK$260 million). The vineyards are situated in the key wine-growing Following the acquisition, CWT was de-listed and regions in the South Island of New Zealand and are renamed Belvino Investments Trust (“Belvino”). Belvino’s famous for producing premium wine. portfolio includes 16 vineyards and considerable irrigation water entitlements, covering around 5,580 hectares of The Northbank Millennium Vineyard spans over land in Australasia. 175 hectares of land, and has a planted area of about 130 hectares. The Marlborough area, where the vineyard Other Vineyards is located, is New Zealand’s largest wine-growing region, and is hailed as one of the premium wine regions in CK Life Sciences has another portfolio which features the world. vineyards that are wholly owned. These include three McWilliam’s vineyards that were recently acquired; The three vineyards in Margaret River are located in a Mud House Vineyards which were acquired in 2014; premium wine-growing region 3 hours south of Perth in Northbank Millennium Vineyard which was acquired in Western Australia. Comprising the Old Land Vineyard, 2013; three vineyards in Margaret River acquired in 2012; the Rowe Road Vineyard and the Lionels Vineyard, and the Qualco West Vineyard purchased in 2011.
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