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Speciality Chemicals F cused to deliver. Vivimed Labs Limited I Annual Report, 2011-12 Cautionary statement In this annual report we have disclosed forward-looking information to enable investors to comprehend our prospects and take informed investment decisions. This report may contain forward-looking statements that set out anticipated results based on the management’s plans and assumptions. We have tried wherever possible to identify such statements by using words such as ‘anticipates’, ‘estimates’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, and words of similar substance in connection with any discussion on future performance. We cannot guarantee that these forward-looking statements will be realised, although we believe we have been prudent in our assumptions. The achievement of results is subject to risks, uncertainties and estimates taken as assumptions. Should known or unknown risks or uncertainties materialise, or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Readers should bear this in mind. Glossary of Abbreviation is detailed in page number 112 n the last five years, significant Iattainments of Vivimed Labs include: Developing unique products. Enlisting marquee clients. Acquiring new businesses. Strengthening its domestic presence. Bringing a global balance to its business. Going forward, the Company expects to leverage these initiatives to enhance organisational value. m 1: The corporate snapshot 4: 2011-12 in retrospect 10: Performance insight – Managing Director 12: Pride in ownership 14: Pharmaceutical value chain 19: Management discussion and analysis 40: Corporate social responsibility 41: Corporate information 42: Directors’ Report 54: Corporate Governance 71: Financial section 112: Glossary 114: Our Global Touchpoints 115: Notice The corporate snapshot 2011-12 in retrospect Focused to deliver Performance insight – Managing Director Pride in ownership Pharma value chain Management discussion and analysis Corporate social responsibility Statutory section Financial section About the Company Global presence Key numbers CORPORATE SNAPSHOT Vivimed Labs Limited is a global enterprise headquartered in India. Possessing a unique Huddersfield, UK Barcelona, Spain Sant Celoni, Spain portfolio of Speciality Lliçà de Vall,Spain New Jersey, USA Uttarakhand, India Guangzhou, China Chemicals and Kolkata, India Hyderabad, India Cuernavaca, Mexico pharmaceutical Bidar, India products. AS O N M AR C AS O H N M 3 AR 1 C S H ENTERPRISE T 3 , 1 VALUE 2 S 0 MARKET T 1 , (Rs million) 2 CAPITALISATION 2 0 1 (Rs million) 2 12,323.69 5,658.57 ivimed Labs Limited is Speciality Chemicals: Vivimed is a Pharmaceuticals: Vivimed is the Vheadquartered in global supplier of active ingredients for partner of choice for large global a diverse range of home and personal players in various therapeutic segments AS O AS O AS O AS O Hyderabad (India) with ten N M N M N M N M AR AR AR AR care and industrial products. The such as anti-ulcer, anti-depressants, C C C C H H H H 3 3 3 3 manufacturing facilities 1 1 1 1 Company’s products are marketed in oncology, anti-diabetics and others. The S S S S T T NON- T T , , , , (seven in India and three key global markets to leading global Company’s clients include global PROMOTER 2 INSTITUTIONAL 2 INSTITUTIONAL 2 2 0 0 0 0 1 1 1 TEAM SIZE 1 2 HOLDING (%) 2 2 2 overseas), three R&D customers. majors and various large Indian HOLDING (%) HOLDING (%) facilities (Hyderabad, companies. Huddersfield and Barcelona) 45 20 35 1,662 and a customer spread across 50 countries. Vivimed Labs Limited Annual Report 2011-12 2 3 The corporate snapshot 2011-12 in retrospect Focused to deliver Performance insight – Managing Director Pride in ownership Pharma value chain Management discussion and analysis Corporate social responsibility Statutory section Financial section Table of key numbers Graphical representation Business initiatives 2011-12 in retrospect Business thrust and initiatives in 2011-12 Consolidated financials 2010-11 2011-12 y-o-y Amount Amount (Rs in million) (Rs in million) (%) Acquisition Capital expenditure G G Net sales 4,160.01 6,683.14 61 Acquired Uquifa, a leading global API A proposed greenfield formulations manufacturer based in Spain and facility at Chouttuppal, Andhra Pradesh, Revenue 4,215.25 6,893.49 64 Mexico, in November 2011 for an investment of Rs 400 million EBIDTA 862.23 1,329.80 54 G Acquired Klar Sehen Pvt. Ltd, a niche G A proposed sector-specific special Profit before tax 552.62 778.15 41 ophthalmic formulations company economic zone in Srikakulam (SEZ), Profit after tax 488.31 631.37 29 based in India, in October 2011 Andhra Pradesh, for an investment of Ploughback into business 468.67 577.23 23 Rs 1,200 million spread over the next G Acquired Octtantis Nobel Labs Pvt. Dividend payout (equity and preference) 20.33 54.14 166 two years Ltd, a branded formulations marketing Revenue split by business EBIDTA margin (%) 20% 19% company, in September 2011 G A proposed brownfield expansion at segments (2011-12) Net margin (%) 12% 9% the Speciality Chemical facilities Funding (Bonthapally and Bidar) for an Return on equity (%) 26% 18% G 50.32% 49.68% Vivimed attracted equity investments investment of Rs 250 million Return on capital employed (%) 9% 6% from the global financial institute - IFC, G Expansion of the Jeedimetla, Return on networth (%) 27% 21% Washington D.C and from reputed Hyderabad facility at an investment of Earnings per share (Rs) 48.11 45.31 global private equity players NYLIM Rs. 50 million Jacob Ballas, New York and Kitara Interest cover (x) 4.15 4.69 Capital, Mauritius. Pharmaceuticals Book value per share (Rs) 184.81 245.06 Speciality Chemicals Revenue split by geography 245.06 48.11 4,747.82 (2011-12) 11,156.70 45.31 4,098.70 1,329.80 1.04% 4.52% 6,683.14 4.28% 631.37 15.21% 48.20% 184.81 26.75% 488.31 2,472.78 862.23 4,160.01 1,967.09 ASPAC (Asia Pacific + India) EUROPE (all European countries) NAFTA (North America / USA) 2,232.70 AMET (Africa, Middle East and Turkey) LATAM (Latin America) RoW (Rest of the world) Shareholder’s funds (Rs in million) Book value per share (Rs) Profit after tax (Rs in million) Gross block (Rs in million) Net current assets (Rs in million) Net sales (Rs in million) EBIDTA (Rs in million) Earnings per share (Rs) 10-11 10-11 11-12 11-12 10-11 11-12 11-12 10-11 11-12 11-12 10-11 10-11 11-12 11-12 10-11 10-11 Vivimed Labs Limited Annual Report 2011-12 4 5 The corporate snapshot 2011-12 in retrospect Focused to deliver Performance insight – Managing Director Pride in ownership Pharma value chain Management discussion and analysis Corporate social responsibility Statutory section Financial section Relationships East-West edge Indian markets ivimed is a preferred supplier of products to leading Vglobal companies. The Company enjoys strategic n 2011, Vivimed acquired Uquifa, a global API relationships that make it possible for the Company to intermediate and API manufacturing company, enjoying accelerate the speed with which it can take new molecules I strong customer relationships with large global brands. to the market, catalysing its growth. This inorganic initiative will enable the Company to Vivimed expects to grow its business and deliver superior establish a strong foothold in the high-growth generic returns through the following initiatives: pharmaceutical space and accelerate its profit momentum. G Enhance the share of wallet with existing clients by The acquisition has enabled: increasing the range of product offerings G Vivimed to leverage Uquifa’s presence as a leading global G Grow on a 24-month foundation of customer accretion for API manufacturer. its Speciality Chemicals business and generate growing business from each customer (a new customer takes G To gain access to a large product basket comprising of 60 between 24-36 months to provide sizeable volumes) APIs in different therapeutic segments and 150 DMFs Relationships East-West edge G Expand the opportunity canvas by entering emerging G Uquifa to capitalise on opportunities emerging from the spaces such as automotive chemicals and biocides in the low-cost, high-quality Indian manufacturing base and its area of Speciality Chemicals regulated-market presence. G Address attractive opportunities in the printable electronics As a result, Vivimed expects to carve out a strategic segment position in the global pharmaceuticals business. G Implement brownfield expansion, while optimising capital costs and strengthening its competitive advantage Vivimed expects that these initiatives will sustain its speciality business momentum and enhance margins. The Vivimed customer value G Vivimed provides globally benchmarked and quality Integration to drive profitability watermarked solutions G Vivimed will reinforce Uquifa’s operations by G The Company optimised its processes to offer products manufacturing key intermediates and certain APIs in India. around a price-value proposition comparable to the G The Company will complement Uquifa with captive prevailing global benchmark formulation facilities. G It developed and patented processes for various G The Company’s deep insight into synthetic chemistry and Speciality Chemicals research strengths will catalyse Uquifa’s regulatory filings G It customised products for clients by leveraging its rich G The aggregation of Vivimed and Uquifa’s customer base intellectual capital will catalyse growth and facilitate cross-sale. Vivimed Labs Limited Annual Report 2011-12 6 7 The corporate snapshot 2011-12 in retrospect Focused to deliver Performance insight – Managing Director Pride in ownership Pharma value chain Management discussion and analysis Corporate social responsibility Statutory section Financial section Relationships East-West edge Indian markets n 2011, Vivimed acquired Klar Sehen and Octtantis INobel, two Indian companies engaged in formulations manufacture and marketing.
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