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راتفرannual Report 2019 THE BLUE DOT GlaxoSmithKline Consumer Healthcare Pakistan Limited 35 - Dockyard Road, West Wharf, Karachi - 74000 GlaxoSmithKline Consumer Healthcare Pakistan Limited REPORT 2019 رفتارis a member of GlaxoSmithKline group of companies. ANNUAL © GlaxoSmithKline Consumer Healthcare Pakistan Limited GLAXOSMITHKLINE CONSUMER HEALTHCARE PAKISTAN LIMITED GSK Consumer Healthcare Pakistan Limited is proud to present its Annual Report for the year 2019. This report focuses on Stakeholder Information, Corporate Governance, Directors’ Report and Financial Statements for the year ended December 31, 2019. For any feedback, suggestions or queries kindly contact the following: Talal Javed Ahmed Chief Financial Ocer E-mail: [email protected] Abdul Haseeb Pirzada Head of Corporate Aairs and Administration Email: [email protected] رفتار STRONGER, FEARLESS, AGILE Amongst many our ‘Raftaar – speed’ stands out alone - GSK Consumer Healthcare Pakistan Limited's (GSK CH's) identity is accounted for being undoubtedly the best fast-moving consumer healthcare company in Pakistan. We set foot in this journey back in 2017 when GSK CH took its Flight (Uraan) with relentless motivation and unwavering energy. We moved forward in 2018 and created our Identity (Pehchaan) when we had committed to deliver only the best to our consumers. Keeping our core values at heart, we remained patient focused, transparent, respectful and most importantly carried our integrity above all. These elements led us to this day where we excelled in this corporate race with a new profound strength; accelerating with a speed (Raftaar) not just to be the best but to be the number one choice for our consumers in Pakistan. This strength for speed was not easy in such economic times with currency devaluation, regulatory frameworks and a competitive landscape. However, we made it through with courage, accountability and team work, we enriched our product portfolio with innovative products, re-visited our business models, improved our supply chain networks and focused on sales and financial growth. Today, we take this opportunity and thank our customers and investors for their trust in GSK CH. We are a winning team in this race and are proud to achieve and deliver like we promised; Innovation (200% growth in product variants and line extension), Performance (10% growth in Net Sales with 17% growth in profits) and last but not the least delivering Trust (in ensuring reliable supply of quality products to our customers). Finally, having set our speed (Raftaar) ; we at GSK CH believe and look forward to growing our business with the same enthusiasm, team strength and winning mindset across our functions in 2020. TABLE OF CONTENTS OUR DNA BUSINESS OVERVIEW Our Story 05 Calendar of Major Financial Our Purpose Events 2019 51 Our Vision 06 Marketing Calendar 2019 51 Our Mission 06 Financial Calendar 2020 52 What We Do 07 Overview of the year 2019 & Our Core Values 07 Performance Summary 52 Our Expectations 08 SWOT Analysis 53 Compliance and Ethics 08 Chairperson’s Review 54 Our Structure Directors Report to the Ownership and Shareholders 56 Operating Structure 10 Significant Changes from Prior Year 10 Composition of Local versus OUR PEOPLE Imported Materials 10 Plant Operations 11 Corporate Information 64 Organizational Structure 12 Group Structure 13 Geographical Presence 14 GSK’s Position in the Value INTERNAL FUNCTIONS Chain 16 Objectives and Strategies 18 Finance 66 Risk Management 20 Marketing 67 Risk and Opportunity Report 21 Commercial Excellence 68 Significant Factors aecting Sales 69 the External Environment and Expert 70 the Organizational Response 25 Information Technology 71 Analysis of Financial and Supply Chain 72 Non-Financial Performance Quality Management System 73 using Key Indicators 26 Regulatory Aairs 75 Stakeholder Engagement 27 Legal 76 Corporate Governance 29 Human Resource 77 02 GlaxoSmithKline Consumer Healthcare Pakistan Ltd. OUR BRANDS Panadol 81 Statement of Financial Position 121 CaC-1000 PLUS 82 Statement of Profit or Loss 122 Sensodyne 83 Statement of Changes in Equity 123 Parodontax 84 Statement of Cash Flows 124 Other Brands 85 Notes to and forming part of Financial Statements 125 Sensitivity Analysis 157 FINANCIAL AND STAKEHOLDER Business Rationale of Major Capital INFORMATION Expenditure and Projects 157 Segmental Review 157 Audit Committee Report 158 Financial Performance at a Glance 88 Integrated Financial Reporting Key Operating and Financial Data Framework 160 & Ratios 89 Unreserved Statement of Graphical presentation 96 Compliance to International Comments on Financial Ratios 99 Financial Reporting Standards 160 Comments on Financial Statements 100 Stakeholder’s information 161 Forward Looking Statement 101 Pattern of Shareholding 162 Quarterly Analysis 102 Categories of Shareholders DuPont Analysis 103 and Key Shareholding 163 Free Cash Flows 104 Other Shareholding Information 164 Direct Cash Flow Statement 106 Notice of AGM 165 Horizontal Analysis 107 Proxy Form and Urdu Translation 169-170 Vertical Analysis 108 E-Dividend Mandate Letter and Statement of Value Added and its Urdu Translation 171-172 Distribution 110 Request Form for Transmission Statement of Compliance with of Annual Report and COCG 113 Urdu Translation 173-174 Review Report to Members on Urdu Translation of AGM Notice 179 Statement of Compliance with Urdu Translation of Directors’ Report 184 COCG 115 Urdu Translation of Chairperson Auditors’ Report to the Members 116 Review 186 Annual Report 2019 03 OURDNA OUR STORY (Historic Timeline) GSK Consumer business demerged from GSK Pakistan Limited. 20 GSK Consumer Healthcare Pakistan Limited formed. GSK OTC (Pvt.) Limited formed from Novartis OTC portfolio. 15 GSK Consumer Healthcare Pakistan 20 Limited starts operations as an independent company. 16 GSK Consumer Healthcare Pakistan Limited gets listed on Pakistan Stock Exchange. 20 Transfer of Market Authorization and Jamshoro manufacturing license to GSK OTC (Pvt.) Limited. 17 GSK OTC (Pvt.) Limited merged with and into GSK Consumer Healthcare Pakistan Limited 20 GSK Consumer Healthcare Pakistan Limited inherits manufacturing facility (Jamshoro) & its portfolio with leading brands like CaC-1000 Plus & Qalsan-D. 18 Transfer of Marketing authorizations and manufacturing license of 20 GSK OTC (Pvt.) Limited to GSK Consumer Healthcare Pakistan Ltd. 19 Annual Report 2019 05 GSK CH's vision is inspiring: “ The opportunity to make a dierence to millions of lives every day” At GSK CH we perform in unison by following our strong value system and ethical guidelines as a source of guidance and inspiration to achieve OUR our vision. Every member of the GSK CH family plays a vital role in improving the quality of human life. GSK CH's growth and development VISION can be attributed to the contribution of the skills, talent and passion of its people. GSK CH follows its core values of keeping consumers first, demonstrating respect for people, acting with integrity, and operating with transparency. We are proud of our commitment that enables us to enhance the quality of peoples’ lives and helps us provide them with quality products. Our mission is to improve the quality of human life by enabling people to OUR “ Do More, Feel Better, Live Longer ” At GSK CH our mission acts as an underlying principle to whatever we MISSION do. We follow a legacy of great science and innovative healthcare that provides people around the world with healthier and fulfilled lives, every single day. 06 GlaxoSmithKline Consumer Healthcare Pakistan Ltd. OUR BUSINESS: We are a science led Global Healthcare Company that researches and develops innovative Consumer Healthcare products. WHAT OUR GLOBAL RESEARCH: GSK has a significant global presence in more than 150 markets, a WE DO network of manufacturing sites globally and large R&D centres in the UK, USA, Belgium and China. HOW ARE WE STRUCTURED: Our commercial operations are structured as a combination of regional units and areas of focus. Each business benefits from GSK’s global commercial infrastructure, international supply networks, innovative R&D and significant scale. Consumer Healthcare is a global unit, represented by GlaxoSmithKline Consumer Healthcare Pakistan Limited. OUR At GSK CH, we are committed to delivering results underpinned CORE by our values. These values guide our actions and behaviors and lie at the heart of every decision we make. VALUES Our core values are: TRANSPARENCY: CONSUMER FIRST: Transparency is vital to the way we work and helps build The strength of our business lies in the trust. We strive to be honest and open about what we do consumers we reach out to. Our and how we do it. This improves how we collaborate with dedicated leadership team drives each other and the way we are seen by the communities brands that have strong purpose, and we work with. It demonstrates that we do not avoid together we ensure that the needs of challenges or discussions and confront problems as a our consumers are catered to in the team. best possible way. INTEGRITY: RESPECT: We must live up to the highest standards of integrity We cultivate an environment of expected of us by our consumers, partners and support, inspiration and development, stakeholders. We go beyond abiding by the law and do all and ensure that as an organization, we we can to maintain the trust and respect of, and protect create diversity in culture, thought and the interests of, the organisations and communities we in how we operate, in order to work with. collectively work towards achieving
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