Hoechst Pakistan Limited
(formerly sanofi-aventis Pakistan Limited)
CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE NINE-MONTHS PERIOD ENDED SEPTEMBER 30, 2023
(UN-AUDITED)
Contents
Page No. | |
Company Information | 2 |
Directors' Report to the Shareholders (English) | 3 |
Directors' Report to the Shareholders (Urdu) | 5 |
Condensed Interim Statement of Financial Position | 7 |
Condensed Interim Statement of Profit or Loss | 8 |
Condensed Interim Statement of Other Comprehensive Income | 9 |
Condensed Interim Statement of Changes in Equity | 10 |
Condensed Interim Statement of Cash Flows | 11 |
Notes to the Condensed Interim Financial Statements | 12 |
Nine-Months Period Ended September 30, 2023 | Page 1 of 19 |
Company Information
Board of Directors
Syed Babar Ali (Chairman)
Syed Hyder Ali
Mr. Arshad Ali Gohar
Syed Anis Ahmad Shah
Mr. Imtiaz Ahmed Husain Laliwala
Mr. Muhammad Salman Burney
Ms. Saadia Naveed
Mr. Sajjad Iftikhar
Ms. Iqra Sajjad
Chief Executive Officer
Mr. Sajjad Iftikhar
Chief Financial Officer
Mr. Yasser Pirmuhammad
Company Secretary
Mr. Mir Zulfiqar Hussain Khan
Auditors
A.F. Ferguson & Co.
Chartered Accountants
Legal Advisors
Khalid Anwer & Co.
Saadat Yar Khan & Co.
Ghani Law Associates
THS & Co.
Registrars & Share Transfer Office
FAMCO Associates (Private) Limited 8-F, Near Hotel Faran, Nursery, Block-6, P.E.C.H.S., Shahrah-e-Faisal, Karachi.
Tel: +92 21 34380101-5
URL: www.famco.com.pk
Contact
Tel: +92 21 35060221-35
Email: contact.pk@sapl.com.pk
URL
www.sanofi.com.pk
Bankers
Standard Chartered Bank (Pakistan) Limited
MCB Bank Limited
Habib Bank Limited
Allied Bank Limited
Citibank, N.A.
Deutsche Bank AG
National Bank of Pakistan
Registered Office
Plot 23, Sector 22,
Korangi Industrial Area,
Karachi - 74900, Pakistan
Postal Address
P.O. Box No. 4962, Karachi - 74000
Nine-Months Period Ended September 30, 2023 | Page 2 of 19 |
Hoechst Pakistan Limited
(formerly sanofi-aventis Pakistan Limited)
Directors' Report to the Shareholders
The Directors are pleased to present the un-audited condensed interim financial statements of your Company, for the nine-months period ended September 30, 2023. These financial statements have been prepared in accordance with the requirements of the International Accounting Standard (IAS) 34 - "Interim Financial Reporting" and the provisions of and the directives issued under the Companies Act, 2017. In case requirements differ, the provisions of directives issued under the Companies Act, 2017 have been followed.
Total net sales for the nine-months period ended September 30, 2023, stand at Rs. 15,879 million, which grew by 13.1% compared to the same period last year. This growth was mainly driven by Enterogermina®, Clexane® and Lantus® which grew by 41%, 30% and 18% respectively.
The gross margin has remained constant at 27% when compared to the same period last year. Distribution and marketing expenses decreased to 12% of net sales from 14% in last year's comparative period mainly on account of curtailment of travelling and promotional activities. Administrative expenses remained stable at 4% of net sales; as they were in the same period last year.
Other expenses increased significantly to 10% of net sales from 4% in last year's comparative period primarily on account of adverse exchange rate movement resulting from an exchange loss of PKR 1,265 million during the period.
Furthermore, the challenging socio-political and macroeconomic factors including surging inflation, increasing policy rates and reduction in economic activity have a cascading impact on your Company's performance during the period under review. The cumulative impact of aforementioned factors has transpired into a loss after tax for the nine-months period ended September 30, 2023, amounting to PKR
52.8 million as compared to a profit after tax of Rs. 213.0 million during corresponding period of the year 2022.
During the period, an Investor Consortium led by Packages Limited (comprising Packages Limited, IGI Investments (Private) Limited and affiliates of Arshad Ali Gohar Group) acquired entire 52.87% shares held by Sanofi Foreign Participations B.V in the Company on April 28, 2023 in accordance with the terms of the Share Purchase Agreement executed between the parties on April 29, 2022. Earlier, Packages Limited also acquired a 6.07% shareholding in the Company as a result of mandatory tender offer on August 23, 2022, in accordance with the applicable Takeover Laws.
Accordingly, upon completion of applicable corporate approvals, the name of the Company has been changed to Hoechst Pakistan Limited with effect from September 27, 2023 and a Certificate of Incorporation on Change of Name has been issued by the Securities and Exchange Commission of Pakistan in this respect. This change of name shall have no effect on the principal line of business of the Company. The Company is now taking steps required for name change from Drug Regulatory Authority of Pakistan.
The new name encapsulates the rich legacy of the Company since making its footprint in Pakistan. The Company was incorporated in 1967, started manufacturing pharmaceuticals and specialty chemicals in 1972 and went public in 1977.
Nine-Months Period Ended September 30, 2023 | Page 3 of 19 |
Hoechst Pakistan Limited
(formerly sanofi-aventis Pakistan Limited)
The management of the Company is committed to navigate through the challenging economic conditions through enhanced focus on portfolio optimization, cost control, better working capital management and operations management.
The Board of Directors would like to acknowledge the efforts and commitment of the employees.
By order of the Board
___________________ | ____________________ |
Syed Babar Ali | Sajjad Iftikhar |
Chairman | Chief Executive Officer |
Karachi: October 21, 2023 |
Nine-Months Period Ended September 30, 2023 | Page 4 of 19 |
Nine-Months Period Ended September 30, 2023 | Page 5 of 19 |
Nine-Months Period Ended September 30, 2023 | Page 6 of 19 |
Hoechst Pakistan Limited (formerly sanofi-aventis Pakistan Limited) Condensed Interim Statement of Financial Position
As at September 30, 2023
September 30, | December 31, |
2023 | 2022 |
Note |
ASSETS |
NON-CURRENT ASSETS |
` |
Fixed assets |
-------------- Rupees in '000 -------------
(Un-audited)(Audited)
Property, plant and equipment | 4 |
Investment properties | |
Intangible assets | 5 |
Long-term loans to employees | |
Long-term deposits | |
Deferred taxation - net | |
CURRENT ASSETS | |
Stores and spares | |
Stock-in-trade | 6 |
Trade debts - net | 7 |
Loans and advances | |
Trade deposits and short-term prepayments | 8 |
Short-term investments | 9 |
Other receivables | |
Taxation - net | |
Cash and bank balances | |
TOTAL ASSETS | |
EQUITY AND LIABILITIES | |
SHARE CAPITAL AND RESERVES | |
Share capital | |
Reserves | |
NON-CURRENT LIABILITIES | |
Deferred liabilities | |
Defined benefit plan - gratuity fund | |
CURRENT LIABILITIES | |
Contract liabilities | |
Trade and other payables | 10 |
Current maturity of long-term financing | |
Current maturity of deferred liabilities | |
Accrued mark-up | |
Unclaimed dividend | |
Unpaid dividend | |
Bank overdraft | |
Short-term borrowings | |
CONTINGENCIES AND COMMITMENTS | 11 |
1,768,485
31,649
14,012
1,814,146
4,244
15,983
226,783
2,061,156
95,436
4,312,764
459,897
237,627
1,098,770
136,311
72,899
1,442,444
331,484
8,187,632
10,248,788
96,448
4,892,613
4,989,061
4,500
69,691
74,191
107,972
5,036,674
-
23,905
6,461
8,241
2,283
-
-
5,185,536
1,884,260
32,961
2,657
1,919,878
3,623
15,983
147,394
2,086,878
88,038
4,550,693
857,348
220,304
2,499,808
-
485,566
1,309,840
233,196
10,244,793
12,331,671
96,448
4,933,244
5,029,692
9,000
32,844
41,844
155,332
5,435,086
41,053
9,000
17,440
8,286
2,283
891,655
700,000
7,260,135
TOTAL EQUITY AND LIABILITIES |
10,248,788 12,331,671
The annexed notes 1 to 20 form an integral part of these condensed interim financial statements.
Syed Babar Ali | Sajjad Iftikhar | Yasser Pirmuhammad |
Chairman | Chief Executive Officer | Chief Financial Officer |
Nine-Months Period Ended September 30, 2023 | Page 7 of 19 |
Hoechst Pakistan Limited (formerly sanofi-aventis Pakistan Limited) Condensed Interim Statement of Profit or Loss
For the nine-months period and quarter ended September 30, 2023 (Un-audited)
Note |
Nine Months Ended | Quarter Ended | |||
September 30, | September 30, | September 30, | September 30, | |
2023 | 2022 | 2023 | 2022 |
------------------------------------- Rupees in '000 --------------------------------------
NET SALES | 12 |
Cost of sales | |
GROSS PROFIT | |
Distribution and marketing costs | |
Administrative expenses | |
Other expenses | 13 |
Other income |
OPERATING PROFIT
Finance costs | 14 |
PROFIT BEFORE TAXATION
Taxation - Current
Taxation - Prior
Taxation - Deferred
(LOSS) / PROFIT FOR THE PERIOD
15,879,229
(11,547,720)
4,331,509
(1,951,719)
(686,168)
(1,533,687)
269,967
(3,901,607)
429,902
(153,539)
276,363
(408,584)
-
79,389
(329,195)
(52,832)
14,045,248
(10,209,007)
3,836,241
(1,900,816)
(581,558)
(550,419)
52,104
(2,980,689)
855,552
(21,716)
833,836
(408,213)
(187,700)
(24,911)
(620,824)
213,012
5,831,380
(4,046,218)
1,785,162
(754,054)
(263,685)
(340,244)
173,034
(1,184,949)
600,213
(23,354)
576,859
(185,983)
-
78,622
(107,361)
469,498
4,521,404
(3,392,044)
1,129,360
(562,575)
(195,056)
(240,241)
13,176
(984,696)
144,664
(8,822)
135,842
(142,013)
-
30,326
(111,687)
24,155
(LOSS) / EARNINGS PER SHARE - basic and diluted (Rupees) | (5.48) | 22.09 | 48.68 | 2.50 | |||
The annexed notes 1 to 20 form an integral part of these condensed interim financial statements.
Syed Babar Ali | Sajjad Iftikhar | Yasser Pirmuhammad |
Chairman | Chief Executive Officer | Chief Financial Officer |
Nine-Months Period Ended September 30, 2023 | Page 8 of 19 |
Hoechst Pakistan Limited (formerly sanofi-aventis Pakistan Limited) Condensed Interim Statement of Comprehensive Income
For the nine-months period and quarter ended September 30, 2023 (Un-audited)
Nine Months Ended | Quarter Ended | |||
September 30, | September 30, | September 30, | September 30, | |
2023 | 2022 | 2023 | 2022 | |
---------------------------------- | Rupees in '000 ---------------------------------- | |||
(LOSS) / PROFIT FOR THE PERIOD | (52,832) | 213,012 | 469,498 | 24,155 |
Other comprehensive income - Items that will not be reclassified to profit or loss in subsequent periods (net of tax):
Actuarial loss on defined benefit plans
Deferred tax on actuarial loss on defined benefit plans
-
-
(90,068)
(28,501)
-
-
-
-
TOTAL OTHER COMPREHENSIVE LOSS FOR THE PERIOD | - | (118,569) | - | - | |||
TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE PERIOD | (52,832) | 94,443 | 469,498 | 24,155 | |||
The annexed notes 1 to 20 form an integral part of these condensed interim financial statements.
Syed Babar Ali | Sajjad Iftikhar | Yasser Pirmuhammad |
Chairman | Chief Executive Officer | Chief Financial Officer |
Nine-Months Period Ended September 30, 2023 | Page 9 of 19 |
Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Sanofi Aventis Pakistan Ltd. published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2023 09:19:11 UTC.