GULF PHARMACEUTICAL INDUSTRIES (A PUBLIC SHAREHOLDING COMPANY) RAS AL KHAIMAH - UNITED ARAB EMIRATES
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1 GULF PHARMACEUTICAL INDUSTRIES (A PUBLIC SHAREHOLDING COMPANY) RAS AL KHAIMAH - UNITED ARAB EMIRATES CONSOLIDATED INTERIM FINANCIAL INFORMATION AND REVIEW REPORT FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2010
2 Gulf Pharmaceutical Industries Consolidated Interim Financial Information and Review Report Table of Contents Page Report on Review of Consolidated Interim Financial Information 1 Condensed Consolidated Statement of Financial Position 2-3 Condensed Consolidated Statement of Income 4 Condensed Consolidated Statement of Comprehensive Income 5 Condensed Consolidated Statement of Changes in Equity 6 Condensed Consolidated Statement of Cash Flows 7 Notes to the Condensed Consolidated Financial Statements 8-18
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4 Gulf Pharmaceutical Industries 2 Condensed Consolidated Statement of Financial Position As of June 30, 2010 (In Thousand Arab Emirates Dirhams) ASSETS June 30, December 31, Note (Unaudited) (Audited) Current assets Bank balances and cash 5 88, ,987 Investments held for trading 6 6,132 6,306 Trade and other receivables 599, ,377 Inventories 205, ,994 Discontinued operations assets 5,920 5,920 Total current assets 905, ,584 Non-current assets Available-for-sale-investments 7 41,162 42,596 Net investment in an associate 252, ,537 Investment property 16,160 16,160 Property, plant and equipment 8 706, ,441 Total non-current assets 1,016, ,734 Total Assets 1,921,649 1,825,318 The accompanying notes form part of these condensed consolidated financial statements.
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6 Gulf Pharmaceutical Industries 4 Condensed Consolidated Statement of Income (In Thousand Arab Emirates Dirhams) Six month period ended June 30, Three month period ended June 30, Note (Unaudited) (Unaudited) (Unaudited) (Unaudited) Sales 500, , , ,391 Cost of sales ( 203,172) ( 149,420) ( 101,497) ( 74,995) Gross profit 297, , , ,396 Other income 2, Selling and distribution expenses ( 184,190) ( 153,473) ( 100,168) ( 82,253) General and administrative expenses ( 20,812) ( 17,508) ( 9,476) ( 6,917) Operating profits 94,121 80,806 44,399 36,608 (Loss)/ gain from investments ( 1,282) 2, ,763 Finance costs ( 5,992) ( 5,473) ( 3,189) ( 2,553) Profit for the period 86,847 77,495 41,453 36,818 Basic earnings per share (Arab Emirates Fils) The accompanying notes form part of these condensed consolidated financial statements.
7 Gulf Pharmaceutical Industries 5 Condensed Consolidated Statement of Comprehensive Income (In Thousand Arab Emirates Dirhams) Six month period ended June 30, Three month period ended June 30, Note (Unaudited) (Unaudited) (Unaudited) (Unaudited) Profit for the period 86,847 77,495 41,453 36,818 Other comprehensive income for the period: Change in the fair value of available for sale investments ( 1,434) 3,298 ( 3,342) 2,659 Board of Directors remuneration ( 1,650) ( 1,650) ( 1,650) - Total comprehensive income for the period 83,763 79,143 36,461 39,477 The accompanying notes form part of these condensed consolidated financial statements.
8 Gulf Pharmaceutical Industries 6 Condensed Consolidated Statement of Changes in Equity (In Thousand Arab Emirates Dirhams) Share capital Statutory reserve Voluntary reserve Foreign currency translation reserve Cumulative changes on revaluation of investments Retained earnings Total Balance at December 31, 2008 (audited) 641, ,407 72, ( 17,712) 236,121 1,282,773 Profit for the six month period ended June 30, ,495 77,495 Gain on revaluation of available for sale investments recognised directly in equity ,298-3,298 Approved Board of Directors remuneration ( 1,650) ( 1,650) Total comprehensive income for the period ,298 75,845 79,143 Issuance of bonus shares 44, ( 44,873) - Approved cash dividends for ( 32,052) ( 32,052) 44, ( 76,925) ( 32,052) Balance at June 30, 2009 (Unaudited) 685, ,407 72, ( 14,414) 235,041 1,329,864 Balance at December 31, 2009 (audited) 685, ,659 85, ( 6,099) 255,560 1,383,911 Profit for the six month period ended June 30, ,847 86,847 Loss on revaluation of available for sale investments recognised directly in equity ( 1,434) - ( 1,434) Approved Board of Directors remuneration ( 1,650) ( 1,650) Total comprehensive income for the period ( 1,434) 85,197 83,763 Issuance of bonus shares (Note 10) 27, ( 27,437) - Approved cash dividends for ( 54,873) ( 54,873) 27, ( 82,310) ( 54,873) Balance at June 30, 2010 (Unaudited) 713, ,659 85, ( 7,533) 258,447 1,412,801 The accompanying notes form part of these condensed consolidated financial statements.
9 Gulf Pharmaceutical Industries 7 Condensed Consolidated Statement of Cash Flows (In Thousand Arab Emirates Dirhams) Six month period ended June 30, (Unaudited) (Unaudited) Cash flows from operating activities Profit for the period 86,847 77,495 Adjustments for: Depreciation of property, plant and equipment 21,936 21,151 Loss from investment in an associate 1,776 - Gain on sale of investment in shares - ( 317) Loss/ (gain) on revaluation of investment held for trading 174 ( 51) Finance costs 5,992 5,473 Provision for employees end of service indemnity 2,664 2, , ,275 Changes in working capital: Increase in trade and other receivables ( 93,890) ( 94,185) Decrease in inventories 27,130 17,619 Increase in trade payables and accruals 16,088 12,761 Net cash generated from operating activities 68,717 42,470 Cash flows from investing activities Additions to property, plant and equipment ( 90,604) ( 34,428) Purchase of investment in securities held for trading - ( 506) Purchase of available for sale investments - ( 1,082) Proceeds from sale of investment in securities - 10,579 Decrease in investment in an associate - 17,500 Net cash used in investing activities ( 90,604) ( 7,937) Cash flows from financing activities Increase/ (decrease) in bank borrowings 35,817 ( 8,413) Dividends paid ( 42,001) ( 14,336) Board of Directors remuneration ( 1,650) ( 1,650) Finance costs paid ( 5,992) ( 5,473) Net cash used in financing activities ( 13,826) ( 29,872) Net (decrease)/ increase in cash and cash equivalents ( 35,713) 4,661 Cash and cash equivalents at the beginning of the period 123,987 67,950 Cash and cash equivalents at the end of the period 88,274 72,611 The accompanying notes form part of these condensed consolidated financial statements.
10 Gulf Pharmaceutical Industries 8 Notes to the Condensed Consolidated Financial Statements 1. Establishment and operations Gulf Pharmaceutical Industries is a Public Shareholding Company the Company with its domicile in Digdaga - Ras Al Khaimah. It was incorporated by the Emiri decree No.5/80 issued by H.H. The Ruler of the Emirate of Ras Al Khaimah and its dependencies on March 30, 1980 and the Emiri decree on May 4, The Group comprises Gulf Pharmaceutical Industries (Public Shareholding Company) and its subsidiaries the Group (Note 3). The main activities of the Group are manufacturing medicines, drugs and various other types of pharmaceutical and medical compounds in addition to cosmetic compounds. The Company commenced its commercial activities effective from November The Company s registered office address is P.O. Box. 997 Ras Al Khaimah, United Arab Emirates. 2. Standards and Interpretations in issue not yet effective At the date of authorisation of these condensed consolidated financial statements, the following new and revised Standards and Interpretations were in issue but not yet effective: New Standards and amendments to Standards: IAS 32 (revised) Financial Instruments: Presentation Amendments relating to classification of Rights Issue IAS 24 Related Party Disclosures Amendment on disclosure requirements for entities that are controlled, jointly controlled or significantly influenced by a Government IFRS 9 Financial Instruments: Classification and Measurement (intended as complete replacement for IAS 39 and IFRS 7) New Interpretations and amendments to Interpretations: IFRIC 19: Extinguishing Financial Liabilities with Equity Instruments Amendment to IFRIC 14: IAS 19: The limit on a defined Benefit Asset, Minimum Funding Requirement and their interaction Effective for annual periods beginning on or after February January January July January 2011 Management anticipates that these amendments will be adopted in the Group s condensed consolidated financial statements for the initial period when they become effective. Management have not yet had an opportunity to consider the potential impact of the adoption of these amendments.
11 Gulf Pharmaceutical Industries 9 Notes to the Condensed Consolidated Financial Statements (continued) 3. Basis of consolidation The condensed consolidated financial statements comprise the financial information of the Company and its subsidiaries. The financial information of the subsidiaries are consolidated from the acquisition date, which is the date the Company gains control over its subsidiaries, and lasts until the Company loses that control. Control usually occurs when the Company has the power to govern the financial and operating policies of the subsidiaries for the purpose of benefiting from their activities. All transactions and balances between the Company and its subsidiaries, including income and expenses, were eliminated. Details of Gulf Pharmaceutical Industries (Public Shareholding Company) subsidiaries as of June 30, 2010 were as follows: Place of Percentage incorporation of Acquisition Name of subsidiary and operation ownership date Principal activity Mena Cool F.Z.E Ras Al Khaimah- 100% 2008 Transportation UAE Julphar Pharma Germany 100% 1997 Manufacturing of medical supplies 4. Summary of significant accounting policies 4.1. Basis of preparation These condensed consolidated financial statements have been prepared in accordance with International Accounting Standard (IAS) No. 34, Interim Financial Reporting and also comply with the applicable requirements of the laws in the U.A.E. The condensed consolidated financial statements are presented in U.A.E. Dirhams (AED) since that is the currency in which the majority of the Company s transactions are denominated. These condensed consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of certain financial instruments. The accounting policies, presentation and methods in these condensed consolidated financial statements are consistent with those used in the audited consolidated financial statements for the year ended December 31, As required by the Securities and Commodities Authority ( SCA ) notification dated 12 October 2008, accounting policies relating to property, plant and equipment, investment property and investments in securities have been disclosed in the condensed consolidated financial statements.
12 Gulf Pharmaceutical Industries 10 Notes to the Condensed Consolidated Financial Statements (continued) 4. Summary of significant accounting policies (continued) 4.2 Property, plant and equipment Property, plant and equipment, except properties under construction, are stated at their cost, less any subsequent accumulated depreciation and any subsequent identified impairment losses. Properties in the course of construction for production, rental or administrative purposes, or for purposes not yet determined, are carried at cost, less any recognised impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalised in accordance with the Group s accounting policy. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use. Depreciation is charged so as to write off the cost of assets, other than properties under construction, over their estimated useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at each period end, with the effect of any changes in estimate accounted for on a prospective basis. The gain or loss arising on disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss. 4.3 Investment property Investment property, which is property held to earn rentals and/ or for capital appreciation, is stated at its fair value at the reporting date. Gains or losses arising from changes in the fair value of investment property are included in the consolidated statement of income. 4.4 Net investment in an associate An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting. Under the equity method, investments in associates are carried in the consolidated statement of financial position at cost as adjusted for post-acquisition changes in the Group s share of the net assets of the associates, less any impairment in the value of individual investments. Losses of an associate in excess of the Group s interest in that associate (which includes any long-term interests that, in substance, form part of the Group s net investment in the associate) are recognised only to the extent that the Group has incurred legal or constructive obligation or made payments on behalf of associates.
13 Gulf Pharmaceutical Industries 11 Notes to the Condensed Consolidated Financial Statements (continued) 4. Summary of significant accounting policies (continued) 4.4 Net investment in an associate (continued) Any excess of the cost of acquisition over the Group s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate recognised at the date of acquisition is recognised as goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of the investment. Any excess of the Group s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognised immediately in profit or loss. When a Group entity transacts with an associate of the Group, profits and losses are eliminated to the extent of the Group s interest in the relevant associate. The loan to the associate is measured at amortised cost. 4.5 Investments in securities Investments of the Group are recognised and derecognised on a trade date basis where the purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at fair value, plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value. Investments of the Group are classified as either as at fair value through profit or loss (FVTPL) or as available-for-sale (AFS). Financial assets at FVTPL Financial assets are classified as at FVTPL when the financial asset is either held for trading or it is designated as at FVTPL. A financial asset is classified as held for trading if: o o o it has been acquired principally for the purpose of selling it in the near term; or on initial recognition it is part of a portfolio of identified financial instruments that the Group manages together and has a recent actual pattern of short-term profittaking; or it is a derivative that is not designated and effective as a hedging instrument.
14 Gulf Pharmaceutical Industries 12 Notes to the Condensed Consolidated Financial Statements (continued) 4. Summary of significant accounting policies (continued) 4.5 Investments in securities (continued) Financial assets at FVTPL (continued) A financial asset other than a financial asset held for trading may be designated as at FVTPL upon initial recognition if: o such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or o the financial asset forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the Group s documented risk management or investment strategy, and information about the grouping is provided internally on that basis; or o it forms part of a contract containing one or more embedded derivatives, and IAS 39 Financial Instruments: Recognition and Measurement permits the entire combined contract (asset or liability) to be designated as at FVTPL. Financial assets at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any dividend or interest earned on the financial asset and is included in the investment and other income/loss line item in the consolidated statement of income. AFS financial assets Listed shares held by the Group that are traded in an active market are classified as being AFS and are stated at fair value. The Group also has investments in unlisted shares that are not traded in an active market but are also classified as AFS financial assets and stated at fair value because Management considers that fair value can be reliably measured. Gains and losses arising from changes in fair value are recognised in other comprehensive income and accumulated in the cumulative change in fair value with the exception of impairment losses, which are recognised in profit or loss. Where the investment is disposed of or is determined to be impaired, the cumulative gain or loss previously accumulated in the cumulative change in fair value is reclassified to profit or loss.
15 Gulf Pharmaceutical Industries 13 Notes to the Condensed Consolidated Financial Statements (continued) 5. Bank balances and cash June 30, December 31, (Unaudited) (Audited) AED 000 AED 000 Bank balances: Current accounts 65,815 61,587 Fixed deposits 20,762 60,796 Cash in hand 1,697 1,604 By geographical area: 88, ,987 In the U.A.E. 82, ,602 In other G.C.C. countries In other countries 6,212 6, Investments held for trading 88, ,987 Investments held for trading comprise investments in listed and quoted equity shares in the U.A.E. and G.C.C. financial markets as follows: June 30, December 31, (Unaudited) (Audited) AED 000 AED 000 In U.A.E. markets 5,987 6,161 In other G.C.C. markets ,132 6,306
16 Gulf Pharmaceutical Industries 14 Notes to the Condensed Consolidated Financial Statements (continued) 7. Available-for-sale-investments Available-for-sale investments comprise investments in listed and quoted equity shares as follows: June 30, December 31, (Unaudited) (Audited) AED 000 AED 000 In U.A.E. financial markets 17,214 18,874 In other G.C.C. countries financial markets 11,735 10,415 In other countries markets 12,213 13,307 Reclassification of investments 41,162 42,596 During the year 2008, the Board of Directors has reconsidered its investment strategy and accordingly the Group adopted the amendments to IAS 39 issued by the International Accounting Standards Board which permits an entity to reclassify, in particular circumstances, investments held for trading for which change in fair value is recognised in the consolidated statement of income to available-for-sale investments for which the change in the fair value is recognised under equity as cumulative changes in fair values AED 000 AED 000 Fair value of reclassified investments as of January 1, 18,113 19,129 (Loss)/ gain on reclassified investments during the six month period ended June 30, ( 1,507) 1,947 Fair value of reclassified investments, as of June 30, 16,606 21,076 As a result of the above, profit for the period has increased by AED 1,507,000 (2009: decreased by AED 1,947,000).
17 Gulf Pharmaceutical Industries 15 Notes to the Condensed Consolidated Financial Statements (continued) 8. Property, plant and equipment - Property, plant and equipment additions during the current period amounted to AED 90,604,000 (2009: AED 34,428,000). - Depreciation charges for the current period amounted to AED 21,936,000 (2009: AED 21,151,000). 9. Bank borrowings June 30, December 31, (Unaudited) (Audited) AED 000 AED 000 Overdraft 96, ,042 Loans 238, ,485 Bank borrowings shall be repaid as follows: 335, ,527 On demand or within one year 192, ,034 In the second year 59,680 21,773 In third to fifth year 83,502 71, , ,527 Less: Due within 12 months from the reporting date (shown as current liabilities) ( 192,162) ( 206,034) Installments due after 12 months from the reporting date (shown as non-current liabilities) 143,182 93,493 - Overdraft is payable on demand. - The Group has obtained the loans to finance the expansion and development of the factory.
18 Gulf Pharmaceutical Industries 16 Notes to the Condensed Consolidated Financial Statements (continued) 10. Share capital June 30, December 31, (Unaudited) (Audited) AED 000 AED 000 Issued and fully paid up 713,351,534 ordinary shares as of June 30, 2010 (685,914,937 ordinary shares as of December 31, 2009) at par value of AED 1 each 713, ,915 In its meeting held on April 8, 2010, the Shareholders general assembly approved the increase of the Company s capital by 27,436,597 shares (from 685,914,937 shares to 713,351,534) through the issuance of bonus shares at 4% of the share capital. 11. Basic earning per share Six month period ended June 30, Three month period ended June 30, (Unaudited) (Unaudited) (Unaudited) (Unaudited) Profit for the period (AED 000) 86,847 77,495 41,453 36,818 Weighted average number of shares (Share) 713,351, ,351, ,351, ,351,534 Basic earning per share (UAE Fils) Dividends In its meeting held on April 8, 2010, the Shareholders general assembly approved the payment of cash dividends at 8% of share capital, and bonus shares at 4% of share capital for the year 2009( 2009: cash dividends at 5% of share capital, and bonus shares at 7% of share capital for the year 2008).
19 Gulf Pharmaceutical Industries 17 Notes to the Condensed Consolidated Financial Statements (continued) 13. Related party transactions As of the reporting date, due from/ to related parties were included in the trade and other receivables/ trade payables and accruals as follows: June 30, December 31, (Unaudited) (Audited) AED 000 AED 000 Balances: Due from related parties (included in trade and other receivables) 57,390 24,205 Due to related parties (included in trade payables and accruals) 12,025 5,531 No bank guarantees are provided to related parties against balances due to them. No expense has been recognised in the period for bad or doubtful debts in respect of the amounts owed by related parties. Transactions: During the period, the Group entered into the following transactions with related parties: Six month period ended June 30, Three month period ended June 30, (Unaudited) (Unaudited) (Unaudited) (Unaudited) AED 000 AED 000 AED 000 AED 000 Sales 59,212 49,024 36,269 15,863 Purchases 17,454 12,039 11,799 7,552 Transactions with related parties are entered into on terms agreed with management.
20 Gulf Pharmaceutical Industries 18 Notes to the Condensed Consolidated Financial Statements (continued) 14. Commitments and contingent liabilities June 30, December 31, (Unaudited) (Audited) AED 000 AED 000 Capital commitments 136, ,000 Letters of credit 19,752 21,512 Letters of guarantee 63,339 56, Approval of condensed consolidated financial statements The condensed consolidated financial statements were approved and authorised for issue on July 26, 2010.
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