GlaxoSmithKline Pakistan Limited - GSK · Our pharmaceutical products cover a wide array of health categories with new portfolios and products added every year. Our products include

GlaxoSmithKline Pakistan Limited

Ten Years of SuccessTen years is an achievement, but for us it is a celebration of touching the lives of millions of people across Pakistan. Being one of the world’s leading research healthcare companies, we devote all our resources and efforts towards creating truly innovative medicines, and delivering products of value. This year’s Annual Report celebrates our journey and our continued resolve to make a meaningful difference in people’s lives. We look forward to many more years of success together, helping the world do more, feel better and live longer.

Contents02 Corporate Information04 Vision and Mission06 Ethical Conduct08 Values and Behaviours10 History of GlaxoSmithKline11 Milestones14 Strategic Priorities16 GSK Products20 Corporate Social Responsibility at GSK26 Awards

28 Great People Power31 Directors’ Profiles33 Board & Management Committees34 Directors’ Report to Shareholders38 Chairman / Chief Executive’s Review41 Financial Performance at a Glance42 Statement of Value Added43 Key Operating & Financial Data45 Vertical Analysis46 Horizontal Analysis

48 Financial Statements 201049 Statement of Compliance with the Code of Corporate Governance

51 Review Report to the Members on Statement of Compliance with Best Practices of Code of Corporate Governance

52 Auditors’ Report to the Members53 Balance Sheet55 Profit and Loss Account56 Cash Flow Statement57 Statement of Changes in Equity58 Notes to and forming part of the Financial Statements90 Pattern of Shareholding91 Categories of Shareholders92 Shareholding Information93 Notice of Annual General Meeting95 Factories and Distribution / Sales Offices96 Proxy Form

Corporate Information

BankersCitibank NAStandard Chartered Bank (Pakistan)LimitedHSBC Bank Middle East LimitedHabib Bank LimitedFaysal Bank Limited

AuditorsA. F. Ferguson & Co.Chartered Accountants

Legal AdvisorsRizvi, Isa, Afridi & AngellMandviwalla & ZafarOrr, Dignam & Co.Surridge & BeechenoVellani & Vellani

Registered Office35 - Dockyard Road,West Wharf, Karachi - 74000.Tel: 92-21-111-475-725 (111-GSK-PAK)Fax: 92 21 32314898, 32311122Website: www.gsk.com.pk

Management Committee

Mr. M. Salman Burney

Chairman / Chief Executive

Dr. Muzaffar Iqbal

Technical Director

Mr. Shahid Mustafa Qureshi

Legal, Corporate Affairs, IndustrialRelations, Administration &Regulatory Affairs Director /Company Secretary

Mr. Javed Ahmedjee

Director Finance and Logistics

Ms. Erum S. Rahim

Director Marketing and BusinessDevelopment

Mr. Maqbool ur Rehman

Sales Director

Mr. Sohail Matin

Country Manager - ConsumerHealthcare

Dr. Atif Mirza

Director Medical Services

Ms. Fariha Salauddin

Director Human Resources

Company SecretaryMr. Shahid Mustafa Qureshi

Chief Financial OfficerMr. Javed Ahmedjee

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Board of Directors


Chairman / Chief Executive

Mr. Rafique Dawood

Non-Executive Director

Mr. Husain Lawai

Non-Executive Director

Dr. Iffat Yazdani

Area Director Asia Pacific ClinicalOperations

Dr. Muzaffar Iqbal

Technical Director

Mr. Shahid Mustafa Qureshi

Legal, Corporate Affairs, IndustrialRelations, Administration &Regulatory Affairs Director /Company Secretary

Mr. Javed Ahmedjee

Director Finance and Logistics

Audit Committee

Mr. Rafique Dawood

Chairman

Mr. Husain Lawai

Member


Member


GlaxoSmithKline has a challenging and inspiring mission: to advance the quality of human lives by enabling people to

This mission is at the heart of everything that we do. Our legacy of great science, development of innovative health care solutions and a history of medical breakthroughs help people live healthier and fulfilled lives around the world, every single day.

Vision

Mission

GlaxoSmithKline’s vision has translated into a decade of excellence and achievement:

“the opportunity to make a difference to the lives of billions of people”

Our value system and operating principles provide the necessary professional and ethical guidelines on how we work at GlaxoSmithKline. The key to our success is our desire and passion to pursue our vision of creating a healthier world. We feel honored by the fact that the work we do enhances the quality of people’s lives, and take pride in our commitment to help patients and communities overcome challenges.

Every member of the GSK family strives to contribute his/her time, talents, and ideas to make a real and meaningful contribution towards improving the quality of human life.

GSK is driven by performance, but we strongly believe that there is no achievement without integrity. We contribute to the health and well being of people with enthusiasm and vigour.

Each year we set the bar higher and aim further in the quest of outperforming ourselves, and we look forward to another decade worth celebrating.

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Our Ethical CompassAlways Points toFair PracticesWe are committed to creating a strong ethical culture at GSK. Putting patients first is the

core principle of being an ethical pharmaceutical company. Profit without principle

is short lived.

Our Code of Conduct sets out the fundamental standards to be followed by staff in their

every day actions on behalf of GSK, and seeks to promote honest and ethical conduct.

Our employees are committed to:

Conduct business with honesty, integrity, and in a professional manner that protects the company’s good public image and reputation.

Build relationship with customers, vendors, suppliers and fellow employees based on trust, and treating each of these individuals with respect and dignity when conducting business.

Become familiar with, and comply with legal requirements and company policies & procedures.

Avoid any activity that could involve or lead to involvement in any unlawful practice or harm to GSK’s reputation and image.

Avoid actual or potential conflicts of interest with the company or the appearance thereof, in all transactions.

Provide accurate and reliable information in records submitted, safeguard the company’s confidential information, and respect the confidential information of other parties with whom GSK does business or competes.

Where permitted by local laws, promptly report to the company any breach of laws or regulations, ethical principles or company policies that come to attention and cooperate fully in any audit, enquiry, review or investigations by the company.

Provide access to the company’s external auditor at all times to the company’s records and accounts (in whatever form they are held) and provide additional information as requested by the external auditor. If such requested information is legally privileged, the legal department must be contacted before responding to the request.

Managers should ensure all their employees receive guidance, trainings and communication on ethical behavior and legal compliance relevant to their duties for the company.

Senior management should be the role-model for these standards by visibly demonstrating support and by regularly encouraging adherence by managers.

Preventing corrupt practices and maintaining standards of documentation.

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Values GSK Behaviours Respect for people:

We believe that respecting each other is the key to progress and growth for everyone; our business, employees and customers. Therefore the culture at GSK celebrates diversity and achieving goals with team work and cooperation.

Patient focused: Our commitment to our purpose of improving the lives of billions ensures that all our efforts, be it research, manufacturing or distribution are geared towards improving patient access to quality health solutions.

Transparency:

We are committed to building and streamlining existing systems to eliminate any possibility of unfair practices. This has been possible only because of our employees who are honest and fair in everything they do and take personal responsibility for all their actions.

Integrity:

Our guiding principles go beyond complying with legal and ethical regulations. Each member of the GSK family takes pride in making decisions which are not only profitable but are morally sound, each has the sincere intent of benefiting the patients, which has helped us foster long-term relationships.

GSK fosters a dynamic learning culture which thrives on innovation and flexibility. We do this so that we can provide the best customer-centric health solutions by adapting to the changing needs of the healthcare market. Therefore, our work is embodied by six behaviours.

Flexible thinking: We explore multiple options for problem-solving

Enable and drive change: Our ideas are executed to realize benefit for customers and business growth

Continuous improvement: We not only excel in what we do, but find innovative improvements to current practices

Customer driven: Our philosophy of improving lives of billions of people is at the heart of everything we do

Developing people: Empowered employees take initiatives and provide creative solutions to challenges

Building relationships: Trust and openness inculcated in everything we do. It helps us to foster long-lasting partnerships

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History of GSKIn 2001, Glaxo Wellcome and SmithKline Beecham merged to form GlaxoSmithKline, one of the largest Pharmaceutical companies in the world.

The advent of today’s leading research-based pharmaceutical company started with individual entrepreneurs of the 1800s. Their pioneering efforts laid the groundwork for growth in the different companies that, over the years, were to lead to today’s GlaxoSmithKline.

We are exceptionally proud of how far we have come, and in a world where theonly constant is change, we are always thinking, adapting and growing.

SmithKline & French becomes research

focused

SmithKline & Beecham merge

Glaxo & Wellcome merge

GlaxoSmithKline

SmithKline & Co. acquires French,

Richards & Company

John K. Smith opens a drug store in Philadelphia

Thomas Beecham launches Beecham’s

pills in England

Burroughs Wellcome & Company is

founded

Glaxo is registered by Joseph Nathan & Company as a

trademark for dried milk

Strategic Priorities By focusing our business around our five strategic priorities, we’re confident that

we can fulfill our promises to the world.

Deliver more products of value:

We are transforming R&D by focusing on best science, diversifying through externalization of research and building a sustainable industry-leading pipeline of products.

Simplify the operating model:

We are simplifying our operating model by streamlining processes to aid efficient decision-making, which supports our diverse and growing business.

Grow a diversified global business:

We are diversifying our business and also strengthening our core pharmaceutical business, to create a more balanced portfolio by investing in key growth areas such as emerging markets, vaccines, biopharmaceuticals and healthcare to generate future sales growth.

Create a culture of individual

empowerment:

We are working towards building an open and constructive culture by ensuring that our employees receive the tools and inspiration they need to make decisions with confidence and accountability.

Building trust

We are nurturing partnerships with all our stakeholders, because we see building trust as a fundamental platform. Essentially, without trust, we don’t have a business.

We believe that these strategic priorities will transform GSK into a company that delivers more growth with less risk and will result in improved financial performance. They will also enable us to successfully navigate through the coming years and help us retain our competitive edge as a company.

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Innovative Products

that deliver great valuePharmaceutical Products

Our pharmaceutical products cover a wide array of health categories with new portfolios and products added every year. Our products include treatment for asthma, chronic hepatitis B, depression, heart failure, infectious diseases, GI disorders and cancers.

Vaccines

GSK delivered 1.4 billion vaccine doses in 2009, of which nearly 1 billion were shipped for use in developing countries. Our vaccines protect against potentially life-threatening or crippling illnesses such as hepatitis A, hepatitis B, diphtheria, tetanus, whooping cough, measles, mumps, rubella, polio, typhoid, influenza and bacterial meningitis.

Skincare Range

Stiefel, a GSK company, is committed to advancing dermatology and skin science around the world by providing consumers with innovative pharmaceutical, non-prescription and aesthetic dermatology products to better achieve healthier skin.

Consumer Health Products

We bring dental health products, over-the-counter medicines and nutritional drinks to millions of people.

Many of our brands, such as Panadol, Aquafresh, Sensodyne, Horlicks, Iodex and Eno have been trusted household names for years.

GSK in the CommunityGlaxoSmithKline (GSK) strives to be a valued corporate citizen no matter where it does business. We have always shown strong commitment and support for public health and awareness initiatives and champion many social causes.

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GSK CORPORATE RESPONSIBILITY PRINCIPLE

“We will make a positive contribution to the communities in which we operate, and will invest in health and education programmes and partnerships that aim to bring sustainable improvements to under-served people in the developed and developing world”

At GSK, we know that part of being a successful and sustainable business is fulfilling our social responsibilities, making our company more responsive, more flexible and more open to society’s expectations.

We are working towards improving access to our medicines, enhancing research opportunities for neglected tropical diseases, raising the ethical standards for conducting our research and business activities, and being more open and transparent in the way we run our business. We are adapting our business model to adopt a more open approach to R&D for diseases of the developing world.

GSK has put many of its important resources –including a pool of patents, research ‘know-how’ and technology assets –into an open ‘knowledge pool.’ Researchers outside of GSK can now use this information, which will hopefully stimulate cutting-edge research on medicines for neglected diseases, including malaria. The knowledge pool is now being administered by the not-for-profit BIO Ventures for Global Health.

As part of this initiative, GSK announced in January 2010, the establishment of the first ever ‘Open Lab’ to act as an engine room of scientific innovation for neglected tropical diseases. GSK has created capacity for up to 60 scientists from around the world to have access to the ‘Open Lab’, which will be based at the company’s research centre at the Tres Cantos Campus, Spain. In the ‘Open Lab’, scientists will be encouraged to tap into the expertise, knowledge and infrastructure of the company, while pursuing their own projects as part of an integrated drug discovery team. In June 2010, GSK was ranked top in the ‘Access to

Medicine Index’ for the second successive time. The Access to Medicine Index is a ranking of the world´s largest pharmaceutical companies on their efforts to increase access to medicine for societies in need. This year, GSK also announced the formation of a new operating unit dedicated to expanding access to medicines for people living in Least Developed Countries (LDCs).

In March 2010, GSK became one of the first manufacturers to sign an Advance Market Commitment agreement with GAVI, to supply up to 300 million doses of Synflorix™ (GSK’s Pneumonia vaccine) over ten years, to prevent deaths from pneumonia of millions of children in the world’s poorest countries.

At GSK, we work as partners with under-served communities in the developed and developing world supporting programmes that are innovative, sustainable and bring real benefit to these communitiesOur programmes are organised into global, regional and local activities.

Global health programmes

In communities around the world, people affected by certain diseases face stigma and discrimination, disability and a vicious cycle of ill health and poverty. In the

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developing world, diseases that can be prevented, managed or cured cause significant suffering and mortality due to a lack of basic knowledge and inadequate health services. We support activities to tackle these diseases through donations of medicines, financial and practical support.

We have chosen to focus our efforts on lymphatic filariasis (LF) and malaria as well as diarrhoea-related disease in children.

Lymphatic Filariasis

Also known as elephantiasis or LF, this is a disfiguring disease found mainly in tropical countries. It is caused by a parasite and spread by mosquitoes and is one of the world’s major causes of permanent disability affecting over 120 million people. GSK is a key member of the Global Alliance to Eliminate Lymphatic Filariasis, a 20 year programme to eliminate the disease by donating our anti-parasitic medicine albendazole.

As part of our commitment to eliminate LF, we have donated over 1.4 billion treatments to stop the transmission of this disease. In 2009, we donated 425 million albendazole treatments to 28 countries. Our aim is to donate as much albendazole as required to treat the one billion people in 83 countries who are at risk from this disease.

Malaria

At GSK we are committed to playing a significant role in improving the health of communities affected by malaria in three ways: Through on-going research into new malaria medicines treatments and vaccines, with

preferential pricing of our anti-malarials in the least developed countries and sub-Saharan Africa and through our community investment activities funded by the GSK African Malaria Partnership.

GSK’s RTS,S –the world’s most advanced malaria vaccine candidate –is now in a Phase III clinical trial that includes 11 sites in seven African countries.

Personal Hygiene and Sanitation Education (PHASE)

Established in 1988, PHASE is a low-cost education programme helping to reduce diarrhoea-related disease by encouraging school children to wash their hands.PHASE currently operates in 16 countries – Bangladesh, Bolivia, Brazil, India, Indonesia, Kenya, Malawi, Mexico, Nicaragua, Peru, Philippines, Senegal, Tajikistan, Uganda, UK and Zambia- reaching more than one million children and their extended families.

Humanitarian relief

We know that our medicines can play a vital role in the humanitarian Relief efforts in disaster zones, or to support basic healthcare provision in the world’s poorest communities. Donations of these products where they are needed most form an important part of our community investment activities.

We provided supplies of antibiotics and basic medicines in response to:

Pakistan (2010), Haiti (2010), the disasters in South East Asia (2009), Floods in El Salvador (2009), Myanmar (2008) and China (2008)

GSK’s work with communities

The company’s programmes are tailored to the needs of the communities they support. GSK supports community initiatives in both the developed and the developing world. Corporate social investment programmes are identified on the basis of need and their potential to bring real benefits to the communities concerned. Additionally, they must be sustainable and innovative, must target neglected or underserved areas and must deliver measurable results.

Around the world, some examples of our community partnerships include:

Independent living programme for young people with disabilities in the UK

Residential camps in Ireland, Hungary, France and Italy where seriously-ill children can have fun and develop their self-confidence

Care for children with incurable illness in Romania

Migrant Health Promotion programme in Xintu, China

Leonard Cheshire Disability Resource Centre, Sri Lanka

National Forum of Women’s Health, Nurse and Midwifery Training, Pakistan

GSK Pakistan - Local Community Programmes

GlaxoSmithKline Pakistan supports various health, women and social development, education, and relief programs at grass root level in Pakistan.

Center of Nursing Excellence

In 2008, GSK approved a grant of £250,000 to support the development of a Center of Nursing Excellence in Karachi. This three-year project, in collaboration with the Pakistan National Forum on Women’s Health (PNF) and the Pakistan Nursing Council (PNC), aims at improving the quality of nursing education through training to develop teaching capabilities of the nursing faculty across Pakistan. The Centre was formally inaugurated on 18 November 2008. The first batch of 31 students graduated in April 2009 and the second batch graduated in November 2009. It is estimated that a single well-trained nursing teacher could eventually impact the care of approximately 40,000 patients each year by teaching an average of 100 new nurses.

The Trust for Health and Medical Sciences

GSK Pakistan supports the Trust for Health and Medical Sciences which has been running a charitable clinic in the Landhi area of Karachi since the early 1980s and charges a nominal fee for treating patients. Since 1983, around two million patients have been treated and the clinic has matured into a large set up with multiple medical facilities. More than 90,000 patients receive medical attention annually, and the clinic has recently started treatment and counselling for drug addicts.

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Concern for Children Trust Concern For Children (CFC) has been promoting preventive and primary healthcare and education for children in Pakistan since 1997. With GSK’s support, CFC has set up three computer literacy projects with low-income schools across Karachi. Approximately 8,000 children have benefited from these facilities so far. CFC is developing a project in Mohammadi Machhar Colony, a shanty settlement along the Karachi port.

A mother and child healthcare centre is also being set up to provide primary, pre-natal, anti-natal services and health information and education to 8,000-10,000 mothers and children each year. GSK Pakistan regularly provides medicines for free healthcare camps organized by CFC in different parts of the country.

GSK Flood Relief Contributions

GlaxoSmithKline was one of the first pharmaceutical companies to respond to the healthcare needs of the flood victims, by urgently and proactively donating medicines and through contributions. GSK has partnered with a number of organisations, working in all flood-affected areas to provide shelter, clean water, healthcare and food.

GSK donated medicines such as antibiotics, analgesics, skin ointments, and anti-diarrhoeals, to a number of local and foreign relief agencies. GSK medicines have helped support a number of medical camps set up by partner organizations, including the Pakistan Medical Association (PMA), International Medical Corps (IMC), National Commission for Human Development of Pakistan

(NCHD), Provincial relief efforts and other NGOs. These organizations have played a timely and significant role in the emergency relief efforts, and provided aid to the millions of displaced across Pakistan.

GlaxoSmithKline flood relief contributions also assisted the World Food Programme (WFP) and International Federation of Red Cross (IFRC) operations in provision of food and clean water in the flood affected regions.

In the true spirit of GSK, employees also actively contributed to the flood relief efforts through donations in kind and cash.

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GSK Pakistan employees give back! The GSK ‘Orange Day’ initiative allows employees to take one day fully paid to volunteer for a chosen community project, organisation or cause which they support.

In July 2010, GSK Pakistan employees invited over 320 children from the “Mohammadi (Machar) Colony” & “SOS Children’s Village” to spend a fun filled day at Sindbad Amusement Park, Karachi, Pakistan.

191 GSK Pakistan employees from across all departments took part in this event.

The children spent the day thrilled by the park rides and playing challenging carnival games. They crowded the face painting and henna stalls, and enjoyed the candy floss and popcorn. At the end of the busy day, the children happily departed with their orange colored school bags, filled with stationary and notebooks.

Orange Day served as an emotionally fulfilling and personally gratifying experience for every employee who volunteered. And the efforts and energy of the GSK Pakistan Orange Day volunteers translated into hundreds of bright smiles on the faces of ourspecial guests.


AwardsGSK Pakistan Wins Corporate Excellence Award

GSK Pakistan Limited was judged to be the winner of the 27th Corporate Excellence Award in the Pharma & Bio Tech Sector by the Management Association of Pakistan (MAP) in an award ceremony on 23rd November, 2010.

The Corporate Excellence Awards recognize the best managed companies in Pakistan and have become one of the most sought after accolades in the Pakistan corporate space. The award is synonymous with quality, achievement, prestige and progress.

Best Place to Work Award 2010

GSK Pakistan was recognized as the “Best Place to work” by Engage HR, a leading HR consultancy in Pakistan, in association with the Pakistan Society for Human Resource Management.

GSK Pakistan received the highest score out of all pharmaceutical companies that participated in the survey.Companies were judged by an independent panel of experts in four categories; sense of belonging, growth opportunities, level of commitment, and alignment with the organization.

Corporate Social Responsibility (CSR) Excellence Award

GSK Pakistan was once again awarded the “CSR National Excellence Award” by Help International Welfare Trust (HIWT), in an award ceremony on 13th January, 2011. The award is in recognition of our values, efforts and a clear commitment to make sustainable difference in the community.

The GSK CSR philosophy aims to support programmes that are innovative, long-lasting and which produce tangible benefits to the communities in which GSK operates.

Annual Environment Excellence Award 2010

For a successive year, GSK Pakistan was awarded the “Annual Environment Excellence Award” by the National Forum for Environment and Health, an independent NGO advocating environmental-friendly practices, health care and safety.

GSK strongly believes in managing its ecological footprint efficiently by implementing policies and practices that ensure environmental responsibility and wellbeing of employees and community.

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Great People PowerGSK Pakistan strives to be the ‘Employee Champion’ and we at GSK truly believe that our employees are our most valuable asset. We not only recognize and reward hard work and talent of our people but more importantly we contribute towards their professional and personal development and growth. Enabling our people to guide GSK’s success story requires honesty, integrity, reciprocity and most importantly, respect. At GSK, people come together and work as teams, facilitating one another to go one step ahead and deliver excellence.

We encourage our people to speak their minds without inhibitions. Challenging the norm and creative problem solving helps us generate a pool of innovators, each contributing inspiring ideas that have made GSK Pakistan the leading pharmaceutical company in Pakistan. Our focus on transparency and integrity has gained us the reputation of being one of the best organizations in Pakistan. We help each member of the GSK family maximize their potential to accomplish great things every day.

Some of our initiatives to bring the best out in our people include:

I 2 US: an interactive session where employees from across business functions are given the opportunity to interact with one another via group discussions and games

The Coffee hour: an initiative taken to bring employees together in small informal group meetings with the CEO

Café Learning: an interactive session encouraging discussion and learning in areas of personal development such as work-life balance, health and safety etc

Workshops: an ongoing initiative, encouraging employees to undertake trainings to strengthen their skills and knowledge. These training sessions are held by leading HR consultancies in Pakistan, conducted by renowned national and international trainers

Great People PowerOne asset that GSK Pakistan has always been proud of is the people that are associated with it. Our employees have been contributing towards GSK’s success with their relentless hardwork, support and dedication for over a decade and share their views on being an integral part of GSK Pakistan.

My decade-long journey at GSK has been extremely rewarding. Great diversity balanced with excellent leadership and empowerment has inculcated a ‘culture of performers’ at GSK, each member striving to overcome challenges and going an extra mile to find innovative healthcare solutions to improve the lives we touch.

Each day at GSK comes with new opportunities and prospects

to strengthen our commitment of making a meaningful difference

to healthcare in Pakistan. We enjoy taking bold initiatives to implement our ideas and

provide quality life-saving drugs to patients across Pakistan.

GSK has emerged as a winner through time, growing and diversifying its business to remain the largest pharmaceutical in Pakistan. I am proud to be a part of GSK, a

dynamic workplace where diverse individuals come together to

deliver excellence.

I am excited to be a part of the GSK team. All our efforts are geared towards raising the platform for excellence. With a culture that celebrates diversity, promotes teamwork and goal orientation, I believe GSK will continue to lead tomorrow with integrity and excellence.

GSK has been a truly wonderful experience for

me. The dynamic culture with work-life balance

at GSK does not only provide avenues for

exposure and growth but it instills in its people the

confidence to embrace challenges and

aim higher every time.

My GSK journey has been nothing short of an exhilarating experience. Each

new day brings new challenges which we readily accept with the desire of outperforming ourselves every time. This has been a result of exceptional leadership at GSK coupled with our

mission of safeguarding the health and well being of patients.

I am extremely proud of the progress GSK has made in the last

decade. Our progress is fuelled by our unmatched passion and strong commitment to integrity

and ethics. GSK is one place where people live their values, where systems and policies are

transparent and our business and partnerships are built upon

respect and trust.

I feel honored to be part of GSK, a team of dedicated individuals pursuing

business excellence with ethics, integrity and moral responsibility, taking

decisions with the sincere intent of benefitting the communities we

serve. At GSK we implement robust policies to ensure

ethical standards that become the industry benchmark.

GSK truly believes in people power where everyone is empowered to explore

opportunities with creative problem-solving. Each individual takes pride and personal responsibility in making decisions that ensure performance with integrity and transparency.

At GSK, I feel part of one big family with an immense sense of belonging. Respect for people is

deeply embedded in GSK culture and is at the heart of everything we do. This drives us to continuously improve and innovate with a patient-focus approach.

Mr. M Salman Burney

Mr. M. Salman Burney joined SmithKline Beecham as Director Marketing & Sales in 1992 and was appointed Managing Director of SmithKline Beecham in 1997. He is the CEO of GlaxoSmithKline Pakistan since the SmithKline Beecham’s merger with GlaxoWellcome in 2001. He also has Regional management responsibility for Iran & Afghanistan.

Mr. Husain Lawai

Mr. Hussain Lawai is the President and CEO of Summit Bank Limited and is a seasoned banker with vast experience in the banking and financial services industry. Mr. Lawai held the position of President & Chief Executive Officer at Muslim Commercial Bank and holds the distinction of establishing Faysal Islamic Bank, Pakistan branches; the first Islamic Sharia compliant Bank (now known as Faysal Bank Limited). He also served as the General Manager, Emirates NBD Bank for Pakistan and Far East, and as Director, Security investment and Finance Limited, UK. Currently, Mr. Lawai is on the Board of Directors of Pakistan International Airlines (PIA), Sanofi-Aventis Pakistan Limited, and on the Implementation & Coordination Board of Civil Hospital Karachi.

Mr. Rafique Dawood

Mr. Rafique Dawood is the Chairman of First Dawood Investment Bank Limited, B.R.R. Modaraba and Crescent Standard Modaraba. Apart from the group companies, he is also on the Board of GSK Pakistan Limited, Pioneer Cement Limited and Hyderabad Electric Supply Corporation.

Directors’ Profiles

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Dr. Muzaffar Iqbal

Dr. Muzaffar Iqbal joined GSK in 1987. He was appointed Technical Director GlaxoWellcome in 1998. He is currently Technical Director GSK, responsible for manufacturing and supply functions in Pakistan. He worked as Research Associate at Case Western Reserve University, Cleveland, Ohio and as a Senior Research Associate at Washington University, St. Louis, Missouri, USA before joining GSK. He has a PhD degree in Chemistry and an MS degree in Manufacturing Leaders Programme from Cambridge University UK. He is a Certified Facilitator from Senn-Delaney Leadership Consulting Group Inc., USA for Leadership Edge Programme.

Dr. Iffat Yazdani

Dr. Iffat Yazdani joined SK&F Pakistan as Medical Director in 1986 and has worked in diverse roles of increasing seniority in Medical Services and R&D, gaining broad experience and managing large teams. In 2004, Dr. Iffat was responsible for establishing GSK Pakistan as a pioneer of Phase II / III clinical trials within the MENA region. In 2007, she became Area Director for Clinical Operations AP/CHINDIA and Regional Specialist for infectious disease. She has strong interpersonal, communication and negotiation skills with constant interaction with Medicine Development Centre in the US and interfaces with 100 personnel across AP/CHK/INDIA.

Mr. Shahid Mustafa

Qureshi

Mr. Shahid Mustafa Qureshi is the Director and Company Secretary of GlaxoSmithKline Pakistan Limited. He is also responsible for Legal, Corporate Affairs, Industrial Relations, Administration and Regulatory functions of the Company.

Mr. Javed Ahmedjee

Javed Ahmedjee is the Chief Financial Officer of the company and also responsible for Distribution and Institutional Sales. A Fellow Member of the Institute of Chartered Accountants of Pakistan with over 16 years experience in senior management positions in financial/manufacturing sectors. Over the period he has gained extensive experience in business partnering, shared services, multiple entity integration/merger & ERP implementations, supply chain management and institutional sales. He has also gained rich business experience while facilitating Egypt/Sudan and Gulf Near East Markets in preparing for Global Internal Audit.

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Board & Management CommitteesAudit Committee

The Audit Committee assists the Board in the effective discharge of its responsibilities for corporate governance and financial reporting. The Audit Committee comprises of three members of which two are non-executive directors. The committee meets at least four times in a year. It reviews the internal control systems including financial and operational controls, accounting systems and reporting structure are adequate and effective.


The Management Committee comprises of the Functional Heads to ensure smooth operations of the Company, strategic business planning, decision making and overallmanagement of the Company. It also ensures adequacy of operational, administrative and financial controls.

Risk Management & Compliance Board

Risk management & Compliance Board comprises of the Functional Heads and a full time compliance officer. It reviews significant risks affecting the business, including financial, operational and legal compliance risks. It oversees and ensures the identification and implementation of internal control to mitigate significant risks. The Board monitors the various compliance initiatives and promotes risk management and compliance culture in the Company.

Environment Health & Safety Committee

The Environment Health & Safety Committee is chaired by the respective Site Heads. It ensures operations are fully compliant with the EHS practices as outlined by regulatory control and corporate. It appraises the major EHS projects and monitors their implementation and also identifies risk conditions, organizes training programs to educate employees for EHS issues.

Vision Team

Vision team at GSK gives input for alignment of the GSK strategy and futuristic objectives. It primarily reviews line capacities at the various sites over the long term perspective focusing on capacity constraints, potential for export markets, product initiatives and new packaging requirements.

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Directors’ Report to ShareholdersThe Board of Directors of GlaxoSmithKline Pakistan Limited is pleased to present the annual report and the Company’s audited financial statements for the year ended December 31, 2010.

The directors’ report is prepared under section 236 of the Companies Ordinance, 1984 and clause xix of the Code of Corporate Governance. This report is to be submitted to the members at the Sixty Fourth Annual General Meeting of the Company to be held on April 20, 2011.

Operating results

Rs. in millionProfit for the year before taxation 1,931

Taxation (874)Profit after taxation 1,057

Un-appropriated profit brought forward 2,023Transfer to Amalgamation reserve (4)Profit available for appropriation 3,076

Appropriations: - Final dividend 2009 Rs. 5.00 per share (853)Un-appropriated profit carried forward 2,223

The Board of Directors is pleased to propose a final cash dividend of Rs. 4.0 per share (2009: Rs. 5.0 per share) and also issue of 15 bonus shares for every 100 shares held (15%).

Net sales grew by 8.9%* during the year to Rs. 18.9 billion. Profit after tax in this year was Rs 1.1 billion.

Holding company

As at December 31, 2010, S.R. One International B.V., Netherlands held 160,180,718 shares of Rs. 10 each. The ultimate parent of the company continues to be GlaxoSmithKline plc, UK.

Pattern of Shareholding:

The Company shares are traded in Karachi and Lahore stock exchanges. The shareholding information as at December 31, 2010 and other related information are set out on pages 90 to 92.

The Directors, CEO, Company Secretary and CFO, their spouses and minor children did not carry out any trade in the shares of the Company.

Chairman / Chief Executive’s reviewThe Chairman / Chief Executive’s review on pages 38 to 40 deals with:

The performance of the Company during the year in comparison to last year with reasons for variances.

Effective cash management strategy. Significant plans and decisions. Future outlook, business risks and challenges

The directors of the Company endorse the contents of the same.

Basic earnings per share

Basic earnings per share after taxation were Rs. 5.08 (2009: Rs.5.22).

Earnings Per Share & Price Earning Ratio

Earnings per share Price earning ratio

* The corresponding figures of GSKPPL are included from January 30, 2009 to December 31,2009 and SLPPL are included from July 22, 2009 to December 31,2009. For

comparison purposes growth % ages used for revenues and expenditure are shown and calculated on a like to like basis (covering the same period last year i.e. January 1,

2009 to December 31, 2009).

Corporate and social responsibility Corporate social responsibility (CSR) is an integral and embedded part of the way GSK does business. GSK CSR philosophy aims to support programmes that are innovative, long lasting and which produce tangible benefits to the communities in which GSK operates.

During the year GlaxoSmithKline Pakistan was one of the first pharmaceutical companies to respond to the healthcare needs of the flood victims, by urgently and proactively donating medicines and through contributions. Since the beginning of August GSK has partnered with a number of organisations, working in all flood-affected areas to provide shelter, clean water, healthcare and food. GSK employees have contributed through salary donations, volunteering with Pakistan Medical Association (PMA) for packing of relief bags and in kind donations. GlaxoSmithKline Pakistan remains committed to continually assessing the situation across the affected regions and responding to needs of the victims of this national tragedy.

The Company has also setup and supports two community trusts/ NGOs ie Concern for Children Trust (CFC) and Trust for Health and Medical Sciences, which work in the underserved communities of Muhammdi (Machar) Colony and Landhi in Karachi.

Various CSR initiatives of the year 2010 are fully covered on page 20 to Page 24.

Human resource development

The environment and culture at GSK revolves around incorporating and continuously implementing the GSK spirit which is to ‘do more, feel better and live longer’. Recruiting, retaining and developing our employees are critical to enhancing and sustaining our performance and reputation. We continue to provide a fulfilling, healthy environment where our employees can learn, grow and develop.

The concept of Empowerment is further supported by the values that are incorporated at GSK.

During the year Learning Fair has been conducted in four different cities offering a diverse range of courses for employees’ development and learning exposure.

Recruitment/Campus Drive was also conducted at various universities and colleges to attract talent and create branding for GSK. In this year, GSK Pakistan has received “Best Place to Work”

award by Engage HR in association with the Pakistan Society for Human Resource Management (PSHRM).

Sales per Employee

Environment, Health and Safety (EHS)

GSK is committed to maintain the standards of Environment, Health and Safety (EHS) at the highest level. The company has a dedicated EHS department to oversee the implementation of EHS objective and reports to Executive management. As part of our governance responsibility, we conduct EHS audits of our manufacturing sites, assessing the management of key risks and impacts and performance against our global EHS standards.

Key Highlights of the year 2010 are:

The company has received the “Annual Environment Excellence Award” from the National Forum for Environment and Health , an independent NGO advocating environmental-friendly practices , healthcare and safety.

Energy reduction has been identified as a key objective for the business. GSK is committed to continuous improvement in energy consumption as part of sustainability initiatives. We have eliminated the use of Ozone depleting substance from aerosol formulation. We have also achieved 5.2% reduction in energy consumption at West Wharf site and 2% and 4.8% water consumption reduction at West Wharf and F-268 sites respectively.

During the year “Glove box” isolator was installed to ensure that factory workers are not prone to the hazards of pharmacological active dust while handling the hazardous materials.

35

36

This year, machinery safety standards were also taken to the next level with the launch of zero access initiative in order to eliminate any machinery related risks present to the operators thereby improving the overall occupational health and safety of the workers. Reportable Injury and Illness Rate (RIIR) target of 0.45 for 2010 achieved at all the sites.

GSK has waste water treatment plant present at all sites to comply with the legal requirement of National Environmental Quality Standards (NEQS). We have achieved 8.3% and 37% reduction in hazardous waste generation at F-268 and Korangi sites respectively.

Statement of ethics and business practice

Performance with integrity is central to operating at GSK. The Board of Directors of the Company has adopted a statement of ethics and business practices. All employees are informed and aware of this and are required to observe these rules of conduct in relation to business and regulations.

Board of Directors meetings and attendance The Board of Directors met six times in 2010, with each member attending as follows:

Name Meetings attended

Mr. M. Salman Burney 6Mr. Tariq Iqbal Khan 1Mr. Hussain Lawai 1Mr. Rafique Dawood 6Mr. Shahid Mustafa Qureshi 6Mr. Javed Ahmedjee 5Dr. Muzaffar Iqbal 5Dr Iffat Yazdani 2 Leave of absence was granted to the Directors who could not attend some of the board meetings.

Board Changes

Mr. Hussain Lawai was appointed as a member of the Board of Directors of GlaxoSmithKline Pakistan Limited with effect from 27th August 2010 to fill the casual vacancy created by the resignation of Mr. Tariq Iqbal Khan.

The Board would like to record their appreciation and thanks to Mr. Tariq Iqbal Khan for serving on the board for

over 9 years and for his valuable inputs and contribution over this period. The board would also like to welcome Mr. Hussain Lawai and look forward to his contribution to the board of the Company.

Audit Committee

An Audit Committee has been in existence since May 2002. The committee consists of three members, of whom two are non-executive directors including the chairman of the committee. The terms of reference of the Committee have been determined by the Board of Directors in accordance with the guidelines provided in the Listing Regulations and advised to the Committee for compliance. The Committee held four meetings during the year.

An independent Internal Audit function reporting to the Board’s Audit Committee reviews the financial and internal reporting process, the system of internal control, the management of risks and the external and internal audit process. The internal Audit functions utilizes the services of independent audit firm for continuous reviews of internal controls and management of risks. .


The Management Committee comprises of 9 senior members who meet and discuss important business plans, issues and progress made in their functions. Significant matters to be put forth in the Board are discussed for onward approval by the Board.

Risk Management and Compliance Board (RMCB)

Risk Management and Compliance Board (RMCB) have been established which comprises of the business unit heads. The RMCBs actively oversee management of all risks that are considered important for their respective business units. Each business unit must periodically review the significant risks facing their businesses. This review should include identifying operational risks, legal compliance risks and risks to the achievement of strategic goals and objectives. The company also has a full time compliance officer.

AuditorsThe present auditors, Messrs A.F. Ferguson & Co. Chartered Accountants, retire and being eligible, offer themselves for re-appointment. The Board of Directors endorses recommendation of the Audit Committee for their re-appointment as auditors of the Company for the financial year ending December 31, 2011, at a fee to be mutually agreed.

37

Contribution to National ExchequerDuring the year the Company has paid Rs 1.957 billion ( 2009: Rs.1.860 billion) to Government treasury on account of Income Tax, Sales Tax, Customs Duty and Federal Excise Duty

Subsequent events Subsequent to the year end honourable High Court of Sindh sanctioned scheme of arrangement for amalgamation of Stiefel Laboratories Pakistan (Private) Limited (SLPPL) with the company, effective from July 1, 2010. This has been accounted for as an adjusting event and consequently SLPPL has been amalgamated with the company in these financial statements.

Value of investments of provident and gratuity fundsThe Company maintains retirement benefits plans for their employees. Value of investments of provident, and gratuity funds based on their un-audited accounts as on December 31, 2010 (audit in progress) were as follows:

Investment in funds

Corporate and financial reporting frameworka. The financial statements, prepared by the management

of the Company, present fairly its state of affairs, the result of its operations, cash flows and changes in equity.

b. Proper books of account of the Company have been maintained.

c. Appropriate accounting policies have been consistently applied in preparation of financial statements and accounting estimates are based on reasonable and prudent judgements.

d. The financial statements are prepared in accordance with International Financial Reporting Standards, as applicable in Pakistan.

e. The Company maintains a sound internal control system which gives reasonable assurance against any material misstatement or loss. The internal control system is regularly reviewed. This has been formalized by the Board’s Audit Committee and is updated as and when needed.

f. There are no significant doubts upon the Company’s ability to continue as a going concern.

g. There has been no material departure from the best practices of Corporate Governance as detailed in the listing regulations.

h. The key operating and financial data for the six years is set out on pages 43 to 44.

By order of the Board

M. Salman Burney

Chairman/Chief Executive

KarachiMarch 07, 2011

Javed Ahmedjee

Chief Financial Officer

2010

Rupees ’000

Provident fund 1,460,418Gratuity fund 577,924

72%

28%

38

Chairman/Chief Executive’s reviewI am pleased to present the Annual report of your Company for the financial year ended December 31, 2010.

Overview of Economy & MarketPakistan’s economy came under stress in the aftermath of the worst flood in the history of the country. The rehabilitation of wide spread damage to agricultural crop, livestock and infrastructure along with crippling power crisis remains a major challenge. However, continued foreign assistance along with fiscal reforms, increased foreign remittances, improved agricultural productivity in the wheat crop and higher spending on reconstruction maintained moderate growth in the economy, but with high inflation.

The Pharmaceutical industry in Pakistan continues to face significant challenges. Rising inflation and currency depreciation coupled with a highly restrictive pricing policy on pharmaceuticals create a challenging environment with the industry being adversely impacted by declining margins and profitability. Though the Government has given some hardship price increase on a few products the impact is not significant enough to improve the overall situation. The company continues to evaluate cost saving initiatives to curtail the impact of rising cost of doing business, but the need for a price adjustment for inflation and a less restrictive pricing policy is now urgent.

The Pakistan pharma market grew by approximately 13% in 2010. Your Company retained its position as the largest research based pharmaceutical company in Pakistan in terms of value, prescription and volume. Out of top 20 products in the Pharmaceutical industry, 8 are manufactured and sold by your Company which is unparalleled in the industry.

Legal MergerThe schemes of arrangement for amalgamation of GlaxoSmithKline Pharmaceuticals (Private) Limited (GSKPPL), (formerly Bristol Myers Squibb (Pakistan) Limited) and also Stiefel Laboratories Pakistan Private Limited (SLPPL) with your Company have been sanctioned by the honorable High Court of Sindh dated March 17, 2010 and January 22, 2011 respectively. The amalgamation is against 25.74 million and 11.65 million shares of your company for GSKPPL and SLPPL respectively.

These consolidated financial statements are presented giving effect to the legal merger of GSKPPL and SLPPL with the Company. The effective dates of the mergers are January 01, 2010 and July 01, 2010 respectively.

These amalgamations give rise to new growth opportunities and also market access to fast growing therapeutic areas, a broader product portfolio, optimization in capacity utilization, and other synergies arising from economies of scale.

Celebrating Ten YearsGlaxoSmithKline Pakistan proudly celebrated its first decade of success and achievements marked by a journey of introducing truly innovative medicines and delivering products of value. GSK Pakistan has remained true to its values, and focused on its mission to improve the quality of human life by enabling people to “Do More, Feel Better and Live Longer” by providing access to affordable and innovative medicines, whilst sustaining a successful business for its shareholders.

Business ReviewSales performance continued to reflect sustained growth in 2010, despite the logistical issues faced from environmental challenges such as the devastation and infrastructure damage caused by wide spread floods coupled with the adverse security situation.

Net sales grew by 8.9%* during the year to Rs 18.9 billion.

Underlying Pharma sales growth (excluding the large vaccine tenders), was recorded at 13.5%*. Within the Pharmaceutical business, the Antibiotics, Dermatology, Analgesics, Cardiovascular and CNS portfolios achieved double digit growth during the year.

Net Sales

* The corresponding figures of GSKPPL are included from January 30, 2009 to December 31,2009 and SLPPL are included from July 22, 2009 to December 31,2009. For

comparison purposes growth % ages used for revenues and expenditure are shown and calculated on a like to like basis (covering the same period last year i.e. January 1,

2009 to December 31, 2009).

A number of milestone achievements contributed to the Company’s success during the year. Augmentin, our ‘blockbuster’ brand achieved the feat of becoming the first brand to achieve Rs. 3 billion sales in the history of Pakistan’s pharmaceutical industry. The integrated Derma business grew by 18.2%*, and now operates under the Stiefel brand umbrella. In terms of innovative products, two key launches – Cervarix, a vaccine for cervical cancer, and Tykerb, a treatment for certain types of breast cancers have helped GSK to offer novel life saving options to doctors and patients.

The momentum of legacy brands and other existing operations was maintained alongside the smooth and successful integration of new acquired businesses within the Company.

The Consumer Health Care Business grew strongly by 21.5% to Rs. 1.8 billion, as a result of brand innovation and enhanced consumer marketing. Panadol, Actifed, Eno and Horlicks were the main growth drivers.

Export sales also achieved double digit growth during the year with sales of Rs 594.7 million represented by major export markets such as Afghanistan and Srilanka.

Gross margins for this year at 25.7% declined from last year due to factors already highlighted in the past years such as (a) long standing price freeze on the majority of products, (b) rupee devaluation and rising domestic inflation and (c) continuous escalation in fuel, power and utilities costs. The above negative impacts have been offset to a limited extent by price increases obtained on a few loss making products and also by cost savings initiatives undertaken in manufacturing operations.

Selling, marketing and distribution expenses stood at Rs. 2.3 billion. The expenses under this head increased by 15.4%* mainly due to general inflation and freight cost on account of rising oil prices and sales volumes, coupled with increased promotional investments in new and core brands in particular the Consumer portfolio.

Administrative expenses were recorded at Rs. 826.2 million. The impact of inflation was partially offset by cost reduction efforts in non core areas through rationalization initiatives and synergies in newly acquired businesses.

Other operating income was recorded at Rs. 397.7 million decreasing by Rs. 66.0 million mainly due to a decline in investment income on lower average surplus funds outstanding during the year. This was attributable to

consistent cash dividend payouts, new capital investments, and increased cost of doing business due to inflation and devaluation, partly offset by higher interest rates.

Net profit after tax for the year was Rs. 1.1 billion.

Profit after tax

Cash Flows & Capital Expenditure

Cash generated from operations during the year was at Rs. 2.4 billion increasing by Rs. 1.1 billion from last year, mainly reflecting initiatives taken for working capital reduction. The surplus funds as at December 31, 2010 at Rs. 3.5 billion, increased by Rs. 845.0 million from last year mainly due to reduction in working capital (including change of trade terms of newly acquired businesses) partly offset by dividend payouts and tax payments.

The company invests its surplus funds in a mix of sovereign investments and high credit rated bank deposits to maintain a risk averse optimum interest yielding portfolio. Effective liquidity management is in place through sound cash management strategies and active investment management in bank deposits, treasury bills and PIBs. Liquidity risk is managed by maintaining sufficient cash and balances with banks in deposit accounts and short term investments. The Company maintains strong relationships with its banks and constantly evaluates cash management and trade solutions to improve its investment and banking operations. The Company continued to use its strong cash flows to make the required levels of investments in business necessary to sustain long term growth.

During this year capital expenditure was Rs. 789.9 million (2009: Rs. 514.9 million) mainly spent on plant up-gradations and integrations, expansion and upgradation of warehousing and purchase of vehicles.

39

Capital Expenditure

DividendsThe Company has maintained its history of providing good returns and payouts to its shareholders. The Board of Directors in its meeting held on March 07, 2011 proposed a cash dividend of Rs. 4.0 (2009: Rs. 5.0) per share and also issue of 15 bonus shares for every 100 shares held (15%).

Over the last few years, payout as well as shareholder value have been maintained as a result of Company’s sustained business growth.

Future outlook and Challenges Our operating environment remains under pressure on various fronts. However, we continue to focus on growth and strengthening our diversified product portfolio. We are also actively engaged in developing a new products pipeline, so as to ensure a balanced business for the future, creating value for our shareholders and providing new and affordable healthcare solutions to patients.

A number of new and innovative research based pharmaceutical products are under registration and launch.

In the Consumer Business, we have plans to invest further in developing our leading and competitive brands to ensure that the business segment grows to potential.

Pressure on margins due to devaluation of the rupee coupled with soaring inflation remains an area of serious concern. The industry is too pervasively price controlled and the last general price adjustment was given in 2001. Without a general price increase, there will be a serious risk on the future viability and profitability of the business as there is no further room to counterbalance rising costs through cost cutting initiatives.

We request the Government to take immediate steps to review and approve a pricing policy and allow a general price increase to safeguard the future of this industry.

The devolution of the functions of the Ministry of Health following the 18th Constitutional amendment has raised significant concerns on the future Regulatory framework for governing this industry. It is the unanimous view of the industry’s associations as well as your Company that there is an urgent need to immediately set up a Drug

Regulatory Agency in line with previous Cabinet decisions in this regard. A modern and efficient Regulatory Authority would be needed to provide the legal regulatory structure framework essential for the growth of a quality industry in line with global standards and is also essential for the maintenance of manufacturing export standards. An early decision in this regard is being pursued.

The Company’s commitment towards improving healthcare in Pakistan particularly in the area of preventive healthcare & vaccines remains integral and explicit. GSK is the world’s leading developer and manufacturer of vaccines, and hopes to partner with the government in protecting people against preventable diseases.

The pharmaceutical industry in Pakistan has great potential for growth. However, its sustained success depends on a regulatory environment which is able to balance the interests of this research based industry, and the need for affordable healthcare.

Intellectual propertyIntellectual property is a key business asset for our company and the effective legal protection of our intellectual property is critical in ensuring a reasonable return on investment in research and commercialization of new treatments.

During the recent years Pakistan has made some progress in this regard, by updating its IPR laws to the levels required by global conventions but many gaps remain.

At a practical level much more needs to be done to discourage both piracy and counterfeiting. Effective implementation will protect both consumers and the industry; and also lead to a quality and research-oriented culture which is vital for the future progress of this industry.

AcknowledgmentYour Company has emerged successfully through this year’s many challenges. This would not have been possible without the passion, resilience and commitment of the GSK Pakistan team. On behalf of the Board; I would like to recognize the valuable contribution and strong commitment of all our employees in achieving the Company’s objectives. I would also appreciate the continuous support of our valued customers and shareholders and we look forward to delivering successfully in the future.

M. Salman BurneyChairman / Chief Executive

KarachiMarch 07, 2011

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41

Financial Performance at a Glance

2010 2009

Rupees in million

Net Sales 18,916 16,754

Gross Profit 4,853 4,239

Operating Profit 1,952 1,751

Profit before Taxation 1,931 1,706

Taxation 874 665

Profit after Taxation 1,057 1,041

Dividend - cash* 832.2 853.4- per share - Rs. 4.0 5.0

Issue of bonus shares* 312.1 –

Paid-up Capital 1,964.1 1,706.7

* Represents final cash dividend @ Rs. 4.0 per share and also issue of bonus shares @ 15% proposed by the Board of Directors subsequent to the year end.

Gross ProfitOperating Profit

Cash DividendBonus Shares

Payout to Shareholders

42

Statement of Value AddedThe statement below shows the amount of revenue generated by the Company during the year and the way this revenue has been distributed: 2010 2009

Rs. 000 % Rs. 000 %Revenue Generated

Total revenue 19,381,633 100.0 17,278,364 100.0

Revenue distributed

Bought-in-materials and Services 13,030,513 67.2 11,544,102 66.8Selling, Marketing and Distribution Expenses 1,533,503 7.9 1,188,789 6.9Administrative Expenses and Financial Charges 471,097 2.4 538,718 3.1

Income tax 874,341 4.5 665,289 3.9Worker’s funds and Central research fund 171,143 0.9 151,802 0.9Sales tax 67,746 0.3 60,798 0.4

To Government 1,113,230 5.7 877,889 5.2

Salaries,Wages and other benefits 2,150,226 11.1 2,073,122 12.0

To Employees 2,150,226 11.1 2,073,122 12.0

Donations 25,681 0.1 14,453 0.1

To Society 25,681 0.1 14,453 0.1

Cash dividend* 832,240 4.3 853,359 4.9

To Shareholders 832,240 4.3 853,359 4.9

Retained in the Business 225,143 1.3 187,932 1.0

19,381,633 100.0 17,278,364 100.0

* Represents final cash dividend @ Rs. 4.0 per share proposed by the Board of Directors subsequent to the year end.

2005 2006 2007 2008 2009 2010

(Rs. in million)Assets employed Fixed assets - property, plant and equipment 1,503 1,774 2,237 2,415 3,830 4,190 Goodwill – – – – 956 956Investments 192 96 347 172 169 –Long-term loans and deposits 47 43 61 69 73 85Net current assets 5,252 5,827 5,758 6,032 6,057 6,101 6,994 7,740 8,403 8,688 11,085 11,332Less: Non-Current Liabilities Staff retirement benefits - Staff gratuity 159 66 23 21 73 115Deferred taxation 97 137 262 312 418 417 256 203 285 333 491 532Net assets employed 6,738 7,537 8,118 8,355 10,594 10,800Financed by

Issued, subscribed and paid-up capital 1,092 1,365 1,707 1,707 1,707 1,964Reserves 5,646 6,172 6,411 6,648 8,887 8,836Shareholders’ Equity 6,738 7,537 8,118 8,355 10,594 10,800 Turnover and profit Net sales 9,417 10,088 10,611 13,403 16,754 18,916Gross profit 3,846 3,867 3,952 3,856 4,239 4,853Operating profit 2,708 2,651 2,670 3,078 1,751 1,952Profit before taxation 2,695 2,632 2,659 3,001 1,706 1,932Taxation 881 967 988 1,046 665 874Profit after taxation 1,814 1,665 1,671 1,955 1,041 1,058EBTIDA 2,858 2,804 2,842 3,309 2,061 2,324Cash Dividend including bonus shares* 1,092 1,365 1,621 1,621 853 1,144Sale per Employee (Rs. in ‘000) 5,087 5,549 5,850 7,659 9,585 9,388

Note: - Figures for 2009 and 2010 include financial data of GloxoSmithKline Pharmaceutical (Private) Limited (GSKPPL) (formaly Bristol Myers Squibb Pakistan (Private) Limited) and Stiefel Laboratories Pakistan (Private) Limited (SLPPL).

- Figures for 2009 of GSKPPL are included from January 30, 2009 to December 31, 2009 and SLPPL are included from July 22, 2009 to December 31, 2009.

43

Debtors TurnoverInventory Turnover

Debtors Turnover & Inventory Turnover

2005 2006 2007 2008 2009 2010 (Rs. in million)

Cashflows Operating Activities 1,721 1,765 1,497 (402) 1,348 2,433Investing Activities (179) (220) (824) 572 (262) (739)Financing Activities (609) (869) (1,086) (1,698) (1,189) (849)Changes in Cash equivalents 933 676 (413) (1,528) (103) 845Cash & equivalents - Year end 3,990 4,666 4,253 2,725 2,693 3,538

RatiosEarnings per share Rs. 10.6 9.8 9.8 11.5 5.2 5.1Cash dividend per share* Rs. 8.0 8.0 7.5 9.5 5.0 4.0Bonus shares* % 25 25 25 - - 15Price earning ratio Times 17.5 16.2 19.6 6.6 20.9 17.4Market value per share - year end Rs. 186.3 157.9 192.4 75.9 109.3 88.2Market value per share - high Rs. 240.3 215.8 210.0 200.0 143.8 89.5Market value per share - low Rs. 162.1 148.0 151.1 75.9 75.0 86.3Break-up value per share Rs. 61.7 55.2 47.6 48.9 50.9 51.9Break-up value per share-with surplus on revaluation Rs. 61.7 55.2 47.6 48.9 50.9 51.9Market price to Book value with surplus Times 3.0 2.9 4.0 1.6 2.1 1.7Market capitalization Rs.in million 20,350 21,559 32,837 12,961 18,649 17,321Dividend payout % 60.2 82.0 97.0 83.0 91.3 108.1Dividend yield % 5.6 6.6 5.2 12.5 4.6 6.2Dividend cover ratio Times 1.7 1.2 1.0 1.2 1.1 0.9Return on equity % 26.9 22.1 20.6 23.4 9.8 9.8Total assets turnover Times 1.1 1.1 1.0 1.3 1.2 1.3Fixed assets turnover Times 6.3 5.7 4.7 5.5 4.4 4.5Debtors turnover Days 1.9 2.7 3.5 15.4 25.5 15.7Creditors turnover Days 23 25 25 17 33 34Inventory turnover Days 54 63 69 56 66 68Current ratio 5.1 4.4 4.3 4.1 2.8 2.7Acid test ratio 3.6 3.1 3.0 2.3 1.5 1.5Gross profit % 40.8 38.3 37.2 28.8 25.3 25.7EBITDA Margin to Sales % 30.4 27.8 26.8 24.7 12.3 12.3Net profit % 19.3 16.5 15.7 14.6 6.2 5.6

* Represents final cash dividend @ Rs 4.0 per share and also issue of bonus shares @ 15% proposed by the Board of Directors subsequent to the year end.

44

45

Vertical AnalysisBalance Sheet Analysis (%)

2005 2006 2007 2008 2009 2010

Share Capital and Reserves 81.5 79.8 79.9 78.6 73.4 72.5Non Current Liabilities 3.1 2.1 2.8 3.1 3.4 3.6Current Liabilities 15.4 18.1 17.3 18.3 23.2 23.9Total Equity and Liabilities 100.0 100.0 100.0 100.0 100.0 100.0Non Current Assets 21.1 20.3 26.0 25.0 34.8 35.1Current Assets 78.9 79.7 74.0 75.0 65.2 64.9Total Assets 100.0 100.0 100.0 100.0 100.0 100.0

Profit and Loss Account Analysis (%)

Net sales 100.0 100.0 100.0 100.0 100.0 100.0 Cost of sales 59.2 61.7 62.8 71.2 74.7 74.3

Gross profit 40.8 38.3 37.2 28.8 25.3 25.7

Selling, marketing and distribution expenses 9.6 10.4 11.4 9.9 11.6 12.2

Administrative expenses 3.7 4.3 4.6 3.9 5.1 4.4

Other operating expenses 2.4 2.2 2.1 1.6 0.9 0.9

Other operating income 3.7 4.9 6.0 9.6 2.8 2.1

Operating profit 28.8 26.3 25.1 23.0 10.5 10.3

Financial charges 0.1 0.2 0.1 0.6 0.3 0.1

Profit before taxation 28.6 26.1 25.0 22.4 10.2 10.2

Taxation 9.4 9.6 9.3 7.8 4.0 4.6

Profit after taxation 19.3 16.5 15.7 14.6 6.2 5.6

Note: - Figures for 2009 and 2010 include financial data of GloxoSmithKline Pharmaceutical (Private) Limited (GSKPPL) (formaly Bristol Myers Squibb Pakistan (Private) Limited) and Stiefel Laboratories Pakistan (Private) Limited (SLPPL).

- Figures for 2009 of GSKPPL are included from January 30, 2009 to December 31, 2009 and SLPPL are included from July 22, 2009 to December 31, 2009.

46

Horizontal AnalysisBalance Sheet Analysis (%)

Change from preceeding year 2005 2006 2007 2008 2009 2010

Share Capital and Reserves 21.4 11.9 7.7 2.9 26.8 1.9Non Current Liabilities 13.8 (20.7) 40.4 16.8 47.4 8.4Current Liabilities 16.5 33.8 3.5 10.0 72.7 6.4Total Equity and Liabilities 20.4 14.2 7.6 4.5 35.8 3.2Non Current Assets (8.1) 9.8 38.3 0.4 89.3 4.0Current Assets 31.3 15.4 (0.1) 6.0 18.0 2.7Total Assets 20.4 14.2 7.6 4.5 35.8 3.2

Profit and Loss Account Analysis (%)

Change from preceeding year

Net sales 6.2 7.1 5.2 26.3 25.0 12.9

Cost of sales 3.9 11.7 7.0 43.4 31.1 12.4

Gross profit 9.7 0.5 2.2 (2.4) 10.0 14.5

Selling, marketing and distribution expenses (13.1) 16.7 15.0 9.7 46.7 18.1

Administrative expenses 3.1 20.7 11.4 6.8 63.7 (2.9)

Other operating expenses 44.2 (1.3) 0.9 (7.1) (26.9) 12.5

Other operating income 86.2 41.7 28.8 100.3 (63.8) (14.2)

Operating profit 26.1 (2.1) 0.7 15.3 (43.1) 11.5

Financial charges (55.2) 46.2 (36.8) 541.7 (41.6) (55.6)

Profit before taxation 27.1 (2.3) 1.0 12.9 (43.2) 13.2

Taxation 36.0 9.8 2.2 5.9 (36.4) 31.4

Profit after taxation 23.3 (8.2) 0.4 17.0 (46.8) 1.6

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79

Restated2010 2009

Rupees '00025. COST OF SALES

Raw and packing materials consumed 8,931,872 8,262,577Manufacturing charges to third party 201,508 146,038Stores and spares consumed 41,658 36,670Salaries, wages and other benefits - note 25.1 1,032,729 970,490Fuel and power 367,376 287,673Rent, rates and taxes 2,702 5,204Royalty and technical fee 154,028 157,754Insurance 66,865 50,559Repairs and maintenance 125,375 116,333Training expenses 3,038 127Travelling and entertainment 11,154 9,174Vehicle running 14,524 14,749Depreciation / amortisation 254,859 208,963Impairment charge 18,309 58,050Provision for slow moving and obsolete stock - raw

and packing materials 91,794 84,874Provision for slow moving and obsolete

stores and spares 2,426 80Canteen expenses 77,077 72,629Laboratory expenses 33,686 32,484Communication and stationery 10,673 9,254Security expenses 12,532 9,032Stock written off 30,803 4,352Other expenses 32,904 30,355

11,517,892 10,567,421

Opening stock of work-in-process 301,944 201,425Closing stock of work-in-process (394,146) (301,944)Cost of goods manufactured 11,425,690 10,466,902Opening stock of finished goods 1,580,625 685,183

13,006,315 11,152,085

Closing stock of finished goods (1,615,963) (1,580,625)Cost of samples shown under selling, marketing

and distribution expenses - sales promotionexpenses (104,696) (78,356)

11,285,656 9,493,104Trading goodsOpening stock of finished goods 1,066,566 974,383Purchase of finished goods 2,500,151 3,099,777

3,566,717 4,074,160

Closing stock of finished goods (993,185) (1,066,566)Provision for slow moving, obsolete and damaged

stock - finished goods 217,844 55,901Cost of samples shown under selling, marketing

and distribution expenses - sales promotion (13,790) (42,007)2,777,586 3,021,488

14,063,242 12,514,592

Notes to and forming part of the Financial Statements

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GlaxoSmithKline Pakistan Limited - GSK · Our pharmaceutical products cover a wide array of health categories with new portfolios and products added every year. Our products include