a past of pride. a future of fulﬁlment. 2017 - gsk€¦ · a past of pride. a future of...

A past of pride. A future of fulfilment. Half Yearly Report 2017

GlaxoSmithKline Consumer Healthcare Pakistan Limited

Board of DirectorsMrs. Annelize Roberts Mr. Sohail MatinMr. Husain LawaiMr. Syed Anwar MahmoodMr. Syed Azeem Abbas NaqviMs. Emine Tasci KayaMr. Farhan Muhammad Haroon

Audit CommitteeMr. Husain LawaiChairman

Mr. Syed Anwar MahmoodMr. Syed Azeem Abbas Naqvi

SecretaryMs. Muzna Hussain

Human Resource and Remuneration CommitteeMr. Syed Anwar MahmoodChairman

Mr. Sohail MatinMr. Syed Azeem Abbas Naqvi

Corporate Information

SecretaryMr. Ahmad Ali Zia

Integration and Supply Network Optimization CommitteeMs. Emine Tasci Kaya Chairman

Mr. Syed Azeem Abbas NaqviMr. Sohail MatinMr. Farhan Muhammad Haroon

SecretaryMr. Irfan Qureshi

Management CommitteeMr. Sohail MatinMr. Farhan Muhammad HaroonMrs. Sadia NasirMr. Ahmed Jamil BalochMr. Shoaib RazaMr. Irfan QureshiMr. Mazhar Shams

Company SecretaryMr. Farhan Muhammad Haroon

Head of Internal AuditorMs. Muzna Hussain

BankersCitibank NAStandard Chartered Bank Pakistan

AuditorsA.F. Ferguson & Co.Chartered Accountants

Legal AdvisorsMandviwalla & Zafar& ZafarRasheed Razvi & Associates

Registered Office35 – Dockyard Road, West Wharf,Karachi – 74000

Tel: 92–21-111 –475–725(111 – GSK – PAK)

Fax: 92-21-323-148-98, 323-111-22

Share RegistrarCentral Depository Company of Pakistan Limited

Websitewww.gsk.com.pk

Directors’ ReportDear Stakeholders,

We are pleased to present your Company’s unaudited financial information for the half year ended June 30, 2017. This financial information is submitted in accordance with Section 245 of the Companies Ordinance, 1984.

Review of Operating Results

Turnover of the Company for the first six months of 2017 was recorded at Rs. 3,746 million. This was driven by strong performance in both OTC and FMCG portfolio with turnover segregated as Rs. 2,813 million and Rs. 933 million respectively. This is particularly encouraging as non-regulated portfolio expands its footprint vis-à-vis regulated portfolio within overall Company turnover composition.The business started its operations independently as new entity from April 1, 2016, therefore prior year operations only represents performance of three months compared to full six months during the current period.

The Gross Margin of your Company for the half year ended June 30, 2017 was 40.0% compared to the corresponding period of 2.0%. A fire incident occurred at the Company’s third party warehouse in June last year and stock amounting to Rs. 502 million was destroyed and written off. Excluding the impact of write-off, Gross Margin of the Company for June 30, 2016 was 36.6%. Overall Gross Margin showed improvement against prior period and was in line with the expectations on account of different sales mix.

Selling, marketing and distribution expenses were recorded at Rs. 871 million with marketing spend representing 75.7% of overall expense line and 17.6% of turnover; this was mainly driven by increased investment in our keys brands which has

contributed to higher growth of your Company. Administrative expenses during first half amounted to Rs. 107 million. Other income in this period was recorded at Rs. 120 million, which primarily represents interest income on surplus funds and insurance claim from business interruption losses during year 2016 consequent to the fire incident.

Your Company posted a net profit after tax of Rs. 307 million for reasons briefly outlined in preceding paragraphs.

Future Outlook and Challenges Mid-year 2017

Throughout Q1 and Q2 of 2017, we maintained our focus on driving value through continuous innovation and strong investment behind our key brands to fulfill the dynamic needs of our consumers, customers and Healthcare Professionals. This will enable us to grow, diversify our business portfolio and deliver value to our shareholders in future.

While both our OTC and FMCG businesses continue to grow, this is not without major challenges including assertive regulatory environment, erratic taxation policies and constrained supply chain network. To counter these challenges, the company is effectively managing innovations and aggressively tapping into various mediums to drive consumption. We strongly believe in investing in our brands and empowering our people to deliver new products and solutions to maintain our position as the market leaders in respective categories. Furthermore, we have strong plans for the second half of 2017 and we are anticipating healthy financial performance mainly due to the launch of Parodontax and Sensodyne Repair and Protect in our Oral Care Portfolio. These launches have been clinically proven to cater to gum disease and

teeth damage respectively. In addition to this, we are restructuring our Skin Care Category in terms of resources to deliver an increased growth. Another significant factor that will positively affect our business in Q3 and Q4 of 2017 is the expected price increase on certain brands as per DRAP’s policy.

Our commitment to deliver the best quality solutions to our consumers and increase the shareholder value is complemented by strong investment in the FMCG portfolio and we hope for a more favorable environment for the OTC portfolio from the Government Regulators.

We are hopeful that GlaxoSmithKline Consumer Healthcare Pakistan Limited will contribute towards the economic wellbeing of Pakistan by delivering best quality products for consumers and generating value for our shareholders.

Acknowledgment

On behalf of the Board I would like to place on record our appreciation for the commitment and passion demonstrated by the staff to help achieve the Company’s objectives over this period.

By Order of the Board

Sohail MatinChief Executive Officer

Karachi August 15, 2017

2Half Yearly Report 2017

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Auditors Report to the Members

Introduction

We have reviewed the accompanying condensed interim balance sheet of GlaxoSmithKline Consumer Healthcare Pakistan Limited as at June 30, 2017 and the related condensed interim profit and loss account, condensed interim cash flow statement and condensed interim statement of changes in equity together with the notes forming part thereof for the half year then ended (here-in-after referred to as the “condensed interim financial information”). Management is responsible for the preparation and presentation of this condensed interim financial information in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on this condensed interim financial information based on our review. The figures of the condensed interim profit and loss account for the quarters ended June 30, 2017 and 2016 have not been reviewed, as we are required to review only the cumulative figures for the half year ended June 30, 2017.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of condensed interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial information as of and for the half year ended June 30, 2017 is not prepared, in all material respects, in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting.

Other matter

The condensed interim profit and loss account, condensed interim cash flow statement and condensed interim statement of changes in equity for the period from January 01, 2016 to June 30, 2016 have not been reviewed.

on review of interim financial information

Chartered AccountantsKarachi

Dated: August 28, 2017 Engagement Partner: Syed Fahim ul Hasan

4Half Yearly Report 2017

GSK

Condensed Interim Balance Sheetas at June 30, 2017

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Un-audited Audited June 30 December 31Rupees Note 2017 2016

NON-CURRENT ASSETS

Fixed assets 5 136,816,767 131,649,092 Deferred taxation - 17,313,012 Long-term loans to employees 707,811 638,747

137,524,578 149,600,851 CURRENT ASSETS

Stock-in-trade 6 807,233,737 563,611,708 Trade debts 417,472,296 315,941,587 Loans and advances 7 1,012,978,774 1,023,064,438 Deposits and prepayments 151,878,997 - Interest accrued 18,794,315 1,902,192 Refunds due from government 66,350,365 17,242,440 Other receivables 16,203,934 120,374,628 Taxation - payments less provision - 8,059,307 Cash and bank balances 8 658,799,621 670,342,359

3,149,712,039 2,720,538,659

TOTAL ASSETS 3,287,236,617 2,870,139,510

SHARE CAPITAL AND RESERVES

Share capital 955,501,830 955,501,830 Reserves 948,573,014 641,074,562

1,904,074,844 1,596,576,392 NON-CURRENT LIABILITIES

Staff retirement benefits 9,379,098 8,546,444 Deferred taxation 1,094,305 - 10,473,403 8,546,444 CURRENT LIABILITIES

Trade and other payables 9 1,253,110,633 1,265,016,674 Taxation - provision less payments 119,577,737 -

1,372,688,370 1,265,016,674

TOTAL LIABILITIES 1,383,161,773 1,273,563,118 COMMITMENTS 10 - -TOTAL EqUITy AND LIABILITIES 3,287,236,617 2,870,139,510

The annexed notes 1 to 20 form an integral part of this condensed interim financial information.

Chief Exeutive DirectorChief Financial Officer

Half Yearly Report 2017

Quarter ended Quarter ended June 30 June 30 June 30 June 30Rupees Note 2017 2016 2017 2016

Net sales 11 2,096,452,155 1,452,239,805 3,746,461,774 1,452,239,805 Cost of sales 12 (1,229,684,381) (1,423,435,439) (2,244,996,000) (1,423,435,439)

Gross profit 866,767,774 28,804,366 1,501,465,774 28,804,366

Selling, marketing and distribution expenses 13 (478,963,941) (289,849,111) (870,515,596) (289,849,111)

Administrative expenses (55,574,820) (40,412,410) (107,357,766) (40,412,410)

Other operating expenses (36,759,553) (14,097,824) (51,859,553) (14,097,824)

Other income 14 97,140,617 4,363,507 120,310,986 4,363,507

Operating profit / (loss) 392,610,077 (311,191,472) 592,043,845 (311,191,472)

Financial charges (2,513) (70,626) (154,139) (70,626)

Profit / (loss) before taxation 392,607,564 (311,262,098) 591,889,706 (311,262,098)

Taxation 15 (231,891,254) (90,945,361) (284,391,254) (90,945,361)

Profit / (loss) after taxation 160,716,310 (402,207,459) 307,498,452 (402,207,459)

Other comprehensive income - - - -

Total comprehensive income / (loss) 160,716,310 (402,207,459) 307,498,452 (402,207,459)

Earnings / (loss) per share 16 Rs. 1.68 Rs. (8.42) Rs. 3.22 Rs. (8.42)


Condensed Interim Profit and Loss Accountfor the half year ended June 30, 2017 (Un-audited)

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Half year ended Half year ended

GSK

June 30 June 30Rupees Note 2017 2016

CASH FLOWS FROM OPERATING ACTIVITIES

Cash generated from operations 17 115,681,122 256,035,522 Staff retirement benefits paid (3,663,106) (77,820) Income taxes paid (138,346,893) (90,644,655) (Increase) / decrease in long-term loans to employees (69,064) 695,142

Net cash (used in) / generated from operating activities (26,397,941) 166,008,189 CASH FLOWS FROM INVESTING ACTIVITIES

Fixed capital expenditure (22,734,642) (5,934,242) Proceeds from sale of operating assets 7,469,749 -

Interest received 30,120,096 2,236,877

Net cash generated from / (used in) investing activities 14,855,203 (3,697,365) CASH FLOWS FROM FINANCING ACTIVITIES

Issue of shares - 99,970

Net (decrease) / increase in cash and cash equivalents (11,542,738) 162,410,794

Cash and cash equivalents at beginning of the period 670,342,359 3,090

Cash received from GlaxoSmithKline Pakistan Limited under the Scheme of Arrangement - 768,893,226 Cash and cash equivalents at end of the period 18 658,799,621 931,307,110


Condensed Interim Cash Flow Statementfor the half year ended June 30, 2017 (Un-audited)

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Capital Reserves Revenue Reserves

Reserves arising Accumulated loss Share as per scheme of / unappropriatedRupees capital arrangement profit Total

Balance as at January 01, 2016 30 - (252,700) (252,670)

Issuance of right shares 99,970 - - 99,970

Transfer of Consumer Healthcare Division of GlaxoSmithKline Pakistan Limited under the Scheme of Arrangement 955,401,830 101,913,533 - 1,057,315,363

Total comprehensive income for the half year ended June 30, 2016 - - (402,207,459) (402,207,459)

Balance as at June 30, 2016 955,501,830 101,913,533 (402,460,159) 654,955,204

Balance as at January 01, 2017 955,501,830 101,913,533 539,161,029 1,596,576,392

Total comprehensive income for the half year ended June 30, 2017 - - 307,498,452 307,498,452

Balance as at June 30, 2017 955,501,830 101,913,533 846,659,481 1,904,074,844


Condensed Interim Statement of Changes in Equityfor the half year ended June 30, 2017 (Un-audited)

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GSK

Selected Notes to and Forming Part of the Condensed Interim Financial Information

1. THE COMPANY AND ITS OPERATIONS

The Company was incorporated in Pakistan as a public unlisted company under the provisions of Companies Ordinance, 1984 on March 31, 2015 principally to effect the demerger of Consumer Healthcare business of GlaxoSmithKline Pakistan Limited (GSK Pakistan) under a Scheme of Arrangement. It is engaged in manufacturing, marketing and sale of consumer healthcare products. The registered office of the Company is at 35 - Dockyard Road, West Wharf, Karachi 74000. The Company was listed at the Pakistan Stock Exchange on March 22, 2017.

Due to the pending transfer of marketing authorisations and certain permissions for the Over the Counter (OTC) products of the Company with Drug Regulatory Authority of Pakistan (DRAP), GSK Pakistan, for and on behalf of the Company is engaged in the procurement, manufacturing, marketing and managing the related inventory and receivable balances pertaining to such products against a services fee charged by GSK Pakistan.

As the scheme of arrangement was approved by High Court of Sindh and its order was submitted to the Registrar of Companies on April 01, 2016, the comparative interim profit and loss account only represents three month results, hence is not comparable.

2. BASIS OF PREPARATION As per the requirements of circular no. CLD/CCD/PR(11)/2017 and the related press release dated July 20th, 2017

issued by the Securities and Exchange Commission of Pakistan (SECP), companies whose financial year, including quarterly and other interim period, closes on or before June 30, 2017, shall prepare their financial statements, including interim financial statements in accordance with the provisions of the repealed Companies Ordinance, 1984. Accordingly, this condensed interim financial information has been prepared in accordance with the requirements of the International Accounting Standard (IAS) 34, Interim Financial Reporting and provisions of and directives issued under the Companies Ordinance, 1984. In case where requirements differ, the provisions of or directives issued under the Companies Ordinance, 1984 have been followed.

The condensed interim financial information should be read in conjunction with the financial statements for the year ended December 31, 2016.

2.1 Changes in accounting standards, interpretations and pronouncements a) Standards, interpretations and amendments to published approved accounting standards that are

effective and relevant

Following amendments to existing standards and interpretations have been published and are mandatory for accounting periods beginning on or afterJanuary 1, 2017, and are considered to be relevant to the Company’s operations.

lAS 7, ‘Cashflow statements’ - This amendment requires disclosure to explain changes in liabilities for which cashflows have been, or will be classified as financing activities in the statement of cashflows. The amendment is part of the lASB’s Disclosure Initiative. In the first year of adoption, comparative information need not be provided. The change will impact the disclosures of the Company’s annual financial statements.

b) Standards, interpretations and amendments to published approved accounting standards that are effective but not relevant

Except as stated above, the new standards, amendments and interpretations that are mandatory for accounting

periods beginning on or after January 1, 2017, are considered not to be relevant for Company’s financial statements and hence have not been detailed here.

for the half year ended June 30, 2017 (Un-audited)

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c) Standards, interpretations and amendments to published approved accounting standards that are not effective

Amendments to IFRS 2, ‘Share based payments’ clarifies the measurement basis for cash-settled, share-based

payments and the accounting for modifications that change an award from cash-settled to equity-settled. It also introduces an exception to the principles in IFRS 2 that will require an award to be treated as if it was wholly equity-settled, where an employer is obliged to withhold an amount for the employee’s tax obligation associated with a share-based payment and pay that amount to the tax authority.

Except as stated above, new standards, amendments and interpretations that are not yet effective are considered not to be relevant for the Company’s financial statements and hence have not been detailed here.

3. ACCOUNTING POLICIES

The accounting policies and the methods of computation adopted in the preparation of this condensed interim financial information are the same as those applied in the preparation of the financial statements for the year ended December 31, 2016.

Taxes on income are accrued using the average tax rate that is expected to be applicable to the full financial year.

Actuarial valuations are carried out on annual basis. The last actuarial valuation was carried out on December 31, 2016, therefore, no impact has been calculated for the current period and comparative condensed financial information has also not been adjusted for the same reason.

4. ACCOUNTING ESTIMATES, JUDGEMENTS AND FINANCIAL RISK MANAGEMENT The preparation of condensed interim financial information in conformity with approved accounting standards requires management to make estimates, assumptions and use judgements that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Estimates, assumptions and judgements are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Revisions to accounting estimates are recognised prospectively commencing from the period of revision.

Judgements and estimates made by the management in the preparation of this condensed interim financial information are the same as those that were applied to financial statements as at and for the year ended December 31, 2016. The Company’s financial risk management objectives and policies are consistent with those disclosed in the financial statements as at and for the year ended December 31, 2016.

Un-audited Audited June 30 December 31Rupees 2017 2016

5. FIXED ASSETS Operating assets - note 5.1 110,086,018 74,916,221 Capital work-in-progress 26,730,749 56,732,871

136,816,767 131,649,092

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GSK

Additions (at cost) Disposals (at net book value)

5.1 Details of additions to and disposals of fixed assets are as follows:

June 30 June 30 June 30 June 30 Rupees 2017 2016 2017 2016

Transfer from GSK Pakistan under the Scheme of Arrangement - 75,171,389 - -Vehicles 27,989,500 33,313,214 - -Office equipments 24,747,264 1,509,355 6,055,361 -

52,736,764 109,993,958 6,055,361 - 6. STOCK-IN-TRADE

Stock of Rs. 0.69 million (December 31, 2016: Rs. 35.43 million) have been written off against provision during the

period.

7. LOANS AND ADVANCES

This includes an amount of Rs. 1 billion in respect of a loan given to GlaxoSmithKline OTC (Private) Limited, an associated company, on December 22, 2016 for the purchase of land, building and manufacturing facility from Novartis Pharma (Pakistan) Limited. The tenure of the loan is eleven months. Interest is receivable quarterly at the rate quoted by a designated bank for advances / loan in Pakistani Rupees for the respective interest period.


8. CASH AND BANK BALANCES

With banks on deposit accounts 300,000,000 500,000,000

on current accounts 239,100,790 170,342,359 Cheques in hand 119,698,831 -

658,799,621 670,342,359


9. TRADE AND OTHER PAyABLES

Creditors and bills payable 258,066,205 267,953,339 Accrued liabilities 736,930,205 852,650,264 Others 258,114,223 144,413,071

1,253,110,633 1,265,016,674

10. COMMITMENTS Commitments for capital expenditure outstanding as at June 30, 2017 amounts to Rs. 10 million (December 31,

2016: Rs. 32.33 million).

Selected Notes to and Forming Part of the Condensed Interim Financial Statementsfor the half year ended June 30, 2017 (Un-audited)

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11. NET SALES

During the year ended December 31, 2015, the Drug Regulatory Authority of Pakistan (DRAP) issued the Drug Pricing Policy 2015 (the Policy) vide a notification dated March 5, 2015. Under the Policy, pending hardship cases were to be decided within a period of nine months from the date of notification of the Policy. Prior to the promulgation of the Policy, GSK Pakistan had submitted applications for hardship price increase in respect of certain products which also included Over the Counter (OTC) drugs transferred to the Company from GSK Pakistan under the Scheme of Arrangement.

The Company increased prices of its certain products since DRAP did not decide on the hardship cases within the

stipulated nine months period. GSK Pakistan filed a suit before the High Court of Sindh (‘SHC’) in order to avail the hardship price increase. The SHC passed an interim order in this regard, and accordingly notified to DRAP and Federation of Pakistan not to take any coercive action against GSK Pakistan in respect of hardship price increases.

On December 19, 2016, SHC passed Judgement in respect of the case (‘the Judgement’). The DRAP, in pursuance of the said Judgment issued a letter on December 28, 2016 requiring the Company to recall all the products from the market on which GSK Pakistan (on behalf of the Company - refer note 1) availed the price increase. The Company, based on the legal advice, believes that there are certain ambiguities in the Judgement and has filed an Appeal against the Judgement before the SHC in respect of which the SHC has notified to DRAP and Federation of Pakistan not to take any coercive action pursuant to the Judgement.

The management of the Company believes that there are strong grounds of Appeal to support the stance of the Company on hardship price increases.

12. COST OF SALES

A fire incident occurred on June 24, 2016 at one of the Company’s third party warehouses located at main

Hawksbay Road, Karachi destroying the Company’s stocks amounting to Rs. 502.01 million and the same had been written off in prior year financial statements of the Company.

Subsequently, the management filed a claim with the Insurance Company with regards to the destroyed stock. The Company received the insurance claim of Rs. 506.25 million in November 2016. Since the claim was received and recorded by the Company subsequent to June 30, 2016, the comparative information relating to cost of sales and gross profit are not comparable.

13. SELLING, MARKETING AND DISTRIBUTION EXPENSES

This includes advertising and sales promotion expenses of Rs. 694.81 million (June 30, 2016: Rs. 226.81 million).

June 30 June 30Rupees 2017 2016

14. OTHER INCOME Income on deposit accounts 11,888,658 4,363,507

Interest income on loan to GlaxoSmithKline OTC (Private) Limited - note 7 35,017,260 - Insurance claim recovery - note 14.1 68,036,349 - Others 5,368,719 -

120,310,986 4,363,507

14.1 This represents insurance claim in respect of business interruption losses incurred due to fire incident as mentioned in note 12 above.

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GSK

15. TAXATION

This includes prior year charge of super tax amounting to Rs. 31.22 million (June 30, 2016: Rs. Nil) imposed for rehabilitation of temporarily displaced persons under section 4B of the Income Tax Ordinance, 2001 (as inserted by Finance Act 2015 and amended by Finance Act 2016 and Finance Act 2017) and tax on undistributed profit amounting to Rs. 64.21 million (June 30, 2016: Rs. Nil) in accordance with section 5A of Income Tax Ordinance, 2001 (as inserted by Finance Act 2015 and amended by Finance Act 2017).


16. EARNINGS PER SHARE

Profit / (loss) after taxation 307,498,452 (402,207,459)

Weighted average number of outstanding shares during the period 95,550,183 47,774,489

Earnings / (loss) per share - basic Rs. 3.22 Rs. (8.42)

16.1 A diluted earnings per share has not been presented as the Company did not have any convertible instruments in issue which would have any effect on the earnings per share if the option to convert is exercised.


17. CASH GENERATED FROM OPERATIONS

Profit / (loss) before taxation 591,889,706 (311,262,098)

Add / (less): Adjustments for non-cash charges and other items Depreciation 11,511,606 2,857,924 (Gain) / loss on disposal of operating fixed assets (1,414,388) - (Reversal) / provision for slow moving, obsolete and damaged stock-in-trade net of stock written off (41,239,716) 42,258,970 (Reversal) / provision for doubtful debts (3,735,209) 6,618,413 Provision for staff retirement benefits 4,495,760 2,706,026

Profit before working capital changes 561,507,759 (256,820,765) Effect on cash flow due to working capital changes

(Increase) / decrease in current assets Stock-in-trade (202,382,313) 380,403,592 Trade debts (97,795,500) 108,906,810 Loans and advances 10,085,664 (51,041,972)

Deposits and Prepayments (151,878,997) (3,022,359) Interest income (47,012,219) (2,126,630) Refunds due from government (49,107,925) (4,541,046)

Other receivables 104,170,694 10,040,552

(433,920,596) 438,618,947 (Decrease) / increase in current liabilities

Trade and other payables (11,906,041) 74,237,340

(445,826,637) 512,856,287

115,681,122 256,035,522

Selected Notes to and Forming Part of the Condensed Interim Financial Statementsfor the half year ended June 30, 2017 (Un-audited)

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18. CASH AND CASH EqUIVALENTS

Cash and bank balances - note 8 658,799,621 931,307,110


19. TRANSACTIONS WITH RELATED PARTIES

Relationship Nature of transactions

Associated companies / undertakings: a. Purchase of goods 2,092,686,183 869,259,388 b. Expenses cross charged by GlaxoSmithKline Pakistan Limited 60,406,596 30,203,298 c. Interest income on loan to

GlaxoSmithKline OTC (Private) Limited 35,017,260 - d. Services fees charged by GlaxoSmithKline Pakistan Limited 6,000,000 3,000,000

Staff retirement funds: a. Expense charged for retirement benefit plans 9,011,110 4,178,488

b. Payments to retirement benefit plans 8,141,023 77,820

Key management personnel: a. Salaries and other employee benefits 50,361,946 38,808,685

b. Post employment benefits 3,158,653 1,263,348

20. DATE OF AUTHORISATION FOR ISSUE

This condensed interim financial information was approved and authorised for issue by the Board of Directors of the Company on August 15, 2017.

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GlaxoSmithKline Consumer Healthcare Pakistan Limited35 - Dockyard Road, West Wharf, Karachi - 74000GlaxoSmithKline Consumer Healthcare Pakistan Limited is a member ofGlaxoSmithKline Group of Companies.

© GlaxoSmithKline Consumer Healthcare Pakistan Limited

a past of pride. a future of fulﬁlment. 2017 - gsk€¦ · a past of pride. a future of...

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