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No bonuses for Adcock Ingram staff
Adcock Ingram management and staff eligible for the executive incentive bonus scheme received no bonus this month as the group had failed to meet the internal targets set, the pharmaceutical group's annual report released on Friday showed.
All employees, barring those in the bargaining units and sales staff, participate in the scheme.
The gross remuneration of CEO Jonathan Louw increased 7,9% to R3,7m, while remuneration for deputy CE and financial director Andy Hall increased 14,9% to R3m from R2,62m.
Management would receive an annual 6% increase next year, while bargaining staff have been allocated an 8% increase from July 1 next year.
Chairman Khotso Mokhele said in the annual report: "Our focus remains firmly on providing profitable growth in the spirit of a sustainable, integrated business approach. We aim to strengthen our portfolio by acquisition and innovation and extend our footprint in Africa."
Targets for next year include growing Adcock Ingram's antiretroviral portfolio, developing new products locally and acquiring more business to grow in sub- Saharan Africa and India. Risk factors for the new financial year included the economic climate, the proposed logistics fee regulation and increased costs.
Problems and highlights
Problem areas over the past year included a minimal allocation of a government antiretroviral tender, the financial impact of strikes and factory upgrades, the effect these two factors also had on stock availability, and margins hurt by imports of finished products to hospitals.
Highlights for the past year included becoming a leader in the fast-moving consumer goods vitamins, mineral and supplements market, several multinational companies being integrated into the group, and continued growth in over-the-counter and generics market share. The group also established a new distribution centre in Durban.
Adcock Ingram has a 10% share of the private pharmaceutical market in SA and is a leading supplier of hospital and critical care products. Its results for the year ended September showed it had a strong, ungeared balance sheet with significant capacity to bolster the product portfolio and grow the group. The group has operations in east Africa, Ghana and India.
The company released an integrated annual report on its website on Friday that includes financial, environmental and corporate governance data to provide investors with better information and to improve the sustainability of the business. Previously, environmental sustainability reports were usually published separately to financial statements.
In the year to September 30 the group increased turnover by 8% to R4,45bn, while headline earnings per share increased 31% to 465,1c. Cash reserves stood at an adequate R1,1bn at year-end, leaving the group ungeared with a net cash position of R261m.
Source: Business Day via I-Net Bridge
Source: I-Net Bridge
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