Last checked at 12 May 2014 07:00
BEXIMCO PHARMACEUTICALS LTD.
12th May, 2014
Results for the year ended 31 December 2013
Beximco Pharmaceuticals Limited ("Beximco Pharma", "BPL" or "the Company"; AIM Symbol: BXP), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, today announces its audited results for the year ended 31 December 2013.
Highlights:
Corporate
· Launched 23 products in the domestic market; 6 of which were launched for the first time in Bangladesh
· Registered 38 products in 14 different countries; Madagascar, Estonia and Uganda being new to the list
· Commenced export of two ophthalmic products to Europe (Germany and Austria) for the first time
· Obtained marketing authorization for a product in Australia
· Marketing Authorization submission[s] made for one molecule in 5 European countries
· 3 ANDAs (Abbreviated New Drug Application) filed with US FDA (Food and Drug Administration)
Financial
· Net sales increased to BDT 10,490.7 million (£80.1 million) registering a y-o-y growth rate of 12.94% (2012: BDT 9,289.1 million (£78.1 million))
· Profit before tax increased 9.62% to BDT 2,093.6 million (£16.0 million) (2012: BDT 1,909.8 million) (£16.0 million))
· EPS rose by 6.37% to BDT 4.01 (restated 2012: BDT 3.77)
· The Company has declared a 5% stock dividend (i.e. 5 shares for every 100 shares held) and 10% cash dividend (i.e. BDT 1 per share) with record date set on 18 May 2014. Dividend is due within 30 days from the date of approval of the same at the Annual General Meeting (AGM)
· The AGM will be held on 21 June, 2014 at 10.30 am at the Beximco Industrial Park, Sarabo, Kashimpur, Gazipur, Bangladesh
Post year-end
· Launched 13 new products during the first quarter of 2014, including one product launched for the first time in Bangladesh
· 12 products registered in different overseas markets, including Columbia and Costa Rica
Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:
"Political turmoil made 2013 a challenging year for the entire industry, causing serious disruption to business activities, particularly during the last quarter. Despite this, we managed to achieve our growth targets, both in domestic and export markets, with our export business posting an excellent 42.79% growth over the previous year. We achieved a significant milestone by entering European markets with our ophthalmic products; this is the first time sterile ophthalmic formulations, produced in Bangladesh, have been exported to Europe. We are confident that with our focused strategy to achieve sustained growth, we are well on course to realize our targets and in creating value for our shareholders in the coming years"
Audited financial reports are available from the Company's website: www.beximcopharma.com and will be posted to shareholders in due course.
(Exchange rates of £1 = Taka 119.00 for 2012 numbers and £1 = Taka 131.03 for 2013 numbers have been used in this announcement).
For further information please visit www.beximco-pharma.com or enquire to:
Beximco Pharma
Nazmul Hassan MP, Managing Director
Tel: +880 2 861 9151, ext.20080
Md. Asad Ullah, FCS, Executive Director & Company Secretary
Tel; +880 2 8618220-1, Ext 10140
Daniel Stewart & Company (NOMAD and Broker)
Emma Earl
Paul Shackleton
Tel: +44 (0)20 7776 6550
FTI Consulting
Simon Conway / Victoria Foster Mitchell
Tel: +44 (0)20 7327 1000
Notes to Editors
About Beximco Pharmaceuticals Limited
Founded in 1976 and based in Dhaka, Bangladesh, Beximco Pharma manufactures and sells generic pharmaceutical formulation products and active pharmaceutical ingredients. The Company also undertakes contract manufacturing for multinational and leading global generic pharmaceutical companies. The Company operates from a 23 acre site in Dhaka and has manufacturing facilities for producing various drugs in different delivery systems such as tablets, capsules, liquids, semi-solids, intravenous fluids, metered dose inhalers, dry powder inhalers, sterile ophthalmic drops, prefilled syringes, injectables, nebulizer solutions etc. Ensuring access to quality medicines is the powerful aspiration that motivates 2,700 employees of the Company.
Beximco Pharma's state-of-the-art manufacturing facilities are certified by global regulatory authorities of Australia, European Union, and Brazil, among others. The Company's products are sold to retail outlets, medical institutions and other pharmaceutical manufacturers in Bangladesh, in regional markets such as Sri Lanka, Nepal, Bhutan, Vietnam, Cambodia and Myanmar and in other markets overseas, principally in Africa, including Mauritius, Kenya, Ghana and Nigeria, Pacific Island and Latin & Central American countries, Middle East and South East Asia, including Singapore, Malaysia, Philippines and Hong Kong.
Beximco Pharmaceuticals Limited
Statement of Financial Position
As at 31 December 2013
Amount in Taka | |||
Notes | 2013 | 2012 | |
ASSETS | |||
Non-Current Assets | 18,567,329,474 | 16,392,388,639 | |
Property, Plant and Equipment- Carrying Value | 4 (a) | 18,364,313,070 | 16,201,858,216 |
Intangible Assets | 3.3 & 5 | 198,223,509 | 187,079,147 |
Investment in Shares | 6 | 4,792,895 | 3,451,276 |
Current Assets | 8,903,422,328 | 8,197,421,953 | |
Inventories | 7 | 2,411,881,986 | 2,433,987,981 |
Spares & Supplies | 8 | 433,352,407 | 396,175,790 |
Accounts Receivable | 9 | 1,249,434,697 | 1,162,404,807 |
Loans, Advances and Deposits | 10 | 1,186,637,111 | 965,276,373 |
Short Term Investment | 11 | 3,026,383,161 | 2,686,598,326 |
Cash and Cash Equivalents | 12 | 595,732,966 | 552,978,676 |
TOTAL ASSETS | 27,470,751,802 | 24,589,810,592 | |
EQUITY AND LIABILITIES | |||
Shareholders' Equity | 19,775,552,465 | 18,408,161,859 | |
Issued Share Capital | 13 | 3,503,349,070 | 3,046,390,500 |
Share Premium | 5,269,474,690 | 5,269,474,690 | |
Excess of Issue Price over Face Value of GDRs | 14 | 1,689,636,958 | 1,689,636,958 |
Capital Reserve on Merger | 294,950,950 | 294,950,950 | |
Revaluation Surplus | 4(b) | 1,349,578,805 | 1,406,527,880 |
Fair Value Gain on Investment | 6 | 1,341,619 | - |
Retained Earnings | 7,667,220,373 | 6,701,180,881 | |
Non-Current Liabilities | 3,312,618,059 | 3,116,703,964 | |
Long Term Borrowings-Net off Current Maturity (Secured) | 15 | 1,151,400,702 | 1,469,621,611 |
Liability for Gratuity and WPPF & Welfare Funds | 16 | 610,628,150 | 499,622,784 |
Deferred Tax Liability | 17 | 1,550,589,207 | 1,147,459,569 |
Current Liabilities and Provisions | 4,382,581,278 | 3,064,944,769 | |
Short Term Borrowings (Secured) | 18 | 2,776,266,125 | 1,526,449,918 |
Long Term Borrowings-Current Maturity (Secured) | 19 | 754,903,558 | 664,712,728 |
Creditors and Other Payables | 20 | 383,170,553 | 470,097,685 |
Accrued Expenses | 21 | 141,582,304 | 128,598,961 |
Dividend Payable | 973,367 | 1,020,948 | |
Income Tax Payable | 22 | 325,685,371 | 274,064,529 |
TOTAL EQUITY AND LIABILITIES | 27,470,751,802 | 24,589,810,592 |
Beximco Pharmaceuticals Limited
Statement of Comprehensive Income
For the year ended 31 December 2013
Amount in Taka | |||
Notes | 2013 | 2012 | |
Net Sales Revenue | 23 | 10,490,699,094 | 9,289,115,284 |
Cost of Goods Sold | 24 | (5,651,898,878) | (4,899,713,857) |
Gross Profit | 4,838,800,216 | 4,389,401,427 | |
Operating Expenses | (2,514,527,446) | (2,181,521,867) | |
Administrative Expenses | 27 | (375,565,912) | (332,225,347) |
Selling, Marketing and Distribution Expenses | 28 | (2,138,961,534) | (1,849,296,520) |
Profit from Operations | 2,324,272,770 | 2,207,879,560 | |
Other Income | 29 | 510,588,200 | 442,847,713 |
Finance Cost | 30 | (636,587,090) | (645,406,575) |
Profit Before Contribution to WPPF & Welfare Funds | 2,198,273,880 | 2,005,320,698 | |
Contribution to WPPF & Welfare Funds | 31 | (104,679,709) | (95,491,462) |
Profit Before Tax | 2,093,594,171 | 1,909,829,236 | |
Income Tax Expenses | 32 | (688,831,391) | (590,439,908) |
Current Tax | (324,415,546) | (445,712,907) | |
Deferred Tax | (364,415,845) | (144,727,001) | |
Profit after Tax for the Year | 1,404,762,780 | 1,319,389,328 | |
Other Comprehensive Income - | |||
Fair Value Gain on Investment in Listed Shares | 6 | 1,341,619 | - |
Total Comprehensive Income for the Year | 1,406,104,399 | 1,319,389,328 | |
Earnings Per Share (EPS) / Adjusted EPS (2012) | 33 | 4.01 | 3.77 |
Number of Shares used to compute EPS | 350,334,907 | 350,334,907 |
Beximco Pharmaceuticals Limited
Statement of Changes in Equity
For the year ended 31 December 2013
Amount in Taka | ||||||||
Share | Share | Excess of Issue | Capital | Revaluation | Fair Value | Retained | Total | |
Capital | Premium | Price over Face | Reserve on | Surplus | Gain on | Earnings | ||
Value of GDRs | Merger | Investment | ||||||
Balance as on January 01, 2013 | 3,046,390,500 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,406,527,880 | - | 6,701,180,881 | 18,408,161,859 |
Total Comprehensive | ||||||||
Income for 2013: | ||||||||
Profit for the year | - | - | - | - | - | - | 1,404,762,780 | 1,404,762,780 |
Other Comprehensive Income | - | - | - | - | - | 1,341,619 | - | 1,341,619 |
Transactions with the Shareholders: | ||||||||
Stock Dividend for 2012 | 456,958,570 | - | - | - | - | - | (456,958,570) | - |
Adjustment for Depreciation on | ||||||||
Revalued Assets | - | - | - | - | (18,235,282) | - | 18,235,282 | - |
Adjustment for Deferred Tax on | ||||||||
Revalued Assets | - | - | - | - | (38,713,793) | - | - | (38,713,793) |
Balance as on December 31, 2013 | 3,503,349,070 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,349,578,805 | 1,341,619 | 7,667,220,373 | 19,775,552,465 |
Number of Shares | 350,334,907 | |||||||
Net Asset Value (NAV) Per Share | 56.45 | |||||||
Beximco Pharmaceuticals Limited
Statement of Cash Flows
For the year ended 31 December 2013
Amount in Taka | ||
2013 | 2012 | |
Cash Flows from Operating Activities | ||
Receipts from Customers and Others | 10,407,897,987 | 9,107,836,251 |
Payments to Suppliers and Employees | (7,880,610,113) | (6,855,119,972) |
Cash Generated from Operations | 2,527,287,874 | 2,252,716,279 |
Interest Paid | (636,587,090) | (645,406,575) |
Interest Received | 512,424,678 | 437,201,038 |
Income Tax Paid | (272,794,704) | (187,130,672) |
Net Cash Generated from Operating Activities | 2,130,330,758 | 1,857,380,070 |
Cash Flows from Investing Activities | ||
Acquisition of Property, Plant and Equipment | (2,739,061,076) | (1,033,862,245) |
Intangible Assets | (25,370,921) | (65,272,280) |
Disposal of Property, Plant and Equipment | 5,401,817 | 4,730,688 |
Short Term Investment | (339,784,835) | (493,174,766) |
Net Cash Used in Investing Activities | (3,098,815,015) | (1,587,578,603) |
Cash Flows from Financing Activities | ||
Net Decrease in Long Term Borrowings | (228,030,079) | (119,484,493) |
Net Increase / (Decrease) in Short Term Borrowings | 1,239,316,207 | (115,766,090) |
Dividend Paid | (47,581) | (340,504) |
Net Cash Generated from Financing Activities | 1,011,238,547 | (235,591,087) |
Increase in Cash and Cash Equivalents | 42,754,290 | 34,210,380 |
Cash and Cash Equivalents at Beginning of Year | 552,978,676 | 518,768,296 |
Cash and Cash Equivalents at End of Year | 595,732,966 | 552,978,676 |
Net Operating Cash Flow Per Share | 6.08 | 6.10 |
Number of Shares used to compute Net Operating Cash Flow Per Share | 350,334,907 | 304,639,050 |