Last checked at 9 May 2016 07:00
BEXIMCO PHARMACEUTICALS LTD.
9 May, 2016
Results for the year ended 31 December 2015
Beximco Pharmaceuticals Ltd. ("BPL", "Beximco Pharma" or "Company"), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, today announces its audited results for the year ended 31 December 2015.
Highlights:
Corporate
· Became the first Bangladeshi pharmaceutical company to be approved by the US Food and Drug Administration (US FDA)
· Subsequently, became the first Bangladeshi pharmaceutical company to receive US FDA to manufacture a prescription drug (Carvedilol) for the US
· Entered five new geographical markets: Australia, Iraq, Indonesia, Burundi and Costa Rica
o Registration of 46 new products (31 generics) completed in 17 countries
· Launched 23 products in the domestic market; two of which were launched for the first time in Bangladesh
o Launched a generic version of revolutionary Hepatitis C drugs Sovaldi and Harvoni under the brand names Sofovir C and Lesovir C, respectively; Lesovir C being the first generic copy of Harvoni in the world
· Napa Extra became the first brand to cross the BDT 1 billion annual sales mark
· Launched Pantoprazole in Australia
Financial
· Net sales increased to BDT 12,965.5 million (£111.95 million), registering a year-on-year growth rate of 15.7% (2014: BDT 11,206.9 million (£92.28 million).
o Export sales registered 68.3% growth over 2014
· Profit before tax increased 10.8% to BDT 2,337.1 million (£20.18 million) (2014: BDT 2,109.6 million, £17.37 million)
· EPS rose by 27.8% to BDT 5.06 (Restated 2014: BDT 3.96)
· Entered into a loan agreement with BHF-Bank Aktiengesellschaft, Frankfurt, Germany to borrow up to US $51.559 million to partially finance the purchase of new plant and machinery to expand the Company's production facilities
· The Company has declared a 5% stock dividend (i.e. 5 shares for every 100 shares held) and a 10% cash dividend (i.e. BDT 1 per share), with the record date set on 12 May 2016
o The 10% cash dividend declared by the Company will be paid on or before July 04, 2016
o The 5% Stock dividend will be issued subject to the approval of the shareholders at the forthcoming AGM
Post year-end
· Received regulatory approval from The Ministry of Health in Cambodia
· Launched eight new products during the first quarter of 2016
· Entered three new geographical markets in Q1: Peru, Guatemala, Gabon
o Registration of 42 new products (37 generics) in 11 countries
Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:
"I am pleased to report an impressive sales growth of 15.7% in 2015, with Beximco Pharma posting the highest revenue growth among the top five pharmaceutical companies in Bangladesh during the year, according to IMS audited data.
In a highly competitive market, we have maintained our strong position in key therapeutic segments such as cardiovascular, respiratory and gastrointestinal, which grew by 30%, 20% and 35%, respectively, and together accounted for almost 50% of the revenue growth during the year. In addition, our export business posted an impressive 68.3% growth over the last year and we achieved a major milestone by becoming the first Bangladeshi pharmaceutical company to be approved by the US FDA.
We remain focused on our strategic goal to bring high quality, differentiated products to emerging and developed markets to create value for all our customers and shareholders. Our ongoing expansion programme enables us to expand our production capacity and upgrade a number of our existing units with the intention of securing the Company's current and future growth. We firmly believe our commitment to quality, product and process will propel us forward on our journey and we will continue to perform well in the coming months."
Audited financial reports are available from the Company's website: www.beximcopharma.com.
(Exchange rates of £1 = Taka 121.45 for 2014 numbers and £1 = Taka 115.81 for 2015 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 58611001, ext.20080
Md. Asad Ullah, FCS, Executive Director & Company Secretary
Tel; +880 2 58611891, +880 2 58612040, Ext 10140
SPARK Advisory Partners Limited (Nominated Adviser)
Mark Brady / Sean Wyndham-Quin
Tel: +44 (0)20 3368 3551 / 3555
FTI Consulting
Simon Conway / Victoria Foster Mitchell
Tel: +44 (0)20 3727 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, oral soluble films, etc. Ensuring access to quality medicines is the powerful aspiration that motivates 3,000 employees of the Company.
Beximco Pharma's state-of-the-art manufacturing facilities are certified by global regulatory authorities of the US, Australia, Europe, Latin America and Canada, 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 South Africa, Mauritius, Kenya, Ghana, Ethiopia and Nigeria; Pacific Island; Latin and Central American countries; Middle East; Central Asia; South East Asia, including Singapore, Malaysia, Indonesia, Philippines and Hong Kong; Europe, including Germany, Austria and Romania; Australia etc.
Beximco Pharmaceuticals Limited
Statement of Financial Position
As at 31 December 2015
Amount in Taka | ||||
2015 | 2014 | |||
ASSETS | ||||
Non-Current Assets | 22,443,457,489 | 20,634,246,854 | ||
Property, Plant and Equipment- Carrying Value | 22,168,184,597 | 20,393,278,737 | ||
Intangible Assets | 269,864,103 | 235,208,190 | ||
Investment in Shares | 5,408,789 | 5,759,927 | ||
Current Assets | 8,392,093,095 | 8,366,279,107 | ||
Inventories | 2,817,185,843 | 2,493,657,338 | ||
Spares & Supplies | 556,974,583 | 554,183,898 | ||
Accounts Receivable | 1,546,921,772 | 1,397,498,648 | ||
Loans, Advances and Deposits | 1,784,104,778 | 1,223,673,153 | ||
Short Term Investment | 1,539,430,008 | 2,475,026,831 | ||
Cash and Cash Equivalents | 147,476,111 | 222,239,239 | ||
TOTAL ASSETS | 30,835,550,584 | 29,000,525,961 | ||
EQUITY AND LIABILITIES | ||||
Shareholders' Equity | 22,478,627,583 | 20,920,185,325 | ||
Issued Share Capital | 3,862,442,340 | 3,678,516,520 | ||
Share Premium | 5,269,474,690 | 5,269,474,690 | ||
Excess of Issue Price over Face Value of GDRs | 1,689,636,958 | 1,689,636,958 | ||
Capital Reserve on Merger | 294,950,950 | 294,950,950 | ||
Revaluation Surplus | 1,257,422,946 | 1,299,220,315 | ||
Fair Value Gain on Investment | 1,957,513 | 2,308,651 | ||
Retained Earnings | 10,102,742,186 | 8,686,077,241 | ||
Non-Current Liabilities | 3,494,915,017 | 3,372,593,206 | ||
Long Term Borrowings-Net off Current Maturity (Secured) | 916,927,763 | 901,709,327 | ||
Liability for Gratuity and WPPF & Welfare Funds | 864,107,790 | 741,522,518 | ||
Deferred Tax Liability | 1,713,879,464 | 1,729,361,361 | ||
Current Liabilities and Provisions | 4,862,007,984 | 4,707,747,430 | ||
Short Term Borrowings (Secured) | 3,163,551,475 | 3,153,121,293 | ||
Long Term Borrowings-Current Maturity (Secured) | 724,603,464 | 663,838,072 | ||
Creditors and Other Payables | 439,018,016 | 357,710,839 | ||
Accrued Expenses | 206,228,496 | 164,283,115 | ||
Dividend Payable | 412,480 | 454,720 | ||
Income Tax Payable | 328,194,053 | 368,339,391 | ||
TOTAL EQUITY AND LIABILITIES | 30,835,550,584 | 29,000,525,961 | ||
Beximco Pharmaceuticals Limited
Statement of Profit or Loss and Other Comprehensive Income
For the Year ended 31 December 2015
Amount in Taka | |||||||||||
2015 | 2014 | ||||||||||
Net Sales Revenue | 12,965,506,873 | 11,206,885,677 | |||||||||
Cost of Goods Sold | (6,965,167,704) | (6,102,694,323) | |||||||||
Gross Profit | 6,000,339,169 | 5,104,191,354 | |||||||||
Operating Expenses | (3,149,060,695) | (2,686,014,518) | |||||||||
Administrative Expenses | (448,357,117) | (398,762,237) | |||||||||
Selling, Marketing and Distribution Expenses | (2,700,703,578) | (2,287,252,281) | |||||||||
Profit from Operations | 2,851,278,474 | 2,418,176,836 | |||||||||
Other Income | 311,678,326 | 521,171,647 | |||||||||
Finance Cost | (708,970,234) | (724,314,963) | |||||||||
Profit Before Contribution to WPPF & Welfare Funds | 2,453,986,566 | 2,215,033,520 | |||||||||
Contribution to WPPF & Welfare Funds | (116,856,503) | (105,477,787) | |||||||||
Profit Before Tax | 2,337,130,063 | 2,109,555,733 | |||||||||
Income Tax Expenses | (382,845,547) | (581,258,160) | |||||||||
Current Tax | (425,966,912) | (436,782,844) | |||||||||
Deferred Tax Income / (Expense) | 43,121,365 | (144,475,316) | |||||||||
Profit after Tax for the Year | 1,954,284,516 | 1,528,297,573 | |||||||||
Other Comprehensive Income - | |||||||||||
Fair Value Gain / (Loss) on Investment in Listed Shares | (351,138) | 967,032 | |||||||||
Total Comprehensive Income for the Year | 1,953,933,378 | 1,529,264,605 | |||||||||
Earnings Per Share (EPS) / Adjusted EPS (2014) | 5.06 | 3.96 | |||||||||
Number of Shares used to compute EPS | 386,244,234 | 386,244,234 | |||||||||
Beximco Pharmaceuticals Limited
Statement of Changes in Equity
For the Year ended 31 December 2015
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, 2015 | 3,678,516,520 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,299,220,315 | 2,308,651 | 8,686,077,241 | 20,920,185,325 | |
Total Comprehensive | |||||||||
Income for 2015: | |||||||||
Profit for the year | - | - | - | - | - | - | 1,954,284,516 | 1,954,284,516 | |
Other Comprehensive Income | - | - | - | - | - | (351,138) | - | (351,138) | |
Transactions with | |||||||||
the Shareholders: | |||||||||
Cash Dividend for 2014 | - | - | - | - | - | - | (367,851,652) | (367,851,652) | |
Stock Dividend for 2014 | 183,925,820 | - | - | - | - | - | (183,925,820) | - | |
Adjustment for Depreciation | |||||||||
on Revalued Assets | - | - | - | - | (14,157,901) | - | 14,157,901 | - | |
Adjustment for Deferred Tax | |||||||||
on Revalued Assets | - | - | - | - | (27,639,468) | - | - | (27,639,468) | |
Balance as on | |||||||||
December 31, 2015 | 3,862,442,340 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,257,422,946 | 1,957,513 | 10,102,742,186 | 22,478,627,583 | |
Number of Shares | 386,244,234 | ||||||||
Net Asset Value (NAV) Per Share | 58.20 | ||||||||
For the Year ended 31 December 2014
Balance as on | ||||||||
January 01, 2014 | 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 |
Total Comprehensive | ||||||||
Income for 2014: | ||||||||
Profit for the year | - | - | - | - | - | - | 1,528,297,573 | 1,528,297,573 |
Other Comprehensive Income | - | - | - | - | - | 967,032 | - | 967,032 |
Transactions with | ||||||||
the Shareholders: | ||||||||
Cash Dividend for 2013 | - | - | - | - | - | - | (350,334,907) | (350,334,907) |
Stock Dividend for 2013 | 175,167,450 | - | - | - | - | - | (175,167,450) | - |
Adjustment for Depreciation | ||||||||
on Revalued Assets | - | - | - | - | (16,061,652) | - | 16,061,652 | - |
Adjustment for Deferred Tax | ||||||||
on Revalued Assets | - | - | - | - | (34,296,838) | - | - | (34,296,838) |
Balance as on | ||||||||
December 31, 2014 | 3,678,516,520 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,299,220,315 | 2,308,651 | 8,686,077,241 | 20,920,185,325 |
Number of Shares | 367,851,652 | |||||||
Net Asset Value (NAV) Per Share | 56.87 | |||||||
Beximco Pharmaceuticals Limited
Statement of Cash Flows
For the Year ended 31 December 2015
Amount in Taka | ||||||
2015 | 2014 | |||||
Cash Flows from Operating Activities : | ||||||
Receipts from Customers and Others | 12,820,931,378 | 11,085,037,894 | ||||
Payments to Suppliers and Employees | (10,115,051,359) | (8,240,584,352) | ||||
Cash Generated from Operations | 2,705,880,019 | 2,844,453,542 | ||||
Interest Paid | (708,970,234) | (724,314,963) | ||||
Interest Received | 304,321,405 | 489,970,647 | ||||
Income Tax Paid | (466,112,250) | (394,128,824) | ||||
Net Cash Generated from Operating Activities | 1,835,118,940 | 2,215,980,402 | ||||
Cash Flows from Investing Activities : | ||||||
Acquisition of Property, Plant and Equipment | (2,520,276,389) | (2,778,797,453) | ||||
Intangible Assets | (49,069,233) | (56,321,506) | ||||
Disposal of Property, Plant and Equipment | 3,918,658 | 7,615,792 | ||||
Dividend Received | 1,427,955 | 1,427,955 | ||||
Decrease in Short Term Investment | 935,596,823 | 551,356,330 | ||||
Net Cash Used in Investing Activities | (1,628,402,186) | (2,274,718,882) | ||||
Cash Flows from Financing Activities : | ||||||
Net Increase/(Decrease) in Long Term Borrowings | 75,983,828 | (340,756,861) | ||||
Net Increase in Short Term Borrowings | 10,430,182 | 376,855,168 | ||||
Dividend Paid | (367,893,892) | (350,853,554) | ||||
Net Cash Generated from Financing Activities | (281,479,882) | (314,755,247) | ||||
Decrease in Cash and Cash Equivalents | (74,763,128) | (373,493,727) | ||||
Cash and Cash Equivalents at Beginning of Year | 222,239,239 | 595,732,966 | ||||
Cash and Cash Equivalents at End of Year | 147,476,111 | 222,239,239 | ||||
Net Operating Cash Flow Per Share | 4.75 | 6.02 | ||||
Number of Shares used to compute Net Operating Cash Flow Per Share | 386,244,234 | 367,851,652 | ||||