Last checked at 6 Nov 2017 10:30
6 November 2017
BEXIMCO PHARMACEUTICALS LTD.
Results for the 12 month period ended 30 June 2017
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 12 month period ended 30 June 2017.
Highlights:
Corporate
· Became the first Bangladeshi pharmaceutical company to commence export of pharmaceutical products to the US
· Received approvals for two ANDAs from the US Food and Drug Administration (US FDA)
· Launched 15 products in the domestic market, four of which were launched for the first time in Bangladesh
· Registered 71 new products in 20 countries
· Entered seven new markets - Panama, Ecuador, Tanzania, Zimbabwe, Mali, Cameron and Guinea Conakri
· Formed the Company's first overseas manufacturing collaboration with the joint venture with BioCare Manufacturing (M) Sdn Bhd based in Malaysia
· Granted a sub-license by Medicine Patent Pool of the UN to produce Bristol-Myers Squibb's new hepatitis C drug Daclatasvir
Financial
· Net sales increased to BDT 15,508.8 million (£147.51 million), registering year-on-year growth of 12.5% (2015-16: BDT 13,785.3 million (£135.7 million))
o Export sales registered year-on-year growth of 25.2%
· Profit before tax increased 12.8% to BDT 2,891.5 million (£27.50 million), (2015-16: BDT 2,564.3 million, £25.24 million)
· EPS for the year amounted to BDT 5.49
· Recommended 12.5% cash dividend (BDT 1.25 per share)
Post period-end
· Became the first Bangladeshi pharmaceutical company to commence export of pharmaceutical products to Canada
· Received approval for the Company's fourth ANDA from the US FDA
· Received GMP accreditation for the Company's oral solid dosage facility at Tongi from World Health Organization and granted WHO Prequalification
· Entered into a memorandum of understanding under which Beximco Pharma may acquire a majority shareholding in Nuvista Pharma, a leading pharma company in Bangladesh specialising in hormones and steroid drugs
Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:
"This past year was another successful period for Beximco Pharma where we registered year-on-year sales growth of 12.5%, with exports up 25.2%, clearly demonstrating our continued momentum. We successfully commenced export of our first product in the US, achieving an important milestone by becoming the first Bangladeshi pharmaceutical company to export medicine to the US. We continue to build our US export portfolio, having received approvals for three additional products from the US FDA, with two more ANDAs submitted for approval. Additionally, our strategic initiatives include commencing our first overseas manufacturing collaboration in Malaysia and signing a memorandum of understanding to acquire a majority shareholding in Nuvista Pharma in Bangladesh.
With our strength in offering specialised generic products in a global setting, we continue to focus on building a strong pipeline for prescription markets, as well as continuing to assess strategic opportunities to expand our offering and drive sustainable growth."
Audited financial reports are available from the Company's website: www.beximcopharma.com.
(Exchange rates of £1 = Taka 101.59 for 2015-16 numbers and £1 = Taka 105.14 for 2016-17 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 / Andrew Emmott
Tel: +44 (0)20 3368 3551 / 3555
Northland Capital Partners Limited (Broker)
Gerry Beaney / Tom Price
Tel: +44 (0)20 3861 6625
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, nebuliser solutions, oral soluble films etc. Ensuring access to quality medicines is the powerful aspiration that motivates 3,500 employees of the Company.
Beximco Pharma′s state-of-the-art manufacturing facilities are certified by global regulatory authorities of USA, Europe, Australia, Canada, GCC and Latin America, 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 South East Asia, including Singapore, Thailand, Taiwan, Malaysia, Indonesia, Philippines and Hong Kong; Africa, including South Africa, Mauritius, Kenya, Ghana, Ethiopia, Uganda and Nigeria; Central Asia, including Azerbaijan; Middle East, including Kuwait and Jordan; Pacific Island countries; Latin and Central American countries; Europe, including Austria, Germany and Romania; Australia and North America, including the USA and Canada.
Beximco Pharmaceuticals Limited
Statement of Financial Position
As at June 30, 2017
|
|
| Amount in Taka |
| June 30, 2017 |
| June 30, 2016 |
ASSETS |
|
|
|
Non-Current Assets | 24,953,316,701 |
| 22,620,900,165 |
Property, Plant and Equipment-Carrying Value | 24,472,468,013 |
| 22,235,892,802 |
Intangible Assets | 462,968,347 |
| 380,260,529 |
Investment in Shares | 17,880,341 |
| 4,746,834 |
|
|
|
|
Current Assets | 9,130,816,169 |
| 8,528,007,810 |
Inventories | 3,468,089,061 |
| 2,770,331,675 |
Spares & Supplies | 636,102,892 |
| 614,606,112 |
Accounts Receivable | 2,167,339,867 |
| 1,680,606,796 |
Loans, Advances and Deposits | 1,697,679,418 |
| 1,802,304,185 |
Short Term Investment | 886,576,906 |
| 1,439,037,813 |
Cash and Cash Equivalents | 275,028,025 |
| 221,121,229 |
|
|
|
|
TOTAL ASSETS | 34,084,132,870 |
| 31,148,907,975 |
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
Shareholders' Equity | 25,072,425,900 |
| 23,059,412,409 |
Issued Share Capital | 4,055,564,450 |
| 3,862,442,340 |
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 | 1,190,203,818 |
| 1,225,100,042 |
Unrealized Gain / (Loss) | 3,875,065 |
| 1,295,558 |
Retained Earnings | 12,568,719,969 |
| 10,716,511,871 |
|
|
|
|
Non-Current Liabilities | 5,605,667,422 |
| 5,106,928,058 |
Long Term Borrowings-Net off Current Maturity (Secured) | 2,635,907,025 |
| 2,366,006,599 |
Liability for Gratuity and WPPF & Welfare Funds | 1,117,094,429 |
| 984,198,459 |
Deferred Tax Liability | 1,852,665,968 |
| 1,756,723,000 |
|
|
|
|
Current Liabilities and Provisions | 3,406,039,548 |
| 2,982,567,508 |
Short Term Borrowings (Secured) | 1,239,757,995 |
| 1,109,644,270 |
Long Term Borrowings-Current Maturity (Secured) | 715,790,200 |
| 920,388,531 |
Creditors and Other Payables | 783,838,444 |
| 453,828,612 |
Accrued Expenses | 245,375,014 |
| 151,086,775 |
Dividend Payable | 353,217 |
| 385,507 |
Income Tax Payable | 420,924,678 |
| 347,233,813 |
|
|
|
|
TOTAL EQUITY AND LIABILITIES | 34,084,132,870 |
| 31,148,907,975 |
Beximco Pharmaceuticals Limited
Statement of Profit or Loss and Other Comprehensive Income
For the Year ended June 30, 2017
|
|
|
|
|
|
| Amount in Taka |
| July 2016 - June 2017 (12 Months) |
| January 2015 - June 2016 (18 Months) |
| January - June 2016 (6 Months) |
| January - December 2015 (12 Months) |
|
|
|
|
|
|
|
|
Net Sales Revenue | 15,508,776,972 |
| 20,034,502,592 |
| 7,068,995,719 |
| 12,965,506,873 |
Cost of Goods Sold | (8,323,895,349) |
| (10,800,317,358) |
| (3,835,149,654) |
| (6,965,167,704) |
Gross Profit | 7,184,881,623 |
| 9,234,185,234 |
| 3,233,846,065 |
| 6,000,339,169 |
|
|
|
|
|
|
|
|
Operating Expenses | (3,736,675,551) |
| (4,775,931,931) |
| (1,626,871,236) |
| (3,149,060,695) |
Administrative Expenses | (522,396,449) |
| (689,337,921) |
| (240,980,804) |
| (448,357,117) |
Selling, Marketing and Distribution Expenses | (3,214,279,102) |
| (4,086,594,010) |
| (1,385,890,432) |
| (2,700,703,578) |
Profit from Operations | 3,448,206,072 |
| 4,458,253,303 |
| 1,606,974,829 |
| 2,851,278,474 |
|
|
|
|
|
|
|
|
Other Income | 144,852,831 |
| 412,658,923 |
| 100,980,597 |
| 311,678,326 |
Finance Cost | (557,003,162) |
| (1,030,182,401) |
| (321,212,167) |
| (708,970,234) |
Profit Before Contribution to WPPF & Welfare Funds | 3,036,055,741 |
| 3,840,729,825 |
| 1,386,743,259 |
| 2,453,986,566 |
|
|
|
|
|
|
|
|
Contribution to WPPF & Welfare Funds | (144,574,083) |
| (182,891,896) |
| (66,035,393) |
| (116,856,503) |
|
|
|
|
|
|
|
|
Profit Before Tax | 2,891,481,658 |
| 3,657,837,929 |
| 1,320,707,866 |
| 2,337,130,063 |
|
|
|
|
|
|
|
|
Income Tax Expenses | (664,786,534) |
| (709,784,075) |
| (326,938,528) |
| (382,845,547) |
Current Tax | (591,982,589) |
| (736,140,227) |
| (310,173,315) |
| (425,966,912) |
Deferred Tax Income / (Expense) | (72,803,945) |
| 26,356,152 |
| (16,765,213) |
| 43,121,365 |
Profit after Tax for the Period | 2,226,695,124 |
| 2,948,053,854 |
| 993,769,338 |
| 1,954,284,516 |
Other Comprehensive Income - Unrealized Gain / (Loss) | 2,579,507 |
| (1,013,093) |
| (661,955) |
| (351,138) |
Total Comprehensive Income for the Period | 2,229,274,631 |
| 2,947,040,761 |
| 993,107,383 |
| 1,953,933,378 |
|
|
|
|
|
|
|
|
Earnings Per Share (EPS) / Adjusted EPS | 5.49 |
| 7.27 |
| 2.45 |
| 4.82 |
|
|
|
|
|
|
|
|
Number of Shares used to compute EPS | 405,556,445 |
| 405,556,445 |
| 405,556,445 |
| 405,556,445 |
Beximco Pharmaceuticals Limited
Statement of Changes in Equity
For the Year ended June 30, 2017
Amount in Taka
| Share Capital | Share Premium | Excess of Issue Price over Face Value of GDRs | Capital Reserve on Merger | Revaluation Surplus | Unrealized Gain / (Loss) | Retained Earnings | Total |
Balance as on July 01, 2016 | 3,862,442,340 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,225,100,042 | 1,295,558 | 10,716,511,871 | 23,059,412,409 |
Total Comprehensive Income for the Year: |
|
|
|
|
|
|
|
|
Profit for the Year | - | - | - | - | - | - | 2,226,695,124 | 2,226,695,124 |
Other Comprehensive Income/(Loss) | - | - | - | - | - | 2,579,507 | - | 2,579,507 |
Transactions with the Shareholders: |
|
|
|
|
|
|
|
|
5% Final Cash Dividend (January 2015 to June 2016) | - | - | - | - | - | - | (193,122,117) | (193,122,117) |
5% Stock Dividend (January 2015 to June 2016) | 193,122,110 | - | - | - | - | - | (193,122,110) | - |
Adjustment for Depreciation on Revalued Assets | - | - | - | - | (11,757,201) | - | 11,757,201 | - |
Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | (23,139,023) | - | - | (23,139,023) |
Balance as on June 30, 2017 | 4,055,564,450 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,190,203,818 | 3,875,065 | 12,568,719,969 | 25,072,425,900 |
Number of Shares | 405,556,445 | |||||||
Net Asset Value (NAV) Per Share | 61.82 | |||||||
For 18 Months Period ended January 1, 2015 - June 30, 2016
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 the period: |
|
|
|
|
|
|
|
|
Profit for the Period | - | - | - | - | - | - | 2,948,053,854 | 2,948,053,854 |
Other Comprehensive Income / (Loss) | - | - | - | - | - | (1,013,093) | - | (1,013,093) |
Transactions with the Shareholders: |
|
|
|
|
|
|
|
|
Cash Dividend for 2014 & 2015 (Interim) | - | - | - | - | - | - | (754,095,886) | (754,095,886) |
Stock Dividend for 2014 | 183,925,820 | - | - | - | - | - | (183,925,820) | - |
Adjustment for Depreciation on Revalued Assets | - | - | - | - | (20,402,482) | - | 20,402,482 | - |
Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | (53,717,791) | - | - | (53,717,791) |
Balance as on June 30, 2016 | 3,862,442,340 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,225,100,042 | 1,295,558 | 10,716,511,871 | 23,059,412,409 |
Number of Shares | 386,244,234 | |||||||
Net Asset Value (NAV) Per Share | 59.70 | |||||||
Beximco Pharmaceuticals Limited
Statement of Cash Flows
For the Year ended June 30, 2017
|
|
| Amount in Taka |
| July 2016 - June 2017 (12 Months) |
| January 2015 - June 2016 (18 Months) |
|
|
|
|
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
Receipts from Customers and Others | 15,028,477,642 |
| 19,756,621,890 |
Payments to Suppliers and Employees | (11,480,328,595) |
| (15,204,763,705) |
Cash Generated from Operations | 3,548,149,047 |
| 4,551,858,185 |
|
|
|
|
Interest Paid | (557,003,162) |
| (1,030,182,401) |
Interest Received | 161,110,825 |
| 404,847,333 |
Income Tax Paid | (518,291,724) |
| (757,245,805) |
Net Cash Generated from Operating Activities | 2,633,964,986 |
| 3,169,277,312 |
|
|
|
|
Cash Flows from Investing Activities: |
|
|
|
Acquisition of Property, Plant and Equipment | (3,016,391,390) |
| (2,975,250,144) |
Intangible Assets | (108,998,404) |
| (165,351,713) |
Disposal of Property, Plant and Equipment | 22,059,127 |
| 9,583,953 |
Dividend Received | 1,427,955 |
| 1,427,955 |
Decrease in Short Term Investment | 552,460,907 |
| 1,035,989,018 |
Net Cash Used in Investing Activities | (2,549,441,805) |
| (2,093,600,931) |
|
|
|
|
Cash Flows from Financing Activities: |
|
|
|
Net Increase /(Decrease) in Long Term Borrowings | 32,424,297 |
| 55,519,429 |
Net Increase/(Decrease) in Short Term Borrowings | 130,113,725 |
| (378,148,721) |
Dividend Paid | (193,154,407) |
| (754,165,099) |
Net Cash Generated from Financing Activities | (30,616,385) |
| (1,076,794,391) |
Increase/(Decrease) in Cash and Cash Equivalents | 53,906,796 |
| (1,118,010) |
Cash and Cash Equivalents at Beginning of Period | 221,121,229 |
| 222,239,239 |
Cash and Cash Equivalents at End of Period | 275,028,025 |
| 221,121,229 |
|
|
|
|
|
|
|
|
Net Operating Cash Flow Per Share | 6.49 |
| 8.21 |
|
|
|
|
Number of Shares used to compute Net Operating Cash Flow Per Share | 405,556,445 |
| 386,244,234 |