Last checked at 7 Nov 2018 07:00
7 November 2018
BEXIMCO PHARMACEUTICALS LTD.
Results for the 12 month period ended 30 June 2018
Beximco Pharmaceuticals Limited ("BPL", "Beximco Pharma" or "Company"; AIM Symbol: BXP, LEI No.: 213800IMBBD6TIOQGB56), 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 2018.
Highlights:
Financial
· Net sales increased to BDT 17,716.7 million (£160.27 million), registering year-on-year growth of 14.2% (2016-17: BDT 15,508.8 million (£147.51 million))
o Domestic sales registered year-on-year growth of 12.5%
o Export sales registered year-on-year growth of 37.0%
· Profit before tax increased 16.2% to BDT 3,361.3 million (£30.41 million), (2016-17: BDT 2,891.5 million, £27.50 million)
· EPS for the year amounted to BDT 6.25
· Recommended 12.5% cash dividend (BDT 1.25 per share)
Amount in Taka | Beximco Pharmaceuticals Ltd (Consolidated) 30 June 2018 | Beximco Pharmaceuticals Ltd 30 June 2018 | Beximco Pharmaceuticals Ltd 30 June 2017 |
Net Revenue | 17,716,716,855 | 17,380,728,001 | 15,508,776,972 |
Gross Profit | 8,285,979,424 | 8,125,223,320 | 7,184,881,623 |
Operating Profit | 4,026,167,984 | 3,981,599,865 | 3,448,206,072 |
Profit Before Tax | 3,361,334,131 | 3,366,165,790 | 2,891,481,658 |
Profit After Tax | 2,532,654,301 | 2,558,971,263 | 2,226,695,124 |
* Beximco Pharmaceuticals Ltd (Consolidated) includes Nuvista Pharma Ltd following completion of the acquisition on 2 April 2018
** Full audited financial statements will be uploaded to the Company website today (www.beximcopharma.com)
Corporate
· Completed 46 registrations of 38 products in 22 countries
· Launched 16 products in the domestic market, five of which were launched for the first time in Bangladesh
· Became the first Bangladeshi pharmaceutical company to commence export of pharmaceutical products to Canada
· Commenced export of second (Sotalol Hydrochloride) and third (Methocarbamol) products to the US
· Entered three new countries in EMEA - Botswana, Zambia and Uzbekistan
· Completed the acquisition of a majority stake (85.22%) in Nuvista Pharma Limited
· Oral solid dosage facility received prequalification status from the World Health Organization
Post period-end
· Launched fourth product, Metformin Hydrochloride, an anti-diabetic, extended release drug to the US
· Received US Food and Drug Administration approval for Nadolol tablets to treat high blood pressure and angina
Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:
"We continued to deliver strong results during the year, achieving sales growth of 12.5% in our domestic market and impressive export sales growth of 37%. We also continued to expand our portfolio with 16 product launches in the domestic market, whilst strengthening our presence internationally with the launch of our second and third products in the US and entering the Canadian market for the first time. To meet this strong demand, our expansion programme remains on track, and importantly, our oral solid dosage facility received WHO prequalification, which is a prerequisite to participate in tenders funded by global donor agencies for certain groups of medicines.
"In addition, we completed the acquisition of Nuvista Pharma, a leading manufacturer of hormones and steroids in Bangladesh. This important strategic initiative marks the first acquisition in our company history. We are pleased with the integration of Nuvista after completing the acquisition in April 2018 and look forward to leveraging the unique capabilities of Nuvista in our business going forward. We believe our strategic focus of expanding manufacturing capacity and strengthening our presence in key emerging and developed markets will continue to drive sustainable growth."
(Exchange rates of £1 = Taka 105.14 for 2016-17 numbers and £1 = Taka 110.54 for 2017-18 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)
Vadim Alexandre / Dugald J. Carlean
Tel: +44 (0)20 3861 6627
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 4,200 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 and its Subsidiary
Consolidated Statement of Financial Position
As at June 30, 2018
Amount in Taka | |
ASSETS | |
Non-Current Assets | 32,394,686,712 |
Property, Plant and Equipment-Carrying Value | 30,524,692,707 |
Intangible Assets | 1,280,695,416 |
Goodwill | 546,691,213 |
Investment in Shares | 36,507,658 |
Other Non-Current Assets | 6,099,718 |
Current Assets | 11,344,199,700 |
Inventories | 5,058,847,681 |
Spares & Supplies | 663,911,096 |
Accounts Receivable | 2,761,509,393 |
Loans, Advances and Deposits | 2,094,229,902 |
Advance Income Tax | 32,568,508 |
Short Term Investment | 339,397,174 |
Cash and Cash Equivalents | 393,735,946 |
TOTAL ASSETS | 43,738,886,412 |
SHAREHOLDERS' EQUITY AND LIABILITIES | |
Equity Attributable to the Owners of the Company | 27,081,962,616 |
Issued Share Capital | 4,055,564,450 |
Share Premium | 5,269,474,690 |
Excess of Issue Price over Face Value of GDRs | 1,689,636,958 |
Capital Reserve on Merger | 294,950,950 |
Revaluation Surplus | 1,159,277,845 |
Unrealized Gain / (Loss) | 4,356,762 |
Retained Earnings | 14,608,700,961 |
Non-Controlling Interest | 269,874,176 |
TOTAL EQUITY | 27,351,836,792 |
Non-Current Liabilities | 7,368,863,860 |
Long Term Borrowings-Net of Current Maturity | 4,017,425,267 |
Liability for Gratuity and WPPF & Welfare Funds | 1,324,166,498 |
Deferred Tax Liability | 2,027,272,095 |
Current Liabilities and Provisions | 9,018,185,760 |
Short Term Borrowings | 5,600,826,635 |
Long Term Borrowings-Current Maturity | 1,568,989,745 |
Creditors and Other Payables | 991,712,907 |
Accrued Expenses | 418,476,895 |
Dividend Payable | 4,763,126 |
Income Tax Payable | 433,416,452 |
TOTAL EQUITY AND LIABILITIES | 43,738,886,412 |
Beximco Pharmaceuticals Limited and its Subsidiary
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the Year ended June 30, 2018
Amount in Taka | |
Net Revenue | 17,716,716,855 |
Cost of Goods Sold | (9,430,737,431) |
Gross Profit | 8,285,979,424 |
Operating Expenses | (4,259,811,440) |
Administrative Expenses | (618,675,127) |
Selling, Marketing and Distribution Expenses | (3,641,136,313) |
Profit from Operations | 4,026,167,984 |
Other Income | 43,757,880 |
Finance Cost | (540,283,443) |
Profit Before Contribution to WPPF & Welfare Funds | 3,529,642,421 |
Contribution to WPPF & Welfare Funds | (168,308,290) |
Profit Before Tax | 3,361,334,131 |
Income Tax Expenses | (828,679,830) |
Current Tax | (792,620,241) |
Deferred Tax | (36,059,589) |
Profit after Tax | 2,532,654,301 |
Profit/(Loss) Attributable to: | |
Owners of the Company | 2,536,543,948 |
Non-controlling interest | (3,889,647) |
2,532,654,301 | |
Other Comprehensive Income - Unrealized Gain / (Loss) | 481,697 |
Total Comprehensive Income for the Year | 2,533,135,998 |
Total Comprehensive Income Attributable to: | |
Owners of the Company | 2,537,025,645 |
Non-controlling interest | (3,889,647) |
2,533,135,998 | |
Earnings Per Share (EPS) | 6.25 |
Beximco Pharmaceuticals Limited and its Subsidiary
Consolidated Statement of Changes in Equity
For the Year ended June 30, 2018
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 | Equity attributable to the Owners of the Company | Non-Controlling Interest | Total Equity | |
Balance as on July 01, 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 | - | 25,072,425,900 |
Acquisition of Subsidiary | - | - | - | - | - | - | - | - | 273,763,823 | 273,763,823 |
Total Comprehensive Income: | ||||||||||
Profit/(Loss) for the Year | - | - | - | - | - | - | 2,536,543,948 | 2,536,543,948 | (3,889,647) | 2,532,654,301 |
Other Comprehensive Income/(Loss) | - | - | - | - | - | 481,697 | - | 481,697 | - | 481,697 |
Transactions with the Shareholders: | ||||||||||
Cash Dividend | - | - | - | - | - | - | (506,945,556) | (506,945,556) | - | (506,945,556) |
Adjustment for Depreciation on Revalued Assets | - | - | - | - | (10,382,600) | - | 10,382,600 | - | - | - |
Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | (20,543,373) | - | - | (20,543,373) | - | (20,543,373) |
Balance as on June 30, 2018 | 4,055,564,450 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,159,277,845 | 4,356,762 | 14,608,700,961 | 27,081,962,616 | 269,874,176 | 27,351,836,792 |
Net Asset Value (NAV) Per Share
|
66.78 |
| ||||||||
Beximco Pharmaceuticals Limited and its Subsidiary
Consolidated Statement of Cash Flows
For the Year ended June 30, 2018
Amount in Taka | |
Cash Flows from Operating Activities: | |
Receipts from Customers and Others | 17,195,399,333 |
Payments to Suppliers and Employees | (14,113,012,465) |
Cash Generated from Operations | 3,082,386,868 |
Interest Paid | (536,570,775) |
Interest Received | 54,928,425 |
Income Tax Paid | (781,630,595) |
Net Cash Generated from Operating Activities | 1,819,113,923 |
Cash Flows from Investing Activities: | |
Acquisition of Property, Plant and Equipment | (4,951,352,340) |
Intangible Assets | (106,921,036) |
Acquisition of Subsidiary | (2,125,186,000) |
Disposal of Property, Plant and Equipment | 14,114,722 |
Dividend Received | 1,504,092 |
Decrease in Short Term Investment | 547,179,732 |
Net Cash Used in Investing Activities | (6,620,660,830) |
Cash Flows from Financing Activities: | |
Net Increase in Long Term Borrowings | 1,859,021,877 |
Net Increase in Short Term Borrowings | 3,546,896,539 |
Dividend Paid | (502,757,959) |
Net Cash Generated from Financing Activities | 4,903,160,457 |
Increase in Cash and Cash Equivalents | 101,613,550 |
Cash and Cash Equivalents at Beginning of Year | 292,122,396 |
Cash and Cash Equivalents at End of Year | 393,735,946 |
Net Operating Cash Flow Per Share | 4.49 |