Last checked at 20 Oct 2016 07:00
BEXIMCO PHARMACEUTICALS LTD.
20th October, 2016
Results for the 18 month period ended 30 June, 2016
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 18 month period ended 30 June, 2016.
Highlights:
Corporate
January-December 2015
· 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 approval 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
January-June 2016
· Became the first Bangladeshi pharmaceutical company to commence medicine export to Taiwan and Kuwait
· Received regulatory approval from Direction De La Pharmacie du Médicament of the Ivory Coast
· Entered five new markets: Taiwan, Guatemala, Peru, Gabon and Kuwait
o Registration of 83 new products (61 generics) completed in 21 countries
· Launched nine new products in domestic market
· Awarded the National Export (Gold) Trophy for a record fifth time
Financial
January-December 2015
· 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
January-June 2016
· Net sales grew by 13.1% to BDT 7,069.0 million (£69.6 million) (H1 2015: BDT 6,249.2 million / £51.1 million)
o Export sales grew by 5.3% and domestic market sales increased by 13.6% over H1 2015
· Profit before tax stood at BDT 1,320.7 million (£13 million) and posting a growth of 20.8% over prior period (H1 2015: BDT 1,093.6 million / £8.9 million)
· EPS for the period amounted to BDT 2.57
Dividend
· Declared 5% final cash dividend (Taka 0.50 per share), in addition to 10% interim cash and 5% stock dividend, recommended by the Board of Directors of the Company on 20 April, 2016
· With 10% interim cash dividend already paid, the cumulative dividend for the period amounts to 15% cash and 5% stock
Post Period-end
· Became the first Bangladeshi pharmaceutical company to commence export of pharmaceutical products to the US
o Exported Carvedilol, a prescription drug for treating hypertension
· Completed first product registration in Canada
o Another first for a Bangladeshi pharmaceutical company
· Commenced export to Zimbabwe
· Successful regulatory audit by the Nigerian regulatory authority (NAFDAC)
· Two ophthalmic products registered in Australia
Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:
"The past 18 month period has been remarkable for Beximco Pharma. In addition to reporting excellent sales growth in both our domestic and export markets, we achieved a major milestone by becoming the first Bangladeshi pharmaceutical company to be approved by the US FDA. We subsequently received approval to manufacture Carvedilol, a prescription drug for treating hypertension, for the US. Export of Carvedilol was commenced in August 2016. We have a clear growth strategy to bring high quality, differentiated products to emerging and developed markets to create value for all our customers and shareholders and I firmly believe our commitment to quality and focus on people, product and process will propel us forward on our journey."
Audited financial reports are available from the Company's website: www.beximcopharma.com.
(Exchange rates of £1 = Taka 121.45 for 2014 numbers, £1 = Taka 115.81 for 2015 numbers and £1 = Taka 101.59 for 2016 numbers have been used in this announcement).
For further information please visit www.beximcopharma.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 over 3,500 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.
Beximco Pharmaceuticals Limited
Statement of Financial Position
As at June 30, 2016
Amount in Taka | |||
June 30, 2016 | December 31, 2014 | ||
ASSETS | |||
Non-Current Assets | 22,620,900,165 | 20,634,246,854 | |
Property, Plant and Equipment-Carrying Value | 22,235,892,802 | 20,393,278,737 | |
Intangible Assets | 380,260,529 | 235,208,190 | |
Investment in Shares | 4,746,834 | 5,759,927 | |
Current Assets | 8,528,007,810 | 8,366,279,107 | |
Inventories | 2,770,331,675 | 2,493,657,338 | |
Spares & Supplies | 614,606,112 | 554,183,898 | |
Accounts Receivable | 1,680,606,796 | 1,397,498,648 | |
Loans, Advances and Deposits | 1,802,304,185 | 1,223,673,153 | |
Short Term Investment | 1,439,037,813 | 2,475,026,831 | |
Cash and Cash Equivalents | 221,121,229 | 222,239,239 | |
TOTAL ASSETS | 31,148,907,975 | 29,000,525,961 | |
EQUITY AND LIABILITIES | |||
Shareholders' Equity | 23,059,412,409 | 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 | 1,225,100,042 | 1,299,220,315 | |
Fair Value Gain on Investment | 1,295,558 | 2,308,651 | |
Retained Earnings | 10,716,511,871 | 8,686,077,241 | |
Non-Current Liabilities | 5,106,928,058 | 3,372,593,206 | |
Long Term Borrowings-Net off Current Maturity (Secured) | 2,366,006,599 | 901,709,327 | |
Liability for Gratuity and WPPF & Welfare Funds | 984,198,459 | 741,522,518 | |
Deferred Tax Liability | 1,756,723,000 | 1,729,361,361 | |
Current Liabilities and Provisions | 2,982,567,508 | 4,707,747,430 | |
Short Term Borrowings (Secured) | 1,109,644,270 | 3,153,121,293 | |
Long Term Borrowings-Current Maturity (Secured) | 920,388,531 | 663,838,072 | |
Creditors and Other Payables | 453,828,612 | 357,710,839 | |
Accrued Expenses | 151,086,775 | 164,283,115 | |
Dividend Payable | 385,507 | 454,720 | |
Income Tax Payable | 347,233,813 | 368,339,391 | |
TOTAL EQUITY AND LIABILITIES | 31,148,907,975 | 29,000,525,961 |
Beximco Pharmaceuticals Limited
Statement of Profit or Loss and Other Comprehensive Income
For 18 Months Period ended 30th June 2016
Amount in Taka | |||||||
January 2015 - June 2016 (18 months) | January - June 2016 (6 months) | January - December 2015 (12 months) | January - December 2014 (12 months) | ||||
Net Sales Revenue | 20,034,502,592 | 7,068,995,719 | 12,965,506,873 | 11,206,885,677 | |||
Cost of Goods Sold | (10,800,317,358) | (3,835,149,654) | (6,965,167,704) | (6,102,694,323) | |||
Gross Profit | 9,234,185,234 | 3,233,846,065 | 6,000,339,169 | 5,104,191,354 | |||
Operating Expenses | (4,775,931,931) | (1,626,871,236) | (3,149,060,695) | (2,686,014,518) | |||
Administrative Expenses | (689,337,921) | (240,980,804) | (448,357,117) | (398,762,237) | |||
Selling, Marketing and Distribution Expenses | (4,086,594,010) | (1,385,890,432) | (2,700,703,578) | (2,287,252,281) | |||
Profit from Operations | 4,458,253,303 | 1,606,974,829 | 2,851,278,474 | 2,418,176,836 | |||
Other Income | 412,658,923 | 100,980,597 | 311,678,326 | 521,171,647 | |||
Finance Cost | (1,030,182,401) | (321,212,167) | (708,970,234) | (724,314,963) | |||
Profit Before Contribution to WPPF & Welfare Funds | 3,840,729,825 | 1,386,743,259 | 2,453,986,566 | 2,215,033,520 | |||
Contribution to WPPF & Welfare Funds | (182,891,896) | (66,035,393) | (116,856,503) | (105,477,787) | |||
Profit Before Tax | 3,657,837,929 | 1,320,707,866 | 2,337,130,063 | 2,109,555,733 | |||
Income Tax Expenses | (709,784,075) | (326,938,528) | (382,845,547) | (581,258,160) | |||
Current Tax | (736,140,227) | (310,173,315) | (425,966,912) | (436,782,844) | |||
Deferred Tax Income / (Expense) | 26,356,152 | (16,765,213) | 43,121,365 | (144,475,316) | |||
Profit after Tax for the Period | 2,948,053,854 | 993,769,338 | 1,954,284,516 | 1,528,297,573 | |||
Other Comprehensive Income - Fair Value Gain / (Loss) on Investment in Listed Shares | (1,013,093) | (661,955) | (351,138) | 967,032 | |||
Total Comprehensive Income for the Period | 2,947,040,761 | 993,107,383 | 1,953,933,378 | 1,529,264,605 | |||
Earnings Per Share (EPS) / Adjusted EPS | 7.63 | 2.57 | 5.06 | 3.96 | |||
Number of Shares used to compute EPS | 386,244,234 | 386,244,234 | 386,244,234 | 386,244,234 |
Beximco Pharmaceuticals Limited
Statement of Changes in Equity
For 18 Months Period ended January 1, 2015 - June 30, 2016
Amount in Taka | ||||||||
Share Capital | Share Premium | Excess of Issue Price over Face Value of GDRs | Capital Reserve on Merger | Revaluation Surplus | Fair Value Gain on Investment | Retained Earnings | Total | |
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- 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 | |||||||
For the Year ended January - 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 the period: | ||||||||
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 18 Months Period ended 30th June 2016
Amount in Taka | |||
January 2015 - June 2016 (18 months) | January - December 2014 (12 months) | ||
Cash Flows from Operating Activities: | |||
Receipts from Customers and Others | 19,756,621,890 | 11,085,037,894 | |
Payments to Suppliers and Employees | (15,204,763,705) | (8,240,584,352) | |
Cash Generated from Operations | 4,551,858,185 | 2,844,453,542 | |
Interest Paid | (1,030,182,401) | (724,314,963) | |
Interest Received | 404,847,333 | 489,970,647 | |
Income Tax Paid | (757,245,805) | (394,128,824) | |
Net Cash Generated from Operating Activities | 3,169,277,312 | 2,215,980,402 | |
Cash Flows from Investing Activities: | |||
Acquisition of Property, Plant and Equipment | (2,975,250,144) | (2,778,797,453) | |
Intangible Assets | (165,351,713) | (56,321,506) | |
Disposal of Property, Plant and Equipment | 9,583,953 | 7,615,792 | |
Dividend Received | 1,427,955 | 1,427,955 | |
Decrease in Short Term Investment | 1,035,989,018 | 551,356,330 | |
Net Cash Used in Investing Activities | (2,093,600,931) | (2,274,718,882) | |
Cash Flows from Financing Activities: | |||
Net Increase /(Decrease) in Long Term Borrowings | 55,519,429 | (340,756,861) | |
Net Increase/(Decrease) in Short Term Borrowings | (378,148,721) | 376,855,168 | |
Dividend Paid | (754,165,099) | (350,853,554) | |
Net Cash Generated from Financing Activities | (1,076,794,391) | (314,755,247) | |
Increase/(Decrease) in Cash and Cash Equivalents | (1,118,010) | (373,493,727) | |
Cash and Cash Equivalents at Beginning of Period | 222,239,239 | 595,732,966 | |
Cash and Cash Equivalents at End of Period | 221,121,229 | 222,239,239 | |
Net Operating Cash Flow Per Share | 8.21 | 6.02 | |
Number of Shares used to compute Net Operating Cash Flow Per Share | 386,244,234 | 367,851,652 |