Last checked at 1 Nov 2023 07:00
1 November 2023
This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended. On publication of this announcement via a regulatory information service, this information is considered to be in the public domain.
BEXIMCO PHARMACEUTICALS LIMITED.
Results for the year ended 30 June 2023
Beximco Pharmaceuticals Limited ("Beximco Pharma", "BPL" or "the 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 year ended 30 June 2023.
Financial Highlights (consolidated)
· Net sales increased 13.3% to Bangladesh Taka ("BDT") 39,266.7m / £288.6m (2021-22: BDT 34,669.2m / £309.7m). The decline in revenue when translated to British Pounds reflects the significant local currency depreciation over the period
o Domestic sales increased 14.1% to BDT 36,503m/ £268.3m (2021-22: BDT 31,984.1m / £285. 8m)
o Export sales increased 2.9% to BDT 2,763.2m / £20.3m (2021-22: BDT 2,685.1m / £24.0m)
· Profit after tax decreased 9.5% to BDT 4,524.5m / £33.3m (2021-22: BDT 4,998.6m / £44.7m)
· EPS for the year amounted to BDT 10.34 (2021-22:BDT 11.48)
· Recommended 35% cash dividend (BDT 3.5 per share)
· Absence of non-recurring vaccine distribution fee income in the reporting period and rising costs driven by significant depreciation of domestic currency and high inflation impacted profit despite growth in revenue
Operational Highlights - Continued focus on execution; enhanced portfolio for domestic and global export markets
· Launched 14 new generics in 23 different presentations in Bangladesh, including Mulina (Lefamulin) an anti-infective drug for the first time
· Completed 33 new registrations of 19 generics (23 Presentations) in 17 other countries worldwide
· Received three product approvals from the US FDA
o Eletriptan (an antimigraine drug), Oxybutynin (an anticholinergic drug), and Nebivolol (a cardiovascular drug)
· Obtained approvals from the Therapeutic Goods Administration in Australia for three products
o Bromhexine tablet (a mucolytic), Doxylamine Succinate tablet (an antihistamine), and Ibuprofen tablet (a non-steroidal anti-inflammatory drug)
· Secured Health Canada approval for Ketorolac tablet, a drug used for pain management
· Earned the National Export Trophy (Gold) for a record seventh time
· Won the Global Generics & Biosimilars (GGB) Awards 2022 in the category 'Acquisition of the Year'
Post Period Highlights
· Launched 15 new generics (22 presentations) in the domestic market in the first quarter, of which 10 were for the first time in Bangladesh
· Won National Export Trophy (Gold) for the eighth time
· Nominated for the Global Generics & Biosimilars Awards 2023 as finalist in the category of "Company of the year, Asia Pacific."
Beximco Pharma Managing Director Nazmul Hassan MP commented:
"We have once again been able to deliver significant revenue growth for the financial year, which is a testament to the underlying strength of the business. Our continued focus on operational delivery meant that, over the period, we were able to launch a range of new products, attain notable regulatory approvals in key markets and continue to deliver high-quality, affordable medicines to patients around the world. However, macroeconomic factors resulting in double digit currency depreciation and inflationary pressures across our supply chain impacted our bottom line performance. As we begin the current financial year amidst these headwinds, we continually focus on strategies to address the challenges and deliver results for our shareholders."
Exchange rates of £1 = Taka 111.93 for 2021-22 numbers and £1 = Taka 136.05 for 2022-23 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 2 586/11001, Ext.20080
S M Rabbur Reza, Chief Operating Officer
Tel: +880 2 58611001, Ext.20111
Mohammad Ali Nawaz, Chief Financial Officer
Tel: +880 2 58611001, Ext.20030
SPARK Advisory Partners Limited (Nominated Adviser)
Mark Brady / Andrew Emmott
Tel: +44 (0) 20 3368 3551 / 3555
SP Angel Corporate Finance LLP (Broker)
Matthew Johnson
Tel: +44 (0) 20 3470 0470
FTI Consulting
Simon Conway / Victoria Foster Mitchell
Tel: +44 (0) 20 3727 1000
Notes to Editors
About Beximco Pharmaceuticals Limited
Beximco Pharma is a leading manufacturer and exporter of medicines based in Bangladesh. Since its inception in 1976, the Company remains committed to health and wellbeing of people across all the continents by providing access to contemporary medicines. Company's broad portfolio of generics encompasses diverse delivery systems such as tablets, capsules, liquids, semi-solids, intravenous fluids, metered dose inhalers, dry powder inhalers, sterile ophthalmic drops, insulins, prefilled syringes, injectables, nebuliser solutions, oral soluble films etc. The Company also undertakes contract manufacturing for multinational and leading global generic pharmaceutical companies.
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 and it has a geographic footprint in more than 50 countries. More than 5,500 employees are driving the company towards achieving its aspiration to be among the most admired companies in the world.
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Financial Position
As at June 30, 2023
Amount in Taka | |||
June 30, 2023 |
| June 30, 2022 | |
ASSETS | |||
Non-Current Assets | 48,280,929,007 |
| 47,728,777,460 |
Property, Plant and Equipment- Carrying Value | 42,245,615,338 | 41,593,480,364 | |
Right-of-use Assets | 562,223,398 | 618,891,376 | |
Intangible Assets | 4,721,034,633 | 4,729,838,408 | |
Deferred Tax Asset | 56,512,081 | 88,640,228 | |
Goodwill | 674,570,185 | 674,570,185 | |
Other Investments | 20,973,372 | 23,356,899 | |
Current Assets | 20,875,854,240 |
|
18,419,258,282 |
Inventories | 12,133,277,975 | 10,405,295,079 | |
Spares & Supplies | 819,740,355 | 718,797,256 | |
Accounts Receivable | 3,574,654,461 | 3,142,817,194 | |
Loans, Advances and Deposits | 2,984,876,883 | 2,787,039,904 | |
Advance Income Tax | 227,618,388 | 196,635,028 | |
Cash and Cash Equivalents | 1,135,686,178 | 1,168,673,821 | |
TOTAL ASSETS | 69,156,783,247 |
| 66,148,035,742 |
| |||
EQUITY AND LIABILITIES | |||
Equity Attributable to the Owners of the Company | 43,680,703,738 |
| 40,600,497,817 |
Issued Share Capital | 4,461,120,890 | 4,461,120,890 | |
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 | 1,141,177,755 | 1,116,896,688 | |
Unrealized Gain/(Loss) | 18,148,196 | 20,531,723 | |
Retained Earnings | 30,806,194,299 | 27,747,885,918 | |
Non-Controlling Interest | 3,938,962,240 |
|
4,035,506,641 |
TOTAL EQUITY | 47,619,665,978 |
| 44,636,004,458 |
Non-Current Liabilities | 8,272,093,233 |
| 8,776,099,208 |
Long Term Borrowings-Net of Current Maturity | 2,550,833,254 | 3,454,188,843 | |
Liability for Gratuity, Pension and WPPF & Welfare Funds | 3,170,764,435 | 2,785,072,661 | |
Deferred Tax Liability | 2,550,495,544 | 2,536,837,704 | |
Current Liabilities and Provisions | 13,265,024,036 |
|
12,735,932,076 |
Short Term Borrowings | 6,621,170,271 | 6,850,550,319 | |
Long Term Borrowings-Current Maturity | 1,439,895,168 | 2,065,962,471 | |
Creditors and Other Payables | 3,531,707,176 | 2,478,930,393 | |
Accrued Expenses | 1,129,699,385 | 1,152,990,410 | |
Dividend Payable / Unclaimed Dividend | 88,465,109 | 88,049,428 | |
Income Tax Payable | 454,086,927 | 99,449,055 | |
TOTAL EQUITY AND LIABILITIES | 69,156,783,247 |
| 66,148,035,742 |
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the Year ended June 30, 2023
|
| Amount in Taka | |
| July 2022- June 2023 |
| July 2021- June 2022 |
|
|
|
|
Net Revenue | 39,266,662,237 |
| 34,669,172,052 |
Cost of Goods Sold | (21,953,290,466) | (18,848,962,107) | |
Gross Profit | 17,313,371,771 |
| 15,820,209,945 |
|
|
|
|
Operating Expenses | (10,097,131,808) |
| (8,938,466,002) |
Administrative Expenses | (1,180,124,415) | (1,136,591,808) | |
Selling, Marketing and Distribution Expenses | (8,917,007,393) | (7,801,874,194) | |
Profit from Operations | 7,216,239,963 |
| 6,881,743,943 |
Other Income | 452,657,744 | 1,166,259,166 | |
Finance Cost | (1,285,698,253) | (1,001,835,523) | |
Profit Before Contribution to WPPF & Welfare Funds | 6,383,199,454 |
| 7,046,167,586 |
Contribution to WPPF & Welfare Funds | (314,430,512) | (359,222,585) | |
Profit Before Tax | 6,068,768,942 |
| 6,686,945,001 |
Income Tax Expenses | (1,544,300,452) |
| (1,688,316,804) |
Current Tax | (1,468,598,852) | (1,191,180,488) | |
Deferred Tax Income/ (Expense) | (75,701,600) | (497,136,316) | |
Profit After Tax | 4,524,468,490 |
| 4,998,628,197 |
Profit/(Loss) Attributable to: | |||
Owners of the Company | 4,614,066,147 | 5,123,136,712 | |
Non-Controlling Interest | (89,597,657) | (124,508,515) | |
4,524,468,490 |
| 4,998,628,197 | |
Other Comprehensive Income/(Loss) | (2,383,527) | 6,764,517 | |
Total Comprehensive Income | 4,522,084,963 |
| 5,005,392,714 |
Total Comprehensive Income Attributable to: |
|
|
|
Owners of the Company | 4,611,682,620 | 5,129,901,229 | |
Non-Controlling Interest | (89,597,657) | (124,508,515) | |
4,522,084,963 |
| 5,005,392,714 | |
Earnings Per Share (EPS) | 10.34 |
|
11.48 |
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Changes in Equity
For the Year Ended June 30, 2023
As at June 30, 2023 | ||||||||||||
| 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 Owners of the Company | Non- Controlling Interests | Total Equity | ||
Balance as on July 01, 2022 | 4,461,120,890 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,116,896,688 | 20,531,723 | 27,747,885,918 | 40,600,497,817 | 4,035,506,641 | 44,636,004,458 | ||
Total Comprehensive Income: | ||||||||||||
Profit for the Year | - | - | - | - | - | - | 4,614,066,147 | 4,614,066,147 | (89,597,657) | 4,524,468,490 | ||
Other Comprehensive Income/(Loss) | - | - | - | - | - | (2,383,527) | - | (2,383,527) | - | (2,383,527) | ||
Transfer from deferred tax | - | - | - | - | 28,647,841 | - | - | 28,647,841 | - | 28,647,841 | ||
Transactions with the Shareholders: | ||||||||||||
Cash Dividend | - | - | - | - | - | - | (1,561,392,312) | (1,561,392,312) | (6,946,744) | (1,568,339,056) | ||
Adjustment for Depreciation on Revalued Assets | - | - | - | - | (5,634,546) | - | 5,634,546 | - | - | - | ||
Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | 1,267,772 | - | - | 1,267,772 | - | 1,267,772 | ||
Balance as on June 30, 2023 | 4,461,120,890 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,141,177,755 | 18,148,196 | 30,806,194,299 | 43,680,703,738 | 3,938,962,240 | 47,619,665,978 | ||
Number of Shares Net Asset Value (NAV) Per Share |
Tk. |
446,112,089 97.91 | ||||||||||
As at June 30, 2022 | ||||||||||
| 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 Owners of the Company | Non- Controlling Interests | Total Equity |
Balance as on July 01, 2021 | 4,461,120,890 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,121,824,646 | 13,767,206 | 24,179,782,862 | 37,030,558,202 | 334,306,627 | 37,364,864,829 |
NCI at the date of acquisition-SPP | - | - | - | - | - | - | - | - | 3,857,134,718 | 3,857,134,718 |
Total Comprehensive Income: | ||||||||||
Profit for the Year | - | - | - | - | - | - | 5,123,136,712 | 5,123,136,712 | (124,508,515) | 4,998,628,197 |
Other Comprehensive Income/(Loss) | - | - | - | - | - | 6,764,517 | - | 6,764,517 | - | 6,764,517 |
Transactions with the Shareholders: | ||||||||||
Cash Dividend | - | - | - | - | - | - | (1,561,392,312) | (1,561,392,312) | (31,426,189) | (1,592,818,501) |
Adjustment for Depreciation on Revalued Assets | - | - | - | - | (6,358,656) | - | 6,358,656 | - | - | - |
Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | 1,430,698 | - | - | 1,430,698 | - | 1,430,698 |
Balance as on June 30, 2022 | 4,461,120,890 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,116,896,688 | 20,531,723 | 27,747,885,918 | 40,600,497,817 | 4,035,506,641 | 44,636,004,458 |
Number of Shares Net Asset Value (NAV) Per Share |
|
|
|
|
Tk. |
446,112,089 91.01 |
|
| ||
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Cash Flows
For the Year ended June 30, 2023
|
|
| Amount in Taka |
| July 2022-June 2023 |
| July 2021- June 2022 |
Cash Flows from Operating Activities: | |||
Receipts from Customers and Others | 39,440,236,428 | 36,145,521,249 | |
Payments to Suppliers and Employees | (30,943,666,211) | (28,584,815,294) | |
Cash Generated from Operations | 8,496,570,217 |
| 7,560,705,955 |
Interest Paid | (1,272,368,534) | (1,002,350,838) | |
Interest Received | 5,529,516 | 3,055,358 | |
Income Tax Paid | (1,144,944,341) | (1,347,234,025) | |
Net Cash Generated from Operating Activities | 6,084,786,858 |
| 5,214,176,450 |
Cash Flows from Investing Activities: | |||
Acquisition of Property, Plant and Equipment | (2,410,765,411) | (2,815,211,828) | |
Intangible Assets | (299,262,244) | (124,286,166) | |
Investment in Subsidiary | - | (4,766,635,704) | |
Disposal of Property, Plant and Equipment | 23,353,504 | 24,063,832 | |
Disposal of Intangible Assets | 67,725,000 | - | |
Dividend Received | 1,931,517 | 2,015,444 | |
Net Cash Used in Investing Activities | (2,617,017,634) |
| (7,680,054,422) |
Cash Flows from Financing Activities: | |||
Net Increase /(Decrease) in Long Term Borrowings | (1,763,267,386) | 2,730,647,211 | |
Net Increase/(Decrease) in Short Term Borrowings | (229,380,048) | 1,507,676,748 | |
Dividend Paid | (1,567,923,375) | (1,623,098,759) | |
Net Cash (Used in) / from Financing Activities | (3,560,570,809) |
| 2,615,225,200 |
Increase/(Decrease) in Cash and Cash Equivalents | (92,801,585) |
| 149,347,228 |
Cash and Cash Equivalents at Beginning of Year | 1,168,673,821 | 973,963,625 | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 59,813,942 | 45,362,968 | |
Cash and Cash Equivalents at End of Year | 1,135,686,178 | 1,168,673,821 | |
Net Operating Cash Flows Per Share | 13.64 |
| 11.69 |