TIDMBXP
RNS Number : 5442G
Beximco Pharmaceuticals Ltd
07 November 2018
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 (GBP160.27
million), registering year-on-year growth of 14.2% (2016-17: BDT
15,508.8 million (GBP147.51 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
(GBP30.41 million), (2016-17: BDT 2,891.5 million, GBP27.50
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 Beximco Pharmaceuticals Beximco Pharmaceuticals
Ltd (Consolidated) Ltd Ltd
30 June 2018 30 June 2018 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 GBP1 = Taka 105.14 for 2016-17 numbers and
GBP1 = 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
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Excess of Equity
Issue Price Capital Unrealized attributable
over Face Reserve on Revaluation Gain / Retained to the Owners Non-Controlling
Share Capital Share Premium Value of GDRs Merger Surplus (Loss) Earnings of the Company 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
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END
FR UGGMUGUPRGMQ
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