TIDMBXP
RNS Number : 9344R
Beximco Pharmaceuticals Ltd
01 November 2023
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 / GBP288.6m (2021-22: BDT 34,669.2m / GBP309.7m). 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/ GBP268.3m
(2021-22: BDT 31,984.1m / GBP285. 8m)
o Export sales increased 2.9% to BDT 2,763.2m / GBP20.3m
(2021-22: BDT 2,685.1m / GBP24.0m)
-- Profit after tax decreased 9.5% to BDT 4,524.5m / GBP33.3m
(2021-22: BDT 4,998.6m / GBP44.7m)
-- 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 GBP1 = Taka 111.93 for 2021-22 numbers and
GBP1 = 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, June 30,
2023 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- July 2021-
June 2023 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 Share Excess Capital Revaluation Unrealized Retained Equity Non- Total
Capital Premium of Issue Reserve Surplus Gain/ Earnings attributable Controlling Equity
Price on Merger (Loss) to Owners Interests
over of the
Face Company
Value
of GDRs
------------- ------------- ------------- ------------- --------------- ----------- ------------------------ --------------- ------------- ---------------
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 446,112,089
Net Asset Value (NAV)
Per Share Tk. 97.91
-------------------------------------------- --------------------- ------------- -------------------- ------------------------ --------------- ------------- ---------------
As at June 30, 2022
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Share Share Excess Capital Revaluation Unrealized Retained Equity Non- Total
Capital Premium of Issue Reserve Surplus Gain/ Earnings attributable Controlling Equity
Price on (Loss) to Owners Interests
over Merger of the
Face Company
Value
of GDRs
------------- ------------- ------------- ----------- ------------- ---------- --------------- --------------- ------------- ---------------
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 446,112,089
Net Asset Value (NAV)
Per Share Tk. 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 July 2021-
2023 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
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