11 November 2019
BEXIMCO PHARMACEUTICALS LTD.
Results for the twelve month period ended 30 June 2019
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 twelve month period ended 30 June 2019.
Highlights:
Financial - continued delivery of strong double-digit growth
· Net sales increased 28.8% to Bangladesh Taka ("BDT") 22,816.6m / £212.7m (2017-18: BDT 17,716.7m / £160.3m)
o Domestic sales increased 25.1% to BDT 20,314.0m / £189.4m (2017-18: 16,239.7m / £146.9m)
o Export sales increased 69.4% to BDT 2,502.6m / £23.3m (2017-18: BDT 1,477.0m / £13.4m)
· Profit after tax increased 20.0% to BDT 3,040.4m / £28.4m (2017-18: BDT 2,532.7m / £22.9m)
· EPS for the year amounted to BDT 7.48
· Recommended 15% cash dividend (BDT 1.50 per share)
Operational - continued portfolio expansion and strengthening of international presence
· Launched a total of 20 new products, including:
o Recombinant human insulin (Gensulin), together with the insulin pen (Gensupen), in collaboration with Polish biotech company, Bioton S.A.
o Four products from subsidiary, Nuvista Pharma, in the domestic market
· Completed 77 registrations for 50 products in 23 countries
· US
o Acquired eight ANDAs from Sandoz Inc. for the US market
o Received US Food and Drug Administration (FDA) approval for two cardiovascular drugs (Nadolol and Sotalol AF) and an anti-allergy drug (Cyproheptadine)
o Launched Metformin Hydrochloride (500mg and 750mg), an anti-diabetic, extended release drug in the US market
· Europe and RoW
o Successfully completed EU GMP audits by German and Malta Regulatory authorities
o Commenced export to the UAE
· Received WHO Prequalification for Lamivudine 300 mg tablet, an antiviral product
· Received approval from the National Board of Revenue, Bangladesh as Authorised Economic Operator (AEO), a privilege given to selected companies for fast custom clearance in import and export
· Won the Scrip Award for "Community Partnership of the Year", which recognises pharma and biotech companies for the way in which they contribute to the wider community
Post period-end - continued focus on product mix and recognition of high-quality, patient-centric approach
· Launched Maxhaler mDPI for the first time in Bangladesh, which is the generic version of GSK's Seretide Accuhaler
· Launched fifth product, Nadolol, a cardiovascular drug, in the US market
· Won Bangladesh's "National productivity and quality excellence award 2018", a recognition of outstanding contribution in increasing productivity and excellence in product quality
· Received "Global Generics & Biosimilars Awards 2019" in the category of Company of the Year, Asia Pacific, which recognises the efforts made by global generics and biosimilars sectors, to make affordable medicines available to more patients across the globe
Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:
"I am very pleased with the strong financial and operational performance of the Company during the year. Our impressive organic revenue growth was supplemented by revenues from Nuvista Pharma, which we acquired in April 2018. Our continued focus on product mix, especially our rapidly growing portfolio across cardiovascular, respiratory and diabetes, further underpinned the continuing sales growth in our domestic market, a trend which we expect to continue. Our export business also performed well as we strengthen our position in US market, which now accounts for 45% of our total export business, and is where we currently have 15 approved ANDAs, including eight products acquired from Sandoz during the year. I am confident we can build on this momentum and continue to build value for our shareholders."
Exchange rates of £1 = Taka 110.54 for 2017-18 numbers and £1 = Taka 107.26 for 2018-19 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
Mohammad 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
SP Angel Corporate Finance LLP (Broker)
Vadim Alexandre / Abigail Wayne
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 4,200 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, 2019
|
|
|
|
|
|
|
|
Amount in Taka |
|
|
|
|
|
|
June 30, 2019 |
|
June 30, 2018 |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Non-Current Assets |
|
35,949,930,818 |
32,394,686,712 |
|
Property, Plant and Equipment-Carrying Value |
|
34,056,667,212 |
30,524,692,707 |
|
Intangible Assets |
|
|
|
1,334,921,698 |
1,280,695,416 |
|
Goodwill |
|
|
|
|
546,691,213 |
546,691,213 |
|
Investment In Associates |
|
- |
30,749,850 |
|
Other Investment |
|
|
|
5,329,379 |
5,757,808 |
|
Other Non-current Assets |
|
6,321,316 |
6,099,718 |
|
Current Assets |
|
|
|
|
13,264,161,542 |
11,344,199,700 |
|
Inventories |
|
|
|
|
5,924,031,678 |
5,058,847,681 |
|
Spares & Supplies |
|
|
|
726,127,262 |
663,911,096 |
|
Accounts Receivable |
|
3,334,958,905 |
2,761,509,393 |
|
Loans, Advances and Deposits |
|
2,309,503,747 |
2,094,229,902 |
|
Advance Income Tax |
|
35,681,115 |
32,568,508 |
|
Short Term Investment |
|
323,364,536 |
339,397,174 |
|
Cash and Cash Equivalents |
|
610,494,299 |
|
393,735,946 |
|
TOTAL ASSETS |
|
|
|
|
49,214,092,360 |
|
43,738,886,412 |
|
SHAREHOLDERS' EQUITY AND LIABILITIES |
|
|
|
|
|
|
|
|
Equity Attributable to the Owners of the Company |
|
29,588,317,284 |
27,081,962,616 |
|
Issued Share Capital |
|
4,055,564,450 |
4,055,564,450 |
|
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 |
|
|
|
1,131,853,004 |
1,159,277,845 |
|
Unrealized Gain/(Loss) |
|
2,504,203 |
4,356,762 |
|
Retained Earnings |
|
|
|
|
17,144,333,029 |
14,608,700,961 |
|
Non-Controlling Interest |
|
276,006,553 |
269,874,176 |
|
TOTAL EQUITY |
|
|
|
|
29,864,323,837 |
27,351,836,792 |
|
Non-Current Liabilities |
|
6,603,936,369 |
7,368,863,860 |
|
Long Term Borrowings-Net of Current Maturity |
|
2,595,607,792 |
4,017,425,267 |
|
Liability for Gratuity and WPPF & Welfare Funds |
|
1,860,904,996 |
1,324,166,498 |
|
Deferred Tax Liability |
|
2,147,423,581 |
2,027,272,095 |
|
Current Liabilities and Provisions |
|
12,745,832,154 |
9,018,185,760 |
|
Short Term Borrowings |
|
9,272,501,280 |
5,600,826,635 |
|
Long Term Borrowings-Current Maturity |
|
1,616,670,549 |
1,568,989,745 |
|
Creditors and Other Payables |
|
1,091,809,722 |
991,712,907 |
|
Accrued Expenses |
|
|
|
590,317,150 |
418,476,895 |
|
Dividend Payable |
|
|
|
7,235,215 |
4,763,126 |
|
Income Tax Payable |
|
|
|
167,298,238 |
|
433,416,452 |
|
TOTAL EQUITY AND LIABILITIES |
|
49,214,092,360 |
|
43,738,886,412 |
|
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the Year ended June 30, 2019
|
|
|
|
|
|
Amount in Taka |
|
|
July 2018 - June 2019 |
|
|
|
July 2017 - June 2018 |
|
|
|
|
|
|
|
Net Revenue |
|
22,816,629,795 |
17,716,716,855 |
|
|
|
|
Cost of Goods Sold |
|
(12,196,286,770) |
|
(9,430,737,431) |
Gross Profit |
|
10,620,343,025 |
|
8,285,979,424 |
|
|
|
|
|
Operating Expenses |
|
(5,554,169,458) |
(4,259,811,440) |
|
|
|
|
|
|
|
Administrative Expenses |
|
(752,944,182) |
|
|
(618,675,127) |
Selling, Marketing and Distribution Expenses |
|
(4,801,225,276) |
|
|
(3,641,136,313) |
|
|
|
|
|
|
|
Profit from Operations |
|
5,066,173,567 |
4,026,167,984 |
Other Income |
|
139,917,665 |
43,757,880 |
Finance Cost |
|
(1,029,762,542) |
(540,283,443) |
Share of Loss of Associates |
|
(29,325,720) |
- |
Profit Before Contribution to WPPF & Welfare Funds |
4,147,002,970 |
3,529,642,421 |
|
|
|
Contribution to WPPF & Welfare Funds |
|
(200,937,234) |
(168,308,290) |
|
|
|
|
Profit Before Tax |
|
3,946,065,736 |
3,361,334,131 |
|
|
|
|
Income Tax Expenses |
|
(905,662,782) |
(828,679,830) |
|
|
|
|
|
|
|
Current Tax |
|
(803,760,846) |
|
|
(792,620,241) |
Deferred Tax |
|
(101,901,936) |
|
|
(36,059,589) |
|
|
|
|
|
|
|
Profit After Tax |
|
3,040,402,954 |
2,532,654,301 |
Profit/(Loss) Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the Company |
|
3,033,402,333 |
|
|
2,536,543,948 |
Non-controlling interest |
|
7,000,621 |
|
|
(3,889,647) |
|
|
|
|
|
|
|
|
|
3,040,402,954 |
2,532,654,301 |
Other Comprehensive Income-Unrealized Gain/(Loss) |
|
(1,852,559) |
481,697 |
|
|
|
|
|
|
|
Total Comprehensive Income for the Period |
|
3,038,550,395 |
|
2,533,135,998 |
Total Comprehensive Income Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the Company |
|
3,031,549,774 |
|
|
2,537,025,645 |
Non-controlling interest |
|
7,000,621 |
|
|
(3,889,647) |
|
|
|
|
|
|
|
|
|
3,038,550,395 |
2,533,135,998 |
|
|
|
|
|
|
|
Earnings Per Share (EPS) |
|
7.48 |
|
6.25 |
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Changes in Equity
For the Year Ended June 30, 2019
As at June 30, 2019 |
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 Owners of the Company |
Non-Con trolling Interests |
Total Equity |
Balance as on July 01, 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 |
Total Comprehensive Income: |
|
|
|
|
|
|
|
|
|
Share Capital Beximco Pharma API Ltd. |
- |
- |
- |
- |
- |
- |
- |
- |
100 |
100 |
Profit/(Loss) for the Period |
- |
- |
- |
- |
- |
- |
3,033,402,333 |
3,033,402,333 |
7,000,621 |
3,040,402,954 |
Other Comprehensive Income/(Loss) |
- |
- |
- |
- |
- |
(1,852,559) |
- |
(1,852,559) |
- |
(1,852,559) |
Transactions with the Shareholders: |
|
|
|
|
|
|
|
|
|
Cash Dividend |
- |
- |
- |
- |
- |
- |
(506,945,556) |
(506,945,556) |
(868,344) |
(507,813,900) |
Adjustment for Depreciation on Revalued Assets |
- |
- |
- |
- |
(9,175,291) |
- |
9,175,291 |
- |
- |
- |
Adjustment for Deferred Tax on Revalued Assets |
- |
- |
- |
- |
(18,249,550) |
- |
- |
(18,249,550) |
- |
(18,249,550) |
Balance as on June 30, 2019 |
4,055,564,450 |
5,269,474,690 |
1,689,636,958 |
294,950,950 |
1,131,853,004 |
2,504,203 |
17,144,333,029 |
29,588,317,284 |
276,006,553 |
29,864,323,837 |
Net Asset Value (NAV) Per Share |
|
|
|
|
|
72.96 |
|
|
As at June 30, 2018 |
|
|
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-Con trolling Interests |
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 Period |
- |
- |
- |
- |
- |
- |
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 Subsidiaries Consolidated Statement of Cash Flows
For the Year ended June 30, 2019
|
|
|
|
|
|
|
Amount in Taka |
|
|
|
|
July 2018-June 2019 |
|
|
July 2017-June 2018 |
|
Cash Flows from Operating Activities : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receipts from Customers and Others |
|
|
22,463,550,299 |
|
17,195,399,333 |
|
|
Payments to Suppliers and Employees |
|
|
(17,434,690,241) |
|
(14,113,012,465) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Generated from Operations |
|
|
5,028,860,058 |
3,082,386,868 |
|
|
Interest Paid |
|
|
(1,032,409,014) |
(536,570,775) |
|
|
Interest Received |
|
|
36,457,527 |
54,928,425 |
|
|
Income Tax Paid |
|
|
(1,072,991,667) |
(781,630,595) |
|
|
Net Cash Generated from Operating Activities |
|
|
2,959,916,904 |
1,819,113,923 |
|
|
Cash Flows from Investing Activities : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of Property, Plant and Equipment |
|
|
(4,416,446,385) |
|
(4,951,352,340) |
|
|
Intangible Assets |
|
|
(128,619,282) |
|
(106,921,036) |
|
|
Investment in Subsidiary |
|
|
- |
|
(2,125,186,000) |
|
|
Disposal of Property, Plant and Equipment |
|
|
17,540,625 |
|
14,114,722 |
|
|
Dividend Received |
|
|
1,491,901 |
|
1,504,092 |
|
|
Decrease in Short Term Investment |
|
|
16,032,638 |
|
547,179,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Used in Investing Activities |
|
|
(4,510,000,503) |
(6,620,660,830) |
|
|
Cash Flows from Financing Activities : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase /(Decrease) in Long Term Borrowings |
|
|
(1,412,334,115) |
|
1,859,021,877 |
|
|
Net Increase in Short Term Borrowings |
|
|
3,684,312,230 |
|
3,546,896,539 |
|
|
Share capital |
|
|
100 |
|
- |
|
|
Dividend Paid |
|
|
(505,351,881) |
|
(502,757,959) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Generated from Financing Activities |
|
|
1,766,626,334 |
4,903,160,457 |
|
|
Increase in Cash and Cash Equivalents |
|
|
216,542,735 |
101,613,550 |
|
|
Cash and Cash Equivalents at Beginning of Year |
|
|
393,735,946 |
292,122,396 |
|
|
Effect of movement in exchange rates on cash held |
|
|
215,618 |
- |
|
|
Cash and Cash Equivalents at End of Year |
|
|
610,494,299 |
393,735,946 |
|
|
Net Operating Cash Flow Per Share |
|
|
7.30 |
4.49 |
|
|