BEXIMCO PHARMACEUTICALS LIMITED
29 April 2019
Financial Results for the Third Quarter of 2018-19
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 un-audited financial results for the third Quarter and nine month ended 31 March 2019. The information set out below has been released to the Dhaka and Chittagong Stock Exchanges in compliance with the requirements from the Bangladesh SEC.
Mr. Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:
"With an impressive 100% growth in our export sales, predominantly driven by our expansion in the US market, as well as strong 25.6% growth in our domestic sales, Beximco Pharma continues to maintain its growth momentum. We are happy with the financial and operational progress achieved during the period and are confident that we will meet our full-year targets."
The detailed accounts can be viewed at the Company's website: www.beximcopharma.com
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 / 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 Subsidiary
Consolidated Statement of Financial Position (Un-audited)
As at March 31, 2019
|
Notes |
As at March 31, 2019 |
Taka '000 As at June 30, 2018 |
|
|
ASSETS |
|
Non-Current Assets |
|
33,662,200 |
32,394,687 |
Property, Plant and Equipment- Carrying Value |
5 |
|
31,734,501 |
|
30,524,693 |
Intangible Assets |
|
|
1,345,023 |
1,280,695 |
Goodwill |
|
|
546,691 |
546,691 |
Investments in Shares |
6 |
|
35,985 |
36,508 |
Other Non-current Assets |
|
|
- |
6,100 |
Current Assets |
|
12,836,335 |
11,344,199 |
Inventories |
7 |
|
6,348,229 |
|
5,058,848 |
Spares & Supplies |
|
|
716,222 |
|
663,911 |
Accounts Receivable |
|
|
2,734,805 |
|
2,761,509 |
Loans, Advances and Deposits |
8 |
|
2,224,599 |
|
2,094,230 |
Advance Income Tax |
|
|
28,332 |
|
32,568 |
Short Term Investment |
|
|
365,420 |
|
339,397 |
Cash and Cash Equivalents |
9 |
|
418,728 |
|
393,736 |
TOTAL ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
46,498,535 |
43,738,886 |
SHAREHOLDERS' EQUITY AND LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Attributable to the Owners of the Company |
|
28,791,268 |
27,081,963 |
Issued Share Capital |
|
|
4,055,564 |
|
|
4,055,564 |
Share Premium |
|
|
5,269,475 |
|
|
5,269,475 |
Excess of Issue Price over Face Value of GDRs |
|
|
1,689,637 |
|
|
1,689,637 |
Capital Reserve on Merger |
|
|
294,951 |
|
|
294,951 |
Revaluation Surplus |
|
|
1,133,574 |
|
|
1,159,278 |
Unrealized Gain/(Loss) |
|
|
3,834 |
|
|
4,357 |
Retained Earnings |
|
|
16,344,233 |
|
|
14,608,701 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-Controlling Interest |
|
269,227 |
269,874 |
|
|
|
|
TOTAL EQUITY |
|
29,060,495 |
27,351,837 |
|
|
|
|
Non-Current Liabilities |
|
6,508,511 |
7,368,863 |
Long Term Borrowings-Net of Current Maturity |
10 A |
|
|
|
|
|
|
2,670,353 |
|
4,017,425 |
Liability for Gratuity and WPPF & Welfare Funds |
|
|
1,809,040 |
|
|
1,324,166 |
Deferred Tax Liability |
|
|
2,029,118 |
|
|
2,027,272 |
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities and Provisions |
|
10,929,529 |
9,018,186 |
Short Term Borrowings |
|
|
6,720,783 |
|
|
5,600,827 |
Long Term Borrowings-Current Maturity |
10 B |
|
1,674,051 |
|
|
1,568,990 |
Creditors and Other Payables |
|
|
1,474,045 |
|
|
991,713 |
Accrued Expenses |
|
|
556,288 |
|
|
418,477 |
Dividend Payable |
|
|
54,674 |
|
|
4,763 |
Income Tax Payable |
|
|
449,688 |
|
|
433,416 |
TOTAL EQUITY AND LIABILITIES |
|
|
|
46,498,535 |
|
|
43,738,886 |
|
|
|
|
|
|
|
Beximco Pharmaceuticals Limited and its Subsidiary
Consolidated Statement of Profit or Loss and Other Comprehensive Income (Un-audited)
For the Period Ended March 31, 2019
|
|
|
|
Taka '000 |
|
Notes |
July 2018 - |
July 2017 - |
|
|
|
|
|
January - |
|
|
|
|
|
|
January - |
|
|
|
March 2019 |
March 2018 |
|
|
|
|
|
March 2019 |
|
|
|
|
|
|
March 2018 |
|
|
|
|
|
|
|
|
|
Net Revenue |
|
16,866,369 |
12,859,563 |
|
5,756,571 |
4,221,024 |
|
Cost of Goods Sold |
11 |
(8,970,049) |
(6,872,812) |
|
(3,030,293) |
(2,222,045) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
7,896,320 |
5,986,751 |
|
2,726,278 |
1,998,979 |
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
(4,166,363) |
(3,066,839) |
|
(1,481,464) |
(1,070,826) |
|
Administrative Expenses |
12 |
(570,950) |
|
|
(442,986) |
|
|
|
|
(205,878) |
|
|
|
(151,323) |
|
Selling, Marketing and Distribution Expenses |
13 |
(3,595,413) |
|
|
(2,623,853) |
|
|
|
|
(1,275,586) |
|
|
|
(919,503) |
|
|
|
|
|
|
|
|
|
|
|
Profit from Operations |
|
3,729,957 |
2,919,912 |
|
1,244,814 |
928,153 |
|
|
|
|
|
|
|
|
|
Other Income |
|
56,770 |
40,569 |
|
26,239 |
11,760 |
|
Finance Cost |
|
(716,688) |
(304,547) |
|
(234,508) |
(98,670) |
|
Profit Before Contribution to WPPF & Welfare Funds |
|
3,070,039 |
|
2,655,934 |
|
1,036,545 |
|
841,243 |
|
|
|
|
|
|
|
|
|
|
|
Contribution to WPPF & Welfare Funds |
|
(147,700) |
(126,473) |
|
(49,862) |
(40,059) |
|
Profit Before Tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,922,339 |
2,529,461 |
|
986,683 |
|
801,184 |
|
|
|
|
|
|
|
|
|
Income Tax Expenses |
|
(686,522) |
(608,953) |
|
(238,088) |
(198,094) |
|
Current Tax |
|
(703,498) |
|
(604,928) |
|
|
|
|
(214,345) |
|
|
(188,485) |
|
Deferred Tax Income/(Expense) |
|
16,976 |
|
(4,025) |
|
|
|
|
(23,743) |
|
|
(9,609) |
|
|
|
|
|
|
|
|
|
Profit After Tax |
|
2,235,817 |
1,920,508 |
|
748,595 |
603,090 |
|
|
|
|
|
|
|
|
|
Profit/(Loss) Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the Company |
|
2,235,596 |
|
1,920,508 |
|
|
|
747,193 |
|
|
603,090 |
|
Non-controlling interest |
|
221 |
|
- |
|
|
|
1,402 |
|
|
- |
|
|
|
2,235,817 |
|
1,920,508 |
|
|
748,595 |
|
|
603,090 |
|
|
|
|
|
|
|
|
|
Other Comprehensive Income-Unrealized Gain/(Loss) |
|
(523) |
1,440 |
|
827 |
1,543 |
|
Total Comprehensive Income for the Period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,235,294 |
1,921,948 |
|
749,422 |
604,633 |
|
Total Comprehensive Income Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the Company |
|
2,235,073 |
|
1,921,948 |
|
|
|
748,020 |
|
|
604,633 |
|
Non-controlling interest |
|
221 |
|
- |
|
|
|
1,402 |
|
|
- |
|
|
|
2,235,294 |
|
1,921,948 |
|
|
749,422 |
|
|
604,633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share (EPS) |
Tk. |
5.51 |
4.74 |
|
1.84 |
1.49 |
|
Number of Shares Used to Compute EPS |
Nos. |
405,556,445 |
405,556,445 |
|
405,556,445 |
405,556,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Comparative prior period information represents Beximco Pharmaceuticals Limited only.
Beximco Pharmaceuticals Limited and its Subsidiary
Consolidated Statement of Changes in Equity (Un-audited)
For the Period Ended March 31, 2019
As at March 31, 2019 |
|
Taka' 000 |
|
|
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 the Owners of the Company |
Non- Controlling Interests |
Total Equity |
|
Balance as on July 01, 2018 |
4,055,564 |
5,269,475 |
1,689,637 |
294,951 |
1,159,278 |
4,357 |
14,608,701 |
27,081,963 |
269,874 |
27,351,837 |
|
Total Comprehensive Income: |
|
Profit/(Loss) for the Period |
- |
- |
- |
- |
- |
- |
2,235,596 |
2,235,596 |
221 |
2,235,817 |
|
Other Comprehensive Income/(Loss) |
- |
- |
- |
- |
- |
(523) |
- |
(523) |
- |
(523) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with the Shareholders: |
|
Cash Dividend |
- |
- |
- |
- |
- |
- |
(506,945) |
(506,945) |
(868) |
(507,813) |
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment for Depreciation on Revalued Assets |
- |
- |
- |
- |
(6,881) |
- |
6,881 |
- |
- |
- |
|
|
|
Adjustment for Deferred Tax on Revalued Assets |
- |
- |
- |
- |
(18,823) |
- |
- |
(18,823) |
- |
(18,823) |
|
|
|
Balance as on March 31, 2019 |
4,055,564 |
5,269,475 |
1,689,637 |
294,951 |
1,133,574 |
3,834 |
16,344,233 |
28,791,268 |
269,227 |
29,060,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
|
|
|
|
|
405,556,445 |
|
|
|
Net Asset Value (NAV) Per Share |
|
|
|
|
|
|
70.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at March 31, 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 |
Total |
|
Balance as on July 01, 2017 |
4,055,564 |
5,269,475 |
1,689,637 |
294,951 |
1,190,204 |
3,875 |
12,568,720 |
25,072,426 |
|
Total Comprehensive Income : |
|
|
|
|
|
|
|
|
|
Profit for the Period |
|
- |
- |
- |
- |
- |
- |
1,920,508 |
1,920,508 |
|
|
|
|
Other Comprehensive Income / (Loss) |
|
- |
- |
- |
- |
- |
1,440 |
- |
1,440 |
|
Transaction with the Shareholders : |
|
|
|
|
|
|
|
|
|
Cash Dividend |
- |
- |
- |
- |
- |
- |
(506,945) |
(506,945) |
|
Adjustment for Depreciation on
Revalued Assets |
- |
- |
- |
- |
(7,787) |
- |
7,787 |
- |
|
Adjustment for Deferred Tax on
Revalued Assets |
- |
- |
- |
- |
(21,192) |
- |
- |
(21,192) |
|
Balance as on March 31, 2018 |
4,055,564 |
5,269,475 |
1,689,637 |
294,951 |
1,161,225 |
5,315 |
13,990,070 |
26,466,237 |
|
Number of Shares |
|
|
|
|
|
|
|
405,556,445 |
|
Net Asset Value (NAV) Per Share |
|
|
|
|
|
|
Tk. |
65.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beximco Pharmaceuticals Limited and its Subsidiary
Consolidated Statement of Cash Flows (Un-audited)
For the Period Ended March 31, 2019
|
|
|
|
Taka '000 |
|
|
July 2018- |
|
July 2017- |
|
March 2019 |
March 2018 |
Cash Flows from Operating Activities : |
|
|
|
|
Receipts from Customers and Others |
16,967,838 |
12,491,561 |
Payments to Suppliers and Employees |
(12,967,745) |
(10,073,250) |
Cash Generated from Operations |
4,000,093 |
2,418,311 |
Interest Paid |
(716,688) |
(304,547) |
Interest Received |
27,591 |
51,072 |
Income Tax Paid |
(682,990) |
(611,096) |
Net Cash Generated from Operating Activities |
2,628,006 |
1,553,740 |
Cash Flows from Investing Activities : |
|
|
|
|
Acquisition of Property, Plant and Equipment |
(1,857,053) |
(3,748,433) |
Intangible Assets |
(120,122) |
(93,995) |
Investment in Subsidiary |
(20,000) |
- |
Disposal of Property, Plant and Equipment |
17,391 |
1,354 |
Dividend Received |
1,428 |
1,504 |
(Increase)/Decrease in Short Term Investment |
(26,023) |
549,962 |
Net Cash Used in Investing Activities |
(2,004,379) |
(3,289,608) |
Cash Flows from Financing Activities : |
|
|
|
|
Net Increase /(Decrease) in Long Term Borrowings |
(1,260,862) |
1,928,191 |
Net Increase/(Decrease) in Short Term Borrowings |
1,119,957 |
722,983 |
Dividend Paid |
(457,902) |
(502,048) |
Net Cash Generated from Financing Activities |
(598,807) |
2,149,126 |
Increase/(Decrease) in Cash and Cash Equivalents |
24,820 |
413,258 |
Cash and Cash Equivalents at Beginning of Period |
393,736 |
275,028 |
Effect of movement in exchange rates on cash held |
172 |
- |
Cash and Cash Equivalents at End of Period |
|
|
|
|
418,728 |
|
688,286 |
|
|
|
|
|
Net Operating Cash Flow Per Share |
6.48 |
3.83 |
Number of Shares used to compute Net Operating Cash Flow Per Share |
405,556,445 |
405,556,445 |