29 January 2020
BEXIMCO PHARMACEUTICALS LIMITED
Half Year Results 2019-20
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 unaudited financial results for the six months ended 31 December 2019.
Financial highlights
Half year financial highlights (consolidated)
· Net sales increased 12.5% to Bangladesh Taka ("BDT") 12,495.5m / £112.6m (2018-19: BDT 11,109.8m / £103.8m)
· Domestic sales increased 12.4% to BDT 11,101.8m / £100.0m (2018-19: 9,874.0m / £92.3m)
· Export sales increased 12.8% to BDT 1,393.7m / £12.6m (2018-19: BDT 1,235.8m / £11.5m)
· Profit after tax increased 16.7% to BDT 1,735.4m / £15.6m (2018-19: BDT 1,487.2m / £13.9m)
Second quarter financial highlights
· Net sales increased 8.2% to BDT 6,192.2m / £55.8m (2018-19: BDT 5,724.7m / £53.5m)
· Profit after tax increased 18.0% to BDT 865.5m / £7.8m (2018-19: BDT 733.5m / £6.9m)
Operational highlights
· Eleven new products launched in the domestic market
· Completed 23 registrations for 18 products in 14 countries
· Launched fifth product, Nadolol, a cardiovascular drug, in the US market
· Launched Maxhaler mDPI for the first time in Bangladesh, which is the generic version of GSK's Seretide Accuhaler
· Received regulatory approval from Malta Medicines Authority (European Union)
· Entered two new countries (Nicaragua and Maldives)
· 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:
"Beximco Pharma has delivered further strong growth during the period. In line with our strategy to maintain growth in Bangladesh while expanding our exports business, net sales have continued to grow at double-digit rates, both domestically and abroad. This strategy has been further borne out by our operational successes in which we have seen the launch of Maxhaler mDPI in Bangladesh, bolstering our domestic respiratory portfolio, as well as the launch of Nadalol in the US, one of our key export markets. These developments represent a positive start to the year, which we plan to continue moving forward."
The half yearly accounts can be viewed at the Company's website: www.beximcopharma.com
(Exchange rates of £1 = Taka 111.0152 for 31 December 2019 numbers and £1 = Taka 107.0312 for 31 December 2018 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, injectable, nebulizer 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 4,500 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 (Unaudited)
As at 31 December 2019
|
|
|
|
Taka '000 |
|
|
As at 31 December 2019 |
|
As at 30 June 2019 |
ASSETS |
|
|
|
|
Non-Current Assets |
|
36,721,861 |
|
35,949,931 |
Property, Plant and Equipment- Carrying Value |
|
34,860,496 |
|
34,056,667 |
Intangible Assets |
|
1,310,789 |
|
1,334,922 |
Goodwill |
|
546,691 |
|
546,691 |
Other Investment |
|
3,885 |
|
5,329 |
Other Non-current Assets |
|
- |
|
6,322 |
|
|
|
|
|
Current Assets |
|
11,958,181 |
|
13,264,161 |
Inventories |
|
5,471,403 |
|
5,924,031 |
Spares & Supplies |
|
646,154 |
|
726,127 |
Accounts Receivable |
|
3,080,861 |
|
3,334,959 |
Loans, Advances and Deposits |
|
2,067,250 |
|
2,309,504 |
Advance Income Tax |
|
- |
|
35,681 |
Short Term Investment |
|
195,580 |
|
323,365 |
Cash and Cash Equivalents |
|
496,933 |
|
610,494 |
|
|
|
|
|
TOTAL ASSETS |
|
48,680,042 |
|
49,214,092 |
|
|
|
|
|
SHAREHOLDERS' EQUITY AND LIABILITIES |
|
|
|
|
Equity Attributable to the Owners of the Company |
|
30,684,957 |
|
29,588,317 |
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 |
|
1,127,796 |
|
1,131,853 |
Unrealised Gain / (Loss) |
|
1,060 |
|
2,504 |
Retained Earnings |
|
18,246,474 |
|
17,144,333 |
|
|
|
|
|
Non-Controlling Interest |
|
281,461 |
|
276,007 |
|
|
|
|
|
TOTAL EQUITY |
|
30,966,418 |
|
29,864,324 |
|
|
|
|
|
Non-Current Liabilities |
|
5,981,804 |
|
6,603,936 |
Long Term Borrowings-Net of Current Maturity |
|
1,902,522 |
|
2,595,608 |
Liability for Gratuity and WPPF & Welfare Funds |
|
1,927,484 |
|
1,860,905 |
Deferred Tax Liability |
|
2,151,798 |
|
2,147,423 |
|
|
|
|
|
Current Liabilities and Provisions |
|
11,731,820 |
|
12,745,832 |
Short Term Borrowings |
|
7,396,947 |
|
9,272,501 |
Long Term Borrowings-Current Maturity |
|
1,569,401 |
|
1,616,671 |
Creditors and Other Payables |
|
1,058,797 |
|
1,091,810 |
Accrued Expenses |
|
644,251 |
|
590,317 |
Dividend Payable |
|
615,180 |
|
7,235 |
Income Tax Payable |
|
447,244 |
|
167,298 |
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
48,680,042 |
|
49,214,092 |
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Profit or Loss and Other Comprehensive Income (Unaudited)
For the Half Year Ended 31 December 2019
|
|
|
|
|
|
|
|
Taka '000 |
|
|
July - December 2019 |
|
July - December 2018 |
|
2nd Quarter (Oct-Dec) 2019 |
|
2nd Quarter (Oct-Dec) 2018 |
|
|
|
|
|
|
|
|
|
Net Revenue |
|
12,495,526 |
|
11,109,798 |
|
6,192,191 |
|
5,724,672 |
Cost of Goods Sold |
|
(6,687,655) |
|
(5,939,756) |
|
(3,325,974) |
|
(3,084,613) |
|
|
|
|
|
|
|
|
|
Gross Profit |
|
5,807,871 |
|
5,170,042 |
|
2,866,217 |
|
2,640,059 |
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
(3,049,977) |
|
(2,684,899) |
|
(1,541,859) |
|
(1,385,122) |
Administrative Expenses |
|
(388,704) |
|
(365,072) |
|
(200,227) |
|
(200,770) |
Selling, Marketing and Distribution Expenses |
|
(2,661,273) |
|
(2,319,827) |
|
(1,341,632) |
|
(1,184,352) |
|
|
|
|
|
|
|
|
|
Profit from Operations |
|
2,757,894 |
|
2,485,143 |
|
1,324,358 |
|
1,254,937 |
|
|
|
|
|
|
|
|
|
Other Income |
|
156,792 |
|
30,531 |
|
96,672 |
|
10,011 |
Finance Cost |
|
(532,325) |
|
(482,180) |
|
(228,287) |
|
(253,363) |
Profit Before Contribution to WPPF & Welfare Funds |
|
2,382,361 |
|
2,033,494 |
|
1,192,743 |
|
1,011,585 |
|
|
|
|
|
|
|
|
|
Contribution to WPPF & Welfare Funds |
|
(114,467) |
|
(97,838) |
|
(57,316) |
|
(48,673) |
|
|
|
|
|
|
|
|
|
Profit Before Tax |
|
2,267,894 |
|
1,935,656 |
|
1,135,427 |
|
962,912 |
|
|
|
|
|
|
|
|
|
Income Tax Expenses |
|
(532,521) |
|
(448,434) |
|
(269,929) |
|
(229,406) |
Current Tax |
|
(528,146) |
|
(489,153) |
|
(257,488) |
|
(236,325) |
Deferred Tax Income/ (Expense) |
|
(4,375) |
|
40,719 |
|
(12,441) |
|
6,919 |
|
|
|
|
|
|
|
|
|
Profit After Tax |
|
1,735,373 |
|
1,487,222 |
|
865,498 |
|
733,506 |
|
|
|
|
|
|
|
|
|
Profit/(Loss) Attributable to: |
|
|
|
|
|
|
|
|
Owners of the Company |
|
1,726,446 |
|
1,488,403 |
|
861,686 |
|
733,472 |
Non-controlling interest |
|
8,927 |
|
(1,181) |
|
3,812 |
|
34 |
|
|
1,735,373 |
|
1,487,222 |
|
865,498 |
|
733,506 |
|
|
|
|
|
|
|
|
|
Other Comprehensive Income-Unrealised Gain / (Loss) |
|
(1,444) |
|
(1,350) |
|
(773) |
|
(265) |
Total Comprehensive Income |
|
1,733,929 |
|
1,485,872 |
|
864,725 |
|
733,241 |
|
|
|
|
|
|
|
|
|
Total Comprehensive Income Attributable to: |
|
|
|
|
|
|
|
|
Owners of the Company |
|
1,725,002 |
|
1,487,053 |
|
860,913 |
|
733,207 |
Non-controlling interest |
|
8,927 |
|
(1,181) |
|
3,812 |
|
34 |
|
|
1,733,929 |
|
1,485,872 |
|
864,725 |
|
733,241 |
|
|
|
|
|
|
|
|
|
Earnings Per Share (EPS) |
Tk. |
4.26 |
|
3.67 |
|
2.12 |
|
1.81 |
Number of Shares Used to Compute EPS |
Nos. |
405,556,445 |
|
405,556,445 |
|
405,556,445 |
|
405,556,445 |
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Changes in Equity (Unaudited)
For the Half Year Ended 31 December 2019
For the Half Year Ended 31 December 2019 |
|
|
Taka '000 |
|
Share Capital |
Share Premium |
Excess of Issue Price over Face Value of GDRs |
Capital Reserve on Merger |
Revaluation Surplus |
Unrealised Gain / (Loss) |
Retained Earnings |
Equity Attributable to the Owners of the Company |
Non-Controlling Interests |
Total Equity |
Balance as on 1 July 2019 |
4,055,564 |
5,269,475 |
1,689,637 |
294,951 |
1,131,853 |
2,504 |
17,144,333 |
29,588,317 |
276,007 |
29,864,324 |
Total Comprehensive Income: |
|
|
|
|
|
|
|
|
|
|
Profit / (Loss) for the Period |
- |
- |
- |
- |
- |
- |
1,726,446 |
1,726,446 |
8,927 |
1,735,373 |
Other Comprehensive Income / (Loss) |
- |
- |
- |
- |
- |
(1,444) |
- |
(1,444) |
- |
(1,444) |
Cash Dividend |
- |
- |
- |
- |
- |
- |
(608,335) |
(608,335) |
- |
(608,335) |
Cash Dividend NPL |
- |
- |
- |
- |
- |
- |
(20,027) |
(20,027) |
(3,473) |
(23,500) |
Adjustment for Depreciation on Revalued Assets |
- |
- |
- |
- |
(4,057) |
- |
4,057 |
- |
- |
- |
Balance as on 31December 2019 |
4,055,564 |
5,269,475 |
1,689,637 |
294,951 |
1,127,796 |
1,060 |
18,246,474 |
30,684,957 |
281,461 |
30,966,418 |
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
|
|
|
|
|
405,556,445 |
|
|
Net Asset Value (NAV) Per Share |
|
|
|
|
|
|
Tk. |
75.66 |
|
|
For the Half Year Ended 31 December 2018 |
|
|
Taka '000 |
|
Share Capital |
Share Premium |
Excess of Issue Price over Face Value of GDRs |
Capital Reserve on Merger |
Revaluation Surplus |
Unrealised Gain / (Loss) |
Retained Earnings |
Equity Attributable to the Owners of the Company |
Non-Controlling Interests |
Total Equity |
Balance as on 1 July 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 for the period: |
|
|
|
|
|
|
|
|
|
|
Profit/ (Loss) for the Period |
- |
- |
- |
- |
- |
- |
1,488,403 |
1,488,403 |
(1,181) |
1,487,222 |
Other Comprehensive Income / (Loss) |
- |
- |
- |
- |
- |
(1,350) |
- |
(1,350) |
- |
(1,350) |
Cash Dividend |
- |
- |
- |
- |
- |
- |
(506,945) |
(506,945) |
(868) |
(507,813) |
Adjustment for Depreciation on Revalued Assets |
- |
- |
- |
- |
(4,588) |
- |
4,588 |
- |
- |
- |
Adjustment for Deferred Tax on Revalued Assets |
- |
- |
- |
- |
(19,396) |
- |
- |
(19,396) |
- |
(19,396) |
Balance as on 31 December 2018 |
4,055,564 |
5,269,475 |
1,689,637 |
294,951 |
1,135,294 |
3,007 |
15,594,747 |
28,042,675 |
267,825 |
28,310,500 |
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
|
|
|
|
|
405,556,445 |
|
|
Net Asset Value (NAV) Per Share |
|
|
|
|
|
|
Tk. |
69.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Cash Flows (Unaudited)
For the Half Year Ended 31 December 2019
|
|
|
|
Taka '000 |
|
|
July - December 2019 |
|
July - December 2018 |
|
|
|
|
|
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
|
Receipts from Customers and Others |
|
12,970,054 |
|
10,864,946 |
Payments to Suppliers and Employees |
|
(8,533,250) |
|
(9,279,882) |
Cash Generated from Operations |
|
4,436,804 |
|
1,585,064 |
|
|
|
|
|
Interest Paid |
|
(532,325) |
|
(482,180) |
Interest Received |
|
15,547 |
|
18,132 |
Income Tax Paid |
|
(212,520) |
|
(267,848) |
Net Cash Generated from Operating Activities |
|
3,707,506 |
|
853,168 |
|
|
|
|
|
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
|
Acquisition of Property, Plant and Equipment |
|
(1,309,616) |
|
(876,834) |
Intangible Assets |
|
(13,065) |
|
(10,604) |
Investment in Subsidiary |
|
- |
|
(20,000) |
Disposal of Property, Plant and Equipment |
|
3,342 |
|
1,806 |
Dividend Received |
|
20,027 |
|
- |
(Increase) / Decrease in Short Term Investment |
|
127,785 |
|
(17,230) |
Net Cash Used in Investing Activities |
|
(1,171,527) |
|
(922,862) |
|
|
|
|
|
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Long Term Borrowings |
|
(750,702) |
|
(654,507) |
Net Increase/(Decrease) in Short Term Borrowings |
|
(1,875,555) |
|
831,186 |
Dividend Paid |
|
(23,889) |
|
(1,187) |
Net Cash Used in Financing Activities |
|
(2,650,146) |
|
175,492 |
Increase / (Decrease) in Cash and Cash Equivalents |
|
(114,167) |
|
105,798 |
|
|
|
|
|
Cash and Cash Equivalents at Beginning of Period |
|
610,494 |
|
393,736 |
Effect of exchange rate changes on Cash and Cash Equivalents |
|
606 |
|
77 |
Cash and Cash Equivalents at End of Period |
|
496,933 |
|
499,611 |
|
|
|
|
|
|
|
|
|
|
Net Operating Cash Flow Per Share |
|
9.14 |
|
2.10 |
Number of Shares Used to Compute Net Operating Cash Flow Per Share |
|
405,556,445 |
|
405,556,445 |