11th May 2015 07:00
BEXIMCO PHARMACEUTICALS LTD.
11 May, 2015
Results for the year ended 31 December 2014
Beximco Pharmaceuticals Limited ("Beximco Pharma", "BPL" or "the Company"; AIM Symbol: BXP), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, today announces its audited results for the year ended 31 December 2014.
Highlights:
Corporate
· Launched 28 products (24 generics) in the domestic market; three of which were launched for the first time in Bangladesh
o Introduced Oral Soluble Film (OSF) technology with the launch of an antiemetic drug (Ondansetron)
· Entered two new markets (Romania and Uganda)
o A total of 55 new registrations done in 15 different countries
· Became the first Bangladeshi company to receive Good Manufacturing Practice (GMP) approval from the Taiwan Food & Drug Administration (TFDA) and the Canadian regulatory authority (Health Canada)
o Also received approval from BPOM (Indonesian Agency for Drug And Food Control) for the Company's Metered Dose Inhaler (MDI) unit
Financial
· Net sales increased to BDT 11,206.9 million (£92.28 million), registering a y-o-y growth rate of 6.8% (2013: BDT 10,490.7 million (£80.1 million)
· Profit before tax increased 0.76% to BDT 2,109.6 million (£17.37 million) (2013: BDT 2,093.6 million, £16.0 million)
· EPS rose by 8.64% to BDT 4.15
· The Company has declared a 5% stock dividend (i.e. 5 shares for every 100 shares held) and a 10% cash dividend (i.e. BDT 1 per share), with the record date set on 21 May 2015. Dividend is due within 30 days from the date of approval of the dividend at the Annual General Meeting (AGM)
· The AGM will be held on 13 June 2015 at 10.30am at the Beximco Industrial Park, Sarabo, Kashimpur, Gazipur, Bangladesh
Post year-end
· Launched seven new products during the first quarter of 2015, including one product launched for the first time in Bangladesh
· Entered five new markets
o Registered 16 products in seven countries
· Became the first Bangladeshi company to be successfully audited by the US Food and Drug Administration (FDA)
o Audited without any 483 observation (a 483 form is issued when the US FDA has observations of non-compliance or deviation from its current Good Manufacturing Practices (cGMP)).
· Entered into a loan agreement with BHF-Bank Aktiengesellschaft, Frankfurt, Germany to borrow up to US $51.559 million to partially finance the purchase of new plant and machinery to expand the Company's production facilities
Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:
"Despite prolonged political unrest causing serious disruption to our business activities, especially during the first quarter of 2014, we registered a year-on-year growth of 6.8% with revenues of BDT 11,206.9 million; we successfully introduced a number of products into the domestic market to further expand our portfolio; we entered two new markets, including Romania, and we obtained regulatory approvals from the TFDA and Health Canada. In addition, in January 2015, Beximco Pharma achieved a major milestone by being the first Bangladeshi company to be successfully audited by the US FDA. The audit was conducted without any 483 observation being issued by the globally regarded regulatory authority, which is known for its stringent regulatory standards.
Our major focus remains on research and development to bring high quality, differentiated products with regulatory filings to emerging and developed markets. Our recent loan agreement enables us to expand our production capacity and upgrade a number of our existing units with the intention of securing the Company's current and future growth. We believe our focused strategy will help us to achieve sustainable growth in shareholder value."
Audited financial reports are available from the Company's website: www.beximcopharma.com and will be posted to shareholders in due course.
(Exchange rates of £1 = Taka 131.03 for 2013 numbers and £1 = Taka 121.45 for 2014 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 / Sean Wyndham-Quin
Tel: +44 (0)20 3368 3551 / 3555
Daniel Stewart & Company plc (Broker)
Martin Lampshire
Tel: +44 (0)20 7776 6550
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, nebulizer solutions, oral soluble films etc. Ensuring access to quality medicines is the powerful aspiration that motivates 3,000 employees of the Company.
Beximco Pharma's state-of-the-art manufacturing facilities are certified by global regulatory authorities of Australia, Europe, Latin America and Canada 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 Africa, including Mauritius, Kenya, Ghana and Nigeria, Pacific Island, Latin and Central American countries, Middle East, Central Asia, South East Asia, including Singapore, Malaysia, Philippines and Hong Kong, and Europe, Austria and Australia.
Beximco Pharmaceuticals Limited
Statement of Financial Position
As at 31 December 2014
Amount in Taka |
| ||||||
2014 | 2013 |
| |||||
ASSETS |
| ||||||
Non-Current Assets | 20,634,246,854 | 18,567,329,474 |
| ||||
Property, Plant and Equipment- Carrying Value | 20,393,278,737 | 18,364,313,070 |
| ||||
Intangible Assets | 235,208,190 | 198,223,509 |
| ||||
Investment in Shares | 5,759,927 | 4,792,895 |
| ||||
Current Assets | 8,366,279,107 | 8,903,422,328 |
| ||||
Inventories | 2,493,657,338 | 2,411,881,986 |
| ||||
Spares & Supplies | 554,183,898 | 433,352,407 |
| ||||
Accounts Receivable | 1,397,498,648 | 1,249,434,697 |
| ||||
Loans, Advances and Deposits | 1,223,673,153 | 1,186,637,111 |
| ||||
Short Term Investment | 2,475,026,831 | 3,026,383,161 |
| ||||
Cash and Cash Equivalents | 222,239,239 | 595,732,966 |
| ||||
| |||||||
TOTAL ASSETS | 29,000,525,961 | 27,470,751,802 |
| ||||
EQUITY AND LIABILITIES |
| ||||||
| |||||||
| |||||||
Shareholders' Equity | 20,920,185,325 | 19,775,552,465 |
| ||||
Issued Share Capital | 3,678,516,520 | 3,503,349,070 |
| ||||
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 | 1,299,220,315 | 1,349,578,805 |
| ||||
Fair Value Gain on Investment | 2,308,651 | 1,341,619 |
| ||||
Retained Earnings | 8,686,077,241 | 7,667,220,373 |
| ||||
Non-Current Liabilities | 3,372,593,206 | 3,312,618,059 |
| ||||
Long Term Borrowings-Net off Current Maturity (Secured) | 901,709,327 | 1,151,400,702 |
| ||||
Liability for Gratuity and WPPF & Welfare Funds | 741,522,518 | 610,628,150 |
| ||||
Deferred Tax Liability | 1,729,361,361 | 1,550,589,207 |
| ||||
Current Liabilities and Provisions | 4,707,747,430 | 4,382,581,278 |
| ||||
Short Term Borrowings (Secured) | 3,153,121,293 | 2,776,266,125 |
| ||||
Long Term Borrowings-Current Maturity (Secured) | 663,838,072 | 754,903,558 |
| ||||
Creditors and Other Payables | 357,710,839 | 383,170,553 |
| ||||
Accrued Expenses | 164,283,115 | 141,582,304 |
| ||||
Dividend Payable | 454,720 | 973,367 |
| ||||
Income Tax Payable | 368,339,391 | 325,685,371 |
| ||||
| |||||||
TOTAL EQUITY AND LIABILITIES | 29,000,525,961 | 27,470,751,802 |
| ||||
Beximco Pharmaceuticals Limited
Statement of Profit or Loss and Other Comprehensive Income
For the Year ended 31 December 2014
Amount in Taka | ||||
2014 | 2013 | |||
Net Sales Revenue | 11,206,885,677 | 10,490,699,094 | ||
Cost of Goods Sold | (6,102,694,323) | (5,651,898,878) | ||
Gross Profit | 5,104,191,354 | 4,838,800,216 | ||
Operating Expenses | (2,686,014,518) | (2,514,527,446) | ||
Administrative Expenses | (398,762,237) | (375,565,912) | ||
Selling, Marketing and Distribution Expenses | (2,287,252,281) | (2,138,961,534) | ||
Profit from Operations | 2,418,176,836 | 2,324,272,770 | ||
Other Income | 521,171,647 | 510,588,200 | ||
Finance Cost | (724,314,963) | (636,587,090) | ||
Profit Before Contribution to WPPF & Welfare Funds | 2,215,033,520 | 2,198,273,880 | ||
Contribution to WPPF & Welfare Funds | (105,477,787) | (104,679,709) | ||
Profit Before Tax | 2,109,555,733 | 2,093,594,171 | ||
Income Tax Expenses | (581,258,160) | (688,831,391) | ||
Current Tax | (436,782,844) | (324,415,546) | ||
Deferred Tax | (144,475,316) | (364,415,845) | ||
Profit after Tax for the Year | 1,528,297,573 | 1,404,762,780 | ||
Other Comprehensive Income - | ||||
Fair Value Gain on Investment in Listed Shares | 967,032 | 1,341,619 | ||
Total Comprehensive Income for the Year | 1,529,264,605 | 1,406,104,399 | ||
Earnings Per Share (EPS) / Adjusted EPS (2013) | 4.15 | 3.82 | ||
Number of Shares used to compute EPS | 367,851,652 | 367,851,652 | ||
Beximco Pharmaceuticals Limited
Statement of Changes in Equity
For the Year ended 31 December 2014
Amount in Taka | |||||||||
Share | Share | Excess of Issue | Capital | Revaluation | Fair Value | Retained | Total | ||
Capital | Premium | Price over Face | Reserve on | Surplus | Gain on | Earnings | |||
Value of GDRs | Merger | Investment | |||||||
Balance as on | |||||||||
January 01, 2014 | 3,503,349,070 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,349,578,805 | 1,341,619 | 7,667,220,373 | 19,775,552,465 | |
Total Comprehensive | |||||||||
Income for 2014: | |||||||||
Profit for the year | - | - | - | - | - | - | 1,528,297,573 | 1,528,297,573 | |
Other Comprehensive Income | - | - | - | - | - | 967,032 | - | 967,032 | |
Transactions with | |||||||||
the Shareholders: | |||||||||
Cash Dividend for 2013 | - | - | - | - | - | - | (350,334,907) | (350,334,907) | |
Stock Dividend for 2013 | 175,167,450 | - | - | - | - | - | (175,167,450) | - | |
Adjustment for Depreciation | |||||||||
on Revalued Assets | - | - | - | - | (16,061,652) | - | 16,061,652 | - | |
Adjustment for Deferred Tax | |||||||||
on Revalued Assets | - | - | - | - | (34,296,838) | - | - | (34,296,838) | |
Balance as on | |||||||||
December 31, 2014 | 3,678,516,520 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,299,220,315 | 2,308,651 | 8,686,077,241 | 20,920,185,325 | |
Number of Shares | 367,851,652 | ||||||||
Net Asset Value (NAV) Per Share | 56.87 | ||||||||
For the Year ended 31 December 2013
| |||||||||
Balance as on | |||||||||
January 01, 2013 | 3,046,390,500 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,406,527,880 | - | 6,701,180,881 | 18,408,161,859 | |
Total Comprehensive | |||||||||
Income for 2013: | |||||||||
Profit for the year | - | - | - | - | - | - | 1,404,762,780 | 1,404,762,780 | |
Other Comprehensive Income | - | - | - | - | - | 1,341,619 | - | 1,341,619 | |
Transactions with | |||||||||
the Shareholders: | |||||||||
Stock Dividend for 2012 | 456,958,570 | - | - | - | - | - | (456,958,570) | - | |
Adjustment for Depreciation | |||||||||
on Revalued Assets | - | - | - | - | (18,235,282) | - | 18,235,282 | - | |
Adjustment for Deferred Tax | |||||||||
on Revalued Assets | - | - | - | - | (38,713,793) | - | - | (38,713,793) | |
Balance as on | |||||||||
December 31, 2013 | 3,503,349,070 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,349,578,805 | 1,341,619 | 7,667,220,373 | 19,775,552,465 | |
Number of Shares | 350,334,907 | ||||||||
Net Asset Value (NAV) Per Share | 56.45 | ||||||||
Beximco Pharmaceuticals Limited
Statement of Cash Flows
For the Year ended 31 December 2014
Amount in Taka | |||||
2014 | 2013 | ||||
Cash Flows from Operating Activities : | |||||
Receipts from Customers and Others | 11,086,465,849 | 10,407,897,987 | |||
Payments to Suppliers and Employees | (8,240,584,352) | (7,880,610,113) | |||
Cash Generated from Operations | 2,845,881,497 | 2,527,287,874 | |||
Interest Paid | (724,314,963) | (636,587,090) | |||
Interest Received | 489,970,647 | 512,424,678 | |||
Income Tax Paid | (394,128,824) | (272,794,704) | |||
Net Cash Generated from Operating Activities | 2,217,408,357 | 2,130,330,758 | |||
Cash Flows from Investing Activities : | |||||
Acquisition of Property, Plant and Equipment | (2,778,797,453) | (2,739,061,076) | |||
Intangible Assets | (56,321,506) | (25,370,921) | |||
Disposal of Property, Plant and Equipment | 7,615,792 | 5,401,817 | |||
Decrease/(Increase) in Short Term Investment | 551,356,330 | (339,784,835) | |||
Net Cash Used in Investing Activities | (2,276,146,837) | (3,098,815,015) | |||
Cash Flows from Financing Activities : |
| ||||
Net Decrease in Long Term Borrowings | (340,756,861) | (228,030,079) |
| ||
Net Increase in Short Term Borrowings | 376,855,168 | 1,239,316,207 |
| ||
Dividend Paid | (350,853,554) | (47,581) |
| ||
Net Cash Generated from Financing Activities | (314,755,247) | 1,011,238,547 |
| ||
Increase/(Decrease) in Cash and Cash Equivalents | (373,493,727) | 42,754,290 |
| ||
Cash and Cash Equivalents at Beginning of Year | 595,732,966 | 552,978,676 |
| ||
Cash and Cash Equivalents at End of Year | 222,239,239 | 595,732,966 |
| ||
Net Operating Cash Flow Per Share | 6.03 | 6.08 |
| ||
Number of Shares used to compute Net Operating Cash Flow Per Share | 367,851,652 | 350,334,907 |
| ||
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Beximco Pharma