27th Jan 2017 07:00
BEXIMCO PHARMACEUTICALS LTD.
27 January, 2017
Half Year Results 2016-17
Beximco Pharmaceuticals Limited ("BPL" or "the Company"; AIM Symbol: BXP), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, today announces its un-audited financial results for the six months ended 31 December, 2016.
Financial highlights
Half year financial highlights
· Net sales increased by 13.6% to Bangladesh Taka ("BDT") 7,630.6 m / £79.7 m (2015: BDT 6,716.3m / £58.0m)
· Profit after tax increased by 17.8% to BDT 1,112.9m / £11.6m (H1 2015: BDT 945.1m/ £8.2m)
Second quarter financial highlights
· Net sales increased 16.0% to BDT 3,865.0m / £40.4m (2015: BDT 3,330.6m / £28.8m)
· Profit after tax increased 14.0 % to BDT 598.0m / £6.2m (2015: BDT 524.5 m / £4.5m)
Operational highlights
· A total of eight new products (five generics) launched in the domestic market
o Three of which were launched for the first time in Bangladesh (Voglibose, Cholecalciferol and Dienogest)
· Commenced US export of Carvedilol, a prescription drug for treating hypertension, in August
o The first Bangladeshi pharmaceutical company to export pharmaceutical products to the US
· Received approval for two more products, Sotalol and Metformin Hydrochloride, from US FDA in November and December, respectively
· Medicine Patent Pool (MPP) of the UN granted sub-license to Beximco Pharma to manufacture Bristol-Myers Squibb's new hepatitis C drug, Daclatasvir
· Received product approval from Health Canada for Olopatadine eye drop
o Another first time achievement for a Bangladeshi pharmaceutical company
· Two ophthalmic products registered in Australia
· Commenced export to Panama, Zimbabwe, Mali and Guinea
Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:
"With the formal launch of Carvedilol in August, Beximco Pharma became the first Bangladeshi pharmaceutical company to export a prescription drug to US. In addition, we received approval for two more products from US FDA during the period. We continued to perform well in the domestic market, posting a sales growth of 14.4% over the corresponding period in 2015. We are confident that we will be able to maintain our growth momentum by achieving our operational and financial targets for the full year."
The half yearly accounts can be viewed at the Company's website: www.beximcopharma.com
(Exchange rates of £1 = Taka 95.7228 for 31 December 2016 numbers and £1 = Taka 115.8100 for 31 December 2015 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
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)
David Lawman / Daphne Zhang
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 3,500 employees of the Company.
Beximco Pharma's state-of-the-art manufacturing facilities are certified by global regulatory authorities of the US, Europe, Australia, Canada, GCC and Latin America 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 South East Asia including Singapore, Taiwan, Malaysia, Indonesia, Philippines and Hong Kong; Africa, including South Africa, Mauritius, Kenya, Ghana, Ethiopia, Uganda and Nigeria; Central Asia including Azerbijan; Middle East including Kuait and Jordan, Pacific Island countries; Latin and Central American countries; Europe, including Austria, Germany and Romania; Australia and the US.
Beximco Pharmaceuticals Limited
Statement of Financial Position (Un-audited)
As at December 31, 2016
Taka '000 | ||||||
As at December 31, | As at June 30, | |||||
2016 | 2016 | |||||
ASSETS | ||||||
Non-Current Assets | 23,197,141 | 22,620,900 | ||||
Property, Plant and Equipment- Carrying Value | 22,777,806 | 22,235,893 | ||||
Intangible Assets | 403,253 | 380,260 | ||||
Investment | 16,082 | 4,747 | ||||
Current Assets | 8,958,250 | 8,528,008 | ||||
Inventories | 2,875,287 | 2,770,332 | ||||
Spares & Supplies | 617,882 | 614,606 | ||||
Accounts Receivable | 1,956,579 | 1,680,607 | ||||
Loans, Advances and Deposits | 1,877,035 | 1,802,304 | ||||
Short Term Investment | 1,312,011 | 1,439,038 | ||||
Cash and Cash Equivalents | 319,456 | 221,121 | ||||
TOTAL ASSETS | 32,155,391 | 31,148,908 | ||||
EQUITY AND LIABILITIES | ||||||
Shareholders' Equity | 23,955,155 | 23,059,412 | ||||
Issued Share Capital | 4,055,564 | 3,862,442 | ||||
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 | 1,195,359 | 1,225,100 | ||||
Fair Value Gain on Investment | 2,076 | 1,295 | ||||
Retained Earnings | 11,448,093 | 10,716,512 | ||||
Non-Current Liabilities | 5,040,890 | 5,106,928 | ||||
Long Term Borrowings-Net off Current Maturity (Secured) | 2,253,586 | 2,366,007 | ||||
Liability for Gratuity and WPPF & Welfare Funds | 989,833 | 984,198 | ||||
Deferred Tax Liability | 1,797,471 | 1,756,723 | ||||
Current Liabilities and Provisions | 3,159,346 | 2,982,568 | ||||
Short Term Borrowings (Secured) | 1,443,887 | 1,109,644 | ||||
Long Term Borrowings-Current Maturity (Secured) | 726,699 | 920,388 | ||||
Creditors and Other Payables | 428,194 | 453,829 | ||||
Accrued Expenses | 120,633 | 151,087 | ||||
Dividend Payable | 50,710 | 386 | ||||
Income Tax Payable | 389,223 | 347,234 | ||||
TOTAL EQUITY AND LIABILITIES | 32,155,391 | 31,148,908 | ||||
Beximco Pharmaceuticals Limited
Statement of Profit or Loss and Other Comprehensive Income (Un-audited)
For the Half Year Ended December 31, 2016
Taka '000 |
| ||||||||||||||||||
Half Year | Half Year | 2nd Quarter | 2nd Quarter |
| |||||||||||||||
ended | ended | (October- | (October- |
| |||||||||||||||
December 31, | December 31, | December | December |
| |||||||||||||||
2016 | 2015 | 2016) | 2015) | ||||||||||||||||
Net Sales Revenue | 7,630,591 | 6,716,329 | 3,864,993 | 3,330,625 | |||||||||||||||
Cost of Goods Sold | (4,079,562) | (3,541,318) | (2,045,507) | (1,667,418) | |||||||||||||||
Gross Profit | 3,551,029 | 3,175,011 | 1,819,486 | 1,663,207 | |||||||||||||||
Operating Expenses | (1,785,365) | (1,667,832) | (917,401) | (872,308) | |||||||||||||||
Administrative Expenses | (268,905) | (229,372) | (138,316) | (108,818) | |||||||||||||||
Selling, Marketing and Distribution Expenses | (1,516,460) | (1,438,460) | (779,085) | (763,490) | |||||||||||||||
Profit from Operations | 1,765,664 | 1,507,179 | 902,085 | 790,899 | |||||||||||||||
Other Income | |||||||||||||||||||
97,394 | 126,243 | 53,020 | 58,691 | ||||||||||||||||
Finance Cost | (325,789) | (327,684) | (163,022) | (144,381) | |||||||||||||||
Profit Before Contribution to WPPF & Welfare Funds | 1,537,269 | 1,305,738 | 792,083 | 705,209 | |||||||||||||||
Contribution to WPPF & Welfare Funds | (73,203) | (62,178) | (37,718) | (33,581) | |||||||||||||||
Profit Before Tax | 1,464,066 | 1,243,560 | 754,365 | 671,628 | |||||||||||||||
Income Tax Expenses | (351,125) | (298,435) | (156,374) | (147,078) | |||||||||||||||
Current Tax | (335,234) | (204,170) | (170,235) | (83,914) | |||||||||||||||
Deferred Tax | (15,891) | (94,265) | 13,861 | (63,164) | |||||||||||||||
Profit After Tax | 1,112,941 | 945,125 | 597,991 | 524,550 | |||||||||||||||
Other Comprehensive Income- | |||||||||||||||||||
Fair Value Gain/ (Loss) on Investment in Listed Shares | 781 | (463) | 874 | (172) | |||||||||||||||
Total Comprehensive Income | 1,113,722 | 944,662 | 598,865 | 524,378 | |||||||||||||||
Earnings Per Share (EPS)/Adjusted EPS | Tk. | 2.74 | 2.33 | 1.47 | 1.29 | ||||||||||||||
Number of Shares used to compute EPS | Nos. | 405,556,445 | 405,556,445 | 405,556,445 | 405,556,445 | ||||||||||||||
Beximco Pharmaceuticals Limited
Statement of Changes in Equity (Un-audited)
For the Half Year Ended December 31, 2016
Taka '000 | |||||||||
As at December 31, 2016 | |||||||||
Share Capital | Share Premium | Excess of Issue Price over Face Value of GDRs | Capital Reserve on Merger | Revaluation Surplus | Fair Value Gain/ (Loss) on Investment | Retained Earnings | Total | ||
Balance as on July 01, 2016 | 3,862,442 | 5,269,475 | 1,689,637 | 294,951 | 1,225,100 | 1,295 | 10,716,512 | 23,059,412 | |
Total Comprehensive Income for the period : | |||||||||
Profit for the Period | - | - | - | - | - | - | 1,112,941 | 1,112,941 | |
Other Comprehensive Income / (Loss) | - | - | - | - | - | 781 | - | 781 | |
5% Final Cash Dividend (Jan'2015 to June'2016) | - | - | - | - | - | - | (193,122) | (193,122) | |
5% Stock Dividend (Jan'2015 to June'2016) | 193,122 | - | - | - | - | - | (193,122) | - | |
Adjustment for Depreciation on Revalued Assets | - | - | - | - | (4,884) | - | 4,884 | - | |
Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | (24,857) | - | - | (24,857) | |
Balance as on December 31, 2016 | 4,055,564 | 5,269,475 | 1,689,637 | 294,951 | 1,195,359 | 2,076 | 11,448,093 | 23,955,155 | |
Number of Shares on December 31, 2016 | 405,556,445 | ||||||||
Net Asset Value (NAV) Per Share on December 31, 2016 | Tk. | 59.07 | |||||||
As at December 31, 2015 | |||||||||
Share Capital | Share Premium | Excess of Issue Price over Face Value of GDRs | Capital Reserve on Merger | Revaluation Surplus | Fair Value Gain/ (Loss) on Investment | Retained Earnings | Total | ||
Balance as on July 01, 2015 | 3,862,442 | 5,269,475 | 1,689,637 | 294,951 | 1,262,732 | 2,421 | 9,150,539 | 21,532,197 | |
Total Comprehensive Income for the period : | |||||||||
Profit for the Period | - | - | - | - | - | - | 945,124 | 945,124 | |
Other Comprehensive Income / (Loss) | - | - | - | - | - | (463) | - | (463) | |
Adjustment for Depreciation on Revalued Assets | - | - | - | - | (7,079) | - | 7,079 | - | |
Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | 1,770 | - | - | 1,770 | |
Balance as on December 31, 2015 | 3,862,442 | 5,269,475 | 1,689,637 | 294,951 | 1,257,423 | 1,958 | 10,102,742 | 22,478,628 | |
Number of Shares on December 31, 2015 | 386,244,234 | ||||||||
Net Asset Value (NAV) Per Share on December 31, 2015 | Tk. | 58.20 | |||||||
Beximco Pharmaceuticals Limited
Statement of Cash Flows (Un-audited)
For The Half Year Ended December 31, 2016
Taka '000 | |||||||
Half-Year ended | Half-Year ended | ||||||
December 31, | December 31, | ||||||
2016 | 2015 | ||||||
Cash Flows from Operating Activities : | |||||||
Receipts from Customers and Others | 7,355,078 | 6,721,529 | |||||
Payments to Suppliers and Employees | (5,784,971) | (4,957,538) | |||||
Cash Generated from Operations | 1,570,107 | 1,763,991 | |||||
Interest Paid | (325,789) | (327,684) | |||||
Interest Received | 85,602 | 127,446 | |||||
Income Tax Paid | (293,245) | (297,227) | |||||
Net Cash Generated from Operating Activities | 1,036,675 | 1,266,526 | |||||
Cash Flows from Investing Activities : | |||||||
Acquisition of Property, Plant and Equipment | (922,622) | (1,411,265) | |||||
Intangible Assets | (31,033) | (26,590) | |||||
Disposal of Property, Plant and Equipment | 2,953 | 2,768 | |||||
Dividend Received | - | 1,428 | |||||
Decrease in Short Term Investment | 127,027 | 641,509 | |||||
Net Cash Used in Investing Activities | (823,675) | (792,150) | |||||
Cash Flows from Financing Activities : | |||||||
Net Increase/(Decrease) in Long Term Borrowings | (306,110) | 349,192 | |||||
Net Increase/(Decrease) in Short Term Borrowings | 334,243 | (503,395) | |||||
Dividend Paid | (142,798) | (367,649) | |||||
Net Cash Generated from Financing Activities | (114,665) | (521,852) | |||||
Increase / (Decrease) in Cash and Cash Equivalents | 98,335 | (47,476) | |||||
Cash and Cash Equivalents at Beginning of Period | 221,121 | 194,952 | |||||
Cash and Cash Equivalents at End of Period | 319,456 | 147,476 | |||||
Net Operating Cash Flow Per Share | Tk. | 2.56 | 3.28 | ||||
Number of Shares used to compute Net Operating Cash Flow Per Share | 405,556,445 | 386,244,234 | |||||
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Beximco Pharma