Beximco Pharmaceuticals Ltd Final Results (5697X)

TIDMBXP

RNS Number : 5697X

Beximco Pharmaceuticals Ltd

09 May 2016

BEXIMCO PHARMACEUTICALS LTD.

9 May, 2016

Results for the year ended 31 December 2015

Beximco Pharmaceuticals Ltd. ("BPL", "Beximco Pharma" or "Company"), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, today announces its audited results for the year ended 31 December 2015.

Highlights:

Corporate

   --      Became the first Bangladeshi pharmaceutical company to be approved by the US Food and Drug Administration (US FDA) 

-- Subsequently, became the first Bangladeshi pharmaceutical company to receive US FDA to manufacture a prescription drug (Carvedilol) for the US

   --      Entered five new geographical markets: Australia, Iraq, Indonesia, Burundi and Costa Rica 

o Registration of 46 new products (31 generics) completed in 17 countries

-- Launched 23 products in the domestic market; two of which were launched for the first time in Bangladesh

o Launched a generic version of revolutionary Hepatitis C drugs Sovaldi and Harvoni under the brand names Sofovir C and Lesovir C, respectively; Lesovir C being the first generic copy of Harvoni in the world

   --      Napa Extra became the first brand to cross the BDT 1 billion annual sales mark 
   --      Launched Pantoprazole in Australia 

Financial

-- Net sales increased to BDT 12,965.5 million (GBP111.95 million), registering a year-on-year growth rate of 15.7% (2014: BDT 11,206.9 million (GBP92.28 million).

o Export sales registered 68.3% growth over 2014

-- Profit before tax increased 10.8% to BDT 2,337.1 million (GBP20.18 million) (2014: BDT 2,109.6 million, GBP17.37 million)

   --      EPS rose by 27.8% to BDT 5.06 (Restated 2014: BDT 3.96) 

-- 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

-- 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 12 May 2016

o The 10% cash dividend declared by the Company will be paid on or before July 04, 2016

o The 5% Stock dividend will be issued subject to the approval of the shareholders at the forthcoming AGM

Post year-end

   --      Received regulatory approval from The Ministry of Health in Cambodia 
   --      Launched eight new products during the first quarter of 2016 
   --      Entered three new geographical markets in Q1:  Peru, Guatemala, Gabon 

o Registration of 42 new products (37 generics) in 11 countries

Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:

"I am pleased to report an impressive sales growth of 15.7% in 2015, with Beximco Pharma posting the highest revenue growth among the top five pharmaceutical companies in Bangladesh during the year, according to IMS audited data.

In a highly competitive market, we have maintained our strong position in key therapeutic segments such as cardiovascular, respiratory and gastrointestinal, which grew by 30%, 20% and 35%, respectively, and together accounted for almost 50% of the revenue growth during the year. In addition, our export business posted an impressive 68.3% growth over the last year and we achieved a major milestone by becoming the first Bangladeshi pharmaceutical company to be approved by the US FDA.

We remain focused on our strategic goal to bring high quality, differentiated products to emerging and developed markets to create value for all our customers and shareholders. Our ongoing expansion programme 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 firmly believe our commitment to quality, product and process will propel us forward on our journey and we will continue to perform well in the coming months."

Audited financial reports are available from the Company's website: www.beximcopharma.com.

(Exchange rates of GBP1 = Taka 121.45 for 2014 numbers and GBP1 = Taka 115.81 for 2015 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: [phone], ext.20080

Md. Asad Ullah, FCS, Executive Director & Company Secretary

Tel; [phone], [phone], Ext 10140

SPARK Advisory Partners Limited (Nominated Adviser)

Mark Brady / Sean Wyndham-Quin

Tel: [phone] / 3555

FTI Consulting

Simon Conway / Victoria Foster Mitchell

Tel: [phone]

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 the US, 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 South Africa, Mauritius, Kenya, Ghana, Ethiopia and Nigeria; Pacific Island; Latin and Central American countries; Middle East; Central Asia; South East Asia, including Singapore, Malaysia, Indonesia, Philippines and Hong Kong; Europe, including Germany, Austria and Romania; Australia etc.

Beximco Pharmaceuticals Limited

Statement of Financial Position

As at 31 December 2015

 
                                                              Amount 
                                                             in Taka 
                                                2015            2014 
ASSETS 
Non-Current Assets                    22,443,457,489  20,634,246,854 
    Property, Plant and Equipment- 
     Carrying Value                   22,168,184,597  20,393,278,737 
    Intangible Assets                    269,864,103     235,208,190 
    Investment in Shares                   5,408,789       5,759,927 
Current Assets                         8,392,093,095   8,366,279,107 
    Inventories                        2,817,185,843   2,493,657,338 
    Spares & Supplies                    556,974,583     554,183,898 
    Accounts Receivable                1,546,921,772   1,397,498,648 
    Loans, Advances and Deposits       1,784,104,778   1,223,673,153 
    Short Term Investment              1,539,430,008   2,475,026,831 
    Cash and Cash Equivalents            147,476,111     222,239,239 
 
TOTAL ASSETS                          30,835,550,584  29,000,525,961 
 
 
EQUITY AND LIABILITIES 
    Shareholders' Equity              22,478,627,583  20,920,185,325 
    Issued Share Capital               3,862,442,340   3,678,516,520 
    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                1,257,422,946   1,299,220,315 
    Fair Value Gain on Investment          1,957,513       2,308,651 
    Retained Earnings                 10,102,742,186   8,686,077,241 
Non-Current Liabilities                3,494,915,017   3,372,593,206 
    Long Term Borrowings-Net off 
     Current Maturity (Secured)          916,927,763     901,709,327 
    Liability for Gratuity and 
     WPPF & Welfare Funds                864,107,790     741,522,518 
    Deferred Tax Liability             1,713,879,464   1,729,361,361 
Current Liabilities and Provisions     4,862,007,984   4,707,747,430 
    Short Term Borrowings (Secured)    3,163,551,475   3,153,121,293 
    Long Term Borrowings-Current 
     Maturity (Secured)                  724,603,464     663,838,072 
    Creditors and Other Payables         439,018,016     357,710,839 
    Accrued Expenses                     206,228,496     164,283,115 
    Dividend Payable                         412,480         454,720 
    Income Tax Payable                   328,194,053     368,339,391 
 
TOTAL EQUITY AND LIABILITIES          30,835,550,584  29,000,525,961 
 
 
 

Beximco Pharmaceuticals Limited

Statement of Profit or Loss and Other Comprehensive Income

For the Year ended 31 December 2015

 
                                                                   Amount 
                                                                  in Taka 
                                                  2015             2014 
Net Sales Revenue                       12,965,506,873   11,206,885,677 
Cost of Goods Sold                     (6,965,167,704)  (6,102,694,323) 
Gross Profit                             6,000,339,169    5,104,191,354 
Operating Expenses                     (3,149,060,695)  (2,686,014,518) 
Administrative Expenses                  (448,357,117)    (398,762,237) 
Selling, Marketing and Distribution 
Expenses                               (2,700,703,578)  (2,287,252,281) 
                                       ---------------  --------------- 
Profit from Operations                   2,851,278,474    2,418,176,836 
Other Income                               311,678,326      521,171,647 
Finance Cost                             (708,970,234)    (724,314,963) 
Profit Before Contribution 
 to WPPF & Welfare Funds                 2,453,986,566    2,215,033,520 
Contribution to WPPF & Welfare 
 Funds                                   (116,856,503)    (105,477,787) 
Profit Before Tax                        2,337,130,063    2,109,555,733 
Income Tax Expenses                      (382,845,547)    (581,258,160) 
Current Tax                              (425,966,912)    (436,782,844) 
Deferred Tax Income / (Expense)             43,121,365    (144,475,316) 
                                       ---------------  --------------- 
Profit after Tax for the 
 Year                                    1,954,284,516    1,528,297,573 
Other Comprehensive Income 
 - 
Fair Value Gain / (Loss) 
 on Investment in Listed Shares              (351,138)          967,032 
Total Comprehensive Income 
 for the Year                            1,953,933,378    1,529,264,605 
                                       ---------------  --------------- 
 
Earnings Per Share (EPS) 
 / Adjusted EPS (2014)                            5.06             3.96 
Number of Shares used to 
 compute EPS                               386,244,234      386,244,234 
 
 

Beximco Pharmaceuticals Limited

Statement of Changes in Equity

For the Year ended 31 December 2015

 
                                                                                                                        Amount in 
                                                                                                                           Taka 
 
                                                 Excess of                                   Fair 
                     Share          Share          Issue        Capital     Revaluation      Value       Retained         Total 
                                                Price over      Reserve                      Gain 
                    Capital        Premium          Face           on         Surplus         on         Earnings 
                                                 Value of 
                                                    GDRs        Merger                    Investment 
 
 Balance as 
  on 
 January 01, 
  2015           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 
 
 Total 
 Comprehensive 
 Income for 
  2015: 
 Profit for 
  the year                   -              -              -            -              -           -   1,954,284,516   1,954,284,516 
 Other 
  Comprehensive 
  Income                     -              -              -            -              -   (351,138)               -       (351,138) 
 
 Transactions 
  with 
 the 
 Shareholders: 
 Cash Dividend 
  for 2014                   -              -              -            -              -           -   (367,851,652)   (367,851,652) 
 Stock Dividend 
  for 2014         183,925,820              -              -            -              -           -   (183,925,820)               - 
 
 Adjustment 
 for 
 Depreciation 
 on Revalued 
  Assets                     -              -              -            -   (14,157,901)           -      14,157,901               - 
 
 Adjustment 
  for Deferred 
  Tax 
 on Revalued 
  Assets                     -              -              -            -   (27,639,468)           -               -    (27,639,468) 
 
 Balance as 
  on 
 December 
  31, 2015       3,862,442,340  5,269,474,690  1,689,636,958  294,950,950  1,257,422,946   1,957,513  10,102,742,186  22,478,627,583 
 
 Number of 
  Shares                                                                                                                 386,244,234 
 Net Asset Value 
  (NAV) Per Share                                                                                                              58.20 
 
 
 

For the Year ended 31 December 2014

 
 
 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 
 
 

Beximco Pharmaceuticals Limited

Statement of Cash Flows

For the Year ended 31 December 2015

 
                                                                 Amount 
                                                                in Taka 
                                                2015             2014 
Cash Flows from Operating 
 Activities : 
                                    ----------------  --------------- 
Receipts from Customers and 
 Others                               12,820,931,378   11,085,037,894 
Payments to Suppliers and 
 Employees                          (10,115,051,359)  (8,240,584,352) 
                                    ----------------  --------------- 
Cash Generated from Operations         2,705,880,019    2,844,453,542 
Interest Paid                          (708,970,234)    (724,314,963) 
Interest Received                        304,321,405      489,970,647 
Income Tax Paid                        (466,112,250)    (394,128,824) 
Net Cash Generated from Operating 
 Activities                            1,835,118,940    2,215,980,402 
Cash Flows from Investing 
 Activities : 
                                    ----------------  --------------- 
Acquisition of Property, Plant 
 and Equipment                       (2,520,276,389)  (2,778,797,453) 
Intangible Assets                       (49,069,233)     (56,321,506) 
Disposal of Property, Plant 
 and Equipment                             3,918,658        7,615,792 
Dividend Received                          1,427,955        1,427,955 
Decrease in Short Term Investment        935,596,823      551,356,330 
                                    ----------------  --------------- 
Net Cash Used in Investing 
 Activities                          (1,628,402,186)  (2,274,718,882) 
Cash Flows from Financing 
 Activities : 
                                    ----------------  --------------- 
Net Increase/(Decrease) in 
 Long Term Borrowings                     75,983,828    (340,756,861) 
Net Increase in Short Term 
 Borrowings                               10,430,182      376,855,168 
Dividend Paid                          (367,893,892)    (350,853,554) 
                                    ----------------  --------------- 
Net Cash Generated from Financing 
 Activities                            (281,479,882)    (314,755,247) 
Decrease in Cash and Cash 
 Equivalents                            (74,763,128)    (373,493,727) 
Cash and Cash Equivalents 
 at Beginning of Year                    222,239,239      595,732,966 
Cash and Cash Equivalents 
 at End of Year                          147,476,111      222,239,239 
                                    ----------------  --------------- 
Net Operating Cash Flow Per 
 Share                                          4.75             6.02 
Number of Shares used to compute 
 Net Operating Cash Flow Per 
 Share                                   386,244,234      367,851,652 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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