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| Name | Symbol | Market | Type |
|---|---|---|---|
| Beximco Pharma | LSE:BXP | London | Depository Receipt |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 36.50 | 35.00 | 38.00 | 36.50 | 36.50 | 36.50 | 34,232 | 01:00:00 |
From Apr 2019 to Apr 2024
TIDMBXP
RNS Number : 2477D
Beximco Pharmaceuticals Ltd
30 January 2018
BEXIMCO PHARMACEUTICALS LTD.
30 January 2018
Half Year Results 2017-18
Beximco Pharmaceuticals Limited ("BPL", "Beximco Pharma" or "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 six months ended 31 December 2017.
Financial highlights
Half year financial highlights
-- Net sales increased 13.2% to Bangladesh Taka ("BDT") 8,638.5m / GBP77.3m (2016-17: BDT 7,630.6m / GBP79.7m)
o Domestic sales increased 12.8% to BDT 8,058.4m / GBP72.1m (2016-17: 7,142.0 / GBP74.6m)
o Export sales increased 18.7% to BDT 580.1m / GBP5.2m (2016-17: BDT 488.6m / GBP5.1m)
-- Profit after tax increased 18.4% to BDT 1,317.4m / GBP11.8m (2016-17: BDT 1,112.9m/ GBP11.6m)
Second quarter financial highlights
-- Net sales increased 12.8% to BDT 4,359.9m / GBP39.0m (2016-17: BDT 3,865.0m / GBP40.4m) -- Profit after tax increased 12.5% to BDT 672.9m / GBP6.0m (2016-17: BDT 598.0m / GBP6.2m)
Operational highlights
-- A total of nine new products launched in the domestic market
o Three launched for the first time in Bangladesh
-- Tuspel syrup and Dextrim syrup - two combination medicines used to treat cough, stuffy nose, sinus congestion and chest congestion caused by allergies, the common cold or influenza
-- Tezolin tablet - for the treatment of acute bacterial skin and skin structure infections
-- 41 registrations in 16 countries for 32 products -- Entered three new countries (Canada, Uzbekistan, Zambia) -- In the US:
o Commenced export of second product, Sotalol, a drug used to treat abnormal heart rhythms
o Received US Food and Drug Administration (FDA) approval for fourth product, muscle relaxant Methocarbamol
-- Entered into a non-binding memorandum of understanding to acquire a majority shareholding (85.23%) in Nuvista Pharma, a leading pharma company in Bangladesh specialising in hormones and steroid drugs
o Post period end, entered into Share Purchase Agreements, which are due to complete by 28 February
-- Received WHO Prequalification for the Company's oral solid dosage facility at Tongi -- Won the prestigious Scrip Award in the category of 'Best Company in an Emerging Market'
o First time a Bangladeshi company has won this award
Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:
"During the half year, we delivered strong results, maintaining excellent sales growth across our domestic and export markets. We continued to expand our portfolio with nine new product launches in the domestic market, whilst successfully shipping our second product to the US market and receiving our fourth product approval from the US FDA.
"Importantly, our oral solid dosage facility was granted WHO Prequalification, a prerequisite to participate in tenders funded by global donor agencies for certain groups of medicines. We also undertook the first acquisition in Beximco Pharma's history, expanding and complementing our existing portfolio, which is due to complete next month. We look forward to continuing to maintain this strong financial and operational growth momentum."
The half yearly accounts can be viewed at the Company's website: www.beximcopharma.com
(Exchange rates of GBP1 = Taka 111.7442 for 31 December 2017 numbers and GBP1 = Taka 95.7228for 31 December 2016 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 / Andrew Emmott
Tel: +44 (0)20 3368 3551 / 3555
Northland Capital Partners Limited (Broker)
Tom Price
Tel: +44 (0)20 3861 6625
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, nebuliser solutions, oral soluble films etc. Ensuring access to quality medicines is the powerful aspiration that motivates 3,800 employees of the Company.
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. 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 South East Asia, including Singapore, Thailand, Taiwan, Malaysia, Indonesia, Philippines and Hong Kong; Africa, including South Africa, Mauritius, Kenya, Ghana, Ethiopia, Uganda and Nigeria; Central Asia, including Azerbaijan; Middle East, including Kuwait and Jordan; Pacific Island countries; Latin and Central American countries; Europe, including Austria, Germany and Romania; Australia and North America, including the USA and Canada.
Beximco Pharmaceuticals Limited
Statement of Financial Position (Un-audited)
As at 31 December 2017
Hot Features
Premium
Taka '000
As at As at
31 December 30 June
2017 2017
ASSESTS
Non-Current Assets 26,719,759 24,953,317
------------- -----------
Property, Plant and Equipment-
Carrying Value 26,174,791 24,472,468
Intangible Assets 509,045 462,969
Investment in Shares 35,923 17,880
------------- -----------
Current Assets 9,640,952 9,130,816
------------- -----------
Inventories 3,542,598 3,468,089
Spares & Supplies 639,855 636,103
Accounts Receivable 2,491,789 2,167,340
Loans, Advances and Deposits 2,262,900 1,697,679
Short Term Investment 326,550 886,577
Cash and Cash Equivalents 377,260 275,028
------------- -----------
TOTAL ASSETS 36,360,711 34,084,133
------------- -----------
EQUITY AND LIABILITIES
Shareholders' Equity 25,860,955 25,072,426
------------- -----------
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 1,163,172 1,190,204
Unrealised Gain/(Loss) 3,772 3,875
Retained Earnings 13,384,384 12,568,720
------------- -----------
Non-Current Liabilities 6,605,295 5,605,667
------------- -----------
Long Term Borrowings-Net
off Current Maturity (Secured) 3,559,659 2,635,907
Liability for Gratuity and
WPPF & Welfare Funds 1,176,713 1,117,094
Deferred Tax Liability 1,868,923 1,852,666
------------- -----------
Current Liabilities and
Provisions 3,894,461 3,406,040
------------- -----------
Short Term Borrowings (Secured) 711,954 1,239,758
Long Term Borrowings-Current
Maturity (Secured) 773,565 715,790
Creditors and Other Payables 1,197,959 783,839
Accrued Expenses 300,232 245,375
Dividend Payable 507,298 353
Income Tax Payable 403,453 420,925
------------- -----------
TOTAL EQUITY AND LIABILITIES 36,360,711 34,084,133
------------- -----------
Beximco Pharmaceuticals Limited
Statement of Profit or Loss and Other Comprehensive Income (Un-audited)
For the half year ended 31 December 2017
Taka
'000
Half Year Half Year 2nd 2nd
ended 31 ended 31 Quarter Quarter
December December (October-December (October-December
2017 2016 2017) 2016)
Net Sales Revenue 8,638,539 7,630,591 4,359,864 3,864,993
Cost of Goods Sold (4,650,767) (4,079,562) (2,346,282) (2,045,507)
------------ ------------ ------------------- -------------------
Gross Profit 3,987,772 3,551,029 2,013,582 1,819,486
Operating Expenses (1,996,013) (1,785,365) (980,237) (917,401)
------------ ------------ ------------------- -------------------
Administrative Expenses (291,663) (268,905) (148,152) (138,316)
Selling, Marketing
and Distribution
Expenses (1,704,350) (1,516,460) (832,085) (779,085)
------------ ------------ ------------------- -------------------
Profit from Operations 1,991,759 1,765,664 1,033,345 902,085
Other Income 28,809 97,394 6,398 53,020
Finance Cost (205,877) (325,789) (99,707) (163,022)
------------ ------------ ------------------- -------------------
Profit Before Contribution
to WPPF & Welfare
Funds 1,814,691 1,537,269 940,036 792,083
Contribution to
WPPF & Welfare Funds (86,414) (73,203) (44,764) (37,718)
------------ ------------ ------------------- -------------------
Profit Before Tax 1,728,277 1,464,066 895,272 754,365
Income Tax Expenses (410,859) (351,125) (222,350) (156,374)
------------ ------------ ------------------- -------------------
Current Tax (416,443) (335,234) (213,806) (170,235)
Deferred Tax 5,584 (15,891) (8,544) 13,861
------------ ------------ ------------------- -------------------
Profit After Tax 1,317,418 1,112,941 672,922 597,991
Other Comprehensive
Income-Unrealised
Gain/(Loss) (103) 781 267 874
Total Comprehensive
Income 1,317,315 1,113,722 673,189 598,865
------------ ------------ ------------------- -------------------
Earnings Per Share
(EPS) / Adjusted
EPS Tk. 3.25 2.74 1.66 1.47
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 31 December 2017
As at 31 December 2017 Taka '000
---------------------------------------------------------------------------- ---------------------------------------
Share Share Excess Capital Revaluation Un-realised Retained Total
Capital Premium of Issue Reserve Surplus Gain Earnings
Price on / (Loss)
over Merger
Face
Value
of GDRs
--------------- ---------- ---------- ---------- --------- ------------ ------------ ----------- ------------
Balance
as on 1
July 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 for
the period:
Profit for
the Period - - - - - - 1,317,418 1,317,418
Other
Comprehensive
Income /
(Loss) - - - - - (103) - (103)
12.5 % Cash
Dividend
for 2016-2017
(July 2016
to June
2017) - - - - - - (506,945) (506,945)
Adjustment
for
Depreciation
on Revalued
Assets - - - - (5,191) - 5,191 -
Adjustment
for Deferred
Tax on
Revalued
Assets - - - - (21,841) - - (21,841)
Balance
as on 31
December
2017 4,055,564 5,269,475 1,689,637 294,951 1,163,172 3,772 13,384,384 25,860,955
--------------- ---------- ---------- ---------- --------- ------------ ------------ ----------- ------------
Number of
Shares on
31 December
2017 405,556,445
Net Asset
Value (NAV)
Per Share
on 31
December
2017 Tk. 63.77
--------------- ---------- ---------- ---------- --------- ------------ ------------ ----------- ------------
As at 31 December 2016 Taka '000
---------------------------------------------------------------------------- ---------------------------------------
Share Share Excess Capital Revaluation Un-realised Retained Total
Capital Premium of Issue Reserve Surplus Gain Earnings
Price on / (Loss)
over Merger
Face
Value
of GDRs
--------------- ---------- ---------- ---------- --------- ------------ ------------ ----------- ------------
Balance
as on 1
July 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
(January
2015 to
June 2016) - - - - - - (193,122) (193,122)
5% Stock
Dividend
(January
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 31
December
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
31 December
2016 405,556,445
Net Asset
Value (NAV)
Per Share
on 31
December
2016 Tk. 59.07
--------------- ---------- ---------- ---------- --------- ------------ ------------ ----------- ------------
Beximco Pharmaceuticals Limited
Statement of Cash Flows (Un-audited)
For the half year ended 31 December 2017
Taka '000
Half year Half year
ended 31 ended 31 December
December 2016
2017
Cash Flows from Operating
Activities:
Receipts from Customers
and Others 8,318,280 7,355,078
Payments to Suppliers and
Employees (6,443,336) (5,784,971)
------------ ---------------
Cash Generated from Operations 1,874,944 1,570,107
Interest Paid (205,877) (325,789)
Interest Received 40,194 85,602
Income Tax Paid (433,915) (293,245)
------------ ---------------
Net Cash Generated from
Operating Activities 1,275,346 1,036,675
Cash Flows from Investing
Activities:
Acquisition of Property,
Plant and Equipment (2,091,062) (922,622)
Intangible Assets (64,282) (31,033)
Disposal of Property, Plant
and Equipment 1,354 2,953
Decrease in Short Term Investment 560,027 127,027
------------ ---------------
Net Cash Used in Investing
Activities (1,593,963) (823,675)
Cash Flows from Financing
Activities:
Net Increase/(Decrease)
in Long Term Borrowings 948,653 (306,110)
Net Increase/(Decrease)
in Short Term Borrowings (527,804) 334,243
- (142,798)
------------ ---------------
Dividend Paid
------------ ---------------
Net Cash Generated from
Financing Activities 420,849 (114,665)
------------ ---------------
Increase / (Decrease) in
Cash and Cash Equivalents 102,232 98,335
Cash and Cash Equivalents
at Beginning of Period 275,028 221,121
------------ ---------------
Cash and Cash Equivalents
at End of Period 377,260 319,456
------------ ---------------
Net Operating Cash Flow
Per Share Tk. 3.14 2.56
Number of Shares used to
compute Net Operating Cash
Flow Per Share 405,556,445 405,556,445
------------------------------------------ ------------ ---- ---------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SELFMUFASEFF
(END) Dow Jones Newswires
January 30, 2018 02:00 ET (07:00 GMT)
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