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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 | 105,000 | 08:00:00 |
From Apr 2019 to Apr 2024
TIDMBXP
RNS Number : 2501V
Beximco Pharmaceuticals Ltd
27 January 2017
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 / GBP79.7 m (2015: BDT 6,716.3m / GBP58.0m)
-- Profit after tax increased by 17.8% to BDT 1,112.9m / GBP11.6m (H1 2015: BDT 945.1m/ GBP8.2m)
Second quarter financial highlights
-- Net sales increased 16.0% to BDT 3,865.0m / GBP40.4m (2015: BDT 3,330.6m / GBP28.8m) -- Profit after tax increased 14.0 % to BDT 598.0m / GBP6.2m (2015: BDT 524.5 m / GBP4.5m)
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 GBP1 = Taka 95.7228 for 31 December 2016 numbers and GBP1 = 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
Hot Features
Premium
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
------------------------ --------- --------- --------- ------- ----------- ---------- ---------- -----------
Excess of
Issue
Price Capital Fair Value
over Face Reserve Gain/
Share Share Value of on Revaluation (Loss) on Retained
Capital Premium GDRs Merger Surplus Investment 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
Excess of
Issue
Price Capital Fair Value
over Face Reserve Gain/
Share Share Value of on Revaluation (Loss) on Retained
Capital Premium GDRs Merger Surplus Investment 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SEUFMMFWSEFF
(END) Dow Jones Newswires
January 27, 2017 02:00 ET (07:00 GMT)
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