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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 : 6477V
Beximco Pharmaceuticals Ltd
06 November 2017
6 November 2017
BEXIMCO PHARMACEUTICALS LTD.
Results for the 12 month period ended 30 June 2017
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 12 month period ended 30 June 2017.
Highlights:
Corporate
-- Became the first Bangladeshi pharmaceutical company to commence export of pharmaceutical products to the US
-- Received approvals for two ANDAs from the US Food and Drug Administration (US FDA)
-- Launched 15 products in the domestic market, four of which were launched for the first time in Bangladesh
-- Registered 71 new products in 20 countries
-- Entered seven new markets - Panama, Ecuador, Tanzania, Zimbabwe, Mali, Cameron and Guinea Conakri
-- Formed the Company's first overseas manufacturing collaboration with the joint venture with BioCare Manufacturing (M) Sdn Bhd based in Malaysia
-- Granted a sub-license by Medicine Patent Pool of the UN to produce Bristol-Myers Squibb's new hepatitis C drug Daclatasvir
Financial
-- Net sales increased to BDT 15,508.8 million (GBP147.51 million), registering year-on-year growth of 12.5% (2015-16: BDT 13,785.3 million (GBP135.7 million))
o Export sales registered year-on-year growth of 25.2%
-- Profit before tax increased 12.8% to BDT 2,891.5 million (GBP27.50 million), (2015-16: BDT 2,564.3 million, GBP25.24 million)
-- EPS for the year amounted to BDT 5.49
-- Recommended 12.5% cash dividend (BDT 1.25 per share)
Post period-end
-- Became the first Bangladeshi pharmaceutical company to commence export of pharmaceutical products to Canada
-- Received approval for the Company's fourth ANDA from the US FDA
-- Received GMP accreditation for the Company's oral solid dosage facility at Tongi from World Health Organization and granted WHO Prequalification
-- Entered into a memorandum of understanding under which Beximco Pharma may acquire a majority shareholding in Nuvista Pharma, a leading pharma company in Bangladesh specialising in hormones and steroid drugs
Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:
"This past year was another successful period for Beximco Pharma where we registered year-on-year sales growth of 12.5%, with exports up 25.2%, clearly demonstrating our continued momentum. We successfully commenced export of our first product in the US, achieving an important milestone by becoming the first Bangladeshi pharmaceutical company to export medicine to the US. We continue to build our US export portfolio, having received approvals for three additional products from the US FDA, with two more ANDAs submitted for approval. Additionally, our strategic initiatives include commencing our first overseas manufacturing collaboration in Malaysia and signing a memorandum of understanding to acquire a majority shareholding in Nuvista Pharma in Bangladesh.
With our strength in offering specialised generic products in a global setting, we continue to focus on building a strong pipeline for prescription markets, as well as continuing to assess strategic opportunities to expand our offering and drive sustainable growth."
Audited financial reports are available from the Company's website: www.beximcopharma.com.
(Exchange rates of GBP1 = Taka 101.59 for 2015-16 numbers and GBP1 = Taka 105.14 for 2016-17 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 / Andrew Emmott
Tel: +44 (0)20 3368 3551 / 3555
Northland Capital Partners Limited (Broker)
Gerry Beaney / 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 3,500 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
As at June 30, 2017
Hot Features
Premium
Amount in
Taka
June 30, June 30,
2017 2016
ASSETS
Non-Current Assets 24,953,316,701 22,620,900,165
Property, Plant and Equipment-Carrying
Value 24,472,468,013 22,235,892,802
Intangible Assets 462,968,347 380,260,529
Investment in Shares 17,880,341 4,746,834
Current Assets 9,130,816,169 8,528,007,810
Inventories 3,468,089,061 2,770,331,675
Spares & Supplies 636,102,892 614,606,112
Accounts Receivable 2,167,339,867 1,680,606,796
Loans, Advances and Deposits 1,697,679,418 1,802,304,185
Short Term Investment 886,576,906 1,439,037,813
Cash and Cash Equivalents 275,028,025 221,121,229
TOTAL ASSETS 34,084,132,870 31,148,907,975
---------------- ---------------
EQUITY AND LIABILITIES
Shareholders' Equity 25,072,425,900 23,059,412,409
Issued Share Capital 4,055,564,450 3,862,442,340
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 1,190,203,818 1,225,100,042
Unrealized Gain / (Loss) 3,875,065 1,295,558
Retained Earnings 12,568,719,969 10,716,511,871
Non-Current Liabilities 5,605,667,422 5,106,928,058
Long Term Borrowings-Net off
Current Maturity (Secured) 2,635,907,025 2,366,006,599
Liability for Gratuity and WPPF
& Welfare Funds 1,117,094,429 984,198,459
Deferred Tax Liability 1,852,665,968 1,756,723,000
Current Liabilities and Provisions 3,406,039,548 2,982,567,508
Short Term Borrowings (Secured) 1,239,757,995 1,109,644,270
Long Term Borrowings-Current
Maturity (Secured) 715,790,200 920,388,531
Creditors and Other Payables 783,838,444 453,828,612
Accrued Expenses 245,375,014 151,086,775
Dividend Payable 353,217 385,507
Income Tax Payable 420,924,678 347,233,813
TOTAL EQUITY AND LIABILITIES 34,084,132,870 31,148,907,975
---------------- ---------------
Beximco Pharmaceuticals Limited
Statement of Profit or Loss and Other Comprehensive Income
For the Year ended June 30, 2017
Amount
in Taka
July 2016 January January January
- June 2015 - - June - December
2017 June 2016 2016 2015
(12 Months) (18 Months) (6 Months) (12 Months)
Net Sales Revenue 15,508,776,972 20,034,502,592 7,068,995,719 12,965,506,873
Cost of Goods
Sold (8,323,895,349) (10,800,317,358) (3,835,149,654) (6,965,167,704)
Gross Profit 7,184,881,623 9,234,185,234 3,233,846,065 6,000,339,169
Operating Expenses (3,736,675,551) (4,775,931,931) (1,626,871,236) (3,149,060,695)
---------------- ----------------- ---------------- ----------------
Administrative
Expenses (522,396,449) (689,337,921) (240,980,804) (448,357,117)
Selling, Marketing
and Distribution
Expenses (3,214,279,102) (4,086,594,010) (1,385,890,432) (2,700,703,578)
---------------- ----------------- ---------------- ----------------
Profit from
Operations 3,448,206,072 4,458,253,303 1,606,974,829 2,851,278,474
Other Income 144,852,831 412,658,923 100,980,597 311,678,326
Finance Cost (557,003,162) (1,030,182,401) (321,212,167) (708,970,234)
Profit Before
Contribution
to WPPF & Welfare
Funds 3,036,055,741 3,840,729,825 1,386,743,259 2,453,986,566
Contribution
to WPPF & Welfare
Funds (144,574,083) (182,891,896) (66,035,393) (116,856,503)
Profit Before
Tax 2,891,481,658 3,657,837,929 1,320,707,866 2,337,130,063
Income Tax Expenses (664,786,534) (709,784,075) (326,938,528) (382,845,547)
---------------- ----------------- ---------------- ----------------
Current Tax (591,982,589) (736,140,227) (310,173,315) (425,966,912)
Deferred Tax
Income / (Expense) (72,803,945) 26,356,152 (16,765,213) 43,121,365
---------------- ----------------- ---------------- ----------------
Profit after
Tax for the
Period 2,226,695,124 2,948,053,854 993,769,338 1,954,284,516
Other Comprehensive
Income - Unrealized
Gain / (Loss) 2,579,507 (1,013,093) (661,955) (351,138)
---------------- ----------------- ---------------- ----------------
Total Comprehensive
Income for the
Period 2,229,274,631 2,947,040,761 993,107,383 1,953,933,378
---------------- ----------------- ---------------- ----------------
Earnings Per
Share (EPS)
/ Adjusted EPS 5.49 7.27 2.45 4.82
Number of Shares
used to compute
EPS 405,556,445 405,556,445 405,556,445 405,556,445
Beximco Pharmaceuticals Limited
Statement of Changes in Equity
For the Year ended June 30, 2017
Amount in Taka
Excess
of Issue
Price
over Capital
Face Reserve Unrealized
Share Share Value on Revaluation Gain Retained
Capital Premium of GDRs Merger Surplus / (Loss) Earnings Total
--------------- -------------- -------------- -------------- ------------ -------------- ----------- --------------- ---------------
Balance
as on
July
01, 2016 3,862,442,340 5,269,474,690 1,689,636,958 294,950,950 1,225,100,042 1,295,558 10,716,511,871 23,059,412,409
--------------- -------------- -------------- -------------- ------------ -------------- ----------- --------------- ---------------
Total
Comprehensive
Income
for the
Year:
Profit
for the
Year - - - - - - 2,226,695,124 2,226,695,124
Other
Comprehensive
Income/(Loss) - - - - - 2,579,507 - 2,579,507
--------------- -------------- -------------- -------------- ------------ -------------- ----------- --------------- ---------------
Transactions
with
the
Shareholders:
5% Final
Cash
Dividend
(January
2015
to June
2016) - - - - - - (193,122,117) (193,122,117)
5% Stock
Dividend
(January
2015
to June
2016) 193,122,110 - - - - - (193,122,110) -
--------------- -------------- -------------- -------------- ------------ -------------- ----------- --------------- ---------------
Adjustment
for
Depreciation
on Revalued
Assets - - - - (11,757,201) - 11,757,201 -
--------------- -------------- -------------- -------------- ------------ -------------- ----------- --------------- ---------------
Adjustment
for Deferred
Tax on
Revalued
Assets - - - - (23,139,023) - - (23,139,023)
--------------- -------------- -------------- -------------- ------------ -------------- ----------- --------------- ---------------
Balance
as on
June
30, 2017 4,055,564,450 5,269,474,690 1,689,636,958 294,950,950 1,190,203,818 3,875,065 12,568,719,969 25,072,425,900
--------------- -------------- -------------- -------------- ------------ -------------- ----------- --------------- ---------------
Number of Shares 405,556,445
--------------------------------------------------------------------------------------------------------------------------- ---------------
Net Asset Value (NAV) Per Share 61.82
--------------------------------------------------------------------------------------------------------------------------- ---------------
For 18 Months Period ended January 1, 2015 - June 30, 2016
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 the period: Profit for the Period - - - - - - 2,948,053,854 2,948,053,854 Other Comprehensive Income / (Loss) - - - - - (1,013,093) - (1,013,093) --------------- -------------- -------------- -------------- ------------ -------------- ------------ --------------- --------------- Transactions with the Shareholders: Cash Dividend for 2014 & 2015 (Interim) - - - - - - (754,095,886) (754,095,886) Stock Dividend for 2014 183,925,820 - - - - - (183,925,820) - --------------- -------------- -------------- -------------- ------------ -------------- ------------ --------------- --------------- Adjustment for Depreciation on Revalued Assets - - - - (20,402,482) - 20,402,482 - --------------- -------------- -------------- -------------- ------------ -------------- ------------ --------------- --------------- Adjustment for Deferred Tax on Revalued Assets - - - - (53,717,791) - - (53,717,791) --------------- -------------- -------------- -------------- ------------ -------------- ------------ --------------- --------------- Balance as on June
30, 2016 3,862,442,340 5,269,474,690 1,689,636,958 294,950,950 1,225,100,042 1,295,558 10,716,511,871 23,059,412,409 --------------- -------------- -------------- -------------- ------------ -------------- ------------ --------------- --------------- Number of Shares 386,244,234 ---------------------------------------------------------------------------------------------------------------------------- --------------- Net Asset Value (NAV) Per Share 59.70 ---------------------------------------------------------------------------------------------------------------------------- ---------------
Beximco Pharmaceuticals Limited
Statement of Cash Flows
For the Year ended June 30, 2017
Amount
in Taka
July 2016 January
- June 2015 -
2017 June 2016
(12 Months) (18 Months)
Cash Flows from Operating Activities:
Receipts from Customers and Others 15,028,477,642 19,756,621,890
Payments to Suppliers and Employees (11,480,328,595) (15,204,763,705)
----------------- -----------------
Cash Generated from Operations 3,548,149,047 4,551,858,185
Interest Paid (557,003,162) (1,030,182,401)
Interest Received 161,110,825 404,847,333
Income Tax Paid (518,291,724) (757,245,805)
Net Cash Generated from Operating
Activities 2,633,964,986 3,169,277,312
Cash Flows from Investing Activities:
----------------- -----------------
Acquisition of Property, Plant
and Equipment (3,016,391,390) (2,975,250,144)
Intangible Assets (108,998,404) (165,351,713)
Disposal of Property, Plant and
Equipment 22,059,127 9,583,953
Dividend Received 1,427,955 1,427,955
Decrease in Short Term Investment 552,460,907 1,035,989,018
----------------- -----------------
Net Cash Used in Investing Activities (2,549,441,805) (2,093,600,931)
Cash Flows from Financing Activities:
----------------- -----------------
Net Increase /(Decrease) in Long
Term Borrowings 32,424,297 55,519,429
Net Increase/(Decrease) in Short
Term Borrowings 130,113,725 (378,148,721)
Dividend Paid (193,154,407) (754,165,099)
----------------- -----------------
Net Cash Generated from Financing
Activities (30,616,385) (1,076,794,391)
Increase/(Decrease) in Cash and
Cash Equivalents 53,906,796 (1,118,010)
Cash and Cash Equivalents at Beginning
of Period 221,121,229 222,239,239
----------------- -----------------
Cash and Cash Equivalents at End
of Period 275,028,025 221,121,229
----------------- -----------------
Net Operating Cash Flow Per Share 6.49 8.21
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
FR UGGBGGUPMGUQ
(END) Dow Jones Newswires
November 06, 2017 05:30 ET (10:30 GMT)
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