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BXP Beximco Pharma

39.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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% 39.00 37.00 41.00 39.00 38.00 39.00 5,319 08:00:06

Beximco Pharmaceuticals Ltd Results for the 12 month period ended 30 June 2018 (5442G)

07/11/2018 7:00am

UK Regulatory


Beximco Pharma (LSE:BXP)
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RNS Number : 5442G

Beximco Pharmaceuticals Ltd

07 November 2018

7 November 2018

BEXIMCO PHARMACEUTICALS LTD.

Results for the 12 month period ended 30 June 2018

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 audited results for the 12 month period ended 30 June 2018.

Highlights:

Financial

-- Net sales increased to BDT 17,716.7 million (GBP160.27 million), registering year-on-year growth of 14.2% (2016-17: BDT 15,508.8 million (GBP147.51 million))

o Domestic sales registered year-on-year growth of 12.5%

o Export sales registered year-on-year growth of 37.0%

-- Profit before tax increased 16.2% to BDT 3,361.3 million (GBP30.41 million), (2016-17: BDT 2,891.5 million, GBP27.50 million)

   --      EPS for the year amounted to BDT 6.25 
   --      Recommended 12.5% cash dividend (BDT 1.25 per share) 
 
 Amount in Taka      Beximco Pharmaceuticals   Beximco Pharmaceuticals   Beximco Pharmaceuticals 
                          Ltd (Consolidated)                       Ltd                       Ltd 
                                30 June 2018              30 June 2018              30 June 2017 
 Net Revenue                  17,716,716,855            17,380,728,001            15,508,776,972 
 Gross Profit                  8,285,979,424             8,125,223,320             7,184,881,623 
 Operating Profit              4,026,167,984             3,981,599,865             3,448,206,072 
 Profit Before 
  Tax                          3,361,334,131             3,366,165,790             2,891,481,658 
 Profit After Tax              2,532,654,301             2,558,971,263             2,226,695,124 
                    ------------------------  ------------------------  ------------------------ 
 

* Beximco Pharmaceuticals Ltd (Consolidated) includes Nuvista Pharma Ltd following completion of the acquisition on 2 April 2018

** Full audited financial statements will be uploaded to the Company website today (www.beximcopharma.com)

Corporate

   --      Completed 46 registrations of 38 products in 22 countries 

-- Launched 16 products in the domestic market, five of which were launched for the first time in Bangladesh

-- Became the first Bangladeshi pharmaceutical company to commence export of pharmaceutical products to Canada

-- Commenced export of second (Sotalol Hydrochloride) and third (Methocarbamol) products to the US

   --      Entered three new countries in EMEA - Botswana, Zambia and Uzbekistan 
   --      Completed the acquisition of a majority stake (85.22%) in Nuvista Pharma Limited 

-- Oral solid dosage facility received prequalification status from the World Health Organization

Post period-end

-- Launched fourth product, Metformin Hydrochloride, an anti-diabetic, extended release drug to the US

-- Received US Food and Drug Administration approval for Nadolol tablets to treat high blood pressure and angina

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

"We continued to deliver strong results during the year, achieving sales growth of 12.5% in our domestic market and impressive export sales growth of 37%. We also continued to expand our portfolio with 16 product launches in the domestic market, whilst strengthening our presence internationally with the launch of our second and third products in the US and entering the Canadian market for the first time. To meet this strong demand, our expansion programme remains on track, and importantly, our oral solid dosage facility received WHO prequalification, which is a prerequisite to participate in tenders funded by global donor agencies for certain groups of medicines.

"In addition, we completed the acquisition of Nuvista Pharma, a leading manufacturer of hormones and steroids in Bangladesh. This important strategic initiative marks the first acquisition in our company history. We are pleased with the integration of Nuvista after completing the acquisition in April 2018 and look forward to leveraging the unique capabilities of Nuvista in our business going forward. We believe our strategic focus of expanding manufacturing capacity and strengthening our presence in key emerging and developed markets will continue to drive sustainable growth."

(Exchange rates of GBP1 = Taka 105.14 for 2016-17 numbers and GBP1 = Taka 110.54 for 2017-18 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)

Vadim Alexandre / Dugald J. Carlean

Tel: +44 (0)20 3861 6627

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 4,200 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 and its Subsidiary

Consolidated Statement of Financial Position

As at June 30, 2018

 
                                                             Amount in 
                                                                  Taka 
 
 ASSETS 
    Non-Current Assets                                  32,394,686,712 
    Property, Plant and Equipment-Carrying Value        30,524,692,707 
    Intangible Assets                                    1,280,695,416 
    Goodwill                                               546,691,213 
    Investment in Shares                                    36,507,658 
    Other Non-Current Assets                                 6,099,718 
 
    Current Assets                                      11,344,199,700 
    Inventories                                          5,058,847,681 
    Spares & Supplies                                      663,911,096 
    Accounts Receivable                                  2,761,509,393 
    Loans, Advances and Deposits                         2,094,229,902 
    Advance Income Tax                                      32,568,508 
    Short Term Investment                                  339,397,174 
    Cash and Cash Equivalents                              393,735,946 
 
 TOTAL ASSETS                                           43,738,886,412 
                                                       --------------- 
 
 SHAREHOLDERS' EQUITY AND LIABILITIES 
    Equity Attributable to the Owners of the Company    27,081,962,616 
    Issued Share Capital                                 4,055,564,450 
    Share Premium                                        5,269,474,690 
    Excess of Issue Price over Face Value of GDRs        1,689,636,958 
    Capital Reserve on Merger                              294,950,950 
    Revaluation Surplus                                  1,159,277,845 
    Unrealized Gain / (Loss)                                 4,356,762 
    Retained Earnings                                   14,608,700,961 
 
    Non-Controlling Interest                               269,874,176 
 
 TOTAL EQUITY                                           27,351,836,792 
 
    Non-Current Liabilities                              7,368,863,860 
    Long Term Borrowings-Net of Current Maturity         4,017,425,267 
    Liability for Gratuity and WPPF & Welfare Funds      1,324,166,498 
    Deferred Tax Liability                               2,027,272,095 
 
    Current Liabilities and Provisions                   9,018,185,760 
    Short Term Borrowings                                5,600,826,635 
    Long Term Borrowings-Current Maturity                1,568,989,745 
    Creditors and Other Payables                           991,712,907 
    Accrued Expenses                                       418,476,895 
    Dividend Payable                                         4,763,126 
    Income Tax Payable                                     433,416,452 
 
 TOTAL EQUITY AND LIABILITIES                           43,738,886,412 
                                                       --------------- 
 

Beximco Pharmaceuticals Limited and its Subsidiary

Consolidated Statement of Profit or Loss and Other Comprehensive Income

For the Year ended June 30, 2018

 
                                                                Amount in 
                                                                     Taka 
 
 
 Net Revenue                                               17,716,716,855 
 
 Cost of Goods Sold                                       (9,430,737,431) 
                                                         ---------------- 
 Gross Profit                                               8,285,979,424 
 
 Operating Expenses                                       (4,259,811,440) 
                                                         ---------------- 
 Administrative Expenses                                    (618,675,127) 
 Selling, Marketing and Distribution Expenses             (3,641,136,313) 
 Profit from Operations                                     4,026,167,984 
 
 Other Income                                                  43,757,880 
 Finance Cost                                               (540,283,443) 
                                                         ---------------- 
 Profit Before Contribution to WPPF & Welfare Funds         3,529,642,421 
 
 Contribution to WPPF & Welfare Funds                       (168,308,290) 
 
 Profit Before Tax                                          3,361,334,131 
 
 Income Tax Expenses                                        (828,679,830) 
                                                         ---------------- 
 Current Tax                                                (792,620,241) 
 Deferred Tax                                                (36,059,589) 
 Profit after Tax                                           2,532,654,301 
 
 Profit/(Loss) Attributable to: 
                                                         ---------------- 
 Owners of the Company                                      2,536,543,948 
 Non-controlling interest                                     (3,889,647) 
                                                            2,532,654,301 
 
 Other Comprehensive Income - Unrealized Gain / (Loss)            481,697 
 Total Comprehensive Income for the Year                    2,533,135,998 
 Total Comprehensive Income Attributable to: 
                                                         ---------------- 
 Owners of the Company                                      2,537,025,645 
 Non-controlling interest                                     (3,889,647) 
                                                            2,533,135,998 
 Earnings Per Share (EPS)                                            6.25 
 

Beximco Pharmaceuticals Limited and its Subsidiary

Consolidated Statement of Changes in Equity

For the Year ended June 30, 2018

 
                                                                                                                                                                 Amount in Taka 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 
                                                      Excess of                                                                       Equity 
                                                    Issue Price       Capital                   Unrealized                      attributable 
                                                      over Face    Reserve on     Revaluation       Gain /         Retained    to the Owners   Non-Controlling 
                  Share Capital   Share Premium   Value of GDRs        Merger         Surplus       (Loss)         Earnings   of the Company          Interest     Total Equity 
                 --------------  --------------  --------------  ------------  --------------  -----------  ---------------  ---------------  ----------------  --------------- 
 Balance as on 
  July 01, 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                 -   25,072,425,900 
                 --------------  --------------  --------------  ------------  --------------  -----------  ---------------  ---------------  ----------------  --------------- 
 Acquisition of 
  Subsidiary                  -               -               -             -               -            -                -                -       273,763,823      273,763,823 
                 --------------  --------------  --------------  ------------  --------------  -----------  ---------------  ---------------  ----------------  --------------- 
 Total 
 Comprehensive 
 Income: 
                 --------------  --------------  --------------  ------------  --------------  -----------  ---------------  ---------------  ----------------  --------------- 
 Profit/(Loss) 
  for the Year                -               -               -             -               -            -    2,536,543,948    2,536,543,948       (3,889,647)    2,532,654,301 
                 --------------  --------------  --------------  ------------  --------------  -----------  ---------------  ---------------  ----------------  --------------- 
 Other 
  Comprehensive 
  Income/(Loss)               -               -               -             -               -      481,697                -          481,697                 -          481,697 
                 --------------  --------------  --------------  ------------  --------------  -----------  ---------------  ---------------  ----------------  --------------- 
 Transactions 
 with the 
 Shareholders: 
                 --------------  --------------  --------------  ------------  --------------  -----------  ---------------  ---------------  ----------------  --------------- 
 Cash Dividend                -               -               -             -               -            -    (506,945,556)    (506,945,556)                 -    (506,945,556) 
                 --------------  --------------  --------------  ------------  --------------  -----------  ---------------  ---------------  ----------------  --------------- 
 Adjustment for 
  Depreciation 
  on Revalued 
  Assets                      -               -               -             -    (10,382,600)            -       10,382,600                -                 -                - 
                 --------------  --------------  --------------  ------------  --------------  -----------  ---------------  ---------------  ----------------  --------------- 
 Adjustment for 
  Deferred Tax 
  on Revalued 
  Assets                      -               -               -             -    (20,543,373)            -                -     (20,543,373)                 -     (20,543,373) 
                 --------------  --------------  --------------  ------------  --------------  -----------  ---------------  ---------------  ----------------  --------------- 
 Balance as on 
  June 30, 2018   4,055,564,450   5,269,474,690   1,689,636,958   294,950,950   1,159,277,845    4,356,762   14,608,700,961   27,081,962,616       269,874,176   27,351,836,792 
                 --------------  --------------  --------------  ------------  --------------  -----------  ---------------  ---------------  ----------------  --------------- 
 
                                              Net Asset Value (NAV) Per Share                                                      66.78 
                                                                                                                             ---------------  --------------------------------- 
 

Beximco Pharmaceuticals Limited and its Subsidiary

Consolidated Statement of Cash Flows

For the Year ended June 30, 2018

 
                                                          Amount in 
                                                               Taka 
 
 
 Cash Flows from Operating Activities: 
 
 Receipts from Customers and Others                  17,195,399,333 
 Payments to Suppliers and Employees               (14,113,012,465) 
 Cash Generated from Operations                       3,082,386,868 
 
 Interest Paid                                        (536,570,775) 
 Interest Received                                       54,928,425 
 Income Tax Paid                                      (781,630,595) 
 Net Cash Generated from Operating Activities         1,819,113,923 
 
 Cash Flows from Investing Activities: 
                                                  ----------------- 
 Acquisition of Property, Plant and Equipment       (4,951,352,340) 
 Intangible Assets                                    (106,921,036) 
 Acquisition of Subsidiary                          (2,125,186,000) 
 Disposal of Property, Plant and Equipment               14,114,722 
 Dividend Received                                        1,504,092 
 Decrease in Short Term Investment                      547,179,732 
 Net Cash Used in Investing Activities              (6,620,660,830) 
 
 Cash Flows from Financing Activities: 
                                                  ----------------- 
 Net Increase in Long Term Borrowings                 1,859,021,877 
 Net Increase in Short Term Borrowings                3,546,896,539 
 Dividend Paid                                        (502,757,959) 
 Net Cash Generated from Financing Activities         4,903,160,457 
 Increase in Cash and Cash Equivalents                  101,613,550 
 Cash and Cash Equivalents at Beginning of Year         292,122,396 
                                                  ----------------- 
 Cash and Cash Equivalents at End of Year               393,735,946 
                                                  ----------------- 
 
 
 Net Operating Cash Flow Per Share                             4.49 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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November 07, 2018 02:00 ET (07:00 GMT)

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