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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% | 39.00 | 37.00 | 41.00 | 39.00 | 38.00 | 39.00 | 5,319 | 08:00:06 |
TIDMBXP
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.
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November 07, 2018 02:00 ET (07:00 GMT)
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