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Beximco Pharmaceuticals Ltd  -  BXP   

Half year results 2016-17

Released 07:00 27-Jan-2017

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 / £79.7 m (2015: BDT 6,716.3m / £58.0m)

·      Profit after tax increased by 17.8% to BDT 1,112.9m / £11.6m (H1 2015: BDT 945.1m/ £8.2m)

 

Second quarter financial highlights

·      Net sales increased 16.0% to BDT 3,865.0m / £40.4m (2015: BDT 3,330.6m / £28.8m)

·      Profit after tax increased 14.0 % to BDT 598.0m / £6.2m (2015: BDT 524.5 m / £4.5m)

 

Operational highlights

 

·      A total of eight new products (five generics) launched in the domestic market

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 

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

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 £1 = Taka 95.7228 for 31 December 2016 numbers and £1 = 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

 

 





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











Share Capital

Share

Premium

Excess of Issue Price over Face Value of GDRs

Revaluation Surplus

Fair Value Gain/ (Loss) on Investment

Retained 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





















Share Capital

Share Premium

Excess of Issue Price over Face Value of GDRs

Capital Reserve on Merger

Revaluation Surplus

Fair Value Gain/ (Loss) on Investment

Retained 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
 
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Half year results 2016-17 - RNS