TIDMBXP
RNS Number : 5697X
Beximco Pharmaceuticals Ltd
09 May 2016
BEXIMCO PHARMACEUTICALS LTD.
9 May, 2016
Results for the year ended 31 December 2015
Beximco Pharmaceuticals Ltd. ("BPL", "Beximco Pharma" or
"Company"), the fast-growing manufacturer of generic pharmaceutical
products and active pharmaceutical ingredients, today announces its
audited results for the year ended 31 December 2015.
Highlights:
Corporate
-- Became the first Bangladeshi pharmaceutical company to be approved by the US Food and Drug Administration (US FDA)
-- Subsequently, became the first Bangladeshi pharmaceutical
company to receive US FDA to manufacture a prescription drug
(Carvedilol) for the US
-- Entered five new geographical markets: Australia, Iraq, Indonesia, Burundi and Costa Rica
o Registration of 46 new products (31 generics) completed in 17
countries
-- Launched 23 products in the domestic market; two of which
were launched for the first time in Bangladesh
o Launched a generic version of revolutionary Hepatitis C drugs
Sovaldi and Harvoni under the brand names Sofovir C and Lesovir C,
respectively; Lesovir C being the first generic copy of Harvoni in
the world
-- Napa Extra became the first brand to cross the BDT 1 billion annual sales mark
-- Launched Pantoprazole in Australia
Financial
-- Net sales increased to BDT 12,965.5 million (GBP111.95
million), registering a year-on-year growth rate of 15.7% (2014:
BDT 11,206.9 million (GBP92.28 million).
o Export sales registered 68.3% growth over 2014
-- Profit before tax increased 10.8% to BDT 2,337.1 million
(GBP20.18 million) (2014: BDT 2,109.6 million, GBP17.37
million)
-- EPS rose by 27.8% to BDT 5.06 (Restated 2014: BDT 3.96)
-- Entered into a loan agreement with BHF-Bank
Aktiengesellschaft, Frankfurt, Germany to borrow up to US $51.559
million to partially finance the purchase of new plant and
machinery to expand the Company's production facilities
-- The Company has declared a 5% stock dividend (i.e. 5 shares
for every 100 shares held) and a 10% cash dividend (i.e. BDT 1 per
share), with the record date set on 12 May 2016
o The 10% cash dividend declared by the Company will be paid on
or before July 04, 2016
o The 5% Stock dividend will be issued subject to the approval
of the shareholders at the forthcoming AGM
Post year-end
-- Received regulatory approval from The Ministry of Health in Cambodia
-- Launched eight new products during the first quarter of 2016
-- Entered three new geographical markets in Q1: Peru, Guatemala, Gabon
o Registration of 42 new products (37 generics) in 11
countries
Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals,
commented:
"I am pleased to report an impressive sales growth of 15.7% in
2015, with Beximco Pharma posting the highest revenue growth among
the top five pharmaceutical companies in Bangladesh during the
year, according to IMS audited data.
In a highly competitive market, we have maintained our strong
position in key therapeutic segments such as cardiovascular,
respiratory and gastrointestinal, which grew by 30%, 20% and 35%,
respectively, and together accounted for almost 50% of the revenue
growth during the year. In addition, our export business posted an
impressive 68.3% growth over the last year and we achieved a major
milestone by becoming the first Bangladeshi pharmaceutical company
to be approved by the US FDA.
We remain focused on our strategic goal to bring high quality,
differentiated products to emerging and developed markets to create
value for all our customers and shareholders. Our ongoing expansion
programme enables us to expand our production capacity and upgrade
a number of our existing units with the intention of securing the
Company's current and future growth. We firmly believe our
commitment to quality, product and process will propel us forward
on our journey and we will continue to perform well in the coming
months."
Audited financial reports are available from the Company's
website: www.beximcopharma.com.
(Exchange rates of GBP1 = Taka 121.45 for 2014 numbers and GBP1
= Taka 115.81 for 2015 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 / Sean Wyndham-Quin
Tel: +44 (0)20 3368 3551 / 3555
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 3,000 employees of the Company.
Beximco Pharma's state-of-the-art manufacturing facilities are
certified by global regulatory authorities of the US, Australia,
Europe, Latin America and Canada, 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 Africa, including South
Africa, Mauritius, Kenya, Ghana, Ethiopia and Nigeria; Pacific
Island; Latin and Central American countries; Middle East; Central
Asia; South East Asia, including Singapore, Malaysia, Indonesia,
Philippines and Hong Kong; Europe, including Germany, Austria and
Romania; Australia etc.
Beximco Pharmaceuticals Limited
Statement of Financial Position
As at 31 December 2015
Amount
in Taka
2015 2014
ASSETS
Non-Current Assets 22,443,457,489 20,634,246,854
Property, Plant and Equipment-
Carrying Value 22,168,184,597 20,393,278,737
Intangible Assets 269,864,103 235,208,190
Investment in Shares 5,408,789 5,759,927
Current Assets 8,392,093,095 8,366,279,107
Inventories 2,817,185,843 2,493,657,338
Spares & Supplies 556,974,583 554,183,898
Accounts Receivable 1,546,921,772 1,397,498,648
Loans, Advances and Deposits 1,784,104,778 1,223,673,153
Short Term Investment 1,539,430,008 2,475,026,831
Cash and Cash Equivalents 147,476,111 222,239,239
TOTAL ASSETS 30,835,550,584 29,000,525,961
EQUITY AND LIABILITIES
Shareholders' Equity 22,478,627,583 20,920,185,325
Issued Share Capital 3,862,442,340 3,678,516,520
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 1,257,422,946 1,299,220,315
Fair Value Gain on Investment 1,957,513 2,308,651
Retained Earnings 10,102,742,186 8,686,077,241
Non-Current Liabilities 3,494,915,017 3,372,593,206
Long Term Borrowings-Net off
Current Maturity (Secured) 916,927,763 901,709,327
Liability for Gratuity and
WPPF & Welfare Funds 864,107,790 741,522,518
Deferred Tax Liability 1,713,879,464 1,729,361,361
Current Liabilities and Provisions 4,862,007,984 4,707,747,430
Short Term Borrowings (Secured) 3,163,551,475 3,153,121,293
Long Term Borrowings-Current
Maturity (Secured) 724,603,464 663,838,072
Creditors and Other Payables 439,018,016 357,710,839
Accrued Expenses 206,228,496 164,283,115
Dividend Payable 412,480 454,720
Income Tax Payable 328,194,053 368,339,391
TOTAL EQUITY AND LIABILITIES 30,835,550,584 29,000,525,961
Beximco Pharmaceuticals Limited
Statement of Profit or Loss and Other Comprehensive Income
For the Year ended 31 December 2015
Amount
in Taka
2015 2014
Net Sales Revenue 12,965,506,873 11,206,885,677
Cost of Goods Sold (6,965,167,704) (6,102,694,323)
Gross Profit 6,000,339,169 5,104,191,354
Operating Expenses (3,149,060,695) (2,686,014,518)
Administrative Expenses (448,357,117) (398,762,237)
Selling, Marketing and Distribution
Expenses (2,700,703,578) (2,287,252,281)
--------------- ---------------
Profit from Operations 2,851,278,474 2,418,176,836
Other Income 311,678,326 521,171,647
Finance Cost (708,970,234) (724,314,963)
Profit Before Contribution
to WPPF & Welfare Funds 2,453,986,566 2,215,033,520
Contribution to WPPF & Welfare
Funds (116,856,503) (105,477,787)
Profit Before Tax 2,337,130,063 2,109,555,733
Income Tax Expenses (382,845,547) (581,258,160)
Current Tax (425,966,912) (436,782,844)
Deferred Tax Income / (Expense) 43,121,365 (144,475,316)
--------------- ---------------
Profit after Tax for the
Year 1,954,284,516 1,528,297,573
Other Comprehensive Income
-
Fair Value Gain / (Loss)
on Investment in Listed Shares (351,138) 967,032
Total Comprehensive Income
for the Year 1,953,933,378 1,529,264,605
--------------- ---------------
Earnings Per Share (EPS)
/ Adjusted EPS (2014) 5.06 3.96
Number of Shares used to
compute EPS 386,244,234 386,244,234
Beximco Pharmaceuticals Limited
Statement of Changes in Equity
For the Year ended 31 December 2015
Amount in
Taka
Excess of Fair
Share Share Issue Capital Revaluation Value Retained Total
Price over Reserve Gain
Capital Premium Face on Surplus on Earnings
Value of
GDRs Merger Investment
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
2015:
Profit for
the year - - - - - - 1,954,284,516 1,954,284,516
Other
Comprehensive
Income - - - - - (351,138) - (351,138)
Transactions
with
the
Shareholders:
Cash Dividend
for 2014 - - - - - - (367,851,652) (367,851,652)
Stock Dividend
for 2014 183,925,820 - - - - - (183,925,820) -
Adjustment
for
Depreciation
on Revalued
Assets - - - - (14,157,901) - 14,157,901 -
Adjustment
for Deferred
Tax
on Revalued
Assets - - - - (27,639,468) - - (27,639,468)
Balance as
on
December
31, 2015 3,862,442,340 5,269,474,690 1,689,636,958 294,950,950 1,257,422,946 1,957,513 10,102,742,186 22,478,627,583
Number of
Shares 386,244,234
Net Asset Value
(NAV) Per Share 58.20
For the Year ended 31 December 2014
Balance as
on
January 01,
2014 3,503,349,070 5,269,474,690 1,689,636,958 294,950,950 1,349,578,805 1,341,619 7,667,220,373 19,775,552,465
--------------- ------------- ------------- ------------- ----------- ------------- --------- ------------- --------------
Total
Comprehensive
Income for
2014:
Profit for
the year - - - - - - 1,528,297,573 1,528,297,573
Other
Comprehensive
Income - - - - - 967,032 - 967,032
--------------- ------------- ------------- ------------- ----------- ------------- --------- ------------- --------------
Transactions
with
the
Shareholders:
Cash Dividend
for 2013 - - - - - - (350,334,907) (350,334,907)
Stock Dividend
for 2013 175,167,450 - - - - - (175,167,450) -
Adjustment
for
Depreciation
on Revalued
Assets - - - - (16,061,652) - 16,061,652 -
Adjustment
for Deferred
Tax
on Revalued
Assets - - - - (34,296,838) - - (34,296,838)
--------------- ------------- ------------- ------------- ----------- ------------- --------- ------------- --------------
Balance as
on
December
31, 2014 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
Number of
Shares 367,851,652
Net Asset Value
(NAV) Per Share 56.87
Beximco Pharmaceuticals Limited
Statement of Cash Flows
For the Year ended 31 December 2015
Amount
in Taka
2015 2014
Cash Flows from Operating
Activities :
---------------- ---------------
Receipts from Customers and
Others 12,820,931,378 11,085,037,894
Payments to Suppliers and
Employees (10,115,051,359) (8,240,584,352)
---------------- ---------------
Cash Generated from Operations 2,705,880,019 2,844,453,542
Interest Paid (708,970,234) (724,314,963)
Interest Received 304,321,405 489,970,647
Income Tax Paid (466,112,250) (394,128,824)
Net Cash Generated from Operating
Activities 1,835,118,940 2,215,980,402
Cash Flows from Investing
Activities :
---------------- ---------------
Acquisition of Property, Plant
and Equipment (2,520,276,389) (2,778,797,453)
Intangible Assets (49,069,233) (56,321,506)
Disposal of Property, Plant
and Equipment 3,918,658 7,615,792
Dividend Received 1,427,955 1,427,955
Decrease in Short Term Investment 935,596,823 551,356,330
---------------- ---------------
Net Cash Used in Investing
Activities (1,628,402,186) (2,274,718,882)
Cash Flows from Financing
Activities :
---------------- ---------------
Net Increase/(Decrease) in
Long Term Borrowings 75,983,828 (340,756,861)
Net Increase in Short Term
Borrowings 10,430,182 376,855,168
Dividend Paid (367,893,892) (350,853,554)
---------------- ---------------
Net Cash Generated from Financing
Activities (281,479,882) (314,755,247)
Decrease in Cash and Cash
Equivalents (74,763,128) (373,493,727)
Cash and Cash Equivalents
at Beginning of Year 222,239,239 595,732,966
Cash and Cash Equivalents
at End of Year 147,476,111 222,239,239
---------------- ---------------
Net Operating Cash Flow Per
Share 4.75 6.02
Number of Shares used to compute
Net Operating Cash Flow Per
Share 386,244,234 367,851,652
This information is provided by RNS
The company news service from the London Stock Exchange
END
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