REG - Beximco Pharma. - Results for the year ended 30 June 2023
01/11/2023 07:00
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RNS Number : 9344R Beximco Pharmaceuticals Ltd 01 November 2023
1 November 2023
This announcement contains inside information as stipulated under the UK
version of the Market Abuse Regulation 596/2014 which is part of English Law
by virtue of the European (Withdrawal) Act 2018, as amended. On publication of
this announcement via a regulatory information service, this information is
considered to be in the public domain.
BEXIMCO PHARMACEUTICALS LIMITED.
Results for the year ended 30 June 2023
Beximco Pharmaceuticals Limited ("Beximco Pharma", "BPL" or "the 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 year ended 30 June 2023.
Financial Highlights (consolidated)
· Net sales increased 13.3% to Bangladesh Taka ("BDT") 39,266.7m /
£288.6m (2021-22: BDT 34,669.2m / £309.7m). The decline in revenue when
translated to British Pounds reflects the significant local currency
depreciation over the period
o Domestic sales increased 14.1% to BDT 36,503m/ £268.3m (2021-22: BDT
31,984.1m / £285. 8m)
o Export sales increased 2.9% to BDT 2,763.2m / £20.3m (2021-22: BDT
2,685.1m / £24.0m)
· Profit after tax decreased 9.5% to BDT 4,524.5m / £33.3m
(2021-22: BDT 4,998.6m / £44.7m)
· EPS for the year amounted to BDT 10.34 (2021-22:BDT 11.48)
· Recommended 35% cash dividend (BDT 3.5 per share)
· Absence of non-recurring vaccine distribution fee income in the
reporting period and rising costs driven by significant depreciation of
domestic currency and high inflation impacted profit despite growth in revenue
Operational Highlights - Continued focus on execution; enhanced portfolio for
domestic and global export markets
· Launched 14 new generics in 23 different presentations in
Bangladesh, including Mulina (Lefamulin) an anti-infective drug for the first
time
· Completed 33 new registrations of 19 generics (23 Presentations)
in 17 other countries worldwide
· Received three product approvals from the US FDA
o Eletriptan (an antimigraine drug), Oxybutynin (an anticholinergic drug),
and Nebivolol (a cardiovascular drug)
· Obtained approvals from the Therapeutic Goods Administration in
Australia for three products
o Bromhexine tablet (a mucolytic), Doxylamine Succinate tablet (an
antihistamine), and Ibuprofen tablet (a non-steroidal anti-inflammatory drug)
· Secured Health Canada approval for Ketorolac tablet, a drug used
for pain management
· Earned the National Export Trophy (Gold) for a record seventh
time
· Won the Global Generics & Biosimilars (GGB) Awards 2022 in
the category 'Acquisition of the Year'
Post Period Highlights
· Launched 15 new generics (22 presentations) in the domestic
market in the first quarter, of which 10 were for the first time in Bangladesh
· Won National Export Trophy (Gold) for the eighth time
· Nominated for the Global Generics & Biosimilars Awards 2023
as finalist in the category of "Company of the year, Asia Pacific."
Beximco Pharma Managing Director Nazmul Hassan MP commented:
"We have once again been able to deliver significant revenue growth for the
financial year, which is a testament to the underlying strength of the
business. Our continued focus on operational delivery meant that, over the
period, we were able to launch a range of new products, attain notable
regulatory approvals in key markets and continue to deliver high-quality,
affordable medicines to patients around the world. However, macroeconomic
factors resulting in double digit currency depreciation and inflationary
pressures across our supply chain impacted our bottom line performance. As we
begin the current financial year amidst these headwinds, we continually focus
on strategies to address the challenges and deliver results for our
shareholders."
Exchange rates of £1 = Taka 111.93 for 2021-22 numbers and £1 = Taka 136.05
for 2022-23 numbers 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 2 586/11001, Ext.20080
S M Rabbur Reza, Chief Operating Officer
Tel: +880 2 58611001, Ext.20111
Mohammad Ali Nawaz, Chief Financial Officer
Tel: +880 2 58611001, Ext.20030
SPARK Advisory Partners Limited (Nominated Adviser)
Mark Brady / Andrew Emmott
Tel: +44 (0) 20 3368 3551 / 3555
SP Angel Corporate Finance LLP (Broker)
Matthew Johnson
Tel: +44 (0) 20 3470 0470
FTI Consulting
Simon Conway / Victoria Foster Mitchell
Tel: +44 (0) 20 3727 1000
Notes to Editors
About Beximco Pharmaceuticals Limited
Beximco Pharma is a leading manufacturer and exporter of medicines based in
Bangladesh. Since its inception in 1976, the Company remains committed to
health and wellbeing of people across all the continents by providing access
to contemporary medicines. Company's broad portfolio of generics encompasses
diverse delivery systems such as tablets, capsules, liquids, semi-solids,
intravenous fluids, metered dose inhalers, dry powder inhalers, sterile
ophthalmic drops, insulins, prefilled syringes, injectables, nebuliser
solutions, oral soluble films etc. The Company also undertakes contract
manufacturing for multinational and leading global generic pharmaceutical
companies.
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 and it has a geographic footprint in more than 50
countries. More than 5,500 employees are driving the company towards achieving
its aspiration to be among the most admired companies in the world.
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Financial Position
As at June 30, 2023
Amount in Taka
June 30, 2023 June 30, 2022
ASSETS
Non-Current Assets 48,280,929,007 47,728,777,460
Property, Plant and Equipment- Carrying Value 42,245,615,338 41,593,480,364
Right-of-use Assets 562,223,398 618,891,376
Intangible Assets 4,721,034,633 4,729,838,408
Deferred Tax Asset 56,512,081 88,640,228
Goodwill 674,570,185 674,570,185
Other Investments 20,973,372 23,356,899
Current Assets 20,875,854,240
18,419,258,282
Inventories 12,133,277,975 10,405,295,079
Spares & Supplies 819,740,355 718,797,256
Accounts Receivable 3,574,654,461 3,142,817,194
Loans, Advances and Deposits 2,984,876,883 2,787,039,904
Advance Income Tax 227,618,388 196,635,028
Cash and Cash Equivalents 1,135,686,178 1,168,673,821
TOTAL ASSETS 69,156,783,247 66,148,035,742
EQUITY AND LIABILITIES
Equity Attributable to the Owners of the Company 43,680,703,738 40,600,497,817
Issued Share Capital 4,461,120,890 4,461,120,890
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 1,141,177,755 1,116,896,688
Unrealized Gain/(Loss) 18,148,196 20,531,723
Retained Earnings 30,806,194,299 27,747,885,918
Non-Controlling Interest 3,938,962,240
4,035,506,641
TOTAL EQUITY 47,619,665,978 44,636,004,458
Non-Current Liabilities 8,272,093,233 8,776,099,208
Long Term Borrowings-Net of Current Maturity 2,550,833,254 3,454,188,843
Liability for Gratuity, Pension and WPPF & Welfare Funds 3,170,764,435 2,785,072,661
Deferred Tax Liability 2,550,495,544 2,536,837,704
13,265,024,036
Current Liabilities and Provisions 12,735,932,076
Short Term Borrowings 6,621,170,271 6,850,550,319
Long Term Borrowings-Current Maturity 1,439,895,168 2,065,962,471
Creditors and Other Payables 3,531,707,176 2,478,930,393
Accrued Expenses 1,129,699,385 1,152,990,410
Dividend Payable / Unclaimed Dividend 88,465,109 88,049,428
Income Tax Payable 454,086,927 99,449,055
TOTAL EQUITY AND LIABILITIES 69,156,783,247 66,148,035,742
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the Year ended June 30, 2023
Amount in Taka
July 2022- June 2023 July 2021- June 2022
Net Revenue 39,266,662,237 34,669,172,052
Cost of Goods Sold (21,953,290,466) (18,848,962,107)
Gross Profit 17,313,371,771 15,820,209,945
Operating Expenses (10,097,131,808) (8,938,466,002)
Administrative Expenses (1,180,124,415) (1,136,591,808)
Selling, Marketing and Distribution Expenses (8,917,007,393) (7,801,874,194)
Profit from Operations 7,216,239,963 6,881,743,943
Other Income 452,657,744 1,166,259,166
Finance Cost (1,285,698,253) (1,001,835,523)
Profit Before Contribution to WPPF & Welfare Funds 6,383,199,454 7,046,167,586
Contribution to WPPF & Welfare Funds (314,430,512) (359,222,585)
Profit Before Tax 6,068,768,942 6,686,945,001
Income Tax Expenses (1,544,300,452) (1,688,316,804)
Current Tax (1,468,598,852) (1,191,180,488)
Deferred Tax Income/ (Expense) (75,701,600) (497,136,316)
Profit After Tax 4,524,468,490 4,998,628,197
Profit/(Loss) Attributable to:
Owners of the Company 4,614,066,147 5,123,136,712
Non-Controlling Interest (89,597,657) (124,508,515)
4,524,468,490 4,998,628,197
Other Comprehensive Income/(Loss) (2,383,527) 6,764,517
Total Comprehensive Income 4,522,084,963 5,005,392,714
Total Comprehensive Income Attributable to:
Owners of the Company 4,611,682,620 5,129,901,229
Non-Controlling Interest (89,597,657) (124,508,515)
4,522,084,963 5,005,392,714
10.34
Earnings Per Share (EPS) 11.48
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Changes in Equity
For the Year Ended June 30, 2023
As at June 30, 2023
Share Capital Share Premium Excess of Issue Price over Face Value of GDRs Capital Reserve on Merger Revaluation Surplus Unrealized Gain/ (Loss) Retained Earnings Equity attributable to Owners of the Company Non- Controlling Interests Total Equity
Balance as on July 01, 2022 4,461,120,890 5,269,474,690 1,689,636,958 294,950,950 1,116,896,688 20,531,723 27,747,885,918 40,600,497,817 4,035,506,641 44,636,004,458
Total Comprehensive Income:
Profit for the Year - - - - - - 4,614,066,147 4,614,066,147 (89,597,657) 4,524,468,490
Other Comprehensive Income/(Loss) - - - - - (2,383,527) - (2,383,527) - (2,383,527)
Transfer from deferred tax - - - - 28,647,841 - - 28,647,841 - 28,647,841
Transactions with the Shareholders:
Cash Dividend - - - - - - (1,561,392,312) (1,561,392,312) (6,946,744) (1,568,339,056)
Adjustment for Depreciation on Revalued Assets - - - - (5,634,546) - 5,634,546 - - -
Adjustment for Deferred Tax on Revalued Assets - - - - 1,267,772 - - 1,267,772 - 1,267,772
Balance as on June 30, 2023 4,461,120,890 5,269,474,690 1,689,636,958 294,950,950 1,141,177,755 18,148,196 30,806,194,299 43,680,703,738 3,938,962,240 47,619,665,978
Number of Shares Tk. 446,112,089
Net Asset Value (NAV) Per Share 97.91
As at June 30, 2022
Share Capital Share Excess of Issue Price over Face Value of GDRs Capital Revaluation Surplus Unrealized Gain/ (Loss) Retained Earnings Equity attributable to Owners of the Company Non- Controlling Interests Total Equity
Premium Reserve
on Merger
Balance as on July 01, 2021 4,461,120,890 5,269,474,690 1,689,636,958 294,950,950 1,121,824,646 13,767,206 24,179,782,862 37,030,558,202 334,306,627 37,364,864,829
NCI at the date of acquisition-SPP - - - - - - - - 3,857,134,718 3,857,134,718
Total Comprehensive Income:
Profit for the Year - - - - - - 5,123,136,712 5,123,136,712 (124,508,515) 4,998,628,197
Other Comprehensive Income/(Loss) - - - - - 6,764,517 - 6,764,517 - 6,764,517
Transactions with the Shareholders:
Cash Dividend - - - - - - (1,561,392,312) (1,561,392,312) (31,426,189) (1,592,818,501)
Adjustment for Depreciation on Revalued Assets - - - - (6,358,656) - 6,358,656 - - -
Adjustment for Deferred Tax on Revalued Assets - - - - 1,430,698 - - 1,430,698 - 1,430,698
Balance as on June 30, 2022 4,461,120,890 5,269,474,690 1,689,636,958 294,950,950 1,116,896,688 20,531,723 27,747,885,918 40,600,497,817 4,035,506,641 44,636,004,458
Number of Shares 446,112,089
Net Asset Value (NAV) Per Share Tk. 91.01
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Cash Flows
For the Year ended June 30, 2023
Amount in Taka
July 2022-June 2023 July 2021- June 2022
Cash Flows from Operating Activities:
Receipts from Customers and Others 39,440,236,428 36,145,521,249
Payments to Suppliers and Employees (30,943,666,211) (28,584,815,294)
Cash Generated from Operations 8,496,570,217 7,560,705,955
Interest Paid (1,272,368,534) (1,002,350,838)
Interest Received 5,529,516 3,055,358
Income Tax Paid (1,144,944,341) (1,347,234,025)
Net Cash Generated from Operating Activities 6,084,786,858 5,214,176,450
Cash Flows from Investing Activities:
Acquisition of Property, Plant and Equipment (2,410,765,411) (2,815,211,828)
Intangible Assets (299,262,244) (124,286,166)
Investment in Subsidiary - (4,766,635,704)
Disposal of Property, Plant and Equipment 23,353,504 24,063,832
Disposal of Intangible Assets 67,725,000 -
Dividend Received 1,931,517 2,015,444
Net Cash Used in Investing Activities (2,617,017,634) (7,680,054,422)
Cash Flows from Financing Activities:
Net Increase /(Decrease) in Long Term Borrowings (1,763,267,386) 2,730,647,211
Net Increase/(Decrease) in Short Term Borrowings (229,380,048) 1,507,676,748
Dividend Paid (1,567,923,375) (1,623,098,759)
Net Cash (Used in) / from Financing Activities (3,560,570,809) 2,615,225,200
Increase/(Decrease) in Cash and Cash Equivalents (92,801,585) 149,347,228
Cash and Cash Equivalents at Beginning of Year 1,168,673,821 973,963,625
Effect of Exchange Rate Changes on Cash and Cash Equivalents 59,813,942 45,362,968
Cash and Cash Equivalents at End of Year 1,135,686,178 1,168,673,821
Net Operating Cash Flows Per Share 13.64 11.69
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