REG - Beximco Pharmaceut - Half Year Results 2020-21

Beximco PharmaceuticalsAnnouncement

28/01/2021 07:01

RNS Number : 1229N
  
Beximco Pharmaceuticals Ltd
  
28 January 2021
  
 

28 January 2021
BEXIMCO PHARMACEUTICALS LIMITED
 
Half Year Results 2020-21
 
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 unaudited financial results for the six months ended 31 December 2020.
 
Financial highlights
 
Half year financial highlights 
 
·  Net sales increased 15.2% to Bangladesh Taka ("BDT") 14,400.2m / £125.8m (2019-20: BDT 12,495.5m / £112.6m)
o  Domestic sales increased 17.1% to BDT 13,005.6m / £113.6m (2019-20: BDT 11,101.8m / £100.0m)
o  Achieved Export sales of BDT 1,394.6m / £12.2m (2019-20: BDT 1,393.7m / £12.6m)
·      Profit after tax increased 29.8% to BDT 2,226.3m / £19.4m (2019-20: BDT 1,715.3m / £15.5m)
 
Second quarter financial highlights
·      Net sales increased 20.7% to BDT 7,474.3m / £65.3m (2019-20: BDT 6,192.2m / £55.8m)
·      Profit after tax increased 35.1% to BDT 1,141.9m / £9.9m (2019-20: BDT 845.5m / £7.6m)
 
Operational highlights
·      Domestic market 
o  Signed an exclusive agreement with the Serum Institute of India Pvt. Ltd (SII), the world's largest vaccine producer, for the distribution of AstraZeneca/Oxford's COVID-19 vaccine in Bangladesh
o  Launched thirteen new products (eighteen presentation forms and strengths) in the domestic market, including the introduction of four products to Bangladesh for the first time 
§ Launched an advanced formulation of esomeprazole MUPS (multiple-unit pellet system), an anti-ulcerant, under the brand Remmo®
·      US market 
o  Commenced export of Cyproheptadine, an antihistamine product, to the US 
o  Received US Food and Drug Administration approval for Flecainide Acetate (50, 100 and 150 mg tablets), an antiarrhythmic drug used for treating irregular heartbeats
o  Filed ANDA (Abbreviated New Drug Application) to US Food and Drug Administration for Eletriptan Hydrobromide, a treatment for migraine symptoms
·      RoW 
o  Completed 13 registrations for 12 products in 9 countries
o  Entered five new countries (Oman, Lebanon, Venezuela, Bolivia, and Kosovo)
·      Joined a group of world's leading generic pharmaceutical manufacturers who have pledged to work together via the Medicines Patent Pool to support the fight against COVID-19 in low- and middle-income countries
·      Won the highly prestigious "CPhl Pharma Awards" in the category of 'Innovation in Response to COVID-19'
 
Post period
·      Entered into a binding commitment with Sanofi group to acquire a majority stake (54.6%) in Sanofi Bangladesh Limited, subject to approval by the Foreign Exchange Investment Department of Bangladesh Bank and completing the Share Purchase Agreement
·      Received the first planned consignment of five million doses of the Oxford/AstraZeneca COVID-19 vaccine from Serum Institute of India for onward delivery to the government of Bangladesh
 
Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:
"We have delivered strong results in the first half of the year that demonstrate the resilience of the business and reinforce our commitment to ensure an uninterrupted supply of medicines despite macroeconomic headwinds caused by the ongoing COVID-19 pandemic. We have also demonstrated our continued commitment to delivering high-quality products and breakthrough therapies to the growing market in Bangladesh. In addition to expanding our product pipeline, we continue to strengthen our global footprint in line with our growth strategy. Looking ahead, we maintain a positive outlook for FY21 and reiterate, in line with the announcement on 14 January 2021, that while the costings of our vaccine distribution have yet to be determined, we expect to see a positive material difference to the Company's year-end results." 
 
The half yearly accounts can be viewed at the Company's website: www.beximcopharma.com
 
(Exchange rates of £1 = Taka 114.48 for 31 December 2020 numbers and £1 = Taka 111.0152 for 31 December 2019 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
 
Mohammad Ali Nawaz, Chief Financial Officer
Tel: +880 2 58611001, Ext. 20030
 
Jamal Ahmed Choudhury, Executive Director (A&F)
Tel: +880 2 58611001, Ext. 20022
 
SPARK Advisory Partners Limited (Nominated Adviser)
Mark Brady / Andrew Emmott
Tel: +44 (0) 20 3368 3551 / 3555
 
SP Angel Corporate Finance LLP (Broker)
Vadim Alexandre / Abigail Wayne
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 (Unaudited) 
As at December 31, 2020
 




 


 


 


 


 


Taka '000



 
   December 31, 2020
        June 30, 2020



ASSETS


 


 


 


 


 




Non-Current Assets


37,372,535


 


37,069,663




Property, Plant and Equipment- Carrying Value


 


35,341,190


 


 


35,000,810




Right-of-use Assets


 


234,574


 


 


240,164




Intangible Assets


 


1,238,826


 


 


1,275,561




Goodwill


 


546,691


 


 


546,691




Other Investment


 


11,254


 


 


3,751




Other Non-current Assets


 


-


 


 


2,686




Current Assets


13,816,614


 


13,049,079




Inventories


 


6,769,702


 


 


5,944,769




Spares & Supplies


 


858,381


 


 


775,529




Accounts Receivable


 


2,909,203


 


 


3,305,451




Loans, Advances and Deposits


 


2,884,723


 


 


2,388,313




Cash and Cash Equivalents


 


394,605


 


 


635,017




 


 


 


 


 


 




 


 


 


 


 


 




TOTAL ASSETS


51,189,149


 


50,118,742




SHAREHOLDERS' EQUITY AND LIABILITIES


 


 


 


 


 




 


 


 


 


 




 


 


 


 


 




Equity Attributable to the Owners of the Company


34,103,871


 


32,495,121




Issued Share Capital


 


4,461,120


 


 


4,055,564




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


 


1,123,076


 


 


1,125,768




Unrealized Gain/(Loss)


 


8,429


 


 


926




Retained Earnings


 


21,257,183


 


 


20,058,800




 


 


 


 


 


 




Non-Controlling Interest


313,866


 


302,329




TOTAL EQUITY


34,417,737


 


32,797,450




Non-Current Liabilities


5,951,596


 


5,963,327




Long Term Borrowings-Net of Current Maturity


 


1,408,265


 


 


1,651,590




Liability for Gratuity and WPPF & Welfare Funds


 


2,348,485


 


 


2,144,053




Deferred Tax Liability


 


2,194,846


 


 


2,167,684




Current Liabilities and Provisions


10,819,816


 


11,357,965




Short Term Borrowings


 


6,359,665


 


 


7,398,361




Long Term Borrowings-Current Maturity


 


1,169,234


 


 


1,454,312




Creditors and Other Payables


 


1,198,349


 


 


1,397,817




Accrued Expenses


 


847,009


 


 


739,513




Dividend Payable / Unclaimed Dividend


 


689,788


 


 


82,075




Income Tax Payable


 


555,771


 


 


285,887




 


 


 


 


 


 




 


 


 


 


 


 




TOTAL EQUITY AND LIABILITIES


51,189,149


 


50,118,742




 


 


 


 


 


 




 


 


 


 


 


 



 
 
 
 
 
 
 



 
 
 
 
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Profit or Loss and Other Comprehensive Income (Unaudited) 
For the Half Year Ended December 31, 2020
 




 


 


 


 


 


 


 


 


 


 


Taka '000




 


July -


 


 


July -


 


 


October -


 


 


October -




 


December


 


 


December


 


 


December


 


 


December




 


2020


2019


2020


2019




Net Revenue


14,400,189


12,495,526


7,474,259


6,192,191




Cost of Goods Sold


(7,568,599)


(6,687,655)


(3,932,210)


(3,325,974)




 


 


 


 


 


 


 


 


 


 


 




Gross Profit


6,831,590


5,807,871


3,542,049


2,866,217




Operating Expenses


(3,364,722)


(3,049,977)


(1,744,949)


(1,541,859)




Administrative Expenses


(403,632)


 


(388,704)


 


(206,306)


 


(200,227)




Selling, Marketing and Distribution Expenses


(2,961,090)


 


(2,661,273)


 


(1,538,643)


 


(1,341,632)




Profit from Operations


3,466,868


 


2,757,894


 


1,797,100


 


1,324,358




Other Income


169,913


136,765


75,817


76,645




Finance Cost


(502,855)


(532,325)


(269,459)


(228,287)




Profit Before Contribution to WPPF & Welfare Funds


 


 


 


 


 


 


 


 


 


 




3,133,926


2,362,334


1,603,458


1,172,716




Contribution to WPPF & Welfare Funds


(151,915)


(114,467)


(78,529)


(57,316)




 


 


 


 


 


 


 


 


 


 


 




Profit Before Tax


2,982,011


2,247,867


1,524,929


1,115,400




Income Tax Expenses


(755,712)


(532,521)


(382,971)


(269,929)




Current Tax


(727,652)


 


(528,146)


 


(368,973)


 


(257,488)




Deferred Tax


(28,060)


 


(4,375)


 


(13,998)


 


(12,441)




Profit After Tax


2,226,299


 


1,715,346


 


1,141,958


 


845,471




Profit/(Loss) Attributable to:


 


 


 


 


 


 


 


 


 


 




Owners of the Company


2,208,684


 


1,706,419


 


1,134,206


 


841,659




Non-controlling interest


17,615


 


8,927


 


7,752


 


3,812




 


2,226,299


1,715,346


1,141,958


845,471




Other Comprehensive Income-Unrealized Gain/(Loss)


7,503


(1,444)


5,606


(773)




Total Comprehensive Income


2,233,802


 


 


1,713,902


 


 


1,147,564


 


 


844,698




Total Comprehensive Income Attributable to:


 


 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 


 


 




Owners of the Company


2,216,187


 


1,704,975


 


1,139,812


 


840,886




Non-controlling interest


17,615


 


8,927


 


7,752


 


3,812




 


2,233,802


 


1,713,902


 


1,147,564


 


844,698




 


 


 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 


 


 


 




Earnings Per Share (EPS)/Restated EPS


4.95


3.83


2.54


1.89




Number of Shares Used to Compute EPS


446,112,089


446,112,089


446,112,089


446,112,089




 


 


 


 


 


 


 


 


 


 


 




 
 
 
 
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Changes in Equity (Unaudited) 
For the Half Year Ended December 31, 2020
 




As at December 31, 2020


 


 


 


 


 


 


 


 


 


Taka' 000




 


 


 


 


 


 


 


 


 


 


 




 


Share


Share


Excess of


Capital


Revaluation


Unrealized


Retained


Equity


Non-


Total




 


Capital


Premium


Issue


Reserve 


Surplus


Gain/(Loss)


Earnings


attributable


Controlling


Equity




 


 


 


Price over


on 


 


 


 


to the


Interests


 




 


 


 


Face Value


Merger


 


 


 


Owners


 


 




 


 


 


of GDRs


 


 


 


 


of the


 


 




 


 


 


 


 


 


 


 


Company


 


 




 


 


 


 


 


 


 


 


 


 


 




Balance as on July 01, 2020


4,055,564


5,269,475


1,689,637


294,951


1,125,768


926


20,058,800


32,495,121


302,329


32,797,450




 


 


 


 


 


 


 


 


 


 


 




Total Comprehensive Income:


 


 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 


 


 


 




Profit/(Loss) for the Period


-


-


-


-


-


-


2,208,684


2,208,684


17,615


2,226,299




 


 


 


 


 


 


 


 


 


 


 




Other Comprehensive Income/(Loss)


-


-


-


-


-


7,503


-


7,503


-


7,503




 


 


 


 


 


 


 


 


 


 


 




Transactions with the Shareholders:


 


 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 


 


 


 




Cash Dividend


-


-


-


-


-


-


(608,335)


(608,335)


(6,078)


(614,413)




 


 


 


 


 


 


 


 


 


 


 




Stock Dividend


405,556


-


-


-


-


-


(405,556)


-


-


-




 


 


 


 


 


 


 


 


 


 


 




Adjustment for Depreciation on Revalued Assets


-


-


-


-


(3,590)


-


3,590


-


-


-




 


 


 


 


 


 


 


 


 


 


 




Adjustment for Deferred Tax on Revalued Assets


-


-


-


-


898


-


-


898


-


898




 


 


 


 


 


 


 


 


 


 


 




Balance as on December 31, 2020


4,461,120


5,269,475


1,689,637


294,951


1,123,076


8,429


21,257,183


34,103,871


313,866


34,417,737




 


 


 


 


 


 


 


 


 


 


 




Number of Shares


 


 


 


 


 


 


 


446,112,089


 


 




Net Asset Value (NAV) Per Share


 


 


 


 


 


 


Tk.


76.45


 


 




 


 


 


 


 


 


 


 


 


 


 




As at December 31, 2019


 


 


 


 


 


 


 


 


 


Taka' 000




 


 


 


 


 


 


 


 


 


 


 




 


Share


Share


Excess of


Capital


Revaluation


Unrealized


Retained


Equity


Non-


Total




 


Capital


Premium


Issue


Reserve 


Surplus


Gain/(Loss)


Earnings


attributable


Controlling


Equity




 


 


 


Price over


on 


 


 


 


to the


Interests


 




 


 


 


Face Value


Merger


 


 


 


Owners


 


 




 


 


 


of GDRs


 


 


 


 


of the


 


 




 


 


 


 


 


 


 


 


Company


 


 




 


 


 


 


 


 


 


 


 


 


 




Balance as on July 01, 2019


4,055,564


5,269,475


1,689,637


294,951


1,131,853


2,504


17,144,333


29,588,317


276,007


29,864,324




 


 


 


 


 


 


 


 


 


 


 




Total Comprehensive Income:


 


 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 


 


 


 




Profit/(Loss) for the Period


-


-


-


-


-


-


1,706,419


1,706,419


8,927


1,715,346




 


 


 


 


 


 


 


 


 


 


 




Other Comprehensive Income/(Loss)


-


-


-


-


-


(1,444)


-


(1,444)


-


(1,444)




 


 


 


 


 


 


 


 


 


 


 




Transactions with the Shareholders:


 


 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 


 


 


 




Cash Dividend


-


-


-


-


-


-


(608,335)


(608,335)


(3,473)


(611,808)




 


 


 


 


 


 


 


 


 


 


 




Adjustment for Depreciation on Revalued Assets


-


-


-


-


(4,057)


-


4,057


-


-


-




 


 


 


 


 


 


 


 


 


 


 




Balance as on December 31, 2019


4,055,564


5,269,475


1,689,637


294,951


1,127,796


1,060


18,246,474


30,684,957


281,461


30,966,418




 


 


 


 


 


 


 


 


 


 


 




Number of Shares


 


 


 


 


 


 


 


405,556,445


 


 




Net Asset Value (NAV) Per Share


 


 


 


 


 


 


 


75.66


 


 




 


 


 


 


 


 


 


 


 


 


 




 
 
 
 
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Cash Flows (Unaudited) 
For the Half Year Ended December 31, 2020
 




 


 


 


 


 


Taka '000




 


July - December


July - December




 


2020


2019




Cash Flows from Operating Activities :


 


 


 


 


 




 


 


 


 


 


 




Receipts from Customers and Others


 


14,968,135


 


12,970,054




Payments to Suppliers and Employees


 


(11,819,166)


 


(8,533,250)




Cash Generated from Operations


 


3,148,969


 


4,436,804




Interest Paid


(502,855)


(532,325)




Interest Received


1,318


15,547




Income Tax Paid


(457,768)


(212,520)




Net Cash Generated from Operating Activities


2,189,664


3,707,506




Cash Flows from Investing Activities :


 


 


 


 


 




 


 


 


 


 


 




Acquisition of Property, Plant and Equipment


 


(864,972)


 


(1,309,616)




Intangible Assets


 


(8,819)


 


(13,065)




Disposal of Property, Plant and Equipment


 


21,171


 


3,342




Decrease in Short Term Investment


 


-


 


127,785




Net Cash Used in Investing Activities


 


(852,620)


 


(1,191,554)




Cash Flows from Financing Activities :


 


 


 


 


 




 


 


 




Net Increase /(Decrease) in Long Term Borrowings


 


(532,178)


 


(750,702)




Net Increase/(Decrease) in Short Term Borrowings


 


(1,038,577)


 


(1,875,555)




Dividend Paid


 


(6,701)


 


(3,862)




Net Cash (Used in ) / from Financing Activities


 


(1,577,456)


 


(2,630,119)




Increase/(Decrease) in Cash and Cash Equivalents


(240,412)


(114,167)




Cash and Cash Equivalents at Beginning of Period


635,017


610,494




Effect of exchange rate changes on Cash and Cash Equivalents*


-


606




Cash and Cash Equivalents at End of Period


 


394,605


 


496,933




Net Operating Cash Flow Per Share


4.91


9.14




 
*The Company used Janata Bank's end of periods US Dollar-BDT exchange rates as on 31 December 2020 which remained unchanged with the exchange rates as at 30 June 2020. As such there was no effect of exchange rates in the cash flow.
 

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