REG - Beximco Pharmaceut - Half Year Results 2022-23
30/01/2023 07:00
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RNS Number : 1745O Beximco Pharmaceuticals Ltd 30 January 2023
30 January 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
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considered to be in the public domain.
BEXIMCO PHARMACEUTICALS LIMITED
Half Year Results 2022-23
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
2022.
Financial highlights
Half year financial highlights
· Net sales increased 16.0% to Bangladesh Taka ("BDT") 19,678.7m /
£ 164.4m (2021-22: BDT 16,968.9m/ £146.7m)
o Domestic sales increased 17.1% to BDT 18,370.9m / £153.4m (2021-22: BDT
15,692.9m / £135.6m)
o Export sales increased 2.5% to BDT 1,307.8m / £10.9m (2021-22: BDT
1,276.0m / £11.0m)
· Profit after tax decreased 15.1% to BDT 2,658.1m / £22.2m
(2021-22: BDT 3,131.9m / £27.1m)
Second quarter financial highlights
· Net sales increased 16.4% to BDT 9,891.5m / £82.6m (2021-22: BDT
8,499.6m / £73.5m)
· Profit after tax decreased 24.8% to BDT 1,245.4m / £10.4m
(2021-22: BDT 1,656.3m / £14.3m)
Operational highlights
· Domestic market
o Launched seven new products (eleven presentation forms and strengths),
including Mulina (Lefamulin), an anti-infective drug for the first time in
Bangladesh
o Continued progress in the integration of Synovia Pharma
o Continued successful product transfer to the new facility [Unit III]
o Won the Prestigious National Export Trophy (Gold) 2018-19 for the sixth
time
· International market
o Received a total of twelve new registrations of Seven generics (eight
presentations) in seven countries including Oman, Maldives, Singapore, South
Africa, Namibia and Ethiopia
o Received US FDA approval for Antimigraine drug, Eletriptan tablets and
Anticholinergic drug Oxybutynin tablets
· Won Global Generics & Biosimilars Awards 2022 in the category of
"Acquisition of the year" for the acquisition of Sanofi Bangladesh (now
Synovia Pharma)
Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:
"We are pleased to report the financial and operational progress made over the
first half of the year. While we have continued to see macroeconomic headwinds
impact our bottom line, another period of double-digit revenue growth is
testament to the underlying progress of the business. We have launched seven
new products in Bangladesh and received a further 12 new registrations
internationally. We remain focused on our commitment to delivering
high-quality, affordable medicines and look forward to continuing our progress
into the second half of the year."
The half yearly accounts can be viewed at the Company's website:
www.beximcopharma.com (http://www.beximcopharma.com)
(Exchange rates of £1 = Taka 119.7199 for 31 December 2022 numbers and £1 =
115.7099 for 31 December 2021 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
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)
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 5500 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, 2022
Taka '000
December 31,2022 June 30, 2022
ASSETS
Non-Current Assets 48,039,654 47,728,777
Property, Plant and Equipment- Carrying Value 42,251,678 41,760,331
Right-of-use Assets 578,532 618,891
Intangible Assets 4,441,261 4,562,988
Deferred Tax Asset 72,640 88,640
Goodwill 674,570 674,570
Other Investments 20,973 23,357
Current Assets 21,274,834 18,419,258
Inventories 12,593,144 10,405,295
Spares & Supplies 848,902 718,797
Accounts Receivable 3,298,564 3,142,817
Loans, Advances and Deposits 3,064,451 2,787,040
Advance Income Tax 223,244 196,635
Cash and Cash Equivalents 1,246,529 1,168,674
TOTAL ASSETS 69,314,488 66,148,035
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity Attributable to the Owners of the Company 41,721,387 40,600,498
Issued Share Capital 4,461,121 4,461,121
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 1,114,713 1,116,896
Unrealized Gain/(Loss) 18,148 20,532
Retained Earnings 28,873,342 27,747,886
Non-Controlling Interest 4,002,622 4,035,507
TOTAL EQUITY 45,724,009 44,636,005
Non-Current Liabilities 9,164,606 8,776,099
Long Term Borrowings-Net of Current Maturity 3,229,933 3,454,189
Liability for Gratuity and WPPF & Welfare Funds 3,254,032 2,785,072
Deferred Tax Liability 2,680,641 2,536,838
Current Liabilities and Provisions 14,425,873 12,735,931
Short Term Borrowings 6,897,523 6,850,550
Long Term Borrowings-Current Maturity 1,376,604 2,065,962
Creditors and Other Payables 3,282,345 2,465,039
Accrued Expenses 900,695 1,166,882
Dividend Payable / Unclaimed Dividend 1,655,618 88,049
Income Tax Payable 313,088 99,449
TOTAL EQUITY AND LIABILITIES 69,314,488 66,148,035
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Profit or Loss and Other Comprehensive Income
(Unaudited)
For the Period July-December 2022
Taka '000
July -December 2022 July -December October - December 2022 October - December
2021 2021
Net Revenue 19,678,740 16,968,904 9,891,538 8,499,583
Cost of Goods Sold (10,813,129) (8,799,257) (5,450,604) (4,406,281)
Gross Profit 8,865,611 8,169,647 4,440,934 4,093,302
Operating Expenses (4,780,986) (4,235,426) (2,468,047) (2,259,523)
Administrative Expenses (625,342) (573,839) (339,792) (328,843)
Selling, Marketing and Distribution Expenses (4,155,644) (3,661,587) (2,128,255) (1,930,680)
Profit from Operations 4,084,625 3,934,221 1,972,887 1,833,779
Other Income 278,517 801,972 99,330 731,451
Finance Cost (644,487) (432,357) (333,514) (268,731)
Profit Before Contribution to WPPF & Welfare Funds 3,718,655 4,303,836 1,738,703 2,296,499
Contribution to WPPF & Welfare Funds (181,296) (215,810) (83,086) (119,718)
Profit Before Tax 3,537,359 4,088,026 1,655,617 2,176,781
Income Tax Expenses (879,266) (956,155) (410,237) (520,456)
Current Tax (718,829) (997,087) (324,981) (566,289)
Deferred Tax (160,437) 40,932 (85,256) 45,833
Profit After Tax 2,658,093 3,131,871 1,245,380 1,656,325
Profit/(Loss) Attributable to:
Owners of the Company 2,684,031 3,178,016 1,237,004 1,712,708
Non-controlling Interest (25,938) (46,145) 8,376 (56,383)
2,658,093 3,131,871 1,245,380 1,656,325
Other Comprehensive Income/(Loss) (2,384) 9,887 956 1,880
Total Comprehensive Income 2,655,709 3,141,758 1,246,336 1,658,205
Total Comprehensive Income Attributable to:
Owners of the Company 2,681,647 3,187,903 1,237,960 1,714,588
Non-controlling Interest (25,938) (46,145) 8,376 (56,383)
2,655,709 3,141,758 1,246,336 1,658,205
Earnings Per Share (EPS)
6.02 7.12 2.77 3.84
Number of Shares Nos. 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 Period July-December 2022
As at December 31, 2022 Taka '000
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 4,461,121 5,269,475 1,689,637 294,951 1,116,896 20,532 27,747,886 40,600,498 4,035,507 44,636,005
Total Comprehensive Income:
Profit/(Loss) for the Period - - - - - - 2,684,031 2,684,031 (25,938) 2,658,093
Other Comprehensive Income/(Loss) - - - - - (2,384) - (2,384) - (2,384)
Transactions with the Shareholders:
Cash Dividend - - - - - - (1,561,392) (1,561,392) (6,947) (1,568,339)
Adjustment for Depreciation on Revalued Assets - - - - (2,817) - 2,817 - - -
Adjustment for Deferred Tax on Revalued Assets - - - - 634 - - 634 - 634
Balance as on December 31, 2022 4,461,121 5,269,475 1,689,637 294,951 1,114,713 18,148 28,873,342 41,721,387 4,002,622 45,724,009
Net Asset Value (NAV) Per Share
Tk. 93.52
As at December 31, 2021 Taka '000
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, 2021 4,461,121 5,269,475 1,689,637 294,951 1,121,825 13,767 24,179,783 37,030,559 334,307 37,364,866
NCI at the date of acquisition-SPP - - - - - - - - 3,857,135 3,857,135
Total Comprehensive Income:
Profit/(Loss) for the Period - - - - - - 3,178,016 3,178,016 (46,145) 3,131,871
Other Comprehensive Income/(Loss) - - - - - 9,887 - 9,887 - 9,887
Transactions with the Shareholders:
Cash Dividend (1,561,392) (1,561,392) (6,947) (1,568,339)
Adjustment for Depreciation on Revalued Assets - - - - (3,179) - 3,179 - - -
Adjustment for Deferred Tax on Revalued Assets - - - - 715 - - 715 - 715
Balance as on December 31, 2021 4,461,121 5,269,475 1,689,637 294,951 1,119,361 23,654 25,799,586 38,657,785 4,138,350 42,796,135
Net Asset Value (NAV) Per Share Tk. 86.65
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Cash Flows (Unaudited)
For the Period July-December 2022
Taka '000
July -December 2022 July -December 2021
Cash Flows from Operating Activities :
Receipts from Customers and Others 19,948,007 17,567,608
Payments to Suppliers and Employees (16,401,961) (12,809,303)
Cash Generated from Operations 3,546,046 4,758,305
Interest Paid (642,283) (433,470)
Interest Received 4,147 1,425
Income Tax Paid (531,799) (658,071)
Net Cash Generated from Operating Activities 2,376,111 3,668,189
Cash Flows from Investing Activities :
Acquisition of Property, Plant and Equipment (1,338,771) (1,661,113)
Intangible Assets (37,494) (3,355)
Synovia Acquisition - (4,766,636)
Disposal of Property, Plant and Equipment 13,015 12,402
Disposal of Intangible Assets 52,125 -
Net Cash Used in Investing Activities (1,311,125) (6,418,702)
Cash Flows from Financing Activities :
Net Increase /(Decrease) in Long Term Borrowings (1,051,068) 3,622,081
Net Increase/(Decrease) in Short Term Borrowings 46,974 (596,880)
Dividend Paid (771) (71,505)
Net Cash (Used in ) / from Financing Activities (1,004,865) 2,953,696
Increase/(Decrease) in Cash and Cash Equivalents 60,121 203,183
Cash and Cash Equivalents at Beginning of Period 1,168,674 973,965
Effect of Exchange Rate Changes on Cash and Cash Equivalents 17,734 3,553
Cash and Cash Equivalents at End of Period 1,246,529 1,180,701
446,112,089 446,112,089
Number of Shares
Net Operating Cash Flows Per Share 5.33 8.22
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