REG - Beximco Pharmaceut - Results for the year ended 30 June 2020

Beximco PharmaceuticalsAnnouncement

11/11/2020 07:01

RNS Number : 8969E
  
Beximco Pharmaceuticals Ltd
  
11 November 2020
  
 

 
11 November 2020
 
BEXIMCO PHARMACEUTICALS LIMITED.
 
Results for the twelve-month period ended 30 June 2020
 
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 twelve months ended 30 June 2020.
 
Highlights
 
Financial - continued to deliver double-digit revenue growth 
·    Net sales increased 12.3% to Bangladesh Taka ("BDT") 25,611.9m / £245.5m (2018-19: BDT 22,816.6m / £212.7m)
o Domestic sales increased 12.5% to BDT 22,860.1m / £219.1m (2018-19: BDT 20,314.0m / £189.4m)
o Export sales increased 10.0% to BDT 2,751.8m / £26.4m (2018-19: BDT 2,502.6m / £23.3m )
·    Profit after tax increased 16.6% to BDT 3,544.4m / £34.0m (2018-19: BDT 3,040.4m / £28.4m)
·    EPS for the year amounted to BDT 8.67
·    Recommended 15% cash dividend (BDT 1.50 per share) and 10% Stock Dividend (10 shares for every 100 shares held).
 
Operational - further growth of portfolio and international presence
·      Launched a total of 26 new products in Bangladesh
o  Four products launched for the first time in Bangladesh, including Maxhaler mDPI, the generic version of GSK's Seretide Accuhaler
o  Acted quickly to deliver two repurposed drugs for COVID-19; Viraflu (Favipravir 200mg) tablet and Bemsivir (Remdesivir 100 mg) IV Injection 
§ Beximco Pharma became the first company in the world to launch a generic version of Remdesivir for the treatment of COVID-19
o  Launched five new hormone and gastrointestinal products from subsidiary, Nuvista Pharma, in the domestic market
·      Signed a commercial agreement for distribution of Mylan's portfolio of key monoclonal antibodies in Bangladesh
·      Completed 63 registrations for 50 products in 20 countries
·      US 
o  Launched fifth product, Nadolol, a cardiovascular drug, in the US market 
o  Received US Food and Drug Administration approval for Flecainide Acetate (50, 100 and 150 mg tablets), an antiarrythmic drug used for treating irregular heartbeats in conditions such as tachycardia and atrial fibrillation (post period)
·      EU and RoW
o  Received regulatory approval from Government Control Centre of Southwest Germany and Malta Medicines Authority (European Union)
o  Began exporting to four new countries (Maldives, Pakistan, Nicaragua and Dominican Republic)
·      Won Bangladesh's "National productivity and quality excellence award 2018", a recognition of outstanding contribution in increasing productivity and excellence in product quality
·      Received "Global Generics & Biosimilars Awards 2019" in the category of Company of the Year, Asia Pacific
 
COVID-19 - responded quickly to protect employees and support national efforts to protect healthcare workers
·      In response to COVID-19 outbreak in Bangladesh, Beximco Pharma, in collaboration with parent company, Beximco, provided much needed personal protective equipment (PPE), N95 masks, goggles, and PCR kits to protect the healthcare professionals in Bangladesh
·      Provided Remdesivir (Bemsivir) injection free of cost to all government-designated COVID-19 hospitals
·      Collaborated with Dhaka University and Bangabandhu Sheikh Mujib Medical University to develop country's first negative pressure isolation canopy to prevent the spread of COVID-19 in hospitals
·      Sponsored International Centre for Diarrhoeal Disease Research, Bangladesh, clinical trial to evaluate the efficacy of two potential treatments (Ivermectin and Ivermectin in combination with Doxycycline) for COVID-19 in patients 
·      Developed an integrated diagnostic laboratory for COVID-19 testing of Beximco employees
·      Signed a Memorandum of Understanding with the Serum Institute of India Pvt. Ltd, the world's largest vaccine producer, and the Government of Bangladesh, for the distribution of the AstraZeneca/Oxford University COVID-19 vaccine in Bangladesh (post period)
·      Won highly prestigious CPhl Pharma Award in the category of Innovation in Response to COVID-19 (post-period)
 
Beximco Pharma managing director Nazmul Hassan MP commented,
"Despite facing unprecedented operational and logistical challenges as a direct result of the COVID-19 pandemic during the financial year, we have remained focused on executing against our strategy to deliver revenue growth of over 12%, expand our product portfolio and strengthen our position in key markets. 
 
"In addition to keeping our employees safe and our operations running, a key focus has been to support national efforts to curb the spread of COVID-19 and to protect healthcare professionals and patients. We responded quickly and effectively to provide large quantities of PPE, ensure the continued supply of medicines and launch of new treatments for COVID-19, as well as preparing for the launch of a potential vaccine, demonstrating our continued commitment to ensure access to breakthrough therapies. The trajectory of the pandemic remains unpredictable but we believe Beximco Pharma is well-positioned to respond to the challenges and we remain confident in the Company's continued growth."
 
 
Exchange rates of £1 = Taka 107.26 for 2018-19 numbers and £1 = Taka 104.331 for 2019-20 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
 
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 4,500 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, 2020
 




 


 


 


 


 


 


 


 


Amount in Taka




 


 


 


 


 


 


June 30, 2020


 


June 30, 2019




ASSETS


 


 


 


 


 


 


 


 


 


 


 




Non-Current Assets


 


37,069,663,021


35,949,930,818


 




Property, Plant and Equipment-Carrying Value


 


35,000,809,631


33,853,977,656


 




Right-of-use Assets


 


 


 


240,163,919


202,689,556


 




Intangible Assets 


 


 


 


 


1,275,560,330


1,334,921,698


 




Goodwill


 


546,691,213


546,691,213


 




Other Investment


 


 


 


3,751,551


5,329,379


 




Other Non-current Assets


 


2,686,377


6,321,316


 




Current Assets


 


 


 


 


13,049,078,919


13,264,161,542


 




Inventories


 


 


 


 


5,944,769,057


5,924,031,678


 




Spares & Supplies


 


 


 


775,528,787


726,127,262


 




Accounts Receivable


 


3,305,451,434


3,334,958,905


 




Loans, Advances and Deposits


 


2,388,313,122


2,309,503,747


 




Advance Income Tax


 


-


35,681,115


 




Short Term Investment


 


-


323,364,536


 




Cash and Cash Equivalents


 


635,016,519


 


610,494,299


 




TOTAL ASSETS


 


 


 


 


50,118,741,940


 


49,214,092,360


 




 
EQUITY AND LIABILITIES


 


 


 


 


 


 


 


 




  Equity Attributable to the Owners of the Company


 


32,495,120,607


29,588,317,284


 




Issued Share Capital


 


4,055,564,450


4,055,564,450


 




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


 


 


 


1,125,767,451


1,131,853,004


 




Unrealized Gain/(Loss)


 


926,375


2,504,203


 




Retained Earnings


 


 


 


 


20,058,799,733


17,144,333,029


 




Non-Controlling Interest


 


302,329,006


276,006,553


 




TOTAL EQUITY


 


 


 


 


32,797,449,613


29,864,323,837


 




Non-Current Liabilities


 


5,963,327,323


6,603,936,369


 




Long Term Borrowings-Net of Current Maturity


 


1,651,590,390


2,595,607,792


 




Liability for Gratuity and WPPF & Welfare Funds


 


2,144,053,434


1,860,904,996


 




Deferred Tax Liability


 


2,167,683,499


2,147,423,581


 




Current Liabilities and Provisions


 


11,357,965,004


12,745,832,154


 




Short Term Borrowings


 


7,398,361,360


9,272,501,280


 




Long Term Borrowings-Current Maturity


 


1,454,311,995


1,616,670,549


 




Creditors and Other Payables


 


1,462,806,200


1,091,809,722


 




Accrued Expenses


 


 


 


739,512,826


590,317,150


 




Dividend Payable


 


 


 


17,086,213


7,235,215


 




Income Tax Payable


 


 


 


285,886,410


 


167,298,238


 




TOTAL EQUITY AND LIABILITIES


 


50,118,741,940


 


49,214,092,360


 




 
 
 
 
 
 
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the Year ended June 30, 2020
 




 


 


 


 


 


 


Amount in Taka




 


 


July 2019 - 
June 2020


 


 


 


July 2018 - 
June 2019




 


 


 


 


 


 


 




Net Revenue


 


25,611,947,655


 


22,816,629,795




Cost of Goods Sold


 


(13,712,847,509)


 


(12,196,286,770)




Gross Profit


 


11,899,100,146


 


10,620,343,025




 


 


 


 


 




Operating Expenses


 


(6,289,606,032)


 


(5,554,169,458)




Administrative Expenses


 


(792,951,709)


 


 


(752,944,182)




Selling, Marketing and Distribution Expenses


 


(5,496,654,323)


 


 


(4,801,225,276)




Profit from Operations


 


5,609,494,114


5,066,173,567




Other Income


 


293,558,304


139,917,665




Finance Cost


 


(1,013,804,085)


(1,029,762,542)




Share of Loss of Associates


 


-


 


(29,325,720)




Profit Before Contribution to WPPF & Welfare Funds


4,889,248,333


 


4,147,002,970




Contribution to WPPF & Welfare Funds


 


(235,808,378)


 


(200,937,234)




 


 


 


 


 




Profit Before Tax


 


4,653,439,955


3,946,065,736




 


 


 


 




Income Tax Expenses


 


(1,108,956,854)


(905,662,782)




 


 


 


 


 


 


 




Current Tax


 


(1,086,668,418)


 


 


(803,760,846)




Deferred Tax


 


(22,288,436)


 


 


(101,901,936)




Profit After Tax


 


3,544,483,101


3,040,402,954




 


 


 


 


 


 


 




Profit/(Loss) Attributable to:


 


 


 


 


 


 




Owners of the Company


 


3,514,687,301


 


 


3,033,402,333




Non-controlling interest


 


29,795,800


 


 


7,000,621




 


 


3,544,483,101


3,040,402,954




 


 


 


 




Other Comprehensive Income-Unrealized Gain/(Loss)


 


(1,577,828)


(1,852,559)




Total Comprehensive Income 


 


3,542,905,273


 


3,038,550,395




 


 


 


 


 


 


 




Total Comprehensive Income Attributable to:


 


 


 


 


 


 




Owners of the Company


 


3,513,109,473


 


 


3,031,549,774




Non-controlling interest


 


29,795,800


 


 


7,000,621




 


 


3,542,905,273


 


3,038,550,395




 


 


 


 


 


 


 




Earnings Per Share (EPS)


 


8.67


 


7.48



 
 
 
 
 
 
 
 



 
 
 
 
 
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Changes in Equity
For the Year Ended June 30, 2020
 




As at June 30, 2020


Amount in Taka




 


 
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, 2019


4,055,564,450


5,269,474,690


1,689,636,958


294,950,950


1,131,853,004


2,504,203


17,144,333,029


29,588,317,284


276,006,553


29,864,323,837




Total Comprehensive Income:




Profit/(Loss) for the Year


-


-


-


-


-


-


3,514,687,301


3,514,687,301


29,795,800


3,544,483,101




Other Comprehensive Income/(Loss)


-


-


-


-


-


(1,577,828)


-


(1,577,828)


-


(1,577,828)




Transactions with the Shareholders:




Cash Dividend


 


 


 


 


 


 


(608,334,668)


(608,334,668)


(3,473,347)


(611,808,015)




Adjustment for Depreciation on Revalued Assets


-


-


-


-


(8,114,071)


-


8,114,071


-


-


-




Adjustment for Deferred Tax on Revalued Assets


-


-


-


-


2,028,518


-


-


2,028,518


-


2,028,518




Balance as on June 30, 2020


4,055,564,450


5,269,474,690


1,689,636,958


294,950,950


1,125,767,451


926,375


20,058,799,733


32,495,120,607


302,329,006


32,797,449,613




Net Asset Value (NAV) Per Share 


 


 


 


 


 


 


80.12


 


 




 




As at June 30, 2019


Amount in Taka




 


 
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, 2018


4,055,564,450


5,269,474,690


1,689,636,958


294,950,950


1,159,277,845


4,356,762


14,608,700,961


27,081,962,616


269,874,176


27,351,836,792




Total Comprehensive Income:




Share Capital Beximco Pharma API Ltd.


-


-


-


-


-


-


-


-


100


100




Profit/(Loss) for the Year


-


-


-


-


-


-


3,033,402,333


3,033,402,333


7,000,621


3,040,402,954




Other Comprehensive Income/(Loss)


-


-


-


-


-


(1,852,559)


-


(1,852,559)


-


(1,852,559)




Transactions with the Shareholders:




Cash Dividend


 


 


 


 


 


 


(506,945,556)


(506,945,556)


(868,344)


(507,813,900)




Adjustment for Depreciation on Revalued Assets


-


-


-


-


(9,175,291)


-


9,175,291


-


-


-




Adjustment for Deferred Tax on Revalued Assets


-


-


-


-


(18,249,550)


-


-


(18,249,550)


-


(18,249,550)




Balance as on June 30, 2019


4,055,564,450


5,269,474,690


1,689,636,958


294,950,950


1,131,853,004


2,504,203


17,144,333,029


29,588,317,284


276,006,553


29,864,323,837




Net Asset Value (NAV) Per Share 


 


 


 


 


 


 


72.96


 


 




 
 
 
 
 
Beximco Pharmaceuticals Limited and its Subsidiaries Consolidated Statement of Cash Flows
For the Year ended June 30, 2020
 




 


 


 


 


 


 


 


Amount in Taka


 




 


 


 


July 2019-June 2020


 


 


July 2018-June 2019


 




Cash Flows from Operating Activities :


 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 


 


 


 




Receipts from Customers and Others


 


 


25,934,454,695


 


22,463,550,299


 


 




Payments to Suppliers and Employees


 


 


(18,467,458,543)


 


(17,434,690,241)


 


 




Cash Generated from Operations


 


 


7,466,996,152


5,028,860,058


 


 




 


 


 


 


 


 


 




Interest Paid


 


 


(1,012,519,091)


(1,032,409,014)


 


 




Interest Received


 


 


20,409,291


36,457,527


 


 




Income Tax Paid


 


 


(932,399,131)


(1,072,991,667)


 


 




 


 


 


 


 


 


 




Net Cash Generated from Operating Activities


 


 


5,542,487,221


2,959,916,904


 


 




 


 


 


 


 


 


 


 


 


 




Cash Flows from Investing Activities:


 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 


 


 


 




Acquisition of Property, Plant and Equipment


 


 


(2,243,555,782)


 


(4,416,446,385)


 


 




Intangible Assets


 


 


(31,745,002)


 


(128,619,282)


 


 




Disposal of Property, Plant and Equipment


 


 


3,646,251


 


17,540,625


 


 




Dividend Received


 


 


1,427,930


 


1,491,901


 


 




Decrease in Short Term Investment


 


 


323,364,536


 


16,032,638


 


 




 


 


 


 


 


 


 


 


 


 


 




Net Cash Used in Investing Activities


 


 


(1,946,862,067)


(4,510,000,503)


 


 




 


 


 


 


 


 


 


 


 


 




Cash Flows from Financing Activities :


 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 


 


 


 




Net Increase /(Decrease) in Long Term Borrowings


 


 


(1,000,373,112)


 


(1,412,334,115)


 


 




Net Increase in Short Term Borrowings


 


 


(1,970,741,462)


 


3,684,312,230


 


 




Share capital


 


 


-


 


100


 


 




Dividend Paid


 


 


(601,957,017)


 


(505,351,881)


 


 




Net Cash (Used in)/ from Financing Activities


 


 


(3,573,071,591)


1,766,626,334


 


 




Increase in Cash and Cash Equivalents


 


 


22,553,563


216,542,735


 


 




Cash and Cash Equivalents at Beginning of Year


 


 


610,494,299


393,735,946


 


 




Effect of exchange rates changes on cash and cash equivalents 


 


 


1,968,657


215,618


 


 




 


 


 


 


 


 


 


 




Cash and Cash Equivalents at End of Year


 


 


635,016,519


 


610,494,299


 


 




 


 


 


 


 


 


 




Net Operating Cash Flow Per Share


 


 


13.67


7.30


 


 



 
 
 
 
 
 
 
 
 
 
 
 



 

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