REG - Beximco Pharmaceut - Results for the year ended 30 June 2021

Beximco PharmaceuticalsAnnouncement

02/11/2021 07:00

RNS Number : 9816Q
  
Beximco Pharmaceuticals Ltd
  
02 November 2021
  
 

2 November 2021 
 
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 twelve-month period ended 30 June 2021
 
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 2021.
 
Highlights
 
Financial - demonstrated underlying strength with continued double-digit growth despite Covid-19 headwinds
 
·      Net sales increased 15.2% to Bangladesh Taka ("BDT") 29,493.6m / £251.4m (2019-20: BDT 25,611.9m / £245.5m)
-       Domestic sales increased 15.4% to BDT 26,369.6m / £224.8m (2019-20: BDT 22,860.1m / £219.1m)
-       Export sales increased 13.5% to BDT 3,124.0m / £26.6m (2019-20: BDT 2,751.8m / £26.4m)
·      Profit after tax increased 45.7% to BDT 5,165.7m / £44.0m (2019-20: BDT 3,544.4m / £34.0m)
·      EPS for the year amounted to BDT 11.49
·      Recommended 35% cash dividend (BDT 3.5 per share) 
 
Operational - continued to build portfolio and international presence 
 
·      Entered into a binding commitment with Sanofi group to acquire a majority stake (54.6%) in Sanofi Bangladesh Limited; completed post-period
·      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  Received and distributed seven million doses from the Serum Institute of India under the said agreement (with a further one million doses received post-period)
·      Domestic market:
o  Launched twenty-two new products (thirty-two presentation forms and strength) such as:
§ Remmo, a buffered esomeprazole MUPS (Multiple-Unit Pellet System) formulation of Esomeprazole
§ Fulphila, a USFDA and EMA approved first Biosimilar Pegfilgrastim from Mylan as a supportive chemotherapy treatment. 
§ Beximco's first mosquito repellent cream NOMOS®, containing nature inspired ingredient Ethyl butylacetyl aminopropionate, commonly known as IR3535 (developed by Merck)
·      International market:
o  Completed twenty-five registrations for twenty-two products in fourteen countries
o  Entered eight new countries (Oman, Lebanon, Venezuela, Bolivia, Kosovo, Mexico, Congo, Mongolia)
o  Received ANVISA (Brazil) approval for OSD (T-II), MDI and Sterile unit
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 and for muscle relaxant drug, Baclofen (post-period). Beximco Pharma now has nine Abbreviated New Drug Application (ANDA) approved for the US market
·      Awards:
o  Received highly prestigious CPhI Pharma Award in the category of 'Innovation in Response to COVID -19' 
o  Won "Public Service-Best COVID-19 Response awards" at the 3rd edition of the Bangladesh Innovation Award 2021
o  Signed the "Open pledge from Global Manufacturers of Generic Medicines against COVID-19" on November 2020
o  Nominated for the Global Generics & Biosimilars Awards 2021 in the category of "Company of the year, Asia Pacific" and "Corporate Social Responsibility (CSR) Initiative of the Year"
 
Beximco Pharma managing director Nazmul Hassan MP commented,
 
"Against the backdrop of logistical and operational challenges presented by the Covid-19 pandemic, Beximco Pharma was able to deliver another year of double-digit revenue growth, thanks to the ongoing execution of our strategy. We have continued to expand the number of products available in our domestic market while simultaneously expanding our global footprint. Bolstered by the acquisition of a majority stake in Sanofi Bangladesh, we are well-positioned to maintain our growth trajectory and deliver affordable medicines for people around the world."
 
 
 
Exchange rates of £1 = Taka 104.331 for 2019-20 numbers and £1 = Taka 117.32 for 2020-21 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 58611001, Ext.20080
 
Mohammed Ali Nawaz, Chief Financial Officer
Tel: +880 2 58611001, Ext.20030
 
Jamal Ahmed Choudhury, Director, Accounts & Finance
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 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
As at June 30, 2021
 















Amount in Taka








June 30, 2021






June 30, 2020




ASSETS
















Non-Current Assets


38,475,237,847






37,069,663,021




Property, Plant and Equipment- Carrying Value


36,211,375,594






35,000,809,631




Right-of-use Assets


319,884,849






240,163,919




Intangible Assets


1,380,693,809






1,275,560,330




Goodwill


546,691,213






546,691,213




Other Investments


16,592,382






3,751,551




Other Non-current Assets


-






2,686,377




Current Assets


13,770,846,179






13,049,078,919




Inventories


7,142,863,477






5,944,769,057




Spares & Supplies


661,722,724






775,528,787




Accounts Receivable


2,873,844,874






3,305,451,434




Loans, Advances and Deposits


2,416,948,496






2,388,313,122




Cash and Cash Equivalents


675,466,608






635,016,519




TOTAL ASSETS


52,246,084,026






50,118,741,940






















EQUITY AND LIABILITIES
















Equity Attributable to the Owners of the Company


37,030,558,202






32,495,120,607




Issued Share Capital


4,461,120,890






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


1,121,824,646






1,125,767,451




Unrealized Gain/(Loss)


13,767,206






926,375




Retained Earnings


24,179,782,862






20,058,799,733




Non-Controlling Interest


334,306,627






302,329,006




TOTAL EQUITY


37,364,864,829






32,797,449,613




Non-Current Liabilities


5,531,540,789






5,963,327,323




Long Term Borrowings-Net of Current Maturity


1,206,717,094






1,651,590,390




Liability for Gratuity and WPPF & Welfare Funds


2,335,257,766






2,144,053,434




Deferred Tax Liability


1,989,565,929






2,167,683,499




Current Liabilities and Provisions


9,349,678,408






11,357,965,004




Short Term Borrowings


5,023,181,128






7,398,361,360




Long Term Borrowings-Current Maturity


1,401,406,013






1,454,311,995




Creditors and Other Payables


1,965,048,180






1,397,817,066




Accrued Expenses


619,399,363






739,512,826




Dividend Payable / Unclaimed Dividend


118,137,390






82,075,347




Income Tax Payable


222,506,334






285,886,410




TOTAL EQUITY AND LIABILITIES


52,246,084,026






50,118,741,940



 
 
 
 
 
Beximco Pharmaceuticals Limited and its Subsidiaries 
Consolidated Statement of Profit or Loss and Other Comprehensive Income For the Year ended June 30, 2021
 















Amount in Taka












July 2020- June 2021






July 2019 - June 2020






























Net Revenue


29,493,573,869






25,611,947,655








Cost of Goods Sold


(15,570,071,581)






(13,712,847,509)








Gross Profit


13,923,502,288






11,899,100,146






























Operating Expenses


(7,272,794,940)






(6,289,606,032)








Administrative Expenses


(896,648,965)






(792,951,709)








Selling, Marketing and Distribution Expenses


(6,376,145,975)






(5,496,654,323)








Profit from Operations


6,650,707,348






5,609,494,114








Other Income


908,275,284






293,558,304








Finance Cost


(858,685,146)






(1,013,804,085)








Profit Before Contribution to WPPF & Welfare Funds


6,700,297,486






4,889,248,333








Contribution to WPPF & Welfare Funds


(322,749,293)






(235,808,378)








Profit Before Tax


6,377,548,193






4,653,439,955








Income Tax Expenses


(1,211,798,461)






(1,108,956,854)








Current Tax


(1,386,678,310)






(1,086,668,418)








Deferred Tax Income/ (Expense)


174,879,849






(22,288,436)








Profit After Tax


5,165,749,732






3,544,483,101








Profit/(Loss) Attributable to:




















Owners of the Company


5,127,693,711






3,514,687,301








Non-Controlling Interest


38,056,021






29,795,800












5,165,749,732






3,544,483,101








Other Comprehensive Income/(Loss)


12,840,831 






(1,577,828)








Total Comprehensive Income


5,178,590,563






3,542,905,273








Total Comprehensive Income Attributable to:




















Owners of the Company


5,140,534,542






3,513,109,473








Non-Controlling Interest


38,056,021






29,795,800












 5,178,590,563






 3,542,905,273 








 
Earnings Per Share (EPS)/ Restated EPS


 
11.49






 
7.88







 
 
 
 
 
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Changes in Equity
For the Year Ended June 30, 2021
 



As at June 30, 2021


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, 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




Total Comprehensive Income:








Profit for the Year


-


-


-


-


-


-


5,127,693,711


5,127,693,711


38,056,021


5,165,749,732




Other Comprehensive Income/(Loss)


 
-


 
-


 
-


 
-


 
-


 
12,840,831


 
-


 
12,840,831


 
-


 
12,840,831




Transactions with the Shareholders:




Cash Dividend


























(608,334,668)


(608,334,668)


(6,078,400)


(614,413,068)




Stock Dividend


405,556,440






















(405,556,440)


-


-


-




Adjustment for Depreciation on Revalued Assets


 
-


 
-


 
-


 
-


 
(7,180,526)


 
-


 
7,180,526


 
-


 
-


 
-




Adjustment for Deferred Tax on Revalued Assets


 
-


 
-


 
-


 
-


 
3,237,721


 
-


 
-


 
3,237,721


 
-


 
3,237,721




Balance as on June 30, 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




Net Asset Value (NAV) Per Share






















Tk.


83.01

























 



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 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






















Tk.


80.12

























 




 
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Cash Flows
For the Year ended June 30, 2021
 















Amount in Taka








July 2020- June 2021






July 2019- June 2020




Cash Flows from Operating Activities:
















Receipts from Customers and Others


30,833,168,257






25,934,454,695




Payments to Suppliers and Employees


(22,500,770,314)






(18,467,458,543)




Cash Generated from Operations


8,332,397,943






7,466,996,152




Interest Paid


(861,452,888)






(1,012,519,091)




Interest Received


2,377,286






20,409,291




Income Tax Paid


(1,450,058,386)






(932,399,131)




Net Cash Generated from Operating Activities


6,023,263,955






5,542,487,221




Cash Flows from Investing Activities :
















Acquisition of Property, Plant and Equipment


(2,520,682,923)






(2,243,555,782)




Intangible Assets


(37,734,793)






(31,745,002)




Disposal of Property, Plant and Equipment


32,831,171






3,646,251




Dividend Received


940,700






1,427,930




Decrease in Short Term Investment


-






323,364,536




Net Cash Used in Investing Activities


(2,524,645,845)






(1,946,862,067)




Cash Flows from Financing Activities :
















Net Increase /(Decrease) in Long Term Borrowings


(504,636,764)






(1,000,373,112)




Net Increase/(Decrease) in Short Term Borrowings


(2,375,180,232)






(1,970,741,462)




Dividend Paid


(578,351,025)






(601,957,017)




Net Cash (Used in) / from Financing Activities


(3,458,168,021)






(3,573,071,591)




Increase/(Decrease) in Cash and Cash Equivalents


40,450,089






22,553,563




Cash and Cash Equivalents at Beginning of Year


635,016,519






610,494,299




Effect of Exchange Rate Changes on Cash and Cash Equivalents


-






1,968,657




Cash and Cash Equivalents at End of Year


675,466,608






635,016,519




Net Operating Cash Flows Per Share


13.50






13.67



 
 

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