RNS Number : 2501V Beximco Pharmaceuticals Ltd 27 January 2017

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Gervais Bennett
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1 RNS Number : 2501V Beximco Pharmaceuticals Ltd 27 January 2017 BEXIMCO PHARMACEUTICALS LTD. 27 January, 2017 Half Year Results Beximco Pharmaceuticals Limited ("BPL" or "the Company"; AIM Symbol: BXP), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, today announces its un-audited financial results for the six months ended 31 December, Financial highlights Half year financial highlights Net sales increased by 13.6% to Bangladesh Taka ("BDT") 7,630.6 m / 79.7 m (2015: BDT 6,716.3m / 58.0m) Profit after tax increased by 17.8% to BDT 1,112.9m / 11.6m (H1 2015: BDT 945.1m/ 8.2m) Second quarter financial highlights Net sales increased 16.0% to BDT 3,865.0m / 40.4m (2015: BDT 3,330.6m / 28.8m) Profit after tax increased 14.0 % to BDT 598.0m / 6.2m (2015: BDT m / 4.5m) Operational highlights A total of eight new products (five generics) launched in the domestic market o Three of which were launched for the first time in Bangladesh (Voglibose, Cholecalciferol and Dienogest) Commenced US export of Carvedilol, a prescription drug for treating hypertension, in August o The first Bangladeshi pharmaceutical company to export pharmaceutical products to the US Received approval for two more products, Sotalol and Metformin Hydrochloride, from US FDA in November and December, respectively Medicine Patent Pool (MPP) of the UN granted sub-license to Beximco Pharma to manufacture Bristol-Myers Squibb's new hepatitis C drug, Daclatasvir Received product approval from Health Canada for Olopatadine eye drop o Another first time achievement for a Bangladeshi pharmaceutical company Two ophthalmic products registered in Australia Commenced export to Panama, Zimbabwe, Mali and Guinea Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented: "With the formal launch of Carvedilol in August, Beximco Pharma became the first Bangladeshi pharmaceutical company to export a prescription drug to US. In addition, we received approval for two more products from US FDA during the period. We continued to perform well in the domestic market, posting a sales growth of 14.4% over the corresponding period in We are confident that we will be able to maintain our growth momentum by achieving our operational and financial targets for the full year."

2 The half yearly accounts can be viewed at the Company's website: (Exchange rates of 1 = Taka for 31 December 2016 numbers and 1 = Taka for 31 December 2015 have been used in this announcement.) For further information please visit or enquire to: Beximco Pharma Nazmul Hassan MP, Managing Director Tel: , Ext Md. Asad Ullah, FCS, Executive Director & Company Secretary Tel: , , Ext SPARK Advisory Partners Limited (Nominated Adviser) Mark Brady / Sean Wyndham-Quin Tel: +44 (0) / 3555 Daniel Stewart & Company plc (Broker) David Lawman / Daphne Zhang Tel: +44 (0) FTI Consulting Simon Conway / Victoria Foster Mitchell Tel: +44 (0) Notes to Editors About Beximco Pharmaceuticals Limited Founded in 1976 and based in Dhaka, Bangladesh, Beximco Pharma manufactures and sells generic pharmaceutical formulation products and active pharmaceutical ingredients. The Company also undertakes contract manufacturing for multinational and leading global generic pharmaceutical companies. The Company operates from a 23 acre site in Dhaka and has manufacturing facilities for producing various drugs in different delivery systems such as tablets, capsules, liquids, semi-solids, intravenous fluids, metered dose inhalers, dry powder inhalers, sterile ophthalmic drops, prefilled syringes, injectables, nebulizer solutions, oral soluble films etc. Ensuring access to quality medicines is the powerful aspiration that motivates 3,500 employees of the Company. Beximco Pharma's state-of-the-art manufacturing facilities are certified by global regulatory authorities of the US, Europe, Australia, Canada, GCC and Latin America among others. The Company's products are sold to retail outlets, medical institutions and other pharmaceutical manufacturers in Bangladesh, in regional markets such as Sri Lanka, Nepal, Bhutan, Vietnam, Cambodia and Myanmar and in other markets overseas, principally South East Asia including Singapore, Taiwan, Malaysia, Indonesia, Philippines and Hong Kong; Africa, including South Africa, Mauritius, Kenya, Ghana, Ethiopia, Uganda and Nigeria; Central Asia including Azerbijan; Middle East including Kuait and Jordan, Pacific Island countries; Latin and Central American countries; Europe, including Austria, Germany and Romania; Australia and the US.

3 Statement of Financial Position (Un-audited) As at December 31, 2016 ASSETS As at December 31, As at June 30, Non-Current Assets 23,197,141 22,620,900 Property, Plant and Equipment- Carrying Value 22,777,806 22,235,893 Intangible Assets 403, ,260 Investment 16,082 4,747 Current Assets 8,958,250 8,528,008 Inventories 2,875,287 2,770,332 Spares & Supplies 617, ,606 Accounts Receivable 1,956,579 1,680,607 Loans, Advances and Deposits 1,877,035 1,802,304 Short Term Investment 1,312,011 1,439,038 Cash and Cash Equivalents 319, ,121 TOTAL ASSETS 32,155,391 31,148,908 EQUITY AND LIABILITIES holders' Equity 23,955,155 23,059,412 Issued 4,055,564 3,862,442 Premium 5,269,475 5,269,475 Excess of Issue Price over Face Value of GDRs 1,689,637 1,689,637 Reserve on Merger 294, ,951 Revaluation Surplus 1,195,359 1,225,100 Fair Value Gain on Investment 2,076 1,295 Retained Earnings 11,448,093 10,716,512 Non-Current Liabilities 5,040,890 5,106,928 Long Term Borrowings-Net off Current Maturity (Secured) 2,253,586 2,366,007 Liability for Gratuity and WPPF & Welfare Funds 989, ,198 Deferred Tax Liability 1,797,471 1,756,723 Current Liabilities and Provisions 3,159,346 2,982,568 Short Term Borrowings (Secured) 1,443,887 1,109,644 Long Term Borrowings-Current Maturity (Secured) 726, ,388 Creditors and Other Payables 428, ,829 Accrued Expenses 120, ,087 Dividend Payable 50, Income Tax Payable 389, ,234 TOTAL EQUITY AND LIABILITIES 32,155,391 31,148,908

4 Statement of Profit or Loss and Other Comprehensive Income (Un-audited) For the Half Year Ended December 31, 2016 Half Year Half Year 2nd Quarter 2nd Quarter ended ended (October- (October- December 31, December 31, December December ) 2015) Net Sales Revenue 7,630,591 6,716,329 3,864,993 3,330,625 Cost of Goods Sold (4,079,562) (3,541,318) (2,045,507) (1,667,418) Gross Profit 3,551,029 3,175,011 1,819,486 1,663,207 Operating Expenses (1,785,365) (1,667,832) (917,401) (872,308) Administrative Expenses (268,905) (229,372) (138,316) (108,818) Selling, Marketing and Distribution Expenses (1,516,460) (1,438,460) (779,085) (763,490) Profit from Operations 1,765,664 1,507, , ,899 Other Income 97, ,243 53,020 58,691 Finance Cost (325,789) (327,684) (163,022) (144,381) Profit Before Contribution to WPPF & Welfare Funds 1,537,269 1,305, , ,209 Contribution to WPPF & Welfare Funds (73,203) (62,178) (37,718) (33,581) Profit Before Tax 1,464,066 1,243, , ,628 Income Tax Expenses (351,125) (298,435) (156,374) (147,078) Current Tax (335,234) (204,170) (170,235) (83,914) Deferred Tax (15,891) (94,265) 13,861 (63,164) Profit After Tax 1,112, , , ,550 Other Comprehensive Income- Fair Value Gain/ (Loss) on Investment in Listed s 781 (463) 874 (172) Total Comprehensive Income 1,113, , , ,378 Earnings Per (EPS)/Adjusted EPS Tk Number of s used to compute EPS Nos. 405,556, ,556, ,556, ,556,445

5 Statement of Changes in Equity (Un-audited) For the Half Year Ended December 31, 2016 As at December 31, 2016 Premium Excess of Issue Price over Face Value of GDRs Reserve on Merger Revaluation Surplus Fair Value Gain/ (Loss) on Investment Retained Earnings Total Balance as on July 01, ,862,442 5,269,475 1,689, ,951 1,225,100 1,295 10,716,512 23,059,412 Total Comprehensive Income for the period : Profit for the Period ,112,941 1,112,941 Other Comprehensive Income / (Loss) % Final Cash Dividend (Jan'2015 to June'2016) (193,122) (193,122) 5% Stock Dividend (Jan'2015 to June'2016) 193, (193,122) - Adjustment for Depreciation on Revalued Assets (4,884) - 4,884 - Adjustment for Deferred Tax on Revalued Assets (24,857) - - (24,857) Balance as on December 31, ,055,564 5,269,475 1,689, ,951 1,195,359 2,076 11,448,093 23,955,155 Number of s on December 31, ,556,445 Net Asset Value (NAV) Per on December 31, 2016 Tk As at December 31, 2015 Premium Excess of Issue Price over Face Value of GDRs Reserve on Merger Revaluation Surplus Fair Value Gain/ (Loss) on Investment Retained Earnings Total Balance as on July 01, ,862,442 5,269,475 1,689, ,951 1,262,732 2,421 9,150,539 21,532,197 Total Comprehensive Income for the period : Profit for the Period , ,124 Other Comprehensive Income / (Loss) (463) - (463) Adjustment for Depreciation on Revalued Assets (7,079) - 7,079 - Adjustment for Deferred Tax on Revalued Assets , ,770 Balance as on December 31, ,862,442 5,269,475 1,689, ,951 1,257,423 1,958 10,102,742 22,478,628 Number of s on December 31, ,244,234 Net Asset Value (NAV) Per on December 31, 2015 Tk

6 Statement of Cash Flows (Un-audited) For The Half Year Ended December 31, 2016 Cash Flows from Operating Activities : Half-Year ended Half-Year ended December 31, December 31, Receipts from Customers and Others 7,355,078 6,721,529 Payments to Suppliers and Employees (5,784,971) (4,957,538) Cash Generated from Operations 1,570,107 1,763,991 Interest Paid (325,789) (327,684) Interest Received 85, ,446 Income Tax Paid (293,245) (297,227) Net Cash Generated from Operating Activities 1,036,675 1,266,526 Cash Flows from Investing Activities : Acquisition of Property, Plant and Equipment (922,622) (1,411,265) Intangible Assets (31,033) (26,590) Disposal of Property, Plant and Equipment 2,953 2,768 Dividend Received - 1,428 Decrease in Short Term Investment 127, ,509 Net Cash Used in Investing Activities (823,675) (792,150) Cash Flows from Financing Activities : Net Increase/(Decrease) in Long Term Borrowings (306,110) 349,192 Net Increase/(Decrease) in Short Term Borrowings 334,243 (503,395) Dividend Paid (142,798) (367,649) Net Cash Generated from Financing Activities (114,665) (521,852) Increase / (Decrease) in Cash and Cash Equivalents 98,335 (47,476) Cash and Cash Equivalents at Beginning of Period 221, ,952 Cash and Cash Equivalents at End of Period 319, ,476 Net Operating Cash Flow Per Tk Number of s used to compute Net Operating Cash Flow Per 405,556, ,244,234 This information is provided by RNS The company news service from the London Stock Exchange END

Interim Financial Statements (Un-audited) For the Half Year Ended December 31, 2016

Interim Financial Statements (Un-audited) For the Half Year Ended December 31, 2016 Beximco Pharmaceuticals Limited Statement of Financial Position (Un-audited) As at December 31, 2016 ASSETS Notes As