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| Name | Symbol | Market | Type |
|---|---|---|---|
| Beximco Pharma | LSE:BXP | London | Depository Receipt |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.50 | 1.37% | 37.00 | 36.00 | 38.00 | 37.00 | 37.00 | 37.00 | 19,131 | 08:00:00 |
From Apr 2019 to Apr 2024
TIDMBXP
RNS Number : 5661D
Beximco Pharmaceuticals Ltd
28 April 2017
28 April, 2017
BEXIMCO PHARMACEUTICALS LTD.
Financial Results for the Third Quarter of 2016-17
Beximco Pharmaceuticals Limited ("Beximco Pharma", "BPL" or "the Company"; AIM Symbol: BXP), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, today announces its unaudited results for the third Quarter and nine month ended 31 March 2017. The information set out below has been released to the Dhaka and Chittagong Stock Exchanges in compliance with the requirements from the Bangladesh SEC.
The detail accounts can be viewed at the Company website: www.beximco-pharma.com.
For further information please visit www.beximco-pharma.com or enquire to:
Beximco Pharma
Nazmul Hassan MP, Managing Director
Tel: +880 2 58611001, ext.20080
Md. Asad Ullah, FCS, Executive Director & Company Secretary
Tel: +880 2 58611891, +880 2 58612040, ext.10140
SPARK Advisory Partners Limited (Nominated Adviser)
Mark Brady / Sean Wyndham-Quin
Tel: +44 (0)20 3368 3551 / 3555
Daniel Stewart & Company plc (Broker)
David Lawman / Daphne Zhang
Tel: +44 (0)20 7776 6550
FTI Consulting
Simon Conway / Victoria Foster Mitchell
Tel: +44 (0)20 3727 1000
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, nebuliser solutions and 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 in 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 Azerbaijan; Middle East, including Kuwait and Jordan; Pacific Island countries; Latin and Central American countries; Europe, including Austria, Germany and Romania; Australia and the US.
Beximco Pharmaceuticals Limited
Statement of Financial Position (Un-audited)
As at March 31, 2017
Hot Features
Premium
Taka '000
As at March As at June
31, 2017 30, 2016
ASSETS
Non-Current Assets 24,053,302 22,620,900
Property, Plant and Equipment-Carrying
Value 23,600,219 22,235,893
Intangible Assets 435,615 380,260
Investment 17,468 4,747
Current Assets 8,988,039 8,528,008
Inventories 3,047,607 2,770,332
Spares & Supplies 623,083 614,606
Accounts Receivable 1,918,354 1,680,607
Loans, Advances and Deposits 1,909,622 1,802,304
Short Term Investment 1,251,556 1,439,038
Cash and Cash Equivalents 237,817 221,121
TOTAL ASSETS 33,041,341 31,148,908
------------ -----------
EQUITY AND LIABILITIES
Shareholders' Equity 24,479,030 23,059,412
Issued Share Capital 4,055,564 3,862,442
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 1,192,408 1,225,100
Fair Value Gain on Investment 3,462 1,295
Retained Earnings 11,973,533 10,716,512
Non-Current Liabilities 5,550,631 5,106,928
Long Term Borrowings-Net off
Current Maturity (Secured) 2,701,100 2,366,007
Liability for Gratuity and WPPF
& Welfare Funds 1,046,253 984,198
Deferred Tax Liability 1,803,278 1,756,723
Current Liabilities and Provisions 3,011,680 2,982,568
Short Term Borrowings (Secured) 1,208,115 1,109,644
Long Term Borrowings-Current
Maturity (Secured) 718,717 920,388
Creditors and Other Payables 498,725 453,829
Accrued Expenses 152,583 151,087
Dividend Payable 18,366 386
Income Tax Payable 415,174 347,234
TOTAL EQUITY AND LIABILITIES 33,041,341 31,148,908
------------ -----------
Beximco Pharmaceuticals Limited
Statement of Profit or Loss and Other Comprehensive Income (Un-audited)
For the Period July 2016 - March 2017
Taka '000
July 2016 July 2015 January January
- March - March - March - March
2017 2016 2017 2016
Net Sales Revenue 11,444,599 10,113,486 3,814,008 3,397,157
Cost of Goods
Sold (6,105,068) (5,405,003) (2,025,506) (1,863,685)
Gross Profit 5,339,531 4,708,483 1,788,502 1,533,472
Operating Expenses (2,754,843) (2,526,245) (969,478) (858,413)
------------ ------------ ------------ ------------
Administrative
Expenses (404,631) (348,575) (135,726) (119,203)
Selling, Marketing
and Distribution
Expenses (2,350,212) (2,177,670) (833,752) (739,210)
------------ ------------ ------------ ------------
Profit from
Operations 2,584,688 2,182,238 819,024 675,059
Other Income 136,798 179,956 39,404 53,713
Finance Cost (466,063) (492,360) (140,274) (164,676)
Profit Before
Contribution
to WPPF & Welfare
Funds 2,255,423 1,869,834 718,154 564,096
Contribution
to WPPF & Welfare
Funds (107,401) (89,040) (34,198) (26,862)
Profit Before
Tax 2,148,022 1,780,794 683,956 537,234
Income Tax Expenses (513,575) (404,951) (162,450) (106,516)
------------ ------------ ------------ ------------
Current Tax (490,894) (319,057) (155,660) (114,887)
Deferred Tax (22,681) (85,894) (6,790) 8,371
------------ ------------ ------------ ------------
Profit after
Tax 1,634,447 1,375,843 521,506 430,718
Other Comprehensive
Income - Fair
Value Gain /
(Loss) on Investment
in Listed Shares 2,167 (556) 1,386 (93)
------------ ------------ ------------ ------------
Total Comprehensive
Income 1,636,614 1,375,287 522,892 430,625
------------ ------------ ------------ ------------
Earnings Per
Share (EPS)
/ Adjusted EPS
Tk. 4.03 3.39 1.29 1.06
Number of Shares
used to compute
EPS Nos. 405,556,445 405,556,445 405,556,445 405,556,445
Beximco Pharmaceuticals Limited
Statement of Changes in Equity (Un-audited)
For the Period July 2016 - March 2017
Taka '000
As at March 31, 2017
----------------------------------------------------------------------------------------------------------------------
Excess
of Issue Fair
Price Value
over Capital Gain
Face Reserve / (Loss)
Share Share Value on Revaluation on Retained
Capital Premium of GDRs Merger Surplus Investment Earnings Total
--------------- ---------- ---------- ---------- --------- ------------ ------------- ----------- ------------
Balance
as on
July
01, 2016 3,862,442 5,269,475 1,689,637 294,951 1,225,100 1,295 10,716,512 23,059,412
--------------- ---------- ---------- ---------- --------- ------------ ------------- ----------- ------------
Total
Comprehensive
Income
for the
period:
Profit
for the
Period - - - - - - 1,634,447 1,634,447
Other
Comprehensive
Income/(Loss) - - - - - 2,167 - 2,167
--------------- ---------- ---------- ---------- --------- ------------ ------------- ----------- ------------
5% Final
Cash
Dividend
(January
2015
to June
2016) - - - - - - (193,122) (193,122)
5% Stock
Dividend
(January
2015
to June
2016) 193,122 - - - - - (193,122) -
Adjustment
for
Depreciation
on Revalued
Assets - - - - (8,818) - 8,818 -
--------------- ---------- ---------- ---------- --------- ------------ ------------- ----------- ------------
Adjustment
for Deferred
Tax on
Revalued
Assets - - - - (23,874) - - (23,874)
--------------- ---------- ---------- ---------- --------- ------------ ------------- ----------- ------------
Balance
as on
March
31, 2017 4,055,564 5,269,475 1,689,637 294,951 1,192,408 3,462 11,973,533 24,479,030
--------------- ---------- ---------- ---------- --------- ------------ ------------- ----------- ------------
Number of Shares on March 31, 2017 405,556,445
-------------------------------------------------------------------------------------------------------- ------------
Net Asset Value (NAV) Per Share on March 31,
2017 Tk. 60.36
-------------------------------------------------------------------------------------------------------- ------------
As at March 31, 2016
----------------------------------------------------------------------------------------------------------------------
Excess
of Issue Fair
Price Value
over Capital Gain
Face Reserve / (Loss)
Share Share Value on Revaluation on Retained
Capital Premium of GDRs Merger Surplus Investment Earnings Total
---------------- ---------- ---------- ---------- --------- ------------ ------------ ----------- ------------
Balance
as on
July
01, 2015 3,862,442 5,269,475 1,689,637 294,951 1,262,732 2,421 9,150,539 21,532,197
---------------- ---------- ---------- ---------- --------- ------------ ------------ ----------- ------------
Total
Comprehensive
Income
for the
period:
Profit
for the
Period - - - - - - 1,375,843 1,375,843
Other
Comprehensive
Income
/ (Loss) - - - - - (556) - (556)
---------------- ---------- ---------- ---------- --------- ------------ ------------ ----------- ------------
Adjustment
for
Depreciation
on Revalued
Assets - - - - (10,201) - 10,201 -
---------------- ---------- ---------- ---------- --------- ------------ ------------ ----------- ------------
Adjustment
for Deferred
Tax on
Revalued
Assets - - - - (25,089) - - (25,089)
---------------- ---------- ---------- ---------- --------- ------------ ------------ ----------- ------------
Balance
as on
March
31, 2016 3,862,442 5,269,475 1,689,637 294,951 1,227,442 1,865 10,536,583 22,882,395
---------------- ---------- ---------- ---------- --------- ------------ ------------ ----------- ------------
Number of Shares on March 31, 2016 386,244,234
-------------------------------------------------------------------------------------------------------- ------------
Net Asset Value (NAV) Per Share on March 31,
2016 Tk. 59.24
-------------------------------------------------------------------------------------------------------- ------------
Beximco Pharmaceuticals Limited
Statement of Cash Flows (Un-audited)
For the Period July 2016 - March 2017
Taka '000
July 2016 July 2015
- March - March
2017 2016
Cash Flows from Operating Activities:
Receipts from Customers and Others 11,205,966 10,098,372
Payments to Suppliers and Employees (8,670,751) (7,523,275)
Cash Generated from Operations 2,535,215 2,575,097
Interest Paid (466,063) (492,360)
Interest Received 125,561 180,846
Income Tax Paid (422,954) (420,723)
Net Cash Generated from Operating
Activities 1,771,759 1,842,860
Cash Flows from Investing Activities:
Acquisition of Property, Plant
and Equipment (1,937,531) (1,738,032)
Intangible Assets (67,415) (113,385)
Disposal of Property, Plant and
Equipment 4,222 2,768
Dividend Received 1,428 1,428
Decrease in Short Term Investment 187,482 638,370
Net Cash Used in Investing Activities (1,811,814) (1,208,851)
Cash Flows from Financing Activities:
Net Increase /(Decrease) in Long
Term Borrowings 133,422 262,270
Net Increase/(Decrease) in Short
Term Borrowings 98,471 (589,343)
Dividend Paid (175,142) (367,899)
Net Cash Generated from Financing
Activities 56,751 (694,972)
Increase/(Decrease) in Cash and
Cash Equivalents 16,696 (60,963)
Cash and Cash Equivalents at Beginning
of Period 221,121 194,952
------------ ------------
Cash and Cash Equivalents at End
of Period 237,817 133,989
------------ ------------
Net Operating Cash Flow Per Share
Tk. 4.37 4.77
Number of Shares used to compute
Net Operating Cash Flow Per Share 405,556,445 386,244,234
Notes
1. Reporting Entity
Beximco Pharmaceuticals Limited (BPL/the Company) is a public company incorporated in Bangladesh in 1976. It commenced its manufacturing operation in 1980. The company is listed on Dhaka and Chittagong Stock Exchanges of Bangladesh and AIM of London Stock Exchange. The company is engaged in manufacturing and marketing of Pharmaceuticals Finished Formulation Products, Active Pharmaceutical Ingredients (APIs) and life saving Intravenous Fluids which it sells in the local as well as international markets. The registered office of the Company is located at House No. 17, Road No. 2, Dhanmondi R/A, Dhaka. The industrial units are located at Tongi and Kaliakoir of Gazipur District- vicinities close to the capital city Dhaka.
2. Basis of Preparation of Financial Statements
These interim financial statements should be read in conjunction with the Financial Statements for the period ended June 30, 2016 (hereafter referred to as the "Annual Financial Statements"), as they provide an update to previously reported information.
The accounting policies used are consistent with those used in the Annual Financial Statements. The financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRSs). The presentation of the Interim Financial Statements is consistent with the Annual Financial Statements. Where necessary, the comparatives have been reclassified or extended to take into account any presentational changes made in the Annual Financial Statements. The preparation of the Interim Financial Statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities at the date of the Interim Financial Statements. If in the future such estimates and assumptions, which are based on management's best judgment at the date of the Interim Financial Statements, deviate from the actual, the original estimates and assumptions will be modified as appropriate in the period in which the circumstances change.
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRTPGUMGCUPMGGM
(END) Dow Jones Newswires
April 28, 2017 02:00 ET (06:00 GMT)
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