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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 36.50 | 35.00 | 38.00 | 36.50 | 36.50 | 36.50 | 105,000 | 08:00:00 |
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
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
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April 28, 2017 02:00 ET (06:00 GMT)
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