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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 | 24,443 | 08:00:00 |
From Apr 2019 to Apr 2024
TIDMBXP
RNS Number : 2529H
Beximco Pharmaceuticals Ltd
14 November 2018
14 November 2018
BEXIMCO PHARMACEUTICALS LTD.
Financial Results for the First Quarter Ended 30 September 2018
Beximco Pharmaceuticals Limited ("BPL", "Beximco Pharma" or "Company"; AIM Symbol: BXP, LEI No.: 213800IMBBD6TIOQGB56), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, today announces its unaudited results for the three month period ended 30 September 2018. The information set out below has been released to the Dhaka and Chittagong Stock Exchanges in compliance with the requirements from the Bangladesh SEC.
As previously reported, Beximco Pharmaceuticals Ltd. acquired Nuvista Pharma Ltd. on 2 April 2018. Therefore, the comparative prior period (July - September 2017) unaudited figures, as reported in the Consolidated Statement of Profit or Loss and other Comprehensive Income, Consolidated Statement of Changes in Equity and Consolidated Statement of Cash Flows, represent Beximco Pharmaceuticals Ltd only.
The detailed 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 / Andrew Emmott
Tel: +44 (0)20 3368 3551 / 3555
Northland Capital Partners Limited (Broker)
Vadim Alexandre / Dugald J. Carlean
Tel: +44 (0)20 3861 6627
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, oral soluble films etc. Ensuring access to quality medicines is the powerful aspiration that motivates 4,200 employees of the Company.
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. 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, Thailand, 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 North America, including the USA and Canada.
Beximco Pharmaceuticals Limited and its Subsidiary
Consolidated Statement of Financial Position (Un-audited)
As at 30 September 2018
Hot Features
Premium
Taka '000
As at As at
30 September 30 June 2018
2018
ASSETS
Non-Current Assets 32,486,610 32,394,687
-------------- --------------
Property, Plant and Equipment- Carrying
Value 30,635,386 30,524,693
Intangible Assets 1,269,110 1,280,695
Goodwill 546,691 546,691
Investments in Shares 35,423 36,508
Other Non-current Assets - 6,100
-------------- --------------
Current Assets 12,394,532 11,344,199
-------------- --------------
Inventories 5,747,131 5,058,848
Spares & Supplies 697,435 663,911
Accounts Receivable 2,817,448 2,761,509
Loans, Advances and Deposits 2,485,698 2,094,230
Advance Income Tax 31,667 32,568
Short Term Investment 347,859 339,397
Cash and Cash Equivalents 267,294 393,736
-------------- --------------
TOTAL ASSETS 44,881,142 43,738,886
-------------- --------------
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity Attributable to the Owners
of the Company 27,815,839 27,081,963
-------------- --------------
Issued Share Capital 4,055,564 4,055,564
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 1,137,014 1,159,278
Unrealised Gain / (Loss) 3,272 4,357
Retained Earnings 15,365,926 14,608,701
-------------- --------------
Non-Controlling Interest 268,659 269,874
TOTAL EQUITY 28,084,498 27,351,837
Non-Current Liabilities 6,936,657 7,368,863
-------------- --------------
Long Term Borrowings-Net off Current
Maturity 3,315,313 4,017,425
Liability for Gratuity and WPPF &
Welfare Funds 1,607,902 1,324,166
Deferred Tax Liability 2,013,442 2,027,272
-------------- --------------
Current Liabilities and Provisions 9,859,987 9,018,186
-------------- --------------
Short Term Borrowings 5,945,085 5,600,827
Long Term Borrowings-Current Maturity 1,717,473 1,568,990
Creditors and Other Payables 1,357,520 991,713
Accrued Expenses 268,342 418,477
Dividend Payable 4,609 4,763
Income Tax Payable 566,958 433,416
-------------- --------------
TOTAL EQUITY AND LIABILITIES 44,881,142 43,738,886
-------------- --------------
Beximco Pharmaceuticals Limited and its Subsidiary
Consolidated Statement of Profit or Loss and Other Comprehensive Income (Un-audited)
For the first quarter ended 30 September 2018
Taka '000
July - September July - September
2018 2017
Net Revenue 5,385,126 4,278,675
Cost of Goods Sold (2,855,143) (2,304,485)
----------------- -----------------
Gross Profit 2,529,983 1,974,190
Operating Expenses (1,299,777) (1,015,776)
----------------- -----------------
Administrative Expenses (164,302) (143,511)
Selling, Marketing and Distribution
Expenses (1,135,475) (872,265)
----------------- -----------------
Profit from Operations 1,230,206 958,414
Other Income 20,520 22,411
Finance Cost (228,817) (106,170)
----------------- -----------------
Profit Before Contribution to
WPPF & Welfare Funds 1,021,909 874,655
Contribution to WPPF & Welfare
Funds (49,165) (41,650)
----------------- -----------------
Profit Before Tax 972,744 833,005
Income Tax Expenses (219,028) (188,509)
----------------- -----------------
Current Tax (252,828) (202,637)
Deferred Tax (Income) 33,800 14,128
----------------- -----------------
Profit After Tax 753,716 644,496
Profit/(Loss) Attributable to:
----------------- -----------------
Owners of the Company 754,931 -
Non-controlling interest (1,215) -
----------------- -----------------
753,716
Other Comprehensive Income-Unrealised
Gain / (Loss) (1,085) (370)
Total Comprehensive Income 752,631 644,126
Total Comprehensive Income Attributable
to:
----------------- -----------------
Owners of the Company 753,846 -
Non-controlling interest (1,215) -
----------------- -----------------
752,631 -
----------------------------------------- ------ ----------------- -----------------
Earnings Per Share (EPS) Tk. 1.86 1.59
Number of Shares Used to Compute
EPS Nos. 405,556,445 405,556,445
----------------------------------------- ------ ----------------- -----------------
Beximco Pharmaceuticals Limited and its Subsidiary
Consolidated Statement of Changes in Equity (Un-audited)
For the first quarter ended 30 September 2018
As at 30 September Taka '000
2018
--------------------------- ---------------------------------------------- --------------------------------------- -----------------------------
Share Share Excess Capital Revaluation Unrealised Retained Equity Non-Controlling Total
Capital Premium of Issue Reserve Surplus Gain Earnings Attributable Interests Equity
Price on / (Loss) to the
over Merger Owners
Face of the
Value Company
of GDRs
---------- ---------- ---------- -------- ------------ ----------- ----------- ------------- ---------------- -----------
Balance
as on 1
July 2018 4,055,564 5,269,475 1,689,637 294,951 1,159,278 4,357 14,608,701 27,081,963 269,874 27,351,837
Acquisition - -
of Subsidiary
Total
Comprehensive
Income:
Profit
/ (Loss)
for the
Period - - - - - - 754,931 754,931 (1,215) 753,716
Other
Comprehensive
Income
/ (Loss) - - - - - (1,085) - (1,085) - (1,085)
Transactions
with the
Shareholders:
Cash Dividend - - - - - - - - - -
Adjustment
for
Depreciation
on Revalued
Assets - - - - (2,294) - 2,294 - -
Adjustment
for Deferred
Tax on
Revalued
Assets - - - - (19,970) - - (19,970) (19,970)
Balance
as on 30
September
2018 4,055,564 5,269,475 1,689,637 294,951 1,137,014 3,272 15,365,926 27,815,839 268,659 28,084,498
Number
of Shares 405,556,445
Net Asset
Value (NAV)
Per Share 68.59
---------- ---------- ---------- -------- ------------ ----------- ----------- ------------- ---------------- -----------
As at 30 September 2017 Taka '000
------------------------------------------------------------------------------------------- -------------------------
Share Share Excess Capital Revaluation Unrealised Retained Total
Capital Premium of Issue Reserve Surplus Gain / Earnings
Price on Merger (Loss)
over
Face
Value
of GDRs
---------- ---------- ---------- ----------- ------------ ----------- ----------- ------------
Balance as
on 1 July
2017 4,055,564 5,269,475 1,689,637 294,951 1,190,204 3,875 12,568,720 25,072,426
Total
Comprehensive
Income for
the period:
Profit for
the Period - - - - - - 644,496 644,496
Other
Comprehensive
Income /
(Loss) - - - - - (370) - (370)
Adjustment
for
Depreciation
on Revalued
Assets - - - - (2,596) - 2,596 -
Adjustment
for Deferred
Tax on
Revalued
Assets - - - - (22,490) - - (22,490)
Balance as
on 30
September
2017 4,055,564 5,269,475 1,689,637 294,951 1,165,118 3,505 13,215,812 25,694,062
---------- ---------- ---------- ----------- ------------ ----------- ----------- ------------
Number of
Shares
on 30
September
2017 405,556,445
Net Asset
Value
(NAV) Per
Share
on 30
September
2017 Tk. 63.36
--------------- ---------- ---------- ---------- ----------- ------------ ----------- ----------- ------------
Beximco Pharmaceuticals Limited and its Subsidiary
Consolidated Statement of Cash Flows (Un-audited)
For the first quarter ended 30 September 2018
Taka '000
July - September July - September
2018 2017
Cash Flows from Operating Activities:
Receipts from Customers and Others 5,340,845 4,278,700
Payments to Suppliers and Employees (4,576,038) (3,414,603)
----------------- -----------------
Cash Generated from Operations 764,807 864,097
Interest Paid (228,817) (106,170)
Interest Received 8,839 25,636
Income Tax Paid (118,384) (149,286)
----------------- -----------------
Net Cash Generated from Operating
Activities 426,445 634,277
Cash Flows from Investing Activities:
Acquisition of Property, Plant
and Equipment (327,887) (626,542)
Intangible Assets (7,013) (49,457)
Disposal of Property, Plant and
Equipment - 571
(Increase) / Decrease in Short
Term Investment (8,462) 274,585
----------------- -----------------
Net Cash Used in Investing Activities (343,362) (400,843)
Cash Flows from Financing Activities:
Net Increase/(Decrease) in Long
Term Borrowings (553,630) 114,158
Net Increase/(Decrease) in Short
Term Borrowings 344,259 (427,058)
----------------- -----------------
Dividend Paid (154) -
----------------- -----------------
Net Cash Generated from Financing
Activities (209,525) (312,900)
----------------- -----------------
Increase / (Decrease) in Cash
and Cash Equivalents (126,442) (79,466)
Cash and Cash Equivalents at Beginning
of Period 393,736 275,028
----------------- -----------------
Cash and Cash Equivalents at End
of Period 267,294 195,562
----------------- -----------------
Net Operating Cash Flow Per Share Tk. 1.05 1.56
Number of Shares Used to Compute
Net Operating Cash Flow Per Share 405,556,445 405,556,445
----------------------------------------------- ----------------- -----------------
Note: Beximco Pharmaceuticals Ltd. acquired Nuvista Pharma on 2 April 2018. Therefore, the
comparative prior period (July- September 2017) figures as reported in the Consolidated
Statement of Profit or Loss and other Comprehensive Income, Consolidated Statement of Changes
in Equity and Consolidated Statement of Cash Flows represent Beximco Pharmaceuticals only.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
November 14, 2018 02:00 ET (07:00 GMT)
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