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3rd Quarter Results

27 Oct 2015 07:00

RNS Number : 4881D
Beximco Pharmaceuticals Ltd
27 October 2015
 



BEXIMCO PHARMACEUTICALS LTD.

 

 

27 October, 2015

 

Financial Results for the Third Quarter of 2015

 

 

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 unaudited results for the third quarter and nine months ended 30 September 2015. The information set out below has been released to the Dhaka and Chittagong Stock Exchanges in compliance with the requirements from the Bangladesh SEC.

 

 

For further information please visit www.beximcopharma.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)

Martin Lampshire

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, nebulizer solutions, oral soluble films etc. Ensuring access to quality medicines is the powerful aspiration that motivates 3,000 employees of the Company.

 

Beximco Pharma's state-of-the-art manufacturing facilities are certified by global regulatory authorities of Australia, Europe, Latin America, Canada and the US, 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 Africa, including South Africa, Mauritius, Kenya, Ghana, Ethiopia and Nigeria; Pacific Island; Latin and Central American countries; Middle East; Central Asia; South East Asia, including Singapore, Malaysia, Indonesia, Philippines and Hong Kong; Europe, including Austria, Germany and Romania and Australia.

 

 

 

 

Beximco Pharmaceuticals Limited

Statement of Financial Position (Un-audited)

As at September 30, 2015

 

 

Taka '000

As at September 30, 2015

As at December 31, 2014

ASSETS

Non-Current Assets

22,192,065

20,634,247

Property, Plant and Equipment- Carrying Value

21,933,035

20,393,279

Intangible Assets

253,449

235,208

Investment in Shares

5,581

5,760

Current Assets

8,242,392

8,366,279

Inventories

2,865,188

2,493,657

Spares & Supplies

543,717

554,184

Accounts Receivable

1,607,890

1,397,499

Loans, Advances and Deposits

1,349,784

1,223,673

Short Term Investment

1,700,644

2,475,027

Cash and Cash Equivalents

175,169

222,239

TOTAL ASSETS

30,434,457

29,000,526

EQUITY AND LIABILITIES

Shareholders' Equity

21,953,366

20,920,186

Issued Share Capital

3,862,442

3,678,517

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

1,260,078

1,299,220

Fair Value Gain /(Loss) on Investment

2,130

2,309

Retained Earnings

9,574,653

8,686,077

Non-Current Liabilities

3,516,974

3,372,593

Long Term Borrowings-Net off Current Maturity (Secured)

1,008,995

901,709

Liability for Gratuity and WPPF & Welfare Funds

856,379

741,523

Deferred Tax Liability

1,651,600

1,729,361

Current Liabilities and Provisions

4,964,117

4,707,747

Short Term Borrowings (Secured)

3,333,315

3,153,121

Long Term Borrowings-Current Maturity (Secured)

674,444

663,838

Creditors and Other Payables

358,416

357,711

Accrued Expenses

156,364

164,283

Dividend Payable

415

455

Income Tax Payable

441,163

368,339

TOTAL EQUITY AND LIABILITIES

30,434,457

29,000,526

 

 

 

Beximco Pharmaceuticals Limited

Statement of Profit or Loss and Other Comprehensive Income (Un-audited)

For the Period January - September, 2015

 

 

Taka '000

January - September 2015

January - September 2014

July - September 2015

July - September 2014

Net Sales Revenue

9,634,882

8,268,693

3,385,704

2,946,421

Cost of Goods Sold

(5,297,750)

(4,505,873)

(1,873,900)

(1,600,605)

Gross Profit

4,337,132

3,762,820

1,511,804

1,345,816

Operating Expenses

(2,276,753)

(1,988,341)

(795,524)

(704,085)

Administrative Expenses

(339,539)

(331,508)

(120,554)

(117,030)

Selling, Marketing and Distribution Expenses

(1,937,214)

(1,656,833)

(674,970)

(587,055)

Profit from Operations

2,060,379

1,774,479

716,280

641,731

Other Income

252,987

416,111

67,552

156,248

Finance Cost

(564,589)

(504,794)

(183,303)

(181,624)

Profit Before Contribution to WPPF & Welfare Funds

1,748,777

1,685,796

600,529

616,355

Contribution to WPPF & Welfare Funds

(83,275)

(80,276)

(28,597)

(29,350)

Profit Before Tax

1,665,502

1,605,520

571,932

587,005

Income Tax Expenses

(235,768)

(451,487)

(151,357)

(157,245)

Current Tax

(342,053)

(326,898)

(120,256)

(119,783)

Deferred Tax

106,285

(124,589)

(31,101)

(37,462)

Profit After Tax

1,429,734

1,154,033

420,575

429,760

Other Comprehensive Income-

Fair Value Gain /(Loss) on Investment in Listed Shares

(179)

1,946

(291)

1,451

Total Comprehensive Income

1,429,555

1,155,979

420,284

431,211

Earnings Per Share (EPS) / Adjusted EPS

Tk. 3.70

2.99

1.09

1.11

Number of Shares used to compute EPS

386,244,234

386,244,234

386,244,234

386,244,234

 

 

 

Beximco Pharmaceuticals Limited

Statement of Changes in Equity (Un-audited)

For the Period January - September, 2015

 

 

Taka '000

As at September 30, 2015

Share Capital

Share Premium

Excess of Issue Price over Face Value of GDRs

Capital Reserve on Merger

Revaluation Surplus

Fair Value Gain/(Loss) on Investment

Retained Earnings

Total

Balance as on January 01, 2015

3,678,517

5,269,475

1,689,637

294,951

1,299,220

2,309

8,686,077

20,920,186

Total Comprehensive Income for the period :

Profit for the Period

-

-

-

-

-

-

1,429,734

1,429,734

Other Comprehensive Income / (Loss)

-

-

-

-

-

(179)

-

(179)

Cash Dividend for 2014

-

-

-

-

-

-

(367,851)

(367,851)

Stock Dividend for 2014

183,925

-

-

-

-

-

(183,925)

-

Adjustment for Depreciation on Revalued Assets

-

-

-

-

(10,618)

-

10,618

-

Adjustment for Deferred Tax on Revalued Assets

-

-

-

-

(28,524)

-

-

(28,524)

Balance as on September 30, 2015

3,862,442

5,269,475

1,689,637

294,951

1,260,078

2,130

9,574,653

21,953,366

Number of Shares on September 30, 2015

386,244,234

Net Asset Value (NAV) Per Share on September 30, 2015

Tk.

56.84

 

 

Taka '000

As at September 30, 2014

Share Capital

Share Premium

Excess of Issue Price over Face Value of GDRs

Capital Reserve on Merger

Revaluation Surplus

Fair Value Gain/(Loss) on Investment

Retained Earnings

Total

Balance as on January 01, 2014

3,503,349

5,269,475

1,689,637

294,951

1,349,579

1,341

7,667,220

19,775,552

Total Comprehensive Income for the period :

Profit for the Period

-

-

-

-

-

1,154,033

1,154,033

Other Comprehensive Income

-

-

-

-

-

1,946

-

1,946

Cash Dividend for 2013

-

-

-

-

-

-

(350,334)

(350,334)

Stock Dividend for 2013

175,168

-

-

-

-

-

(175,168)

-

Adjustment for Depreciation on Revalued Assets

-

-

-

-

(12,046)

-

12,046

-

Adjustment for Deferred Tax on Revalued Assets

-

-

-

-

(35,401)

-

-

(35,401)

Balance as on September 30, 2014

3,678,517

5,269,475

1,689,637

294,951

1,302,132

3,287

8,307,797

20,545,796

Number of Shares on September 30, 2014

367,851,652

Net Asset Value (NAV) Per Share on September 30, 2014

Tk.

55.85

 

 

 

Beximco Pharmaceuticals Limited

Statement of Cash Flows (Un-audited)

For the Period January - September, 2015

 

 

Taka '000

January - September, 2015

January - September, 2014

Cash Flows from Operating Activities:

Receipts from Customers and Others

9,432,645

8,124,320

Payments to Suppliers and Employees

(7,469,144)

(6,243,342)

Cash Generated from Operations

1,963,501

1,880,978

Interest Paid

(564,589)

(504,794)

Interest Received

244,705

399,822

Income Tax Paid

(269,229)

(279,482)

Net Cash Generated from Operating Activities

1,374,388

1,496,524

Cash Flows from Investing Activities :

Acquisition of Property, Plant and Equipment

(2,098,485)

(1,552,551)

Intangible Assets

(29,051)

(80,498)

Disposal of Property, Plant and Equipment

1,500

5,370

Decrease/(Increase) in Short Term Investment

774,383

(157,990)

Net Cash Used in Investing Activities

(1,351,653)

(1,785,669)

Cash Flows from Financing Activities :

Net Increase/(Decrease) in Long Term Borrowings

117,892

(188,655)

Net Increase in Short Term Borrowings

180,194

338,676

Dividend Paid

(367,891)

(350,852)

Net Cash Generated from Financing Activities

(69,805)

(200,831)

Increase / (Decrease) in Cash and Cash Equivalents

(47,070)

(489,976)

Cash and Cash Equivalents at Beginning of Period

222,239

595,733

Cash and Cash Equivalents at End of Period

175,169

105,757

 

Net Operating Cash Flow Per Share

Tk.

3.56

4.07

Number of Shares used to compute Net Operating Cash Flow

386,244,234

367,851,652

Per Share

 

Further detail of the published interim Financial Statements are available at the Company's website: www.beximcopharma.com 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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