Last checked at 27 Oct 2015 07:00
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