Last checked at 30 Oct 2014 07:00
30th October, 2014
BEXIMCO PHARMACEUTICALS LTD.
Financial Results for the Third Quarter of 2014
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 2014. 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.comor enquire to:
Beximco Pharma
Nazmul Hassan MP, Managing Director
Tel: +880 2 861 9151, ext.20080
Daniel Stewart & Company (NOMAD and Broker)
Emma Earl
Paul Shackleton
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, European Union, and Brazil, 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 Mauritius, Kenya, Ghana and Nigeria, Pacific Island, Latin & Central American countries, Middle East, Central Asia, South East Asia, including Singapore, Malaysia, Philippines & Hong Kong, and Europe & Austria.
Beximco Pharmaceuticals Limited
Statement of Financial Position (Un-audited)
As at September 30, 2014
Taka '000 | |||
As at | As at | ||
September 30, 2014 | December 31, 2013 | ||
ASSETS | |||
Non-Current Assets | 19,627,052 | 18,567,329 | |
Property, Plant and Equipment- Carrying Value | 19,353,803 | 18,364,313 | |
Intangible Assets | 266,511 | 198,223 | |
Investment in Shares | 6,738 | 4,793 | |
Current Assets |
8,930,848 |
|
8,903,422 |
Inventories | 2,522,773 | 2,411,882 | |
Spares & Supplies | 462,480 | 433,352 | |
Accounts Receivable | 1,408,573 | 1,249,435 | |
Loans, Advances and Deposits | 1,246,892 | 1,186,637 | |
Short Term Investment | 3,184,373 | 3,026,383 | |
Cash and Cash Equivalents | 105,757 | 595,733 | |
TOTAL ASSETS | 28,557,900 | 27,470,751 | |
EQUITY AND LIABILITIES | |||
Shareholders' Equity | 20,545,796 | 19,775,552 | |
Issued Share Capital | 3,678,516 | 3,503,349 | |
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 | 1,302,132 | 1,349,579 | |
Fair Value Gain on Investment | 3,287 | 1,341 | |
Retained Earnings | 8,307,798 | 7,667,220 | |
Non-Current Liabilities |
3,352,098 |
3,312,618 | |
Long Term Borrowings-Net off Current Maturity (Secured) | 915,208 | 1,151,401 | |
Liability for Gratuity and WPPF & Welfare Funds | 726,311 | 610,628 | |
Deferred Tax Liability | 1,710,579 | 1,550,589 | |
Current Liabilities and Provisions |
4,660,006 |
4,382,581 | |
Short Term Borrowings ( Secured) | 3,114,942 | 2,776,266 | |
Long Term Borrowings-Current Maturity (Secured) | 802,442 | 754,904 | |
Creditors and Other Payables | 261,405 | 383,171 | |
Accrued Expenses | 107,661 | 141,582 | |
Dividend Payable | 455 | 973 | |
Income Tax Payable | 373,101 | 325,685 | |
TOTAL EQUITY AND LIABILITIES | 28,557,900 | 27,470,751 |
Beximco Pharmaceuticals Limited
Statement of Comprehensive Income (Un-audited)
For the Period January-September, 2014
Taka '000 | ||||||||
January - September 2014 | January - September 2013 | July - September 2014 | July - September 2013 | |||||
Net Sales Revenue | 8,268,693 | 7,620,072 | 2,946,421 | 2,653,714 | ||||
Cost of Goods Sold | (4,505,873) | (4,157,452) | (1,600,605) | (1,428,686) | ||||
Gross Profit | 3,762,820 | 3,462,620 | 1,345,816 | 1,225,028 | ||||
Operating Expenses | (1,988,341) | (1,802,046) | (704,085) | (612,551) | ||||
Administrative Expenses | (331,508) | (286,165) | (117,030) | (90,001) | ||||
Selling, Marketing and Distribution Expenses | (1,656,833) | (1,515,881) | (587,055) | (522,550) | ||||
Profit from Operations |
1,774,479 |
1,660,574 |
|
641,731 |
612,477 | |||
Other Income | 416,111 | 378,530 | 156,248 | 131,012 | ||||
Finance Cost | (504,794) | (434,320) | (181,624) | (142,102) | ||||
Profit Before Contribution to WPPF & Welfare Funds | 1,685,796 | 1,604,784 | 616,355 | 601,387 | ||||
Contribution to WPPF & Welfare Funds | (80,276) | (76,418) | (29,350) | (28,637) | ||||
Profit Before Tax | 1,605,520 | 1,528,366 | 587,005 | 572,750 | ||||
Income Tax Expenses | (451,487) | (445,186) | (157,245) | (148,074) | ||||
Current Tax | (326,898) | (325,565) | (119,783) | (122,049) | ||||
Deferred Tax | (124,589) | (119,621) | (37,462) | (26,025) | ||||
Profit After Tax |
1,154,033 |
1,083,180 |
|
429,760 |
424,676 | |||
Other Comprehensive Income - Fair Value Gain on Investment in Listed Shares | 1,946 | 1,092 | 1,451 | 1,092 | ||||
Total Comprehensive Income | 1,155,979 | 1,084,272 | 431,211 | 425,768 | ||||
Earnings Per Share (EPS) / Adjusted EPS (2013) Tk. | 3.14 | 2.94 | 1.17 | 1.15 | ||||
Number of Shares used to compute EPS | 367,851,652 | 367,851,652 | 367,851,652 | 367,851,652 |
Beximco Pharmaceuticals Limited
Statement of Changes in Equity (Un-audited)
For the Period January-September, 2014
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 on Investment | Retained Earnings | Total | |
Balance as at 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 | 175,167 | - | - | - | - | - | (175,167) | - |
Adjustment for Depreciation on Revalued Assets | - | - | - | - | (12,046) | - | 12,046 | - |
Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | (35,401) | - | - | (35,401) |
Balance as at September 30, 2014 | 3,678,516 | 5,269,475 | 1,689,637 | 294,951 | 1,302,132 | 3,287 | 8,307,798 | 20,545,796 |
Number of Shares on September 30, 2014 | 367,851,652 | |||||||
Net Asset Value (NAV) Per Share | Tk. | 55.85 | ||||||
Taka '000 | ||||||||
As at September 30, 2013 | ||||||||
Share Capital | Share Premium | Excess of Issue Price over Face Value of GDRs | Capital Reserve on Merger | Revaluation Surplus | Fair Value Gain on Investment | Retained Earnings | Total | |
Balance as at January 01, 2013 | 3,046,390 | 5,269,475 | 1,689,637 | 294,951 | 1,406,528 | - | 6,701,181 | 18,408,162 |
Total Comprehensive Income for the Period : | ||||||||
Profit for the Period | - | - | - | - | - | - | 1,083,180 | 1,083,180 |
Other Comprehensive Income | - | - | - | - | - | 1,092 | - | 1,092 |
Stock Dividend for 2012 | 456,959 | - | - | - | - | - | (456,959) | - |
Adjustment for Depreciation on Revalued Assets | - | - | - | - | (13,676) | - | 13,676 | - |
Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | (39,967) | - | - | (39,967) |
Balance as at September 30, 2013 | 3,503,349 | 5,269,475 | 1,689,637 | 294,951 | 1,352,885 | 1,092 | 7,341,078 | 19,452,467 |
Number of Shares on September 30, 2013 | 350,334,907 | |||||||
Net Asset Value (NAV) Per Share | Tk. | 55.53 | ||||||
Beximco Pharmaceuticals Limited
Statement of Cash Flows (Un-audited)
For the Period January-September, 2014
Taka '000 | |||
January - September | January - September | ||
2014 | 2013 | ||
Cash Flows from Operating Activities : | |||
Receipts from Customers and Others | 8,124,320 | 7,471,783 | |
Payments to Suppliers and Employees | (6,243,342) | (6,053,606) | |
Cash Generated from Operations | 1,880,978 | 1,418,177 | |
Interest Paid | (504,794) | (434,320) | |
Interest Received | 399,822 | 380,041 | |
Income Tax Paid | (279,482) | (195,807) | |
Net Cash Generated from Operating Activities | 1,496,524 | 1,168,091 | |
Cash Flows from Investing Activities : | |||
Acquisition of Property, Plant and Equipment | (1,552,551) | (509,566) | |
Intangible Assets | (80,498) | (36,593) | |
Disposal of Property, Plant and Equipment | 5,370 | 60 | |
Short Term Investment | (157,990) | (238,691) | |
Net Cash Used in Investing Activities | (1,785,669) | (784,790) | |
Cash Flows from Financing Activities : | |||
Net Increase / (Decrease) in Long Term Borrowings | (188,655) | (105,269) | |
Net Increase / (Decrease) in Short Term Borrowings | 338,676 | (252,608) | |
Dividend Paid | (350,852) | (22) | |
Net Cash Generated from Financing Activities | (200,831) | (357,899) | |
Increase / (Decrease) in Cash and Cash Equivalents | (489,976) | 25,402 | |
Cash and Cash Equivalents at Beginning of Period | 595,733 | 552,979 | |
Cash and Cash Equivalents at End of Period | 105,757 | 578,381 | |
Net Operating Cash Flow Per Share | Tk. 4.07 | 3.33 | |
Number of Shares used to compute Net Operating Cash Flow Per Share | 367,851,652 | 350,334,907 |
Further details of the published interim Financial Statements are available at the Company's website: www.beximcopharma.com.