Last checked at 28 Apr 2017 07:00
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 31, 2017 | As at June 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 - March 2017 | July 2015 - March 2016 | January - March 2017 | January - March 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 | ||||||||
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 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 | ||||||||
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 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 - March 2017 | July 2015 - March 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.
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