Last checked at 13 May 2011 07:00
BEXIMCO PHARMACEUTICALS LTD.
13TH May, 2011
Financial Results for the First Quarter of 2011
Beximco Pharmaceuticals Limited ("BPL" or "the Company"; AIM Symbol: BXP), the fast-growing manufacturer of generic pharmaceutical formulation products, active pharmaceutical ingredients and intravenous fluids, today announces its unaudited financial results for the three month period ended 31 March 2011. 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 accounts can be viewed at the Company's website:
www.beximcopharma.com
For further information please visit www.beximco-pharma.com or enquire to:
Beximco Pharma
Nazmul Hassan MP, Managing Director
Tel: +880 2 861 9151, ext.2080
Md. Asad Ullah, FCS, Company Secretary
Tel; +880 2 8618220-1, Ext 1140
Libertas Capital Corporate Finance
Jakob Kinde / Thilo Hoffmann
Tel: +44 (0)20 7569 9650
Financial Dynamics
Jonathan Birt / Susan Quigley
Tel: +44 (0)20 7269 7169
Notes to Editors
About Beximco Pharmaceuticals Limited
Founded in 1976 and based in Dhaka, Bangladesh, BPL manufactures and sells generic pharmaceutical formulation products, active pharmaceutical ingredients and intravenous fluids. The Company also manufactures and markets its own branded generics for almost all diseases. The Company also undertakes contract manufacturing for multinational pharmaceutical companies. The Company operates from a 20 acre site in Dhaka and currently employs over 2,400 staff.
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 East Africa, Pacific Island and Central American countries and South East Asia, including Singapore and Hong Kong.
Beximco Pharmaceuticals Ltd.
Statement of Financial Position (Un-Audited)
As at 31 March, 2011
Amount in Thousand Taka | ||
As at 31 March 2011 | As at 31 December 2010 | |
ASSETS | ||
Non-Current Assets | 15,222,716 | 15,180,732 |
Property, Plant and Equipment - Carrying Value | 15,149,270 | 15,123,306 |
Intangible Assets | 67,147 | 51,127 |
Investment in Shares | 6,299 | 6,299 |
Current Assets | 6,458,435 | 6,191,667 |
Inventories | 2,084,166 | 1,983,809 |
Spares & Supplies | 292,957 | 276,520 |
Accounts Receivable | 887,309 | 821,356 |
Loans, Advances and Deposits | 866,709 | 779,130 |
Short Term Investment | 889,483 | 859,404 |
Cash and Cash Equivalents | 1,437,811 | 1,471,448 |
TOTAL ASSETS | 21,681,151 | 21,372,399 |
EQUITY AND LIABILITIES | ||
Shareholders' Equity | 16,172,452 | 15,974,087 |
Issued Share Capital | 2,098,065 | 2,098,065 |
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 | 1,474,471 | 1,534,646 |
Retained Earnings | 5,345,853 | 5,087,313 |
Non-Current Liabilities | 2,968,640 | 2,885,156 |
Long Term Borrowings-Net off Current Maturity (Secured) | 1,920,346 | 1,902,151 |
Liability for Gratuity & WPPF | 346,890 | 335,886 |
Deferred Tax Liability | 701,404 | 647,119 |
Current Liabilities and Provisions | 2,540,059 | 2,513,156 |
Short Term Borrowings | 1,651,895 | 1,639,961 |
Long Term Borrowing-Current Maturity | 330,998 | 348,860 |
Creditors and Other Payables | 441,409 | 432,315 |
Accrued Expenses | 114,322 | 90,512 |
Dividend Payable | 1,435 | 1,508 |
TOTAL EQUITY AND LIABILITIES | 21,681,151 | 21,372,399 |
Beximco Pharmaceuticals Ltd.
Statement of Comprehensive Income (Un-Audited)
For the 1st Quarter ended 31 March 2011
Amount in Thousand Taka | ||
1st Quarter ended 31 March, 2011 | 1st Quarter ended 31 March, 2010 | |
Net Sales Revenue | 1,671,741 | 1,326,601 |
Cost of Goods Sold | (908,964) | (694,479) |
Materials | (645,923) | (507,471) |
Factory Overhead | (129,302) | (90,606) |
Depreciation | (133,739) | (96,402) |
Gross Profit | 762,777 | 632,122 |
Operating Expenses: | (384,160) | (297,959) |
Administrative Expenses | (51,169) | (43,107) |
Selling, Marketing and Distribution Expenses | (332,990) | (254,852) |
Profit from Operations | 378,617 | 334,163 |
Other Income | 71,434 | 194,916 |
Finance Cost | (131,743) | (195,102) |
Profit Before Contribution to WPPF | 318,308 | 333,977 |
Contribution to workers' Profit Participation / Welfare Funds | (15,158) | (15,904) |
Profit Before Tax | 303,150 | 318,073 |
Income Tax Expenses | (50,500) | (100,111) |
Profit After Tax | 252,650 | 217,962 |
Other Comprehensive Income | - | - |
Total Comprehensive Income | 252,650 | 217,962 |
Earning Per Share (EPS) | Tk. 1.20 | Tk. 1.30 |
Number of Shares used to compute EPS | 209,806,509 | 167,318,487 |
Beximco Pharmaceuticals Limited
Statement of Changes in Equity (Un-Audited)
For the 1st Quarter Ended 31 March 2011
Amount In Thousand Taka | |||||||
Share Capital | Share Premium | Excess of Issue Price over Face Value of GDRs | Capital Reserve on Merger | Revaluation Surplus | Retained Earnings | Total | |
Opening Balance 01.01.2011 | 2,098,065 | 5,269,475 | 1,689,637 | 294,951 | 1,534,646 | 5,087,313 | 15,974,087 |
Comprehensive Income for the period | - | - | - | - | - | 252,650 | 252,650 |
Preference Share Converted into Ordinary Share | - | - | - | - | - | - | - |
Premium on Preference Share Conversion | - | - | - | - | - | - | - |
Adjustment for Depreciation on Revalued Assets | - | - | - | - | (5,890) | 5,890 | - |
Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | (54,285) | - | (54,285) |
At the end of 31 March, 2011 | 2,098,065 | 5,269,475 | 1,689,637 | 294,951 | 1,474,471 | 5,345,853 | 16,172,452 |
Total Number of shares at 31 March, 2011 | 209,806,509 | ||||||
Net Asset Value Per Share (NAV) 31 March, 2011 | Tk. 77.08 | ||||||
For the 1st Quarter Ended 31 March 2010
Amount In Thousand Taka
| |||||||
Share Capital | Share Premium | Excess of Issue Price over Face Value of GDRs | Capital Reserve on Merger | Revaluation Surplus | Retained Earnings | Total | |
Opening Balance 01.01.2010 | 1,511,493 | 1,489,750 | 1,689,637 | 294,951 | 1,617,362 | 4,282,514 | 10,885,707 |
Comprehensive Income for the period | - | - | - | - | - | 217,962 | 217,962 |
Preference Share Converted into Ordinary Share | 161,692 | - | - | - | - | - | 161,692 |
Premium on Preference Share Conversion | - | 1,888,308 | - | - | - | - | 1,888,308 |
Adjustment for Depreciation on Revalued Assets | - | - | - | - | (6,703) | 6,703 | - |
At the end of 31 March, 2010 | 1,673,185 | 3,378,058 | 1,689,637 | 294,951 | 1,610,659 | 4,507,179 | 13,153,669 |
Total Number of shares at 31 March, 2010 | 167,318,487 | ||||||
Net Asset Value Per Share (NAV) 31 March, 2010 | Tk. 78.61 | ||||||
Beximco Pharmaceuticals Ltd.
Statement of Cash Flows (Un-Audited)
For the 1st Quarter ended 31 March 2011
Amount in Thousand Taka | ||
1st Quarter ended 31 March, 2011 | 1st Quarter ended 31 March, 2010 | |
Cash Flows from Operating Activities : | ||
Cash Receipts from Customers and Others | 1,677,222 | 1,474,032 |
Cash Paid to Suppliers and Employees | (1,335,063) | (1,288,152) |
Cash Generated from Operations | 342,159 | 185,880 |
Interest Paid | (131,743) | (92,602) |
Income Tax Paid | (33,849) | (62,000) |
Net Cash Generated from Operating Activities | 176,567 | 31,278 |
Cash Flows from Investing Activities : | ||
Acquisition of Property, Plant and Equipment | (173,742) | (420,341) |
Intangible Assets | (18,577) | (7,088) |
Short Term Investment | (30,079) | 865,867 |
Net Cash used in Investing Activities | (222,398) | 438,438 |
Cash Flows from Financing Activities : | ||
Net Increase / (Decrease) in Long Term Borrowings | 333 | 8,420 |
Net (Decrease)/Increase in Short Term Borrowings | 11,934 | 28,615 |
Preference Share Dividend | - | (102,500) |
Ordinary Share Dividend Paid | (73) | (207) |
Net cash Generated from Financing Activities | 12,194 | (65,672) |
(Decrease) / Increase in Cash and Cash Equivalents | (33,637) | 404,044 |
Cash and Cash Equivalents at Beginning of Year | 1,471,448 | 1,058,434 |
Closing Cash and Cash Equivalents | 1,437,811 | 1,462,478 |
Net Operating Cash Flow Per Share | Tk.0.84 | 0.19 |