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16 May 2012 07:00
BEXIMCO PHARMACEUTICALS LTD.
16TH May, 2012
Financial Results for the First Quarter of 2012
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 financial results for the three month period ended 31 March 2012. 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.beximcopharma.com or enquire at:
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
Thilo Hoffmann
Tel: +44 (0)20 7569 9650
FTI Consulting
Jonathan Birt / Susan Quigley/ Simon Conway
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 and active pharmaceutical ingredients. The Company 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 2500 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, 2012
Amount in Thousand Taka | ||
As at 31 | As at 31 | |
ASSETS | March 2012 | December 2011 |
Non-Current Assets | 15,994,752 | 15,884,878 |
Property, Plant and Equipment - Carrying Value | 15,855,614 | 15,745,493 |
Intangible Assets | 135,687 | 135,934 |
Investment in Shares | 3,451 | 3,451 |
Current Assets | 7,520,682 | 7,148,463 |
Inventories | 2,429,215 | 2,291,845 |
Spares & Supplies | 328,385 | 325,881 |
Accounts Receivable | 1,073,020 | 978,224 |
Loans, Advances and Deposits | 870,243 | 840,321 |
Short Term Investment | 2,337,835 | 2,193,424 |
Cash and Cash Equivalents | 481,984 | 518,768 |
TOTAL ASSETS | 23,515,434 | 23,033,341 |
EQUITY AND LIABILITIES | ||
Shareholders' Equity | 17,387,439 | 17,128,129 |
Issued Share Capital | 2,517,678 | 2,517,678 |
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 | 1,413,421 | 1,466,603 |
Retained Earnings | 6,202,277 | 5,889,785 |
Non-Current Liabilities | 3,435,311 | 3,257,051 |
Long Term Borrowings-Net of Current Maturity (Secured) | 1,870,688 | 1,890,075 |
Liability for Gratuity & WPPF | 495,022 | 403,599 |
Deferred Tax Liability | 1,069,601 | 963,377 |
Current Liabilities and Provisions | 2,692,684 | 2,648,161 |
Short Term Borrowings | 1,680,242 | 1,642,216 |
Long Term Borrowings-Current Maturity | 368,167 | 363,744 |
Creditors and Other Payables | 511,199 | 523,798 |
Accrued Expenses | 86,774 | 101,560 |
Dividend Payable | 1,303 | 1,361 |
Income Tax Payable | 44,999 | 15,482 |
TOTAL EQUITY AND LIABILITIES | 23,515,434 | 23,033,341 |
Beximco Pharmaceuticals Ltd.
Statement of Comprehensive Income (Un-Audited)For The 1st Quarter Ended 31 March, 2012
Amount in Thousand Taka | ||
1st Quarter ended | 1st Quarter ended | |
31 March, 2012 | 31 March, 2011 | |
Net Sales Revenue | 2,222,370 | 1,671,741 |
Cost of Goods Sold | (1,216,112) | (908,964) |
Materials | (903,827) | (645,923) |
Factory Overhead | (182,068) | (129,302) |
Depreciation | (130,217) | (133,739) |
Gross Profit | 1,006,258 | 762,777 |
Operating Expenses : | (493,030) | (384,160) |
Administrative Expense | (73,617) | (51,169) |
Selling, Marketing and Distribution Expenses | (419,413) | (332,991) |
Profit From Operations | 513,228 | 378,617 |
Other Income | 102,519 | 71,434 |
Finance Cost | (160,256) | (131,743) |
Profit Before Contribution to WPPF | 455,491 | 318,308 |
Contribution to workers' Profit Participation/Welfare Funds | (21,690) | (15,158) |
Profit Before Tax | 433,801 | 303,150 |
Income Tax Expense | (126,489) | (50,500) |
Profit After Tax | 307,312 | 252,650 |
Other Comprehensive Income | - | - |
Total Comprehensive Income | 307,312 | 252,650 |
Earning Per Share (EPS) | Tk. 1.22 | Tk. 1.20 |
Number of Shares used to compute EPS | 251,767,810 | 209,806,509 |
Beximco Pharmaceuticals Limited
Statement of Changes in Equity (Un-Audited)
For the 1st Quarter Ended 31 March, 2012
Share Capital | Share Premium | Excess of Issue Price over Face Value of GDRs | Capital Reserve on Merger | Revaluation Surplus | Retained Earnings | Total | |
Balance as on January 01, 2012 | 2,517,678 | 5,269,475 | 1,689,637 | 294,951 | 1,466,603 | 5,889,785 | 17,128,129 |
Comprehensive Income for the period | - | - | - | - | - | 307,312 | 307,312 |
Adjustment for Depreciation on Revalued Assets | - | - | - | - | (5,180) | 5,180 | - |
Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | (48,002) | - | (48,002) |
Balance as on March 31, 2012 | 2,517,678 | 5,269,475 | 1,689,637 | 294,951 | 1,413,421 | 6,202,277 | 17,387,439 |
Number of shares on March 31, 2012 | 251,767,810 | ||||||
Net Asset Value (NAV) Per Share on March 31, 2012 | Tk. 69.06 |
For the 1st Quarter Ended 31 March, 2011
Share Capital | Share Premium | Excess of Issue Price over Face Value of GDRs | Capital Reserve on Merger | Revaluation Surplus | Retained Earnings | Total | |
Balance as on January 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 |
Adjustment for Depreciation on Revalued Assets | - | - | - | - | (5,890) | 5,890 | - |
Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | (54,285) | - | (54,285) |
Balance as on March 31 , 2011 | 2,098,065 | 5,269,475 | 1,689,637 | 294,951 | 1,474,471 | 5,345,853 | 16,172,452 |
Number of shares on March 31, 2011 | 209,806,509 | ||||||
Net Asset Value (NAV) Per Share March 31, 2011 | Tk. 77.08 |
Beximco Pharmaceuticals Ltd.
Statement of Cash Flows (Un-Audited)For the 1st Quarter Ended 31 March, 2012
Amount in Thousand Taka | ||
1st Quarter ended | 1st Quarter ended | |
31 March, 2012 | 31 March, 2011 | |
Cash Flows from Operating Activities : | ||
Cash Receipts from Customers and Others | 2,128,031 | 1,605,948 |
Cash Paid to Suppliers and Employees | (1,689,917) | (1,335,063) |
Cash Generated from Operations | 438,114 | 270,885 |
Interest Paid | (160,256) | (131,743) |
Interest Received | 99,231 | 71,274 |
Income Tax Paid | (38,751) | (33,849) |
Net Cash Generated from Operating Activities | 338,338 | 176,567 |
Cash Flows from Investing Activities : | ||
Acquisition of Property, Plant and Equipment | (255,657) | (173,742) |
Intangible Assets | (2,538) | (18,577) |
Disposal of Property, Plant and Equipment | 4,480 | - |
Short Term Investment | (144,411) | (30,079) |
Net Cash Used in Investing Activities | (398,126) | (222,398) |
Cash Flows from Financing Activities : | ||
Net Increase / (Decrease) in Long Term Borrowings | (14,964) | 333 |
Net Increase / (Decrease) in Short Term Borrowings | 38,026 | 11,934 |
Ordinary Share Dividend | (58) | (73) |
Net Cash Generated from Financing Activities | 23,004 | 12,194 |
Increase / (Decrease) in Cash and Cash Equivalents | (36,784) | (33,637) |
Cash and Cash Equivalents at Beginning of Year | 518,768 | 1,471,448 |
Closing Cash and Cash Equivalents | 481,984 | 1,437,811 |
Net Operating Cash Flow Per Share | Tk. 1.34 | Tk. 0.84 |
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