Last checked at 15 May 2013 07:00
BEXIMCO PHARMACEUTICALS LTD.
15th May, 2013
Financial Results for the First Quarter of 2013
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 three month period ended 31 March 2013. 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 2 861 9151, ext.20080
Md. Asad Ullah, FCS, Executive Director & Company Secretary
Tel; +880 2 8618220-1, Ext 10140
Libertas Capital Corporate Finance (Nomad)
Thilo Hoffmann
Tel: +44 (0)20 7569 9650
Daniel Stewart & Company (Broker)
Paul Shackleton
James Thomas
Tel: +44 (0)20 7776 6550
FTI Consulting
Simon Conway / Susan Stuart / Victoria Foster-Mitchell
Tel: +44 (0)20 7269 7169
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 etc. Ensuring access to quality medicines is the powerful aspiration that motivates 2,700 employees of the Company.
Beximco Pharma's state-of-the-art manufacturing facilities are certified by global regulatory authorities of Australia, European Union, Gulf nations, 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 and Latin & Central American countries, Middle East and South East Asia, including Singapore, Malaysia, Philippines and Hong Kong.
Beximco Pharmaceuticals Limited
Statement of Financial Position (Un-audited)
As at March 31, 2013
Amount in Thousand Taka | ||
As at March 31, 2013 | As at December 31, 2012 | |
ASSETS | ||
Non-Current Assets | 16,341,001 | 16,392,388 |
Property, Plant and Equipment- Carrying Value | 16,137,993 | 16,201,858 |
Intangible Assets | 199,557 | 187,079 |
Investment in Shares | 3,451 | 3,451 |
Current Assets | 8,492,406 | 8,197,422 |
Inventories | 2,454,721 | 2,433,988 |
Spares & Supplies | 396,515 | 396,176 |
Accounts Receivable | 1,197,096 | 1,162,405 |
Loans, Advances and Deposits | 1,064,362 | 965,276 |
Short Term Investment | 2,810,322 | 2,686,598 |
Cash and Cash Equivalents | 569,390 | 552,979 |
TOTAL ASSETS | 24,833,407 | 24,589,810 |
EQUITY AND LIABILITIES | ||
Shareholders' Equity | 18,652,861 | 18,408,162 |
Issued Share Capital | 3,046,390 | 3,046,390 |
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 | 1,363,741 | 1,406,528 |
Retained Earnings | 6,988,667 | 6,701,181 |
Non-Current Liabilities | 3,163,880 | 3,116,704 |
Long Term Borrowings-Net off Current Maturity (Secured) | 1,430,052 | 1,469,622 |
Liability for Gratuity & WPPF | 516,253 | 499,623 |
Deferred Tax Liability | 1,217,575 | 1,147,459 |
Current Liabilities and Provisions | 3,016,666 | 3,064,944 |
Short Term Borrowings | 1,565,373 | 1,526,450 |
Long Term Borrowings-Current Maturity | 660,921 | 664,713 |
Creditors and other Payables | 371,023 | 470,097 |
Accrued Expenses | 112,120 | 128,599 |
Dividend Payable | 1,012 | 1,021 |
Income Tax payable | 306,217 | 274,064 |
TOTAL EQUITY AND LIABILITIES | 24,833,407 | 24,589,810 |
Beximco Pharmaceuticals Limited
Statement of Comprehensive Income (Un-audited)
For the 1st Quarter ended 31 March, 2013
Amount in Thousand Taka | ||
1st Quarter ended March 31, 2013 | 1st Quarter ended March 31, 2012 | |
Net Sales Revenue | 2,263,013 | 2,222,370 |
Cost of Goods Sold | (1,264,382) | (1,216,112) |
Gross Profit | 998,631 | 1,006,258 |
Operating Expenses : | (569,797) | (493,030) |
Administrative Expenses | (91,550) | (73,617) |
Selling, Marketing and Distribution Expenses | (478,247) | (419,413) |
Profit from Operations | 428,834 | 513,228 |
Other Income | 122,443 | 102,519 |
Finance Cost | (148,645) | (160,256) |
Profit Before Contribution to WPPF | 402,632 | 455,491 |
Contribution to Workers' Profit Participation/Welfare Funds | (19,173) | (21,690) |
Profit Before Tax | 383,459 | 433,801 |
Income Tax Expense | (100,532) | (126,489) |
Profit After Tax | 282,927 | 307,312 |
Other Comprehensive Income | - | - |
Total Comprehensive Income | 282,927 | 307,312 |
Earnings Per Share (EPS) /Restated EPS | 0.93 | 1.01 |
Number of Shares used to compute EPS | 304,639,050 | 304,639,050 |
Beximco Pharmaceuticals Limited
Statement of Changes in Equity (Un-audited)
For the 1st Quarter ended March 31, 2013
Amount in Thousand Taka | |||||||||||
1st Quarter ended March 31, 2013 | |||||||||||
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, 2013 | 3,046,390
| 5,269,475
| 1,689,637
| 294,951
| 1,406,528
| 6,701,181
| 18,408,162
| ||||
Total Comprehensive Income | - | - | - | - | - | 282,927 | 282,927 | ||||
Adjustment for Depreciation on Re-valued Assets | - | - | - | - | (4,559) | 4,559 | - | ||||
Adjustment for Deferred Tax on Re-valued Assets | - | - | - | - | (38,228) | - | (38,228) | ||||
As on March 31, 2013 | 3,046,390 | 5,269,475 | 1,689,637 | 294,951 | 1,363,741 | 6,988,667 | 18,652,861 | ||||
Number of Shares on March 31, 2013 | 304,639,050 | ||||||||||
Net Asset Value (NAV) Per Share on March 31, 2013 | Tk.61.23 | ||||||||||
Amount in Thousand Taka | |||||||||||
1st Quarter ended March 31, 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 | ||||
Total Comprehensive Income | - | - | - | - | - | 307,312 | 307,312 | ||||
Adjustment for Depreciation on Re-valued Assets | - | - | - | - | (5,180) | 5,180 | - | ||||
Adjustment for Deferred Tax on Re-valued Assets | - | - | - | - | (48,002) | - | (48,002) | ||||
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 | ||||||||||
Beximco Pharmaceuticals Limited
Statement of Cash Flows (Un-audited)
For the Period ended March 31, 2013
Amount in Thousand Taka |
| |||
1st Quarter ended March 31, 2013 | 1st Quarter ended March 31, 2012 |
| ||
| ||||
Cash Flows from Operating Activities : |
| |||
| ||||
Cash Receipts from Customers and Others | 2,228,154 | 2,128,031 | ||
Cash Paid to Suppliers and Employees | (1,935,379) | (1,689,917) | ||
Cash Generated from Operations | 292,775 | 438,114 | ||
Interest Paid | (148,645) | (160,256) | ||
Interest Received | 122,611 | 99,231 | ||
Income Tax Paid | (36,491) | (38,751) | ||
Net Cash Generated from Operating Activities | 230,250 | 338,338 | ||
Cash Flows from Investing Activities : | ||||
Acquisition of Property, Plant and Equipment | (69,717) | (255,657) | ||
Intangible Assets | (16,010) | (2,538) | ||
Disposal of Property, Plant and Equipment | 60 | 4,480 | ||
Short Term Investment | (123,724) | (144,411) | ||
Net Cash Used in Investing Activities | (209,391) | (398,126) | ||
Cash Flows from Financing Activities : | ||||
Net Increase / (Decrease) in Long Term Borrowings | (43,362) | (14,964) | ||
Net Increase / (Decrease) in Short Term Borrowings | 38,923 | 38,026 | ||
Ordinary Share Dividend | (9) | (58) | ||
Net Cash Generated from Financing Activities | (4,448) | 23,004 | ||
Increase / (Decrease) in Cash and Cash Equivalents | 16,411 | (36,784) | ||
Cash and Cash Equivalents at Beginning of Period | 552,979 | 518,768 | ||
Cash and Cash Equivalents at End of Period | 569,390 | 481,984 | ||
Net Operating Cash Flow per Share | Tk. | 0.76 | 1.34 | |
Number of Shares used to compute Net Operating Cash Flow Per Share | 304,639,050 | 251,767,810 | ||