Last checked at 31 Oct 2012 07:00
BEXIMCO PHARMACEUTICALS LTD.
31st October, 2012
Financial Results for the Third 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 third quarter and nine months ended 30 September 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 enquiries please contact:
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
Thilo Hoffmann
Tel: +44 (0)20 7569 9650
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, 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 2,500 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 September 30, 2012
Taka in thousand | ||
As at | As at | |
September 30, 2012 | December 31, 2011 | |
ASSETS | ||
Non-Current Assets | 16,336,036 | 15,884,878 |
Property, Plant and Equipment- Carrying Value | 16,176,462 | 15,745,493 |
Intangible Assets | 156,123 | 135,934 |
Investment in Shares | 3,451 | 3,451 |
Current Assets | 7,945,056 | 7,148,463 |
Inventories | 2,324,252 | 2,291,845 |
Spares & Supplies | 369,494 | 325,881 |
Accounts Receivable | 1,244,678 | 978,224 |
Loans, Advances and Deposits | 919,476 | 840,321 |
Short Term Investment | 2,555,974 | 2,193,424 |
Cash and Cash Equivalents | 531,182 | 518,768 |
TOTAL ASSETS | 24,281,092 | 23,033,341 |
EQUITY AND LIABILITIES | ||
Shareholders' Equity | 18,117,658 | 17,128,129 |
Issued Share Capital | 3,046,390 | 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 | 1,405,911 | 1,466,603 |
Retained Earnings | 6,411,294 | 5,889,785 |
Non-Current Liabilities | 3,283,809 | 3,257,051 |
Long Term Borrowings-Net off Current Maturity (Secured) | 1,629,189 | 1,890,075 |
Liability for Gratuity & WPPF | 487,111 | 403,599 |
Deferred Tax Liability | 1,167,509 | 963,377 |
Current Liabilities and Provisions | 2,879,625 | 2,648,161 |
Short Term Borrowings | 1,663,278 | 1,642,216 |
Long Term Borrowings-Current Maturity | 553,342 | 363,744 |
Creditors and Other Payables | 443,833 | 523,798 |
Accrued Expenses | 93,026 | 101,560 |
Dividend Payable | 1,229 | 1,361 |
Income Tax Payable | 124,917 | 15,482 |
TOTAL EQUITY AND LIABILITIES | 24,281,092 | 23,033,341 |
Beximco Pharmaceuticals Ltd.
Statement of Comprehensive Income (Un-audited)
For the Third Quarter Ended September 30, 2012
Taka in thousand | ||||
January - September 2012 | January - September 2011 | July - September 2012 | July- September 2011 | |
Net Sales Revenue | 6,774,426 | 5,788,892 | 2,428,072 | 2,146,599 |
Cost of Goods Sold | (3,585,805) | (3,000,217) | (1,218,262) | (1,079,306) |
Gross Profit | 3,188,621 | 2,788,675 | 1,209,810 | 1,067,293 |
Operating Expenses | (1,528,606) | (1,264,209) | (562,306) | (461,087) |
Administrative Expenses | (238,693) | (194,746) | (87,811) | (82,844) |
Selling, Marketing and Distribution Expenses |
(1,289,913) |
(1,069,463) |
(474,495) |
(378,243) |
Profit From Operations | 1,660,015 | 1,524,466 | 647,504 | 606,206 |
Other Income | 319,963 | 230,076 | 112,640 | 79,169 |
Finance Cost | (479,991) | (412,489) | (150,266) | (146,098) |
Profit Before Contribution to WPPF | 1,499,987 | 1,342,053 | 609,878 | 539,277 |
Contribution to WPPF | (71,428) | (63,907) | (29,042) | (25,680) |
Profit Before Tax | 1,428,559 | 1,278,146 | 580,836 | 513,597 |
Income Tax Expense | (393,877) | (310,141) | (159,559) | (116,835) |
Profit After Tax | 1,034,682 | 968,005 | 421,277 | 396,762 |
Other Comprehensive Income | - | - | - | - |
Total Comprehensive Income | 1,034,682 | 968,005 | 421,277 | 396,762 |
EPS / Restated EPS (2011) Tk. | 3.40 | 3.18 | 1.38 | 1.30 |
Number of Shares Used to Compute EPS | 304,639,050 | 304,639,050 | 304,639,050 | 304,639,050 |
Beximco Pharmaceuticals Ltd.
Statement of Changes in Equity (Un-audited)
For the Period Ended September 30, 2012
For the Period Ended September 30, 2012 | Taka in thousand | ||||||
Share Capital | Share Premium | Excess of Issue Price over Face Value of GDRs | Capital Reserve on Merger | Revaluation Surplus | Retained Earnings | Total | |
Balance 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 | - | - | - | - | - | 1,034,682 | 1,034,682 |
Stock Dividend for 2011 | 528,712 | - | - | - | - | (528,712) | - |
Adjustment for Depreciation on Revalued Assets | - | - | - | - | (15,539) | 15,539 | - |
Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | (45,153) | - | (45,153) |
Balance as on September 30, 2012 | 3,046,390 | 5,269,475 | 1,689,637 | 294,951 | 1,405,911 | 6,411,294 | 18,117,658 |
Net Asset Value (NAV) per Share | Tk. 59.47 |
For the Period Ended September 30, 2011 | Taka '000 | ||||||
Share Capital | Share Premium | Excess of Issue Price over Face Value of GDRs | Capital Reserve on Merger | Revaluation Surplus | Retained Earnings | Total | |
Balance on January 01, 2011 | 2,098,065 | 5,269,475 | 1,689,637 | 294,951 | 1,534,646 | 5,087,313 | 15,974,087 |
Total Comprehensive Income | - | - | - | - | - | 968,005 | 968,005 |
Stock Dividend for 2010 | 419,613 | - | - | - | - | (419,613) | - |
Adjustment for Depreciation on Revalued Assets | - | - | - | - | (17,670) | 17,670 | - |
Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | (51,046) | - | (51,046) |
Balance as on September 30, 2011 | 2,517,678 | 5,269,475 | 1,689,637 | 294,951 | 1,465,930 | 5,653,375 | 16,891,046 |
Net Asset Value (NAV) per Share | Tk. 67.09 |
Beximco Pharmaceuticals Ltd.
Statement of Cash Flows (Un-audited)
For the Period Ended September 30, 2012
Taka in thousand | ||||
January - | January - | July - | July - | |
September | September | September | September | |
2012 | 2011 | 2012 | 2011 | |
Cash Flows from Operating Activities : | ||||
Cash Receipts from Customers and Others | 6,508,721 | 5,618,003 | 2,207,857 | 2,049,564 |
Cash Paid to Suppliers and Employees | (4,903,698) | (4,012,833) | (1,819,956) | (1,370,617) |
Cash Generated from Operations | 1,605,023 | 1,605,170 | 387,901 | 678,947 |
Interest Paid | (479,991) | (412,489) | (150,266) | (146,098) |
Interest Received | 316,383 | 229,917 | 112,347 | 79,170 |
Income Tax Paid | (125,462) | (113,183) | (36,815) | (40,832) |
Net Cash Generated from Operating Activities | 1,315,953 | 1,309,415 | 313,167 | 571,187 |
Cash Flows from Investing Activities : | ||||
Acquisition of Property, Plant and Equipment | (864,588) | (953,113) | (160,263) | (419,319) |
Intangible Assets | (30,859) | (77,106) | (9,652) | (43,125) |
Disposal of Property, Plant and Equipment | 4,816 | - | 336 | - |
Short Term Investment | (362,550) | (1,619,941) | (9,355) | (1,521,299) |
Net Cash Used in Investing Activities | (1,253,181) | (2,650,160) | (178,934) | (1,983,743) |
Cash Flows from Financing Activities : | ||||
Net Increase/(Decrease) in Long Term Borrowings |
(71,288) |
(65,883) |
(16,426) |
11,677 |
Net Increase/(Decrease) in Short Term Borrowings |
21,062 |
20,712 |
(98,232) |
1,269 |
Ordinary Share Dividend | (132) | (444) | - | (313) |
Net Cash Generated from Financing Activities |
(50,358) |
(45,615) |
(114,658) |
12,633 |
Increase/(Decrease) in Cash and Cash Equivalents |
12,414 |
(1,386,360) |
19,575 |
(1,399,923) |
Cash and Cash Equivalents at Beginning of Period |
518,768 |
1,471,448 |
511,607 |
1,485,011 |
Cash and Cash Equivalents at End of Period |
531,182 |
85,088 |
531,182 |
85,088 |
Net Operating Cash Flow Per Share Tk |
4.32 |
5.20 |
1.03 |
2.27 |
The detail of the published Interim Financial Statements is available at the Company's website:
www.beximcopharma.com