Last checked at 28 Oct 2011 07:00
BEXIMCO PHARMACEUTICALS LTD.
28TH October, 2011
Financial Results for the Third 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 third quarter and nine months ended 30 September 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
Thilo Hoffmann
Tel: +44 (0)20 7569 9650
FTI Consulting
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 September 30, 2011
As at | As at | |
September 30, 2011 | December 31, 2010 | |
ASSETS | ||
Non-Current Assets | 15,845,371 | 15,180,732 |
Property, Plant and Equipment-Carrying Value | 15,710,839 | 15,123,306 |
Intangible Assets | 128,233 | 51,127 |
Investment in Shares | 6,299 | 6,299 |
Current Assets | 6,791,092 | 6,191,667 |
Inventories | 2,122,763 | 1,983,809 |
Spares & Supplies | 309,764 | 276,520 |
Accounts Receivable | 992,404 | 821,356 |
Loans, Advances and Deposits | 801,728 | 779,130 |
Short Term Investment | 2,479,345 | 859,404 |
Cash and Cash Equivalents | 85,088 | 1,471,448 |
TOTAL ASSETS | 22,636,463 | 21,372,399 |
EQUITY AND LIABILITIES | ||
Shareholders' Equity | 16,891,046 | 15,974,087 |
Issued Share Capital | 2,517,678 | 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 | 1,465,930 | 1,534,646 |
Retained Earnings | 5,653,375 | 5,087,313 |
Non-Current Liabilities | 3,059,086 | 2,885,156 |
Long Term Borrowings-Net off Current Maturity (Secured) | 1,834,634 | 1,902,151 |
Liability for Gratuity & WPPF | 411,559 | 335,886 |
Deferred Tax Liability | 812,893 | 647,119 |
Current Liabilities and Provisions | 2,686,331 | 2,513,156 |
Short Term Borrowings | 1,660,673 | 1,639,961 |
Long Term Borrowings-Current Maturity | 350,494 | 348,860 |
Creditors and Other Payables | 531,191 | 432,315 |
Accrued Expenses | 98,414 | 90,512 |
Dividend Payable | 1,064 | 1,508 |
Income Tax Payable | 44,495 | - |
TOTAL EQUITY AND LIABILITIES | 22,636,463 | 21,372,399 |
Beximco Pharmaceuticals Ltd.
Statement of Comprehensive Income (Un-audited)
For the Third Quarter Ended September 30, 2011
Taka '000 | ||||
January - September 2011 | January - September 2010 | July - September 2011 | July- September 2010 | |
Net Sales Revenue | 5,788,892 | 4,780,603 | 2,146,599 | 1,811,949 |
Cost of Goods Sold | (3,000,217) | (2,364,186) | (1,079,306) | (879,924) |
Materials | (2,212,828) | (1,737,559) | (795,974) | (643,000) |
Factory Overhead | (456,539) | (357,034) | (176,245) | (131,517) |
Depreciation | (330,850) | (269,593) | (107,087) | (105,407) |
Gross Profit | 2,788,675 | 2,416,417 | 1,067,293 | 932,025 |
Operating Expenses | (1,264,209) | (1,114,558) | (461,087) | (411,989) |
Administrative Expenses | (194,746) | (163,513) | (82,844) | (60,667) |
Selling, Marketing and Distribution Expenses |
(1,069,463) |
(951,045) |
(378,243) |
(351,322) |
Profit from Operations | 1,524,466 | 1,301,859 | 606,206 | 520,036 |
Other Income | 230,076 | 402,314 | 79,169 | 88,000 |
Finance Cost | (412,489) | (356,761) | (146,098) | (146,588) |
Preference Share Dividend | - | (153,750) | - | - |
Profit Before Contribution to WPPF | 1,342,053 | 1,193,662 | 539,277 | 461,448 |
Contribution to WPPF | (63,907) | (56,842) | (25,680) | (21,973) |
Profit Before Tax | 1,278,146 | 1,136,820 | 513,597 | 439,475 |
Income Tax | (310,141) | (296,500) | (116,835) | (127,427) |
Profit After Tax | 968,005 | 840,320 | 396,762 | 312,048 |
Other Comprehensive Income | - | - | - | - |
Total Comprehensive Income | 968,005 | 840,320 | 396,762 | 312,048 |
EPS / Restated EPS of 2010 Tk. | 3.84 | 3.34 | 1.58 | 1.24 |
Number of Shares Used to Compute EPS | 251,767,810 | 251,767,810 | 251,767,810 | 251,767,810 |
Beximco Pharmaceuticals Ltd.
Statement of Cash Flows (Un-audited)For the Period Ended September 30, 2011
Taka '000 | ||||
January - | January - | July - | July - | |
September | September | September | September | |
2011 | 2010 | 2011 | 2010 | |
Cash Flows from Operating Activities : | ||||
Cash Receipts from Customers and Others | 5,847,920 | 4,962,268 | 2,128,734 | 1,808,983 |
Cash Paid to Suppliers and Employees | (4,012,833) | (3,640,300) | (1,370,617) | (1,240,254) |
Cash Generated from Operations | 1,835,087 | 1,321,968 | 758,117 | 568,729 |
Interest Paid | (412,489) | (356,761) | (146,098) | (146,588) |
Income Tax Paid | (113,183) | (133,375) | (40,832) | (28,880) |
Net Cash Generated from Operating Activities |
1,309,415 |
831,832 |
571,187 |
393,261 |
Cash Flows from Investing Activities : | ||||
Acquisition of Property, Plant and Equipment | (953,113) | (1,321,355) | (419,319) | (513,501) |
Intangible Assets | (77,106) | (20,684) | (43,125) | (6,721) |
Short Term Investment | (1,619,941) | 831,076 | (1,521,299) | 136,592 |
Net Cash Used in Investing Activities | (2,650,160) | (510,963) | (1,983,743) | (383,630) |
Cash Flows from Financing Activities : | ||||
Net Increase/(Decrease) in Long Term Borrowings |
(65,883) |
52,342 |
11,677 |
25,250 |
Net Increase/(Decrease) in Short Term Borrowings |
20,712 |
200,495 |
1,269 |
(30,122) |
Preference Share Dividend | - | (153,750) | - | - |
Ordinary Share Dividend | (444) | (465) | (313) | (15) |
Net Cash Generated from Financing Activities |
(45,615) |
98,622 |
12,633 |
(4,887) |
Increase/(Decrease) in Cash and Cash Equivalents |
(1,386,360) |
419,491 |
(1,399,923) |
4,744 |
Cash and Cash Equivalents at Beginning of Period |
1,471,448 |
1,058,434 |
1,485,011 |
1,473,181 |
Cash and Cash Equivalents at End of Period |
85,088 |
1,477,925 |
85,088 |
1,477,925 |
Net Operating Cash Flow per Share (Restated for 2010) Tk |
5.20 |
3.30 |
2.27 |
1.56 |
Beximco Pharmaceuticals Limited
Statement of Changes in Equity (Un-audited)
For the Period Ended September 30, 2010 | Taka '000 | ||||||
Share | Share | Excess of Issue Price | Capital | Revaluation | Retained | Total | |
Capital | Premium | over Face Value of GDRs | Reserve | Surplus | Earnings | ||
Opening Balance on January 01, 2010 |
1,511,493 |
1,489,750 |
1,689,637 |
294,951 |
1,617,362 |
4,282,514 |
10,885,707 |
Total Comprehensive Income | - | - | - | - | - | 840,320 | 840,320 |
Preference Shares Converted into Ordinary Shares |
312,911 |
- |
- |
- |
- |
- |
312,911 |
Premium on Conversion of Preference Shares net off Expenses |
- |
3,787,089 |
- |
- |
- |
- |
3,787,089 |
Stock Dividend for 2009 | 273,661 | - | - | - | - | (273,661) | - |
Adjustment for Depreciation on Revalued Assets |
- |
- |
- |
- |
(20,108) |
20,108 |
- |
Closing Balance on September 30, 2010 |
2,098,065 |
5,276,839 |
1,689,637 |
294,951 |
1,597,254 |
4,869,281 |
15,826,027 |
Net Asset Value (NAV) per Share (Restated) |
TK. 62.86 |
For the Period Ended September 30, 2011 | Taka '000 | ||||||
Share | Share | Excess of Issue Price | Capital | Revaluation | Retained | Total | |
Capital | Premium | over Face Value of GDRs | Reserve | Surplus | Earnings | ||
Opening 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) |
Closing Balance 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 |