Last checked at 29 Oct 2010 07:00
BEXIMCO PHARMACEUTICALS LTD.
29th October, 2010
Beximco Announces Financial Results for Nine Months Ended September, 2010
Beximco Pharmaceuticals Limited ("BPL" or "Company"; AIM Symbol: BXP) today announces its unaudited financial results for the nine month period ended 30 September 2010. 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 DirectorTel: +880 2 861 9151, ext.2080
Md. Asad Ullah, FCS, Executive Director & Company Secretary
Tel: +880 2 8618220-1, Ext 1140
Libertas Capital Corporate Finance
Jakob Kinde / Anthony RowlandTel: +44 (0)20 7569 9650
Financial Dynamics
Jonathan Birt / Susan QuigleyTel: +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.
END
Beximco Pharmaceuticals Ltd.
Balance Sheet (Un-audited)
As at September 30, 2010
Amount in '000 Taka
| |||
As atSeptember 30, 2010 | As atDecember 31, 2009 | ||
ASSETS | |||
Non-Current Assets | 14,014,321 | 12,975,195 | |
Property, Plant and Equipment- Carrying Value | 13,985,029 | 12,966,587 | |
Intangible Assets | 26,410 | 5,726 | |
Investment in Shares | 2,882 | 2,882 | |
Current Assets | 7,206,213 | 6,916,738 | |
Inventories | 1,992,164 | 1,722,953 | |
Spares & Supplies | 282,396 | 242,035 | |
Accounts Receivable | 914,761 | 694,112 | |
Loans, Advances and Deposits | 870,043 | 699,204 | |
Short Term Investment | 1,668,924 | 2,500,000 | |
Cash and Cash Equivalents | 1,477,925 | 1,058,434 | |
TOTAL ASSETS | 21,220,534 | 19,891,933 | |
SHAREHOLDERS' EQUITY AND LIABILITIES | |||
Shareholders' Equity | 15,826,027 | 10,885,707 | |
Issued Share Capital | 2,098,065 | 1,511,493 | |
Share Premium | 5,276,839 | 1,489,750 | |
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 | 1,597,254 | 1,617,362 | |
Retained Earnings | 4,869,281 | 4,282,514 | |
Non-Current Liabilities | 2,834,889 | 6,684,775 | |
Long Term Borrowings-Net of Current Maturity (Secured) | 1,936,579 | 1,924,933 | |
Fully Convertible, 5% Dividend, Preference Share | - | 4,100,000 | |
Liability for Gratuity & WPPF | 346,852 | 307,426 | |
Deferred Tax Liability | 551,458 | 352,416 | |
Current Liabilities and Provisions | 2,559,618 | 2,321,451 | |
Short Term Borrowings | 1,651,821 | 1,451,326 | |
Long Term Borrowings-Current Maturity | 349,516 | 308,820 | |
Creditors and Other Payables | 417,037 | 409,898 | |
Accrued Expenses | 105,313 | 79,095 | |
Dividend Payable | 1,263 | 1,728 | |
Income Tax Payable | 34,668 | 70,584 | |
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 21,220,534 | 19,891,933 |
Beximco Pharmaceuticals Ltd.
Profit and Loss Account (Un-audited)
For the Third Quarter Ended September 30, 2010
Amount in '000 Taka
| |||||||
January - September 2010 | January - September 2009 | July - September 2010 | July - September 2009 | ||||
Net Sales Revenue | 4,780,603 | 3,472,872 | 1,811,949 | 1,158,160 | |||
Cost of Goods Sold | (2,364,186) | (1,833,048) | (879,924) | (604,770) | |||
Materials | (1,737,559) | (1,402,165) | (643,000) | (456,012) | |||
Factory Overhead | (357,034) | (247,137) | (131,517) | (70,954) | |||
Depreciation | (269,593) | (183,746) | (105,407) | (77,804) | |||
Gross Profit | 2,416,417 | 1,639,824 | 932,025 | 553,390 | |||
Operating Expenses | (1,114,558) | (903,694) | (411,989) | (243,346) | |||
Administrative Expenses | (163,513) | (147,979) | (60,667) | (50,030) | |||
Selling and Distribution Expenses | (951,045) | (755,715) | (351,322) | (193,316) | |||
Profit from Operations | 1,301,859 | 736,130 | 520,036 | 310,044 | |||
Other Income | 402,314 | 146,762 | 88,000 | 33,370 | |||
Finance Cost | (356,761) | (211,236) | (146,588) | (72,348) | |||
Preference Share Dividend | (153,750) | - | - | - | |||
Profit Before Contribution to WPPF | 1,193,662 | 671,656 | 461,448 | 271,066 | |||
Contribution to Workers' Profit Participation / Welfare Funds | (56,842) | (31,984) | (21,973) | (12,908) | |||
Profit Before Tax | 1,136,820 | 639,672 | 439,475 | 258,158 | |||
Income Tax | (296,500) | (158,979) | (127,427) | (88,489) | |||
Profit After Tax | 840,320 | 480,693 | 312,048 | 169,669 | |||
Earnings Per Share (Taka) | 4.01 | 3.18 | 1.49 | 1.12 | |||
Number of shares used to compute EPS | 209,806,509 | 151,149,296 | 209,806,509 | 151,149,296 | |||
Beximco Pharmaceuticals Limited
Statement of Changes in Equity (Un-audited),
For the Period Ended September 30, 2009
Amount in '000 Taka
| |||||||
Share Capital | Share Premium | Excess of Issue Price over Face Value of GDRs | Capital Reserve | Revaluation Surplus | Retained Earnings | Total
| |
Opening Balance on 01.01.2009 | 1,259,577 | 1,489,750 | 1,689,637 | 294,951 | 1,711,175 | 4,005,112 | 10,450,202 |
Net Profit for the Period | - | - | - | - | - | 480,693 | 480,693 |
Cash Dividend of Previous Year (2008) | - | - | - | - | - | (125,958) | (125,958) |
Stock Dividend of Previous Year (2008) | 251,916 | - | - | - | - | (251,916) | - |
Adjustment for Depreciation on Revalued Assets | - | - | - | - | (22,901) | 22,901 | - |
At September 30, 2009 | 1,511,493 | 1,489,750 | 1,689,637 | 294,951 | 1,688,274 | 4,130,832 | 10,804,937 |
Total number of Shares at September 30, 2009 | 151,149,296 | ||||||
Net Asset Value Per Share (NAV) at September 30, 2009 | 71.49 | ||||||
For the Period Ended September 30, 2010
Amount in '000 Taka
| |||||||
Share Capital | Share Premium | Excess of Issue Price over Face Value of GDRs | Capital Reserve | Revaluation Surplus | Retained Earnings | Total
| |
Opening Balance on 01.01.2010 | 1,511,493 | 1,489,750 | 1,689,637 | 294,951 | 1,617,362 | 4,282,514 | 10,885,707 |
Net Profit for the Period | - | - | - | - | - | 840,320 | 840,320 |
Preference Share Converted into Ordinary Share | 312,911 | - | - | - | - | - | 312,911 |
Premium on Conversion of Preference Share | - | 3,787,089 | - | - | - | - | 3,787,089 |
Stock Dividend of Previous Year (2009) | 273,661 | - | - | - | - | (273,661) | - |
Adjustment for Depreciation on Revalued Assets | - | - | - | - | (20,108) | 20,108 | - |
At September 30, 2010 | 2,098,065 | 5,276,839 | 1,689,637 | 294,951 | 1,597,254 | 4,869,281 | 15,826,027 |
Total number of Shares at September 30, 2010 | 209,806,509 | ||||||
Net Asset Value Per Share (NAV) at September 30, 2010 | 75.43 | ||||||
Beximco Pharmaceuticals Ltd.
Cash Flow Statement (Un-audited)
For the Third Quarter Ended September 30, 2010
Amount in '000 Taka
| |||||||
January - September 2010 | January - September 2009 | July - September 2010 | July - September 2009 | ||||
Cash Flows from Operating Activities: | |||||||
Cash Receipts from Customers and Others | 4,962,268 | 3,337,916 | 1,808,983 | 1,170,386 | |||
Cash Paid to Suppliers and Employees | (3,640,300) | (2,721,618) | (1,240,254) | (751,723) | |||
Cash Generated from Operations | 1,321,968 | 616,298 | 568,729 | 418,663 | |||
Interest Paid | (356,761) | (211,236) | (146,588) | (72,348) | |||
Income Tax Paid | (133,375) | (51,318) | (28,880) | (18,158) | |||
Net Cash Generated from Operating Activities | 831,832 | 353,744 | 393,261 | 328,157 | |||
Cash Flows from Investing Activities: | |||||||
Acquisition of Property, Plant and Equipment (net of IDCP) | (1,321,355) | (879,662) | (513,501) | (642,772) | |||
Sale of Shares | - | 165,427 | - | 41,427 | |||
Intangible Assets | (20,684) | - | (6,721) | - | |||
Short Term Investment | 831,076 | - | 136,592 | - | |||
Disposal of Property, Plant and Equipment | - | 3,490 | - | 3,428 | |||
Net Cash Used in Investing Activities | (510,963) | (710,745) | (383,630) | (597,917) | |||
Cash Flows from Financing Activities: | |||||||
Net (Decrease)/Increase in Long Term Borrowings | 52,342 | 214,683 | 25,250 | 305,306 | |||
Net (Decrease)/Increase in Short Term Borrowings | 200,495 | 236,775 | (30,122) | 69,671 | |||
Preference Share Dividend | (153,750) | - | - | - | |||
Ordinary Share Dividend | (465) | (126,746) | (15) | (125,548) | |||
Net Cash Generated from Financing Activities | 98,622 | 324,712 | (4,887) | 249,430 | |||
Increase/(Decrease) in Cash and Cash Equivalents | 419,491 | (32,289) | 4,744 | (20,330) | |||
Cash and Cash Equivalents at Beginning of Period | 1,058,434 | 73,648 | 1,473,181 | 61,689 | |||
Cash and Cash Equivalents at End of Period | 1,477,925 | 41,359 | 1,477,925 | 41,359 | |||