Last checked at 26 Nov 2009 07:00
BEXIMCO PHARMACEUTICALS LTD.
26th November, 2009
Beximco Announces Financial Results for the Third Quarter of 2009
Beximco Pharmaceuticals Limited ("BPL" or "Company"; AIM Symbol: BXP) today announces its unaudited financial results for the nine month period ended 30 September 2009. The information set out below has been released to the Dhaka and Chittagong Stock Exchanges in compliance with new requirements from the Bangladesh SEC and the Company will continue to publish unaudited quarterly results henceforth.
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.2080
Libertas Capital Corporate Finance
Jakob Kinde / Anthony Rowland
Tel: +44 (0)20 7569 9650
Financial Dynamics
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.
Balance Sheet (Unaudited)
As at 30th September, 2009
| Taka in '000 | |
| ASSETS | |
| Non-Current Assets | 12,744,793 |
| Property, Plant and Equipment- Carrying Value | 12,729,388 |
| Investment in Shares | 15,405 |
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| |
| Current Assets | 3,270,465 |
| Inventories | 1,681,917 |
| Spares & Supplies | 239,031 |
| Accounts Receivable | 641,504 |
| Loans, Advances and Deposits | 666,654 |
| Cash and Cash Equivalents | 41,359 |
| TOTAL ASSETS | 16,015,258 |
| EQUITY AND LIABILITIES | |
| Shareholders' Equity | 10,804,938 |
| Issued Share Capital | 1,511,493 |
| Share Premium | 1,489,750 |
| Excess of Issue Price over Face Value of GDRs | 1,689,637 |
| Capital Reserve on Merger | 294,951 |
| Revaluation Reserve | 1,688,274 |
| Retained Earnings | 4,130,833 |
| Non-Current Liabilities | 2,703,075 |
| Long Term Borrowing-Net off Current Maturity (Secured) | 2,251,373 |
| Liability for Gratuity & WPPF | 314,558 |
| Deferred Tax Liability | 137,144 |
| Current Liabilities and Provisions | 2,507,245 |
| Short Term Borrowing | 1,698,441 |
| Long Term Borrowing-Current Maturity | 194,544 |
| Creditors and other Payables | 379,420 |
| Accrued Expenses | 71,452 |
| Dividend Payable | 2,382 |
| Income Tax Provision | 161,006 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 16,015,258 |
BEXIMCO PHARMACEUTICALS LTD.
Profit and Loss Account (Unaudited)
For the 3rd Quarter Ended 30th September, 2009
|
| Taka in '000 |
|
| |
| Net Sales Revenue | 3,472,872 |
|
| |
| Cost of Goods Sold : | (1,833,048) |
| Material | (1,402,165) |
| Factory Overhead | (247,137) |
| Depreciation | (183,746) |
|
| |
| Gross Profit | 1,639,824 |
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| |
| Operating Expenses : | (903,694) |
| Administrative Expenses | (147,979) |
| Selling, Marketing and Distribution Expenses | (755,715) |
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| |
| Profit from Operations | 736,130 |
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| |
| Other Income | 146,762 |
| Finance Cost | (211,236) |
| Profit Before Contribution to WPPF | 671,656 |
| Contribution to Workers' Profit Participation/ Welfare Funds | (31,984) |
| Profit Before Tax | 639,672 |
| Income Tax | (158,979) |
| Net Profit After Tax | 480,693 |
| Earnings Per Share (EPS) | 3.18 |
| Number of shares used to compute EPS | 151,149,296 |
BEXIMCO PHARMACEUTICALS LTD.
Statement of Changes in Equity (Unaudited)
For the 3rd Quarter Ended 30th September, 2009
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|
|
|
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|
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| Taka in '000 |
|
| Share Capital | Share Premium | Excess of Issue Price over Face Value of GDRs | Capital Reserve | Revaluation Surplus | Retained Earnings | Total |
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| 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 for 2008 | - | - | - | - | - | (125,958) | (125,958) |
| Stock Dividend for 2008 | 251,915 | - | - | - | - | (251,915) | - |
| Excess Depreciation on Revaluation Surplus | - | - | - | - | (22,901) | 22,901 | - |
| At the end of September 2009 Tk. | 1,511,492 | 1,489,750 | 1,689,637 | 294,951 | 1,688,274 | 4,130,833 | 10,804,937 |
| Total Number of shares at September 2009 | 151,149,296 | ||||||
| Net Asset Value Per Share (NAV) September 2009 (Taka) | 71.49 |
BEXIMCO PHARMACEUTICALS LTD.
Cash Flow Statement (Unaudited)
For the 3rd Quarter Ended 30th September, 2009
| Taka in '000 | |
| Cash Flows from Operating Activities : | |
| Cash Receipts from Customers and Others | 3,337,916 |
| Cash Paid to Suppliers and Employees | (2,721,618) |
| Cash Generated from Operations | 616,298 |
| Interest Paid | (211,236) |
| Income Tax Paid | (51,318) |
| Net cash Generated from Operating Activities | 353,744 |
| Cash Flows from Investing Activities : | |
| Acquisition of Property, Plant and Equipment (net of IDCP) | (879,662) |
| Sale of Shares | 165,427 |
| Disposal of Property, Plant and Equipment | 3,490 |
| Net cash Used in Investing Activities | (710,745) |
| Cash Flows from Financing Activities : | |
| Net Increase / (Decrease) in Long Term Borrowings | 214,683 |
| Net Increase / (Decrease) in Short Term Borrowing | 236,775 |
| Dividend Paid | (126,746) |
| Net Cash Generated from Financing Activities | 324,712 |
| Increase/(Decrease) in Cash and Cash Equivalents | (32,289) |
| Cash and Cash Equivalents at Beginning of Period | 73,648 |
| Cash and Cash Equivalents at End of Period | 41,359 |
END