Last checked at 7 May 2009 10:00
BEXIMCO PHARMACEUTICALS LTD.
Results for the year ended 31 December 2008
Beximco Pharmaceuticals Limited ('BPL' or 'the Company'; AIM Symbol: BXP) today announces its audited results for the year ended 31 December 2008.
Highlights
Corporate
Post year-end highlights
Financial
The AGM will be held on 16th June 2009 at 09:30 a.m. at 1 Shahbag C/A, Dhaka, Bangladesh
Nazmul Hassan, Managing Director of Beximco Pharmaceuticals, commented:
"Throughout 2008 we faced significant challenges to sustain the Company's position in both domestic and international markets. Today, I am extremely pleased to say that we have successfully overcome these challenges and have produced a good set of results. This is particularly evident in our overseas markets and in the consolidation of our domestic business platforms. We are now in a position to achieve our goal of establishing BPL as a truly international company and to deliver on our promises to shareholders."
The full audited accounts are available from the Company's website: www.beximcopharma.com and will be posted to shareholders in due course.
For further information please visit www.beximco-pharma.com or enquire to:
Beximco Pharma
Nazmul Hassan, CEO
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
Beximco Pharmaceuticals Limited
Balance Sheet
As at 31 December 2008
|
| Notes |
| 2008 | 2007 |
| ASSETS |
|
|
|
|
| Non-Current Assets |
|
| 11,957,773,787 | 9,029,643,482 |
| Property, Plant and Equipment- Carrying Value | 20 (a) |
| 11,921,072,697 | 8,992,942,392 |
| Investment in Shares | 21 |
| 36,701,090 | 36,701,090 |
|
|
|
|
|
|
| Current Assets |
|
| 2,861,891,654 | 2,923,775,458 |
| Inventories | 22 |
| 1,505,288,093 | 1,470,152,242 |
| Spares & Supplies | 23 |
| 234,530,326 | 182,328,049 |
| Accounts Receivable | 24 |
| 503,916,401 | 499,680,792 |
| Loans, Advances and Deposits | 25 |
| 544,509,106 | 685,915,465 |
| Cash and Cash Equivalents | 26 |
| 73,647,728 | 85,698,910 |
|
|
|
|
|
|
| TOTAL ASSETS |
| Tk. | 14,819,665,441 | 11,953,418,940 |
|
|
|
|
|
|
| SHAREHOLDERS' EQUITY AND LIABILITIES |
|
|
|
|
|
|
|
|
|
|
| Shareholders' Equity | 10,450,202,145 | 8,250,939,647 | ||
| Issued Share Capital | 27 |
| 1,259,577,470 | 1,145,070,430 |
| Share Premium |
|
| 1,489,750,000 | 1,489,750,000 |
| Excess of Issue Price over Face Value of GDRs | 28 |
| 1,689,636,958 | 1,689,636,958 |
| Capital Reserve on Merger |
|
| 294,950,950 | 294,950,950 |
| Revaluation Surplus | 20(b) |
| 1,711,174,747 |
|
| Tax-Holiday Reserve | 29 |
|
| 442,354,953 |
| Retained Earnings |
|
| 4,005,112,020 | 3,189,176,356 |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Current Liabilities |
|
| 1,767,431,029 | 2,074,506,357 |
| Long Term Borrowing-Net off Current Maturity (Secured) | 30 |
| 1,446,600,500 | 1,776,449,778 |
| Liability for Gratuity & WPPF | 31 |
| 274,419,253 | 246,704,610 |
| Deferred Tax Liability | 32 |
| 46,411,276 | 51,351,969 |
|
|
|
|
|
|
| Current Liabilities and Provisions |
|
| 2,602,032,267 | 1,627,972,936 |
| Short Term Borrowings | 33 |
| 1,461,666,227 | 907,582,327 |
| Long Term Borrowing-Current Maturity | 34 |
| 648,165,841 | 343,604,498 |
| Creditors and Other Payables | 35 |
| 263,176,822 | 271,814,118 |
| Accrued Expenses | 36 |
| 81,776,450 | 60,052,739 |
| Dividend Payable |
|
| 3,169,568 | 3,285,324 |
| Income Tax Payable | 37 |
| 144,077,359 | 41,633,930 |
|
|
|
|
|
|
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
| Tk. | 14,819,665,441 | 11,953,418,940 |
Beximco Pharmaceuticals Limited
Profit and Loss Account
For the year ended 31 December 2008
|
| Notes |
| 2008 | 2007 |
|
|
|
|
|
|
| Net Sales Revenue | 38 |
| 4,010,167,059 | 3,597,024,812 |
|
|
|
|
|
|
| Cost of Goods Sold | 39 |
| (2,002,871,181) | (1,967,509,975) |
| Gross Profit |
|
| 2,007,295,878 | 1,629,514,837 |
|
|
|
|
|
|
| Operating Expenses : |
|
| (1,008,501,030) | (974,736,690) |
| Administrative Expenses | 42 |
| (153,464,243) | (145,544,701) |
| Selling, Marketing and Distribution Expenses | 43 |
| (855,036,787) | (829,191,989) |
|
|
|
|
|
|
| Profit from Operations |
|
| 998,794,848 | 654,778,147 |
|
|
|
|
|
|
| Other Income | 44 |
| 686,510 | 19,625,795 |
| Finance Cost | 45 |
| (249,654,298) | (254,742,392) |
| Profit Before Contribution to WPPF |
|
| 749,827,060 | 419,661,550 |
|
|
|
|
|
|
| Contribution to Workers' Profit Participation/ Welfare Funds | 46 |
| (35,706,050) | (19,983,883) |
|
|
|
|
| |
| Profit Before Tax |
|
| 714,121,010 | 399,677,667 |
| Income Tax Expense | 19.5 & 47 |
| (168,779,737) | (46,609,789) |
| Current Tax |
|
| (173,720,430) | (57,661,278) |
| Deferred Tax Income/(Expense) |
|
| 4,940,693 | 11,051,489 |
| Profit After Tax Transferred to Statement of Changes in Equity |
| Tk. | 545,341,273 | 353,067,878 |
|
|
|
|
|
|
| Earnings Per Share (of Tk. 10 /- each) (Adjusted EPS of 2007) | 48 | Tk. | 4.33 | 2.80 |
|
|
|
|
|
|
| Number of Shares used to compute EPS |
|
| 125,957,747 | 125,957,747 |
The Notes are integral part of the Financial Statements.
Beximco Pharmaceuticals Limited
Statement of Changes in Equity
For the year ended 31 December 2008
| Share Capital | Share Premium | Excess of Issue Price over Face Value of GDRs | Tax Holiday Reserve | |
|
|
|
|
| |
| Opening Balance | 1,145,070,430 | 1,489,750,000 | 1,689,636,958 | 442,354,953 |
| Revaluation Surplus | - | - | - | - |
| Profit after tax for 2008 | - | - | - | - |
| Tax Holiday Reserve no longer required |
|
|
| (442,354,953) |
| Cash Dividend of Previous Year (2007) |
|
|
|
|
| Bonus Share of Previous Year (2007) | 114,507,040 |
| - |
|
|
|
|
|
| |
| Closing Balance Tk. | 1,259,577,470 | 1,489,750,000 | 1,689,636,958 | 0 |
|
|
|
|
|
|
| Total Number of shares |
|
|
|
|
| Shareholders' Equity per share |
|
|
|
|
Table continued…
|
| Capital Reserve on Merger | Revaluation Surplus | Retained Earnings | Total |
|
|
|
|
| |
| Opening Balance | 294,950,950 | - | 3,189,176,356 | 8,250,939,647 |
| Revaluation Surplus | - | 1,711,174,747 |
| 1,711,174,747 |
| Profit after tax for 2008 | - |
| 545,341,273 | 545,341,273 |
| Tax Holiday Reserve no longer required |
|
| 442,354,953 | - |
| Cash Dividend of Previous Year (2007) |
|
| (57,253,522) | (57,253,522) |
| Bonus Share of Previous Year (2007) |
|
| (114,507,040) | - |
|
|
|
|
| |
| Closing Balance Tk. | 294,950,950 | 1,711,174,747 | 4,005,112,020 | 10,450,202,145 |
|
|
|
|
|
|
| Total Number of shares |
|
|
| 125,957,747 |
| Shareholders' Equity per share |
|
| Tk. | 82.97 |
The Notes are integral part of the Financial Statements.
Beximco Pharmaceuticals Limited
Cash Flow Statement
For the year ended 31 December 2008
|
|
| 2008 | 2007 |
| Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
| Cash Receipts from Customers and Others |
| 4,006,684,717 | 3,542,690,128 |
| Cash Paid to Suppliers and Employees |
| (2,840,612,734) | (2,947,335,836) |
| Cash Generated from Operations |
| 1,166,071,983 | 595,354,292 |
|
|
|
|
|
| Interest Paid |
| (214,066,707) | (222,581,780) |
| Income Tax Paid |
| (71,277,001) | (32,303,532) |
| Net Cash Generated from Operating Activities |
| 880,728,275 | 340,468,980 |
|
|
|
|
|
| Cash Flows from Investing Activities : |
|
|
|
| Acquisition of Property, Plant and Equipment ( Note : 49) |
| (1,180,445,241) | (460,904,187) |
| Sales of Shares in Bextex Ltd. |
| - | 9,730,325 |
| Disposal of Property, Plant and Equipment |
| 61,600 | 1,928,598 |
| Net Cash Used in Investing Activities |
| (1,180,383,641) | (449,245,264) |
|
|
|
|
|
| Cash Flows from Financing Activities : |
|
|
|
|
|
|
|
|
| Net Increase / (Decrease) in Long Term Borrowings |
| (209,110,438) | 70,386,381 |
| Net (Decrease)/Increase in Short Term Borrowings |
| 554,083,900 | (395,234,653) |
| Dividend Paid |
| (57,369,278) | (61,775,479) |
| Net cash Generated from Financing Activities |
| 287,604,184 | (386,623,751) |
| (Decrease) / Increase in Cash and Cash Equivalents |
| (12,051,182) | (495,400,035) |
| Cash and Cash Equivalents at Beginning of Year |
| 85,698,910 | 581,098,945 |
| Cash and Cash Equivalents at End of Year | Tk. | 73,647,728 | 85,698,910 |
The Notes are integral part of the Financial Statements.
The Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) including International Accounting Standards (IASs).