Last checked at 4 May 2010 07:00
BEXIMCO PHARMACEUTICALS LTD.
Final Results for the year ended 31 December 2009
Beximco Pharmaceuticals Limited ('BPL' or 'the Company'; AIM Symbol: BXP) today announces its audited results for the year ended 31 December 2009.
Highlights
Corporate
·; The company reported a strong performance achieving 21.40% growth in revenues over 2008 (outperforming industry growth of 16.83%), pre-tax profit grew by 21.47%
·; Export revenues grew by 59.51% to Tk. 272.13m over 2008 and an additional 51 products were registered in 12 different countries
·; BPL became the first and only Bangladeshi company to receive regulatory approval from ANVISA (Brazil) for MDI facility
·; The company introduced 26 new products in 34 different dosage forms and strengths
·; BPL launched ION unit for producing injectables, ophthalmics and nebulizer solutions; 16 products launched - 9 eye drops, 4 injectables and 3 nebulizer solutions
·; Commissioning of the remaining 3 lines of US FDA standard OSD facility is underway, the facility will have an installed capacity to produce 3.5 billion tablets annually
·; One product registered and two under registration in Australia
·; Signed long-term supply agreement with ADF, France for asthma inhalers
·; Appointed Head of R&D and Regulatory Affairs from Australia with significant MNC experience
Post year-end highlights
·; Entered 3 new countries and registered 21 new products overseas
·; Beximco Pharma awarded "Superbrand" status for the year 2010-11 as the first pharma company in the country
·; 16 new products launched in Q1 including 3 new HFA based MDI products
·; A new R&D lab in Track II is being set up
Financial
·; Net sales increased by 21.40% to Tk. 4,868.3m (£46.98m) (2008: Tk. 4,010.2m (£38.70m))
·; Profit before tax increased by 21.47% to Tk. 867.5m (£ 8.37m) (2008: Tk. 714.1m (£6.89m))
·; EPS increased by 14.40% to Tk. 4.13 (2008: Tk. 3.61)
·; The Company has declared 15% stock dividend (i.e. 15 shares for every 100 shares held) with record date on 19 May 2010 and payment date within 30 days from the date of approval of the dividend in the AGM
The AGM will be held on 15 June 2010 at 10.00 a.m. at Beximco Industrial Park, Sarabo, Kashimpur,Gazipur, Bangladesh
Nazmul Hassan, Managing Director of Beximco Pharmaceuticals, commented:
"2009 was another successful year for Beximco Pharma. In our 30 years in the business, we have continued our efforts to meet the strategic goals we set for ourselves, while at the same time delivering a consistent financial performance. After the 2007-2008 political turmoil and certain unprecedented events in the country which had seriously disrupted our business activities, the company has shown strong performance in 2009 recovering from its earlier setbacks. Sales revenue in the year achieved a robust growth of 21.4%. During the period our company has not only shown signs of recovery, it has taken up strategies and aggressive expansion programs in order to cater to the growing demand at home and abroad. Although our current export turnover is still low and contributes little to the overall sales, 2009 exports have increased 59.5%. We continue to invest in our facilities to achieve our aspirational target of entering regulated markets within the shortest possible time. The new initiatives are expected to help the company enter the regulated markets of Europe and the USA."
The full audited accounts are available from the Company's website: www.beximcopharma.com and will be posted to shareholders in due course.
(An exchange rate of £ 1 = Taka 103.62 has been used in this announcement.)
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
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 2009
Amount in Taka
|
| Notes | 2009 | 2008 |
| ASSETS |
|
|
|
| Non-Current Assets |
| 12,975,195,529 | 11,957,773,787 |
| Property, Plant and Equipment- Carrying Value | 4(a) | 12,966,587,178 | 11,921,072,697 |
| Intangible Assets | 3.5 & 5 | 5,726,525 | - |
| Investment in Shares | 6 | 2,881,826 | 36,701,090 |
|
|
|
|
|
| Current Assets |
| 6,916,737,893 | 2,861,891,654 |
| Inventories | 7 | 1,722,953,284 | 1,505,288,093 |
| Spares & Supplies | 8 | 242,034,855 | 234,530,326 |
| Accounts Receivable | 9 | 694,111,730 | 503,916,401 |
| Loans, Advances and Deposits | 10 | 699,204,450 | 544,509,106 |
| Short Term Investment | 11 | 2,500,000,000 | - |
| Cash and Cash Equivalents | 12 | 1,058,433,574 | 73,647,728 |
|
|
|
|
|
| TOTAL ASSETS |
| 19,891,933,422 | 14,819,665,441 |
|
|
|
|
|
| SHAREHOLDERS' EQUITY AND LIABILITIES |
|
|
|
|
|
|
|
|
| Shareholders' Equity |
| 10,885,706,614 | 10,450,202,145 |
| Issued Share Capital | 13 | 1,511,492,960 | 1,259,577,470 |
| Share Premium | 3.16 | 1,489,750,000 | 1,489,750,000 |
| Excess of Issue Price over Face Value of GDRs | 14 | 1,689,636,958 | 1,689,636,958 |
| Capital Reserve on Merger |
| 294,950,950 | 294,950,950 |
| Revaluation Surplus | 4(b) | 1,617,361,714 | 1,711,174,747 |
| Retained Earnings |
| 4,282,514,032 | 4,005,112,020 |
|
|
|
|
|
| Non-Current Liabilities |
| 6,684,775,166 | 1,767,431,029 |
| Long Term Borrowings-Net off Current Maturity (Secured) | 15 | 1,924,933,065 | 1,446,600,500 |
| Fully Convertible, 5% Dividend, Preference Share | 3.15 & 13H | 4,100,000,000 | - |
| Liability for Gratuity & WPPF | 16 | 307,425,614 | 274,419,253 |
| Deferred Tax Liability | 17 | 352,416,487 | 46,411,276 |
|
|
|
|
|
| Current Liabilities and Provisions |
| 2,321,451,642 | 2,602,032,267 |
| Short Term Borrowings | 18 | 1,451,326,354 | 1,461,666,227 |
| Long Term Borrowings-Current Maturity | 19 | 308,820,056 | 648,165,841 |
| Creditors and Other Payables | 20 | 409,898,122 | 263,176,822 |
| Accrued Expenses | 21 | 79,094,905 | 81,776,450 |
| Dividend Payable |
| 1,727,724 | 3,169,568 |
| Income Tax Payable | 22 | 70,584,481 | 144,077,359 |
|
|
|
|
|
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
| 19,891,933,422 | 14,819,665,441 |
Beximco Pharmaceuticals Limited
Profit and Loss Account
For the year ended 31 December 2009
Amount in Taka
|
| Notes | 2009 | 2008 |
|
|
|
|
|
| Net Sales Revenue | 23 | 4,868,254,915 | 4,010,167,059 |
|
|
|
|
|
| Cost of Goods Sold | 24 | (2,566,206,626) | (2,002,871,181) |
| Gross Profit |
| 2,302,048,289 | 2,007,295,878 |
|
|
|
|
|
| Operating Expenses : |
| (1,300,765,878) | (1,008,501,030) |
| Administrative Expenses | 27 | (215,192,547) | (153,464,243) |
| Selling, Marketing and Distribution Expenses | 28 | (1,085,573,331) | (855,036,787) |
|
|
|
|
|
| Profit from Operations |
| 1,001,282,411 | 998,794,848 |
|
|
|
|
|
| Other Income | 29 | 198,986,379 | 686,510 |
| Finance Cost | 30 | (289,427,992) | (249,654,298) |
| Profit Before Contribution to WPPF |
| 910,840,798 | 749,827,060 |
|
|
|
|
|
| Contribution to Workers' Profit Participation/ Welfare Funds | 31 | (43,373,371) | (35,706,050) |
|
|
|
| |
| Profit Before Tax |
| 867,467,427 | 714,121,010 |
| Income Tax Expense | 32 | (242,727,120) | (168,779,737) |
| Current Tax |
| - | (173,720,430) |
| Deferred Tax (Expense)/Income |
| (242,727,120) | 4,940,693 |
| Profit After Tax Transferred to Statement of Changes in Equity |
| 624,740,307 | 545,341,273 |
|
|
|
|
|
| Earnings Per Share (of Tk. 10 /- each) (Adjusted EPS of 2008) | 33 | 4.13 | 3.61 |
|
|
|
|
|
| Number of Shares used to compute EPS |
| 151,149,296 | 151,149,296 |
The Notes are integral part of the Financial Statements.
Beximco Pharmaceuticals Limited
Statement of Changes in Equity
For the year ended 31 December 2009 Amount in Taka
|
| Share Capital | Share Premium | Excess of Issue Price over Face Value of GDRs | Capital Reserve on Merger | Revaluation Surplus | Retained Earnings | Total |
|
|
|
|
|
|
|
|
|
| Opening Balance | 1,259,577,470 | 1,489,750,000 | 1,689,636,958 | 294,950,950 | 1,711,174,747 | 4,005,112,020 | 10,450,202,145 |
|
|
|
|
|
|
|
|
|
| Profit after tax for 2009 | - | - | - | - | - | 624,740,307 | 624,740,307 |
|
|
|
|
|
|
|
|
|
| Cash Dividend of Previous Year (2008) | - | - | - | - | - | (125,957,747) | (125,957,747) |
|
|
|
|
|
|
|
|
|
| Stock Dividend of Previous Year (2008) | 251,915,490 | - | - | - | - | (251,915,490) | - |
|
|
|
|
|
|
|
|
|
| Adjustment for Depreciation on Revalued Asset | - | - | - | - | (30,534,942) | 30,534,942 | - |
|
|
|
|
|
|
|
|
|
| Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | (63,278,091) | - | (63,278,091) |
|
|
|
|
|
|
|
|
|
| Closing Balance | 1,511,492,960 | 1,489,750,000 | 1,689,636,958 | 294,950,950 | 1,617,361,714 | 4,282,514,032 | 10,885,706,614 |
|
|
|
|
|
|
|
|
|
| Total Number of shares |
|
|
|
|
|
| 151,149,296 |
|
|
|
|
|
|
|
|
|
| Net Asset Value Per Share (NAVPS) |
|
|
|
|
|
| 72.02 |
The Notes are integral part of the Financial Statements.
Beximco Pharmaceuticals Limited
Cash Flow Statement
For the year ended 31 December 2009
Amount in Taka
|
| 2009 | 2008 |
| Cash Flows from Operating Activities: |
|
|
|
|
|
|
| Cash Receipts from Customers and Others | 4,710,870,128 | 4,006,684,717 |
| Cash Paid to Suppliers and Employees | (3,868,077,506) | (2,840,612,734) |
| Cash Generated from Operations | 842,792,622 | 1,166,071,983 |
|
|
|
|
| Interest Paid | (248,370,850) | (214,066,707) |
| Income Tax Paid | (73,492,878) | (71,277,001) |
| Net Cash Generated from Operating Activities | 520,928,894 | 880,728,275 |
|
|
|
|
| Cash Flows from Investing Activities : |
|
|
| Acquisition of Property, Plant and Equipment ( Note : 34) | (1,148,198,910) | (1,180,445,241) |
| Intangible Assets | (5,726,525) |
|
| Sales of Shares | 197,500,000 | - |
| Disposal of Property, Plant and Equipment | 3,553,600 | 61,600 |
| Short Term Investment | (2,500,000,000) | - |
| Net Cash Used in Investing Activities | (3,452,871,835) | (1,180,383,641) |
|
|
|
|
| Cash Flows from Financing Activities : |
|
|
|
|
|
|
| Net Increase / (Decrease) in Long Term Borrowings | (45,531,749) | (209,110,438) |
| Issuance of Preference Share | 4,100,000,000 | - |
| Net (Decrease)/Increase in Short Term Borrowings | (10,339,873) | 554,083,900 |
| Dividend Paid | (127,399,591) | (57,369,278) |
| Net cash Generated from Financing Activities | 3,916,728,787 | 287,604,184 |
| (Decrease) / Increase in Cash and Cash Equivalents | 984,785,846 | (12,051,182) |
| Cash and Cash Equivalents at Beginning of Year | 73,647,728 | 85,698,910 |
| Cash and Cash Equivalents at End of Year | 1,058,433,574 | 73,647,728 |
| Net Operating Cash Flow Per Share | 3.45 | 5.83 |
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).