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12 May 2008 06:00
BEXIMCO PHARMACEUTICALS LTD.
Results for the year ended 31 December 2007
Beximco Pharmaceuticals Limited ('BPL' or 'the Company'; AIM Symbol: BXP) today announces its results for the year ended 31 December 2007.
Highlights
Corporate
The Company is pleased to have maintained sales levels despite the unstable business and macro environment
Maintained domestic market share
Nine new international markets entered in Asia, Middle East, Pacific Islands, Africa and Central America
Technology transfer agreement with Roche, signed for the manufacture of second line anti-retroviral drug Saquinavir which can be supplied to sub-Saharan African and Least Developed Countries under the TRIPS agreement
Financial
Net sales decreased by 2.8% to Tk. 3,597.0m (2006: Tk. 3,702.3m)
Profit before tax decreased by 23.6% to Tk. 399.7m (2006: Tk. 523.2m) due to significant increases in raw material prices
EPS decreased by 25% to Tk. 3.08 (2006: Tk. 4.11)
5% cash dividend (equivalent to Tk 0.50) per share and a stock dividend of 10% (i.e. one for every 10 shares) declared with record date on 2 July 2008
Post year end highlights
Three new overseas markets entered - Guatemala, Kiribati and Solomon Islands
Long Term Arrangement signed with the Global Supply Division of UNICEF to supply 60,000 CFC free metered dose inhaler product units over a two year contract period
Audits arranged with a number of developed markets' regulatory agencies. Updates on the outcome of these audits will be announced when available
A full trading update will be published shortly. The AGM will be held on 21 August 2008 at 10.30 a.m. at 1 Shahbagh C/A, Dhaka, Bangladesh
Nazmul Hassan, CEO of Beximco pharmaceuticals, commented:
"2007 was a very difficult year for Beximco Pharmaceuticals and I want to thank all stakeholders for their continuing support. 2008 is going to be a challenging and exciting year for us, as we look to achieve key milestones for all our on-going projects. We are looking forward to a better business environment and financial performance in 2008 and beyond, with a particular view to establishing ourselves as a true international company with much improved performance in the overseas markets."
The full audited accounts and Notes to the Accounts are available from the Company's website: www.beximcopharma.com
For further enquiries please contact:
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Beximco Pharma
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Tel: +880 2 861 9151, ext.2080
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Nazmul Hassan, CEO
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Libertas Capital
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Tel: +44 (0)20 7569 9650
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Aamir Quraishi/Andrew Hardy
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Financial Dynamics
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Tel: +44 (0)20 7269 7169
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David Yates/Sue Quigley
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Balance Sheet
As at 31 December 2007
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Notes |
2007 |
2006 |
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ASSETS Non-Current Assets |
9,029,643,482 ______ |
8,555,119,221 ______ |
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Property, Plant and Equipment- Carrying Value |
20 |
8,992,942,392 |
8,513,136,381 |
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Investment in Shares |
21 |
36,701,090 |
41,982,840 |
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Current Assets |
2,923,775,458 ______ |
3,357,393,266 ______ |
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Inventories |
22 |
1,652,480,291 |
1,754,440,288 |
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Accounts Receivable |
23 |
499,680,792 |
430,240,095 |
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Loans, Advances and Deposits |
24 |
685,915,465 |
591,613,938 |
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Cash and Cash Equivalents |
25 |
85,698,910 |
581,098,945 |
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TOTAL ASSETS |
Tk. 11,953,418,940 ______ |
11,912,512,487 ______ |
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SHAREHOLDERS' EQUITY AND LIABILITIES |
|||
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Shareholders' Equity |
8,250,939,647 ______ |
7,949,920,425 ______ |
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Issued Share Capital |
26 |
1,145,070,430 |
1,040,973,120 |
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Share Premium |
1,489,750,000 |
1,489,750,000 |
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Excess of Issue Price over Face Value of GDRs |
1,689,636,958 |
1,689,636,958 |
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Capital Reserve on Merger |
294,950,950 |
294,950,950 |
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Tax-Holiday Reserve |
27 |
442,354,953 |
394,834,828 |
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Retained Earnings |
3,189,176,356 |
3,039,774,569 |
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Non-Current Liabilities |
2,074,506,357 ______ |
1,435,171,264 ______ |
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Long Term Borrowing-Net off Current Maturity (Secured) |
28 |
1,776,449,778 |
1,159,409,947 |
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Liability for Gratuity & WPPF |
29 |
246,704,610 |
213,357,859 |
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Deferred Tax Liability |
30 |
51,351,969 |
62,403,458 |
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Current Liabilities and Provisions |
1,627,972,936 ______ |
2,527,420,798 ______ |
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Short Term Borrowings |
31 |
907,582,327 |
1,302,816,980 |
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Long Term Borrowing-Current Maturity |
32 |
343,604,498 |
712,122,930 |
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Creditors and Other Payables |
33 |
271,814,118 |
365,255,938 |
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Accrued Expenses |
34 |
60,052,739 |
117,936,620 |
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Dividend Payable |
3,285,324 |
13,012,146 |
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Income Tax Payable |
35 |
41,633,930 |
16,276,184 |
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
Tk. 11,953,418,940 ______ |
11,912,512,487 ______ |
Profit and Loss Account
For the year ended 31 December 2007
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Notes |
2007 |
2006 |
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Net Sales Revenue |
36 |
3,597,024,812 ______ |
3,702,317,159 ______ |
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Cost of Goods Sold |
37 |
(1,967,509,975) |
(1,971,231,333) |
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Gross Profit |
1,629,514,837 ______ |
1,731,085,826 ______ |
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Operating Expenses : |
(974,736,690) ______ |
(984,562,332) ______ |
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Administrative Expenses |
40 |
(145,544,701) |
(150,285,977) |
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Selling, Marketing and Distribution Expenses |
41 |
(829,191,989) |
(834,276,355) |
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Profit from Operations |
654,778,147 ______ |
746,523,494 ______ |
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Other Income |
42 |
19,625,795 |
56,201,142 |
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Finance Cost |
43 |
(254,742,392) |
(253,318,784) |
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Profit Before Contribution to WPPF |
419,661,550 ______ |
549,405,852 ______ |
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Contribution to Workers' Profit Participation/ Welfare Funds |
44 |
(19,983,883) |
(26,162,183) |
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Profit Before Tax |
399,677,667 ______ |
523,243,669 ______ |
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Income Tax Expense |
19.5, & 45 |
(46,609,789) |
(52,585,106) |
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Current Tax |
(57,661,278) |
(35,402,549) |
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Deferred Tax Income/(Expense) |
11,051,489 |
(17,182,557) |
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Profit After Tax Transferred to Statement of Changes in Equity |
Tk. 353,067,878 ______ |
470,658,563 ______ |
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Earnings Per Share (of Tk. 10 /- each) (Adjusted EPS of 2006) |
46 |
Tk. 3.08 ______ |
4.11 ______ |
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Number of shares used to compute EPS |
114,507,043 |
114,507,043 |
Statement of Changes in Equity
For the year ended 31 December 2007
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Excess of Issue |
||||
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Share |
Share |
Price over Face |
Tax Holiday |
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Capital |
Premium |
Value of GDRs |
Reserve |
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Opening Balance on 01.01.2007 |
1,040,973,120 |
1,489,750,000 |
1,689,636,958 |
394,834,828 |
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Profit after tax for 2007 |
- |
- |
- |
- |
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Tax Holiday Reserve provided for 2007 (Note-47) |
78,154,622 |
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Tax Holiday Reserve no longer required |
(30,634,497) |
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Cash Dividend of Previous Year (2006) |
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Bonus Share of Previous Year (2006) |
104,097,310 |
- |
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At the end of year 2007 Tk. |
1,145,070,430 |
1,489,750,000 |
1,689,636,958 |
442,354,953 |
(continued from table above)
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Capital |
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Reserve on |
Retained |
Total |
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Merger |
Earnings |
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Opening Balance on 01.01.2007 |
294,950,950 |
3,039,774,569 |
7,949,920,425 |
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Profit after tax for 2007 |
- |
353,067,878 |
353,067,878 |
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Tax Holiday Reserve provided for 2007 (Note-47) |
(78,154,622) |
- |
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Tax Holiday Reserve no longer required |
30,634,497 |
- |
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Cash Dividend of Previous Year (2006) |
(52,048,656) |
(52,048,656) |
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Bonus Share of Previous Year (2006) |
(104,097,310) |
- |
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At the end of year 2007 Tk. |
294,950,950 |
3,189,176,356 |
8,250,939,647 |
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Total Number of shares Shareholders' Equity per share |
|||
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Total Number of shares Shareholders' Equity per share |
114,507,043 Tk. 72.06 |
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Cash Flow Statement
For the year ended 31 December 2007
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Cash Flows from Operating Activities : |
2007 |
2006 |
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Cash Receipts from Customers and Others |
3,542,690,128 |
4,097,579,564 |
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Cash Paid to Suppliers and Employees |
(2,947,335,836) |
(2,714,775,105) |
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Cash Generated from Operations |
595,354,292 ______ |
1,382,804,459 ______ |
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Interest Paid |
(222,581,780) |
(229,719,450) |
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Income Tax Paid |
(32,303,532) |
(73,557,767) |
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Net Cash Generated from Operating Activities |
340,468,980 ______ |
1,079,527,242 ______ |
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Cash Flows from Investing Activities : |
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Acquisition of Property, Plant and Equipment ( Note : 48) |
(460,904,187) |
(1,083,478,873) |
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Investment in Shares |
- |
(10,000,000) |
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Sales of Shares in Bextex Ltd. |
9,730,325 |
15,294,792 |
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Disposal of Property, Plant and Equipment |
1,928,598 |
450,467 |
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Net Cash Used in Investing Activities |
(449,245,264) ______ |
(1,077,733,614) ______ |
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Cash Flows from Financing Activities : |
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Net Increase/(Decrease) in Long Term Borrowings |
70,386,381 |
(760,582,217) |
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Issue of Shares against GDR |
- |
81,757,500 |
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Net Excess of Issue Price over Face Value of GDRs |
- |
720,461,653 |
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Net (Decrease)/Increase in Short Term Borrowings |
(395,234,653) |
240,805,788 |
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Dividend Paid |
(61,775,479) |
(131,700,637) |
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Net cash Generated from Financing Activities |
(386,623,751) ______ |
150,742,087 ______ |
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(Decrease)/ Increase in Cash and Cash Equivalents |
(495,400,035) |
152,535,715 |
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Cash and Cash Equivalents at Beginning of Year |
581,098,945 |
428,563,230 |
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Cash and Cash Equivalents at End of Year |
Tk. 85,698,910 ______ |
581,098,945 ______ |
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