Last checked at 14 May 2012 07:00
BEXIMCO PHARMACEUTICALS LTD.
14TH May, 2012
Results for the year ended 31 December 2011
Beximco Pharmaceuticals Limited ("BPL" or "the Company"; AIM Symbol: BXP), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, today announces its audited results for the year ended 31 December 2011.
Highlights:
Corporate
·; Received GMP accreditation from AGES, the Austrian Agency for Health and Food Safety, for Oral Solid Dosage (OSD) and Ophthalmic facilities
·; Registered 48 new products in 8 countries including New Zealand, Azerbaijan, Kuwait, Singapore and Columbia
·; Only pharmaceutical company to achieve 'National Export Trophy' (Government of Bangladesh award for excellence in export) for the fourth time
·; Introduced 40 new generic products in 55 different dosage forms and strengths
·; Launched several combination products for the first time in Bangladesh, including: NapaDol® (Paracetamol + Tramadol), Dinovo® (Naproxen + Esomeprazole) & Glipita M® (Sitagliptin + Metformin )
·; Launched Dry Powder Inhaler (DPI) and Prefilled Syringe (PFS) products
Financial
·; Net sales increased to BDT 7,890.24 million (£59.2 million) registering a y-o-y growth rate of 21.56%. (2010: BDT 6,490.85 million; £54.2 million)
·; Profit before tax increased 23.23% to BDT 1677.85 million (£12.6 million). (2010: BDT 1361.53 million; £11.4 million)
·; EPS rose by 13.88% to BDT 4.76 (3.57p). (2010: BDT 4.18; 3.49p)
·; The Company has declared a 21% stock dividend (i.e. 21 shares for every 100 shares held) with record date set on 21 May 2012. Payment of the dividend is due within 30 days from the date of approval of the dividend at the Annual General Meeting.
·; The AGM will be held on 30 June 2012 at 10.30am at the Beximco Industrial Park, Sarabo, Kashimpur, Gazipur, Bangladesh.
Post year-end
·; Launched 10 new products during the first quarter of 2012
·; Registered 9 new products in overseas markets
·; Export to Thailand commenced
·; Sterile ophthalmic facility accredited by Therapeutic Goods Administration (TGA) Australia
·; Inauguration of new hydrofluoroalkane (HFA) Metered Dose Inhaler (MDI) unit, replacing the chlorofluorocarbon (CFC) based MDI plant
o Unit opened by Health Minister of Bangladesh and attended by representatives from UNDP (United Nations Development Program) and UNEP (United Nations Environment Program)
·; Director General of World Trade Organization (WTO), Pascal Lamy, inspected and endorsed Beximco's state-of-the-art manufacturing facilities
Nazmul Hassan, Managing Director of Beximco Pharmaceuticals, commented:
"2011 has been another successful year for the Company with significant top line growth despite strong competition. Our expanded product portfolio, new strategic partnerships, focus on R&D, and restructuring of sales and marketing played an important role in growing the business during the period. The Company's performance during this time is further evidence that Beximco is making real progress towards meeting the Company's strategic objectives to build a strong and diverse product portfolio; develop and leverage our generic drug capabilities and expand our geographic reach. We remain focused on creating value for shareholders and improving the lives of patients."
Audited financial reports are available from the Company's website: www.beximcopharma.com and will be posted to shareholders in due course.
(Exchange rates of £1 = Taka 119.7 for 2010 numbers and £1 = Taka 133.2 for 2011 numbers have been used in this announcement.)
For further information please visit www.beximcopharma.com or enquire at:
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
Thilo Hoffmann
Tel: +44 (0)20 7569 9650
FTI Consulting
Jonathan Birt / Susan Quigley / Simon Conway
Tel: +44 (0)20 7269 7169
BEXIMCO PHARMACEUTICALS LIMITED
Statement of Financial Position
As at 31 December 2011
Amount in Taka | |||
ASSETS | Notes | 2011 | 2010 |
Non-Current Assets | 15,884,877,780 | 15,180,731,678 | |
Property, Plant and Equipment- Carrying Value | 4 (a) | 15,745,492,625 | 15,123,306,298 |
Intangible Assets | 3.3 & 5 | 135,933,879 | 51,126,854 |
Investment in Shares | 6 | 3,451,276 | 6,298,526 |
Current Assets | 7,148,462,753 | 6,191,667,831 | |
Inventories | 7 | 2,291,844,631 | 1,983,809,444 |
Spares & Supplies | 8 | 325,881,244 | 276,520,188 |
Accounts Receivable | 9 | 978,224,317 | 821,356,439 |
Loans, Advances and Deposits | 10 | 840,320,705 | 779,129,620 |
Short Term Investment | 11 | 2,193,423,560 | 859,403,704 |
Cash and Cash Equivalents | 12 | 518,768,296 | 1,471,448,436 |
TOTAL ASSETS | 23,033,340,533 | 21,372,399,509 | |
EQUITY AND LIABILITIES | |||
Shareholders' Equity | 17,128,128,177 | 15,974,086,451 | |
Issued Share Capital | 13 | 2,517,678,100 | 2,098,065,090 |
Share Premium | 14 | 5,269,474,690 | 5,269,474,690 |
Excess of Issue Price over Face Value of GDRs | 15 | 1,689,636,958 | 1,689,636,958 |
Capital Reserve on Merger | 294,950,950 | 294,950,950 | |
Revaluation Surplus | 4(b) | 1,466,602,600 | 1,534,645,820 |
Retained Earnings | 5,889,784,879 | 5,087,312,943 | |
Non-Current Liabilities | 3,257,050,368 | 2,885,155,826 | |
Long Term Borrowings-Net off Current Maturity (Secured) | 16 | 1,890,074,651 | 1,902,150,733 |
Liability for Gratuity & WPPF | 17 | 403,598,795 | 335,885,792 |
Deferred Tax Liability | 18 | 963,376,922 | 647,119,301 |
Current Liabilities and Provisions | 2,648,161,988 | 2,513,157,232 | |
Short Term Borrowings | 19 | 1,642,216,008 | 1,639,961,052 |
Long Term Borrowings-Current Maturity | 20 | 363,744,181 | 348,860,443 |
Creditors and Other Payables | 21 | 523,798,136 | 432,315,660 |
Accrued Expenses | 22 | 101,559,917 | 90,512,178 |
Dividend Payable | 1,361,452 | 1,507,899 | |
Income Tax Payable | 23 | 15,482,294 | - |
TOTAL EQUITY AND LIABILITIES | 23,033,340,533 | 21,372,399,509 |
BEXIMCO PHARMACEUTICALS LIMITED
Statement of Comprehensive Income
For the year ended 31 December 2011
Amount in Taka | |||
Notes | 2011 | 2010 | |
Net Sales Revenue | 24 | 7,890,241,843 | 6,490,847,353 |
Cost of Goods Sold | 25 | (4,103,709,021) | (3,317,640,254) |
Gross Profit | 3,786,532,822 | 3,173,207,099 | |
Operating Expenses : | (1,798,053,124) | (1,537,426,907) | |
Administrative Expenses | 28 | (275,201,846) | (233,413,980) |
Selling, Marketing and Distribution Expenses | 29 | (1,522,851,278) | (1,304,012,927) |
Profit from Operations | 1,988,479,698 | 1,635,780,192 | |
Other Income | 30 | 340,907,774 | 456,011,134 |
Finance Cost | 31 | (567,645,757) | (662,182,384) |
Profit Before Contribution to WPPF | 1,761,741,715 | 1,429,608,942 | |
Contribution to Workers' Profit Participation/Welfare Funds | 32 | (83,892,463) | (68,076,616) |
Profit Before Tax | 1,677,849,252 | 1,361,532,326 | |
Income Tax Expense | 33 | (479,323,910) | (309,883,518) |
Current Tax | (207,549,905) | (71,085,835) | |
Deferred Tax Expense | (271,774,005) | (238,797,683) | |
Profit After Tax for the Year | 1,198,525,342 | 1,051,648,808 | |
Other Comprehensive Income | - | - | |
Total Comprehensive Income for the Year | 1,198,525,342 | 1,051,648,808 | |
Earnings Per Share (EPS) / Adjusted EPS (2010) | 34 | 4.76 | 4.18 |
Number of Shares used to compute EPS | 251,767,810 | 251,767,810 |
BEXIMCO PHARMACEUTICALS LIMITED
Statement of Changes in Equity
For the year ended 31 December 2011
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 | |
Balance as on January 01, 2011 | 2,098,065,090 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,534,645,820 | 5,087,312,943 | 15,974,086,451 |
Total Comprehensive Income for 2011: | |||||||
Profit for the Year | - | - | - | - | - | 1,198,525,342 | 1,198,525,342 |
Other Comprehensive Income | - | - | - | - | - | - | - |
Transaction with the Shareholders: | |||||||
Stock Dividend for 2010 | 419,613,010 | - | - | - | - | (419,613,010) | - |
Adjustment for Depreciation on Revalued Assets | - | - | - | (23,559,604) | 23,559,604 | - | |
Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | (44,483,616) | - | (44,483,616) |
Closing Balance | 2,517,678,100 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,466,602,600 | 5,889,784,879 | 17,128,128,177 |
Number of Shares | 251,767,810 | ||||||
Net Asset Value (NAV) per Share | 68.03 |
BEXIMCO PHARMACEUTICALS LIMITED
Statement of Cash Flows
For the year ended 31 December 2011
Amount in Taka | ||
2011 | 2010 | |
Cash Flows from Operating Activities : | ||
Cash Receipts from Customers and Others | 7,741,749,367 | 6,442,514,780 |
Cash Paid to Suppliers and Employees | (5,773,745,087) | (4,770,465,029) |
Cash Generated from Operations | 1,968,004,280 | 1,672,049,751 |
Interest Paid | (567,645,757) | (508,432,384) |
Interest Received | 330,494,566 | 367,995,851 |
Income Tax Paid | (154,331,358) | (179,406,569) |
Net Cash Generated from Operating Activities | 1,576,521,731 | 1,352,206,649 |
Cash Flows from Investing Activities : | ||
Acquisition of Property, Plant and Equipment | (1,112,175,207) | (2,595,098,749) |
Intangible Assets | (95,949,037) | (46,545,634) |
Investment in Shares | 2,847,250 | (3,416,700) |
Disposal of Property, Plant and Equipment | 5,178,814 | 13,350,073 |
Short Term Investment | (1,334,019,856) | 1,640,596,296 |
Net Cash Used in Investing Activities | (2,534,118,036) | (991,114,714) |
Cash Flows from Financing Activities : | ||
Net Increase / (Decrease) in Long Term Borrowings | 2,807,656 | 17,258,054 |
Net Increase / (Decrease) in Short Term Borrowings | 2,254,956 | 188,634,698 |
Preference Share Dividend | - | (153,750,000) |
Ordinary Share Dividend | (146,447) | (219,825) |
Net Cash Generated from Financing Activities | 4,916,165 | 51,922,927 |
Increase / (Decrease) in Cash and Cash Equivalents | (952,680,140) | 413,014,862 |
Cash and Cash Equivalents at Beginning of Year | 1,471,448,436 | 1,058,433,574 |
Cash and Cash Equivalents at End of Year | 518,768,296 | 1,471,448,436 |
Net Operating Cash Flow Per Share | 6.26 | 6.65 |