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14 May 2013 07:00
BEXIMCO PHARMACEUTICALS LTD.
14th May, 2013
Results for the year ended 31 December 2012
Beximco Pharmaceuticals Limited ("Beximco Pharma", "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 2012.
Highlights:
Corporate
·; Introduced 26 new products including dosage forms and strengths
o Launched 9 products for the first time in Bangladesh
·; Multiple landmark achievements for Bangladesh in the pMDI portfolio:
o First Bangladeshi company to launch Salbutamol HFA Inhaler in Singapore with our own brand Azmasol®
o Launched pMDI products for the first time in Bangladesh with integrated dose counter device (two combination inhaler products are currently marketed with dose counter actuator device)
o Commenced inhaler exports to South Africa
·; Registered 36 new products in 12 countries
o Commenced export to 7 new countries, (Mauritius, Ethiopia, Columbia, Azerbaijan, Liberia, Thailand and Suriname)
·; Lyophilized injectable and liquid vial lines commenced commercial operation
·; Received GMP (Good Manufacturing Practices) accreditation from Austrian regulatory authority (for the European Union) for new Metered Dose Inhalers (MDI) facility; GMP clearance from MCC, South Africa for MDI facility
·; Contract manufacturing agreement with an MNC done to produce a range of products
Financial
·; Net sales increased to BDT 9,289.1 million (£78.1 million) registering a y-o-y growth rate of 17.73% (2011: BDT 7,890.2 million (£59.2 million)1)
·; Profit before tax increased 13.83% to BDT 1,909.8 million (£16.0 million) (2011: BDT: 1,677.8 million (2011: £12.6 million))
·; EPS rose by 10.18% to BDT 4.33 (Restated 2011: BDT 3.93)
·; The Company has declared a 15% stock dividend (i.e. 15 shares for every 100 shares held) with record date set on 20 May 2013. Dividend is due within 30 days from the date of approval of the dividend at the Annual General Meeting (AGM)
·; The AGM will be held on 29 June 2013 at 10.30 am at the Beximco Industrial Park, Sarabo, Kashimpur, Gazipur, Bangladesh
Post year-end
·; Launched 13 new products during the first quarter of 2013
o 5 products launched for the first time in Bangladesh
·; Registered 20 new products in overseas markets during Q1 2013
·; Commenced exports to Europe (Germany and Austria) with two eye drops for the first time from Bangladesh
·; Obtained marketing authorization for a product in Australia, exports due to commence in H2 2013
Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:
"We are pleased to report continued progress during 2012. Our successful growth leadership strategy, which has been in place for the last three years, has enabled us to set a new vision of building a better Beximco Pharma. Alongside expanding our domestic market, we are also expanding our overseas businesses through product registration, increased market reach and collaboration with international pharmaceutical companies."
Audited financial reports are available from the Company's website: www.beximcopharma.com and will be posted to shareholders in due course.
1) (Exchange rates of £1 = Taka 133.21 for 2011 numbers and £1 = Taka 119 for 2012 numbers have 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.20080
Md. Asad Ullah, FCS, Executive Director & Company Secretary
Tel; +880 2 8618220-1, Ext 10140
Libertas Capital Corporate Finance (Nomad)
Thilo Hoffmann
Tel: +44 (0)20 7569 9650
Daniel Stewart & Company (Broker)
Paul Shackleton
James Thomas
Tel: +44 (0)20 7776 6550
FTI Consulting
Simon Conway / Susan Stuart / Victoria Foster-Mitchell
Tel: +44 (0)20 7269 7169
Notes to Editors
About Beximco Pharmaceuticals Limited
Founded in 1976 and based in Dhaka, Bangladesh, Beximco Pharma manufactures and sells generic pharmaceutical formulation products and active pharmaceutical ingredients. The Company also undertakes contract manufacturing for multinational and leading global generic pharmaceutical companies. The Company operates from a 23 acre site in Dhaka and has manufacturing facilities for producing various drugs in different delivery systems such as tablets, capsules, liquids, semi-solids, intravenous fluids, metered dose inhalers, dry powder inhalers, sterile ophthalmic drops, prefilled syringes, injectables, nebulizer solutions etc. Ensuring access to quality medicines is the powerful aspiration that motivates 2,700 employees of the Company.
Beximco Pharma's state-of-the-art manufacturing facilities are certified by global regulatory authorities of Australia, European Union, Gulf nations, and Brazil, among others. 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 Africa, including Mauritius, Kenya, Ghana and Nigeria, Pacific Island and Latin & Central American countries, Middle East and South East Asia, including Singapore, Malaysia, Philippines and Hong Kong.
Beximco Pharmaceuticals Limited
Statement of Financial Position
As at 31 December 2012
Amount in Taka | ||
2012 | 2011 | |
ASSETS | ||
Non-Current Assets | 16,392,388,639 | 15,884,877,780 |
Property, Plant and Equipment- Carrying Value | 16,201,858,216 | 15,745,492,625 |
Intangible Assets | 187,079,147 | 135,933,879 |
Investment in Shares | 3,451,276 | 3,451,276 |
Current Assets | 8,197,421,953 | 7,148,462,753 |
Inventories | 2,433,987,981 | 2,291,844,631 |
Spares & Supplies | 396,175,790 | 325,881,244 |
Accounts Receivable | 1,162,404,807 | 978,224,317 |
Loans, Advances and Deposits | 965,276,373 | 840,320,705 |
Short Term Investment | 2,686,598,326 | 2,193,423,560 |
Cash and Cash Equivalents | 552,978,676 | 518,768,296 |
TOTAL ASSETS | 24,589,810,592 | 23,033,340,533 |
EQUITY AND LIABILITIES | ||
Shareholders' Equity | 18,408,161,859 | 17,128,128,177 |
Issued Share Capital | 3,046,390,500 | 2,517,678,100 |
Share Premium | 5,269,474,690 | 5,269,474,690 |
Excess of Issue Price over Face Value of GDRs | 1,689,636,958 | 1,689,636,958 |
Capital Reserve on Merger | 294,950,950 | 294,950,950 |
Revaluation Surplus | 1,406,527,880 | 1,466,602,600 |
Retained Earnings | 6,701,180,881 | 5,889,784,879 |
Non-Current Liabilities | 3,116,703,964 | 3,257,050,368 |
Long Term Borrowings-Net off Current Maturity (Secured) | 1,469,621,611 | 1,890,074,651 |
Liability for Gratuity & WPPF | 499,622,784 | 403,598,795 |
Deferred Tax Liability | 1,147,459,569 | 963,376,922 |
Current Liabilities and Provisions | 3,064,944,769 | 2,648,161,988 |
Short Term Borrowings | 1,526,449,918 | 1,642,216,008 |
Long Term Borrowings-Current Maturity | 664,712,728 | 363,744,181 |
Creditors and Other Payables | 470,097,685 | 523,798,136 |
Accrued Expenses | 128,598,961 | 101,559,917 |
Dividend Payable | 1,020,948 | 1,361,452 |
Income Tax Payable | 274,064,529 | 15,482,294 |
TOTAL EQUITY AND LIABILITIES | 24,589,810,592 | 23,033,340,533 |
Beximco Pharmaceuticals Limited
Statement of Comprehensive Income
For the year ended 31 December 2012
Amount in Taka | ||
2012 | 2011 | |
Net Sales Revenue | 9,289,115,284 | 7,890,241,843 |
Cost of Goods Sold | (4,899,713,857) | (4,103,709,021) |
Gross Profit | 4,389,401,427 | 3,786,532,822 |
Operating Expenses : | (2,181,521,867) | (1,798,053,124) |
Administrative Expenses | (332,225,347) | (275,201,846) |
Selling, Marketing and Distribution Expenses | (1,849,296,520) | (1,522,851,278) |
Profit from Operations | 2,207,879,560 | 1,988,479,698 |
Other Income | 442,847,713 | 340,907,774 |
Finance Cost | (645,406,575) | (567,645,757) |
Profit Before Contribution to WPPF | 2,005,320,698 | 1,761,741,715 |
Contribution to Workers'Profit Participation/Welfare Funds | (95,491,462) | (83,892,463) |
Profit Before Tax | 1,909,829,236 | 1,677,849,252 |
Income Tax Expenses | (590,439,908) | (479,323,910) |
Current Tax | (445,712,907) | (207,549,905) |
Deferred Tax Expense | (144,727,001) | (271,774,005) |
Profit After Tax for the Year | 1,319,389,328 | 1,198,525,342 |
Other Comprehensive Income | - | - |
Total Comprehensive Income for the Year | 1,319,389,328 | 1,198,525,342 |
Earnings Per Share (EPS) / Adjusted EPS (2011) | 4.33 | 3.93 |
Number of Shares used to compute EPS | 304,639,050 | 304,639,050 |
Beximco Pharmaceuticals Limited
Statement of Changes in Equity
For the year ended 31 December 2012
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, 2012 | 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 | ||||
Total Comprehensive Income for 2012: | |||||||||||
Profit for the Year | - | - | - | - | - | 1,319,389,328 | 1,319,389,328 | ||||
Other Comprehensive Income | - | - | - | - | - | - | - | ||||
Transaction with the Shareholders: | |||||||||||
Stock Dividend for 2011 | 528,712,400 | - | - | - | - | (528,712,400) | - | ||||
Adjustment for Depreciation on Revalued Assets | - | - | - | - | (20,719,074) | 20,719,074 | - | ||||
Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | (39,355,646) | - | (39,355,646) | ||||
Balance as on December 31, 2012 | 3,046,390,500 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,406,527,880 | 6,701,180,881 | 18,408,161,859 | ||||
Number of Shares | 304,639,050 | ||||||||||
Net Asset Value (NAV) per Share | 60.43 | ||||||||||
Beximco Pharmaceuticals Limited
Statement of Cash Flows
For the year ended 31 December 2012
Amount in Taka | ||
2012 | 2011 | |
Cash Flows from Operating Activities : | ||
Cash Receipts from Customers and Others | 9,107,836,251 | 7,741,749,367 |
Cash Paid to Suppliers and Employees | (6,855,119,972) | (5,773,745,087) |
Cash Generated from Operations | 2,252,716,279 | 1,968,004,280 |
Interest Paid | (645,406,575) | (567,645,757) |
Interest Received | 437,201,038 | 330,494,566 |
Income Tax Paid | (187,130,672) | (154,331,358) |
Net Cash Generated from Operating Activities | 1,857,380,070 | 1,576,521,731 |
Cash Flows from Investing Activities : | ||
Acquisition of Property, Plant and Equipment | (1,033,862,245) | (1,112,175,207) |
Intangible Assets | (65,272,280) | (95,949,037) |
Investment in Shares | - | 2,847,250 |
Disposal of Property, Plant and Equipment | 4,730,688 | 5,178,814 |
Short Term Investment | (493,174,766) | (1,334,019,856) |
Net Cash Used in Investing Activities | (1,587,578,603) | (2,534,118,036) |
Cash Flows from Financing Activities : | ||
Net Increase / (Decrease) in Long Term Borrowings | (119,484,493) | 2,807,656 |
Net Increase / (Decrease) in Short Term Borrowings | (115,766,090) | 2,254,956 |
Ordinary Share Dividend | (340,504) | (146,447) |
Net Cash Generated from Financing Activities | (235,591,087) | 4,916,165 |
Increase / (Decrease) in Cash and Cash Equivalents | 34,210,380 | (952,680,140) |
Cash and Cash Equivalents at Beginning of Year | 518,768,296 | 1,471,448,436 |
Cash and Cash Equivalents at End of Year | 552,978,676 | 518,768,296 |
Net Operating Cash Flow Per Share | 6.10 | 6.26 |
Number of Shares used to compute Net Operating Cash Flow Per Share | 304,639,050 | 251,767,810 |
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