Final Results

7 May 2009 10:00

RNS Number : 8202R

Beximco Pharmaceuticals Ltd

07 May 2009

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

Despite an unfavorable business environment during the first half 2008, BPL achieved 11.5% growth in revenues over 2007 and a rise in pre tax profit of 78.7%

BPL's overseas revenues grew by approximately 39% over 2007 and the Company commenced business in seven new markets, namely, Chile, Nicaragua, Guatemala, Kiribati, Solomon Islands, Afghanistan and Macau

Registration of 45 new products in 10 different countries

BPL became the first and so far only Bangladeshi company to receive:

GMP Clearance from Therapeutic Goods Administration (TGA) Australia

GMP Certification from Gulf Central Committee for Drug Registration, Executive Board of the Health Ministers' Council for GCC states (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates)

BPL also received GMP certification from the Drug Administration and Control Authority of Ethiopia

BPL entered into a Long Term Arrangement (LTA) with the Global Supply Division (Copenhagen, Denmark) of the United Nations Children's Fund (UNICEF), to supply metered dose inhaler products

Post year-end highlights

Commenced 2009 with a very strong sales performance in domestic market, achieving approximately 43% growth in Q1 over the same period in 2008

Small Volume Parenterals (SVP), Ophthalmic preparations and Nebulizer solutions manufacturing facility is now complete. Product introductions from this new manufacturing line are set to roll out from May 2009 with a goal to contribute significantly to the Company's sales turnover.

BPL entered into a Long Term Agreement (LTA) with Asthma Drug Facility (ADF), a project of the International Union against Tuberculosis and Lung Diseases to supply Meter Dose Inhalers

BPL signed a Subscription Agreement with GEM Global Yield Fund Limited (GEM) to issue ordinary shares up to Tk. 4,100,000,000 (Approximately £44.6m) over the next three years. Under this agreement the company also intends to issue 2,500,000 warrants at an exercise price of Tk. 200 (approximately £2.17). The agreement was subsequently approved by Shareholders at an Extraordinary General Meeting (EGM). Approval of the Securities and Exchange Commission of Bangladesh has also been obtained

Nazmul Hassan, CEO, has joined the Board of Directors and has been nominated as Managing Director of the Company with immediate effect. Mr. Hassan will retain his position on the Executive Committee as CEO of the Company. There have been no changes to the disclosures required for Mr Hassan under paragraph (g) of Schedule Two of the AIM Rules for Companies since Admission

Financial

Net sales increased by 11.5% to Tk. 4,010.2m (2007: Tk. 3,597.0m)

Profit before tax increased by 78.7% to Tk. 714.1m (2007: Tk. 399.7m)

EPS increased by 54.6% to Tk. 4.33 (2007: Tk. 2.80)

The Company has declared a cash dividend equivalent to 10% of the nominal value of each ordinary share (equivalent to Tk 1 (one) per share) and a stock dividend of 20% (i.e. 20 for every 100 share) with record date on 25th May 2009 and payment date within 60 days from the date of approval of the dividend in AGM

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).

This information is provided by RNS

The company news service from the London Stock Exchange

END

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