Close
Company Search
Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

Final Results

7th 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
 
 
FR UNABRKWRVRAR

Related Shares:

Beximco Pharma
FTSE 100 Latest
Value8,474.74
Change-133.74