Monday 12 May, 2008
Beximco Pharmaceut
Final Results
RNS Number : 1551U Beximco Pharmaceuticals Ltd 11 May 2008
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
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The Company is pleased to have maintained sales levels despite the unstable business and macro environment
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Maintained domestic market share
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Nine new international markets entered in Asia, Middle East, Pacific Islands, Africa and Central America
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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
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Net sales decreased by 2.8% to Tk. 3,597.0m (2006: Tk. 3,702.3m)
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Profit before tax decreased by 23.6% to Tk. 399.7m (2006: Tk. 523.2m) due to significant increases in raw material prices
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EPS decreased by 25% to Tk. 3.08 (2006: Tk. 4.11)
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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
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Three new overseas markets entered - Guatemala, Kiribati and Solomon Islands
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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
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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
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2007
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2006
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ASSETS
Non-Current Assets
|
|
9,029,643,482
______
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8,555,119,221
______
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Property, Plant and Equipment- Carrying Value
|
20
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8,992,942,392
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8,513,136,381
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Investment in Shares
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21
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36,701,090
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41,982,840
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Current Assets
|
|
2,923,775,458
______
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3,357,393,266
______
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Inventories
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22
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1,652,480,291
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1,754,440,288
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Accounts Receivable
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23
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499,680,792
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430,240,095
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Loans, Advances and Deposits
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24
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685,915,465
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591,613,938
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Cash and Cash Equivalents
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25
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85,698,910
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581,098,945
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TOTAL ASSETS
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Tk. 11,953,418,940
______
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11,912,512,487
______
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SHAREHOLDERS' EQUITY AND LIABILITIES
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|
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Shareholders' Equity
|
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8,250,939,647
______
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7,949,920,425
______
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Issued Share Capital
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26
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1,145,070,430
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1,040,973,120
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Share Premium
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1,489,750,000
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1,489,750,000
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Excess of Issue Price over Face Value of GDRs
|
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1,689,636,958
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1,689,636,958
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Capital Reserve on Merger
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294,950,950
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294,950,950
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Tax-Holiday Reserve
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27
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442,354,953
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394,834,828
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Retained Earnings
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3,189,176,356
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3,039,774,569
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Non-Current Liabilities
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2,074,506,357
______
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1,435,171,264
______
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Long Term Borrowing-Net off Current Maturity (Secured)
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28
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1,776,449,778
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1,159,409,947
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Liability for Gratuity & WPPF
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29
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246,704,610
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213,357,859
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Deferred Tax Liability
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30
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51,351,969
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62,403,458
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Current Liabilities and Provisions
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1,627,972,936
______
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2,527,420,798
______
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Short Term Borrowings
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31
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907,582,327
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1,302,816,980
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Long Term Borrowing-Current Maturity
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32
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343,604,498
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712,122,930
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Creditors and Other Payables
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33
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271,814,118
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365,255,938
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Accrued Expenses
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34
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60,052,739
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117,936,620
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Dividend Payable
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3,285,324
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13,012,146
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Income Tax Payable
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35
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41,633,930
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16,276,184
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
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Tk. 11,953,418,940
______
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11,912,512,487
______
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Profit and Loss Account
For the year ended 31 December 2007
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Notes
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2007
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2006
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Net Sales Revenue
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36
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3,597,024,812
______
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3,702,317,159
______
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Cost of Goods Sold
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37
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(1,967,509,975)
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(1,971,231,333)
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Gross Profit
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1,629,514,837
______
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1,731,085,826
______
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Operating Expenses :
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(974,736,690)
______
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(984,562,332)
______
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Administrative Expenses
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40
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(145,544,701)
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(150,285,977)
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Selling, Marketing and Distribution Expenses
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41
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(829,191,989)
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(834,276,355)
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Profit from Operations
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654,778,147
______
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746,523,494
______
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Other Income
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42
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19,625,795
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56,201,142
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Finance Cost
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43
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(254,742,392)
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(253,318,784)
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Profit Before Contribution to WPPF
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419,661,550
______
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549,405,852
______
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Contribution to Workers' Profit Participation/ Welfare Funds
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44
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(19,983,883)
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(26,162,183)
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Profit Before Tax
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399,677,667
______
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523,243,669
______
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Income Tax Expense
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19.5, &
45
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(46,609,789)
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(52,585,106)
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Current Tax
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(57,661,278)
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(35,402,549)
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Deferred Tax Income/(Expense)
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11,051,489
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(17,182,557)
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Profit After Tax Transferred to Statement of Changes in Equity
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Tk. 353,067,878
______
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470,658,563
______
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Earnings Per Share (of Tk. 10 /- each) (Adjusted EPS of 2006)
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46
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Tk. 3.08
______
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4.11
______
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Number of shares used to compute EPS
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114,507,043
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114,507,043
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Statement of Changes in Equity
For the year ended 31 December 2007
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Excess of Issue
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|
|
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Share
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Share
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Price over Face
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Tax Holiday
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|
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Capital
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Premium
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Value of GDRs
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Reserve
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|
|
|
|
|
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Opening Balance on 01.01.2007
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1,040,973,120
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1,489,750,000
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1,689,636,958
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394,834,828
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Profit after tax for 2007
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-
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-
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-
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-
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Tax Holiday Reserve provided for 2007 (Note-47)
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78,154,622
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Tax Holiday Reserve no longer required
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(30,634,497)
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Cash Dividend of Previous Year (2006)
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|
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Bonus Share of Previous Year (2006)
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104,097,310
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-
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At the end of year 2007 Tk.
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1,145,070,430
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1,489,750,000
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1,689,636,958
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442,354,953
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(continued from table above)
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Capital
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Reserve on
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Retained
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Total
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Merger
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Earnings
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Opening Balance on 01.01.2007
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294,950,950
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3,039,774,569
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7,949,920,425
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Profit after tax for 2007
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-
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353,067,878
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353,067,878
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Tax Holiday Reserve provided for 2007 (Note-47)
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(78,154,622)
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-
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Tax Holiday Reserve no longer required
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30,634,497
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-
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Cash Dividend of Previous Year (2006)
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(52,048,656)
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(52,048,656)
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Bonus Share of Previous Year (2006)
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(104,097,310)
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-
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At the end of year 2007 Tk.
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294,950,950
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3,189,176,356
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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
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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 :
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2007
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2006
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Cash Receipts from Customers and Others
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3,542,690,128
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4,097,579,564
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Cash Paid to Suppliers and Employees
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(2,947,335,836)
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(2,714,775,105)
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Cash Generated from Operations
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595,354,292
______
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1,382,804,459
______
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Interest Paid
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(222,581,780)
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(229,719,450)
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Income Tax Paid
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(32,303,532)
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(73,557,767)
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Net Cash Generated from Operating Activities
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340,468,980
______
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1,079,527,242
______
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Cash Flows from Investing Activities :
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|
|
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Acquisition of Property, Plant and Equipment ( Note : 48)
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(460,904,187)
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(1,083,478,873)
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Investment in Shares
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-
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(10,000,000)
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Sales of Shares in Bextex Ltd.
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9,730,325
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15,294,792
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Disposal of Property, Plant and Equipment
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1,928,598
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450,467
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Net Cash Used in Investing Activities
|
(449,245,264)
______
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(1,077,733,614)
______
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Cash Flows from Financing Activities :
|
|
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Net Increase/(Decrease) in Long Term Borrowings
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70,386,381
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(760,582,217)
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Issue of Shares against GDR
|
-
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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
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(395,234,653)
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240,805,788
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Dividend Paid
|
(61,775,479)
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(131,700,637)
|
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Net cash Generated from Financing Activities
|
(386,623,751)
______
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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
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Tk. 85,698,910
______
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581,098,945
______
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This information is provided by RNS The company news service from the London Stock Exchange END FR UUSVRWNRVARR
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