Beximco Pharmaceuticals Limited

Particulars/ Year 2014 2015 2016

Assets
Non current assets: 20,634,246,854 22,443,457,489 23,197,141,000
Property, plant & equipment 20,393,278,737 22,168,184,597 22,777,806,000
Intangible assets 235,208,190 269,864,103 403,253,000
Investment in shares 5,759,927 5,408,789 16,082,000

Current assets: 8,366,279,107 8,392,093,095 8,958,250,000

Inventories 2,493,657,338 2,817,185,843 2,875,287,000
Spares and supplies 554,183,898 556,974,583 617,882,000
Accounts Receivables 1,397,498,648 1,546,921,772 1,956,579,000
Loans, advances and deposits 1,223,673,153 1,784,104,778 1,877,035,000
Short term investment 2,475,026,831 1,539,430,008 1,312,011,000
Cash and cash equivalents 222,239,239 147,476,111 319,456,000

Total assets 29,000,525,961 30,835,550,584 32,155,391,000

Equity 20,920,185,325 22,478,627,583 23,955,155,000

Issued share capital 3,678,516,520 3,862,442,340 4,055,564,000
Share premium 5,269,474,690 5,269,474,690 5,269,475,000
Excess of issue price over face value of GDRs 1,689,636,958 1,689,636,958 1,689,637,000
Capital reserve on merger 294,950,950 294,950,950 294,951,000
Revaluation surplus 1,299,220,315 1,257,422,946 1,195,359,000
Fair value gain on investment 2,308,651 1,957,513 2,076,000
Retained earnings 8,686,077,241 10,102,742,186 11,448,093,000

Liabilities 8,080,340,636 8,356,923,001 8,200,236,000

Non current liabilities: 3,372,593,206 3,494,915,017 5,040,890,000
Long term borrowings 901,709,327 916,927,763 2,253,586,000
Liability for gratuity, WPPF & welfare funds 741,522,518 864,107,790 989,833,000
Deferred tax liability 1,729,361,361 1,713,879,464 1,797,471,000

Current liabilities: 4,707,747,430 4,862,007,984 3,159,346,000

Short term borrowings 3,153,121,293 3,163,551,475 1,443,887,000
Long term borrowings - current maturity 663,838,072 724,603,464 726,699,000
Creditors and other payables 357,710,839 439,018,016 428,194,000
Accrued expenses 164,283,115 206,228,496 120,633,000
Dividend payable 454,720 412,480 50,710,000
Income tax payable 368,339,391 328,194,053 389,223,000

Total liabilities and equity 29,000,525,961 30,835,550,584 32,155,391,000

Sales 11,206,885,677 12,965,506,873 14,699,586,719

Less: Cost of goods sold 6,102,694,323 6,965,167,704 7,914,711,654
Gross profit 5,104,191,354 6,000,339,169 6,784,875,065
Less: Operating expenses 2,686,014,518 3,149,060,695 3,412,236,236
Earnings before interest and taxes 2,418,176,836 2,851,278,474 3,372,638,829
Earnings before tax 2,109,555,733 2,337,130,063 2,784,773,866
Less: Income tax expense 581,258,160 382,845,547 678,063,528
Net profit after tax 1,528,297,573 1,954,284,516 2,106,710,338

Tax rate 25% 25% 25%

Depreciation 0 0 0
WACC 10% 10% 10%
Days in a period 365 365 365
 2014 2015

LIQUIDITY RATIO
1. Current ratio 1.78 1.73
2. Quick ratio 1.25 1.15
3. Net working capital (NWC) 3,658,531,677 3,530,085,111

ASSET MANAGEMENT RATIO

1. Inventory turnover ratio 2.45 2.47
2. Total asset turnover ratio 0.39 0.42
3. Accounts receivables turnover 8.02 8.38
4. Accounts payable turnover 17.06 15.87

Days inventory held (DIH) 149.14 147.63

Days sales outstanding (DSO) 45.52 43.55
Days payables outstanding (DPO) 21.39 23.01
Operating cycle 194.66 191.18
Cash conversion period 173.27 168.17

CASH BASED LIQUIDITY MEASURES

1. Operating cash flow 1813632627.00 2138458855.50
2. Cash conversion efficiency 0.16 0.16
3. Cash ratio 0.01 0.00
4. Cash burn rate 13.29 7.73

NPV calculation:
NPV (daily) 4572334444.38 5398660547.30
NPV (perpetuity) 16689020721973.20 19705110997642.30

NPV Outflow (daily) -6067131690.294 -6921540884.43323

NPV Inflow (daily) 10639466134.6702 12320201431.7325
 2016

2.84
1.93
5,798,904,000

2.75
0.46
7.51
18.48

132.60
48.58
19.75
181.18
161.43

2529479121.75
0.17
0.01
14.73

6132300970.12
22382898540950.80

-7872122664.78997
14004423634.9135