Beximco PHARMACEUTICALS LTD.

INCOME STATEMENT
2011 2012
Sales Revenue 7890241843.00 9289115284.00
cost of goods sold -4103709021.00 -4899713857.00
Gross Profit 3786532822.00 4389401427.00
Operting Expenses: -1798053124.00 -2181521867.00
administrative -275201846.00 -332225347.00
selling,selling,marketting and distribution expenses -1522851278.00 -1849296520.00
Profit from the operations 1988479698.00 2207879560.00
Other income 340907774.00 442847713.00
Finance cost -567645757.00 -645406575.00
Profit Before contribution to WPPF 1761741715.00 2005320698.00
Contribution to Workers' Profit Participation/Welfare Funds -83892463.00 -95491462.00
Profit Before Tax 1677849252.00 1909829236.00
Income Tax Expenses 479323910.00 590439908.00
Current Tax
Deferred Tax Expense
Profit after Tax for the Year 1198525342.00 1319389328.00
Other Comprehensive Income
Total Comprehensive Income for the Year 1198525342.00 1319389328.00

Dividend 251690321.82 197908399.20

Retain Earning 946835020.18 1121480928.80
Earnings Per Share (EPS) 4.76 4.33
Number of Shares used to compute EPS 251767810.00 304639050.00
payout ratio 0.21 0.15
Retaintion ratio 0.79 0.85

ROA 0.05 0.05

ROE 0.07 0.07
P/E
price of share
 pro-forma pro-forma
2013 2014 2015 2016 2017
10490699094.00 11206885677.00 12965506873.00 13988979890.10 15195809935.40
-5651898878.00 -6102694323.00 -6965167704.00 -7514985098.29 -8163303265.73
4838800216.00 5104191354.00 6000339169.00 6473994791.81 7032506669.67
-2514527446.00 -2686014518.00 -3149060695.00 -3397641693.96 -3690756425.10
-375565912.00 -398762237.00 -448357117.00 -483749594.58 -525482698.04
-2138961534.00 -2287252281.00 -2700703578.00 -2913892099.39 -3165273727.06
2324272770.00 2418176836.00 2851278474.00 3076353097.84 3341750244.57
510588200.00 521171647.00 311678326.00 336281633.82 365292668.41
-636587090.00 -724314963.00 -708970234.00 -784986674.72 -889974557.70
2198273880.00 2215033520.00 2453986566.00 2627648056.95 2817068355.27
-104679709.00 -105477787.00 -116856503.00 -126080938.18 -136957947.48
2093594171.00 2109555733.00 2337130063.00 2501567118.77 2680110407.80
688831391.00 581258160.00 382845547.00 -687930957.66 -737030362.14

1404762780.00 1528297573.00 1954284516.00 1813636161.11 1943080045.65

1341619.00 967032.00 -351138.00
1406104399.00 1529264605.00 1953933378.00 1813636161.11 1943080045.65

70305219.95 76463230.25 97696668.90 90681808.06 97154002.28

1335799179.05 1452801374.75 1856236709.10 1722954353.05 1845926043.37
3.82 3.96 5.06 4.14 3.45
367851652.00 386244234.00 386244234.00 438600558.00 563267286.00
0.05 0.05 0.05 0.05 0.05
0.95 0.95 0.95 0.95 0.95

0.05 0.05 0.06 0.05 0.05

0.07 0.07 0.09 0.07 0.07
16.62 16.62 16.62
68.7431200631 57.3488107681
 pro-forma
2018
16402639980.70
-8811621433.16
7591018547.54
-3983871156.25
-567215801.51
-3416655354.74
3607147391.29
394303702.99
-970541107.16
3030909987.13
-147834956.77
2883075030.35
-792845633.35

2090229397.01

2,090,229,397.01

104511469.85
1985717927.16
2.81
743424225.00
0.05
0.95

0.06
0.08
16.62
46.7418067768
Beximco PHARMACEUTICALS LTD.

STATEMENT OF FINANCIAL POSITION

2011
ASSETS:

Non-Current Assets: 15,884,877,780

Property, Plant and Equipment-Carrying Value 15,745,492,625
Intangible Assets 135,933,879
Investment in Shares 3,451,276

Current Assets: 7,148,462,753

Inventories 2,291,844,631
Spares & Supplies 325,881,244
Accounts Receivable 978,224,317
Loans, Advances and Deposits 840,320,705
Short Term Investment 2,193,423,560
Cash and Cash Equivalents 518,768,296

TOTAL ASSETS 23,033,340,533

SHAREHOLDERS' EQUITY AND LIABILITIES:

Shareholders' Equity: 17,128,128,177

Issued Share Capital 2,517,678,100
Share Premium 5,269,474,690
Excess of Issue Price over Face Value of GDRs 1,689,636,958
Capital Reserve on Merger 294,950,950
Revaluation Surplus 1,466,602,600
Retained Earnings 5,889,784,879
Non-Current Liabilities: 3,257,050,368
Long Term Borrowings-Net off Current Maturity (Secured) 1,890,074,651
Liability for Gratuity & WPPF 403,598,795
Deferred Tax Liability 963,376,922

Current Liabilities: 2,648,161,988

Short Term Borrowings 1,642,216,008
Long Term Borrowings-Current Maturity 363,744,181
Creditors and Other Payables 523,798,136
Accrued Expenses 101,559,917
 Dividend Payable 1,361,452
Income Tax Payable 15,482,294

TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 23,033,340,533

EFN 0
Net Working Capital 4,500,300,765
Total debt/Total Asset 0.2563767226
Interest expense / Total interest bearing debt 0.1320218896

internal growth rate 4.29%

sustainable growth rate 5.85%
Change in NWC
Change in debt ratio

Change in current asset

Change in current liabilites
 Proforma
proforma proforma
2012 2013 2014 2015 2016 2017

16,392,388,639 18,567,329,474 20,634,246,854 22,443,457,489 24,215,102,314 26,304,140,489

16,201,858,216 18,364,313,070 20,393,278,737 22,168,184,597 23918099891.1233 25981515651.377
187,079,147 198,223,509 235,208,190 269,864,103 291166673.76795 316285638.32819
3,451,276 4,792,895 5,759,927 5,408,789 5835748.75181778 6339199.1095884

8,197,421,953 8,903,422,328 8,366,279,107 8,392,093,095 9,054,549,328 9,835,685,784

2,433,987,981 2,411,881,986 2,493,657,338 2,817,185,843 3039569257.91078 3301793060.7925
396,175,790 433,352,407 554,183,898 556,974,583 600941121.485138 652784344.26209
1,162,404,807 1,249,434,697 1,397,498,648 1,546,921,772 1669032901.83972 1813020459.786
965,276,373 1,186,637,111 1,223,673,153 1,784,104,778 1924938693.54594 2091003257.8661
2,686,598,326 3,026,383,161 2,475,026,831 1,539,430,008 1660949751.91246 1804239976.081
552,978,676 595,732,966 222,239,239 147,476,111 159117601.12868 172844685.11099

24,589,810,592 27,470,751,802 29,000,525,961 30,835,550,584 33,269,651,641 36,139,826,273

18,408,161,859 19,775,552,465 20,920,185,325 22,478,627,583 24,253,938,260 26,224,531,031

3,046,390,500 3,503,349,070 3,678,516,520 3,862,442,340 3,914,798,664 4,039,465,392
5,269,474,690 5,269,474,690 5,269,474,690 5,269,474,690 5,269,474,690 5,269,474,690
1,689,636,958 1,689,636,958 1,689,636,958 1,689,636,958 1,689,636,958 1,689,636,958
294,950,950 294,950,950 294,950,950 294,950,950 294,950,950 294,950,950
1,406,527,880 1,301,528,966 1,301,528,966 1,259,380,459 1,259,380,459 1,259,380,459
6,701,180,881 7,667,220,373 8,686,077,241 10,102,742,186 11,825,696,539 13,671,622,582
3,116,703,964 3,312,618,059 3,372,593,206 3,494,915,017 3,494,915,017 3,494,915,017
1,469,621,611 1,151,400,702 901,709,327 916,927,763 916,927,763 916,927,763
499,622,784 610,628,150 741,522,518 864,107,790 864,107,790 864,107,790
1,147,459,569 1,550,589,207 1,729,361,361 1,713,879,464 1,713,879,464 1,713,879,464

3,064,944,769 4,382,581,278 4,707,747,430 4,862,007,984 5,520,798,365 6,420,380,224

1,526,449,918 2,776,266,125 3,153,121,293 3,163,551,475 3,771,407,295 4,610,929,576
664,712,728 754,903,558 663,838,072 724,603,464 724,603,464 724,603,464
470,097,685 383,170,553 357,710,839 439,018,016 473,673,282 514,537,102
128,598,961 141,582,304 164,283,115 206,228,496 222,507,790 241,703,549
 1,020,948 973,367 454,720 412,480 412,480 412,480
274,064,529 325,685,371 368,339,391 328,194,053 328,194,053 328,194,053

24,589,810,592 27,470,751,802 29,000,525,961 30,835,550,584 33,269,651,642 36,139,826,272

0 0 0 0 0 0
5,132,477,184 4,520,841,050 3,658,531,677 3,530,085,111 3,533,750,963 3,415,305,560
0.2513906608 0.2801233615 0.2786273824 0.2710158516 0.2709891128 0.2743592392
0.1551306323 0.1202651073 0.1326537726 0.1250566964 0.1250566964 0.1250566964

4.78% 5.11% 5.27% 6.41% 5.46% 5.38%

6.49% 7.24% 7.46% 9.00% 7.65% 7.57%
632,176,419 -611,636,134 -862,309,373 -128,446,566 3,665,852 -118,445,403
-0.0049860618 0.0287327007 -0.0014959791 -0.0076115308 -2.673879665438E-05 0.0033701264

662,456,233 781,136,456
658,790,381 899,581,859
 proforma
2018

28,393,178,664
28044931411.629
341404602.88842
6842649.4673589

10,616,822,240
3564016863.6741
704627567.03902
1957008017.7322
2257067822.1861
1947530200.2495
186571769.09329

39,010,000,904

28,390,405,898
4,219,622,331
5,269,474,690
1,689,636,958
294,950,950
1,259,380,459
15,657,340,510
3,494,915,017
916,927,763
864,107,790
1,713,879,464

7,124,679,989
3,163,551,475
2,816,221,752
555,400,921
260,899,308
 412,480
328,194,053

39,010,000,904

0
3,492,142,251
0.2722274996
0.1250566964

5.81%
8.19%
76,836,691
-0.0021317396

781,136,456
704,299,765
Sales growth Devedends
TK growth rate yr percet
2011 7,890,241,843 2011 21%
2012 9,289,115,284 2012 15%
2013 10,490,699,094 2013 5%
2014 11,206,885,677 2014 5%
2015 12,965,506,873 2015 5%
2016 13988979890.1 7.89%
2017 15195809935.4 8.63%
2018 16402639980.7 7.94%
 2016 2017 2018
Change NWC 3,665,852 -118,445,403 76,836,691
capital expendeture 1,771,644,825 2,089,038,175 2,089,038,175
EBIT(1-T) 1,813,636,161 1,943,080,046 2,090,229,397
depreciaion 28,040,159 30,459,185 32,878,211
OCF 1,841,676,320 1,973,539,230 2,123,107,608
FCF 66,365,643 2,946,459 -42,767,258
p/e 16.6244870194 16.6244870194 16.6244870194
stock price 68.7431200631 57.3488107681 46.7418067768
outstanding share 438600558 563267286 743424225
cash 186571769.093

present value 61880687.9979708 2561674.76667 -34669445.222

value of the company 33,638,771,423.31
Market capitalization 34748991478.18
Enerprise value 41,459,120,699
Present enterprise value 33608998505.77
 Step 1 Step 2
TRADEDATE CLSPRC DGEN/DSE-X
01-01-2009 164.70 2,807.61
30-12-2009 155.80 -0.054038 4,535.53 0.6154407 rf 6.50%
03-01-2010 160.2 5,876.55 Step 3 beta 0.1878987448
30-12-2010 135.1 -0.156679 8,290.41 0.410761 rm 8.04%
01/02/2011 130.20 8,304.59 Step 4 capm 6.79%
29/12/2011 93.60 -0.281106 5,257.61 -0.366904
01-01-2012 94.70 5,351.75
30-12-2012 55.90 -0.409715 4,219.31 -0.211602
01-01-2013 54.50 4,090.47
30-12-2013 47.20 -0.133945 4,266.55 0.0430464 Total equity
01-01-2014 46.90 4,286.15 22,478,627,583
30-12-2014 58.70 0.2515991 4,864.96 0.135042
01-01-2015 62.10 4,941.52 Step 5 WACC
31-12-2015 84.10 0.3542673 4,629.64 -0.063113 0.072477456
avarage 0.0803818
 Debt Interest expenses cost of debt cost of equity total value
5,669,190,492 708970234.00 9.07% 6.79% 28,147,818,075