REG - Beximco Pharma. - Financial Results for the First Quarter
06/11/2023 07:00
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RNS Number : 4121S Beximco Pharmaceuticals Ltd 06 November 2023
6 November 2023
This announcement contains inside information as stipulated under the UK
version of the Market Abuse Regulation 596/2014 which is part of English Law
by virtue of the European (Withdrawal) Act 2018, as amended. On publication of
this announcement via a regulatory information service, this information is
considered to be in the public domain.
BEXIMCO PHARMACEUTICALS LIMITED
Financial Results for the First Quarter Ended 30 September 2023
Beximco Pharmaceuticals Limited ("Beximco Pharma", "BPL" or "the Company"; AIM
Symbol: BXP, LEI No.:213800IMBBD6TIOQGB56), the fast-growing manufacturer of
generic pharmaceutical products and active pharmaceutical ingredients, today
announces its unaudited results for the three-month period ended 30 September
2023. The information set out below has been released to the Dhaka and
Chittagong Stock Exchanges in compliance with the requirements from the
Bangladesh SEC.
Beximco Pharma Managing Director Nazmul Hassan MP commented:
"Amidst challenges, we delivered strong growth in revenue in this first
quarter. The ongoing macro-economic headwinds, especially the devaluation of
currency and high inflationary pressures, weigh on our bottom line and
somewhat overshadow our accomplishment. That said, we remain confident in the
strength of the business and our strategy as we continue to focus on growth
through the delivery of high-quality, affordable medicines to patients."
The detailed accounts can be viewed at the Company
website: www.beximcopharma.com (http://www.beximcopharma.com/)
For further information please visit www.beximcopharma.com or enquire to:
Beximco Pharma
Nazmul Hassan MP, Managing Director
Tel: +880 2 586/11001, Ext.20080
S M Rabbur Reza, Chief Operating Officer
Tel: +880 2 58611001, Ext.20111
Mohammad Ali Nawaz, Chief Financial Officer
Tel: +880 2 58611001, Ext.20030
SPARK Advisory Partners Limited (Nominated Adviser)
Mark Brady / Andrew Emmott
Tel: +44 (0) 20 3368 3551 / 3555
SP Angel Corporate Finance LLP (Broker)
Matthew Johnson
Tel: +44 (0) 20 3470 0470
FTI Consulting
Simon Conway / Victoria Foster Mitchell
Tel: +44 (0) 20 3727 1000
Notes to Editors
About Beximco Pharmaceuticals Limited
Beximco Pharma is a leading manufacturer and exporter of medicines based in
Bangladesh. Since its inception in 1976, the Company remains committed to
health and wellbeing of people across all the continents by providing access
to contemporary medicines. Company's broad portfolio of generics encompasses
diverse delivery systems such as tablets, capsules, liquids, semi-solids,
intravenous fluids, metered dose inhalers, dry powder inhalers, sterile
ophthalmic drops, insulins, prefilled syringes, injectables, nebuliser
solutions, oral soluble films etc. The Company also undertakes contract
manufacturing for multinational and leading global generic pharmaceutical
companies.
Beximco Pharma′s state-of-the-art manufacturing facilities are certified by
global regulatory authorities of USA, Europe, Australia, Canada, GCC and Latin
America, among others and it has a geographic footprint in more than 50
countries. More than 5,500 employees are driving the company towards achieving
its aspiration to be among the most admired companies in the world.
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Financial Position (Un-audited)
As at September 30, 2023
Taka '000
September 30, 2023 June 30, 2023
ASSETS
Non-Current Assets 48,409,531 48,280,929
Property, Plant and Equipment- Carrying Value 42,356,471 42,245,615
Right-of-use Assets 538,197 562,224
Intangible Assets 4,766,816 4,721,035
Deferred Tax Asset 52,504 56,512
Goodwill 674,570 674,570
Other Investments 20,973 20,973
20,942,045 20,875,854
Current Assets
Inventories 11,958,465 12,133,278
Spares & Supplies 888,249 819,740
Accounts Receivable 3,671,221 3,574,655
Loans, Advances and Deposits 3,049,766 2,984,877
Advance Income Tax 230,467 227,618
Short Term Investment 200,000 -
Cash and Cash Equivalents 943,877 1,135,686
TOTAL ASSETS 69,351,576 69,156,783
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity Attributable to the Owners of the Company 45,233,894 43,680,704
Issued Share Capital 4,461,121 4,461,121
Share Premium 5,269,475 5,269,475
Excess of Issue Price over Face Value of GDRs 1,689,637 1,689,637
Capital Reserve on Merger 294,951 294,951
Revaluation Surplus 1,140,210 1,141,178
Unrealized Gain/(Loss) 18,148 18,148
Retained Earnings 32,360,352 30,806,194
Non-Controlling Interest 3,953,454 3,938,962
TOTAL EQUITY 49,187,348 47,619,666
Non-Current Liabilities 8,383,552 8,272,093
Long Term Borrowings-Net of Current Maturity 2,306,715 2,550,833
Liability for Gratuity, Pension and WPPF & Welfare Funds 3,535,080 3,170,764
Deferred Tax Liability 2,541,757 2,550,496
11,780,676 13,265,024
Current Liabilities and Provisions
Short Term Borrowings 4,732,715 6,621,170
Long Term Borrowings-Current Maturity 1,468,445 1,439,895
Creditors and Other Payables 3,706,475 3,531,707
Accrued Expenses 1,032,588 1,129,700
Dividend Payable / Unclaimed Dividend 88,235 88,465
Income Tax Payable 752,218 454,087
TOTAL EQUITY AND LIABILITIES 69,351,576 69,156,783
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Profit or Loss and Other Comprehensive Income
(Un-audited)
For the Period July - September 2023
Taka '000
July -September July -September
2023 2022
Net Revenue 11,159,367 9,787,202
Cost of Goods Sold (6,251,512) (5,351,036)
Gross Profit 4,907,855 4,436,166
Operating Expenses (2,598,458) (2,313,283)
Administrative Expenses (304,684) (274,747)
Selling, Marketing and Distribution Expenses (2,293,774) (2,038,536)
Profit from Operations 2,309,397 2,122,883
Other Income 144,875 168,042
Finance Cost (297,754) (310,973)
Profit Before Contribution to WPPF & Welfare Funds 2,156,518 1,979,952
Contribution to WPPF & Welfare Funds (103,572) (98,210)
Profit Before Tax 2,052,946 1,881,742
Income Tax Expenses (485,545) (469,029)
Current Tax (489,995) (393,848)
Deferred Tax 4,450 (75,181)
Profit After Tax 1,567,401 1,412,713
Profit/(Loss) Attributable to:
Owners of the Company 1,552,909 1,447,027
Non-Controlling Interest 14,492 (34,314)
1,567,401 1,412,713
Other Comprehensive Income/(Loss) - (3,340)
Total Comprehensive Income 1,567,401 1,409,373
Total Comprehensive Income Attributable to:
Owners of the Company 1,552,909 1,443,687
Non-Controlling Interest 14,492 (34,314)
1,567,401 1,409,373
Earnings Per Share (EPS) Tk. 3.48 3.24
Number of Shares Nos. 446,112,089 446,112,089
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Changes in Equity (Un-audited)
For the Period July - September 2023
As at September 30, 2023
Taka '000
Share Capital Share Premium Excess of Issue Price over Face Value of GDRs Capital Reserve on Merger Revaluation Surplus Unrealized Gain/ (Loss) Retained Earnings Equity attributable to Owners of the Company Non- Controlling Interests Total Equity
Balance as on July 01, 2023 4,461,121 5,269,475 1,689,637 294,951 1,141,178 18,148 30,806,194 43,680,704 3,938,962 47,619,666
Total Comprehensive Income:
Profit/(Loss) for the Period - - - - - - 1,552,909 1,552,909 14,492 1,567,401
Other Comprehensive Income/(Loss) - - - - - - - - - -
Adjustment for Depreciation on Revalued Assets - - - - (1,249) - 1,249 - - -
Adjustment for Deferred Tax on Revalued Assets - - - - 281 - - 281 - 281
Balance as on September 30, 2023 4,461,121 5,269,475 1,689,637 294,951 1,140,210 18,148 32,360,352 45,233,894 3,953,454 49,187,348
Net Asset Value (NAV) Per Share Tk. 101.40
As at September 30, 2022
Share Capital Share Excess of Issue Price over Face Value of GDRs Capital Revaluation Surplus Unrealized Gain/ (Loss) Retained Earnings Equity attributable to Owners of the Company Non- Controlling Interests Total Equity
Premium Reserve
on Merger
Balance as on July 01, 2022 4,461,121 5,269,475 1,689,637 294,951 1,116,896 20,532 27,747,886 40,600,498 4,035,507 44,636,005
Total Comprehensive Income:
Profit/(Loss) for the Period - - - - - - 1,447,027 1,447,027 (34,314) 1,412,713
Other Comprehensive Income/(Loss) - - - - - (3,340) - (3,340) - (3,340)
Adjustment for Depreciation on Revalued Assets - - - - (1,409) - 1,409 - - -
Adjustment for Deferred Tax on Revalued Assets - - - - 317 - - 317 - 317
Balance as on September 30, 2022 4,461,121 5,269,475 1,689,637 294,951 1,115,804 17,192 29,196,322 42,044,502 4,001,193 46,045,695
Net Asset Value (NAV) Per Share
94.25
Tk.
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Cash Flows (Un-audited)
For the Period July - September 2023
Taka '000
July -September 2023 July -September 2022
Cash Flows from Operating Activities:
Receipts from Customers and Others 11,197,080 9,853,354
Payments to Suppliers and Employees (7,998,606) (8,584,421)
Cash Generated from Operations 3,198,474 1,268,933
Interest Paid (295,410) (310,322)
Interest Received - 1,310
Income Tax Paid (194,713) (275,443)
Net Cash Generated from Operating Activities 2,708,351 684,478
Cash Flows from Investing Activities:
Acquisition of Property, Plant and Equipment (513,160) (636,985)
Intangible Assets (97,638) (45,431)
Disposal of Property, Plant and Equipment 3,488 20
Disposal of Intangible Assets - 52,125
Short Term Investment (200,000) -
Net Cash Used in Investing Activities (807,310) (630,271)
Cash Flows from Financing Activities:
Net Increase /(Decrease) in Long Term Borrowings (211,318) (619,541)
Net Increase/(Decrease) in Short Term Borrowings (1,888,455) 256,464
Dividend Paid (231) (295)
Net Cash (Used in) / from Financing Activities (2,100,004) (363,372)
Increase/(Decrease) in Cash and Cash Equivalents (198,963) (309,165)
Cash and Cash Equivalents at Beginning of Period 1,135,686 1,168,674
Effect of Exchange Rate Changes on Cash and Cash Equivalents 7,154 13,144
Cash and Cash Equivalents at End of Period 943,877 872,653
Number of Shares 446,112,089 446,112,089
Net Operating Cash Flows Per Share 6.07 1.53
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