REG - Beximco Pharma. - Q3 Financial Results
02/05/2023 07:00
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RNS Number : 9663X Beximco Pharmaceuticals Ltd 02 May 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
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considered to be in the public domain.
30 April 2023
BEXIMCO PHARMACEUTICALS LTD.
Q3 Financial Results
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,
announces its unaudited financial results for the third quarter and nine
months ended 31 March 2023.
The detailed accounts can be viewed in the Company's website
www.beximcopharma.com
Financial highlights
Nine months ended 31 March 2023 (consolidated)
· Net revenue increased 12.7% to Bangladesh Taka ("BDT") 29,233.0m
/ £ 228.2m (2021-2022: BDT 25,928.5m / £229.1m)
· Profit after tax decreased 15.1% to BDT 3,565.8m / £ 27.8m
(2021-2022: BDT 4,201.2m / £37.1m)
Third quarter ended 31 March 2023
(consolidated)
· Net revenue increased 6.6% to BDT 9,554.2m / £ 74.6m (2021-2022:
BDT 8,959.6m / £79.2m)
· Profit after tax decreased 15.1% to BDT 907.7m / £ 7.1m
(2021-2022: BDT 1,069.3 m / £9.4m)
Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:
"We are pleased to report another period of double-digit revenue growth as we
continue to provide patients in Bangladesh and across the world with
affordable, high-quality medicines. While the impact of macroeconomic
headwinds on our bottom line persists, these financial results are testament
to the Company's growth strategy and highlight the underlying strength of the
business. We look forward to providing a further update at year-end."
(Exchange rates of £1 = Taka 128.09 for 31 March 2023 numbers and £1 = Taka
113.19 for 31 March 2022 have been used in this announcement.)
For further information please visit www.beximcopharma.com or enquire to:
Beximco Pharma
Nazmul Hassan MP, Managing Director
Tel: +880 2 58611001, 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)
Vadim Alexandre / Abigail Wayne
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 March 31, 2023
Taka '000
March 31,2023
June 30, 2022
ASSETS
Non-Current Assets 47,994,324 47,728,777
Property, Plant and Equipment- Carrying Value 42,169,620 41,760,331
Right-of-use Assets 606,597 618,891
Intangible Assets 4,445,048 4,562,988
Deferred Tax Asset 77,516 88,640
Goodwill 674,570 674,570
Other Investments 20,973 23,357
Current Assets 20,853,145 18,419,258
Inventories 12,387,093 10,405,295
Spares & Supplies 957,887 718,797
Accounts Receivable 3,125,843 3,142,817
Loans, Advances and Deposits 3,174,049 2,787,040
Advance Income Tax 224,467 196,635
Cash and Cash Equivalents 983,806 1,168,674
TOTAL ASSETS 68,847,469 66,148,035
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity Attributable to the Owners of the Company 42,672,267 40,600,498
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 1,113,621 1,116,896
Unrealized Gain/(Loss) 18,148 20,532
Retained Earnings 29,825,314 27,747,886
Non-Controlling Interest 3,959,775 4,035,507
TOTAL EQUITY 46,632,042 44,636,005
Non-Current Liabilities 8,979,252 8,776,099
Long Term Borrowings-Net of Current Maturity 3,056,972 3,454,189
Liability for Gratuity, Pension and WPPF & Welfare Funds 3,166,479 2,785,072
Deferred Tax Liability 2,755,801 2,536,838
Current Liabilities and Provisions 13,236,175 12,735,931
Short Term Borrowings 6,931,240 6,850,550
Long Term Borrowings-Current Maturity 1,402,992 2,065,962
Creditors and Other Payables 3,468,995 2,465,039
Accrued Expenses 1,049,805 1,166,882
Dividend Payable / Unclaimed Dividend 102,918 88,049
Income Tax Payable 280,225 99,449
TOTAL EQUITY AND LIABILITIES 68,847,469 66,148,035
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Profit or Loss and Other Comprehensive Income
(Un-audited)
For the Period July 2022 -March 2023
Taka '000
July 2022- July 2021- January- January-
March 2023 March 2022 March 2023 March 2022
Net Revenue 29,232,968 25,928,465 9,554,228 8,959,561
Cost of Goods Sold (16,153,296) (13,709,232) (5,340,167) (4,909,975)
Gross Profit 13,079,672 12,219,233 4,214,061 4,049,586
Operating Expenses (6,499,068) (2,683,938) (2,263,642)
(7,464,924)
Administrative Expenses (966,283) (888,247) (340,941) (314,408)
Selling, Marketing and Distribution Expenses (6,498,641) (5,610,821) (2,342,997) (1,949,234)
Profit from Operations 5,614,748 5,720,165 1,530,123 1,785,944
Other Income 362,584 974,419 84,067 172,447
Finance Cost (965,260) (709,894) (320,773) (277,537)
Profit Before Contribution to WPPF & Welfare Funds
5,012,072 5,984,690 1,293,417 1,680,854
Contribution to WPPF & Welfare Funds (247,669) (300,555) (66,373) (84,745)
Profit Before Tax 4,764,403 5,684,135 1,227,044 1,596,109
Income Tax Expenses (1,198,594) (1,482,958) (319,328) (526,803)
Current Tax (967,556) (1,244,950) (248,727) (247,863)
Deferred Tax (231,038) (238,008) (70,601) (278,940)
Profit After Tax
3,565,809 4,201,177 907,716 1,069,306
Profit/(Loss) Attributable to:
Owners of the Company 3,634,594 4,280,454 950,563 1,102,438
Non-controlling interest (68,785) (79,277) (42,847) (33,132)
3,565,809 4,201,177 907,716 1,069,306
Other Comprehensive Income/(Loss) (2,384) 10,676 - 789
Total Comprehensive Income 3,563,425 4,211,853 907,716 1,070,095
Total Comprehensive Income Attributable to:
Owners of the Company 3,632,210 4,291,130 950,563 1,103,227
Non-controlling interest (68,785) (79,277) (42,847) (33,132)
3,563,425 4,211,853 907,716 1,070,095
Earnings Per Share (EPS) 8.15 9.60 2.13 2.47
Number of Shares Nos. 446,112,089 446,112,089 446,112,089 446,112,089
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Changes in Equity (Un-audited)
For the Period July 2022 -March 2023
As at March 31, 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, 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 - - - - - - 3,634,594 3,634,594 (68,785) 3,565,809
Other Comprehensive Income/(Loss) - - - - - (2,384) - (2,384) - (2,384)
Transactions with the Shareholders:
Cash Dividend - - - - - - (1,561,392) (1,561,392) (6,947) (1,568,339)
Adjustment for Depreciation on Revalued Assets - - - - (4,226) - 4,226 - - -
Adjustment for Deferred Tax on Revalued Assets - - - - 951 - - 951 - 951
Balance as on March 31, 2023 4,461,121 5,269,475 1,689,637 294,951 1,113,621 18,148 29,825,314 42,672,267 3,959,775 46,632,042
Net Asset Value (NAV) Per Share Tk. 95.65
As at March 31, 2022 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, 2021 4,461,121 5,269,475 1,689,637 294,951 1,121,825 13,767 24,179,783 37,030,559 334,307 37,364,866
NCI at the date of acquisition-SPP - - - - - - - - 3,857,135 3,857,135
Total Comprehensive Income:
Profit/(Loss) for the Period - - - - - - 4,280,454 4,280,454 (79,277) 4,201,177
Other Comprehensive Income/(Loss) - - - - - 10,676 - 10,676 - 10,676
Transactions with the Shareholders:
Cash Dividend - - - - - - (1,561,392) (1,561,392) (31,410) (1,592,802)
Adjustment for Depreciation on Revalued Assets - - - - (4,769) - 4,769 - - -
Adjustment for Deferred Tax on Revalued Assets - - - - 1,073 - - 1,073 - 1,073
Balance as on March 31, 2022 4,461,121 5,269,475 1,689,637 294,951 1,118,129 24,443 26,903,614 39,761,370 4,080,755 43,842,125
Net Asset Value (NAV) Per Share Tk. 89.13
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Cash Flows (Un-audited)
For the Period July 2022 -March 2023
Taka '000
July 2022- July 2021-
March 2023 March 2022
Cash Flows from Operating Activities :
Receipts from Customers and Others 29,770,760 26,197,399
Payments to Suppliers and Employees (23,688,446) (20,550,726)
Cash Generated from Operations 6,082,314 5,646,673
Interest Paid (961,273) (710,512)
Interest Received 4,190 2,345
Income Tax Paid (814,612) (975,253)
Net Cash Generated from Operating Activities 4,310,619 3,963,253
Cash Flows from Investing Activities :
Acquisition of Property, Plant and Equipment (1,747,934) (1,829,104)
Intangible Assets (129,392) (8,391)
Synovia Acquisition - (4,766,636)
Disposal of Property, Plant and Equipment 22,485 17,580
Disposal of Intangible Assets 67,725 -
Dividend Received 1,428 2,015
Net Cash Used in Investing Activities
(1,785,688) (6,584,536)
Cash Flows from Financing Activities :
Net Increase /(Decrease) in Long Term Borrowings (1,258,407) 3,084,250
Net Increase/(Decrease) in Short Term Borrowings 80,690 757,682
Dividend Paid (1,553,471) (1,611,308)
Net Cash (Used in) / from Financing Activities (2,731,188) 2,230,624
Increase/(Decrease) in Cash and Cash Equivalents (206,257) (390,659)
Cash and Cash Equivalents at Beginning of Period 1,168,674 973,964
Effect of exchange rate changes on Cash and Cash Equivalents 21,389 5,739
Cash and Cash Equivalents at End of Period 983,806 589,044
Net Operating Cash Flows Per Share 9.66 8.88
Number of Shares 446,112,089 446,112,089
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