REG - Beximco Pharmaceut - Financial Results for the First Quarter
11/11/2022 07:16
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221111:nRSK0618Ga&default-theme=true
RNS Number : 0618G Beximco Pharmaceuticals Ltd 11 November 2022
11 November 2022
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 2022
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
2022. The information set out below has been released to the Dhaka and
Chittagong Stock Exchanges in compliance with the requirements from the
Bangladesh SEC.
Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:
"We are pleased to report continued momentum in our revenue growth this
quarter, highlighting the strength of our underlying business. However, as
indicated in the recent announcement of our full-year results, we have also
seen the impact of a number of macroeconomic headwinds on our bottom line over
the period, with particular difficulty caused by challenging exchange rates.
While we expect this situation to remain throughout this financial year, we
will look to find operational efficiencies in the business and maintain our
commitment to growing our portfolio of products and delivering high-quality,
affordable medicines in both the domestic and international markets."
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 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
Jamal Ahmed Choudhury, Director, Accounts & Finance
Tel: +880 2 58611001, Ext.20022
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 5500 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 (Unaudited)
As at September 30, 2022
Taka '000
September 30, 2022 June 30, 2022
ASSETS
Non-Current Assets 47,844,961 47,728,777
Property, Plant and Equipment- Carrying Value 42,010,610 41,760,331
Right-of-use Assets 603,606 618,891
Intangible Assets 4,450,081 4,562,988
Deferred Tax Asset 86,077 88,640
Goodwill 674,570 674,570
Other Investments 20,017 23,357
Current Assets 19,629,596 18,419,258
Inventories 11,696,312 10,405,295
Spares & Supplies 775,304 718,797
Accounts Receivable 3,246,821 3,142,817
Loans, Advances and Deposits 2,825,743 2,787,040
Advance Income Tax 212,763 196,635
Cash and Cash Equivalents 872,653 1,168,674
TOTAL ASSETS 67,474,557 66,148,035
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity Attributable to the Owners of the Company 42,044,502 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 1,115,804 1,116,896
Unrealized Gain/(Loss) 17,192 20,532
Retained Earnings 29,196,322 27,747,886
Non-Controlling Interest 4,001,193 4,035,507
TOTAL EQUITY 46,045,695 44,636,005
Non-Current Liabilities 9,114,474 8,776,099
Long Term Borrowings-Net of Current Maturity 3,323,153 3,454,189
Liability for Gratuity, Pension and WPPF & Welfare Funds 3,182,182 2,785,072
Deferred Tax Liability 2,609,139 2,536,838
Current Liabilities and Provisions 12,314,388 12,735,931
Short Term Borrowings 7,107,014 6,850,550
Long Term Borrowings-Current Maturity 1,580,800 2,065,962
Creditors and Other Payables 2,540,569 2,465,039
Accrued Expenses 764,268 1,166,882
Dividend Payable / Unclaimed Dividend 87,755 88,049
Income Tax Payable 233,982 99,449
TOTAL EQUITY AND LIABILITIES 67,474,557 66,148,035
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Profit or Loss and Other Comprehensive Income
(Unaudited)
For the Period July - September 2022
Taka '000
July - September July - September
2022 2021
Net Revenue 9,787,202 8,469,321
Cost of Goods Sold (5,362,525) (4,392,976)
Gross Profit 4,424,677 4,076,345
Operating Expenses (2,312,939) (1,975,903)
Administrative Expenses (285,550) (244,996)
Selling, Marketing and Distribution Expenses (2,027,389) (1,730,907)
Profit from Operations 2,111,738 2,100,442
Other Income 179,187 70,521
Finance Cost (310,973) (163,626)
Profit Before Contribution to WPPF & Welfare Funds
1,979,952 2,007,337
Contribution to WPPF & Welfare Funds (98,210) (96,092)
Profit Before Tax
1,881,742 1,911,245
Income Tax Expenses (469,029) (435,699)
Current Tax (393,848) (430,798)
Deferred Tax (75,181) (4,901)
Profit After Tax 1,412,713 1,475,546
Profit/(Loss) Attributable to:
Owners of the Company 1,447,027 1,465,308
Non-controlling Interest (34,314) 10,238
1,412,713 1,475,546
Other Comprehensive Income-Unrealized Gain/(Loss) (3,340) 8,007
Total Comprehensive Income 1,409,373 1,483,553
Total Comprehensive Income Attributable to:
Owners of the Company 1,443,687 1,473,315
Non-controlling Interest (34,314) 10,238
1,409,373 1,483,553
Number of Shares
446,112,089 446,112,089
Earnings Per Share (EPS) 3.24 3.28
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Changes in Equity (Unaudited)
For the Period July - September 2022
As at September 30, 2022 Taka '000
Share Excess of Issue Price over Face Value of GDRs Capital Reserve on Merger Equity attributable to Owners of the Company Non- Controlling Interests Total Equity
Capital Share Premium Revaluation Surplus Unrealized Gain/(Loss) Retained Earnings
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
Tk. 94.25
As at September 30, 2021
Share Excess of Issue Price over Face Value of GDRs Capital Reserve on Merger Equity attributable to Owners of the Company Non- Controlling Interests Total Equity
Capital Share Premium Revaluation Surplus Unrealized Gain/(Loss) Retained Earnings
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
Total Comprehensive Income:
Profit/(Loss) for the Period - - - - - - 1,465,308 1,465,308 10,238 1,475,546
Other Comprehensive Income/(Loss) - - - - - 8,007 - 8,007 - 8,007
Adjustment for Depreciation on Revalued Assets - - - - (1,590) - 1,590 - - -
Adjustment for Deferred Tax on Revalued Assets - - - - 358 - - 358 - 358
Balance as on September 30, 2021 4,461,121 5,269,475 1,689,637 294,951 1,120,593 21,774 25,646,681 38,504,232 344,545 38,848,777
Net Asset Value (NAV) Per Share
Tk. 86.31
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Cash Flows (Unaudited)
For the Period July - September 2022
Taka '000
July - September, July - September,
2022 2021
Cash Flows from Operating Activities :
Receipts from Customers and Others 9,853,354 8,863,397
Payments to Suppliers and Employees (8,584,421) (6,475,987)
Cash Generated from Operations 1,268,933 2,387,410
Interest Paid (310,322) (164,459)
Interest Received 1,310 401
Income Tax Paid (275,443) (235,142)
Net Cash Generated from Operating Activities 684,478 1,988,210
Cash Flows from Investing Activities :
Acquisition of Property, Plant and Equipment (682,416) (819,779)
Intangible Assets - (880)
Synovia Acquisition - (4,766,636)
Disposal of Property, Plant and Equipment 20 12,251
Disposal of Intangible Assets 52,125 -
Net Cash Used in Investing Activities (630,271) (5,575,044)
Cash Flows from Financing Activities :
Net Increase /(Decrease) in Long Term Borrowings (619,541) 3,770,738
Net Increase/(Decrease) in Short Term Borrowings 256,464 (251,542)
Dividend Paid (295) (64,481)
Net Cash (Used in ) / from Financing Activities (363,372) 3,454,715
Increase/(Decrease) in Cash and Cash Equivalents (309,165) (132,119)
Cash and Cash Equivalents at Beginning of Period 1,168,674 675,467
Effect of Exchange Rate Changes on Cash and Cash Equivalents 13,144 1,913
Cash and Cash Equivalents at End of Period 872,653 545,261
Number of Shares
446,112,089 446,112,089
Net Operating Cash Flows Per Share 1.53 4.46
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END QRFDZMMMRGKGZZMRecent news on Beximco Pharmaceuticals
See all newsREG - Beximco Pharma. - Update on BSEC Order
AnnouncementREG - Beximco Pharma. - Request of Extension to Publish Q3 Results
AnnouncementREG - Beximco Pharma. - Response to media reports and update on BSEC order
AnnouncementREG - Beximco Pharma. - Update on BSEC order
AnnouncementREG - Beximco Pharma. - Payment of Cash Dividend
Announcement