REG - Beximco Pharmaceut - Q3 Financial Results
28/04/2022 07:00
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RNS Number : 6078J Beximco Pharmaceuticals Ltd 28 April 2022
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28 April 2022
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 2022.
Financial highlights
Nine months ended 31 March 2022 (consolidated)
· Net revenue increased 19.1% to Bangladesh Taka ("BDT") 25,928.5m /
£229.1m (2020-21: BDT 21,762.4m / £186.8.0m )
· Profit after tax increased 13.7% to BDT 4,201.2m / £37.1m (2020-21:
BDT 3,695.3m / £31.7m)
Third quarter ended 31 March 2022 (consolidated)
· Net revenue increased 21.7% to BDT 8,959.6m / £79.2m (2020-21: BDT
7,362.3m / £63.2m)
· Profit after tax decreased 27.2% to BDT 1,069.3 m / £9.4m (2020-21:
BDT 1,468.9m / £12.6m) due to non-recurring vaccine income in Q3 2021
Additionally, the Company announces that, under its agreement with the
Government of Bangladesh and the Serum Institute of India Private Limited,
Beximco Pharma has now delivered a total of 15 million Covid-19 vaccine doses.
There are 15 million doses remaining under the agreement. The Company expects
any further doses to be delivered in the next financial year.
Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:
"We are pleased with our continued strong financial position at the end of the
third quarter, with double-digit growth YoY for the nine-month period in both
revenue and profit after tax. This has been underpinned by positive
operational developments such as the receipt of sublicenses to produce generic
versions of molnupiravir and Paxlovid from the United Nations-backed Medicines
Patent Pool and the ongoing integration of Sanofi Bangladesh, which has now
been renamed Synovia Pharma PLC. We look forward to continuing this positive
momentum into the final quarter as we continue to execute on our mission to
provide patients with affordable, high-quality medicines."
The detailed accounts can be viewed in the Company's website
www.beximcopharma.com (http://www.beximcopharma.com/)
(Exchange rates of £1 = Taka 113.19 for 31 March 2022 numbers and £1 = Taka
116.51 for 31 March 2021 have been used in this announcement.)
For further information please visit www.beximcopharma.com
(http://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 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, 2022
Taka '000
March 31, 2022
June 30, 2021
ASSETS
Non-Current Assets 47,300,513 38,475,238
Property, Plant and Equipment- Carrying Value 41,546,339 36,211,376
Right-of-use Assets 491,586 319,885
Intangible Assets 4,507,775 1,380,694
Deferred Tax Asset 52,975 -
Goodwill 674,571 546,691
Other Investments 27,267 16,592
Current Assets 17,852,167 13,770,846
Inventories 9,862,206 7,142,863
Spares & Supplies 762,079 661,723
Accounts Receivable 4,132,539 2,873,845
Loans, Advances and Deposits 2,339,980 2,416,948
Advance Income Tax 166,319 -
Cash and Cash Equivalents 589,044 675,467
TOTAL ASSETS 65,152,680 52,246,084
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity Attributable to the Owners of the Company 39,761,370 37,030,559
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 1,118,129 1,121,825
Unrealized Gain/(Loss) 24,443 13,767
Retained Earnings 26,903,614 24,179,783
Non-Controlling Interest 4,080,755 334,307
TOTAL EQUITY 43,842,125 37,364,866
Non-Current Liabilities 8,841,975 5,531,540
Long Term Borrowings-Net of Current Maturity 3,712,933 1,206,717
Liability for Gratuity and WPPF & Welfare Funds 2,886,640 2,335,257
Deferred Tax Liability 2,242,402 1,989,566
Current Liabilities and Provisions 12,468,580 9,349,678
Short Term Borrowings 6,100,556 5,023,181
Long Term Borrowings-Current Maturity 2,016,830 1,401,406
Creditors and Other Payables 2,919,327 1,965,048
Accrued Expenses 837,160 619,399
Dividend Payable / Unclaimed Dividend 99,823 118,138
Income Tax Payable 494,884 222,506
TOTAL EQUITY AND LIABILITIES 65,152,680 52,246,084
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Profit or Loss and Other Comprehensive Income
(Un-audited)
For the Period July 2021 -March 2022
Taka '000
July 2021- July 2020- January- January-
March 2022 March 2021 March 2022 March 2021
Net Revenue 25,928,465 21,762,492 8,959,561 7,362,303
Cost of Goods Sold (13,709,232) (11,488,046) (4,909,975) (3,919,447)
Gross Profit 12,219,233 10,274,446 4,049,586 3,442,856
Operating Expenses (6,499,068) (5,074,824) (2,263,642) (1,710,102)
Administrative Expenses (888,247) (624,769) (314,408) (221,137)
Selling, Marketing and Distribution Expenses (5,610,821) (4,450,055) (1,949,234) (1,488,965)
Profit from Operations 5,720,165 5,199,622 1,785,944 1,732,754
Other Income 974,419 658,780 172,447 488,867
Finance Cost (709,894) (667,381) (277,537) (164,526)
Profit Before Contribution to WPPF & Welfare Funds
5,984,690 5,191,021 1,680,854 2,057,095
Contribution to WPPF & Welfare Funds (300,555) (250,375) (84,745) (98,460)
Profit Before Tax 5,684,135 4,940,646 1,596,109 1,958,635
Income Tax Expenses (1,482,958) (1,245,355) (526,803) (489,643)
Current Tax (1,244,950) (1,190,941) (247,863) (463,289)
Deferred Tax (238,008) (54,414) (278,940) (26,354)
Profit After Tax
4,201,177 3,695,291 1,069,306 1,468,992
Profit/(Loss) Attributable to:
Owners of the Company 4,280,454 3,670,643 1,102,438 1,461,959
Non-controlling interest (79,277) 24,648 (33,132) 7,033
4,201,177 3,695,291 1,069,306 1,468,992
Other Comprehensive Income-Unrealized Gain/(Loss) 10,676 10,776 789 3,273
Total Comprehensive Income 4,211,853 3,706,067 1,070,095 1,472,265
Total Comprehensive Income Attributable to:
Owners of the Company 4,291,130 3,681,419 1,103,227 1,465,232
Non-controlling interest (79,277) 24,648 (33,132) 7,033
4,211,853 3,706,067 1,070,095 1,472,265
Earnings Per Share (EPS)/Restated EPS 9.60 8.23 2.47 3.28
Number of Shares Used to Compute EPS 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 2021 -March 2022
As at March 31, 2022 Taka' 000
Share Share Excess of Capital Revaluation Unrealized Retained Equity Non- Total
Capital Premium Issue Reserve on Surplus Gain/(Loss) Earnings attributable Controlling Equity
Price over Merger to the Interests
Face Value Owners
of GDRs of the
Company
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
Number of Shares 446,112,089
Net Asset Value (NAV) Per Share Tk. 89.13
As at March 31, 2021 Taka' 000
Share Share Excess of Capital Revaluation Unrealized Retained Equity Non- Total
Capital Premium Issue Reserve on Surplus Gain/(Loss) Earnings attributable Controlling Equity
Price over Merger to the Interests
Face Value Owners
of GDRs of the
Company
Balance as on July 01, 2020 4,055,564 5,269,475 1,689,637 294,951 1,125,768 926 20,058,800 32,495,121 302,329 32,797,450
Total Comprehensive Income:
Profit/(Loss) for the Period - - - - - - 3,670,643 3,670,643 24,648 3,695,291
Other Comprehensive Income/(Loss) - - - - - 10,776 - 10,776 - 10,776
Transactions with the Shareholders:
Cash Dividend - - - - - (608,335) (608,335) (6,078) (614,413)
Stock Dividend 405,557 - - - - - (405,557) - - -
Adjustment for Depreciation on Revalued Assets - - - (5,385) - 5,385 - -
Adjustment for Deferred Tax on Revalued Assets - - - 1,346 - - 1,346 - 1,346
Balance as on March 31, 2021 4,461,121 5,269,475 1,689,637 294,951 1,121,729 11,702 22,720,936 35,569,551 320,899 35,890,450
Number of Shares 446,112,089
Net Asset Value (NAV) Per Share Tk. 79.73
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Cash Flows (Un-audited)
For the Period July 2021 -March 2022
Taka '000
July 2021- July 2020-
March 2022 March 2021
Cash Flows from Operating Activities :
Receipts from Customers and Others 26,197,399 23,003,861
Payments to Suppliers and Employees (20,550,726) (17,426,836)
Cash Generated from Operations 5,646,673 5,577,025
Interest Paid (710,512) (667,752)
Interest Received 2,345 1,844
Income Tax Paid (975,253) (874,544)
Net Cash Generated from Operating Activities 3,963,253 4,036,573
Cash Flows from Investing Activities :
Acquisition of Property, Plant and Equipment (1,829,104) (1,579,680)
Intangible Assets (8,391) (8,819)
Investment in Subsidiary (4,766,636) -
Disposal of Property, Plant and Equipment 17,580 27,089
Dividend Received 2,015 857
Net Cash Used in Investing Activities
(6,584,536) (1,560,553)
Cash Flows from Financing Activities :
Net Increase /(Decrease) in Long Term Borrowings 3,084,250 (932,338)
Net Increase/(Decrease) in Short Term Borrowings 757,682 (1,231,836)
Dividend Paid (1,611,308) (578,177)
Net Cash (Used in ) / from Financing Activities 2,230,624 (2,742,351)
Increase/(Decrease) in Cash and Cash Equivalents (390,659) (266,331)
Cash and Cash Equivalents at Beginning of Period* 973,964 635,017
Effect of exchange rate changes on Cash and Cash Equivalents 5,739 -
Cash and Cash Equivalents at End of Period 589,044 368,686
Number of Shares 446,112,089 446,112,089
Net Operating Cash Flows Per Share 8.88 9.05
* Includes cash of Synovia Pharma PLC at the date of acquisition.
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