REG - Beximco Pharmaceut - Q3 Financial Results

Beximco PharmaceuticalsAnnouncement

30/04/2021 07:00

RNS Number : 1232X
  
Beximco Pharmaceuticals Ltd
  
30 April 2021
  
 

30 April 2021
 
BEXIMCO PHARMACEUTICALS LTD.
 
Q3 Financial Results 
 
Core business continues to deliver strong growth despite ongoing COVID-19 headwinds
 
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 2021.
 
Financial highlights
 
Nine months ended 31 March 2021 (consolidated)
 
·   Net sales increased 13.9% to Bangladesh Taka ("BDT") 21,762.4m / £186.8m (2019-20: BDT 19,105.6m / £181.0m)
O Domestic sales increased 15.3% to BDT 19,670.7m / £168.8m (2019-20: 17,063.3m / £161.6m)
O Export sales increased 2.4% to BDT 2,091.7m / £18.0m (2019-20: BDT 2,042.3m / £19.3m)
·   Profit after tax increased 40.8% to BDT 3,695.3m / £31.7m (2019-20: BDT 2,624.7m / £24.9m)
Third quarter ended 31 March 2021 (consolidated)
 
·   Net sales increased 11.4% to BDT 7,362.3m / £63.2m (2019-20: BDT 6,610.1m / £62.6m)
O Domestic sales increased by 11.8% to BDT 6,665.1m / £57.2m (2019-20: BDT 5,961.5m / £56.5m)
O Export sales increased by 7.5% to BDT 697.2m / £6.0m (2019-20: BDT 648.6m / £6.1m)
·   Profit after tax increased 61.5% to BDT 1,468.9m / £12.6m (2019-20: BDT 909.3m / £8.6m)
 
Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:
"We are delighted to announce such strong financial results for the period. Through the resilience of the business and our commitment to delivering an uninterrupted supply of medicines during the pandemic, we have maintained double-digit revenue growth and delivered a significant increase in profit after tax when compared to the same period last year. This is testament to the underlying strength of our business and our ability to execute during the pandemic. With our impressive progress to date, despite the prevailing pandemic situation and vaccine delays, we remain confident that we will be able to deliver a strong result for the full year".  
 
The detailed accounts can be viewed at the Company's website: www.beximcopharma.com
 
(Exchange rates of £1 = Taka 116.51 for 31 March 2021 numbers and £1 = Taka 105.58 for 31 March 2020 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
 
Mohammed Ali Nawaz, Chief Financial Officer
Tel: +880 2 58611001, ext.20030
 
Jamal Ahmed Choudhury, Executive Director (A&F)
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 / Sam Purewal
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, 2021
 























Taka '000






































March 31, 2021






 
June 30, 2020




ASSETS
























Non-Current Assets






37,837,566






37,069,663




Property, Plant and Equipment- Carrying Value










35,763,522






35,000,810




Right-of-use Assets










281,550






240,164




Intangible Assets










1,231,276






1,275,561




Goodwill










546,691






546,691




Other Investment










14,527






3,751




Other Non-current Assets










-






2,686




Current Assets






13,381,732






13,049,079




Inventories










6,839,416






5,944,769




Spares & Supplies










653,103






775,529




Accounts Receivable










2,722,837






3,305,451




Loans, Advances and Deposits










2,797,690






2,388,313




Cash and Cash Equivalents










368,686






635,017
























































TOTAL ASSETS






51,219,298






50,118,742




SHAREHOLDERS' EQUITY AND LIABILITIES














































Equity Attributable to the Owners of the Company






35,569,551






32,495,121




Issued Share Capital










4,461,120






4,055,564




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










1,121,729






1,125,768




Unrealized Gain/(Loss)










11,702






926




Retained Earnings










22,720,937






20,058,800




Non-Controlling Interest






320,899






302,329




TOTAL EQUITY






35,890,450






32,797,450




Non-Current Liabilities






5,719,168






5,963,327




Long Term Borrowings-Net of Current Maturity










1,139,165






1,651,590




Liability for Gratuity and WPPF & Welfare Funds










2,359,251






2,144,053




Deferred Tax Liability










2,220,752






2,167,684




Current Liabilities and Provisions






9,609,680






11,357,965




Short Term Borrowings










6,166,525






7,398,361




Long Term Borrowings-Current Maturity










1,038,516






1,454,312




Creditors and Other Payables










1,017,656






1,397,817




Accrued Expenses










666,388






739,513




Dividend Payable / Unclaimed Dividend










118,311






82,075




Income Tax Payable










602,284






285,887






























TOTAL EQUITY AND LIABILITIES






51,219,298






50,118,742





























 




 
Beximco Pharmaceuticals Limited and its Subsidiaries
 
Consolidated Statement of Profit or Loss and Other Comprehensive Income (Un-audited) For the Period July 2020 -March 2021
 















































Taka '000












July 2020-










July 2019-










January-










January-












March 2021










March 2020










March 2021










March 2020




Net Revenue






21,762,492


19,105,589


7,362,303


6,610,063




Cost of Goods Sold






(11,488,046)


(10,202,789)


(3,919,447)


(3,515,134)






















































Gross Profit






10,274,446


8,902,800


3,442,856


3,094,929




Operating Expenses






(5,074,824)


(4,670,945)


(1,710,102)


(1,620,968)




Administrative Expenses






(624,769)






(578,793)






(221,137)






(190,089)




Selling, Marketing and Distribution Expenses






(4,450,055)






(4,092,152)






(1,488,965)






(1,430,879)




Profit from Operations






5,199,622






4,231,855






1,732,754






1,473,961




Other Income






658,780


178,322


488,867


41,557




Finance Cost






(667,381)


(790,022)


(164,526)


(257,697)




Profit Before Contribution to WPPF & Welfare Funds




















































5,191,021


3,620,155


2,057,095


1,257,821




Contribution to WPPF & Welfare Funds






(250,375)


(174,869)


(98,460)


(60,402)






















































Profit Before Tax






4,940,646


3,445,286


1,958,635


1,197,419




Income Tax Expenses






(1,245,355)


(820,584)


(489,643)


(288,063)




Current Tax






(1,190,941)






(806,929)






(463,289)






(278,783)




Deferred Tax






(54,414)






(13,655)






(26,354)






(9,280)




Profit After Tax








































3,695,291


2,624,702


1,468,992


909,356




Profit/(Loss) Attributable to:
















































Owners of the Company






3,670,643






2,606,853






1,461,959






900,434




Non-controlling interest






24,648






17,849






7,033






8,922












3,695,291


2,624,702


1,468,992


909,356




Other Comprehensive Income-Unrealized Gain/(Loss)






10,776


(1,578)


3,273


(134)




Total Comprehensive Income






3,706,067










2,623,124










1,472,265










909,222




Total Comprehensive Income Attributable to:






























































































Owners of the Company






3,681,419






2,605,275






1,465,232






900,300




Non-controlling interest






24,648






17,849






7,033






8,922












3,706,067






2,623,124






1,472,265






909,222








































































































Earnings Per Share (EPS)/Restated EPS






8.23


5.84


3.28


2.02




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 2020 -March 2021
 



As at March 31, 2021














































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 the
Owners
of the
Company


Non-
Controlling
Interests


Total
Equity
























































































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


405,556






















(405,556)










-






-


























































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


4,461,120


5,269,475


1,689,637


294,951


1,121,729


11,702


22,720,937










35,569,551


320,899


35,890,450






















































Number of Shares






























446,112,089












Net Asset Value (NAV) Per Share






























Tk.


79.73


































































As at March 31, 2020














































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 the
Owners
of the
Company


Non-
Controlling
Interests


Total
Equity












































































































Balance as on July 01, 2019


4,055,564


5,269,475


1,689,637


294,951


1,131,853


2,504


17,144,333










29,588,317


276,007


29,864,324


























































Total Comprehensive Income:














































































































Profit/(Loss) for the Period


-


-


-


-


-


-


2,606,853










2,606,853


17,849


2,624,702


























































Other Comprehensive Income/(Loss)


-


-


-


-


-


(1,578)


-










(1,578)


-


(1,578)


























































Transactions with the Shareholders:














































































































Cash Dividend


























(608,335)










(608,335)


(3,473)


(611,808)


























































Adjustment for Depreciation on Revalued Assets


-


-


-


-


(6,086)


-


6,086










-


-


-


























































Balance as on March 31, 2020


4,055,564


5,269,475


1,689,637


294,951


1,125,767


926


19,148,937










31,585,257


290,383


31,875,640


















































Number of Shares






























405,556,445












Net Asset Value (NAV) Per Share






























Tk.


77.88



























































































 




 
Beximco Pharmaceuticals Limited and its Subsidiaries
 
Consolidated Statement of Cash Flows (Un-audited)
 
For the Period July 2020 -March 2021
 































Taka '000














































July 2020-






July 2019-












March 2021






March 2020




Cash Flows from Operating Activities :


































































Receipts from Customers and Others






23,003,861














19,181,510




Payments to Suppliers and Employees






(17,426,836)














(13,995,718)




Cash Generated from Operations






5,577,025














5,185,792




Interest Paid






(667,752)


(790,022)




Interest Received






1,844


19,774




Income Tax Paid






(874,544)


(428,060)




Net Cash Generated from Operating Activities






4,036,573






3,987,484




Cash Flows from Investing Activities :


































































Acquisition of Property, Plant and Equipment






(1,579,680)










(1,920,349)




Intangible Assets






(8,819)










(18,542)




Disposal of Property, Plant and Equipment






27,089










3,647




Dividend Received






857










1,428




Decrease in Short Term Investment






-










274,118




Net Cash Used in Investing Activities




































(1,560,553)


(1,659,698)




Cash Flows from Financing Activities :






















































Net Increase /(Decrease) in Long Term Borrowings






(932,338)






(912,187)




Net Increase/(Decrease) in Short Term Borrowings






(1,231,836)






(1,067,733)




Dividend Paid






(578,177)






(541,720)




Net Cash (Used in ) / from Financing Activities






(2,742,351)






(2,521,640)




Increase/(Decrease) in Cash and Cash Equivalents






(266,331)


 (193,854)




Cash and Cash Equivalents at Beginning of Period






635,017


610,494




Effect of exchange rate changes on Cash and Cash Equivalents*


-


1,058




Cash and Cash Equivalents at End of Period






368,686










417,698




Net Operating Cash Flow Per Share






9.05


9.83




Number of Shares used to compute Net Operating Cash Flow Per Share


446,112,089


405,556,445














 
*The Company used Janata Bank's end of periods US Dollar-BDT exchange rates as on 31 March 2021 which remained unchanged with the exchange rates as at 30 June 2020. As such there was no effect of exchange rates in the cash flow.

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