REG - Beximco Pharmaceut - Results for First Quarter Ended 30 September 2020

Beximco PharmaceuticalsAnnouncement

13/11/2020 07:01

RNS Number : 1879F
  
Beximco Pharmaceuticals Ltd
  
13 November 2020
  
 

13 November 2020
 
BEXIMCO PHARMACEUTICALS LIMITED
 
Financial Results for the First Quarter Ended 30 September 2020
 
 
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 2020. 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:
"Building on our strong performance last year, we have delivered year-on-year revenue growth of 9.9% in the first quarter of the current financial year, despite ongoing challenges posed by the COVID-19 pandemic. We continue to focus on expanding our portfolio and consolidating our international presence, as well as supporting national efforts to safeguard against COVID-19, including working with the Government of Bangladesh and Serum Institute of India to deliver a vaccine in Bangladesh, subject to regulatory approval."
 
The detailed accounts can be viewed at the Company website: 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
 
Mohammad 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
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 4,500 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 (Unaudited)
 
As at September 30, 2020
 



























Taka '000








September 30, 2020






June 30, 2020




ASSETS




























Non-Current Assets


37,348,438






37,069,663




Property, Plant and Equipment- Carrying Value






35,308,524










35,000,810




Right-of-use Assets






230,480










240,164




Intangible Assets






1,257,095










1,275,561




Goodwill






546,691










546,691




Other Investments






5,648










3,751




Other Non-current Assets






-










2,686




Current Assets


13,309,487






13,049,079




Inventories






6,783,352










5,944,769




Spares & Supplies






879,173










775,529




Accounts Receivable






3,094,114










3,305,451




Loans, Advances and Deposits






2,165,398










2,388,313




Cash and Cash Equivalents






387,450










635,017




























































TOTAL ASSETS


50,657,925






50,118,742




SHAREHOLDERS' EQUITY AND LIABILITIES
















































































Equity Attributable to the Owners of the Company


33,571,945






32,495,121




Issued Share Capital






4,055,564










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






1,124,422










1,125,768




Unrealized Gain/(Loss)






2,823










926




Retained Earnings






21,135,073










20,058,800


































Non-Controlling Interest


312,192






302,329




TOTAL EQUITY


33,884,137






32,797,450




Non-Current Liabilities


5,872,613






5,963,327




Long Term Borrowings-Net of Current Maturity






1,396,452










1,651,590




Liability for Gratuity and WPPF & Welfare Funds






2,294,864










2,144,053




Deferred Tax Liability






2,181,297










2,167,684




Current Liabilities and Provisions


10,901,175






11,357,965




Short Term Borrowings






6,881,904










7,398,361




Long Term Borrowings-Current Maturity






1,311,135










1,454,312




Creditors and Other Payables






1,489,916










1,462,806




Accrued Expenses






732,644










739,513




Dividend Payable






16,710










17,086




Income Tax Payable






468,866










285,887




























































TOTAL EQUITY AND LIABILITIES


50,657,925






50,118,742









































































 
 
 
 
 
Beximco Pharmaceuticals Limited and its Subsidiaries
 
Consolidated Statement of Profit or Loss and Other Comprehensive Income (Unaudited) For the Period July-September 2020
 















































Taka '000












July -September


July -September












2020


2019




Net Revenue






6,925,930


6,303,335




Cost of Goods Sold






(3,636,389)


(3,361,681)






















































Gross Profit






3,289,541


2,941,654






















































Operating Expenses






(1,619,773)


(1,508,118)




Administrative Expenses


















(197,326)














(188,477)




Selling, Marketing and Distribution Expenses


















(1,422,447)














(1,319,641)




Profit from Operations














1,669,768










1,433,536




Other Income






94,096


60,120




Finance Cost






(233,396)


(304,038)




Profit Before Contribution to WPPF & Welfare Funds






1,530,468


1,189,618




Contribution to WPPF & Welfare Funds






(73,386)


(57,151)






















































Profit Before Tax






1,457,082


1,132,467




Income Tax Expenses






(372,741)


(262,592)




Current Tax














(358,679)










(270,658)




Deferred Tax














(14,062)










8,066




Profit After Tax










1,084,341






869,875




Profit/(Loss) Attributable to:
















































Owners of the Company


















1,074,478














864,760




Non-controlling interest


















9,863














5,115
















1,084,341






869,875




Other Comprehensive Income-Unrealized Gain/(Loss)






1,897


(671)




Total Comprehensive Income




















































1,086,238


869,204




Total Comprehensive Income Attributable to:






























































































Owners of the Company


















1,076,375














864,089




Non-controlling interest


















9,863














5,115






















































1,086,238


869,204








































































































Earnings Per Share (EPS)






2.65


2.13




Number of Shares Used to Compute EPS


Nos.


405,556,445


405,556,445



 
 
 
 
 
Beximco Pharmaceuticals Limited and its Subsidiaries
 
Consolidated Statement of Changes in Equity (Unaudited)
 
For the Period July-September 2020
 



As at September 30, 2020






































Taka' 000






























































Share


Share


Excess of


Capital


Revaluation


Unrealized


Retained


Equity


Non-


Total












Capital


Premium


Issue


Reserve 


Surplus


Gain/(Loss)


Earnings


attributable


Controlling


Equity




















Price over


on














to the


Interests
























Face Value


Merger














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






-


-


-


-


-


-


1,074,478


1,074,478


9,863


1,084,341


















































Other Comprehensive Income/(Loss)


-


-


-


-


-


1,897


-


1,897


-


1,897


















































Transactions with the Shareholders:






























































































Adjustment for Depreciation on Revalued Assets


-


-


-


-


(1,795)


-


1,795


-


-


-






















































Adjustment for Deferred Tax on Revalued Assets


-


-


-


-


449


-


-


449


-


449


















































Balance as on September 30, 2020


4,055,564


5,269,475


1,689,637


294,951


1,124,422


2,823


21,135,073


33,571,945


312,192


33,884,137






















































Number of Shares


































405,556,445


























































Net Asset Value (NAV) Per Share


























Tk.


82.78





























































 
 



As at September 30, 2019






































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, 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


-


-


-


-


-


-


864,760


864,760


5,115


869,875


















































Other Comprehensive Income/(Loss)


-


-


-


-


-


(671)


-


(671)


-


(671)


















































Transactions with the Shareholders:


























































































Adjustment for Depreciation on Revalued Assets


-


-


-


-


(2,029)


-


2,029


-


-


-


















































Balance as on September 30, 2019


4,055,564


5,269,475


1,689,637


294,951


1,129,824


1,833


18,011,122


30,452,406


281,122


30,733,528


















































Number of Shares






























405,556,445


























































Net Asset Value (NAV) Per Share






























75.09







































































































 
 
 
 
 
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Cash Flows (Unaudited)
For the Period July-September 2020
 























Taka '000








July -September


July -September








2020


2019




Cash Flows from Operating Activities:


















































Receipts from Customers and Others






7,233,844






6,358,420




Payments to Suppliers and Employees






(5,609,810)






(4,107,888)




Cash Generated from Operations






1,624,034






2,250,532




Interest Paid


(233,396)


(304,038)




Interest Received


576


8,435




Income Tax Paid


(175,700)


(91,620)




Net Cash Generated from Operating Activities


1,215,514


1,863,309




Cash Flows from Investing Activities:


















































Acquisition of Property, Plant and Equipment






(561,419)






(297,330)




Intangible Assets






(4,310,814)






(3,062)




Disposal of Property, Plant and Equipment






21,171






3,342




Decrease in Short Term Investment






-






(8,129)




Net Cash Used in Investing Activities






(4,851,062)






(305,179)




Cash Flows from Financing Activities:










































Net Increase /(Decrease) in Long Term Borrowings






(401,687)






(572,134)




Net Increase/(Decrease) in Short Term Borrowings






(516,458)






(1,108,064)




Dividend Paid






(376)






(33)




Net Cash (Used in ) / from Financing Activities




















(918,521)


(1,680,231)




Increase in Cash and Cash Equivalents


(247,566)


(122,101)




Cash and Cash Equivalents at Beginning of Year


635,016


610,495




Cash and Cash Equivalents at End of Year
























387,450


488,394




Net Operating Cash Flow Per Share


3.00


4.59



 
 

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