REG - Beximco Pharmaceut - Results for First Quarter Ended 30 September 2021
11/11/2021 10:30
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RNS Number : 1016S Beximco Pharmaceuticals Ltd 11 November 2021
11 November 2021
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.
BEXIMCO PHARMACEUTICALS LIMITED
Financial Results for the First Quarter Ended 30 September 2021
Momentum continues with strong double-digit growth
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
2021. 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:
"The momentum evident from our strong performance in the last financial year
has continued into the first quarter. Compared to the equivalent period last
year, quarterly revenue increased 22% and profit after tax 36%. As operational
challenges caused by the COVID-19 pandemic begin to ease, we believe we are
well-positioned as we execute against our strategy, continuing to focus on
expanding our portfolio, growing domestically and expanding in our
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
(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 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, 2021
Taka '000
September 30, 2021 June 30, 2021
ASSETS
Non-Current Assets 43,774,000 38,475,238
Property, Plant and Equipment- Carrying Value 36,731,364 36,211,376
Right-of-use Assets 347,841 319,885
Intangible Assets 1,356,869 1,380,694
Goodwill 546,691 546,691
Advance for Sanofi Acquisition 4,766,636 -
Other Investments 24,599 16,592
Current Assets 13,984,545 13,770,846
Inventories 7,744,085 7,142,863
Spares & Supplies 702,841 661,723
Accounts Receivable 2,549,083 2,873,845
Loans, Advances and Deposits 2,443,275 2,416,948
Cash and Cash Equivalents 545,261 675,467
TOTAL ASSETS 57,758,545 52,246,084
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity Attributable to the Owners of the Company 38,504,232 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 1,120,593 1,121,825
Unrealized Gain/(Loss) 21,774 13,767
Retained Earnings 25,646,681 24,179,783
Non-Controlling Interest 344,545 334,307
TOTAL EQUITY 38,848,777 37,364,866
Non-Current Liabilities 9,029,387 5,531,540
Long Term Borrowings-Net of Current Maturity 4,403,464 1,206,717
Liability for Gratuity and WPPF & Welfare Funds 2,631,814 2,335,257
Deferred Tax Liability 1,994,109 1,989,566
Current Liabilities and Provisions 9,880,381 9,349,678
Short Term Borrowings 4,771,639 5,023,181
Long Term Borrowings-Current Maturity 1,979,053 1,401,406
Creditors and Other Payables 2,220,032 1,965,048
Accrued Expenses 437,838 619,399
Dividend Payable / Unclaimed Dividend 53,657 118,138
Income Tax Payable 418,162 222,506
TOTAL EQUITY AND LIABILITIES 57,758,545 52,246,084
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Profit or Loss and Other Comprehensive Income
(Unaudited)
For the Period July - September 2021
Taka '000
July - September July - September
2021 2020
Net Revenue 8,469,321 6,925,930
Cost of Goods Sold (4,392,976) (3,636,389)
Gross Profit 4,076,345 3,289,541
Operating Expenses (1,975,903) (1,619,773)
Administrative Expenses (244,996) (197,326)
Selling, Marketing and Distribution Expenses (1,730,907) (1,422,447)
Profit from Operations 2,100,442 1,669,768
Other Income 70,521 94,096
Finance Cost (163,626) (233,396)
Profit Before Contribution to WPPF & Welfare Funds
2,007,337 1,530,468
Contribution to WPPF & Welfare Funds (96,092) (73,386)
Profit Before Tax
1,911,245 1,457,082
Income Tax Expenses (435,699) (372,741)
Current Tax (430,798) (358,679)
Deferred Tax (4,901) (14,062)
Profit After Tax
1,475,546 1,084,341
Profit/(Loss) Attributable to:
Owners of the Company 1,465,308 1,074,478
Non-controlling Interest 10,238 9,863
1,475,546 1,084,341
Other Comprehensive Income-Unrealized Gain/(Loss) 8,007 1,897
Total Comprehensive Income 1,483,553 1,086,238
Total Comprehensive Income Attributable to:
Owners of the Company 1,473,315 1,076,375
Non-controlling Interest 10,238 9,863
1,483,553 1,086,238
Earnings Per Share (EPS)/Restated EPS 3.28 2.41
Number of Shares Nos. 446,112,089 446,112,089
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Changes in Equity (Unaudited)
For the Period July - September 2021
As at September 30, 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, 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 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
Number of Shares 446,112,089
Net Asset Value (NAV) Per Share Tk. 86.31
As at September 30, 2020
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 for the Period - - - - - - 1,074,478 1,074,478 9,863 1,084,341
Other Comprehensive Income/(Loss) - - - - - 1,897 - 1,897 - 1,897
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
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Cash Flows (Unaudited)
For the Period July - September 2021
Taka '000
July - September, July - September,
2021 2020
Cash Flows from Operating Activities :
Receipts from Customers and Others 8,863,397 7,233,844
Payments to Suppliers and Employees (6,475,987) (5,609,810)
Cash Generated from Operations 2,387,410 1,624,034
Interest Paid (164,459) (233,396)
Interest Received 401 576
Income Tax Paid (235,142) (175,700)
Net Cash Generated from Operating Activities 1,988,210 1,215,514
Cash Flows from Investing Activities :
Acquisition of Property, Plant and Equipment (819,779) (561,419)
Intangible Assets (880) (4,311)
Advance for Sanofi Acquisition (4,766,636) -
Disposal of Property, Plant and Equipment 12,251 21,171
Net Cash Used in Investing Activities (5,575,044) (544,559)
Cash Flows from Financing Activities :
Net Increase /(Decrease) in Long Term Borrowings 3,770,738 (401,687)
Net Increase/(Decrease) in Short Term Borrowings (251,542) (516,458)
Dividend Paid (64,481) (376)
Net Cash (Used in ) / from Financing Activities 3,454,715 (918,521)
Increase/(Decrease) in Cash and Cash Equivalents (132,119) (247,566)
Cash and Cash Equivalents at Beginning of Period 675,467 635,016
Effect of Exchange Rate Changes on Cash and Cash Equivalents 1,913 -
Cash and Cash Equivalents at End of Period 545,261 387,450
Number of Shares 446,112,089 405,556,445
Net Operating Cash Flows Per Share 4.46 3.00
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