Results for First Quarter Ended 30 September 2021

RNS Number : 1016S

Beximco Pharmaceuticals Ltd

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 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 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

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, 2021

				Taka '000
	September 30, 2021			June 30, 2021
ASSETS
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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Date	11 Nov 2021
Time	10:30:00
Category	Results
ID	1016S

Date	11 Nov 2021
Time	10:30:00
Category	Results
ID	1016S

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Results for First Quarter Ended 30 September 2021