Half Year Results 2021-22

RNS Number : 8989Z

Beximco Pharmaceuticals Ltd

28 January 2022

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

Half Year Results 2021-22

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 six months ended 31 December 2021.

Financial highlights

Half year financial highlights*

· Net sales increased 17.8% to Bangladesh Taka ("BDT") 16,968.9m / £146.7m (2020-21: BDT 14,400.2m / £125.8m)

o Domestic sales increased 20.7% to BDT 15,692.9m / £135.6m (2020-21: BDT 13,005.6m / £113.6m)

o COVID-19 headwinds caused decline of 8.5% in export sales to BDT 1,276.0m / £11.0m (2020-21: BDT 1,394.6m / £12.2m)

· Profit after tax increased 40.7% to BDT 3,131.9m / £27.1m (2020-21: BDT 2,226.3m / £19.4 m)

Second quarter financial highlights

· Net sales increased 13.7% to BDT 8,499.6m / £73.5m (2020-21: BDT 7,474.3m / £65.3m)

· Profit after tax increased 45.0% to BDT 1,656.3m / £14.3m (2020-21: BDT 1,141.9m / £9.9m)

Operational highlights

· Domestic market

o Strengthened footprint, capabilities and breadth in therapeutic areas with acquisition of 54.6% stake in Sanofi Bangladesh Limited

o Launched twenty new products (twenty-nine presentation forms and strengths), including the introduction of six products for the first time in Bangladesh, such as

o World's first generic of molnupiravir following approval of the oral antiviral drug for COVID-19 treatment by the UK's Medicines and Healthcare products Regulatory Agency

o World's first generic version of Pfizer's Paxlovid, the first US FDA approved oral therapy for COVID-19 treatment

o As the exclusive supplier in Bangladesh, distributed eight million doses of the Oxford/AstraZeneca COVID-19 vaccine, facilitated through the Government of Bangladesh, following receipt of the vaccine from the Serum Institute of India

· International market

o Received US FDA approval for muscle relaxant drug, Baclofen

o Completed 20 registrations for 16 products (20 presentation forms and strength) in 7 countries

o Entered Morocco for the first time with the export of Olopatadine Hydrochloride, for the alleviation of symptoms caused by allergic conjunctivitis and allergic rhinitis

· Won the Global Generics & Biosimilars Awards 2021 in the category of "Company of the year, Asia Pacific"

Post period

· Granted a sub-license by the United Nations-backed Medicines Patent Pool (MPP) to produce MSD's molnupiravir for COVID-19 treatment

Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:

"We are pleased with the financial and operational progress we have made over the first half of the year. Our domestic operations include many highlights, especially the successful acquisition of Sanofi Bangladesh which expands our core capabilities and product offering. In addition, we believe our launch of world-first generic versions of molnupiravir and Paxlovid, as well as eighteen further new products in Bangladesh, is testament to our continued commitment to delivering essential treatments at an affordable price. While we have seen a slight decline in export revenues due to COVID-19 headwinds, we expect this to recover in the second half of the year and, thanks to the ongoing execution of our strategy to deliver high-quality products and breakthrough therapies, we are confident that we will maintain our strong growth trajectory for the year."

The half yearly accounts can be viewed at the Company's website: www.beximcopharma.com

*Q2 2021 includes 3 month's (October- December 2021) post-acquisition contribution from Sanofi Bangladesh:

	Net Sales	: BDT 369.7m / £ 3.2m
	Net profit/(Loss) after Tax	: BDT (145.0m) / £ (1.3m)

(Exchange rates of £1 = Taka 115.7099 for 31 December 2021 numbers and £1 = Taka 114.48 for 31 December 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

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 December 31, 2021

		Taka '000
	December 31,2021	June 30, 2021
ASSETS
Non-Current Assets	47,688,160	38,475,238
Property, Plant and Equipment- Carrying Value	41,855,972	36,211,376
Right-of-use Assets	496,567	319,885
Intangible Assets	4,561,931	1,380,694
Deferred Tax Asset	72,640	-
Goodwill	674,571	546,691
Other Investments	26,479	16,592
Current Assets	17,391,901	13,770,846
Inventories	9,351,456	7,142,863
Spares & Supplies	748,479	661,723
Accounts Receivable	3,584,766	2,873,845
Loans, Advances and Deposits	2,357,189	2,416,948
Advance Income Tax	169,310	-
Cash and Cash Equivalents	1,180,701	675,467

TOTAL ASSETS	65,080,061	52,246,084

SHAREHOLDERS' EQUITY AND LIABILITIES
Equity Attributable to the Owners of the Company	38,657,785	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	1,119,361	1,121,825
Unrealized Gain/(Loss)	23,654	13,767
Retained Earnings	25,799,586	24,179,783

Non-Controlling Interest	4,138,350	334,307
TOTAL EQUITY	42,796,135	37,364,866
Non-Current Liabilities	9,062,106	5,531,540
Long Term Borrowings-Net of Current Maturity	4,229,806	1,206,717
Liability for Gratuity and WPPF & Welfare Funds	2,848,816	2,335,257
Deferred Tax Liability	1,983,484	1,989,566

Current Liabilities and Provisions	13,221,820	9,349,678
Short Term Borrowings	4,745,994	5,023,181
Long Term Borrowings-Current Maturity	2,060,666	1,401,406
Creditors and Other Payables	3,382,666	1,965,048
Accrued Expenses	850,137	619,399
Dividend Payable / Unclaimed Dividend	1,615,164	118,138
Income Tax Payable	567,193	222,506

TOTAL EQUITY AND LIABILITIES	65,080,061	52,246,084

Beximco Pharmaceuticals Limited and its Subsidiaries

Consolidated Statement of Profit or Loss and Other Comprehensive Income (Unaudited)

For the Half Year Ended December 31, 2021

					Taka '000
		July -December 2021	July -December 2020	October - December 2021	October - December 2020
Net Revenue		16,968,904	14,400,189	8,499,583	7,474,259
Cost of Goods Sold		(8,799,257)	(7,568,599)	(4,406,281)	(3,932,210)
Gross Profit		8,169,647	6,831,590	4,093,302	3,542,049
Operating Expenses		(4,235,426)	(3,364,722)	(2,259,523)	(1,744,949)
Administrative Expenses		(573,839)	(403,632)	(328,843)	(206,306)
Selling, Marketing and Distribution Expenses		(3,661,587)	(2,961,090)	(1,930,680)	(1,538,643)
Profit from Operations		3,934,221	3,466,868	1,833,779	1,797,100
Other Income		801,972	169,913	731,451	75,817
Finance Cost		(432,357)	(502,855)	(268,731)	(269,459)
Profit Before Contribution to WPPF & Welfare Funds		4,303,836	3,133,926	2,296,499	1,603,458
Contribution to WPPF & Welfare Funds		(215,810)	(151,915)	(119,718)	(78,529)
Profit Before Tax		4,088,026	2,982,011	2,176,781	1,524,929
Income Tax Expenses		(956,155)	(755,712)	(520,456)	(382,971)
Current Tax		(997,087)	(727,652)	(566,289)	(368,973)
Deferred Tax		40,932	(28,060)	45,833	(13,998)
Profit After Tax		3,131,871	2,226,299	1,656,325	1,141,958
Profit/(Loss) Attributable to:
Owners of the Company		3,178,016	2,208,684	1,712,708	1,134,206
Non-controlling Interest		(46,145)	17,615	(56,383)	7,752
		3,131,871	2,226,299	1,656,325	1,141,958
Other Comprehensive Income-Unrealized Gain/(Loss)		9,887	7,503	1,880	5,606
Total Comprehensive Income		3,141,758	2,233,802	1,658,205	1,147,564

Total Comprehensive Income Attributable to:
Owners of the Company		3,187,903	2,216,187	1,714,588	1,139,812
Non-controlling Interest		(46,145)	17,615	(56,383)	7,752
		3,141,758	2,233,802	1,658,205	1,147,564

Earnings Per Share (EPS)		7.12	4.95	3.84	2.54
Number of Shares	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 (Unaudited)

For the Half Year Ended December 31, 2021

As at December 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 Owners of the Company	Non- Controlling Interests	Total Equity
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-SBL	-	-	-	-	-	-	-	-	3,857,135	3,857,135
Total Comprehensive Income:
Profit/(Loss) for the Period	-	-	-	-	-	-	3,178,016	3,178,016	(46,145)	3,131,871
Other Comprehensive Income/(Loss)	-	-	-	-	-	9,887	-	9,887	-	9,887
Transactions with the Shareholders:
Cash Dividend	-	-	-	-	-	-	(1,561,392)	(1,561,392)	(6,947)	(1,568,339)
Adjustment for Depreciation on Revalued Assets	-	-	-	-	(3,179)	-	3,179	-	-	-
Adjustment for Deferred Tax on Revalued Assets	-	-	-	-	715	-	-	715	-	715
Balance as on December 31, 2021	4,461,121	5,269,475	1,689,637	294,951	1,119,361	23,654	25,799,586	38,657,785	4,138,350	42,796,135
Number of Shares								446,112,089
Net Asset Value (NAV) Per Share							Tk.	86.65

As at December 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 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	-	-	-	-	-	-	2,208,684	2,208,684	17,615	2,226,299
Other Comprehensive Income/(Loss)	-	-	-	-	-	7,503	-	7,503	0	7,503
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	-	-	-	-	(3,590)	-	3,590	-	-	-
Adjustment for Deferred Tax on Revalued Assets	-	-	-	-	898	-	-	898	-	898
Balance as on December 31, 2020	4,461,120	5,269,475	1,689,637	294,951	1,123,076	8,429	21,257,183	34,103,871	313,866	34,417,737
Number of Shares								446,112,089
Net Asset Value (NAV) Per Share							Tk.	76.45

Beximco Pharmaceuticals Limited and its Subsidiaries

Consolidated Statement of Cash Flows (Unaudited)

For the Half Year Ended December 31, 2021

		Taka '000
	July -December 2021	July -December 2020
Cash Flows from Operating Activities :
Receipts from Customers and Others	17,567,608	14,968,135
Payments to Suppliers and Employees	(12,809,303)	(11,819,166)
Cash Generated from Operations	4,758,305	3,148,969

Interest Paid	(433,470)	(502,855)
Interest Received	1,425	1,318
Income Tax Paid	(658,071)	(457,768)
Net Cash Generated from Operating Activities	3,668,189	2,189,664
Cash Flows from Investing Activities :

Acquisition of Property, Plant and Equipment	(1,661,113)	(864,972)
Intangible Assets	(3,355)	(8,819)
Investment in Subsidiary	(4,766,636)	-
Disposal of Property, Plant and Equipment	12,402	21,171
Net Cash Used in Investing Activities	(6,418,702)	(852,620)
Cash Flows from Financing Activities :
Net Increase /(Decrease) in Long Term Borrowings	3,622,081	(532,178)
Net Increase/(Decrease) in Short Term Borrowings	(596,880)	(1,038,577)
Dividend Paid	(71,505)	(6,701)
Net Cash (Used in ) / from Financing Activities	2,953,696	(1,577,456)
Increase/(Decrease) in Cash and Cash Equivalents	203,183	(240,412)
Cash and Cash Equivalents at Beginning of Period*	973,965	635,017
Effect of Exchange Rate Changes on Cash and Cash Equivalents	3,553	-
Cash and Cash Equivalents at End of Period	1,180,701	394,605
Number of Shares	446,112,089	446,112,089
Net Operating Cash Flows Per Share	8.22	4.91
* Includes cash of Sanofi Bangladesh at the date of acquisition.

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RNS Number : 8989Z

Beximco Pharmaceuticals Ltd

28 January 2022

BEXIMCO PHARMACEUTICALS LIMITED

Half Year Results 2021-22

Financial highlights

Half year financial highlights*

· Net sales increased 17.8% to Bangladesh Taka ("BDT") 16,968.9m / £146.7m (2020-21: BDT 14,400.2m / £125.8m)

o Domestic sales increased 20.7% to BDT 15,692.9m / £135.6m (2020-21: BDT 13,005.6m / £113.6m)

o COVID-19 headwinds caused decline of 8.5% in export sales to BDT 1,276.0m / £11.0m (2020-21: BDT 1,394.6m / £12.2m)

· Profit after tax increased 40.7% to BDT 3,131.9m / £27.1m (2020-21: BDT 2,226.3m / £19.4 m)

Second quarter financial highlights

· Net sales increased 13.7% to BDT 8,499.6m / £73.5m (2020-21: BDT 7,474.3m / £65.3m)

· Profit after tax increased 45.0% to BDT 1,656.3m / £14.3m (2020-21: BDT 1,141.9m / £9.9m)

Operational highlights

· Domestic market

o Strengthened footprint, capabilities and breadth in therapeutic areas with acquisition of 54.6% stake in Sanofi Bangladesh Limited

o Launched twenty new products (twenty-nine presentation forms and strengths), including the introduction of six products for the first time in Bangladesh, such as

o World's first generic of molnupiravir following approval of the oral antiviral drug for COVID-19 treatment by the UK's Medicines and Healthcare products Regulatory Agency

o World's first generic version of Pfizer's Paxlovid, the first US FDA approved oral therapy for COVID-19 treatment

· International market

o Received US FDA approval for muscle relaxant drug, Baclofen

o Completed 20 registrations for 16 products (20 presentation forms and strength) in 7 countries

o Entered Morocco for the first time with the export of Olopatadine Hydrochloride, for the alleviation of symptoms caused by allergic conjunctivitis and allergic rhinitis

· Won the Global Generics & Biosimilars Awards 2021 in the category of "Company of the year, Asia Pacific"

Post period

· Granted a sub-license by the United Nations-backed Medicines Patent Pool (MPP) to produce MSD's molnupiravir for COVID-19 treatment

Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:

The half yearly accounts can be viewed at the Company's website: www.beximcopharma.com

*Q2 2021 includes 3 month's (October- December 2021) post-acquisition contribution from Sanofi Bangladesh:

	Net Sales	: BDT 369.7m / £ 3.2m
	Net profit/(Loss) after Tax	: BDT (145.0m) / £ (1.3m)

(Exchange rates of £1 = Taka 115.7099 for 31 December 2021 numbers and £1 = Taka 114.48 for 31 December 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

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 Pharmaceuticals Limited and its Subsidiaries

Consolidated Statement of Financial Position (Unaudited)

As at December 31, 2021

		Taka '000
	December 31,2021	June 30, 2021
ASSETS
Non-Current Assets	47,688,160	38,475,238
Property, Plant and Equipment- Carrying Value	41,855,972	36,211,376
Right-of-use Assets	496,567	319,885
Intangible Assets	4,561,931	1,380,694
Deferred Tax Asset	72,640	-
Goodwill	674,571	546,691
Other Investments	26,479	16,592
Current Assets	17,391,901	13,770,846
Inventories	9,351,456	7,142,863
Spares & Supplies	748,479	661,723
Accounts Receivable	3,584,766	2,873,845
Loans, Advances and Deposits	2,357,189	2,416,948
Advance Income Tax	169,310	-
Cash and Cash Equivalents	1,180,701	675,467

TOTAL ASSETS	65,080,061	52,246,084

SHAREHOLDERS' EQUITY AND LIABILITIES
Equity Attributable to the Owners of the Company	38,657,785	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	1,119,361	1,121,825
Unrealized Gain/(Loss)	23,654	13,767
Retained Earnings	25,799,586	24,179,783

Non-Controlling Interest	4,138,350	334,307
TOTAL EQUITY	42,796,135	37,364,866
Non-Current Liabilities	9,062,106	5,531,540
Long Term Borrowings-Net of Current Maturity	4,229,806	1,206,717
Liability for Gratuity and WPPF & Welfare Funds	2,848,816	2,335,257
Deferred Tax Liability	1,983,484	1,989,566

Current Liabilities and Provisions	13,221,820	9,349,678
Short Term Borrowings	4,745,994	5,023,181
Long Term Borrowings-Current Maturity	2,060,666	1,401,406
Creditors and Other Payables	3,382,666	1,965,048
Accrued Expenses	850,137	619,399
Dividend Payable / Unclaimed Dividend	1,615,164	118,138
Income Tax Payable	567,193	222,506

TOTAL EQUITY AND LIABILITIES	65,080,061	52,246,084

Beximco Pharmaceuticals Limited and its Subsidiaries

Consolidated Statement of Profit or Loss and Other Comprehensive Income (Unaudited)

For the Half Year Ended December 31, 2021

					Taka '000
		July -December 2021	July -December 2020	October - December 2021	October - December 2020
Net Revenue		16,968,904	14,400,189	8,499,583	7,474,259
Cost of Goods Sold		(8,799,257)	(7,568,599)	(4,406,281)	(3,932,210)
Gross Profit		8,169,647	6,831,590	4,093,302	3,542,049
Operating Expenses		(4,235,426)	(3,364,722)	(2,259,523)	(1,744,949)
Administrative Expenses		(573,839)	(403,632)	(328,843)	(206,306)
Selling, Marketing and Distribution Expenses		(3,661,587)	(2,961,090)	(1,930,680)	(1,538,643)
Profit from Operations		3,934,221	3,466,868	1,833,779	1,797,100
Other Income		801,972	169,913	731,451	75,817
Finance Cost		(432,357)	(502,855)	(268,731)	(269,459)
Profit Before Contribution to WPPF & Welfare Funds		4,303,836	3,133,926	2,296,499	1,603,458
Contribution to WPPF & Welfare Funds		(215,810)	(151,915)	(119,718)	(78,529)
Profit Before Tax		4,088,026	2,982,011	2,176,781	1,524,929
Income Tax Expenses		(956,155)	(755,712)	(520,456)	(382,971)
Current Tax		(997,087)	(727,652)	(566,289)	(368,973)
Deferred Tax		40,932	(28,060)	45,833	(13,998)
Profit After Tax		3,131,871	2,226,299	1,656,325	1,141,958
Profit/(Loss) Attributable to:
Owners of the Company		3,178,016	2,208,684	1,712,708	1,134,206
Non-controlling Interest		(46,145)	17,615	(56,383)	7,752
		3,131,871	2,226,299	1,656,325	1,141,958
Other Comprehensive Income-Unrealized Gain/(Loss)		9,887	7,503	1,880	5,606
Total Comprehensive Income		3,141,758	2,233,802	1,658,205	1,147,564

Total Comprehensive Income Attributable to:
Owners of the Company		3,187,903	2,216,187	1,714,588	1,139,812
Non-controlling Interest		(46,145)	17,615	(56,383)	7,752
		3,141,758	2,233,802	1,658,205	1,147,564

Earnings Per Share (EPS)		7.12	4.95	3.84	2.54
Number of Shares	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 (Unaudited)

For the Half Year Ended December 31, 2021

As at December 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 Owners of the Company	Non- Controlling Interests	Total Equity
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-SBL	-	-	-	-	-	-	-	-	3,857,135	3,857,135
Total Comprehensive Income:
Profit/(Loss) for the Period	-	-	-	-	-	-	3,178,016	3,178,016	(46,145)	3,131,871
Other Comprehensive Income/(Loss)	-	-	-	-	-	9,887	-	9,887	-	9,887
Transactions with the Shareholders:
Cash Dividend	-	-	-	-	-	-	(1,561,392)	(1,561,392)	(6,947)	(1,568,339)
Adjustment for Depreciation on Revalued Assets	-	-	-	-	(3,179)	-	3,179	-	-	-
Adjustment for Deferred Tax on Revalued Assets	-	-	-	-	715	-	-	715	-	715
Balance as on December 31, 2021	4,461,121	5,269,475	1,689,637	294,951	1,119,361	23,654	25,799,586	38,657,785	4,138,350	42,796,135
Number of Shares								446,112,089
Net Asset Value (NAV) Per Share							Tk.	86.65

As at December 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 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	-	-	-	-	-	-	2,208,684	2,208,684	17,615	2,226,299
Other Comprehensive Income/(Loss)	-	-	-	-	-	7,503	-	7,503	0	7,503
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	-	-	-	-	(3,590)	-	3,590	-	-	-
Adjustment for Deferred Tax on Revalued Assets	-	-	-	-	898	-	-	898	-	898
Balance as on December 31, 2020	4,461,120	5,269,475	1,689,637	294,951	1,123,076	8,429	21,257,183	34,103,871	313,866	34,417,737
Number of Shares								446,112,089
Net Asset Value (NAV) Per Share							Tk.	76.45

Beximco Pharmaceuticals Limited and its Subsidiaries

Consolidated Statement of Cash Flows (Unaudited)

For the Half Year Ended December 31, 2021

		Taka '000
	July -December 2021	July -December 2020
Cash Flows from Operating Activities :
Receipts from Customers and Others	17,567,608	14,968,135
Payments to Suppliers and Employees	(12,809,303)	(11,819,166)
Cash Generated from Operations	4,758,305	3,148,969

Interest Paid	(433,470)	(502,855)
Interest Received	1,425	1,318
Income Tax Paid	(658,071)	(457,768)
Net Cash Generated from Operating Activities	3,668,189	2,189,664
Cash Flows from Investing Activities :

Acquisition of Property, Plant and Equipment	(1,661,113)	(864,972)
Intangible Assets	(3,355)	(8,819)
Investment in Subsidiary	(4,766,636)	-
Disposal of Property, Plant and Equipment	12,402	21,171
Net Cash Used in Investing Activities	(6,418,702)	(852,620)
Cash Flows from Financing Activities :
Net Increase /(Decrease) in Long Term Borrowings	3,622,081	(532,178)
Net Increase/(Decrease) in Short Term Borrowings	(596,880)	(1,038,577)
Dividend Paid	(71,505)	(6,701)
Net Cash (Used in ) / from Financing Activities	2,953,696	(1,577,456)
Increase/(Decrease) in Cash and Cash Equivalents	203,183	(240,412)
Cash and Cash Equivalents at Beginning of Period*	973,965	635,017
Effect of Exchange Rate Changes on Cash and Cash Equivalents	3,553	-
Cash and Cash Equivalents at End of Period	1,180,701	394,605
Number of Shares	446,112,089	446,112,089
Net Operating Cash Flows Per Share	8.22	4.91
* Includes cash of Sanofi Bangladesh at the date of acquisition.

END

IR SEWFMWEESEFF

Date	28 Jan 2022
Time	07:00:07
Category	Results
ID	8989Z

Date	28 Jan 2022
Time	07:00:07
Category	Results
ID	8989Z

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Half Year Results 2021-22

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