6 November 2023
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 2023
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 2023. The information set out below has been released to the Dhaka and Chittagong Stock Exchanges in compliance with the requirements from the Bangladesh SEC.
Beximco Pharma Managing Director Nazmul Hassan MP commented:
"Amidst challenges, we delivered strong growth in revenue in this first quarter. The ongoing macro-economic headwinds, especially the devaluation of currency and high inflationary pressures, weigh on our bottom line and somewhat overshadow our accomplishment. That said, we remain confident in the strength of the business and our strategy as we continue to focus on growth through the delivery of high-quality, affordable medicines to patients."
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 2 586/11001, 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
SPARK Advisory Partners Limited (Nominated Adviser)
Mark Brady / Andrew Emmott
Tel: +44 (0) 20 3368 3551 / 3555
SP Angel Corporate Finance LLP (Broker)
Matthew Johnson
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 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 September 30, 2023
| | | | Taka '000 |
| | September 30, 2023 |
| June 30, 2023 |
| ASSETS | | | |
| Non-Current Assets | 48,409,531 |
| 48,280,929 |
| Property, Plant and Equipment- Carrying Value | 42,356,471 | | 42,245,615 |
| Right-of-use Assets | 538,197 | | 562,224 |
| Intangible Assets | 4,766,816 | | 4,721,035 |
| Deferred Tax Asset | 52,504 | | 56,512 |
| Goodwill | 674,570 | | 674,570 |
| Other Investments | 20,973 | | 20,973 |
|
Current Assets | 20,942,045 |
| 20,875,854 |
| Inventories | 11,958,465 | | 12,133,278 |
| Spares & Supplies | 888,249 | | 819,740 |
| Accounts Receivable | 3,671,221 | | 3,574,655 |
| Loans, Advances and Deposits | 3,049,766 | | 2,984,877 |
| Advance Income Tax | 230,467 | | 227,618 |
| Short Term Investment | 200,000 | | - |
| Cash and Cash Equivalents | 943,877 | | 1,135,686 |
| TOTAL ASSETS | 69,351,576 |
| 69,156,783 |
|
| | | |
| SHAREHOLDERS' EQUITY AND LIABILITIES | | | |
| Equity Attributable to the Owners of the Company | 45,233,894 |
| 43,680,704 |
| 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 | 1,140,210 | | 1,141,178 |
| Unrealized Gain/(Loss) | 18,148 | | 18,148 |
| Retained Earnings | 32,360,352 | | 30,806,194 |
| Non-Controlling Interest | 3,953,454 |
| 3,938,962 |
| TOTAL EQUITY | 49,187,348 |
| 47,619,666 |
| Non-Current Liabilities | 8,383,552 |
| 8,272,093 |
| Long Term Borrowings-Net of Current Maturity | 2,306,715 | | 2,550,833 |
| Liability for Gratuity, Pension and WPPF & Welfare Funds | 3,535,080 | | 3,170,764 |
| Deferred Tax Liability | 2,541,757 | | 2,550,496 |
|
Current Liabilities and Provisions | 11,780,676 |
| 13,265,024 |
| Short Term Borrowings | 4,732,715 | | 6,621,170 |
| Long Term Borrowings-Current Maturity | 1,468,445 | | 1,439,895 |
| Creditors and Other Payables | 3,706,475 | | 3,531,707 |
| Accrued Expenses | 1,032,588 | | 1,129,700 |
| Dividend Payable / Unclaimed Dividend | 88,235 | | 88,465 |
| Income Tax Payable | 752,218 | | 454,087 |
| TOTAL EQUITY AND LIABILITIES | 69,351,576 |
| 69,156,783 |
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Profit or Loss and Other Comprehensive Income (Un-audited)
For the Period July - September 2023
|
|
| | Taka '000 | |
|
| July -September 2023 |
| July -September 2022 | |
|
|
|
|
| |
| Net Revenue | 11,159,367 |
| 9,787,202 | |
| Cost of Goods Sold | (6,251,512) | | (5,351,036) | |
| Gross Profit | 4,907,855 |
| 4,436,166 | |
|
|
|
|
| |
| Operating Expenses | (2,598,458) |
| (2,313,283) | |
| Administrative Expenses | (304,684) | | (274,747) | |
| Selling, Marketing and Distribution Expenses | (2,293,774) | | (2,038,536) | |
| Profit from Operations | 2,309,397 |
| 2,122,883 | |
| Other Income | 144,875 | | 168,042 | |
| Finance Cost | (297,754) | | (310,973) | |
| Profit Before Contribution to WPPF & Welfare Funds | 2,156,518 |
| 1,979,952 | |
| Contribution to WPPF & Welfare Funds | (103,572) | | (98,210) | |
| Profit Before Tax | 2,052,946 |
| 1,881,742 | |
| Income Tax Expenses | (485,545) |
| (469,029) | |
| Current Tax | (489,995) | | (393,848) | |
| Deferred Tax | 4,450 | | (75,181) | |
| Profit After Tax | 1,567,401 |
| 1,412,713 | |
| Profit/(Loss) Attributable to: | | | | |
| Owners of the Company | 1,552,909 | | 1,447,027 | |
| Non-Controlling Interest | 14,492 | | (34,314) | |
| | 1,567,401 |
| 1,412,713 | |
| Other Comprehensive Income/(Loss) | - | | (3,340) | |
| Total Comprehensive Income | 1,567,401 |
| 1,409,373 | |
| Total Comprehensive Income Attributable to: |
|
|
| |
| Owners of the Company | 1,552,909 | | 1,443,687 | |
| Non-Controlling Interest | 14,492 | | (34,314) | |
| | 1,567,401 |
| 1,409,373 | |
| Earnings Per Share (EPS) | Tk. | 3.48 |
| 3.24 |
| Number of Shares | Nos. | 446,112,089 |
| 446,112,089 |
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Changes in Equity (Un-audited)
For the Period July - September 2023
| As at September 30, 2023 | ||||||||||||
| 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, 2023 | 4,461,121 | 5,269,475 | 1,689,637 | 294,951 | 1,141,178 | 18,148 | 30,806,194 | 43,680,704 | 3,938,962 | 47,619,666 | ||
| Total Comprehensive Income: | | |||||||||||
| Profit/(Loss) for the Period | - | - | - | - | - | - | 1,552,909 | 1,552,909 | 14,492 | 1,567,401 | ||
| Other Comprehensive Income/(Loss) | - | - | - | - | - | - | - | - | - | - | ||
| | ||||||||||||
| Adjustment for Depreciation on Revalued Assets | - | - | - | - | (1,249) | - | 1,249 | - | - | - | ||
| Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | 281 | - | - | 281 | - | 281 | ||
| Balance as on September 30, 2023 | 4,461,121 | 5,269,475 | 1,689,637 | 294,951 | 1,140,210 | 18,148 | 32,360,352 | 45,233,894 | 3,953,454 | 49,187,348 | ||
| Net Asset Value (NAV) Per Share | | | | | Tk. | 101.40 | | | ||||
| As at September 30, 2022 | ||||||||||
|
| 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, 2022 | 4,461,121 | 5,269,475 | 1,689,637 | 294,951 | 1,116,896 | 20,532 | 27,747,886 | 40,600,498 | 4,035,507 | 44,636,005 |
| Total Comprehensive Income: |
| |||||||||
| Profit/(Loss) for the Period | - | - | - | - | - | - | 1,447,027 | 1,447,027 | (34,314) | 1,412,713 |
| Other Comprehensive Income/(Loss) | - | - | - | - | - | (3,340) | - | (3,340) | - | (3,340) |
| | ||||||||||
| Adjustment for Depreciation on Revalued Assets | - | - | - | - | (1,409) | - | 1,409 | - | - | - |
| Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | 317 | - | - | 317 | - | 317 |
| Balance as on September 30, 2022 | 4,461,121 | 5,269,475 | 1,689,637 | 294,951 | 1,115,804 | 17,192 | 29,196,322 | 42,044,502 | 4,001,193 | 46,045,695 |
| Net Asset Value (NAV) Per Share |
|
|
|
|
Tk. |
94.25 |
|
| ||
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Cash Flows (Un-audited)
For the Period July - September 2023
|
|
|
| Taka '000 |
|
| July -September 2023 |
| July -September 2022 |
| Cash Flows from Operating Activities: | | | |
| Receipts from Customers and Others | 11,197,080 | | 9,853,354 |
| Payments to Suppliers and Employees | (7,998,606) | | (8,584,421) |
| Cash Generated from Operations | 3,198,474 |
| 1,268,933 |
| Interest Paid | (295,410) | | (310,322) |
| Interest Received | - | | 1,310 |
| Income Tax Paid | (194,713) | | (275,443) |
| Net Cash Generated from Operating Activities | 2,708,351 |
| 684,478 |
| Cash Flows from Investing Activities: | | | |
| Acquisition of Property, Plant and Equipment | (513,160) | | (636,985) |
| Intangible Assets | (97,638) | | (45,431) |
| Disposal of Property, Plant and Equipment | 3,488 | | 20 |
| Disposal of Intangible Assets | - | | 52,125 |
| Short Term Investment | (200,000) | | - |
| Net Cash Used in Investing Activities | (807,310) |
| (630,271) |
| Cash Flows from Financing Activities: | | | |
| Net Increase /(Decrease) in Long Term Borrowings | (211,318) | | (619,541) |
| Net Increase/(Decrease) in Short Term Borrowings | (1,888,455) | | 256,464 |
| Dividend Paid | (231) | | (295) |
| Net Cash (Used in) / from Financing Activities | (2,100,004) |
| (363,372) |
| Increase/(Decrease) in Cash and Cash Equivalents | (198,963) |
| (309,165) |
| Cash and Cash Equivalents at Beginning of Period | 1,135,686 | | 1,168,674 |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 7,154 | | 13,144 |
| Cash and Cash Equivalents at End of Period | 943,877 | | 872,653 |
|
|
| |
|
| Number of Shares | 446,112,089 | | 446,112,089 |
| Net Operating Cash Flows Per Share | 6.07 |
| 1.53 |
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