Last checked at 30 Apr 2021 07:00
30 April 2021
BEXIMCO PHARMACEUTICALS LTD.
Q3 Financial Results
Core business continues to deliver strong growth despite ongoing COVID-19 headwinds
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 third quarter and nine months ended 31 March 2021.
Financial highlights
Nine months ended 31 March 2021 (consolidated)
· Net sales increased 13.9% to Bangladesh Taka ("BDT") 21,762.4m / £186.8m (2019-20: BDT 19,105.6m / £181.0m)
O Domestic sales increased 15.3% to BDT 19,670.7m / £168.8m (2019-20: 17,063.3m / £161.6m)
O Export sales increased 2.4% to BDT 2,091.7m / £18.0m (2019-20: BDT 2,042.3m / £19.3m)
· Profit after tax increased 40.8% to BDT 3,695.3m / £31.7m (2019-20: BDT 2,624.7m / £24.9m)
Third quarter ended 31 March 2021 (consolidated)
· Net sales increased 11.4% to BDT 7,362.3m / £63.2m (2019-20: BDT 6,610.1m / £62.6m)
O Domestic sales increased by 11.8% to BDT 6,665.1m / £57.2m (2019-20: BDT 5,961.5m / £56.5m)
O Export sales increased by 7.5% to BDT 697.2m / £6.0m (2019-20: BDT 648.6m / £6.1m)
· Profit after tax increased 61.5% to BDT 1,468.9m / £12.6m (2019-20: BDT 909.3m / £8.6m)
Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:
"We are delighted to announce such strong financial results for the period. Through the resilience of the business and our commitment to delivering an uninterrupted supply of medicines during the pandemic, we have maintained double-digit revenue growth and delivered a significant increase in profit after tax when compared to the same period last year. This is testament to the underlying strength of our business and our ability to execute during the pandemic. With our impressive progress to date, despite the prevailing pandemic situation and vaccine delays, we remain confident that we will be able to deliver a strong result for the full year".
The detailed accounts can be viewed at the Company's website: www.beximcopharma.com
(Exchange rates of £1 = Taka 116.51 for 31 March 2021 numbers and £1 = Taka 105.58 for 31 March 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
Mohammed 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 / Sam Purewal
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 March 31, 2021
Taka '000 | |||||
March 31, 2021 |
June 30, 2020 | ||||
ASSETS | |||||
Non-Current Assets | 37,837,566 | 37,069,663 | |||
Property, Plant and Equipment- Carrying Value | 35,763,522 | 35,000,810 | |||
Right-of-use Assets | 281,550 | 240,164 | |||
Intangible Assets | 1,231,276 | 1,275,561 | |||
Goodwill | 546,691 | 546,691 | |||
Other Investment | 14,527 | 3,751 | |||
Other Non-current Assets | - | 2,686 | |||
Current Assets | 13,381,732 | 13,049,079 | |||
Inventories | 6,839,416 | 5,944,769 | |||
Spares & Supplies | 653,103 | 775,529 | |||
Accounts Receivable | 2,722,837 | 3,305,451 | |||
Loans, Advances and Deposits | 2,797,690 | 2,388,313 | |||
Cash and Cash Equivalents | 368,686 | 635,017 | |||
TOTAL ASSETS | 51,219,298 | 50,118,742 | |||
SHAREHOLDERS' EQUITY AND LIABILITIES | |||||
Equity Attributable to the Owners of the Company | 35,569,551 | 32,495,121 | |||
Issued Share Capital | 4,461,120 | 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 | 1,121,729 | 1,125,768 | |||
Unrealized Gain/(Loss) | 11,702 | 926 | |||
Retained Earnings | 22,720,937 | 20,058,800 | |||
Non-Controlling Interest | 320,899 | 302,329 | |||
TOTAL EQUITY | 35,890,450 | 32,797,450 | |||
Non-Current Liabilities | 5,719,168 | 5,963,327 | |||
Long Term Borrowings-Net of Current Maturity | 1,139,165 | 1,651,590 | |||
Liability for Gratuity and WPPF & Welfare Funds | 2,359,251 | 2,144,053 | |||
Deferred Tax Liability | 2,220,752 | 2,167,684 | |||
Current Liabilities and Provisions | 9,609,680 | 11,357,965 | |||
Short Term Borrowings | 6,166,525 | 7,398,361 | |||
Long Term Borrowings-Current Maturity | 1,038,516 | 1,454,312 | |||
Creditors and Other Payables | 1,017,656 | 1,397,817 | |||
Accrued Expenses | 666,388 | 739,513 | |||
Dividend Payable / Unclaimed Dividend | 118,311 | 82,075 | |||
Income Tax Payable | 602,284 | 285,887 | |||
TOTAL EQUITY AND LIABILITIES | 51,219,298 | 50,118,742 | |||
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Profit or Loss and Other Comprehensive Income (Un-audited) For the Period July 2020 -March 2021
Taka '000 | |||||||||||
July 2020- | July 2019- | January- | January- | ||||||||
March 2021 | March 2020 | March 2021 | March 2020 | ||||||||
Net Revenue | 21,762,492 | 19,105,589 | 7,362,303 | 6,610,063 | |||||||
Cost of Goods Sold | (11,488,046) | (10,202,789) | (3,919,447) | (3,515,134) | |||||||
Gross Profit | 10,274,446 | 8,902,800 | 3,442,856 | 3,094,929 | |||||||
Operating Expenses | (5,074,824) | (4,670,945) | (1,710,102) | (1,620,968) | |||||||
Administrative Expenses | (624,769) | (578,793) | (221,137) | (190,089) | |||||||
Selling, Marketing and Distribution Expenses | (4,450,055) | (4,092,152) | (1,488,965) | (1,430,879) | |||||||
Profit from Operations | 5,199,622 | 4,231,855 | 1,732,754 | 1,473,961 | |||||||
Other Income | 658,780 | 178,322 | 488,867 | 41,557 | |||||||
Finance Cost | (667,381) | (790,022) | (164,526) | (257,697) | |||||||
Profit Before Contribution to WPPF & Welfare Funds | |||||||||||
5,191,021 | 3,620,155 | 2,057,095 | 1,257,821 | ||||||||
Contribution to WPPF & Welfare Funds | (250,375) | (174,869) | (98,460) | (60,402) | |||||||
Profit Before Tax | 4,940,646 | 3,445,286 | 1,958,635 | 1,197,419 | |||||||
Income Tax Expenses | (1,245,355) | (820,584) | (489,643) | (288,063) | |||||||
Current Tax | (1,190,941) | (806,929) | (463,289) | (278,783) | |||||||
Deferred Tax | (54,414) | (13,655) | (26,354) | (9,280) | |||||||
Profit After Tax | |||||||||||
3,695,291 | 2,624,702 | 1,468,992 | 909,356 | ||||||||
Profit/(Loss) Attributable to: | |||||||||||
Owners of the Company | 3,670,643 | 2,606,853 | 1,461,959 | 900,434 | |||||||
Non-controlling interest | 24,648 | 17,849 | 7,033 | 8,922 | |||||||
3,695,291 | 2,624,702 | 1,468,992 | 909,356 | ||||||||
Other Comprehensive Income-Unrealized Gain/(Loss) | 10,776 | (1,578) | 3,273 | (134) | |||||||
Total Comprehensive Income | 3,706,067 | 2,623,124 | 1,472,265 | 909,222 | |||||||
Total Comprehensive Income Attributable to: | |||||||||||
Owners of the Company | 3,681,419 | 2,605,275 | 1,465,232 | 900,300 | |||||||
Non-controlling interest | 24,648 | 17,849 | 7,033 | 8,922 | |||||||
3,706,067 | 2,623,124 | 1,472,265 | 909,222 | ||||||||
Earnings Per Share (EPS)/Restated EPS | 8.23 | 5.84 | 3.28 | 2.02 | |||||||
Number of Shares Used to Compute EPS | 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 (Un-audited)
For the Period July 2020 -March 2021
As at March 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 the 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 | - | - | - | - | - | - | 3,670,643 | 3,670,643 | 24,648 | 3,695,291 | |||||||||
Other Comprehensive Income/(Loss) | - | - | - | - | - | 10,776 | - | 10,776 | - | 10,776 | |||||||||
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 | - | - | - | - | (5,385) | - | 5,385 | - | - | - | |||||||||
Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | 1,346 | - | - | 1,346 | - | 1,346 | |||||||||
Balance as on March 31, 2021 | 4,461,120 | 5,269,475 | 1,689,637 | 294,951 | 1,121,729 | 11,702 | 22,720,937 | 35,569,551 | 320,899 | 35,890,450 | |||||||||
Number of Shares | 446,112,089 | ||||||||||||||||||
Net Asset Value (NAV) Per Share | Tk. | 79.73 | |||||||||||||||||
As at March 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 the Owners of the Company | Non- Controlling Interests | Total Equity | ||||||||||
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 | - | - | - | - | - | - | 2,606,853 | 2,606,853 | 17,849 | 2,624,702 | |||||||||
Other Comprehensive Income/(Loss) | - | - | - | - | - | (1,578) | - | (1,578) | - | (1,578) | |||||||||
Transactions with the Shareholders: | |||||||||||||||||||
Cash Dividend | (608,335) | (608,335) | (3,473) | (611,808) | |||||||||||||||
Adjustment for Depreciation on Revalued Assets | - | - | - | - | (6,086) | - | 6,086 | - | - | - | |||||||||
Balance as on March 31, 2020 | 4,055,564 | 5,269,475 | 1,689,637 | 294,951 | 1,125,767 | 926 | 19,148,937 | 31,585,257 | 290,383 | 31,875,640 | |||||||||
Number of Shares | 405,556,445 | ||||||||||||||||||
Net Asset Value (NAV) Per Share | Tk. | 77.88 | |||||||||||||||||
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Cash Flows (Un-audited)
For the Period July 2020 -March 2021
Taka '000 | ||||||||
July 2020- | July 2019- | |||||||
March 2021 | March 2020 | |||||||
Cash Flows from Operating Activities : | ||||||||
Receipts from Customers and Others | 23,003,861 | 19,181,510 | ||||||
Payments to Suppliers and Employees | (17,426,836) | (13,995,718) | ||||||
Cash Generated from Operations | 5,577,025 | 5,185,792 | ||||||
Interest Paid | (667,752) | (790,022) | ||||||
Interest Received | 1,844 | 19,774 | ||||||
Income Tax Paid | (874,544) | (428,060) | ||||||
Net Cash Generated from Operating Activities | 4,036,573 | 3,987,484 | ||||||
Cash Flows from Investing Activities : | ||||||||
Acquisition of Property, Plant and Equipment | (1,579,680) | (1,920,349) | ||||||
Intangible Assets | (8,819) | (18,542) | ||||||
Disposal of Property, Plant and Equipment | 27,089 | 3,647 | ||||||
Dividend Received | 857 | 1,428 | ||||||
Decrease in Short Term Investment | - | 274,118 | ||||||
Net Cash Used in Investing Activities | ||||||||
(1,560,553) | (1,659,698) | |||||||
Cash Flows from Financing Activities : | ||||||||
Net Increase /(Decrease) in Long Term Borrowings | (932,338) | (912,187) | ||||||
Net Increase/(Decrease) in Short Term Borrowings | (1,231,836) | (1,067,733) | ||||||
Dividend Paid | (578,177) | (541,720) | ||||||
Net Cash (Used in ) / from Financing Activities | (2,742,351) | (2,521,640) | ||||||
Increase/(Decrease) in Cash and Cash Equivalents | (266,331) | (193,854) | ||||||
Cash and Cash Equivalents at Beginning of Period | 635,017 | 610,494 | ||||||
Effect of exchange rate changes on Cash and Cash Equivalents* | - | 1,058 | ||||||
Cash and Cash Equivalents at End of Period | 368,686 | 417,698 | ||||||
Net Operating Cash Flow Per Share | 9.05 | 9.83 | ||||||
Number of Shares used to compute Net Operating Cash Flow Per Share | 446,112,089 | 405,556,445 | ||||||
\* The Company used Janata Bank's end of periods US Dollar-BDT exchange rates as on 31 March 2021 which remained unchanged with the exchange rates as at 30 June 2020. As such there was no effect of exchange rates in the cash flow.