Last checked at 16 Nov 2020 07:00
The following amendments have been made to the 'Results for First Quarter Ended 30 September 2020' announcement released on 13 November 2020 at 7am under RNS No 1879F.
The interim financial statements were presented in Thousand Taka. However in the Consolidated Statement of Cash Flows the Intangible Assets under Cash Flows from Investing Activities for July-September 2020 was inadvertently printed at its full figure of Taka (4,310,814) instead of Taka (4,311) and sum of the Net Cash used in Investing Activities was printed as Taka (4,851,062) instead of Taka (544,559).
All other details remain unchanged.
The Company apologises for any inconvenience caused.
The full amended text is shown below. Amendments are identified with an asterisk (*).
13 November 2020
BEXIMCO PHARMACEUTICALS LIMITED
Financial Results for the First Quarter Ended 30 September 2020
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 2020. 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:
"Building on our strong performance last year, we have delivered year-on-year revenue growth of 9.9% in the first quarter of the current financial year, despite ongoing challenges posed by the COVID-19 pandemic. We continue to focus on expanding our portfolio and consolidating our international presence, as well as supporting national efforts to safeguard against COVID-19, including working with the Government of Bangladesh and Serum Institute of India to deliver a vaccine in Bangladesh, subject to regulatory approval."
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
Mohammad 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
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 4,500 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 (Unaudited)
As at September 30, 2020
Taka '000 | |||||||
September 30, 2020 | June 30, 2020 | ||||||
ASSETS | |||||||
Non-Current Assets | 37,348,438 | 37,069,663 | |||||
Property, Plant and Equipment- Carrying Value | 35,308,524 | 35,000,810 | |||||
Right-of-use Assets | 230,480 | 240,164 | |||||
Intangible Assets | 1,257,095 | 1,275,561 | |||||
Goodwill | 546,691 | 546,691 | |||||
Other Investments | 5,648 | 3,751 | |||||
Other Non-current Assets | - | 2,686 | |||||
Current Assets | 13,309,487 | 13,049,079 | |||||
Inventories | 6,783,352 | 5,944,769 | |||||
Spares & Supplies | 879,173 | 775,529 | |||||
Accounts Receivable | 3,094,114 | 3,305,451 | |||||
Loans, Advances and Deposits | 2,165,398 | 2,388,313 | |||||
Cash and Cash Equivalents | 387,450 | 635,017 | |||||
TOTAL ASSETS | 50,657,925 | 50,118,742 | |||||
SHAREHOLDERS' EQUITY AND LIABILITIES | |||||||
Equity Attributable to the Owners of the Company | 33,571,945 | 32,495,121 | |||||
Issued Share Capital | 4,055,564 | 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 | 1,124,422 | 1,125,768 | |||||
Unrealized Gain/(Loss) | 2,823 | 926 | |||||
Retained Earnings | 21,135,073 | 20,058,800 | |||||
Non-Controlling Interest | 312,192 | 302,329 | |||||
TOTAL EQUITY | 33,884,137 | 32,797,450 | |||||
Non-Current Liabilities | 5,872,613 | 5,963,327 | |||||
Long Term Borrowings-Net of Current Maturity | 1,396,452 | 1,651,590 | |||||
Liability for Gratuity and WPPF & Welfare Funds | 2,294,864 | 2,144,053 | |||||
Deferred Tax Liability | 2,181,297 | 2,167,684 | |||||
Current Liabilities and Provisions | 10,901,175 | 11,357,965 | |||||
Short Term Borrowings | 6,881,904 | 7,398,361 | |||||
Long Term Borrowings-Current Maturity | 1,311,135 | 1,454,312 | |||||
Creditors and Other Payables | 1,489,916 | 1,462,806 | |||||
Accrued Expenses | 732,644 | 739,513 | |||||
Dividend Payable | 16,710 | 17,086 | |||||
Income Tax Payable | 468,866 | 285,887 | |||||
TOTAL EQUITY AND LIABILITIES | 50,657,925 | 50,118,742 | |||||
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Profit or Loss and Other Comprehensive Income (Unaudited) For the Period July-September 2020
Taka '000 | |||||||||||
July -September | July -September | ||||||||||
2020 | 2019 | ||||||||||
Net Revenue | 6,925,930 | 6,303,335 | |||||||||
Cost of Goods Sold | (3,636,389) | (3,361,681) | |||||||||
Gross Profit | 3,289,541 | 2,941,654 | |||||||||
Operating Expenses | (1,619,773) | (1,508,118) | |||||||||
Administrative Expenses | (197,326) | (188,477) | |||||||||
Selling, Marketing and Distribution Expenses | (1,422,447) | (1,319,641) | |||||||||
Profit from Operations | 1,669,768 | 1,433,536 | |||||||||
Other Income | 94,096 | 60,120 | |||||||||
Finance Cost | (233,396) | (304,038) | |||||||||
Profit Before Contribution to WPPF & Welfare Funds | 1,530,468 | 1,189,618 | |||||||||
Contribution to WPPF & Welfare Funds | (73,386) | (57,151) | |||||||||
Profit Before Tax | 1,457,082 | 1,132,467 | |||||||||
Income Tax Expenses | (372,741) | (262,592) | |||||||||
Current Tax | (358,679) | (270,658) | |||||||||
Deferred Tax | (14,062) | 8,066 | |||||||||
Profit After Tax | 1,084,341 | 869,875 | |||||||||
Profit/(Loss) Attributable to: | |||||||||||
Owners of the Company | 1,074,478 | 864,760 | |||||||||
Non-controlling interest | 9,863 | 5,115 | |||||||||
1,084,341 | 869,875 | ||||||||||
Other Comprehensive Income-Unrealized Gain/(Loss) | 1,897 | (671) | |||||||||
Total Comprehensive Income | |||||||||||
1,086,238 | 869,204 | ||||||||||
Total Comprehensive Income Attributable to: | |||||||||||
Owners of the Company | 1,076,375 | 864,089 | |||||||||
Non-controlling interest | 9,863 | 5,115 | |||||||||
1,086,238 | 869,204 | ||||||||||
Earnings Per Share (EPS) | 2.65 | 2.13 | |||||||||
Number of Shares Used to Compute EPS | Nos. | 405,556,445 | 405,556,445 | ||||||||
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Changes in Equity (Unaudited)
For the Period July-September 2020
As at September 30, 2020 | Taka' 000 | ||||||||||
Share | Share | Excess of | Capital | Revaluation | Unrealized | Retained | Equity | Non- | Total | ||
Capital | Premium | Issue | Reserve | Surplus | Gain/(Loss) | Earnings | attributable | Controlling | Equity | ||
Price over | on | to the | Interests | ||||||||
Face Value | Merger | 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/(Loss) for the Period | - | - | - | - | - | - | 1,074,478 | 1,074,478 | 9,863 | 1,084,341 | |
Other Comprehensive Income/(Loss) | - | - | - | - | - | 1,897 | - | 1,897 | - | 1,897 | |
Transactions with the Shareholders: | |||||||||||
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 | |||||||||
As at September 30, 2019 | 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, 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 | - | - | - | - | - | - | 864,760 | 864,760 | 5,115 | 869,875 |
Other Comprehensive Income/(Loss) | - | - | - | - | - | (671) | - | (671) | - | (671) |
Transactions with the Shareholders: | ||||||||||
Adjustment for Depreciation on Revalued Assets | - | - | - | - | (2,029) | - | 2,029 | - | - | - |
Balance as on September 30, 2019 | 4,055,564 | 5,269,475 | 1,689,637 | 294,951 | 1,129,824 | 1,833 | 18,011,122 | 30,452,406 | 281,122 | 30,733,528 |
Number of Shares | 405,556,445 | |||||||||
Net Asset Value (NAV) Per Share | 75.09 | |||||||||
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Cash Flows (Unaudited)
For the Period July-September 2020
Taka '000 | |||||
July -September | July -September | ||||
2020 | 2019 | ||||
Cash Flows from Operating Activities: | |||||
Receipts from Customers and Others | 7,233,844 | 6,358,420 | |||
Payments to Suppliers and Employees | (5,609,810) | (4,107,888) | |||
Cash Generated from Operations | 1,624,034 | 2,250,532 | |||
Interest Paid | (233,396) | (304,038) | |||
Interest Received | 576 | 8,435 | |||
Income Tax Paid | (175,700) | (91,620) | |||
Net Cash Generated from Operating Activities | 1,215,514 | 1,863,309 | |||
Cash Flows from Investing Activities: | |||||
Acquisition of Property, Plant and Equipment | (561,419) | (297,330) | |||
Intangible Assets | (4,311)* | (3,062) | |||
Disposal of Property, Plant and Equipment | 21,171 | 3,342 | |||
Decrease in Short Term Investment | - | (8,129) | |||
Net Cash Used in Investing Activities | (544,559)* | (305,179) | |||
Cash Flows from Financing Activities: | |||||
Net Increase /(Decrease) in Long Term Borrowings | (401,687) | (572,134) | |||
Net Increase/(Decrease) in Short Term Borrowings | (516,458) | (1,108,064) | |||
Dividend Paid | (376) | (33) | |||
Net Cash (Used in ) / from Financing Activities | |||||
(918,521) | (1,680,231) | ||||
Increase in Cash and Cash Equivalents | (247,566) | (122,101) | |||
Cash and Cash Equivalents at Beginning of Year | 635,016 | 610,495 | |||
Cash and Cash Equivalents at End of Year | |||||
387,450 | 488,394 | ||||
Net Operating Cash Flow Per Share | 3.00 | 4.59 | |||