Beximco Pharmaceuticals Ltd.

Earnings Release • Nov 6, 2023

National Storage Mechanism | Additional information

RNS Number : 4121S

Beximco Pharmaceuticals Ltd

06 November 2023

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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