Beximco Pharmaceuticals Ltd.

Share Issue/Capital Change • May 2, 2023

National Storage Mechanism | Additional information

RNS Number : 9663X

Beximco Pharmaceuticals Ltd

02 May 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.

30 April 2023

BEXIMCO PHARMACEUTICALS LTD.

Q3 Financial Results

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 2023.

The detailed accounts can be viewed in the Company's website www.beximcopharma.com

Financial highlights

Nine months ended 31 March 2023 (consolidated)

·      Net revenue increased 12.7% to Bangladesh Taka ("BDT") 29,233.0m / £ 228.2m (2021-2022: BDT 25,928.5m / £229.1m)

·      Profit after tax decreased 15.1% to BDT 3,565.8m / £ 27.8m (2021-2022: BDT 4,201.2m / £37.1m)

Third quarter ended 31 March 2023

(consolidated)

·      Net revenue increased 6.6% to BDT 9,554.2m / £ 74.6m (2021-2022: BDT 8,959.6m / £79.2m)

·      Profit after tax decreased 15.1% to BDT 907.7m / £ 7.1m (2021-2022: BDT 1,069.3 m / £9.4m)

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

"We are pleased to report another period of double-digit revenue growth as we continue to provide patients in Bangladesh and across the world with affordable, high-quality medicines. While the impact of macroeconomic headwinds on our bottom line persists, these financial results are testament to the Company's growth strategy and highlight the underlying strength of the business. We look forward to providing a further update at year-end."

(Exchange rates of £1 = Taka 128.09 for 31 March 2023 numbers and £1 = Taka 113.19 for 31 March 2022 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

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 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, 2023

			March 31,2023
ASSETS
Non-Current Assets			47,994,324
Property, Plant and Equipment- Carrying Value				42,169,620
Right-of-use Assets				606,597
Intangible Assets				4,445,048
Deferred Tax Asset				77,516
Goodwill				674,570
Other Investments				20,973
Current Assets			20,853,145
Inventories				12,387,093
Spares & Supplies				957,887
Accounts Receivable				3,125,843
Loans, Advances and Deposits				3,174,049
Advance Income Tax				224,467
Cash and Cash Equivalents				983,806
TOTAL ASSETS			68,847,469
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity Attributable to the Owners of the Company			42,672,267
Issued Share Capital				4,461,121
Share Premium				5,269,475
Excess of Issue Price over Face Value of GDRs				1,689,637
Capital Reserve on Merger				294,951
Revaluation Surplus				1,113,621
Unrealized Gain/(Loss)				18,148
Retained Earnings				29,825,314
Non-Controlling Interest			3,959,775
TOTAL EQUITY			46,632,042
Non-Current Liabilities			8,979,252
Long Term Borrowings-Net of Current Maturity				3,056,972
Liability for Gratuity, Pension and WPPF & Welfare Funds				3,166,479
Deferred Tax Liability				2,755,801
Current Liabilities and Provisions			13,236,175
Short Term Borrowings				6,931,240
Long Term Borrowings-Current Maturity				1,402,992
Creditors and Other Payables				3,468,995
Accrued Expenses				1,049,805
Dividend Payable / Unclaimed Dividend				102,918
Income Tax Payable				280,225
TOTAL EQUITY AND LIABILITIES			68,847,469

Beximco Pharmaceuticals Limited and its Subsidiaries

Consolidated Statement of Profit or Loss and Other Comprehensive Income (Un-audited)

For the Period July 2022 -March 2023

											Taka '000
		July 2022-			July 2021-			January-			January-
		March 2023			March 2022			March 2023			March 2022
Net Revenue		29,232,968	25,928,465			9,554,228			8,959,561
Cost of Goods Sold		(16,153,296)	(13,709,232)			(5,340,167)			(4,909,975)
Gross Profit		13,079,672	12,219,233			4,214,061			4,049,586
Operating Expenses		(7,464,924)	(6,499,068)			(2,683,938)			(2,263,642)
Administrative Expenses		(966,283)		(888,247)			(340,941)			(314,408)
Selling, Marketing and Distribution Expenses		(6,498,641)		(5,610,821)			(2,342,997)			(1,949,234)
Profit from Operations		5,614,748		5,720,165			1,530,123			1,785,944
Other Income		362,584	974,419			84,067			172,447
Finance Cost		(965,260)	(709,894)			(320,773)			(277,537)
Profit Before Contribution to WPPF & Welfare Funds
	5,012,072	5,984,690	1,293,417	1,680,854
Contribution to WPPF & Welfare Funds		(247,669)	(300,555)			(66,373)			(84,745)
Profit Before Tax		4,764,403	5,684,135			1,227,044			1,596,109
Income Tax Expenses		(1,198,594)	(1,482,958)			(319,328)			(526,803)
Current Tax		(967,556)		(1,244,950)			(248,727)			(247,863)
Deferred Tax		(231,038)		(238,008)			(70,601)			(278,940)
Profit After Tax
	3,565,809	4,201,177		907,716		1,069,306
Profit/(Loss) Attributable to:
Owners of the Company		3,634,594		4,280,454			950,563			1,102,438
Non-controlling interest		(68,785)		(79,277)			(42,847)			(33,132)
		3,565,809	4,201,177			907,716			1,069,306
Other Comprehensive Income/(Loss)		(2,384)	10,676			-			789
Total Comprehensive Income		3,563,425			4,211,853			907,716			1,070,095
Total Comprehensive Income Attributable to:
Owners of the Company		3,632,210		4,291,130			950,563			1,103,227
Non-controlling interest		(68,785)		(79,277)			(42,847)			(33,132)
		3,563,425		4,211,853			907,716			1,070,095
Earnings Per Share (EPS)		8.15	9.60			2.13			2.47
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 (Un-audited)

For the Period July 2022 -March 2023

As at March 31, 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, 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	-	-	-	-	-	-	3,634,594	3,634,594	(68,785)	3,565,809
Other Comprehensive Income/(Loss)	-	-	-	-	-	(2,384)	-	(2,384)	-	(2,384)
Transactions with the Shareholders:
Cash Dividend	-	-	-	-	-	-	(1,561,392)	(1,561,392)	(6,947)	(1,568,339)
Adjustment for Depreciation on Revalued Assets	-	-	-	-	(4,226)	-	4,226	-	-	-
Adjustment for Deferred Tax on Revalued Assets	-	-	-	-	951	-	-	951	-	951
Balance as on March 31, 2023	4,461,121	5,269,475	1,689,637	294,951	1,113,621	18,148	29,825,314	42,672,267	3,959,775	46,632,042
Net Asset Value (NAV) Per Share							Tk.	95.65

As at March 31, 2022					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-SPP	-	-	-	-	-	-	-	-	3,857,135	3,857,135
Total Comprehensive Income:
Profit/(Loss) for the Period	-	-	-	-	-	-	4,280,454	4,280,454	(79,277)	4,201,177
Other Comprehensive Income/(Loss)	-	-	-	-	-	10,676	-	10,676	-	10,676
Transactions with the Shareholders:
Cash Dividend	-	-	-	-	-	-	(1,561,392)	(1,561,392)	(31,410)	(1,592,802)
Adjustment for Depreciation on Revalued Assets	-	-	-	-	(4,769)	-	4,769	-	-	-
Adjustment for Deferred Tax on Revalued Assets	-	-	-	-	1,073	-	-	1,073	-	1,073
Balance as on March 31, 2022	4,461,121	5,269,475	1,689,637	294,951	1,118,129	24,443	26,903,614	39,761,370	4,080,755	43,842,125
Net Asset Value (NAV) Per Share							Tk.	89.13

Beximco Pharmaceuticals Limited and its Subsidiaries

Consolidated Statement of Cash Flows (Un-audited)

For the Period July 2022 -March 2023

								Taka '000
		July 2022-		July 2021-
		March 2023		March 2022
Cash Flows from Operating Activities :
Receipts from Customers and Others		29,770,760					26,197,399
Payments to Suppliers and Employees		(23,688,446)					(20,550,726)
Cash Generated from Operations		6,082,314					5,646,673
Interest Paid		(961,273)	(710,512)
Interest Received		4,190	2,345
Income Tax Paid		(814,612)	(975,253)
Net Cash Generated from Operating Activities		4,310,619		3,963,253
Cash Flows from Investing Activities :
Acquisition of Property, Plant and Equipment		(1,747,934)			(1,829,104)
Intangible Assets		(129,392)			(8,391)
Synovia Acquisition		-			(4,766,636)
Disposal of Property, Plant and Equipment		22,485			17,580
Disposal of Intangible Assets		67,725			-
Dividend Received		1,428			2,015
Net Cash Used in Investing Activities
	(1,785,688)	(6,584,536)
Cash Flows from Financing Activities :
Net Increase /(Decrease) in Long Term Borrowings		(1,258,407)		3,084,250
Net Increase/(Decrease) in Short Term Borrowings		80,690		757,682
Dividend Paid		(1,553,471)		(1,611,308)
Net Cash (Used in) / from Financing Activities		(2,731,188)		2,230,624
Increase/(Decrease) in Cash and Cash Equivalents		(206,257)	(390,659)
Cash and Cash Equivalents at Beginning of Period		1,168,674	973,964
Effect of exchange rate changes on Cash and Cash Equivalents		21,389	5,739
Cash and Cash Equivalents at End of Period		983,806				589,044
Net Operating Cash Flows Per Share		9.66	8.88
Number of Shares		446,112,089	446,112,089

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