1st Q 2020 INDIES PHARMA Unaudited Financial Report

[Pages:16]2019-2020

1st Quarter Unaudited Financial Report ending 31 January 2020

INDIES PHARMA JAMAICA LIMITED

"Caring for the Nation's Health"



2019-2020 1st Quarter Unaudited Financial Report Period ending 31 January 2020

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INDIES PHARMA JAMAICA LIMITED

"Caring for the Nation's Health"

RELEASE TO SHAREHOLDERS

UNAUDITED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED 31 JANUARY 2020.

The Board of Directors of Indies Pharma Jamaica Limited is pleased to present to our shareholders our first quarter unaudited financial results for the financial period ended January 31, 2020.

Revenue Gross Profit Comprehensive Income Earnings per share (EPS) Total Assets Shareholder's Equity

3 Months Ended 31-January-2020

193,722,062.82 127,858,532.00 39,609,620.21

0.03c 927,288,202 734,840,633

3 Months Ended 31-January-2019

168,182,612.86 118,242,509.17 48,606,860.48

0.04c 755,997,602 717,278,777

Year over year

15.2% 8% -19% -25% 23% 2.5%

Audited Year Ended October 31, 2019

729,451,037.00 460,673,193.00 136,111,691.98

0.10c 770,905,886 695,231,013

For the three months ended January 31, 2020, Indies Pharma Jamaica limited achieved revenues of J$193.72 million, representing an increase of 15.2% or J$25.5 million over the corresponding period in 2019.

Growth was also achieved in profitability, as total gross profit for the three-month period was J$127.85 million, representing an 8% or J$9.61 million compared with 2019. Net profit decreased to J$39.61 million from $48.61Mil, a J$9.0 million or 19% reduction over the three months when compared with the corresponding period in the previous year.

INDIES PHARMA JAMAICA LIMITED

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1st QUARTER UNAUDITED FINANCIAL REPORT

Period ending 31 JANUARY, 2020

Earnings per share (EPS) for the three-month period decreased to J$0.03 cents per share compared to J$0.04 cents in the prior period 2019. This book value EPS of J$0.03 reflects a 25% or J$0.01 decrease in shareholders' equity over the corresponding period in 2019. Additionally, the Indies Pharma stock price closed at J$3.00 on January 31, 2020, representing an increase 100% or J$1.50 per share since the company's Junior Market Listing on the Jamaica Stock Exchange (JSE).

Administrative and other expenses increased to J$91.8 million, which represents a J$19.7 million rise compared to same period in the prior year, mainly due to costs related to increases in business activity. Significant increases were incurred for rent, lease and set-up costs for the new facility in Freeport, Montego Bay.

Shareholders' equity increased by 2.5% or J$17.6 million to J$734.8 million when compared to the similar quarter in the previous year, as a result of the revaluation of company's asset and an increase in retained earnings for the period.

Liabilities increased by 397% (J$153.7 million) this was predominantly due to the adoption of IFRS 16 `Leases' which requires the lessee to record a liability for the remaining contractual life of the lease payments. There has also been an increase in trade payables.

The company currently has no debt, which indicates its good financial health and shows that it is in a good position for future growth.

The Company's liquidity position remains very healthy with a current ratio of 7.93:1, meaning that the company has J$7.93 of current assets for every J$1 of current liabilities.

Sincerely Yours

Vishnu V. Muppuri (Mrs.) Co-Founder, Executive Director & COO

12 March 2020.

INDIES PHARMA JAMAICA LIMITED

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1st QUARTER UNAUDITED FINANCIAL REPORT

Period ending 31 JANUARY, 2020

INDIES PHARMA JAMAICA LIMITED Unaudited Statement of Comprehensive Income For the third quarter ended January 31, 2020 _______________________________________________________________________________

$REVENUE

Three Months Ended January 31, 2020

$ 193,722,063

Three Months Ended January 31, 2019

$ 168,182,613

Audited Year Ended October 31, 2019

$ 729,451,037

COST OF SALES

(65,863,531)

(49,940,104)

(268,777,844)

GROSS PROFIT Other operating income

Administrative and other expenses

127,858,532 698,370

128,556,903

(91,776,745)

118,242,509 109,005

118,351,515

(72,083,989)

460,673,193 782,450

461,455,644

(338,121,941)

PROFIT FROM OPERATION Exchange Gain/(Loss) Finance Cost (Loan Interest)

NET PROFIT BEFORE TAXATION Taxation

NET PROFIT FOR THE PERIOD OTHER COMPREHENSIVE INCOME Profit on the sale of Fixed Assets

36,780,157 2,829,463

-

39,609,620 -

39,609,620

46,267,527 716,791 (77,048)

46,907,270 -

46,907,270

1,699,589

123,333,703 4,707,387 (196,728)

127,844,361 3,117,744

130,962,105

5,149,587

TOTAL COMPREHENSIVE INCOME

39,609,620

48,606,860

136,111,692

0.03c

0.04c

0.10c

INDIES PHARMA JAMAICA LIMITED

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1st QUARTER UNAUDITED FINANCIAL REPORT

Period ending 31 JANUARY, 2020

INDIES PHARMA JAMAICA LIMITED Unaudited Statement of Financial Position For the third quarter ended January 31, 2020

ASSETS

NON-CURRENT ASSETS: Property, plant and equipment

Three Months Ended

January 31, 2020

$

Three Months Ended

January 31, 2019

$

Audited Year Ended October 31, 2019

$

244,921,719

86,315,566

137,134,530

Related Companies CURRENT ASSETS

229,269,781

9,975,378

Inventories

160,603,054

164,849,415

156,936,210

Receivables

367,699,150

137,803,964

292,978,798

Taxation recoverable

2,556,481

-

2,541,479

Cash and cash equivalents Related companies

90,103,202 -

95,483,067 -

114,778,721 -

Director's Current Account

61,404,597

34,434,442

36,779,647

682,366,483

440,412,254

623,795,978

TOTAL ASSETS

927,288,202

755,997,602

770,905,886

EQUITY AND LIABILITIES EQUITY Share capital Revaluation reserve Retained earnings

244,576,999 110,923,182 379,340,452 734,840,633

244,576,999 105,773,595 366,928,184 717,278,778

244,576,999 110,923,182 339,730,832 695,231,013

INDIES PHARMA JAMAICA LIMITED

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1st QUARTER UNAUDITED FINANCIAL REPORT

Period ending 31 JANUARY, 2020

NON-CURRENT LIABILITIES Long term loans/Lease Deferred taxation

CURRENT LIABILITIES

Payables Short Term loans

Related Company (Royalty) Directors loan Taxation

TOTAL EQUITY AND LIABILITIES

Three Months

Three Months

Ended

Ended

January 31, 2020 January 31, 2019

Audited Year Ended October 31, 2019

106,438,195

711,916

-

-

3,117,744

-

106,438,195

3,829,660

-

84,134,374 -

1,875,000 -

86,009,374

927,288,202

3,454,896 308,197

12,816,698 -

18,309,374 34,889,165

755,997,602

67,414,295 8,260,578

75,674,873

770,905,866

Approved for issue by the Board of Directors on and signed on its behalf by:

Guna Sekhar Muppuri ? Director

Vishnu Vandana Muppuri ? Director

INDIES PHARMA JAMAICA LIMITED

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1st QUARTER UNAUDITED FINANCIAL REPORT

Period ending 31 JANUARY, 2020

INDIES PHARMA JAMAICA LIMTED Unaudited Statement of Changes in Equity For the first quarter ended January 31, 2020

Balance at 1 November 2018

Number of Stock Units

$

Share Capital

$

Capital Reserve

$

Retained Earnings

$

Total $

1,332,536,649 244,576,999 105,773,595 318,285,581 668,636,175

Total Comprehensive Income Income for the period

Prior year adjustment NET PROFIT

35,743

35,743

-

-

48,606,860 48,606,860

Balance at 31 January 2019

1,332,536,649 244,576,999 105,773,595 366,928,184 717,278,778

Balance at 1 November 2019 1,332,536,649 244,576,999 110,923,182 339,730,832 695,231,013

Dividend paid

-

-

Total Comprehensive Income Prior year adjustment NET PROFIT

-

-

-

- 39,609,620 39,609,620

Balance at 31 January 2020

1,332,536,649 244,576,999 110,923,182 379,340,452 734,840,633

INDIES PHARMA JAMAICA LIMTED Unaudited Statement of Cash Flows

INDIES PHARMA JAMAICA LIMITED

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1st QUARTER UNAUDITED FINANCIAL REPORT

Period ending 31 JANUARY, 2020

For the third quarter ended January 31, 2020 ________________________________________________________________________________

Three Months Ended Three Months Ended

January 31, 2020

January 31, 2019

CASH FLOWS FROM OPERATING ACTIVITIES Net profit Adjustment for Depreciation Interest expense Gain on asset Disposal Interest Income Taxation

$

39,609,620

12,559,056 2,296,497 (85,719) -

54,379,453

$

46,907,270

2,849,249 77,048

1,699,589 (109,005)

51,424,152

Changes in operating assets and liabilities Trade Receivables Inventories Trade payables Related company Directors a/c GCT Recoverable

Taxation paid Net Cash used in operating activities

(74,720,352) (3,666,844) 16,720,079 50,334 (4,843,828)

(12,081,157)

(12,081,157)

128,604,480 (9,655,893) (43,094,495) (134,064,328) (5,496,161)

1,485,142 (10,797,104)

(10,797,105)

CASH FLOWS FROM INVESTING ACTIVITIES Interest Received Purchase of fixed assets Disposal Proceed of fixed assets

Net cash used in investing activities

85,719 (10,383,584)

(10,297,866)

109,005 (65,515) 5,000,000

5,043,490

INDIES PHARMA JAMAICA LIMITED

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1st QUARTER UNAUDITED FINANCIAL REPORT

Period ending 31 JANUARY, 2020

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