GlaxoSmithKline Bangladesh Limited

UNAUDITED FINANCIAL STATEMENT

FOR THE SIX MONTH ENDED 30 JUNE 2020

Unaudited Unaudited Audited

3 months ended 3 months ended 6 months ended 6 months ended 12 months
30.06.2020 30.06.2019 30.06.2020 30.06.2019 ended
31.12.2019
942,718 1,087,414 Sales 2,097,086 2,316,982 4,474,898
(511,935) (542,773) Cost Sales (1,088,672) (1,199,055) (2,010,658)
430,783 544,641 Gross Profit 1,008,414 1,117,927 2,464,240
(275,708) (371,628) Trading Expenses (654,812) (732,302) (1,372,924)
155,076 173,014 Trading Profit 353,602 385,625 1,091,316
(6,683) (58) Other Income/(Expense) (8,631) (220) (7,182)
148,392 172,956 Profit from Operations 344,972 385,405 1,084,134
49,521 35,839 Finance income/(expense) 107,712 65,339 168,422
197,913 208,795 Profit before taxation 452,684 450,744 1,252,557
(60,959) (55,120) Income tax expenses (129,587) (112,292) (161,893)
136,955 153,675 Profit from Continuing Operations 323,097 338,452 1,090,664
337 (18,867) Profit/(Loss) from discontinued operation (5,413) (70,405) (104,930)
137,292 134,808 Profit for the period 317,684 268,047 985,735

120,465 120,465 Paid up Ordinary Share Capital 120,465 120,465 120,465

(Face value per share of Tk. 10)

Reserves excluding Capital Reverse 1,270,901 873,989 1,591,679

12,046,449 12,046,449 Shareholding 12,046,449 12,046,449 12,046,449

Unilever Overseas Holdings B.V. 9,875,144 - -
ICB & ICB Unit and Mutual Funds 1,422,730 1,540,540 1,527,581
Other Local & Foreign Shareholders 748,575 630,765 643,724

Earnings per share (EPS)

11.37 12.76 Basic & Diluted (for Continuing Operation) 26.82 28.10 90.54
11.40 11.19 Basic & Diluted (for the Company) 26.37 22.25 81.83

Net Asset Value (NAV) Per Share 105.51 72.57 132.14

Net Operating Cash Flow Per Share (NOCFPS) 6.49 37.66 82.84

1. Figures for 2019 have been regrouped whenever necessary to facilitate comparison
2. The details of the published quarterly Financial Statements are available in the website of the company. The address of the website is:
http://www.unilever.com/GSK-BD.html

Chairman Managing Director Finance Director Director Company Secretary

Dated, Dhaka
27 Jul 2020
 GlaxoSmithKline Bangladesh Limited
Condensed Statement of Financial Position (Un-audited)
As at 30 Jun 2020

Taka in '000
ASSETS 30 Jun 2020 31 Dec 2019
Non-current Assets
Property, plant and equipment 91,942 100,707
Intangible assets 12,733 14,028
Deferred tax asset 40,451 40,451
Retirement benefit assets 3,464 3,464
148,590 158,650
Current assets
Inventories 10,265 11,501
Trade and other receivables including intercompany receivables 495,569 522,126
Cash and cash equivalents 3,237,644 3,796,022
Current assets directly related with discontinued operation 8,438 3,117
3,751,915 4,332,766
TOTAL ASSETS 3,900,506 4,491,416
EQUITY
Capital and reserves attributable to the Company's equity holders
Share capital 120,465 120,465
Revaluation reserves 4,831 4,831
Capital reserves 166 166
General reserves 5,000 5,000
Retained earnings 1,140,605 1,461,383
TOTAL EQUITY 1,271,067 1,591,845
LIABILITIES
Current liabilities
Trade and other payables 2,488,406 2,834,428
Current tax liabilities 71,740 (17,335)
Liabilities directly associated with discontinued operation 69,292 82,477
2,629,438 2,899,570
Total Liabilities 2,629,438 2,899,570
TOTAL EQUITY AND LIABILITIES 3,900,506 4,491,416
- -

Chairman Managing Director Finance Director Director Company Secretary

Dated, Dhaka
27 Jul 2020
 GlaxoSmithKline Bangladesh Limited
Condensed Statement of Profit or Loss (Un-audited)

Taka in '000 Taka in '000

1 Apr to 30 Jun 1 Apr to 30 Jun 1 Jan to 30 Jun 1 Jan to 30 Jun

2020 2019 2020 2019

942,718 1,087,414 Revenue 2,097,086 2,316,982

(511,935) (542,773) Cost of sales (1,088,672) (1,199,055)
430,783 544,641 Gross profit 1,008,414 1,117,927
(275,708) (371,628) Operating expenses (654,812) (732,302)
155,076 173,014 Trading profit 353,602 385,625
(6,683) (58) Other Income/(Expenses) (8,631) (220)
148,392 172,956 Profit from operations 344,972 385,405
49,521 35,839 Finance Income/(Expense) 107,712 65,339
197,913 208,795 Profit before taxation 452,684 450,744
(60,959) (55,120) Income tax expense (129,587) (112,292)
136,955 153,675 Profit from Continuing Operations 323,097 338,452
337 (18,867) Profit/(Loss) from discontinued operation (5,413) (70,405)
137,292 134,808 Profit for the period 317,684 268,047
11.37 12.76 EPS from continuing operations (Taka) 26.82 28.10
11.40 11.19 Earning per share (EPS) (Taka) 26.37 22.25
12,046,449 12,046,449 Shares used to compute EPS (Number) 12,046,449 12,046,449

Condensed Statement of Comprehensive Income (Un-audited)

Taka in '000 Taka in '000

1 Apr to 30 Jun 1 Apr to 30 Jun 1 Jan to 30 Jun 1 Jan to 30 Jun
2020 2019 2020 2019
136,955 153,675 Profit for the period 317,684 268,047
136,955 153,675 Total comprehensive Income for the Period 317,684 268,047

Chairman Managing Director Finance Director Director Company Secretary

Dated, Dhaka
27 Jul 2020
 GlaxoSmithKline Bangladesh Limited
Condensed Statement of Changes in Equity (Un-audited)
As at 30 Jun 2020
Taka in '000
Share Revaluation Capital General Retained Total
Capital Reserves Reserves Reserves Earnings equity

Balance at 01 January 2019 120,465 4,831 166 5,000 1,123,623 1,254,085

-
Net profit after tax transferred from Income statement 268,047 268,047
Other comprehensive income (9,512) (9,512)
Final dividend (638,465) (638,465)

Balance at 30 Jun 19 120,465 4,831 166 5,000 743,692 874,155

Balance at 01 January 2020 120,465 4,831 166 5,000 1,461,383 1,591,845

-
Net profit after tax transferred from Income statement 317,684 317,684
Final dividend (638,462) (638,462)

Balance at 30 Jun 2020 120,465 4,831 166 5,000 1,140,605 1,271,067

Chairman Managing Director Finance Director Director Company Secretary

Dated, Dhaka
27 Jul 2020
 GlaxoSmithKline Bangladesh Limited
Condensed Statement of Cash Flows (Un-audited)
FOR SIX MONTH ENDED 30 JUNE 2020

Taka in '000
1 Jan to 30 Jun 1 Jan to 30 Jun
2020 2019
Cash Flows From Operating Activities
Cash receipts from customers 2,036,579 2,405,406
Payment for cost and expenses (2,106,720) (1,998,123)
Other income/(Expense) (9,514) 1,256
Cash generated from operations (79,654) 408,539
Interest received 198,321 52,980
Income tax paid (40,512) (7,902)
157,809 45,078
Net cash from operating activities 78,155 453,617

Cash Flows From Investing Activities

Acquisition of property, plant & equipment - (1,873)
Sales proceeds of property, plant & equipment 1,928 13,368
Net cash used in investing activities 1,928 11,494

Cash Flows From Financing Activities

Dividend paid (638,462) (638,465)
Finance lease paid - (1,821)
Net cash used in financing activities (638,462) (640,285)

Net increase/(decrease) in cash and cash equivalents (558,378) (175,174)

Cash and cash equivalents at beginning of the year 3,796,022 3,419,507
Cash and cash equivalents at end of the year 3,237,644 3,244,333
-

Chairman Managing Director Finance Director Director Company Secretary

Dated, Dhaka
27 Jul 2020
 GlaxoSmithKline Bangladesh Limited
Notes to the Financial Statements
FOR THE SIX MONTH ENDED 30 JUN 2020

1 There is no change in the basis for preparation and accounting policies governing this quarterly Financial
Statements from the last reporting date. Consequently, no separate note on accounting policy are being provided
for this quarterly Condensed Financial Statements. Figures for 2019 have been regrouped whenever necessary to
facilitate comparison and to comply with relevant IFRS.

30-Jun-20 31-Dec-19
1 Share capital (Ordinary shares)
Authorized
20,000,000 Shares of Tk 10 each 200,000 200,000

Issued, subscribed and fully paid - up

Issued for cash
350 Shares of Tk 10 each in 1974 4 4
4,943,949 Shares of Tk 10 each as rights issue 49,440 49,440
4,944,299 49,444 49,444
Issued for consideration other than cash
3,787,650 Shares of Tk 10 each in 1974 37,876 37,876
3,314,500 Shares of Tk 10 each as bonus issue 33,145 33,145
7,102,150 71,021 71,021
12,046,449 120,465 120,465

2 Reserves
Revaluation Reserve
Opening balance 4,831 4,831
Adjustment made on account of disposal of revalued assets - -
Closing balance 4,831 4,831

The balance represents surplus arising from the revaluation of fixed assets carried out in 1978

Capital reserve
Opening balance 166 166
Adjustment for the year - -
Closing balance 166 166

This is the balance of surplus of assets over liabilities as at 28 February 1974 after the issue of shares there
against
 1 Jan to 30 Jun 1 Jan to 30 Jun
2020 2019
3 EPS, NAV per share & NOCFPS
Profit for the period 317,684 268,047
Profit from continuing operations 323,097 338,452
Net asset value 1,271,067 874,155
Net cash from operating activities 78,155 453,617

Number of outstanding share 12,046,449 12,046,449

Earnings per share (EPS) basic and diluted (for the company) 26.37 22.25
Earnings per share (EPS) basic and diluted (for continuing operation) 26.82 28.10
Net Asset Value (NAV) per share 105.51 72.57
Net Operating Cash Flow Per Share (NOCFPS) 6.49 37.66

4 Reconciliation of Net Operating Cash Flow

Profit after tax 317,684 268,047
Income tax expense 129,587 112,292
Finance Income/Expense (107,712) (65,339)
Profit before interest and taxes 339,559 315,000
Adjustment for:
Depreciation and amortization 9,013 11,397
(Gain)/Loss on sale of fixed assets (883) (6,791)

Net cash flow before changes in working capital 347,689 319,606

Changes in:
Inventory 1,235 27,027
Trade and other receivables (69,371) 88,369
Trade and other payables (359,208) (26,431)
(427,343) 88,965

Cash generated from operating activities (79,654) 408,571

Interest Received 198,321 52,980

Income tax paid (40,512) (7,902)
157,809 45,078

Net cash generated by operating activities 78,155 453,649

5 Current tax liabilities
Opening Balance (17,335) (46,254)
Provision made during the period 129,587 48,547
Profit before interest and taxes 112,252 2,293
Advance tax paid during the period (40,512) (19,628)
Balance as on 30 June 2020 71,740 (17,335)

5.a Reconciliation of current tax expense 30-Jun-20 30-Jun-19

Profit before tax from continued operation 452,684 450,744
Profit from discontinued operation (5,413) (70,405)
Profit before tax 447,271 380,339

Estimated non-deductible and others 71,077 68,830

Adjusted profit before tax 518,349 449,168
Income tax expense as applicable for the period 129,587 112,292

* Deferred tax computation is performed annually as a result this is not part of this quarterly financial statements.

6 Explanations for significant deviations:

6.1 Other expense increased by BDT 8.4M compared to that of 2019, due to one-off professional and consultancy
fees related to ongoing large strategic project.

6.2 Finance income increased by BDT 42.3M resulting from better interest rates on FDR.

6.3 Loss from discontinued operation is lower as most of the Pharma discontinuation activities completed by 2019.

6.4 Earnings Per Share (EPS) of the Company increased by 18.5% (26.37 in 2020 vs 22.25 in 2019) driven by higher
finance income and lower loss from discontinued operation of Pharma business.

6.5 Net Asset Value (NAV) increased by 45.4% compared to 2019 resulted from consistent solid business
performance and improved retained earnings.

6.6 Net Operating Cash Flow per Share (NOCFPS) dropped by 82.7% due to lower sales & collection of receivables
caused by the COVID-19 lockdown. Moreover, 2019 NOCFPS reflects a significant amount of collections received
on account of Pharmaceutical business. Another considerable issue is more streamlined process of trade
receivable collection in 2019 resulted in lower opening trade receivable for 2020.

Chairman Managing Director Finance Director Director Company Secretary