GlaxoSmithKline Bangladesh Ltd.
Statement of Financial Position
As at 31 December 2019
Taka in ‘000
At 31 December
Note(s) 2019 2018
ASSETS
Non-current assets
Property, plant and equipment 4 100,707 114,128
Intangible assets 5 14,028 16,617
Deferred tax asset 14 40,451 150,625
Retirement benefit assets 18 3,464 16,226
Total Non-current assets 158,650 297,596
Current assets
Inventories 6 11,501 21,745
Trade and other receivables 7 492,456 445,267
Intercompany receivables 8 833 -
Advances, deposits and prepayments 9 28,836 100,219
Current tax assets 13 17,335 46,254
Cash and cash equivalents 10 3,796,022 3,419,507
Current assets directly related with discontinued operation 43.6 3,117 223,087
4,350,100 4,256,079
TOTAL ASSETS 4,508,750 4,553,675
EQUITY AND LIABILITIES
Equity attributable to the Company's equity holders
Share capital 19.2 120,465 120,465
Retained earnings 21 1,461,383 1,123,623
General reserve 5,000 5,000
Revaluation reserve 20.1 4,831 4,831
Capital reserve 20.2 166 166
Total equity 1,591,845 1,254,085
LIABILITIES
Non-current liabilities - -
Current liabilities
Trade and other payables 11 2,804,218 2,992,769
Intercompany payables 12 30,210 33,184
Obligation under finance lease 17 - 3,113
Liabilities directly associated with discontinued operation 43.6 82,477 270,524
2,916,905 3,299,590
Total liabilities 2,916,905 3,299,590
TOTAL EQUITY AND LIABILITIES 4,508,750 4,553,675
Contingent Liabilities 22 78,341 19,279
Commitments 23 35,368 18,632
Net Assets Value (NAV) per Share 42 132.14 104.10
1. Auditors' Report- Pages 1 to 8.
2. The accompanying notes 1 to 47 form an integral part of these financial statements.
Managing Director Director Company Secretary
Independent Auditors’ Report
See our report of same date
Dhaka, 24 February, 2020 Hoda Vasi Chowdhury & Co
Chartered Accountants
Signed By
Showkat Hossain, FCA
Senior Partner
Healthier Tomorrow | GSK Annual Report 2019 89
GlaxoSmithKline Bangladesh Ltd.
Statement of Profit or Loss and Other Comprehensive Income
For the year ended 31 December 2019
Taka in '000
2019 2018
Note(s)
Taka Taka
Continuing Operation
Revenue 24 4,474,898 4,816,557
Cost of sales 25 (2,010,658) (2,567,307)
Gross Profit 2,464,240 2,249,250
Operating Expenses
Selling and distribution expenses 26 (990,476) (815,351)
Administrative expenses 27 (322,046) (254,377)
Other (expense) / income 28 (7,182) 3,683
Total (1,319,704) (1,066,045)
Profit from continuing operations 1,144,536 1,183,205
Finance income 29 168,653 117,167
Finance expense 30 (230) (824)
Profit before WPPF & taxation 1,312,959 1,299,548
Contribution to WPPF 31 (60,401) -
Profit before tax 1,252,558 1,299,548
Income tax expenses 33 (161,893) 96,874
Profit from continuing operations 1,090,665 1,396,422
Profit/(Loss) from discontinued operation 43.2 (104,930) (2,031,901)
Profit for the period 985,735 (635,480)
Other comprehensive income net of tax
Re-measurement of pension fund asset 18.3 (9,512) (78,230)
Total other comprehensive income net of tax for the year (9,512) (78,230)
Total comprehensive income for the year 976,223 (713,709)
Profit for the year attributable to 19.6
Setfirst Limited, UK 808,062 (521,094)
Non-Controlling Interest 177,673 (114,386)
985,735 (635,480)
Earning per share for profit from continuing operation
Basic Earnings per Share (EPS) 39 90.54 115.92
Earning per share for overall profit attributable to ordinary
equity holders of the company
Basic Earnings per Share (EPS) 41 81.83 (52.75)
1. Auditors' Report- Pages 1 to 8.
2. The accompanying notes 1 to 47 form an integral part of these financial statements.
Managing Director Director Company Secretary
Independent Auditors’ Report
See our report of same date
Dhaka, 24 February, 2020 Hoda Vasi Chowdhury & Co
Chartered Accountants
Signed By
Showkat Hossain, FCA
Senior Partner
90 Healthier Tomorrow | GSK Annual Report 2019
GlaxoSmithKline Bangladesh Ltd.
Statement of Changes In Equity
For the year ended 31 December 2019
Taka in ‘000
Share Revaluation Capital General Retained Total
Particulars Note(s)
Capital Reserves Reserves Reserves Earnings equity
Balance at 01 January 2018 120,465 6,702 166 5,000 2,498,017 2,630,350
Net profit after tax (635,480) (635,480)
Other comprehensive income (78,230) (78,230)
Cash dividend for 2017 (662,555) (662,555)
Adjustment of depreciation on
(1,871) 1,871 -
revalued assets during the year
Balance at 31 December 2018 120,465 4,831 166 5,000 1,123,623 1,254,085
Balance at 01 January 2019 120,465 4,831 166 5,000 1,123,623 1,254,085
Net profit after tax 985,735 985,735
Other comprehensive income (9,512) (9,512)
Cash dividend for 2018 (638,463) (638,463)
Balance at 31 December 2019 120,465 4,831 166 5,000 1,461,383 1,591,845
1. Auditors' Report- Pages 1 to 8.
2. The accompanying notes 1 to 47 form an integral part of these financial statements.
Managing Director Director Company Secretary
Healthier Tomorrow | GSK Annual Report 2019 91
GlaxoSmithKline Bangladesh Ltd.
Statement of Cash Flows
For the year ended 31 December 2019
Taka in ‘000
2019 2018
Note(s) Taka Taka
A. Cash flows from operating activities
Cash receipts from customers 4,678,675 6,546,350
Payment for cost and expenses (3,751,880) (5,928,345)
Other income 4,626 7,324
Cash generated from operations 931,421 625,329
Interest received 86,343 124,021
Interest paid on finance lease (230) (824)
Income tax paid (19,628) (209,675)
66,485 (86,478)
Net cash provided by operating activities 37 997,906 538,851
B. Cash flows from investing activities
Acquisition of property, plant & equipment (18,726) (24,720)
Sales proceeds of property, plant & equipment 38,360 45,526
Net cash from in investing activities 19,634 20,806
C. Cash flows from financing activities
Dividend paid (638,463) (662,555)
Finance lease paid (3,113) (3,289)
Net cash used by financing activities (641,576) (665,844)
D. Net increase/(decrease) in cash and cash equivalents (A+B+C) 375,964 (106,187)
E. Cash and cash equivalents at beginning of the year 3,419,507 3,526,422
F. Effect in foreign exchange rate on cash & cash equivalent 551 (728)
G. Cash and cash equivalents at end of the year (D+E+F) 3,796,022 3,419,507
Represented by
Term deposits 3,200,000 3,100,000
Current account with scheduled commercial banks 596,022 319,230
Cash in hand - 277
3,796,022 3,419,507
Net Operating Cash Flows Per Share (NOCFPS) 38 82.84 44.73
Managing Director Director Company Secretary
92 Healthier Tomorrow | GSK Annual Report 2019
