APN 201903070064A
Unaudited interim financial results for the six months ended 31 December 2018
ASPEN PHARMACARE HOLDINGS LIMITED AND ITS SUBSIDIARIES
("Aspen" or "the Group")
(Registration number 1985/002935/06)
Share code: APN / ISIN: ZAE000066692
Unaudited interim financial results for the six months ended 31 December 2018
COMMENTARY
GROUP RESULTS
Aspen's earnings for the six months ended 31 December 2018 are in line with management's expectations. A good performance
from Commercial Pharmaceuticals in Emerging Markets is offset by a decline in revenue from Manufacturing (as guided in the
September 2018 results announcement). Earnings are diluted by higher financing costs.
The published results record the impact of recent transactional activity and changes in accounting standards, namely:
- In September 2018 Aspen announced that it had reached an agreement to divest of its Nutritionals Business to the
Lactalis Group ("Lactalis"). Positive progress has been made in satisfying of the conditions precedent and all but one
of the conditions which are reliant on third-party consent had been fulfilled before the end of February 2019. The
outstanding third-party condition relates to approval by New Zealand's Overseas Investment Office for Lactalis to
invest in that country. The remaining conditions precedent are within the control of the parties. The parties are
mutually committed to working towards a closing date for this transaction of 31 May 2019. The Nutritionals Business
has accordingly been classified as discontinued and the related assets transferred to assets held-for-sale;
- The Group has concluded various agreements relating to the divestment and discontinuation of a non-core pharmaceutical
portfolio in the Asia Pacific region. These products have also been classified as discontinued operations and the
assets relating to this portfolio have been transferred to assets held-for-sale; and
- Aspen has adopted two new accounting standards, IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with
Customers which have resulted in the restatement of the disclosed comparable financial information for the six months
ended 31 December 2017 and the year ended 30 June 2018.
Relative movements in exchange rates had an impact on financial performance, as is illustrated in the table below
which compares performance in the prior comparable period at previously reported exchange rates and then at constant
exchange rates ("CER"). The CER results for the six months ended 31 December 2017 restate performance for that period
using the average exchange rates for the six months ended 31 December 2018.
Six months ended 31 December
Change at Change
Reported Reported reported CER 2018/2017
2018 2017^ rates 2017^ at CER
Continuing operations R'million R'million % R'million %
Revenue 19 673 19 509 1 19 743 0
Normalised EBITDA* 5 534 5 711 (3) 5 616 (1)
NHEPS (cents) 743 814 (9) 792 (6)
* Operating profit before depreciation and amortisation adjusted for specific non-trading items as defined in the
Group's accounting policy.
^ Restated for IFRS 9 and 15 implementation.
In order to enhance comparability of relevant underlying performance, in this commentary, (1) all performance
references are to continuing operations; and (2) all December 2017 revenue numbers are stated in CER and all percentage
changes in revenue between December 2018 and December 2017 are based on December 2017 CER revenue.
SEGMENTAL PERFORMANCE
Sterile Focus Brands
Sterile Focus Brands, comprising the Anaesthetics and Thrombosis portfolios, delivered revenue in line with the prior
comparable period at R7,8 billion. The gross profit from Sterile Focus Brands of R4,3 billion was at an improved gross
margin percentage benefitting from lower Thrombosis manufacturing costs.
Anaesthetics Brands
Revenue from Anaesthetics was 1% lower at R4,4 billion. This is a sound performance given ongoing supply constraints
affecting all major territories other than Japan. China (+6%) and Latin America (+22%) are the material regions driving
growth. Supply limitations have adversely impacted sales in Europe CIS and Australasia. Price decreases in Japan offset
strong volume gains. Supply is expected to improve from the commencement of the 2020 financial year and should be
unconstrained midway through that year.
Thrombosis Brands
Thrombosis revenue of R3,4 billion is unchanged from the prior comparable period. Emerging Markets are up 7%,
propelled by a strong performance in China, which offsets the declines in Developed Markets.
Other Pharmaceuticals
Other Pharmaceuticals, comprising Regional Brands and Manufacturing, deliver revenue of R11,9 billion, flat with the
prior comparable period.
Regional Brands
Regional Brands, which comprise 45% of Group revenue, have shown growth of 3%. The High Potency & Cytotoxic Brands have been
reclassified under Regional Brands in line with a change to regional management of this portfolio. Revenue growth has been
recorded in most territories, but this has been partially offset by pricing pressure on the oncology portfolio in Europe,
that also dilutes the margins.
Manufacturing
Manufacturing revenue declines 10% to R3,0 billion, primarily due to a tender lost in the prior year by one of Aspen's
major third-party customers (as reported in the results announcement for the 2018 financial year) and the suspension of
sales of heparin to third-parties due to limited global availability. Resultant lower volumes weigh on margins.
FUNDING
Borrowings, net of cash, have increased by R6,7 billion to R53,5 billion. R1,0 billion of this increase is the consequence
of Rand weakness relative to foreign currency denominated loans. Payments relating to acquisitions of R4,9 billion and
capital expenditure of R1,5 billion have been the main other drivers of the higher debt levels. The gearing ratio covenant
measure is 4,43 times against an upper threshold of 4,75 times in terms of the temporary amendment to this covenant
measure.
Operating cash flows have been constrained by an increased working capital investment, largely due to strategic stock
builds. Operating cash flow per share of 317 cents represents a 47% rate of conversion of operating profit. Net
interest paid is covered five times by EBITDA.
De-leveraging the balance sheet is a priority. The first steps in this process are well progressed with the pending
receipt of the proceeds from the Nutritionals disposal, estimated at EUR635 million, in addition to the inflows received
and expected from the divestment of the non-core pharmaceutical portfolio in the Asia Pacific region. This will bring the
gearing ratio covenant measure within the specified level of 4,0 for each of the June and December 2019 measurement periods.
Aspen's medium-term target for the gearing ratio is less than 3,0. Opportunities to accelerate the achievement of this target
include the aforementioned potential collaborations in Europe and the ongoing assessment of opportunities to realise value.
PROSPECTS
The pending completion of the Nutritionals disposal will allow complete focus on pharmaceuticals. Aspen has embarked on a
strategic review of its European and South African Commercial Pharmaceuticals businesses. As an outcome of the
first phase of the South African review it has been decided to split South African Commercial Pharmaceuticals into two distinct
divisions in order to achieve heightened product and customer focus. The second phase of the review will concentrate on
developing strategies specific to each division to optimise value delivery.
Any re-shaping of the Group will be aimed at driving sustainable organic growth with a strong emphasis on Emerging
Markets. Achievement of the de-leveraging objectives will provide headroom for further investment in building Aspen's
product portfolio of niche specialty pharma brands in Emerging Markets.
The Group's most promising pipeline opportunities in the short to medium term are with the women's health products that
are being developed for launch in the USA. Aspen has reached a memorandum of understanding with a partner that is committed
to building a women's health franchise in that country. The partner will distribute Aspen's pipeline products in this
therapeutic area in the USA.
Normalised headline earnings from continuing operations (at CER) for the full year are expected to be in line
with the percentage decline recorded in the first half. Given the diversity of currencies to which the Group is exposed,
exchange rate volatility could influence reported results. Operating cash flows are cyclically stronger in the second half
of the financial year and a conversion rate of operating profits to cash of between 90% and 100% is anticipated for the full
financial year.
By order of the Board
K D Dlamini S B Saad
Chairman Group Chief Executive
Woodmead
7 March 2019
GROUP STATEMENT OF COMPREHENSIVE INCOME
Unaudited
Unaudited restated Restated
six months six months year
ended ended ended
31 December 31 December 30 June
Change 2018 2017 2018
Notes % R'million R'million R'million
CONTINUING OPERATIONS
Revenue 1 19 673 19 509 38 212
Cost of sales (9 437) (9 460) (18 620)
Gross profit 2 10 236 10 049 19 592
Selling and distribution expenses (3 514) (3 262) (6 612)
Administrative expenses (1 569) (1 539) (2 981)
Other operating income 31 130 417
Other operating expenses (764) (677) (2 025)
Operating profit B# (6) 4 420 4 701 8 391
Investment income C# 268 195 343
Financing costs D# (1 217) (833) (2 107)
Profit before tax (15) 3 471 4 063 6 627
Tax (600) (647) (1 098)
Profit for the period/year from
continuing operations (16) 2 871 3 416 5 529
DISCONTINUED OPERATIONS
Profit from discontinued operations I# 66 230 436
Profit for the period/year (19) 2 937 3 646 5 965
OTHER COMPREHENSIVE INCOME, NET OF TAX*
Currency translation gains/(losses) E# 1 165 (1 027) 2 372
Net gains/(losses) from cash flow
hedging in respect
of business acquisition 71 (115) (96)
Remeasurement of retirement and other
employee benefits - - 1
Total comprehensive income 4 173 2 504 8 242
Profit for the period/year attributable to
Equity holders of the parent 2 937 3 645 5 964
Non-controlling interests - 1 1
2 937 3 646 5 965
Total comprehensive income attributable to
Equity holders of the parent 4 173 2 503 8 241
Non-controlling interests - 1 1
4 173 2 504 8 242
Weighted average number of shares
in issue ('000) 456,5 456,4 456,5
Diluted weighted average number of
shares in issue ('000) 456,5 456,4 456,5
EARNINGS PER SHARE
Basic earnings per share (cents)
From continuing operations (16) 628,9 748,2 1 211,0
From discontinued operations 14,5 50,4 95,5
(19) 643,4 798,6 1 306,5
Diluted earnings per share (cents)
From continuing operations (16) 628,9 748,2 1 211,0
From discontinued operations 14,5 50,4 95,5
(19) 643,4 798,6 1 306,5
# See notes on Supplementary Information.
* The annual remeasurement of retirement and other employee benefits will not be reclassified to profit and
loss. All other items in other comprehensive income may be reclassified to profit and loss.
GROUP STATEMENT OF HEADLINE EARNINGS
Unaudited
Unaudited restated Restated
six months six months year
ended ended ended
31 December 31 December 30 June
Change 2018 2017 2018
% R'million R'million R'million
HEADLINE EARNINGS^
Reconciliation of headline earnings
Profit attributable to equity holders
of the parent (19) 2 937 3 645 5 964
Adjusted for:
Continuing operations
- Net impairment of property, plant
and equipment (net of tax) 7 11 48
- Impairment of intangible assets (net of tax) 209 152 606
- Impairment of assets classified as
held-for-sale (net of tax) - - 37
- Loss on the sale of tangible and intangible
assets (net of tax) 1 4 3
Discontinued operations
- Loss on the sale of intangible
assets (net of tax) 127 - -
(14) 3 281 3 812 6 658
Headline earnings
From continuing operations (14) 3 088 3 582 6 222
From discontinued operations 193 230 436
(14) 3 281 3 812 6 658
HEADLINE EARNINGS PER SHARE
Headline earnings per share (cents)
From continuing operations (14) 676,5 784,7 1 363,2
From discontinued operations 42,2 50,4 95,5
(14) 718,7 835,1 1 458,7
Diluted headline earnings per share (cents)
From continuing operations (14) 676,5 784,7 1 363,2
From discontinued operations 42,2 50,4 95,5
(14) 718,7 835,1 1 458,7
NORMALISED HEADLINE EARNINGS
Reconciliation of normalised headline earnings
Headline earnings (14) 3 281 3 812 6 658
Adjusted for:
Continuing operations
- Restructuring costs (net of tax) 54 72 144
- Transaction costs (net of tax) 219 169 363
- Foreign exchange gain on acquisitions
(net of tax) - (173) (178)
- Product litigation costs (net of tax) 32 66 293
(9) 3 586 3 946 7 280
Normalised headline earnings
From continuing operations (9) 3 393 3 716 6 844
From discontinued operations 193 230 436
(9) 3 586 3 946 7 280
NORMALISED HEADLINE EARNINGS PER SHARE
Normalised headline earnings per share (cents)
From continuing operations (9) 743,4 814,1 1 499,3
From discontinued operations 42,2 50,4 95,5
(9) 785,6 864,5 1 594,8
Normalised diluted headline earnings
per share (cents)
From continuing operations (9) 743,4 814,1 1 499,3
From discontinued operations 42,2 50,4 95,5
(9) 785,6 864,5 1 594,8
^ Headline earnings is disclosed net of income from non-controlling interests which are not material.
GROUP STATEMENT OF FINANCIAL POSITION
Unaudited
Unaudited restated Restated
31 December 31 December 30 June
2018 2017 2018
Notes R'million R'million R'million
ASSETS
Non-current assets
Intangible assets 70 297 67 326 72 163
Property, plant and equipment 11 692 10 105 11 368
Goodwill 4 976 6 003 6 126
Deferred tax assets 1 029 1 017 966
Contingent environmental indemnification assets 824 743 802
Other non-current assets 657 1 157 1 189
Total non-current assets 89 475 86 351 92 614
Current assets
Inventories 15 575 14 021 14 957
Receivables and other current assets 13 343 13 055 13 439
Cash and cash equivalents 9 868 8 454 11 170
Total operating current assets 38 786 35 530 39 566
Assets classified as held-for-sale J# 6 560 168 135
Total current assets 45 346 35 698 39 701
Total assets 134 821 122 049 132 315
SHAREHOLDERS' EQUITY
Reserves 50 409 42 002 47 667
Share capital (including treasury shares) 1 879 1 905 1 905
Ordinary shareholders' equity 52 288 43 907 49 572
Non-controlling interests 2 27 28
Total shareholders' equity 52 290 43 934 49 600
LIABILITIES
Non-current liabilities
Borrowings 52 506 29 579 46 725
Other non-current liabilities 2 860 3 067 2 775
Unfavourable and onerous contracts 1 252 1 476 1 382
Deferred tax liabilities 2 259 2 348 2 213
Contingent environmental liabilities 824 743 802
Retirement and other employee benefits 669 600 635
Total non-current liabilities 60 370 37 813 54 532
Current liabilities
Borrowings* 10 869 22 015 11 225
Trade and other payables 9 343 9 406 10 414
Other current liabilities 1 538 8 557 6 170
Unfavourable and onerous contracts 359 324 374
Total operating current liabilities 22 109 40 302 28 183
Liabilities classified as held-for-sale J# 52 - -
Total current liabilities 22 161 40 302 28 183
Total liabilities 82 531 78 115 82 715
Total equity and liabilities 134 821 122 049 132 315
Number of shares in issue (net of
treasury shares) ('000) 456,0 456,1 456,0
Net asset value per share (cents) 11 467,3 9 626,5 10 871,7
# See notes on Supplementary Information.
* Includes bank overdrafts.
GROUP STATEMENT OF CHANGES IN EQUITY
Total
Share capital attributable
(including to equity Non-
treasury holders of controlling
shares) Reserves the parent interests Total
R'million R'million R'million R'million R'million
BALANCE AT 1 JULY 2017 (Restated) 1 929 40 813 42 742 27 42 769
Total comprehensive income - 2 505 2 505 - 2 505
Profit for the period - 3 646 3 646 - 3 646
Other comprehensive loss - (1 142) (1 142) - (1 142)
Dividends paid - (1 311) (1 311) - (1 311)
Treasury shares purchased (44) - (44) - (44)
Deferred incentive bonus
shares exercised 20 (20) - - -
Share-based payment expenses - 15 15 - 15
BALANCE AT 31 DECEMBER 2017 (Restated) 1 905 42 002 43 907 27 43 934
BALANCE AT 1 JULY 2018 (Restated) 1 905 47 667 49 572 28 49 600
Total comprehensive income - 4 173 4 173 - 4 173
Profit for the period - 2 937 2 937 - 2 937
Other comprehensive income - 1 236 1 236 - 1 236
Dividends paid - (1 431) (1 431) - (1 431)
Acquisition of non-controlling
interest in subsidiary - (14) (14) (26) (40)
Treasury shares purchased (29) - (29) - (29)
Deferred incentive bonus
shares exercised 3 (3) - - -
Share-based payment expenses - 17 17 - 17
BALANCE AT 31 DECEMBER 2018 1 879 50 409 52 288 2 52 290
DISTRIBUTION TO SHAREHOLDERS
A dividend of 315 cents per share has been paid during the period (2017: 287 cents). The dividend to shareholders
of 315 cents relates to the dividend declared on 13 September 2018 and paid on 8 October 2018 (2017: the dividend
of 287 cents relates to the dividend declared on 14 September 2017 and paid on 9 October 2017).
GROUP STATEMENT OF CASH FLOWS
Unaudited
Unaudited restated Restated
six months six months year
ended ended ended
31 December 31 December 30 June
Change 2018 2017 2018
Notes % R'million R'million R'million
CASH FLOWS FROM OPERATING ACTIVITIES
Cash operating profit 5 852 6 092 11 835
Changes in working capital (2 253) (1 470) (1 507)
Cash generated from operations 3 599 4 622 10 328
Net financing costs paid (765) (607) (1 816)
Tax paid (1 123) (1 013) (1 495)
Cash generated from operating activities (43) 1 711 3 002 7 017
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditure - property,
plant and equipment A# (1 168) (820) (2 145)
Proceeds received on the sale of
property, plant and equipment 4 5 17
Acquisition of residual
rights - AZ Anaesthetics - - (5 202)
Capital expenditure - intangible assets A# (330) (3 014) (881)
Proceeds received on the
sale of intangible assets 405 10 62
Acquisition of subsidiaries and
businesses (50) (3) (152)
Proceeds received/(investment in)
other non-current assets 7 (321) 50
Payment of deferred contingent
consideration relating to prior
year business acquisitions (4 893) (4 009) (4 599)
Other investing activities cash inflows 61 38 37
Cash used in investing activities (5 964) (8 114) (12 813)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from borrowings 4 439 6 496 7 690
Dividends paid (1 431) (1 311) (1 313)
Treasury shares purchased (29) (44) (44)
Cash generated from financing activities 2 979 5 141 6 333
Movement in cash and cash equivalents
before currency translation movements (1 274) 29 537
Currency translation movements 172 (117) 389
Movement in cash and cash equivalents (1 102) (88) 926
Cash and cash equivalents at the
beginning of the period/year 8 114 7 188 7 188
Cash and cash equivalents at the
end of the period/year 7 012 7 100 8 114
Operating cash flow per share (cents)
From continuing operations (45) 317,4 577,1 1 384,1
From discontinued operations 57,4 80,6 153,2
(43) 374,8 657,7 1 537,3
DISCONTINUED OPERATIONS INCLUDED
IN THE ABOVE:
Cash generated from operating activities 262 368 699
Cash generated from investing activities 405 - -
Cash and cash equivalents per
the statement of cash flows 173 - -
RECONCILIATION OF CASH AND CASH EQUIVALENTS
Cash and cash equivalents per the
statement of financial position 9 868 8 454 11 170
Less: bank overdrafts (2 856) (1 354) (3 056)
7 012 7 100 8 114
For the purposes of the statement of cash flows, cash and cash equivalents comprise cash-on-hand plus deposits
held on call with banks less bank overdrafts.
# See notes on Supplementary Information.
GROUP SEGMENTAL ANALYSIS
Unaudited six months ended 31 December 2018
Sterile Focus Other
Brands Pharmaceuticals Total
R'million R'million R'million
Revenue 7 801 11 872 19 673
Cost of sales (3 521) (5 916) (9 437)
Gross profit 4 280 5 956 10 236
Selling and distribution expenses (3 514)
Contribution profit 6 722
Administrative expenses (1 569)
Net other operating income 15
Depreciation 366
Normalised EBITDA* 5 534
Adjusted for:
Depreciation (366)
Amortisation (240)
Loss on sale of assets (1)
Net impairment of assets (221)
Restructuring costs (64)
Transaction costs (185)
Product litigation costs (37)
Operating profit 4 420
Gross profit % 54,9 50,2 52,0
Selling and distribution expenses % 17,9
Contribution profit % 34,2
Administrative expenses % 8,0
Normalised EBITDA % 28,1
Unaudited restated six months ended
31 December 2017
Sterile Focus Other
Brands Pharmaceuticals Total
R'million R'million R'million
Revenue 7 686 11 823 19 509
Cost of sales (3 804) (5 656) (9 460)
Gross profit 3 882 6 167 10 049
Selling and distribution expenses (3 262)
Contribution profit 6 787
Administrative expenses (1 539)
Net other operating income 118
Depreciation 345
Normalised EBITDA* 5 711
Adjusted for:
Depreciation (345)
Amortisation (210)
Loss on sale of assets (6)
Net impairment of assets (168)
Restructuring costs (75)
Transaction costs (133)
Product litigation costs (73)
Operating profit 4 701
Gross profit % 50,5 52,2 51,5
Selling and distribution expenses % 16,7
Contribution profit % 34,8
Administrative expenses % 7,9
Normalised EBITDA % 29,3
* Normalised EBITDA represents operating profit before depreciation and amortisation adjusted for specific
non-trading items as defined in the Group's accounting policy.
GROUP SEGMENTAL ANALYSIS continued
Change
Sterile Focus Other
Brands Pharmaceuticals Total
% % %
Revenue 2 0 1
Cost of sales (7) 5 0
Gross profit 10 (3) 2
Selling and distribution expenses 8
Contribution profit (1)
Administrative expenses 2
Net other operating income (87)
Depreciation 6
Normalised EBITDA * (3)
* Normalised EBITDA represents operating profit before depreciation and amortisation adjusted for specific
non-trading items as defined in the Group's accounting policy.
GROUP REVENUE SEGMENTAL ANALYSIS
Unaudited
Unaudited restated
six months six months
ended ended
31 December 31 December
2018 2017 Change
R'million R'million %
Commercial Pharmaceuticals by customer geography 16 687 16 323 2
Sub-Saharan Africa 4 048 3 883 4
Developed Europe 3 770 3 889 (3)
Australasia 2 022 2 010 1
Latin America 1 551 1 522 2
Developing Europe & CIS 1 333 1 452 (8)
China 1 407 1 166 21
Japan 1 107 1 069 4
Other Asia 656 704 (7)
MENA 480 356 35
USA & Canada 313 272 15
Manufacturing revenue by geography of manufacture
Manufacturing revenue - finished dose form 694 889 (22)
Australasia 272 218 25
Developed Europe 302 290 4
Sub-Saharan Africa 120 381 (69)
Manufacturing revenue - active pharmaceutical ingredients 2 292 2 297 0
Developed Europe 2 138 2 168 (1)
Sub-Saharan Africa 154 129 19
Total manufacturing revenue 2 986 3 186 (6)
Total Revenue 19 673 19 509 1
Summary of regions
Developed Europe 6 210 6 347 (2)
Sub-Saharan Africa 4 322 4 393 (2)
Australasia 2 294 2 228 3
Latin America 1 551 1 522 2
Developing Europe & CIS 1 333 1 452 (8)
China 1 407 1 166 21
Japan 1 107 1 069 4
Other Asia 656 704 (7)
MENA 480 356 35
USA & Canada 313 272 15
Total revenue 19 673 19 509 1
Commercial Pharmaceuticals therapeutic area analysis
Unaudited six months ended 31 December 2018
Anaesthetics Thrombosis Sterile Focus Regional
Brands Brands Brands Brands Total
R'million R'million R'million R'million R'million
By customer geography
Commercial Pharmaceuticals
Sub-Saharan Africa 56 4 60 3 988 4 048
Developed Europe 1 131 1 785 2 916 854 3 770
Australasia 342 12 354 1 668 2 022
Latin America 463 38 501 1 050 1 551
Developing Europe & CIS 176 950 1 126 207 1 333
China 944 445 1 389 18 1 407
Japan 707 13 720 387 1 107
Other Asia 325 76 401 255 656
MENA 105 55 160 320 480
USA & Canada 163 11 174 139 313
Total Commercial Pharmaceuticals 4 412 3 389 7 801 8 886 16 687
Unaudited restated six months ended 31 December 2017
Anaesthetics Thrombosis Sterile Focus Regional
Brands Brands Brands Brands Total
R'million R'million R'million R'million R'million
By customer geography
Commercial Pharmaceuticals
Sub-Saharan Africa 75 5 80 3 803 3 883
Developed Europe 1 134 1 799 2 933 956 3 889
Australasia 391 12 403 1 607 2 010
Latin America 435 38 473 1 049 1 522
Developing Europe & CIS 238 973 1 211 241 1 452
China 869 281 1 150 16 1 166
Japan 681 23 704 365 1 069
Other Asia 350 86 436 268 704
MENA 68 57 125 231 356
USA & Canada 164 5 169 103 272
Total Commercial Pharmaceuticals 4 405 3 279 7 684 8 639 16 323
Variances
Anaesthetics Thrombosis Sterile Focus Regional
Brands Brands Brands Brands Total
% % % % %
By customer geography
Commercial Pharmaceuticals
Sub-Saharan Africa (25) (20) (25) 5 4
Developed Europe 0 (1) (1) (11) (3)
Australasia (13) 0 (12) 4 1
Latin America 7 0 6 0 2
Developing Europe & CIS (26) (2) (7) (14) (8)
China 9 58 21 13 21
Japan 4 (44) 2 6 4
Other Asia (7) (12) (8) (5) (7)
MENA 54 (4) 28 39 35
USA & Canada (1) >100 3 35 15
Total Commercial Pharmaceuticals 0 3 2 3 2
GROUP SUPPLEMENTARY INFORMATION
Unaudited
Unaudited restated
six months six months Restated
ended ended year ended
31 December 31 December 30 June
2018 2017 2018
R'million R'million R'million
A. CAPITAL EXPENDITURE
Incurred 1 498 3 834 8 228
- Property, plant and equipment 1 168 820 2 145
- Intangible assets 330 3 014 6 083
Contracted 1 730 824 1 812
- Property, plant and equipment 1 626 794 1 786
- Intangible assets 104 30 26
Authorised but not contracted for 3 528 5 759 4 184
- Property, plant and equipment 3 371 5 426 3 829
- Intangible assets 157 333 355
B. OPERATING PROFIT HAS BEEN ARRIVED AT AFTER CHARGING
Depreciation of property, plant and equipment 366 345 674
Amortisation of intangible assets 240 210 632
Net impairment of tangible and intangible assets 221 168 742
Net impairment of tangible assets 10 17 68
Net impairment of intangible assets 211 151 623
Impairment on assets classified as held-for-sale - - 51
Loss on the sale of tangible and intangible assets 1 6 4
Restructuring costs 64 75 199
Transaction costs 185 133 160
Product litigation costs 37 73 317
C. INVESTMENT INCOME
Interest received 268 195 343
D. FINANCING COSTS
Interest paid (952) (781) (1 756)
Debt raising fees on acquisitions (47) (63) (209)
Net (losses)/gains on financial instruments (41) 50 88
Foreign exchange gains/(losses) 24 140 (16)
Fair value (losses)/gains on financial instruments (65) (90) 104
Notional interest on financial instruments (177) (217) (408)
Foreign exchange gain on acquisitions - 178 178
(1 217) (833) (2 107)
E. CURRENCY TRANSLATION GAINS/(LOSSES)
Currency translation gains/(losses) on the translation of
the offshore businesses are as a result of the difference
between the weighted average exchange rate used for trading
results and the opening and closing exchange rates applied
in the statement of financial position. For the period the
weaker closing Rand translation rate has increased the
Group net asset value. 1 165 (1 027) 2 372
F. GUARANTEES TO FINANCIAL INSTITUTIONS
Total guarantees 78 546 58 676 70 545
Guarantees utilised 63 153 53 741 57 085
Guarantees available and not utilised 15 393 4 935 13 460
G. POTENTIAL DISPUTED MATTER - EUROPEAN COMMISSION
In May 2017, the European Commission (the "Commission") instituted an investigation of Aspen Pharmacare
Holdings Limited and certain of its indirect wholly owned subsidiaries under Article 102 of the Treaty on
the Functioning of the European Union ("Article 102") in respect of the molecules (i) Chlorambucil;
(ii) Melphalan; (iii) Mercaptopurine; (iv) Thioguanine; and (v) Busulfan, for (a) alleged setting of
unfair and excessive pricing in the form of significant price increases; (b) alleged unfair/abusive
negotiating practices; (c) alleged stock allocation strategies designed to reduce supply; and (d) alleged
practices hindering parallel trade, in the European Economic Area (excluding Italy).
The Commission's investigation is continuing and Aspen and its advisers are fully cooperating with the
Commission in its investigation. The Commission's decision whether to formally open a case by issuing a
statement of objection, is not likely to be made before the second calendar quarter of 2019 after
conclusion of its investigation.
The outcome of the Commission matter is unknown at this stage and therefore no liability has been raised
in the statement of financial position.
H. POTENTIAL DISPUTED MATTER - UK COMPETITION AND MARKETS AUTHORITY
In October 2017, the UK Competition and Markets Authority ("CMA") opened an investigation of Aspen in
respect of alleged anti-competitive conduct and pricing practices in relation to the supply of
fludrocortisone acetate 0.1mg tablets and dexamethasone 2mg tablets in the UK. The CMA has subsequently
advised that it will not be proceeding with its investigation in relation to dexamethasone 2mg tablets.
A high level of cooperation and diligence is being afforded to the investigation team by Aspen and its advisers.
The CMA's decision whether to formally open a case by issuing a statement of objection, is not likely to be
made before the second calendar quarter of 2019 after conclusion of its investigation.
The outcome of the CMA matter is unknown at this stage and therefore no liability has been raised in the
statement of financial position.
I. DISCONTINUED OPERATIONS
Asia Pacific non-core pharmaceutical portfolio
The Group has continued following its strategy of divesting non-core pharmaceutical products. In the
Asia Pacific region, a portfolio of non-core products has been selected for divestment and accordingly
been classified as part of discontinued operations in terms of IFRS 5 and the assets relating to these
portfolios have been transferred to assets held-for-sale.
Nutritionals Business
In September 2018, the Group concluded an agreement (subject to conditions precedent) to divest of its
Nutritionals Business predominantly carried on in Latin America, Sub-Saharan Africa and Asia Pacific
under the S-26, Alula and Infacare brands ("Nutritionals Business") to the Lactalis Group, a leading
multinational dairy corporation based in Laval, France. Consequently the Nutritionals Business has
been classified as a discontinued operation in terms of IFRS 5 and all related assets and liabilities
have been transferred to assets held-for-sale.
Unaudited
Unaudited restated
six month six month Restated
ended ended year ended
31 December 31 December 30 June
2018 2017 2018
R'million R'million R'million
Summarised discontinued operations statement of
comprehensive income
Revenue 1 924 2 306 4 234
Gross profit 901 1 075 1 941
Normalised EBITDA 409 549 1 039
Loss on sale of non-core Asia Pacific intangible assets (127) - -
Operating profit 213 411 776
Tax (83) (145) (260)
Profit after tax 66 230 436
Normalised EBITDA split as follows:
Nutritional Business 224 227 530
Asia Pacific non-core pharmaceutical portfolio 185 322 509
409 549 1 039
Unaudited
Unaudited restated
six month six month Restated
ended ended year ended
31 December 31 December 30 June
2018 2017 2018
R'million R'million R'million
J. NET ASSETS CLASSIFIED AS HELD-FOR-SALE
Split as follows:
Assets classified as held-for-sale 6 560 168 135
Liabilities associated with assets classified
as held-for-sale (52) - -
Net asset classified as held-for-sale 6 508 168 135
Summarised as follows:
Nutritional Business 4 665 - -
Asia Pacific non-core pharmaceutical brands 1 778 - -
Other 65 168 135
6 508 168 135
Net assets classified as held-for-sale can be
split as follows:
Assets
Property, plant and equipment 773 163 112
Intangible assets 2 915 - -
Goodwill 1 131 - -
Other non-current assets 461 - -
Deferred tax assets 18 - -
Inventories 835 5 23
Trade and other receivables 165 - -
Current tax assets 90 - -
Cash and cash equivalents 172 - -
Total assets 6 560 168 135
Liabilities
Deferred tax liabilities (33) - -
Trade and other payables (19) - -
Total liabilities (52) - -
Net asset 6 508 168 135
K. CHANGES IN ACCOUNTING POLICIES/NEW STANDARDS ADOPTED BY THE GROUP
Please refer to the basis of accounting note for the background supporting the changes in accounting
policy necessitated by the adoption of the new accounting standards IFRS 9: Financial Instruments
and IFRS 15: Revenue from Contracts with Customers.
The following tables show the adjustments recognised for each individual line item. Line items that
were not affected by the changes have not been included. As a result, the subtotals and totals
disclosed cannot be recalculated from the numbers provided.
DECEMBER 2017
As originally
presented Discontinued Continuing Restated
31 December 31 December 31 December 31 December
2017 2017 2017 IFRS 15 2017
R'million R'million R'million R'million R'million
Statement of comprehensive
income
Revenue 21 924 (2 306) 19 618 (109) 19 509
Cost of sales (10 747) 1 231 (9 516) 56 (9 460)
Gross profit 11 177 (1 075) 10 102 (53) 10 049
Tax (811) 145 (666) 19 (647)
Profit after tax 3 680 (230) 3 450 (34) 3 416
Earnings per share 806,0 (50,4) 755,6 (7,4) 748,2
Headline earnings per share 842,5 (50,4) 792,1 (7,4) 784,7
Normalised headline earnings
per share 871,9 (50,4) 821,5 (7,4) 814,1
DECEMBER 2017
As originally
presented Restated
31 December 31 December
2017 IFRS 9 IFRS 15 2017
R'million R'million R'million R'million
Statement of financial position
ASSETS
Current assets
Inventories 13 570 - 451 14 021
Receivables and current assets 14 008 (80) (873) 13 055
Total assets 27 578 (80) (422) 27 076
SHAREHOLDERS' EQUITY
Reserves 42 485 (80) (403) 42 002
Total shareholders' equity 42 485 (80) (403) 42 002
LIABILITIES
Current liabilities
Other current liabilities 8 576 - (19) 8 557
Total shareholders' equity 8 576 - (19) 8 557
JUNE 2018
As originally
presented Discontinued Continuing Restated
30 June 30 June 30 June 30 June
2018 2018 2018 IFRS 15 2018
R'million R'million R'million R'million R'million
Statement of comprehensive income
Revenue 42 596 (4 245) 38 351 (139) 38 212
Cost of sales (20 992) 2 305 (18 687) 67 (18 620)
Gross profit 21 604 (1 940) 19 664 (72) 19 592
Tax (1 384) 260 (1 124) 26 (1 098)
Profit after tax 6 011 (436) 5 575 (46) 5 529
Earnings per share 1 316,6 (95,5) 1 221,1 (10,1) 1 211,0
Headline earnings per share 1 468,8 (95,5) 1 373,3 (10,1) 1 363,2
Normalised headline earnings
per share 1 604,9 (95,5) 1 509,4 (10,1) 1 499,3
As originally
presented Restated
30 June 30 June
2018 IFRS 9 IFRS 15 2018
R'million R'million R'million R'million
Statement of financial position
ASSETS
Current assets
Inventories 14 496 - 461 14 957
Receivables and current assets 14 421 (80) (902) 13 439
Total assets 28 917 (80) (441) 28 396
SHAREHOLDERS' EQUITY
Reserves 48 162 (80) (415) 47 667
Total shareholders' equity 48 162 (80) (415) 47 667
LIABILITIES
Current liabilities
Other current liabilities 6 196 - (26) 6 170
Total shareholders' equity 6 196 - (26) 6 170
L. ILLUSTRATIVE CONSTANT EXCHANGE RATE REPORT ON SELECTED FINANCIAL DATA
The Group has presented selected line items from the consolidated statement of comprehensive income and
certain trading profit metrics on a constant exchange rate basis in the tables below.
The pro forma constant exchange rate information is presented to demonstrate the impact of fluctuations
in currency exchange rates on the Group's reported results. The constant exchange rate report is the
responsibility of the Group's Board of Directors and is presented for illustrative purposes only. Due to
the nature of this information, it may not fairly present the Group's financial position, changes in
equity and results of operations or cash flows. The pro forma information has been compiled in terms of
the JSE Listings Requirements and the Revised Guide on Pro Forma Information by SAICA and the accounting
policies of the Group as at 31 December 2018. The illustrative constant exchange rate report on selected
financial data has not been reviewed or audited by the Group's auditors.
The Group's financial performance is impacted by numerous currencies which underlie the reported trading
results, where even within geographic segments, the Group trades in multiple currencies ("source currencies").
The constant exchange rate restatement has been calculated by adjusting the prior period's reported results
at the current period's reported average exchange rates. Restating the prior period's numbers provides
illustrative comparability with the current period's reported performance by adjusting the estimated effect
of source currency movements.
The listing of average exchange rates against the Rand for the currencies contributing materially to the
impact of exchange rate movements are set out below:
December December
2018 2017
average average
rates rates
EUR - Euro 16,342 15,774
AUD - Australian Dollar 10,270 10,447
USD - US Dollar 14,188 13,410
CNY - Chinese Yuan Renminbi 2,068 2,019
JPY - Japanese Yen 0,127 0,120
MXN - Mexican Peso 0,729 0,724
BRL - Brazilian Real 3,637 4,227
GBP - British Pound 18,365 17,672
CAD - Canadian Dollar 10,797 10,627
RUB - Russian Ruble 0,214 0,229
PLN - Polish Zloty 3,800 3,714
Revenue, other income, cost of sales and expenses
For purposes of the constant exchange rate report the prior period's source currency revenue, cost of sales
and expenses have been restated from the prior period's relevant average exchange rate to the current period's
relevant reported average exchange rate.
Interest paid net of investment income
Net interest paid is directly linked to the source currency of the borrowing on which it is levied and is
restated from the prior period's relevant reported average exchange rate to the current period's relevant
reported average exchange rate.
Tax
The tax charge for purposes of the constant currency report has been recomputed by applying the actual effective
tax rate to the restated profit before tax.
Reported Reported Illustrative Illustrative
December December constant constant
2018 2017 exchange exchange
(December (December rates rates
2018 at 2017 at (December (June 2018
December December Change at 2017 at Change at at December
2018 2017 reported December constant 2018
average average exchange 2018 exchange average
rates) rates) rates average rates) rates rates)
R'million R'million % R'million % R'million
Key constant exchange
rate indicators
Continuing operations
Revenue 19 673 19 509 1 19 743 0 39 915
Gross profit 10 236 10 049 2 9 995 2 20 115
Normalised EBITDA 5 534 5 711 (3) 5 616 (1) 11 100
Operating profit 4 420 4 701 (6) 4 633 (5) 8 369
Normalised headline
earnings 3 393 3 716 (9) 3 615 (6) 6 864
Earnings per share (cents) 628,9 748,2 (16) 728,7 (14) 1 200,3
Headline earnings
per share (cents) 676,5 784,7 (14) 761,9 (11) 1 347,4
Normalised headline
earnings per share (cents) 743,4 814,1 (9) 792,0 (6) 1 503,9
Reported Reported
December December
2018 2017
(December (December
2018 at 2017 at
December December
2018 2017
average average
rates) rates)
% %
Revenue currency mix
EUR - Euro 29 30
ZAR - South African Rand 19 18
AUD - Australian Dollar 11 10
USD - US Dollar 7 8
CNY - Chinese Yuan Renminbi 7 6
JPY - Japanese Yen 6 6
MXN - Mexican Peso 3 2
BRL - Brazilian Real 3 4
GBP - British Pound 2 2
CAD - Canadian Dollar 1 1
RUB - Russian Ruble 1 1
PLN - Polish Zloty 1 1
Other currencies 10 11
Total 100 100
GROUP REVENUE SEGMENTAL ANALYSIS
Illustrative
Reported constant
December Reported exchange rate
2018 December December
(December 2017 2017 Change in
2018 at 2018 (December (December constant
average 2017 at 2017 2017 at 2018 exchange
rates) average rates) average rates) rates
R'million R'million R'million %
Commercial Pharmaceuticals by
customer geography 16 687 16 323 16 434 2
Sub-Saharan Africa 4 048 3 883 3 899 4
Developed Europe 3 770 3 889 4 019 (6)
Australasia 2 022 2 010 1 978 2
Latin America 1 551 1 522 1 387 12
Developing Europe & CIS 1 333 1 452 1 450 (8)
China 1 407 1 166 1 194 18
Japan 1 107 1 069 1 129 (2)
Other Asia 656 704 736 (11)
MENA 480 356 375 28
USA & Canada 313 272 267 17
Manufacturing revenue by geography
of manufacture
Manufacturing revenue - finished dose form 694 889 926 (25)
Australasia 272 218 214 27
Developed Europe 302 290 321 (6)
Sub-Saharan Africa 120 381 391 (69)
Manufacturing revenue - active
pharmaceutical ingredients 2 292 2 297 2 383 (4)
Developed Europe 2 138 2 168 2 249 (5)
Sub-Saharan Africa 154 129 134 15
Total manufacturing revenue 2 986 3 186 3 309 (10)
Total revenue 19 673 19 509 19 743 0
Summary of regions
Developed Europe 6 210 6 347 6 589 (6)
Sub-Saharan Africa 4 322 4 393 4 424 (2)
Australasia 2 294 2 228 2 192 5
Latin America 1 551 1 522 1 387 12
Developing Europe & CIS 1 333 1 452 1 450 (8)
China 1 407 1 166 1 194 18
Japan 1 107 1 069 1 129 (2)
Other Asia 656 704 736 (11)
MENA 480 356 375 28
USA & Canada 313 272 267 17
Total revenue 19 673 19 509 19 743 0
Commercial Pharmaceuticals therapeutic area analysis
Reported December 2018 (December 2018 at 2018 average rates)
Anaesthetics Thrombosis Sterile Focus Regional
Brands Brands Brands Brands Total
R'million R'million R'million R'million R'million
By customer geography
Commercial Pharmaceuticals
Sub-Saharan Africa 56 4 60 3 988 4 048
Developed Europe 1 131 1 785 2 916 854 3 770
Australasia 342 12 354 1 668 2 022
Latin America 463 38 501 1 050 1 551
Developing Europe & CIS 176 950 1 126 207 1 333
China 944 445 1 389 18 1 407
Japan 707 13 720 387 1 107
Other Asia 325 76 401 255 656
MENA 105 55 160 320 480
USA & Canada 163 11 174 139 313
Total Commercial Pharmaceuticals 4 412 3 389 7 801 8 886 16 687
Restated December 2017 (December 2017 at 2017 average rates)
Anaesthetics Thrombosis Sterile Focus Regional
Brands Brands Brands Brands Total
R'million R'million R'million R'million R'million
By customer geography
Commercial Pharmaceuticals
Sub-Saharan Africa 75 5 80 3 803 3 883
Developed Europe 1 134 1 799 2 933 956 3 889
Australasia 391 12 403 1 607 2 010
Latin America 435 38 473 1 049 1 522
Developing Europe & CIS 238 973 1 211 241 1 452
China 869 281 1 150 16 1 166
Japan 681 23 704 365 1 069
Other Asia 350 86 436 268 704
MENA 68 57 125 231 356
USA & Canada 164 5 169 103 272
Total Commercial Pharmaceuticals 4 405 3 279 7 684 8 639 16 323
Illustrative constant exchange rate December 2017
(December 2017 at 2018 average rates)
Anaesthetics Thrombosis Sterile Focus Regional
Brands Brands Brands Brands Total
R'million R'million R'million R'million R'million
By customer geography
Commercial Pharmaceuticals
Sub-Saharan Africa 76 5 81 3 818 3 899
Developed Europe 1 166 1 864 3 030 989 4 019
Australasia 385 12 397 1 581 1 978
Latin America 380 37 417 970 1 387
Developing Europe & CIS 228 989 1 217 233 1 450
China 890 288 1 178 16 1 194
Japan 719 25 744 385 1 129
Other Asia 366 91 457 279 736
MENA 72 59 131 244 375
USA & Canada 168 4 172 95 267
Total Commercial Pharmaceuticals 4 450 3 374 7 824 8 610 16 434
Change in constant exchange rates
Anaesthetics Thrombosis Sterile Focus Regional
Brands Brands Brands Brands Total
% % % % %
By customer geography
Commercial Pharmaceuticals
Sub-Saharan Africa (26) (20) (26) 4 4
Developed Europe (3) (4) (4) (14) (6)
Australasia (11) 0 (11) 6 2
Latin America 22 3 20 8 12
Developing Europe & CIS (23) (4) (7) (11) (8)
China 6 55 18 13 18
Japan (2) (48) (3) 1 (2)
Other Asia (11) (16) (12) (9) (11)
MENA 46 (7) 22 31 28
USA & Canada (3) >100 1 46 17
Total Commercial Pharmaceuticals (1) 0 0 3 2
BASIS OF ACCOUNTING
The unaudited interim financial results for the six months ended 31 December 2018 have been prepared in
accordance with International Financial Reporting Standards, IFRIC interpretations, the Listings Requirements
of the JSE Limited, South African Companies Act, 2008 and the presentation and disclosure requirements of
IAS 34: Interim Reporting.
The accounting policies applied in the preparation of the unaudited interim financial results are in terms
of International Financial Reporting Standards and are consistent with those applied in the annual financial
statements for the year ended 30 June 2018 except for changes to the segmental analysis, new standard
implementations as well as discontinued operations which are explained in detail below.
The unaudited interim financial results have been reported in Rand millions in the current period to augment
effective financial analysis. This has changed from the previous interim period where the financial results
were reported in Rand billions.
These interim Group financial results have been prepared under the supervision of the Deputy Group Chief
Executive, M G Attridge CA(SA) and approved by the Board of Directors.
Restatement of the Group segmental analysis
Following the integration of the recent Anaesthetics Business acquisitions into the Group and the pending
disposal of the Nutritionals Business segment, the Group has revised its reportable segments to reflect the
newly updated operating model which aligns to the way in which the business is managed and reported on by the
Chief Operating Decision Maker ("CODM"). The business segments which make up the Pharmaceutical segment have
been revised as follows:
- The High Potency & Cytotoxic therapeutic segment has been reclassified to Regional Brands as these
products are now managed on a regional basis; and
- The Therapeutic Focused Brand segment has been replaced by the Sterile Focus Brand segment and includes
the Anaesthetics and Thrombosis portfolios.
Restatement of discontinued operations
IAS 34 requires that the interim financial report disclose the effect of changes in the composition of the
entity during the interim period. The Group is discontinuing the following portfolios:
Asia Pacific non-core pharmaceutical portfolio
The Group has continued following its strategy of divesting non-core pharmaceutical products. In the Asia
Pacific region, a portfolio of non-core products has been selected for divestment and accordingly been
classified as part of discontinued operations in terms of IFRS 5 and the assets relating to these portfolios
have been transferred to assets held-for-sale.
Nutritionals Business
In September 2018 the Group concluded an agreement (subject to conditions precedent) to divest of its
Nutritionals Business predominantly carried on in Latin America, Sub-Saharan Africa and Asia Pacific under
the S-26, Alula and Infacare brands ("Nutritionals Business") to the Lactalis Group, a leading multinational
dairy corporation based in Laval, France. Consequently the Nutritionals Business has been classified as a
discontinued operation in terms of IFRS 5 and all related assets and liabilities have been transferred to
assets held-for-sale.
Restatement due to changes in accounting standards
The implementation of IFRS 15: Revenue from Contracts with Customers and IFRS 9: Financial Instruments
became effective for Aspen in the 2019 financial year. Aspen has assessed and applied the new standards and
the December 2018 interim results have been reported in line with the new requirements. The 31 December 2017
and 30 June 2018 comparative periods have been restated in the unaudited results on a full retrospective basis.
IFRS 15
In applying the new standard the Group recognises revenue upon the transfer of control over the products to the
customer and the amount of revenue can be measured reliably and it is probable that future economic benefits will
flow to the entity. Revenue comprises the fair value of the consideration received or receivable for the sale of
goods in the ordinary course of the Group's activities. Revenue, net of trade discounts, distribution fees paid
to independent wholesalers and excluding value added tax, comprises the total invoice value of goods and
co-marketing fees.
Following a detailed review of the impact of implementing the revised standard, the Group identified certain
distribution arrangements in terms of which control of inventory did not transfer to the customer within the
relevant financial period and this required a restatement in terms of IFRS 15. The details of the restatement
are set out in note K.
IFRS 9
Applying the incurred loss model, the Group assessed whether there was any objective evidence of impairment
at the end of each reporting period. The assessment resulted in an increase in the allowance account for
losses and the resultant restatement has been applied on a full retrospective basis and the details are set
out in note K.
DIRECTORS
K D Dlamini (Chairman)*, R C Andersen*, M G Attridge, L de Beer*, C N Mortimer*, B Ngonyama*, D S Redfern*,
S B Saad, S V Zilwa*
*Non-executive director
COMPANY SECRETARY
R Verster
REGISTERED OFFICE
Building Number 8, Healthcare Park, Woodlands Drive, Woodmead
PO Box 1587, Gallo Manor, 2052
Telephone +27 11 239 6100
Telefax +27 11 239 6144
SPONSOR
Investec Bank Limited
TRANSFER SECRETARY
Link Market Services South Africa (Pty) Ltd
13th Floor, 19 Ameshoff Street, Braamfontein, 2001
PO Box 4844, Johannesburg, 2000
Disclaimer
We may make statements that are not historical facts and relate to analyses and other information based on
forecasts of future results and estimates of amounts not yet determinable. These are forward looking statements
as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "prospects",
"believe", "anticipate", "expect", "intend", "seek", "will", "plan", "indicate", "could", "may", "endeavour" and
"project" and similar expressions are intended to identify such forward looking statements, but are not the
exclusive means of identifying such statements. By their very nature, forward looking statements involve inherent
risks and uncertainties, both general and specific, and there are risks that predictions, forecasts, projections
and other forward looking statements will not be achieved. If one or more of these risks materialise, or should
underlying assumptions prove incorrect, actual results may be very different from those anticipated. The
factors that could cause our actual results to differ materially from the plans, objectives, expectations,
estimates and intentions expressed in such forward looking statements are discussed in each year's annual report.
Forward looking statements apply only as of the date on which they are made, and we do not undertake other than
in terms of the Listings Requirements of the JSE Limited, any obligation to update or revise any of them,
whether as a result of new information, future events or otherwise. Any profit forecasts published in this report
are unaudited and have not been reviewed or reported on by Aspen's external auditors.
www.aspenpharma.com
Date: 07/03/2019 05:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS. |