ASPEN PHARMACARE HOLDINGS LIMITED - Trading Statement

Trading Statement

Aspen Pharmacare Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1985/002935/06)
Share code: APN & ISIN: ZAE000066692
("Aspen")



Trading Statement

Aspen shareholders are hereby advised that the reported results for the six month
trading period to 31 December 2015 are influenced by the factors set out below which
significantly affect comparability with the results of the prior period:

   1. The completion on 31 August 2015 of the divestment of the Generics business
      conducted in Australia as well as certain branded products distributed in Australia
      to Strides group companies, the related termination of license arrangements in
      Australia and the completion on 1 October 2015 of the divestment of a portfolio of
      products distributed in South Africa to Litha Pharma (collectively “the
      Divestments”). The contribution to the Aspen results by the Divestments is
      consequently substantially reduced in the current period. In the period from 1
      July 2015 until effective date of divestment, revenue from the Divestments was
      R202 million whereas revenue from the Divestments for the six months ended 31
      December 2014 was R1 148 million.

   2. The economic situation in Venezuela has deteriorated over the 6 months to 31
      December 2015 and the Venezuelan authorities have increasingly limited
      authorisations to pay for pharmaceutical imports using the official CENCOEX rate
      during this period of Venezuelan Bolivars (“VEF”) 6.30 per USD. As a
      consequence of the limited payment approvals and the uncertain economic and
      political situation in Venezuela, Aspen has concluded that it would be more
      appropriate to apply the SIMADI exchange rate of VEF 200 per USD to report the
      Venezuelan business financial position, results of its operations and cash flows
      for the 6 months ended 31 December 2015. This has resulted in a once-off
      currency devaluation loss on foreign denominated liabilities of R841 million.

The currency devaluation loss is excluded from normalised headline earnings per share
(“NHEPS”). In order to provide Aspen shareholders with clear comparability of the
financial performance of the ongoing underlying business, a measure described as
comparable NHEPS has been determined by excluding the contribution from the
Divestments.

Comparable NHEPS for the 6 months ended 31 December 2015 is expected to be
between 623.6 cents and 650.1 cents, an increase of between 18% and 23% over
the comparative period (528.5 cents).
NHEPS, headline earnings per share and earnings per share for the 6 months ended 31
December 2015 are expected to vary from those reported in the comparative period,
ended 31 December 2014, within the following ranges:


         Measure             Range         Cents per share     Cents per share in      Notes
                                                                  the comparative
                                                                         period -
                                                                 31 December 2014

 NHEPS                    11% to 16%         635.7 to 664.3                572.7        1,2

 Headline earnings       -26% to -21%        400.9 to 428.0                541.7         3
 per share

 Earnings per share       32% to 37%         711.6 to 738.6                539.1         4


Notes:

1. NHEPS comprises headline earnings per share adjusted for specific non-trading
   items. NHEPS is the primary measure used by Aspen to assess its underlying
   financial performance. NHEPS excludes, inter alia, the effects arising from the
   devaluation of Aspen’s Venezuelan business.

2. NHEPS for the comparative period 31 December 2014 has been restated from the
   previously reported value of 569.1 cents to 572.7 cents, in terms of a change in
   accounting policy, to exclude net monetary adjustments and currency devaluations
   relating to hyperinflationary economies.

3. The decline in headline earnings per share is due to the once-off effect arising from
   the devaluation of Aspen’s Venezuelan business.

4. The growth in earnings per share is higher than the growth in NHEPS and the
   negative growth in headline earnings per share due to the effect of significant capital
   profits realised on the Divestments during the 6 months ended 31 December 2015.

The financial results on which this trading announcement is based have not been
reviewed or reported on by Aspen`s external auditors.

Aspen`s interim results for the 6 months ended 31 December 2015 are scheduled to be
published on SENS on 3 March 2016.

Durban
23 February 2016

Sponsor: Investec Bank Limited

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