ADCOCK INGRAM HOLDINGS LIMITED - Voluntary trading update and the disclosure of forecast financial information

Voluntary trading update and the disclosure of forecast financial information

ADCOCK INGRAM HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 2007/016236/06
ISIN: ZAE000123436
Share code: AIP
("Adcock Ingram" or "the Company")

Voluntary trading update      and   the   disclosure   of   forecast
financial information

1. Voluntary trading update

  The Company is due to release its results for the financial
  year ended 30 September 2013 on Wednesday, 27 November 2013.

  2013 has been a particularly challenging year for the
  Company. Trading margins came under pressure as a result of
  competitive market conditions and the impact of the weaker
  Rand on active ingredient costs.

  Notwithstanding   these   challenging    market   and  cost
  conditions, Turnover for the financial year ended 30
  September 2013 is expected to be between 18% and 19% higher
  compared to 2012, translating into an Earnings Before
  Interest, Tax, Depreciation and Amortisation (“EBITDA”)
  increase of between 10% and 11% compared to 2012.

  Headline earnings per share (“HEPS”) and earnings per share
  (“EPS”) for the financial year ended 30 September 2013 are
  expected to be between 17% and 18% lower compared to 2012.
  In 2013 the average cash position turned into a net
  overdraft position following the acquisition of certain
  assets from the Cosme Group in India and the effective tax
  rate normalised following the expiry of the Strategic
  Industrial Project Allowance in 2012.

  The financial information on which this voluntary trading
  statement is based has not been reviewed and reported on by
  Adcock Ingram's external auditors.

2. Disclosure of forecast financial information

  As part of the process conducted by the independent board of
  Adcock Ingram, potential offerors who signed comprehensive
  confidentiality undertakings were given access to certain
  confidential information of the Company. This included
  certain estimates in respect of the 2013 financial year and
  forecasts for the financial years ended 2014 and 2015 on a
  strictly confidential basis. This information has now been
  disclosed in the combined circular to Adcock Ingram
  shareholders, which was posted on 18 November 2013 (“the
  Circular”) and has also been made available on the Adcock
  Ingram   website.  The   financial   forecasts,  which   are
  reproduced below, appear on pages 189 – 191 of the Circular,
  together with the Company’s Reporting Accountants Review
  report thereon.

  Adcock Ingram –estimate (2013) and forecasts (2014 - 2015)
  for the financial years ended 30 September

                                  2013          2014          2015
                           ZAR million   ZAR million   ZAR million
  Turnover                       5,446         6,385         7,506
  OPEX                         (1,346)       (1,664)       (1,789)
  EBIT                             891         1,026         1,392
  CAPEX                            344           214            80


Midrand
19 November 2013
Sponsor
Deutsche Securities (SA) Proprietary Limited

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