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Response to media reports following pre-closed period conference call
ASPEN PHARMACARE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1985/0002935/06
Share code: APN
ISIN: ZAE000066692
(“Aspen” or “the Company”)
RESPONSE TO MEDIA REPORTS FOLLOWING PRE-CLOSED PERIOD CONFERENCE CALL
Shareholders are advised that on 27 June 2014 Aspen hosted a pre-closed period conference call with
members of the investment community, a recording of which is available on the Aspen website
(http://www.aspenpharma.com/investor-information/ ). In the view of Aspen's two executive directors
who hosted the conference call, no price sensitive information was communicated during this call.
Unfortunately certain comments made by Aspen management have either been misconstrued or have
been quoted out of context and have now appeared in certain sections of the media creating uncertainty
in the market. Specific quotes requiring contextualization and the appropriate facts are set out below:
".....management told analysts on a call that second-half trading was weaker....":
In answer to a question on the call, management confirmed their general comfort with the potential
increase in Group revenue in the second half of the financial year ending 30 June 2014 from recent
acquisitions, as had been indicated in the presentation on Aspen's 2014 interim results (i.e. results for
the first half of the 2014 financial year) which is available on Aspen's website. Management also
reported that they expected revenue in South Africa in the second half of the financial year ending
30 June 2014 to be lower than in the first half of the year. Revenue from South Africa for the first half of
the 2014 financial year as reported in the unaudited interim results announcement by Aspen amounted
to R3.8 billion, comprising 30% of the Group's gross revenue.
"The company guided for a softer second half in South Africa because of government tender volumes that
were lower than anticipated":
This is consistent with management's statements. Management specifically stated that the anticipated
lower revenue in the second half of the 2014 financial year was influenced by lower than anticipated
volumes in the public sector antiretroviral ("ARV") tender. In the presentation on Aspen's 2014 interim
results referred to above, it is disclosed that revenue from ARV tenders in South Africa for the six months
ended 31 December 2013 amounted to R525 million. This was 14% of the total South African revenue
and 4% of the total Group revenue reported for this period.
"....disappointing second half in South America because of problems with the supply chain....":
Management did not make this comment. Management reported that supply problems relating to a few
products in the portfolio of products recently acquired from Merck had resulted in the full potential of
these products not being realized. Management identified Latin America as the region where this was
specifically applicable.
As soon as the directors have reasonable certainty on earnings per share and headline earnings per share
for the year ending 30 June 2014 a trading update will be released in terms of the JSE Listings
Requirements.
This update has not been reviewed or reported on by Aspen’s auditors.
Durban
30 June 2014
Sponsor: Investec Bank Limited
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