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Preliminary audited group results and cash dividend declaration for the year ended 30 June 2015
ADCOCK INGRAM HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number 2007/016236/06
Income tax number 9528/919/15/3
Share code: AIP ISIN: ZAE000123436
("Adcock Ingram" or "the Company" or "the Group")
PRELIMINARY AUDITED GROUP RESULTS AND CASH DIVIDEND DECLARATION
for the year ended 30 June 2015
INTRODUCTION
The Board of Directors (Board) has pleasure in presenting the Group's audited results for the year ended 30 June 2015.
The Board is particularly mindful of the relevance of these results, being the first consecutive twelve-month trading
period to be reported on, since the general business restructure was commenced in 2014.
Apart from the financial implications arising from the review process, the Group's comparative 2014 performance
unfortunately includes the adverse consequences of certain internal issues and judgements during that period, the
consequences of an unforgiving market and generally, a volatile and challenging South African economy.
It was therefore, not unexpected that the outcome of the aforesaid review process, would have resulted in material
write-offs and impairments, both to certain of the Group's tangible and intangible assets in all of the geographies, and
broadly across all business sectors.
The aforesaid summary accordingly seeks to provide some context to the relatively positive turnaround trading
performance for the year under review, substantially triggered through more focused leadership, a regenerated culture of
productivity and divisional responsibility, all contributing towards better customer relations, more effective cost
control, improved manufacture and a focus on service delivery of the Group's leading, time honoured product range, from
whence Adcock Ingram gained its long standing reputation and for which the Group is well known.
For a better appreciation of the Group's relative performance against a more meaningful comparable period, in addition
to the statutory disclosure of the last reported period of nine months to 30 June 2014, a reviewed set of comparative
figures has been provided for the twelve months ended 30 June 2014.
FINANCIAL PERFORMANCE
TURNOVER AND PROFITS
While turnover at R5 528 million is only 6.5% higher than the comparative twelve-month period, given the discontinuation
of certain uneconomic product lines during the year, the percentage increase in turnover of comparable products year on
year is substantially better. These sale values were supported by Single Exit Price (SEP) increases during the relevant
period. The impact of increased throughput, improved factory efficiencies, cost engineering applications and savings on
raw material cost, resulted in an increase in the gross profit percentage for the year under review from 33% in 2014
to 38% in this year. The effect of this, revealed itself in a significant improvement in trading profit of 119% from
R206.2 million in 2014 to R451.0 million in the current year.
NON-TRADING EXPENSES
Notwithstanding management's best efforts to identify assets and investments for impairment, during the 2014 review and
the extent of such impairment, given the continuing disappointing performance of the Cosme business in India, it was
deemed prudent to impair the investment value by a further R74.4 million in this year. A total amount of R106.3 million
is recorded as non-trading expenses (2014: R1 004 million) and this includes corporate activity costs of R13.7 million
and share based payments of R15.1 million.
TAX AND HEADLINE EARNINGS
The high effective tax rate is a consequence of the non-recognition of deferred tax assets on the foreign loss-making
entities, and the non-deductibility for tax purposes of certain impairments and other expenditure.
Headline earnings for the year amounted to R270.4 million (2014: loss of R170.0 million). This translates into headline
earnings per share of 160.1 cents (2014: loss of 100.8 cents).
CASH FLOWS
Cash generated from operations was R598.1 million (2014: R398.1 million) despite working capital increasing by R126.4
million (2014: R81.0 million). This cash flow improvement has enabled the Group to reduce net debt by just short of R400
million during the year.
DISTRUBUTION
Given the unknown outcome of the initial Group review in 2014, the restructure and reorganisation, the Board resolved to
suspend all distributions until the state of the Company's affairs became clearer. We are pleased to report, the Board
has declared a final dividend of 81 cents per share for the year ended 30 June 2015 out of income reserves.
BUSINESS OVERVIEW
SOUTHERN AFRICA
This segment encompasses all of the business units in the Southern African region, namely, OTC, Prescription, Consumer
and Hospital.
OTC turnover of R1 454 million (2014: R1 248 million) is 16.6% ahead of the comparable period, supported by renewed
focus and more aggressive marketing. This business unit, which focuses on pharmacy in the pain, colds and flu, and
anti-histamine therapeutic areas, posted an improvement in market share, with double-digit growth in the majority of its
top ten brands. Gross margin as a percentage of sales improved with better volumes in the Clayville factory, cost
engineering projects, efficiencies from raw material procurement and the sales mix of products, which supported the
increase of almost 60% in trading profit to R260.7 million (2014: R164.3 million).
Prescription turnover of R1 813 million (2014: R1 860 million) is 2.6% behind the comparable period, this the result of
a reduction in the low margin ARV and tender portfolios, and repatriation of certain products to multinational partners.
Gross margin improvements arose from better than expected production recoveries and a stringent control over foreign raw
material and finished goods procurement. This resulted in a trading profit of R148.1 million well ahead of the
comparative figure of R95.0 million.
Consumer turnover of R629 million (2014: R584 million) is 7.8% ahead of the comparable period with Panado, Bioplus and
Compral all posting healthy growth. However the performance of the complementary and personal care portfolios within
this business unit was disappointing. Trading profit nevertheless improved by 25% to R79.3 million (2014: R63.5
million).
Hospital turnover increased by 9.7% to R1 127 million (2014: R1 028 million) in an increasingly competitive environment.
Medicine delivery sales, mainly large-volume parenterals have been the biggest contributor to this improvement. The
business unit's profitability was restored during the period under review with a trading profit of R32.8 million having
been achieved. Notwithstanding the change-of-control clause in the Baxter agreements, the association between the
parties remains sound, with the long-standing commercial relationship having been strengthened and Baxter providing
additional support to the business.
REST OF AFRICA
While the Group's presence in Zimbabwe, Kenya and Ghana individually and collectively constitutes a small percentage of
the Group's assets, business in each of these destinations remains a challenge and preoccupation of management, far
greater in time than their relative size should dictate. During the year under review, although the results suggest a
positive turn of direction, these businesses still incurred losses of R13.2 million (2014: R29.0 million).
INDIA
The Group's Cosme Pharma business in India was acquired in early 2013 for R822 million. This related industry purchase
was justified at the time by the perceived potential growth prospects of a pharma sales and distribution business, with
quality, good margin products in a vast marketplace.
As time has evolved, management has recognised the difficulties of operating an enterprise in such a competitive
pharmaceutical market, which, in relative terms is sub scale, requiring inter alia, significant further investment.
While management have a good understanding of the operational demands of the business and have introduced strategies for
improvement and remedial direction, the overhead to sales ratios remain the principal challenge.
In the 2014 financial year, given the losses incurred, after the obligatory internal intangible asset amortisation, the
Cosme Pharma investment was impaired by an amount of R278 million. The trading loss of R56.8 million, incurred in the
current financial year, similarly after the aforesaid asset amortisation, dictated that a further impairment of R74.4
million would be appropriate.
The Board, after much deliberation, has resolved to dispose of Cosme Pharma and a formal sale process will soon be
commenced for this purpose. While there is no certainty on the short term sale prospects, nor the extent of any sale
proceeds likely to be received, management will continue to manage the business as before and seek to protect the
consensus fair value at 30 June 2015, reviewed and determined by management and confirmed by the external auditors.
PROSPECTS
There is no useful purpose in the Board reflecting on the various past corporate actions and events that have
unfavourably impacted on the Company's more recent annual commercialism and market rating, save to submit, that as a
result of these past circumstances, a refocused senior management team, together with the recently structured divisional
management, fully understand what needs to be done to restore the Group to its former status in the industry. They have
already diligently demonstrated their commitment to that objective and have practically put the Group on a profit path
which will hopefully continue as efficiencies and markets improve.
Considering the economic conditions and uncertainties in South Africa at this time and elsewhere, the currency erosion,
an erratic electricity supply and an unpredictable market, the Board are satisfied with the direction and progress
achieved during the past year. The Board remains optimistic on the Group's medium term prospects, which view is tempered
by the recent material devaluation of the Rand.
DIVIDEND
The Board has declared a final gross dividend out of income reserves of 81 cents per share in respect of the year ended
30 June 2015. The South African dividend tax ("DT") rate is 15% and the net dividend payable to shareholders who are
not exempt from DT is 68.85 cents per share. Adcock Ingram currently has 175 741 348 ordinary shares in issue and its
income tax reference number is 9528/919/15/3.
The salient dates for the distribution are detailed below:
Last date to trade cum distribution Friday, 11 September 2015
Shares trade ex distribution Monday, 14 September 2015
Record date Friday, 18 September 2015
Payment date Monday, 21 September 2015
Share certificates may not be dematerialised or rematerialised between Monday, 14 September 2015 and Friday,
18 September 2015, both dates inclusive.
By order of the Board
B Joffe KB Wakeford AG Hall
Chairman Chief Executive Officer Deputy Chief Executive and Financial Director
25 August 2015
Consolidated statements of comprehensive income
Audited Reviewed Audited
year twelve-month period nine-month period
ended ended ended
30 June 30 June 30 June
2015 2014 2014
Note R'000 R'000 R'000
REVENUE 2 5 558 926 5 234 739 3 640 780
TURNOVER 2 5 528 369 5 193 070 3 615 287
Cost of sales (3 446 714) (3 453 594) (2 475 723)
Gross profit 2 081 655 1 739 476 1 139 564
Selling, distribution and marketing expenses (1 115 231) (998 169) (727 671)
Drug management and regulatory expenses ( 119 288) (110 719) (81 096)
Fixed and administrative expenses (396 153) (424 376) (337 887)
Trading profit/(loss) 450 983 206 212 (7 090)
Non-trading expenses 3 (106 325) (1 004 426) (967 645)
Operating profit/(loss) 344 658 (798 214) (974 735)
Finance income 2 19 887 30 344 18 987
Finance costs (100 983) (131 461) (98 620)
Dividend income 2 10 670 11 325 6 506
Equity-accounted earnings 65 608 52 061 31 895
Profit/(Loss) before taxation 339 840 (835 945) (1 015 967)
Taxation (141 031) 7 176 53 811
Profit/(Loss) for the year/period 198 809 (828 769) (962 156)
Other comprehensive income which will subsequently be recycled to profit or loss 61 722 (46 806) 51 792
Exchange differences on translation of foreign operations 61 242 (34 372) 52 967
Fair value gain on available-for-sale asset, net of tax 403 677 350
Movement in cash flow hedge accounting reserve, net of tax 77 (13 111) (1 525)
Other comprehensive income which will not be recycled to profit or loss
Actuarial loss on post-retirement medical liability (442) (6 880) (6 880)
Total comprehensive income for the year/period, net of tax 260 089 (882 455) (917 244)
Profit/(Loss) attributable to:
Owners of the parent 197 932 (832 533) (965 343)
Non-controlling interests 877 3 764 3 187
198 809 (828 769) (962 156)
Total comprehensive income attributable to:
Owners of the parent 260 419 (878 707) (914 826)
Non-controlling interests (330) (3 748) (2 418)
260 089 (882 455) (917 244)
Basic earnings/(loss) per ordinary share (cents) 117.2 (493.7) (572.3)
Diluted basic earnings/(loss) per ordinary share (cents) 117.2 (493.4) (571.9)
Headline earnings/(loss) per ordinary share (cents) 160.1 (100.8) (179.5)
Diluted headline earnings/(loss) per ordinary share (cents) 160.1 (100.8) (179.3)
Consolidated statement of changes in equity
Attributable to holders of the parent
Total
Issued Non- attributable Non-
share Share distributable Retained to ordinary controlling
capital premium reserves income shareholders interests Total
R'000 R'000 R'000 R'000 R'000 R'000 R'000
As at 1 July 2013 16 861 524 788 467 433 2 762 300 3 771 382 129 801 3 901 183
Share issue 49 7 263 7 312 7 312
Movement in treasury shares (32) (21 131) (21 163) (21 163)
Movement in share-based payment reserve 8 825 8 825 8 825
Acquisition of non-controlling interests in Ayrton Drug Manufacturing Limited (69) (69) (174) (243)
Total comprehensive income (46 174) (832 533) (878 707) (3 748) (882 455)
Loss for the year (832 533) (832 533) 3 764 (828 769)
Other comprehensive income (46 174) (46 174) (7 512) (53 686)
Dividends (145 010) (145 010) (7 301) (152 311)
Share issue expenses incurred by subsidiary (3 669) (3 669) (3 669)
Balance at 30 June 2014 (audited) 16 878 510 920 426 415 1 784 688 2 738 901 118 578 2 857 479
Share issue 10 2 018 2 028 2 028
Movement in share-based payment reserve 16 098 16 098 16 098
Acquisition of non-controlling interests in Ayrton Drug Manufacturing Limited (31) (31) (101) (132)
Total comprehensive income 62 487 197 932 260 419 (330) 260 089
Profit for the year 197 932 197 932 877 198 809
Other comprehensive income 62 487 62 487 (1 207) 61 280
Disposal of non-controlling interest in Bioswiss (Pty) Limited (14 101) (14 101)
Dividends (4 537) (4 537)
Balance at 30 June 2015 (audited) 16 888 512 938 505 000 1 982 589 3 017 415 99 509 3 116 924
Consolidated statements of financial position
Audited Audited
30 June 30 June
2015 2014
R'000 R'000
ASSETS
Property, plant and equipment 1 490 828 1 554 420
Intangible assets 743 156 836 178
Deferred tax 12 091 7 959
Other financial assets 91 106 138 955
Investment in joint ventures 279 135 202 237
Non-current assets 2 616 316 2 739 749
Inventories 1 207 581 1 106 261
Trade and other receivables 1 408 728 1 235 674
Cash and cash equivalents 147 379 247 852
Taxation receivable 77 948 76 306
Current assets 2 841 636 2 666 093
Total assets 5 457 952 5 405 842
EQUITY AND LIABILITIES
Capital and reserves
Issued share capital 16 888 16 878
Share premium 512 938 510 920
Non-distributable reserves 505 000 426 415
Retained income 1 982 589 1 784 688
Total shareholders' funds 3 017 415 2 738 901
Non-controlling interests 99 509 118 578
Total equity 3 116 924 2 857 479
Long-term borrowings 513 753 1 004 861
Post-retirement medical liability 22 796 22 034
Deferred tax 81 854 21 047
Non-current liabilities 618 403 1 047 942
Trade and other payables 1 328 431 1 115 563
Bank overdraft 304 210 319 613
Short-term borrowings 13 273 5 132
Cash-settled options 6 519 14 782
Provisions 70 192 45 331
Current liabilities 1 722 625 1 500 421
Total equity and liabilities 5 457 952 5 405 842
Consolidated statements of cash flows
Audited Reviewed Audited
year ended twelve-month period ended nine-month period ended
30 June 30 June 30 June
2015 2014 2014
R'000 R'000 R'000
Cash flows from operating activities
Operating profit/(loss) 344 658 (798 214) (974 735)
Non-cash items 379 892 1 277 267 1 165 275
Operating profit before working capital changes 724 550 479 053 190 540
Working capital changes (126 423) (80 960) 227 561
Cash generated from operations 598 127 398 093 418 101
Finance income, excluding receivable 14 409 23 440 17 287
Finance costs, excluding accrual (103 871) (136 240) (101 480)
Dividend income 10 670 33 992 20 504
Dividends paid (4 537) (152 311) (6 746)
Taxation paid (87 312) (137 662) (36 869)
Net cash inflow from operating activities 427 486 29 312 310 797
Cash flows from investing activities
Decrease in other financial assets 37 962 118 –
Disposal of business (2 663) – –
Purchase of property, plant and equipment – Expansion (23 560) (35 727) (12 278)
– Replacement (56 304) (128 122) (83 187)
Proceeds on disposal of property, plant and equipment 2 243 407 54
Increase in loans receivable – (1 183) –
Net cash outflow from investing activities (42 322) (164 507) (95 411)
Cash flows from financing activities
Acquisition of non-controlling interests in Ayrton Drug Manufacturing Limited (132) (243) (241)
Proceeds from issue of share capital 2 028 7 311 6 902
Increase in borrowings 23 915 1 002 371 1 004 635
Repayment of borrowings (506 031) (202 980) (100 000)
Purchase of treasury shares – (21 162) –
Share issue expenses incurred by subsidiary – (3 669) –
Net cash (outflow)/inflow from financing activities (480 220) 781 628 911 296
Net (decrease)/increase in cash and cash equivalents (95 056) 646 433 1 126 682
Net foreign exchange difference on cash and cash equivalents 9 986 3 023 11 958
Cash and cash equivalents at beginning of year/period (71 761) (721 217) (1 210 401)
Cash and cash equivalents at end of year/period (156 831) (71 761) (71 761)
Notes to the consolidated financial statements
1 BASIS OF PREPARATION
1.1 Introduction
The summarised audited preliminary consolidated annual financial statements for the year ended 30 June 2015 have been prepared in compliance with the Listings
Requirements of the JSE Limited, International Financial Reporting Standards (IFRS), the requirements of the International Accounting Standards (IAS) 34:
Interim financial reporting, SAICA Financial Reporting Guidelines as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the
Financial Reporting Standards Council and the Companies Act, No. 71 of 2008.
These summarised preliminary results for the year ended 30 June 2015 for which the directors take full responsibility, have been extracted from the audited
consolidated financial statements. Both these summarised preliminary results and the consolidated financial statements for the year ended 30 June 2015 were
audited by the independent external auditors, Ernst & Young Inc. and copies of their unqualified audit opinions are available for inspection at the Company's
registered office. The results for the twelve months ended 30 June 2014 have been reviewed by Ernst & Young Inc. and a copy of their unqualified review opinion
is available for inspection at the Company's registered office.
Mr Andy Hall, Deputy Chief Executive and Financial Director, is responsible for this set of financial results and has supervised the preparation thereof in
conjunction with the Financial Executive, Ms Dorette Neethling.
1.2 Changes in accounting policies
The accounting policies adopted are consistent with those of the previous financial period except for the adoption of the following amended IFRS standards and
IFRIC interpretations during the year which did not have any effect on the financial performance or position of the Group:
* IAS 32: Financial Instruments: Presentation: Offsetting of financial assets and financial liabilities;
* IAS 19: Defined benefit plans: Employee contributions; and
* IAS 39: Novation of derivatives and continuation of hedge accounting.
Audited Reviewed Audited
year twelve-month period nine-month period
ended ended ended
30 June 30 June 30 June
2015 2014 2014
R'000 R'000 R'000
2 REVENUE
Turnover 5 528 369 5 193 070 3 615 287
Finance income 19 887 30 344 18 987
Dividend income 10 670 11 325 6 506
5 558 926 5 234 739 3 640 780
3 Non-trading expenses/(income)
Impairments 79 783 843 364 843 364
– Intangible assets 74 432 601 789 601 789
– Inventories (8 375) 130 966 130 966
– Property, plant and equipment 7 390 69 243 69 243
– Long-term receivable and non-financial asset 6 336 41 366 41 366
Transaction costs 13 678 118 157 91 000
Retrenchment costs and separation package 770 16 505 16 505
Share-based payment expenses 15 081 19 640 10 016
Scrapping of property, plant and equipment 2 241 5 561 5 561
Lease cancellation expenses 3 032 1 199 1 199
Profit on disposal of business (8 260) – –
106 325 1 004 426 967 645
4 SEGMENT REPORTING
CHANGE IN THE STRUCTURE AND COMPOSITION OF THE REPORTABLE SEGMENTS
In May 2014, Adcock Ingram announced substantive changes to the Group's internal
processes and structures. The reorganisation of the business was necessary to
create autonomous operating divisions with separate focused strategies to best
manage the challenges and opportunities in each of the businesses, while at the
same time, facilitating full accountability in each case and allow for better
measurement of returns. The new structure came into operation on 1 July 2014
creating a more defined and decentralised structure with focused and specialised
commercial divisions in Southern Africa. The structure is ultimately designed to
be customer-centric and assist in the recovery of the business.
The Group's reportable segments in Southern Africa are now as follows:
- Over the Counter (OTC) – focuses primarily on brands sold predominantly in the
pharmacy market, where the pharmacist plays a role in the product choice;
- Consumer – competes in the Fast Moving Consumer Goods (FMCG) space;
- Prescription – markets products prescribed by medical practitioners; and
- Hospital – supplier of hospital and critical care products, including intravenous
solutions, blood collection products and renal dialysis systems.
Turnover
Southern Africa 5 022 770 4 719 144 3 268 441
OTC 1 454 224 1 247 689 835 605
Consumer 628 991 583 502 327 464
Prescription 1 812 735 1 860 382 1 348 422
Hospital 1 126 820 1 027 571 756 950
Rest of Africa 259 196 250 124 183 130
India 269 237 241 878 177 708
5 551 203 5 211 146 3 629 279
Less: Intercompany sales (22 834) (18 076) (13 992)
5 528 369 5 193 070 3 615 287
Trading and operating profit/(loss)
Southern Africa 520 894 289 889 62 820
OTC 260 717 164 255 77 095
Consumer 79 301 63 467 (25 280)
Prescription 148 099 94 974 45 170
Hospital 32 777 (32 808) (34 165)
Rest of Africa (13 161) (29 019) (23 171)
India (56 750) (54 659) (46 739)
Trading profit/(loss) 450 983 206 211 (7 090)
Less: Non-trading expenses (106 325) (1 004 425) (967 645)
Operating profit/(loss) 344 658 (798 214) (974 735)
As at June 2014 the assets and liabilities of the OTC, Consumer and Prescription
products were integrated and managed as the Pharmaceutical division in
Southern Africa. The Group regarded this as a single primary business segment for
statement of financial position purposes. The prior year figures have not
been restated as the information is not available.
Total assets
Southern Africa 6 222 533 7 856 661
Pharmaceuticals 6 161 715
OTC 2 365 968
Consumer 416 427
Prescription 1 879 594
Hospital 1 560 544 1 694 946
Other – shared services 1 194 383
Rest of Africa 193 171 195 883
India 852 153 948 507
8 462 240 9 001 051
Intercompany eliminations (3 004 288) (3 595 209)
5 457 952 5 405 842
5 INVENTORY
Inventories written down/(reversed) and recognised as an
expense/(income) in profit or loss:
Cost of sales 97 800 109 328 93 170
Non-trading expenses (8 375) 130 966 130 966
89 425 240 294 224 136
6 CAPITAL COMMITMENTS
– contracted 7 000 57 278
– approved, but not contracted 33 026 23 880
40 026 81 158
7 HEADLINE EARNINGS/(LOSS)
Headline earnings/(loss) is determined as follows:
Earnings/(Loss) attributable to owners of Adcock Ingram 197 932 (832 533) (965 343)
Adjusted for:
Impairment of property, plant and equipment 7 390 69 243 69 243
Share of non-controlling interest in the impairment of property,
plant and equiptment (1 819) – –
Impairment of intangible assets 74 432 601 789 601 789
Tax effect on impairment of intangible assets – (15 823) (15 823)
Loss on disposal/scrapping of property, plant and equipment 491 7 589 7 008
Tax effect on (profit)/loss on disposal of property, plant and equipment (227) (280) 405
Profit on disposal of business (8 260) – –
Adjustments relating to equity-accounted joint ventures 412 – –
Headline earnings/(loss) 270 351 (170 015) (302 721)
8 SHARE CAPITAL
Number of shares in issue 201 685 201 589
Number of A and B shares held by the BEE participants (25 944) (25 944)
Number of ordinary shares held by the BEE participants (2 571) (2 571)
Number of ordinary shares held by Group company (4 285) (4 285)
Net shares in issue 168 885 168 789
Headline earnings and basic earnings per share are based on:
Weighted average number of shares 168 834 168 628 168 679
Diluted weighted average number of shares 168 841 168 737 168 788
9 SUBSEQUENT EVENTS
On 10 July 2015, shareholders approved the following resolution at a general meeting:
- the release of the dividend acquired ordinary shares held by Blue Falcon Trading 69 (Pty) Limited and the Mpho ea Bophelo Trust;
- the repurchase at a nominal value, and the cancellation, of each of the A ordinary and B ordinary shares in their entirety; and
- the cancellation of the existing BEE scheme.
At a scheme meeting on 10 July 2015, shareholders approved the following resolution:
- the implementation of a new BEE scheme.
Following the release of the restrictions contained in the existing BEE transaction over the divided acquired ordinary shares, The Bidvest Group Limited agreed to
acquire in aggregate 2 571 000 Adcock Ingram dividend acquired ordinary shares at R52.00 per share, from Blue Falcon Trading 69 (Pty) Limited and Mpho ea Bophelo
Trust.
Corporate information
Directors
Mr B Joffe (Non-executive Chairman)
Mr K Wakeford (Chief Executive Officer)
Mr A Hall (Deputy Chief Executive and Financial Director)
Prof M Haus (Independent Non-executive Director)
Dr T Lesoli (Independent Non-executive Director)
Mr M Makwana (Independent Non-executive Director)
Dr A Mokgokong (Non-executive Director)
Mr R Morar (Non-executive Director)
Mr L Ralphs (Non-executive Director)
Mr C Raphiri (Lead Independent Non-executive Director)
Mr M Sacks (Independent Non-executive Director)
Dr R Stewart (Independent Non-executive Director)
Company secretary
NE Simelane
Registered office
1 New Road, Midrand, 1682
Postal address
Private Bag X69, Bryanston, 2021
Transfer secretaries
Computershare Investor Services Proprietary Limited
70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
Auditors
Ernst & Young Inc.
102 Rivonia Road, Sandton, 2146
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
1 Merchant Place, corner Fredman Drive and Rivonia Road, Sandton, 2196
Bankers
Nedbank Limited, 135 Rivonia Road, Sandown, Sandton, 2146
Rand Merchant Bank, 1 Merchant Place, corner Fredman Drive and Rivonia Road, Sandton, 2196
Forward-looking statements
Adcock Ingram may, in this document, make certain statements that are not historical facts and relate to analyses and
other information which are based on forecasts of future results and estimates of amounts not yet determinable. These
statements may also relate to our future prospects, developments and business strategies. Examples of such
forward-looking statements include, but are not limited to, statements regarding exchange rate fluctuations, volume
growth, increases in market share, total shareholder return and cost reductions. Words such as "believe", "anticipate",
"expect", "intend", "seek", "will", "plan", "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 the 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, our actual results may
differ materially from those anticipated. Forward-looking statements apply only as of the date on which they are made,
and we do not undertake any obligation to update or revise any of them, whether as a result of new information, future
events or otherwise.
www.adcock.com
SENS release date: 26 August 2015
Date: 26/08/2015 07:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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