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ASPEN PHARMACARE HOLDINGS LIMITED - Reviewed Provisional Group Financial Results for the year ended 30 June 2017

Release Date: 14/09/2017 08:00
Code(s): APN     PDF:  
Wrap Text
Reviewed Provisional Group Financial Results for the year ended 30 June 2017

ASPEN PHARMACARE HOLDINGS LIMITED AND ITS SUBSIDIARIES ("Aspen" or "the Group")
(Registration number 1985/002935/06) 
Share code: APN 
ISIN: ZAE000066692
REVIEWED PROVISIONAL GROUP FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2017

Commentary 
GROUP PERFORMANCE
Aspen increased revenue by 16% to R41,2 billion and raised normalised headline earnings per share ("NHEPS") 
by 16% to 1 463 cents in the year ended 30 June 2017. 

Significant factors influencing performance for the year were as follows:
- The acquisition of the commercial rights to AstraZeneca's global (excluding the USA) anaesthetic portfolio 
  ("the AZ anaesthetics") which was effective from 1 September 2016 and the acquisition of GlaxoSmithKline's 
  anaesthetics portfolio ("the GSK anaesthetics") which was effective from 1 March 2017 (together the 
  "Anaesthetics Portfolio"). The Anaesthetics Portfolio generated revenue of R7,0 billion;
- The positive turnaround in the South African pharmaceutical business; 
- The entry into China with the Anaesthetics Portfolio and a Thrombosis Portfolio supported by Aspen's largest
  regional sales force; 
- The effect of the Venezuela exit and the fall-out from Chinese import restrictions on trade in Australia 
  which constrained Nutritional sales;
- The cancellation of the collaboration with GlaxoSmithKline ("GSK") in Sub-Saharan Africa, outside of 
  South Africa; and
- Improved working capital management which contributed to cash generated from operating activities more 
  than doubling.

Relative movements in exchange rates had a net unfavourable impact on financial performance as is illustrated in the
table below which compares performance for the past year to performance in the prior year at previously reported 
exchange rates and then at constant exchange rates ("CER") being a restatement of 2016 performance at 2017 average 
exchange rates.

Years ended 30 June                                     Change at                           Change     
                          Reported       Reported        reported              CER       2017/2016     
                              2017           2016           rates             2016          at CER    
                         R'billion      R'billion               %        R'billion               %    
Revenue                       41,2           35,6             +16             33,8             +22    
Normalised EBITDA*            11,4           10,1             +13              9,7             +18    
NHEPS (cents)              1 463,2        1 263,7             +16          1 210,9             +21    
* Operating profit before depreciation and amortisation adjusted for specific non-trading items as defined in the 
  Group's accounting policy.                                                                                         

From this point forward in the commentary, all 2016 revenue numbers are stated in CER and all percentage changes in
revenue between 2017 and 2016 are based on 2016 CER revenue in order to enhance the comparability of underlying 
performance.

The synergy programme yielded benefits of approximately R1,2 billion during the year. This significantly bolstered
profits against the effects of the currency headwinds, price erosion and the constrained Nutritionals sales in 
Australia.

During the course of the year, the Group revised its operating model to align with the therapeutic areas identified
for specific focus. Accordingly, Aspen has adjusted its reporting format to reflect this.

SEGMENTAL PERFORMANCE
Therapeutic Focused Brands
Therapeutic Focused Brands comprising the Anaesthetics, Thrombosis and High Potency & Cytotoxic portfolios, recorded
revenue of R17,4 billion which amounted to 42% of Group revenue. Gross profit from Therapeutic Focused Brands of 
R9,0 billion was at a reduced gross margin percentage due primarily to the lower gross margin percentage contribution 
from the AZ anaesthetics.

Anaesthetics
Aspen established Anaesthetics as a therapeutic focus area following the acquisitions of the AZ anaesthetics and the
GSK anaesthetics during the course of the year. Revenue of R7,0 billion was recorded post-acquisition with the largest
contributions coming from Developed Europe (R1,7 billion), China (R1,5 billion) and Japan (R1,3 billion). The Anaesthetics
acquisitions prompted Aspen's entry into China, requiring significant infrastructure investment and the establishment
of a headcount exceeding 600, now comprising the Group's largest regional sales force. Early performance indications from 
this portfolio in China have been encouraging.

Thrombosis 
The Thrombosis products delivered robust revenue growth of 13% in Emerging Markets to R2,5 billion, 
but retreated 16% in the Developed Market countries (predominantly Developed Europe) where sales of R3,2 billion 
were recorded. This led to an overall decline in the revenue from Thrombosis of 5% to R5,7 billion.

Key drivers in the growth in Emerging Markets were good advances by Fraxiparine in Developing Europe & CIS, the
acquisition of the GSK thrombosis products in China midway through the year and double digit growth delivered in the 
Latam and MENA regions. 

In Developed Europe, mandated price cuts and an adjustment in the distribution model were the primary causes of the
weak results of this portfolio. 

High Potency & Cytotoxic
The High Potency & Cytotoxic portfolio recorded flat sales at R4,7 billion. Double digit growth in Latam, Russia and
South Africa led the performance in Emerging Markets to a 17% increase with sales of R2,0 billion. However, a delay in
the transition of the manufacture of Thyrax to a new site resulting in prolonged stock-outs weighed on results in the
Developed Markets where revenue fell 10% to R2,7 billion.

Other Pharmaceuticals
Other Pharmaceuticals, comprising Other Commercial Pharmaceutical Brands and Manufacturing, increased revenue by 5% to
R20,6 billion and improved gross profit to R9,5 billion on a widening gross profit percentage.

Other Commercial Pharmaceutical Brands
Other Commercial Pharmaceutical Brands account for 45% of all revenue from Pharmaceuticals. This area largely
comprises domestic products, with South Africa and Australia being the most material contributors. Revenue from this 
category increased 4% to R14,0 billion. Adjusting for divestments and products discontinued or to be discontinued, the 
core of this portfolio grew 9% to R13,6 billion. 

In South Africa, a strong turnaround in the second half lifted the full year private sector performance by 9%, while
the public sector edged up 1% to R1,5 billion. Results in Australia for these products are distorted by divestments and
products which have been or will be discontinued. The base portfolio was steady with revenue of R3,4 billion, up 1%.
Latam, Asia and the USA, assisted by the launch of Hydroxyprogesterone Caproate, all moved forward positively.

Manufacturing
Manufacturing revenue was up 6% to R6,6 billion. This growth was underpinned by a 9% rise in revenue from active 
pharmaceutical ingredients manufacturing where both the Oss and Fine Chemicals sites made favourable contributions. 
Finished dose manufacturing revenue was flat.

Nutritionals
Revenue from Nutritionals eased 3% to R3,2 billion. While there was growth in Latam and Sub-Saharan Africa, a 21% fall
in sales in Australasia lowered the overall outcome. The fall-out in Australia from the withdrawal of informal traders
banned from importing product into China continued to dampen demand and has also caused pricing pressure as operators
have cleared consequent surplus inventory. This was a contributing factor to the lower contribution margin percentage
achieved. Both Australasia and Latam showed positive upturns in performance in the second half. In Australia inventory
levels seem to have found equilibrium allowing normal trading volumes to return while an improved performance in Mexico
lifted the Latam business.

FUNDING
R12,3 billion was paid relating to acquisitions and other capital expenditure during the year, in addition to which
R1,2 billion was paid to shareholders by way of a dividend. As a result of strong operational cash flows (R6,5 billion)
and favourable exchange rate benefits (R2,1 billion) the increase in net borrowings was limited to R4,4 billion. The
operating cash flow per share was 101% higher at 1 421 cents.

Borrowings, net of cash, amounted to R37,1 billion at the year end. The increase in working capital was limited to
R0,9 billion which was primarily related to the acquisition of the AZ and GSK anaesthetics.

The Group intends to embark on an "amend and extend" exercise with its primary lenders.

AGREEMENT WITH ASTRAZENECA TO ACQUIRE THE RESIDUAL RIGHTS RELATING TO AZ ANAESTHETICS
Aspen is pleased to announce that its wholly owned subsidiary, Aspen Global Incorporated ("AGI"), has signed an
agreement with AstraZeneca AB and AstraZeneca UK ("AstraZeneca") in terms of which AGI will acquire the residual 
rights to the AZ anaesthetics ("the Transaction") for which it acquired the commercialisation rights via an agreement 
entered into in June 2016, as announced to shareholders on 9 June 2016.

The Transaction
The terms of the concluded agreement provide that AGI will pay US$555 million as consideration for the remaining rights 
to the intellectual property and manufacturing know-how related to the AZ anaesthetics. Additionally, AGI will make
performance-related payments of up to US$211 million based on sales and gross profit in the period to 30 November 2019. 
As part of the Transaction, the terms of the existing supply agreement that included an initial period of 10 years, 
have been amended. In terms of the new agreement, AstraZeneca will continue to supply the medicines manufactured at 
AstraZeneca-owned sites to AGI for a transition period of up to five years. Management of supply from third-party sites 
is anticipated to transition to AGI within one year of closing.

Had AGI owned the aforementioned additional rights to the AZ anaesthetics for the full 12 months ended 30 June 2017,
based on the terms of the Transaction agreements and Aspen's expected related incremental costs, the Transaction would
have generated an additional contribution to operating profit of approximately US$90 million. The value of the net 
assets attributable to the Transaction equates to the consideration payable.

Rationale
The September 2016 acquisition of the commercialisation rights to the AZ anaesthetics portfolio has proven to be an
excellent strategic investment for Aspen, particularly when allied to the subsequent acquisition of the GSK anaesthetics.
By acquiring the underlying intellectual property AGI is best placed to maximise the value of this portfolio, including
through the development of additional products and markets, leveraging the intellectual property that it will own (as
opposed to licence).

Furthermore, the benefits of the strong working relationship that Aspen has developed with AstraZeneca over the past
year will continue via the ongoing supply and transition arrangements.

Completion
The Transaction is subject to customary closing conditions and the completion of subsidiary agreements to the
satisfaction of all parties. It is anticipated that the Transaction will complete during the final quarter of 2017. 

Funding
Aspen has sufficient access to liquidity to meet the immediate funding requirements of the Transaction.

Categorisation of the Transaction
The Transaction is categorised as a Category 2 transaction in terms of the JSE Limited Listings Requirements.

PROSPECTS
Aspen looks forward to the new financial year secure in the knowledge that the significant undertaking of transforming
the Group into a global multinational organisation focused on therapeutic specialties is at an advanced stage. The
financial and manpower investment in structural adjustments and the building of infrastructure has been substantial. 
A new foundation has been successfully established from which the Group is well positioned to pursue its strategies.

The Group has proven its capability to be successful in Emerging Markets and the entry into China should give
momentum to the current growth trend. The full cost of operating in China will only be felt in the year ahead. 
This will give rise to increased operating expenses, but will also provide a scalable platform to support future 
expansion in that country. Performance in Developed Europe has been disappointing and this will be a region receiving 
high focus in the forthcoming period.

The Anaesthetics Portfolio will benefit from the Transaction with AstraZeneca announced today, allowing Aspen to
optimise the value chain for this business. Aside from the additional value acquired, further upside can be expected 
to be realised, phased over a number of years as Aspen increases the in-house production of Anaesthetics. Although 
there is the potential for increased competition from biosimilar and generic entries, Aspen has competitive advantages 
in the supply of Thrombosis products through the efficiency of its vertically integrated supply chain. The securing 
from Teva of the licence for the NDAs for two conjugating estrogen brands and the rights to commercialise these in 
the United States is an exciting future opportunity within the High Potency & Cytotoxic portfolio. The Other 
Commercial Pharmaceutical Brands range should remain an ongoing organic growth driver and the Nutritionals business 
is well set to build on the improved performance of the second half of the past year. Plans are also in place for 
Aspen, together with its joint venture partner, to launch an infant milk formula range in China before the end of 2017.

Significant progress has been made during the past year in normalising working capital levels with the resultant
return to strong operating cash flows. Focus on working capital levels will be maintained although there 
will be operational requirements to build stock from time to time to facilitate safety stock levels while territories 
and manufacturing sites are transitioned.

A combination of acquisitive and organic growth as well as an additional contribution of R0,5 billion from the synergy
programme is expected to lift earnings in the year ahead despite the additional expenses arising from the development
of Aspen's presence in China and Japan. Financial results will continue to be subjected to the vagaries of relative
exchange rate movements. 

DIVIDEND TO SHAREHOLDERS
Taking into account the earnings and cash flow performance for the year ended 30 June 2017, existing debt service
commitments, future proposed investments and funding options, notice is hereby given that the Board has declared a
gross dividend, which is paid from income reserves, of 287 cents per ordinary share to shareholders (or 229,6 cents 
net of a 20% dividend withholding tax, where this tax applies) recorded in the share register of the Company at the 
close of business on 6 October 2017 (2016: dividend of 248 cents per share). Shareholders should seek their own advice 
on the tax consequences associated with the dividend and are particularly encouraged to ensure their records are up to 
date so that the correct withholding tax is applied to their dividend. The company income tax number is 9325178714. 
The issued share capital of the Company is 456 435 185 ordinary shares.

The directors are of the opinion that the Company will, subsequent to the payment of the dividend, satisfy the
solvency and liquidity requirements in terms of sections 4 and 46 of the Companies Act, 2008.

Future distributions will continue to be decided on a year-to-year basis.

In compliance with IAS 10: Events After Balance Sheet Date, the dividend will only be accounted for in the financial
statements in the year ending 30 June 2018.

Last day to trade cum dividend                                               Tuesday, 3 October 2017
Shares commence trading ex dividend                                        Wednesday, 4 October 2017
Record date                                                                   Friday, 6 October 2017
Payment date                                                                  Monday, 9 October 2017

Share certificates may not be dematerialised or rematerialised between Wednesday, 4 October 2017 and 
Friday, 6 October 2017.

By order of the Board

K D Dlamini       S B Saad
(Chairman)       (Group Chief Executive)

Woodmead
14 September 2017

GROUP STATEMENT OF FINANCIAL POSITION                                                          
                                                                  Reviewed          Audited    
                                                                   30 June          30 June     
                                                                      2017             2016    
                                                                 R'billion        R'billion    
ASSETS                                                                                         
Non-current assets                                                                             
Intangible assets                                                     60,0             49,1    
Property, plant and equipment                                          9,7              9,7    
Goodwill                                                               5,9              6,0    
Deferred tax assets                                                    1,0              1,1    
Contingent environmental indemnification assets                        0,7              0,8    
Other non-current assets                                               0,9              0,4    
Total non-current assets                                              78,2             67,1    
Current assets                                                                                 
Inventories                                                           13,6             14,4    
Receivables and other current assets                                  13,6             11,8    
Cash and cash equivalents                                             10,7             10,9    
Total operating current assets                                        37,9             37,1    
Assets classified as held-for-sale                                     0,2              0,1    
Total current assets                                                  38,1             37,2    
Total assets                                                         116,3            104,3    
SHAREHOLDERS' EQUITY                                                                           
Reserves                                                              41,2             40,6    
Share capital (including treasury shares)                              1,9              1,9    
Total shareholders' equity                                            43,1             42,5    
LIABILITIES                                                                                    
Non-current liabilities                                                                        
Borrowings                                                            28,9             32,7    
Other non-current liabilities                                          4,5              2,5    
Unfavourable and onerous contracts                                     1,6              2,2    
Deferred tax liabilities                                               2,1              1,8    
Contingent environmental liabilities                                   0,7              0,8    
Retirement and other employee benefits                                 0,6              0,7    
Total non-current liabilities                                         38,4             40,7    
Current liabilities                                                                            
Borrowings*                                                           18,9             10,9    
Trade and other payables                                              10,3              8,3    
Other current liabilities                                              5,3              1,5    
Unfavourable and onerous contracts                                     0,3              0,4    
Total current liabilities                                             34,8             21,1    
Total liabilities                                                     73,2             61,8    
Total equity and liabilities                                         116,3            104,3    
Number of shares in issue (net of treasury shares) ('000)            456,0            456,1    
Net asset value per share (cents)                                  9 453,7          9 320,5    
* Includes bank overdrafts.                                                                      


GROUP STATEMENT OF COMPREHENSIVE INCOME                                                                           
                                                                                      Reviewed         Audited    
                                                                                    year ended      year ended    
                                                                                       30 June         30 June     
                                                                                          2017            2016    
                                                           Notes       Change        R'billion       R'billion    
Revenue                                                                   16%             41,2            35,6    
Cost of sales                                                                            (21,3)          (17,7)    
Gross profit                                                              11%             19,9            17,9    
Selling and distribution expenses                                                         (6,7)           (6,0)    
Administrative expenses                                                                   (2,8)           (2,6)    
Other operating income                                                                     0,3             1,9    
Other operating expenses                                                                  (2,4)           (2,2)    
Operating profit                                              B#          (7%)             8,3             9,0    
Investment income                                             C#                           0,3             0,3    
Financing costs                                               D#                          (2,4)           (3,2)    
Profit before tax                                                          2%              6,2             6,1    
Tax                                                                                       (1,1)           (1,8)    
Profit for the year                                                       18%              5,1             4,3    
OTHER COMPREHENSIVE INCOME, NET OF TAX*                                                                           
Currency translation (losses)/gains                           E#                          (3,5)            5,2    
Net gains from cash flow hedging in respect of business 
acquisition                                                                                0,2               -    
Remeasurement of retirement and other employee benefits                                      -            (0,1)    
Total comprehensive income^                                                                1,8             9,4    
Weighted average number of shares in issue ('000)                                        456,4           456,4    
Diluted weighted average number of shares in issue ('000)                                456,4           456,5    
                                                                                                                  
EARNINGS PER SHARE                                                                                                
Basic earnings per share (cents)                                          19%          1 123,4           945,4    
Diluted earnings per share (cents)                                        19%          1 123,4           945,2    
                                                                                                                  
DISTRIBUTION TO SHAREHOLDERS                                                                                      
Dividend/capital distribution per share (cents)                                          248,0           216,0    
The dividend to shareholders of 248,0 cents relates to the dividend declared on 14 September 2016 and paid on 
10 October 2016 (2016 distribution: the capital distribution of 216,0 cents relates to the distribution declared 
on 9 September 2015 and paid on 12 October 2015).                                                                 
# See notes on Supplementary Information.                    
* The annual remeasurement of retirement and other employee benefits will not be reclassified to profit or loss. 
  All other items in other comprehensive income may be reclassified to profit or loss. 
^ Total comprehensive income is disclosed net of income from non-controlling interests which are not material.  


GROUP STATEMENT OF HEADLINE EARNINGS                                                                              
                                                                                      Reviewed         Audited    
                                                                       Change       year ended      year ended    
                                                                                       30 June         30 June     
                                                                                          2017            2016    
                                                                                     R'billion       R'billion    
HEADLINE EARNINGS^                                                                                                
Reconciliation of headline earnings                                                                               
Profit attributable to equity holders of the parent                       18%              5,1             4,3    
Adjusted for:                                                                                                     
- Net impairment of property, plant and equipment (net of tax)                             0,2               -    
- Impairment of intangible assets (net of tax)                                             0,4             0,9    
- Loss on the sale of intangible assets (net of tax)                                       0,1               -    
- Loss on the sale of subsidiary (net of tax)                                              0,1               -     
- Profit on the sale of assets classified as held-for-sale (net of tax)                      -            (1,2)    
                                                                          46%              5,9             4,0    
HEADLINE EARNINGS PER SHARE                                                                                       
Headline earnings per share (cents)                                       46%          1 299,5           889,0    
Diluted headline earnings per share (cents)                               46%          1 299,5           888,8    
                                                                                                                  
NORMALISED HEADLINE EARNINGS                                                                                      
Reconciliation of normalised headline earnings                                                                    
Headline earnings                                                         46%              5,9             4,0    
Adjusted for:                                                                                                     
- Restructuring costs (net of tax)                                                         0,4             0,3    
- Transaction costs (net of tax)                                                           0,3             0,6    
- Foreign exchange gain on acquisitions (net of tax)                                      (0,1)              -    
- Product litigation costs (net of tax)                                                    0,2               -    
- Net monetary adjustments and currency devaluations                   
  relating to hyperinflationary economies (net of tax)                                       -             0,9    
                                                                          16%              6,7             5,8    
NORMALISED HEADLINE EARNINGS PER SHARE                                                                            
Normalised headline earnings per share (cents)                            16%          1 463,2         1 263,7    
Normalised diluted headline earnings per share (cents)                    16%          1 463,2         1 263,4    
^ Headline earnings is disclosed net of income from non-controlling interests which are not material.         


GROUP STATEMENT OF CHANGES IN EQUITY            
                                                                Share capital           
                                                                   (including           
                                                                     treasury                                      
                                                                      shares)         Reserves          Total*      
                                                                    R'billion        R'billion       R'billion     
BALANCE AT 1 JULY 2015                                                    3,0             31,1            34,1    
Total comprehensive income                                                  -              9,4             9,4    
 Profit for the year                                                        -              4,3             4,3    
 Other comprehensive income                                                 -              5,1             5,1    
Capital distribution paid                                                (1,0)               -            (1,0)    
Treasury shares purchased                                                (0,1)               -            (0,1)    
Share-based payment expenses                                                -              0,1             0,1    
BALANCE AT 30 JUNE 2016                                                   1,9             40,6            42,5    
Total comprehensive income                                                  -              1,8             1,8    
Profit for the year                                                         -              5,1             5,1    
Other comprehensive loss                                                    -             (3,3)           (3,3)    
Dividends paid                                                              -             (1,2)           (1,2)    
BALANCE AT 30 JUNE 2017                                                   1,9             41,2            43,1    
* Total shareholders' equity is disclosed net of income from non-controlling interests which are not material. 


GROUP STATEMENT OF CASH FLOWS              
                                                                                      Reviewed         Audited    
                                                                                    year ended      year ended    
                                                                                       30 June         30 June     
                                                                                          2017            2016    
                                                           Notes       Change        R'billion       R'billion    
CASH FLOWS FROM OPERATING ACTIVITIES                                                                              
Cash operating profit                                                                     10,8             9,8    
Changes in working capital                                                                (0,9)           (3,4)    
Cash generated from operations                                                             9,9             6,4    
Net financing costs paid                                                                  (1,9)           (1,7)    
Tax paid                                                                                  (1,5)           (1,5)    
Cash generated from operating activities                                 101%              6,5             3,2    
CASH FLOWS FROM INVESTING ACTIVITIES                                                                              
Capital expenditure - property, plant and equipment           A#                          (1,5)           (1,7)    
Capital expenditure - intangible assets                       A#                          (1,1)           (1,1)    
Proceeds received on the sale of intangible assets                                         0,8             0,2    
Acquisition of subsidiaries and businesses                    K#                          (9,5)           (0,7)    
Increase in other non-current assets                                                      (0,3)              -    
Payment of deferred consideration relating                                        
to prior year business acquisitions                                                       (0,2)           (0,7)    
Proceeds on the sale of assets classified as                                      
held-for-sale                                                                              0,1             5,1    
Proceeds receivable on the sale of assets                                         
classified as held-for-sale                                   H#                           0,1             5,2    
Proceeds outstanding on the sale of assets                                        
classified as held-for-sale                                                                  -            (0,1)                                                                                                                   
Cash (used in)/generated from investing activities                                       (11,7)            1,1    
CASH FLOWS FROM FINANCING ACTIVITIES                                                                              
Net proceeds from/(repayments of) borrowings                                               6,2            (2,0)    
Dividends paid and capital distribution                                                   (1,2)           (1,0)    
Treasury shares purchased                                                                    -            (0,1)    
Cash generated from/(used in) financing activities                                         5,0            (3,1)    
Movement in cash and cash equivalents before                                      
currency translation movements                                                            (0,1)            1,2    
Currency translation movements                                                            (0,5)           (0,2)    
Movement in cash and cash equivalents                                                     (0,7)            1,0    
Cash and cash equivalents at the beginning                                        
of the year                                                                                7,9             6,9    
Cash and cash equivalents at the end of the year                                           7,2             7,9    
                                                                                                                  
Operating cash flow per share (cents)                                    101%          1 421,4           706,7    
                                                                                                                  
RECONCILIATION OF CASH AND CASH EQUIVALENTS                                                                       
Cash and cash equivalents per the statement                                       
of financial position                                                                     10,7            10,9    
Less: Bank overdrafts                                                                     (3,5)           (3,0)    
                                                                                           7,2             7,9    
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              
                                                                Reviewed year ended 30 June 2017                   
                                      Therapeutic                        
                                          Focused                Other                Total       
                                           Brands      Pharmaceuticals      pharmaceuticals      Nutritionals          Total    
                                        R'billion            R'billion            R'billion         R'billion      R'billion    
Revenue                                      17,4                 20,6                 38,0               3,2           41,2    
Cost of sales                                (8,4)               (11,1)               (19,5)             (1,8)         (21,3)    
Gross profit                                  9,0                  9,5                 18,5               1,4           19,9    
Selling and distribution expenses                                                      (5,9)             (0,8)          (6,7)    
Contribution profit                                                                    12,6               0,6           13,2    
Administrative expenses                                                                                                 (2,8)    
Net other operating income                                                                                               0,3    
Depreciation                                                                                                             0,7    
Normalised EBITDA*                                                                                                      11,4    
Adjusted for:                                                                                                                   
Depreciation                                                                                                            (0,7)    
Amortisation                                                                                                            (0,6)    
Loss on sale of assets                                                                                                  (0,2)    
Net impairment of assets                                                                                                (0,7)    
Restructuring costs                                                                                                     (0,4)    
Transaction costs                                                                                                       (0,3)    
Product litigation costs                                                                                                (0,2)    
Operating profit                                                                                                         8,3                                                                                                                                   
Gross profit (%)                             51,6                 46,3                 48,7              43,2           48,3    
Selling and distribution expenses (%)                                                  15,5              26,1           16,3    
Contribution profit (%)                                                                33,2              17,1           32,0    
Administrative expenses (%)                                                                                              6,7    
Normalised EBITDA (%)                                                                                                   27,7    
                                                                                                                                
                                                                Reviewed restated year ended 30 June 2016 
                                      Therapeutic                            
                                          Focused                Other                Total           
                                           Brands      Pharmaceuticals      pharmaceuticals      Nutritionals          Total    
                                        R'billion            R'billion            R'billion         R'billion      R'billion    
Revenue                                      11,6                 20,5                 32,1               3,5           35,6    
Cost of sales                                (4,6)               (11,3)               (15,9)             (1,8)         (17,7)    
Gross profit                                  7,0                  9,2                 16,2               1,7           17,9    
Selling and distribution expenses                                                      (5,1)             (0,9)          (6,0)    
Contribution profit                                                                    11,1               0,8           11,9    
Administrative expenses                                                                                                 (2,6)    
Net other operating income                                                                                               0,2    
Depreciation                                                                                                             0,6    
Normalised EBITDA*                                                                                                      10,1    
Adjusted for:                                                                                                                   
Depreciation                                                                                                            (0,6)    
Amortisation                                                                                                            (0,6)    
Profit on sale of assets                                                                                                 1,6    
Net impairment of assets                                                                                                (0,9)    
Restructuring costs                                                                                                     (0,3)    
Transaction costs                                                                                                       (0,3)    
Operating profit                                                                                                         9,0                                                                                                                                   
Gross profit (%)                             60,7                 44,6                 50,4              49,3           50,3    
Selling and distribution expenses (%)                                                  15,9              24,8           16,7    
Contribution profit (%)                                                                34,6              24,6           33,6    
Administrative expenses (%)                                                                                              7,4    
Normalised EBITDA (%)                                                                                                   28,4  
  
* Normalised EBITDA represents operating profit before depreciation and amortisation adjusted for specific non-trading items 
  as defined in the Group's accounting policy.       
                                                                          % Change                             
                                      Therapeutic                                                     
                                          Focused                Other                Total                                    
                                           Brands      Pharmaceuticals      pharmaceuticals      Nutritionals          Total    
Revenue                                       50%                   1%                  19%               (8%)           16%    
Cost of sales                                 85%                  (2%)                 23%                3%            21%    
Gross profit                                  28%                   4%                  14%              (20%)           11%    
Selling and distribution expenses                                                       16%               (4%)           13%    
Contribution profit                                                                     14%              (36%)           10%    
Administrative expenses                                                                                                   6%    
Net other operating income                                                                                             >100%    
Depreciation                                                                                                              8%    
Normalised EBITDA *                                                                                                      13%    
* 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                                                                                             
                                                                                                     Reviewed             
                                                                                   Reviewed          restated                   
                                                                                  June 2017         June 2016                   
                                                                                  R'billion         R'billion         Change    
COMMERCIAL PHARMACEUTICALS BY CUSTOMER GEOGRAPHY                                       31,4              25,4            24%    
Sub-Saharan Africa                                                                      7,4               7,1             4%    
Developed Europe                                                                        6,8               6,1            11%    
Australasia                                                                             4,8               4,7             3%    
Latin America                                                                           2,7               2,0            35%    
Developing Europe & CIS                                                                 2,6               2,3            10%    
Japan                                                                                   1,9               0,7          >100%    
China                                                                                   1,8                 -          >100%    
Other Asia                                                                              1,2               0,9            41%    
MENA                                                                                    1,1               0,9            27%    
USA & Canada                                                                            1,1               0,7            58%    
MANUFACTURING REVENUE BY GEOGRAPHY OF MANUFACTURE                                                                               
Manufacturing revenue - finished dose form                                              2,2               2,3            (6%)   
Australasia                                                                             0,5               0,5            (2%)   
Developed Europe                                                                        0,7               0,9           (31%)   
Sub-Saharan Africa                                                                      1,0               0,9            19%    
Manufacturing revenue - active pharmaceutical ingredients                               4,4               4,4             1%    
Developed Europe                                                                        4,0               4,0             0%    
Sub-Saharan Africa                                                                      0,4               0,4             9%    
Total manufacturing revenue                                                             6,6               6,7            (1%)
   
Total pharmaceuticals                                                                  38,0              32,1            19%    
NUTRITIONALS BY CUSTOMER GEOGRAPHY                                                      3,2               3,5            (8%)   
Australasia                                                                             0,8               1,0           (23%)   
Sub-Saharan Africa                                                                      1,0               1,0             3%    
Latin America                                                                           1,4               1,5            (5%)   
Total revenue                                                                          41,2              35,6            16%    
SUMMARY OF REGIONS                                                                                                              
Sub-Saharan Africa                                                                      9,8               9,4             6%    
Developed Europe                                                                       11,5              11,0             4%    
Australasia                                                                             6,1               6,2            (2%)   
Latin America                                                                           4,1               3,4            18%    
Developing Europe & CIS                                                                 2,6               2,4            10%    
Japan                                                                                   1,9               0,7          >100%    
China                                                                                   1,8                 -          >100%    
Other Asia                                                                              1,2               0,9            41%    
MENA                                                                                    1,1               0,9            27%    
USA & Canada                                                                            1,1               0,7            58%    
Total revenue                                                                          41,2              35,6            16%    


GROUP REVENUE SEGMENTAL ANALYSIS                                                                             
COMMERCIAL PHARMACEUTICALS THERAPEUTIC AREA ANALYSIS      
                                                          Reviewed year ended 30 June 2017                    
                                                                                                      Other               
                                                            High Potency     Therapeutic         Commercial           
                              Anaesthetics    Thrombosis     & Cytotoxic         Focused     Pharmaceutical                    
                                    Brands        Brands          Brands          Brands             Brands          Total            
                                 R'billion     R'billion       R'billion       R'billion          R'billion      R'billion               
By customer geography                                                                                                         
Commercial Pharmaceuticals                                                                                                    
Sub-Saharan Africa                     0,1             -             0,1             0,2                7,2            7,4    
Developed Europe                       1,7           3,2             1,5             6,4                0,4            6,8    
Australasia                            0,6             -             0,5             1,1                3,7            4,8    
Latin America                          0,6           0,1             0,8             1,5                1,2            2,7    
Developing Europe & CIS                0,3           1,7             0,5             2,5                0,1            2,6    
Japan                                  1,3             -             0,4             1,7                0,2            1,9    
China                                  1,5           0,3               -             1,8                  -            1,8    
Other Asia                             0,4           0,2             0,3             0,9                0,3            1,2    
MENA                                   0,2           0,2             0,3             0,7                0,4            1,1    
USA & Canada                           0,3             -             0,3             0,6                0,5            1,1    
Total Commercial 
Pharmaceuticals                        7,0           5,7             4,7            17,4               14,0           31,4    
                                                                                                                                                 
                                                          Reviewed restated year ended 30 June 2016                                                                                               
                                                                                                      Other                 
                                                            High Potency     Therapeutic         Commercial             
                              Anaesthetics    Thrombosis     & Cytotoxic         Focused     Pharmaceutical                 
                                    Brands        Brands          Brands          Brands             Brands          Total  
                                 R'billion     R'billion       R'billion       R'billion          R'billion      R'billion  
By customer geography                                                                                                         
Commercial Pharmaceuticals                                                                                                    
Sub-Saharan Africa                     0,1             -             0,1             0,2                6,9            7,1    
Developed Europe                         -           4,0             1,8             5,8                0,4            6,2    
Australasia                              -             -             0,5             0,5                4,2            4,7    
Latin America                            -           0,1             0,7             0,8                1,1            1,9    
Developing Europe & CIS                  -           1,9             0,4             2,3                  -            2,3    
Japan                                    -           0,1             0,5             0,6                0,1            0,7     
Other Asia                               -           0,2             0,3             0,5                0,4            0,9    
MENA                                     -           0,1             0,3             0,4                0,5            0,9    
USA & Canada                             -           0,1             0,4             0,5                0,2            0,7    
Total Commercial                                                                            
Pharmaceuticals                        0,1           6,5             5,0            11,6               13,8           25,4    
                                   
                                                                      Variances                                       
                                                                                                      Other                  
                                                            High Potency     Therapeutic         Commercial                
                              Anaesthetics    Thrombosis     & Cytotoxic         Focused     Pharmaceutical                  
                                    Brands        Brands          Brands          Brands             Brands          Total   
By customer geography                                                                                                          
Commercial Pharmaceuticals                                                                                                     
Sub-Saharan Africa                     35%           38%             29%             33%                 3%             4%    
Developed Europe                     >100%          (21%)           (19%)             9%                20%            10%    
Australasia                          >100%            5%             (2%)          >100%               (12%)            3%    
Latin America                        >100%           36%             16%             94%                 4%            40%    
Developing Europe & CIS              >100%           (8%)            17%             11%                 3%            10%    
Japan                                >100%          (34%)           (17%)          >100%                66%          >100%    
China                                >100%         >100%             30%           >100%                  -          >100%    
Other Asia                           >100%           (3%)            (8%)            87%               (13%)           41%    
MENA                                 >100%           17%             (3%)            57%                (2%)           27%    
USA & Canada                         >100%          (84%)           (25%)            14%              >100%            58%    
Total Commercial                                                                             
Pharmaceuticals                      >100%          (12%)            (7%)            50%                 2%            24%    


GROUP SUPPLEMENTARY INFORMATION                                                                                       
                                                                                                   Reviewed        Audited    
                                                                                                 year ended     year ended    
                                                                                                    30 June        30 June     
                                                                                                       2017           2016    
                                                                                  Note            R'billion      R'billion    
A. CAPITAL EXPENDITURE                                                                                                        
   Incurred                                                                                             2,6            2,8    
   - Property, plant and equipment                                                                      1,5            1,7    
   - Intangible assets                                                                                  1,1            1,1    
   Contracted                                                                                           0,8            1,2    
   - Property, plant and equipment                                                                      0,7            0,8    
   - Intangible assets                                                                                  0,1            0,4    
   Authorised but not contracted for                                                                    6,0            2,6    
   - Property, plant and equipment                                                                      5,6            2,1    
   - Intangible assets                                                                                  0,4            0,5    
                                                                                                                              
B. OPERATING PROFIT HAS BEEN ARRIVED AT AFTER CHARGING/(CREDITING)                                                            
   Depreciation of property, plant and equipment                                                        0,7            0,6    
   Amortisation of intangible assets                                                                    0,6            0,6    
   Net impairment of tangible and intangible assets                                                     0,7            0,9    
   Loss on the sale of tangible and intangible assets                                                   0,1              -    
   Share-based payment expenses - employees                                                               -            0,1    
   Transaction costs                                                                                    0,3            0,3    
   Restructuring costs                                                                                  0,4            0,3    
   Product litigation costs                                                                             0,2              -    
   Profit on the sale of assets classified as held-for-sale                                               -           (1,6)    
   Loss on sale of subsidiary                                                                           0,1              -    
                                                                                                              
C. INVESTMENT INCOME                                                                                          
   Interest received                                                                                    0,3            0,3    
                                                                                                              
D. FINANCING COSTS                                                                                            
   Interest paid                                                                                       (1,9)          (1,8)    
   Debt raising fees on acquisitions                                                                   (0,1)          (0,3)    
   Fair value losses on financial instruments                                                          (0,2)             -    
   Notional interest on financial instruments                                                          (0,3)          (0,2)    
   Foreign exchange gain on acquisitions                                                                0,1              -    
   Net monetary adjustments and currency devaluations relating to                                             
   hyperinflationary economies                                                      F#                    -           (0,9)   
                                                                                                       (2,4)          (3,2)    
E. CURRENCY TRANSLATION LOSSES/GAINS                                                                          
   Currency translation (losses)/gains 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 year the stronger                 
   closing Rand translation rate decreased the Group’s net asset value                                 (3,5)           5,2    

F. HYPERINFLATIONARY ECONOMY        
   The Venezuelan economy is regarded as a hyperinflationary 
   economy in terms of International Financial Reporting Standards. 
   Due to the political and economic uncertainty in Venezuela, 
   the Group concluded in December 2015 that it would be more 
   appropriate to apply the DICOM rate to report the Venezuelan 
   business financial position, results of operations and cash 
   flows for the 12 months ended 30 June 2016. This resulted in a 
   devaluation loss on foreign denominated liabilities of R870 million 
   for the 12 months ended 30 June 2016. The business has since been 
   fully downscaled pending a future change in economic conditions. 
   No trading activity has been undertaken since December 2015 and the 
   devalued business is considered immaterial to the Group.               
                                                             
G. GUARANTEES TO FINANCIAL INSTITUTIONS                
   Material guarantees given by Group companies for indebtedness of 
   subsidiaries to financial institutions                                                              55,1           40,6    
                                                                                                      
H. PROCEEDS ON THE DISPOSAL OF ASSETS CLASSIFIED AS HELD-FOR-SALE                                                             
   Divestment of a portfolio of products in South African to Litha                                      0,1            1,7    
   Divestment of generics business and certain branded products to Strides entities                       -            3,4    
   Divestment of land and buildings in Australia                                                          -            0,1    
                                                                                                        0,1            5,2    

I. DISPUTED INCOME TAX MATTER
   The Aspen Group was subject to an international tax and transfer pricing audit by the South African Revenue Service 
   ("SARS") and Aspen Pharmacare Holdings Limited received a revised assessment in relation to its 2011 fiscal year as a 
   consequence of this audit. Aspen, with the assistance of its legal and tax advisers, entered into discussions with 
   SARS and anticipates receiving feedback from SARS as a consequence of those discussions, prior to publishing Aspen's 
   annual financial statements. Aspen remains confident that it has appropriately dealt with its related party transactions, 
   a position that is firmly supported by Aspen's legal and tax advisers. 
   
J. POTENTIAL DISPUTED MATTER - EUROPEAN COMPETITION COMMISSION        
   The European Competition Commission (the "Commission") has 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 has confirmed that at this stage it has "no firm conclusions" on whether Aspen Pharmacare Holdings Limited 
   and/or its indirect wholly owned subsidiaries have undertaken any infringement of Article 102 as it requires to complete 
   its investigation. The Commission's decision whether to formally open a case is likely only to be made during the first 
   quarter of 2019 after conclusion of its investigation.                                                                            

   The outcome of the Commission matter is unknown and uncertain at this stage and therefore no liability has been raised in 
   the statement of financial position.                                                                            

K. ACQUISITION OF SUBSIDIARIES AND BUSINESSES                      
   June 2017                                                       
   Set out below is the provisional accounting for the following business combinations (final accounting for AstraZeneca 
   anaesthetics portfolio):  

   AstraZeneca anaesthetics portfolio                          
   With effect from 1 September 2016, AGI acquired the exclusive rights to commercialise the anaesthetics portfolio of AstraZeneca 
   globally (excluding the USA). As consideration for the commercialisation rights, AGI paid USD410 million with a further payment 
   of USD110 million due on 1 July 2017. Additionally, AGI will make sales-related payments of up to USD250 million based on sales 
   in the 24 months following completion.                          

   Post-acquisition revenue included in the statement of comprehensive income was R6,5 billion. The estimation of post-acquisition 
   operating profits is impracticable and not reasonably determinable due to the immediate integration of the business into the 
   existing operations of the Group.                             

   Fraxiparine and Arixtra in China, Pakistan and India                 
   As part of its acquisition of the thrombosis products Fraxiparine and Arixtra from GSK in 2014, AGI also acquired an option to 
   purchase the same products in certain countries to which GSK retained the rights, most notably China. AGI has exercised its option 
   and, with effect from 1 January 2017, acquired Fraxiparine and Arixtra in these countries for a consideration of GBP45 million.  

   Post-acquisition revenue included in the statement of comprehensive income was R0,3 billion. The estimation of post-acquisition 
   operating profits is impracticable and not reasonably determinable due to the immediate integration of the business into the 
   existing operations of the Group.                                                                            

   GSK anaesthetics portfolio             
   With effect from 1 March 2017 AGI acquired a portfolio of anaesthetics globally (excluding the USA) from GSK. As consideration 
   for the commercialisation rights, AGI paid GBP180 million with further potential milestone payments of up to GBP100 million, 
   based on the results of the acquired portfolio in the 36 months following completion.                             

   Post-acquisition revenue included in the statement of comprehensive income was R0,5 billion. The estimation of post-acquisition 
   operating profits is impracticable and not reasonably determinable due to the immediate integration of the business into the 
   existing operations of the Group. 
                                        
                                                                             Fraxiparine                              
                                                                             and Arixtra                           
                                                           AstraZeneca         in China,                GSK                 
                                                          anaesthetics          Pakistan       anaesthetics                 
                                                             portfolio         and India          portfolio          Total  
                                                             R'billion         R'billion          R'billion      R'billion  
   Fair value of assets and liabilities acquired                                                                              
   Intangible assets                                              11,1               0,7                4,4           16,2    
   Deferred tax liabilities                                       (0,3)                -               (0,1)          (0,4)    
   Fair value of net assets acquired                              10,8               0,7                4,3           15,8    
   Goodwill acquired                                               0,3                 -                0,1            0,4    
   Net gains from cash flow hedging in respect of 
   business acquisition                                             -                  -               (0,2)          (0,2)    
   Deferred and contingent consideration                          (5,0)                -               (1,5)          (6,5)    
   Cash outflow on acquisition                                     6,1               0,7                2,7            9,5    
                                               
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 30 June 2017. The illustrative constant exchange rate report on selected financial data has been 
   derived from the audited financial information and has been reported on by Aspen's auditors in an assurance report, which is 
   available for inspection at the Company's registered office.     
   
   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 year's reported results at the current year's reported average 
   exchange rates. Restating the prior year's numbers provides illustrative comparability with the current year'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:                        
                                                       2017             2016     
                                                    average          average     
                                                      rates            rates    
   EUR - Euro                                        14,840           16,115    
   USD - US Dollar                                   13,612           14,575    
   AUD - Australia Dollar                            10,261           10,607    
   JPY - Japanese Yen                                 0,125            0,126    
   CNY - Chinese Yuan Renminbi                        1,999            2,258    
   MXN - Mexican Peso                                 0,700            0,837    
   BRL - Brazilian Real                               4,198            3,950    
   GBP - British Pound                               17,271           21,381    
   RUB - Russian Ruble                                0,224            0,216    
   PLN - Polish Zloty                                 3,440            3,747    

   Revenue, other income, cost of sales and expenses                       
   For purposes of the constant exchange rate report the prior year's source currency revenue, cost of sales and expenses 
   have been restated from the prior year's relevant average exchange rate to the current year's relevant reported average 
   exchange rate.                                                                                                    

   Net interest paid                            
   Net interest paid is directly linked to the source currency of the borrowing on which it is levied and is restated 
   from the prior year's relevant reported average exchange rate to the current year'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 for the relevant legal entity.          
                                                                                                 Illustrative            
                                                                                                     constant            
                                            Reported            Reported                       exchange rates            
                                           June 2017           June 2016       Change at        (June 2016 at        Change at 
                                            (At 2017            (At 2016        reported         2017 average         constant        
                                      average rates)       average rates)       exchange               rates)         exchange        
                                           R'billion           R'billion           rates            R'billion            rates         
   Revenue                                      41,2                35,6             16%                 33,8              22%    
   Gross profit                                 19,9                17,9             11%                 17,2              16%    
   Normalised EBITDA                            11,4                10,1             13%                  9,7              18% 
   Operating profit                              8,3                 9,0             (7%)                 8,6              (4%)   
   Normalised headline earnings                  6,7                 5,8             16%                  5,5              21%
   
   Earnings per share (cents)                1 123,4               945,4             19%                904,1              24%    
   Headline earnings per share (cents)       1 299,5               889,0             46%                847,6              53%    
   Normalised headline earnings per 
   share (cents)                             1 463,2             1 263,7             16%              1 210,9              21%    
                                                                                                                                           
                                                                                                     Reported         Reported     
                                                                                                    June 2017        June 2016         
                                                                                                     (At 2017         (At 2016     
                                                                                                      average          average     
                                                                                                        rates)           rates)    
                                                                                                            %                %    
   Currency mix                                                                                                                   
   Revenue                                                                                                                        
   EUR - Euro                                                                                              26               30    
   ZAR - South African Rand                                                                                20               21    
   AUD - Australia Dollar                                                                                  14               17    
   USD - US Dollar                                                                                         11               10    
   JPY - Japanese Yen                                                                                       5                2    
   CNY - Chinese Yuan Renminbi                                                                              4                -    
   MXN - Mexican Peso                                                                                       3                4    
   BRL - Brazilian Real                                                                                     3                2    
   GBP - British Pound                                                                                      2                2    
   RUB - Russian Ruble                                                                                      2                2    
   PLN - Polish Zloty                                                                                       1                1    
   Other currencies                                                                                         9                9    
   Total                                                                                                  100              100    
   Gross profit                                                                                                                   
   EUR - Euro                                                                                              28               26    
   ZAR - South African Rand                                                                                22               27    
   AUD - Australia Dollar                                                                                  18               22    
   USD - US Dollar                                                                                        (11)              (3)   
   JPY - Japanese Yen                                                                                       8                3    
   CNY - Chinese Yuan Renminbi                                                                              7                -    
   MXN - Mexican Peso                                                                                       2                4    
   BRL - Brazilian Real                                                                                     4                3    
   GBP - British Pound                                                                                      2                -    
   RUB - Russian Ruble                                                                                      3                3    
   PLN - Polish Zloty                                                                                       2                3    
   Other currencies                                                                                        15               12    
   Total                                                                                                  100              100    
   Normalised EBITDA                                                                                                              
   EUR - Euro                                                                                              36               26    
   ZAR - South African Rand                                                                                23               30    
   AUD - Australia Dollar                                                                                  20               26    
   USD - US Dollar                                                                                        (26)             (12)   
   JPY - Japanese Yen                                                                                      11                3    
   CNY - Chinese Yuan Renminbi                                                                              9                -    
   MXN - Mexican Peso                                                                                       -                2    
   BRL - Brazilian Real                                                                                     4                2    
   GBP - British Pound                                                                                      -                1    
   RUB - Russian Ruble                                                                                      4                4    
   PLN - Polish Zloty                                                                                       3                4    
   Other currencies                                                                                        16               14    
   Total                                                                                                  100              100    

   
GROUP REVENUE SEGMENTAL ANALYSIS
                                                                                                 Illustrative                 
                                                                                                     constant             
                                                                Reported         Reported       exchange rate            
                                                               June 2017        June 2016           June 2016             
                                                                (At 2017         (At 2016          (June 2016        Change at   
                                                                 average          average             at 2017         constant        
                                                                  rates)           rates)      average rates)         exchange        
                                                               R'billion        R'billion           R'billion            rates        
COMMERCIAL PHARMACEUTICALS BY CUSTOMER GEOGRAPHY                    31,4             25,4                24,2              30%    
Sub-Saharan Africa                                                   7,4              7,1                 7,0               6%    
Developed Europe                                                     6,8              6,1                 5,7              21%    
Australasia                                                          4,8              4,7                 4,5               7%    
Latin America                                                        2,7              2,0                 1,9              46%    
Developing Europe & CIS                                              2,6              2,3                 2,3              16%    
Japan                                                                1,9              0,7                 0,6            >100%    
China                                                                1,8                -                   -            >100%    
Other Asia                                                           1,2              0,9                 0,9              50%    
MENA                                                                 1,1              0,9                 0,7              36%    
USA & Canada                                                         1,1              0,7                 0,6              69%    
MANUFACTURING REVENUE BY GEOGRAPHY OF MANUFACTURE                                                                                 
Manufacturing revenue - finished dose form                           2,2              2,3                 2,2                -    
Sub-Saharan Africa                                                   1,0              0,5                 0,8              27%    
Developed Europe                                                     0,7              0,9                 0,9             (25%)   
Australasia                                                          0,5              0,9                 0,5                -    
Manufacturing revenue - active pharmaceutical ingredients            4,4              4,4                 4,1               9%    
Developed Europe                                                     4,0              4,0                 3,7               9%    
Sub-Saharan Africa                                                   0,4              0,4                 0,4              12%    
Total manufacturing revenue                                          6,6              6,7                 6,3               6%    
Total pharmaceuticals                                               38,0             32,1                30,5              25%    
NUTRITIONALS BY CUSTOMER GEOGRAPHY                                   3,2              3,5                 3,3              (3%)   
Latin America                                                        1,4              1,5                 1,4               5%    
Sub-Saharan Africa                                                   1,0              1,0                 0,9               4%    
Australasia                                                          0,8              1,0                 1,0             (21%)   
Total revenue                                                       41,2             35,6                33,8              22%    
SUMMARY OF REGIONS  
Sub-Saharan Africa                                                   9,8              9,4                 9,1               8%                                                                                                                  
Developed Europe                                                    11,5             11,0                10,3              13%    
Australasia                                                          6,1              6,2                 6,0               1%    
Latin America                                                        4,1              3,4                 3,3              29%
Developing Europe & CIS                                              2,6              2,4                 2,3              16%      
Japan                                                                1,9              0,7                 0,6            >100%    
China                                                                1,8                -                   -            >100%    
Other Asia                                                           1,2              0,9                 0,9              50%    
MENA                                                                 1,1              0,9                 0,7              36%    
USA & Canada                                                         1,1              0,7                 0,6              69%    
Total revenue                                                       41,2             35,6                33,8              22%    
                                                            
                                                                                                                   
COMMERCIAL PHARMACEUTICALS THERAPEUTIC AREA ANALYSIS                                                 
                                                        Reported June 2017 (At 2017 average rates) 
                                                                                                          Other                    
                                                              High Potency       Therapeutic         Commercial            
                              Anaesthetics     Thrombosis      & Cytotoxic           Focused     Pharmaceutical             
                                    Brands         Brands           Brands            Brands             Brands          Total          
                                 R'billion      R'billion        R'billion         R'billion          R'billion      R'billion         
By customer geography                                                                                                             
Commercial Pharmaceuticals                                                                                                        
Sub-Saharan Africa                     0,1              -              0,1               0,2                7,2            7,4    
Developed Europe                       1,7            3,2              1,5               6,4                0,4            6,8    
Australasia                            0,6              -              0,5               1,1                3,7            4,8    
Latin America                          0,6            0,1              0,8               1,5                1,2            2,7    
Developing Europe & CIS                0,3            1,7              0,5               2,5                0,1            2,6    
Japan                                  1,3              -              0,4               1,7                0,2            1,9    
China                                  1,5            0,3                -               1,8                  -            1,8    
Other Asia                             0,4            0,2              0,3               0,9                0,3            1,2    
MENA                                   0,2            0,2              0,3               0,7                0,4            1,1    
USA & Canada                           0,3              -              0,3               0,6                0,5            1,1    
Total Commercial                                                                                                      
Pharmaceuticals                        7,0            5,7              4,7              17,4               14,0           31,4    
                                                                                                                                              
                                                           Reported June 2016 (At 2016 average rates)                                      
                                                                                                          Other                  
                                                              High Potency       Therapeutic         Commercial               
                              Anaesthetics     Thrombosis      & Cytotoxic           Focused     Pharmaceutical                
                                    Brands         Brands           Brands            Brands             Brands          Total   
                                 R'billion      R'billion        R'billion         R'billion          R'billion      R'billion   
By customer geography                                                                                                               
Commercial Pharmaceuticals                                                                                                        
Sub-Saharan Africa                     0,1              -              0,1               0,2                6,9            7,1    
Developed Europe                         -            4,0              1,8               5,8                0,4            6,2    
Australasia                              -              -              0,5               0,5                4,2            4,7    
Latin America                            -            0,1              0,7               0,8                1,1            1,9    
Developing Europe & CIS                  -            1,9              0,4               2,3                  -            2,3    
Japan                                    -            0,1              0,5               0,6                0,1            0,7    
Other Asia                               -            0,2              0,3               0,5                0,4            0,9    
MENA                                     -            0,1              0,3               0,4                0,5            0,9    
USA & Canada                             -            0,1              0,4               0,5                0,2            0,7    
Total Commercial                                                                                  
Pharmaceuticals                        0,1            6,5              5,0              11,6               13,8           25,4    

                                      Illustrative constant exchange rate June 2016 (June 2016 at 2017 average rates)                        
                                                                                                          Other                  
                                                              High Potency       Therapeutic         Commercial               
                              Anaesthetics     Thrombosis      & Cytotoxic           Focused     Pharmaceutical                
                                    Brands         Brands           Brands            Brands             Brands          Total   
                                 R'billion      R'billion        R'billion         R'billion          R'billion      R'billion   
By customer geography                                                                                                                    
Commercial Pharmaceuticals                                                                                                        
Sub-Saharan Africa                     0,1              -              0,1               0,2                6,8            7,0    
Developed Europe                         -            3,7              1,6               5,3                0,4            5,7    
Australasia                              -              -              0,5               0,5                4,0            4,5    
Latin America                            -            0,1              0,7               0,8                1,1            1,9    
Developing Europe & CIS                  -            1,8              0,4               2,2                0,1            2,3    
Japan                                    -              -              0,5               0,5                0,1            0,6    
Other Asia                               -            0,2              0,3               0,5                0,4            0,9    
MENA                                     -            0,1              0,2               0,3                0,4            0,7    
USA & Canada                             -            0,1              0,4               0,5                0,1            0,6    
Total Commercial                                                                                 
Pharmaceuticals                        0,1            6,0              4,7              10,8               13,4           24,2    
                                                                                                         
                                                                   % change constant exchange rates                                   
                                                                                                          Other                  
                                                              High Potency       Therapeutic         Commercial               
                              Anaesthetics     Thrombosis      & Cytotoxic           Focused     Pharmaceutical                
                                    Brands         Brands           Brands            Brands             Brands          Total    
By customer geography                                                                                                              
Commercial Pharmaceuticals                                                                                                         
Sub-Saharan Africa                     35%            35%              29%               33%                 5%             6%    
Developed Europe                     >100%           (14%)             (9%)              20%                36%            21%    
Australasia                          >100%             9%               2%             >100%                (9%)            7%    
Latin America                        >100%            44%              25%             >100%                 6%            46%    
Developing Europe & CIS              >100%            (2%)             20%               17%                13%            16%    
Japan                                >100%           (33%)            (16%)            >100%                67%          >100%    
China                                >100%           100%              39%             >100%              >100%          >100%    
Other Asia                           >100%             4%              (3%)              98%                (7%)           50%    
MENA                                 >100%            25%               4%               69%                 5%            36%    
USA & Canada                         >100%           (83%)            (20%)              22%              >100%            69%    
Total Commercial                                                                                                       
Pharmaceuticals                      >100%            (5%)              0%               61%                 4%            30%    


BASIS OF ACCOUNTING
The reviewed provisional Group financial results 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 these provisional Group financial results are in terms of
International Financial Reporting Standards and are consistent with those used in the annual financial statements for 
the year ended 30 June 2016 except for changes to the segmental analysis which are explained in detail below.

The provisional Group financial results have been rounded and disclosed in Rand billions to assist financial analysis.
All percentage change variances have been calculated using unrounded numbers to record accurate variance trends. 

These provisional Group financial results have been prepared under the supervision of the Deputy Group Chief
Executive, MG Attridge CA(SA) and approved by the Board of Directors.

RESTATEMENT OF GROUP SEGMENTAL ANALYSIS
Following recent acquisitions, the Group has revised the reportable segments to reflect its current operating model and
achieve alignment with the change in the way in which the business is managed and reported on by the Chief Operating
Decision Maker ("CODM"). The regional business reportable segments of International, South Africa, Asia Pacific and
Sub-Saharan Africa have been replaced by the Pharmaceutical and Nutritional business segments. The Pharmaceutical
business segment has been further split into the Therapeutic Focused Brands and Other Pharmaceuticals reportable segments.

Therapeutic Focused Brands consist of Focused Brands in the portfolios comprising Aspen's three major pharmaceutical
therapeutic areas, being Anaesthetics, Thrombosis and High Potency & Cytotoxics. Other Pharmaceuticals comprises
revenue from the balance of the Commercial Pharmaceutical Brands as well as Manufacturing revenue relating to both 
active pharmaceutical ingredients and finished dose form products.

The entity-wide revenue disclosure has therefore been revised to reflect the three therapeutic areas which constitute
the Therapeutic Focused Brands with the balance of the Commercial Pharmaceutical Brands being recorded as Other
Commercial Pharmaceutical Brands. The regions have been further refined to split Europe CIS into Developed Europe and 
Developing Europe & CIS segments. The Asia Pacific region has been split into the following segments:
- Australasia;
- China;
- Japan; and
- Other Asia

The hyperinflationary economy is no longer separately reported due to immateriality.

The GSK Aspen Healthcare for Africa Collaboration which was a material component of the Sub-Saharan Africa region was
terminated with effect from 31 December 2016 and as a consequence, the Sub-Saharan Africa region is no longer a material
region. On this basis the South African and Sub-Saharan African regions have been consolidated into a single
Sub-Saharan Africa region. 

AUDIT REVIEW
These results have been reviewed by Aspen’s auditors, PricewaterhouseCoopers Inc. Their unmodified review conclusion is 
available for inspection at the Company’s registered office. Any reference to future financial performance included in 
this announcement, has not been reviewed or reported on by the Company’s auditors. 

The illustrative constant exchange rate report on selected financial data has been derived from the audited financial 
information and has been reported on by Aspen’s auditors in an assurance report which is available for inspection at the 
Company’s registered office. This information has been prepared for illustrative purposes only and is the responsibility 
of the Group’s Board of Directors.

DIRECTORS
K D Dlamini (Chairman)#, R C Andersen#, M G Attridge, J F Buchanan#, M M Manyama#, 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
Terbium Financial Services (Pty) Ltd
Beacon House
31 Beacon Road, Florida North, 1709
PO Box 61272, Marshalltown, 2107

www.aspenpharma.com

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. All profit forecasts published in 
this report are unaudited.
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