Unaudited Group financial results for the six months ended 31 December 2019

ASPEN PHARMACARE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa) ("Aspen Holdings")
Registration number: 1985/002935/06
Share code: APN
ISIN: ZAE000066692
LEI: 635400ZYSN1IRD5QWQ94
and its subsidiaries (collectively "Aspen" or "the Group")

UNAUDITED GROUP FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2019 

SALIENT RESULTS 
Aspen reported the following salient results:
- Revenue from continuing operations increased by 3% to R18,4 billion 
  (restated December 2018: R17,9 billion);
- Normalised EBITDA from continuing operations was flat at R5,3 billion 
  (restated December 2018: R5,2 billion);
- Earnings per share decreased by 10% to 576.0 cents (restated December 2018: 643.4 cents); 
- Earnings per share from continuing operations decreased by 9% to 533.0 cents 
  (restated December 2018: 587.9 cents);
- Headline earnings per share from continuing operations was flat at 638.0 cents 
  (restated December 2018: 635.5 cents);
- Normalised headline earnings per share from continuing operations increased by 1% to 707.0 cents 
  (restated December 2018: 702.4 cents);
- Net Borrowings reduced to R37,9 billion (from R53,5 billion at December 2018 and 
  R39,0 billion at June 2019);
- A leverage ratio of 3,5 times has been achieved, comfortably below the covenant ratio of 4,0 times;
- Disposal of the Japanese Business was concluded effective 31 January 2020;
- The net proceeds of EUR271 million from the disposal of the Japanese Business were received in 
  February 2020; and 
- The Japanese Business and the South African public sector ARVs (commercial related activities only) 
  have been reclassified to discontinued operations.


REGULATORY REQUIREMENTS
The contents of the short form announcement are the responsibility of the Board of directors of Aspen. 
The information in the short-form announcement is a summary of the full announcement available on the 
Company's website at https://www.aspenpharma.com/results-and-reports/ on 5 March 2020 and accordingly 
does not contain full or complete details. The full announcement can also be accessed online at 
https://senspdf.jse.co.za/documents/2020/jse/isse/APN/H1results.pdf

The information in this announcement has been extracted from the unaudited interim financial results for 
the six months ended 31 December 2019, but the short-form announcement itself has not been reviewed by the 
Company's auditors. The unaudited interim financial results have been prepared under the supervision of 
the Deputy Group Chief Executive, Gus Attridge, CA(SA).

Any investment decisions by shareholders/investors should be based on the full announcement as released 
by the JSE and published on the Company's website, https://www.aspenpharma.com. The full announcement is 
also available at the Company's registered office (for inspection, at no charge, during office hours on 
any business day) and at the offices of the sponsor, Investec Bank Limited, from 6 March 2020 to 
30 March 2020, both days inclusive. Copies of the full announcement may be requested by contacting 
Riaan Verster on telephone: +27(0)31 580 8624, email: rverster@aspenpharma.com.

For and on behalf of the Board

Kuseni Dlamini                      Stephen Saad
Chairman                            Group Chief Executive 

Registered office
Building 8 
Healthcare Park
Woodlands Drive 
Woodmead 
Sandton 

Woodmead  
05 March 2020

Sponsor: 
Investec Bank Limited
Date: 05-03-2020 05:00:00

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