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ASPEN PHARMACARE HOLDINGS LIMITED - Reviewed provisional financial results, announcement of Nutritionals Business disposal and retraction of cautiionary

Release Date: 13/09/2018 07:30
Code(s): APN     PDF:  
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Reviewed provisional financial results, announcement of Nutritionals Business disposal and retraction of cautiionary

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 2018, announcement of Nutritionals Business 
disposal and retraction of cautionary announcement

COMMENTARY 
DIVESTMENT OF GLOBAL NUTRITIONALS BUSINESS TO LACTALIS FOR EUR739,8 MILLION
With reference to Aspen's announcement of 29 January 2018, wherein Aspen advised that it had undertaken a strategic review of 
its Global Nutritionals Business predominantly carried on in Latin America, Sub-Saharan Africa and Asia Pacific under the S-26,
Alula and Infacare brands ("Nutritionals Business") and its cautionary announcement of 11 September 2018, Aspen is pleased to 
announce that it has concluded an agreement to divest of its Nutritionals Business to the Lactalis Group, a leading multinational 
dairy corporation' based in Laval, France, for a fully funded cash consideration of EUR739,8 million/R12,9 billion 
(translated at ZAR17,4/EUR) ("the Transaction"). 

The Lactalis Group is a privately owned, global leader in the dairy industry with revenue of EUR18,4 billion, sales in
over 200 countries, approximately 80 000 employees and 246 industrial plants in 47 different countries. Lactalis'
strategic intent is to develop a global infant nutritional business to complement their existing global product range. 
The transaction is considered to be a compelling opportunity for the transferring Aspen employees, as well as the shareholders
of both Aspen and Lactalis. 

In terms of the Transaction, the disposal of the Nutritionals Business will comprise the following elements: 
- Intellectual property and any related goodwill presently owned by:
  - Aspen Holdings and Pharmacare Limited in respect of the South African and Sub-Saharan Africa Nutritionals
    Businesses; and
  - Aspen Global Incorporated in respect of the Latin American and Asia Pacific Nutritionals Businesses;
- Tangible assets (including plant, leased immovable property, equipment, associated fixed assets and inventory)
  presently owned by various Aspen Group companies in respect of the South African, Sub-Saharan Africa and Latin American
  Nutritionals Businesses;
- Product registrations and retail registrations relating to Aspen's nutritional products; 
- Shares in companies conducting Aspen's Nutritional Business across Asia Pacific (including the acquisition of shares
  held by joint venture partners in New Zealand and Hong Kong); and
- Transfer of dedicated Nutritionals staff employed within each of the geographical regions.

Rationale
Aspen's disposal of the Nutritionals Business will allow the Aspen business units in Asia Pacific, Latin America and
Sub-Saharan Africa to dedicate all of their time and attention to their core pharmaceutical businesses. This heightened
focus is expected to drive increased business efficiency and performance. 

Aspen believes that Lactalis' entrepreneurial spirit and commitment to develop a leading global position in infant
nutrition will provide the Nutritionals Business and the transferring Aspen employees with exciting future opportunities
for growth and development.

Financial information
The Global Nutritionals Business contributed ZAR3,091 billion to Group revenue and ZAR512 million to Group segmental
contribution profit for the year ended 30 June 2018. 

The proceeds of EUR739,8 million will be reduced by approximately EUR62 million which will be utilised to buy-out
Aspen's joint venture partners in New Zealand and China. 

The balance of the proceeds from the Transaction, after costs and taxes, will be utilised to reduce Aspen's gearing,
creating greater headroom and capacity.

Conditions precedent and completion 
The Transaction is conditional upon the fulfilment of a number conditions precedent, the more material of which are
the following: 
- Approval by the Mexican and South African Competition/Anti-Trust authorities; 
- South African Reserve Bank approval to the extent required under the Exchange Control Regulations;
- New Zealand and Australian foreign investment approvals to the extent required;
- Signature by Aspen and Lactalis of implementation agreements, including certain regional asset purchase and share
  purchase agreements with the various Aspen subsidiaries; and 
- Signature or renewal of certain transitional service and other incidental agreements, some of which are with third
  parties.

It is anticipated that the Transaction will be completed within six months of this announcement.

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

Withdrawal of cautionary announcement 
Shareholders are advised that following the release of the full details of the divestment of the Nutritionals
Business, shareholders no longer need to exercise caution when dealing in their Aspen securities in this regard.

GROUP PERFORMANCE
Aspen improved revenue by 3% to R42,6 billion and grew normalised headline earnings per share ("NHEPS") by 10% to 
1 605 cents in the year ended 30 June 2018. At constant exchange rates ("CER") revenue was up 5% and NHEPS increased 10%.

The Group's performance was underpinned by strong operating cash flows with a conversion rate of operating profits to
cash of 105% being achieved. 

Lower earnings in the second half of the year than in the first half were primarily influenced by the unfavourable
impact of the strengthened ZAR. At CER, revenue in the second half of the financial year was in line with that of the 
first half. However, the stronger ZAR in the second half resulted in ZAR reported second half revenue being lower by 
R1,3 billion. 

Significant factors influencing performance for the year were as follows:
- Underlying positive growth in Commercial Pharmaceuticals;
- Strong growth in China in the first full year of operation in that country;
- The inclusion for the full year of the Anaesthetics portfolios acquired during the course of the prior year and the
  margin benefit of the residual rights to the Astra Zeneca ("AZ") Anaesthetics acquired with effect from 1 November 2017;
- A decline in manufacturing revenue and profitability; and
- Additional operating expenditure related to the development of structures in China and Japan.

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 CER being a restatement of 2017 performance at 2018 average exchange rates.


                                                                  Change at                           Change     
                                  Reported         Reported        reported              CER       2018/2017     
                                 June 2018        June 2017           rates             2017          at CER    
Years ended 30 June              R'million        R'million               %        R'billion               %    
Revenue                             42 596           41 213               3           40 690               5    
Normalised EBITDA*                  12 031           11 416               5           11 427               5    
NHEPS (cents)                        1 605            1 463              10            1 462              10    
* 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 2017 revenue numbers are stated in CER and all percentage changes in
revenue between 2018 and 2017 are based on 2017 CER revenue in order to enhance the comparability of underlying
performance.

The synergy programme yielded benefits of approximately R0,5 billion during the year. This helped offset the impact of
Anaesthetics supply challenges and price cuts in Developed Markets.

SEGMENTAL PERFORMANCE
Therapeutic Focused Brands
Therapeutic Focused Brands comprising the Anaesthetics, Thrombosis and High Potency & Cytotoxic portfolios, recorded
revenue of R18,9 billion which amounted to 44% of Group revenue. Gross profit from Therapeutic Focused Brands of 
R11,0 billion was at an improved gross margin percentage, primarily due to the benefits from the acquisition of the residual
rights to the AZ Anaesthetics and improvements in cost of goods of the Thrombosis portfolio.

Anaesthetics Brands
Anaesthetics delivered revenue of R8,3 billion, advancing 21%. The inclusion of this portfolio for the full year
following the acquisition of the products from AZ and GSK during the course of the prior year assisted to lift the rate of
growth. Emerging markets grew more quickly, led by a strong performance in China. The full potential of the portfolio was
not realised due to disruptions in supply from the AZ production network. 

Thrombosis Brands 
Revenue from the Thrombosis portfolio rose 12% to R6,4 billion supported by growth across all the brands in the
portfolio. The addition of Fraxiparine and Arixtra in China midway through the prior year assisted this outcome. China
produced pleasing half-on-half growth and was an important driver in the 18% advance in revenue in Emerging Markets. 
Developed Markets recorded a satisfactory 7% improvement in revenue.

High Potency & Cytotoxic
Revenue from the High Potency & Cytotoxic Brands declined 9% to R4,2 billion. Increased generic presence in Developed
Europe had a negative influence on results and performance in other Developed Markets was generally down. 

Other Pharmaceuticals
Other Pharmaceuticals comprising Regional Brands and Manufacturing, delivered 1% higher revenue of R20,6 billion at a
narrowing gross profit percentage due primarily to challenges in the manufacturing segment.

Regional Brands
Regional Brands comprise 34% of Group revenue with Sub-Saharan Africa ("SSA") and Australasia making up 80% of this category. 
Revenue from Regional Brands increased by 5% to R14,3 billion. The absence of Hydroxyprogesterone Caproate ("HPC") sales during 
the year resulted in reduced sales in the USA. Excluding HPC and various divestments/discontinuations from the results, the 
underlying revenue growth in Regional Brands was 8%. SSA was the leading contributor to growth, supported by a 11% rise in revenue 
from the South African business. Australasia produced solid results, raising revenue 2% despite the legislated price cuts imposed. 
The Latam and Asian countries also performed well, growing by 17% and 27% respectively.

Manufacturing
Manufacturing revenue declined 5% to R6,2 billion. Active pharmaceutical ingredient revenue was stable. Finished dose
manufacturing revenue declined 22%, largely as a consequence of a major customer losing a tender for the supply of a
product in China. 

Nutritionals
The brand transition to Aspen's new global infant formula brand, Alula, and the launch of Alula in China were
important milestones achieved during the year. Gross profit remained at prior year levels as initiatives to lower cost of goods
offset a revenue decline of 2%. Sub-Saharan Africa continued to grow revenue while Australasia and Latam were slightly
lower. Increased promotional spend was put behind the business to support the brand transition and the launch in China. 

FUNDING
Borrowings, net of cash, increased by R9,6 billion to R46,8 billion. Operating cash generated of R7,0 billion was
offset by R14,3 billion of payments relating to acquisitions, other capital expenditure and dividends to shareholders.
Unfavourable exchange rate effects added a further R2,3 billion to the balance. Operating cash flow per share of 1 537 cents
represented a 105% rate of conversion of operating profit assisted by excellent second half cash generation. Net
interest paid was covered eight times by EBITDA. 

In May 2018, Aspen announced the successful closing of a multi-currency syndicated facilities agreement with 28 lenders, 
equivalent to approximately EUR 3,4 billion, which refinanced Aspen's existing term debt facilities. A significant
oversubscription allowed the facilities to be upsized. 

PROSPECTS
The impending disposal of the Nutritionals Business is another step towards shaping Aspen into an enterprise that is
absolutely focused on its portfolio of valuable branded pharmaceuticals. The Group is a uniquely positioned multinational
with its weighting towards Emerging Markets and offers a portfolio of critical medicines with enduring global demand.
Emerging Markets are expected to continue to lead growth in Commercial Pharmaceuticals. Supply constraints are expected
to impact Anaesthetics at a similar level to that experienced in the past year.

Manufacturing revenue will be lower as limited availability of mucosa will prevent the Group from supplying third
parties with heparin and the full year effect is felt of the termination of the major supply contract referred to earlier.
The Nutritionals Business is well set to deliver a positive performance as benefits of many of the initiatives undertaken
in the last year begin to be realised although the contribution will clearly be limited to the period prior to
completion of the disposal.

The Group will continue its projects aimed at reducing cost of goods which have already proven successful in
protecting gross profit margins from the price erosion experienced in recent years. This includes the capital expenditure
programmes underway at the Port Elizabeth, Notre Dame de Bondeville and Bad Oldesloe sites targeted at bringing the manufacture
of a significant portion of the Anaesthetics portfolio into Aspen facilities. Complex manufacturing capabilities
represent a critical strategic advantage for the Group.

Strong operating cash flows are anticipated to continue although there will be additional investment in inventory
required to facilitate various planned changes in manufacturing sites aligned to the initiatives aimed at lowering the cost
of goods.

Foreign exchange rates will continue to be a factor affecting relative ZAR performance. Further divestments will be
considered where portfolios are identified which are no longer aligned to the Group's specific areas of focus.
Deleveraging the Aspen balance sheet will give headroom for other potential opportunities.

DIVIDEND TO SHAREHOLDERS
Taking into account the earnings and cash flow performance for the year ended 30 June 2018, existing debt service
commitments, the expected completion of the disposal of the Nutritionals Business, 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 
315 cents per ordinary share to shareholders (or 252 cents net of a 20% dividend withholding tax, where this maximum rate of
tax applies) recorded in the share register of the Company at the close of business on 5 October 2018 (2017: dividend
of 287 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 with Aspen 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 
456 451 541 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 be accounted for in the financial
statements in the year ended 30 June 2019.

Last day to trade cum dividend                                                          Tuesday, 2 October 2018
Shares commence trading ex dividend                                                   Wednesday, 3 October 2018 
Record date                                                                              Friday, 5 October 2018
Payment date                                                                             Monday, 8 October 2018

Share certificates may not be dematerialised or rematerialised between Wednesday, 3 October 2018 and 
Friday, 5 October 2018.

By order of the Board

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

Woodmead
13 September 2018


GROUP STATEMENT OF FINANCIAL POSITION                                                                     
                                                                             Reviewed          Audited    
                                                                           at 30 June       at 30 June     
                                                                                 2018             2017    
                                                               Notes        R'million        R'million    
ASSETS                                                                                                    
Non-current assets                                                                                        
Intangible assets                                                 I#           72 163           60 006    
Property, plant and equipment                                                  11 368            9 749    
Goodwill                                                                        6 126            5 940    
Deferred tax assets                                                               966              987    
Contingent environmental indemnification assets                                   802              747    
Other non-current assets                                                        1 189              801    
Total non-current assets                                                       92 614           78 230    
Current assets                                                                                            
Inventories                                                                    14 496           13 611    
Receivables and other current assets                                           14 421           13 592    
Cash and cash equivalents                                                      11 170           10 707    
Total operating current assets                                                 40 087           37 910    
Assets classified as held-for-sale                                                135              200    
Total current assets                                                           40 222           38 110    
Total assets                                                                  132 836          116 340    
SHAREHOLDERS' EQUITY                                                                                      
Reserves                                                                       48 162           41 182    
Share capital (including treasury shares)                                       1 905            1 929    
Ordinary shareholders' equity                                                  50 067           43 111    
Non-controlling interests                                                          28               27    
Total shareholders' equity                                                     50 095           43 138    
LIABILITIES                                                                                               
Non-current liabilities                                                                                   
Borrowings                                                                     46 725           28 978    
Other non-current liabilities                                                   2 524            4 381    
Unfavourable and onerous contracts                                              1 382            1 635    
Deferred tax liabilities                                                        2 213            2 085    
Contingent environmental liabilities                                              890              747    
Retirement and other employee benefits                                            635              570    
Total non-current liabilities                                                  54 369           38 396    
Current liabilities                                                                                       
Borrowings*                                                                    11 225           18 860    
Trade and other payables                                                       10 414           10 257    
Other current liabilities                                                       6 359            5 341    
Unfavourable and onerous contracts                                                374              348    
Total current liabilities                                                      28 372           34 806    
Total liabilities                                                              82 741           73 202    
Total equity and liabilities                                                  132 836          116 340    
Number of shares in issue (net of treasury shares) ('000)                       456,0            456,0    
Net asset value per share (cents)                                            10 980,3          9 453,7    
# See notes on Supplementary Information.                                                               
* Includes bank overdrafts.                                                                                 


GROUP STATEMENT OF COMPREHENSIVE INCOME                                                                                                    
                                                                                            Reviewed         Audited    
                                                                                          year ended      year ended    
                                                                                             30 June         30 June     
                                                                            Change              2018            2017    
                                                                 Notes           %         R'million       R'million    
Revenue                                                                          3            42 596          41 213    
Cost of sales                                                                                (20 991)        (21 317)    
Gross profit                                                                     9            21 605          19 896    
Selling and distribution expenses                                                             (7 460)         (6 720)    
Administrative expenses                                                                       (3 103)         (2 780)    
Other operating income                                                                           419             345    
Other operating expenses                                                                      (2 224)         (2 420)    
Operating profit                                                    B#          11             9 237           8 321    
Investment income                                                   C#                           343             287    
Financing costs                                                     D#                        (2 235)         (2 369)    
Operating profit after investment income and financing costs                                   7 345           6 239    
Share of after-tax net profits of joint venture                                                   51              13    
Profit before tax                                                               18             7 396           6 252    
Tax                                                                                           (1 385)         (1 124)    
Profit for the year                                                             17             6 011           5 128    
OTHER COMPREHENSIVE INCOME, NET OF TAX*                                                                                 
Currency translation gains/(losses)                                 E#                         2 372          (3 521)    
Net (losses)/gains from cash flow hedging in respect of 
business acquisition                                                                             (96)            188    
Remeasurement of retirement and other employee benefits                                            1              44    
Total comprehensive income                                                                     8 288           1 839    
Profit for the year attributable to                                                                                     
Equity holders of the parent                                                                   6 010           5 128    
Non-controlling interests                                                                          1               -    
                                                                                               6 011           5 128    
Total comprehensive income attributable to                                                                              
Equity holders of the parent                                                                   8 287           1 839    
Non-controlling interests                                                                          1               -    
                                                                                               8 288           1 839    
Weighted average number of shares in issue ('000)                                              456,5           456,4    
Diluted weighted average number of shares in issue ('000)                                      456,5           456,4    
                                                                                                                        
EARNINGS PER SHARE                                                                                                      
Basic earnings per share (cents)                                                17           1 316,6         1 123,4    
Diluted earnings per share (cents)                                              17           1 316,6         1 123,4    
# 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.                                                                 


GROUP STATEMENT OF HEADLINE EARNINGS                                                                              
                                                                                      Reviewed         Audited    
                                                                                    year ended      year ended    
                                                                                       30 June         30 June     
                                                                      Change              2018            2017    
                                                                           %         R'million       R'million    
HEADLINE EARNINGS^                                                                                                
Reconciliation of headline earnings                                                                               
Profit attributable to equity holders of the parent                       17             6 010           5 127    
Adjusted for:                                                                                                     
- Net impairment of property, plant and equipment (net of tax)                              48             197    
- Impairment of intangible assets (net of tax)                                             606             427    
- Impairment of assets held for sale (net of tax)                                           37               -    
- Loss on the sale of intangible assets (net of tax)                                         3              85    
- Loss on the sale of property, plant and equipment (net of tax)                             -              25    
- Loss on the sale of subsidiary (net of tax)                                                -              70    
                                                                          13             6 704           5 931    
HEADLINE EARNINGS PER SHARE                                                                                       
Headline earnings per share (cents)                                       13           1 468,8         1 299,5    
Diluted headline earnings per share (cents)                               13           1 468,8         1 299,5    
                                                                                                                  
NORMALISED HEADLINE EARNINGS                                                                                      
Reconciliation of normalised headline earnings                                                                    
Headline earnings                                                         13             6 704           5 931    
Adjusted for:                                                                                                     
- Restructuring costs (net of tax)                                                         144             362    
- Transaction costs (net of tax)                                                           362             314    
- Foreign exchange gain on acquisitions (net of tax)                                     (178)           (137)    
- Product litigation costs (net of tax)                                                    293             208    
                                                                          10             7 325           6 678    
NORMALISED HEADLINE EARNINGS PER SHARE                                                                            
Normalised headline earnings per share (cents)                            10           1 604,9         1 463,2    
Normalised diluted headline earnings per share (cents)                    10           1 604,9         1 463,2    
^ Headline earnings is disclosed net of income from non-controlling interests which are not material.                                                                                                                          


GROUP STATEMENT OF CHANGES IN EQUITY                                                                                                 
                                                                                           Total          
                                                 Share capital                      attributable          
                                                    (including                         to equity              Non-        
                                                      treasury                        holders of       controlling       
                                                        shares)      Reserves         the parent         interests          Total                                            
                                                     R'million      R'million          R'million         R'million      R'million                                            
BALANCE AT 1 JULY 2016                                   1 938         40 571             42 509                27         42 536    
Total comprehensive income                                   -          1 839              1 839                 -          1 839    
Profit for the year                                          -          5 128              5 128                 -          5 128    
Other comprehensive loss                                     -         (3 289)            (3 289)                -         (3 289)    
Dividends paid                                               -         (1 230)            (1 230)                -         (1 230)    
Treasury shares purchased                                  (33)             -                (33)                -            (33)    
Deferred incentive bonus shares exercised                   24            (24)                 -                 -              -    
Share-based payment expenses                                 -             26                 26                 -             26    
BALANCE AT 30 JUNE 2017                                  1 929         41 182             43 111                27         43 138    
Total comprehensive income                                   -          8 287              8 287                 1          8 288    
Profit for the year                                          -          6 010              6 010                 1          6 011    
Other comprehensive income                                   -          2 277              2 277                 -          2 277    
Dividends paid                                               -         (1 313)            (1 313)                -         (1 313)    
Treasury shares purchased                                  (44)             -                (44)                -            (44)    
Deferred incentive bonus shares exercised                   20            (20)                 -                 -              -    
Share-based payment expenses                                 -             26                 26                 -             26    
BALANCE AT 30 JUNE 2018                                  1 905         48 162             50 067                28         50 095    

Distribution to shareholders                                                                                                         
A dividend of 287,0 cents per share has been paid during the year (2017: 248,0 cents). The dividend to shareholders of 287,0 cents 
relates to the dividend declared on 14 September 2017 and paid on 9 October 2017 (2017: the dividend of 248,0 cents relates to the 
dividend declared on 14 September 2016 and paid on 10 October 2016).                                                                                             


GROUP STATEMENT OF CASH FLOWS                                                                                                
                                                                                                Reviewed          Audited    
                                                                                              year ended       year ended    
                                                                                                 30 June          30 June     
                                                                                                    2018             2017    
                                                                      Notes     Change         R'million        R'million    
CASH FLOWS FROM OPERATING ACTIVITIES                                                                                         
Cash operating profit                                                                             11 907           10 817    
Changes in working capital                                                                        (1 579)            (915)    
Cash generated from operations                                                                    10 328            9 902    
Net financing costs paid                                                                          (1 816)          (1 913)    
Tax paid                                                                                          (1 495)          (1 502)    
Cash generated from operating activities                                             8             7 017            6 487    
CASH FLOWS FROM INVESTING ACTIVITIES                                                                                         
Capital expenditure - property, plant and equipment                      A#                       (2 145)          (1 484)    
Proceeds on the sale of property, plant and equipment                                                 17                9    
Capital expenditure - intangible assets                                  A#                       (6 083)          (1 147)    
Additions to intangible assets                                                                    (8 941)          (1 147)    
Consideration outstanding                                                I#                        2 858                -    
Proceeds received on the sale of intangible assets                                                    62              832    
Acquisition of subsidiaries and businesses                               J#                         (152)          (9 428)    
Disposal of subsidiary                                                                                 -               45    
Investment in joint venture                                                                            -              (52)    
Proceeds received/(investment in) other non-current assets                                            50             (291)    
Payment of deferred consideration relating to 
prior year business acquisitions                                                                  (4 599)            (192)    
Proceeds on the sale of assets classified as held-for-sale                                            37               91                                                                                                                                
Cash used in investing activities                                                                (12 813)         (11 617)    
CASH FLOWS FROM FINANCING ACTIVITIES                                                                                         
Net proceeds from borrowings                                                                       7 690            6 219    
Dividends paid                                                                                    (1 313)          (1 230)    
Treasury shares purchased                                                                            (44)             (33)    
Cash generated from financing activities                                                           6 333            4 956    
Movement in cash and cash equivalents before 
currency translation movements                                                                       537             (174)    
Currency translation movements                                                                       389             (526)    
Movement in cash and cash equivalents                                                                926             (700)    
Cash and cash equivalents at the beginning of the year                                             7 188            7 888    
Cash and cash equivalents at the end of the year                                                   8 114            7 188    
                                                                                                                             
Operating cash flow per share (cents)                                                8           1 537,3          1 421,4    
                                                                                                                             
RECONCILIATION OF CASH AND CASH EQUIVALENTS                                                                                  
Cash and cash equivalents per the 
statement of financial position                                                                   11 170           10 707    
Less: bank overdrafts                                                                             (3 056)          (3 519)    
                                                                                                   8 114            7 188    
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 2018                                                                               
                                          Therapeutic        
                                              Focused                Other                Total         
                                               Brands      Pharmaceuticals      Pharmaceuticals      Nutritionals          Total    
                                            R'million            R'million            R'million         R'million      R'million                                                                                                       
Revenue                                        18 934               20 571               39 505             3 091         42 596    
Cost of sales                                  (7 946)             (11 348)             (19 294)           (1 697)       (20 991)    
Gross profit                                   10 988                9 223               20 211             1 394         21 605    
Selling and distribution expenses                                                        (6 578)             (882)        (7 460)    
Contribution profit                                                                      13 633               512         14 145    
Administrative expenses                                                                                                   (3 103)    
Net other operating income                                                                                                   249    
Depreciation                                                                                                                 740    
Normalised EBITDA*                                                                                                        12 031    
Adjusted for:                                                                                                                       
Depreciation                                                                                                                (740)    
Amortisation                                                                                                                (632)    
Loss on sale of assets                                                                                                        (4)    
Net impairment of assets                                                                                                    (742)    
Restructuring costs                                                                                                         (199)    
Transaction costs                                                                                                           (160)    
Product litigation costs                                                                                                    (317)    
Operating profit                                                                                                           9 237                                                                                                                                     
Gross profit (%)                                 58,0                 44,8                 51,2              45,1           50,7     
Selling and distribution expenses (%)                                                      16,7              28,5           17,5     
Contribution profit (%)                                                                    34,5              16,6           33,2     
Administrative expenses (%)                                                                                                  7,3     
Normalised EBITDA (%)                                                                                                       28,2     
                                                                                                                                     
                                                                    Audited year ended 30 June 2017                                                                               
                                          Therapeutic        
                                              Focused                Other                Total          
                                               Brands      Pharmaceuticals      Pharmaceuticals      Nutritionals          Total     
                                            R'million            R'million            R'million         R'million      R'million                                                                                                      
Revenue                                        17 417               20 572               37 989             3 224         41 213    
Cost of sales                                  (8 438)             (11 047)             (19 485)           (1 832)       (21 317)    
Gross profit                                    8 979                9 525               18 504             1 392         19 896    
Selling and distribution expenses                                                        (5 880)             (840)        (6 720)    
Contribution profit                                                                      12 624               552         13 176    
Administrative expenses                                                                                                   (2 780)    
Net other operating income                                                                                                   320    
Depreciation                                                                                                                 700    
Normalised EBITDA*                                                                                                        11 416    
Adjusted for:                                                                                                                       
Depreciation                                                                                                                (700)    
Amortisation                                                                                                                (567)    
Loss on sale of assets                                                                                                      (196)    
Net impairment of assets                                                                                                    (722)    
Restructuring costs                                                                                                         (494)    
Transaction costs                                                                                                           (208)    
Product litigation costs                                                                                                    (208)    
Operating profit                                                                                                           8 321                                                                                                                                      
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     
* 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                                           8,7                  0,0                  4,0              (4,1)           3,4     
Cost of sales                                    (5,8)                 2,7                 (1,0)             (7,4)          (1,5)   
Gross profit                                     22,4                 (3,2)                 9,2               0,1            8,6     
Selling and distribution expenses                                                          11,9               5,0           11,0     
Contribution profit                                                                         8,0              (7,1)           7,4     
Administrative expenses                                                                                                     11,6     
Net other operating income                                                                                                 (22,0)   
Depreciation                                                                                                                 5,7     
Normalised EBITDA *                                                                                                          5,4     
* 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        Audited        
                                                               June 2018      June 2017                
                                                               R'million      R'million      Change             
COMMERCIAL PHARMACEUTICALS BY CUSTOMER GEOGRAPHY                  33 270         31 437          6     
Sub-Saharan Africa                                                 8 127          7 459          9     
Developed Europe                                                   7 434          6 817          9     
Australasia                                                        4 816          4 799          0     
Latin America                                                      2 929          2 722          8     
Developing Europe & CIS                                            2 780          2 589          7     
China                                                              2 415          1 753         38     
Japan                                                              1 930          1 932          0     
Other Asia                                                         1 401          1 206         16     
MENA                                                                 877          1 117        (21)   
USA & Canada                                                         561          1 043        (46)   
MANUFACTURING REVENUE BY GEOGRAPHY OF MANUFACTURE                                                      
Manufacturing revenue - finished dose form                         1 644          2 141        (23)   
Australasia                                                          464            472         (2)   
Developed Europe                                                     636            638          0     
Sub-Saharan Africa                                                   532          1 031        (48)   
Latin America                                                         12              -        100     
Manufacturing revenue - active pharmaceutical ingredients          4 591          4 411          4     
Developed Europe                                                   4 259          3 976          7     
Sub-Saharan Africa                                                   332            435        (24)                                                                                                         
Total manufacturing revenue                                        6 235          6 552         (5)   
TOTAL PHARMACEUTICALS                                             39 505         37 989          4     
NUTRITIONALS BY CUSTOMER GEOGRAPHY                                 3 091          3 224         (4)   
Australasia                                                          715            795        (10)   
Sub-Saharan Africa                                                 1 017            967          5     
Latin America                                                      1 290          1 462        (12)   
MENA                                                                   4              -        100     
China                                                                 65              -        100                                                                                                          
TOTAL REVENUE                                                     42 596         41 213          3     
SUMMARY OF REGIONS                                                                                     
Sub-Saharan Africa                                                10 008          9 892          1     
Developed Europe                                                  12 329         11 431          8     
Australasia                                                        5 995          6 066         (1)   
Latin America                                                      4 231          4 184          1     
Developing Europe & CIS                                            2 780          2 589          7     
China                                                              2 480          1 753         41     
Japan                                                              1 930          1 932          0     
Other Asia                                                         1 401          1 206         16     
MENA                                                                 881          1 117        (21)   
USA & Canada                                                         561          1 043        (46)   
TOTAL REVENUE                                                     42 596         41 213          3     
                                                                                                       
COMMERCIAL PHARMACEUTICALS THERAPEUTIC AREA ANALYSIS                                                                                                          
                                                                  Reviewed year ended 30 June 2018                                                                                       
                                                                           High Potency       Therapeutic    
                                        Anaesthetics       Thrombosis       & Cytotoxic           Focused       Regional             
                                              Brands           Brands            Brands            Brands         Brands          Total              
                                           R'million        R'million         R'million         R'million      R'million      R'million                              
BY CUSTOMER GEOGRAPHY                                                                                                                      
Commercial Pharmaceuticals                                                                                                                 
Sub-Saharan Africa                               143                9                99               251          7 876          8 127    
Developed Europe                               2 170            3 471             1 417             7 058            376          7 434    
Australasia                                      713               21               477             1 211          3 605          4 816    
Latin America                                    762               71               790             1 623          1 306          2 929    
Developing Europe & CIS                          434            1 876               406             2 716             64          2 780    
China                                          1 779              616                20             2 415              -          2 415    
Japan                                          1 213               48               372             1 633            297          1 930    
Other Asia                                       658              151               262             1 071            330          1 401    
MENA                                             156              159               193               508            369            877    
USA & Canada                                     304                8               136               448            113            561    
Total Commercial Pharmaceuticals               8 332            6 430             4 172            18 934         14 336         33 270    
                                                                                                                                           
                                                                   Audited year ended 30 June 2017                                                                                       
                                                                           High Potency       Therapeutic    
                                        Anaesthetics       Thrombosis       & Cytotoxic           Focused       Regional             
                                              Brands           Brands            Brands            Brands         Brands          Total              
                                           R'million        R'million         R'million         R'million      R'million      R'million                              
BY CUSTOMER GEOGRAPHY                                                                                                                      
Commercial Pharmaceuticals                                                                                                                 
Sub-Saharan Africa                               144                7               126               277          7 182          7 459    
Developed Europe                               1 700            3 168             1 472             6 340            477          6 817    
Australasia                                      639               25               483             1 147          3 652          4 799    
Latin America                                    605               92               838             1 535          1 187          2 722    
Developing Europe & CIS                          317            1 714               472             2 503             86          2 589    
China                                          1 453              252                48             1 753              -          1 753    
Japan                                          1 293               46               408             1 747            185          1 932    
Other Asia                                       429              176               258               863            343          1 206    
MENA                                             231              169               275               675            442          1 117    
USA & Canada                                     254               16               307               577            466          1 043    
Total Commercial Pharmaceuticals               7 065            5 665             4 687            17 417         14 020         31 437    
                                                                                                                                           
                                                                                   Variances                                                                                         
                                                                           High Potency       Therapeutic           
                                        Anaesthetics       Thrombosis       & Cytotoxic           Focused       Regional             
                                              Brands           Brands            Brands            Brands         Brands          Total                             
                                                   %                %                 %                 %              %              %           
BY CUSTOMER GEOGRAPHY                                                                                                                         
Commercial Pharmaceuticals                                                                                                                     
Sub-Saharan Africa                                (1)              29               (21)               (9)            10              9    
Developed Europe                                  28               10                (4)               11            (21)             9    
Australasia                                       12              (16)               (1)                6             (1)             0    
Latin America                                     26              (23)               (6)                6             10              8    
Developing Europe & CIS                           37                9               (14)                9            (26)             7    
China                                             22             >100               (58)               38              0             38    
Japan                                             (6)               4                (9)               (7)            61              0    
Other Asia                                        53              (14)                2                24             (4)            16    
MENA                                             (32)              (6)              (30)              (25)           (17)           (21)   
USA & Canada                                      20              (50)              (56)              (22)           (76)           (46)   
Total Commercial Pharmaceuticals                  18               14               (11)                9              2              6    


GROUP SUPPLEMENTARY INFORMATION                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                           Reviewed          Audited    
                                                                                         year ended       year ended    
                                                                                            30 June          30 June     
                                                                                               2018             2017    
                                                                                          R'million        R'million    
A. CAPITAL EXPENDITURE                                                                                                  
   Incurred                                                                                   8 228            2 631    
   - Property, plant and equipment                                                            2 145            1 484    
   - Intangible assets                                                                        6 083            1 147    
   Contracted                                                                                 1 812              818    
   - Property, plant and equipment                                                            1 786              735    
   - Intangible assets                                                                           26               83    
   Authorised but not contracted for                                                          4 184            5 967    
   - Property, plant and equipment                                                            3 829            5 573    
   - Intangible assets                                                                          355              394    
                                                                                                                        
B. OPERATING PROFIT HAS BEEN ARRIVED AT AFTER CHARGING/(CREDITING)                                                      
   Depreciation of property, plant and equipment                                                740              700    
   Amortisation of intangible assets                                                            632              567    
   Net impairment of tangible and intangible assets                                             742              722    
   Net impairment of tangible assets                                                             68              278    
   Net impairment of intangible assets                                                          623              444    
   Impairment of assets classified as held-for-sale                                              51                -    
   Loss on the sale of tangible and intangible assets                                             4              126    
   Transaction costs                                                                            160              208    
   Restructuring costs                                                                          199              494    
   Product litigation costs                                                                     317              208    
   Loss on sale of subsidiary                                                                     -               70 
                                                                                         
C. INVESTMENT INCOME                                                                                                    
   Interest received                                                                            343              287   
   
D. FINANCING COSTS                                                                                                      
   Interest paid                                                                             (1 884)          (1 818)    
   Debt raising fees on acquisitions                                                           (209)            (112)    
   Net gains/(losses) on financial instruments                                                   88             (237)    
   Foreign exchange (losses)                                                                    (16)            (200)    
   Fair value gains/(losses) on financial instruments                                           104              (37)    
   Notional interest on financial instruments                                                  (408)            (339)    
   Foreign exchange gain on acquisitions                                                        178              137    
                                                                                             (2 235)          (2 369)
 
E. CURRENCY TRANSLATION GAINS/(LOSSES)                                                                                                                 
   Currency translation gains/(losses) 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 
   weaker closing Rand translation rate has increased the Group net asset value               2 372           (3 521)
   
F. GUARANTEES TO FINANCIAL INSTITUTIONS                                                                                                                
   Material guarantees given by Group companies for indebtedness of subsidiaries 
   to financial institutions                                                                 73 561           55 119    

G. POTENTIAL DISPUTED MATTER - EUROPEAN COMPETITION COMMISSION                                                                                                                                                                                                                                                     
   In May 2017 the European Commission ("the  Commission") 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's investigation is continuing and Aspen and its advisers are fully co-operating with the Commission in 
   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 at this stage and therefore no liability has been raised in the 
   statement of financial position.                                                                                                                                                                                                                                                                                                                                                                                             
H. POTENTIAL DISPUTED MATTER - UK COMPETITION AND MARKETS AUTHORITY                                                                                                                                                                                                                                                
   In October 2017 the UK Competition and Markets Authority ("CMA") opened an investigation of Aspen in respect of 
   alleged anti-competitive conduct and pricing practices in relation to the supply of fludrocortisone acetate 
   0,1mg tablets and dexamethasone 2mg tablets in the UK. The CMA has subsequently advised that it will not be 
   proceeding with its investigation in relation to dexametazone 2mg tablets.   
   
   A high level of co-operation and diligence is being afforded to the investigation team by Aspen and its advisers.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
   The CMA's decision whether to formally open a case is only likely to be made by November 2018 after conclusion of 
   its investigation.   
   
   The outcome of the CMA matter is unknown at this stage and therefore no liability has been raised in the 
   statement of financial position.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

I. ACQUISITION OF residual rights relating to AZ anaesthetics portfolio                                                                           
   On 1 September 2016, Aspen Global Incorporated ("AGI") acquired the exclusive rights to commercialise the 
   anaesthetics portfolio of AstraZeneca globally (excluding the USA) ("the AZ anaesthetics"). With effect from 
   1 November 2017, AGI acquired the remaining rights to the intellectual property and manufacturing know-how 
   related to the AZ anaesthetics ("the Residual Rights"). The transaction has been classified as an intangible 
   asset acquisition and not a business combination. The fair value of the Residual Rights is R8 060 million and 
   R5 206 million of the consideration has been paid in the current financial year. The balance of R2 858 million 
   comprises the present value of future deferred fixed and performance-related milestone payments. 

J. Acquisition of subsidiaries and businesses                                                                                                                
   With effect from 12 June 2018, Aspen Pharmacare acquired 100% of the share capital of Alphamed for a consideration 
   of R164'million. 
   
   The estimated post-acquisition operating profits is not material to the Group. 
   
   Due to Alphamed being a standalone company, incorporating manufacturing and development operations, Aspen is accounting 
   for its acquisition as a business combination. Due to the timing of the transaction Aspen has not yet completed the 
   detailed exercise to identify and value the separately identifiable intangible assets acquired and thereafter the goodwill, 
   if any, arising as a result of the transaction. This will be completed as part of the finalisation of the accounting for 
   the acquisition.                                                                             

                                                                                                             Total    
                                                                                                         R'million    
   Fair value of assets and liabilities acquired                                                                    
   Property, plant and equipment                                                                                85    
   Non-current financial receivables                                                                             1    
   Inventories                                                                                                  18    
   Receivables and prepayments                                                                                  33    
   Cash and cash equivalents at acquisition                                                                      2    
   Non-current borrowings                                                                                       (3)    
   Deferred tax liabilities                                                                                     (3)    
   Trade and other payables                                                                                    (41)    
   Current borrowings                                                                                           (7)    
   Fair value of net assets acquired                                                                            85    
   Goodwill                                                                                                     78    
   Cash and cash equivalents at acquisition                                                                     (2)    
   Consideration outstanding at year end                                                                        (9)    
   Cash outflow on acquisition                                                                                 152    
   
   June 2017                                                                                                                                     
   The business combinations set out below were finalised by December 2017. The cash flow movements for the
   business combinations were as follows:                                                                             
                                                                     Fraxiparine        
                                                                     and Arixtra        
                                                     AstraZeneca        in China,              GSK          
                                                    anaesthetics         Pakistan     anaesthetics          
                                                       portfolio        and India        portfolio           Total                                           
                                                       R'million        R'million        R'million       R'million                                            
   Fair value of assets and liabilities acquired                                                                      
   Intangible assets                                      11 062              731            4 387          16 180    
   Deferred tax liabilities                                 (331)             (22)            (132)           (485)    
   Fair value of net assets acquired                      10 731              709            4 255          15 695    
   Goodwill acquired                                         331               22              132             485    
   Net gains from cash flow hedging in respect of 
   business acquisition                                       -               (40)            (167)           (207)    
   Deferred and contingent consideration                  (5 045)               -           (1 500)         (6 545)    
   Cash outflow on acquisition                             6 017              691            2 720           9 428    
                                                                                                                                                                                                                                                                     
K. 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 2018. 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:                                                                                            
                                                                                                 2018            2017     
                                                                                              average         average     
                                                                                                rates           rates    
   EUR - Euro                                                                                  15,326          14,840    
   AUD - Australian Dollar                                                                      9,965          10,261    
   USD - US Dollar                                                                             12,856          13,612    
   CNY - Chinese Yuan Renminbi                                                                  1,975           1,999    
   JPY - Japanese Yen                                                                           0,116           0,125    
   MXN - Mexican Peso                                                                           0,686           0,700    
   BRL - Brazilian Real                                                                         3,867           4,198    
   GBP - British Pound                                                                         17,291          17,271    
   CAD - Canadian Dollar                                                                       10,126          10,262    
   RUB - Russian Ruble                                                                          0,218           0,224    
   PLN - Polish Zloty                                                                           3,620           3,440    
   
   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.  
   
   Interest paid net of investment income                                                                                                    
   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.
   
   Key constant exchange rate indicators                                                            Illustrative         
                                                          Reported       Reported                     constant         
                                                         June 2018      June 2017                     exchange         
                                                        (June 2018     (June 2017   Change at            rates    Change in     
                                                           at 2018        at 2017    reported       (June 2017     constant                 
                                                           average        average    exchange          at 2018     exchange                 
                                                             rates)         rates)      rates    average rates)       rates                 
                                                         R'million      R'million           %        R'million            %        
   Revenue                                                  42 596         41 213           3           40 690            5    
   Gross profit                                             21 605         19 896           9           19 777            9    
   Normalised EBITDA                                        12 031         11 416           5           11 427            5    
   Operating profit                                          9 237          8 321          11            8 342           11    
   Normalised headline earnings                              7 325          6 678          10            6 675           10    
   Earnings per share (cents)                              1 316,6        1 123,4          17          1 116,2           18    
   Headline per share (cents)                              1 468,8        1 299,5          13          1 288,1           14    
   Normalised headline earnings per share (cents)          1 604,9        1 463,2          10          1 462,5           10    
                                                                                                                                                                                                                                                                                              
                                                                                                    Reported        Reported     
                                                                                                   June 2018       June 2017     
                                                                                                    (At 2018        (At 2017     
                                                                                                     average         average     
                                                                                                       rates)          rates)    
                                                                                                           %               %    
   Revenue currency mix                                                                                                         
   EUR - Euro                                                                                             27              26    
   ZAR - South African Rand                                                                               20              20    
   AUD - Australian Dollar                                                                                13              14    
   USD - US Dollar                                                                                         7              11    
   CNY - Chinese Yuan Renminbi                                                                             6               4    
   JPY - Japanese Yen                                                                                      5               5    
   MXN - Mexican Peso                                                                                      3               3    
   BRL - Brazilian Real                                                                                    3               3    
   GBP - British Pound                                                                                     2               2    
   CAD - Canadian Dollar                                                                                   1               1    
   RUB - Russian Ruble                                                                                     1               2    
   PLN - Polish Zloty                                                                                      1               1    
   Other currencies                                                                                       11               8    
   Total                                                                                                 100             100    
  

GROUP REVENUE SEGMENTAL ANALYSIS                                                                                                 
                                                                                                 Illustrative         
                                                                  Reported        Reported           constant          
                                                                 June 2018       June 2017      exchange rate          
                                                                (June 2018      (June 2017          June 2017      Change at    
                                                                   at 2018         at 2017         (June 2017       constant               
                                                                   average         average            at 2018       exchange               
                                                                     rates)          rates)     average rates)         rates               
                                                                 R'million       R'million          R'million              %      
COMMERCIAL PHARMACEUTICALS BY CUSTOMER GEOGRAPHY                    33 270          31 437             30 947              8    
Sub-Saharan Africa                                                   8 127           7 459              7 402             10    
Developed Europe                                                     7 434           6 817              6 941              7    
Australasia                                                          4 816           4 799              4 658              3    
Latin America                                                        2 929           2 722              2 577             14    
Developing Europe & CIS                                              2 780           2 589              2 611              6    
China                                                                2 415           1 753              1 748             38    
Japan                                                                1 930           1 932              1 812              7    
Other Asia                                                           1 401           1 206              1 148             22    
MENA                                                                   877           1 117              1 049            (16)   
USA & Canada                                                           561           1 043              1 001            (44)   
MANUFACTURING REVENUE BY GEOGRAPHY OF MANUFACTURE                                                                                
Manufacturing revenue - finished dose form                           1 644           2 141              2 100            (22)   
Sub-Saharan Africa                                                     464             472                975            (52)   
Developed Europe                                                       636             638                667             (5)   
Australasia                                                            532           1 031                458             16    
Latin America                                                           12               -                  -            100    
Manufacturing revenue - active pharmaceutical ingredients            4 591           4 411              4 480              2    
Developed Europe                                                     4 259           3 976              4 263              0    
Sub-Saharan Africa                                                     332             435                217             53                                                                                                                   
Total manufacturing revenue                                          6 235           6 552              6 580             (5)   
TOTAL PHARMACEUTICALS                                               39 505          37 989             37 527              5    
NUTRITIONALS BY CUSTOMER GEOGRAPHY                                   3 091           3 224              3 163             (2)   
Australasia                                                            715             795                772             (7)   
Sub-Saharan Africa                                                   1 017             967                977              4    
Latin America                                                        1 290           1 462              1 414             (9)   
MENA                                                                     4               -                  -            100    
China                                                                   65               -                  -            100    
Total revenue                                                       42 596          41 213             40 690              5    
SUMMARY OF REGIONS                                                                                                               
Sub-Saharan Africa                                                  10 008           9 892              9 571              5    
Developed Europe                                                    12 329          11 431             11 871              4    
Australasia                                                          5 995           6 066              5 888              2    
Latin America                                                        4 231           4 184              3 991              6    
Developing Europe & CIS                                              2 780           2 589              2 611              6    
China                                                                2 480           1 753              1 748             42    
Japan                                                                1 930           1 932              1 812              7    
Other Asia                                                           1 401           1 206              1 148             22    
MENA                                                                   881           1 117              1 049            (16)   
USA & Canada                                                           561           1 043              1 001            (44)   
Total revenue                                                       42 596          41 213             40 690              5    
                                                                                                         
Commercial Pharmaceuticals therapeutic area analysis                                                                                                          
                                                              Reported June 2018 (June 2018 at 2018 average rates)                                                                                       
                                                                           High Potency       Therapeutic        
                                        Anaesthetics       Thrombosis       & Cytotoxic           Focused       Regional        
                                              Brands           Brands            Brands            Brands         Brands          Total    
                                           R'million        R'million         R'million         R'million      R'million      R'million                                         
BY CUSTOMER GEOGRAPHY                                                                                                                      
Commercial Pharmaceuticals                                                                                                                 
Sub-Saharan Africa                               143                9                99               251          7 876          8 127    
Developed Europe                               2 170            3 471             1 417             7 058            376          7 434    
Australasia                                      713               21               477             1 211          3 605          4 816    
Latin America                                    762               71               790             1 623          1 306          2 929    
Developing Europe & CIS                          434            1 876               406             2 716             64          2 780    
China                                          1 779              616                20             2 415              -          2 415    
Japan                                          1 213               48               372             1 633            297          1 930    
Other Asia                                       658              151               262             1 071            330          1 401    
MENA                                             156              159               193               508            369            877    
USA & Canada                                     304                8               136               448            113            561    
Total Commercial Pharmaceuticals               8 332            6 430             4 172            18 934         14 336         33 270    
                                                                                                                                           
                                                          Reported June 2017 (June 2017 at 2017 average rates)                                                                                       
                                                                           High Potency       Therapeutic        
                                        Anaesthetics       Thrombosis       & Cytotoxic           Focused       Regional         
                                              Brands           Brands            Brands            Brands         Brands          Total    
                                           R'million        R'million         R'million         R'million      R'million      R'million                                        
BY CUSTOMER GEOGRAPHY                                                                                                                      
Commercial Pharmaceuticals                                                                                                                 
Sub-Saharan Africa                               144                7               126               277          7 182          7 459    
Developed Europe                               1 700            3 168             1 472             6 340            477          6 817    
Australasia                                      639               25               483             1 147          3 652          4 799    
Latin America                                    605               92               838             1 535          1 187          2 722    
Developing Europe & CIS                          317            1 714               472             2 503             86          2 589    
China                                          1 453              252                48             1 753              -          1 753    
Japan                                          1 293               46               408             1 747            185          1 932    
Other Asia                                       429              176               258               863            343          1 206    
MENA                                             231              169               275               675            442          1 117    
USA & Canada                                     254               16               307               577            466          1 043    
Total Commercial Pharmaceuticals               7 065            5 665             4 687            17 417         14 020         31 437    

                                               Illustrative constant exchange rate June 2017 (June 2017 at 2018 average rates)                                                                                       
                                                                          High Potency       Therapeutic       
                                       Anaesthetics       Thrombosis       & Cytotoxic           Focused       Regional       
                                             Brands           Brands            Brands            Brands         Brands          Total    
                                          R'million        R'million         R'million         R'million      R'million      R'million                                           
BY CUSTOMER GEOGRAPHY                                                                                                                     
Commercial Pharmaceuticals                                                                                                                
Sub-Saharan Africa                              145                7               126               278          7 124          7 402    
Developed Europe                              1 732            3 204             1 529             6 465            476          6 941    
Australasia                                     621               25               467             1 113          3 545          4 658    
Latin America                                   571               87               803             1 461          1 116          2 577    
Developing Europe & CIS                         307            1 760               464             2 531             80          2 611    
China                                         1 435              266                47             1 748              -          1 748    
Japan                                         1 204               57               379             1 640            172          1 812    
Other Asia                                      412              166               246               824            324          1 148    
MENA                                            228              166               242               636            413          1 049    
USA & Canada                                    251               15               293               559            442          1 001    
Total Commercial Pharmaceuticals              6 906            5 753             4 596            17 255         13 692         30 947    
                                                                                                                                      
                                                                    % change constant exchange rates                                                                                   
                                                                          High Potency       Therapeutic        
                                       Anaesthetics       Thrombosis       & Cytotoxic           Focused       Regional          
                                             Brands           Brands            Brands            Brands         Brands      Total               
                                                  %                %                 %                 %              %          %         
BY CUSTOMER GEOGRAPHY                                                                                                                  
Commercial Pharmaceuticals                                                                                                               
Sub-Saharan Africa                               (1)              29               (21)              (10)            11         10    
Developed Europe                                 25                8                (7)                9            (21)         7    
Australasia                                      15              (16)                2                 9              2          3    
Latin America                                    34              (18)               (2)               11             17         14    
Developing Europe & CIS                          41                7               (13)                7            (20)         6    
China                                            24             >100               (57)               38              0         38    
Japan                                             1              (16)               (2)                0             73          7    
Other Asia                                       60               (9)                7                30              2         22    
MENA                                            (32)              (4)              (20)              (20)           (11)       (16)   
USA & Canada                                     21              (47)              (54)              (20)           (74)       (44)   
Total Commercial Pharmaceuticals                 21               12                (9)               10              5          8    


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 2017.

The provisional Group financial results have been reported in Rand millions in the current year to augment effective
financial analysis. This has changed from the previous year where the financial results were reported in Rand billions. 

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.

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.

SUBSEQUENT EVENT
Post year end Aspen concluded an agreement to divest of its Nutritionals Business to the Lactalis Group, a leading
multinational dairy corporation based in Laval, France, for a fully funded cash consideration of EUR739,8 million/R12,9 billion 
(translated at ZAR17,4/EUR). This transaction includes all assets and liabilities included in the Nutritionals segment.


DIRECTORS
K D Dlamini (Chairman)*, R C Andersen*, M G Attridge, L De Beer*, C N Mortimer*, B Ngonyama*, D S Redfern*, 
S B Saad, S V Zilwa* 
*Non-executive director
L De Beer was appointed on 31 July 2018 and J F Buchanan retired on 31 July 2018. 

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
Link Market Services South Africa (Pty) Ltd
13th Floor, 19 Ameshoff Street, Braamfontein, 2001
PO Box 4844, Johannesburg, 2000


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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