DNA is a genetic code that acts as the blueprint for all living organisms. It is in Aspen's DNA to provide affordable, high quality products to improve the lives of patients around the world while adding value to the communities in which we operate.
countries have access to our products
manufacturing facilities on 17 sites
Mandela Day beneficiaries in 2017
employees in 47 countries
educational grants issued
tablets manufactured annually
Despite the challenging operating context, we continue to deliver positive performance as we follow a transformational journey to secure our place as a truly global pharmaceutical company. Our commitment to create value for all of our stakeholders is achieved through the pursuit of a strategy that focuses on supplying high quality, affordable medicines in a commercially sustainable way.
Amid a turbulent geopolitical and global economic environment, I am pleased to report that the Group has posted a strong set of results, achieving overall revenue and NHEPS growth of 16% and a most welcome increase of 101% in operating cash flow per share.
Group Chief Executive's report
The 2017 financial year saw Aspen making significant progress in the strategic direction we have been working towards over the last four years. The transformation of the Group into a multinational pharmaceutical company with a focus on speciality therapy areas, supported by our capabilities in complex manufacturing, has created a platform for future growth.
The successfully executed transactions with AstraZeneca and GSK have positioned us as one of the world’s leading providers of anaesthetics and the recently announced acquisition of the related intellectual property ("IP") and manufacturing rights from AstraZeneca creates exciting opportunities for future synergies. Our strong presence in emerging markets and the significant infrastructure established in China provides us with access to territories with considerable growth potential.
The highlight of the positive results achieved in the financial year ended 30 June 2017 was the excellent operating cash flow of R6.5 billion – this was more than double the prior year and represented a 109% conversion of earnings to cash. This outcome was enabled by the success of management initiatives to substantially reduce the investment in working capital.
Revenue increased by 16% to R41,2 billion and normalised headline earnings per share was up 16% to 1 463 cents in the year ended June 2017.
Relative movements in exchange rates had a net unfavourable impact on our financial performance, as illustrated in the table on page 39, 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 2016 performance at 2017 average exchange rates.