GROUP PERFORMANCE

Total revenue December 2018:
Regional analysis: R19,7 billion

Revenue December 2018:
Commercial Pharmaceutical
Brands: R16,7 billion

Revenue December 2018:
Commercial Pharmaceuticals by
Region: R16,7 billion


Revenue from continuing operations

1%

(0% CER*)

R19,7 billion

Organic growth from Commercial Pharmaceuticals, particularly in Emerging Markets, offset by declining Manufacturing revenue.



Normalised EBITDA from continuing operations

3%

(-1% CER*) to

R5,5 billion

Normalised EBITDA from continuing operations, comprising operating profit before depreciation and amortisation adjusted for specific non-trading items, impacted by higher net operating expenses influenced by the increased investment in Asia.



Normalised headline earnings per share from continuing operations

9%

(-6% CER*) to

743,4 cents

Normalised headline earnings per share from continuing operations comprises headline earnings per share from continuing operations adjusted for specific non-trading items and is a measure which provides clear comparability of the financial performance of Aspen’s ongoing underlying business. The lower normalised EBITDA and increased net financing costs contributed to the decline.



Headline earnings per share from continuing operations

14%

(-11% CER*)

676,5 cents

The benefit of a foreign exchange gain arising on an acquisition in the prior year widened the gap between headline earnings and normalised headline earnings per share from continuing operations.



Earnings per share from continuing operations

16%

(-14% CER*) to

628,9 cents

Increased intangible asset impairments led to a higher decline in earnings per share from continuing operations.





* The constant exchange rate (“CER”) restatement has been calculated by adjusting the prior year’s reported results at the current year’s reported exchange rate. This provides illustrative comparability with the current year’s reported performance.

Commentary

Aspen’s earnings for the six months ended 31 December 2018 are in line with management’s expectations. A good performance from Commercial Pharma in Emerging Markets is offset by a decline in revenue from Manufacturing (as guided in the September 2018 results announcement). Earnings are diluted by higher financing costs.

View more on commentary