Performance summary

Group revenue by business segment
(%)

Group revenue by customer geography
(%)

Revenue from continuing operations increased by 1% (-2% CER) to R38 872 million

Revenue growth from Commercial Pharmaceuticals in emerging markets was marginally positive while being marginally negative in developed markets resulting in overall CER decline from this segment of 1%. Manufacturing revenue declined 11% (CER) and was the main contributor to the overall negative CER growth of 2%.

Normalised EBITDA from continuing operations decreased by 2% (-4% CER) to R10 824 million

Normalised EBITDA from continuing operations, comprising operating profit before depreciation and amortisation adjusted for specific non-trading items was negatively impacted by lower manufacturing revenue and related gross margins.

Normalised headline earnings per share from continuing operations decreased by 7% (-8% CER) to 1 414 cents

Normalised headline earnings per share ("NHEPS") 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 our ongoing underlying business. The lower normalised EBITDA and increased net financing costs contributed to the decline.

Net borrowings reduced to R38 984 million (from R53 507 million at 31 December 2018)

Proceeds from the disposal of the discontinued operations of R12 299 million coupled with strong operating cash flows (cash conversion ratio of 107%) contributed to the reduction in net borrowings.

No dividend has been declared for the year ended 30 June 2019 (2018: 315 cents)

Taking into account our prioritisation of deleveraging the balance sheet, existing debt service commitments during FY2020 and the short-term requirements of the ongoing capital projects, the Board has decided that it would not be prudent to declare a dividend at this time.