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APN
APN
APN - ASPEN - Unaudited interim financial results for the six months ended 31
December 2007
Aspen Pharmacare Holdings Limited ("Aspen")
(Registration number 1985/002935/06)
Share code: APN ISIN: ZAE000066692
investing in future generations
Unaudited interim financial results for the six months ended 31 December 2007
Commentary
GROUP
Aspen recorded revenue of R2,2 billion for the six months ended 31 December
2007, an increase of 15%. Operating profit was up 24% to R634 million. Earnings
per share grew 31% to 125,0 cents. Headline earnings per share, which excludes
the profit of R54 million earned on the part disposal of Co-Pharma and the
natural products portfolio, increased by 15% to 109,6 cents.
South African Operations
The South African business grew revenue by 14% to R1,771 billion whilst earnings
before interest, tax and amortisation ("EBITA") increased by 17% to R577
million. Finished dosage form pharmaceuticals performed well, increasing revenue
by 21%, but this was tempered by negative growth in the active pharmaceutical
ingredient ("API") business and in the trading results of the consumer division.
Aspen has retained its position as the market leader in both the private and
public sectors of the South African pharmaceutical industry. Growth momentum
from new product launches was retarded due to fewer new product registrations
than anticipated being received. Aspen increased its share of the public sector
tenders awarded mid-way through the period despite intense competition,
particularly from importers. Revenue from finished dosage form anti-retrovirals
("ARVs") increased by 78% to R308 million. Fine Chemicals Corporation ("FCC"),
the 50% owned API business, experienced reduced demand for its key products
which lowered revenue and contracted margins.
The consumer division increased revenue by only 3% as the downturn in the retail
cycle was compounded by the discontinuation of a leading range of laxatives
resulting from the banning of phenolphthalein by the regulator. Margins came
under additional pressure due to a sharp rise in the price of the critical
ingredients for the manufacture of infant nutritionals arising from a worldwide
shortage of milk. The natural products portfolio was sold off into a new entity
at a profit before tax of R42 million. Aspen has retained 20% of the new
company.
The investment in manufacturing capability and capacity in Port Elizabeth
continued with the advancements of the three major projects. The Sterile
Facility is substantially complete and has commenced the plant validation
process. Commercial production remains scheduled for the second half of this
calendar year. The first phase of the upgrade of the heritage manufacturing
facility which covers the solids production area is expected to come online in
the second half of calendar 2009. The extension to the Oral Solid Dosage
Facility which will add to the packing capacity of the plant should be complete
before the end of calendar 2008.
International Operations
The international businesses grew revenue by 19% to R460 million and increased
EBITA by 52% to R118 million.
Aspen Australia sustained its excellent track record, raising revenue by 20% to
R312 million and improving EBITA by 30% to R48 million. This performance was
driven by the pharmaceutical division which has a growing sterile franchise and
which has benefited from the Novartis co-marketing arrangement beginning to show
returns.
UK-based Aspen Resources also performed well, increasing its contribution to
EBITA by 24% to R36 million. Aspen disposed of 51% of Co-Pharma, the Group`s
other UK business for R31 million, recording a profit on disposal of R17
million.
Astrix, the Indian ARV API manufacturer owned 50% by Aspen increased its
contribution to Group revenue by 82% to R82 million whilst EBITA grew 41% to R18
million.
As announced in November 2007, Aspen has expanded its international footprint
through a series of transactions with Strides Arcolab ("Strides") of India. With
effect from 28 December 2007, Aspen acquired a 50% stake in the global oncology
franchise which Strides initiated as a greenfield venture. Manufacturing will
take place from a specialist oncology facility in India with capabilities in
injectables, semi-solids and solids. The rights to 32 oncology products in
development have also been acquired.
In addition, Aspen has concluded an agreement to acquire a 50% interest in
Strides` Latin American business comprising operations in Brazil, Mexico and
Venezuela with effect from 1 March 2008 for a consideration of USD152,5 million.
Aspen has a call and Strides a put on the remaining 50% of this business after
one year.
Investment income, finance costs and cash flows
Positive cash flows led to a decline in interest paid, net of interest received,
from R33,6 million to R27,7 million, despite the increased cost of borrowing.
This trend was mirrored by net financing costs after offsetting investment
income where there was a reduction from R37,9 million to R34,6 million.
Prospects
A strong product pipeline and the leadership position in a growing market leaves
the South African pharmaceutical business positively positioned with upside
potential should there be an increase in the flow of product registrations
received. Margins will however come under stress until such time as the
Department of Health processes the annual price increase. The last increase was
effected on 1 January 2007. It is understood that this year`s increase may have
been delayed so as to implement the increase in conjunction with the
finalisation of the terms of the international benchmarking legislation. The
recent sharp weakening in the rand will place further pressure on margins as
imported input costs rise. The pricing regulations provide a mechanism to cater
for additional price increases. The South African public sector ARV tender is
due for award in May 2008. Consistent with government`s recognition of the
pharmaceutical industry in South Africa as strategic, government has announced
that this tender will provide for enhanced incentives for South African
manufacturers. The ARV tender will be more actively competed than at the time of
the previous award, but Aspen expects to remain a leading supplier of ARVs to
the state.
The consumer division in South Africa remains vulnerable to the retail cycle.
The infant nutritional products have absorbed a sharp increase in raw material
costs driven by global shortages and this position will be closely monitored.
Aspen`s joint ownership in the Latin American businesses becomes effective from
1 March 2008. The Group`s extensive intellectual property portfolio will be an
important growth driver in this territory in the future.
Contribution from the Latin American businesses will be limited in the current
financial year as the benefits from the new production facility at Campos,
Brazil will not yet be realised. The investment in the Strides oncology
franchise is not scheduled to become commercially productive during this
financial year. These acquisitions will dilute earnings over the remainder of
this financial year
The remaining international businesses should continue to perform well. Aspen
Australia is working on initiatives to improve its product offering. Astrix is
becoming established as a leading supplier of first line ARV APIs. Opportunities
to broaden Aspen`s reach into to African markets have been identified and are
being actively pursued.
Performance in the second half of the financial year is expected to be at a
level similar to that of the first half, but earnings growth will be diluted by
the Strides` acquisitions.
By order of the Board
S B Saad M G Attridge H A Shapiro
Group Chief Executive Deputy Group Chief Executive Company Secretary
Woodmead - 25 February 2008
Basis of Accounting
The condensed interim financial results have been prepared in accordance with
IFRS, IAS 34 - Interim Financial Reporting, the Listing Requirements of the JSE
Limited and Schedule 4 of the South African Companies Act (Act 61 of 1973, as
amended).
The accounting policies used in the preparation of these interim results are
consistent with those used in the annual financial statements for the year ended
30 June 2007.
The accounting in respect of the acquisitions of shareholding in Onco Therapies
Ltd and Powercliff Ltd has been determined on a preliminary basis. The purchase
price has been allocated to the respective assets of the underlying businesses
at book value, while any excess of the purchase price over book value, has been
allocated to goodwill. Individual intangible assets have not yet been identified
and valued. The purchase price allocation has been made on a preliminary basis,
as the effective date of the acquisitions was 28 December 2007.
The interim information has been prepared in accordance with the IFRS and IFRIC
interpretations as adopted for use in South Africa at the time of the
preparation of the information. As these standards and interpretations are
subject to ongoing review, they may be amended between the date of this report
and the finalisation of the annual financial statements for the year to June
2008.
Group Income Statement
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
31 December 31 December 30 June
2007 2006 Change 2007
Rm Rm % Rm
Revenue 2 230,4 1 935,9 15 4 025,9
Cost of sales (1 177,6) (990,5) (2 084,2)
Gross profit 1 052,8 945,4 11 1 941,7
Other 62,7 4,6 13,4
operating
income
Selling and (298,2) (262,3) (536,9)
distribution
expenses
Administrative (122,6) (116,1) (208,3)
expenses
Other (60,9) (59,1) (133,3)
operating
expenses
Operating 633,8 512,5 24 1 076,6
profit
Investment C# 147,3 56,1 139,8
income
Net financing D# (181,9) (94,0) (207,0)
costs
599,2 474,6 1 009,4
Share of after- 0,3 - -
tax profits of
associate
Net profit 599,5 474,6 26 1 009,4
before tax
Tax E# (161,6) (142,4) (291,7)
Net profit 437,9 332,2 32 717,7
after tax
Attributable
to:
Equity holders 439,3 331,7 717,4
of the parent
Minority (1,4) 0,5 0,3
interest
437,9 332,2 32 717,7
Weighted 351 397 348 019 348 850
average number
of shares in
issue (`000)
Earnings per 125,0 95,3 31 205,7
share - basic
(cents)
Earnings per 121,5 92,9 31 201,8
share -
diluted
(cents)
#See notes on supplementary information.
Headline Earnings
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
31 December 31 December 30 June
2007 2006 Change 2007
Rm Rm % Rm
Reconciliation of
headline earnings
Net profit
attributable to
equity
holders of the 439,3 331,7 717,4
parent
Adjusted for:
-
Loss on disposal 0,1 - 0,4
of property,
plant and
equipment (net of
tax)
-
Profit on (37,9) - (3,4)
disposal of
intangible assets
(net of tax)
-
Impairment of 0,3 0,9 8,2
intangible assets
(net of tax)
-
Adjustment to
write down on
disposal of 50% - - 10,5
of FCC
-
Profit on sale of (16,6) - -
51% shareholding
in Co-Pharma
Headline earnings 385,2 332,6 16 733,1
Headline earnings 109,6 95,6 15 210,1
per share (cents)
Headline earnings
per share
- diluted (cents) 107,1 93,2 15 206,1
Group Balance Sheet
Unaudited Unaudited Audited
31 December 31 December 30 June
2007 2006 2007
Rm Rm Rm
ASSETS
Non-current assets
Property, plant and equipment 1 070,5 717,0 855,1
Goodwill 536,8 265,1 295,0
Investment in associate 25,1 - -
Intangible assets 848,0 840,6 844,7
Preference share investment 376,8 376,8 376,8
Non-current financial assets 23,8 3,5 6,0
Deferred tax assets 15,7 19,9 15,1
Total non-current assets 2 896,7 2 222,9 2 392,7
Current assets
Inventories 1 073,1 882,2 936,8
Receivables and prepayments 945,1 802,2 870,9
Other current assets 0,7 15,5 0,3
Cash and cash equivalents 1 870,0 1 694,2 3 331,2
Total current assets 3 888,9 3 394,1 5 139,2
Total assets 6 785,6 5 617,0 7 531,9
SHAREHOLDERS` EQUITY
Share capital and share 490,5 727,7 746,4
premium
Treasury shares (571,6) (598,9) (598,9)
Share-based compensation 60,0 34,5 47,5
reserve
Non-distributable reserves 249,0 219,0 267,8
Retained income 2 222,2 1 327,9 1 757,6
Ordinary shareholders` equity 2 450,1 1 710,2 2 220,4
Equity component of preference 162,0 162,0 162,0
shares
2 612,1 1 872,2 2 382,4
Minority interest 5,6 13,0 7,0
Total shareholders` equity 2 617,7 1 885,2 2 389,4
LIABILITIES
Non-current liabilities
Preference shares - liability 402,3 401,5 403,5
component
Borrowings 13,1 38,2 25,9
Deferred-payables and other
non-current
financial liabilities 5,9 3,2 10,6
Deferred tax liabilities 63,2 120,9 65,3
Retirement benefit obligations 7,2 7,3 7,2
Total non-current liabilities 491,7 571,1 512,5
Current liabilities
Trade and other payables 816,4 609,7 648,1
Borrowings 2 700,6 2 500,3 3 801,8
Deferred-payables and other 15,7 31,2 65,3
current financial liabilities
Current tax liabilities 143,5 19,5 114,8
Total current liabilities 3 676,2 3 160,7 4 630,0
Total liabilities 4 167,9 3 731,8 5 142,5
Total equity and liabilities 6 785,6 5 617,0 7 531,9
Number of shares in issue
(net of treasury shares) 352 035 348 545 350 634
(`000)
Net asset value per share 696,0 490,7 633,3
(cents)
Statement of Changes in Group Equity
Share-based Non-
Share Treasury compensation distributable
capital
and premium shares reserve reserves
Rm Rm Rm Rm
Balance as at 954,4 (623,0) 31,2 191,2
1 July 2006
Fair value - - - 0,7
movement on
available-for-
sale
financial
assets
Currency - - - 69,2
translation
differences
Net profit - - - -
for the year
Capital (240,1) 24,1 - -
distribution
Cash flow - - - (5,2)
hedges
realised
Cash flow - - - (0,1)
hedges
recognised
Issue of 32,1 - - -
ordinary
share capital
Share options - - 24,2 -
and
appreciation
rights
awarded
Transfer from - - (7,9) -
share-based
compensation
reserve
Non- - - - 12,0
distributable
portion of
earnings
Equity - - - -
portion of
tax claims in
respect of
share schemes
Balance as at 746,4 (598,9) 47,5 267,8
30 June 2007
Currency - - - (8,7)
translation
differences
Net profit - - - -
for the year
Dividend paid - - - -
Capital (273,2) 27,3 - -
distribution
Disposal of - - - (10,8)
51%
shareholding
in Co-Pharma
Cash flow - - - 0,1
hedges
realised
Cash flow - - - 0,6
hedges
recognised
Issue of 17,3 - - -
ordinary
share capital
Share options - - 17,6 -
and
appreciation
rights
awarded
Transfer from - - (5,1) -
share-based
compensation
reserve
Balance as at 490,5 (571,6) 60,0 249,0
31 December
2007
Statement of Changes in Group Equity (continued)
Equity
component
Retained of preference Minority
income shares interest Total
Rm Rm Rm Rm
Balance as at 1 July 997,2 162,0 6,7 1 719,7
2006
Fair value movement - - - 0,7
on available-for-
sale financial
assets
Currency translation - - - 69,2
differences
Net profit for the 717,4 - 0,3 717,7
year
Capital distribution - - - (216,0)
Cash flow hedges - - - (5,2)
realised
Cash flow hedges - - - (0,1)
recognised
Issue of ordinary - - - 32,1
share capital
Share options and - - - 24,2
appreciation rights
awarded
Transfer from share- 7,9 - - -
based compensation
reserve
Non-distributable (12,0) - - -
portion of earnings
Equity portion of 47,1 - - 47,1
tax claims in
respect of share
schemes
Balance as at 30 1 757,6 162,0 7,0 2 389,4
June 2007
Currency translation - - - (8,7)
differences
Net profit for the 439,3 - (1,4) 437,9
year
Dividend paid (1,5) - - (1,5)
Capital distribution - - - (245,9)
Disposal of 51% 21,7 - - 10,9
shareholding in Co-
Pharma
Cash flow hedges - - - 0,1
realised
Cash flow hedges - - - 0,6
recognised
Issue of ordinary - - - 17,3
share capital
Share options and - - - 17,6
appreciation rights
awarded
Transfer from share- 5,1 - - -
based compensation
reserve
Balance as at 31 2 222,2 162,0 5,6 2 617,7
December 2007
Supplementary Information
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
31 December 31 December 30 June
2007 2006 2007
Rm Rm Rm
A. Capital
expenditure
Incurred 206,8 198,9 434,8
- tangible assets 181,6 131,0 287,7
- intangible assets 25,2 67,9 147,1
Contracted
- tangible assets 36,9 135,2 96,3
- intangible assets 9,5 23,3 4,3
Authorised but not
contracted for
- tangible assets 258,1 146,8 330,9
- intangible assets - 0,5 1,0
B. Operating profit
has been arrived at
after charging
Depreciation of 33,4 30,0 60,3
property, plant and
equipment
Amortisation of 60,6 57,9 121,1
intangible assets
Share-based payment 23,1 18,9 29,4
expenses -
employees
C. Investment
income
Preference share 16,6 14,2 29,3
dividends received
Interest received 130,7 41,9 110,5
Total investment 147,3 56,1 139,8
income
D. Net financing
costs
Interest paid (158,6) (75,5) (174,0)
Net foreign (3,5) 13,5 22,7
exchange
(losses)/gains
Fair value losses (1,8) (17,2) (19,4)
on financial
instruments
Notional interest 0,4 1,0 (3,8)
on financial
instruments
Preference share (18,4) (15,8) (32,5)
dividends paid
Net financing costs (181,9) (94,0) (207,0)
E. Tax
A tax rate of 28% has been applied in accordance with the
reduction in the South African Corporate tax rate. This is
applicable to all South African companies having year-ends
ending after 1 April 2008
F. Other commitments
During the 2003 financial year Aspen entered into a 12-year
agreement with GlaxoSmithKline South Africa (Pty) Ltd to
distribute and market a range of their products. In terms of this
agreement Aspen is committed to pay the following amounts to
GlaxoSmithKline South Africa (Pty) Ltd
- payable within 8,1 19,1 17,7
one year
- payable 62,6 70,7 62,6
thereafter
70,7 89,8 80,3
During the 2005 financial year Aspen Australia Pty Ltd entered
into a 10-year agreement with Novartis Pharmaceuticals Australia
Pty Ltd to distribute and market a range of their products. In
terms of this agreement Aspen is committed to spend the following
amounts on promotion of the products
- payable within 8,6 8,6 9,0
one year
- payable 40,9 45,9 45,6
thereafter
49,5 54,5 54,6
G. Contingent liabilities
There are contingent liabilities in respect of:
Additional payments 6,8 6,9 7,1
in respect of the
Quit worldwide
intellectual
property rights
Guarantee covering 0,3 1,4 1,1
potential rental
default relating to
sale of
discontinued
operations
Guarantees covering 6,7 15,8 20,4
loan and other
obligations to
third parties
Group Cash Flow Statement
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
31 December 31 December 30 June
2007 2006 2007
Rm Rm Rm
Cash flows from operating
activities
Cash operating profit 715,7 624,9 1 322,0
Changes in working capital (183,3) (286,8) (353,0)
Cash generated from 532,4 338,1 969,0
operations
Net financing costs paid (195,7) (80,1) (193,8)
Investment income received 147,3 56,1 139,8
Tax paid (136,5) (153,5) (206,4)
Net cash from operating 347,5 160,6 708,6
activities
Cash flows from investing
activities
Replacement capital (43,3) (21,0) (67,2)
expenditure - property,
plant and equipment
Expansion capital (138,3) (110,1) (220,5)
expenditure - property,
plant and equipment
Proceeds on disposal of 1,1 0,2 0,8
tangible assets
Replacement capital (0,1) (3,1) (2,8)
expenditure - intangible
assets
Expansion capital (25,1) (64,8) (144,3)
expenditure - intangible
assets
Proceeds on disposal of 1,4 - 8,5
intangible assets
Acquisition of joint (174,5) - (0,1)
ventures, net of cash
acquired
Disposal of 51% of Co- 10,1 - -
Pharma, net of cash
Amounts receivable in (30,6) - -
respect of Co-Pharma
disposal
Decrease in non-current - (3,5) (6,0)
financial assets
Net cash used in investing (399,3) (202,3) (431,6)
activities
Cash flows from financing
activities
Proceeds from borrowings 1 956,0 1 018,2 2 477,3
Repayment of borrowings (1 839,3) (781,8) (2 351,1)
Repayment of deferred- (55,1) - (12,3)
payables
Proceeds from deferred- - 2,3 24,3
payables
Net capital distribution (245,9) (216,1) (216,0)
paid
Proceeds from issue of 12,0 8,4 27,0
ordinary shares
Dividend paid (1,5) - -
Net cash (used (173,8) 31,0 (50,8)
in)/generated by financing
activities
Movement in cash and cash (225,6) (10,7) 226,2
equivalents before exchange
rate changes
Effects of exchange rate (6,4) 3,4 9,0
changes
Cash and cash equivalents
Movement in cash and cash (232,0) (7,3) 235,2
equivalents
Cash and cash equivalents 497,5 262,3 262,3
at the beginning of the
period/year
Cash and cash equivalents 265,5 255,0 497,5
at the end of the
period/year
For the purposes of the cash flow statement, cash and cash
equivalents comprise cash-on-hand, deposits held on call with
banks less bank overdrafts which form an integral part of Aspen`s
cash management. Bank overdrafts are included within borrowings
under current liabilities on the balance sheet.
Segmental Analysis
South
Africa
Unaudited Unaudited Audited
Six months Six months Year
ended Ended ended
31 December 31 December 30 June
2007 % of 2006 % of 2007
Rm total Rm total Rm
Primary segments: Geographical
Gross revenue 1 772,0 76,0 1 549,7 76,5 3 275,4
Less: (1,2) - (9,1)
Intersegment
sales
Revenue 1 770,8 79,3 1 549,7 80,0 3 266,3
Operating profit 576,5* 83,0 492,7 86,4 1 052,6
before
amortisation
Amortisation - (33,6) 55,5 (33,9) 58,6 (71,4)
intangible
assets
Operating profit 542,9* 85,7 458,8 89,5 981,2
Pharmaceutical
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2007 % of 2006 % of 2007
Rm total Rm total Rm
Secondary segments: Business
Revenue 1 717,8 77,0 1 442,8 74,5 3 031,7
South Africa 1 327,5 1 117,8 2 397,3
Australia 252,2 201,6 393,3
Asia 81,9 44,9 99,5
United Kingdom 56,2 78,5 141,6
and United States
Operating profit 535,2 77,1 448,0 78,5 948,9
before
amortisation
South Africa 434,9 388,7 838,8
Australia 34,3 20,0 39,0
Asia 17,7 12,5 21,0
United Kingdom 48,3** 26,8 50,1
and United States
Operating profit 477,9 75,4 401,0 78,2 842,5
South Africa 399,9 364,1 780,8
Australia 28,5 15,9 27,9
Asia 13,0 8,2 12,3
United Kingdom 36,5** 12,8 21,5
and United States
Segmental Analysis (continued)
Australia
Unaudited Unaudited Audited
Six months Six months Year
ended Ended ended
31 December 31 December 30 June
2007 % of 2006 % of 2007
Rm total Rm total Rm
Primary segments: Geographical
Gross revenue 311,7 13,4 258,8 12,8 508,5
Less: - - -
Intersegment
sales
Revenue 311,7 14,0 258,8 13,4 508,5
Operating profit 48,3 7,0 37,2 6,5 71,2
before
amortisation
Amortisation - (6,4) 10,4 (5,7) 9,8 (11,5)
intangible assets
Operating profit 41,9 6,6 31,5 6,2 59,7
Consumer
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2007 % of 2006 % of 2007
Rm total Rm total Rm
Secondary segments: Business
Revenue 512,6 23,0 493,1 25,5 994,2
South Africa 443,3 431,9 869,0
Australia 59,5 57,2 115,2
Asia - - -
United 9,8 4,0 10,0
Kingdom and
United States
Operating profit 159,2 22,9 122,4 21,5 248,8
before
amortisation
South Africa 141,6* 104,0 213,8
Australia 14,0 17,2 32,2
Asia - - -
United 3,6 1,2 2,8
Kingdom and
United States
Operating profit 155,9 24,6 111,5 21,8 234,1
South Africa 143,0* 94,7 200,4
Australia 13,4 15,6 31,8
Asia - - -
United (0,5) 1,2 1,9
Kingdom and
United States
Segmental Analysis (continued)
Asia
Unaudited Unaudited Audited
Six months Six months Year
ended Ended ended
31 December 31 December 30 June
2007 % of 2006 % of 2007
Rm total Rm total Rm
Primary segments: Geographical
Gross revenue 125,7 5,4 80,3 4,0 189,8
Less: (43,8) (35,4) (90,3)
Intersegment
sales
Revenue 81,9 3,7 44,9 2,3 99,5
Operating profit 17,7 2,5 12,5 2,2 21,0
before
amortisation
Amortisation - (4,7) 7,8 (4,3) 7,4 (8,7)
intangible
assets
Operating profit 13,0 2,0 8,2 1,6 12,3
Total
Unaudited Unaudited Audited
Six months Six months Year
ended Ended ended
31 December 31 December 30 June
2007 % of 2006 % of 2007
Rm Rm total Rm
total
Secondary segments: Business
Revenue 2 230,4 100,0 1 935,9 100,0 4 025,9
South Africa 1 770,8 1 549,7 3 266,3
Australia 311,7 258,8 508,5
Asia 81,9 44,9 99,5
United Kingdom 66,0 82,5 151,6
and United States
Operating profit 694,4 100,0 570,4 100,0 1 197,7
before
amortisation
South Africa 576,5 492,7 1 052,6
Australia 48,3 37,2 71,2
Asia 17,7 12,5 21,0
United Kingdom 51,9 28,0 52,9
and United States
Operating profit 633,8 100,0 512,5 100,0 1 076,6
South Africa 542,9 458,8 981,2
Australia 41,9 31,5 59,7
Asia 13,0 8,2 12,3
United Kingdom 36,0 14,0 23,4
and United States
Segmental Analysis (continued)
United Kingdom and United States
Unaudited Unaudited Audited
Six months Six months Year
ended Ended ended
31 December 31 December 30 June
2007 % of 2006 % of 2007
Rm total Rm total Rm
Primary segments:
Geographical
Gross revenue 120,6 5,2 136,7 6,7 256,8
Less: (54,6) (54,2) (105,2)
Intersegment
sales
Revenue 66,0 3,0 82,5 4,3 151,6
Operating 51,9** 7,5 28,0 4,9 52,9
profit before
amortisation
Amortisation - (15,9) 26,3 (14,0) 24,1 (29,5)
intangible
assets
Operating 36,0** 5,7 14,0 2,7 23,4
profit
Segmental Analysis (continued)
Total
Unaudited Unaudited Audited
Six months Six months Year
ended Ended ended
31 December 31 December 30 June
2007 % of 2006 % of 2007
Rm total Rm total Rm
Primary segments: Geographical
Gross revenue 2 330,0 100,0 2 025,5 100,0 4 230,5
Less: (99,6) (89,6) (204,6)
Intersegment
sales
Revenue 2 230,4 100,0 1 935,9 100,0 4 025,9
Operating 694,4 100,0 570,4 100,0 1 197,7
profit before
amortisation
Amortisation - (60,6) 100,0 (57,9) 100,0 (121,1)
intangible
assets
Operating 633,8 100,0 512,5 100,0 1 076,6
profit
*Included in this segment is a profit of R41,8 million in respect of the sale of
intangible assets relating to the natural products portfolio.
**Included in this segment is a profit of R16,6 million in respect of the sale
of 51% shareholding in Co-Pharma.
Directors: N J Dlamini (Chairman)*, A J Aaron*, M G Attridge,
M R Bagus*, J F Buchanan*, P Dyani*, C N Mortimer*, D M Nurek*,
S B Saad, D Thomas (Alternate to P Dyani), S Zilwa*.
TRANSFER SECRETARY: Computershare Investor Services 2004 (Pty) Limited
(Registration number 1987/003382/06), 70 Marshall Street, Johannesburg, 2001 (PO
Box 1053, Johannesburg, 2000).
REGISTERED OFFICE: Building no 8, Healthcare Park, Woodlands Drive, Woodmead
company secretary: H A Shapiro *Non-executive directors
Sponsor: Investec Bank
Date: 25/02/2008 14:02:01 Produced by the JSE SENS Department.
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