APN
APN
APN - Aspen Pharmacare Holdings Limited - Response to Bloomberg report regarding
the impact of the strike on Aspen`s H1 earnings
ASPEN PHARMACARE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1985/0002935/06
Share code: APN
ISIN: ZAE000066692
("Aspen" or "the Company")
RESPONSE TO BLOOMBERG REPORT REGARDING THE IMPACT OF THE STRIKE ON ASPEN`S H1
EARNINGS
Bloomberg`s reported after Aspen`s Annual General Meeting (AGM) this morning:
"Aspen Pharmacare Holdings Ltd., the largest maker of generic drugs in the
Southern Hemisphere, said a strike by workers in South Africa during its first
half will have a "fairly severe" impact on earnings. Aspen Chief Executive
Officer Stephen Saad commented at the company`s annual meeting of shareholders
in Johannesburg today."
This report is a consequence of a statement made by Stephen Saad, Aspen`s Group
Chief Executive Officer, in response to a question from a shareholder at the
AGM.
To clarify this matter, Aspen wishes to advise that Mr. Saad told shareholders
in attendance that it was extremely difficult to evaluate the financial
consequences of the strike, given that some of the production lost had
subsequently been recovered and sales lost during the period of the strike would
have, at least, been partially recovered.
Mr. Saad furthermore mentioned ZAR40 million in order to give context to the
possible effect of the strike on operating profits.
Investors were alerted to the fact that the strike had impacted performance at
the final results presentations made in September 2011 and in the annual report
published early in November 2011.
Woodmead
1 December 2011
Sponsor:
Investec Bank Limited
Date: 01/12/2011 13:00:01 Produced by the JSE SENS Department.
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