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APN
APN
APN - Aspen - Interim financial results: six months ended 31 December 2006
ASPEN HOLDINGS
Aspen Pharmacare Holdings Limited
("Aspen")
(Registration number 1985/002935/06)
Share code: APN & ISIN: ZAE000066692
Interim Financial Results for the six months ended 31 December 2006
15% increase in revenue
15% increase in net profit
11% growth in headline earnings per share
COMMENTARY
Group
Aspen increased both revenue and net profit after tax by 15% for the six months
ended 31 December 2006, to R1,936 billion and R332 million respectively.
This translates into growth of 13% in earnings per share to 95,3 cents as
the weighted average number of shares in issue rose as a consequence of the
issue of 2,6 million ordinary shares in terms of the Aspen share incentive
schemes. Headline earnings per share of 95,6 cents represents an 11%
increase.
South African operations
The South African business produced satisfactory results, growing revenue 11% to
R1,550 billion and earnings before interest, investment income, tax and
amortisation ("EBITA") by 16% to R493 million. These results were achieved
despite the sale of 50% of the equity in Fine Chemicals Corporation (Pty)
Ltd ("FCC") midway through the prior financial year. As a consequence, only
half of the results achieved by FCC are consolidated into the results for
the current period. Furthermore, the comparative period EBITA has been
reduced by a R14 million write down in the fair value of FCC.
The Pharmaceutical Division performed well, growing revenue by 14% despite the
inclusion of only 50% of FCC. On a like-for-like basis revenue growth was
21%. Finished dosage form ("FDF") revenue increased 21% through organic
growth supported by recent product launches. This growth was generated in
the private market, as the public sector business was flat, given that it
is the second year of a two-year tender cycle. The generic market in South
Africa continues to be highly competitive with international generic
companies increasing their interest in the market. Aspen has nevertheless
managed to improve its generic market share over the six months (IMS data
reflects at 35% market share for the twelve months to December). FDF
margins remained under pressure, particularly with the weakening of the
rand against import currencies over the past year. The price increases
permitted by the Department of Health ("DoH"), relieving the price freeze
implemented by the regulator based on 2003 average prices, only became
effective after the period end.
Revenue from FDF antiretrovirals ("ARVs") increased by 66% from R104 million to
R173 million. Growth in the offtake of ARVs in the South African public
sector has been particularly strong, reflecting increasing momentum to the
government`s programmes. The South African government tender for ARVs is
due for re-award in the first half of 2008.
FCC, the active pharmaceutical ingredient ("API") manufacturer, matched the
strong first-half performance delivered in the prior year at both revenue
and operating profit levels. The weaker rand and a strong export order book
should assist in maintaining this momentum.
The infant nutritional range has consolidated the substantial gains made in the
prior year, but the rate of revenue growth slowed. This contributed to
slower revenue growth in the Consumer Division, where revenue increased 6%
to R432 million. Profit margins have however improved as a consequence of
cost curtailment.
High production output has been maintained as stock levels have been raised to
ensure optimum service. An upgrade of the heritage manufacturing facility
in Port Elizabeth is at an enhanced stage of planning. The upgraded
facility will provide enhanced technologies and capacities. Construction of
the sterile facility, which is designed to United States Food and Drug
Administration Standards, is on track. Initial validation of this facility
is planned for the beginning of 2008.
International operations
Aspen`s international operations increased revenue by 31% and EBITA by 51%. This
was achieved despite a poor performance from Co-pharma Ltd, but with the
benefit of the inclusion of Astrix Laboratories Ltd ("Astrix"), the India-
based API joint venture which commenced business in January 2006.
Aspen Australia Pty Ltd recorded revenue of R259 million, an increase of 24%,
whilst improving EBITA by 36% to R37 million. Both Pharmaceutical and
Consumer Divisions showed robust growth with the Consumer Division
benefiting from new product additions.
Aspen Resources Ltd, the United Kingdom-based intellectual property and sourcing
company, produced another positive performance, raising EBITA by 32% to R29
million. Co-pharma Ltd returned a small loss despite increased volumes.
Astrix, which specialises in ARV APIs, increased its contribution to gross
revenue from R67 million in its first six months of trade to R80 million.
The largest portion of this increase was attributable to trade with Aspen.
Investment income, finance costs and cash flows
Interest paid, net of interest received, has increased from R19 million to R34
million. Rising interest rates and higher borrowings due to increased
levels of working capital are the major influences. Fair value losses on
financial instruments, the consequence of the currency strengthening
against forward exchange contracts, amounted to R17 million (prior year R1
million). This was partially offset by foreign exchange gains on foreign
currency-denominated supplier and customer balances of R14 million (prior
year R2 million).
Net cash generated from operating activities of R161 million was less than
earnings of R332 million as working capital increased by R287 million.
Whilst stock levels have increased, this has been in line with trading
activity except at Astrix, where stock levels have been raised in
anticipation of ARV demand. Debtors` days have been extended, impacted by
longer settlement terms on the growing export book. The value of creditors
decreased, influenced by buying patterns, mix and cut-off.
Prospects
All of the key business units are performing well. Aspen maintained its leading
position in the South African generic market despite intensified
competition. Continuous focus is given to the South African pipeline, which
remains a rich source of future product launches. The DoH has provided
greater clarity on pricing in the South African pharmaceutical market by
establishing a mechanism for annual price increases which takes
consideration of the changing economic fundamentals to which the industry
is exposed. Aspen implemented the 5,2% increase permitted by the DoH in
January 2007. This will go some way to relieving the pent-up margin
pressures caused by cost inflation and exchange rate weakness over the
extended period when price increases were prohibited. However, the
legislative environment for pharmaceuticals remains uncertain. The
regulator has invited comment on the proposed international benchmarking
legislation. Given the proposed structure of this legislation it is not
possible to evaluate the potential impact until greater clarity has been
achieved in respect of originator products. Aspen is confident that the
regulator will take due consideration of pertinent factors raised in
comment by the industry.
Aspen`s ARV offering continues to expand by product and territory providing
scope for further strong growth in this life-sustaining treatment category.
Viread and Truvada, originator products which are leading second-line
treatments, will both be launched into African markets before the end of
the financial year.
Growing capacity utilisation in the oral solid dose ("OSD") production facility
will lead to enhanced production efficiencies. Opportunities to provide
manufacturing services from the OSD facility for multi-national
pharmaceutical companies are under consideration. There has also been
substantial international interest in the production capabilities offered
by the sterile facility, which is due to commence commercial production
towards the end of 2008. Aspen has already concluded a long-term agreement
for production from the sterile facility, with a subsidiary of Prestige
Brands Inc., a leading supplier of eye drops in the USA and Canadian
markets.
As has been previously communicated, the current year is one in which Aspen is
focusing on the consolidation of past gains and on establishing the
platform for the implementation of growth strategies through to the end of
the decade. The benefits of these initiatives should be reflected in the
results of future financial years.
By order of the board
S B Saad
(Group Chief Executive)
M G Attridge
(Deputy Group Chief Executive)
H A Shapiro
(Company Secretary)
Woodmead - 26 February 2007
Basis of accounting
The condensed interim 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 2006. The December 2005 income statement and balance sheet
have been restated, as the IFRS conversion process was only finalised in
June 2006. More details are provided in the notes to the income statement
and balance sheet.
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 2007.
GROUP INCOME STATEMENT
Unaudited
Unaudited Restated Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2006 2005 % 2006
Rm Rm change Rm
Revenue 1 935,9 1 686,9 15 3 449,3
Cost of sales (990,5) (873,9)1, 2 (1 789,0)
Gross profit 945,4 813,0 16 1 660,3
Other operating 4,6 1,4 2,2
income
Selling and (262,3) (228,2)1 (462,3)
distribution costs
Administrative (116,1) (96,2)2 (195,8)
expenses
Other operating (59,1) (60,1) (108,9)
expenses
Investment income 56,1 43,9 72,9
(see note C of
supplementary
information)
Operating profit 568,6 473,8 20 968,4
(see note B of
supplementary
information)
Net financing costs (94,0) (63,5) (113,7)
(see note D of
supplementary
information)
Net profit before 474,6 410,3 16 854,7
tax
Tax (142,4) (121,8) (216,6)
Net profit after tax 332,2 288,5 15 638,1
Attributable to:
Equity holders of 331,7 288,5 638,0
the parent
Minority interest 0,5 - 0,1
Weighted average 348 019 341 546 344 128
number of shares in
issue (`000)
Earnings per share - 95,3 84,5 13 185,4
basic (cents)
Earnings per share - 92,9 82,0 13 179,2
basic diluted
(cents)
Capital distribution 62,0 48,0 29 48,0
per share (cents)*
*Relates to the capital distributions declared in respect of the 2005 and
2006 financial years. The policy of Aspen is to recommend a final
distribution to shareholders when the preliminary results for each
financial year are released.
The income statement for the six months to December 2005 has been restated
as follows:
1. An amount of R25 million has been reclassified from cost of sales to
selling and distribution costs.
2. An amount of R19 million has been reclassified from administrative
expenses to cost of sales.
HEADLINE EARNINGS
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2006 2005 % 2006
Rm Rm change Rm
Reconciliation of
headline earnings
Net profit 331,7 288,5 638,0
attributable to
equity holders of the
parent
Adjusted for:
- Impairment of 0,9 - 1,9
intangible assets
(net of tax)
- Investment in FCC
written down to fair
value
(net of tax) - 14,2 14,2
- Deferred tax asset
in respect of
Aspen Nutritionals - (8,2) (15,6)
(Pty) Ltd assessed
loss raised
- Goodwill in respect
of Aspen Nutritionals
(Pty) Ltd written - 0,5 0,5
down
- Loss on disposal of - - 0,1
intangible assets
(net of tax)
- Profit on disposal
of property, plant
and equipment
(net of tax) - (0,2) -
- Profit on sale of - - (0,7)
investment property
(net of tax)
Headline earnings 332,6 294,8 13 638,4
Headline earnings per 95,6 86,3 11 185,5
share (cents)
Headline earnings per 93,2 83,7 11 179,3
share - diluted
(cents)
GROUP BALANCE SHEET
Unaudited
Unaudited Restated Audited
31 December 31 December 30 June
2006 2005 2006
Rm Rm Rm
ASSETS
Non-current assets
Property, plant and equipment 717,0 499,3 613,1
Goodwill 265,1 107,24 262,1
Intangible assets 840,6 607,9 820,5
Preference share investment 376,8 376,8 376,8
Non-current financial assets 3,5 0,1 12,9
Deferred tax assets 19,9 46,65 34,4
Total non-current assets 2 222,9 1 637,9 2 119,8
Current assets
Inventories 882,2 585,8 798,3
Receivables and prepayments 802,2 823,7 721,9
Current tax assets 2,3 9,1 3,0
Current financial assets 13,2 - 1,3
Cash and cash equivalents 1 694,2 482,0 625,2
Total current assets 3 394,1 1 900,6 2 149,7
Assets classified as held for - 172,5 -
sale
Total assets 5 617,0 3 711,0 4 269,5
SHAREHOLDERS` EQUITY
Share capital and share 727,7 946,8 954,4
premium
Treasury shares (598,9) (623,0) (623,0)
Non-distributable reserves 219,0 56,44 191,2
Share-based compensation 34,5 25,0 31,2
reserve
Retained income 1 327,9 679,4 997,5
Ordinary shareholders` equity 1 710,2 1 084,6 1 551,3
Preference shares - equity 162,0 162,06 162,0
component
1 872,2 1 246,6 1 713,3
Minority interest 13,0 - 12,5
Total shareholders` equity 1 885,2 1 246,6 1 725,8
LIABILITIES
Non-current liabilities
Preference shares - liability 401,5 404,9 403,3
component
Borrowings 38,2 51,4 49,0
Deferred payables and other 3,2 24,1 25,8
non-current financial
liabilities
Deferred tax liabilities 120,9 77,56 103,9
Retirement benefit 7,3 9,9 7,3
obligations
Total non-current liabilities 571,1 567,8 589,3
Current liabilities
Trade and other payables 609,7 686,8 713,6
Borrowings 2 500,3 1 054,5 1 173,8
Deferred payables 31,2 28,8 4,8
Current tax liabilities 19,5 97,5 62,2
Total current liabilities 3 160,7 1 867,6 1 954,4
Liabilities associated with - 29,0 -
assets classified as held for
sale
Total liabilities 3 731,8 2 464,4 2 543,7
Total equity and liabilities 5 617,0 3 711,0 4 269,5
Number of shares in issue 348 545 345 961 347 449
(net of treasury shares)
(`000)
Net asset value per share 490,7 313,5 446,5
(cents)
The balance sheet for December 2005 has been restated as follows:
4. The goodwill balance has decreased by R69 million, relating to an
impairment of the Co-pharma Ltd goodwill, as more fully described in
the 2006 annual report. The foreign currency translation reserve has
also been adjusted by R6 million.
5. Deferred tax assets have increased by R10 million. This adjustment
relates to deferred tax on reinstated intangible assets.
6. Deferred tax liabilities have decreased by R17 million, and the equity
component of preference shares has increased by R17 million.
The net effect of the adjustments is a decrease in retained income of
R65 million.
SUPPLEMENTARY INFORMATION
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2006 2005 2006
Rm Rm Rm
A. Capital expenditure
Incurred
- tangible assets 131,1 78,6 174,7
- intangible assets 67,9 29,3 132,4
Contracted
- tangible assets 135,2 54,6 91,9
- intangible assets 23,3 - 21,1
Authorised but not contracted
for
- tangible assets 146,8 203,8 282,7
- intangible assets 0,5 13,5 -
B. Operating profit has been
arrived at after charging
Depreciation of tangible 30,0 21,6 47,5
assets
Amortisation of intangible 57,9 45,6 91,8
assets
Share-based payment expenses 18,9 13,8 27,6
C. Investment income
Preference share dividend 14,2 12,8 25,3
received
Interest received 41,9 31,1 47,6
Total investment income 56,1 43,9 72,9
D. Net financing costs
Interest paid (75,5) (49,8) (93,2)
Preference share dividend (15,8) (14,2) (28,1)
paid
Net foreign exchange 13,5 2,3 (7,1)
gains/(losses)
Notional interest on 1,0 (0,9) (0,1)
financial instruments
Fair value (losses)/gains on (17,2) (0,9) 14,8
financial instruments
Net financing costs (94,0) (63,5) (113,7)
E. Operating lease
commitments
- payable in one year 14,7 10,3 15,1
- payable between one and 30,7 28,1 35,3
five years
- payable thereafter - 1,4 -
45,4 39,8 50,4
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 one year 19,1 21,6 21,6
- payable thereafter 70,7 79,7 80,3
89,8 101,3 101,9
During the 2005 financial year Aspen 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 one year 8,6 7,9 8,0
- payable thereafter 45,9 49,6 48,2
54,5 57,5 56,2
G. Contingent liabilities
There are contingent
liabilities in respect of:
Additional payments in
respect of the Quit worldwide
intellectual
property rights 6,9 5,5 6,6
Guarantee covering potential
rental default relating to
sale of
discontinued operations 1,4 2,3 2,5
Guarantees covering loan and 15,8 1,5 5,4
other obligations to third
parties
GROUP CASH FLOW STATEMENT
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2006 2005 2006
Rm Rm Rm
Cash flows from operating
activities
Cash operating profit 624,9 522,2 1 127,5
Changes in working capital (286,8) (278,2) (487,5)
Cash generated from 338,1 244,0 640,0
operations
Net financing costs paid (80,1) (61,7) (128,3)
Investment income received 56,1 43,9 72,9
Tax paid (153,5) (89,2) (182,2)
Net cash from operating 160,6 137,0 402,4
activities
Cash flows from investing
activities
Replacement capital (21,0) (33,1) (55,6)
expenditure - property, plant
and equipment
Expansion capital expenditure (24,2) (39,0) (91,3)
- property, plant and
equipment
Expansion capital expenditure (85,9) (6,5) (27,8)
- sterile facility
Proceeds on disposal of 0,2 0,2 0,4
property, plant and equipment
Proceeds on disposal of - - 4,7
investment property
Replacement capital (3,1) (2,5) (9,2)
expenditure - intangible
assets
Expansion capital expenditure (64,8) (26,8) (123,2)
- intangible assets
Proceeds on disposal of - 1,0 1,0
intangible assets
Acquisition of subsidiaries - (232,5) (267,6)
and joint ventures, net of
cash acquired
Disposal of 50% of FCC, net - 120,8 120,8
of cash disposed
Decrease in non-current (3,5) - -
financial assets
Net cash used in investing (202,3) (218,4) (447,8)
activities
Cash flows from financing
activities
Proceeds from borrowings 1 018,2 1 267,0 1 767,5
Repayment of borrowings (781,8) (976,2) (1 736,4)
Repayment of deferred - (20,1) (49,7)
payables
Proceeds from deferred 2,3 - 4,2
payables
Net capital distribution paid (216,1) (166,0) (166,0)
Proceeds from issue of 8,4 26,1 33,7
ordinary shares
Net cash from/(used in) 31,0 130,8 (146,7)
financing activities
Movement in cash and cash
equivalents before exchange
rate changes (10,7) 49,4 (192,1)
Effects of exchange rate 3,4 (7,0) 14,8
changes
Cash and cash equivalents
Movement in cash and cash (7,3) 42,4 (177,3)
equivalents
Cash and cash equivalents at 262,3 439,6 439,6
the beginning of the year
Cash and cash equivalents at 255,0 482,0 262,3
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, other highly
liquid investments with original maturities of three months or less and
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.
STATEMENT OF CHANGES IN GROUP EQUITY
Non- Share-based
Share Treasury distributable compensation
capital
and premium shares reserves reserve
Rm Rm Rm Rm
Balance as at 1 1 100,8 (641,7) 52,6 16,3
July 2005
Fair value - - (0,6) -
movement on
available-for-sale
financial assets
Currency - - 63,8 -
translation
differences
Net profit for the - - - -
year
Capital (184,7) 18,7 - -
distribution
Acquisition of - - - -
subsidiaries
Cash flow hedges - - (4,7) -
realised
Cash flow hedges - - 5,2 -
recognised
Issue of ordinary 38,3 - - -
share capital
Share options and - - - 23,0
appreciation
rights awarded
Transfer from - - - (8,1)
share-based
compensation
reserve
Non-distributable - - 74,9 -
portion of
earnings
Balance as at 30 954,4 (623,0) 191,2 31,2
June 2006
Currency - - 19,4 -
translation
differences
Net profit for the - - - -
six months
Capital (240,2) 24,1 - -
distribution
Cash flow hedges - - (5,2) -
realised
Cash flow hedges - - 1,8 -
recognised
Issue of ordinary 13,5 - - -
share capital
Share options and - - - 13,8
appreciation
rights awarded
Transfer from - - - (10,5)
share-based
compensation
reserve
Non-distributable - - 11,8 -
portion of
earnings
Balance as at 31 727,7 (598,9) 219,0 34,5
December 2006
STATEMENT OF CHANGES IN GROUP EQUITY
Equity
component
Retained of Minority
preference
income shares interest Total
Rm Rm Rm Rm
Balance as at 1 426,3 162,0 - 1 116,3
July 2005
Fair value - - - (0,6)
movement on
available-for-sale
financial assets
Currency - - - 63,8
translation
differences
Net profit for the 638,0 - 0,1 638,1
year
Capital - - - (166,0)
distribution
Acquisition of - - 12,4 12,4
subsidiaries
Cash flow hedges - - - (4,7)
realised
Cash flow hedges - - - 5,2
recognised
Issue of ordinary - - - 38,3
share capital
Share options and - - - 23,0
appreciation
rights awarded
Transfer from 8,1 - - -
share-based
compensation
reserve
Non-distributable (74,9) - - -
portion of
earnings
Balance as at 30 997,5 162,0 12,5 1 725,8
June 2006
Currency - - - 19,4
translation
differences
Net profit for the 331,7 - 0,5 332,2
six months
Capital - - - (216,1)
distribution
Cash flow hedges - - - (5,2)
realised
Cash flow hedges - - - 1,8
recognised
Issue of ordinary - - - 13,5
share capital
Share options and - - - 13,8
appreciation
rights awarded
Transfer from 10,5 - - -
share-based
compensation
reserve
Non-distributable (11,8) - - -
portion of
earnings
Balance as at 31 1 327,9 162,0 13,0 1 885,2
December 2006
SEGMENTAL ANALYSIS
South
Africa
Unaudited Unaudited Audited Unaudited
Six months Six months Year Six months
ended ended ended ended
31 December 31 December 30 June 31 December
2006 2005 2006 2006
Rm* Rm* Rm* Rm*
Primary segments:
Geographical
Gross revenue 1 549,7 1 392,1 2 848,6 258,8
Less: Intersegment - - - - )
sales
Revenue 1 549,7 1 392,1 2 848,6 258,8
Operating profit 492,7 424,0 876,9 37,2
before
amortisation and
investment income
Amortisation - (33,9) (32,4) (59,3) (5,7))
intangible assets
Investment income 52,8 42,2 69,3 1,6
Operating profit 511,6 433,8 886,9 33,1
SEGMENTAL ANALYSIS
Australia
Unaudited Audited Unaudited Unaudited
Six months Year Six months Six months
ended ended ended ended
31 December 30 June 31 December 31 December
2005 2006 2006 2006
Rm Rm Rm Rm
Primary segments:
Geographical
Gross revenue 208,1 396,1 80,3 -
Less: Intersegment - - (35,4) -
sales
Revenue 208,1 396,1 44,9 -
Operating profit 27,3 52,8 12,5 -
before
amortisation and
investment income
Amortisation - (4,7) (9,3) (4,3) -
intangible assets
Investment income 0,6 1,6 - -
Operating profit 23,2 45,1 8,2 -
SEGMENTAL ANALYSIS
Asia
Unaudited Unaudited Audited
Year Six months Six months Year
ended ended ended ended
30 June 31 December 31 December 30 June
2006 2006 2005 2006
Rm Rm Rm Rm
Primary segments:
Geographical
Gross revenue 66,6 136,7 132,8 248,5
Less: Intersegment (25,5) (54,2) (46,1) (85,0)
sales
Revenue 41,1 82,5 86,7 163,5
Operating profit 13,6 28,0 24,2 44,0
before
amortisation and
investment income
Amortisation - (3,7) (14,0) (8,5) (19,5)
intangible assets
Investment income - 1,7 1,1 2,0
Operating profit 9,9 15,7 16,8 26,5
SEGMENTAL ANALYSIS
Total
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2006 2005 2006
Rm* Rm* Rm*
Primary segments: Geographical
Gross revenue 2 025,5 1 733,0 3 559,8
Less: Intersegment sales (89,6) (46,1) (110,5)
Revenue 1 935,9 1 686,9 3 449,3
Operating profit before 570,4 475,5 987,3
amortisation and investment
income
Amortisation - intangible (57,9) (45,6) (91,8)
assets
Investment income 56,1 43,9 72,9
Operating profit 568,6 473,8 968,4
Pharmaceutical
Unaudited Unaudited Audited Unaudited
Six months Six months Year Six months
ended ended ended ended
31 December 31 December 30 June 31 December
2006 2005 2006 2006
Rm Rm Rm Rm
Secondary
segments:
Business
Revenue 1 442,8 1 233,9 2 562,1 493,1
South Africa 1 117,8* 983,3* 2 053,7* 431,9
Australia 201,6 166,6 310,0 57,2
Asia 44,9 - 41,1 -
United Kingdom 78,5 84,0 157,3 4,0
and United
States
Operating 448,0 377,7 764,7 122,4
profit before
amortisation
and investment
income
South Africa 388,7* 337,9* 681,8* 104,0
Australia 20,0 16,0 26,1 17,2
Asia 12,5 - 13,6 -
United Kingdom 26,8 23,8 43,2 1,2
and United
States
Operating 447,2 376,3 755,5 121,4
profit
South Africa 407,3* 348,1* 701,6* 104,3
Australia 17,2 13,2 18,4 15,9
Asia 8,2 - 9,9 -
United Kingdom 14,5 15,0 25,6 1,2
and United
States
*With effect from January 2006, 50% of FCC was sold. 100% of the FCC
results was included in Group results until December 2005 and only 50% for
periods thereafter.
Pharmaceutical Consumer Total
Unaudited Audited Unaudited Unaudited Audited
Six months Year Six months Six months Year
ended ended ended ended ended
31 December 30 June 31 December 31 December 30 June
2005 2006 2006 2005 2006
Rm Rm Rm Rm Rm
Secondary
segments:
Business
Revenue 453,0 887,2 1 935,9 1 686,9 3 449,3
South Africa 408,8 794,9 1 549,7* 1 392,1* 2
848,6*
Australia 41,5 86,1 258,8 208,1 396,1
Asia - - 44,9 - 41,1
United Kingdom 2,7 6,2 82,5 86,7 163,5
and United
States
Operating 97,8 222,6 570,4 475,5 987,3
profit before
amortisation
and investment
income
South Africa 86,1 195,1 492,7* 424,0* 876,9*
Australia 11,3 26,7 37,2 27,3 52,8
Asia - - 12,5 - 13,6
United Kingdom 0,4 0,8 28,0 24,2 44,0
and United
States
Operating 97,5 212,9 568,6 473,8 968,4
profit
South Africa 85,7 185,3 511,6* 433,8* 886,9*
Australia 10,0 26,7 33,1 23,2 45,1
Asia - - 8,2 - 9,9
United Kingdom 1,8 0,9 15,7 16,8 26,5
and United
States
*With effect from January 2006, 50% of FCC was sold. 100% of the FCC
results was included in Group results until December 2005 and only 50% for
periods thereafter.
Date: 26/02/2007 13:29:58 Produced by the JSE SENS Department.
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