01 Sep - 5 min read

Reviewed provisional group financial results for the year ended 30 June 2021 and dividend declaration

Reviewed provisional group financial results for the year ended 30 June 2021 and dividend declaration

ASPEN PHARMACARE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa) 
("Aspen Holdings")
Registration number: 1985/002935/06
Share code: APN
ISIN: ZAE000066692
LEI: 635400ZYSN1IRD5QWQ94
and its subsidiaries (collectively "Aspen" or "the Group")

REVIEWED PROVISIONAL GROUP FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2021 AND DIVIDEND DECLARATION

SALIENT RESULTS
Aspen reported the following salient results:
- Revenue from continuing operations increased by 12% to R37,8 billion (June 2020: R33,7 billion*);
- Normalised EBITDA from continuing operations increased by 3% to R9,9 billion (June 2020: R9,6 billion*);
- Normalised headline earnings per share from continuing operations increased by 10% to 1 309,7 cents 
  (June 2020: 1 194,8 cents*);
- Headline earnings per share from continuing operations increased by 21% to 1 204,3 cents 
  (June 2020: 998,1 cents*);
- Earnings per share from continuing operations increased by 42% to 1 051,1 cents (June 2020: 740,5 cents*);
- Total Headline earnings per share decreased by 15% to 1 119,1 cents (June 2020: 1 322,1 cents);
- Total Earnings per share increased by 3% to 1 052,9 cents (June 2020: 1 021,8 cents);
- Net Borrowings declined materially to R16,3 billion (from R35,2 billion at June 2020);
- The leverage ratio, for banking covenant measurement purposes, of 1.7x is significantly below the threshold
  of 3.5x;
- Strong operating cash flow conversion rate of 134% aided by a reduction in working capital for the second 
  consecutive year; and
- Resumption of dividends to shareholders of 262 cents per ordinary share (June 2020: no dividend declared 
  or paid).

*The prior year comparatives for continuing operations have been restated to include the discontinued 
 European business within discontinued operations in compliance with IFRS 5. The discontinued European business 
 comprises the European Thrombosis assets divested to Mylan until the date of disposal being 27 November 2020, 
 the costs relating to its disposal, related Thrombosis product discontinuations and other product divestments.

REGULATORY REQUIREMENTS
The contents of the short form announcement are the responsibility of the Board of directors of Aspen. The 
information in the short form announcement is a summary of the full announcement available on the Company's 
website at https://www.aspenpharma.com/results-and-reports on 1 September 2021 and accordingly does not 
contain full or complete details. The full announcement can also be accessed online at 
https://senspdf.jse.co.za/documents/2021/jse/isse/APN/FYresults.pdf

The information in this announcement has been extracted from the reviewed provisional financial results for the 
year ended 30 June 2021, but the short form announcement itself has not been reviewed by the Company's auditors.

REVIEW BY INDEPENDENT AUDITOR
These reviewed provisional Group Financial Results for the year ended 30 June 2021 have been reviewed by 
independent external auditors, Ernst & Young Inc. and their unmodified review report is available for inspection 
at the Company's registered office. The review was performed in accordance with ISRE 2410 'Review of Interim 
Financial Information Performed by the Independent Auditor of the Entity'. Any reference to future financial 
performance included in this announcement has not been reviewed or reported on by the Group's external auditors. 
The auditor's report does not necessarily report on all of the information contained in this announcement/financial 
results. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor's 
engagement, they should obtain a copy of the auditor's report together with the accompanying financial information 
from the Group's registered office. The Deputy Group Chief Executive, Michael Guy Attridge (CA) SA, supervised the 
preparation of the Group's reviewed provisional Group Financial Results.

DIVIDEND TO SHAREHOLDERS
Taking into account the earnings and cash flow performance for the year ended 30 June 2021, existing debt service
commitments, future proposed investments and funding options, notice is hereby given that the Board has declared a
gross dividend, which is paid from income reserves, of 262 cents per ordinary share to shareholders (or 209,6 cents 
net of a 20% dividend withholding tax, where this maximum rate of tax applies) recorded in the share register of the
Company at the close of business on 23 September 2021 (2020: no dividend declared or paid). Shareholders should seek
their own advice on the tax consequences associated with the dividend and are particularly encouraged to ensure 
their records are up to date with Aspen so that the correct withholding tax is applied to their dividend. The Company 
income tax number is 9325178714. The issued share capital of the Company is 456 451 541 ordinary shares. The directors 
are of the opinion that the Company will, subsequent to the payment of the dividend, satisfy the solvency and liquidity
requirements in terms of sections 4 and 46 of the Companies Act, 2008. Future distributions will continue to be decided
on a year-to-year basis. In compliance with IAS 10: Events After Balance Sheet Date, the dividend will be accounted for
in the financial statements in the year ended 30 June 2022.

Last day to trade cum dividend                                        Monday, 20 September 2021
Shares commence trading ex dividend                                   Tuesday, 21 September 2021
Record date                                                           Thursday, 23 September 2021
Payment date                                                          Monday, 27 September 2021
Share certificates may not be dematerialised 
or rematerialised between                                             Tuesday, 21 September 2021
                                                                      and Thursday, 23 September 2021.

Any investment decisions by shareholders/investors should be based on the full announcement as released by the JSE and
published on the Company's website, https://www.aspenpharma.com. The full announcement is also available at the
Company's registered office (for inspection, at no charge, during office hours on any business day) and at the offices
of the sponsor, Investec Bank Limited, from 1 September 2021 to 30 September 2021, both days inclusive. Copies of the
full announcement may be requested by contacting Riaan Verster on telephone: +27(0)31 580 8624, email:
rverster@aspenpharma.com.

For and on behalf of the Board

Kuseni Dlamini                                      Stephen Saad
Chairman                                            Group Chief Executive

Registered office: Building 8, Healthcare Park, Woodlands Drive, Woodmead, Sandton

Durban
1 September 2021

Sponsor: Investec Bank Limited


Date: 01-09-2021 05:46:00
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