Foreword

2010 has been a challenging yet satisfying year for Adcock Ingram. Despite a tough economic environment, the group – which celebrated its 120th birthday this year – has achieved pleasing results, reporting double-digit revenue growth, improved normalised headline earnings per share and strong cash generation”
CEO, Jonathan Louw

Adcock Ingram provides an extensive portfolio of branded and generic medicines, has a strong presence in over-the-counter (OTC) brands, is South Africa’s largest supplier of hospital and critical-care products and supplies established brand name consumables and equipment to medical, research and servicing pathology laboratories.

Financial highlights

Turnover up 11% to R4,4 billion
 
Gross profit improved 15% to R2,3 billion
 
Normalised headline earnings up 15,5% to R900 million (518,2 cents per share)
 
Cash on hand R1,4 billion
 
Final dividend up 27,5% to 102 cents per share

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Commentary

Headline earnings
Adcock Ingram is pleased to have achieved normalised headline earnings for the year ended 30 September 2010 of R900,2 million (518,2 cents per share). This represents a 15,5% increase over the comparable figure for 2009 of R779,3 million and translates into an improvement of 15,2% in normalised headline earnings per share and 14,8% improvement in normalised earnings per share.

Turnover
The impact of our acquisitions of Unique Formulations, Ayrton Drug Manufacturing Limited and Indigenous Systems, as well as the conclusion of co-promotion agreements, supported turnover growth of almost 11% to R4,4 billion (2009: R4,0 billion). The above mentioned acquisitions and new multi-national partnerships contributed R187,2 million to revenue.

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Financial Statements

arrow Consolidated statements of comprehensive income
arrow Consolidated group statement of changes in equity
arrow Consolidated statements of financial position
arrow Consolidated abridged statements of cash flows
arrow Notes to the consolidated financial statements

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