Adcock Ingram is a leading South African pharmaceutical manufacturer, marketer and distributor. The Company has a 10% share of the private pharmaceutical market in South Africa with the leading presence in over-the-counter brands. The Company is South Africa’s largest supplier of hospital and critical care products. Its footprint extends to India and other territories in sub-Saharan Africa.

The extensive product portfolio includes branded and generic prescription medicines, over-the-counter/fast moving consumer goods (FMCG) brands, intravenous solutions, blood collection products and renal dialysis systems.

Vision

To be recognised as a leading world-class branded healthcare company.

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SALIENT features

Turnover increased 18% to R5,45 billion
EBITDA increased 11% to R1,1 billion
HEPS decreased 17% to 350,5 cents
Acquisition of Cosme brands in India concluded
at a cost of R782 million
Shareholder approval pending for scheme of arrangement proposing a cash and shares transaction with CFR
Departure from stated dividend policy and no final dividend proposed

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Commentary

This was a particularly challenging year for the Company. Reasonable revenue growth was obtained, but trading margins came under pressure as a result of competitive market conditions and the weaker Rand. Also, the Board-led process to respond to expressions of interest for control of the Company necessitated very significant effort and resources and also required that certain other strategic growth initiatives be suspended.

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Financials

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