Foreword

The multinational partner of choice strategy has delivered attractive value as Adcock Ingram diversifies its revenue streams and decreases its dependence on mature products.

CEO, Jonathan Louw

Salient features

Turnover from continuing operations increased 14% to R2,2 billion

EBITDA from continuing operations increased 3% to R580 million

HEPS from continuing operations decreased 1%

Distribution per share increased 4% to
81 cents

2,5% of issued ordinary shares bought back

Commentary

FINANCIAL REVIEW

Headline earnings

The Group achieved headline earnings for the six months ended 31 March 2011 of R382,2 million. This represents a 3,0% decrease from the comparable figure for 2010 of R393,5 million. After including the effects of a share buy-back of 2,5% of issued shares by a subsidiary in the Group, this translates into a decrease of 1% from continuing operations at both the headline earnings per share (HEPS) and earnings per share (EPS) level. This result was achieved during a period in which Adcock Ingram was allocated a disappointing 4% of the Anti-retroviral (ARV) tender, saw the temporary suspension of sales of dextropropoxyphene-containing (DPP) products and experienced significant upgrade-related production disruptions in its Critical Care facility.

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

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Foreword

Salient features

Commentary

Financial Statements

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