Aspen Annual Report 2009 - Ten-year review

Annual Report for the year ended 30 June 2009

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Ten-year review

GROUP INCOME STATEMENT	Compound annual growth since 2000 %	IFRS Year ended 30 June 2009 R’million	IFRS Year ended 30 June 2008 R’million	IFRS Year ended 30 June 2007 R’million	IFRS Year ended 30 June 2006 R’million	IFRS Year ended 30 June 2005 R’million	SA GAAP Year ended 30 June 2004 R’million	SA GAAP Year ended 30 June 2003 R’million	SA GAAP Year ended 30 June 2002 R’million	SA GAAP Year ended 30 June 2001 R’million	SA GAAP Year ended 30 June 2000 R’million
Continuing operations
Revenue	28	8 450,3	4 682,5	4 025,9	3 449,3	2 814,6	2 201,7	1 890,2	1 561,2	1 104,3	936,0
Gross profit	23	3 886,2	2 171,3	1 941,7	1 660,3	1 390,6	1 058,1	860,8	736,3	603,8	592,8
Operating profit before amortisation of intangible assets	29	2 278,0	1 314,2	1 197,7	987,3	833,0¹	631,8	501,3	413,7	299,5	224,5⁶
Operating profit	29	2 183,0	1 196,3	1 076,6	894,7	738,2	553,8²	447,2³	379,4⁴	284,9⁵	220,7
Profit before tax	33	1 704,7	1 177,9	1 009,4	853,9	676,4	528,5	390,3	331,2	237,4	134,1
Profit after tax from continuing operations	33	1 342,7	844,8	717,7	637,5	468,8	355,6	274,8	221,8	171,2	104,5
Discontinued operations
Profit/(loss) for the year from discontinued operations		10,9	19,7	–	–	–	–	(1,5)	3,4	1,9	(4,6)
Profit for the year	34	1 353,6	864,5	717,7	637,5	468,8	355,6	273,3	225,2	173,1	99,9
Attributable to:
Equity holders of the parent		1 340,4	862,9	717,4	637,7	468,8	355,6	270,5	219,0	171,2	99,9
Minority interests		13,2	1,6	0,3	(0,2)	–	–	2,8	6,2	1,9	–

GROUP STATEMENT OF FINANCIAL POSITION
ASSETS
Non-current assets
Property, plant and equipment		2 373,5	1 623,0⁷	855,1	613,1	481,7	312,8	180,1	145,6	138,3	157,3
Intangible assets		4 502,0	4 234,8⁷	1 139,7	1 073,8	861,4	528,1	504,5	289,9	237,7	74,9
Preference share investment		–	–	376,8	376,8	376,8	–	–	–	–	–
Other non-current assets		45,5	31,5	21,1	46,3	57,7	132,0	169,1	190,7	223,2	251,9
Total non-current assets		6 921,0	5 889,3	2 392,7	2 110,0	1 777,6	972,9	853,7	626,2	599,2	484,1
Current assets
Inventories		1 434,6	1 369,1⁷	936,8	798,3	428,2	245,6	213,5	287,0	185,0	166,9
Trade and other receivables		2 100,9	1 789,1⁷	871,2	727,1	512,7	425,6	414,1	341,0	254,5	201,9
Cash and cash equivalents		2 065,3	1 521,2⁷	3 331,2	625,2	439,6	465,5	200,4	184,1	135,2	140,2
Total current assets		5 600,8	4 679,4	5139,2	2 150,7	1 380,5	1 136,7	828,0	812,1	574,7	509,0
Total assets		12 521,8	10 568,7	7 531,9	4 260,7	3 158,1	2 109,6	1 681,7	1 438,3	1 173,9	993,1
EQUITY AND LIABILITIES
Ordinary shareholders' equity		4 020,7	2 908,7⁷	2 220,4	1 551,0	954,3	1 066,5	787,6	599,4	335,3	235,9
Equity component of preference shares		162,0	162,0	162,0	162,0	162,0	–	–	–	–	–
Minority interests		80,3	61,1	7,0	6,7	–	–	7,4	17,1	10,7	–
Total shareholders' equity		4 263,0	3 131,8	2 389,4	1 719,7	1 116,3	1 066,5	795,0	616,5	346,0	235,9
Non-current liabilities
Preference shares – liability component		392,2	402,1	403,5	403,3	406,6	–	–	–	–	–
Borrowings		3 433,8	75,9	25,9	49,0	62,7	156,2	144,7	54,0	176,1	280,2
Deferred-payables and other non-current financial liabilities		9,4	11,9	17,8	35,9	37,4	50,5	92,4	103,3	49,9	9,9
Deferred tax liabilities		203,0	133,0⁷	65,3	99,1	71,6	61,6	42,3	29,1	22,8	35,6
Total non-current liabilities		4 038,4	622,9	512,5	587,3	578,3	268,3	279,4	186,4	248,8	325,7
Current liabilities
Trade and other payables		1 300,2	995,7⁷	648,1	712,7	571,9	353,4	338,6	383,8	350,9	308,9
Financial liability at amortised cost		–	2 653,0	–	–	–	–	–	–	–	–
Borrowings		2 670,3	3 042,3⁷	3 801,8	1 173,8	761,7	290,0	151,5	160,9	201,8	122,6
Other current financial liabilities		249,9	123,0	180,1	67,2	129,9	131,4	117,2	90,7	26,4	–
Total current liabilities		4 220,4	6 814,0	4 630,0	1 953,7	1 463,5	774,8	607,3	635,4	579,1	431,5
Total equity and liabilities		12 521,8	10 568,7	7 531,9	4 260,7	3 158,1	2 109,6	1 681,7	1 438,3	1 173,9	993,1

GROUP STATEMENT OF CASH FLOWS
Cash operating profit		2 668,3	1 494,0	1 322,0	1 127,5	929,3	670,5	508,6	424,1	308,8	241,6
Changes in working capital		(507,7)	(435,9)	(353,0)	(487,5)	(52,9)	(44,2)	(11,6)	(94,4)	(38,2)	117,6
Cash generated from operations		2 160,6	1 058,1	969,0	640,0	876,4	626,3	497,0	329,7	270,6	359,2
Net financing costs paid		(759,3)	(347,5)	(193,8)	(128,7)	(84,6)	(52,6)	(96,1)	(67,9)	(65,5)	(101,8)
Investment income received		224,2	263,4	139,8	72,9	37,6	27,3	39,2	19,7	18,0	15,2
Tax paid		(333,4)	(321,6)	(206,4)	(182,2)	(176,6)	(102,3)	(54,1)	(50,7)	(20,9)	(32,7)
Net cash generated from operating activities		1 292,1	652,4	708,6	402,0	652,8	498,7	386,0	230,8	202,2	239,9
Net cash (used in)/generated by investing activities		(3 556,7)	(1 456,3)	(431,6)	(442,0)	(799,8)	(282,6)	(351,3)	(40,6)	(186,6)	267,4
Net cash generated/(used in) financing activities		3 129,0	1 210,7	(50,8)	(152,1)	115,6	54,3	20,9	(193,9)	(31,1)	(483,1)
Effects of exchange rate changes		(486,4)	40,6	9,0	14,8	5,5	(5,2)	(39,4)	52,6	10,5	–
Movement in cash and cash equivalents		378,0	447,4	235,2	(177,3)	(25,9)	265,2	16,2	48,9	(5,0)	24,2
Cash and cash equivalents at the beginning of the year		944,9	497,5	262,3	439,6	465,5	200,3	184,1	135,2	140,2	116,0
Cash and cash equivalents at the end of the year		1 322,9	944,9	497,5	262,3	439,6	465,5	200,3	184,1	135,2	140,2

¹	Excludes once-off cost of the BBBEE transaction amounting to R282,4 million.
²	Includes R8,1 million amortisation of goodwill.
³	Includes R13,8 million amortisation of goodwill.
⁴	Includes R8,4 million amortisation of goodwill.
⁵	Includes R6,0 million amortisation of goodwill.
⁶	Includes a loss on exceptional items (which represents restructuring costs) of R15,9 million.
⁷	The 2008 statement of financial position excludes the balances of Astrix Laboratories Ltd, which is regarded as a discontinued operation.
⁸	The capital distribution paid in 2008 relates to profits earned in the 2007 financial year. No capital distribution is proposed in respect of the earnings for the year ended 30 June 2009. The distributions for the years 2000 to 2003 relate to dividends declared after year-end.

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