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ASPEN PHARMACARE HOLDINGS LIMITED AND ITS SUBSIDIARIES ( " Aspen " or " the Group " ) ( Registration number 1985/002935/06 ) Share code : APN / ISIN : ZAE000066692 LEI : 635400ZYSN1IRD5QWQ94 Unaudited interim financial results for the six months ended 31 December 2020 COMMENTARY aspen HOLDING S GROUP HIGHLIGHTS ( CONTINUING OPERATIONS ) Despite the many challenges arising from COVID - 19 , Aspen has maintained uninterrupted operations , including at our 15 manufacturing sites . This has been due to robust business continuity plans and , most importantly , the resilience and commitment of our employees . This has enabled us to continue to supply our medicines to patients in need across the world and to make an important contribution in assisting to combat the effects of the virus . Group revenue for the six months ended 31 December 2020 grew 17 % to R18,6 billion following 12 % and 36 % increases by Commercial Pharmaceuticals and Manufacturing , respectively . Commercial Pharmaceuticals delivered revenue growth across all regions and revenue also advanced in each of the Manufacturing segments . Normalised EBITDA was up 11 % to R5,2 billion as well controlled operating expenses partially offset both a lower gross profit percentage and lower other operating income . Normalised headline earnings per share ( " NHEPS " ) increased 16 % to R6,76 , benefitting from reduced net financing costs . Net borrowings declined to R27,7 billion from R35,2 billion at 30 June 2020. The reduction in net borrowings was supported by the upfront cash consideration from the completion of the divestment of the European Thrombosis assets and the relative strengthening of the ZAR . The leverage ratio¹ , as at 31 December 2020 , is 2,83 times against the banking covenant of 3,50 times . Operating cash flow was in line with our expectations , given the abnormally high inflows in the prior financial year . The outstanding consideration for the European Thrombosis assets , amounting to R7,0 billion² , is receivable before the end of June 2021. This provides a further opportunity to reduce both debt and the leverage ratio . The table below compares performance from continuing operations in the prior comparable period at reported exchange rates and then at constant exchange rates ( " CER " ) . The higher growth at reported rates is due to the weakening of the average rate of the ZAR over the reporting period against the majority of the other currencies in which Aspen trades . Continuing operations Revenue Normalised EBITDA * NHEPS ** ( cents ) * Six months ended 31 December 2020 Change at reported rates % Reported Restated H1 2021 R'million 18 633 H1 2020 ^ R'million 5 192 676,2 1 Calculated in terms of the Facilities Agreement . 2 EUR 389 million at Aspen's 31 December 2020 exchange rate of ZAR 17,91 to EUR 1 . 15 984 4 680 585,1 17 11 16 Change at CER # % A H1 2020 has been restated as a result of the discontinuation of operations in H1 2021 . The CER % change is based upon the performance for the six months ended 31 December 2019 restated using the average exchange rates for the six months ended 31 December 2020 . # Operating profit before depreciation and amortisation adjusted for specific non - trading items as defined in the Group's accounting policy . ** NHEPS is HEPS adjusted for specific non - trading items , being transaction costs and other acquisition and disposal - related gains or losses , restructuring costs , settlement of product related litigation costs , net monetary adjustments and currency devaluations relating to hyperinflationary economies and significant once - off tax provision charges or credits arising from the resolution of prior year tax matters . 6 2 7 Aspen Pharmacare Holdings Limited - Unaudited interim financial results for the six months ended 31 December 2020 1