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Australian Pharmaceutical Industries Ltd · Financials

ASX: API · Health Care · Health Care Distributors

A$1.02
At close 28 Sep 2020
Delisted. This company is no longer traded on the ASX. The figures, charts and verdicts on this page are historical, based on its final filings as a listed company.

Income Statement, FY12–FY21

Revenue, costs and profitability, exactly as reported in each year's audited accounts. Negative figures shown in (brackets).

10 financial years
Line item FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21
Revenue
Total Revenue 3.2B 3.2B 3.3B 3.5B 3.8B 4.1B 4.0B 4.0B 4.0B 4.0B
Costs and Expenses
Cost of Revenue (2.8B) (2.8B) (2.9B) (3.0B) (3.4B) (3.6B) (3.5B) (3.5B) (3.5B) (3.5B)
Gross Profit 389M 404M 432M 454M 478M 493M 497M 518M 474M 495M
Operating Expenses (353M) (365M) (425M) (385M) (396M) (410M) (423M) (452M) (447M) (561M)
Operating Income 70M 57M (66M) 74M 86M 89M 82M 93M (2M) 23M
Other Income/Expenses
Interest Expense (27M) (22M) (19M) (15M) (17M) (13M) (12M) (21M) (13M) (10M)
Profit Before Taxes 43M 35M (85M) 59M 69M 76M 70M 74M (15M) 12M
Income Tax 13M 11M 6M 16M 17M 24M 22M 17M (7M) 11M
Net Income 30M 24M (91M) 43M 52M 52M 48M 57M (8M) 1M
Per Share Data
Basic EPS 0.062 0.05 (0.19) 0.088 0.11 0.11 0.097 0.11 (0.016) 0.002
Diluted EPS 0.062 0.05 (0.19) 0.087 0.11 0.11 0.097 0.11 (0.016) 0.002
Shares Outstanding (in millions)
Basic Shares 488M 488M 488M 488M 489M 490M 495M 496M 493M 493M
Diluted Shares 488M 488M 488M 496M 492M 494M 495M 496M 493M 493M

Balance Sheet, FY12–FY21

Assets, liabilities and shareholders' equity at each financial year end. Negative figures shown in (brackets).

10 financial years
Line item FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21
Current Assets
Cash & Cash Equivalents 20M 23M 24M 28M 25M 40M 36M 30M 61M 39M
Short-term Investments – – – – – – – – – –
Accounts Receivable 549M 530M 566M 592M 690M 682M 655M 658M 544M 594M
Inventories 314M 336M 342M 364M 414M 399M 395M 413M 368M 353M
Total Current Assets 920M 919M 932M 994M 1.1B 1.1B 1.1B 1.1B 973M 990M
Non-Current Assets
Property, Plant & Equipment (Net) 121M 122M 117M 102M 100M 95M 101M 107M 235M 231M
Investments 28M 28M 7M – – – – 88M 1M 2M
Intangible Assets 100M 105M 122M 148M 143M 144M 266M 174M 140M 126M
Goodwill 92M 101M 45M 46M 47M 50M – 106M 128M 129M
Total Non-Current Assets 454M 457M 357M 349M 320M 330M 417M 564M 570M 540M
Total Assets 1.4B 1.4B 1.3B 1.3B 1.4B 1.5B 1.5B 1.7B 1.5B 1.5B
Current Liabilities
Short-term Debt & Overdrafts 44M 25M 21M 58M 3M 3M 3M 60M 49M 67M
Trade Payables 529M 562M 567M 609M 749M 752M 775M 790M 708M 720M
Total Current Liabilities 663M 661M 687M 778M 846M 851M 815M 887M 833M 825M
Non-Current Liabilities
Long-term Debt 121M 115M 102M 41M 48M 30M 89M 170M 212M 247M
Total Non-Current Liabilities 142M 131M 122M 59M 67M 46M 193M 255M 253M 264M
Total Liabilities 805M 792M 808M 837M 912M 897M 1.0B 1.1B 1.1B 1.1B
Shareholders' Equity
Share Capital 566M 566M 566M 566M 566M 566M 566M 566M 566M 566M
Retained Earnings (13M) (13M) (105M) (105M) (105M) (105M) (105M) (110M) (151M) (154M)
Total Shareholders' Equity 568M 584M 481M 505M 537M 554M 509M 519M 454M 439M
Total Liabilities & Equity 1.4B 1.4B 1.3B 1.3B 1.4B 1.5B 1.5B 1.7B 1.5B 1.5B

Cash Flow, FY12–FY21

Cash generated and spent across operating, investing and financing activities. Negative figures shown in (brackets).

10 financial years
Line item FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21
Operating Activities
Net Income 30M 24M (91M) 43M 52M 52M 48M 55M (8M) 1M
Cash from Operating Activities 48M 67M 64M (30M) (13M) (28M) (82M) (117M) 51M 72M
Investing Activities
Investments in PPE (20M) (25M) (30M) (31M) (20M) (28M) (26M) (36M) (40M) (46M)
Cash from Investing Activities 48M 67M 64M 80M 83M 95M 54M 12M 216M (69M)
Financing Activities
Debt Repayments – – – – – – – – – –
Share Repurchases – – – – – – – – – –
Dividends Paid (15M) (15M) (16M) (20M) (24M) (34M) (34M) (38M) (20M) (17M)
Cash from Financing Activities (38M) (40M) (37M) (46M) (73M) (53M) 25M 97M (239M) (37M)
Cash Position
Cash at Beginning of Period 35M 20M 23M 24M 28M 25M 40M 36M 28M 56M
Cash at End of Period 20M 23M 24M 28M 25M 40M 36M 28M 56M 22M
Free Cash Flow
Free Cash Flow (Reported) 28M 42M 34M (60M) (33M) (56M) (108M) (152M) 11M 26M
Free Cash Flow (Calculated) 28M 42M 34M (60M) (33M) (56M) (108M) (152M) 11M 26M

Analysis

How did Australian Pharmaceutical Industries' (API) revenue and earnings trend before it delisted?

Revenue at Australian Pharmaceutical Industries (API) grew from $3.2B in FY2012 to a peak of $4.1B in FY2017, before easing slightly to $4.0B in FY2021. Gross margin was steady across the period, moving within a tight range of 12.1% to 13.1%, showing little variation year to year despite the swings elsewhere in the income statement.

Operating performance was less consistent. Operating income of $70.5M in FY2012 (a 2.2% margin) turned into a $66.2M operating loss in FY2014 (-2.0%), before recovering to $92.9M (2.3%) in FY2019, the strongest year on record. It then slipped to a near-breakeven $1.8M loss in FY2020 and a modest $22.8M profit (0.6% margin) in FY2021.

Net income followed the same pattern, moving from $30.3M in FY2012 to a $90.8M loss in FY2014, a $56.6M high in FY2019, and back down to a $7.9M loss in FY2020 before a thin $1.1M profit in FY2021. Diluted EPS fell overall across the decade, from $0.062 in FY2012 to $0.0023 in FY2021, with negative readings in FY2014 and FY2020.

Updated 4 Jul 2026

How resilient was Australian Pharmaceutical Industries' (API) balance sheet before it delisted from the ASX?

Total assets at Australian Pharmaceutical Industries (API) grew from $1.37B in FY2012 to a peak of $1.67B in FY2019, before easing to $1.53B by FY2021. Total liabilities rose faster over the same period, climbing from $805.1M to $1.09B, which left shareholder equity lower at the end of the record than at the start: $438.8M in FY2021 versus $568.3M in FY2012.

Debt levels increased notably. Long-term loans rose from $120.6M in FY2012 to $246.9M in FY2021, while short-term debt and bank overdrafts ended the period at $67.3M, up from $44.1M a decade earlier. Cash held on the balance sheet grew from $19.5M in FY2012 to $38.8M in FY2021, having peaked at $60.7M in FY2020.

Retained earnings were negative throughout the period on record and deepened over time, from -$13.1M in FY2012 to -$154.1M in FY2021. With equity shrinking as a share of total assets, from 41.4% in FY2012 to 28.7% in FY2021, the balance sheet carried progressively more leverage relative to its size by the end of the reported history.

Updated 4 Jul 2026

How much cash did Australian Pharmaceutical Industries (API) generate, and what did it return to shareholders, before delisting?

Operating cash flow at Australian Pharmaceutical Industries (API) was positive in the earliest years on record, at $47.8M in FY2012 and $66.6M in FY2013, but turned negative for an extended stretch from FY2015 through FY2019, bottoming at -$116.5M in FY2019. It recovered to positive territory in the final two years, reaching $51.1M in FY2020 and $71.8M in FY2021.

Capital expenditure grew steadily across the period, from $19.8M in FY2012 to $45.9M in FY2021, its highest level on record. Combined with the swings in operating cash flow, free cash flow ranged from a low of -$152.2M in FY2019 to a high of $41.5M in FY2013, ending the record at a positive $25.9M in FY2021.

Dividends were paid in every year on record, rising from $14.6M in FY2012 to a peak of $38.2M in FY2019 before easing to $17.2M in FY2021. Notably, dividend payments continued even through years of negative free cash flow, including FY2018 and FY2019, when $34.5M and $38.2M were paid out respectively against free cash flow of -$108.0M and -$152.2M. No stock buybacks were recorded in any year.

Updated 4 Jul 2026

AI-assisted analysis generated from Craytheon's verified financial data · How this works

Data is general information only, not financial advice. Figures are as reported in company filings (some ASX companies report in USD); share prices are AUD.