The troubles of Ascendis Health, which is drowning in debt, were laid bare this week when the group reported interim results that show its underlying businesses, particularly those offshore, are pumping out cash.

If it were not for its net debt of R6.6bn, investors would likely have cheered Ascendis's results for the six months ended December 2020, which show group revenue increased 33% to R3.98bn. Its Europe division delivered the best growth of 35%, while South African revenue came in 30% higher. Overall, group gross profit grew 29% to R1.8bn...

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