CSL Ltd Annual Report 2021

Consolidated Entity Notes 2021 US$m 2020 US$m Cash Flows from Operating Activities Profit before income tax expense 2,963.1 2,572.7 Adjustments for: Depreciation, amortisation and impairment 589.6 419.8 Inventory provisions 208.3 189.5 Share-based payments expense 91.8 81.0 Bad debt provision 3.5 10.1 Finance costs 170.8 142.4 (Gain)/Loss on disposal of property, plant and equipment (0.3) 0.5 Unrealised foreign exchange losses/(gains) 70.4 (11.1) Changes in operating assets and liabilities: Decrease in trade and other receivables 36.5 131.9 Increase in inventories (367.7) (685.4) Increase in trade and other payables 454.9 158.4 Increase/(decrease) in provisions and other 56.4 (24.1) Income tax paid (494.5) (355.0) Finance costs paid (160.9) (142.4) Net cash inflow from operating activities 3,621.9 2,488.3 Cash flows from Investing Activities Payments for property, plant and equipment (1,196.3) (1,206.8) Payments for intangible assets (470.8) (160.8) Payments for business acquisition (net of cash acquired) – (17.8) (Payments)/receipts from other investing activities (6.1) 18.7 Net cash outflow from investing activities (1,673.2) (1,366.7) Cash flows from Financing Activities Proceeds from issue of shares 56.4 42.0 Dividends paid 10 (958.0) (883.1) Proceeds from borrowings 11 38.7 1,652.7 Repayment of borrowings 11 (470.9) (1,399.2) Principal payments of lease liabilities (64.5) (54.7) Other financing activities (3.5) (0.4) Net cash outflow from financing activities (1,401.8) (642.7) Net increase in cash and cash equivalents 546.9 478.9 Cash and cash equivalents at the beginning of the financial year 1,151.3 657.8 Exchange rate variations on foreign cash and cash equivalent balances 31.9 14.6 Cash and cash equivalents at the end of the year 1,730.1 1,151.3 Reconciliation of cash and cash equivalents Cash and cash equivalents at the end of the year as shown in the statement of cash flows is reconciled as follows: Cash and cash equivalents 1,808.8 1,194.4 Bank overdrafts (78.7) (43.1) Cash and cash equivalents at the end of the year 1,730.1 1,151.3 The consolidated statement of cash flows should be read in conjunction with the accompanying notes. Consolidated Statement of Cash Flows For the Year Ended 30 June 2021 CSL Limited Annual Report 2020/21 109