Note 21: Deed of Cross Guarantee A deed of cross guarantee was executed between CSL Limited and some of its wholly-owned entities, namely CSL Behring (Holdings) Pty Ltd, CSL Finance Pty Ltd, Seqirus (Australia) Pty Ltd, CSL Innovation Pty Ltd, Seqirus Pty Ltd, CSL Behring (Australia) Pty Ltd, Seqirus Holdings Australia Pty Ltd, CSL IP Investments Pty Ltd and Amrad Pty Ltd (deregistered subsequent to 30 June 2022). Under this deed, each company guarantees the debts of the others. By entering into the deed, these specific wholly-owned entities have been relieved from the requirement to prepare a financial report and directors’ report under Class Order 2016/785 (as amended) issued by the Australian Securities and Investments Commission. The entities that are parties to the deed represent a ‘Closed Group’ for the purposes of the Class Order, and as there are no other parties to the deed of cross guarantee that are controlled by CSL Limited, they also represent the ‘Extended Closed Group’. A consolidated income statement and a summary of movements in consolidated retained profits for the year ended 30 June 2022 and 30 June 2021 and a consolidated balance sheet as at each date for the Closed Group is set out below. Consolidated Closed Group Income Statement 2022 US$m 2021 US$m Sales revenue 1,180.7 1,244.4 Cost of sales (800.6) (652.0) Gross profit 380.1 592.4 Dividend income 1,371.9 667.3 Interest income 9.0 2.2 Research and development expenses (157.1) (139.4) Selling and marketing expenses (64.1) (60.2) General and administration expenses (54.7) (110.7) Finance costs (44.7) (32.9) Sundry expenses (94.0) (116.8) Profit before income tax expense 1,346.4 801.9 Income tax expense (28.7) (51.8) Profit for the year 1,317.7 750.1 CSL Limited Annual Report 2021/22 137
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