Financial highlights & reported results Sales revenue was US$13,310 million US$1.07 US$1.29 + = US$2.36 CSL announced an underlying profit (NPATA) of US$2.61 billion per share per share per share for the 12 months ended 30 June 2023 Interim unfranked dividend of Final 10% franked dividend of Total ordinary dividends for 2023 CSL Limited Annual Report 2022/23 21 Expense Performance Research and development (R&D) expenses were US$1,2322 million, up 22%1 when compared to the prior comparable period. The increase in expenses reflects the inclusion of CSL Vifor and progression of pipeline. Selling and marketing expenses (S&M) were US$1,454 million, up 58%1 when compared to the previous year. The inclusion of CSL Vifor for the first time, accounts for the increase in S&M expenses while other S&M expenses were held in line with the prior year. General and administrative (G&A) expenses were US$9072 million, an increase of 27%1 when compared to the prior comparable period. The increase in G&A expenses were related to the inclusion of CSL Vifor. Depreciation, amortisation (D&A) expense and impairment was US$831 million, up 27%1 in comparison to the prior comparable period. The increase in D&A was largely due to the acquisition of CSL Vifor. Net finance costs were US$406 million, up 165%1. The increase in net finance costs was due to the debt associated with the acquisition of Vifor Pharma and higher interest rates. Financial position Cashflow from operations was US$2,601 million, down 1%. Cash earnings growth was offset by growth of plasma collections. Cash outflow from investing was US$11,843 million, up significantly when compared to the prior comparable period driven by the acquisition of Vifor Pharma. CSL’s balance sheet remains in a strong position with net assets of US$17,826 million. Current assets decreased by 44% to US$9,259 million. The main driver was the cash payment relating to the acquisition of Vifor Pharma. Non-current assets increased by 127% to US$26,975 million in comparison to the previous year. The increase is largely due to the acquisition of Vifor Pharma and the intangible assets recognised by the acquisition. Current liabilities decreased by 35% to US$4,608 million. The decrease was mainly due to the reclassification of the 144A senior notes from current to non-current following the removal of a mandatory redemption feature on the close of the Vifor Pharma acquisition. Non-current liabilities increased by 107% to $13,800 million compared to last financial year. The increase was due to the draw down in bank borrowings in connection with the acquisition of Vifor Pharma in addition to interest-bearing liabilities and borrowings assumed on the acquisition of Vifor Pharma. 1 Constant currency (CC) removes the impact of exchange rate movements, facilitating the comparability of operational performance. For further detail refer to CSL’s Financial Statements for the Full Year ended June 2023 (Directors Report). 2 Underlying results have been adjusted to exclude impairment and amortisation of acquired intellectual property, business acquisition and transaction costs and unwind of the inventory fair value uplift.
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