Geographical areas of operation The Group operates predominantly in Australia, the USA, Germany, the United Kingdom, Switzerland and China (including Hong Kong). The rest of the Group’s operations are spread across many countries and are collectively disclosed as "Rest of World". Inter-segment sales are carried out on an arm’s length basis and are excluded from the table shown below. Geographic areas Australia United States Germany UK Switzerland China and Hong Kong Rest of World Total US$m US$m US$m US$m US$m US$m US$m US$m 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Total operating revenue 890 900 7,311 7,294 947 873 807 744 302 318 849 747 4,452 3,924 15,558 14,800 PPE, right-of-use assets and intangible assets (excluding goodwill) 2,293 2,147 4,347 4,350 1,294 1,309 397 332 9,225 9,420 17 17 344 350 17,917 17,925 Note 2: Business Disposals The net gain on business disposals during the year ended 30 June 2025 primarily relates to the divestment of the 100% of the Group's interest in Wuhan Zhong Yuan Ruide Biological Products Co Ltd and its subsidiaries (Ruide) plasma collection and fractionation operations, for a cash purchase price of $185m from Chengdu Rongsheng Pharmaceutical Co., Ltd. (Chengdu Rongsheng). The Group has ceased to consolidate the results of Ruide from the date of loss of control, which was at the completion of sale in October 2024. A gain on disposal is recognised in the profit or loss for the year. This is calculated as the difference between (i) the fair value of the consideration received and (ii) the previous carrying amount of the net assets (including a portion of the goodwill that is attributable to the cash-generating unit) of the subsidiaries. All amounts previously recognised in other comprehensive income in relation to these subsidiaries has been reclassified to profit or loss as required by applicable accounting standards. The assets and liabilities of Ruide were presented as held for sale in the Consolidated Balance Sheet as at 30 June 2024. Note 3: Revenue and Expenses Recognition and measurement of revenue and other income Revenue is recognised when the Group satisfies a performance obligation by transferring control of the promised good or service to a customer at an amount that reflects the consideration to which an entity expects to be entitled in exchange for the goods or services. Revenue from contracts with customers includes amounts in total operating revenue except other income. Further information about each source of revenue from contracts with customers and the revenue recognition criteria follows. Sales: Revenue is earned (constrained by variable considerations, which include returns, discounts, rebates and allowances) from the sale of products and services. Sales are recognised when performance obligations are either satisfied over time or at a point in time. Generally the supply of product under a contract with a customer will represent the satisfaction of a performance obligation at a point in time, which is when control of the product passes to the customer. Key Judgements and Estimates Significant estimates of CSL Seqirus sales returns are performed in respect of the influenza season expected to be subject to return. The estimate is performed with inputs including historical returns and customer sales data amongst other factors. Royalties: Revenue from licensees of CSL intellectual property (included within 'other' revenue in the product and service table below) reflect a right to use the intellectual property as it exists at the point in time in which the license is granted. Where consideration is based on sales of product by the licensee, it is recognised when the customer’s subsequent sales of product occurs. License revenue: Revenue from licensees of CSL intellectual property (included within 'other' revenue in the product and service table below) reflects the transfer of a right to use the intellectual property as it exists at the point in time in which the license is transferred to the customer. Consideration is highly variable and estimated using the most likely amount method. Subsequently, the estimate is constrained until it is highly probable that a significant revenue reversal will not occur when the uncertainty is resolved. Revenue is recognised as or when the performance obligations are satisfied. Influenza pandemic facility reservation fees: Revenue from governments (included within 'pandemic' revenue in the product and service table below) in return for access to influenza manufacturing facilities in the event of a pandemic. Contracts are timebased and revenue is recognised progressively over the life of the relevant contract, which aligns to the performance obligations being satisfied. Other income: Other income is realised from activities that are outside of the ordinary business, such as the disposal of property, plant and equipment and rental income. 99 99 CSL Limited Annual Report 2024/25
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