Consolidated Entity 2025 2024 Notes US$m US$m Cash Flows from Operating Activities Profit before income tax expense 3,724 3,375 Adjustments for: Depreciation and amortisation 1,017 938 Inventory provisions 163 177 Share-based payment expense 149 169 Provision for expected credit losses 6 4 Finance costs, net 410 437 Net gain on business disposals 2 (30) — Loss/(gain) on disposal of property, plant and equipment 11 (2) Unrealised foreign exchange losses 25 53 Changes in operating assets and liabilities: Increase in receivables and contract assets (314) (766) Increase in inventories (628) (780) Increase in trade and other payables 319 445 Decrease in provisions and other liabilities (242) (70) Income tax paid (637) (784) Finance costs paid, net (412) (432) Net cash inflow from operating activities 3,561 2,764 Cash flows from Investing Activities Payments for property, plant and equipment (636) (847) Payments for intangible assets (362) (409) Net proceeds from business disposals 2 180 — Payments for financial assets (13) (3) Payments for other assets (19) — Net cash outflow from investing activities (850) (1,259) Cash flows from Financing Activities Proceeds from issue of shares 17 40 Dividends paid to CSL Limited shareholders 10 (1,334) (1,192) Dividends paid to non-controlling interests 22 (100) (74) Proceeds from borrowings 97 2,058 Repayment of borrowings (832) (2,017) Principal payments of lease liabilities (89) (99) Net cash outflow from financing activities (2,241) (1,284) Net increase in cash and cash equivalents 470 221 Cash and cash equivalents at the beginning of the financial year 1,643 1,509 Exchange rate variations on foreign cash and cash equivalent balances 44 (87) Cash and cash equivalents at the end of the year 2,157 1,643 Reconciliation of cash and cash equivalents in the statement of cash flows: Cash and cash equivalents 2,157 1,657 Bank overdrafts — (14) Cash and cash equivalents at the end of the year 2,157 1,643 The consolidated statement of cash flows should be read in conjunction with the accompanying notes. 93 Consolidated Statement of Cash Flows For the Year Ended 30 June 2025 93 CSL Limited Annual Report 2024/25
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