Changes to format of CSL Group Financial Statements

Changes to format of CSL Group Financial Statements

Melbourne, Australia — 02/02/2017

CSL Limited (ASX:CSL; USOTC:CSLLY) today released details of changes in the format of elements of the CSL Group Financial Statements. The disclosures will be applicable from the half year financial statements to be released on 15 February 2017 and will be used in the full year financial statements for the 2016/17 year and subsequent financial statements.

ASX Announcement

To assist users of the company’s financial statements, in the attachment we have presented historical data in the new format for the half year ended 31 December 2015 and the full year ended 30 June 2016.

These changes are part of the ongoing process of improving the relevance of the financial statements to users.

Changes to the Consolidated Statement of Comprehensive Income

In order to present clearer information about the operating revenues earned by the Group disclosure on the face of the Statement has been expanded to include sale of goods, pandemic facility reservation fees, royalty and licence revenue and other revenue.

Cost of sales will now include any costs directly incurred in the earning of revenue and gross profit will be calculated as Total Operating Revenue less cost of sales.

The one item previously disclosed in Other Revenue that is not included in Total Operating Revenue is Finance Revenue, this is now presented below the Operating Profit sub-total.

Operating Profit disclosed on the face of the Statement is equal to Earnings before Interest and Tax (EBIT).

Changes to the Segment Note

During the first half of the financial year the Group conducted a review of internal reporting to the CEO (who is the Chief Operating Decision Maker) and determined that the separate reporting of the CSL Intellectual Property financial results was no longer relevant to the CEO review of financial performance. Additionally the separate disclosure of Unallocated Revenue less Unallocated Expense was also deemed to be unnecessary.

As a consequence the number of operating segments has been reduced to two – CSL Behring and Seqirus. The revenues and expenses of the CSL Intellectual Property segment and those previously disclosed as Unallocated are now included in the CSL Behring segment. This reflects the manner in which these costs are managed by the leadership team and reported to the CEO.

Attached is the Profit & Loss Statement (which forms a part of the Consolidated Statement of Comprehensive Income) showing the revised and prior format for each of the half year to December 2015 and the full year to June 2016, and the revised Segment disclosures for the same periods. The attachment provides a reconciliation of the Segment EBIT between the revised and prior disclosures.

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For further information, please contact:

Investors:
  Mark Dehring
  Head of Investor Relations
  CSL Limited
  Phone: +613 9389 3407
  Email: mark.dehring@csl.com.au

© 2017 CSL Limited