CSL Announces Half Year Results
CSL ANNOUNCES STRONG PROFIT GROWTH
Melbourne, Australia — 19/02/2002
CSL Limited today announced an operating profit after tax (before amortisation of goodwill) of $77.5m for the six months ended 31 December, 2001, an increase of 107% on the previous corresponding half year’s result. Group sales totalled $590m, an increase of 76% over the corresponding period last year, primarily as a result of the significant benefit of the US trading operations of ZLB Bioplasma Inc which was not operational in the same period last year and ZLB Plasma Services which was not part of the Group at that time. International sales now account for 69% of Group sales.
Due to the Taxation Relief Agreement with the City and Canton of Bern, Switzerland, and the reduction of the corporate tax rate in Australia, the Company’s anticipated corporate tax rate has been reduced from 28.5% to 21.6% with the result that the Company now intends to further invest in its plasma business in Switzerland.
Earnings per share (diluted) before amortisation also increased to 48.4c, an increase over the corresponding period last year of 97%.
Dr McNamee, CSL’s Managing Director, said that he continued to be pleased with the performance of CSL’s operations, especially in the Company’s strategic areas of interest and remained positive about the growth prospects for the Company. In anticipation of no significant change in trading conditions, it is expected that net profit from ordinary activities would increase approximately in the range of 55% to 60% for the full year.
Dr McNamee was also delighted with the pre-Christmas announcement by Merck & Co, CSL’s partner in the development of a human papillomavirus (HPV) vaccine, that as a result of clear evidence of efficacy in Merck’s Phase II studies, Merck had now commenced a worldwide Phase III clinical program. He added that Merck had estimated that in the US alone there were 50,000,000 adolescent and adult females at risk of HPV infection.
Dr McNamee indicated that the integration of the plasma collection business acquired in September last year had progressed well. He noted that a consequence of the Company having become a fully integrated plasma business was that inventory levels inevitably increased. He added that this build in inventory puts the Company into a good position to meet expected demand for product given the supply constraints inherent in the industry.
The Directors declared an interim dividend of 12c per share fully franked to be paid to shareholders on 23 April, 2002. This compares with an interim dividend of 9c per share for the same period last year.
Analyst Presentation (PDF, 0.19MB) - 19 February 2002
For further information contact:
Dr Brian McNamee
Ph: +61 3 9389 1601
Mr Tony Cipa
Ph: +61 3 9389 1601