Accounting treatment – conversion of USD$1.5 billion funds on deposit to Australian dollars

Accounting treatment – conversion of USD$1.5 billion funds on deposit to Australian dollars

Melbourne - Australia — 22/06/2009

On 9 June 2009, CSL Limited (ASX:CSL) made an announcement to the Australian Securities Exchange regarding the termination of the Talecris Biotherapieutics merger agreement. 

During the subsequent media and market briefing ( Listen to the recording made during the analyst briefing ) the company referred to an approximate AUD$150 million foreign exchange benefit arising from selling forward into Australian dollars approximately USD$1.5 billion held on deposit in anticipation of acquiring Talecris Biotherapeutics. At the time, the company indicated this amount was a cash benefit only.

Following audit advice, this foreign exchange benefit will now be reflected in the Group’s Income Statement (Profit & Loss statement) for the period ending 30 June 2009. This transaction will result in a non recurring net profit after tax benefit of
approximately AUD$150 million.

After taking into consideration the previously disclosed transaction break fee and other termination costs the net financial impact is a non-recurring net profit after tax of approximately AUD$80 million. 


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For further information, please contact:
  Mark Dehring
  Head of Investor Relations
  CSL Limited
  Telephone: +613 9389 2818
  Email: mark.dehring@csl.com.au
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