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CSL Half Yearly Report for 2001


CSL Half Yearly Report for 2001

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									CSL Limited
      Half Yearly Report 2000-2001

Our business
      is health care
Highlights of the Half Year
CSL Group Results               July to      July to   Growth
                             December     December
                                  2000         1999
                                  ($M)         ($M)

Sales revenue                     335.4      209.5      60.0%

Other revenue                       8.1        4.6      76.0%

Total revenue                    343.5       214.1     60.0%

Depreciation                       22.9       15.5

Net interest expense                6.0       (1.0)

Tax expense                        10.8        8.9

Profit after tax
before amortisation                37.3       18.6     100.5%

Amortisation                       10.0          –

Net profit                         27.3       18.6     46.8%

Interim dividend (cents)            9.0        8.0

Earnings per share (cents)         18.3       14.1

Earnings per share after tax
before amortisation (diluted)      24.5       14.1

     About the Company
     CSL Limited develops, manufactures and markets
     pharmaceutical products of biological origin.
     Our business is health care
     s Life-saving products derived from human plasma;
     s Pharmaceuticals and diagnostics essential to health;
     s Cell culture reagents for the pharmaceutical industry;
     s Veterinary vaccines and diagnostics to protect
       livestock and companion animals.
Chairman’s Report

   Dear Shareholder,
   The continuing success of CSL’s core activities
   combined with a strong performance from our recently
   acquired Swiss fractionation business has delivered an
   excellent net profit after tax of $37.3m (before
   amortisation of goodwill) for the half year ended
   December 2000.
   This strong net profit growth is an increase of 100.5%
   on our December 1999 result. Our Group sales for the
   corresponding period grew 60% to $335.4m and
   earnings per share (diluted) before amortisation
   increased 77% to 24.5 cents. A significant highlight of
   this half year result is that 52% of CSL Group revenue
   has been derived from international sales.
   The Board of Directors has declared an interim
   dividend of 9 cents per share (fully franked) to be paid
   to shareholders on 25 April 2001, an increase of
   12.5% on last year’s interim dividend.
   ZLB Bioplasma AG
   ZLB Bioplasma AG operations commenced under CSL
   ownership on 1 September 2000, following completion
   of our acquisition of the plasma fractionation assets
   and business (ZLB) from an affiliate of the Swiss Red
   Cross. As a result of this significant acquisition, CSL
   operates a global plasma fractionation business. More
   than half the revenues of the CSL Group now come
from the plasma-derived products that we
manufacture at Bern in Switzerland and Melbourne in
Through the acquisition of ZLB, we have strengthened
our key strategic alliances, broadened our R&D
capacity, enhanced our plasma products pipeline and
gained entry to the United States, the world’s largest
market for plasma products. CSL is rapidly developing
its sales, marketing and distribution capabilities in the
USA through ZLB Bioplasma Inc, a new subsidiary
based in Los Angeles.
Business Group Performance
Our Melbourne-based plasma products operations
achieved strong sales revenue growth of 10% in the
Australian market and 12% internationally against the
December 1999 half year result. A major operational
focus during the period has been the work carried out
in conjunction with ZLB on several significant business
integration issues to better align Bioplasma Group
strategies for future growth.
Demand continues to grow for Fluvax® influenza
vaccine, one of CSL’s leading products. In order to
meet increasing demand for this vaccine, a capital
works program is under way to expand our production
capacity in two stages over the next twelve months. In
the past half year, we started early stage clinical trials
of two new potential cancer therapies.
JRH Biosciences Inc continues to perform strongly
and has recorded 15% sales growth for the half year.
Sales of cell culture media, additives and serum are
increasing in the USA and Europe as a result of JRH
being a qualified cell culture reagent vendor for the
manufacture of successfully released
biopharmaceutical products. At the same time, our
serum-free EX-CELL™ products are being used to
manufacture biopharmaceutical products in late stage
clinical trials. JRH maintains strong relationships with
key biopharmaceutical companies.
Sales revenue for our Animal Health Group for the half
year increased by 15% on the December 1999 results.
In Australia, livestock vaccine sales contributed
strongly to our 25% growth in business. Australian
export sales also performed well ahead of the previous
corresponding half year as a result of partnerships
recently formed with key distributors. CSL’s US
subsidiary, Biocor Animal Health Inc, further
consolidated its market position in the United States
through growth in companion animal and cattle
vaccine sales and significant adoption of the
diagnostic product Parachek® used to detect Johne’s
disease in cattle.
Business Outlook
Indications for the remainder of the year are for
continued growth in Group business operations.

Peter Wade
March 2001
Shareholder Information
   Share Registry
   Computershare Investor Services Pty Ltd
   Level 12, 565 Bourke Street
   Melbourne Victoria 3000
   Telephone: 03 9615 5970
   Facsimile: 03 9611 5710
   GPO Box 2975EE
   Melbourne Victoria 3001
   1800 646 882 outside Melbourne
   Shareholders with inquiries should telephone or write to the Share
   Registry at the above address.
   Separate shareholdings may be consolidated by advice to the
   Share Registry in writing.
   Change of address should be notified to the Share Registry in
   writing without delay. Shareholders who are Broker sponsored on
   the CHESS sub-register must notify their sponsoring Broker of a
   change of address.
   Direct payment of dividends into a nominated account may be
   arranged with the Share Registry. Shareholders are encouraged to
   use this option by writing to the Share Registry with particulars.
   The Annual Report is produced for your information. However,
   should you receive more than one or wish to be removed from the
   mailing list for the Annual Report, please advise the Share Registry.
   You will continue to receive Notices of Meetings and Proxy.
   The Annual General Meeting will be held at the Function Centre,
   National Tennis Centre, Melbourne Park, Batman Avenue,
   Melbourne at 10:00am on Wednesday 17 October 2001.
   There is a public car park adjacent to the Function Centre which will
   be available to shareholders at no charge.

   CSL Limited
   ABN 99 051 588 348
   Registered Head Office
   45 Poplar Road Parkville
   Victoria 3052 Australia
   Telephone: +61 3 9389 1911
   Facsimile: +61 3 9389 1434
   Internet: http://www.csl.com.au

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