CSL Limited  
AnnuAL RepoRt  
2012-2013  
Aꢀꢀꢁal Rꢂꢃꢄrꢅ 2012-2013  
CSL Limited ABN 99 051 588 348  
Financial calendar  
annual General MeetinG  
Wednesday 16 October 2013 at 10:00am  
Function Centre, National Tennis Centre  
Melbourne Park, Batman Avenue  
Melbourne 3000  
2
013  
1
4 August  
September  
3 September  
October  
6 October  
1 December  
Annual profit and final dividend announcement  
Shares traded ex-dividend  
Record date for final dividend  
Final dividend paid  
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1
aGM live WebcaSt  
4
The CSL Limited Annual General Meeting  
will be webcast through CSL’s website:  
www.csl.com.au  
1
Annual General Meeting  
Half year ends  
3
Log on to the Home Page of CSL’s  
website and then click on the item called  
Annual General Meeting webcast.  
2
014  
1
2 February  
March  
2 March  
April  
0 June  
3 August  
September  
2 September  
October  
5 October  
1 December  
Half year profit and interim dividend announcement  
Shares traded ex-dividend  
Record date for interim dividend  
Interim dividend paid  
5
Share reGiStry  
1
4
Computershare Investor Services Pty Limited  
Yarra Falls, 452 Johnston Street  
Abbotsford VIC 3067  
3
Year ends  
1
Annual profit and final dividend announcement  
Shares traded ex-dividend  
Record date for final dividend  
Final dividend paid  
Postal Address: GPO Box 2975  
Melbourne VIC 3001  
8
1
Enquiries within Australia: 1800 646 882  
Enquiries outside Australia: +61 3 9415 4178  
Investor enquiries facsimile: +61 3 9473 2500  
Website: www.investorcentre.com  
3
1
Annual General Meeting  
3
Half year ends  
Please see inside back cover for legal notice.  
1
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
ContentS  
about cSl  
2
3
our buSineSSeS  
year in revieW  
BꢀSINESS HIGHLIGHTS  
FINANCIAL HIGHLIGHTS  
YEAR IN REVIEW  
4
6
8
buSineSS FeatureS  
CSL BEHRING  
14  
21  
23  
bioCSL  
RESEARCH AND DEVELOPMENT  
our coMpany  
DIRECTORS’ PROFILES  
26  
28  
30  
31  
33  
GLOBAL LEADERSHIP GROꢀP  
SHARE INFORMATION  
SHAREHOLDER INFORMATION  
CORPORATE GOVERNANCE  
Financial report  
DIRECTORS’ REPORT  
42  
70  
AꢀDITOR’S INDEPENDENCE DECLARATION  
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME  
CONSOLIDATED BALANCE SHEET  
71  
72  
CONSOLIDATED STATEMENT OF CHANGES IN EꢁꢀITY  
CONSOLIDATED STATEMENT OF CASH FLOWS  
NOTES TO THE FINANCIAL STATEMENTS  
DIRECTORS’ DECLARATION  
73  
74  
75  
134  
135  
INDEPENDENT AꢀDITOR’S REPORT  
Medical GloSSary  
Inside back cover  
2
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
About CSL  
CSL Limited has over 11,000 staff in more than 27 countries. We produce life-saving  
and life-enhancing medicines that enable many thousands of people around the world  
to lead normal healthy lives. Our headquarters is in Australia and we have substantial  
manufacturing operations in the US, Germany, Switzerland and Australia.  
CSL is a global specialty  
manufacturing facilities, right through  
to our investment in the development  
of new and improved therapies for  
unmet patient needs.  
CSL’s continuing priority is to develop  
innovative therapies and programs that  
make a real and lasting difference to the  
lives of people who use our products,  
providing new medicines for unmet  
needs and continuous improvement of  
our protein-based therapies. To achieve  
this, we invest in life cycle management  
and market development for existing  
products, as well as longer term, new  
product development opportunities.  
biopharmaceutical company that  
researches, develops, manufactures  
and markets biotherapies to treat  
and prevent serious and rare medical  
conditions. We produce safe and  
effective therapies for patients who  
rely on them for their quality of life,  
and sometimes for life itself.  
CSL supports patient, biomedical and  
local communities by improving access  
to therapies, advancing scientific  
knowledge, supporting future medical  
researchers, and engaging our staff in  
the support of local communities. We  
also contribute to humanitarian programs  
and relief efforts around the world.  
Innovation is at the heart of everything  
we do. It is reflected in our creation of  
state-of-the-art plasma collection and  
3
2
1
4
5
Regional Sales and Distribution  
3
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
ouR buSineSSeS  
cSl behrinG  
ꢀꢁꢂcSl  
reSearch and developMent  
CSL Behring is a global leader in  
biotherapies with the broadest range  
of quality products in our industry and  
substantial markets in the ꢀS, Europe,  
Australia and Japan.  
At Parkville in Melbourne, bioCSL  
operates one of the largest influenza  
vaccine facilities in the world,  
manufacturing seasonal and pandemic  
influenza vaccines for global markets.  
CSL continues to invest in the  
development of protein-based medicines  
to treat serious human illnesses. Today,  
most of our licensed medicines are  
purified from human plasma or made  
from traditional sources. In addition,  
CSL is building the capabilities required  
to develop future products using  
recombinant DNA technology.  
Our therapies are indicated for  
treatment of coagulation disorders  
including haemophilia and von  
Willebrand disease, primary immune  
deficiencies, hereditary angioedema  
and inherited respiratory disease.  
bioCSL also develops, manufactures and  
markets immunohaematology products  
(diagnostic reagents) for Australia and  
the Asia Pacific, markets and distributes  
in-licensed vaccines and pharmaceuticals  
in Australia and New Zealand, and  
Global research and development  
activities support CSL’s existing products  
and development of new therapies that  
align with our technical and commercial  
capabilities in immunoglobulins, specialty  
products, haemophilia and coagulation,  
and breakthrough medicines.  
manufactures and distributes antivenoms  
for Australia and Papua New Guinea.  
CSL Behring products are also used to  
prevent haemolytic disease in newborns,  
speed recovery from heart surgery,  
prevent infection in people undergoing  
solid organ transplants, and help victims  
of shock and burns to recover faster.  
1. beRn Swꢆꢅzꢂrlaꢀꢈ  
CSL bꢂhrꢆꢀg  
R&D, Manufacturing,  
Commercial Operations  
2
3
.
.
mARbuRG Gꢂrꢇaꢀy  
6
7
8
CSL bꢂhrꢆꢀg  
R&D and Manufacturing  
GoettinGen Gꢂrꢇaꢀy  
9
10  
CSL plasꢇa  
Testing Laboratory  
11  
6. KAnKAKee uS  
HAtteRSHeim Gꢂrꢇaꢀy  
CSL bꢂhrꢆꢀg  
CSL bꢂhrꢆꢀg  
R&D and Manufacturing  
ꢉꢆꢄCSL  
Commercial Operations  
7.  
KinG oF pRuSSiA uS  
CSL bꢂhrꢆꢀg  
SCHWALmStAdt Gꢂrꢇaꢀy  
Administration, R&D,  
Commercial Operations  
and Distribution  
CSL plasꢇa  
Eꢀ Logistics Centre  
ꢉꢆꢄCSL  
Commercial Operations  
4
5
.
.
toKYo Jaꢃaꢀ  
CSL bꢂhrꢆꢀg  
R&D, Commercial Operations  
and Distribution  
8. indiAnApoLiS uS  
CSL plasꢇa  
Logistics Centre  
meLbouRne Aꢁsꢅralꢆa  
CSL Lꢆꢇꢆꢅꢂꢈ  
9. meSQuite uS  
R&D, Group Head Office  
CSL plasꢇa  
ꢉꢆꢄCSL  
Logistics Centre  
R&D, Manufacturing,  
Commercial Operations,  
Warehousing and Distribution  
1
0. KnoXViLLe uS  
CSL plasꢇa  
Testing Laboratory  
CSL bꢂhrꢆꢀg  
R&D, Manufacturing,  
Commercial Operations  
and Distribution  
11. boCA RAton uS  
CSL plasꢇa  
Administration  
4
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
buSineSS HiGHLiGHtS  
cSl haS recorded another year  
oF StronG buSineSS perForMance  
With continuinG SaleS GroWth  
acroSS our plaSMa productS  
portFolio and iMproved  
>
Net profit after tax was US$1,216 million  
for the year ended 30 June 2013. This  
result included an unfavourable foreign  
exchange impact of US$18 million. On a  
constant currency basis², operational net  
profit after tax was US$1,234 million.  
eFFiciencieS achieved throuGhout  
our Global orGaniSation.  
at the SaMe tiMe, lookinG to  
Future Market GroWth, cSl haS  
reMained FocuSSed on expandinG  
ManuFacturinG capacity,  
developinG neW MedicineS and  
enhancinG Financial ManaGeMent.  
>
CSL has maintained a strong balance  
sheet with US$762 million cash on hand  
against borrowings of US$1,679 million.  
Cash flow from operations was  
US$1,312 million. Our latest buyback  
of up to A$900 million together with  
previous buybacks has contributed to  
a 4.9% boost to earnings per share.  
>
Given the predominance of US dollars  
as the currency for CSL’s global sales and  
commencing with the announcement  
of our first half results in February 2013,  
CSL has now fully moved to reporting  
in US dollars as foreshadowed when  
announcing our results in August  
last year.  
> Immunoglobulin sales continued at  
a strong pace with Hizentra a top  
®
performer in both the US and Europe,  
®
and with Privigen growth assisted  
by European approval for its use in  
management of chronic inflammatory  
demyelinating polyneuropathy.  
Growth in albumin sales was driven by  
demand in Asia and Europe. Specialty  
product highlights included strong  
®
sales of Haemocomplettan supported  
by increased use in management of  
perioperative bleeding, and the US  
launch of Kcentra™, our prothrombin  
complex concentrate for warfarin  
reversal in patients with acute bleeding.  
5
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
>
A highlight of our investment in  
research and development this year  
has been the continued advancement  
in the development of a family of  
recombinant coagulation factor  
therapies to treat haemophilia and  
other bleeding disorders.  
> CSL Plasma continues to upgrade and  
expand the capacity of plasma collection  
centres and open new facilities. This year  
nine new collection centres and a new  
logistics centre were opened in the US,  
and work has substantially progressed  
to double the size of plasma testing  
facilities in Knoxville, Tennessee.  
>
At our Broadmeadows site in  
Australia, construction of a new cell  
culture biotechnology facility has  
been completed and test batches of  
recombinant proteins have been made in  
preparation for the production of clinical  
trial material in the first quarter of 2014.  
> A significant business reorganisation  
this year has been the integration  
of Australian plasma operations  
into CSL Behring, creating a single  
global plasma business. As part of the  
reorganisation, the Australian-based  
vaccines, pharmaceuticals, diagnostics  
and logistics operations have been  
combined under a new stand-alone  
business unit called bioCSL.  
>
Capacity expansion programs are  
underway in the US (Kankakee and  
CSL Plasma), Switzerland (Bern),  
Germany (Marburg) and Australia  
(
Broadmeadows). These investments  
> bioCSL received a contract from the  
US Government to supply pre-pandemic  
and pandemic influenza vaccine antigens  
and related services if required, and has  
also entered into a contract with the  
Australian Government to supply H5N1  
influenza vaccine for a pre-pandemic  
stockpile.  
will help meet future increased demand  
for our plasma products.  
>
Also at Broadmeadows, construction of  
a manufacturing plant for the production  
of Privigen is now complete with  
®
equipment installed and commissioning  
commenced. This 15 million gram  
capacity facility is due to become  
fully operational by 2016.  
(2) Constant currency removes the impact of exchange rate movements to facilitate comparability by restating the current year’s results at the prior year’s rates.  
For further details, please refer to the Directors’ Report on page 43.  
6
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
FinAnCiAL HiGHLiGHtS  
Interim unfranked  
dividend of  
Final unfranked  
dividend of  
Total ordinary dividends  
2012-13  
+
0.50 $0.52 $1.02  
4
per share  
=
$
per share  
per share  
FiVe YeAR SummARY  
ALL FIGꢀRES ARE IN ꢀS$ MILLION ꢀNLESS STATED OTHERWISE  
2012-13  
2012-13  
2011-12  
2010-11  
2009-10  
2008-09  
(3)  
(1)  
(3)  
(3)  
(3)  
(3)  
CONSTANT  
REPORTED  
REPORTED  
REPORTED  
REPORTED  
REPORTED  
(2)  
CꢀRRENCY  
TOTAL REVENꢀE  
5,236  
5,056  
434  
5,130  
4,950  
427  
4,814  
4,616  
370  
4,228  
4,097  
323  
4,058  
3,909  
278  
3,724  
3,412  
226  
SALES REVENꢀE  
R&D INVESTMENT  
PROFIT BEFORE INCOME TAꢂ EꢂPENSE  
NET PROFIT  
1,492  
1,234  
1,467  
1,216  
450  
1,270  
1,024  
309  
1,167  
918  
1,207  
921  
1,010  
845  
CAPITAL INVESTMENT  
TOTAL ASSETS AT 30 JꢀNE  
TOTAL EꢁꢀITY AT 30 JꢀNE  
197  
215  
195  
5,976  
3,007  
4.41  
5,901  
3,477  
5.15  
5,447  
3,917  
5.68  
4,865  
3,591  
5.10  
5,977  
4,432  
6.08  
NET TANGIBLE ASSETS PER SHARE AT 30 JꢀNE ($)  
WEIGHTED AVERAGE NꢀMBER OF SHARES (MILLION)  
BASIC EARNINGS PER SHARE ($)  
499  
519  
541  
567  
595  
2.439  
1.020  
1.972  
0.865  
1.698  
0.781  
1.625  
0.700  
1.420  
0.516  
DIVIDEND PER SHARE ($)  
(
1) The Group’s Reported results are reported in accordance with the Australian Equivalents to International Financial Reporting Standards (A-IFRS)  
2) Constant currency removes the impact of exchange rate movements to facilitate comparability by restating the current year’s rates. For further details please refer to the Director’s  
Report on page 43.  
3) The results in US dollars have been prepared using the methodology outlined in Note 1 (a) to the Financial Statements.  
(
(
(
4) For shareholders with an Australian registered address, dividends will be paid in A$ at an amount of A$0.5698 per share (at an exchange rate of A$1.0957/US$1.0000), and for  
shareholders with a New Zealand registered address, dividends will be paid in NZD at an amount of NZ$0.6506 per share (at an exchange rate of NZ$1.2511/US$1.0000). The  
exchange rates used are fixed at the date of dividend determination. All other shareholders will be paid in US$.  
7
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
Financial PerFormance in US$(3)  
CSL totAL ReVenue  
CSL net pRoFit  
(uS$ miLLionS)  
(uS$ miLLionS)  
3,724  
4,058  
4,228  
4,814  
5,130  
845  
921  
918  
1,024  
1,216  
0
8-09  
09-10  
10-11  
11-12  
12-13  
08-09  
09-10  
10-11  
11-12  
12-13  
CSL eARninGS peR SHARe  
uS$)  
CSL R&d inVeStment  
(uS$ miLLionS)  
(
1.42  
1.63  
1.70  
1.97  
2.44  
226  
278  
323  
370  
427  
0
8-09  
09-10  
10-11  
11-12  
12-13  
08-09  
09-10  
10-11  
11-12  
12-13  
CSL GRoup SALeS  
bY ReGion 2012-13  
CSL GRoup SALeS bY  
mAJoR pRoduCtS 2012-13  
Immunoglobulins 42%  
North America 41%  
Europe 29%  
Australia 11%  
Asia 11%  
Plasma-derived  
coagulants 12%  
Helixate 10%  
Albumin 12%  
Other 24%  
Other 8%  
8
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
YeAR in ReVieW  
dividendS and Financial reSultS  
cSl behrinG  
CSL’s net profit after tax was  
The benefit to shareholders comes  
Strong demand for CSL Behring’s plasma  
products delivered sales of ꢀS$4.5 billion  
this year, up 10% in constant currency².  
North American sales have continued to  
grow, well supported by European and  
emerging markets.  
ꢀS$1,216 million for the year ended  
from improved investment return ratios,  
including earnings per share and return  
on equity. This latest buyback together  
with previous buybacks has contributed  
to a 4.9% boost to earnings per share.  
30 June 2013. On a constant currency²  
basis, operational net profit after tax  
was ꢀS$1,234 million.  
On 5 April 2013, CSL shareholders  
received an interim unfranked dividend  
of ꢀS$0.50 per share. A final unfranked  
dividend of ꢀS$0.52 per share will  
be paid on 4 October 2013. Total  
ordinary dividends for the year were  
On 26 March 2013, CSL completed a  
ꢀS$500 million private placement in the  
ꢀS. The proceeds will be used to fund  
CSL’s capital management plan, including  
on-market share buybacks, and for  
general corporate purposes.  
CSL Behring’s albumin portfolio delivered  
sales of ꢀS$601 million, up 28% in  
constant currency², predominantly driven  
by strong demand in Asia. Europe offers  
further scope for growth underpinned by  
the favourable re-evaluation of albumin  
for use in intensive care situations.  
ꢀS$1.02 per share.  
On 17 October 2012, CSL announced  
an on-market share buyback of up to  
A$900 million which, as of 30 June 2013,  
was 95% complete with approximately  
CSL business activities reported  
on here include CSL Behring, bioCSL  
and our global research and  
development operations.  
A strong performance from specialty  
products contributed sales of ꢀS$719  
million, up 17% in constant currency².  
®
14.9 million shares repurchased for  
Haemocomplettan fibrinogen  
approximately A$852 million.  
concentrate sales grew, due mostly to its  
increased use in managing perioperative  
bleeding. The April 2013 ꢀS launch of  
Kcentra™, our prothrombin complex  
concentrate, addresses a significant  
proFeSSor John Shine ao  
paul perreault  
Chairman  
Chief exeCutive OffiCer and managing direCtOr  
9
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
unmet medical need. The first ꢀS  
demand in Latin America, particularly  
Brazil. However, sales from this volume  
growth were offset to some extent  
by the ongoing geographic sales  
shift towards lower priced emerging  
markets. Recombinant factor VIII sales  
declined slightly, influenced by the  
number of clinical trials underway for  
new generation recombinant factor VIII  
products where patients receive clinical  
trial products at no cost.  
Plasma has also substantially progressed  
work to double the size of plasma testing  
facilities in Tennessee (ꢀS) this year  
and brought nucleic acid amplification  
testing of plasma in-house, another  
step in ongoing moves towards greater  
operational efficiency. In June 2013,  
CSL Plasma opened a second plasma  
logistics centre, located in Texas (ꢀS),  
adding to our existing logistics capacity  
in Indiana (ꢀS).  
FDA-approved 4-Factor prothrombin  
complex concentrate for urgent warfarin  
reversal in patients with acute bleeding,  
Kcentra™ is a promising addition to our  
specialty care product portfolio. Sales of  
®
®
Beriplex /Confidex human prothrombin  
complex concentrate increased, driven by  
demand in France. Factor ꢂIII concentrate  
®
®
Fibrogammin /Corifact sales also grew.  
®
In February 2013, Corifact received ꢀS  
FDA approval for an expanded indication  
in perioperative management of surgical  
bleeding in both adult and paediatric  
patients with congenital factor ꢂIII  
During the year, plasma product  
manufacturing operations at  
Broadmeadows in Melbourne were  
integrated with the CSL Behring  
business with responsibilities, structures  
and systems successfully aligned  
in preparation for an expanded  
international role.  
A new cell culture biotechnology  
manufacturing facility at Broadmeadows  
has been completed on time and on  
budget, test batches of recombinant  
proteins have been successfully  
manufactured, and production of clinical  
trial materials is scheduled for the first  
quarter of 2014. The first product to  
be manufactured in the facility will be  
our recombinant factor VIIa-FP therapy  
currently under development.  
®
deficiency. Berinert C1 esterase  
inhibitor therapy achieved sales growth  
and in April 2013 received approval  
from European health authorities for  
short-term prophylaxis use in adults  
and children.  
To meet increasing demand for our  
products, CSL Behring is engaged  
in capacity expansion programs at  
Bern (Switzerland), Broadmeadows  
Immunoglobulin portfolio sales  
continued at a strong pace increasing  
to ꢀS$2,081 million, up 9% in constant  
Work on the Broadmeadows  
®
(Australia), Kankakee (ꢀS), and Marburg  
Privigen facility has progressed well  
®
currency². Hizentra subcutaneous  
(Germany) to increase production of  
with major milestones achieved this  
year. Construction is now complete,  
equipment has been installed and  
commissioning commenced. This  
15 million gram capacity facility is due  
to become fully operational by 2016.  
immunoglobulin remains a top  
immunoglobulin, albumin and speciality  
products. Bern’s additional capacity was  
approved for use in December 2012  
by Swissmedic and in January 2013  
by the ꢀS FDA, and Bern also opened  
a new logistics and services centre  
in September 2012. Construction of  
expanded capacity for base fractionation  
performer in both Europe and the ꢀS  
with an impressive increase in sales.  
Our intravenous immunoglobulin (IVIg)  
sales grew well, supported strongly by  
®
global growth in demand for Privigen .  
The European Medicines Agency has  
recommended marketing authorisation  
be granted for Voncento™, for the  
treatment of von Willibrand’s Disease  
and Haemophilia A, and this is now  
with the European Commission seeking  
ratification. European market acceptance  
of Voncento™ would expand the global  
role of our Australian business.  
The European Commission granted  
marketing authorisation for Privigen for  
®
use in managing chronic inflammatory  
demyelinating polyneuropathy (CIDP),  
a very positive step for patients with this  
rare and serious neurological condition.  
®
and albumin at Kankakee and Privigen  
at Broadmeadows has been completed.  
Commissioning of the Broadmeadows  
facility has commenced, and is well  
progressed at the Kankakee facility. At  
Marburg, facilities for the manufacture  
In February 2013, the FDA approved a  
®
4
0g (400 mL) vial size for Privigen –  
the largest IVIg vial size now available  
in the ꢀS. The new vial size simplifies  
preparation and administration of the  
product when high volumes are required.  
®
of Beriplex are being expanded to meet  
®
®
Evogam and Intragam 10 NF have both  
been added to the National Products and  
increasing demand.  
CSL Behring‘s plasma collection  
®
Services List in Australia. Evogam was  
also launched in New Zealand. Evogam  
business, CSL Plasma, opened 9 new  
plasma collection centres this fiscal year,  
continuing to ensure the ability to meet  
projected needs for this critical raw  
material. We now operate 88 plasma  
collection centres around the world. CSL  
®
CSL Behring’s coagulation portfolio  
achieved sales of ꢀS$1,090 million,  
up 2% in constant currency². Plasma-  
derived factor VIII products grew, led  
is a 16% subcutaneous immunoglobulin.  
®
Intragam 10 NF is a 10% intravenous  
immunoglobulin. Both are high-yielding  
and chromatically-purified products.  
®
by Beriate which grew in volume of  
units sold, largely arising from stronger  
10  
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
YeAR in ReVieW Continued  
ꢀꢁꢂcSl  
Following a reorganisation of  
bioCSL’s pandemic influenza vaccine  
capabilities were recognised this year  
with a contract to supply pre-pandemic  
and pandemic vaccine antigens and  
related services to the ꢀS Government  
if required. As part of this contract,  
our scientists are working on the  
development of a master seed for the  
H7N9 influenza virus that emerged  
in China in March 2013. bioCSL also  
received a contract from the Australian  
Government to supply H5N1 influenza  
vaccine for a pre-pandemic stockpile.  
Sales of GARDASIL* vaccine into  
Australian business operations this  
year, CSL’s Australian-based vaccines,  
pharmaceuticals, diagnostics and  
logistics operations have been combined  
under a new stand-alone business unit  
called bioCSL. Sales for bioCSL reached  
Australia grew strongly following the  
commencement in February 2013 of the  
HPV National Immunisation Program for  
boys aged 12 and 13 years. The vaccine  
is being made available through a  
school-based program. Merck & Co Inc.  
is CSL’s exclusive licensee for GARDASIL*  
vaccine with global marketing rights.  
bioCSL retains distribution rights for  
Australia and New Zealand.  
ꢀS$449, an increase of 8% on the  
previous year in constant currency².  
bioCSL has continued to supply influenza  
vaccine to established markets in the  
ꢀS, ꢀnited Kingdom and Germany. In  
Our logistics business includes an  
April 2013, bioCSL moved back into  
production of Southern Hemisphere  
vaccine to provide additional supplies  
for the Australian Government following  
higher than expected demand. However,  
the Australian and international  
operating environment has put the  
influenza business under significant  
competitive pressure.  
Australia-wide cold chain and ambient  
distribution service for vaccines and  
prescription medicines. This year, bioCSL  
entered into contracts with New South  
Wales Health and the Western Australian  
Department of Health to provide them  
with storage and distribution services for  
government funded vaccine programs.  
Merck, Sharp and Dohme Corp. (Merck)  
extended its Australian Distribution  
Agreement with bioCSL until 2022 for  
a range of Merck vaccines including  
ZOSTAVAꢂ* (for the prevention of  
shingles), Pneumovax-23* (for the  
prevention of pneumococcal infections)  
and RotaTeq* (for the prevention of  
gastroenteritis caused by rotavirus  
infection). In addition, Merck and  
bioCSL agreed to transition ꢀS rights to  
market and distribute bioCSL’s influenza  
vaccine, AFLꢀRIA™, back to CSL. As a  
result, bioCSL will resume AFLꢀRIA™  
distribution in the ꢀS for the 2014-2015  
influenza season.  
As part of our commitment to improving  
access to our medicines in developing  
countries, bioCSL donated 97,000  
doses of influenza vaccine to the ꢀS  
Centre for Disease Control Foundation  
and continued work towards the  
In January 2013, CSL concluded its  
scientific investigations into the cause  
of the paediatric adverse events  
associated with bioCSL’s 2010 seasonal  
influenza vaccine. The full results of the  
investigations have been submitted for  
publication in a peer-reviewed journal,  
and findings are being incorporated into  
product development studies that seek  
to reduce the reactogenicity of bioCSL’s  
seasonal influenza vaccine in children.  
establishment of a not-for-profit  
toxinology centre in Papua New Guinea  
(PNG) with the PNG Government, the  
ꢀniversity of PNG and the Australian  
Venom Research ꢀnit at Melbourne  
ꢀniversity. The toxinology centre aims to  
reduce the burden of snake bite in PNG.  
bioCSL’s in-licensing business includes  
vaccines and pharmaceutical products  
for distribution in Australia and New  
Zealand. This year we successfully  
listed Proꢁuad* (for the prevention of  
measles, mumps, rubella and varicella  
virus) on the Australian National  
Official notification of the close-out  
of the May 2011 FDA Warning Letter  
was received in August 2012, formally  
acknowledging the resolution of  
Immunisation Program, and launched  
four vaccines: ZOSTAVAꢂ* (for the  
prevention of shingles) on the private  
market in Australia and Dukoral* (for  
the prevention of cholera), Vivotif Oral*  
compliance issues identified by the  
FDA at our Parkville manufacturing site.  
(for the prevention of typhoid) and  
JESPECT* (for the prevention of Japanese  
Encephalitis) in New Zealand.  
*
Trademarks  
GARDASIL, Pneumovax-23, ProQuad, RotaTeq and ZOSTAVAX are trademarks of Merck & Co. Inc.  
JESPECT is a trademark of Intercell AG. Vivotif Oral and Dukoral are trademarks of Crucell.  
1
1
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
recently, cSl’S neW ceo and ManaGinG director, paul perreault Met With  
irene kieSS and other ScientiStS at cSl’S reSearch Facility at bio21 in Melbourne.  
in July 2013, paul alSo held toWn hallS at parkville and broadMeadoWS to  
diScuSS key aSpectS oF hiS viSion For cSl’S Future direction.  
reSearch and developMent  
Global research and development  
activities support CSL’s licensed  
The European health authorities  
albumin) and a unique single-chain  
rFVIII (rVIII-SC) product. If successful  
these innovative medicines should result  
in a marked reduction of frequency of  
administration compared to current  
treatments and significantly increase  
convenience for patients.  
granted marketing authorisation for  
®
marketed products and the development  
of new therapies that align with our  
technical and commercial capabilities  
in immunoglobulins, specialty products,  
haemophilia and coagulation, and  
breakthrough medicines.  
the use of Privigen 10% intravenous  
immunoglobulin in the treatment of  
patients with chronic inflammatory  
demyelinating polyneuropathy (CIDP),  
a rare disorder of the peripheral  
nerves. European authorities also  
approved the extended use of  
Important milestones in the past year  
included the demonstration of  
Achieving licenses and expanding the  
medically justified use of therapies in  
major regulatory jurisdictions is a critical  
objective of our R&D programs. During  
the year, following many years of  
substantial effort by a large number of  
our people, the FDA approved Kcentra™  
for urgent warfarin reversal in patients  
with acute major bleeding. Kcentra™ is  
the first approved 4-Factor Prothrombin  
Complex Concentrate for acquired  
®
Berinert C1-esterase inhibitor (C1-INH)  
prolonged half-life and clinical efficacy  
of rIꢂ-FP for once weekly prophylaxis  
in an international Phase I/II trial,  
supporting the potential of less frequent  
infusions for patients with severe  
haemophilia B; demonstration of  
improved half-life of rVIII-SingleChain  
and progression to Phase III of a  
Phase I/III study in haemophilia A  
patients; and successful completion  
of a Phase I study investigating the  
safety and pharmacokinetics of rVIIa-FP  
in healthy volunteers.  
concentrate for prevention (short-  
term prophylaxis) of acute episodes  
of hereditary angioedema (HAE),  
a rare and life-threatening genetic  
disorder, in patients about to undergo  
surgical procedures. This preventative  
therapy supports the established  
recommendations for the use of  
®
Berinert as treatment for the  
prevention of HAE attacks.  
coagulation factor deficiency induced by  
vitamin K antagonist (warfarin) therapy  
in patients with acute major bleeding in  
the ꢀS (see feature on page 23). The FDA  
also approved an expanded indication  
Advancement of the development  
of a family of novel longer-acting  
recombinant coagulation factor  
CSL’s new state-of-the-art cell  
medicines to progress the care of people  
with haemophilia and other coagulation  
disorders continued during 2012/13.  
These medicines include the extended  
half-life albumin fusion proteins rIꢂ-FP  
(recombinant fusion protein linking  
coagulation factor Iꢂ with albumin),  
rVIIa-FP (recombinant fusion protein  
linking coagulation factor VIIa with  
culture biotechnology facility at our  
Broadmeadows site in Melbourne will  
enhance our ability to take these and  
other recombinant products into the  
clinic and ultimately to patients.  
®
for Corifact Factor ꢂIII Concentrate to  
include the perioperative management  
of surgical bleeding in adult and  
paediatric patients with congenital  
factor ꢂIII deficiency.  
Significant progress has been made in  
unlocking the medical significance and  
value of our specialty plasma-derived  
12  
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
YeAR in ReVieW Continued  
corporate reSponSibility  
CSL is committed to conducting  
products. A Phase III multi-site clinical  
trial continued evaluating the efficacy  
and safety of fibrinogen in controlling  
microvascular bleeding during aortic  
aneurysm surgery. A Phase II study  
evaluating a convenient volume-reduced,  
supporting possible use of rHDL in acute  
coronary syndromes a Phase IIa study  
has been completed and planning for  
a Phase IIb trial commenced. Significant  
progress has also been made in the  
earlier stage recombinant monoclonal  
antibody (mAb) projects, including the  
anti-IL-3R mAb where data supporting  
its use in acute myeloid leukaemia  
(AML) lead to the commencement of  
a Phase I clinical study in AML during  
the year. Other studies also support the  
potential value of the anti-IL-3R mAb in  
treating a serious autoimmune disease.  
New research data from rodent models  
strongly supporting the potential role  
for an anti-VEGFB rMAb as a novel  
treatment of type II diabetes were  
summarised in two publications  
business ethically and contributing to the  
economic, social and environmental well-  
being of our communities. In November  
2012, CSL published its fourth Corporate  
Responsibility Report.  
®
subcutaneous formulation of Berinert  
In recognition of our performance and  
commitment to providing stakeholders  
with comprehensive and balanced  
information, CSL retained its listing on  
the FTSE4Good Index Series. Created by  
the global index company FTSE Group,  
FTSE4Good is an equity index series that  
is designed to facilitate investment in  
companies that meet globally recognised  
corporate responsibility standards.  
in patients with HAE was successfully  
completed supporting initiation of  
Phase III development.  
We continue to provide support to our  
immunoglobulin franchise. Following  
the successful demonstration of the  
®
safety and efficacy of Privigen in  
treating CIDP, an international Phase III  
®
study is progressing testing Hizentra  
20% subcutaneous immunoglobulin  
In July 2013, we released the second  
edition of our Code of Responsible  
Business Practice (the Code). The Code  
defines the standards of behaviour  
expected of all our employees, and  
also our contractors, suppliers and  
distributors, when they are conducting  
CSL’s business. The updated version of  
the Code, which has been translated in  
15 languages, is the result of an extensive  
internal review process as well as external  
benchmarking. We have incorporated  
feedback from our employees and  
introduced a number of scenarios to  
demonstrate how to apply the Code  
in day-to-day work situations.  
for CIDP. These studies aim to provide  
greater flexibility and control for patients  
who require long-term immunoglobulin  
therapy. A Phase III study was also  
in Nature.  
Investment in research and development  
remains an important driver for CSL’s  
future growth. We have a high quality  
and potentially valuable portfolio  
completed supporting the efficacy and  
®
safety of Hizentra in Japanese patients  
with Primary Immunodeficiency Disease.  
Based on these results a new drug  
application (NDA) was submitted to the  
Pharmaceutical and Medicines Devices  
Agency (PMDA) in Japan.  
of projects in various stages of  
development. We continue to make a  
balanced investment in the life cycle  
management and market development  
of existing products that bring short to  
mid-term commercial benefits, and we  
make strategic investments in longer  
term, higher risk and high opportunity  
new product development activities.  
An R&D priority is the development of  
new breakthrough medicines such as  
reconstituted high density lipoprotein  
(rHDL). Following Phase I studies  
CSL RESEARCH AND DEVELOPMENT INVESTMENT (ꢀS$ MILLIONS)  
226  
278  
323  
370  
427  
New Product Development activities  
focus on innovative new therapies for  
life-threatening diseases.  
Market Development strategies seek  
to bring therapies to new markets and  
new indications.  
Life Cycle Management ensures  
continuous improvement of  
existing products.  
08-09  
09-10  
10-11  
11-12  
12-13  
1
3
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
our people  
our thankS  
Recognising that our talented and  
diverse workforce is critical to CSL’s  
continued growth and success, we are  
committed to seeking out and retaining  
the best people.  
On 30 June 2013, CSL said farewell to  
Dr Brian McNamee as Chief Executive  
Officer and Managing Director after  
23 years of outstanding leadership  
during which time the Company has  
become a global market leader in plasma  
protein therapies. We thank Brian for the  
drive and vision instrumental in building  
CSL’s business through innovative R&D,  
operational excellence and absolute  
commitment to patients.  
CSL has a strong diversity position.  
The CSL Board and Senior Management  
believe this is fundamentally the result  
of a strongly inclusive culture. Our  
management at all sites around the  
world are encouraged to implement  
diversity-related initiatives consistent  
with local laws, practices and culture.  
CSL Behring is committed to saving  
lives and improving the quality of life  
for people with rare and serious diseases  
worldwide. Often our patients have  
few treatment options and require our  
therapies to maintain a good quality of  
life and, in many cases, for life itself. We  
offer the broadest range of products and  
therapeutic options in the plasma-protein  
biotherapeutics industry.  
In the area of gender diversity, CSL has  
a long history of implementing programs  
and policies supporting the retention  
and career progression of qualified and  
experienced women in the workplace.  
This year the CSL Board established  
a number of measurable objectives  
supporting gender diversity and we  
have reported progress against these  
objectives in our Corporate Governance  
Statement (see page 39). Your Board  
has also established a number of further  
measurable objectives for 2013-2014  
appointed to the cSl board in auGuSt  
013, Marie Mcdonald iS chair oF  
2
the corporationS coMMittee oF the  
buSineSS laW Section oF the laW  
council oF auStralia.  
CSL undertakes a global employee  
The operational excellence of CSL’s global  
business demands a culture of close  
co-operation – from the smallest local  
teams to our most complex international  
in-house relationships. This is how we  
fulfil our obligations to the people who  
depend on our therapies for their quality  
of life.  
survey every few years, most recently in  
February 2013 when 65% of employees  
participated. Significant attention is given  
to analysing the response and creating  
action plans. The survey continued to  
show our employees have a positive view  
of the Company with 16 out of 19 Key  
Performance Indicators being areas of  
best practice or strength. The strongest  
attributes globally were seen as ꢁuality,  
Achievement and Customer Focus.  
(see page 40).  
Your Board of Directors recognises and  
appreciates that CSL’s success is built on  
the hard work and strong commitment  
of dedicated management and staff  
who daily represent us in many countries  
around the world.  
prꢄfꢂssꢄr Jꢄhꢀ Shꢆꢀꢂ Ao  
Chairman  
paꢁl pꢂrrꢂaꢁlꢅ  
Chief Executive Officer  
and Managing Director  
14  
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
CSL beHRinG  
We listen carefully to the concerns of  
the patients and caregivers we serve  
and then work to address their needs.  
Not only do we provide safe and  
effective products aimed at delivering  
a better quality of life, CSL Behring also  
offers programs and educational tools  
that help patients and families manage  
the daily challenges of living with a  
chronic condition. We also collaborate  
with patient groups and policy makers  
around the world to advocate for  
patient access to care.  
We are a global leader in biotherapies,  
with substantial markets in the ꢀS,  
Europe, Latin America, the Middle East,  
and Japan. CSL Behring is committed  
to maintaining a reliable and consistent  
product supply, while continuing  
to expand our pipeline of new and  
improved plasma and recombinant  
therapies, by using cost-effective,  
high-yield manufacturing processes  
and efficient operations.  
CSL bꢂhrꢆꢀg ꢈꢂvꢂlꢄꢃs  
ꢅhꢂraꢃꢆꢂs ꢅꢄ ꢅrꢂaꢅ rarꢂ  
aꢀꢈ sꢂrꢆꢄꢁs cꢄꢀꢈꢆꢅꢆꢄꢀs  
as ꢅhꢄꢁgh ꢃaꢅꢆꢂꢀꢅs’ lꢆvꢂs  
ꢈꢂꢃꢂꢀꢈ ꢄꢀ ꢅhꢂꢇ – ꢉꢂcaꢁsꢂ  
ꢅhꢂy ꢈꢄ.  
Around the world, CSL Behring  
brings life-saving and life-enhancing  
therapies to people with primary  
immune deficiencies, bleeding disorders  
Headquartered in King of Prussia,  
(including haemophilia, congenital  
Pennsylvania (ꢀS), CSL Behring operates  
manufacturing plants in Kankakee,  
Illinois (ꢀS), Bern (Switzerland), Marburg  
(Germany), and in Melbourne, Australia.  
Regional sales and distribution centres  
are located throughout the world.  
fibrinogen deficiency and von Willebrand  
disease), hereditary angioedema,  
certain neurological disorders, inherited  
respiratory disease and other serious  
conditions. Our products are also used  
to prevent haemolytic disease in  
newborns, speed recovery after heart  
surgery, prevent infection in people  
undergoing solid organ transplants, and  
to help victims of shock and burns to  
recover faster.  
CSL Behring has a long history of  
manufacturing innovative products  
in state-of-the-art facilities. We use  
the most sophisticated methods  
available and meet or exceed  
stringent international safety and  
quality standards. Each step of our  
manufacturing process from plasma  
donor to patient reflects the company’s  
unyielding commitment to ensuring its  
products are safe.  
CSL bꢂhrꢆꢀg ꢆs cꢄꢇꢇꢆꢅꢅꢂꢈ ꢅꢄ savꢆꢀg  
lꢆvꢂs aꢀꢈ ꢆꢇꢃrꢄvꢆꢀg ꢅhꢂ qꢁalꢆꢅy ꢄf  
lꢆfꢂ fꢄr ꢃꢂꢄꢃlꢂ wꢆꢅh rarꢂ aꢀꢈ sꢂrꢆꢄꢁs  
ꢈꢆsꢂasꢂs wꢄrlꢈwꢆꢈꢂ.  
MaJor expanSion underWay in MarburG  
Schꢂꢈꢁlꢂꢈ ꢅꢄ ꢉꢂ cꢄꢇꢃlꢂꢅꢂꢈ ꢆꢀ 2014,  
a ꢀꢂw ꢃrꢄꢈꢁcꢅꢆꢄꢀ sꢁꢃꢃꢄrꢅ aꢀꢈ  
laꢉꢄraꢅꢄry facꢆlꢆꢅy (m240) ꢉꢂꢆꢀg ꢉꢁꢆlꢅ  
ꢆꢀ marꢉꢁrg ꢆs ꢃarꢅ ꢄf a ꢇajꢄr ꢃrꢄjꢂcꢅ  
ꢅꢄ ꢂxꢃaꢀꢈ ꢃrꢄꢈꢁcꢅꢆꢄꢀ, fillꢆꢀg, frꢂꢂzꢂ-  
ꢈryꢆꢀg aꢀꢈ ꢃackagꢆꢀg facꢆlꢆꢅꢆꢂs ꢅꢄ  
ꢆꢀcrꢂasꢂ ꢇaꢀꢁfacꢅꢁrꢆꢀg caꢃacꢆꢅy fꢄr  
sꢃꢂcꢆalꢅy ꢃrꢄꢈꢁcꢅs.  
Lꢂhfꢂlꢈ (prꢄjꢂcꢅ Lꢂaꢈ m240), dr. Rꢂꢆꢀꢂr  
Laskꢂ (Hꢂaꢈ ꢄf Qꢁalꢆꢅy, marꢉꢁrg), dr.  
Jꢄhaꢀꢀꢂs Kraꢂꢇꢂr (Hꢂaꢈ ꢄf eꢀgꢆꢀꢂꢂrꢆꢀg,  
marꢉꢁrg), dr. Rꢄlaꢀꢈ marꢅꢆꢀ (Sꢆꢅꢂ  
maꢀagꢂr, CSL bꢂhrꢆꢀg GꢇꢉH, marꢉꢁrg),  
mary Sꢄꢀꢅrꢄꢃ (CSL, exꢂcꢁꢅꢆvꢂ Vꢆcꢂ  
prꢂsꢆꢈꢂꢀꢅ oꢃꢂraꢅꢆꢄꢀs) aꢀꢈ dr. Aꢀꢆꢅa  
Kꢄhl-trꢁꢂꢉꢂꢀꢉach (Hꢂaꢈ ꢄf prꢄꢈꢁcꢅꢆꢄꢀ,  
marꢉꢁrg). thꢂ cꢂrꢂꢇꢄꢀy ꢂꢀꢈꢂꢈ wꢆꢅh  
ꢅhrꢂꢂ syꢇꢉꢄlꢆc ꢉlꢄws wꢆꢅh haꢇꢇꢂrs ꢉy  
ꢅhꢂ grꢄꢁꢃ.  
Aꢅ ꢅhꢂ fꢄꢁꢀꢈaꢅꢆꢄꢀ sꢅꢄꢀꢂ cꢂrꢂꢇꢄꢀy ꢄꢀ  
15 Fꢂꢉrꢁary 2013 wꢂrꢂ (frꢄꢇ lꢂfꢅ) Axꢂl  
1
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CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
majOr prOduCts marketed by CsL behring  
Haꢂꢇꢄꢃhꢆlꢆa aꢀꢈ oꢅhꢂr  
Cꢄagꢁlaꢅꢆꢄꢀ dꢆsꢄrꢈꢂrs  
Sꢃꢂcꢆalꢅy Carꢂ prꢄꢈꢁcꢅs  
iꢇꢇꢁꢀꢂ dꢆsꢄrꢈꢂrs  
aꢀꢈ iꢇꢇꢁꢀꢂ thꢂraꢃy  
Specialty care products are used to  
treat acquired bleeding disorders and  
are used in wound healing, volume  
replacement, warfarin reversal, the  
management of sepsis and severe  
burns, as well as in the treatment  
of hereditary angioedema.  
Coagulation therapies are used to  
treat congenital bleeding disorders  
such as haemophilia and von  
Willebrand disease.  
Immunoglobulins are used to  
treat and prevent infections,  
to treat autoimmune diseases,  
neurological conditions, and to prevent  
haemolytic disease in the newborn.  
plasꢇa-ꢈꢂrꢆvꢂꢈ Facꢅꢄr Viii  
aꢀꢈ vꢄꢀ Wꢆllꢂꢉraꢀꢈ Facꢅꢄr  
pꢄlyvalꢂꢀꢅ iꢇꢇꢁꢀꢄglꢄꢉꢁlꢆꢀs  
®
Haꢂꢇꢄsꢅasꢆs dꢆsꢄrꢈꢂrs  
®
Beriate P  
Privigen  
®
®
®
®
Monoclate P  
Humate P  
Haemate P  
Beriplex P/N / Confidex / Kcentra™  
Carimune NF  
Sandoglobulin  
Sanglopor  
®
® ®  
Haemocomplettan P/ RiaSTAP  
® ®  
®
®
®
Fibrogammin P /Corifact  
Rꢂcꢄꢇꢉꢆꢀaꢀꢅ Facꢅꢄr Viii  
iꢀꢅꢂꢀsꢆvꢂ Carꢂ  
Sꢁꢉcꢁꢅaꢀꢂꢄꢁs iꢇꢇꢁꢀꢄglꢄꢉꢁlꢆꢀs  
®
®
®
Helixate FS  
Albuminar  
Alburex  
Hizentra  
®
®
®
Helixate NexGen  
Vivaglobin  
Human Albumin Behring  
Humanalbin  
plasꢇa-ꢈꢂrꢆvꢂꢈ Facꢅꢄr iX  
Sꢃꢂcꢆfic iꢇꢇꢁꢀꢄglꢄꢉꢁlꢆꢀs  
®
®
®
Berinin P  
Mononine  
Beriglobin P  
Berirab P  
Hepatitis B  
Immunoglobulin P Behring  
®
Hꢂrꢂꢈꢆꢅary Aꢀgꢆꢄꢂꢈꢂꢇa  
®
®
Berinert  
plasꢇa-ꢈꢂrꢆvꢂꢈ Facꢅꢄr X  
Factor X P Behring  
oꢅhꢂr Crꢆꢅꢆcal Carꢂ  
®
Rhophylac  
®
Kybernin P  
®
Tetagam P  
plasꢇa-ꢈꢂrꢆvꢂꢈ Facꢅꢄr Xiii  
®
Streptase  
®
Varicellon P  
®
Corifact  
®
Cytogam  
®
Fibrogammin P  
Wꢄꢁꢀꢈ Hꢂalꢆꢀg  
oꢅhꢂr prꢄꢈꢁcꢅs  
*
*
Octostim is a trademark of Ferring GmbH  
Tachocomb is a trademark of Nycomed  
®
Stimate  
Wound healing therapies are used  
to facilitate healing.  
Octostim*  
®
Beriplast P  
Combi-Set  
®
Fibrogammin P  
Tachocomb*  
Alꢃha 1-prꢄꢅꢂꢆꢀasꢂ  
iꢀhꢆꢉꢆꢅꢄr dꢂficꢆꢂꢀcy  
For people at risk from  
life-shortening emphysema  
through a genetic deficiency  
in their synthesis of this protein.  
®
Zemaira  
Fꢄr ꢇꢄrꢂ ꢆꢀfꢄrꢇaꢅꢆꢄꢀ aꢉꢄꢁꢅ ꢅhꢂsꢂ  
ꢃrꢄꢈꢁcꢅs, sꢂꢂ www.cslꢉꢂhrꢆꢀg.cꢄꢇ  
16  
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
CSL beHRinG Continued  
iꢀ ꢅhꢂ ꢉꢁlk ꢇaꢀꢁfacꢅꢁrꢆꢀg arꢂa ꢆꢀ ꢅhꢂ  
®
prꢆvꢆgꢂꢀ facꢆlꢆꢅy aꢅ brꢄaꢈꢇꢂaꢈꢄws ꢆꢀ  
mꢂlꢉꢄꢁrꢀꢂ, Shꢆfꢅ Lꢂaꢈꢂr Wꢆllꢆaꢇ Fꢂꢀꢂch  
chꢂcks ꢅhꢂ ꢆꢄꢀ ꢂxchaꢀgꢂ cꢄlꢁꢇꢀ ꢅhaꢅ wꢆll  
ꢉꢂ ꢁsꢂꢈ ꢅꢄ ꢃꢁrꢆfy ꢆꢇꢇꢁꢀꢄglꢄꢉꢁlꢆꢀ G (igG).  
Cꢄꢀsꢅrꢁcꢅꢆꢄꢀ ꢄf ꢅhꢂ ꢃlaꢀꢅ ꢆs ꢀꢄw cꢄꢇꢃlꢂꢅꢂ  
aꢀꢈ ꢅhꢂ cꢄꢇꢇꢆssꢆꢄꢀꢆꢀg ꢃrꢄcꢂss ꢆs ꢁꢀꢈꢂr way.  
thꢆs 15 ꢇꢆllꢆꢄꢀ graꢇ caꢃacꢆꢅy facꢆlꢆꢅy ꢆs ꢈꢁꢂ  
ꢅꢄ ꢉꢂcꢄꢇꢂ fꢁlly ꢄꢃꢂraꢅꢆꢄꢀal ꢉy 2016.  
iꢀsꢆꢈꢂ CSL’s ꢀꢂw cꢂll cꢁlꢅꢁrꢂ ꢉꢆꢄꢅꢂchꢀꢄlꢄgy  
facꢆlꢆꢅy aꢅ brꢄaꢈꢇꢂaꢈꢄws ꢆꢀ mꢂlꢉꢄꢁrꢀꢂ,  
ꢄꢃꢂraꢅꢄrs ꢃrꢂꢃarꢂ a ꢉꢆꢄrꢂacꢅꢄr ꢁsꢂꢈ fꢄr  
cꢁlꢅꢁrꢆꢀg ꢇaꢇꢇalꢆaꢀ cꢂlls.  
thꢂ rꢂcꢂꢀꢅly cꢄꢇꢃlꢂꢅꢂꢈ sꢅaꢅꢂ-ꢄf-ꢅhꢂ-arꢅ  
facꢆlꢆꢅy wꢆll ꢂꢀhaꢀcꢂ CSL’s aꢉꢆlꢆꢅy ꢅꢄ ꢅakꢂ  
rꢂcꢄꢇꢉꢆꢀaꢀꢅ ꢃrꢄꢈꢁcꢅs ꢆꢀꢅꢄ ꢅhꢂ clꢆꢀꢆc aꢀꢈ  
ꢁlꢅꢆꢇaꢅꢂly ꢅꢄ ꢃaꢅꢆꢂꢀꢅs. Cꢄꢀsꢅrꢁcꢅꢆꢄꢀ was  
cꢄꢇꢃlꢂꢅꢂꢈ ꢄꢀ ꢅꢆꢇꢂ aꢀꢈ ꢄꢀ ꢉꢁꢈgꢂꢅ aꢀꢈ  
ꢅꢂsꢅ ꢉaꢅchꢂs ꢄf rꢂcꢄꢇꢉꢆꢀaꢀꢅ ꢃrꢄꢅꢂꢆꢀs  
havꢂ ꢉꢂꢂꢀ ꢇaꢈꢂ ꢆꢀ ꢃrꢂꢃaraꢅꢆꢄꢀ fꢄr ꢅhꢂ  
ꢃrꢄꢈꢁcꢅꢆꢄꢀ ꢄf clꢆꢀꢆcal ꢅrꢆal ꢇaꢅꢂrꢆal ꢆꢀ ꢅhꢂ  
firsꢅ qꢁarꢅꢂr ꢄf 2014.  
thꢆs ꢀꢂw facꢆlꢆꢅy wꢆll ꢉꢂ ꢁsꢂꢈ fꢄr laꢅꢂ  
sꢅagꢂ clꢆꢀꢆcal ꢈꢂvꢂlꢄꢃꢇꢂꢀꢅ ꢄf ꢀꢂw  
ꢅhꢂraꢃꢆꢂs fꢄr caꢀcꢂr, ꢉlꢂꢂꢈꢆꢀg ꢈꢆsꢄrꢈꢂrs  
aꢀꢈ ꢆꢀflaꢇꢇaꢅꢆꢄꢀ.  
1
7
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
majOr pLasma-derived therapies manufaCtured by CsL behring in austraLia  
®
Haꢂꢇꢄꢃhꢆlꢆa aꢀꢈ oꢅhꢂr  
Cꢄagꢁlaꢅꢆꢄꢀ dꢆsꢄrꢈꢂrs  
Rhꢄꢃhylac  
iꢇꢇꢁꢀꢂ dꢆsꢄrꢈꢂrs  
aꢀꢈ iꢇꢇꢁꢀꢂ thꢂraꢃy  
®
Rhophylac (human Rh (D)  
immunoglobulin, for IV use) is  
distributed in Australia by CSL Behring.  
Coagulation therapies are used to treat  
bleeding disorders such as haemophilia  
and von Willebrand disease.  
Immunoglobulins are used to treat  
immunodeficiency, modify the function  
of the immune system, and for protection  
against specific infections.  
®
RꢆaStAp  
®
Biostate®  
RiaSTAP (fibrinogen concentrate) is  
distributed in Australia by CSL Behring.  
®
(human coagulation factor VIII/von  
Intragam P  
Willbrand Factor Concentrate)  
(6% liquid intravenous  
immunoglobulin for intravenous  
administration)  
®
bꢂrꢆꢀꢂrꢅ  
®
MonoFIX -VF  
(
®
Berinert (C1 esterase inhibitor) is  
human coagulation factor IX)  
distributed in Australia by CSL Behring.  
®
®
Intragam 10 NF  
Prothrombinex -VF  
(
10% liquid intravenous  
immunoglobulin for intravenous  
administration)  
(human prothrombin complex)  
Sꢃꢂcꢆal Accꢂss Schꢂꢇꢂ  
nder Australia’s Special Access  
Crꢆꢅꢆcal Carꢂ Cꢄꢀꢈꢆꢅꢆꢄꢀs  
Scheme, CSL Behring distributes several  
life-saving, plasma-derived therapies for  
the treatment of rare conditions.  
Evogam®  
Critical care products are used in  
fluid resuscitation, for replacement of  
albumin, and to treat specific factor  
deficiencies.  
(
16% liquid intravenous  
immunoglobulin for subcutaneous  
administration)  
tꢄll Fracꢅꢆꢄꢀaꢅꢆꢄꢀ  
Normal Immunoglobulin-VF  
(human normal immunoglobulin)  
Albumex®  
In Australia, CSL Behring performs  
plasma fractionation for the National  
Blood Authority, a role pivotal to  
Australia’s policy of self-sufficiency.  
CSL Behring is also the national plasma  
fractionator of New Zealand, Hong  
Kong, Malaysia, Singapore and Taiwan.  
(human albumin)  
Rh(D) Immunoglobulin-VF  
(human Rh (D) immunoglobulin)  
®
Thrombotrol -VF  
(human antithrombin III)  
CMV Immunoglobulin-VF  
(human cytomegalovirus  
immunoglobulin)  
Hepatitis B Immunoglobulin-VF  
(
human hepatitis B immunoglobulin)  
Zoster Immunoglobulin-VF  
human zoster immunoglobulin)  
Tetanus Immunoglobulin-VF  
human tetanus immunoglobulin  
(
(
marcꢁs bꢂrgꢂr ꢆs dꢂꢃꢁꢅy tꢂaꢇ Lꢂaꢈꢂr,  
Chꢂꢇꢆcal Qꢁalꢆꢅy Cꢄꢀꢅrꢄl, Qm ꢆꢀ bꢂrꢀ.  
thꢂ wꢆꢈꢂ-raꢀgꢆꢀg rꢂsꢃꢄꢀsꢆꢉꢆlꢆꢅꢆꢂs ꢄf ꢅhꢂ  
Qꢁalꢆꢅy Cꢄꢀꢅrꢄl ꢅꢂaꢇ ꢆꢀclꢁꢈꢂ raw ꢇaꢅꢂrꢆal,  
ꢆꢀ-ꢃrꢄcꢂss aꢀꢈ fiꢀal ꢃrꢄꢈꢁcꢅ cꢄꢀꢅrꢄl.  
18  
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
CSL beHRinG Continued  
better liveS For ricky and Mackenzie  
oꢁr lꢆvꢂs wꢂrꢂ ꢅꢁrꢀꢂꢈ ꢁꢃsꢆꢈꢂ  
ꢅhꢂ Aꢈꢄꢃꢅ-a-paꢅꢆꢂꢀꢅ ꢃrꢄgraꢇ ꢆꢀ  
ꢅhꢂꢆr Akrꢄꢀ, ohꢆꢄ ꢃlasꢇa cꢄllꢂcꢅꢆꢄꢀ  
cꢂꢀꢅrꢂ, wꢂ wꢂrꢂ ꢂagꢂr ꢅꢄ ꢇꢂꢂꢅ  
ꢅhꢂ ꢃꢂꢄꢃlꢂ savꢆꢀg ꢄꢁr chꢆlꢈrꢂꢀ’s  
lꢆvꢂs. iꢀ ꢅhaꢅ firsꢅ vꢆsꢆꢅ, Rꢆcky aꢀꢈ  
mackꢂꢀzꢆꢂ sꢃꢄkꢂ ꢅꢄ ꢅhꢂ ꢈꢄꢀꢄrs aꢀꢈ  
ꢂꢇꢃlꢄyꢂꢂs frꢄꢇ ꢅhꢂꢆr hꢂarꢅs wꢆꢅh  
ꢅꢂars ꢆꢀ ꢂyꢂs, ꢅhaꢀkꢆꢀg ꢅhꢂꢇ fꢄr  
savꢆꢀg ꢅhꢂꢆr lꢆvꢂs. Wꢂ sharꢂꢈ hꢁgs,  
ꢅꢂars, sꢇꢆlꢂs aꢀꢈ laꢁghꢅꢂr wꢆꢅh ꢅhꢂ  
ꢈꢄꢀꢄrs aꢀꢈ ꢂꢇꢃlꢄyꢂꢂs ꢅꢂllꢆꢀg ꢅhꢂꢇ,  
all ꢄf ꢅhꢂꢇ, whaꢅ aꢀ ꢆꢇꢃꢄrꢅaꢀꢅ rꢄlꢂ  
ꢂach ꢄf ꢅhꢂꢇ ꢃlays. Aꢀꢈ sꢂꢂꢆꢀg fꢄr  
ꢄꢁrsꢂlvꢂs ꢅhꢂ ꢃrꢄcꢂss ꢄf hꢄw ꢃlasꢇa  
ꢆs cꢄllꢂcꢅꢂꢈ, ꢃrꢄcꢂssꢂꢈ, aꢀꢈ ꢇaꢈꢂ  
safꢂ, ꢃꢁꢅ ꢄꢁr fꢂars aꢅ ꢂasꢂ.  
wꢂ havꢂ ꢂvꢂr ꢂxꢃꢂrꢆꢂꢀcꢂꢈ. Kꢀꢄwꢆꢀg  
ꢅhaꢅ sꢅraꢀgꢂrs frꢄꢇ all walks ꢄf lꢆfꢂ  
arꢂ cꢄꢀꢅrꢆꢉꢁꢅꢆꢀg ꢅꢄ ꢄꢁr chꢆlꢈrꢂꢀ’s  
fꢁꢅꢁrꢂ ꢆs sꢁch a sꢁrrꢂal ꢂxꢃꢂrꢆꢂꢀcꢂ;  
aꢀꢈ ꢄꢀꢂ ꢅhaꢅ ꢆs harꢈ ꢅꢄ ꢃꢁꢅ  
ꢈꢄwꢀ whꢂꢀ ꢉꢄꢅh ꢄꢁr chꢆlꢈrꢂꢀ  
wꢂrꢂ ꢈꢆagꢀꢄsꢂꢈ wꢆꢅh aꢀ ꢆꢇꢇꢁꢀꢂ  
ꢈꢆsꢄrꢈꢂr callꢂꢈ Cꢄꢇꢇꢄꢀ Varꢆaꢉlꢂ  
iꢇꢇꢁꢀꢂ dꢂficꢆꢂꢀcy. Wꢂ wꢂrꢂ  
ꢅꢂrrꢆfiꢂꢈ aꢀꢈ saꢈꢈꢂꢀꢂꢈ ꢉy a ꢈꢆsꢂasꢂ  
wꢂ ꢀꢂvꢂr hꢂarꢈ ꢄf aꢀꢈ fꢄr whꢆch  
ꢅhꢂrꢂ ꢆs ꢀꢄ cꢁrꢂ. Wꢂ wꢂrꢂ gꢆvꢂꢀ a  
glꢆꢇꢇꢂr ꢄf hꢄꢃꢂ whꢂꢀ ꢅꢄlꢈ ꢅhꢂrꢂ is  
sꢄꢇꢂꢅhꢆꢀg ꢅhaꢅ caꢀ hꢂlꢃ ꢅhꢂꢇ lꢂaꢈ  
a ꢉꢂꢅꢅꢂr qꢁalꢆꢅy ꢄf lꢆfꢂ – ꢇaꢈꢂ frꢄꢇ  
hꢁꢇaꢀ ꢃlasꢇa. “is ꢅhaꢅ safꢂ?” wꢂ  
wꢄꢀꢈꢂrꢂꢈ. “Cꢄꢁlꢈ ꢅhꢂy cꢄꢀꢅracꢅ  
aꢀꢄꢅhꢂr ꢈꢆsꢂasꢂ frꢄꢇ ꢆꢅ?” bꢁꢅ wꢂ  
haꢈ ꢅꢄ ꢂxꢃlꢄrꢂ ꢅhꢂ ꢃꢄssꢆꢉꢆlꢆꢅy.  
ꢆꢀꢅꢄ wꢄrꢈs.  
thꢂrꢂ ꢆs a qꢁꢄꢅꢂ i caꢇꢂ acrꢄss  
whꢂꢀ Rꢆcky aꢀꢈ mackꢂꢀzꢆꢂ wꢂrꢂ  
ꢈꢆagꢀꢄsꢂꢈ, “if yꢄꢁ havꢂ rꢂachꢂꢈ ꢅhꢂ  
ꢂꢀꢈ ꢄf all lꢆghꢅ ꢅhaꢅ yꢄꢁ havꢂ kꢀꢄwꢀ,  
aꢀꢈ yꢄꢁ arꢂ aꢉꢄꢁꢅ ꢅꢄ sꢅꢂꢃ ꢆꢀꢅꢄ ꢅhꢂ  
ꢈarkꢀꢂss ꢄf ꢅhꢂ ꢁꢀkꢀꢄwꢀ, faꢆꢅh caꢀ  
ꢈꢄ ꢄꢀꢂ ꢄf ꢅwꢄ ꢅhꢆꢀgs. eꢆꢅhꢂr yꢄꢁ wꢆll  
sꢅꢂꢃ ꢄꢀ sꢄlꢆꢈ grꢄꢁꢀꢈ ꢄr yꢄꢁ wꢆll ꢉꢂ  
ꢅaꢁghꢅ ꢅꢄ fly.” Wꢆꢅh ꢅhꢂ Aꢈꢄꢃꢅ-a-  
paꢅꢆꢂꢀꢅ ꢃrꢄgraꢇ aꢅ CSL, wꢂ havꢂ fꢁll  
faꢆꢅh ꢅhaꢅ wꢂ wꢂrꢂ ꢅaꢁghꢅ ꢅꢄ fly, all  
ꢄf ꢁs, ꢅꢄgꢂꢅhꢂr as ꢄꢀꢂ ꢉꢆg faꢇꢆly.  
Sꢄꢄꢀ afꢅꢂr Rꢆcky (agꢂ 15) aꢀꢈ  
mackꢂꢀzꢆꢂ (agꢂ 11) sꢅarꢅꢂꢈ rꢂcꢂꢆvꢆꢀg  
ꢆꢇꢇꢁꢀꢂ glꢄꢉꢁlꢆꢀ ꢅhꢂraꢃy, wꢂ saw  
rꢂꢇarkaꢉlꢂ chaꢀgꢂs ꢆꢀ ꢅhꢂꢇ! Whꢂꢀ  
CSL plasꢇa hꢂarꢈ ꢄꢁr sꢅꢄry aꢀꢈ  
askꢂꢈ ꢆf wꢂ wꢄꢁlꢈ ꢃarꢅꢆcꢆꢃaꢅꢂ ꢆꢀ  
Wꢂ havꢂ sꢆꢀcꢂ ꢉꢂꢂꢀ ꢉack sꢂvꢂral  
ꢅꢆꢇꢂs. Sꢃꢂakꢆꢀg ꢅꢄ ꢅhꢂ ꢈꢄꢀꢄrs aꢀꢈ  
ꢂꢇꢃlꢄyꢂꢂs, aꢀꢈ sharꢆꢀg ꢄꢁr hꢂarꢅs  
aꢀꢈ lꢆvꢂs wꢆꢅh ꢅhꢂꢆrs, ꢆs ꢅhꢂ ꢇꢄsꢅ  
ꢃrꢄfꢄꢁꢀꢈ ꢉꢂaꢁꢅꢆfꢁl fꢂꢂlꢆꢀg ꢄf lꢄvꢂ  
With love,  
The Pasco Family  
1
9
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
cSl plaSMa  
uS StateS and GerMan citieS With cSl plaSMa collection centreS  
CSL Behring’s plasma collection business,  
CSL Plasma, has collection centres  
throughout the ꢀS and Germany, along  
with plasma testing laboratories and  
logistics centres in both countries.  
USA  
WA  
MN  
OR  
WI  
MI  
Millions of donations every year  
provide the plasma used to produce  
life-saving products for critically ill  
patients. CSL Plasma offers a reliable  
and secure source of plasma for those  
essential medications.  
IA  
NE  
OH  
NV  
IN  
IL  
UT  
CO  
KS  
MO  
KY  
TN  
NC  
SC  
OK  
AZ  
NM  
CSL Plasma has its headquarters  
in Boca Raton, Florida (ꢀS), logistics  
centres in Indianapolis, Indiana (ꢀS)  
and Mesquite Texas (ꢀS), and a  
plasma-testing laboratory in Knoxville,  
Tennessee (ꢀS). Our German operations  
include a plasma-testing laboratory in  
Goettingen and a logistics centre  
in Schwalmstadt.  
TX  
FL  
US States with CSL Plasma collection centres  
GERMANY  
uS Hꢂaꢈqꢁarꢅꢂrs  
Boca Raton, Florida  
Kiel  
uS tꢂsꢅꢆꢀg Laꢉꢄraꢅꢄry  
In a stringently regulated industry, CSL  
Behring and CSL Plasma meet or exceed  
international standards, use the most  
sophisticated systems and continue  
to explore avenues of innovation.  
Bremen  
Berlin  
Knoxville, Tennessee  
uS Lꢄgꢆsꢅꢆcs Cꢂꢀꢅrꢂs  
Indianapolis, Indiana  
Mesquite, Texas  
Braunschweig  
Bielefeld  
Goettingen  
eu Hꢂaꢈqꢁarꢅꢂrs  
Marburg, Germany  
Offenbach  
Nurenberg  
eu tꢂsꢅꢆꢀg Laꢉꢄraꢅꢄry  
Goettingen, Germany  
eu Lꢄgꢆsꢅꢆcs Cꢂꢀꢅrꢂ  
Schwalmstadt, Germany  
German cities with  
CSL Plasma collection centres  
CSL plasꢇa’s ꢀꢂw cꢄllꢂcꢅꢆꢄꢀ  
cꢂꢀꢅrꢂ aꢅ Wꢆlꢅꢄꢀ maꢀꢄrs ꢆꢀ  
Flꢄrꢆꢈa ꢆꢀcꢄrꢃꢄraꢅꢂs ꢅhꢂ laꢅꢂsꢅ  
ꢈꢂsꢆgꢀ ꢂlꢂꢇꢂꢀꢅs ꢈꢂvꢂlꢄꢃꢂꢈ  
ꢆꢀ rꢂcꢂꢀꢅ yꢂars ꢅꢄ ꢂꢀhaꢀcꢂ  
ꢅhꢂ ꢈꢄꢀꢄr ꢂxꢃꢂrꢆꢂꢀcꢂ  
aꢀꢈ ꢆꢇꢃrꢄvꢂ ꢄꢃꢂraꢅꢆꢄꢀal  
ꢂfficꢆꢂꢀcy.  
dꢁrꢆꢀg ꢅhꢂ yꢂar, CSL plasꢇa  
ꢄꢃꢂꢀꢂꢈ ꢀꢆꢀꢂ ꢀꢂw ꢃlasꢇa  
cꢄllꢂcꢅꢆꢄꢀ cꢂꢀꢅrꢂs ꢆꢀ ꢅhꢂ uS  
aꢀꢈ cꢄꢀꢅꢆꢀꢁꢂꢈ ꢅꢄ ꢁꢃgraꢈꢂ  
aꢀꢈ ꢂxꢃaꢀꢈ ꢅhꢂ caꢃacꢆꢅy  
ꢄf ꢂxꢆsꢅꢆꢀg cꢂꢀꢅrꢂs.  
20  
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
CSL beHRinG Continued  
helpinG carl to FolloW hiS dreaMS  
prꢄ Sꢁꢃꢂrcrꢄss racꢂr Carl Schlachꢅ  
was ꢈꢆagꢀꢄsꢂꢈ wꢆꢅh ꢃrꢆꢇary  
ꢆꢇꢇꢁꢀꢄꢈꢂficꢆꢂꢀcy (pid) ꢉꢂfꢄrꢂ  
hꢆs firsꢅ ꢉꢆrꢅhꢈay. tꢄꢈay, Carl ꢆs  
a “Chaꢇpiꢄꢀ”  
ꢇꢂꢈꢆa as a ꢇꢂaꢀs ꢄf raꢆsꢆꢀg  
awarꢂꢀꢂss ꢄf pid whꢆlꢂ ꢂꢀcꢄꢁragꢆꢀg  
ꢅhꢄsꢂ wꢆꢅh ꢅhꢂ cꢄꢀꢈꢆꢅꢆꢄꢀ ꢅꢄ ꢃꢁrsꢁꢂ  
ꢅhꢂꢆr ꢈrꢂaꢇs ꢈꢂsꢃꢆꢅꢂ ꢅhꢂ challꢂꢀgꢂs  
ꢅhaꢅ pid caꢀ ꢃꢄsꢂ.  
Sꢄarꢆꢀg ꢅhrꢄꢁgh ꢅhꢂ aꢆr ꢄꢀ ꢅhꢂ ꢉack “Racꢆꢀg ꢄff-rꢄaꢈ ꢇꢄꢅꢄrcyclꢂs ꢆs  
ꢄf a ꢇꢄꢅꢄrcyclꢂ ꢆs a ꢅyꢃꢆcal ꢈay  
fꢄr ꢃrꢄfꢂssꢆꢄꢀal Sꢁꢃꢂrcrꢄss racꢂr  
Carl. Hꢂ cꢄꢇꢃꢂꢅꢂs ꢆꢀ ꢅhꢆs ꢃhysꢆcally  
ꢈꢂꢇaꢀꢈꢆꢀg sꢃꢄrꢅ ꢈꢂsꢃꢆꢅꢂ lꢆvꢆꢀg  
wꢆꢅh pid, a cꢄꢀꢈꢆꢅꢆꢄꢀ hꢂ ꢇaꢀagꢂs  
ꢈꢂfiꢀꢆꢅꢂly a ꢅꢄꢁgh, ꢃhysꢆcal sꢃꢄrꢅ.  
i’vꢂ ꢉꢂꢂꢀ ꢈꢄꢆꢀg ꢆꢅ ꢇy whꢄlꢂ lꢆfꢂ.  
iꢅ’s whaꢅ i lꢄvꢂ ꢅꢄ ꢈꢄ,” Carl saꢆꢈ.  
“by ꢃarꢅꢀꢂrꢆꢀg wꢆꢅh CSL bꢂhrꢆꢀg  
fꢄr ꢅhꢂ I am a ChamPIon caꢇꢃaꢆgꢀ,  
i hꢄꢃꢂ ꢅꢄ gꢆvꢂ kꢆꢈs aꢀꢈ yꢄꢁꢀg aꢈꢁlꢅs  
wꢆꢅh ꢆꢇꢇꢁꢀꢂ sysꢅꢂꢇ ꢈꢆsꢄrꢈꢂrs,  
lꢆkꢂ ꢇysꢂlf, ꢅhꢂ ꢆꢀsꢃꢆraꢅꢆꢄꢀ ꢅꢄ ꢉꢂ a  
chaꢇꢃꢆꢄꢀ, ꢀꢄ ꢇaꢅꢅꢂr whꢆch ꢈrꢂaꢇs  
ꢅhꢂy chꢄꢄsꢂ ꢅꢄ fꢄllꢄw.”  
®
wꢆꢅh Hꢆzꢂꢀꢅra .  
CSL bꢂhrꢆꢀg rꢂcꢂꢀꢅly ꢃarꢅꢀꢂrꢂꢈ  
wꢆꢅh Carl fꢄr ꢅhꢂ I am a  
ChamPIon caꢇꢃaꢆgꢀ. As ꢃarꢅ  
ꢄf ꢅhꢆs caꢇꢃaꢆgꢀ, Carl sharꢂs hꢆs  
sꢅꢄry wꢆꢅh ꢃaꢅꢆꢂꢀꢅs, hꢂalꢅhcarꢂ  
ꢃrꢄfꢂssꢆꢄꢀals aꢀꢈ ꢅhꢂ ꢀꢂws  
“thaꢀk yꢄꢁ CSL bꢂhrꢆꢀg fꢄr  
hꢂlꢃꢆꢀg ꢇꢂ ꢅꢄ fꢄllꢄw ꢇy ꢈrꢂaꢇs.”  
GivinG back to their coMMunitieS  
CSL Ceo aꢀꢈ maꢀagꢆꢀg dꢆrꢂcꢅꢄr, paꢁl  
pꢂrrꢂaꢁlꢅ, ꢅꢄgꢂꢅhꢂr wꢆꢅh CSL bꢂhrꢆꢀg’s  
uꢀꢆꢅꢂꢈ Way Caꢇꢃaꢆgꢀ Chaꢆrꢇaꢀ,  
Jꢄsꢂꢃh Wꢂlls, vꢆsꢆꢅꢂꢈ ꢅhꢂ Frꢂꢂꢈꢄꢇ Vallꢂy  
YmCA early Lꢂarꢀꢆꢀg Cꢂꢀꢅrꢂ ꢆꢀ Aꢁꢈꢁꢉꢄꢀ,  
pꢂꢀꢀsylvaꢀꢆa ꢅꢄ ꢃrꢂsꢂꢀꢅ a chꢂqꢁꢂ ꢅꢄ  
Jꢂꢀꢀꢆfꢂr Cavaglꢆa frꢄꢇ uꢀꢆꢅꢂꢈ Way  
ꢄf Grꢂaꢅꢂr phꢆlaꢈꢂlꢃhꢆa aꢀꢈ Sꢄꢁꢅhꢂrꢀ  
nꢂw Jꢂrsꢂy.  
Alꢅhꢄꢁgh ꢅhꢂ uꢀꢆꢅꢂꢈ Way Caꢇꢃaꢆgꢀ  
ꢆs ꢅhꢂꢆr largꢂsꢅ charꢆꢅaꢉlꢂ ꢆꢀꢆꢅꢆaꢅꢆvꢂ,  
CSL bꢂhrꢆꢀg aꢀꢈ ꢆꢅs ꢂꢇꢃlꢄyꢂꢂs hꢂlꢃ  
ꢀꢁꢇꢂrꢄꢁs ꢄrgaꢀꢆsaꢅꢆꢄꢀs acrꢄss ꢅhꢂ  
uꢀꢆꢅꢂꢈ Sꢅaꢅꢂs frꢄꢇ lꢄcal uꢀꢆꢅꢂꢈ Way  
chaꢃꢅꢂrs ꢅꢄ ꢃaꢅꢆꢂꢀꢅ aꢈvꢄcacy grꢄꢁꢃs,  
fꢄꢄꢈ ꢉaꢀks aꢀꢈ ꢄꢅhꢂr agꢂꢀcꢆꢂs ꢅhaꢅ  
ꢃrꢄvꢆꢈꢂ vꢆꢅal sꢂrvꢆcꢂs ꢅꢄ ꢃꢂꢄꢃlꢂ ꢆꢀ ꢀꢂꢂꢈ.  
“oꢁr ꢂꢇꢃlꢄyꢂꢂs arꢂ vꢂry gꢂꢀꢂrꢄꢁs aꢀꢈ  
ꢅhꢂy ꢂꢀjꢄy gꢆvꢆꢀg ꢉack ꢅꢄ ꢅhꢂꢆr ꢄwꢀ  
cꢄꢇꢇꢁꢀꢆꢅꢆꢂs” saꢆꢈ paꢁl. “eꢇꢃlꢄyꢂꢂ  
ꢆꢀvꢄlvꢂꢇꢂꢀꢅ ꢆꢀ ꢈꢂꢅꢂrꢇꢆꢀꢆꢀg ꢅhꢂ  
ꢄrgaꢀꢆsaꢅꢆꢄꢀs wꢂ hꢂlꢃ ꢆs ꢆꢇꢃꢄrꢅaꢀꢅ.  
Wꢂ sꢂꢂk ꢅhꢂꢆr ꢆꢀꢃꢁꢅ ꢆꢀ ꢆꢈꢂꢀꢅꢆfyꢆꢀg lꢄcal  
ꢄrgaꢀꢆsaꢅꢆꢄꢀs ꢀꢂꢂꢈꢆꢀg sꢁꢃꢃꢄrꢅ. iꢅ ꢉꢁꢆlꢈs  
a sꢅrꢄꢀgꢂr sꢂꢀsꢂ ꢄf cꢄꢇꢇꢁꢀꢆꢅy aꢀꢈ  
ꢆꢀcrꢂasꢂs ꢄꢁr gꢆvꢆꢀg ꢂffꢄrꢅs. Wꢂ’rꢂ ꢃrꢄꢁꢈ  
ꢄf all ꢅhꢂ ways ꢆꢀ whꢆch ꢄꢁr ꢂꢇꢃlꢄyꢂꢂs  
gꢂꢅ ꢆꢀvꢄlvꢂꢈ aꢀꢈ shꢄw ꢅhꢂy carꢂ.”  
2
1
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
CSL’S neW ꢉꢆꢄCSL buSineSS  
to Australia, New Zealand and the ꢀS,  
The bioCSL seasonal and pandemic  
influenza vaccines, antivenoms and  
ꢁ-Fever vaccine are some of the products  
that underpin bioCSL’s commitment to  
ensuring Australians have access  
iꢀ Jaꢀꢁary 2013, ꢉꢆꢄCSL  
was ꢂsꢅaꢉlꢆshꢂꢈ as a ꢀꢂw  
sꢅaꢀꢈ-alꢄꢀꢂ ꢉꢁsꢆꢀꢂss ꢁꢀꢆꢅ  
ꢅꢄ fꢄcꢁs sꢃꢂcꢆfically ꢄꢀ  
vaccꢆꢀꢂs, ꢃharꢇacꢂꢁꢅꢆcals,  
ꢈꢆagꢀꢄsꢅꢆcs aꢀꢈ ꢅhꢆrꢈ ꢃarꢅy  
lꢄgꢆsꢅꢆcs.  
as well as a number of countries in  
Europe, Asia and South America. bioCSL  
is the only manufacturer of influenza  
vaccine in the Southern Hemisphere.  
to products of national significance.  
In April 2013, responding to a higher  
than expected demand in Australia  
and New Zealand, bioCSL restarted  
production to provide additional supplies  
of influenza vaccine. Priority for additional  
supplies was given to age-appropriate  
at-risk groups.  
Our immunohaematology diagnostic  
reagents are developed, manufactured  
and distributed by bioCSL, in Australia  
under contract with the National Blood  
Authority and in Asia under commercial  
arrangements with several countries.  
These diagnostics are used to enhance the  
safety of blood transfusions for patients.  
The separation of these commercial  
activities from CSL’s plasma operations  
is designed to provide the independence  
and leadership focus to improve and grow  
bioCSL’s distinct businesses and to better  
serve the needs of customers.  
Working closely with public health  
authorities and the Australian Department  
of Health and Ageing, we have used our  
influenza vaccine technology to develop  
and license a pandemic influenza vaccine  
providing biosecurity to Australia’s  
population in the event of an influenza  
pandemic such as the 2009 swine flu.  
bioCSL is Australia’s first line of defence  
against pandemic influenza.  
In-licensed vaccines and pharmaceuticals  
marketed and distributed by bioCSL  
in Australia and New Zealand ensure  
continuing availability of a comprehensive  
range of products to meet the needs of  
these communities.  
Evolving from the Commonwealth Serum  
Laboratories established in 1916 to CSL  
Biotherapies and now to bioCSL, we  
retain a strong link to CSL’s origins.  
Our excitement about the future is  
projected in the contemporary, forward-  
looking shape and colours of the new  
bioCSL logo.  
bioCSL operates an Australia-wide cold  
chain and ambient distribution service  
for vaccines and prescription medicines.  
A network of interstate warehouses  
ensures both ambient and cold chain  
products are always available to bioCSL  
customers and to those of the contract  
logistics partners bioCSL serves.  
For Australia and Papua New Guinea,  
we manufacture and distribute a Snake  
Venom Detection Kit and a range of  
antivenoms to protect communities  
from our most venomous creatures.  
At Parkville in Melbourne, bioCSL  
operates one of the largest influenza  
vaccine manufacturing facilities in the  
world supplying these vaccines  
iꢀsꢆꢈꢂ ꢄꢁr ꢆꢀflꢁꢂꢀza vaccꢆꢀꢂ facꢆlꢆꢅy  
aꢅ parkvꢆllꢂ ꢆꢀ mꢂlꢉꢄꢁrꢀꢂ.  
iꢀ Aꢃrꢆl 2013, rꢂsꢃꢄꢀꢈꢆꢀg ꢅꢄ hꢆghꢂr  
ꢅhaꢀ ꢂxꢃꢂcꢅꢂꢈ ꢈꢂꢇaꢀꢈ, ꢉꢆꢄCSL  
rꢂsꢅarꢅꢂꢈ ꢃrꢄꢈꢁcꢅꢆꢄꢀ ꢅꢄ ꢃrꢄvꢆꢈꢂ  
aꢈꢈꢆꢅꢆꢄꢀal sꢁꢃꢃlꢆꢂs ꢄf ꢆꢀflꢁꢂꢀza  
vaccꢆꢀꢂ fꢄr ꢅhꢂ Aꢁsꢅralꢆaꢀ ꢇarkꢂꢅ.  
22  
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
ꢉꢆꢄCSL Continued  
majOr vaCCines, pharmaCeutiCaL and diagnOstiC prOduCts marketed by ꢀꢁoCsL in austraLia  
dꢆagꢀꢄsꢅꢆc prꢄꢈꢁcꢅs  
Vaccꢆꢀꢂs  
prꢂvꢂꢀꢅꢆꢄꢀ ꢄf:  
Flꢁvax®  
Influenza  
Diagnostic products are used in the testing of blood  
to prevent haemolytic transfusion reactions and  
haemolytic disease of the foetus and newborn,  
and for snake venom detection.  
®
Adt bꢄꢄsꢅꢂr  
Diphtheria and Tetanus  
Q-Fever  
Q-Vax®  
dꢁkꢄral *  
GARdASiL*  
H-b-Vax* ii  
JeSpeCt*  
Cholera  
Reagent Red Blood Cells  
Monoclonal Reagents  
Cervical cancer and genital warts  
Hepatitis B infection  
Supplementary Reagents  
Snake Venom Detection Products  
Japanese encephalitis  
Meningococcal C disease  
Meningococcal (A, C W-135,Y)  
Measles, mumps and rubella  
Pandemic influenza  
mꢂꢀjꢁgaꢅꢂ*  
mꢂꢀvꢂꢄ*  
Used to detect venom in snakebite victims and  
indicate the appropriate monovalent antivenom  
for treatment.  
m-m-R*ii  
paꢀvax®  
pꢂꢈvaxHib*  
pꢀꢂꢁꢇꢄvax 23*  
prꢄQꢁaꢈ *  
Raꢉꢆꢃꢁr*  
Haemophilus influenzae B  
Pneumococcal infection  
Measles, mumps, rubella and varicella  
Rabies infection  
traꢈꢂꢇarks  
CSL, ꢉꢆꢄCSL and iSComAtRiX  
are trademarks of the CSL Group  
® Registered trademark of CSL Limited or its affiliates  
™ Trademark of CSL Limited or its affiliates  
Rꢄꢅatꢂq*  
Rotavirus-induced gastroentiritis  
Hepatitis A infection  
Vaqꢅa*  
*
Trademarks of companies other than CSL  
and referred to on this page are listed below:  
Varꢆvax*  
Varicella  
Merck & Co. Inc.  
Vꢆvꢄꢅꢆf oral*  
ZoStAVAX *  
Typhoid infection  
GARDASIL  
H-B-Vax II  
M-M-R II  
Proꢁuad  
RotaTeq  
Vaqta  
Shingles and Post Herpetic Neuralgia  
PedvaxHIB  
Pneumovax  
Varivax  
ZOSTAVAꢂ  
Astellas  
Flomaxtra  
Vesicare  
pharꢇacꢂꢁꢅꢆcals  
trꢂaꢅꢇꢂꢀꢅ ꢄf:  
Aꢈvaꢀꢅaꢀ*  
Eczema and psoriasis  
Crucell  
Dukoral  
Vivotif Oral  
Aꢀꢅꢆvꢂꢀꢄꢇs  
bꢂꢀpꢂꢀ®  
Envenomation  
Bacterial infections  
Oedema  
Cephalon Inc.  
Modavigil  
Cervidil  
bꢁrꢆꢀꢂx*  
Controlled Therapeutics  
Scotland) Limited  
(
Cꢂrvꢆꢈꢆl*  
Complications during childbirth  
requiring induced labour  
Grunenthal GmbH  
Tramal  
Palexia  
Cꢄꢃaxꢄꢀꢂ *  
Fꢆꢀacꢂa*  
Multiple Sclerosis  
Intendis GmbH  
Advantan  
Finacea  
Rosacea  
Flꢄꢇaxꢅra*  
Fꢁcꢆꢈꢆꢀ*  
Benign prostatic hyperplasia  
Bacterial infections  
Scheriproct  
Intercell AG  
JESPECT  
mꢄꢈavꢆgꢆl*  
palꢂxꢆa *  
Excessive daytime sleepiness in narcolepsy  
Moderate to severe chronic pain  
Haemarrhoids, proctitis and anal fissures  
Moderate to severe pain  
Overactive Bladder Syndrome  
Leo Pharmaceutical Products  
Limited AS  
Burinex  
Fucidin  
Novartis  
Menjugate  
Menveo  
Rabipur  
Schꢂrꢆꢃrꢄcꢅ*  
traꢇal*  
Vꢂsꢆcarꢂ*  
TEVA  
Copaxone  
2
3
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
ReSeARCH And deVeLopment  
and proteins C and S. This suppression  
can put patients at risk for catastrophic  
blood loss following trauma unless  
the situation is addressed immediately.  
Emergency room physicians in the ꢀS see  
approximately 27,000 cases annually for  
warfarin-associated bleeding.  
decreased vitamin K-dependent clotting  
factors significantly faster than plasma,  
the most widely used agent for warfarin  
reversal in the ꢀS. Kcentra™ is the first  
non-activated 4-factor prothrombin  
complex concentrate in the ꢀS for the  
urgent reversal of acquired coagulation  
factor deficiency induced by vitamin K  
antagonist (e.g., warfarin) therapy in  
adult patients with acute major bleeding.  
A firsꢅ-ꢆꢀ-class ꢆꢀꢀꢄvaꢅꢆꢄꢀ,  
Kcꢂꢀꢅra™, cꢄꢇꢂs ꢅꢄ ꢅhꢂ  
uꢀꢆꢅꢂꢈ Sꢅaꢅꢂs fꢄr ꢁrgꢂꢀꢅ  
warfarꢆꢀ rꢂvꢂrsal, a sꢂrꢆꢄꢁs  
acqꢁꢆrꢂꢈ ꢉlꢂꢂꢈꢆꢀg ꢈꢆsꢄrꢈꢂr  
CSL is a world leader in developing  
and manufacturing safe and effective  
coagulation therapies to treat and  
manage a wide range of bleeding  
disorders. A key plank in CSL’s R&D  
strategy is to broaden the medical  
uses for these therapies, particularly  
its specialty plasma therapies for  
treating patients who have certain  
types of bleeding.  
Clinical studies have demonstrated  
that CSL’s product known as a 4-factor  
prothrombin complex concentrate  
(4F-PCC) safely and rapidly reverses  
Kcentra™ was successfully launched in  
the ꢀS in April as a first-in-class therapy,  
meaning no other such therapy is  
commercially available there. Kcentra™  
is an important advancement in warfarin  
reversal therapy as it provides medical  
professionals with a new approach to  
efficiently stopping major bleeding.  
the effects of warfarin in patients  
experiencing severe bleeding. This  
product, containing four vitamin  
K-dependent factors (Factor II or  
prothrombin, Factor VII, Factor Iꢂ and  
Factor ꢂ, as well as antithrombotic  
®
Excessive and prolonged bleeding  
Proteins C and S), is known as Beriplex  
®
can occur if a particular component of  
coagulation (blood clotting) is deficient  
or dysfunctional. Bleeding disorders are  
broadly classified as either “congenital”  
or Confidex in 25 countries in Europe,  
where it has been used to treat acquired  
bleeding for close to 20 years.  
Kcentra™ is CSL’s fifth ꢀS FDA product  
approval since 2009, illustrating our  
skill in understanding how to identify  
and address important unmet medical  
needs, and underscoring CSL’s enduring  
commitment to innovation.  
In April this year the ꢀS Food and Drug  
Administration (FDA) approved the  
use of Kcentra™ (the brand name for  
(inherited) or “acquired”, that is,  
occurring spontaneously in the individual  
as a result of some external influence,  
such as trauma, surgery or the presence  
of medication.  
4
F-PCC in the ꢀS) based on a pivotal  
trial that showed Kcentra™ restored the  
Acquired bleeding is a significant  
medical problem in many parts of  
the world. Such bleeding can vary in  
severity and duration and can cause  
symptoms and signs that range from  
nosebleeds, bleeding gums, bruising,  
bleeding into joints causing arthritis, loss  
of vision and chronic anaemia, to life  
threatening major blood loss or bleeding.  
For decades, healthcare professionals  
have used combinations of fresh frozen  
plasma and cryoprecipitate to address  
bleeding, including instances of bleeding  
in individuals who are on a blood  
thinning agent called warfarin.  
In the ꢀS alone nearly four million people  
are treated with warfarin to prevent  
formation of blood clots following a  
stroke, heart attack, heart valve surgery,  
deep vein thrombosis, or in the presence  
of a condition known as atrial fibrillation.  
Warfarin works by suppressing the  
body’s manufacture of four different  
clotting factors (Factors II, VII, Iꢂ and ꢂ)  
24  
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
ReSeARCH And deVeLopment Continued  
reSearch and developMent StrateGy  
iMMunogloBulins  
haeMophilia products  
Products such as Hizentra®  
and Privigen .  
Plasma-derived products such  
as Haemate P and recombinant  
®
®
coagulation factors.  
Direction: Maintain leadership  
position through focus on  
improved patient convenience,  
yield improvements, expanded  
labels, new formulation science  
and specialty Igs.  
Direction: Support and enhance  
plasma products and develop a  
novel recombinant portfolio with  
a focus on scientific and product  
innovation and patient benefit.  
Breakthrough  
Medicines  
Specialty  
Products  
Immunoglobulins  
Breakthrough Medicines  
specialty products  
Protein-based therapies such  
as anti IL-3R antibody (CSL362)  
and reconstituted High Density  
Lipoprotein (CSL112).  
For acquired and perioperative  
®
bleeding such as Beriplex  
®
®
and RiaSTAP , and Berinert ,  
®
®
Corifact and Zemaira , for  
certain types of deficiencies.  
Haemophilia  
Products  
Direction: Develop new protein-  
based therapies for significant  
unmet medical needs and  
multiple indications.  
Direction: Leverage our high  
quality, broad specialty plasma  
products portfolio through new  
markets, novel indications and  
new modes of administration.  
reSearch and developMent Global locationS  
Marburg, Germany  
Kankakee, US  
Bern, Switzerland  
King of Prussia, US  
Tokyo, Japan  
Melbourne, Australia  
2
5
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
cSl’S Global r&d pipeline achieveMentS 2012-2013  
MARKET DEVELOPMENT  
Research/pre-clinical  
Clinical development Registration/post launch  
®
Hizentra (20% subcutaneous Ig) in Europe  
®
Privigen (10% intravenous Ig) in CIDP in Europe  
®
Hizentra (20% subcutaneous Ig) in PID in Japan  
®
Hizentra (20% subcutaneous Ig) in CIDP  
®
Cytogam (Cytomegalovirus intravenous Ig) in CMV transmission*  
®
Biostate (Factor VIII/VWF) in Europe  
®
Riastap (Fibrinogen Concentrate) in Europe  
®
Zemaira (Alpha1-Proteinase Inhibitor) in Europe  
Kcentra™ (Prothrombin Complex Concentrate) for bleeding in US  
®
Riastap (Fibrinogen Concentrate) in Aortic Surgery  
®
Berinert (C1 Esterase Inhibitor) Subcutaneous  
®
Beriplex (Prothrombin Complex Concentrate) New Indications  
®
Riastap (Fibrinogen Concentrate) New Indications  
NEW PRODUCT DEVELOPMENT  
CSL654 (rIX-FP)  
CSL627 (rFVIII-SingleChain)  
CSL689 (rVIIa-FP)  
CSL650 (rvWF-FP)  
CAM3001 (GMCSFR mAb) in RA - MedImmune*  
CSL112 (reconstituted HDL) in ACS  
CSL362 (Anti IL-3R mAb) in AML  
CSL324 (Anti-G-CSFR mAb)  
CSL346 (Anti-VEGFB mAb)  
Partnered Vaccine Programs*  
P. Gingivalis POD – Sanofi*  
Core capabilities  
Immunoglobulins  
Breakthrough Medicines  
Vaccines and Licensing  
Important advances in 2012-2013  
* Partnered projects  
Haemophilia/Coagulation  
Specialty Products  
CSL's R&D pipeline also includes Life Cycle Management projects which address regulatory post marketing commitments, pathogen safety,  
capacity expansions, yield improvements and new packages and sizes.  
26  
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
diReCtoRS’ pRoFiLeS  
John Shine ao  
bSꢃ (hꢂꢄ), pꢅd, dSꢃ, Faa – (agꢆ 67)  
pꢅꢇꢈmꢇꢃꢆꢉꢊꢁꢃꢇꢋ iꢄꢌꢉsꢊꢈꢍ ꢇꢄꢌ Mꢆꢌꢁꢃꢁꢄꢆ  
(ꢈꢆsꢁꢌꢆꢄꢊ ꢁꢄ nSW)  
iꢄꢌꢆꢎꢆꢄꢌꢆꢄꢊ: yꢆs  
cꢅꢇꢁꢈmꢇꢄ  
Professor Shine was appointed to the  
CSL Board in June 2006. He is Professor  
of Molecular Biology and Professor of  
Medicine at the ꢀniversity of NSW, and  
a Director of many scientific research  
and medical bodies throughout Australia.  
Professor Shine is President of the Museum  
of Applied Arts and Science (Powerhouse  
Museum and Sydney Observatory) and  
was formerly Executive Director of the  
Garvan Institute of Medical Research. He  
was also formerly Chairman of the National  
Health and Medical Research Council and  
a Member of the Prime Minister’s Science,  
Engineering and Innovation Council. In  
November 2010, he was awarded the  
John Shine ao  
John akehurSt  
bruce brook  
paul perreault  
david anStice  
2010 Prime Minister’s Prize for Science.  
Professor Shine is a member of the  
Innovation and Development Committee.  
paul perreault  
ba psꢍꢃꢅꢂꢋꢂgꢍ – (agꢆ 56)  
iꢄꢊꢆꢈꢄꢇꢊꢁꢂꢄꢇꢋ pꢅꢇꢈmꢇꢃꢆꢉꢊꢁꢃꢇꢋ ꢁꢄꢌꢉsꢊꢈꢍ  
(ꢈꢆsꢁꢌꢆꢄꢊ ꢁꢄ uSa)  
iꢄꢌꢆꢎꢆꢄꢌꢆꢄꢊ: nꢂ  
Marie Mcdonald  
cꢅꢁꢆf eꢏꢆꢃꢉꢊꢁꢐꢆ offiꢃꢆꢈ  
ꢇꢄꢌ Mꢇꢄꢇgꢁꢄg dꢁꢈꢆꢃꢊꢂꢈ  
Paul Perreault was appointed to the CSL  
Board in February 2013 and is the Chief  
Executive Officer and Managing Director.  
Paul joined a CSL predecessor company  
in 1997 and has held senior roles in sales,  
marketing and operations with his most  
recent prior position being President,  
CSL Behring. He has also worked in senior  
leadership roles with Wyeth, Centeon,  
Aventis Bioservices and Aventis Behring.  
Paul was previously Chairman of the Global  
Board for the Plasma Protein Therapuetics  
Association. He has had more than  
chriStine o’reilly  
ian renard aM  
30 years experience in the global  
healthcare industry.  
Mr Perreault is a member of the Innovation  
and Development Committee.  
Maurice renShaW  
edWard bailey, coMpany Secretary  
2
7
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
John akehurSt  
bruce brook  
ian renard aM  
ba, llM, lld (hꢂꢄ), Faicd – (agꢆ 67)  
lꢇw (ꢈꢆsꢁꢌꢆꢄꢊ ꢁꢄ vꢁꢃꢊꢂꢈꢁꢇ)  
iꢄꢌꢆꢎꢆꢄꢌꢆꢄꢊ: yꢆs  
Ma (oꢏꢂꢄ), FiMꢆꢃꢅe – (agꢆ 64)  
bcꢂm, baꢃꢃ, Fca, Maicd – (agꢆ 58)  
eꢄgꢁꢄꢆꢆꢈꢁꢄg ꢇꢄꢌ Mꢇꢄꢇgꢆmꢆꢄꢊ (ꢈꢆsꢁꢌꢆꢄꢊ ꢁꢄ  
Wꢆsꢊꢆꢈꢄ aꢉsꢊꢈꢇꢋꢁꢇ)  
Fꢁꢄꢇꢄꢃꢆ ꢇꢄꢌ Mꢇꢄꢇgꢆmꢆꢄꢊ (ꢈꢆsꢁꢌꢆꢄꢊ ꢁꢄ  
vꢁꢃꢊꢂꢈꢁꢇ)  
iꢄꢌꢆꢎꢆꢄꢌꢆꢄꢊ: yꢆs  
iꢄꢌꢆꢎꢆꢄꢌꢆꢄꢊ: yꢆs  
Mr Renard was appointed to the CSL  
Board in August 1998. For many years he  
practised in company and commercial law  
and is a former Chancellor of the ꢀniversity  
of Melbourne. Mr Renard is a Director of  
SP AusNet (a listed entity which comprises  
two companies and a trust), Hillview  
Mr Akehurst was appointed to the CSL  
Board in April 2004. He had 30 years’  
executive experience in the international  
hydrocarbon industry, including seven  
years as Managing Director and CEO of  
Woodside Petroleum Ltd. Mr Akehurst  
is a member of the Board of the Reserve  
Bank of Australia and is a Director of Origin  
Energy Limited, and Transform Exploration  
Pty Ltd. He was formerly Chairman of  
Alinta Limited and of Coogee Resources  
Limited and is a former Director of Oil  
Search Limited. Mr Akehurst is Chairman  
of the National Centre for Asbestos Related  
Diseases and the Fortitude Foundation.  
Mr Brook was appointed to the CSL Board  
in August 2011. He is currently Chairman of  
Programmed Maintenance Services Limited  
and a Director of Boart Longyear Limited  
and Newmont Mining Corporation. Mr  
Brook has previously been Chairman of  
Energy Developments Limited and a Director  
of Lihir Gold Limited and Consolidated  
Minerals Limited. During his executive career  
he was Chief Financial Officer of WMC  
Resources Limited and prior to that the  
Deputy Chief Financial Officer of the ANZ  
Banking Group.  
ꢁuarries Pty Ltd and Peninsula Waste  
Management Pty Ltd. He is the Chairman  
of the ꢀniversity of Melbourne Archives  
Advisory Board and is a trustee of the  
R E Ross Trust.  
Mr Renard is Chairman of the Audit and  
Risk Management Committee.  
Mr Brook is a member of the Audit and Risk  
Management Committee.  
Mr Renard will be retiring from the Board  
at the conclusion of the 2013 Annual  
General Meeting.  
Mr Akehurst is Chairman of the Human  
Resources and Remuneration Committee.  
Marie Mcdonald  
bSꢃ (hꢂꢄ), llb (hꢂꢄ) – (agꢆ 57)  
Maurice renShaW  
bpꢅꢇꢈm – (agꢆ 66)  
david anStice  
beꢃ – (agꢆ 65)  
lꢇw (ꢈꢆsꢁꢌꢆꢄꢊ ꢁꢄ vꢁꢃꢊꢂꢈꢁꢇ)  
iꢄꢌꢆꢎꢆꢄꢌꢆꢄꢊ: yꢆs  
iꢄꢊꢆꢈꢄꢇꢊꢁꢂꢄꢇꢋ pꢅꢇꢈmꢇꢃꢆꢉꢊꢁꢃꢇꢋ iꢄꢌꢉsꢊꢈꢍ  
(ꢈꢆsꢁꢌꢆꢄꢊ ꢁꢄ nSW)  
iꢄꢊꢆꢈꢄꢇꢊꢁꢂꢄꢇꢋ pꢅꢇꢈmꢇꢃꢆꢉꢊꢁꢃꢇꢋ iꢄꢌꢉsꢊꢈꢍ  
Ms McDonald was appointed to the CSL  
Board in August 2013. For many years she  
has practised in company and commercial  
law and is a partner of Ashurst (formerly  
Blake Dawson). Ms McDonald is currently  
Chair of the Corporations Committee of the  
Business Law Section of the Law Council  
of Australia, having previously been a  
Deputy Chair, and was also a member of  
the Australian Takeovers Panel from 2001  
to 2010.  
(ꢈꢆsꢁꢌꢆꢄꢊ ꢁꢄ pꢆꢄꢄsꢍꢋꢐꢇꢄꢁꢇ, uSa)  
iꢄꢌꢆꢎꢆꢄꢌꢆꢄꢊ: yꢆs  
iꢄꢌꢆꢎꢆꢄꢌꢆꢄꢊ: yꢆs  
Mr Renshaw was appointed to the CSL  
Board in July 2004. Formerly, he was  
Vice President of Pfizer Inc, ꢀSA, Executive  
Vice President, Pfizer Global Consumer  
Group and President of Pfizer’s Global  
Consumer Healthcare Division. Prior to  
his positions in Pfizer, Mr Renshaw was  
Vice President of Warner Lambert Co.  
and President of Parke-Davis ꢀSA. He  
has had more than 35 years’ experience in  
the international pharmaceutical industry.  
Mr Anstice was appointed to the CSL  
Board in September 2008. He was a  
long-time member of the Board of  
Directors and Executive Committee of the  
ꢀS Biotechnology Industry Organisation,  
and has over 40 years’ experience in the  
global pharmaceutical industry. ꢀntil  
August 2008, Mr Anstice was for many  
years a senior executive of Merck & Co.  
Inc. serving at various times as President  
of Merck Human Health for ꢀS/Canada/  
Latin America, Europe, Japan and Asia,  
and upon retirement was an Executive  
Vice President. He is a Director of Alkermes  
Plc, Dublin, Ireland, and a Director of  
the ꢀnited States Studies Centre at the  
chriStine o’reilly  
bbꢉs – (agꢆ 52)  
Mr Renshaw is Chairman of the Innovation  
and Development Committee.  
Fꢁꢄꢇꢄꢃꢆ ꢇꢄꢌ iꢄfꢈꢇsꢊꢈꢉꢃꢊꢉꢈꢆ (ꢈꢆsꢁꢌꢆꢄꢊ ꢁꢄ  
vꢁꢃꢊꢂꢈꢁꢇ)  
iꢄꢌꢆꢎꢆꢄꢌꢆꢄꢊ: yꢆs  
edWard bailey  
llb, b.cꢂm, FciS – (agꢆ 47)  
Ms O’Reilly was appointed to the CSL Board  
in February 2011. She is a Director of the  
Transurban Group, Energy Australia, Baker  
IDI and Care Australia. During her executive  
career, she was Co-Head of ꢀnlisted  
Infrastructure Investments at Colonial First  
State Global Asset Management and prior  
to that was the Chief Executive Officer of  
the GasNet Australia Group.  
ꢀniversity of Sydney.  
cꢂmꢎꢇꢄꢍ Sꢆꢃꢈꢆꢊꢇꢈꢍ  
Mr Anstice is a member of the Human  
Resources and Remuneration Committee  
and the Innovation and Development  
Committee.  
Ms O’Reilly is a member of the Audit and  
Risk Management Committee and the  
Human Resources and Remuneration  
Committee.  
28  
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
GLobAL LeAdeRSHip GRoup  
paul perreault  
Gordon naylor  
Mba, beꢄg (hꢂꢄs), dꢁꢎcꢂmꢎSꢃ  
(agꢆ 50)  
andreW cuthbertSon  
bMꢆꢌSꢃꢁ, MbbS, pꢅd.  
(agꢆ 58)  
Mary Sontrop  
baꢎꢎSꢃ, Gꢈꢇꢌ dꢁꢎ hꢆꢇꢋꢊꢅ aꢌmꢁꢄ,  
Gꢈꢇꢌ dꢁꢎ Qꢉꢇꢋꢁꢊꢍ Mgꢊ, Mba  
ba psꢍꢃꢅꢂꢋꢂgꢍ  
(
agꢆ 56)  
(
agꢆ 56)  
cꢅꢁꢆf eꢏꢆꢃꢉꢊꢁꢐꢆ offiꢃꢆꢈ  
ꢇꢄꢌ Mꢇꢄꢇgꢁꢄg dꢁꢈꢆꢃꢊꢂꢈ  
cꢅꢁꢆf Fꢁꢄꢇꢄꢃꢁꢇꢋ offiꢃꢆꢈ  
cꢅꢁꢆf Sꢃꢁꢆꢄꢊꢁfiꢃ offiꢃꢆꢈ  
ꢇꢄꢌ r&d dꢁꢈꢆꢃꢊꢂꢈ  
eꢏꢆꢃꢉꢊꢁꢐꢆ vꢁꢃꢆ pꢈꢆsꢁꢌꢆꢄꢊ,  
Mꢇꢄꢉfꢇꢃꢊꢉꢈꢁꢄg ꢇꢄꢌ pꢋꢇꢄꢄꢁꢄg  
Paul Perreault was appointed  
to the CSL Board in  
Gordon was appointed Chief  
Financial Officer in 2010. He  
joined CSL in 1987 and has  
held many operational and  
corporate roles in different  
parts of the CSL Group. Prior  
to his current role, Gordon  
was based in the ꢀS and  
responsible for CSL Behring’s  
global supply chain, the  
Andrew was appointed as  
Chief Scientific Officer and  
R&D Director in 2000. He is  
responsible for CSL’s global  
Research and Development  
operations. Andrew joined  
CSL in 1997 as Director  
of Research. He trained in  
medicine and science at the  
ꢀniversity of Melbourne, the  
Walter and Eliza Hall Institute,  
the Howard Florey Institute  
and the National Institutes  
of Health in the ꢀS. Andrew  
was then a Senior Scientist  
at Genentech, Inc. in San  
Francisco.  
Mary was appointed as  
Executive Vice President,  
February 2013 and is the  
Chief Executive Officer and  
Managing Director. Paul  
joined a CSL predecessor  
company in 1997 and has  
held senior roles in sales,  
marketing and operations  
with his most recent prior  
position being President, CSL  
Behring. He has also worked  
in senior leadership roles with  
Wyeth, Centeon, Aventis  
Bioservices and Aventis  
Manufacturing and Planning  
in 2010. She joined CSL as a  
Production Manager in 1988  
and has held a broad range  
of positions in manufacturing,  
quality management and  
general management located  
in Australia, Switzerland and  
Germany. Prior to her current  
position, Mary was General  
Manager of CSL Biotherapies  
for Australia and New Zealand.  
supply of plasma for CSL  
Behring and CSL’s global  
information systems.  
Behring. Paul was previously  
Chairman of the Global  
Board for the Plasma Protein  
Therapuetics Association.  
He has had more than  
30 years experience in the  
global healthcare industry.  
2
9
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
inGolF Sieper  
karen etchberGer  
GreG boSS  
Jd, bS (hꢂꢄ)  
(agꢆ 52)  
Jill lever  
ba (hꢂꢄs)  
(agꢆ 57)  
Md, ba  
pꢅd  
(
agꢆ 58)  
(agꢆ 55)  
eꢏꢆꢃꢉꢊꢁꢐꢆ vꢁꢃꢆ pꢈꢆsꢁꢌꢆꢄꢊ,  
cꢂmmꢆꢈꢃꢁꢇꢋ oꢎꢆꢈꢇꢊꢁꢂꢄs  
eꢏꢆꢃꢉꢊꢁꢐꢆ vꢁꢃꢆ pꢈꢆsꢁꢌꢆꢄꢊ,  
Qꢉꢇꢋꢁꢊꢍ ꢇꢄꢌ bꢉsꢁꢄꢆss Sꢆꢈꢐꢁꢃꢆs  
eꢏꢆꢃꢉꢊꢁꢐꢆ vꢁꢃꢆ pꢈꢆsꢁꢌꢆꢄꢊ,  
lꢆgꢇꢋ ꢇꢄꢌ cSl Gꢈꢂꢉꢎ  
Gꢆꢄꢆꢈꢇꢋ cꢂꢉꢄsꢆꢋ  
Sꢆꢄꢁꢂꢈ vꢁꢃꢆ pꢈꢆsꢁꢌꢆꢄꢊ,  
hꢉmꢇꢄ rꢆsꢂꢉꢈꢃꢆs  
Ingolf was appointed  
Karen was appointed as  
Executive Vice President,  
ꢁuality and Business  
Services in April 2013 with  
responsibility for quality,  
information, technology,  
logistics, sourcing  
Greg was appointed Group  
General Counsel in 2009 and  
is responsible for worldwide  
legal operations for all CSL  
Group companies. He  
Jill joined CSL Limited as  
Senior Vice President, Human  
Resources in 2009. She heads  
the global Human Resources  
function and works with  
the Managing Director and  
Board on strategic matters  
relating to talent, succession,  
organisation culture and  
executive remuneration.  
Originally from the ꢀK, Jill  
held a number of Human  
Resources roles with the  
Royal Dutch Shell Group in  
Europe, the Middle East,  
South America and Asia  
Pacific before working in the  
finance and mining sectors in  
Melbourne.  
Executive Vice President,  
Commercial Operations  
in 2011. He is responsible  
for all sales and marketing  
activities globally for CSL  
Behring. Ingolf joined a  
CSL predecessor company  
in 1986 and has a strong  
background in marketing  
and management in the  
coagulation, diagnostic and  
plasma protein divisions.  
Among the roles in which  
he has served, Ingolf was  
Vice President and General  
Manager, Commercial  
joined CSL in 2001, serving  
as General Counsel for  
and enterprise project  
CSL Behring, a position he  
continues to hold. In addition,  
Greg is also responsible for  
risk management for the  
Group. Prior to joining CSL,  
Greg was Vice President and  
Senior Counsel for CB Richard  
Ellis International.  
management. Prior to that she  
was Executive Vice President,  
Plasma, Supply Chain and  
Information Technology.  
Karen joined CSL as a Product  
Manager at JRH Biosciences in  
2001 and progressed through  
a number of positions in  
technical services, quality  
management and research  
and development. Prior to  
joining CSL, she was Director  
of Developmental Research  
at Endotech Corporation.  
Operations, Central Europe,  
with responsibility for CSL  
Behring’s commercial activities  
in Germany, Switzerland,  
Austria and Slovenia.  
30  
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
SHARe inFoRmAtion  
cSl liMited  
The CSL Sale Act 1993 (Cth) amends  
In accordance with the CSL Act,  
CSL’s Constitution provides that the  
votes attaching to significant foreign  
shareholdings are not to be counted  
when they pertain to the appointment,  
removal or replacement of more than  
one-third of the directors of CSL who  
hold office at any particular time.  
A significant foreign shareholding  
is one where a foreign person has  
a relevant interest in 5% or more  
of CSL’s voting shares.  
the CSL Act to impose certain restrictions  
on the voting rights of persons having  
significant foreign shareholdings,  
and certain restrictions on the  
Company itself.  
Issued Capital Ordinary Shares:  
4
87,462,182 as at 30 June 2013  
detailS oF incorporation  
CSL’s activities were carried on within  
the Commonwealth Department of  
Health until the Commonwealth Serum  
Laboratories Commission was formed  
as a statutory corporation under the  
Commonwealth Serum Laboratories Act  
CSL ordinary shares have been traded  
on the Australian Stock Exchange  
since 30 May 1994. Melbourne is  
the Home Exchange.  
SubStantial ShareholderS  
1
961 (Cth) [the CSL Act] on 2 November  
As at 30 June 2013, Commonwealth  
Bank of Australia and its subsidiaries  
was a substantial shareholder in CSL.  
SiGniFicant ForeiGn  
ShareholdinGS  
1961. On 1 April 1991, the Corporation  
was converted to a public company  
limited by shares under the Corporations  
Law of the Australian Capital Territory  
and it was renamed Commonwealth  
Serum Laboratories Limited. These  
changes were brought into effect by  
the Commonwealth Serum Laboratories  
As at 30 June 2013, there were no  
significant foreign shareholdings in CSL.  
votinG riGhtS  
At a general meeting, subject to  
restrictions imposed on significant  
foreign shareholdings and some other  
minor exceptions, on a show of hands  
each shareholder present has one vote.  
On a poll, each shareholder present has  
one vote for each fully paid share held  
in person or by proxy.  
(Conversion into Public Company) Act  
1990 (Cth). On 7 October 1991, the  
name of the Company was changed  
to CSL Limited. The Commonwealth  
divested all of its shares by public float  
on 3 June 1994.  
diStribution oF ShareholdinGS aS at 30 June 2013  
Raꢀgꢂ  
tꢄꢅal Hꢄlꢈꢂrs  
uꢀꢆꢅs  
% ꢄf issꢁꢂꢈ Caꢃꢆꢅal  
1
- 1,000  
,001 - 5,000  
,001 - 10,000  
0,001 - 100,000  
00,001 and over  
64,438  
24,008  
4,403  
1,898  
78  
24,025,943  
57,023,786  
30,364,727  
34,590,255  
341,457,471  
487,462,182  
4.93  
11.70  
6.23  
1
5
1
7.09  
1
70.05  
100.00  
tꢄꢅal sharꢂhꢄlꢈꢂrs aꢀꢈ sharꢂs ꢄꢀ ꢆssꢁꢂ¹  
94,825  
uꢀꢇarkꢂꢅaꢉlꢂ parcꢂls  
mꢆꢀꢆꢇꢁꢇ parcꢂl Sꢆzꢂ  
Hꢄlꢈꢂrs  
uꢀꢆꢅs  
Minimum $500.00 parcel at $61-58 per unit  
9
471  
1,265  
1
As at 30 June 2013, CSL had entered into contracts to buy back an additional 110,000 ordinary shares, with settlement and amendment to the share register pending.  
The cancellation of these shares has been reflected in the reconciliation of outstanding shares in Note 20 to the Financial Report.  
3
1
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
SHAReHoLdeR inFoRmAtion  
Share reGiStry  
Shareholders with enquiries should go  
to www.investorcentre.com where most  
common questions can be answered by  
virtual agent “Penny”. There is an option  
to contact the Share Registry by email  
if the virtual agent cannot provide the  
answer. Alternatively, shareholders may  
telephone or write to the Share Registry  
at the above address.  
obtaining a direct credit form from the  
Share Registry or by advising the Share  
Registry in writing with particulars.  
Cꢄꢇꢃꢁꢅꢂrsharꢂ iꢀvꢂsꢅꢄr  
Sꢂrvꢆcꢂs pꢅy Lꢆꢇꢆꢅꢂꢈ  
The Annual Report is produced for your  
information. The default option is an  
online Annual Report via the company’s  
website. If you opted to continue to  
receive a printed copy and you receive  
more than one or you wish to be  
removed from the mailing list for the  
Annual Report, please advise the Share  
Registry. You will continue to receive  
Notice of Meeting and Proxy.  
Yarra Falls, 452 Johnston Street  
Abbotsford VIC 3067  
Postal Address:  
GPO Box 2975  
Melbourne VIC 3001  
Separate shareholdings may be  
consolidated by advising the Share  
Registry in writing or by completing a  
Request to Consolidate Holdings form  
which can be found online at  
Enquiries within Australia:  
1
800 646 882  
Enquiries outside Australia:  
1 3 9415 4178  
Investor enquiries facsimile:  
1 3 9473 2500  
The Annual General Meeting will be held  
at the Function Centre, National Tennis  
Centre, Melbourne Park, Batman Avenue,  
Melbourne at 10:00am on Wednesday  
16 October 2013. There is a public car  
park adjacent to the Function Centre  
which will be available to shareholders  
at no charge.  
6
www.investorcentre.com.  
Change of address should be notified to  
the Share Registry online via the Investor  
Centre at www.investorcentre.com, by  
telephone or in writing without delay.  
Shareholders who are broker sponsored  
on the CHESS sub-register must notify  
their sponsoring broker of a change  
of address.  
6
Investor enquiries online:  
www.investorcentre.com/contact  
Website:  
www.investorcentre.com  
SupportinG the environMent  
throuGh etree  
Direct payment of dividends into a  
nominated account may be arranged  
with the Share Registry. Shareholders  
are encouraged to use this option by  
providing a payment instruction  
online via the Investor Centre at  
www.investorcentre.com or by  
CSL Limited is a participating member  
of eTree and proud to support this  
environmental scheme encouraging  
security holders to register to access  
all their communications electronically.  
Our partnership with eTree is an ongoing  
commitment to driving sustainable  
initiatives that help security holders  
contribute to a greener future.  
ShareholderS aS at 30 June 2013  
Sharꢂhꢄlꢈꢂrs  
Sharꢂs  
For every email address registered at  
www.eTree.com.au/csl, a donation of  
up to $1 is made to Landcare Australia  
towards reforestation projects to help  
restore degraded plant, animal and water  
resources. With your support, CSL has  
registered over 19,339 email addresses,  
which in turn has facilitated the planting  
of more than 55,824 trees in Australia  
and New Zealand.  
Australian Capital Territory  
New South Wales  
1,710  
27,397  
266  
2,415,897  
276,923,827  
300,936  
Northern Territory  
ꢁueensland  
11,100  
5,304  
15,749,641  
9,623,840  
South Australia  
Tasmania  
1,349  
1,665,155  
We also encourage you to visit eTree if  
your email address has changed and you  
need to update it. For every updated  
registration, $1 dollar will be donated  
to Landcare Australia. To register, you  
will need your Security Holder Reference  
Number (SRN) or Holder Identification  
Number (HIN).  
Victoria  
32,636  
10,965  
4,098  
165,690,751  
10,414,973  
4,677,162  
Western Australia  
International Shareholders  
tꢄꢅal sharꢂhꢄlꢈꢂrs aꢀꢈ sharꢂs ꢄꢀ ꢆssꢁꢂ¹  
94,825  
487,462,182  
1
As at 30 June 2013, CSL had entered into contracts to buy back an additional 110,000 ordinary shares, with settlement and amendment to the share register pending.  
The cancellation of these shares has been reflected in the reconciliation of outstanding shares in Note 20 to the Financial Report.  
32  
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
SHAReHoLdeR inFoRmAtion Continued  
cSl’S tWenty larGeSt ShareholderS aS at 30 June 2013  
%
tꢄꢅal  
Sharꢂhꢄlꢈꢂr  
Accꢄꢁꢀꢅ  
Sharꢂs  
Sharꢂs  
1
2
3
4
5
6
7
8
9
HSBC Custody Nominees (Australia) Limited  
130,098,821  
75,622,055  
55,869,475  
23,343,465  
10,647,611  
7,901,779  
5,715,495  
4,122,394  
2,454,669  
2,063,586  
1,523,920  
1,301,471  
1,079,752  
923,764  
26.69  
15.51  
11.46  
4.79  
2.18  
1.62  
1.17  
0.85  
0.50  
0.42  
0.31  
0.27  
0.22  
0.19  
0.18  
0.17  
0.16  
0.16  
0.15  
0.14  
J P Morgan Nominees Australia Limited  
National Nominees Limited  
Citicorp Nominees Pty Limited  
BNP Paribas Nominees Pty Ltd  
DRP A/c  
J P Morgan Nominees Australia Limited  
Citicorp Nominees Pty Limited  
Cash Income A/c  
Colonial First State Inv A/c  
AMP Life Limited  
Citicorp Nominees Pty Limited  
BHP Billiton ADR Holders A/c  
10  
ꢀBS Wealth Management Australia Nominees Pty Ltd  
HSBC Custody Nominees (Australia) Limited  
RBC Investor Services Australia Nominees Pty Limited  
Argo Investments Limited  
11  
NT-Comnwlth Super Corp A/c  
BKCꢀST A/c  
12  
13  
14  
BNP Paribas Nominees Pty Ltd  
Agency Lending DRP A/c  
MLC Investment SETT A/c  
15  
Dr Brian Anthony McNamee  
851,665  
16  
Navigator Australia Ltd  
800,417  
17  
D W S Nominees Pty Ltd  
793,090  
18  
Australian Foundation Investment Company Limited  
RBC Investor Services Australia Nominees Pty Limited  
Custodial Services Limited  
788,860  
19  
PI Pooled A/c  
745,035  
20  
Beneficiaries Holding A/c  
658,865  
tꢄꢃ 20 hꢄlꢈꢂrs ꢄf ꢄrꢈꢆꢀary fꢁlly ꢃaꢆꢈ sharꢂs  
Rꢂꢇaꢆꢀꢆꢀg hꢄlꢈꢂrs ꢉalaꢀcꢂ  
327,306,189  
160,155,993  
487,462,182  
67.14  
32.86  
tꢄꢅal sharꢂs ꢄꢀ ꢆssꢁꢂ¹  
100.00  
iꢀ aꢈꢈꢆꢅꢆꢄꢀ, as aꢅ 30 Jꢁꢀꢂ 2012, a sꢁꢉsꢅaꢀꢅꢆal sharꢂhꢄlꢈꢂr ꢀꢄꢅꢆcꢂ has ꢉꢂꢂꢀ rꢂcꢂꢆvꢂꢈ frꢄꢇ:  
Commonwealth Bank of Australia and its subsidiaries  
1
As at 30 June 2013, CSL had entered into contracts to buy back an additional 110,000 ordinary shares with settlement and amendment to the share register pending.  
The cancellation of these shares has been reflected in the reconciliation of outstanding shares in Note 20 to the Financial Report.  
3
3
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
CoRpoRAte GoVeRnAnCe  
cSl’S board and  
1.  
the board oF directorS  
renewal is essential, a mixture of skills and  
differing periods of service provides for  
balance and optimal outcomes at a board  
level. Prior to the expiry of a director’s  
term of office, the Board reviews that  
director’s performance. In the event that  
such performance is considered less than  
adequate, the Board may decide that it will  
not support the re-election of that director.  
ManaGeMent Maintain hiGh  
StandardS oF corporate  
Governance aS part oF  
their coMMitMent to  
MaxiMiSe Shareholder  
value throuGh proMotinG  
eFFective StrateGic  
planninG, riSk ManaGeMent,  
tranSparency and  
corporate reSponSibility.  
1.1 tꢅꢆ cSl bꢂꢇꢈꢌ cꢅꢇꢈꢊꢆꢈ  
The Board has a formal charter  
documenting its membership, operating  
procedures and the allocation of  
responsibilities between the Board  
and management.  
The Board is responsible for oversight of  
the management of the Company and  
providing strategic direction. It monitors  
operational and financial performance,  
human resources policies and practices  
and approves the Company’s budgets  
and business plans. It is also responsible  
for overseeing the Company’s risk  
management, financial reporting and  
compliance framework.  
The Company Secretary is responsible  
to the Board for ensuring that Board  
procedures are complied with and advising  
the Board on governance matters. All  
directors have access to the Company  
Secretary for advice and services. The  
Board approves any appointment or  
removal of the Company Secretary.  
Directors are entitled to access  
The Board has delegated the day-to-day  
management of the Company, and the  
implementation of approved business plans  
and strategies to the Managing Director,  
who in turn may further delegate to senior  
management. In addition, a detailed  
authorisations policy sets out the decision-  
making powers which may be exercised at  
various levels of management.  
independent professional advice at the  
Company’s expense to assist them in  
fulfilling their responsibilities. To do so, a  
director must first obtain the approval of  
the Chairman. The director should inform  
the Chairman of the reason for seeking  
the advice, the name of the person from  
whom the advice is to be sought, and the  
estimated cost of the advice. Professional  
advice obtained in this way is made  
available to the whole Board.  
thꢆs sꢅaꢅꢂꢇꢂꢀꢅ ꢄꢁꢅlꢆꢀꢂs ꢅhꢂ Cꢄꢇꢃaꢀy’s  
ꢃrꢆꢀcꢆꢃal cꢄrꢃꢄraꢅꢂ gꢄvꢂrꢀaꢀcꢂ  
ꢃracꢅꢆcꢂs ꢆꢀ ꢃlacꢂ ꢈꢁrꢆꢀg ꢅhꢂ fiꢀaꢀcꢆal  
yꢂar. thꢂ bꢄarꢈ ꢉꢂlꢆꢂvꢂs ꢅhaꢅ  
ꢅhꢂ Cꢄꢇꢃaꢀy cꢄꢇꢃlꢆꢂs wꢆꢅh ꢅhꢂ  
Aꢁsꢅralꢆaꢀ Sꢂcꢁrꢆꢅꢆꢂs exchaꢀgꢂ (ASX)  
Cꢄrꢃꢄraꢅꢂ Gꢄvꢂrꢀaꢀcꢂ Cꢄꢁꢀcꢆl’s  
Cꢄrꢃꢄraꢅꢂ Gꢄvꢂrꢀaꢀcꢂ prꢆꢀcꢆꢃlꢂs aꢀꢈ  
Rꢂcꢄꢇꢇꢂꢀꢈaꢅꢆꢄꢀs, rꢂlꢂasꢂꢈ ꢆꢀ Aꢁgꢁsꢅ  
The Board has delegated specific authority  
to five Board committees that assist  
it in discharging its responsibilities by  
examining various issues and making  
recommendations to the Board. Those  
committees are:  
2
007 aꢀꢈ aꢇꢂꢀꢈꢂꢈ ꢆꢀ 2010 (ꢅhꢂ  
Details of Board meetings held during the  
year and individual directors’ attendance at  
these meetings can be found on page 42  
of the Directors’ Report attached to  
the financial report.  
Cꢄrꢃꢄraꢅꢂ Gꢄvꢂrꢀaꢀcꢂ prꢆꢀcꢆꢃlꢂs aꢀꢈ  
Rꢂcꢄꢇꢇꢂꢀꢈaꢅꢆꢄꢀs).  
A chꢂcklꢆsꢅ sꢁꢇꢇarꢆsꢆꢀg ꢅhꢂ  
Cꢄꢇꢃaꢀy’s cꢄꢇꢃlꢆaꢀcꢂ wꢆꢅh ꢅhꢂ  
Cꢄrꢃꢄraꢅꢂ Gꢄvꢂrꢀaꢀcꢂ prꢆꢀcꢆꢃlꢂs aꢀꢈ  
Rꢂcꢄꢇꢇꢂꢀꢈaꢅꢆꢄꢀs ꢆs avaꢆlaꢉlꢂ ꢄꢀ ꢅhꢂ  
Cꢄꢇꢃaꢀy’s wꢂꢉsꢆꢅꢂ.  
•ꢀ theꢀNominationꢀCommittee;  
 ꢀt heꢀAuditꢀandꢀRiskꢀManagementꢀ  
Committee;  
The CSL Board Charter is available on the  
Company’s website.  
 ꢀt heꢀHumanꢀResourcesꢀandꢀ  
Remuneration Committee;  
1.2 cꢂmꢎꢂsꢁꢊꢁꢂꢄ ꢂf ꢊꢅꢆ bꢂꢇꢈꢌ  
Throughout the year there were between  
eight and nine directors on the Board.  
On 13 February 2013, Paul Perreault was  
appointed to the Board as an executive  
director. On 17 October 2012, Peter Turner  
retired from the Board and, on 30 June  
 ꢀt heꢀInnovationꢀandꢀDevelopmentꢀ  
Committee; and  
 ꢀt heꢀSecuritiesꢀandꢀMarketꢀDisclosureꢀ  
Committee.  
Each committee is governed by a  
charter setting out its composition and  
responsibilities. A description of each  
committee and their responsibilities is  
set out below. The Board also delegates  
specific responsibilities to ad hoc  
committees from time to time.  
2013, Brian McNamee retired as Managing  
Director. One of the current directors -  
Paul Perreault, who has succeeded Brian  
McNamee as Managing Director from  
1
July 2013 – is the only executive director.  
The CSL Board Charter provides that  
a majority of directors should be  
independent. No director acts as a  
nominee or representative of any particular  
shareholder. A profile of each current  
director, including details of their skills,  
expertise, relevant experience, term of  
office and Board committee memberships  
can be found on pages 26 and 27 of  
this Report.  
The CSL Board Charter sets guidelines  
as to the desired term of service of  
non-executive directors. The CSL Board  
Charter provides that non-executive  
directors should be able to serve for at  
least 8 years before retiring from the Board,  
subject to re-election by shareholders. This  
charter also recognises that whilst board  
34  
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
CoRpoRAte GoVeRnAnCe Continued  
The Chairman of the Board, John Shine, is  
an independent, non-executive director. He  
is responsible for leadership of the Board,  
for ensuring that the Board functions  
effectively, and for communicating the  
views of the Board to the public. The  
Chairman sets the agenda for Board  
meetings and manages their conduct  
and facilitates open and constructive  
communication between the Board,  
management, and the public.  
could, or could reasonably be perceived  
Similarly, a customer of the CSL Group  
would be considered material for this  
purpose:  
to, materially interfere with the exercise of  
a director’s unfettered and independent  
judgment. As part of this process the Board  
takes into account a range of relevant  
matters including:  
 ꢀf romꢀtheꢀCompany’sꢀpointꢀofꢀview,ꢀifꢀ  
the annual amount received by the CSL  
Group from the customer exceeds 5%  
of the consolidated revenue of the CSL  
Group; and  
 ꢀi nformationꢀcontainedꢀinꢀspecificꢀ  
disclosures made by directors pursuant  
to their obligations under the CSL Board  
Charter and the Corporations Act;  
 ꢀf romꢀtheꢀdirector’sꢀpointꢀofꢀview,ꢀifꢀthatꢀ  
amount exceeds 5% of the customer’s  
total expenses.  
•ꢀ ꢀa nyꢀpastꢀemploymentꢀrelationshipꢀ  
1.3 iꢄꢌꢆꢎꢆꢄꢌꢆꢄꢃꢆ  
between the director and the Company;  
In addition to assessing the relationship  
in a quantitative sense, the Board also  
considers qualitative factors, such as the  
nature of the goods or services supplied,  
the period since the director ceased to be  
associated and their general subjective  
assessment of the director.  
The Board has determined that all of its  
non-executive directors are independent,  
and were independent for the duration of  
the reporting period.  
•ꢀ ꢀa nyꢀshareholdingꢀtheꢀdirectorꢀorꢀanyꢀofꢀ  
his or her associates may have in the  
Company;  
 ꢀa nyꢀassociationꢀorꢀformerꢀassociationꢀ  
the director may have with a  
professional adviser or consultant to the  
Company;  
All CSL directors are aware of, and adhere  
to, their obligation under the Corporations  
Act to disclose to the Board any interests or  
relationships that they, or any associate of  
theirs, may have in a matter that relates to  
the affairs of the Company, and any other  
matter that may affect their independence.  
As required by law, details of any related  
party dealings are set out in full in Note  
1.4 nꢂmꢁꢄꢇꢊꢁꢂꢄ cꢂmmꢁꢊꢊꢆꢆ  
 ꢀa nyꢀotherꢀrelatedꢀpartyꢀtransactionsꢀ  
whether as a supplier or customer of  
the Company or as party to a contract  
with the Company other than as a  
director of the Company;  
The functions and responsibilities of the  
Nomination Committee are documented  
in a formal charter approved by the Board.  
The Nomination Committee comprises  
all of the independent non executive  
directors. The Nomination Committee  
is chaired by the Board Chairman.  
•ꢀ ꢀa nyꢀotherꢀdirectorshipsꢀheldꢀbyꢀtheꢀ  
28 of the financial report. All directors  
director;  
have agreed to give the Company notice  
of changes to their relevant interests in  
Company shares within five days to enable  
both them and the Company to comply  
with the ASꢂ Listing Rules. If a potential  
conflict of interest exists on a matter before  
the Board then (unless the remaining  
directors determine otherwise), the director  
concerned does not receive the relevant  
briefing papers, and takes no part in the  
Board’s consideration of the matter nor  
exercises any influence over other members  
of the Board.  
•ꢀ ꢀa nyꢀfamilyꢀorꢀotherꢀrelationshipsꢀaꢀ  
director may have with another person  
having a relevant relationship or  
interest; and  
The Nomination Committee is responsible  
for reviewing the Board’s membership  
and making recommendations on  
any new appointments. In making  
recommendations for new directors, the  
Nomination Committee seeks to ensure  
that any new director will complement or  
maintain the skills, experience, expertise  
and diversity of the Board necessary  
to enable it to oversee the delivery of  
the Company’s objectives and strategy.  
The Board is looking to maintain an  
appropriate mix of skills and diversity  
in the membership of the Board. This  
includes diversity of skills, experience  
and background in the pharmaceutical  
industry, international business, finance  
and accounting and management. In  
relation to gender diversity, in line with  
Board succession plans, one of the Board’s  
objectives for the 2012-2013 financial year  
was to increase the participation of females  
on the Board by appointing a new female  
director with appropriate skills, experience  
and expertise to commence on or before  
the 2013 Annual General Meeting. On  
•ꢀ lengthꢀofꢀservice.  
In determining whether an interest or  
relationship is considered to interfere with  
a director’s independence, the Board has  
regard to the materiality of the interest  
or relationship. For this purpose, the  
Board adopts a conservative approach  
to materiality consistent with Australian  
accounting standards.  
In addition to considering issues that may  
arise from disclosure by directors from time  
to time under these obligations, the Board  
makes an annual assessment of each non-  
executive director to determine whether it  
considers the director to be independent.  
The Board considers that an independent  
director is a director who is independent  
of management and free of any business  
or other relationship that could, or could  
reasonably be perceived to, materially  
interfere with the exercise of their  
If a director has a current or former  
association with a supplier, professional  
adviser or consultant to the CSL Group,  
that supplier, adviser or consultant will be  
considered material:  
 ꢀf romꢀtheꢀCompany’sꢀpointꢀofꢀview,ꢀ  
if the annual amount payable by the  
CSL Group to the supplier, adviser  
or consultant exceeds 5% of the  
consolidated expenses of the CSL  
Group; and  
unfettered and independent judgment.  
 ꢀf romꢀtheꢀdirector’sꢀpointꢀofꢀview,ꢀifꢀthatꢀ  
amount exceeds 5% of the supplier’s,  
adviser’s or consultant’s total revenues.  
Information about any such interests or  
relationships, including any related financial  
or other details, is assessed by the Board  
to determine whether the relationship  
14 August 2013, Marie McDonald was  
appointed to the Board.  
3
5
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
The Nomination Committee is also  
responsible for:  
•ꢀ theꢀroleꢀofꢀtheꢀBoardꢀcommittees;ꢀꢀ  
including the Company’s business  
performance, whether the long term  
strategic objectives are being achieved  
and the achievement of individual  
performance objectives.  
•ꢀ meetingꢀarrangements;ꢀandꢀ  
 ꢀs ettingꢀandꢀfollowingꢀtheꢀprocedureꢀ  
for the selection of new directors for  
nomination;  
 ꢀd irectorꢀinteractionꢀwithꢀeachꢀ  
other, senior executives and other  
stakeholders.  
These performance evaluations took place  
in accordance with these processes during  
the last financial year.  
 ꢀc onductingꢀregularꢀreviewsꢀofꢀtheꢀ  
Board’s succession plans to enable it to  
maintain the mix of skills, experience,  
expertise and diversity that the Board is  
looking to achieve;  
In addition to the briefing papers, agenda  
and related information regularly supplied  
to directors, the Board has an ongoing  
education program designed to give  
directors further insight into the operation  
of the Company’s business. The program  
includes education on key developments  
in respect of the Company and the industry  
and environment within which it operates.  
As part of this program, directors have  
the opportunity to visit Company facilities,  
including all major operating sites in the  
2.  
audit and riSk ManaGeMent  
2
.1 iꢄꢊꢆgꢈꢁꢊꢍ ꢁꢄ Fꢁꢄꢇꢄꢃꢁꢇꢋ rꢆꢎꢂꢈꢊꢁꢄg ꢇꢄꢌ  
rꢆgꢉꢋꢇꢊꢂꢈꢍ cꢂmꢎꢋꢁꢇꢄꢃꢆ  
•ꢀ ꢀr egularlyꢀreviewingꢀtheꢀmembershipꢀofꢀ  
Board committees; and  
The Board is committed to ensuring  
the integrity and quality of its financial  
reporting, risk management and  
compliance systems.  
 ꢀc onductingꢀannualꢀperformanceꢀreviewsꢀ  
of the Board, individual directors, and  
the Board committees.  
Details of Nomination Committee meetings  
held during the year and individual  
directors’ attendance at these meetings  
can be found on page 42 of the Directors’  
Report attached to the financial report.  
Prior to giving their directors’ declaration  
in respect of the annual and half-year  
financial statements, the Board requires the  
Managing Director and the Chief Financial  
Officer to sign written declarations to the  
Board that:  
ꢀS, Europe and Australia, and to attend  
meetings and information sessions with  
the Company’s local management  
and employees.  
The Nomination Committee Charter is  
available on the Company’s website.  
1.6 pꢆꢈfꢂꢈmꢇꢄꢃꢆ eꢐꢇꢋꢉꢇꢊꢁꢂꢄ  
 ꢀt heꢀfinancialꢀstatementsꢀandꢀassociatedꢀ  
notes comply with IFRS Accounting  
Standards as required by the  
As mentioned above, the Nomination  
Committee meets annually to review  
the performance of the Board, individual  
directors and the Board committees. The  
Nomination Committee’s review process  
includes seeking relevant feedback from all  
directors and executive management, by  
way of a questionnaire that is circulated  
to those persons, with their responses  
then collated and provided to the  
1.5 dꢁꢈꢆꢃꢊꢂꢈ aꢎꢎꢂꢁꢄꢊmꢆꢄꢊs  
One new director was appointed to the  
Board during the financial year. Paul  
Corporations Act, the Corporations  
Regulations and the CSL Group  
Accounting Policies;  
Perreault was appointed to the Board as an  
executive director on 13 February 2013. In  
addition, Marie McDonald was appointed  
to the Board on 14 August 2013. Two  
directors retired from the Board during  
the financial year. Peter Turner retired as a  
director as at the conclusion of the 2012  
Annual General Meeting. Brian McNamee  
retired as Managing Director on 30 June  
 ꢀt heꢀfinancialꢀstatementsꢀandꢀassociatedꢀ  
notes give a true and fair view of the  
financial position as at the relevant  
balance date and performance of the  
Company for the year then ended as  
required by the Corporations Act;  
Nomination Committee.  
The effectiveness of the Board and its  
committees is assessed against the roles  
and responsibilities set out in the Board  
Charter and each Committee Charter.  
Matters considered in the evaluation  
include:  
•ꢀ ꢀi nꢀtheirꢀopinionꢀthereꢀareꢀreasonableꢀ  
grounds to believe that the Company  
will be able to pay its debts as and  
when they become due and payable;  
and  
2
013, and was succeeded as Managing  
Director by Paul Perreault on and from  
July 2013.  
1
David Anstice and Maurice Renshaw were  
re-elected as directors at the 2012 Annual  
General Meeting.  
•ꢀ ꢀt heyꢀhaveꢀestablishedꢀandꢀmaintainedꢀ  
an adequate risk management and  
internal compliance and control  
system to facilitate the preparation  
of a reliable financial report which in  
all material respects implements the  
policies adopted by the Board and the  
statements made above are based on  
that system.  
 ꢀt heꢀconductꢀofꢀBoardꢀandꢀCommitteeꢀ  
meetings, including the effectiveness  
of discussion and debate at those  
meetings;  
Before a director is nominated for election  
or re-election, it is the Company’s policy  
to ask directors to acknowledge to the  
Board that they have sufficient time to  
meet the Company’s expectations of them.  
The Board requires that all of its members  
devote the time necessary to ensure that  
their contribution to the Company is of the  
highest possible quality. The CSL Board  
Charter sets out procedures relating to the  
removal of a director whose contribution is  
found to be inadequate.  
 ꢀt heꢀeffectivenessꢀofꢀtheꢀBoard’sꢀandꢀ  
Committees’ processes and relationship  
with management;  
 ꢀt heꢀtimelinessꢀandꢀqualityꢀofꢀmeetingꢀ  
agendas, Board and Committee papers  
and secretariat support;  
These written declarations were received  
by the Board in respect of the financial year  
ended 30 June 2013.  
•ꢀ ꢀt heꢀcompositionꢀofꢀtheꢀBoardꢀandꢀeachꢀ  
Committee, focussing on the skills,  
experience, expertise and diversity of  
the Board necessary to enable it to  
oversee the delivery of the Company’s  
objectives and strategy.  
2
.2 aꢉꢌꢁꢊ ꢇꢄꢌ rꢁsꢑ Mꢇꢄꢇgꢆmꢆꢄꢊ  
cꢂmmꢁꢊꢊꢆꢆ  
The Company provides an induction  
program to assist new directors to gain  
an understanding of:  
The Audit and Risk Management  
Committee is responsible for assisting the  
Board in fulfilling its financial reporting,  
risk management and compliance  
The Chairman also holds discussions with  
individual directors to facilitate peer review.  
 ꢀt heꢀCompany’sꢀfinancial,ꢀstrategic,ꢀ  
operational and risk management  
position;  
responsibilities. The functions and  
The Nomination Committee is responsible  
for evaluating the performance of the  
Managing Director, who in turn evaluates  
the performance of all other senior  
executives and make recommendations  
in respect of their remuneration. These  
evaluations are based on specific criteria  
responsibilities of the Audit and Risk  
Management Committee are set out in  
a charter. Broadly, the Audit and Risk  
Management Committee is responsible for:  
•ꢀ ꢀt heꢀcultureꢀandꢀvaluesꢀofꢀtheꢀCompany;  
•ꢀ ꢀt heꢀrights,ꢀdutiesꢀandꢀresponsibilitiesꢀofꢀ  
the directors;  
 ꢀo verseeingꢀtheꢀCompany’sꢀsystemꢀofꢀ  
financial reporting and safeguarding its  
integrity;  
•ꢀ ꢀt heꢀrolesꢀandꢀresponsibilitiesꢀofꢀseniorꢀ  
executives;  
36  
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
CoRpoRAte GoVeRnAnCe Continued  
 ꢀo verseeingꢀriskꢀmanagementꢀandꢀ  
compliance systems and the internal  
control framework, as set out in the  
Company’s internal Risk Framework  
and external auditors without management  
or executive directors present. Any other  
director may attend any meeting of the  
Audit and Risk Management Committee in  
an ex officio capacity. Details of Audit and  
Risk Management Committee meetings  
held during the year and individual  
directors’ attendance at these meetings  
can be found on page 42 of the Directors’  
Report attached to the financial report.  
The oversight of risk management  
associated with research and development  
projects is one of the responsibilities of the  
Innovation and Development Committee  
(see section 4.2). The research and  
development operations have a number  
of management committees that report  
into the Innovation and Development  
Committee.  
(see section 2.3 below);  
 ꢀm onitoringꢀtheꢀactivitiesꢀandꢀ  
effectiveness of the internal audit  
function;  
 ꢀm onitoringꢀtheꢀactivitiesꢀandꢀ  
performance of the external auditor  
and coordinating its operation with the  
internal audit function; and  
The oversight of the management of  
risks which are not the subject of the Risk  
Framework or associated with research and  
development projects, such as strategic  
and reputational risk, is a responsibility  
of the Board.  
The Audit and Risk Management  
Committee Charter is available on  
the Company’s website.  
 ꢀp rovidingꢀfullꢀreportsꢀtoꢀtheꢀBoardꢀ  
on all matters relevant to the Audit  
and Risk Management Committee’s  
responsibilities.  
2
.3 rꢁsꢑ Fꢈꢇmꢆwꢂꢈꢑ  
The Company has adopted and follows a  
detailed and structured Risk Framework  
to ensure that risks in the CSL Group  
are identified, evaluated, monitored and  
managed. This Risk Framework sets out  
the risk management process, the roles  
and responsibilities for different levels  
of management, the risk tolerance of  
the Company, the matrix of risk impact  
and likelihood for assessing risk, and risk  
management reporting requirements.  
Risk assessment and management policies  
are reviewed periodically, including by the  
CSL Group’s internal audit function.  
The Audit and Risk Management  
Committee has (in conjunction with  
management) reported to the Board as to  
the Company’s effective management of  
its material business risks in respect of the  
financial year ending 30 June 2013.  
2.4 eꢏꢊꢆꢈꢄꢇꢋ aꢉꢌꢁꢊꢂꢈ  
One of the chief functions of the Audit  
and Risk Management Committee is to  
review and monitor the performance and  
independence of the external auditor.  
The Company’s external auditor for the  
financial year was Ernst & Young, who  
were appointed by shareholders  
at the 2002 Annual General Meeting.  
A description of the procedure followed  
in appointing Ernst & Young is set out in  
the notice of the 2002 Annual General  
Meeting.  
The roles and responsibilities of the Audit  
and Risk Management Committee are  
reviewed annually.  
As part of the Risk Framework, a  
The Audit and Risk Management  
Corporate Risk Management Committee  
of responsible executives reported  
to the Audit and Risk Management  
Committee on a quarterly basis, including  
as to the effectiveness of the Company’s  
management of material risks. Its task is  
to implement, coordinate and facilitate  
the risk management process across the  
CSL Group. This includes quantifying  
and monitoring certain business risks  
identified and evaluated as part of the  
risk management process, including  
those relating to operating systems, the  
environment, health and safety, product  
quality, physical assets, security, disaster  
recovery, insurance and compliance. Each  
business unit and manufacturing site in  
the Group has its own Risk Management  
Committee which reports to the  
Committee currently comprises three  
independent non-executive directors.  
Details of the Audit and Risk Management  
Committee’s current members, including  
their qualifications and experience, are  
set out in the directors’ profiles on pages  
The Audit and Risk Management  
Committee has established guidelines  
to ensure the independence of the external  
auditor. The external audit partner is  
to be rotated at least every five years,  
and the auditor is required to make an  
independence declaration annually.  
Information about the total remuneration  
of the external auditor, including details of  
remuneration for any non-audit services,  
can be found in Note 30 of the financial  
report.  
2
6 and 27 of this Report. The Audit and  
Risk Management Committee’s charter  
provides that a majority of the Audit  
and Risk Management Committee must  
be independent directors, and that the  
Committee Chair must be an independent  
director who is not also Chairman of  
the Board. Executive directors may  
not be members of the Audit and Risk  
Management Committee. Members are  
chosen having regard to their qualifications  
and training to ensure that each is capable  
of considering and contributing to the  
matters for which the Audit and Risk  
Management Committee is responsible.  
The Audit and Risk Management  
Committee is satisfied that the provision  
of those non-audit services by the external  
auditor was consistent with auditor  
independence.  
Corporate Risk Management Committee  
on a quarterly basis, and the Group has  
a Global Risk and Insurance Manager  
who is responsible for monitoring and  
coordinating the implementation of  
the Risk Framework throughout the  
CSL Group.  
The Audit and Risk Management  
Committee meets at least four times a  
year, and senior executives and internal  
and external auditors frequently attend  
meetings on invitation by the Audit and  
Risk Management Committee. The Audit  
and Risk Management Committee holds  
regular meetings with both the internal  
The external auditor attends each Annual  
General Meeting to be available to answer  
questions from shareholders.  
3
7
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
3
.
huMan reSourceS and  
reMuneration  
4.2 iꢄꢄꢂꢐꢇꢊꢁꢂꢄ ꢇꢄꢌ dꢆꢐꢆꢋꢂꢎmꢆꢄꢊ  
cꢂmmꢁꢊꢊꢆꢆ  
•ꢀ ꢀi dentifyingꢀtheꢀcorrectꢀchannelsꢀforꢀ  
passing on potentially market-sensitive  
information as soon as it comes to  
hand;  
The Innovation and Development  
3.1 cꢂmꢎꢆꢊꢁꢊꢁꢐꢆꢄꢆss ꢂf rꢆmꢉꢄꢆꢈꢇꢊꢁꢂꢄ  
ꢇꢄꢌ hꢉmꢇꢄ rꢆsꢂꢉꢈꢃꢆs  
Committee is responsible for providing the  
Board with oversight of CSL’s technology,  
research and product development  
opportunities. The functions and  
responsibilities of the Innovation and  
Development Committee are documented  
in a formal charter approved by the  
Board. The Innovation and Development  
Committee is authorised by the Board to:  
•ꢀ ꢀe stablishingꢀregularꢀoccasionsꢀatꢀwhichꢀ  
senior executives and directors are  
actively prompted to consider whether  
there is any potentially market-sensitive  
information which may require  
disclosure; and  
The Company is committed to ensuring  
that it has competitive remuneration and  
human resources policies and practices  
that offer appropriate and fair rewards and  
incentives to employees in the countries in  
which they are employed. The Company  
also seeks to align the interests of senior  
management and shareholders.  
 ꢀa llocatingꢀresponsibilityꢀforꢀapprovingꢀ  
the substance and form of any public  
disclosure and communications with  
investors.  
 ꢀm onitorꢀtheꢀstrategicꢀdirectionꢀofꢀCSL’sꢀ  
technology, research and product  
development programs;  
3.2 rꢆmꢉꢄꢆꢈꢇꢊꢁꢂꢄ rꢆꢎꢂꢈꢊ  
Details on the Company’s remuneration  
policies and practices are set out in the  
Remuneration Report on pages 48 to 69  
of the Director’s Report attached to the  
financial report. The Remuneration Report  
includes details of the remuneration of  
directors and other key management  
personnel of the consolidated entity, details  
of the Company’s long-term incentive plans  
and the terms of the retirement benefit  
scheme for non-executive directors (which  
only has continued operation for one non  
executive director).  
The Communications and External  
Disclosure Policy is available on the  
Company’s website.  
 ꢀp rovideꢀguidanceꢀonꢀissuesꢀandꢀ  
priorities, additions to the research and  
development pipeline and significant  
development milestones; and  
5.2 Sꢆꢃꢉꢈꢁꢊꢁꢆs ꢇꢄꢌ Mꢇꢈꢑꢆꢊ dꢁsꢃꢋꢂsꢉꢈꢆ  
cꢂmmꢁꢊꢊꢆꢆ  
 ꢀo verseeꢀtheꢀmanagementꢀofꢀriskꢀ  
associated with the research and  
development projects.  
Significant ASꢂ announcements (such  
as announcements of financial results,  
market guidance or major transactions)  
are the subject of full Board approval. In  
circumstances where it is impractical to  
convene a Board meeting, the Board has  
also delegated authority to a Securities  
and Market Disclosure Committee (that  
may be convened at short notice) to  
enable the Company to comply with  
urgent continuous disclosure obligations,  
including any request for a trading halt or  
approval of any disclosure. From time to  
time, the Securities and Market Disclosure  
Committee may also be specifically  
authorised by the Board to approve  
requested amendments to significant  
ASꢂ announcements following full Board  
review.  
The Innovation and Development  
Committee generally meets at least  
four times a year. The Innovation and  
Development Committee currently  
comprises four members, being three  
independent non-executive directors and  
the Managing Director. Details of the  
Innovation and Development Committee’s  
current members, including their  
3.3 hꢉmꢇꢄ rꢆsꢂꢉꢈꢃꢆs ꢇꢄꢌ rꢆmꢉꢄꢆꢈꢇꢊꢁꢂꢄ  
cꢂmmꢁꢊꢊꢆꢆ  
The Human Resources and Remuneration  
Committee Charter provides that the  
Committee should consist of at least three  
members, all of whom are non-executive  
directors, and that the Committee Chair  
must be an independent director. Executive  
directors may not be members of the  
Human Resources and Remuneration  
Committee.  
qualifications and experience, are set out  
in the directors’ profiles on pages 26 and  
27 of this Report. The Company’s Chief  
Scientific Officer is a required attendee.  
Any other director may attend any meeting  
of the Innovation and Development  
Committee in an ex officio capacity. Details  
of Innovation and Development Committee  
meetings held during the year and  
individual directors’ attendance at these  
meetings can be found on page 42 of  
the Directors’ Report attached to the  
financial report.  
The Human Resources and Remuneration  
Committee is responsible for assisting  
the Board in fulfilling its responsibilities  
with respect to human resources and  
remuneration matters. Details of the  
Human Resources and Remuneration  
Committee and its charter are set out in  
the Remuneration Report on pages 48 to  
Subject to the above, the Securities and  
Market Disclosure Committee also has  
authority to:  
 ꢀa pproveꢀtheꢀformꢀandꢀsubstanceꢀofꢀ  
less significant disclosures to be made  
by the Company to the ASꢂ, with the  
objective of ensuring that the Company  
meets its reporting and disclosure  
obligations under the Corporations Act  
and the ASꢂ Listing Rules (Disclosure  
Obligations);  
The Innovation and Development  
Committee Charter is available on the  
Company’s website.  
6
9 of the Directors’ Report attached to  
the financial report. Details of Committee  
meetings held during the year and  
individual directors’ attendance at these  
meetings can be found on page 42 of  
the Directors’ Report attached to the  
financial report.  
5.  
Market diScloSure  
5.1 cꢂmmꢉꢄꢁꢃꢇꢊꢁꢂꢄs ꢇꢄꢌ eꢏꢊꢆꢈꢄꢇꢋ  
dꢁsꢃꢋꢂsꢉꢈꢆ  
•ꢀ ꢀa pproveꢀanyꢀrequestꢀtoꢀtheꢀASXꢀforꢀaꢀ  
trading halt in the Company’s securities  
for the purpose of managing its  
The Company has a Communications  
and External Disclosure Policy. This  
policy operates in conjunction with  
the Company’s more detailed internal  
continuous disclosure policy. Together,  
these policies are designed to facilitate the  
Company’s compliance with its obligations  
under the ASꢂ Listing Rules and the  
Corporations Act by:  
Disclosure Obligations. In unscheduled  
and urgent circumstances where it is  
impractical for the Securities and Market  
Disclosure Committee to be convened,  
any of the Chief Executive Officer, the  
Chief Financial Officer or the Company  
Secretary may authorise a request for a  
trading halt if they consider it necessary  
to ensure compliance by the Company  
with its Disclosure Obligations;  
The Human Resources and Remuneration  
Committee Charter is available on the  
Company’s website.  
4
4
.
innovation and developMent  
.1 Gꢂꢐꢆꢈꢄꢇꢄꢃꢆ ꢂf iꢄꢄꢂꢐꢇꢊꢁꢂꢄ ꢇꢄꢌ  
dꢆꢐꢆꢋꢂꢎmꢆꢄꢊ  
The Board is committed to ensuring that  
the Company’s investments in innovation,  
research and development are undertaken  
in ways that are most likely to create long  
term value for shareholders.  
 ꢀp rovidingꢀguidanceꢀasꢀtoꢀtheꢀtypesꢀofꢀ  
information that may require disclosure,  
including examples of practical  
application of the rules;  
•ꢀ ꢀa pproveꢀtheꢀallotmentꢀandꢀissue,ꢀandꢀ  
registration of transfers of securities;  
•ꢀ ꢀp rovidingꢀpracticalꢀguidanceꢀforꢀdealingꢀ  
with market analysts and the media;  
38  
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
CoRpoRAte GoVeRnAnCe Continued  
 ꢀm akeꢀdeterminationsꢀonꢀmattersꢀ  
relating to the location of the share  
register; and  
A copy of the Company’s Communications  
and External Disclosure Policy is available  
on the Company’s website.  
specific disclosure obligations under the  
Corporations Act and the corresponding  
ASꢂ Listing Rules.  
 ꢀe ffectꢀcomplianceꢀwithꢀotherꢀformalitiesꢀ  
which may be urgently required in  
relation to matters affecting the share  
capital.  
6.  
SecuritieS tradinG  
A copy of the Company’s Securities Dealing  
Policy is available on the Company’s  
website and has also been lodged with the  
ASꢂ in accordance with Listing Rule 12.9.  
By promoting director and employee  
ownership of shares, the Board hopes to  
encourage directors and employees to  
become long-term holders of Company  
securities, aligning their interests with  
those of the Company. It does not  
condone short-term or speculative  
trading in its securities by directors and  
employees, nor does it permit directors  
or employees to enter into any price  
protection arrangements with third parties  
to hedge such securities or margin loan  
arrangements in relation to Company  
securities.  
The Securities and Market Disclosure  
Committee comprises a minimum of any  
two directors, one of whom must be an  
independent director. Details of Securities  
and Market Disclosure Committee  
meetings held during the year and  
individual directors’ attendance at these  
meetings can be found on page 42 of the  
Directors’ Report attached to the financial  
report.  
7.  
corporate reSponSibility  
The Company’s approach to Corporate  
Responsibility is guided by its Group  
Values, Code of Responsible Business  
Practice and related policies.  
7.1  
Gꢈꢂꢉꢎ vꢇꢋꢉꢆs  
The Company has developed a set of  
values common to the diverse business  
units that form the CSL Group. The CSL  
Group Values, endorsed by the Board,  
serve as the foundation for every day  
decision-making. These values are superior  
performance, innovation, integrity,  
collaboration and customer focus.  
The Securities and Market Disclosure  
Committee Charter is available on the  
Company’s website.  
The Company has a comprehensive  
securities trading policy which applies to  
all directors and employees. The policy  
aims to inform directors and employees  
of the law relating to insider trading, and  
provide them with practical guidance for  
avoiding unlawful transactions in Company  
securities.  
5
.3 Sꢅꢇꢈꢆꢅꢂꢋꢌꢆꢈ cꢂmmꢉꢄꢁꢃꢇꢊꢁꢂꢄ  
In addition to its formal disclosure  
obligations under the ASꢂ Listing Rules  
and the Corporations Act, the Board  
uses a number of additional means  
of communicating with shareholders.  
These include:  
7.2 cꢂꢌꢆ ꢂf rꢆsꢎꢂꢄsꢁꢀꢋꢆ bꢉsꢁꢄꢆss  
pꢈꢇꢃꢊꢁꢃꢆ  
The Board adopted a new edition of the  
Company’s Code of Responsible Business  
Practice (the Code), effective as of 1 July  
2013. Based upon the CSL Group Values  
and guiding principles, the Code outlines  
the Company’s commitment to responsible  
business practices and ethical standards.  
The Code replaced the previous edition of  
the Code of Responsible Business Conduct  
(dated December 2008) and sets out the  
rights and obligations that all employees  
have in the conduct of the Company’s  
business. These rights and obligations  
relate to:  
The policy prohibits directors and  
employees from buying or selling securities  
in the Company when they are in  
•ꢀ ꢀt heꢀhalf-yearꢀandꢀannualꢀreportꢀandꢀ  
Shareholder Review;  
possession of price sensitive information  
which is not generally available to the  
market. In addition, the policy identifies  
certain “blackout periods” during which no  
directors or employees are allowed to trade  
in Company securities (unless exceptional  
circumstances apply, the person has no  
inside information, and special approval  
is obtained to sell (but not buy) Company  
securities). Directors and employees are  
reminded that procuring others to trade  
in Company securities when in possession  
of price sensitive information is also a  
breach of the law and the securities trading  
policy. Acquisitions of securities under  
the employee share and option plans are  
exempt from the prohibition under the  
Corporations Act.  
 ꢀp ostingꢀmediaꢀreleases,ꢀpublicꢀ  
announcements, notices of general  
meetings and voting results, and other  
investor related information on the  
Company’s website; and  
 ꢀa nnualꢀgeneralꢀmeetings,ꢀincludingꢀ  
webcasting which permits shareholders  
worldwide to view proceedings.  
The Company has a dedicated Governance  
page on the Company’s website which  
supplements the communication to  
shareholders in the annual report regarding  
the Company’s corporate governance  
policies and practices. That web page also  
contains copies of many of the Company’s  
governance-related documents, policies  
and information.  
•ꢀ ꢀb usinessꢀintegrity,ꢀincludingꢀstatementsꢀ  
relating to compliance with applicable  
laws and standards, ethical and  
transparent business practices, privacy  
and political donations;  
•ꢀ ꢀt heꢀsafetyꢀandꢀqualityꢀofꢀproducts,ꢀ  
including statements on bioethics  
(including animal ethics) and human  
rights principles;  
A procedure of internal notification  
The Board is committed to monitoring  
ongoing developments that may enhance  
communication with shareholders,  
including technological developments,  
regulatory changes and the continuing  
development of “best practice” in the  
market, and to implementing changes to  
the Company’s communications strategies  
whenever reasonably practicable to reflect  
any such developments.  
•ꢀ ꢀm aintainingꢀaꢀsafe,ꢀfairꢀandꢀrewardingꢀ  
workplace, which covers many  
and approval applies to directors and  
designated senior employees wishing to  
buy or sell Company securities. Directors  
and designated senior employees are  
forbidden from making such transactions  
without the prior approval of the Chairman  
employee relations issues such as:  
recruitment and selection;  
equal employment opportunity/  
workplace harassment;  
(in the case of directors) and the Company  
learning and development;  
health and safety;  
Secretary (in the case of designated  
senior employees). Directors also have  
3
9
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
rehabilitation;  
Gender Diversity at CSL  
In every country in which CSL operates, the  
Company complies with legislated diversity  
reporting requirements. In Australia, CSL  
met its reporting requirements under  
the Federal Government’s Workplace  
Gender Equality Act 2012 (Cth), including  
submitting an annual public report on  
31 May 2013 in accordance with the Act  
professional behaviour;  
recognition of service; and  
As at 31 March 2013, females represented  
55% of CSL employees , 40% of CSL’s  
management staff and 32% of the CSL  
Group’s most senior positions (that is, Vice  
President and above levels). In the first  
half of 2013, of four new appointments at  
the Vice President level, three have been  
females.  
disciplinary action and employee  
counselling;  
 ꢀt heꢀcommunity,ꢀincorporatingꢀpolicyꢀ  
statements on charitable donations;  
(
WGEA Report). A copy of the ‘workplace  
ꢀ environmentalꢀmanagement;ꢀand  
ꢀ complianceꢀwithꢀtheꢀCode.  
profile’ section of the Company’s WGEA  
Report is available on the CSL website.  
The CSL Board and Senior Management  
believe that the strong gender diversity  
position within the Company is  
fundamentally the result of the Company’s  
highly inclusive culture, which benefits  
from all forms of personal diversity.  
In accordance with the Code, the Company  
is committed to ensuring that employees,  
contractors, suppliers and partners are  
able to raise concerns regarding any  
illegal conduct or malpractice and to have  
such concerns properly investigated. This  
commitment is implemented through the  
Company’s internal Whistleblower Policy,  
which sets out the mechanism by which  
employees, contractors, suppliers and  
partners can confidently, and anonymously  
if they wish, voice such concerns in  
a responsible manner without being  
subject to victimisation, harassment or  
discriminatory treatment. For example,  
employees, contractors, suppliers and  
partners can report concerns, anonymously  
if they wish, through the Company’s  
website to the Company’s independently  
operated Whistleblower Hotline.  
CSL sponsored an Australian Women  
in Leadership study undertaken by the  
Committee for Economic Development  
of Australia (CEDA), a leading not for  
profit organisation that provides thought  
leadership and policy perspectives on  
the economic and social issues affecting  
Australia. The study examines three issues:  
women in society, women in the workforce  
and women in leadership. A case study  
on the development of a childcare centre  
at the Company’s Parkville site has been  
included in the CEDA report.  
The CSL Board and executive team will  
continue to monitor the percentage of  
females in senior leadership positions  
and will seek to maintain the level of  
female participation at or above 30%  
for Senior Executive roles (Vice President  
and above) and at or above 40% for  
other Management roles. The Company  
is pleased to note that these levels were  
achieved for the 2012/2013 financial year.  
7.3.2 Progress against measurable  
objectives for 2012-2013:  
The CSL Board has announced the  
appointment of a female director,  
In the Company’s 2012 Annual Report,  
CSL announced 4 measurable objectives  
for achieving gender diversity to be  
undertaken in 2012-2013 financial year.  
The Board is pleased to report that all  
objectives were met:  
Marie McDonald, who joined the CSL  
Board on 14 August 2013. Following  
this appointment, there are two female  
representatives on the current CSL Board,  
which will represent 25% of the Board  
(upon the retirement of Ian Renard at the  
2013 Annual General Meeting).  
The Code has been distributed to all  
employees and an enhanced training  
program will be implemented across the  
CSL Group.  
•ꢀ iꢇꢃlꢂꢇꢂꢀꢅ ꢅhꢂ Glꢄꢉal Sꢄꢁrcꢆꢀg,  
Rꢂcrꢁꢆꢅꢇꢂꢀꢅ aꢀꢈ Sꢂlꢂcꢅꢆꢄꢀ  
prꢆꢀcꢆꢃlꢂs ꢅꢄ fꢁrꢅhꢂr sꢁꢃꢃꢄrꢅ gꢂꢀꢈꢂr  
ꢈꢆvꢂrsꢆꢅy:  
The Company expects its contractors and  
suppliers to comply not only with the laws  
of the countries in which they operate,  
but also with internationally accepted  
best practice. It therefore expects that its  
contractors and suppliers also observe the  
principles set out in the Code.  
Each year, the Board undertakes a detailed  
and focussed review of gender metrics  
across all areas where management  
discretion can be said to operate – this  
includes matters connected with talent,  
performance, remuneration decisions and  
access to leadership learning. A range of  
gender metrics are compiled both globally  
and by country of employment.  
A global project team worked on the  
implementation of the Company’s  
Global Sourcing, Recruitment And  
Selection Principles (the Principles) at  
both the global and site level. A range  
of activities were undertaken to ensure  
that the Principles are embedded in  
the policies and processes of every CSL  
business. Actions included: the review  
of recruitment and selection policies,  
the revision of learning programs on  
recruitment and selection for managers,  
and communication with recruitment  
partners to ensure their understanding  
of CSL’s position on diversity. This  
objective has been completed.  
A copy of the Code can be accessed in  
multiple languages on the Company’s  
website.  
In addition to CSL’s global commitment to  
diversity, the Company also encourages  
our local businesses in the 27 countries in  
which CSL operates to undertake gender  
diversity and family-friendly initiatives that  
are aligned with local practice and culture.  
7
.3 dꢁꢐꢆꢈsꢁꢊꢍ  
7
.3.1 Diversity at CSL  
CSL recognises its talented and diverse  
workforce as a key competitive advantage  
and its business success as a reflection  
of the quality and skill of its people. The  
Company is committed to seeking out and  
retaining the best talent to ensure strong  
business growth and performance.  
The CSL Board is informed of these local  
gender diversity initiatives during regular  
Board visits to sites and businesses. In  
2012/2013, the Board reviewed specific  
diversity initiatives during visits to Bern  
in Switzerland and Marburg in Germany.  
For example, in Germany, CSL supports  
working parents over the long summer  
school holidays by offering a Holiday  
Program for children of staff. In August  
•ꢀ exꢅꢂꢀꢈ ꢄꢁr cꢄꢇꢇꢆꢅꢇꢂꢀꢅ ꢅꢄ  
ꢆꢀꢈꢆvꢆꢈꢁally fꢄcꢁssꢂꢈ ꢈꢂvꢂlꢄꢃꢇꢂꢀꢅ  
ꢉy rꢂqꢁꢆrꢆꢀg ꢅhaꢅ ꢆꢀꢈꢆvꢆꢈꢁal  
Diversity benefits individuals, teams, the  
Company as a whole and its customers.  
CSL recognises that each employee  
brings to his or her work a unique set of  
capabilities, experiences and characteristics.  
All forms of diversity (including but not  
limited to gender, age, ethnicity and  
cultural background) are valued at all levels  
within the Company.  
ꢈꢂvꢂlꢄꢃꢇꢂꢀꢅ ꢃlaꢀs arꢂ ꢆꢀ ꢃlacꢂ  
fꢄr all ꢂꢇꢃlꢄyꢂꢂs whꢄ arꢂ Sꢂꢀꢆꢄr  
dꢆrꢂcꢅꢄr lꢂvꢂl aꢀꢈ aꢉꢄvꢂ, arꢂ  
caꢀꢈꢆꢈaꢅꢂs fꢄr a Sꢂꢀꢆꢄr dꢆrꢂcꢅꢄr  
lꢂvꢂl ꢄr aꢉꢄvꢂ ꢃꢄsꢆꢅꢆꢄꢀ, ꢄr arꢂ  
cꢄꢀsꢆꢈꢂrꢂꢈ ꢅꢄ havꢂ Sꢂꢀꢆꢄr dꢆrꢂcꢅꢄr  
lꢂvꢂl ꢄr aꢉꢄvꢂ ꢃꢄꢅꢂꢀꢅꢆal:  
2013, 120 children of Marburg Staff, aged  
between 9 and 14, participated in a range  
of activities including cooking, English  
classes and trail walks.  
This initiative aimed to further  
strengthen existing practices, create  
more consistency in development  
planning and ensure all senior  
employees, and those with potential,  
have an individual approach to  
As outlined in the Code, CSL aims to  
respect and encourage diversity in all its  
forms.  
40  
CSL Lꢆꢇꢆꢅꢂꢈ Annual Report 2012-2013  
CoRpoRAte GoVeRnAnCe Continued  
development. CSL believes that by  
making career development support  
active and individually focussed,  
Marie McDonald brings considerable  
7.5 Sꢉꢎꢎꢂꢈꢊꢁꢄg pꢂꢋꢁꢃꢁꢆs  
legal expertise, as well as experience  
in risk management, governance  
and management, to the Board. This  
objective has been completed.  
The CSL Group policy framework provides  
for four levels of policy making within the  
CSL Group as follows:  
specific development needs linked to  
females achieving their potential will be  
addressed. CSL leadership determined  
that these actions should be extended  
to employees who were Director level  
and above. As a result, a larger number  
of employees than originally planned  
have created an individual development  
plan in consultation with their manager  
and Human Resources. Measurement of  
completion rates and quality assurance  
is the responsibility of local Site  
leadership and Human Resources, and  
is supported through senior executive  
sponsorship. This objective has been  
completed for 2012-2013 and will be  
an ongoing activity.  
 ꢀB oardꢀPoliciesꢀcoverꢀanyꢀoperationalꢀ  
issue of strategic importance that  
applies to all CSL Group business units  
and all CSL Group employees and are  
approved by the Board;  
7
.3.3 Measurable objectives  
supporting Gender diversity for  
2013-2014  
The CSL Board has set the following  
measurable objectives for the financial year  
commencing 1 July 2013:  
•ꢀ ꢀG lobalꢀPoliciesꢀcoverꢀissuesꢀofꢀanꢀ  
operational nature requiring consistent  
implementation across all CSL Group  
business units and are approved by a  
member of the Executive Management  
Group;  
•ꢀ ꢀB uildꢀonꢀtheꢀeducationꢀandꢀ  
cꢄꢇꢇꢁꢀꢆcaꢅꢆꢄꢀ ꢈꢄꢀꢂ ꢆꢀ 2012-2013  
ꢅꢄ ꢃrꢄgrꢂss ꢅhꢂ ꢉꢁsꢆꢀꢂss casꢂ fꢄr,  
aꢀꢈ ꢆꢀcrꢂasꢂ ꢅhꢂ ꢁsꢂ ꢄf, flꢂxꢆꢉlꢂ  
wꢄrkꢆꢀg arraꢀgꢂꢇꢂꢀꢅs fꢄr CSL  
ꢂꢇꢃlꢄyꢂꢂs;  
•ꢀ ꢀB usinessꢀUnit/FunctionꢀPoliciesꢀcoverꢀ  
issues of an operational nature requiring  
consistent implementation within a  
specific business unit or function within  
the CSL Group and are approved by the  
head of the relevant business unit or  
function; and  
 ꢀP rovideꢀenhancedꢀcareerꢀ  
ꢈꢂvꢂlꢄꢃꢇꢂꢀꢅ sꢁꢃꢃꢄrꢅ ꢅꢄ assꢆsꢅ CSL  
ꢂꢇꢃlꢄyꢂꢂs aꢅ ꢄr aꢉꢄvꢂ dꢆrꢂcꢅꢄr  
lꢂvꢂl ꢅꢄ achꢆꢂvꢂ ꢅhꢂ ꢀꢂxꢅ carꢂꢂr  
lꢂvꢂl;  
 S ꢁꢃꢃꢄrꢅ ꢇaꢀagꢂꢇꢂꢀꢅ glꢄꢉally  
ꢆꢀ ꢁꢀꢈꢂrsꢅaꢀꢈꢆꢀg ꢅhꢂ ꢉꢂꢀꢂfiꢅs ꢄf  
flꢂxꢆꢉlꢂ wꢄrkꢆꢀg arraꢀgꢂꢇꢂꢀꢅs  
whꢆch sꢁꢃꢃꢄrꢅ ꢉꢄꢅh ꢉꢁsꢆꢀꢂss ꢀꢂꢂꢈs  
aꢀꢈ a faꢇꢆly-frꢆꢂꢀꢈly wꢄrkꢃlacꢂ:  
 ꢀI mplementꢀaꢀnew,ꢀhighlyꢀaccessibleꢀ  
eqꢁal eꢇꢃlꢄyꢇꢂꢀꢅ oꢃꢃꢄrꢅꢁꢀꢆꢅy  
ꢃrꢄgraꢇꢇꢂ ꢅꢄ ꢃrꢄvꢆꢈꢂ a cꢄꢀsꢆsꢅꢂꢀꢅ  
cꢄrꢂ ꢄf eo ꢅraꢆꢀꢆꢀg fꢄr CSL  
•ꢀ ꢀL ocalꢀPoliciesꢀcoverꢀissuesꢀthatꢀapplyꢀtoꢀ  
a particular geographic area (e.g. site,  
country or region) and are approved by  
the appropriate site, country or regional  
leader.  
Education was seen as the key  
activity in support of this objective.  
Flexible working was the subject of a  
global Human Resources Professional  
Development seminar, which was  
attended by Human Resources  
ꢂꢇꢃlꢄyꢂꢂs glꢄꢉally; aꢀꢈ  
 ꢀR eviewꢀtheꢀoutcomesꢀofꢀtheꢀ2013ꢀ  
eꢇꢃlꢄyꢂꢂ oꢃꢆꢀꢆꢄꢀ sꢁrvꢂy frꢄꢇ  
a gꢂꢀꢈꢂr ꢃꢂrsꢃꢂcꢅꢆvꢂ aꢀꢈ rꢂꢃꢄrꢅ  
fiꢀꢈꢆꢀgs ꢅꢄ sꢂꢀꢆꢄr ꢇaꢀagꢂꢇꢂꢀꢅ aꢀꢈ  
ꢅhꢂ bꢄarꢈ.  
The framework ensures that policy  
issues are reviewed and approved at the  
appropriate level within the CSL Group and  
that the principles outlined in the Code are  
properly implemented.  
representatives from across the  
Company. CSL’s management have  
also furthered their understanding and  
education on the business benefits  
of flexible working arrangements by  
attending management presentations  
on the subject, which have been  
tailored to specific local business  
requirements. Discussion, analysis and  
implementation of flexible working  
arrangements will be continued in  
CSL will report against these measurable  
objectives in its 2014 Annual Report.  
Communication of the CSL Group policy  
framework has been undertaken to  
ensure that all employees have a clear  
understanding of the policy structure and  
decision making processes within the CSL  
Group.  
A copy of the CSL Diversity Policy is  
available on the Company’s website.  
7
.4 aꢄꢊꢁ-bꢈꢁꢀꢆꢈꢍ ꢇꢄꢌ aꢄꢊꢁ-cꢂꢈꢈꢉꢎꢊꢁꢂꢄ  
The Code provides a high level policy  
statement on preventing bribery and  
inducements. In addition, the Board  
has adopted an Anti-Bribery and Anti-  
Corruption Policy. This Policy builds on  
the policy statement in the Code and also  
supports the considerable amount of work  
being undertaken in many areas of the  
Company’s operations to ensure that the  
Company is acting with Integrity (one of  
the Company’s core values) at all times.  
7.6 oꢄgꢂꢁꢄg ꢎꢂꢋꢁꢃꢍ ꢈꢆꢐꢁꢆw ꢇꢄꢌ ꢄꢆw  
ꢎꢂꢋꢁꢃꢍ ꢌꢆꢐꢆꢋꢂꢎmꢆꢄꢊ  
2013-2014. The first phase of this work  
The Board and management remain  
committed to continuing to review  
the Company’s corporate governance  
practices in response to changes in market  
conditions or recognised best practices,  
including the implementation of any  
changes to the Corporate Governance  
Principles and Recommendations or ASꢂ  
Listing Rules.  
(consistent with the Board’s broader  
objective) was completed.  
 iꢀ lꢆꢀꢂ wꢆꢅh bꢄarꢈ sꢁccꢂssꢆꢄꢀ  
ꢃlaꢀs, ꢆꢀcrꢂasꢂ ꢅhꢂ ꢃarꢅꢆcꢆꢃaꢅꢆꢄꢀ  
ꢄf fꢂꢇalꢂs ꢄꢀ ꢅhꢂ bꢄarꢈ ꢉy  
aꢃꢃꢄꢆꢀꢅꢆꢀg a ꢀꢂw fꢂꢇalꢂ ꢈꢆrꢂcꢅꢄr  
wꢆꢅh aꢃꢃrꢄꢃrꢆaꢅꢂ skꢆlls, ꢂxꢃꢂrꢆꢂꢀcꢂ  
aꢀꢈ ꢂxꢃꢂrꢅꢆsꢂ ꢅꢄ cꢄꢇꢇꢂꢀcꢂ ꢄꢀ ꢄr  
ꢉꢂfꢄrꢂ ꢅhꢂ 2013 Aꢀꢀꢁal Gꢂꢀꢂral  
ꢇꢂꢂꢅꢆꢀg:  
A copy of the Company’s Anti-Bribery and  
Anti-Corruption Policy is available on the  
Company’s website.  
The Board has appointed a new female  
director to fill the vacancy created  
by the impending retirement of Ian  
Renard at the 2013 Annual General  
Meeting. Commencing 14 August 2013,  
CSL Limited  
FinanCiaL RepoRt  
2012-2013  
ContentS  
Directors’ Report  
42  
70  
Auditor’s Independence Declaration  
Consolidated Statement  
of Comprehensive Income  
71  
72  
Consolidated Balance Sheet  
Consolidated Statement  
of Changes in Equity  
73  
74  
Consolidated Statement of Cash Flows  
Notes to the Financial Statements  
Directors’ Declaration  
75  
134  
135  
Independent Auditor’s Report  
42  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
diReCtoRS’ RepoRt  
The Board of Directors of CSL Limited has pleasure in presenting their  
report on the consolidated entity for the year ended 30 June 2013.  
1.  
Directors  
2. Company Secretary  
The following persons were Directors of CSL Limited during the  
whole of the year and up to the date of this report:  
Mr E H Bailey, B.Com/LLB, FCIS, was appointed to the position  
of Company Secretary on 1 January 2009 and continues in  
office at the date of this report. Mr Bailey joined CSL Limited  
in 2000 and had occupied the role of Assistant Company  
Secretary from 2001. Before joining CSL Limited, Mr Bailey was  
a Senior Associate with Arthur Robinson & Hedderwicks. On  
Professor J Shine AO (Chairman)  
Dr B A McNamee AO (Managing Director and Chief Executive  
Officer) - until 30 June 2013)  
1
6 August 2011, Mr J Levy, CPA, was appointed as Assistant  
Mr J H Akehurst  
Mr D W Anstice  
Mr B R Brook  
Company Secretary. Mr Levy has held a number of senior  
finance positions within the CSL Group since joining CSL  
Limited in 1989.  
Ms C E O’Reilly  
Mr I A Renard AM  
Mr M A Renshaw  
3.  
Directors’ Attendances at Meetings  
The table below shows the number of directors’ meetings held  
(including meetings of Board Committees) and number of  
meetings attended by each of the directors of the Company  
during the year. In addition, a Capital Structuring Committee  
was set up to oversee the debt raising component of CSL’s  
capital management plan. The Capital Structuring Committee  
comprised Mr I A Renard (Chair), Professor J Shine, Ms C E  
O’Reilly and Mr B R Brook and met on two occasions during  
the year. On two separate occasions during the year, the  
directors visited various of the Company’s operations outside  
Australia and met with local management.  
Mr P R Perreault was appointed an Executive Director on 13  
February 2013 and continues in office at the date of this  
report. Dr B A McNamee was succeeded by Mr P R Perreault  
as Managing Director and Chief Executive Officer as of 1 July  
2013. Mr P J Turner retired at the Annual General Meeting  
held on 17 October 2012.  
Particulars of the directors’ qualifications, experience, all  
directorships of public listed companies held for the past three  
years, special responsibilities, ages and the period for which  
each has been a director are set out in the Directors’ Profiles  
section of the Annual Report.  
Sꢄcurꢃꢅꢃꢄs  
ꢁꢆꢂ mꢁrkꢄꢅ  
dꢃsclꢀsurꢄ  
Cꢀꢇꢇꢃꢅꢅꢄꢄ  
Huꢇꢁꢆ  
auꢂꢃꢅ ꢁꢆꢂ Rꢃsk  
mꢁꢆꢁgꢄꢇꢄꢆꢅ  
Cꢀꢇꢇꢃꢅꢅꢄꢄ  
Rꢄsꢀurcꢄs &  
Rꢄꢇuꢆꢄrꢁꢅꢃꢀꢆ  
Cꢀꢇꢇꢃꢅꢅꢄꢄ  
iꢆꢆꢀvꢁꢅꢃꢀꢆ &  
dꢄvꢄlꢀꢈꢇꢄꢆꢅ  
Cꢀꢇꢇꢃꢅꢅꢄꢄ  
Bꢀꢁrꢂ ꢀf  
dꢃrꢄcꢅꢀrs  
nꢀꢇꢃꢆꢁꢅꢃꢀꢆ  
Cꢀꢇꢇꢃꢅꢅꢄꢄ  
a
8
8
8
8
8
2
8
8
6
4
B
8
8
8
8
8
2
8
8
8
4
a
B
a
a
B
a
2
2
B
2
2
a
B
1
1
J Shine  
2
11  
10  
6
6
6
2
2
2
3
B A McNamee  
J H Akehurst  
D W Anstice  
B R Brook  
3
6
1
6
6
6
2
6
6
6
6
1
6
2
2
5
6
1
1
1
1
4
4
2
2
2
2
2
2
2
1
P R Perreault  
C E O’Reilly  
I A Renard  
3
1
1
1
4
4
4
4
6
6
6
6
5
6
6
6
4
M A Renshaw  
2
2
2
P J Turner  
1
1
Attended for at least part in ex officio capacity  
Attended for at least part by invitation  
2
a Number of meetings (including meetings of Board Committees) attended during the period.  
Maximum number of meetings that could have been attended during the period.  
B
4
3
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
4
.
.
Principal Activities  
Albumin sales of US$601 million grew 28% in constant  
currency terms. Growth was underpinned by demand in China,  
which was aided by domestic plasma supply interruptions.  
Improved distribution logistics in China also helped grow sales.  
In Europe sales of albumin were enhanced by a favourable re-  
evaluation of albumin usage in intensive care units.  
The principal activities of the consolidated entity during the  
financial year were the research, development, manufacture,  
marketing and distribution of biopharmaceutical and allied  
products.  
5
Operating and Financial Review and Future Prospects  
Haemophilia product sales of US$1,090 million grew 2% in  
constant currency terms. Plasma derived coagulation factors  
grew 5% in constant currency terms led by Beriate , which  
(a) Financial Review  
®
grew 22% in volume of units sold, largely arising from stronger  
demand in Latin America, particularly Brazil. Sales from this  
volume growth, however, were offset to some extent by the  
ongoing geographic sales shift towards lower priced emerging  
markets. Recombinant FVIII sales declined 1% in constant  
currency terms, influenced by the number of clinical trials  
underway for new generation recombinant factor FVIII products  
where patients receive clinical trial products at no cost.  
The Group announced a net profit after tax of US$1,216 million  
for the twelve months ended 30 June 2013, up 19% when  
compared to the prior comparable period. This result included  
an unfavourable foreign exchange impact of US$18 million. On  
1
a constant currency basis, operational net profit after tax grew  
21%. Sales revenue was US$5.0 billion, up 10% on a constant  
currency basis when compared to the prior comparable period,  
with research and development expenditure of US$427 million  
up 16%. Cash flow from operations was US$1,312 million, up  
Specialty products sales of US$719 million grew 17% in  
constant currency terms. The changing paradigm for the  
treatment of peri-operative bleeding continued to underpin  
9% when compared to the prior comparable period.  
(
b) Operating Review  
®
growth in demand for fibrinogen product Haemocomplettan  
CSL Bꢄhrꢃꢆg sales of US$4.5 billion grew 10% in constant  
in Europe.  
currency terms, when compared to the prior comparable period.  
In April 2013 the US Food and Drug Administration (FDA)  
approved Kcentra™ for urgent warfarin reversal in patients  
with acute major bleeding. Kcentra™ is the first FDA approved  
4-factor prothrombin complex concentrate for warfarin reversal  
in the US. It is marketed in more than 25 countries, including  
Immunoglobulin product sales of US$2,081 million grew  
9
% in constant currency terms. Demand for subcutaneous  
®
immunoglobulin (SCIG), lead by Hizentra , was particularly  
strong in both the US and Europe, growing 27% when  
compared to the prior comparable period. Hizentra offers  
®
®
®
under the trade names of Beriplex and Confidex outside the  
®
patients the convenience of self administration at home.  
US. Demand for Beriplex grew well, particularly in Europe.  
®
Intravenous immunoglobulin sales growth was led by strong  
Robust demand continues in the US for Berinert , which  
®
demand for Privigen in the US, somewhat offset by a price  
is used for the treatment of acute attacks in patients with  
hereditary angioedema. In January 2013, Berinert received  
US approval for self administration and use in the treatment of  
laryngeal attacks. Both indications contributed to the increased  
sales of the product.  
®
®
reduction for Carimune , which competes at the low price  
®
end of the market. Approved indications for Privigen were  
expanded in April 2013 when the European Commission  
granted marketing authorisation for its use in the treatment of  
chronic inflammatory demyelinating polyneuropathy (CIDP).  
1
Constant currency removes the impact of exchange rate movements to  
facilitate comparability by restating the current year’s results at the prior year’s  
rates. This is done in two parts: a) by converting the current year net profit of  
entities in the group that have reporting currencies other than US Dollars at  
the rates that were applicable to the prior year (translation currency effect)  
and comparing this with the actual profit of those entities for the current  
year; and b) by restating material transactions booked by the group that are  
impacted by exchange rate movements at the rate that would have applied  
to the transaction if it had occurred in the prior year (transaction currency  
effect) and comparing this with the actual transaction recorded in the current  
year. The sum of translation currency effect and transaction currency effect is  
the amount by which reported net profit is adjusted to calculate the result at  
constant currency.  
a) Translation Currency Effect $66.6m  
Average Exchange rates used for calculation in major currencies  
were as follows:  
1
2 months to  
Jun 12  
0.89  
Jun 13  
0.94  
USD/CHF  
USD/EUR  
0.74  
0.77  
b) Transaction Currency Effect $(48.9)m  
Transaction currency effect is calculated by reference to the applicable prior  
year exchange rates. The calculation takes into account the timing of sales  
both internally within the CSL Group (ie from a manufacturer to a distributor)  
and externally (ie to the final customer) and the relevant exchange rates  
applicable to each transaction.  
Summary NPAT  
Reported net profit after tax  
US$ 1,216.3m  
Translation currency effect (a)  
Transaction currency effect (b)  
Constant currency net profit after tax *  
US$  
US$  
US$ 1,234.0m  
66.6m  
(48.9)m  
Summary Sales  
Reported sales  
Currency effect (c)  
Constant currency sales  
US$ 4,950.4m  
US$ 105.1m  
US$ 5,055.5m  
c) Constant Currency Effect $105.1m  
Constant currency effect is presented as a single amount due to complex and  
interrelated nature of currency impact on sales.  
*
Constant currency net profit after tax and sales have not been audited or  
reviewed in accordance with Australian Auditing Standards  
44  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
diReCtoRS’ RepoRt Continꢉed  
bꢃꢀCSL sales of US$449 million grew 8% in constant currency  
terms, when compared to the prior comparable period.  
GARDASIL* sales were US$57m, up strongly following the  
commencement of the vaccination program for boys in  
Australia. Influenza vaccine sales fell to US$137 million in what  
has been a challenging year for this business. CSL’s influenza  
vaccine is manufactured in Australia with the majority sold into  
the northern hemisphere. The Australian operating environment  
together with global influenza market dynamics, has put these  
sales and margins under significant competitive pressure.  
Over the longer term the Company intends to develop new  
products which are protected by its own intellectual property  
and which are high margin human health medicines marketed  
and sold by the Company’s global operations.  
This is underpinned by the Company’s research and  
development strategy that comprises four main areas:  
 ꢀI mmunoglobulinsꢀ–ꢀsupportꢀandꢀenhanceꢀtheꢀcurrentꢀportfolioꢀ  
with improved patient convenience, yield improvements,  
expanded labels and new formulation science;  
 ꢀH aemophiliaꢀProductsꢀ–ꢀsupportꢀandꢀenhanceꢀtheꢀcurrentꢀ  
portfolio with new plasma-derived products, recombinant  
coagulation factors and coagulation research;  
CSL iꢆꢅꢄllꢄcꢅuꢁl prꢀꢈꢄrꢅy revenue was US$134 million,  
underpinned by solid growth in royalty contributions from  
Human Papillomavirus Vaccines.  
2
•ꢀ ꢀS pecialityꢀProductsꢀ–ꢀexpandꢀtheꢀuseꢀofꢀspecialityꢀplasmaꢀ  
products through new markets, novel indications and new  
modes of administration; and  
Grꢀuꢈ eBit ꢇꢁrgꢃꢆ grew from 26.6% to 29.1% driven by  
improved efficiencies and a change in sales mix across the  
portfolio of products.  
 ꢀB reakthroughꢀMedicinesꢀ–ꢀdevelopꢀnewꢀprotein-basedꢀ  
therapies for significant unmet medical needs and multiple  
indications.  
Set out below is a summary of the key information disclosed  
to the Australian Securities Exchange during the period under  
review:  
Further comments on likely developments and expected  
results of certain aspects of the operations of the consolidated  
entity and on the business strategies and prospects for future  
financial years of the consolidated entity, are contained in the  
Year in Review in the Annual Report and in section 5 (b) of this  
Directors’ Report. Additional information of this nature can  
be found on the Company’s website, www.csl.com.au. Any  
further information of this nature has been omitted as it would  
unreasonably prejudice the interests of the Company to refer  
further to such matters.  
 ꢀO nꢀ3ꢀAugustꢀ2012,ꢀCSLꢀannouncedꢀthatꢀMrꢀPꢀRꢀPerreaultꢀ  
would succeed Dr B A McNamee as Managing Director and  
Chief Executive Officer of CSL Limited;  
 ꢀO nꢀ22ꢀAugustꢀ2012,ꢀCSLꢀannouncedꢀitsꢀfullꢀyearꢀresultsꢀforꢀtheꢀ  
year ending 30 June 2012;  
 ꢀO nꢀ17ꢀOctoberꢀ2012,ꢀCSLꢀannouncedꢀitsꢀintentionꢀtoꢀconductꢀ  
an on-market buyback of up to A$900 million;  
 ꢀO nꢀ27ꢀNovemberꢀ2012,ꢀCSLꢀannouncedꢀthatꢀitꢀhadꢀliftedꢀitsꢀ  
net profit after tax guidance for fiscal 2013 from approximately  
12% to approximately 20% at constant currency;  
6.  
Dividends  
 ꢀO nꢀ6ꢀDecemberꢀ2012,ꢀCSLꢀannouncedꢀitsꢀResearchꢀandꢀ  
Development Day briefing to Analysts;  
The following dividends have been paid or determined since the  
end of the preceding financial year:  
 ꢀO nꢀ13ꢀFebruaryꢀ2013,ꢀCSLꢀannouncedꢀitsꢀhalfꢀyearꢀresultsꢀforꢀ  
the half year ending 31 December 2012;  
2011-2012 An interim dividend of A$0.36 per share, unfranked,  
was paid on 13 April 2012. A final dividend of A$0.47 per  
ordinary share, unfranked, for the year ended 30 June 2012 was  
paid on 12 October 2012.  
 ꢀO nꢀ13ꢀFebruaryꢀ2013,ꢀCSLꢀannouncedꢀthatꢀMrꢀPꢀPerreaultꢀhadꢀ  
been appointed as an Executive Director of CSL Limited;  
 ꢀO nꢀ8ꢀMarchꢀ2013,ꢀCSLꢀannouncedꢀtheꢀtermsꢀofꢀappointmentꢀ  
of Mr P R Perreault as Managing Director and Chief Executive  
Officer;  
2012-2013 An interim dividend of US$0.50 per share,  
unfranked, was paid on 5 April 2013. The Company’s Directors  
have determined a final dividend of US$0.52 per ordinary share,  
unfranked, for the year ended 30 June 2013.  
•ꢀ ꢀO nꢀ28ꢀMarchꢀ2013,ꢀCSLꢀannouncedꢀthatꢀitꢀhadꢀclosedꢀaꢀ  
US$500 million private placement in the US; and  
In accordance with determinations by the Directors, the  
Company’s dividend reinvestment plan remains suspended  
 ꢀO nꢀ28ꢀJuneꢀ2013,ꢀCSLꢀannouncedꢀtheꢀtermsꢀofꢀdepartureꢀofꢀ  
Dr B A McNamee as Managing Director and Chief Executive  
Officer.  
Total dividends for the 2012-2013 year are:  
oꢆ orꢂꢃꢆꢁry shꢁrꢄs  
ꢉS$ꢇ  
Full details of all information disclosed to the Australian  
Securities Exchange during the period under review can be  
obtained from the ASX website (www.asx.com.au).  
Interim dividend paid 5 April 2013  
252.3  
253.4  
(
c) Future Prospects  
Final dividend payable on 4 October 2013  
In the medium term the Company expects to continue to grow  
through developing differentiated plasma products, receiving  
royalty flows from the exploitation of the Human Papillomavirus  
Vaccine by Merck & Co, Inc, and the commercialisation of the  
Company’s technology.  
2
EBIT margin is calculated by dividing earnings before interest and tax by total revenue.  
4
5
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
7.  
Significant changes in the State of Affairs  
No environmental breaches have been notified by the  
Environmental Protection Authority in Victoria, Australia, or by  
any other equivalent interstate or foreign government agency in  
relation to the Company’s Australian, European, North American  
or Asia Pacific operations during the year ended 30 June 2013.  
From 1 July 2012, the Company effected a change in its  
presentation currency from Australian dollars to US dollars. For  
more information, please refer to Note 1(a) of the Financial  
Report.  
Environmental obligations and waste discharge quotas are  
regulated under applicable Australian and foreign laws.  
Environmental performance is monitored and subjected from  
time to time to government agency audits and site inspections.  
The Company continues to refine data collection systems and  
processes to ensure we are well prepared for new regulatory  
requirements.  
On 17 October 2012, the Company announced its intention  
to conduct a further on-market buyback of up to $900 million,  
representing approximately 4% of shares then on issue. Up  
to 30 June 2013, the Company purchased 14,849,288 shares  
under this announced buyback, returning approximately A$852  
million to shareholders. From 1 July to 2 July 2013, an additional  
265,799 shares were purchased, bringing the total returned to  
shareholders to approximately A$869 million. Post 3 July 2013  
up to 14 August 2013, no further shares have been bought  
back.  
As part of compliance and continuous improvement in  
environmental performance, both regulatory and voluntary,  
the Company continues to report on key environmental  
issues including energy consumption, emissions, water use  
and management of waste as part of the Company’s annual  
sustainability. The Company has met its reporting obligations  
under the Australian Government’s National Greenhouse Energy  
Reporting Act (2007) and Victoria Government’s Industrial Waste  
Management Policy, National Pollutant Inventory (IWMP NPI).  
On 1 January 2013, the Australian plasma operations were  
integrated with CSL Behring, creating a single global plasma  
business, and the Australian-based vaccines, pharmaceuticals,  
diagnostics and logistics businesses were combined under a new  
stand-alone business unit called bioCSL. For more information,  
please refer to Note 2 of the Financial Report.  
Globally, we continue to evaluate potential risks to the Company  
and its operations associated with climate change. To date,  
studies indicate that climate change, and measures introduced  
or announced by various governments to address climate  
change, do not pose a significant risk or financial impact to  
the Company in the short to medium term. Climate change  
risks and control measures continue to be monitored to ensure  
compliance to new and emerging regulatory requirements.  
There were no other significant changes in the state of affairs of  
the consolidated entity during the financial year not otherwise  
disclosed in this report or the financial statements.  
8
.
Significant events after year end  
On 1 July 2013, Mr P R Perreault succeeded Dr B A McNamee as  
Managing Director and Chief Executive Officer.  
Other than as disclosed in the financial statements, the Directors  
are not aware of any other matter of circumstance which has  
arisen since the end of the financial year which has significantly  
affected or may significantly affect the operations of the  
consolidated entity, results of those operations or the state of  
affairs of the consolidated entity in subsequent financial years.  
Further details and reporting in relation to health, safety and  
environmental performance can be found in the Company’s  
sustainability report, Our Corporate Responsibility, available on  
the Company’s website.  
10. Directors’ Shareholdings and Interests  
At the date of this report, the interests of the directors who held  
office at 30 June 2013 in the shares, options and performance  
rights of the Company are set out in Note 28(g) of the Financial  
Report. It is contrary to Board policy for key management  
personnel to limit exposure to risk in relation to these securities.  
From time to time the Company Secretary makes inquiries of key  
management personnel as to their compliance with this policy.  
9.  
Health, Safety and Environmental Performance  
The Company continues to operate a global Health, Safety and  
Environment Management System that ensures its facilities  
operate to internationally recognised standards. This framework  
includes compliance with government regulations and  
commitments to continuously improving the health and safety  
of the Company’s workforce as well as minimising the impact  
of operations on the environment. The Company also maintains  
certifications to relevant external Health, Safety and Environment  
management systems including the EU Eco-Management and  
Audit Scheme (EMAS), ISO 50001 Energy Management, and AS/  
NZ4801 Occupational Health and Safety Management Systems.  
11. Directors’ Interests in Contracts  
Section 13 of this Report sets out particulars of the Directors  
Deed entered into by the Company with each director in relation  
to Board paper access (indemnity and insurance matters).  
12. Performance Rights and Options  
Lost time injury frequency rate (LTIFR) continues to record  
improved performance while the Medical Treatment Injury Rate  
As at the date of this report, the number of unissued ordinary  
shares in the Company under options and under performance  
rights are set out in Note 27 of the Financial Statements.  
(MTIFR) has decreased slightly in performance as compared  
to the all-time low rate achieved in 2012. There has been  
a significant improvement in the Days Lost Frequency Rate  
Holders of options or performance rights do not have any right,  
by virtue of the options or performance rights, to participate in  
any share issue by the Company or any other body corporate  
or in any interest issued by any registered managed investment  
scheme.  
(
DLFR) over the last year with the trend continuing in a positive  
direction. For our Australian operations tier 3 status was  
maintained in regard to CSL Limited’s self-insurance licence  
granted by the Safety, Rehabilitation and Compensation  
Commission.  
46  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
diReCtoRS’ RepoRt Continꢉed  
The number of options and performance rights exercised  
during the financial year and the exercise price paid to acquire  
fully paid ordinary shares in the Company is set out in Note 27  
by another person, including under any insurance policy, or out  
of the assets of a corporation, where the liability is incurred in  
or arising out of the conduct of the business of that corporation  
or in the discharge of the duties of the officer in relation to that  
corporation.  
(b) and (c) of the Financial Statements. Since the end of the  
financial year, 6,863 shares were issued under the Company’s  
Performance Rights Plan.  
The Company paid insurance premiums of US$1,233,370 in  
respect of a contract insuring each individual director of the  
Company and each full time executive officer, director and  
secretary of the Company and its controlled entities, against  
certain liabilities and expenses (including liability for certain legal  
costs) arising as a result of work performed in their respective  
capacities, to the extent permitted by law.  
1
3. Indemnification of Directors and Officers  
During the financial year, the insurance and indemnity  
arrangements discussed below were in place concerning  
directors and officers of the consolidated entity:  
The Company has entered into a Director’s Deed with each  
director regarding access to Board papers, indemnity and  
insurance. Each deed provides:  
1
4. Auditor independence and non-audit services  
The Company may decide to employ the auditor on  
assignments additional to their statutory audit duties where the  
auditor’s expertise and experience with the Company and/or the  
consolidated entity are important.  
(
a) an ongoing and unlimited indemnity to the relevant director  
against liability incurred by that director in or arising out  
of the conduct of the business of the Company or of a  
subsidiary (as defined in the Corporations Act 2001) or in  
or arising out of the discharge of the duties of that director.  
The indemnity is given to the extent permitted by law  
and to the extent and for the amount that the relevant  
director is not otherwise entitled to be, and is not actually,  
indemnified by another person or out of the assets of a  
corporation, where the liability is incurred in or arising out  
of the conduct of the business of that corporation or in the  
discharge of the duties of the director in relation to that  
corporation;  
Details of the amounts paid or payable to the entity’s auditor,  
Ernst & Young, for non-audit services provided during the year  
are set out below. The directors, in accordance with the advice  
received from the Audit and Risk Management Committee, are  
satisfied that the provision of non-audit services is compatible  
with the general standard of independence for auditors  
imposed by the Corporations Act 2001. The directors are  
satisfied that the provision of non-audit services by the auditor  
did not compromise the auditor independence requirements of  
the Corporations Act 2001 for the following reasons:  
(
b) that the Company will maintain, for the term of each  
director’s appointment and for seven years following  
cessation of office, an insurance policy for the benefit of  
each director which insures the director against liability for  
acts or omissions of that director in the director’s capacity or  
former capacity as a director; and  
•ꢀallꢀnon-auditꢀservicesꢀhaveꢀbeenꢀreviewedꢀbyꢀtheꢀAuditꢀandꢀ  
Risk Management Committee to ensure that they do not  
impact the impartiality and objectivity of the auditor; and  
•ꢀnoneꢀofꢀtheꢀservicesꢀundermineꢀtheꢀgeneralꢀprinciplesꢀrelatingꢀ  
to auditor independence as set out in Professional Statement  
F1, including reviewing or auditing the auditor’s own work,  
acting in a management or a decision making capacity for the  
Company, acting as an advocate for the Company or jointly  
sharing economic risks and rewards.  
(
c) the relevant director with a right of access to Board papers  
relating to the director’s period of appointment as a director  
for a period of seven years following that director’s cessation  
of office. Access is permitted where the director is, or may  
be, defending legal proceedings or appearing before an  
inquiry or hearing of a government agency or an external  
administrator, where the proceedings, inquiry or hearing  
relates to an act or omission of the director in performing  
the director’s duties to the Company during the director’s  
period of appointment.  
A copy of the auditors’ independence declaration as required  
under section 307C of the Corporations Act 2001 accompanies  
this Report.  
Ernst & Young and its related practices received or are due to  
receive the following amounts for the provision of non-audit  
services in respect to the year ended 30 June 2013:  
In addition to the Director’s Deeds, Rule 95 of the Company’s  
constitution requires the Company to indemnify each “officer”  
of the Company and of each wholly owned subsidiary of the  
Company out of the assets of the Company “to the relevant  
extent” against any liability incurred by the officer in the  
conduct of the business of the Company or in the conduct of  
the business of such wholly owned subsidiary of the Company  
or in the discharge of the duties of the officer unless incurred  
in circumstances which the Board resolves do not justify  
indemnification.  
ꢉS$  
Due diligence and completion audits  
Compliance and other services  
-
170,587  
170,587  
Total fee paid for non-audit services  
1
5. Rounding  
The amounts contained in this report and in the financial report  
have been rounded to the nearest $100,000 (where rounding is  
applicable) unless specifically stated otherwise under the relief  
available to the Company under ASIC Class Order 98/0100. The  
Company is an entity to which the Class Order applies.  
For this purpose, “officer” includes a director, executive officer,  
secretary, agent, auditor or other officer of the Company.  
The indemnity only applies to the extent the Company is not  
precluded by law from doing so, and to the extent that the  
officer is not otherwise entitled to be or is actually indemnified  
4
7
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
meSSaGe FRom tHe BoaRd  
The Board’s philosophy and general approach to Key Management Personnel (KMP) remuneration remained largely consistent with the  
previous year.  
On 30 June 2013, Dr Brian McNamee stepped down from his position as Chief Executive Officer and Managing Director. On 1 July 2013, Mr.  
Paul Perreault assumed the position of Managing Director and Chief Executive Officer. The contractual arrangements for Mr Perreault and  
the end-of-service arrangements for Dr McNamee were the subject of ASX releases in March and June respectively. The CSL Board supports  
transparency in termination arrangements and has provided extensive detail on Dr. McNamee’s arrangements both in an ASX Release and  
in the footnotes to Table 9. Dr McNamee’s reported remuneration for 2013 includes the full value of long term incentives that were granted  
under the Performance Rights Plan (the Plan) and reported between 2009 and 2012. This value has been fully accrued in the 2013 accounts.  
These rights and options remain at risk and will vest in future on their planned vesting dates, only if they meet the requirements of the  
Plan which include the applicable performance hurdles. The reported value includes the pro-rated settlement due to Dr McNamee under  
the Company’s “good leaver” arrangements (as described on page 56) as well as the non pro-rated settlement which remain subject to a  
shareholder vote at the 2013 Annual General Meeting in October.  
We have added new commentary on page 52 to describe the current status of the Board’s discretion on clawing back or cancelling STI  
bonuses in the event of a material misstatement. The Board will ensure that it has the necessary flexibility to respond to exceptional  
circumstances and will describe the policy more fully in the 2014 remuneration report.  
CSL is a global company in terms of ownership, operations and employees. 41.2% of CSL’s shares were held outside Australia as at 30 June  
2013; 88.7% of the Group’s sales revenue in 2013 was generated outside Australia and, as at 30 June 2013, 83.6% of the Group’s 11,285  
full time equivalent employees and five of the ten KMP were employed outside Australia.  
The Board is mindful of the need to attract, retain and reward executives in the many geographic locations in which they are employed. We  
continue to address these considerations in a way which meets expectations of both shareholders and executives balancing the different  
expectations that exist in different geographies. The Board aims to balance risk and create sustainable value over the long term.  
Each year we compare the remuneration for CSL Executive KMP against that of equivalent positions in a range of peer companies, in terms  
both of the quantum and the mix of pay components. The data for 2013 was collected and presented directly to the Board by Guerdon  
Associates. During 2013, in preparation for our leadership transition to a new Chief Executive Officer, several KMP were given increased  
responsibilities. In several cases this involved an increase to their fixed remuneration and/or to their overall Short Term Incentive (STI)  
opportunity. This was also an opportunity to extend the practice of STI deferral and six KMP had part of their STI subject to deferral.  
For all KMP the maximum STI awards and the actual 2013 awards are detailed in the report. The deferral method is described on page 53.  
Our STI approach is built on individual work-plans which, taken as a whole, will deliver our business plans. The aggregate of all STI awards  
for the Executive KMP is related to CSL’s overall business performance across a range of financial measures. We then reward individual  
Executive KMP on measurable business outcomes which are specified in their performance plans for the current year and on their success in  
implementing initiatives which will benefit shareholders in future years. We have described our approach on page 52. The Board continues  
to believe that basing STI awards on a combination of overall business result; individual, measurable business outcomes and other significant  
achievements, is the best driver of sustained high performance and, therefore, best aligns with the interest of shareholders.  
In October 2012, we made an award of Performance Rights to KMP executives as participants in the long-term incentive (LTI) plan, which  
is described on page 55. The hurdles for this and future grants will be set and measured in US dollars in line with our reporting currency.  
The hurdles for the most recent grant are described on page 56 and for past grants on page 66. The main LTI changes for 2013 were  
the adjustment to graduated vesting for the compound EPS hurdle and the move to measuring relative TSR through comparison with an  
international index of Pharma and Biotech companies rather than using an ASX comparator group.  
In 2013, US-based KMP again received part of their LTI award under the Executive Deferred Incentive Plan to better align with US market  
practice.  
We continue to aim for a fair and equitable approach to KMP remuneration which rewards the ongoing success of a highly experienced  
senior executive team and meets the expectations of all shareholders. We welcome feedback on our remuneration practices and on our  
communication of remuneration matters in this report.  
Jꢀhꢆ akꢄhursꢅ  
Chairman  
o  
Chairman  
HR and Remuneration Committee  
CSL Limited  
The above letter does not form part of the audited Remuneration Report.  
48  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
diReCtoRS’ RepoRt Continꢉed  
16. Remuneration Report  
Remuneration Framework  
CSL is one of the largest specialist plasma protein  
Introduction  
therapeutics companies in the world. We are a vertically  
integrated organisation with a broad geographic footprint  
in terms of product sourcing, manufacturing and R&D.  
This produces many management complexities, requiring  
constant liaison across functions and geographies by work  
groups operating in what are effectively management  
matrices. We have therefore chosen a remuneration  
framework that has a high degree of global consistency  
to encourage people to work together for common goals.  
A significant proportion of executive reward is linked to  
share price in recognition of the need to work across  
geographies and functional groups to achieve long-term  
goals. Employees transfer across geographies to work. The  
selection and mix of remuneration components which are  
applied in most countries are therefore broadly the same.  
This Remuneration Report sets out the Company’s  
remuneration framework and practices and the remuneration  
arrangements for the 2013 financial year. This report has  
been prepared in accordance with the requirements of the  
Corporations Act 2001 and the Corporations Regulations  
2
001. It has been audited pursuant to section 308(3C) of the  
Corporations Act 2001.  
Key Management Personnel  
Key Management Personnel (KMP) in this report are those  
individuals having authority and responsibility for planning,  
directing and controlling the major activities of the Company  
during the financial year. They include Non-Executive Directors,  
Executive Directors and Executive KMP. All are listed below:  
Through an effective remuneration framework the Company  
aims to:  
nꢀꢆ-exꢄcuꢅꢃvꢄ dꢃrꢄcꢅꢀrs  
pꢀsꢃꢅꢃꢀꢆ  
Professor John Shine  
Mr John Akehurst  
Mr David Anstice  
Mr Bruce Brook  
Chairman  
•ꢀ provideꢀfairꢀandꢀequitableꢀrewards;  
Non-Executive Director  
Non-Executive Director  
Non-Executive Director  
Non-Executive Director  
Non-Executive Director  
Non-Executive Director  
•ꢀ ꢀu tiliseꢀcommonꢀrewardꢀcomponentsꢀthatꢀcanꢀbeꢀappliedꢀ  
globally;  
 ꢀa lignꢀrewardsꢀtoꢀbusinessꢀoutcomesꢀthatꢀcreateꢀvalueꢀforꢀ  
shareholders;  
Ms Christine O’Reilly  
Mr Ian Renard  
 ꢀd riveꢀaꢀhighꢀperformanceꢀcultureꢀbyꢀrewardingꢀtheꢀ  
achievement of strategic and business objectives;  
Mr Maurice Renshaw  
ꢀ encourageꢀteamwork;  
exꢄcuꢅꢃvꢄ Kmp ꢃꢆcluꢂꢃꢆg  
exꢄcuꢅꢃvꢄ dꢃrꢄcꢅꢀrs  
pꢀsꢃꢅꢃꢀꢆ  
•ꢀ ꢀe nsureꢀanꢀappropriateꢀpayꢀmixꢀtoꢀbalanceꢀourꢀfocusꢀonꢀ  
both short term and longer term performance;  
3
Dr Brian McNamee  
Managing Director  
Executive Director  
Managing Director  
•ꢀ attract,ꢀretainꢀandꢀmotivateꢀhighꢀcalibreꢀemployees;ꢀand  
4
Mr Peter Turner  
•ꢀ ꢀe nsureꢀremunerationꢀisꢀcompetitiveꢀinꢀeachꢀofꢀourꢀ  
5
Mr Paul Perreault  
international employment markets.  
&
Chief Executive Officer  
Mr Gordon Naylor  
Chief Financial Officer  
Chief Scientific Officer  
Dr Andrew Cuthbertson  
Executive Vice President,  
CSL Biotherapies  
6
Dr Jeff Davies  
Executive Vice President Legal  
Mr Greg Boss  
&
Group General Counsel  
Executive Vice President,  
Commercial Operations  
Dr Ingolf Sieper  
Executive Vice President  
Ms Mary Sontrop  
Manufacturing Operations  
&
Planning  
Executive Vice President  
Quality and Business Services  
Ms Karen Etchberger  
Mr Edward Bailey  
Ms Jill Lever  
3
Company Secretary  
Senior Vice President,  
Human Capital  
Ceased in role as Managing Director and Chief Executive Officer on 30 June 2013  
Retired as Executive Director on 17 October 2012  
4
5
Appointed as Executive Director from 13 February 2013  
and as Managing Director and Chief Executive Officer from 1 July 2013  
6
Ceased employment on 31 December 2012  
4
9
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
Human Resource and  
Remuneration Framework Responsibilities  
The HRRC is responsible for approving human resources initiatives  
of the CSL Group generally. The HRRC’s responsibilities include:  
The Board and its Human Resources and Remuneration The  
Board and its Human Resources and Remuneration Committee  
(a) recommending to the Board a framework or policy for  
setting the remuneration of the Managing Director and  
the CSL Group’s executives. The policy should aim to set  
remuneration outcomes which:  
(HRRC) have various responsibilities in relation to the CSL Group’s  
human resource and remuneration framework.  
The full Board has responsibility for:  
(i)  
are competitive, equitable and designed to attract and  
retain high quality executives;  
(
(
(
a) approving any framework or policy for setting the  
remuneration of the Managing Director and the Company’s  
executives;  
(ii) motivate executives to pursue the long-term growth of the  
CSL Group; and  
b) appointing and, where appropriate, removing the Managing  
Director, approving other key executive appointments, and  
planning for executive succession;  
(iii) establish a clear relationship between executive  
performance and remuneration.  
(
b) reviewing and recommending to the Board the design  
of any share, performance option, performance rights,  
retention and deferred cash incentive plans including  
performance measures and any amendments to such  
schemes or plans;  
c) overseeing and evaluating the performance of the  
Managing Director and other senior executives who report  
to the Managing Director in the context of the company’s  
strategies and objectives;  
(
d) reviewing and approving the remuneration of the Managing  
Director and those senior executives who report to the  
Managing Director, inclusive of fixed pay and short and  
long term incentive components (subject to any approval of  
shareholders in General Meeting for Executive Directors to  
acquire securities under an employee incentive scheme);  
(c) reviewing and recommending to the Board, proposals  
from the Managing Director for allocations under share,  
performance option, performance rights, retention and  
deferred cash incentive plans;  
(
d) reviewing, approving and monitoring the implementation  
of the Company’s Human Resources Strategic Plan, and  
Performance Management Systems;  
(
(
e) approving the establishment of or any amendment to  
employee share, performance option, performance rights  
and deferred cash incentive plans;  
(
e) reviewing and recommending to the Board the total  
individual remuneration package of the Managing Director  
and of all senior executives who report to the Managing  
Director;  
f) reviewing and approving remuneration and other benefits  
to be paid to Non-Executive Directors (subject to any  
maximum sum for remuneration of Non-Executive Directors  
approved by shareholders in General Meeting);  
(
(
f) reviewing the CSL Group’s executive succession plan;  
g) reviewing and recommending to the Board the  
remuneration and other benefits of the Non-Executive  
Directors;  
(
(
g) on an annual basis, approving measurable objectives for  
achieving gender diversity and assessing progress towards  
achieving them; and  
(
h) engaging on behalf of the Company and interacting directly  
with any remuneration consultant required to assist the  
HRRC in matters related to the design of the CSL Group’s  
key management personnel remuneration system and the  
implementation of appropriate remuneration levels within  
the agreed system;  
h) Board succession planning to ensure an appropriate mix  
of skills, experience, expertise and diversity (subject to the  
power of shareholders in General Meeting to elect or re-  
elect directors).  
(
i)  
overseeing the establishment of and regular review  
of the CSL Group’s diversity policy and reviewing and  
recommending to the Board measurable objectives for  
achieving gender diversity;  
(
j) reviewing and reporting to the Board at least annually on  
the relative proportion of women and men within the CSL  
Group and of the remuneration by gender of CSL Group  
employees at all levels;  
(
(
k) reviewing the Company’s global health, safety and  
environmental performance; and  
l)  
reporting to the Board the findings and recommendations  
of the HRRC after each meeting.  
50  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
diReCtoRS’ RepoRt Continꢉed  
The HRRC comprises three independent Non-Executive Directors,  
John Akehurst (Chairman), David Anstice and Christine  
O’Reilly.ꢀJillꢀLever,ꢀSeniorꢀViceꢀPresidentꢀ–ꢀHumanꢀCapital,ꢀactsꢀ  
as the secretary of the HRRC. The Board Chairperson and any  
other director may attend any meeting of the HRRC in an ex  
officio capacity. The Managing Director, Senior Executives and  
professional advisors retained by the HRRC attend meetings by  
invitation.  
The fees have increased by 3% from 1 July 2013.  
As stated in Section 3 of this Report, a Capital Structuring  
Committee was established during the year. No additional  
remuneration was paid to those Directors who served on that  
Committee.  
The Chairman of the Board does not receive any additional fees  
for committee responsibilities.  
Non-Executive Directors participate in the Non-Executive  
Directors’ Share Plan approved by shareholders at the 2002  
annual general meeting, as amended. The Non-Executive  
Directors’ Share Plan requires that each Non-Executive Director  
takes at least 20% of their after-tax director’s base fee (excluding  
superannuation guarantee contributions) in the form of shares  
in CSL Limited. Shares are purchased by Directors on-market at  
prevailing share prices, twice yearly, after the announcement of  
the Company’s half and full year results.  
The HRRC endorses and recommends to the Board for approval  
the performance measures and hurdles used in incentive  
plans each year, reviews the outcomes of the performance  
management process, oversees the succession planning  
process and authorises the allocation of long-term incentives  
(once approved by the Board). The Committee meets when  
required to perform these functions and at other times as are  
required to discharge its responsibilities. Information about the  
HRRC meetings held during the year and individual Directors’  
attendance at these meetings can be found in section 3 of this  
Directors’ Report.  
In 1994, the shareholders approved the Non-Executive Directors’  
Retirement Plan (the NED Retirement Plan). The Board closed  
the NED Retirement Plan to future participants, and froze the  
amount of the retirement allowance for existing participants,  
as at 31 December 2003. Mr Ian Renard is the only remaining  
Non-Executive Director who has an entitlement to a retirement  
allowance (at the level frozen for him in 2003) under the NED  
Retirement Plan.  
Non-Executive Directors’ Remuneration  
A remuneration pool of up to A$2,500,000 for the payment of  
Non-Executive Directors was approved by shareholders on 13  
October 2010. This limit has applied from 1 July 2010 and any  
increases to the limit are subject to shareholder approval at a  
General Meeting.  
Directors may be reimbursed for reasonable expenses incurred by  
them in the course of discharging their duties.  
The Board believes that the fee structure approved for Non-  
Executive Directors must:  
Table 9 shows remuneration paid to Non-Executive Directors in  
respect to the 2012 and 2013 years.  
ꢀe nableꢀtheꢀCompanyꢀtoꢀattractꢀandꢀretainꢀsuitablyꢀqualifiedꢀ  
directors with appropriate experience and expertise; and  
ꢀh aveꢀregardꢀtoꢀdirectors’ꢀBoardꢀresponsibilitiesꢀandꢀtheirꢀ  
activities on Board committees.  
Table 1 below sets out annual Non-Executive Director Board and  
committee fees which became effective 1 July 2012. The fees are  
inclusive of superannuation.  
Table 1 – Annual Non-Executive Director Board and Committee Fees  
Huꢇꢁꢆ  
Rꢄsꢀurcꢄs &  
Rꢄꢇuꢆꢄrꢁꢅꢃꢀꢆ  
Cꢀꢇꢇꢃꢅꢅꢄꢄ  
Sꢄcurꢃꢅꢃꢄs &  
mꢁrkꢄꢅ  
dꢃsclꢀsurꢄ  
Cꢀꢇꢇꢃꢅꢅꢄꢄ  
auꢂꢃꢅ & Rꢃsk  
mꢁꢆꢁgꢄꢇꢄꢆꢅ  
Cꢀꢇꢇꢃꢅꢅꢄꢄ  
iꢆꢆꢀvꢁꢅꢃꢀꢆ &  
dꢄvꢄlꢀꢈꢇꢄꢆꢅ  
Cꢀꢇꢇꢃꢅꢅꢄꢄ  
nꢀꢇꢃꢆꢁꢅꢃꢀꢆ  
Cꢀꢇꢇꢃꢅꢅꢄꢄ  
Rꢀlꢄ  
Bꢀꢁrꢂ Bꢁsꢄ Fꢄꢄ  
Chairman  
A$572,000  
A$40,000  
A$20,000  
A$40,000  
A$20,000  
-
-
-
-
A$40,000  
A$20,000  
Members  
A$187,200  
5
1
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
Executive KMP Remuneration Structure and Link to Business Strategy  
The diagram below outlines the Company’s remuneration structure for all Executive KMP. The mix of total fixed remuneration, STI and  
LTI vary as a proportion of total potential reward for each Executive KMP.  
TOTAꢀ POTENTIAꢀ REꢁARD  
Long Term Incentive  
Executive Deferred  
Incentive Plan (EDIP)  
Total Fixed  
Remuneration  
Cash salary  
and Benefits)  
Short Term  
Incentive  
(LTI) being  
performance rights  
and performance  
options  
Total Potential  
Reward  
+
+
+
Discretionary grants  
=
to selected executives  
each year  
(
(STI)  
FIxED  
VARIABꢀE  
The Company’s Executive KMP remuneration is directly linked to its business strategy. The Board conducts an annual strategy review with  
Management and following this, business plans are prepared which lead to the approval by the Board of a detailed activity plan and  
budget for the subsequent year and directional objectives and plans for the medium to long term.  
The performance targets or key performance indicators (KPIs) which govern the STI payment to each Executive KMP are selected by the  
Managing Director during the Company’s planning process to reflect the contribution required from each individual (and the part of the  
business for which they have responsibility) in order for the Company to meet its agreed business plan and budget for the year. These  
KPIs include financial and operational performance measures, which are specific to the responsibilities of each individual. These KPIs form  
part of a challenging work plan and are approved by the Board and recorded in the Company’s performance management system. The  
Board is responsible for the selection of KPIs and for the approval of the work plan for the Managing Director.  
A formal review of each Executive KMP’s progress against his or her specific objectives is conducted twice annually by the Managing  
Director. Following the full year performance review, the Managing Director makes recommendations to the HRRC and subsequently to  
the Board regarding the level of STI payment to be made to each Executive KMP, excluding himself. The Board evaluates the Managing  
Director’s performance against his pre-agreed KPIs and agrees his STI payment. The Board retains the discretion to vary the level of STI  
payment to each Executive KMP to take account of specific circumstances during the year to avoid a formulaic outcome which does not  
reflect the performance of the Company or the contribution of the individual.  
In addition to the requirement to achieve annual performance targets, our strategy looks to achieve long term growth in shareholder  
returns. The interests of shareholders and Executive KMP are aligned in this respect through the long term incentive scheme (LTI) which  
rewards Executive KMPs when the Company meets its cumulative financial goals over a number of years.  
Further details of both STI and LTI targets and hurdles are provided in the following section of this report.  
Total Fixed Remuneration (TFR)  
TFR is set on an individual basis for each Executive KMP, based on assessment of job weight defined as part of the Company’s global job  
evaluation system. The appropriate level of remuneration is then set by considering market data for comparable roles in the country of  
domicile. Adjustments are also made to reflect the incumbent’s experience in the role.  
The annual rate of increase in an Executive KMP’s TFR is primarily driven by market remuneration benchmarking reviews undertaken by  
the Company’s external remuneration advisers (Guerdon Associates). It is also influenced by prior performance against objectives.  
In 2013, TFR for Australia based Executive KMP was primarily compared with matched executives from an ASX 50 peer group comprising  
20 ASX50 companies where CSL approximates to the 50th percentile on market capitalisation.  
Remuneration for US based Executive KMP was primarily compared with 16 international biomedical and pharmaceutical companies  
where CSL approximated to the 50th percentile on market capitalisation.  
52  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
diReCtoRS’ RepoRt Continꢉed  
Short-term Incentives (STI)  
Additionally, lꢄꢁꢂꢄrshꢃꢈ ꢈꢄrfꢀrꢇꢁꢆcꢄ is an important part of  
the assessment of individual performance, including:  
The STI is a variable cash reward paid annually to Executive KMP  
who meet or exceed their agreed individual work-plan objectives.  
As outlined previously, CSL rates Executive KMP performance  
and awards STI on evidence that the Executive KMP has achieved  
stretching work plan objectives and dealt with unplanned  
challenges in a way that contributes to short-term results and  
to the long-term positioning of the Company. In addition to  
consideration of quantitative targets, the approach requires  
judgement to be exercised on how well the Executive KMP  
prioritised and met the year’s challenges in a complex business  
with many moving parts. The Board retains ultimate discretion  
over STI payments. CSL believes this method delivers appropriate  
and just outcomes, while minimising unintended consequences  
that may arise with a more formulaic method.  
•ꢀ  
ꢀm anagingꢀtoꢀtheꢀCompany’sꢀstandardsꢀinꢀareasꢀofꢀ  
quality, safety of medicines, health, operational safety  
and environment and maintaining high personal and  
organisational levels of cꢀꢇꢈlꢃꢁꢆcꢄ ꢁꢆꢂ quꢁlꢃꢅy;  
ꢀa ttracting,ꢀdevelopingꢀandꢀꢆurꢅurꢃꢆg ꢅꢁlꢄꢆꢅ in the long-  
term interests of the CSL Group including support for the  
CSL diversity policy and objectives;  
ꢀh andlingꢀunplannedꢀeventsꢀresponsibly,ꢀpro-activelyꢀandꢀ  
with high standards of integrity ensuring both actions and  
communications are well-managed to appropriately ꢈrꢀꢅꢄcꢅ  
ꢅhꢄ Cꢀꢇꢈꢁꢆy’s rꢄꢈuꢅꢁꢅꢃꢀꢆ across our stakeholder groups;  
and  
ꢀw henꢀrepresentingꢀtheꢀCompanyꢀinternallyꢀandꢀexternallyꢀ  
in formal and informal environments demonstrating high  
sꢅꢁꢆꢂꢁrꢂs ꢀf ꢈꢄrsꢀꢆꢁl lꢄꢁꢂꢄrshꢃꢈ ꢁꢆꢂ bꢄhꢁvꢃꢀur.  
Currently the Board has discretion to cancel deferred STI awards  
and unvested LTI awards where the individual is found to have  
acted fraudulently. The awards applicable to the 2013 financial  
year will explicitly reference the Board’s discretion in relation to  
clawing back STI awards in the case of a material misstatement  
or other significant discovery which, had it been known at the  
time of the award, would have made a difference to the offer or  
the quantum of the award whether or not the individual KMP  
was involved or aware of the relevant events. In the event of CSL  
being faced with a material misstatement or similar situation the  
Board’s response and the actions taken will be detailed in the  
remuneration report.  
Awards vary between 60-100% of the maximum opportunity  
dependent on individual performance. In the event that an  
Executive KMP does not meet the required performance to justify  
a 60% award, he or she receives zero. An average award level of  
8
5% across the Executive KMP Group would be expected if the  
CSL Group achieves its planned financial outcomes in US dollars.  
For Executive KMP, work-plan targets which are used to assess  
the individual’s STI award focus on:  
ꢀq uantifiableꢀbusinessꢀoutcomesꢀrelevantꢀtoꢀtheꢀKMP’sꢀareaꢀ  
of accountability which taken collectively will deliver the  
Company’s operational result for the year;  
ꢀd eliveryꢀofꢀrelevantꢀstrategicꢀmilestonesꢀwhichꢀareꢀrequiredꢀ  
for longer term growth; and  
ꢀo perationalꢀimprovementsꢀandꢀchangeꢀinitiativesꢀwhichꢀ  
build a strong and sustainable business.  
The diagram below illustrates how work-plans are structured.  
Cꢁꢅꢄgꢀry  
mꢄꢁsurꢄs  
Quꢁꢆꢅꢃfiꢄꢂ ꢈꢄrfꢀrꢇꢁꢆcꢄ ꢀuꢅcꢀꢇꢄs for the current year aligned to the Forming up to 60% of the agreed work-plan for those Executive  
individual’s area of responsibility  
KMP with P&L responsibilities, production or sales and revenue  
accountability.  
Achievement of defined sꢅrꢁꢅꢄgꢃc ꢀbjꢄcꢅꢃvꢄs required to position the  
Company for longer term grꢀwꢅh.  
Forming up to 20% of the agreed work-plan for Executive KMP  
with P&L responsibilities and up to 80% of the agreed work-plan  
for functional leaders.  
Buꢃlꢂꢃꢆg ꢁ sꢅrꢀꢆg ꢁꢆꢂ susꢅꢁꢃꢆꢁblꢄ busꢃꢆꢄss through delivery of  
improvements and change initiatives in operational excellence, risk-  
management, compliance, operational excellence and health, safety and  
environment (HSE).  
Forming up to 20% of the agreed work-plan for all Executive KMP.  
5
3
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
Table 2 below shows the bonus opportunity for each Executive KMP and the actual award made for 2013.  
Table 2 – Executive KMP Short Term Incentive Bonus Opportunity and Actual 2013 Bonus  
Bꢀꢆus pꢀꢅꢄꢆꢅꢃꢁl mꢁxꢃꢇuꢇ %  
exꢄcuꢅꢃvꢄ Kmp ꢃꢆcluꢂꢃꢆg  
exꢄcuꢅꢃvꢄ dꢃrꢄcꢅꢀrs  
ꢀf 2013 Fꢃxꢄꢂ Rꢄꢇuꢆꢄrꢁꢅꢃꢀꢆ  
ꢁꢅ 30 Juꢆꢄ 2013  
Sti awꢁrꢂꢄꢂ ꢁs ꢁ % ꢀf  
pꢀꢅꢄꢆꢅꢃꢁl ꢃꢆ 2013  
acꢅuꢁl Bꢀꢆus awꢁrꢂ ꢃꢆ 2013  
(ꢉS$)7  
Dr Brian McNamee  
Mr Paul Perreault  
Mr Gordon Naylor  
Dr Andrew Cuthbertson  
Dr Jeff Davies  
120%  
100%  
85%  
85%  
N.A.  
100%  
100%  
95%  
95%  
N.A.  
$3,565,838  
$1,102,500  
$841,426  
$675,552  
-
Mr Greg Boss  
70%  
85%  
85%  
70%  
50%  
50%  
N.A.  
90%  
95%  
90%  
90%  
85%  
92%  
N.A.  
$337,830  
$461,021  
$448,493  
$288,727  
$203,151  
$237,715  
-
Dr Ingolf Sieper *  
Ms Mary Sontrop *  
Ms Karen Etchberger  
Mr Edward Bailey  
Ms Jill Lever  
Mr Peter Turner  
*
Effective 1 January 2013, STI opportunity increased for the second half of the performance year with one-third of awarded STI deferred for three years  
7
The Australian dollar bonus awards during the year ended 30 June 2013 have been converted to US Dollars at an average exchange rate for the year.  
Deferred Short Term Incentive (STI)  
For the Managing Director and the five most senior executive KMP in 2013 (Mr Perreault, Mr Naylor, Dr Cuthbertson, Ms Sontrop  
and Dr Sieper), one-third of any awarded STI is deferred. The deferral operates as follows:  
ꢀt heꢀdeferredꢀamountꢀisꢀdividedꢀbyꢀCSLꢀLimited’sꢀvolumeꢀweightedꢀshareꢀpriceꢀduringꢀtheꢀlastꢀweekꢀofꢀtheꢀentitlementꢀyearꢀtoꢀ  
give a number (‘A’); and  
ꢀ3 ꢀyearsꢀfromꢀtheꢀendꢀofꢀtheꢀentitlementꢀyearꢀ(orꢀearlierꢀatꢀtheꢀBoard’sꢀdiscretion),ꢀtheꢀexecutiveꢀisꢀentitledꢀtoꢀtheꢀpaymentꢀofꢀaꢀ  
cash amount equivalent to ‘A’ multiplied by CSL Limited’s volume weighted share price during the last week immediately prior  
to the end of that 3-year period (or such earlier period as the Board may determine).  
The deferred STI of Executive KMP lapses in the event of resignation however, in the case where an Executive KMP leaves the  
Company as a “Good Leaver”, the deferred portion will be settled at its due date in full.  
54  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
diReCtoRS’ RepoRt Continꢉed  
Executive Deferred Incentive Plan (EDIP)  
is entitled to the payment of a cash amount equivalent to the  
relevant number of notional shares (‘A’) multiplied by the volume-  
weighted share price during the last week immediately prior to  
the end of that 3-year period.  
Equity linked deferred cash incentives may be offered at the  
discretion of the Board to selected Executive KMP each year  
under the Executive Deferred Incentive Plan (EDIP) which was  
introduced in 2010. The value of the grant is divided by the  
current share price to create a number of notional shares. These  
are converted to cash at the end of a 3 year vesting period (based  
on CSL Limited’s volume weighted average share price during the  
The deferred incentive will be forfeited if the executive resigns  
during the deferral period.  
A “Good Leaver” policy applies to the EDIP. This policy allows  
that a proportion of the value will not lapse upon cessation of  
employment by a KMP in the case of voluntary retirement, bona  
fide redundancy, death or total and permanent disablement,  
mutually agreed separation to facilitate CSL’s succession  
transitions or for any other reason as determined by the Board in  
its discretion. Rewards paid under the “Good Leaver” policy will  
generally be pro-rated according to the proportion the period  
between the grant date and the employment end date represents  
of the total three-year deferral period. Any pro-rated awards  
will be paid out at the same time and on the same terms as the  
equivalent EDIP awards are paid out for executives who remain in  
employment during the full three-year deferral period.  
5
trading days immediately preceding the vesting date).  
The Board approved an allocation of equity linked cash settled  
awards for US-based Executive KMP in 2013 under the EDIP  
to bring US-based executives closer to market practice in the  
US where the remuneration mix typically includes a higher  
LTI component, part or all of which is in the form of equity  
which vests without application of business hurdles other than  
continued satisfactory service. EDIP awards will continue to be  
made on a selective basis where there are market or retention  
needs.  
The value of the EDIP was tied to share price to align executive  
interests with those of shareholders.  
The allocation under the Executive Deferred Incentive Plan for  
Executive KMP in 2013 was as follows:  
The face value of awards (refer to Table 3) was divided by CSL  
Limited’s volume-weighted share price during the last week of  
the entitlement year to give a number of notional shares (‘A’).  
Three years from the end of the entitlement year, the executive  
Table 3 – Executive KMP Deferred Cash Awards in 2013 (October 2012 award date) with 2016 vesting date  
exꢄcuꢅꢃvꢄ Kmp  
Mr Peter Turner  
Mr Paul Perreault  
Mr Gordon Naylor  
Dr Andrew Cuthbertson  
Dr Jeff Davies  
nuꢇbꢄr ꢀf nꢀꢅꢃꢀꢆꢁl Shꢁrꢄs  
Fꢁcꢄ Vꢁluꢄ ꢁꢅ Grꢁꢆꢅ dꢁꢅꢄ (ꢉS$)  
N.A.  
12,700  
N.A.  
N.A.  
$588,709  
N.A.  
N.A.  
N.A.  
N.A.  
N.A.  
Mr Greg Boss  
4,200  
5,500  
5,300  
2,450  
N.A.  
$194,691  
$254,953  
$245,682  
$113,570  
N.A.  
Dr Ingolf Sieper  
Ms Mary Sontrop  
Ms Karen Etchberger  
Mr Edward Bailey  
Ms Jill Lever  
N.A.  
N.A.  
5
5
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
Long-term Incentives -  
Performance Rights and Performance Options  
Performance Rights that do not vest at the initial 3-year or 4-year  
performance tests will be re-tested once. The re-test recognises  
that CSL’s results may be impacted in the short term by factors  
contributing to volatility over which executives have little control.  
Long-term incentives are offered each year at the discretion of  
the Board in the form of Performance Rights and/or Performance  
Options delivered under the CSL Performance Rights Plan (PRP),  
which has been operating since 2003 with periodic changes to  
the PRP Rules.  
Rights will only vest on re-test to the extent that performance  
over the extended re-test period exceeds that at which vesting  
was achieved over the initial performance period. This means that  
re-testing will only provide a benefit to executives if performance  
over the additional 12 months of the re-test period is at a higher  
level than that required for vesting over the original testing  
period. The opportunity for re-testing on this basis provides a  
clear performance incentive for management and avoids a cliff  
effect at the end of the vesting initial period. Any Performance  
Rights that do not vest at the single re-test opportunity will lapse.  
In the 2013 year, long-term incentives in the form of Performance  
Rights were offered to all Executive KMP and to 12 other Senior  
Executives at the level of Senior Vice President and above. The  
grant of Performance Rights to the Managing Director in 2013 is  
in accordance with the resolution approved by shareholders for  
grants to Executive Directors at the 2010 annual general meeting.  
Performance Rights are issued for nil cash consideration and  
entitle the holder to subscribe for one share in CSL Limited for nil  
consideration when they vest. The grant of Performance Rights is  
evenly split into two tranches with, respectively, 3-year and 4-year  
vesting periods. At the end of a vesting period, an assessment is  
made as to whether or not the performance hurdles have been  
met. Fifty percent of the Performance Rights in each tranche are  
subject to an EPS performance hurdle (see Table 4 for details); the  
other fifty percent is subject to a relative TSR performance hurdle  
The “Good Leaver” policy allows that a proportion of unvested  
LTI Performance Rights will not lapse upon cessation of  
employment in the case of voluntary retirement, bona fide  
redundancy, death or total and permanent disablement, mutually  
agreed separation to facilitate CSL’s succession transitions or  
any other reason as determined by the Board in its discretion.  
The number of Performance Rights for which rewards are paid  
under the “Good Leaver” policy will generally be pro-rated  
reflecting the period of service between the grant date and the  
employment end date. “Good Leaver” awards will generally be  
paid out at the same date and against the same business hurdles  
as the equivalent LTI grants of executives who remain in ongoing  
employment.  
(also see Table 4). Where the applicable performance hurdles are  
met, vesting occurs and the Performance Rights may be exercised  
by the executive holding them at any time from then until the  
rights expire seven years from the date of their initial grant  
(subject to compliance with CSL’s insider trading rules).  
Table 4 – Key Characteristics of Performance Rights granted in 2013 (October 2012 grant date)  
prꢀꢈꢀrꢅꢃꢀꢆ  
ꢀf Grꢁꢆꢅ  
aꢈꢈlꢃcꢁblꢄ  
ꢈꢄrfꢀrꢇꢁꢆcꢄ hurꢂlꢄ  
Lti Grꢁꢆꢅ yꢄꢁr  
trꢁꢆchꢄ  
Vꢄsꢅꢃꢆg pꢄrꢃꢀꢂ yꢄꢁrs  
Rꢄ-ꢅꢄsꢅ ꢀꢈꢈꢀrꢅuꢆꢃꢅꢃꢄs  
1
2
50%  
50%  
3
4
1
1
2013  
50% EPS / 50% TSR  
Lꢄvꢄl ꢀf ꢈꢄrfꢀrꢇꢁꢆcꢄ ꢁꢅ ꢅhꢄ ꢄxꢈꢃrꢁꢅꢃꢀꢆ ꢀf ꢅhꢄ vꢄsꢅꢃꢆg ꢈꢄrꢃꢀꢂ  
(ꢀr ꢁꢅ rꢄꢅꢄsꢅ whꢄrꢄ ꢁꢈꢈlꢃcꢁblꢄ)  
Lti Grꢁꢆꢅ yꢄꢁr  
aꢇꢀuꢆꢅ ꢀf grꢁꢆꢅ whꢃch vꢄsꢅs  
0%  
EPS growth below 8% compound  
50% of rights granted  
Straight line vesting from 50% to  
EPS growth = 8% to 12% compound  
100%  
2013  
Below the performance of the MSCI  
Gross Pharmaceutical Index  
0%  
50% of rights granted  
CSL’s TSR performance exceeds the  
performance of the MSCI Gross  
Pharmaceutical Index  
100%  
56  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
diReCtoRS’ RepoRt Continꢉed  
In 2013, the Board determined a maximum allocation value for the  
LTI grants of A$8.7 million to all Executive KMP and to 12 other  
Senior Executives at the level of Senior Vice President and above.  
The value which may ultimately be realised from these awards is  
dependent upon CSL’s performance and its future share price. In  
accordance with Board Policy, Executive KMP and Senior Executives  
are not permitted, either by hedging or any other method, to limit  
their exposure to risk in relation to any share based equity rewards.  
From time to time, the Company Secretary makes inquiries of  
Executive KMP as to their compliance with this policy.  
Prior to October 2012, LTI grants in the 2011 and 2012 years  
were made in the form of Performance Rights and Performance  
Options. Performance Rights were issued for nil cash consideration  
and entitle the holder to subscribe for one share in CSL limited for  
nil consideration when they vest. Performance Options were also  
issued for nil consideration and, when they vest, entitle the holder  
to acquire one share in CSL Limited at a purchase price equivalent  
to CSL Limited’s volume weighted average share price in the week  
immediately prior to the date of grant.  
Key features of grants under the PRP in 2011 and 2012 years  
included:  
The 2013 LTI grant for each Executive KMP was based on a  
percentage of the executive’s fixed remuneration that rises with job  
weight, as noted in Table 5 below.  
•ꢀ  
ꢀS ubjectꢀtoꢀperformanceꢀhurdlesꢀbeingꢀsatisfied,ꢀvestingꢀ  
of 50% of the LTI award will occur after 3 years, with the  
remaining 50% vesting after the 4th anniversary of the award  
date;  
Table 5 – Executive KMP – Long Term Incentive in 2013 (October  
•ꢀ  
ꢀT heꢀmixꢀofꢀlong-termꢀincentivesꢀwasꢀ80%ꢀPerformanceꢀRightsꢀ  
2012 grant date)  
and 20% Performance Options;  
exꢄcuꢅꢃvꢄ Kmp ꢃꢆcluꢂꢃꢆg  
exꢄcuꢅꢃvꢄ dꢃrꢄcꢅꢀrs  
pꢄrfꢀrꢇꢁꢆcꢄ Rꢃghꢅs* ꢁs ꢁ%  
ꢀf Fꢃxꢄꢂ Rꢄꢇuꢆꢄrꢁꢅꢃꢀꢆ  
•ꢀ  
ꢀE PSꢀandꢀTSRꢀmeasuresꢀ(seeꢀTableꢀ15)ꢀareꢀappliedꢀtoꢀbothꢀ  
Performance Rights and Performance Options;  
Dr Brian McNamee  
Mr Paul Perreault  
Mr Gordon Naylor  
Dr Andrew Cuthbertson  
Dr Jeff Davies  
80%  
65%  
65%  
65%  
60%  
60%  
60%  
60%  
60%  
55%  
55%  
ꢀE achꢀtrancheꢀofꢀPerformanceꢀRightsꢀandꢀPerformanceꢀ  
Options will have one re-test opportunity in the event that  
performance hurdles are not met at the first testing date. If  
the performance hurdles are not met on the re-test dates the  
instruments lapse; and  
•ꢀ  
ꢀT heꢀ“GoodꢀLeaver”ꢀpolicyꢀallowsꢀthatꢀallꢀunvestedꢀLTIꢀ  
Performance Rights and Performance Options will not lapse  
upon cessation of employment in the case of voluntary  
retirement, bona fide redundancy, death or total and  
permanent disablement, mutually agreed separation to  
facilitate CSL’s succession transitions or any other reason  
as determined by the Board in its discretion. The number  
of Performance Rights and Performance Options for  
which rewards are paid under the “Good Leaver” policy  
will generally be pro-rated reflecting the period of service  
between the grant date and the employment end date.  
Mr Gregory Boss  
Dr Ingolf Sieper  
Ms Mary Sontrop  
Ms Karen Etchberger  
Mr Edward Bailey  
Ms Jill Lever  
Good Leaver” awards will generally be paid out at the same  
*
The number of performance rights is calculated based on an assessment of  
the fair market value of the instruments in accordance with the accounting  
standards (refer Note 27 in the Financial Statements).  
date and against the same business hurdles as the equivalent  
LTI grants of executives who remain in ongoing employment.  
The key characteristics and terms and conditions of Performance  
Rights and Performance Options granted between 2007 and 2010  
inclusive are summarised in Tables 16 and 17.  
Vesting outcomes for Performance Rights and Performance Options  
that reached their vesting date in 2013 are shown in Table 6.  
5
7
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
LTI Business Performance Hurdles  
(ii) Basic Earnings per Share (EPS)  
Two performance hurdles are used to assess whether or not  
Performance Rights and Performance Options vest at the testing  
dates.  
In 2013 the CSL Board adjusted the EPS measure to create a  
graduated vesting scale. Performance Rights granted in 2013 that  
are subject to an EPS hurdle vest on a graduated vesting scale with  
50% vesting at 8% EPS compound growth per annum through  
(
i) Relative Total Shareholder Return (TSR)  
Total Shareholder Return measures growth in shareholder value  
ꢀessentiallyꢀmovementꢀinꢀshareꢀpriceꢀplusꢀdividendsꢀ(assumingꢀ  
to 100% vesting at or above 12% EPS compound growth per  
annum. None of the Performance Rights dependent on the EPS  
performance hurdle will vest if CSL’s compound EPS growth per  
annum is below 8%. This is measured from 30 June in the financial  
year preceding a grant of Performance Rights or Performance  
Options until 30 June in the financial year prior to the relevant test  
date. The Board may use its discretion to adjust the EPS used for  
performance measurement purposes to exclude the profit and loss  
impact attributable to significant events or transactions.  
reinvestment)ꢀ–ꢀoverꢀtheꢀperiodꢀbetweenꢀgrantꢀdateꢀandꢀvestingꢀ  
date (or re-test date where applicable).  
In 2013 the CSL Board adopted a new form of relative TSR  
measure which better reflects CSL’s position as a company whose  
competitors are others in the global pharmaceutical and biotech  
industry. Performance Rights granted in 2013 that are subject  
to a relative TSR hurdle vest according to CSL’s TSR performance  
over the relevant performance period, compared with the TSR  
performance of an international index of pharmaceutical and  
biotech companies, specifically, the MSCI Gross Pharmaceuticals  
Index (the “Index”). Performance Rights dependent on the relative  
TSR performance hurdle will vest in full if CSL’s TSR over the relevant  
performance period exceeds the performance of the Index over  
the relevant performance period. None of the Performance Rights  
dependent on the relative TSR performance hurdle will vest if CSL’s  
TSR over the relevant performance period does not exceed the  
performance of the Index over the relevant performance period.  
Performance Rights and Performance Options granted in 2011  
and 2012 that are subject to an EPS hurdle vest where CSL Limited  
achieves a compound EPS growth per annum of 10% or greater.  
This is measured from 30 June in the financial year preceding a  
grant of Performance Rights or Performance Options until 30 June  
in the financial year prior to the relevant test date. The Board may  
adjust the EPS used for performance measurement purposes to  
exclude the profit and loss impact attributable to significant events  
or transactions. In the past, adjustments have been made in respect  
of the contingent payment relating to the acquisition of Aventis  
Behring and profit after tax upon disposal of JRH Biosciences, the  
cancelled Talecris acquisition and the sales of H1N1 vaccines.  
Performance Rights and Performance Options granted in 2011 and  
2
012 that are subject to a relative TSR hurdle vest according to CSL’s  
The Board will primarily consider the extent to which the Company  
has met the hurdles applicable to a grant of performance rights and  
performance options but retains discretion in approving the vesting  
of performance rights and performance options having considered  
a range of parameters and measures of the underlying operational  
performance and growth of the Company.  
TSR performance over the relevant performance period, compared  
with the TSR performance of the companies in the ASX100 index  
at grant date (excluding commercial banks, oil and gas and metals  
and mining companies) over the same period. If by a test date,  
a peer group company has been de-listed due to a merger, both  
pre- and post-merger entities are excluded from the peer group,  
along with any other de-listed entities. Performance Rights and  
Performance Options subject to a TSR hurdle will only start to vest  
when CSL’s TSR over the relevant performance period is at least  
equal to the TSR of the company which is at the 50th percentile of  
the comparator group, ranked by TSR performance.  
.
Table 6 – 2013 Vesting Outcomes (Performance Rights and Performance Options granted 2009-2010)  
pꢄrfꢀrꢇꢁꢆcꢄ Rꢃghꢅs  
Grꢁꢆꢅ dꢁꢅꢄ  
October 2008  
April 2009  
Vꢄsꢅꢃꢆg ouꢅcꢀꢇꢄ  
Vested in October 2012  
Vested in April 2013  
Vested October 2012  
exꢄrcꢃsꢄ prꢃcꢄ  
$0.00  
Rꢄlꢁꢅꢃvꢄ tSR pꢄrcꢄꢆꢅꢃlꢄ Rꢁꢆkꢃꢆg  
rd  
70.3  
th  
$0.00  
70  
nd  
October 2009  
$0.00  
82.2  
pꢄrfꢀrꢇꢁꢆcꢄ oꢈꢅꢃꢀꢆs  
Cꢀꢇꢈꢀuꢆꢂ aꢆꢆuꢁl epS Grꢀwꢅh  
ꢃꢆ a$  
Grꢁꢆꢅ dꢁꢅꢄ  
Vꢄsꢅ dꢁꢅꢄ  
exꢄrcꢃsꢄ prꢃcꢄ  
October 2008  
Vested in October 2012  
$37.91  
10.3%  
10.3%  
April 2009  
Vested April 2013  
Did not vest  
$32.50  
$33.68  
October 2009  
Below 10%  
58  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
diReCtoRS’ RepoRt Continꢉed  
Cap on Issue of Equity to Employees  
Relationship between Company Performance  
and Executive KMP Remuneration  
The PRP Rules approved by shareholders at the 2003 Annual  
General Meeting require that, at any point in time, the aggregate  
number of CSL shares that:  
The Company’s remuneration framework aims to incentivise  
Executive KMP towards growth, sustainability of the business,  
and the creation of shareholder value in the short and the long  
term. This is seen in two ways:  
ꢀh aveꢀpreviouslyꢀbeenꢀissuedꢀtoꢀemployeesꢀunderꢀtheꢀ  
Company’s employee equity plans and which remain subject  
to the rules of the relevant plan (e.g. a disposal restriction);  
and  
•ꢀ  
ꢀC ashꢀShort-TermꢀIncentives,ꢀwhetherꢀpaidꢀimmediatelyꢀorꢀ  
deferred, depend on performance and outcomes for the  
completed performance year (as explained on page 52).  
ꢀw ouldꢀbeꢀissuedꢀifꢀallꢀoutstandingꢀshareꢀoptionsꢀunderꢀ  
such plans (whether or not vested at the time) were to be  
exercised,  
•ꢀ  
ꢀL ong-TermꢀIncentives,ꢀinꢀtheꢀformꢀofꢀperformanceꢀrights,ꢀ  
are linked to average annual compound growth in EPS  
(
adjusted for significant one off events) and relative TSR  
must not exceed 7.5% of the total number of CSL shares on  
issue at that time.  
performance. This is explained further on page 56.  
Earnings per share (EPS) and relative Total Shareholder Return  
TSR) as shown below are proxies for creation of shareholder  
value. However, these measures are not able to capture the  
difference in value creation for Australian and international  
shareholders arising from currency movements and the global  
nature of CSL’s business.  
As at 30 June 2013, the aggregate number of CSL shares under  
(
(a) and (b) above was 0.84% of the total number of CSL shares  
on issue.  
In addition, to satisfy a condition of the exemption granted by  
the Australian Securities and Investments Commission from  
certain prospectus and licensing laws, CSL must ensure that,  
at the time of each offer of shares or share options under an  
employee equity plan, the aggregate number of CSL shares  
which are:  
The company’s EPS over the last five years is displayed in the  
graph below.  
ꢀt heꢀsubjectꢀofꢀoutstandingꢀoffersꢀofꢀsharesꢀorꢀshareꢀoptionsꢀ  
to, or outstanding share options held by employees in  
Australia; and  
250  
200  
ꢀi ssuedꢀtoꢀemployeesꢀinꢀAustraliaꢀunderꢀtheꢀCompany’sꢀ  
equity plans in the 5 year period preceding the offer.  
150  
in each case, after disregarding offers to or holdings of exempt  
offer recipients, must not exceed 5% of the total number of CSL  
shares on issue at the time of the offer.  
100  
50  
0
0
8-09  
09-10  
AUD  
10-11  
AUD  
11-12  
AUD  
12-13  
AUD  
12-13  
USD  
AUD  
*
In the above graph, the EPS used for performance management purposes  
has been adjusted to exclude the profit and loss impact attributable to the  
following significant events and transactions:  
•ꢀ ꢀ2 009ꢀfinancialꢀyearꢀexcludedꢀtheꢀfavourableꢀNPATꢀimpactꢀofꢀA$79mꢀ(orꢀ  
A$0.133 per share) arising from the termination of the Talecris acquisition;  
and  
•ꢀ ꢀ2 010ꢀfinancialꢀyearꢀexcludedꢀtheꢀfavourableꢀNPATꢀimpactꢀofꢀA$122mꢀ  
(
orA$0. 215 per share) attributable to H1N1 pandemic influenza sales.  
5
9
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
Table 7 below illustrates the Company’s annual compound  
Employment Contracts  
growth in basic EPS in respect of performance options granted in  
Non-Executive Directors  
2008, 2009, 2010 and 2011 respectively and performance rights  
There are no specific employment contracts with Non-Executive  
Directors. Non-Executive Directors are appointed under a letter  
of appointment and are subject to ordinary election and rotation  
requirements as stipulated in the ASX Listing Rules and CSL  
Limited’s constitution.  
granted in October 2011 and 2012.  
Table 7 – Annual Compound Growth in Basic EPS^  
Cꢀꢇꢈꢀuꢆꢂ epS grꢀwꢅh  
ꢅꢀ ꢄꢆꢂ ꢀf fiꢆꢁꢆcꢃꢁl yꢄꢁr  
Executive KMP (including Executive Directors)  
Yꢄꢁr ꢀf  
Grꢁꢆꢅ  
tꢄsꢅ  
The Managing Director and Executive KMP are employed under  
individual service contracts. The service contract outlines terms of  
employment, including fixed remuneration. The potential short-  
term incentive may be stipulated in the contract or be governed  
by the Company’s remuneration policy which sets out the level  
applicable to various seniority levels. The award of short-term or  
long-term incentives remains at the discretion of the Board.  
Currꢄꢆcy  
2010  
13%  
-8%  
2011  
11%  
-1%  
6%  
2012  
10%  
2%  
2013  
N.A.  
7%  
2008  
2009  
2010  
2011  
2012  
AUD  
AUD  
AUD  
AUD  
USD  
7%  
13%  
17%  
24%  
Employment contracts for Executive KMP do not have a fixed  
term. The contracts may be terminated by the Company or  
the Executive by giving 6 months notice. An Executive KMP’s  
employment may be terminated without notice and without  
payment in lieu in the event of serious misconduct and/or breach  
of contract. On termination by the Company for other reasons,  
including redundancy, an Executive KMP is entitled to 6 months  
notice and to receive 12 months salary (excluding non-cash  
benefits). New contracts from November 2009 explicitly limit  
termination payments in accordance with the provisions of the  
Corporations Act 2001, as amended in 2009, unless shareholder  
approval is sought to exceed those limits.  
9%  
^
The test currency was changed for the 2012 and subsequent grants to USD.  
The company’s TSR performance over the relevant performance  
periods up to 30 June 2013 in respect of as yet unvested  
performance rights shown in Table 8 below is indicative and  
for information purposes. The formal TSR calculations will be  
undertaken at the relevant test dates.  
Chief Executive Officer End of Service Arrangements  
Table 8 – Relative TSR Performance from Grant Date to 30 June 2013  
In August 2012, the CSL Chairman announced that Dr Brian  
McNamee had agreed with the Board of Directors the timing  
of the handover to his successor as Chief Executive Officer  
and Managing Director. Dr McNamee ceased employment as  
Chief Executive Officer and Managing Director on 30 June  
2013 but will continue in an advisory capacity to the Board  
until 15 October 2013. It has been mutually agreed that his  
active remunerated service during this period will be limited to  
a maximum of ten days with the remainder of the remuneration  
being taken from his existing leave entitlements.  
iꢆꢂꢃcꢁꢅꢃvꢄ Rꢄlꢁꢅꢃvꢄ  
tSR pꢄrcꢄꢆꢅꢃlꢄ Rꢁꢆkꢃꢆg  
pꢄrfꢀrꢇꢁꢆcꢄ Rꢃghꢅ issuꢄ  
rd  
th  
th  
October 2009  
90.3  
91.9  
96.9  
October 2010  
October 2011  
Note: For the October 2012 grant of Performance Rights, CSL’s performance is  
measured against the MSCI Gross Pharma Index (the “Index”) in US Dollars. As  
at 30 June 2013, CSL’s TSR was 19.3% compared with the Index TSR of 18.6%.  
Dr McNamee’s end-of-service entitlements are payable in the  
2
014 year in accordance with the provisions of the Corporations  
Act 2001, as amended. This would normally include pro-ration  
of unvested long term incentives under the Company’s “Good  
Leaver” arrangements, however, in view of Dr. McNamee’s  
exceptional period of service as Chief Executive Officer and the  
degree of shareholder value generated under his leadership, the  
Board believes that the circumstances merit special treatment.  
Therefore, the Board has determined to seek shareholder  
approval at the 2013 Annual General Meeting to enable  
unvested long term incentives granted and reported in the period  
2
010-2012 to be settled in full at their future vesting date,  
subject to the performance criteria being satisfied. Full details  
of Dr McNamee’s arrangements are detailed in the footnotes to  
Table 9.  
60  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
diReCtoRS’ RepoRt Continꢉed  
Advisers to the HRRC  
Remuneration Tables  
The Board and HRRC engage the services of independent  
consultants for the provision of market remuneration data and to  
advise on the remuneration of Non-Executive Directors, Executive  
Directors and Executive Key Management Personnel.  
Remuneration Tables and additional Remuneration Disclosures are  
outlined in the following section of this report.  
In 2013, Guerdon Associates was selected as the “Remuneration  
Consultant” to provide advice directly related to remuneration  
decisions for Executive KMP and as commissioned and instructed  
by the Chairman of the HRRC. The terms of engagement identify  
that all remuneration recommendations for the Executive  
KMP be sent directly to the HRRC through the Chairman  
and prohibit the Consultant from providing such material  
directly to CSL management. The terms of engagement also  
require that Guerdon Associates provide, with their report, a  
declaration of their independence from the KMPs to whom their  
recommendations relate, to ensure that the HRRC and Board may  
be satisfied that KMP remuneration advice and recommendations  
are made free from undue influence from CSL management  
generally and from KMPs specifically.  
Guerdon Associates made no ‘remuneration recommendations’  
as defined in the Corporations Act 2001 during the 2013 year.  
The table below summarises the services by Guerdon Associates  
during the year and the fees paid for services provided.  
Rꢄꢇuꢆꢄrꢁꢅꢃꢀꢆ Cꢀꢆsulꢅꢁꢆꢅ  
Rꢄꢇuꢆꢄrꢁꢅꢃꢀꢆ rꢄcꢀꢇꢇꢄꢆꢂꢁꢅꢃꢀꢆs  
aꢂvꢃcꢄ ꢅꢀ ꢅhꢄ Bꢀꢁrꢂ  
Guerdon Associates  
There were no Remuneration  
recommendations as defined in the  
Corporations Act 2001.  
Market Data analysis and remuneration review for the Managing  
Director and Executive KMP: A$76,025  
6
1
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
Table 9 – Executive and Non-Executive Directors’ Remuneration  
Directors  
Year  
Short-term benefits  
Post employment  
Retire-  
Other long-term  
Share Based Payments  
Cash  
Settled  
Non-  
Cash monetary  
bonus benefits annuation benefits Payments  
Long  
service  
Cash salary  
and fees9  
Super-  
ment Termination  
Deferred Performance Performance  
Deferred  
10  
11,12  
13  
13  
14  
leave  
Incentive  
rights  
options  
Payment  
Total  
$
$
$
$
$
$
$
$
$
$
$
$
Executive Directors  
1
5
Dr Brian McNamee  
Managing Director  
2013 3,411,461 2,377,226  
2012 2,739,670 2,130,431  
-
-
25,770  
52,024  
-
-
2,906,732 182,828 1,188,612 7,748,063  
1,771,722  
669,786  
-
-
19,612,414  
7,997,266  
-
167,886 1,065,215 1,172,254  
Mr Paul Perreault16  
Executive Director &  
2013 1,133,439  
735,000 46,098  
17,850  
-
-
-
82,432  
430,195  
110,078 481,073  
3,036,165  
President CSL Behring  
2012  
971,650  
494,594 19,168  
17,516  
-
-
-
-
289,568  
174,870 156,166  
2,123,532  
Mr Peter Turner17  
Executive Director  
2013  
2012  
320,581  
502,413  
-
-
-
71,008  
-
-
-
81,740  
18,220  
-
-
5,049  
348,923  
27,976 23,465  
253,978 117,634  
529,819  
2,627,704  
3,779 256,694  
1,126,063  
Non-executive Directors  
1
8
Professor John Shine 2013  
567,456  
423,717  
-
-
-
-
22,162  
38,135  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
589,618  
461,852  
Chairman  
2012  
Ms Elizabeth  
2013  
-
-
-
-
-
-
-
-
-
-
-
-
2
0
Alexander  
Non-executive director 2012  
158,359  
-
-
14,252 336,343  
-
-
-
-
-
-
508,954  
Mr John Akehurst  
2013  
214,861  
195,685  
-
-
-
-
19,337  
17,612  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
234,198  
213,297  
Non-executive director 2012  
Mr David Anstice  
2013  
217,221  
200,459  
-
-
-
-
16,977  
18,041  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
234,198  
218,500  
Non-executive director 2012  
Mr Bruce Brook19  
2013  
196,605  
163,072  
-
-
-
-
16,977  
14,676  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
213,582  
177,748  
Non-executive director 2012  
Ms Christine O’Reilly 2013  
Non-executive director 2012  
214,861  
205,231  
-
-
-
-
19,337  
18,471  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
234,198  
223,702  
Mr Ian Renard  
2013  
217,221  
210,004  
-
-
-
-
16,977  
18,900  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
234,198  
228,904  
Non-executive director 2012  
Mr Maurice Renshaw 2013  
Non-executive director 2012  
214,861  
200,459  
-
-
-
-
19,337  
18,041  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
234,198  
218,500  
Mr David Simpson20  
2013  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Non-executive director 2012  
66,223  
5,960  
72,183  
2
013 6,708,567 3,112,226 46,098 245,732  
2,906,732 264,568 1,271,044 8,183,307  
1,909,776 504,538 25,152,588  
1,098,634 273,800 15,072,142  
Total of all Directors  
2012 6,036,942 2,625,025 22,947 490,322 336,343 1,126,063 186,106 1,065,215 1,810,745  
8
The Australian dollar compensation paid during the years ended 30 June 2012 and 30 June 2013 have been converted to US Dollars at an average exchange rate for the  
year. Both the amount of remuneration and any movement in comparison to prior years may be influenced by changes in the AUD/USD exchange rates.  
9
1
As disclosed in the section titled “Non-Executive Director Remuneration”, Non-Executive Directors participate in the NED Share Plan under which Non-Executive Directors  
are required to take at least 20% of their after-tax base fees (excluding superannuation guarantee contributions) in the form of shares in the Company which are  
purchased on-market at prevailing share prices. The value of this remuneration element is included in cash, salary and fees.  
0
Retirement allowance paid to Ms Alexander upon her retirement as a Director under the Non-Executive Directors’ Retirement Plan. For a summary of the residual  
application of that Plan, see the section on Non-Executive Directors’ Remuneration above.  
1
1
1
1
2
3
Mr Turner received redundancy payments due under his contract paid upon termination.  
As announced to the ASX in June 2013, Dr McNamee is to receive a severance payment upon cessation of employment on 15 October 2013.  
The options and rights have been valued using a combination of the Binomial and Black Scholes option valuation methodologies as at the grant date adjusted for  
the probability of performance hurdles being achieved. This valuation was undertaken by PricewaterhouseCoopers. The amounts disclosed in remuneration have  
been determined by allocating the value of the options and performance rights evenly over the period from grant date to vesting date in accordance with applicable  
accounting standards. As a result, the current year includes options that were granted in prior years.  
1
1
4
5
The fair value of the cash settled deferred payment (EDIP) has been measured by reference to the CSL share price at reporting date, adjusted for the dividend yield and  
the number of days left in the vesting period.  
In accordance with accounting standards, remuneration for Dr McNamee reflects the cost to the company as determined on an accruals basis. The proposed retention of  
certain Performance Rights and Performance Options by Dr McNamee, following his cessation of employment, is subject to shareholder approval under a resolution being  
put before the 2013 AGM. The company believes that the recognition criteria for the expense relating to any such retention have been met in respect of FY 2013, and  
accordingly the assessed current value of any such retention (being approx. $7 million) has been included in Dr McNamee’s remuneration for (and expensed in) FY 2013.  
16  
Mr Perreault was appointed Director on 13 February 2013. As Mr Perreault was considered a key management person prior to his appointment to Director in both the  
prior and current year, his remuneration covers the 12 month period ended 30 June 2013. To enable a comparison, remuneration earned by Mr Perreault in the prior year  
as a key management person has been reclassified and is now disclosed in Table 9.  
1
1
1
2
7
8
9
0
Mr Turner completed his assignment and returned to Australia in October 2011. He was an Executive Director until cessation of employment in October 2012.  
Appointed Chairman of the Board on 19 October 2011  
Mr Brook was appointed Director from 17 August 2011 and his remuneration in 2012 is referable to services rendered from that date until 30 June 2012.  
Retired from the Board on 19 October 2011.  
62  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
diReCtoRS’ RepoRt Continꢉed  
2
1
Table 10 – Executive Key Management Personnel remuneration  
Executives  
Year  
Short-term benefits  
Cash  
Post employment  
Other long-term  
Share Based Payments  
Non-  
Cash Settled  
Deferred  
Payment  
salary and  
fees  
Cash monetary  
bonus16  
Super- Retirement Termination Long Service Deferred Performance Performance  
22  
23  
23  
24  
benefits annuation  
benefits  
benefits  
Leave Incentive  
rights  
options  
Total  
$
$
$
$
$
$
$
$
$
$
$
$
Key Management Personnel  
Mr Gordon Naylor  
Chief Financial Officer  
2013 981,950 560,950  
012 930,396 477,938  
013 778,794 450,368  
012 716,012 406,292  
-
25,770  
-
-
51,703 78,916  
68,388  
38,870 67,086  
481,467  
124,603  
69,477  
2,374,836  
2
-
26,012  
-
-
-
346,596  
187,162  
43,863  
2,080,355  
Dr Andrew  
Cuthbertson  
Chief Scientific Officer  
2
-
25,770  
-
-
389,801  
100,812  
103,162  
1,954,663  
2
-
52,024  
-
-
43,213  
-
284,187  
154,995  
65,131  
1,721,854  
Dr Jeff Davies  
Executive VP, CSL  
Biotherapies  
2
013 241,975  
-
-
(11,547)  
-
-
25,593  
-
15,277  
22,865  
30,158  
324,321  
2
012 467,964 255,693  
-
219,153  
-
526,974  
28,408  
-
215,896  
142,999  
90,703  
1,947,790  
Mr Greg Boss  
2013 541,314 337,830 19,946  
13,138  
-
-
-
-
266,140  
81,647  
228,169  
1,488,184  
Group General Counsel  
2
012 499,590 301,002 19,167  
013 615,714 376,748 13,568  
012 541,397 344,138 10,565  
17,596  
-
-
-
-
216,903  
133,177  
91,434  
1,278,869  
Dr Ingolf Sieper20  
Executive VP,  
Comm Ops  
2
-
-
-
-
-
-
162,891  
32,505  
281,868 1,483,294  
2
-
-
-
-
90,864  
48,357  
107,575  
1,142,896  
Ms Mary Sontrop  
Executive VP,  
Operations  
2
013 727,076 366,510 30,705 276,516  
012 521,818 331,955 9,232 300,076  
-
-
67,341  
-
263,835  
83,732  
265,743  
2,081,458  
2
-
-
26,231  
-
216,998  
143,361  
104,002  
1,653,673  
Ms Karen Etchberger  
Executive VP, Plasma,  
Supply Chain & IT  
2
013 457,864 288,727 19,925  
012 384,062 229,512 20,353  
2013 455,394 203,151  
012 387,184 183,087  
013 465,181 237,715  
012 415,524 209,581  
17,177  
-
-
-
-
199,207  
58,866  
148,398  
1,190,164  
-
-
-
-
158,003  
94,347  
60,435  
961,749  
2
15,037  
Mr Edward Bailey  
Company Secretary  
-
25,770  
-
-
27,848  
-
179,284  
44,487  
27,370  
963,304  
2
-
26,012  
-
-
17,730  
-
123,178  
59,740  
17,279  
814,210  
Ms Jill Lever  
Senior VP, Human  
Capital  
2
-
25,770  
-
-
20,124  
-
187,237  
48,456  
72,738  
1,057,221  
2
-
51,861  
-
-
11,942  
-
124,114  
63,407  
38,198  
914,627  
Total KMP  
remuneration  
2013 5,265,262 2,821,999 84,144 398,364  
012 4,863,947 2,739,198 59,317 707,771  
-
-
231,479 146,002 2,145,139  
597,973 1,227,083 12,917,445  
618,620 12,516,023  
2
-
526,974  
195,912 1,776,739 1,027,545  
-
21  
The Australian dollar compensation paid during the years ended 30 June 2012 and 30 June 2013 have been converted to US Dollars at an average exchange rate for the  
year. Both the amount of remuneration and any movement in comparison to prior years may be influenced by changes in the AUD/USD exchange rates.  
2
2
2
3
Redundancy payments due under his contract to be payable upon termination.  
The options and rights have been valued using a combination of the Binomial and Black Scholes option valuation methodologies as at the grant date adjusted for the  
probability of hurdles being achieved. This valuation was undertaken by PricewaterhouseCoopers. The amounts disclosed have been determined by allocating the value  
of the options and performance rights evenly over the period from grant date to vesting date in accordance with applicable accounting standards. As a result, the current  
year includes options that were granted in prior years.  
24  
The fair value of the cash settled deferred payment (EDIP) has been measured by reference to the CSL share price at reporting date, adjusted for the dividend yield and the  
number of days left in the vesting period.  
6
3
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
Executive Key Management Personnel  
Table 11 below shows the cash elements of Total Reward actually available to Executive KMP in the 2013 year, as well as the value  
of equity from former years that vested in 2013 (the fair value of which was originally reported in accordance with the accounting  
standards in the year it was granted).  
25  
Table 11 – Executive KMP - Elements of Remuneration Received or Available as Cash in respect of 2013  
exꢄcuꢅꢃvꢄ Kmp  
ꢃꢆcluꢂꢃꢆg exꢄcuꢅꢃvꢄ  
dꢃrꢄcꢅꢀrs  
tꢀꢅꢁl 2013 Fꢃxꢄꢂ  
Rꢄꢇuꢆꢄrꢁꢅꢃꢀꢆ26  
Sti aꢈꢈlꢃcꢁblꢄ ꢅꢀ  
ꢅhꢄ 2013 yꢄꢁr  
Cꢁsh Sꢄꢅꢅlꢄꢂ  
dꢄfꢄrrꢄꢂ Sti  
Lti Vꢄsꢅꢄꢂ  
ꢃꢆ 2013  
tꢀꢅꢁl Rꢄwꢁrꢂ  
(rꢄcꢄꢃvꢄꢂ ꢀr  
ꢁvꢁꢃlꢁblꢄ)  
27  
25  
2
8
ꢃꢆ 2013  
3
0
Dr Brian McNamee  
$2,971,533  
$1,071,875  
$293,797  
$1,042,013  
$836,597  
$242,060  
$531,180  
$574,856  
$570,078  
$432,303  
$478,003  
$516,772  
$2,377,226  
$735,000  
-
$705,341  
$1,823,740  
$476,417  
$817,734  
$476,417  
$408,614  
$445,244  
$375,767  
$193,088  
$445,244  
$249,121  
$105,067  
$62,310  
$7,877,840  
$2,283,292  
$1,111,531  
$2,079,380  
$1,695,579  
$687,304  
6
Mr Paul Perreault  
-
-
-
Mr Peter Turner  
6
Mr Gordon Naylor  
$560,950  
$450,368  
-
6
Dr Andrew Cuthbertson  
Dr Jeffrey Davies  
-
-
-
-
-
-
-
Mr Gregory Boss  
$337,830  
$376,748  
$366,510  
$288,727  
$203,151  
$237,715  
$1,244,777  
$1,144,692  
$1,381,832  
$970,151  
6
Dr Ingolf Sieper  
6
Ms Mary Sontrop  
Ms Karen Etchberger  
Mr Edward Bailey  
Ms Jill Lever  
$786,221  
$816,797  
25  
Executive KMP remuneration details prepared in accordance with statutory requirements and Accounting Standards are presented in Tables 9 and 10 of this  
report.  
26  
2013 Fixed remuneration and STI paid in AUD converted to USD using 2013 average exchange rate. Total Fixed Remuneration in Table 11 is based on  
Total Employment Cost (TEC) for the relevant executive. This differs from the methodology to calculate “Cash Salary & Fees” used in Tables 9 and 10 due  
to the treatment of annual leave accrued and annual leave/long service leave taken during the financial year, and the separation of non salary sacrificed  
Superannuation benefits in a separate column. Table 9 and 10 adjust TEC for differences between leave accrued/taken and separates Superannuation. Table 11  
ignores this timing difference for leave and the separation of Superannuation that occurs in Tables 9 and 10.  
2
2
7
8
STI applicable to 2013 in Table 11 is equivalent to “Cash Bonus” in Tables 9 and 10.  
Cash Settled Deferred STI in 2013 was recorded in the equivalent to Table 9 in 2009, the year in which it was awarded. Table 11 shows the amount paid  
during the year.  
2
9
Rights vested during the year and Options (less exercise price) vested during the year, multiplied by the share price at the date of vesting. This differs from the  
amounts recorded as “Share Based Payments” in Tables 9 and 10. Tables 9 and 10 are prepared in accordance with accounting standards that require the fair  
value of each instrument to be determined and for the total value of each grant to be expensed over the vesting period. Tables 9 and 10 therefore include  
amounts related to multiple grants of LTI instruments, the majority of which will vest in future years. The LTI vested has been converted from AUD to USD using  
the 2013 average exchange rate.  
3
0
Dr McNamee, Mr Perreault, Mr Naylor, Dr Cuthbertson, Dr Sieper and Ms Sontrop are entitled to an additional Deferred STI payment as per the terms outlined  
on page 53.  
64  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
diReCtoRS’ RepoRt Continꢉed  
Fixed and Performance Remuneration Components  
Table 12 - Executive KMP remuneration components in the 2013 year  
Vꢁrꢃꢁblꢄ Rꢄꢇuꢆꢄrꢁꢅꢃꢀꢆ  
Shꢁrꢄ Bꢁsꢄꢂ pꢁyꢇꢄꢆꢅs  
Rꢄꢇuꢆꢄrꢁꢅꢃꢀꢆ Cꢀꢇꢈꢀꢆꢄꢆꢅs  
Cꢁsh Sꢄꢅꢅlꢄꢂ  
s ꢁ prꢀꢈꢀrꢅꢃꢀꢆ ꢀf  
Fꢃxꢄꢂ  
Cꢁsh Bꢁsꢄꢂ  
Bꢀꢆusꢄs  
pꢄrfꢀrꢇꢁꢆcꢄ  
rꢃghꢅs  
pꢄrfꢀrꢇꢁꢆcꢄ  
ꢀꢈꢅꢃꢀꢆs  
dꢄfꢄrrꢄꢂ  
pꢁyꢇꢄꢆꢅ  
tꢀꢅꢁl  
(100%)  
Rꢄꢇuꢆꢄrꢁꢅꢃꢀꢆ31  
32  
tꢀꢅꢁl  
tꢀꢅꢁl Rꢄꢇuꢆꢄrꢁꢅꢃꢀꢆ  
exꢄcuꢅꢃvꢄ dꢃrꢄcꢅꢀrs  
Dr Brian McNamee  
Mr Paul Perreault  
Mr Peter Turner  
33%  
39%  
89%  
18%  
27%  
-
40%  
14%  
1%  
9%  
4%  
5%  
-
67%  
61%  
11%  
100%  
100%  
100%  
16%  
5%  
oꢅhꢄr ꢄxꢄcuꢅꢃvꢄs  
Mr Gordon Naylor  
Dr Andrew Cuthbertson  
Dr Jeff Davies  
45%  
43%  
78%  
39%  
42%  
53%  
42%  
53%  
48%  
27%  
27%  
-
20%  
20%  
5%  
5%  
5%  
7%  
5%  
2%  
4%  
5%  
5%  
5%  
3%  
5%  
55%  
57%  
22%  
61%  
58%  
47%  
58%  
47%  
52%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
10%  
15%  
20%  
13%  
12%  
3%  
Mr Greg Boss  
23%  
25%  
17%  
24%  
21%  
22%  
18%  
11%  
13%  
17%  
18%  
18%  
Dr Ingolf Sieper  
Ms Mary Sontrop  
Ms Karen Etchberger  
Mr Edward Bailey  
Ms Jill Lever  
7%  
3
3
1
2
Fixed remuneration comprises cash salary, superannuation and non-monetary benefits.  
Cash based bonuses include amounts awarded which are due and payable shortly after the conclusion of the financial year as well as that component which is  
subject to deferred settlement terms for Dr McNamee, Mr Perreault, Mr Naylor, Dr Cuthbertson, Dr Sieper and Ms Sontrop.  
6
5
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
Table 13 – Executive KMP performance remuneration components in the 2013 year  
Grant date  
value of Reporting  
options date value  
& rights  
granted  
during  
2013  
Value of  
options  
& rights  
exercised  
Remuneration  
consisting of  
Share Based  
Payments  
of EDIP  
Accounting Values being amortised in respect  
granted during 2013  
Key management  
person  
of the 2013 Share Based Payment grants in  
during  
at exercise  
Cash incentives33  
future years  
34  
2013  
35  
date  
36  
Maximum  
short-term  
Percentage  
incentive Percentage  
potential  
Not  
Awarded1  
2014  
$
2015  
$
2016  
$
2017  
$
Awarded1  
%
$
$
$
Executive Directors  
Dr Brian McNamee  
Mr Paul Perreault  
Mr Peter Turner  
120%  
100%  
n/a  
100%  
100%  
-
0%  
0%  
-
-
464,767  
-
-
464,767  
-
-
182,980  
-
-
22,105  
-
49% 3,637,289  
-
770,992  
-
773,154  
751,318  
34%  
11%  
709,974  
-
1,292,692  
Other executives  
Mr Gordon Naylor  
Dr Andrew Cuthbertson  
Dr Jeff Davies  
85%  
85%  
n/a  
95%  
95%  
-
5%  
5%  
198,015  
158,877  
-
198,015  
158,877  
-
112,724  
90,444  
-
21,091  
16,922  
-
28%  
30%  
22%  
38%  
33%  
30%  
34%  
26%  
30%  
677,406  
543,517  
-
-
499,572  
1,214,901  
1,624,689  
693,981  
201,857  
915,789  
262,278  
79,327  
-
-
-
254,974  
333,894  
321,752  
148,735  
-
Mr Greg Boss  
70%  
85%  
85%  
70%  
50%  
50%  
90%  
95%  
90%  
90%  
85%  
92%  
10%  
5%  
178,153  
210,407  
204,452  
121,975  
76,794  
83,141  
178,153  
210,407  
204,452  
121,975  
76,794  
83,141  
74,432  
84,441  
82,336  
53,695  
43,717  
47,330  
9,914  
10,545  
10,343  
7,706  
8,179  
8,855  
318,439  
338,703  
332,190  
247,514  
262,712  
284,424  
Dr Ingolf Sieper  
Ms Mary Sontrop  
Ms Karen Etchberger  
Mr Edward Bailey  
Ms Jill Lever  
10%  
10%  
15%  
8%  
-
61,958  
33  
Cash incentives awarded and not awarded relate to the period ended 30 June 2013. All cash incentive amounts are payable in full shortly after the conclusion  
of the 30 June 2013 financial year with the exception of the component that is subject to deferred settlement for Dr McNamee, Mr Perreault, Mr Naylor, Dr  
Cuthbertson, Dr Sieper and Ms Sontrop.  
3
3
3
4
5
6
The value of performance rights and performance options is determined at grant date and is then amortised over the applicable vesting period. The amounts  
included in the table above are consistent with this amortisation amount for 2013.  
The value of the cumulative EDIP grants over 2011, 2012 and 2013 was re-calculated at reporting date and then amortised over the applicable vesting period. The  
amounts included in the table above are consistent with this amortisation amount for 2013.  
The value at exercise date has been determined by the share price at the close of business on exercise date less the option/right exercise price (if any) multiplied by  
the number of options/rights exercised during 2013.  
66  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
diReCtoRS’ RepoRt Continꢉed  
Executive Key Management Personnel  
Options and Rights Holdings  
Table 14 - Executive KMP performance right holdings  
Number  
Lapsed /  
Forfeited  
Balance at 30 June 2013  
Unvested  
Balance at 1  
July 2012  
Number  
Granted  
Number  
Exercised  
Balance at 30  
June 2013  
Number Vested  
during the year  
Key management person  
Executive Directors  
Dr Brian McNamee  
Mr Paul Perreault  
Mr Peter Turner  
191,344  
44,110  
45,845  
65,700  
19,620  
-
15,996  
8,118  
-
-
241,048  
55,612  
19,865  
30,931  
8,118  
31,224  
209,824  
55,612  
19,865  
-
-
13,857  
12,123  
13,857  
Other executives  
Mr Gordon Naylor  
Dr Andrew Cuthbertson  
Dr Jeff Davies  
51,490  
42,125  
43,260  
31,585  
15,455  
31,920  
22,930  
18,930  
17,755  
556,749  
18,720  
15,020  
-
8,118  
6,925  
18,800  
6,405  
3,471  
7,540  
4,262  
994  
-
62,092  
50,220  
13,245  
33,980  
21,344  
33,560  
25,508  
25,196  
24,348  
606,018  
8,118  
6,925  
-
62,092  
50,220  
13,245  
33,980  
21,344  
33,560  
25,508  
23,216  
24,348  
572,814  
-
-
11,215  
7,540  
-
Mr Greg Boss  
8,800  
9,360  
9,180  
6,840  
7,260  
7,860  
168,360  
-
6,405  
-
Dr Ingolf Sieper  
-
3,471  
-
Ms Mary Sontrop  
Ms Karen Etchberger  
Mr Edward Bailey  
Ms Jill Lever  
-
7,540  
-
-
4,262  
-
1,980  
-
-
-
1,954  
1,267  
95,753  
1,267  
Total  
23,338  
100,388  
33,204  
The number of ordinary shares issued on exercise of performance rights is equivalent to the number of performance rights exercised. No amounts are payable on  
exercise of performance rights.  
Table 15 - Key Characteristics of Performance Rights and Options granted in 2011 and 2012  
aꢈꢈlꢃcꢁblꢄ ꢈꢄrfꢀrꢇꢁꢆcꢄ  
trꢁꢆchꢄ cꢀꢇꢈrꢃsꢄs  
hurꢂlꢄ  
prꢀꢈꢀrꢅꢃꢀꢆ  
ꢀf Grꢁꢆꢅ  
pꢄrfꢀrꢇꢁꢆcꢄ pꢄrfꢀrꢇꢁꢆcꢄ pꢄrfꢀrꢇꢁꢆcꢄ pꢄrfꢀrꢇꢁꢆcꢄ Vꢄsꢅꢃꢆg pꢄrꢃꢀꢂ  
Rꢄ-ꢅꢄsꢅ  
ꢀꢈꢈꢀrꢅuꢆꢃꢅꢃꢄs  
Lti Grꢁꢆꢅ yꢄꢁrs  
trꢁꢆchꢄ  
oꢈꢅꢃꢀꢆs  
20%  
Rꢃghꢅs  
80%  
oꢈꢅꢃꢀꢆs ꢁꢆꢂ  
Rꢃghꢅs  
yꢄꢁrs  
1
2
50%  
50%  
3
4
1
1
2011-12  
50% EPS / 50% TSR  
20%  
80%  
Lꢄvꢄl ꢀf ꢈꢄrfꢀrꢇꢁꢆcꢄ ꢁꢅ ꢅhꢄ ꢄxꢈꢃrꢁꢅꢃꢀꢆ ꢀf ꢅhꢄ vꢄsꢅꢃꢆg ꢈꢄrꢃꢀꢂ  
(ꢀr lꢁꢅꢄr ꢈꢄrꢃꢀꢂ whꢄrꢄ ꢁꢈꢈlꢃcꢁblꢄ)  
Lti Grꢁꢆꢅ yꢄꢁr  
aꢇꢀuꢆꢅ ꢀf grꢁꢆꢅ whꢃch vꢄsꢅs  
5
5
0% of options and  
rights granted  
EPS growth = or >10% compound  
100%  
th  
Below the 50 percentile in relative TSR performance  
0%  
th  
2011-2012  
At the 50 percentile in relative TSR performance  
50%  
0% of options and  
rights granted  
th  
th  
Between the 50 and 75 percentile  
in relative TSR performance  
Straight line vesting from 50% to 100%  
100%  
th  
Above the 75 percentile in relative TSR performance  
6
7
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
Table 16 - A summary of the key characteristics applicable to performance rights and performance options granted between 2007 and 2010*  
aꢈꢈlꢃcꢁblꢄ ꢈꢄrfꢀrꢇꢁꢆcꢄ  
trꢁꢆchꢄ cꢀꢇꢈrꢃsꢄs  
hurꢂlꢄ  
prꢀꢈꢀrꢅꢃꢀꢆ  
ꢀf Grꢁꢆꢅ  
pꢄrfꢀrꢇꢁꢆcꢄ pꢄrfꢀrꢇꢁꢆcꢄ pꢄrfꢀrꢇꢁꢆcꢄ pꢄrfꢀrꢇꢁꢆcꢄ Vꢄsꢅꢃꢆg pꢄrꢃꢀꢂ  
Rꢄ-ꢅꢄsꢅ  
ꢀꢈꢈꢀrꢅuꢆꢃꢅꢃꢄs  
Lti Grꢁꢆꢅ yꢄꢁrs trꢁꢆchꢄ  
oꢈꢅꢃꢀꢆs  
60%  
Rꢃghꢅs  
40%  
40%  
40%  
oꢈꢅꢃꢀꢆs ꢁꢆꢂ  
Rꢃghꢅs  
yꢄꢁrs  
1
25%  
35%  
40%  
2
3
4
3
2
1
2007 -2010  
2
60%  
EPS / TSR  
3
60%  
Lꢄvꢄl ꢀf ꢈꢄrfꢀrꢇꢁꢆcꢄ ꢁꢅ ꢅhꢄ ꢄxꢈꢃrꢁꢅꢃꢀꢆ ꢀf ꢅhꢄ vꢄsꢅꢃꢆg ꢈꢄrꢃꢀꢂ  
(ꢀr lꢁꢅꢄr ꢈꢄrꢃꢀꢂ whꢄrꢄ ꢁꢈꢈlꢃcꢁblꢄ)  
Lti Grꢁꢆꢅ yꢄꢁr  
aꢇꢀuꢆꢅ ꢀf grꢁꢆꢅ whꢃch vꢄsꢅs  
Options  
Rights  
EPS growth>10% compound  
100%  
2007-2010  
th  
At or above 50 percentile in relative  
TSR performance  
100%  
*
.
During 2012, the Company obtained a waiver of Listing Rule 6.23.4 from the ASX to give the Board the discretion to allow Performance Rights and Performance  
Options granted prior to August 2010 to continue in force and not lapse where the participant ceases employment with CSL in “Good Leaver” circumstances  
outlined on page 56.  
Table 17 - The terms and conditions of the performance rights granted to Executive KMP in the 2012 and 2013 financial years  
tꢄrꢇs ꢁꢆꢂ Cꢀꢆꢂꢃꢅꢃꢀꢆs fꢀr pꢄrfꢀrꢇꢁꢆcꢄ rꢃghꢅ grꢁꢆꢅs ꢂurꢃꢆg 2012 ꢁꢆꢂ 2013  
Vꢁluꢄ ꢈꢄr Rꢃghꢅ  
Grꢁꢆꢅ dꢁꢅꢄ  
trꢁꢆchꢄ  
ꢁꢅ Grꢁꢆꢅ dꢁꢅꢄ  
Fꢃrsꢅ exꢄrcꢃsꢄ dꢁꢅꢄ  
30 September 2014  
30 September 2015  
30 September 2015  
30 September 2016  
Lꢁsꢅ exꢄrcꢃsꢄ dꢁꢅꢄ  
30 September 2015  
30 September 2016  
30 September 2016  
30 September 2017  
1
1
1
1
October 2011  
October 2011  
October 2012  
October 2012  
1
2
1
2
23.75  
23.41  
35.52  
34.69  
68  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
diReCtoRS’ RepoRt Continꢉed  
Table 18 - Shares issued to Executive KMP on exercise of performance rights during 2013  
exꢄcuꢅꢃvꢄ  
dꢁꢅꢄ pꢄrfꢀrꢇꢁꢆcꢄ Rꢃghꢅs Grꢁꢆꢅꢄꢂ  
1 October 2009  
nuꢇbꢄr ꢀf shꢁrꢄs ꢃssuꢄꢂ  
Dr Brian McNamee  
15,996  
9,720  
4,137  
5,500  
2,618  
5,500  
2,618  
4,860  
2,065  
6,300  
3,360  
5,300  
3,840  
4,340  
2,065  
2,400  
1,071  
5,300  
2,240  
2,820  
1,442  
994  
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
October 2008  
October 2009  
October 2008  
October 2009  
October 2008  
October 2009  
October 2008  
October 2009  
October 2006  
October 2007  
October 2008  
October 2009  
October 2008  
October 2009  
October 2008  
October 2009  
October 2008  
October 2009  
October 2008  
October 2009  
Mr Peter Turner  
Mr Paul Perreault  
Mr Gordon Naylor  
Dr Andrew Cuthbertson  
Dr Jeff Davies  
Mr Greg Boss  
Dr Ingolf Sieper  
Ms Mary Sontrop  
Ms Karen Etchberger  
Mr Edward Bailey  
Jill Lever  
1 October 2009  
1 October 2009  
1,267  
No amount is payable on exercise of performance rights. One ordinary share is issued on the exercise of each performance right.  
Table 19 - Executive KMP option holdings  
nuꢇbꢄr  
Bꢁlꢁꢆcꢄ ꢁꢅ 30 Juꢆꢄ 2013  
Vꢄsꢅꢄꢂ ꢁꢆꢂ  
nuꢇbꢄr  
Lꢁꢈsꢄꢂ /  
Fꢀrfꢄꢃꢅꢄꢂ  
Bꢁlꢁꢆcꢄ ꢁꢅ  
30 Juꢆꢄ  
2013  
Vꢄsꢅꢄꢂ  
ꢂurꢃꢆg ꢅhꢄ  
yꢄꢁr  
Kꢄy ꢇꢁꢆꢁgꢄꢇꢄꢆꢅ  
ꢈꢄrsꢀꢆ  
Bꢁlꢁꢆcꢄ ꢁꢅ 1  
July 2012  
nuꢇbꢄr  
Grꢁꢆꢅꢄꢂ  
nuꢇbꢄr  
exꢄrcꢃsꢄꢂ  
ꢄxꢄrcꢃsꢁblꢄ  
ꢉꢆvꢄsꢅꢄꢂ  
exꢄcuꢅꢃvꢄ dꢃrꢄcꢅꢀrs  
Dr Brian McNamee  
364,600  
95,760  
-
-
-
-
20,460  
63,420  
-
-
364,600  
75,300  
52,664  
29,952  
7,640  
152,520  
19,100  
-
212,080  
56,200  
52,664  
Mr Paul Perreault  
Mr Peter Turner  
128,700  
12,616  
13,488  
oꢅhꢄr ꢄxꢄcuꢅꢃvꢄs  
Mr Gordon Naylor  
Dr Andrew Cuthbertson  
Dr Jeff Davies  
94,580  
84,180  
92,820  
65,980  
22,900  
71,840  
55,092  
27,460  
26,260  
1,130,172  
-
-
-
-
-
-
-
-
-
-
-
34,600  
50,520  
24,940  
5,540  
29,700  
-
-
94,580  
49,580  
31,350  
41,040  
17,360  
42,140  
55,092  
23,908  
26,260  
873,874  
7,640  
6,736  
7,368  
6,016  
2,216  
7,368  
3,912  
888  
32,720  
61,860  
49,580  
31,350  
41,040  
17,360  
42,140  
29,640  
23,020  
26,260  
643,194  
-
-
10,950  
-
Mr Greg Boss  
-
-
Dr Ingolf Sieper  
Ms Mary Sontrop  
Ms Karen Etchberger  
Mr Edward Bailey  
Ms Jill Lever  
-
-
-
-
25,452  
888  
-
3,552  
-
-
-
-
-
tꢀꢅꢁl  
232,732  
23,566  
93,224  
230,680  
6
9
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
Table 20 - Terms and conditions of the options granted to Executive KMP in the 2012 financial year*  
tꢄrꢇs ꢁꢆꢂ Cꢀꢆꢂꢃꢅꢃꢀꢆs fꢀr oꢈꢅꢃꢀꢆs grꢁꢆꢅ ꢂurꢃꢆg 2012 ꢁꢆꢂ 2013  
Vꢁluꢄ ꢈꢄr oꢈꢅꢃꢀꢆ  
Grꢁꢆꢅ dꢁꢅꢄ  
trꢁꢆchꢄ  
ꢁꢅ Grꢁꢆꢅ dꢁꢅꢄ  
Fꢃrsꢅ exꢄrcꢃsꢄ dꢁꢅꢄ  
Lꢁsꢅ exꢄrcꢃsꢄ dꢁꢅꢄ  
30 September 2015  
30 September 2016  
1
1
October 2011  
October 2011  
1
2
6.34  
30 September 2014  
30 September 2015  
6.77  
*
no options were granted in the 2013 financial year.  
Table 21 - Shares issued to Executive KMP on exercise of options during 2013  
nuꢇbꢄr ꢀf shꢁrꢄs  
$ ꢁꢇꢀuꢆꢅ ꢈꢁꢃꢂ  
ꢈꢄr shꢁrꢄ  
$ ꢁꢇꢀuꢆꢅ uꢆꢈꢁꢃꢂ  
ꢈꢄr shꢁrꢄ  
exꢄcuꢅꢃvꢄ  
dꢁꢅꢄ oꢈꢅꢃꢀꢆs Grꢁꢆꢅꢄꢂ  
ꢃssuꢄꢂ  
1
1
October 2007  
October 2008  
29,700  
33,720  
20,460  
17,760  
16,840  
21,240  
10,860  
18,420  
9,900  
35.46  
37.91  
35.46  
35.46  
37.91  
17.48  
35.46  
37.91  
35.46  
37.91  
37.91  
35.46  
37.91  
35.46  
37.91  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Mr Peter Turner  
Mr Paul Perreault  
1 October 2007  
1
1
1
October 2007  
October 2008  
October 2006  
Dr Andrew Cuthbertson  
Dr Jeff Davies  
1 October 2007  
1
1
1
October 2008  
October 2007  
October 2008  
Mr Greg Boss  
15,040  
5,540  
Dr Ingolf Sieper  
Ms Mary Sontrop  
1 October 2008  
1
1
1
1
October 2007  
October 2008  
October 2007  
October 2008  
11,280  
18,420  
2,220  
Mr Edward Bailey  
1,332  
One ordinary share is issued on the exercise of each option.  
This report has been made in accordance with  
a resolution of directors.  
Jꢀhꢆ Shꢃꢆꢄ, ao  
pꢁul pꢄrrꢄꢁulꢅ  
Director  
Director  
Melbourne  
14 August 2013  
®
*
Registered trademark of CSL or its affiliates.  
Gardasil is a trademark of Merck & Co, Inc.  
70  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
aꢉditoR’S independenCe deCLaRation  
TO THE DIRECTORS OF CSL LIMITED  
In relation to our audit of the financial report of CSL Limited for the financial year ended 30 June 2013,  
to the best of my knowledge and belief, there have been no contraventions of the auditor independence  
requirements of the Corporations Act 2001 or any applicable code of professional conduct.  
erꢆsꢅ & Yꢀuꢆg  
Glꢄꢆꢆ Cꢁrꢇꢀꢂy  
Partner  
14 August 2013  
7
1
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited  
ConSoLidated Statement  
oF CompReHenSiVe inCome  
FOR THE YEAR ENDED 30 JUNE 2013  
2013  
2012  
nꢀꢅꢄs  
ꢉS$ꢇ  
ꢉS$ꢇ  
Cꢀꢆꢅꢃꢆuꢃꢆg ꢀꢈꢄrꢁꢅꢃꢀꢆs  
Sales revenue  
3
4,950.4  
(2,391.4)  
2,559.0  
179.1  
4,616.4  
(2,389.9)  
2,226.5  
197.2  
Cost of sales  
Grꢀss ꢈrꢀfiꢅ  
Other revenues  
3
3
Research and development expenses  
Selling and marketing expenses  
General and administration expenses  
Finance costs  
(426.8)  
(516.2)  
(280.0)  
(47.7)  
(369.7)  
(505.8)  
(237.7)  
(40.5)  
prꢀfiꢅ bꢄfꢀrꢄ ꢃꢆcꢀꢇꢄ ꢅꢁx ꢄxꢈꢄꢆsꢄ  
Income tax expense  
1,467.4  
(251.1)  
1,216.3  
1,270.0  
(246.1)  
1,023.9  
4
prꢀfiꢅ ꢁꢅꢅrꢃbuꢅꢁblꢄ ꢅꢀ ꢇꢄꢇbꢄrs ꢀf ꢅhꢄ ꢈꢁrꢄꢆꢅ cꢀꢇꢈꢁꢆy  
22  
Other comprehensive income  
iꢅꢄꢇs ꢅhꢁꢅ ꢇꢁy bꢄ rꢄclꢁssꢃfiꢄꢂ subsꢄquꢄꢆꢅly ꢅꢀ ꢈrꢀfiꢅ ꢀr lꢀss  
Exchange differences on translation of foreign operations, net of hedges  
on foreign investments  
21  
21  
(85.3)  
-
(364.5)  
1.2  
Mark to Market adjustment on available-for-sale financial assets  
iꢅꢄꢇs ꢅhꢁꢅ wꢃll ꢆꢀꢅ bꢄ rꢄclꢁssꢃfiꢄꢂ subsꢄquꢄꢆꢅly ꢅꢀ ꢈrꢀfiꢅ ꢀr lꢀss  
Actuarial gains/(losses) on defined benefit plans, net of tax  
Total of other comprehensive income/(expenses)  
22  
24  
5
(23.0)  
(49.2)  
(108.3)  
(412.5)  
tꢀꢅꢁl cꢀꢇꢈrꢄhꢄꢆsꢃvꢄ ꢃꢆcꢀꢇꢄ fꢀr ꢅhꢄ ꢈꢄrꢃꢀꢂ  
1,108.0  
611.4  
eꢁrꢆꢃꢆgs ꢈꢄr shꢁrꢄ  
ꢉS$  
2.439  
2.431  
US$  
1.972  
1.967  
Basic earnings per share  
Diluted earnings per share  
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.  
72  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited  
ConSoLidated  
BaLanCe SHeet  
AS AT 30 JUNE 2013  
Consolidated Group  
2
013  
2012  
ꢉS$ꢇ  
1 July 2011  
ꢉS$ꢇ  
nꢀꢅꢄs  
ꢉS$ꢇ  
CꢉRRent aSSetS  
Cash and cash equivalents  
Trade and other receivables  
Inventories  
6
7
762.2  
850.5  
1,639.4  
6.7  
1,171.4  
783.8  
1,482.7  
5.4  
515.2  
869.0  
1,564.8  
-
8
Current tax assets  
16  
9
Other financial assets  
Total Current Assets  
non-CꢉRRent aSSetS  
Trade and other receivables  
Other financial assets  
Property, plant and equipment  
Deferred tax assets  
0.5  
1.8  
19.3  
3,259.3  
3,445.1  
2,968.3  
7
8.6  
1.0  
10.4  
1.1  
4.9  
2.4  
9
10  
11  
12  
13  
1,587.2  
263.7  
855.7  
-
1,380.9  
198.5  
865.3  
-
1,297.5  
187.2  
983.4  
2.8  
Intangible assets  
Retirement benefit assets  
Total Non-Current Assets  
TOTAL ASSETS  
2,716.2  
5,975.5  
2,456.2  
5,901.3  
2,478.2  
5,446.5  
CꢉRRent LiaBiLitieS  
Trade and other payables  
Interest-bearing liabilities and borrowings  
Current tax liabilities  
Provisions  
14  
15  
16  
17  
18  
19  
647.9  
5.7  
536.3  
169.6  
141.7  
100.3  
1.0  
530.4  
243.1  
141.5  
95.2  
159.9  
88.4  
0.9  
Deferred government grants  
Derivative financial instruments  
Total Current Liabilities  
non-CꢉRRent LiaBiLitieS  
Trade and other payables  
Interest-bearing liabilities and borrowings  
Deferred tax liabilities  
Provisions  
1.1  
3.8  
1.4  
5.4  
906.6  
950.3  
1,016.7  
14  
15  
11  
17  
18  
13  
23.2  
1,673.2  
115.0  
15.4  
1,120.0  
111.1  
4.3  
204.3  
131.3  
30.6  
34.2  
28.0  
Deferred government grants  
Retirement benefit liabilities  
Total Non-Current Liabilities  
TOTAL LIABILITIES  
37.0  
30.2  
20.3  
179.5  
169.6  
122.4  
513.2  
1,529.9  
3,916.6  
2,062.1  
2,968.7  
3,006.8  
1,474.3  
2,424.6  
3,476.7  
NET ASSETS  
eQꢉitY  
Contributed equity  
20  
21  
22  
24  
(1,978.3)  
578.3  
(869.1)  
632.9  
(228.0)  
982.1  
Reserves  
Retained earnings  
4,406.8  
3,006.8  
3,712.9  
3,476.7  
3,162.5  
3,916.6  
TOTAL EQUITY  
The above consolidated balance sheet should be read in conjunction with the accompanying notes.  
7
3
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited  
ConSoLidated Statement  
oF CHanGeS in eQꢉitY  
FOR THE YEAR ENDED 30 JUNE 2013  
Fꢀrꢄꢃgꢆ  
avꢁꢃlꢁblꢄ-  
fꢀr-sꢁlꢄ  
ꢃꢆvꢄsꢅꢇꢄꢆꢅ  
rꢄsꢄrvꢄ  
currꢄꢆcy  
Shꢁrꢄ bꢁsꢄꢂ  
ꢈꢁyꢇꢄꢆꢅ  
rꢄsꢄrvꢄ  
Cꢀꢆꢅrꢃbuꢅꢄꢂ  
equꢃꢅy  
ꢅrꢁꢆslꢁꢅꢃꢀꢆ  
rꢄsꢄrvꢄ  
Rꢄꢅꢁꢃꢆꢄꢂ  
ꢄꢁrꢆꢃꢆgs  
tꢀꢅꢁl  
Consolidated Group  
nꢀꢅꢄs  
ꢉS$ꢇ  
ꢉS$ꢇ  
ꢉS$ꢇ  
ꢉS$ꢇ  
ꢉS$ꢇ  
ꢉS$ꢇ  
aꢅ 1 July 2012  
(869.1)  
536.6  
96.3  
-
3,712.9  
3,476.7  
Profit for the period  
-
-
-
-
-
-
-
-
-
-
1,216.3  
(23.0)  
1,216.3  
(108.3)  
1,108.0  
Other comprehensive income  
(85.3)  
(85.3)  
tꢀꢅꢁl cꢀꢇꢈrꢄhꢄꢆsꢃvꢄ ꢃꢆcꢀꢇꢄ fꢀr  
ꢅhꢄ full yꢄꢁr  
1,193.3  
trꢁꢆsꢁcꢅꢃꢀꢆs wꢃꢅh ꢀwꢆꢄrs ꢃꢆ  
ꢅhꢄꢃr cꢁꢈꢁcꢃꢅy ꢁs ꢀwꢆꢄrs  
Share based payments  
Dividends  
21  
23  
20  
-
-
-
-
-
30.7  
-
-
-
-
(499.4)  
-
30.7  
(499.4)  
-
-
Share buy back  
Share issues  
(1,135.6)  
(1,135.6)  
-
Employee share scheme  
20  
20  
36.1  
(9.7)  
-
-
-
-
-
-
-
-
-
36.1  
(9.7)  
Tax Adjustment  
Bꢁlꢁꢆcꢄ ꢁs ꢁꢅ 30 Juꢆꢄ 2013  
(1,978.3)  
451.3  
127.0  
4,406.8  
3,006.8  
aꢅ 1 July 2011  
(228.0)  
901.1  
82.2  
(1.2)  
3,162.5  
3,916.6  
Profit for the period  
-
-
-
-
-
-
-
-
1,023.9  
(49.2)  
974.7  
1,023.9  
(412.5)  
611.4  
Other comprehensive income  
(364.5)  
(364.5)  
1.2  
1.2  
tꢀꢅꢁl cꢀꢇꢈrꢄhꢄꢆsꢃvꢄ ꢃꢆcꢀꢇꢄ fꢀr  
ꢅhꢄ full yꢄꢁr  
trꢁꢆsꢁcꢅꢃꢀꢆs wꢃꢅh ꢀwꢆꢄrs ꢃꢆ  
ꢅhꢄꢃr cꢁꢈꢁcꢃꢅy ꢁs ꢀwꢆꢄrs  
Share based payments  
Dividends  
21  
23  
20  
-
-
-
-
-
14.1  
-
-
-
-
(424.3)  
-
14.1  
(424.3)  
(650.1)  
-
-
Share buy back  
Share issues  
(650.1)  
-
Employee share scheme  
20  
9.0  
-
-
-
-
-
9.0  
Bꢁlꢁꢆcꢄ ꢁs ꢁꢅ 30 Juꢆꢄ 2012  
(869.1)  
536.6  
96.3  
3,712.9  
3,476.7  
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.  
74  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited  
ConSoLidated Statement  
oF CaSH FLoꢊS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
013  
2
2012  
nꢀꢅꢄs  
ꢉS$ꢇ  
ꢉS$ꢇ  
Cꢁsh flꢀws frꢀꢇ oꢈꢄrꢁꢅꢃꢆg acꢅꢃvꢃꢅꢃꢄs  
Receipts from customers  
5,104.7  
(3,479.2)  
1,625.5  
(298.2)  
33.9  
4,839.5  
(3,383.1)  
1,456.4  
(252.3)  
37.2  
Payments to suppliers and employees  
Cash generated from operations  
Income taxes paid  
Interest received  
Finance costs paid  
(49.5)  
(35.5)  
nꢄꢅ cꢁsh ꢃꢆflꢀw frꢀꢇ ꢀꢈꢄrꢁꢅꢃꢆg ꢁcꢅꢃvꢃꢅꢃꢄs  
25  
1,311.7  
1,205.8  
Cꢁsh flꢀws frꢀꢇ iꢆvꢄsꢅꢃꢆg acꢅꢃvꢃꢅꢃꢄs  
Proceeds from sale of property, plant and equipment  
Payments for property, plant and equipment  
Payments for intangible assets  
0.4  
(433.2)  
(16.9)  
0.2  
0.1  
(309.2)  
(14.2)  
1.1  
Receipts from other financial assets  
nꢄꢅ cꢁsh ꢀuꢅflꢀw frꢀꢇ ꢃꢆvꢄsꢅꢃꢆg ꢁcꢅꢃvꢃꢅꢃꢄs  
(449.5)  
(322.2)  
Cꢁsh flꢀws frꢀꢇ Fꢃꢆꢁꢆcꢃꢆg acꢅꢃvꢃꢅꢃꢄs  
Proceeds from issue of shares  
Dividends paid  
36.1  
(499.4)  
565.6  
10.3  
(424.3)  
1,112.4  
(243.6)  
(650.1)  
0.6  
23  
Proceeds from borrowings  
Repayment of borrowings  
(171.3)  
(1,150.1)  
0.6  
Payment for shares bought back  
Payment for settlement of finance hedges  
nꢄꢅ cꢁsh ꢀuꢅflꢀw frꢀꢇ fiꢆꢁꢆcꢃꢆg ꢁcꢅꢃvꢃꢅꢃꢄs  
(1,218.5)  
(194.7)  
nꢄꢅ ꢃꢆcrꢄꢁsꢄ/(ꢂꢄcrꢄꢁsꢄ) ꢃꢆ cꢁsh ꢁꢆꢂ cꢁsh ꢄquꢃvꢁlꢄꢆꢅs  
(356.3)  
688.9  
Cash and cash equivalents at the beginning of the financial year  
Exchange rate variations on foreign cash and cash equivalent balances  
Cꢁsh ꢁꢅ ꢅhꢄ ꢄꢆꢂ ꢀf ꢅhꢄ fiꢆꢁꢆcꢃꢁl yꢄꢁr  
1,168.1  
(52.0)  
759.8  
514.6  
(35.4)  
25  
1,168.1  
For non-cash financing activities refer to note 25.  
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.  
7
5
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe  
FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
1
Corporate information  
CSL Limited is a for-profit company incorporated and domiciled in Australia and limited by shares publicly traded on the Australian Securities  
Exchange. This financial report covers the financial statements for the consolidated entity consisting of CSL Limited and its subsidiaries (together  
referred to as the Group). The financial report was authorised for issue in accordance with a resolution of the directors on 14 August 2013.  
A description of the nature of the Group’s operations and its principal activities is included in the directors’ report.  
Suꢇꢇꢁry ꢀf sꢃgꢆꢃficꢁꢆꢅ ꢁccꢀuꢆꢅꢃꢆg ꢈꢀlꢃcꢃꢄs  
The principal accounting policies adopted in the preparation of the financial report are set out below. These policies have been consistently  
applied to all the years presented unless otherwise stated.  
(ꢁ) Bꢁsꢃs ꢀf ꢈrꢄꢈꢁrꢁꢅꢃꢀꢆ  
This general purpose financial report has been prepared in accordance with Australian Accounting Standards, other authoritative  
pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001. The financial report also complies with  
International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. The financial report has been  
prepared under the historical cost convention, except for “available-for-sale” and “at fair value through profit or loss” financial assets and  
liabilities (including derivative instruments), that have been measured at fair value.  
Change in presentation currency  
The consolidated financial statements are presented in US Dollars, which is the Group’s presentation currency. The change in presentation  
currency from Australian Dollars to US Dollars represents a voluntary change in accounting policy which has been applied retrospectively.  
US Dollars are the pharmaceutical industry standard currency for reporting purposes. The move also reflects the predominance of the  
Company’s worldwide sales and operations in US Dollars.  
This change has been applied on the basis as if the Group had always reported in USD. The Consolidated Statement of Comprehensive  
Income has been converted to USD using the average exchange rate for the relevant period. The Balance Sheet to Net Assets (ie Current  
and Non-Current Assets as well as Current and Non-Current Liabilities) has been converted to USD using the exchange rate as of the  
relevant balance date. The Equity section of the Balance Sheet has been converted to USD using approximate historical exchange rates.  
As a consequence of the change in presentation currency an additional column has been added to the Balance Sheet and certain  
associated notes, this shows the USD balances at the commencement of the prior comparative period.  
Critical accounting estimates  
The preparation of a financial report in conformity with Australian Accounting Standards requires the use of certain critical accounting  
estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas  
involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial report  
are disclosed in note 1(ee).  
Rounding of amounts  
The Company is of a kind referred to in Class Order 98/0100, issued by the Australian Securities and Investments Commission, relating to  
‘rounding off’ of amounts in the financial report. Amounts in the financial report have been rounded off in accordance with that Class  
Order to the nearest hundred thousand dollars.  
Adoption of accounting standards  
The group has adopted the following accounting standards that contained changes that became effective during the year relating to the  
presentation of Other Comprehensive Income: AASB 2011-9.  
The amendments only resulted in a change in the presentation of Other Comprehensive Income and therefore did not result in a material  
change in the Group’s financial result or the extent of other disclosures in the financial report.  
(
b) prꢃꢆcꢃꢈlꢄs ꢀf cꢀꢆsꢀlꢃꢂꢁꢅꢃꢀꢆ  
i. Subsidiaries  
The consolidated financial statements comprise the financial statements of CSL Limited and its subsidiaries. Subsidiaries are all of those  
entities over which the Group has the power to govern the financial and operating policies so as to obtain benefits from their activities.  
The financial statements of the subsidiaries are prepared using consistent accounting policies and for the same reporting period as the  
Parent Company.  
In preparing the consolidated financial statements, all intercompany balances and transactions have been eliminated in full. Subsidiaries  
are fully consolidated from the date on which control is obtained by the Group and cease to be consolidated from the date on which  
control is transferred out of the Group.  
The acquisition of subsidiaries is accounted for using the purchase method of accounting. The purchase method of accounting involves  
allocating the cost of the business combination to the fair value of assets acquired and the liabilities and contingent liabilities assumed at  
the date of the acquisition.  
ii. Employee share trust  
The Group has formed a trust to administer the Group’s employee share scheme. This trust is consolidated as the substance of the  
relationship is that the trust is controlled by the Group.  
(c) Sꢄgꢇꢄꢆꢅ rꢄꢈꢀrꢅꢃꢆg  
Operating segments, as defined in note 2, are reported in a manner consistent with the internal reporting to the chief operating decision  
maker. The Chief Executive Officer is considered to be the chief operating decision maker.  
76  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
1
Summary of significant accounting policies (continued)  
ꢂ) Fꢀrꢄꢃgꢆ currꢄꢆcy ꢅrꢁꢆslꢁꢅꢃꢀꢆ  
(
i. Functional currency  
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic  
environment in which the entity operates (‘the functional currency’). The financial statements of CSL Limited (the parent entity of the  
Group) are measured in Australian Dollars which is that entity’s functional currency (see Note 35).  
ii. Presentation currency  
The consolidated financial statements are presented in US Dollars, which is the Group’s presentation currency. The change in  
presentation currency from Australian Dollars to US Dollars represents a voluntary change in accounting policy which has been applied  
retrospectively using the methodology outlined in Note 1(a).  
iii. Translation and balances  
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the  
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at  
year end exchange rates of monetary assets and liabilities denominated in functional currencies are recognised in the statement of  
comprehensive income, except when deferred in equity as qualifying cash flow hedges and qualifying net investment hedges or are  
attributable to part of the net investment in a foreign operation.  
iv. Group companies  
The results of foreign subsidiaries are translated into US Dollars at average exchange rates. Assets and liabilities of foreign subsidiaries  
are translated to US Dollars at exchange rates prevailing at balance date. All resulting exchange differences are recognised in other  
comprehensive income and in the foreign currency translation reserve in equity.  
On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and  
other financial instruments designated as hedges of such investments, are recognised in other comprehensive income and in the  
foreign currency translation reserve in equity. When a foreign operation is sold or any borrowings forming part of the net investment  
are repaid, a proportionate share of such exchange differences are recognised in the statement of comprehensive income, as part of  
the gain on sale or loss on sale where applicable.  
(ꢄ) Rꢄvꢄꢆuꢄ rꢄcꢀgꢆꢃꢅꢃꢀꢆ  
Revenue is recognised and measured at the fair value of the consideration received or receivable. The Group recognises revenue when: the  
amount of revenue can be reliably measured, it is probable that the future economic benefits will flow to the Group and the specific criteria  
have been met for each of the Group’s activities as described below.  
i. Sales revenue  
Sales revenue comprises revenue earned (net of returns, discounts and allowances) from the provision of products to buyers external  
to the Group. Sales revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer.  
ii. Interest income  
Interest income is recognised as it accrues (using the effective interest rate method).  
iii. Other revenue  
Other revenue is recognised as it accrues.  
iv. Dividend income  
Dividend income is recognised when the shareholder’s right to receive the payment is established.  
(f) Gꢀvꢄrꢆꢇꢄꢆꢅ grꢁꢆꢅs  
Government grants are recognised at their fair value where there is reasonable assurance that the grant will be received and the Group  
will comply with all attached conditions. Government grants relating to an expense item are deferred and recognised in the statement of  
comprehensive income over the period necessary to match them with the expenses that they are intended to compensate. Government grants  
received for which there are no future related costs are recognised in the statement of comprehensive income immediately. Government  
grants relating to the purchase of property, plant and equipment are included in current and non-current liabilities as deferred income and are  
released to the statement of comprehensive income on a straight line basis over the expected useful lives of the related assets.  
(g) Bꢀrrꢀwꢃꢆg cꢀsꢅs  
Borrowing costs are expensed as incurred, except where they are directly attributable to the acquisition or construction of a qualifying  
asset in which case they are capitalised as part of the cost of that asset.  
(
h) Gꢀꢀꢂs ꢁꢆꢂ Sꢄrvꢃcꢄs tꢁx ꢁꢆꢂ ꢀꢅhꢄr fꢀrꢄꢃgꢆ ꢄquꢃvꢁlꢄꢆꢅs (GSt)  
Revenues, expenses and assets are recognised net of GST except where the amount of GST incurred is not recoverable from a taxation  
authority in which case it is recognised as part of an asset’s cost of acquisition or as part of the expense. Receivables and payables are  
stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, taxation authorities is  
included in other receivables or payables in the balance sheet. Cash flows are presented in the cash flow statement on a gross basis. The  
GST component of cash flows arising from investing and financing activities that are recoverable from or payable to a taxation authority  
are presented as part of operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from,  
or payable to, a taxation authority.  
7
7
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
1
Summary of significant accounting policies (continued)  
(
ꢃ) iꢆcꢀꢇꢄ ꢅꢁx  
The income tax expense or revenue for the period is the tax payable on the current period’s taxable income based on the applicable income  
tax rate for each jurisdiction adjusted for changes in deferred tax assets and liabilities attributable to temporary differences and to unused  
tax losses.  
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and  
liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws)  
that have been enacted or substantially enacted by the reporting date and are expected to apply when the related deferred income tax  
asset is realised or deferred income tax liability is settled.  
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable  
amounts will be available to utilise those temporary differences and tax losses.  
Deferred tax assets and liabilities are not recognised for temporary differences between the carrying amount and tax bases of investments  
in controlled entities where the parent company is able to control the timing of the reversal of temporary differences and it is probable that  
the differences will not reverse in the foreseeable future.  
Deferred tax assets and liabilities are offset only if a legally enforceable right exists to set-off current tax assets against current tax liabilities  
and the deferred tax assets and deferred tax liabilities are related to the same taxable entity or group and the same taxation authority.  
Current and deferred tax balances attributable to amounts recognised in other comprehensive income or directly in equity are also  
recognised in other comprehensive income or in equity, respectively.  
CSL Ltd and its 100% owned Australian subsidiaries have formed a tax consolidated group effective from 1 July 2003.  
(
(
j) Cꢁsh, cꢁsh ꢄquꢃvꢁlꢄꢆꢅs ꢁꢆꢂ bꢁꢆk ꢀvꢄrꢂrꢁfꢅs  
Cash and cash equivalents are held for the purpose of meeting short term cash commitments rather than for investment or other  
purposes. The balance sheet comprises cash on hand, at call deposits with banks or financial institutions and investments in money market  
instruments with original maturities of six months or less that are readily convertible to known amounts of cash and which are subject to  
an insignificant risk of changes in value. In the balance sheet bank overdrafts are included within current interest bearing liabilities and  
borrowings. For the purposes of the cash flow statement, cash at the end of the financial year is net of bank overdraft amounts.  
k) trꢁꢂꢄ ꢁꢆꢂ ꢀꢅhꢄr rꢄcꢄꢃvꢁblꢄs  
Trade and other receivables are initially recorded at fair value and are generally due for settlement within 30 to 60 days from date of  
invoice. Collectability of trade and other receivables is reviewed on an ongoing basis at an operating unit level. Debts which are known to  
be uncollectible are written off when identified. An allowance for doubtful debts is recognised when there is objective evidence that the  
Group may not be able to fully recover all amounts due according to the original terms. The amount of the allowance recognised is the  
difference between the receivable’s carrying amount and the present value of estimated future cash flows that may ultimately be recovered.  
Cash flows relating to short term receivables are not discounted if the effect of discounting is immaterial. When a trade receivable for  
which a provision for impairment has been recognised becomes uncollectible in a subsequent period, it is written off against the provision.  
Other current receivables are recognised and carried at the nominal amount due. Non-current receivables are recognised and carried at  
amortised cost. They are non-interest bearing and have various repayment terms.  
(
l) iꢆvꢄꢆꢅꢀrꢃꢄs  
Raw materials and stores, work in progress and finished goods are stated at the lower of cost and net realisable value. Cost includes direct  
material and labour and an appropriate proportion of variable and fixed overhead expenditure, the latter being allocated on the basis of  
normal operating capacity. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of  
completion and the estimated costs necessary to make the sale.  
(ꢇ) iꢆvꢄsꢅꢇꢄꢆꢅs ꢁꢆꢂ ꢀꢅhꢄr fiꢆꢁꢆcꢃꢁl ꢁssꢄꢅs  
The Group’s financial assets have been classified into one of the three categories noted below. The classification depends on the purpose  
for which the investments were acquired. The Group determines the classification of its investments at initial recognition and re-evaluates  
this designation at each financial year end when allowed and appropriate.  
i. Financial assets at fair value through profit and loss  
Financial assets at fair value through profit and loss are financial assets held for trading. A financial asset is classified in this category if  
acquired principally for the purpose of selling in the short term. Derivatives are classified as held for trading unless they are designated  
as hedges. Financial assets at fair value through profit and loss are initially recognised at fair value and transaction costs are expensed  
in the statement of comprehensive income. After initial recognition, assets in this category are carried at fair value. Gains and losses  
on financial assets held for trading are recognised in the statement of comprehensive income when they arise.  
78  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
1
Summary of significant accounting policies (continued)  
ꢇ) iꢆvꢄsꢅꢇꢄꢆꢅs ꢁꢆꢂ ꢀꢅhꢄr fiꢆꢁꢆcꢃꢁl ꢁssꢄꢅs (cꢀꢆꢅꢃꢆuꢄꢂ)  
(
ii. Loans and receivables  
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active  
market. They are included in current assets, except for those with maturities greater than 12 months after the reporting date which  
are classified as non-current assets. Loans and receivables are carried at amortised cost using the effective interest rate method and  
are included in trade and other receivables in the balance sheet. Gains and losses are recognised in the statement of comprehensive  
income when the loans and receivables are derecognised or impaired.  
iii. Available for sale investments  
Available for sale investments, comprising principally marketable securities, are non-derivatives. They are included in non-current  
assets unless the Group intends to dispose of the investment within 12 months of the reporting date. Investments are designated as  
available for sale if they do not have fixed maturities and fixed or determinable payments and management intends to hold them for  
the medium to long term. Investments are initially recognised at fair value plus transaction costs. After initial recognition available  
for sale financial assets are measured at fair value with gains or losses being recognised as a separate component of equity until the  
investment is derecognised or determined to be impaired, at which time the cumulative gain or loss previously reported in equity is  
recognised in the statement of comprehensive income. A significant or prolonged decline in the fair value of an equity security below  
its cost is considered to be an indicator that the securities may be impaired.  
The fair values of investments that are actively traded in organised financial markets are determined by reference to quoted market bid  
prices at the close of business on the reporting date. For investments with no active market, fair values are determined using valuation  
techniques. Such techniques include: using recent arm’s length market transactions; reference to the current market value of another  
instrument that is substantially the same; discounted cash flow analysis; and option pricing models.  
Regular purchases and sales of financial assets are recognised on the date when the Group commits to purchase or sell the asset. Financial  
assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the  
Group has transferred substantially all the risks and rewards of ownership.  
The fair values of investments that are actively traded in organised financial markets are determined by reference to market prices. For  
investments that are not actively traded, fair values are determined using valuation techniques. These techniques include: using recent  
arm’s length transactions involving the same or substantially the same instruments as a guide to value, discounted cash flow analysis and  
various pricing models.  
The Group assesses at each balance date whether there is objective evidence that a financial asset or group of financial assets is impaired.  
(ꢆ) Busꢃꢆꢄss cꢀꢇbꢃꢆꢁꢅꢃꢀꢆs  
The purchase method of accounting is used for all business combinations regardless of whether equity instruments or other assets are  
acquired. Cost is measured as the fair value of assets given, shares issued or liabilities incurred or assumed at the date of exchange. Where  
equity instruments are issued in a business combination, the fair value of the instruments is their published market price as at the date  
of the combination. Transaction costs arising on the issue of equity instruments are recognised directly in equity. All other transaction  
costs are expensed. Where settlement of any part of cash consideration is deferred, where material, the amounts payable in the future are  
discounted to their present value as at the date of the acquisition. The discount rate used is the entity’s incremental borrowing rate, being  
the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions.  
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair  
values at the acquisition date. The excess of the cost of acquisition over the fair value of the identifiable net assets acquired is recognised  
as goodwill. If the cost of the acquisition is less than the identifiable net assets acquired, the difference is recognised immediately in the  
statement of comprehensive income, but only after a reassessment of the identification and measurement of the net assets acquired.  
(ꢀ) prꢀꢈꢄrꢅy, ꢈlꢁꢆꢅ ꢁꢆꢂ ꢄquꢃꢈꢇꢄꢆꢅ  
Land, buildings, capital work in progress and plant and equipment assets are recorded at historical cost less, where applicable, associated  
depreciation and any accumulated impairment losses. Land and capital work in progress assets are not depreciated. Historical cost includes  
expenditure that is directly attributable to the acquisition of an asset. Costs incurred subsequent to an asset’s acquisition, including  
the cost of replacement parts, are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when  
it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured  
reliably. The carrying amount of the replaced part is derecognised. All other repair and maintenance costs are charged to the statement of  
comprehensive income when incurred.  
Depreciable assets are depreciated using the method that best matches the utilisation of the asset over its useful economic life. For the  
majority of assets in the group the straight line method is used to allocate their cost, net of residual values, over their estimated useful lives,  
as follows:  
Buildingsꢀ  
Plantꢀandꢀequipmentꢀ  
Leaseholdꢀimprovementsꢀ  
5ꢀ–ꢀ40ꢀyears  
3ꢀ–ꢀ15ꢀyears  
5ꢀ–ꢀ10ꢀyears  
7
9
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
1
Summary of significant accounting policies (continued)  
(ꢀ) prꢀꢈꢄrꢅy, ꢈlꢁꢆꢅ ꢁꢆꢂ ꢄquꢃꢈꢇꢄꢆꢅ (cꢀꢆꢅꢃꢆuꢄꢂ)  
Certain assets are being depreciated using a diminishing value method over a period of 3 years as this method best matches the utilisation  
of these assets over their estimated useful economic life.  
Assets’ residual values and useful lives are reviewed and adjusted if appropriate at each reporting date. An asset’s carrying amount is  
written down immediately to its recoverable amount if its carrying amount is greater than its estimated recoverable amount. Items of  
property, plant and equipment are derecognised upon disposal or when no further economic benefits are expected from their use or  
disposal. Gains and losses on disposals of items of property, plant and equipment are determined by comparing proceeds with carrying  
amounts. Gains and losses are included in the statement of comprehensive income when realised.  
(
ꢈ) iꢇꢈꢁꢃrꢇꢄꢆꢅ ꢀf ꢁssꢄꢅs  
Goodwill and other assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment or more  
frequently if events or changes in circumstances indicate that they may be impaired. Assets with finite lives are subject to amortisation and  
are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An  
impairment loss is recognised in the statement of comprehensive income for the amount by which the asset’s carrying amount exceeds  
its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purpose of  
assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units).  
Impairment losses recognised in respect of cash generating units are allocated first to reduce the carrying amount of any goodwill allocated  
to cash generating units, and then, to reduce the carrying amount of the other assets in the unit on a pro-rata basis.  
(q) Lꢄꢁsꢄhꢀlꢂ ꢃꢇꢈrꢀvꢄꢇꢄꢆꢅs  
The cost of improvements to leasehold properties is amortised over the unexpired period of the lease or the estimated useful life of the  
improvement whichever is the shorter.  
(r) Lꢄꢁsꢄs  
Leases of property, plant and equipment where the Group, as lessee, has substantially all the risks and rewards of ownership are classified  
as finance leases. Finance leases are capitalised at the lease’s inception at the fair value of the leased property or, if lower, the present value  
of the minimum lease payments. The corresponding rental obligations, net of finance charges, are included in interest bearing liabilities  
and borrowings. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the statement of  
comprehensive income over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability  
for each period. The property, plant and equipment acquired under finance leases are depreciated over the shorter of the asset’s useful life  
and the lease term.  
Leases in which a significant portion of the risks and rewards of ownership are not transferred to the Group are classified as operating  
leases. Payments made under operating leases are charged to the statement of comprehensive income on a straight line basis over the  
period of the lease.  
(s) Gꢀꢀꢂwꢃll ꢁꢆꢂ ꢃꢆꢅꢁꢆgꢃblꢄs  
i. Goodwill  
On acquisition of another entity, the identifiable net assets acquired (including contingent liabilities assumed) are measured at their  
fair value. The excess of the fair value of the purchase consideration plus incidental expenses, over the fair value of the identifiable net  
assets, is brought to account as goodwill. Goodwill acquired is allocated to each of the cash-generating units expected to benefit from  
the combination’s synergies. Goodwill is not amortised. Instead, following initial recognition, goodwill is measured at cost less any  
accumulated impairment losses.  
ii. Intangibles  
Intangible assets acquired separately or in a business combination are initially measured at cost. The cost of an intangible asset  
acquired in a business combination is its fair value as at the date of acquisition. Following initial recognition, intangible assets are  
carried at cost less any accumulated amortisation and any accumulated impairment losses. Internally generated intangible assets,  
excluding capitalised development costs, are not capitalised and expenditure is recognised in profit or loss in the year in which the  
expenditure is incurred.  
The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are amortised  
over the useful life and tested for impairment whenever there is an indication that the intangible asset may be impaired. The  
amortisation period and the amortisation method for an intangible asset with a finite useful life is reviewed at least at each financial  
year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in  
the asset are accounted for prospectively by changing the amortisation period or method, as appropriate, which is a change in  
accounting estimate.  
Intangible assets with indefinite useful lives are tested for impairment annually either individually or at the cash generating unit  
level. Such intangibles are not amortised. The useful life of an intangible asset with an indefinite life is reviewed each reporting  
period to determine whether indefinite life assessment continues to be supportable. If not, the change in the useful life assessment  
from indefinite to finite is accounted for as a change in an accounting estimate and is thus accounted for on a prospective basis.  
80  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
1
Summary of significant accounting policies (continued)  
(s) Gꢀꢀꢂwꢃll ꢁꢆꢂ ꢃꢆꢅꢁꢆgꢃblꢄs (cꢀꢆꢅꢃꢆuꢄꢂ)  
iii. IT development and software  
Costs incurred in developing products or systems and costs incurred in acquiring software and licences that will contribute to  
future period financial benefits through revenue generation and/or cost reduction are capitalised to software and systems. Costs  
capitalised include external direct costs of materials and service and direct payroll and payroll related costs of employees’ time spent  
on the project. Amortisation is calculated on a straight line basis over periods generally ranging from 3 to 10 years. IT development  
costs include only those costs directly attributable to the development phase and are only recognised following completion of  
technical feasibility and where the Group has the intention and ability to use the asset.  
iv. Research and development costs  
Research costs are expensed as incurred. An intangible asset arising from development expenditure on an internal project is  
recognised only when the Group can demonstrate: the technical feasibility of completing the intangible asset so that it will be  
available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic  
benefits, the availability of resources to complete the development and the ability to measure reliably the expenditure attributable  
to the intangible asset during its development. Following the initial recognition of the development expenditure, the cost model  
is applied requiring the asset to be carried at cost less any accumulated amortisation and accumulated impairment losses. Any  
development expenditure recognised is amortised over the period of expected benefit from the related project.  
(ꢅ) trꢁꢂꢄ ꢁꢆꢂ ꢀꢅhꢄr ꢈꢁyꢁblꢄs  
Liabilities for trade and other payables represent liabilities for goods and services provided to the Group prior to the end of the financial  
year that are unpaid. Trade and other creditors are non-interest bearing and have various repayment terms but are usually paid within  
3
0 to 60 days of recognition.  
(u) iꢆꢅꢄrꢄsꢅ-bꢄꢁrꢃꢆg lꢃꢁbꢃlꢃꢅꢃꢄs ꢁꢆꢂ bꢀrrꢀwꢃꢆgs  
Interest-bearing liabilities and borrowings are recognised initially at fair value net of transaction costs incurred. Subsequent to initial  
recognition, interest-bearing liabilities and borrowings are stated at amortised cost with any difference between the proceeds (net of  
transaction costs) and the redemption value recognised in the statement of comprehensive income over the period of borrowings using  
the effective interest method. Fees paid on the establishment of loan facilities that are yield related are included as part of the carrying  
amount of the loans and borrowings. Borrowings are classified as current liabilities unless the Group has an unconditional right to  
defer settlement of the liability for at least 12 months after the reporting date.  
(v) dꢄrꢃvꢁꢅꢃvꢄ fiꢆꢁꢆcꢃꢁl ꢃꢆsꢅruꢇꢄꢆꢅs  
The Group uses derivative financial instruments in the form of forward foreign currency contracts to hedge risks associated with foreign  
currency. Such derivative instruments are initially recognised at fair value on the date a derivative contract is entered into and are  
subsequently remeasured to their fair value. The gain or loss on re-measurement to fair value is recognised immediately in the statement of  
comprehensive income. The fair value of forward foreign exchange contracts is calculated by reference to current forward exchange rates  
for contracts with similar maturity profiles.  
The Group also has external loans payable that have been designated as a hedge of its investment in foreign subsidiaries (net investment  
hedge). Gains or losses on the hedging instruments relating to the effective portion of the hedge are recognised directly in equity while  
any gains or losses relating to the ineffective portion, if any, are recognised immediately in the consolidated statement of comprehensive  
income.  
(w) prꢀvꢃsꢃꢀꢆs  
Provisions are recognised when the Group has a present legal or constructive obligation arising from past transactions or events, it is  
probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the  
obligation. Provisions are not recognised for future operating losses.  
Provisions recognised reflect management’s best estimate of the expenditure required to settle the present obligation at the reporting  
date. Where the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows  
required to settle the obligation at a pre-tax discount rate that reflects the current market assessments of the time value of money and the  
risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a borrowing  
cost.  
8
1
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
1
Summary of significant accounting policies (continued)  
(x) eꢇꢈlꢀyꢄꢄ bꢄꢆꢄfiꢅs  
Liabilities for wages and salaries, including non-monetary benefits and annual leave, expected to be settled within 12 months of the  
reporting date are recognised in respect of employees’ services up to the end of the reporting period and are measured at the amounts  
expected to be paid when the liabilities are settled. The liability for annual leave is recognised in the current provision for employee benefits.  
All other short-term employee benefit obligations are presented as payables.  
The liability for long service leave is recognised in the provision for employee benefits and measured as the present value of expected future  
payments to be made in respect of services provided by employees up to the reporting date. Consideration is given to expected future  
wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market  
yields at the reporting date on national government bonds with terms to maturity and currency that match, as closely as possible, the  
estimated future cash outflows.  
(
y) pꢄꢆsꢃꢀꢆ ꢈlꢁꢆs  
The Group contributes to defined benefit and defined contribution pension plans for the benefit of all employees. Defined benefit pension  
plans provide defined lump sum benefits based on years of service and final average salary. Defined contribution plans receive fixed  
contributions from the Group and the Group’s legal and constructive obligation is limited to these contributions.  
A liability or asset in respect of defined benefit pension plans is recognised in the balance sheet, and is measured as the present value of  
the defined benefit obligation at the reporting date less the fair value of the pension fund’s assets at that date and any unrecognised past  
service cost. The present value of the defined benefit obligation is based on expected future payments which arise from membership of the  
fund to the reporting date, calculated by independent actuaries using the projected unit credit method. Consideration is given to expected  
future wage and salary levels, experience of employee departures and periods of service.  
Expected future payments are discounted using market yields at the reporting date on national government bonds with maturity and  
currency that match, as closely as possible, the estimated future cash outflows. Actuarial gains and losses arising from experience  
adjustments and changes in actuarial assumptions are recognised in retained earnings as incurred.  
Past service costs are recognised immediately in income, unless the changes to the pension fund are conditional on the employees  
remaining in service for a specified period of time (vesting period). In this case, the past service costs are amortised on a straight-line basis  
over the vesting period.  
Future taxes that are funded by the entity and are part of the provision of the existing benefit obligation are taken into account in  
measuring the net liability or asset.  
Contributions to defined contribution pension plans are recognised as an expense as they become payable.  
(z) Shꢁrꢄ-bꢁsꢄꢂ ꢈꢁyꢇꢄꢆꢅ ꢅrꢁꢆsꢁcꢅꢃꢀꢆs  
i. Equity-settled transactions  
The Group provides benefits to its employees (including key management personnel) in the form of share-based payments, whereby  
employees render services in exchange for rights over shares (equity settled transactions). There are currently two plans in place to  
provide these benefits, namely the ‘Senior Executive Share Ownership Plan and Employee Performance Rights Plan’ and the ‘Global  
Employee Share Plan’.  
Under the ‘Senior Executive Share Ownership Plan and Employee Performance Rights Plan’, certain Group executives and employees  
are granted options or performance rights over CSL Limited shares which only vest if the Group and the individual achieve certain  
performance hurdles.  
Under the ‘Global Employee Share Plan’, all employees are granted the option to acquire discounted CSL Limited shares.  
The fair value of options or rights is recognised as an employee benefit expense with a corresponding increase in equity. The fair  
value is independently measured at grant date and recognised over the period during which the employees become unconditionally  
entitled to the options or rights. The fair value at grant date is independently determined using a combination of the Binomial and  
Black Scholes valuation methodologies, taking into account the terms and conditions upon which the options and rights were granted.  
The fair value of the options granted excludes the impact of any non-market vesting conditions. Non-market vesting conditions are  
included in assumptions about the number of options that are expected to vest.  
At each reporting date, the number of options and rights that are expected to vest is revised. The employee benefit expense  
recognised each period takes into account the most recent estimate of the number of options and rights that are expected to vest. No  
expense is recognised for options and rights that do not ultimately vest, except where vesting is conditional upon a market condition  
and that market condition is not met.  
82  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
1
Summary of significant accounting policies (continued)  
(z) Shꢁrꢄ-bꢁsꢄꢂ ꢈꢁyꢇꢄꢆꢅ ꢅrꢁꢆsꢁcꢅꢃꢀꢆs (cꢀꢆꢅꢃꢆuꢄꢂ)  
ii. Cash-settled transactions  
The Group also provides benefits to its employees (including key management personnel) in the form of cash-settled share-based  
payments, whereby employees render services in exchange for cash, the amounts of which are determined by reference to movements  
in the price of the shares of CSL Limited.  
The ultimate cost of these cash-settled transactions will be equal to the actual cash paid to the employees, which will be the fair value  
at settlement date.  
The cumulative cost recognised until settlement is a liability and the periodic determination of this liability is as follows:  
(a) At each reporting date between grant and settlement, the fair value of the award is determined.  
(
b) During the vesting period, the liability recognised at each reporting date is the fair value of the award at that date multiplied by the  
expired portion of the vesting period.  
(c) From the end of the vesting period until settlement, the liability recognised is the full fair value of the liability at the reporting date.  
(d) All changes in the liability are recognised in employee benefits expense for the period.  
The fair value of the liability is determined by reference to the CSL Limited share price at reporting date, adjusted for the dividend yield  
and the number of days left in the vesting period.  
(ꢁꢁ) Cꢀꢆꢅrꢃbuꢅꢄꢂ ꢄquꢃꢅy / Shꢁrꢄ buy-bꢁck rꢄsꢄrvꢄ  
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a  
deduction, net of tax, from the proceeds. Where the Company reacquires its own shares, for example as a result of a share buy-back,  
those shares are cancelled. No gain or loss is recognised in the profit or loss and the consideration paid to acquire the shares, including any  
directly attributable transaction costs net of income taxes, is recognised directly as a reduction from equity.  
(
bb) eꢁrꢆꢃꢆgs ꢈꢄr shꢁrꢄ  
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Parent Company by the weighted average  
number of ordinary shares outstanding during the financial year.  
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after tax effect  
of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of additional  
ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.  
(
cc) dꢃvꢃꢂꢄꢆꢂs  
Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the discretion of the entity, on  
or before the end of the financial year but not distributed at balance date.  
(ꢂꢂ) nꢄw ꢁꢆꢂ rꢄvꢃsꢄꢂ sꢅꢁꢆꢂꢁrꢂs ꢁꢆꢂ ꢃꢆꢅꢄrꢈrꢄꢅꢁꢅꢃꢀꢆs ꢆꢀꢅ yꢄꢅ ꢁꢂꢀꢈꢅꢄꢂ  
Certain new and revised accounting standards and interpretations have been published that are not mandatory for the June 2013 reporting  
period. An assessment of the impact of these new standards and interpretations is set out below.  
New Standards and Amendments to Australian Accounting Standards applicable from 1 July 2013:  
AASB 10, 12, 13, 119, 2012-2, 2012-5, 2012-9, 2011-4, 1053  
This group of standards establish a new control model, introduce changes to the way in which joint arrangements are accounted for,  
change the disclosure of interest in other entities, introduce a single source of guidance for fair value measurement, introduce changes to  
accounting for employee benefits (in particular defined benefit pension plans) amend certain financial instruments disclosures and introduce  
a differential financial reporting framework.  
New Standards and Amendments to Australian Accounting Standards applicable to subsequent financial years:  
1
July 2014: AASB 2012-3, Interpretation 21 (Levies)  
This standard adds application guidance to AASB132 Financial Instruments: Presentation. Interpretation 21 confirms the point at which  
certain liabilities should be recognised.  
1
July 2015: AASB 9  
This standard includes requirements for the classification and measurement of financial assets. These requirements improve and simplify the  
approach when compared to AASB139.  
On the date of their respective first time application, the amended standards are not expected to result in a material change to the manner  
in which the Group’s financial result is determined or upon the extent of disclosures included in future financial reports.  
8
3
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
1
Summary of significant accounting policies (continued)  
ꢄꢄ) Crꢃꢅꢃcꢁl ꢁccꢀuꢆꢅꢃꢆg ꢄsꢅꢃꢇꢁꢅꢄs ꢁꢆꢂ juꢂgꢄꢇꢄꢆꢅs  
(
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported  
amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities,  
contingent liabilities, revenue and expenses. Management bases its judgements and estimates on historical experience and on other various  
factors it believes to be reasonable under the circumstances, the result of which form the basis of the carrying values of assets and liabilities  
that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions and conditions.  
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities  
within subsequent financial years are discussed below.  
i. Testing goodwill and intangible assets for impairment  
On an annual basis, the Group determines whether goodwill and its indefinitely lived intangible assets are impaired in accordance  
with the accounting policy described in note 1(s). In the context of goodwill allocated to specific cash generating units, this requires  
an estimation of the recoverable amount of the cash generating units using a value in use discounted cash flow methodology. In the  
context of indefinite lived intangible assets, this requires an estimation of the discounted net cash inflows that may be generated  
through the use or sale of the intangible asset. The assumptions used in estimating the carrying amount of goodwill and indefinite  
lived intangibles are detailed in note 12.  
ii. Income taxes  
Judgements are required about the application of income tax legislation in jurisdictions in which the Group operates. These  
judgements and assumptions are subject to risk and uncertainty, hence there is a possibility that changes in circumstances will alter  
expectations, which may impact the carrying amount of deferred tax assets and deferred tax liabilities recognised on the balance  
sheet. In such circumstances an adjustment to the carrying value of a deferred tax item will result in a corresponding credit or charge  
to the statement of comprehensive income.  
iii. Trade and other receivables  
Government or Government backed entities, such as hospitals, often account for a significant proportion of the aggregate trade receivable  
balances attributable to the various countries in which the Group operates. In particular countries, most notably Spain, Greece, Italy and  
Portugal, there is some heightened uncertainty as to the timeframe in which trade receivables are likely to be recovered from Government  
and Government related entities and/or the amount likely to be recovered from them due to heightened concerns over sovereign risk.  
Accordingly, in applying the Group’s accounting policy in respect to trade and other receivables as set out in note 1(k), and particularly  
in respect to debts owed by Government and Government related entities in these countries, significant judgement is involved in first  
assessing whether or not trade or other receivable amounts are impaired and thereafter in assessing the extent of impairment.  
2
Segment Information  
dꢄscrꢃꢈꢅꢃꢀꢆ ꢀf Sꢄgꢇꢄꢆꢅs  
Reportable segments are:  
•ꢀ CSLꢀBehringꢀ–ꢀmanufactures,ꢀmarketsꢀandꢀdevelopsꢀplasmaꢀtherapiesꢀ(plasmaꢀproductsꢀandꢀrecombinants).  
•ꢀ bioCSLꢀ-ꢀmanufacturesꢀandꢀdistributesꢀnon-plasmaꢀbiotherapeuticꢀproducts.  
•ꢀ ꢀC SLꢀIntellectualꢀPropertyꢀ–ꢀrevenueꢀandꢀassociatedꢀexpensesꢀfromꢀtheꢀlicensingꢀofꢀIntellectualꢀPropertyꢀgeneratedꢀbyꢀtheꢀGroupꢀtoꢀ  
unrelated third parties and Research & Development expenses on projects where the company has yet to determine the ultimate  
commercialisation strategy.  
Gꢄꢀgrꢁꢈhꢃcꢁl ꢁrꢄꢁs ꢀf ꢀꢈꢄrꢁꢅꢃꢀꢆ  
The Group operates predominantly in four specific geographic areas, namely Australia, the United States of America, Switzerland, and  
Germany. The rest of the Group’s operations are spread across many countries and are collectively disclosed as ‘Rest of World’ in note 2.  
Sꢄgꢇꢄꢆꢅ accꢀuꢆꢅꢃꢆg pꢀlꢃcꢃꢄs  
Inter-segment sales are carried out on an arm’s length basis and reflect current market prices. Segment accounting policies are the same as the  
Group’s policies described in note 1. During the financial year, there were no changes in segment accounting policies.  
Rꢄsꢅꢁꢅꢄꢇꢄꢆꢅ ꢀf ꢈrꢃꢀr yꢄꢁr cꢀꢇꢈꢁrꢁblꢄs  
The company undertook an internal reorganisation of its Australian business with effect from 1 January 2013. With effect from that date the  
Australian plasma operations of the company were integrated with CSL Behring and bioCSL was established as a standalone business focussing on  
the manufacturing and supply of biotherapeutic products. Previously both operations had been components of the Other Human Health segment.  
The final component of the Other Human Health segment was Research & Development expenses on projects where the company has yet to  
determine the ultimate commercialisation strategy. Expenses relating to these projects are now included in the new segment “CSL Intellectual  
Property”. This new segment incorporates income generated by the Group from the commercialisation of intellectual property with unrelated  
third parties. This was previously reported in the Intellectual Property segment.  
The new definition has been applied to the full financial year ended 30 June 2012 as if the changes in structure had been effective from 1 July  
2011, this has been done to facilitate comparability over multiple reporting periods.  
84  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
2
Segment information (continued)  
CSL  
iꢆꢅꢄllꢄcꢅuꢁl  
prꢀꢈꢄrꢅy  
iꢆꢅꢄrsꢄgꢇꢄꢆꢅ  
elꢃꢇꢃꢆꢁꢅꢃꢀꢆ  
Cꢀꢆsꢀlꢃꢂꢁꢅꢄꢂ  
Grꢀuꢈ  
CSL Bꢄhrꢃꢆg  
013  
bꢃꢀCSL  
2
2013  
2013  
2013  
2013  
ꢉS$ꢇ  
ꢉS$ꢇ  
ꢉS$ꢇ  
ꢉS$ꢇ  
ꢉS$ꢇ  
Sales to external customers  
Other revenue (excl interest income)  
tꢀꢅꢁl sꢄgꢇꢄꢆꢅ rꢄvꢄꢆuꢄ  
Interest income  
4,500.9  
3.5  
449.5  
10.9  
-
134.3  
134.3  
-
-
-
4,950.4  
148.7  
5,099.1  
29.4  
4,504.4  
460.4  
Unallocated revenue/income  
Cꢀꢆsꢀlꢃꢂꢁꢅꢄꢂ rꢄvꢄꢆuꢄ  
1.0  
5,129.5  
Sꢄgꢇꢄꢆꢅ eBit  
1,562.2  
(1.5)  
0.2  
-
1,560.9  
(75.2)  
Unallocated revenue/income less unallocated costs  
Cꢀꢆsꢀlꢃꢂꢁꢅꢄꢂ eBit  
1,485.7  
29.4  
Interest income  
Finance costs  
(47.7)  
Cꢀꢆsꢀlꢃꢂꢁꢅꢄꢂ ꢈrꢀfiꢅ bꢄfꢀrꢄ ꢅꢁx  
Income tax expense  
1,467.4  
(251.1)  
1,216.3  
Cꢀꢆsꢀlꢃꢂꢁꢅꢄꢂ ꢆꢄꢅ ꢈrꢀfiꢅ ꢁfꢅꢄr ꢅꢁx  
Amortisation  
31.1  
120.7  
-
26.8  
25.3  
-
7.6  
7.8  
-
-
-
31.1  
155.1  
Depreciation  
Sꢄgꢇꢄꢆꢅ eBitda  
1,714.0  
1,747.1  
(75.2)  
15.4  
Unallocated revenue/income less unallocated costs  
Unallocated depreciation and amortisation  
Cꢀꢆsꢀlꢃꢂꢁꢅꢄꢂ eBitda  
1,687.3  
Sꢄgꢇꢄꢆꢅ ꢁssꢄꢅs  
5,117.6  
2,115.4  
369.8  
121.1  
27.9  
(54.2)  
(54.2)  
5,461.1  
1,560.8  
(1,046.4)  
Other unallocated assets  
Elimination of amounts between operating  
segments and unallocated  
tꢀꢅꢁl ꢁssꢄꢅs  
5,975.5  
Sꢄgꢇꢄꢆꢅ lꢃꢁbꢃlꢃꢅꢃꢄs  
4.2  
2,186.5  
1,828.6  
(1,046.4)  
Other unallocated liabilities  
Elimination of amounts between operating  
segments and unallocated  
tꢀꢅꢁl lꢃꢁbꢃlꢃꢅꢃꢄs  
2,968.7  
oꢅhꢄr ꢃꢆfꢀrꢇꢁꢅꢃꢀꢆ - cꢁꢈꢃꢅꢁl ꢄxꢈꢄꢆꢂꢃꢅurꢄ  
Payments for property, plant and equipment  
Payments for software intangibles  
407.3  
16.9  
16.6  
-
9.3  
-
-
-
-
433.2  
16.9  
tꢀꢅꢁl cꢁꢈꢃꢅꢁl ꢄxꢈꢄꢆꢂꢃꢅurꢄ  
424.2  
16.6  
9.3  
450.1  
8
5
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
2
Segment information (continued)  
CSL  
iꢆꢅꢄllꢄcꢅuꢁl  
prꢀꢈꢄrꢅy  
iꢆꢅꢄrsꢄgꢇꢄꢆꢅ  
elꢃꢇꢃꢆꢁꢅꢃꢀꢆ  
Cꢀꢆsꢀlꢃꢂꢁꢅꢄꢂ  
Grꢀuꢈ  
CSL Bꢄhrꢃꢆg  
012  
bꢃꢀCSL  
2
2012  
2012  
2012  
2012  
ꢉS$ꢇ  
ꢉS$ꢇ  
ꢉS$ꢇ  
ꢉS$ꢇ  
ꢉS$ꢇ  
Sales to external customers  
Other revenue (excl interest income)  
tꢀꢅꢁl sꢄgꢇꢄꢆꢅ rꢄvꢄꢆuꢄ  
Interest income  
4,193.4  
5.1  
423.0  
7.9  
-
141.4  
141.4  
-
-
-
4,616.4  
154.4  
4,770.8  
42.8  
4,198.5  
430.9  
Unallocated revenue/income  
Cꢀꢆsꢀlꢃꢂꢁꢅꢄꢂ rꢄvꢄꢆuꢄ  
-
4,813.6  
Sꢄgꢇꢄꢆꢅ eBit  
1,273.3  
22.1  
13.9  
-
1,309.3  
(41.6)  
Unallocated revenue/income less unallocated costs  
Cꢀꢆsꢀlꢃꢂꢁꢅꢄꢂ eBit  
1,267.7  
42.8  
Interest income  
Finance costs  
(40.5)  
Cꢀꢆsꢀlꢃꢂꢁꢅꢄꢂ ꢈrꢀfiꢅ bꢄfꢀrꢄ ꢅꢁx  
Income tax expense  
1,270.0  
(246.1)  
1,023.9  
Cꢀꢆsꢀlꢃꢂꢁꢅꢄꢂ ꢆꢄꢅ ꢈrꢀfiꢅ ꢁfꢅꢄr ꢅꢁx  
Amortisation  
29.7  
116.6  
-
12.2  
34.3  
-
8.3  
-
-
-
29.7  
137.1  
Depreciation  
Sꢄgꢇꢄꢆꢅ eBitda  
1,419.6  
22.2  
1,476.1  
(41.6)  
Unallocated revenue/income less unallocated costs  
Unallocated depreciation and amortisation  
Cꢀꢆsꢀlꢃꢂꢁꢅꢄꢂ eBitda  
11.2  
1,445.7  
Sꢄgꢇꢄꢆꢅ ꢁssꢄꢅs  
4,784.3  
2,025.9  
342.4  
21.2  
(20.6)  
(20.6)  
5,127.3  
1,635.7  
(861.7)  
Other unallocated assets  
Elimination of amounts between operating  
segments and unallocated  
tꢀꢅꢁl ꢁssꢄꢅs  
5,901.3  
Sꢄgꢇꢄꢆꢅ lꢃꢁbꢃlꢃꢅꢃꢄs  
77.2  
4.0  
2,086.5  
1,199.8  
(861.7)  
Other unallocated liabilities  
Elimination of amounts between operating  
segments and unallocated  
tꢀꢅꢁl lꢃꢁbꢃlꢃꢅꢃꢄs  
2,424.6  
oꢅhꢄr ꢃꢆfꢀrꢇꢁꢅꢃꢀꢆ - cꢁꢈꢃꢅꢁl ꢄxꢈꢄꢆꢂꢃꢅurꢄ  
Payments for property, plant and equipment  
Payments for software intangibles  
278.9  
14.2  
20.4  
-
9.9  
-
-
-
-
309.2  
14.2  
tꢀꢅꢁl cꢁꢈꢃꢅꢁl ꢄxꢈꢄꢆꢂꢃꢅurꢄ  
293.1  
20.4  
9.9  
323.4  
86  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
2
Segment information (continued)  
Geographic areas  
Australia United States  
Switzerland  
Germany Rest of world  
Total  
Juꢆꢄ 2013  
ꢉS$ꢇ  
630.3  
ꢉS$ꢇ  
ꢉS$ꢇ  
ꢉS$ꢇ  
739.4  
ꢉS$ꢇ  
ꢉS$ꢇ  
External sales revenue  
1,868.2  
148.4  
1,564.1  
4,950.4  
2,442.9  
Property, plant, equipment  
and intangible assets  
563.3  
587.8  
1,005.6  
276.7  
9.5  
June 2012  
External sales revenue  
604.1  
553.0  
1,774.6  
472.0  
146.5  
969.0  
678.8  
238.8  
1,412.4  
13.4  
4,616.4  
2,246.2  
Property, plant, equipment and  
intangible assets  
Consolidated Group  
013  
2
2012  
ꢉS$ꢇ  
ꢉS$ꢇ  
3
Revenue and eꢂpenses  
Rꢄvꢄꢆuꢄ  
Sales revenue  
4,950.4  
4,616.4  
oꢅhꢄr rꢄvꢄꢆuꢄ  
Royalties and licence revenue  
Finance revenue  
129.7  
29.4  
142.3  
42.8  
Rent  
1.3  
1.3  
Other revenue  
18.7  
10.8  
Total other revenues  
Total revenue from continuing operations  
179.1  
5,129.5  
197.2  
4,813.6  
Fꢃꢆꢁꢆcꢄ rꢄvꢄꢆuꢄ cꢀꢇꢈrꢃsꢄs:  
Interest income:  
Other persons and/or corporations  
Total finance revenue  
29.4  
29.4  
42.8  
42.8  
Fꢃꢆꢁꢆcꢄ cꢀsꢅs  
Interest expense:  
Other persons and/or corporations  
Total finance costs  
47.7  
47.7  
40.5  
40.5  
8
7
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
2
013  
2012  
nꢀꢅꢄs  
ꢉS$ꢇ  
ꢉS$ꢇ  
3
Revenue and eꢂpenses (continued)  
dꢄꢈrꢄcꢃꢁꢅꢃꢀꢆ ꢁꢆꢂ ꢁꢇꢀrꢅꢃsꢁꢅꢃꢀꢆ  
Depreciation and amortisation of fixed assets  
Building depreciation  
10  
10  
10  
10  
13.7  
146.7  
2.8  
13.9  
125.4  
3.0  
1
Plant and equipment depreciation  
Leased property, plant and equipment amortisation  
Leasehold improvements amortisation  
7.3  
6.1  
Total depreciation and amortisation of fixed assets  
170.5  
148.4  
Amortisation of intangibles  
Intellectual property  
12  
12  
16.7  
14.4  
31.1  
18.8  
10.8  
29.6  
Software  
Total amortisation of intangibles  
Total depreciation, amortisation and impairment expense  
201.6  
178.0  
oꢅhꢄr ꢄxꢈꢄꢆsꢄs  
Write-down of inventory to net realisable value  
Doubtful debts  
46.0  
(3.3)  
0.6  
78.5  
27.1  
2.5  
Net loss on disposal of property, plant and equipment  
Net foreign exchange loss  
13.0  
7.7  
Lꢄꢁsꢄ ꢈꢁyꢇꢄꢆꢅs ꢁꢆꢂ rꢄlꢁꢅꢄꢂ ꢄxꢈꢄꢆsꢄs  
Rental expenses relating to operating leases  
32.9  
34.7  
eꢇꢈlꢀyꢄꢄ bꢄꢆꢄfiꢅs ꢄxꢈꢄꢆsꢄ  
Salaries and wages  
1,039.0  
1.6  
985.1  
20.6  
Defined benefit plan expense  
Defined contribution plan expense  
Share based payments expense (LTI)  
Share based payments expense (EDIP)  
Total employee benefits expense  
26(ꢁ)  
26(b)  
21  
23.5  
19.8  
16.2  
12.1  
27  
36.9  
11.7  
1,117.2  
1,049.3  
1
The increase in plant and equipment depreciation reflects the change in depreciation methodology discussed in Note 1(o) and is related to the influenza vaccine production assets.  
88  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
013  
2
2012  
nꢀꢅꢄs  
ꢉS$ꢇ  
ꢉS$ꢇ  
4
Income taꢂ eꢂpense  
Income taꢂ eꢂpense recognised in the statement of comprehensive income  
Current tax expense  
Current year  
302.6  
266.1  
Deferred tax expense  
Origination and reversal of temporary differences  
Total deferred tax expense  
11  
(47.2)  
(47.2)  
(4.3)  
(19.4)  
(19.4)  
(0.6)  
Over provided in prior years  
Income tax expense  
251.1  
246.1  
Reconciliation between tax expense and pre-tax net profit  
The reconciliation between tax expense and the product of accounting profit before income  
tax multiplied by the Group’s applicable income tax rate is as follows:  
Accounting profit before income tax  
Income tax calculated at 30% (2012: 30%)  
Research and development  
1,467.4  
440.2  
(13.7)  
(0.6)  
1,270.0  
381.0  
(10.7)  
4.1  
Other non-deductible items  
Effects of different rates of tax on overseas income  
Over provision in prior year  
(170.5)  
(4.3)  
(127.7)  
(0.6)  
Income tax expense  
251.1  
246.1  
Income taꢂ recognised directly in equity  
Deferred tax benefit  
Share based payments  
11.3  
11.3  
1.0  
1.0  
Income tax benefit recognised in equity  
11  
8
9
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
2
013  
2012  
ꢉS$ꢇ  
ꢉS$ꢇ  
5
Earnings Per Share  
Earnings used in calculating basic and dilutive earnings per share comprises:  
Profit attributable to ordinary shareholders  
1,216.3  
1,023.9  
Number of shares  
2
013  
2012  
Weighted average number of ordinary shares used in the calculation of basic earnings per share:  
498,606,572  
519,233,274  
Effect of dilutive securities:  
Employee options  
755,853  
935,133  
17,966  
95,871  
965,977  
9,380  
Employee performance rights  
Global employee share plan  
Adjusted weighted average number of ordinary shares used in the calculation of diluted  
earnings per share:  
500,315,524  
520,304,502  
Conversions, calls, subscription or issues after 30 June 2013  
Subsequent to 30 June 2013, 6,863 shares have been issued to employees as a result of the exercise of performance rights and performance  
options. There have been no other conversions to, calls of, or subscriptions for ordinary shares or issues of ordinary or potential ordinary  
shares since the reporting date and before the completion of this financial report.  
Options and performance rights  
Options and performance rights granted to employees are considered to be potential ordinary shares that have been included in the  
determination of diluted earnings per share to the extent to which they are dilutive. The options and rights have not been included in the  
determination of basic earnings per share.  
Consolidated Group  
2
013  
2012  
ꢉS$ꢇ  
1 July 2011  
ꢉS$ꢇ  
ꢉS$ꢇ  
6
Cash and cash equivalents  
Cash at bank and on hand  
Cash deposits  
203.5  
558.7  
762.2  
342.3  
829.1  
316.9  
198.3  
515.2  
Total cash and cash equivalents  
1,171.4  
Note 25(a) contains a reconciliation of the above figures to cash at the end of the financial year as shown in the statement of cash flows.  
90  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
2
013  
2012  
ꢉS$ꢇ  
1 July 2011  
ꢉS$ꢇ  
ꢉS$ꢇ  
7
Trade and other receivables  
Current  
Trade receivables  
778.5  
(40.9)  
723.6  
(46.2)  
677.4  
77.7  
789.2  
(24.6)  
764.6  
72.1  
Less: Provision for impairment loss (i)  
737.6  
Sundry receivables  
77.2  
35.7  
Prepayments  
28.7  
32.3  
Carrying amount of current trade and other receivables*  
850.5  
783.8  
869.0  
Non Current  
Related parties  
Loans to other employees  
Long term deposits  
0.2  
1.5  
6.9  
8.6  
0.1  
3.6  
1.2  
-
Other receivables  
6.7  
3.7  
4.9  
Carrying amount of non current trade and other receivables*  
10.4  
*
The carrying amount disclosed above is a reasonable approximation of fair value. The maximum exposure to credit risk at the reporting  
date is the carrying amount of each class of receivable disclosed above. Refer to note 34 for more information on the risk management  
policy of the Group and the credit quality of trade receivables.  
(
i) Past due but not impaired and impaired trade receivables  
As at 30 June 2013, the Group had current trade receivables which were impaired and had a nominal value of $40.9m (2012: $46.2m).  
These receivables have been provided for within the Group’s provisions for impairment loss. Amounts charged to the provision account  
are generally written off when there is no expectation of recovering additional cash. Movements in the provision for impairment loss are  
reconciled as follows:  
Opening balance at 1 July  
46.2  
(7.2)  
1.9  
24.6  
26.5  
(4.9)  
46.2  
Additional allowance/(utilised/written back)  
Currency translation differences  
Closing balance at 30 June  
40.9  
Debts which are past due and not impaired are set out in the credit risk analysis in note 34.  
(
ii) Other receivables  
The other classes within trade and other receivables do not contain impaired or overdue receivable amounts and it is expected that all of  
these amounts will be received when due. The Group does not hold any collateral in respect to other receivable balances.  
9
1
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
2
013  
2012  
ꢉS$ꢇ  
1 July 2011  
ꢉS$ꢇ  
ꢉS$ꢇ  
8
Inventories  
Raw materials and stores at the lower of cost and net realisable value  
Work in progress at the lower of cost and net realisable value  
Finished goods at the lower of cost and net realisable value  
Total inventories at the lower of cost and net realisable value  
367.1  
564.7  
320.9  
421.2  
306.6  
497.0  
707.6  
740.6  
761.2  
1,639.4  
1,482.7  
1,564.8  
9
Other financial assets  
Current  
At fair value through the profit or loss:  
Managed financial assets (held for trading)  
Total current other financial assets as at 30 June  
0.5  
0.5  
1.8  
1.8  
19.3  
19.3  
Non-current  
At fair value through the profit or loss:  
Managed financial assets  
1.0  
1.0  
1.1  
1.1  
2.4  
2.4  
Total non-current other financial assets as at 30 June  
92  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
013  
2
2012  
ꢉS$ꢇ  
ꢉS$ꢇ  
10 Property, Plant and Equipment  
Lꢁꢆꢂ ꢁꢅ cꢀsꢅ  
Opening balance 1 July  
25.6  
(2.1)  
23.5  
27.2  
(1.6)  
25.6  
Currency translation differences  
Closing balance 30 June  
Buꢃlꢂꢃꢆgs ꢁꢅ cꢀsꢅ  
Opening balance 1 July  
296.2  
25.6  
305.1  
17.5  
Transferred from capital work in progress  
Disposals  
(0.7)  
(8.8)  
312.3  
(0.6)  
Currency translation differences  
Closing balance 30 June  
Accumulated depreciation and impairment losses  
Opening balance 1 July  
(25.8)  
296.2  
87.5  
13.7  
82.5  
13.9  
Depreciation for the year  
Disposals  
(0.6)  
(2.0)  
98.6  
(0.4)  
Currency translation differences  
Closing balance 30 June  
Net book value of buildings  
Net book value of land and buildings  
Lꢄꢁsꢄhꢀlꢂ ꢃꢇꢈrꢀvꢄꢇꢄꢆꢅs ꢁꢅ cꢀsꢅ  
Opening balance 1 July  
(8.5)  
87.5  
213.7  
237.2  
208.7  
234.3  
84.4  
16.6  
1.6  
68.5  
16.6  
0.5  
Transferred from capital work in progress  
Other additions  
Disposals  
(1.3)  
(1.5)  
99.8  
(0.9)  
(0.3)  
84.4  
Currency translation differences  
Closing balance 30 June  
Accumulated amortisation and impairment  
Opening balance 1 July  
27.0  
7.3  
21.5  
6.1  
Amortisation for the year  
Disposals  
(1.2)  
0.1  
(0.8)  
0.2  
Currency translation differences  
Closing balance 30 June  
Net book value of leasehold improvements  
33.2  
66.6  
27.0  
57.4  
9
3
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
2
013  
2012  
ꢉS$ꢇ  
ꢉS$ꢇ  
10 Property, Plant and Equipment (continued)  
plꢁꢆꢅ ꢁꢆꢂ ꢄquꢃꢈꢇꢄꢆꢅ ꢁꢅ cꢀsꢅ  
Opening balance 1 July  
1,621.6  
143.0  
15.8  
1,628.1  
137.7  
Transferred from capital work in progress  
Other additions  
16.9  
Disposals  
(23.7)  
(21.0)  
1,735.7  
(18.9)  
Currency translation differences  
Closing balance 30 June  
(142.2)  
1,621.6  
Accumulated depreciation and impairment  
Opening balance 1 July  
852.6  
146.7  
(23.2)  
(12.0)  
964.1  
771.6  
819.0  
125.4  
(18.0)  
(73.8)  
852.6  
769.0  
Depreciation for the year  
Disposals  
Currency translation differences  
Closing balance 30 June  
Net book value of plant and equipment  
Lꢄꢁsꢄꢂ ꢈrꢀꢈꢄrꢅy, ꢈlꢁꢆꢅ ꢁꢆꢂ ꢄquꢃꢈꢇꢄꢆꢅ ꢁꢅ cꢀsꢅ  
Opening balance 1 July  
30.9  
2.4  
35.3  
1.1  
Other additions  
Disposals  
(1.2)  
1.8  
(1.3)  
(4.2)  
30.9  
Currency translation differences  
Closing balance 30 June  
33.9  
Accumulated amortisation and impairment  
Opening balance  
15.0  
2.8  
15.4  
3.0  
Amortisation for the year  
Disposals  
(0.8)  
1.4  
(0.9)  
(2.5)  
15.0  
15.9  
Currency translation differences  
Closing balance 30 June  
18.4  
15.5  
Net book value of leased property, plant and equipment  
Cꢁꢈꢃꢅꢁl wꢀrk ꢃꢆ ꢈrꢀgrꢄss  
Opening balance 1 July  
304.3  
403.1  
-
171.8  
324.6  
(1.0)  
Other additions  
Disposals  
Transferred to buildings at cost  
Transferred to plant and equipment at cost  
Transferred to leasehold improvements at cost  
Transfers to intangibles  
(25.6)  
(143.0)  
(16.6)  
(4.6)  
(17.5)  
(137.7)  
(16.6)  
-
Currency translation differences  
Closing balance 30 June  
(21.3)  
496.3  
1,587.2  
(19.3)  
304.3  
1,380.9  
tꢀꢅꢁl ꢆꢄꢅ bꢀꢀk vꢁluꢄ ꢀf ꢈrꢀꢈꢄrꢅy, ꢈlꢁꢆꢅ ꢁꢆꢂ ꢄquꢃꢈꢇꢄꢆꢅ  
94  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
2
013  
2012  
ꢉS$ꢇ  
1 July 2011  
ꢉS$ꢇ  
ꢉS$ꢇ  
11 Deferred taꢂ assets and liabilities  
Deferred tax asset  
263.7  
(115.0)  
148.7  
198.5  
(111.1)  
87.4  
187.2  
(131.3)  
55.9  
Deferred tax liability  
nꢄꢅ ꢂꢄfꢄrrꢄꢂ ꢅꢁx ꢁssꢄꢅ/(lꢃꢁbꢃlꢃꢅy)  
dꢄfꢄrrꢄꢂ ꢅꢁx bꢁlꢁꢆcꢄs rꢄflꢄcꢅ ꢅꢄꢇꢈꢀrꢁry ꢂꢃffꢄrꢄꢆcꢄs ꢁꢅꢅrꢃbuꢅꢁblꢄ ꢅꢀ:  
Amounts recognised in the statement of comprehensive income  
Trade and other receivables  
0.9  
107.8  
(58.7)  
(76.6)  
(0.7)  
15.7  
0.1  
(8.8)  
91.8  
(71.5)  
(43.1)  
(0.6)  
10.5  
3.9  
Inventories  
Property, plant and equipment  
Intangible assets  
Other assets  
Trade and other payables  
Interest bearing liabilities  
Other liabilities and provisions  
58.9  
31.2  
26.6  
16.5  
11.0  
50.9  
30.6  
10.4  
8.6  
Retirement assets/(liabilities)  
Taxꢀbasesꢀnotꢀinꢀnetꢀassetsꢀ–ꢀshareꢀbasedꢀpayments  
Recognised carry-forward tax losses  
Research and development offsets  
-
132.7  
82.7  
Amounts recognised in equity  
Capital raising costs  
1.8  
1.8  
2.9  
Share based payments  
14.2  
16.0  
4.7  
nꢄꢅ ꢂꢄfꢄrrꢄꢂ ꢅꢁx ꢁssꢄꢅ/(lꢃꢁbꢃlꢃꢅy)  
148.7  
87.4  
mꢀvꢄꢇꢄꢆꢅ ꢃꢆ ꢅꢄꢇꢈꢀrꢁry ꢂꢃffꢄrꢄꢆcꢄs ꢂurꢃꢆg ꢅhꢄ yꢄꢁr  
Opening balance  
87.4  
47.2  
5.3  
55.9  
19.4  
15.9  
1.0  
Credited/(charged) to profit before tax  
Credited/(charged) to other comprehensive income  
Credited/(charged) to equity  
11.3  
(2.5)  
148.7  
Currency translation difference  
(4.8)  
87.4  
Closing balance  
ꢉꢆrꢄcꢀgꢆꢃsꢄꢂ ꢂꢄfꢄrrꢄꢂ ꢅꢁx ꢁssꢄꢅs  
Deferred tax assets have not been recognised in respect of the following items:  
Tax losses:  
Expiry date in less than 1 year  
No expiry date  
-
0.1  
0.7  
0.8  
0.6  
0
.6  
Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable profit will be available for  
utilisation in the entities that have recorded these losses.  
9
5
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
2013  
2012  
ꢉS$ꢇ  
ꢉS$ꢇ  
12 Intangible Assets  
Cꢁrryꢃꢆg ꢁꢇꢀuꢆꢅs  
Gꢀꢀꢂwꢃll  
Opening balance at 1 July  
Currency translation differences  
Closing balance at 30 June  
iꢆꢅꢄllꢄcꢅuꢁl ꢈrꢀꢈꢄrꢅy  
682.2  
5.3  
766.0  
(83.8)  
682.2  
687.5  
Opening balance at 1 July  
Additions  
345.2  
0.2  
381.4  
0.6  
Transfers  
(0.7)  
(2.1)  
(10.8)  
331.8  
-
Disposals  
(1.6)  
(35.2)  
345.2  
Currency translation differences  
Closing balance at 30 June  
Accumulated amortisation and impairment  
Opening balance at 1 July  
Amortisation for the year  
Currency translation differences  
Closing balance at 30 June  
Net intellectual property  
Sꢀfꢅwꢁrꢄ  
213.6  
16.7  
213.7  
18.8  
(9.9)  
(18.9)  
213.6  
131.6  
220.4  
111.4  
Opening balance at 1 July  
Additions  
72.0  
0.7  
58.5  
0.6  
Transfers from intangible capital work in progress  
Currency translation differences  
Closing balance at 30 June  
Accumulated amortisation and impairment  
Opening balance at 1 July  
Amortisation for the year  
Currency translation differences  
Closing balance at 30 June  
Net Software  
18.6  
0.1  
15.0  
(2.1)  
72.0  
91.4  
29.9  
14.4  
0.1  
20.2  
10.8  
(1.1)  
29.9  
42.1  
44.4  
47.0  
iꢆꢅꢁꢆgꢃblꢄ cꢁꢈꢃꢅꢁl wꢀrk ꢃꢆ ꢈrꢀgrꢄss  
Opening balance at 1 July  
Additions  
9.4  
13.7  
(17.9)  
4.6  
11.4  
13.3  
(15.0)  
-
Transfers  
Transfers from property, plant and equipment  
Currency translation differences  
Closing balance at 30 June  
tꢀꢅꢁl ꢆꢄꢅ ꢃꢆꢅꢁꢆgꢃblꢄ ꢁssꢄꢅs ꢁs ꢁꢅ 30 Juꢆꢄ  
-
(0.3)  
9.4  
9.8  
855.7  
865.3  
The amortisation charge is recognised in general and administration expenses in the statement of comprehensive income.  
96  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
013  
2
2012  
ꢉS$ꢇ  
ꢉS$ꢇ  
12 Intangible Assets (continued)  
iꢇꢈꢁꢃrꢇꢄꢆꢅ ꢅꢄsꢅs fꢀr cꢁsh gꢄꢆꢄrꢁꢅꢃꢆg uꢆꢃꢅs cꢀꢆꢅꢁꢃꢆꢃꢆg gꢀꢀꢂwꢃll  
For the purpose of impairment testing, goodwill is allocated to the business unit which  
represents the lowest level within the Group at which the goodwill is monitored for internal  
management purposes. The aggregate carrying amounts of goodwill allocated to each unit  
are as follows:  
CSL Behring  
676.3  
11.2  
669.9  
12.3  
CSL Intellectual Property  
Closing balance of goodwill as at 30 June  
687.5  
682.2  
The impairment tests for these cash generating units are based on value in use calculations. These calculations use cash flow projections  
based on actual operating results and the three-year strategic business plan, after which a terminal value is calculated based on a business  
valuation multiple. The valuation multiple has been calculated based on independent external analyst views, long term government bond  
rates and the company’s pre-tax cost of debt. Projected cash flows have been discounted by using the implied pre-tax discount rate 9.5%  
(2012: 8.9%) associated with the business valuation multiple discussed above. Each unit’s recoverable amount exceeds the carrying value  
of its net assets, inclusive of goodwill. It is not considered a reasonable possibility for a change in assumptions to occur that would lead to a  
unit’s recoverable amount falling below the carrying value of each unit’s respective net assets.  
Consolidated Group  
2
013  
2012  
ꢉS$ꢇ  
1 July 2011  
ꢉS$ꢇ  
ꢉS$ꢇ  
13 Retirement benefit assets and liabilities  
Rꢄꢅꢃrꢄꢇꢄꢆꢅ bꢄꢆꢄfiꢅ ꢁssꢄꢅs  
Non-current defined benefit plans (refer note 26)  
-
-
2.8  
Rꢄꢅꢃrꢄꢇꢄꢆꢅ bꢄꢆꢄfiꢅ lꢃꢁbꢃlꢃꢅꢃꢄs  
Non-current defined benefit plans (refer note 26)  
179.5  
169.6  
122.4  
9
7
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
2
013  
2012  
ꢉS$ꢇ  
1 July 2011  
ꢉS$ꢇ  
ꢉS$ꢇ  
14 Trade and other payables  
Current  
Trade payables  
261.1  
362.7  
24.1  
220.9  
315.4  
-
263.0  
267.4  
-
Accruals and other payables  
Share based payments (EDIP)  
Carrying amount of current trade and other payables  
647.9  
536.3  
530.4  
Non-current  
Share based payments (EDIP)  
23.2  
23.2  
15.4  
15.4  
4.3  
4.3  
Carrying amount of non-current trade and other payables  
15 Interest-bearing liabilities and borrowings  
Current  
Bankꢀoverdraftsꢀ–ꢀUnsecuredꢀ  
Bankꢀloansꢀ–ꢀUnsecuredꢀ(a)  
SeniorꢀUnsecuredꢀNotesꢀ–ꢀUnsecuredꢀ(b)  
Leaseꢀliabilityꢀ–ꢀSecuredꢀ(c)  
2.4  
-
3.3  
-
0.6  
224.7  
14.7  
-
163.4  
2.9  
3.3  
3.1  
5.7  
169.6  
243.1  
Non-current  
Bankꢀloansꢀ–ꢀUnsecuredꢀ(a)  
Senior Unsecured Notes - Unsecured (b)  
Lease liability - Secured (c)  
406.6  
1,243.5  
23.1  
351.4  
744.8  
-
175.2  
29.1  
23.8  
1,673.2  
1,120.0  
204.3  
(a) The Group has three revolving committed bank facilities. These facilities mature in November 2016. Interest on the facilities is paid  
quarterly in arrears at a variable rate. As at the reporting date the Group had $391.5 million in undrawn funds available under these  
facilities.  
(
b) Represents US$1,250.0 million of Senior Unsecured Notes placed into the US Private Placement market. The notes mature in March 2018  
(
(
US$100m), November 2018 (US$200m), March 2020 (US$150m), November 2021 (US$250m), March 2023 (US$150m), November 2023  
US$200m), March 2025 (US$100m) and November 2026 (US$100m). The weighted average interest rate on the notes is fixed at 3.41%.  
(c) Finance leases have an average lease term of 12 years (2012: 12 years). The weighted average discount rate implicit in the leases is 5.85%  
(2012: 5.65%). The Group’s lease liabilities are secured by leased assets of $15.5 million (2012: $15.9m). In the event of default, leased  
assets revert to the lessor.  
The Company is in compliance with all debt covenants.  
Note 34 has further information about the Group’s exposure to interest rate risk, foreign exchange risk and the fair value of financial assets  
and liabilities.  
98  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
2
013  
2012  
ꢉS$ꢇ  
1 July 2011  
ꢉS$ꢇ  
ꢉS$ꢇ  
16 Taꢂ liabilities  
Current tax receivable  
6.7  
5.4  
5.4  
-
-
6.7  
Current income tax liability  
159.9  
141.7  
141.7  
141.5  
141.5  
159.9  
17 Provisions  
Current  
Employee benefits  
81.6  
81.7  
76.9  
Restructuring  
Onerous contracts  
Other  
5.3  
-
6.6  
10.3  
1.7  
4.4  
11.9  
2.0  
1.5  
88.4  
100.3  
95.2  
Non-current  
Employee benefits  
Other  
33.4  
0.8  
27.2  
0.8  
29.4  
1.2  
3
4.2  
28.0  
30.6  
Restructuring  
A restructuring provision is recognised when the main features of the restructuring are planned. Restructuring plans must set out the  
businesses, locations and approximate number of employees affected and the expenditures that will be undertaken, together with an  
implementation timetable. There must be a demonstrable commitment and valid expectation in those affected that the restructuring plan  
will be implemented prior to a provision being recognised.  
Onerous contracts  
The provision recognised is based on the excess of the estimated cash flows to meet the unavoidable costs, over the estimated cash flows  
to be received in relation to certain contracts, having regard to the risks of the activities relating to the contracts. During the financial year  
the final onerous contract matter relating to the acquisition of Aventis Behring was resolved in the Company’s favour. Accordingly the  
provision is no longer required and has been reversed.  
Discounting  
Where the effect of discounting is determined to be material to the provision, the net estimated cash flows are discounted using a pre-tax  
discount rate reflecting current market assessments of the time value of money and the risks specific to the liability.  
9
9
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
2
013  
2012  
ꢉS$ꢇ  
1 July 2011  
ꢉS$ꢇ  
ꢉS$ꢇ  
17 Provisions (continued)  
mꢀvꢄꢇꢄꢆꢅs ꢃꢆ ꢈrꢀvꢃsꢃꢀꢆs  
Restructuring  
Opening balance  
Provided  
6.6  
4.0  
4.4  
3.4  
Payments made  
(4.8)  
(0.5)  
5.3  
(1.1)  
(0.1)  
6.6  
Currency differences  
Closing balance  
Onerous contracts  
Opening balance  
Reversal of provision no longer required  
Currency differences  
Closing balance  
10.3  
(10.6)  
0.3  
11.9  
-
(1.6)  
10.3  
-
Other  
Opening balance  
Additional provision  
Payments made  
2.5  
0.6  
3.2  
0.3  
(0.6)  
(0.2)  
2.3  
(0.6)  
(0.4)  
2.5  
Currency differences  
Closing balance  
18 Deferred government grants  
Current deferred income  
0.9  
37.0  
37.9  
1.0  
30.2  
31.2  
1.1  
20.3  
21.4  
Non-current deferred income  
Total deferred government grants  
19 Derivative financial instruments – current liabilities  
Forward Currency Contracts  
3.8  
1.4  
5.4  
The Group has entered into forward currency contracts as an economic hedge against variations in the value of certain  
trade payable amounts due to currency fluctuations. All movements in the fair value of these forward currency contracts  
are recognised in the profit and loss when they occur.  
100  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
2
013  
2012  
ꢉS$ꢇ  
1 July 2011  
ꢉS$ꢇ  
ꢉS$ꢇ  
20 Contributed equity  
Ordinary shares issued and fully paid  
Share buy-back reserve  
-
(1,978.3)  
(1,978.3)  
-
(869.1)  
(869.1)  
-
(228.0)  
(228.0)  
Total contributed equity  
Ordinary shares have the right to receive dividends as declared and, in the event of winding up the company, to participate in the proceeds from  
the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares entitle their holder to one vote,  
either in person or proxy, at a meeting of the company.  
Due to share buy-backs, the balance for ordinary share contributed equity has been reduced to nil, and a reserve created to reflect the excess of  
shares bought over the original amount of subscribed capital.  
2013  
2012  
nuꢇbꢄr ꢀf  
nuꢇbꢄr ꢀf  
shꢁrꢄs  
ꢉS$ꢇ  
shꢁrꢄs  
ꢉS$ꢇ  
mꢀvꢄꢇꢄꢆꢅ ꢃꢆ cꢀꢆꢅrꢃbuꢅꢄꢂ ꢄquꢃꢅy  
Opening balance at 1 July  
506,929,847  
(869.1)  
524,840,532  
(228.0)  
Shares issued to employees via:  
-
-
-
Performance Options (i)  
Performance Rights (for nil consideration)  
GESP (ii)  
853,680  
364,264  
30.4  
-
163,814  
240,178  
3.6  
-
5.4  
171,111  
5.7  
207,576  
Share buy-back, inclusive of cost  
Tax Adjustment  
(20,966,720)  
-
(1,135.6)  
(9.7)  
(18,522,253)  
-
(650.1)  
-
Closing balance  
487,352,182  
(1,978.3)  
506,929,847  
(869.1)  
Consolidated Group  
013  
2
2012  
ꢉS$ꢇ  
ꢉS$ꢇ  
(
i) Options exercised under Performance Option plans as disclosed in note 27 were as follows  
-
-
-
-
-
97,762 issued at A$17.48 (2012: 128,670 issued at A$17.48)  
342,918 issued at A$35.46 (2012: 30,849 issued at A$35.46)  
3,240 issued at A$36.23 (2012: Nil)  
1.8  
12.6  
0.1  
2.3  
1.1  
-
393,166 issued at A$37.91 (2012: 4,295 issued at A$37.91)  
7,104 issued at A$32.50 (2012: Nil)  
15.4  
0.2  
0.2  
-
-
-
2,550 issued at A$33.45 (2012: Nil)  
6,940 issued at A$29.34 (2012: Nil)  
0.1  
0.2  
-
-
30.4  
3.6  
(
ii) Shares issued to employees under Global Employee Share Plan (GESP) as disclosed in note 27  
were as follows:  
-
-
95,521 issued at A$27.87 on 7 September 2012  
75,590 issued at A$37.45 on 7 March 2013  
2.8  
2.9  
2.7  
2.7  
5.4  
5.7  
1
01  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
2
013  
2012  
ꢉS$ꢇ  
1 July 2011  
ꢉS$ꢇ  
ꢉS$ꢇ  
21 Reserves  
Share based payments reserve  
127.0  
451.3  
-
96.3  
536.6  
-
82.2  
901.1  
(1.2)  
Foreign currency translation reserve  
Available-for-sale investments reserve  
Carrying value of reserves at 30 June  
578.3  
632.9  
982.1  
mꢀvꢄꢇꢄꢆꢅs ꢃꢆ rꢄsꢄrvꢄs  
Share based payments reserve (i)  
Opening balance at 1 July  
96.3  
16.2  
82.2  
12.1  
2.0  
Share based payments expense  
Deferred tax on share based payments  
Closing balance at 30 June  
14.5  
127.0  
96.3  
Foreign currency translation reserve (ii)  
Opening balance at 1 July  
536.6  
(85.3)  
451.3  
901.1  
(364.5)  
536.6  
Net exchange gains / (losses) on translation of foreign subsidiaries, net of hedge  
Closing balance at 30 June  
Available-for-sale investments reserve (iii)  
Opening balance at 1 July  
-
-
-
(1.2)  
1.2  
-
Mark to market adjustment on available-for-sale financial assets  
Closing balance at 30 June  
Nature and purpose of reserves  
(i) Share based payments reserve  
The share based payments reserve is used to recognise the fair value of options, performance rights and global employee share plan rights  
issued to employees.  
(ii) Foreign currency translation reserve  
The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements  
of foreign operations and exchange gains and losses arising on those foreign currency borrowings which are designated as hedging the  
Company’s net investment in foreign operations.  
(iii)Available-for-sale investments reserve  
Changes in the fair value and exchange differences arising on translation of investments classified as available-for-sale financial assets are  
recognised in other comprehensive income, as described in note 1(m) and accumulated in a separate reserve within equity. Amounts are  
reclassified to profit and loss when the associated assets are sold or impaired.  
102  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
013  
2
2012  
nꢀꢅꢄs  
ꢉS$ꢇ  
ꢉS$ꢇ  
22 Retained earnings  
Opening balance at 1 July  
3,712.9  
1,216.3  
(499.4)  
(28.3)  
5.3  
3,162.5  
1,023.9  
(424.3)  
(65.1)  
Net profit for the year  
Dividends  
23  
Actuarial gain/(loss) on defined benefit plans  
Deferred tax on actuarial gain/(loss) on defined benefit plans  
Closing balance at 30 June  
15.9  
4,406.8  
3,712.9  
23 Dividends  
dꢃvꢃꢂꢄꢆꢂs ꢈꢁꢃꢂ  
Dividends recognised in the current year by the Company are:  
Final ordinary dividend of A$0.47 per share, unfranked, paid on 12 October 2012 (2012:  
A$0.45 per share, franked to 4%)  
247.1  
252.3  
231.0  
Interim ordinary dividend of US$0.50 per share, unfranked, paid on 5 April 2013 (2012:  
A$0.36 per share, unfranked)  
193.3  
424.3  
499.4  
dꢃvꢃꢂꢄꢆꢂs ꢆꢀꢅ rꢄcꢀgꢆꢃsꢄꢂ ꢁꢅ yꢄꢁr ꢄꢆꢂ  
In addition to the above dividends, since year end the directors have recommended the  
payment of a final dividend of US$0.52 per share, unfranked (2012: ordinary dividend of  
Australian A$0.47 per share, unfranked). The final dividend is expected to be paid on 4  
October 2013. Based on the number of shares on issue as at reporting date, the aggregate  
amount of the proposed dividend would be:  
253.4  
257.2  
The actual aggregate dividend amount paid out of profits will be dependent on the actual  
number of shares on issue at dividend record date.  
1
03  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
2013  
2012  
nꢀꢅꢄs  
ꢉS$ꢇ  
ꢉS$ꢇ  
24 Equity  
Total equity at the beginning of the financial year  
Total comprehensive income for the period  
Movement in contributed equity  
3,476.7  
1,108.0  
(1,109.2)  
(499.4)  
30.7  
3,916.6  
611.4  
20  
23  
21  
(641.1)  
(424.3)  
14.1  
Dividends  
Movement in share based payments reserve  
Total equity at the end of the financial year  
3,006.8  
3,476.7  
25 Statement of Cash Flows  
(ꢁ) Rꢄcꢀꢆcꢃlꢃꢁꢅꢃꢀꢆ ꢀf cꢁsh ꢁꢆꢂ cꢁsh ꢄquꢃvꢁlꢄꢆꢅs ꢁꢆꢂ ꢆꢀꢆ-cꢁsh fiꢆꢁꢆcꢃꢆg ꢁꢆꢂ  
ꢃꢆvꢄsꢅꢃꢆg ꢁcꢅꢃvꢃꢅꢃꢄs  
Cash at the end of the year is shown in the cash flow statement as:  
Cash at bank and on hand  
Cash deposits  
6
203.5  
558.7  
(2.4)  
342.3  
829.1  
6
Bank overdrafts  
15  
(3.3)  
759.8  
1,168.1  
(
b) Rꢄcꢀꢆcꢃlꢃꢁꢅꢃꢀꢆ ꢀf prꢀfiꢅ ꢁfꢅꢄr ꢅꢁx ꢅꢀ Cꢁsh Flꢀws frꢀꢇ oꢈꢄrꢁꢅꢃꢀꢆs  
Profit after tax  
1,216.3  
1,023.9  
Non-cash items in profit after tax  
Depreciation, amortisation and impairment charges  
201.6  
0.6  
178.0  
2.5  
(Gain)/loss on disposal of property, plant and equipment  
Share based payments expense  
Changes in assets and liabilities:  
53.1  
23.8  
(
(
(
Increase)/decrease in trade and other receivables  
(14.1)  
(162.8)  
-
2.9  
(31.9)  
2.6  
Increase)/decrease in inventories  
Increase)/decrease in retirement benefit assets  
Increase/(decrease) in net tax assets and liabilities  
Increase/(decrease) in trade and other payables  
Increase/(decrease) in provisions  
(47.1)  
85.6  
(6.2)  
1.8  
(31.8)  
10.3  
10.6  
Increase/(decrease) in retirement benefit liabilities  
Net cash inflow from operating activities  
(2.2)  
1,311.7  
1,205.8  
(c) nꢀꢆ cꢁsh fiꢆꢁꢆcꢃꢆg ꢁcꢅꢃvꢃꢅꢃꢄs  
Acquisition of plant and equipment by means of finance leases  
2.4  
1.1  
104  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
013  
ꢉS$ꢇ  
2
2012  
ꢉS$ꢇ  
26 Employee benefits  
A reconciliation of the employee benefits recognised is as follows:  
Retirementꢀbenefitꢀassetsꢀ–ꢀnon-currentꢀ(noteꢀ13)  
-
-
Provisionꢀforꢀemployeeꢀbenefitsꢀ–ꢀcurrentꢀ(noteꢀ17)  
Retirementꢀbenefitꢀliabilitiesꢀ–ꢀnon-currentꢀ(noteꢀ13)  
Provisionꢀforꢀemployeeꢀbenefitsꢀ–ꢀnon-currentꢀ(noteꢀ17)  
81.6  
179.5  
33.4  
81.7  
169.6  
27.2  
294.5  
278.5  
Number of FTEs  
013  
11,285  
2
2012  
The number of full time equivalents employed at 30 June  
10,515  
(ꢁ) dꢄfiꢆꢄꢂ bꢄꢆꢄfiꢅ ꢈlꢁꢆs  
The Group sponsors a range of defined benefit pension plans that provide pension benefits for its worldwide employees upon retirement.  
Entities of the Group who operate the defined benefit plans contribute to the respective plans in accordance with the Trust Deeds,  
following the receipt of actuarial advice.  
Consolidated Group  
2013  
2012  
ꢉS$ꢇ  
ꢉS$ꢇ  
mꢀvꢄꢇꢄꢆꢅs ꢃꢆ ꢅhꢄ ꢆꢄꢅ lꢃꢁbꢃlꢃꢅy/(ꢁssꢄꢅ) fꢀr ꢂꢄfiꢆꢄꢂ bꢄꢆꢄfiꢅ ꢀblꢃgꢁꢅꢃꢀꢆs  
rꢄcꢀgꢆꢃsꢄꢂ ꢃꢆ ꢅhꢄ bꢁlꢁꢆcꢄ shꢄꢄꢅ  
Net liability/(asset) for defined benefit obligation:  
Opening balance  
169.6  
(10.8)  
(3.8)  
1.6  
119.7  
(21.1)  
(3.1)  
Contributions received  
Benefits paid  
Expense/(benefit) recognised in the statement of comprehensive income  
Actuarial (gains)/losses recognised in equity  
Currency translation differences  
Closing balance  
20.6  
22.1  
0.8  
69.3  
(15.8)  
169.6  
179.5  
Net liability/(asset) for defined benefit obligation is reconciled to the balance sheet as follows:  
Retirementꢀbenefitꢀassetsꢀ–ꢀnon-currentꢀ(noteꢀ13)  
Retirementꢀbenefitꢀliabilitiesꢀ–ꢀnon-currentꢀ(noteꢀ13)  
Net liability/(asset)  
-
179.5  
179.5  
-
169.6  
169.6  
1
05  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
2013  
2012  
2011  
ꢉS$ꢇ  
ꢉS$ꢇ  
ꢉS$ꢇ  
26 Employee benefits (continued)  
(ꢁ) dꢄfiꢆꢄꢂ bꢄꢆꢄfiꢅ ꢈlꢁꢆs (cꢀꢆꢅꢃꢆuꢄꢂ)  
aꢇꢀuꢆꢅs fꢀr ꢅhꢄ currꢄꢆꢅ ꢁꢆꢂ ꢈrꢄvꢃꢀus ꢈꢄrꢃꢀꢂs ꢁrꢄ ꢁs fꢀllꢀws:  
Defined benefit obligation  
615.7  
436.2  
(179.5)  
(56.3)  
34.2  
555.0  
385.4  
(169.6)  
(60.3)  
(9.0)  
529.0  
409.4  
(119.6)  
(13.9)  
4.0  
Plan assets  
Surplus/(deficit)  
Experience adjustments on plan liabilities  
Experience adjustments on plan assets  
Actual return on plan assets  
49.8  
8.8  
21.1  
The Group has used the AASB 1 exemption and disclosed amounts under AASB 1.20A(p) above for each annual reporting period  
prospectively from the AIFRS transition date (1 July 2004).  
Consolidated Group  
013  
2
2012  
ꢉS$ꢇ  
ꢉS$ꢇ  
Chꢁꢆgꢄs ꢃꢆ ꢅhꢄ ꢈrꢄsꢄꢆꢅ vꢁluꢄ ꢀf ꢅhꢄ ꢂꢄfiꢆꢄꢂ bꢄꢆꢄfiꢅ ꢀblꢃgꢁꢅꢃꢀꢆ ꢁrꢄ ꢁs fꢀllꢀws:  
Opening balance  
Service cost  
555.0  
21.5  
16.6  
6.1  
529.0  
19.9  
18.0  
5.9  
Interest cost  
Contributions by members  
Actuarial (gains)/losses  
Benefits paid  
56.3  
(19.3)  
(21.8)  
0.6  
60.3  
(16.5)  
-
#
Past service costs  
Other movements  
-
Currency translation differences  
Closing balance  
0.7  
(61.6)  
555.0  
615.7  
The present value of the defined benefit obligation comprises:  
Present value of wholly unfunded obligations  
Present value of funded obligations  
142.2  
473.5  
117.4  
437.6  
555.0  
615.7  
Chꢁꢆgꢄs ꢃꢆ ꢅhꢄ fꢁꢃr vꢁluꢄ ꢀf ꢈlꢁꢆ ꢁssꢄꢅs ꢁrꢄ ꢁs fꢀllꢀws:  
Opening balance  
385.4  
15.7  
34.2  
10.8  
6.1  
409.3  
17.8  
(9.0)  
21.1  
5.9  
Expected return on plan assets  
Actuarial gains/(losses) on plan assets  
Contributions by employer  
Contributions by members  
Benefits paid  
(15.7)  
(0.3)  
-
(13.5)  
(0.4)  
(45.8)  
385.4  
Other movements  
Currency translation differences  
Closing balance  
436.2  
#
past service costs arise as a consequence of a reduction in plan benefits  
106  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
013  
2
2012  
ꢉS$ꢇ  
ꢉS$ꢇ  
26 Employee benefits (continued)  
(ꢁ) dꢄfiꢆꢄꢂ bꢄꢆꢄfiꢅ ꢈlꢁꢆs (cꢀꢆꢅꢃꢆuꢄꢂ)  
thꢄ ꢇꢁjꢀr cꢁꢅꢄgꢀrꢃꢄs ꢀf ꢈlꢁꢆ ꢁssꢄꢅs ꢁs ꢁ ꢈꢄrcꢄꢆꢅꢁgꢄ ꢀf ꢅꢀꢅꢁl ꢈlꢁꢆ ꢁssꢄꢅs ꢃs ꢁs fꢀllꢀws:  
Cash  
7.0%  
35.5%  
41.9%  
14.3%  
1.3%  
5.2%  
33.7%  
43.0%  
16.5%  
1.6%  
Equity instruments  
Debt instruments  
Property  
Other assets  
100.0%  
100.0%  
exꢈꢄꢆsꢄs/(gꢁꢃꢆs) rꢄcꢀgꢆꢃsꢄꢂ ꢃꢆ ꢅhꢄ sꢅꢁꢅꢄꢇꢄꢆꢅ ꢀf cꢀꢇꢈrꢄhꢄꢆsꢃvꢄ ꢃꢆcꢀꢇꢄ ꢁrꢄ ꢁs fꢀllꢀws:  
Current service costs  
Interest on obligation  
Expected return on assets  
22.5  
16.6  
(15.7)  
(21.8)  
1.6  
20.4  
18.0  
(17.8)  
-
#
Past service costs  
Total included in employee benefits expense  
20.6  
#
past service costs arise as a consequence of a reduction in plan benefits  
thꢄ ꢈrꢃꢆcꢃꢈꢁl ꢁcꢅuꢁrꢃꢁl ꢁssuꢇꢈꢅꢃꢀꢆs ꢁꢅ ꢅhꢄ bꢁlꢁꢆcꢄ shꢄꢄꢅ ꢂꢁꢅꢄ (ꢄxꢈrꢄssꢄꢂ ꢁs wꢄꢃghꢅꢄꢂ  
ꢁvꢄrꢁgꢄs) ꢁrꢄ ꢁs fꢀllꢀws:  
Discount rate  
2.5%  
3.1%  
2.2%  
0.4%  
3.0%  
3.4%  
2.3%  
0.4%  
1
Expected return on assets and expected long-term rate of return on assets  
Future salary increases  
Future pension increases  
1
The expected long-term rate of return is based on the portfolio as a whole.  
1
07  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
26 Employee benefits (continued)  
(
ꢁ) dꢄfiꢆꢄꢂ bꢄꢆꢄfiꢅ ꢈlꢁꢆs (cꢀꢆꢅꢃꢆuꢄꢂ)  
plꢁꢆ surꢈlus /  
plꢁꢆ ꢁssꢄꢅs2 accruꢄꢂ bꢄꢆꢄfiꢅ2  
(ꢂꢄficꢃꢅ)  
ꢉS$ꢇ  
Surꢈlus/(ꢂꢄficꢃꢅ) fꢀr ꢄꢁch ꢂꢄfiꢆꢄꢂ bꢄꢆꢄfiꢅ ꢈlꢁꢆ ꢀꢆ ꢁ fuꢆꢂꢃꢆg bꢁsꢃs  
Cꢀꢆsꢀlꢃꢂꢁꢅꢄꢂ Grꢀuꢈ – Juꢆꢄ 2013  
ꢉS$ꢇ  
ꢉS$ꢇ  
CSL Pension Plan (Australia)  
33.7  
(34.3)  
(370.2)  
(68.9)  
(116.0)  
(2.0)  
(0.6)  
(22.5)  
(14.1)  
(116.0)  
(2.0)  
CSL Behring AG Pension Fund (Switzerland)  
CSL Behring Union Pension Plan (US UPP)  
CSL Behring GmbH Supplementary Pension Plan (Germany)  
CSL Pharma GmbH Pension Plan (Germany)  
CSL Behring KG Pension Plan (Germany)  
347.7  
54.8  
-
-
-
-
-
-
-
(7.7)  
(7.7)  
CSL Plasma GmbH Pension Plan (Germany)  
CSL Behring KK Retirement Allowance Plan (Japan)  
CSL Behring S.A. Pension Plan (France)  
(0.2)  
(0.2)  
(14.7)  
(0.4)  
(14.7)  
(0.4)  
CSL Behring S.p.A Pension Plan (Italy)  
(1.3)  
(1.3)  
436.2  
(615.7)  
(179.5)  
Cꢀꢆsꢀlꢃꢂꢁꢅꢄꢂ Grꢀuꢈ – Juꢆꢄ 2012  
CSL Pension Plan (Australia)  
34.8  
(40.9)  
(333.3)  
(63.3)  
(90.7)  
(1.8)  
(6.1)  
(30.5)  
(15.5)  
(90.7)  
(1.8)  
CSL Behring AG Pension Fund (Switzerland)  
CSL Behring Union Pension Plan (US UPP)  
CSL Behring GmbH Supplementary Pension Plan (Germany)  
CSL Pharma GmbH Pension Plan (Germany)  
CSL Behring KG Pension Plan (Germany)  
CSL Plasma GmbH Pension Plan (Germany)  
CSL Behring KK Retirement Allowance Plan (Japan)  
CSL Behring S.A. Pension Plan (France)  
CSL Behring S.p.A Pension Plan (Italy)  
302.8  
47.8  
-
-
-
-
-
-
-
(5.8)  
(5.8)  
(0.2)  
(0.2)  
(17.5)  
(0.4)  
(17.5)  
(0.4)  
(1.1)  
(1.1)  
385.4  
(555.0)  
(169.6)  
2
Plan assets at net market value and accrued benefits have been calculated at 30 June, being the date of the most recent financial statements of the plans.  
In addition to the above, CSL Behring GmbH employees are members of two multi-employer pension plans (“Penka 1” and “Penka  
2”) administered by an unrelated third party. CSL Behring and the employees make contributions to the plans and receive pension  
entitlements on retirement. CSL is aware that there is the potential for the employer to have to make additional contributions in the  
event that the multi-employer fund does not have sufficient assets to pay all benefits. There is insufficient information available for  
the scheme to be shown at the CSL Group level because the pension assets cannot be split between the participating companies.  
The company’s contributions are advised by the funds and are designed to cover expected liabilities based on actuarial assumptions.  
CSL Behring GmbH contribute 400% of the employee contribution to Penka 1 from 1 January 2013, previously the rate was 300%  
of the employee contribution (2013: €4.5m, 2012: €3.9m) and 100% of the employee contribution to Penka 2 (2013: €0.6m, 2012:  
0.4m), Until the change in contribution rate for Penka 1 neither of these contribution rates has changed since 2007. Contributions are  
expensed in the year in which they are made.  
(
b) dꢄfiꢆꢄꢂ cꢀꢆꢅrꢃbuꢅꢃꢀꢆ ꢈlꢁꢆs  
The Group makes contributions to various defined contribution pension plans. The amounts recognised as an expense for the year  
ended 30 June 2013 was $23.5m (2012: $19.8m).  
108  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
013  
2
2012  
ꢉS$ꢇ  
ꢉS$ꢇ  
27 Share based payments  
(ꢁ) Rꢄcꢀgꢆꢃsꢄꢂ shꢁrꢄ bꢁsꢄꢂ ꢈꢁyꢇꢄꢆꢅs ꢄxꢈꢄꢆsꢄs  
The expense recognised for employee services rendered during the year is as follows:  
Expense arising from equity-settled share-based payment transactions  
Expense arising from cash-settled share-based payment transactions  
16.2  
36.9  
12.2  
11.6  
23.8  
53.1  
(
b) Shꢁrꢄ bꢁsꢄꢂ ꢈꢁyꢇꢄꢆꢅ schꢄꢇꢄs  
The Company operates the following schemes that entitles key management personnel and senior employees to purchase shares in the  
Company under and subject to certain conditions:  
Senior Executive Share Ownership Plan (SESOP II)  
The SESOP II plan was approved by special resolution at the annual general meeting of the Company on 20 November 1997. The plan  
governed the provision of share based long term incentives in the form of options issued between 1997 and 1 July 2003 inclusive. There  
have been no SESOP II options issued since July 2003. Other than those which lapsed, all SESOP II options vested in earlier financial years  
following the achievement of a 7% compound growth in earnings per share over their vesting period. All SESOP II options which were  
capable of vesting have now been exercised. The price payable on exercise of SESOP II options equalled the weighted average price over  
the 5 days preceding the issue date of the options. Upon request, interest bearing loans were available to employees to fund the exercise  
of their SESOP II options. At 30 June 2013, no loans remain outstanding.  
Employee Performance Rights Plan (the plan)  
The Employee Performance Rights Plan was approved by special resolution at the annual general meeting of the Company on  
16 October 2003.  
Share based long term incentives issued between October 2003 and April 2006  
The plan, as originally approved, governed the provision of share based long term incentives in the form of performance rights issued  
between 16 October 2003 and 6 April 2006 inclusive. Other than those which lapsed, all performance rights issued under the original  
plan vested prior to 30 June 2009. Vesting of the performance rights was contingent on the Company achieving a Total Shareholder  
th  
Return (TSR) which was at or above the 50 percentile relative to the TSR of a peer group of companies comprising those entities within  
the ASX top 100 index by market capitalisation (excluding companies with the GICS industry codes of commercial banks, oil and gas and  
th  
metals and mining). The original plan provided for vesting of 50% of the rights if the Company was ranked at the 50 percentile of TSR  
th  
performance and for 100% of the rights to vest if the Company was placed at or above the 75 percentile. Relative TSR performance  
th  
th  
between the 50 and 75 percentile resulted in the proportion of performance rights that vested increasing on a straight-line basis.  
Vested performance rights which are exercised entitle the holder to one ordinary share for nil consideration.  
1
09  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
27 Share based payments (continued)  
(
b) Shꢁrꢄ bꢁsꢄꢂ ꢈꢁyꢇꢄꢆꢅ schꢄꢇꢄs (cꢀꢆꢅꢃꢆuꢄꢂ)  
Share based long term incentives issued between May 2006 and October 2009  
The Employee Performance Rights Plan was amended with effect from October 2006. Under the amended plan, share based long  
term incentives issued between October 2006 and October 2009 comprise grants made to executives of both performance rights  
and performance options, each subject to a different performance hurdle. Each long-term incentive grant generally consisted of  
50% performance rights and 50% performance options. Grants of performance rights and performance options were issued for nil  
consideration. The plan, as amended, retained the TSR performance hurdle and provided for 100% vesting of performance rights at  
th  
the expiration of their vesting period if the Company’s TSR performance was at or above the 50 percentile on the relevant test date.  
Under the revised plan, performance options were subject to an earnings per share (EPS) performance hurdle. 10% compound EPS  
growth per annum is required for the performance options to vest at the expiration of their vesting period. EPS growth is measured  
from 30 June in the financial year preceding the grant of options until 30 June in the financial year prior to the relevant test date. Vested  
performance options entitle the holder to one ordinary share on payment of an exercise price equal to the volume weighted average CSL  
share price over the week up to and including the date of grant. Performance rights and performance options issued between October  
2006 and October 2009 were issued for a term of seven years. A portion, namely 25%, of the number of instruments granted becomes  
exercisable, subject to satisfying the relevant performance hurdle, after the second anniversary of the date of grant. Again, subject to  
satisfying the relevant performance hurdle, further portions of 35% and 40% of the number of instruments granted become exercisable  
after the third and fourth anniversaries post date of grant, respectively. If the portion tested at the applicable anniversary meets the  
relevant performance hurdle, that portion of rights and options vest and become exercisable until the expiry date. If the portion tested  
fails to meet the performance hurdle the portion is carried over to the next anniversary and retested. After the fifth anniversary, any  
performance rights and performance options not vested lapse. Importantly, there is an individual employee hurdle requiring an executive  
to obtain for the financial year prior to exercise of the Performance Rights and Performance Options, a satisfactory (or equivalent) rating  
under the Company’s performance management system. The last grant of performance rights and options to be issued on these terms  
was in October 2009.  
Share based long term incentives issued between October 2010 and October 2011  
Changes were made to the terms and conditions and key characteristics of Performance Rights and Performance Options granted since  
October 2010 and the number of employees who received grants was reduced following the introduction of the Employee Deferred  
Incentive Plan. Employees receiving a grant under the Plan received 80% of their entitlement in Performance Rights and 20% in  
Performance Options. Subject to performance hurdles being satisfied vesting of 50% of the LTI award will occur after 3 years, with the  
th  
remaining 50% vesting after the 4 anniversary of the award date. EPS and TSR measures are applied to both Performance Rights and  
Performance Options as detailed in the Remuneration Report.  
Company provided loans are not available to fund the exercise of performance options under the plan.  
Share based long term incentives issued since October 2012  
Prior to October 2012, LTI grants in October 2010 and 2011 were made up in the form of Performance Rights and Performance Options.  
Changes were made to the plan in October 2012 with LTI grants to be made up of solely Performance Rights. The hurdles for this and  
future grants will be set and measured in US Dollars in line with our reporting currency. Subject to performance hurdles being satisfied  
th  
vesting of 50% of the LTI award will occur after 3 years, with the remaining 50% vesting after the 4 anniversary of the award date.  
The main changes were the adjustment to graduated vesting for the compound EPS hurdle and the move to measuring relative TSR  
through comparison with an international index of Pharma and Biotech companies rather than using an ASX comparator group.  
Global Employee Share Plan (GESP)  
The ‘Global Employee Share Plan’ (GESP) operates whereby employees make contributions from after tax salary up to a maximum of  
A$3,000 per each six month contribution period. The employees receive the shares at a 15% discount to the applicable market rate, as  
quoted on the ASX on the first day or the last day of the six month contribution period, whichever is lower.  
Executive Deferred Incentive Plan (EDIP)  
On 1 October 2012, 418,200 notional shares were granted to employees under the Executive Deferred Incentive Plan (2012: 584,400).  
This plan provides for a grant of notional shares which will generate a cash payment to participants in three years time, provided they  
are still employed by the company and receive a satisfactory performance review over that period. The amount of the cash payment will  
be determined by reference to the CSL share price immediately before the three year anniversary.  
110  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
27 Share based payments (continued)  
(c) ouꢅsꢅꢁꢆꢂꢃꢆg shꢁrꢄ bꢁsꢄꢂ ꢈꢁyꢇꢄꢆꢅ ꢄquꢃꢅy ꢃꢆsꢅruꢇꢄꢆꢅs  
The number and exercise price for each share based payment scheme outstanding is presented as follows. All options and rights are settled  
by physical delivery of shares.  
Vꢄsꢅꢄꢂ ꢁꢅ  
oꢈꢄꢆꢃꢆg  
Bꢁlꢁꢆcꢄ  
Clꢀsꢃꢆg  
bꢁlꢁꢆcꢄ  
exꢄrcꢃsꢄ  
prꢃcꢄ  
exꢈꢃry  
ꢂꢁꢅꢄ  
30 Juꢆꢄ  
2013  
Juꢆꢄ 2013  
oꢈꢅꢃꢀꢆs  
Grꢁꢆꢅꢄꢂ  
exꢄrcꢃsꢄꢂ  
Fꢀrfꢄꢃꢅꢄꢂ  
Lꢁꢈsꢄꢂ  
a$  
(
by grꢁꢆꢅ ꢂꢁꢅꢄ)  
2
1
1
1
1
1
1
1
October 2006  
October 2007  
April 2008  
140,982  
521,831  
3,240  
-
-
-
-
-
-
-
-
-
97,762  
342,918  
3,240  
-
4,380  
-
-
-
-
-
-
-
-
-
-
43,220  
174,533  
-
$17.48  
$35.46  
$36.23  
$37.91  
$32.50  
$33.68  
$33.45  
$29.34  
2-Oct-13  
30-Sep-14  
31-Mar-15  
30-Sep-15  
31-Mar-16  
30-Sep-16  
30-Sep-17  
30-Sep-18  
43,220  
174,533  
-
October 2008  
April 2009  
651,585  
7,760  
393,166  
7,104  
4,904  
-
253,515  
656  
253,515  
656  
October 2009  
October 2010  
October 2011  
1,020,640  
216,420  
261,140  
-
35,171  
13,769  
6,290  
64,514  
985,469  
200,101  
247,910  
1,905,404  
-
2,550  
-
-
6,940  
2
,823,598  
853,680  
471,924  
pꢄrfꢀrꢇꢁꢆcꢄ Rꢃghꢅs  
by grꢁꢆꢅ ꢂꢁꢅꢄ)  
(
2
1
1
1
1
1
1
1
1
October 2006  
October 2007  
April 2008  
32,277  
51,800  
252  
-
24,459  
23,885  
252  
-
-
-
-
-
-
-
-
-
-
7,818  
27,915  
-
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
2-Oct-13  
30-Sep-14  
31-Mar-15  
30-Sep-15  
31-Mar-16  
30-Sep-16  
30-Sep-17  
30-Sep-18  
30-Sep-19  
7,818  
-
-
-
27,915  
-
-
October 2008  
April 2009  
235,580  
2,880  
-
183,778  
2,280  
118,540  
3,350  
7,720  
-
2,400  
-
49,402  
600  
49,402  
-
600  
October 2009  
October 2010  
October 2011  
October 2012  
282,905  
284,420  
290,200  
-
-
5,074  
18,091  
6,989  
-
159,291  
262,979  
275,491  
247,780  
28,864  
-
-
-
-
-
247,780  
1,180,314  
247,780  
364,264  
32,554  
-
1,031,276  
114,599  
GeSp  
by grꢁꢆꢅ ꢂꢁꢅꢄ)  
(
1
1
1
March 2012  
95,521  
-
75,590  
68,878  
144,468  
95,521  
75,590  
-
-
-
-
-
-
-
-
-
-
-
$27.87  
$37.45  
$50.98  
31-Aug-12  
28-Feb-13  
31-Aug-13  
-
-
-
September 2012  
March 2013#  
-
-
68,878  
68,878  
95,521  
171,111  
tꢀꢅꢁl  
4,099,433  
392,248  
1,389,055  
97,068  
-
3,005,558  
586,523  
#
As noted above, the exercise price at which GESP plan shares are issued is calculated at a 15% discount to the lower of the ASX market price on the first and last  
dates of the contribution period. Accordingly the exercise price and the final number of shares issued is not yet known (and may differ from the assumptions and  
fair values disclosed below). The number of shares which may ultimately be issued based on entitlements granted on 1 March 2013 has been estimated based on  
information available as at 30 June 2013.  
thꢄ wꢄꢃghꢅꢄꢂ ꢁvꢄrꢁgꢄ shꢁrꢄ ꢈrꢃcꢄ ꢁꢅ ꢅhꢄ ꢂꢁꢅꢄs ꢀf ꢄxꢄrcꢃsꢄ, by ꢄquꢃꢅy ꢃꢆsꢅruꢇꢄꢆꢅ ꢅyꢈꢄ, ꢃs ꢁs fꢀllꢀws:  
Options  
Performance Rights  
GESP  
A$48.46  
A$50.10  
A$50.84  
1
11  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
27 Share based payments (continued)  
(c) ouꢅsꢅꢁꢆꢂꢃꢆg shꢁrꢄ bꢁsꢄꢂ ꢈꢁyꢇꢄꢆꢅ ꢄquꢃꢅy ꢃꢆsꢅruꢇꢄꢆꢅs (cꢀꢆꢅꢃꢆuꢄꢂ)  
The number and exercise price for each share based payment scheme outstanding is presented as follows. All options and rights are settled  
by physical delivery of shares.  
Vꢄsꢅꢄꢂ ꢁꢅ  
30 Juꢆꢄ  
2012  
oꢈꢄꢆꢃꢆg  
Bꢁlꢁꢆcꢄ  
Clꢀsꢃꢆg  
bꢁlꢁꢆcꢄ  
exꢄrcꢃsꢄ  
prꢃcꢄ  
exꢈꢃry  
ꢂꢁꢅꢄ  
Juꢆꢄ 2012  
oꢈꢅꢃꢀꢆs  
Grꢁꢆꢅꢄꢂ  
exꢄrcꢃsꢄꢂ  
Fꢀrfꢄꢃꢅꢄꢂ  
Lꢁꢈsꢄꢂ  
a$  
(
by grꢁꢆꢅ ꢂꢁꢅꢄ)  
2
1
1
1
1
1
1
1
October 2006  
October 2007  
April 2008  
269,652  
595,520  
3,240  
-
128,670  
-
42,840  
-
-
-
-
-
-
-
-
-
-
140,982  
521,831  
3,240  
$17.48  
$35.46  
$36.23  
$37.91  
$32.50  
$33.68  
$33.45  
$29.34  
2-Oct-13  
30-Sep-14  
31-Mar-15  
30-Sep-15  
31-Mar-16  
30-Sep-16  
30-Sep-17  
30-Sep-18  
140,982  
-
30,849  
521,831  
-
-
3,240  
October 2008  
April 2009  
684,240  
9,300  
-
4,295  
28,360  
1,540  
45,680  
-
651,585  
7,760  
389,233  
-
-
4,656  
October 2009  
October 2010  
October 2011  
1,066,320  
216,420  
-
-
-
-
1,020,640  
216,420  
261,140  
2,823,598  
-
-
-
-
-
261,140  
261,140  
-
2
,844,692  
163,814  
118,420  
1,059,942  
pꢄrfꢀrꢇꢁꢆcꢄ Rꢃghꢅs  
by grꢁꢆꢅ ꢂꢁꢅꢄ)  
(
2
7
2
1
1
1
1
1
1
1
9 October 2004  
September 2005  
October 2006  
October 2007  
April 2008  
9,500  
66,950  
62,952  
125,814  
1,460  
-
9,500  
66,950  
30,675  
70,810  
1,208  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
25-Aug-11  
7-Jun-12  
-
-
-
-
-
-
3,204  
-
32,277  
51,800  
252  
2-Oct-13  
32,277  
-
30-Sep-14  
31-Mar-15  
30-Sep-15  
31-Mar-16  
30-Sep-16  
30-Sep-17  
30-Sep-18  
51,800  
-
252  
October 2008  
April 2009  
247,840  
3,440  
-
12,260  
560  
235,580  
2,880  
-
-
-
-
October 2009  
October 2010  
October 2011  
358,240  
284,420  
-
-
-
60,735  
-
14,600  
-
282,905  
284,420  
290,200  
1,180,314  
27,875  
-
-
290,200  
290,200  
-
-
1
,160,616  
239,878  
30,624  
112,204  
GeSp  
by grꢁꢆꢅ ꢂꢁꢅꢄ)  
(
1
1
1
March 2011  
102,876  
-
104,700  
99,215  
102,876  
104,700  
-
-
-
-
-
-
-
-
-
-
-
$24.17  
$24.03  
$27.65  
31-Aug-11  
28-Feb-12  
31-Aug-12  
-
-
-
-
September 2011  
March 2012#  
-
-
99,215  
99,215  
102,876  
203,915  
207,576  
Total  
4,108,184  
755,255  
611,268  
149,044  
-
4,103,127  
1,172,146  
#
As noted above, the exercise price at which GESP plan shares are issued is calculated at a 15% discount to the lower of the ASX market price on the first and last  
dates of the contribution period.  
thꢄ wꢄꢃghꢅꢄꢂ ꢁvꢄrꢁgꢄ shꢁrꢄ ꢈrꢃcꢄ ꢁꢅ ꢅhꢄ ꢂꢁꢅꢄs ꢀf ꢄxꢄrcꢃsꢄ, by ꢄquꢃꢅy ꢃꢆsꢅruꢇꢄꢆꢅ ꢅyꢈꢄ, ꢃs ꢁs fꢀllꢀws:  
Options  
Performance Rights  
GESP  
A$33.39  
A$32.78  
A$30.14  
112  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
27 Share based payments (continued)  
(
ꢂ)Vꢁluꢁꢅꢃꢀꢆ ꢁssuꢇꢈꢅꢃꢀꢆs ꢁꢆꢂ fꢁꢃr vꢁluꢄs ꢀf ꢄquꢃꢅy ꢃꢆsꢅruꢇꢄꢆꢅs grꢁꢆꢅꢄꢂ  
exꢈꢄcꢅꢄꢂ  
ꢂꢃvꢃꢂꢄꢆꢂ  
yꢃꢄlꢂ  
Shꢁrꢄ  
prꢃcꢄ  
exꢄrcꢃsꢄ  
prꢃcꢄ  
exꢈꢄcꢅꢄꢂ  
vꢀlꢁꢅꢃlꢃꢅy  
Lꢃfꢄ  
ꢁssuꢇꢈꢅꢃꢀꢆ  
Rꢃsk frꢄꢄ  
ꢃꢆꢅꢄrꢄsꢅ rꢁꢅꢄ  
Fꢁꢃr Vꢁluꢄ1  
a$  
2
pꢄrfꢀrꢇꢁꢆcꢄ Rꢃghꢅs  
by grꢁꢆꢅ ꢂꢁꢅꢄ)  
a$  
a$  
(
2
7
2
2
2
1
1
1
1
1
9 October 2004  
$6.90  
$8.13  
$9.60  
$11.58  
$18.01  
$18.01  
$18.01  
$35.93  
$35.93  
$35.93  
$36.56  
$36.56  
$36.56  
$38.75  
$38.75  
$38.75  
$32.10  
$32.10  
$32.10  
$33.44  
$33.44  
$33.44  
$32.94  
$32.94  
$29.34  
$29.34  
$45.76  
$45.76  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
Nil  
34.0%  
27.0%  
27.0%  
27.0%  
27.0%  
29.0%  
29.0%  
29.0%  
32.0%  
32.0%  
32.0%  
33.0%  
33.0%  
33.0%  
33.0%  
33.0%  
33.0%  
33.0%  
33.0%  
33.0%  
30.0%  
30.0%  
27.0%  
27.0%  
21.0%  
21.0%  
4 years  
4 years  
2 years  
3 years  
4 years  
2 years  
3 years  
4 years  
2 years  
3 years  
4 years  
2 years  
3 years  
4 years  
2 years  
3 years  
4 years  
2 years  
3 years  
4 years  
3 years  
4 years  
3 years  
4 years  
3 years  
4 years  
2.0%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
2.5%  
2.5%  
2.5%  
2.5%  
2.0%  
2.0%  
5.32%  
5.10%  
5.67%  
5.67%  
5.67%  
6.45%  
6.45%  
6.45%  
6.00%  
6.00%  
6.00%  
5.22%  
5.22%  
5.22%  
3.94%  
3.94%  
3.94%  
5.16%  
5.16%  
5.16%  
4.83%  
4.91%  
3.44%  
3.52%  
2.41%  
2.50%  
September 2005  
ꢀOctoberꢀ2006ꢀ–ꢀTrancheꢀ1  
ꢀOctoberꢀ2006ꢀ–ꢀTrancheꢀ2  
ꢀOctoberꢀ2006ꢀ–ꢀTrancheꢀ3  
ꢀOctoberꢀ2007ꢀ–ꢀTrancheꢀ1  
ꢀOctoberꢀ2007ꢀ–ꢀTrancheꢀ2  
ꢀOctoberꢀ2007ꢀ–ꢀTrancheꢀ3  
ꢀAprilꢀ2008ꢀ–ꢀTrancheꢀ1  
ꢀAprilꢀ2008ꢀ–ꢀTrancheꢀ2  
$14.20  
$13.32  
$12.47  
$28.65  
$26.78  
$25.20  
$30.27  
$29.06  
$27.57  
$33.30  
$31.72  
$30.15  
$27.55  
$26.55  
$25.50  
$28.91  
$27.72  
$26.31  
$26.59  
$26.23  
$23.75  
$23.41  
$35.52  
$34.69  
1ꢀAprilꢀ2008ꢀ–ꢀTrancheꢀ3  
1ꢀOctoberꢀ2008ꢀ–ꢀTrancheꢀ1  
1ꢀOctoberꢀ2008ꢀ–ꢀTrancheꢀ2  
1ꢀOctoberꢀ2008ꢀ–ꢀTrancheꢀ3  
1ꢀAprilꢀ2009ꢀ–ꢀTrancheꢀ1  
1ꢀAprilꢀ2009ꢀ–ꢀTrancheꢀ2  
1ꢀAprilꢀ2009ꢀ–ꢀTrancheꢀ3  
1ꢀOctoberꢀ2009ꢀ–ꢀTrancheꢀ1  
1ꢀOctoberꢀ2009ꢀ–ꢀTrancheꢀ2  
1ꢀOctoberꢀ2009ꢀ–ꢀTrancheꢀ3  
1ꢀOctoberꢀ2010ꢀ–ꢀTrancheꢀ1  
1ꢀOctoberꢀ2010ꢀ–ꢀTrancheꢀ2  
1ꢀOctoberꢀ2011ꢀ–ꢀTrancheꢀ1  
1ꢀOctoberꢀ2011ꢀ–ꢀTrancheꢀ2  
1ꢀOctoberꢀ2012ꢀ–ꢀTrancheꢀ1  
1ꢀOctoberꢀ2012ꢀ–ꢀTrancheꢀ2  
1
Options and rights granted are subject to a service condition. Option grants made between 2006 and 2009 are also subject to a non-market vesting condition  
based on earnings per share (EPS). Service conditions and non-market conditions are not taken into account in the determination of fair value at grant date.  
Contrastingly, grants of rights made between 2006 and 2009 are also subject to a market vesting condition based on total shareholder returns (TSR), a condition  
which is taken into account when the fair value of rights is determined. However as a result of the comprehensive review carried out on the PRP, since October  
2010 grants of Performance Rights and Options now consist of a market vesting condition TSR hurdle and a non market vesting condition EPS hurdle equally  
applied to each grant.  
2
The expected volatility is based on the historic volatility (calculated based on the remaining life assumption of each equity instrument), adjusted for any expected  
changes to future volatility due to publicly available information.  
1
13  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
27 Share based payments (continued)  
(ꢂ) Vꢁluꢁꢅꢃꢀꢆ ꢁssuꢇꢈꢅꢃꢀꢆs ꢁꢆꢂ fꢁꢃr vꢁluꢄs ꢀf ꢄquꢃꢅy ꢃꢆsꢅruꢇꢄꢆꢅs grꢁꢆꢅꢄꢂ (cꢀꢆꢅꢃꢆuꢄꢂ)  
exꢈꢄcꢅꢄꢂ  
Shꢁrꢄ  
prꢃcꢄ  
exꢄrcꢃsꢄ  
prꢃcꢄ  
exꢈꢄcꢅꢄꢂ  
Lꢃfꢄ  
ꢂꢃvꢃꢂꢄꢆꢂ  
yꢃꢄlꢂ  
Rꢃsk frꢄꢄ  
Fꢁꢃr Vꢁluꢄ1  
vꢀlꢁꢅꢃlꢃꢅy  
2
ꢁssuꢇꢈꢅꢃꢀꢆ  
ꢃꢆꢅꢄrꢄsꢅ rꢁꢅꢄ  
oꢈꢅꢃꢀꢆs (by grꢁꢆꢅ ꢂꢁꢅꢄ)  
a$  
$5.71  
a$  
$18.01  
$18.01  
$18.01  
$35.93  
$35.93  
$35.93  
$36.56  
$36.56  
$36.56  
$38.75  
$38.75  
$38.75  
$32.10  
$32.10  
$32.10  
$33.44  
$33.44  
$33.44  
$32.94  
$32.94  
$29.34  
$29.34  
a$  
$17.48  
$17.48  
$17.48  
$35.46  
$35.46  
$35.46  
$36.23  
$36.23  
$36.23  
$37.91  
$37.91  
$37.91  
$32.50  
$32.50  
$32.50  
$33.68  
$33.68  
$33.68  
$33.45  
$33.45  
$29.34  
$29.34  
2
2
2
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
ꢀOctoberꢀ2006ꢀ–ꢀTrancheꢀ1  
ꢀOctoberꢀ2006ꢀ–ꢀTrancheꢀ2  
ꢀOctoberꢀ2006ꢀ–ꢀTrancheꢀ3  
ꢀOctoberꢀ2007ꢀ–ꢀTrancheꢀ1  
ꢀOctoberꢀ2007ꢀ–ꢀTrancheꢀ2  
ꢀOctoberꢀ2007ꢀ–ꢀTrancheꢀ3  
ꢀAprilꢀ2008ꢀ–ꢀTrancheꢀ1  
27.0%  
27.0%  
27.0%  
29.0%  
29.0%  
29.0%  
32.0%  
32.0%  
32.0%  
33.0%  
33.0%  
33.0%  
33.0%  
33.0%  
33.0%  
33.0%  
33.0%  
33.0%  
30.0%  
30.0%  
27.0%  
27.0%  
2 years  
3 years  
4 years  
2 years  
3 years  
4 years  
2 years  
3 years  
4 years  
2 years  
3 years  
4 years  
2 years  
3 years  
4 years  
2 years  
3 years  
4 years  
3 years  
4 years  
3 years  
4 years  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
1.5%  
2.5%  
2.5%  
2.5%  
2.5%  
5.67%  
5.67%  
5.67%  
6.45%  
6.45%  
6.45%  
6.00%  
6.00%  
6.00%  
5.22%  
5.22%  
5.22%  
3.94%  
3.94%  
3.94%  
5.16%  
5.16%  
5.16%  
4.83%  
4.91%  
3.44%  
3.52%  
$5.83  
$5.96  
$12.06  
$12.33  
$12.59  
$12.64  
$12.92  
$13.18  
$13.31  
$13.58  
$13.85  
$9.27  
ꢀAprilꢀ2008ꢀ–ꢀTrancheꢀ2  
ꢀAprilꢀ2008ꢀ–ꢀTrancheꢀ3  
ꢀOctoberꢀ2008ꢀ–ꢀTrancheꢀ1  
ꢀOctoberꢀ2008ꢀ–ꢀTrancheꢀ2  
ꢀOctoberꢀ2008ꢀ–ꢀTrancheꢀ3  
ꢀAprilꢀ2009ꢀ–ꢀTrancheꢀ1  
ꢀAprilꢀ2009ꢀ–ꢀTrancheꢀ2  
$9.73  
ꢀAprilꢀ2009ꢀ–ꢀTrancheꢀ3  
$10.15  
$10.34  
$10.87  
$11.36  
$8.46  
ꢀOctoberꢀ2009ꢀ–ꢀTrancheꢀ1  
ꢀOctoberꢀ2009ꢀ–ꢀTrancheꢀ2  
ꢀOctoberꢀ2009ꢀ–ꢀTrancheꢀ3  
ꢀOctoberꢀ2010ꢀ–ꢀTrancheꢀ1  
ꢀOctoberꢀ2010ꢀ–ꢀTrancheꢀ2  
ꢀOctoberꢀ2011ꢀ–ꢀTrancheꢀ1  
ꢀOctoberꢀ2011ꢀ–ꢀTrancheꢀ2  
$8.90  
$6.34  
$6.77  
3
GeSp (by grꢁꢆꢅ ꢂꢁꢅꢄ)  
1
1
1
1
1
1
1
1
1
1
1
March 2008  
$5.51  
$5.62  
$4.84  
$4.94  
$4.81  
$4.86  
$4.27  
$4.24  
$4.92  
$6.61  
$9.00  
$36.75  
$37.50  
$32.29  
$32.96  
$32.10  
$32.37  
$28.44  
$28.27  
$32.79  
$44.06  
$59.98  
$31.24  
$31.88  
$27.45  
$28.02  
$27.29  
$27.51  
$24.17  
$24.03  
$27.87  
$37.45  
$50.98  
32.0%  
33.0%  
33.0%  
33.0%  
30.0%  
30.0%  
27.0%  
27.0%  
21.0%  
21.0%  
21.0%  
6 months  
6 months  
6 months  
6 months  
6 months  
6 months  
6 months  
6 months  
6 months  
6 months  
6 months  
1.5%  
1.5%  
1.5%  
1.5%  
2.5%  
2.5%  
2.5%  
2.5%  
2.0%  
2.0%  
2.0%  
6.00%  
5.22%  
3.94%  
5.16%  
4.83%  
4.83%  
3.44%  
3.44%  
2.41%  
2.41%  
2.41%  
September 2008  
March 2009  
September 2009  
March 2010  
September 2010  
March 2011  
September 2011  
March 2012  
September 2012  
March 2013  
1
Options and rights granted are subject to a service condition. Option grants made between 2006 and 2009 are also subject to a non-market vesting  
condition based on earnings per share (EPS). Service conditions and non-market conditions are not taken into account in the determination of fair value at  
grant date. Contrastingly, grants of rights made between 2006 and 2009 are also subject to a market vesting condition based on total shareholder returns  
(
TSR), a condition which is taken into account when the fair value of rights is determined. However as a result of the comprehensive review carried out  
on the PRP, since October 2010 grants of Performance Rights and Options now consist of a market vesting condition TSR hurdle and a non market vesting  
condition EPS hurdle equally applied to each grant.  
2
3
The expected volatility is based on the historic volatility (calculated based on the remaining life assumption of each equity instrument), adjusted for any  
expected changes to future volatility due to publicly available information.  
The fair value of GESP equity instruments is estimated based on the assumptions prevailing on the grant date. In accordance with the terms and conditions  
of the GESP plan, shares are issued at the lower of the ASX market price on the first and last dates of the contribution period.  
114  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
27 Share based payments (continued)  
(ꢄ) Cꢁsh-sꢄꢅꢅlꢄꢂ edip  
The fair value of the cash-settled options is measured by reference to the CSL share price at reporting date, adjusted for the dividend yield  
and the number of days left in the vesting period.  
The following table lists the inputs to the models used during the year:  
Consolidated Group  
2
013  
2012  
ocꢅꢀbꢄr 2010 grꢁꢆꢅ  
Dividend yield (%)  
2.0%  
2.5%  
Fair value of grants at reporting date  
a$61.27  
A$38.22  
ocꢅꢀbꢄr 2011 grꢁꢆꢅ  
Dividend yield (%)  
2.0%  
2.5%  
Fair value of grants at reporting date  
a$60.07  
A$37.29  
ocꢅꢀbꢄr 2012 grꢁꢆꢅ  
Dividend yield (%)  
2.0%  
a$58.89  
-
-
Fair value of grants at reporting date  
(f) Rꢄcꢀgꢆꢃsꢄꢂ cꢁsh-sꢄꢅꢅlꢄꢂ shꢁrꢄ bꢁsꢄꢂ ꢈꢁyꢇꢄꢆꢅs lꢃꢁbꢃlꢃꢅy  
The carrying amount of the liability relating to the cash-settled share-based payment at 30 June 2013 is $47.3m (2012: $15.4m).  
No cash-settled awards vested during the period ended 30 June 2013 (2012: $Nil).  
28 Key management personnel disclosures  
The following were key management personnel of the Group at any time during the 2013 and 2012 financial years and unless otherwise  
indicated they were key management personnel (KMP) during the whole of those financial years:  
nꢀꢆ-ꢄxꢄcuꢅꢃvꢄ ꢂꢃrꢄcꢅꢀrs  
J Shine (appointed as Chairman 19 October 2011)  
J Akehurst  
exꢄcuꢅꢃvꢄ ꢂꢃrꢄcꢅꢀrs  
B A McNamee (Chief Executive Officer & Managing Director)  
P Turner (Executive Director retired 17 October 2012)  
P Perreault (Executive Director from 13 February 2013 & President, CSL Behring)  
exꢄcuꢅꢃvꢄs  
D W Anstice  
B Brook (appointed 16 August 2011)  
C O’Reilly  
G Naylor (Chief Financial Officer)  
I A Renard  
A Cuthbertson (Chief Scientific Officer)  
J Davies (Executive VP, CSL Biotherapies until 31 December 2012)  
G Boss (Group General Counsel)  
M A Renshaw  
E A Alexander (Chairman, retired 19 October 2011)  
D Simpson (retired 19 October 2011)  
I Sieper (Executive VP, Commercial Operations)  
M Sontrop (Executive VP, Operations)  
K Etchberger (Executive VP, Plasma, Supply Chain and IT)  
E Bailey (Company Secretary)  
J Lever (Senior VP, Human Capital)  
1
15  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
2
ꢉS$  
013  
2012  
ꢉS$  
28  
Key management personnel disclosures (continued)  
ꢁ) tꢀꢅꢁl cꢀꢇꢈꢄꢆsꢁꢅꢃꢀꢆ fꢀr kꢄy ꢇꢁꢆꢁgꢄꢇꢄꢆꢅ ꢈꢄrsꢀꢆꢆꢄl  
(
Short term remuneration elements  
Salary and Fees  
11,973,829  
5,934,225  
130,242  
10,900,889  
5,364,223  
82,264  
Short term incentive cash bonus  
Non-monetary benefits  
Total of short term remuneration elements  
18,038,296  
16,347,376  
Post-employment elements  
Pension benefits  
644,096  
-
1,198,093  
336,343  
Retirement benefits  
Total of post-employment elements  
644,096  
1,534,436  
Other long term elements  
Long service leave and equivalents  
Deferred cash incentive  
496,047  
1,417,046  
1,913,093  
382,018  
1,065,215  
1,447,233  
Total of other long term elements  
Share-based payments  
Equity settled performance rights  
Equity settled options  
10,328,446  
2,507,749  
1,731,621  
14,567,816  
3,587,484  
2,126,179  
892,420  
Cash settled options  
Total of share based payments  
6,606,083  
Other remuneration elements  
Termination benefits  
2,906,732  
1,653,037  
tꢀꢅꢁl ꢀf ꢁll rꢄꢇuꢆꢄrꢁꢅꢃꢀꢆ ꢄlꢄꢇꢄꢆꢅs1  
38,070,033  
27,588,165  
The basis upon which remuneration amounts have been determined is further described in the remuneration report included in  
section 16 of the Directors’ Report.  
1
This note discloses remuneration of individuals defined as KMP for the relevant period.  
(
b) Other key management personnel transactions with the company or its controlled entities  
The key management personnel and their related entities have the following transactions with entities within the Group that occur within  
a normal employee, customer or supplier relationship on terms and conditions no more favourable than those which it is reasonable to  
expect the entity would have adopted if dealing at arm’s length in similar circumstances:  
•ꢀ ꢀT heꢀGroupꢀhasꢀaꢀnumberꢀofꢀcontractualꢀrelationships,ꢀincludingꢀpropertyꢀleasesꢀandꢀcollaborativeꢀresearchꢀarrangements,ꢀwithꢀtheꢀ  
University of Melbourne of which Ms Elizabeth Alexander is the Chancellor and Dr Virginia Mansour (whose husband is Dr Brian  
McNamee) is a member of the Council.  
116  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
28 Key management personnel disclosures (continued)  
(c) Options over equity instruments granted as compensation  
The movement during the reporting period in the number of options over ordinary shares in the Company held directly,  
indirectly or beneficially, by each key management person, including their related parties, is as follows:  
nuꢇbꢄr  
Lꢁꢈsꢄꢂ /  
Fꢀrfꢄꢃꢅꢄꢂ  
Vꢄsꢅꢄꢂ ꢁꢆꢂ  
ꢉꢆvꢄsꢅꢄꢂ  
Kꢄy ꢇꢁꢆꢁgꢄꢇꢄꢆꢅ  
ꢈꢄrsꢀꢆ  
Bꢁlꢁꢆcꢄ ꢁꢅ  
1 July 2012  
nuꢇbꢄr  
Grꢁꢆꢅꢄꢂ  
nuꢇbꢄr  
Bꢁlꢁꢆcꢄ ꢁꢅ  
nuꢇbꢄr Vꢄsꢅꢄꢂ ꢄxꢄrcꢃsꢁblꢄ ꢁꢅ ꢁꢅ 30 Juꢆꢄ  
exꢄrcꢃsꢄꢂ  
30 Juꢆꢄ 2013  
ꢂurꢃꢆg ꢅhꢄ yꢄꢁr  
30 Juꢆꢄ 2013  
2013  
exꢄcuꢅꢃvꢄ dꢃrꢄcꢅꢀrs  
B A McNamee  
P Perreault  
P Turner  
364,600  
95,760  
-
-
-
-
20,460  
63,420  
-
-
364,600  
75,300  
52,664  
29,952  
7,640  
152,520  
19,100  
-
212,080  
56,200  
52,664  
128,700  
12,616  
13,488  
oꢅhꢄr ꢄxꢄcuꢅꢃvꢄs  
G Naylor  
94,580  
84,180  
92,820  
65,980  
22,900  
71,840  
55,092  
27,460  
26,260  
1,130,172  
-
-
-
-
-
-
-
-
-
-
-
34,600  
50,520  
24,940  
5,540  
29,700  
-
-
94,580  
49,580  
31,350  
41,040  
17,360  
42,140  
55,092  
23,908  
26,260  
873,874  
7,640  
6,736  
7,368  
6,016  
2,216  
7,368  
3,912  
888  
32,720  
61,860  
49,580  
31,350  
41,040  
17,360  
42,140  
29,640  
23,020  
26,260  
643,194  
A Cuthbertson  
J Davies  
-
-
10,950  
-
G Boss  
-
-
I Sieper  
-
-
M Sontrop  
K Etchberger  
E Bailey  
-
-
25,452  
888  
-
3,552  
-
-
-
J Lever  
-
-
tꢀꢅꢁl  
232,732  
23,566  
93,224  
230,680  
The assumptions inherent in the valuation of options granted to key management personnel, amongst others, during the financial year and  
the fair value of each option granted are set out in Note 27(d).  
No options have been granted since the end of the financial year. The options have been provided at no cost to the recipients.  
For further details, including the key terms and conditions, grant and exercise dates for options granted to executives, refer to note 27.  
(d) Performance rights over equity instruments granted as compensation  
The movement during the reporting period in the number of performance rights over ordinary shares in the Company held directly, indirectly or  
beneficially, by each key management person, including their related parties, is as follows:  
nuꢇbꢄr  
Lꢁꢈsꢄꢂ /  
Fꢀrfꢄꢃꢅꢄꢂ  
Vꢄsꢅꢄꢂ ꢁꢆꢂ  
ꢉꢆvꢄsꢅꢄꢂ  
ꢁꢅ 30 Juꢆꢄ  
2013  
Kꢄy ꢇꢁꢆꢁgꢄꢇꢄꢆꢅ  
ꢈꢄrsꢀꢆ  
Bꢁlꢁꢆcꢄ ꢁꢅ  
1 July 2012  
nuꢇbꢄr  
Grꢁꢆꢅꢄꢂ  
nuꢇbꢄr  
Bꢁlꢁꢆcꢄ ꢁꢅ  
nuꢇbꢄr Vꢄsꢅꢄꢂ ꢄxꢄrcꢃsꢁblꢄ ꢁꢅ  
exꢄrcꢃsꢄꢂ  
30 Juꢆꢄ 2013  
ꢂurꢃꢆg ꢅhꢄ yꢄꢁr  
30 Juꢆꢄ 2013  
exꢄcuꢅꢃvꢄ dꢃrꢄcꢅꢀrs  
B A McNamee  
P Perreault  
P Turner  
191,344  
44,110  
45,845  
65,700  
19,620  
-
15,996  
8,118  
-
-
241,048  
55,612  
19,865  
30,931  
8,118  
31,224  
209,824  
55,612  
19,865  
-
-
13,857  
12,123  
13,857  
oꢅhꢄr ꢄxꢄcuꢅꢃvꢄs  
G Naylor  
51,490  
42,125  
43,260  
31,585  
15,455  
31,920  
22,930  
18,930  
17,755  
556,749  
18,720  
15,020  
-
8,118  
6,925  
18,800  
6,405  
3,471  
7,540  
4,262  
994  
-
62,092  
50,220  
13,245  
33,980  
21,344  
33,560  
25,508  
25,196  
24,348  
606,018  
8,118  
6,925  
7,540  
6,405  
3,471  
7,540  
4,262  
1,954  
1,267  
100,388  
-
62,092  
50,220  
13,245  
33,980  
21,344  
33,560  
25,508  
23,216  
24,348  
572,814  
A Cuthbertson  
J Davies  
-
-
11,215  
-
G Boss  
8,800  
9,360  
9,180  
6,840  
7,260  
7,860  
168,360  
-
-
I Sieper  
-
-
M Sontrop  
K Etchberger  
E Bailey  
-
-
-
-
1,980  
-
-
-
J Lever  
1,267  
95,753  
tꢀꢅꢁl  
23,338  
33,204  
The assumptions inherent in the valuation of performance rights granted to key management personnel, amongst others, during the financial  
year and the fair value of each option granted are set out in Note 27(d).  
No performance rights have been granted since the end of the financial year. The performance rights have been provided at no cost to the recipients.  
1
17  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
2
8 Key management personnel disclosures (continued)  
d) Performance rights over equity instruments granted as compensation (continued)  
Modification of terms of equity-settled share-based payment transactions  
(
During the reporting period there have been no changes to the terms pertaining to issues of options, performance options and performance  
rights which have been granted as compensation to a key management person in the prior periods and in the current period. A resolution will  
be presented to the AGM in October 2013 relating to a variation in the terms of Dr McNamee’s “good leaver” arrangements. This constitutes  
a modification to the terms of a prior grant. The Company has included the associated expense in the 2013 accounts, but recognises that  
shareholders have not had an opportunity to vote on the resolution as at the date of this report.  
(
e) Exercise of equity instruments granted as compensation  
During the reporting period, the following shares were issued on the exercise of options granted as compensation:  
3
0 Juꢆꢄ 2013  
30 Juꢆꢄ 2012  
dꢁꢅꢄ oꢈꢅꢃꢀꢆ  
nuꢇbꢄr ꢀf  
pꢁꢃꢂ ꢈꢄr  
shꢁrꢄ  
dꢁꢅꢄ oꢈꢅꢃꢀꢆ  
nuꢇbꢄr ꢀf  
shꢁrꢄs  
pꢁꢃꢂ ꢈꢄr  
shꢁrꢄ  
Grꢁꢆꢅꢄꢂ  
shꢁrꢄs  
Grꢁꢆꢅꢄꢂ  
a$  
a$  
p pꢄrrꢄꢁulꢅ  
p turꢆꢄr  
1 ocꢅꢀbꢄr 2007  
1 ocꢅꢀbꢄr 2007  
20,460  
29,700  
33,720  
17,760  
16,840  
21,240  
10,860  
18,420  
9,900  
35.46  
35.46  
37.91  
35.46  
37.91  
17.48  
35.46  
37.91  
35.46  
37.91  
37.91  
35.46  
37.91  
35.46  
37.91  
1
ocꢅꢀbꢄr 2008  
1 ocꢅꢀbꢄr 2007  
ocꢅꢀbꢄr 2008  
2 ocꢅꢀbꢄr 2006  
a Cuꢅhbꢄrꢅsꢀꢆ  
J dꢁvꢃꢄs  
1
1
1
ocꢅꢀbꢄr 2007  
ocꢅꢀbꢄr 2008  
G Bꢀss  
1 ocꢅꢀbꢄr 2007  
ocꢅꢀbꢄr 2008  
1
15,040  
5,540  
i Sꢃꢄꢈꢄr  
1 ocꢅꢀbꢄr 2008  
1 ocꢅꢀbꢄr 2007  
1 October 2007  
2 October 2006  
5,580  
8,496  
35.46  
17.48  
m Sꢀꢆꢅrꢀꢈ  
11,280  
18,420  
2,220  
1
ocꢅꢀbꢄr 2008  
1 ocꢅꢀbꢄr 2007  
ocꢅꢀbꢄr 2008  
e Bꢁꢃlꢄy  
tꢀꢅꢁl  
1
1,332  
232,732  
14,076  
There are no amounts unpaid on the shares issued as a result of the exercise of options.  
118  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
28 Key management personnel disclosures (continued)  
(f) Exercise of equity instruments granted as compensation (continued)  
During the reporting period, persons who were key management personnel were issued the following shares on the exercise of  
performance rights granted as compensation:  
3
0 Juꢆꢄ 2013  
30 Juꢆꢄ 2012  
dꢁꢅꢄ pꢄrfꢀrꢇꢁꢆcꢄ  
Rꢃghꢅ Grꢁꢆꢅꢄꢂ  
nuꢇbꢄr ꢀf  
shꢁrꢄs  
dꢁꢅꢄ pꢄrfꢀrꢇꢁꢆcꢄ  
nuꢇbꢄr ꢀf  
shꢁrꢄs  
Rꢃghꢅ Grꢁꢆꢅꢄꢂ  
B mcnꢁꢇꢄꢄ  
p turꢆꢄr  
1 October 2009  
1 October 2008  
15,996  
9,720  
4,137  
5,500  
2,618  
5,500  
2,618  
4,860  
2,065  
6,300  
3,360  
5,300  
3,840  
4,340  
2,065  
2,400  
1,071  
5,300  
2,240  
2,820  
1,442  
994  
1 October 2007  
1 October 2009  
1 October 2007  
1 October 2009  
1 October 2007  
1 October 2009  
1 October 2007  
1 October 2009  
7 June 2005  
3,672  
2,955  
2,544  
1,870  
1,680  
1,870  
2,208  
1,475  
10,350  
1
October 2009  
1 October 2008  
October 2009  
1 October 2008  
October 2009  
1 October 2008  
October 2009  
2 October 2006  
p pꢄrrꢄꢁulꢅ  
G nꢁylꢀr  
1
1
a Cuꢅhbꢄrꢅsꢀꢆ  
J dꢁvꢃꢄs  
1
1
1
1
October 2007  
October 2008  
October 2009  
G Bꢀss  
1 October 2008  
October 2009  
1 October 2008  
October 2009  
1 October 2008  
October 2009  
1 October 2008  
October 2009  
1 October 2007  
1 October 2009  
1 October 2007  
1 October 2009  
1 October 2007  
1 October 2009  
1 October 2007  
1 October 2009  
1 October 2007  
1,224  
1,475  
1,032  
765  
1
i Sꢃꢄꢈꢄr  
1
m Sꢀꢆꢅrꢀꢈ  
K eꢅchbꢄrgꢄr  
e Bꢁꢃlꢄy  
1,392  
1,600  
1,152  
1,030  
1,920  
710  
1
1
1 October 2009  
1
October 2009  
J Lꢄvꢄr  
tꢀꢅꢁl  
1 October 2009  
1,267  
1 October 2009  
905  
95,753  
41,829  
No amount is payable on the exercise of performance rights.  
1
19  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
2
8 Key management personnel disclosures (continued)  
(g) Key management personnel shareholdings  
Movements in the respective shareholdings of key management personnel during the year ended 30 June 2013 are set out below.  
Shꢁrꢄs ꢁcquꢃrꢄꢂ  
Shꢁrꢄs ꢁcquꢃrꢄꢂ  
ꢀꢆ ꢄxꢄrcꢃsꢄ  
ꢀf ꢀꢈꢅꢃꢀꢆs  
ꢆ ꢄxꢄrcꢃsꢄ ꢀf  
Bꢁlꢁꢆcꢄ ꢁꢅ  
1 July 2012  
ꢈꢄrfꢀrꢇꢁꢆcꢄ  
(Shꢁrꢄs sꢀlꢂ)/  
purchꢁsꢄꢂ  
Bꢁlꢁꢆcꢄ ꢁꢅ  
mꢀvꢄꢇꢄꢆꢅs ꢃꢆ shꢁrꢄs  
rꢃghꢅs ꢂurꢃꢆg yꢄꢁr  
ꢂurꢃꢆg yꢄꢁr  
30 Juꢆꢄ 2013  
nꢀꢆ-exꢄcuꢅꢃvꢄ dꢃrꢄcꢅꢀrs  
J Shine  
5,105  
30,623  
7,731  
18,675  
7,884  
1,183  
3,346  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,144  
377  
468  
378  
373  
373  
373  
6,249  
31,000  
8,199  
19,053  
8,257  
1,556  
3,719  
J Akehurst  
D W Anstice  
I A Renard  
M A Renshaw  
C O’Reilly  
B Brook  
exꢄcuꢅꢃvꢄ dꢃrꢄcꢅꢀrs  
B A McNamee  
P Perreault  
835,669  
2,237  
15,996  
8,118  
-
20,460  
63,420  
-
(20,386)  
(77,277)  
851,665  
10,429  
P Turner  
122,196  
13,857  
122,196  
exꢄcuꢅꢃvꢄs  
G Naylor  
A Cuthbertson  
G Boss  
64,035  
66,858  
803  
8,118  
6,925  
6,405  
3,471  
7,540  
4,262  
994  
-
34,600  
24,940  
5,540  
29,700  
-
(16,613)  
(38,585)  
(26,060)  
(9,011)  
(68,164)  
-
55,540  
69,798  
6,088  
I Sieper  
-
-
M Sontrop  
K Etchberger  
E Bailey  
31,539  
12,052  
2,691  
905  
615  
16,314  
2,878  
3,552  
-
(4,359)  
(905)  
J Lever  
1,267  
18,800  
95,753  
1,267  
J Davies  
11,085  
1,224,617  
50,520  
232,732  
(59,044)  
(316,918)  
21,361  
1,236,184  
tꢀꢅꢁl  
There have been no movements in shareholdings of key management personnel between 30 June 2013 and the date of this report.  
(
h) Cash Settled Options granted as compensation to Key management personnel  
During the year 30,150 notional shares were granted to KMPs under the Executive Deferred Incentive Plan. This was done primarily to  
reduce the risk of loss of executives in roles that are: key to the delivery of operating or strategic objectives; manage critical activities; or  
undertake functions requiring skills that are in short supply and are actively sought in the market.  
For further details, including key terms and conditions, grant date and exercise dates regarding the EDIP, refer to Note 27 (b) and (e).  
120  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
29 Non key management personnel related party disclosure  
ꢉlꢅꢃꢇꢁꢅꢄ Cꢀꢆꢅrꢀllꢃꢆg eꢆꢅꢃꢅy  
The ultimate controlling entity is CSL Limited.  
iꢂꢄꢆꢅꢃꢅy ꢀf rꢄlꢁꢅꢄꢂ ꢈꢁrꢅꢃꢄs  
The parent company has a related party relationship with its subsidiaries (see note 32) and with its key management personnel (see note 28).  
oꢅhꢄr rꢄlꢁꢅꢄꢂ ꢈꢁrꢅy ꢅrꢁꢆsꢁcꢅꢃꢀꢆs  
The Parent Company entered into the following transactions during the year with related parties in the Group:  
Wholly owned subsidiaries  
 ꢀL oansꢀwereꢀadvancedꢀandꢀrepaymentsꢀreceivedꢀonꢀtheꢀlongꢀtermꢀintercompanyꢀaccounts;  
 ꢀI nterestꢀwasꢀchargedꢀonꢀoutstandingꢀintercompanyꢀloanꢀaccountꢀbalances;  
ꢀSalesꢀandꢀpurchasesꢀofꢀproducts;  
ꢀLicensingꢀofꢀintellectualꢀproperty;  
ꢀProvisionꢀofꢀmarketingꢀservicesꢀbyꢀcontrolledꢀentities;ꢀ  
ꢀManagementꢀfeesꢀwereꢀreceivedꢀfromꢀaꢀcontrolledꢀentity;ꢀand  
ꢀManagementꢀfeesꢀwereꢀpaidꢀtoꢀaꢀcontrolledꢀentity.  
The sales, purchases and other services were undertaken on commercial terms and conditions.  
Payment for intercompany transactions is through intercompany loan accounts and may be subject to extended payment terms.  
Partly owned subsidiaries  
•ꢀNoꢀtransactionsꢀoccurredꢀduringꢀtheꢀyear.  
Transactions with key management personnel and their related parties  
Disclosures relating to key management personnel are disclosed in note 28.  
Transactions with other related parties  
During the year, the parent and subsidiaries made contributions to defined benefit and contribution pension plans as disclosed in note 26.  
owꢆꢄrshꢃꢈ ꢃꢆꢅꢄrꢄsꢅs ꢃꢆ rꢄlꢁꢅꢄꢂ ꢈꢁrꢅꢃꢄs  
The ownership interests in related parties in the Group are disclosed in note 32. All transactions with subsidiaries have been eliminated on  
consolidation.  
Consolidated Group  
2
ꢉS$  
013  
2012  
ꢉS$  
30 Remuneration of Auditors  
During the year the following fees were paid or were payable for services provided by the auditor of  
the parent entity and its related practices:  
(ꢁ) auꢂꢃꢅ sꢄrvꢃcꢄs  
Ernst & Young  
900,811  
2,313,038  
3,213,849  
1,059,760  
2,382,333  
3,442,093  
Ernst & Young related practices  
Total remuneration for audit services  
(
b) oꢅhꢄr sꢄrvꢃcꢄs  
Ernst & Young  
compliance and other services  
Ernst & Young related practices  
compliance and other services  
-
56,452  
100,092  
-
114,135  
170,587  
234,650  
334,742  
Total remuneration for non audit services  
Total remuneration for all services rendered  
3,384,436  
3,776,835  
1
21  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
2013  
2012  
ꢉS$ꢇ  
ꢉS$ꢇ  
31 Commitments and contingencies  
(ꢁ) oꢈꢄrꢁꢅꢃꢆg lꢄꢁsꢄs  
Commitments for minimum lease payments in relation to non cancellable operating leases are  
payable as follows:  
Not later than one year  
31.6  
101.1  
233.0  
32.8  
91.3  
Later than one year but not later than five years  
Later than five years  
163.7  
287.8  
365.7  
Operating leases entered into relate predominantly to leased land and rental properties. The leases have varying terms and renewal  
rights. Rental payments under the leases are predominantly fixed, but generally contain inflation escalation clauses. No operating lease  
contains restrictions on financing or other leasing activities.  
(
b) Fꢃꢆꢁꢆcꢄ lꢄꢁsꢄs  
Commitments in relation to finance leases are payable as follows:  
Not later than one year  
4.5  
11.4  
21.5  
37.4  
(11.0)  
26.4  
4.2  
11.7  
22.7  
38.6  
(11.9)  
26.7  
Later than one year but not later than five years  
Later than five years  
Total minimum lease payments  
Future finance charges  
Finance lease liability  
The present value of finance lease liabilities is as follows:  
Not later than one year  
3.3  
7.3  
2.9  
7.5  
Later than one year but not later than five years  
Later than five years  
15.8  
16.3  
26.4  
26.7  
Financeꢀleaseꢀ–ꢀcurrentꢀliabilityꢀ(referꢀnoteꢀ15)  
3.3  
2.9  
23.8  
26.7  
Financeꢀleaseꢀ–ꢀnon-currentꢀliabilityꢀ(referꢀnoteꢀ15)  
23.1  
6.4  
2
Finance leases entered into relate predominantly to leased plant and equipment. The leases have varying terms but lease payments are  
generally fixed for the life of the agreement. In some instances, at the end of the lease term the Group has the option to purchase the  
equipment. No finance leases contain restrictions on financing or other leasing activities.  
(c) tꢀꢅꢁl lꢄꢁsꢄ lꢃꢁbꢃlꢃꢅy  
Current  
Finance leases (refer note 15)  
3.3  
2.9  
Non-current  
Finance leases (refer note 15)  
23.1  
23.8  
26.7  
26.4  
122  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
013  
2
2012  
ꢉS$ꢇ  
ꢉS$ꢇ  
31 Commitments and contingencies (continued)  
(ꢂ) Cꢁꢈꢃꢅꢁl cꢀꢇꢇꢃꢅꢇꢄꢆꢅs  
Capital expenditure contracted for at balance date but not provided for in the financial  
statements, payable:  
Not later than one year  
101.5  
6.1  
-
123.7  
78.5  
-
Later than one year but not later than five years  
Later than five years  
107.6  
202.2  
(ꢄ) Cꢀꢆꢅꢃꢆgꢄꢆꢅ ꢁssꢄꢅs ꢁꢆꢂ lꢃꢁbꢃlꢃꢅꢃꢄs  
Guarantees  
The Group provides certain financial guarantees in the ordinary course of business. No liability has been recognised in relation to  
these guarantees as the fair value of the guarantees is immaterial.  
Service agreements  
The maximum contingent liability for benefits under service agreements, in the event of an involuntary redundancy, is between 3  
to 12 months. Agreements are held with key management personnel who take part in the management of Group entities. The  
maximum liability that could arise, for which no provisions are included in the financial statements is as follows:  
Service agreements  
6.3  
9.9  
Litigation  
The Group is involved in litigation in the U.S. claiming that the Group and a competitor, along with an industry trade association,  
conspired to restrict output and fix and raise prices of certain plasma-derived therapies in the U.S. The lawsuits, filed by representative  
plaintiffs, seek status to proceed as class actions on behalf of “all others similarly situated”. The Group believes the litigation is  
unsupported by fact and without merit and will robustly defend the claims.  
The Group is involved in other litigation in the ordinary course of business.  
The directors believe that future payment of a material amount in respect of litigation is remote. The Group has disclaimed liability for,  
and is vigorously defending, all current material claims and actions that have been made.  
32 Controlled Entities  
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the  
accounting policy described in Note 1.  
Country of incorporation  
Percentage Owned  
2
013  
%
2012  
%
Cꢀꢇꢈꢁꢆy:  
CSL Limited  
Australia  
Subsꢃꢂꢃꢁrꢃꢄs ꢀf CSL Lꢃꢇꢃꢅꢄꢂ:  
CSL Employee Share Trust  
bioCSL Pty Ltd  
Australia  
Australia  
Australia  
New Zealand  
USA  
100  
100  
100  
100  
100  
74  
100  
100  
100  
100  
100  
-
(j)  
bioCSL (Australia) Pty Ltd  
bioCSL (NZ) Limited  
bioCSL Inc  
100  
100  
-
(c)(f)  
(a)(d)(g)  
(a)(j)  
Cervax Pty Ltd  
Australia  
Sweden  
74  
Iscotec AB  
100  
100  
100  
100  
(a)  
Zenyth Therapeutics Pty Ltd  
Zenyth Operations Pty Ltd  
Amrad Pty Ltd  
Australia  
Australia  
Australia  
1
23  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Country of incorporation  
Percentage Owned  
2
013  
%
2012  
%
32 Controlled Entities (continued)  
Subsꢃꢂꢃꢁrꢃꢄs ꢀf CSL Lꢃꢇꢃꢅꢄꢂ (cꢀꢆꢅꢃꢆuꢄꢂ):  
CSL Behring (Australia) Pty Ltd  
CSL Behring (Privigen) Pty Ltd  
CSL International Pty Ltd  
CSL Finance Pty Ltd  
Australia  
Australia  
Australia  
Australia  
Denmark  
England  
England  
Poland  
USA  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
-
-
-
(j)  
(j)  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
100  
CSL Behring ApS  
(a)  
(a)(b)  
(a)  
CSL UK Holdings Limited  
ZLB Bioplasma UK Limited  
CSL Behring sp.z.o.o.  
CSLB Holdings Inc  
(a)  
CSL Biotherapies Inc  
USA  
ZLB Bioplasma (Hong Kong) Limited  
CSL Behring LLC  
Hong Kong  
USA  
(a)  
(a)  
CSL Plasma Inc  
USA  
(a)  
CSL Behring Canada Inc.  
Canada  
Brazil  
(a)  
CSL Behring Brazil Comercio de Produtos Farmaceuticals Ltda  
(a)  
CSL Behring KK  
Japan  
(a)  
CSL Behring S.A. de C.V.  
CSL Behring S.A.  
BioCSL GmbH  
Mexico  
France  
(a)  
(a)  
Germany  
(a)(h)  
(a)  
CSL Behring Foundation for Research and Advancement of Patient Health  
CSL Behring Verwaltungs GmbH  
CSL Behring Beteiligungs GmbH & Co KG  
CSL Plasma GmbH  
USA  
Germany  
Germany  
Germany  
Germany  
Austria  
(a)  
(a)  
(a)  
CSL Behring GmbH  
(a)  
CSL Behring GmbH  
(a)  
CSL Behring S.A.  
Spain  
(a)  
CSL Behring A.B.  
Sweden  
(a)  
CSL Behring S.p.A.  
Italy  
(a)  
CSL Behring N.V.  
Belgium  
(a)  
CSL Behring B.V  
Netherlands  
Portugal  
Greece  
(a)  
CSL Behring Lda  
(a)  
CSL Behring MEPE  
(a)  
CSL Behring Asia Pacific Limited  
CSL (Shanghai) Biotherapies Consulting Ltd  
CSL Behring S.A.  
Hong Kong  
China  
(a)(i)  
(a)  
Argentina  
Panama  
(a)  
CSL Behring Panama S.A.  
CSL Behring s.r.o.  
(a)  
Czech Republic  
Hungary  
England  
(a)  
CSL Behring K.f.t.  
(a)  
CSL Behring Holdings Ltd.  
CSL Behring UK Ltd.  
(a)  
England  
(a)  
CSL Behring AG  
Switzerland  
Germany  
(a)(b)  
(e)  
ZLB GmbH  
(
a) Audited by affiliates of the Company auditors.  
b) The shares in CSL Behring AG were transferred from CSLBehring ApS to CSL Behring Holdings Ltd during the year  
c) The shares in bioCSL (Australia) Pty Ltd were transferred from CSL Limited to bioCSL Pty Ltd during the year  
d) The shares in bioCSL (NZ) Limited were transferred from CSL Limited to bioCSL Pty Ltd during the year  
e) Dormant entity deregistered during the year  
(
(
(
(
(f) Previously CSL Biotherapies Pty Ltd  
(
(
(
(
g) Previously CSL Biotherapies (NZ) Limited  
h) Previously CSL Biotherapies GmbH  
i) Previously CSL Biotherapies Asia Pacific Limited  
j) Incorporated during the 2013 financial year  
124  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
33 Deed of Cross Guarantee  
On 22 October 2009, a deed of cross guarantee was executed between CSL Limited and some of its wholly owned entities, namely CSL International  
Pty Ltd, CSL Finance Pty Ltd, CSL Biotherapies Pty Ltd and Zenyth Therapeutics Pty Ltd. During the year bioCSL Pty Ltd, CSL Behring (Australia) Pty Ltd  
and CSL Behring (Privigen) Pty Ltd were added to the deed. Under this deed, each company guarantees the debts of the others. By entering into the  
deed, these specific wholly owned entities have been relieved from the requirement to prepare a financial report and directors’ report under Class  
Order 98/1418 (as amended) issued by the Australian Securities and Investments Commission.  
The entities that are parties to the deed represent a ‘Closed Group’ for the purposes of the Class Order, and as there are no other parties to the Deed  
of Cross Guarantee that are controlled by CSL Limited they also represent the ‘Extended Closed Group’. In respect to the Closed Group comprising the  
aforementioned entities, set out below is a consolidated income statement and a summary of movements in consolidated retained profits for the year  
ended 30 June 2013 and a consolidated balance sheet as at that date.  
Income Statement  
Consolidated Group  
013  
2
2012  
a$ꢇ  
a$ꢇ  
Cꢀꢆꢅꢃꢆuꢃꢆg ꢀꢈꢄrꢁꢅꢃꢀꢆs  
Sales revenue  
697.3  
(447.3)  
250.0  
650.8  
(387.2)  
263.6  
86.0  
Cost of sales  
Grꢀss ꢈrꢀfiꢅ  
Sundry revenues  
16.4  
#
Dividend income  
18,746.1  
27.8  
1,843.7  
39.4  
Interest income  
Research and development expenses  
Selling and marketing expenses  
General and administration expenses  
Finance costs  
(188.5)  
(73.0)  
(154.5)  
(68.8)  
(92.7)  
(6.3)  
(130.7)  
36.5  
prꢀfiꢅ bꢄfꢀrꢄ ꢃꢆcꢀꢇꢄ ꢅꢁx ꢄxꢈꢄꢆsꢄ  
Income tax (expense)/benefit  
prꢀfiꢅ fꢀr ꢅhꢄ yꢄꢁr  
18,684.6  
28.3  
1,910.4  
(6.9)  
18,712.9  
1,903.5  
#
Dividend income in 2013 includes an amount resulting from a gain on the sale of an entity, at fair value, from one Group company to another. This  
transaction eliminates on consolidation at the CSL Group level but not at the Closed Group level presented in this note. The gain was paid as a  
dividend to CSL International Pty Ltd, a member of the Closed Group.  
1
25  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
2
a$ꢇ  
013  
2012  
a$ꢇ  
33 Deed of Cross Guarantee (continued)  
Bꢁlꢁꢆcꢄ shꢄꢄꢅ  
CꢉRRent aSSetS  
Cash and cash equivalents  
Trade and other receivables  
Inventories  
621.1  
117.6  
196.6  
935.3  
829.0  
112.3  
198.0  
Total Current Assets  
1,139.3  
non-CꢉRRent aSSetS  
Trade and other receivables  
45.3  
19,006.1  
584.3  
9.1  
1,823.3  
521.2  
#
Other financial assets  
Property, plant and equipment  
Deferred tax assets  
Intangible assets  
24.1  
11.7  
67.9  
24.1  
Total Non-Current Assets  
totaL aSSetS  
19,727.7  
20,663.0  
2,389.4  
3,528.7  
CꢉRRent LiaBiLitieS  
Trade and other payables  
Interest-bearing liabilities and borrowings  
Provisions  
190.9  
-
136.6  
119.6  
49.6  
46.9  
1.0  
Deferred government grants  
Total Current Liabilities  
non-CꢉRRent LiaBiLitieS  
Trade and other payables  
Deferred tax liabilities  
Provisions  
1.0  
238.8  
306.8  
15.5  
14.9  
5.6  
-
13.0  
7.5  
Deferred government grants  
Retirement benefit liabilities  
Total Non-Current Liabilities  
totaL LiaBiLitieS  
net aSSetS  
39.9  
29.8  
6.0  
0.6  
83.9  
48.9  
355.7  
3,173.0  
322.7  
20,340.3  
eQꢉitY  
Contributed equity  
Reserves  
(1,464.7)  
152.7  
(373.2)  
130.4  
Retained earnings  
21,652.3  
20,340.3  
3,415.8  
3,173.0  
totaL eQꢉitY  
#
The increase in other financial assets results from the sale of an entity from one Group company to another at fair value.  
126  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
Consolidated Group  
013  
2
2012  
a$ꢇ  
a$ꢇ  
33 Deed of Cross Guarantee (continued)  
Suꢇꢇꢁry ꢀf ꢇꢀvꢄꢇꢄꢆꢅs ꢃꢆ cꢀꢆsꢀlꢃꢂꢁꢅꢄꢂ rꢄꢅꢁꢃꢆꢄꢂ ꢄꢁrꢆꢃꢆgs ꢀf ꢅhꢄ Clꢀsꢄꢂ Grꢀuꢈ  
Retained earnings at beginning of the financial year  
Net profit  
3,415.8  
18,712.9  
1.8  
2,090.9  
1,903.5  
(6.5)  
Actuarial gain/(loss) on defined benefit plans, net of tax  
Dividends provided for or paid  
(478.2)  
21,652.3  
(572.1)  
3,415.8  
Retained earnings at the end of the financial year  
34 Financial Risk Management Objectives and Policies  
The Group’s principal financial instruments comprise receivables, payables, bank loans and overdrafts, unsecured notes, lease liabilities,  
available for sale assets and derivative instruments.  
The Group’s activities expose it to a variety of financial risks: market risk (including currency and interest rate risk), credit risk and liquidity  
risk. The Group’s policy is to use derivative financial instruments, such as foreign exchange contracts and interest rate swaps, to manage  
specifically identified risks as approved by the board of directors. The objective of the policy is to support the delivery of the Group’s  
financial targets whilst protecting future financial security. The accounting policy applied by the Group in respect to derivative financial  
instruments is outlined in note 1(v). Derivatives are exclusively used for hedging purposes, i.e. not as trading or other speculative instruments.  
The Group uses different methods to measure different types of risk to which it is exposed. These methods include sensitivity analysis in the  
case of interest rate and foreign exchange risks.  
mꢁrkꢄꢅ Rꢃsk  
1. Foreign exchange risk  
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures. Foreign exchange  
risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency other than the entity’s  
functional currency and net investments in foreign operations. The Group’s Treasury risk management policy is to hedge contractual  
commitments denominated in a foreign currency.  
The Group enters into forward exchange contracts to buy and sell specified amounts of foreign currencies in the future at predetermined  
exchange rates. The objective is to match the contracts with committed future cash flows from sales and purchases in foreign currencies  
to protect the Group against exchange rate movements. Contracts to buy and sell foreign currencies are entered into from time to time  
to offset purchase and sale obligations in order to maintain a desired hedge position.  
1
27  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
34 Financial Risk Management Objectives and Policies (continued)  
1. Foreign exchange risk (continued)  
The table below summarises by currency the US dollar value of forward exchange agreements at balance date. Foreign currency amounts  
are translated at rates prevailing at reporting date. Entities in the group enter into forward contracts to hedge foreign currency receivables  
from other entities within the Group. These receivables are eliminated on consolidation, however, the hedges are in place to protect the  
entities from movements in exchange rates that would give rise to a profit or loss impact.  
Average Eꢂchange Rate  
2013  
Buy  
2012  
Buy  
Sꢄll  
Sꢄll  
2
013  
2012  
ꢉS$ꢇ  
ꢉS$ꢇ  
ꢉS$ꢇ  
ꢉS$ꢇ  
ꢉS dꢀllꢁr1  
months or less  
3
1.2265  
0.9442  
5.3758  
0.7666  
0.6550  
226.66  
98.90  
1.3123  
0.9550  
4.5208  
0.8197  
0.6406  
231.09  
79.27  
6.9716  
5.9083  
13.5914  
2.0767  
20.45  
6.3552  
-
14.0  
(228.0)  
(85.1)  
(15.6)  
(348.2)  
(24.2)  
(3.2)  
20.1  
(253.0)  
(16.2)  
(11.7)  
(334.5)  
(25.1)  
(2.8)  
Swꢃss Frꢁꢆcs  
months or less  
3
324.6  
306.0  
argꢄꢆꢅꢃꢆꢁ pꢄsꢀ  
months or less  
3
-
-
eurꢀ  
3
months or less  
479.1  
436.3  
pꢀuꢆꢂs Sꢅꢄrlꢃꢆg  
3
months or less  
0.7  
5.9  
Huꢆgꢁrꢃꢁꢆ Flꢀrꢃꢆꢅ  
3
months or less  
-
-
Jꢁꢈꢁꢆꢄsꢄ Yꢄꢆ  
3
months or less  
2.7  
(16.4)  
(15.9)  
(9.3)  
-
0.3  
1.1  
1.1  
-
(16.0)  
(13.9)  
(7.5)  
Swꢄꢂꢃsh Krꢀꢆꢄr  
3
months or less  
6.7266  
5.7103  
12.9995  
2.1989  
19.95  
1.6  
dꢁꢆꢃsh Krꢀꢆꢄr  
3
months or less  
-
mꢄxꢃcꢁꢆ pꢄsꢀ  
3
months or less  
-
(42.5)  
(15.9)  
(1.8)  
(35.0)  
(9.6)  
Brꢁzꢃlꢃꢁꢆ Rꢄꢁl  
3
months or less  
-
Czꢄch Kꢀruꢆꢁ  
3
months or less  
-
-
(1.2)  
Chꢃꢆꢄsꢄ Rꢄꢆꢃꢇbꢃ  
3
months or less  
6.1453  
1.2819  
3.3097  
1.0816  
-
(48.4)  
(2.7)  
-
(25.9)  
-
nꢄw Zꢄꢁlꢁꢆꢂ dꢀllꢁr  
3
months or less  
-
-
-
pꢀlꢃsh Zlꢀꢅy  
3
months or less  
-
(3.2)  
-
-
ausꢅrꢁlꢃꢁꢆ dꢀllꢁr  
3
months or less  
0.9906  
78.6  
(40.9)  
28.5  
(46.9)  
901.3  
(901.3)  
799.3  
(799.3)  
1
US Dollar hedge contracts are in place in Group entities with functional currencies other than US Dollars.  
The Group reduces its foreign exchange risk on net investments in foreign operations, by denominating external borrowings in currencies  
that match the currencies of its foreign investments.  
There was no ineffectiveness recognised on this hedging during the year.  
128  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
34 Financial Risk Management Objectives and Policies (continued)  
2
. Interest rate risk  
The Group is exposed to interest rate risk through primary financial assets and liabilities. In accordance with the Group entities  
approved risk management policies, derivative financial instruments such as interest rate swaps are used to hedge interest rate risk  
exposures. As at 30 June 2013, no derivative financial instruments hedging interest rate risk were outstanding (2012: Nil).  
The following tables summarise interest rate risk for financial assets and financial liabilities, the effective interest rates as at balance  
date and the periods in which they reprice.  
Fiꢂed interest rate maturing in:  
ovꢄr  
1 yꢄꢁr ꢅꢀ  
5 yꢄꢁrs  
nꢀꢆ-  
ꢃꢆꢅꢄrꢄsꢅ  
bꢄꢁrꢃꢆg  
avꢄrꢁgꢄ  
ꢃꢆꢅꢄrꢄsꢅ  
Rꢁꢅꢄ  
Flꢀꢁꢅꢃꢆg  
rꢁꢅꢄ (ꢁ)  
1 yꢄꢁr  
ꢀr lꢄss  
ovꢄr  
5 yꢄꢁrs  
tꢀꢅꢁl  
Cꢀꢆsꢀlꢃꢂꢁꢅꢄꢂ Grꢀuꢈ – Juꢆꢄ 2013  
Fꢃꢆꢁꢆcꢃꢁl assꢄꢅs  
ꢉS$ꢇ  
ꢉS$ꢇ  
ꢉS$ꢇ  
ꢉS$ꢇ  
ꢉS$ꢇ  
ꢉS$ꢇ  
%
Cash and cash equivalents  
Trade and other receivables  
Other financial assets  
762.2  
-
-
-
-
-
-
-
-
-
-
-
-
-
859.1  
1.5  
762.2  
859.1  
1.5  
3.0%  
-
-
-
-
762.2  
860.6  
1,622.8  
Fꢃꢆꢁꢆcꢃꢁl Lꢃꢁbꢃlꢃꢅꢃꢄs  
Trade and other payables  
Bankꢀloansꢀ–ꢀunsecured  
Bankꢀoverdraftꢀ–ꢀunsecured  
Senior unsecured notes  
Lease liabilities  
-
-
-
-
671.1  
671.1  
406.6  
2.4  
-
1.0%  
2.2%  
3.4%  
5.9%  
-
406.6  
-
-
-
-
-
-
-
2.4  
-
-
-
-
-
-
1,243.5  
15.6  
-
-
-
1,243.5  
26.4  
3.3  
-
7.5  
-
Other financial liabilities  
3.8  
3.8  
409.0  
3.3  
7.5  
1,259.1  
674.9  
2,353.8  
Fiꢂed interest rate maturing in:  
ovꢄr  
nꢀꢆ-  
avꢄrꢁgꢄ  
ꢃꢆꢅꢄrꢄsꢅ  
Rꢁꢅꢄ  
Flꢀꢁꢅꢃꢆg  
rꢁꢅꢄ (ꢁ)  
1 yꢄꢁr  
ꢀr lꢄss  
1 yꢄꢁr ꢅꢀ  
5 yꢄꢁrs  
ovꢄr  
ꢃꢆꢅꢄrꢄsꢅ  
bꢄꢁrꢃꢆg  
5 yꢄꢁrs  
tꢀꢅꢁl  
Cꢀꢆsꢀlꢃꢂꢁꢅꢄꢂ Grꢀuꢈ – Juꢆꢄ 2012  
ꢉS$ꢇ  
ꢉS$ꢇ  
ꢉS$ꢇ  
ꢉS$ꢇ  
ꢉS$ꢇ  
ꢉS$ꢇ  
%
Fꢃꢆꢁꢆcꢃꢁl assꢄꢅs  
Cash and cash equivalents  
Trade and other receivables  
Other financial assets  
1,171.4  
-
-
-
-
-
-
-
-
-
-
-
-
-
794.2  
2.9  
1,171.4  
794.2  
2.9  
3.6%  
-
-
-
-
1,171.4  
797.1  
1,968.5  
Fꢃꢆꢁꢆcꢃꢁl Lꢃꢁbꢃlꢃꢅꢃꢄs  
Trade and other payables  
Bankꢀloansꢀ–ꢀunsecured  
Bankꢀoverdraftꢀ–ꢀunsecured  
Senior unsecured notes  
Lease liabilities  
-
-
-
-
551.7  
551.7  
351.4  
3.3  
-
1.3%  
2.8%  
4.1%  
5.8%  
-
351.4  
-
-
-
-
-
-
3.3  
-
-
-
-
-
-
163.4  
2.9  
744.8  
7.5  
-
-
908.2  
26.7  
16.3  
-
Other financial liabilities  
-
-
1.4  
1.4  
354.7  
166.3  
752.3  
16.3  
553.1  
1,842.7  
(a) Floating interest rates represent the most recently determined rate applicable to the instrument at balance sheet date. All interest rates on  
floating rate financial assets and liabilities are subject to reset within the next six months.  
1
29  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
34 Financial Risk Management Objectives and Policies (continued)  
Sꢄꢆsꢃꢅꢃvꢃꢅy ꢁꢆꢁlysꢃs  
In managing interest rate and currency risks the Group aims to reduce the impact of short-term fluctuations on the Group’s earnings. However, over  
the longer-term, permanent changes in foreign exchange and interest rates would give rise to a Group statement of comprehensive income impact.  
At 30 June 2013 it is estimated that a general movement of one percentage point in the interest rates applicable to investments of cash and cash  
equivalents would have changed the Group’s profit after tax by approximately $5.3m. This calculation is based on applying a 1% movement to the  
total of the Group’s cash and cash equivalents at year end. All other financial asset amounts are subject to fixed rate and therefore not subject to  
interest rate movements in the ordinary course.  
At 30 June 2013 it is estimated that a general movement of one percentage point in the interest rates applicable to floating rate unsecured bank loans  
would have changed the Group’s profit after tax by approximately $2.5m. This calculation is based on applying a 1% movement to the total of the  
Group’s unsecured bank loans at year end. All other interest bearing debt amounts are subject to fixed rate and therefore not subject to interest rate  
movements in the ordinary course.  
It is estimated that a general movement of one percentage point in the value of the US Dollar against other currencies would change the Group’s profit  
after tax by approximately $3.8m for the year ended 30 June 2013 comprising $2.2m and $1.6m against the Euro and Swiss Franc respectively. This  
calculation is based on changing the actual exchange rate of US Dollars to all other currencies during the year by 1% and applying these adjusted rates  
to the translation of the foreign currency denominated financial statements of various Group entities.  
It is estimated that a general movement of one percentage point in the value of the US Dollar against other currencies would change the Group’s  
equity by approximately $32.4m as at 30 June 2013 comprising $6.9m, $13.3m, $12.2m against the Euro, Swiss Franc and Australian Dollar  
respectively. The change in equity would be recorded in the Foreign Currency Translation Reserve. This calculation is based on changing the actual  
exchange rate of US Dollars to all other currencies as at 30 June 2013 by 1% and applying these adjusted rates to the net assets excluding investments  
in subsidiaries of the foreign currency denominated financial statements of various Group entities. Australian Dollars is material to equity as a result of  
the assets, including cash, held by Australian Dollar denominated entities but is not material to profit & loss.  
These sensitivity estimates may not apply in future years due to changes in the mix of profits derived in different currencies and in the Group’s net debt  
levels.  
Crꢄꢂꢃꢅ Rꢃsk  
Credit risk represents the extent of credit related losses that the Group may be subject to on amounts to be exchanged under financial  
instruments contracts or the amount receivable from trade and other debtors. Management has established policies to monitor and limit the  
exposure to credit risk on an on-going basis.  
Transactions involving derivative financial instruments are with counterparties with whom the Group has a signed netting agreement as well as  
sound credit ratings. Given their high credit ratings, management does not expect any counterparty to fail to meet its obligations. The Group’s  
policy is to only invest its cash and cash equivalent financial assets with financial institutions having a credit rating of at least ‘A’ or better, as  
assessed by independent rating agencies.  
The Group minimises the credit risks associated with trade and other debtors by undertaking transactions with a large number of customers in  
various countries. Entities in the Group undertake a review of the credit worthiness of customers, prior to granting credit, using trade references  
and credit reference agencies.  
The maximum exposure to credit risk at balance date is the carrying amount, net of any provision for impairment, of each financial asset in the  
balance sheet.  
The credit quality of financial assets that are neither past due, nor impaired is as follows:  
Fꢃꢆꢁꢆcꢃꢁl  
Buyꢃꢆg  
Grꢀuꢈs  
iꢆsꢅꢃꢅuꢅꢃꢀꢆs  
Gꢀvꢄrꢆꢇꢄꢆꢅs  
ꢉS$ꢇ  
Hꢀsꢈꢃꢅꢁls  
ꢉS$ꢇ  
oꢅhꢄr  
ꢉS$ꢇ  
tꢀꢅꢁl  
Fꢀr ꢅhꢄ yꢄꢁr ꢄꢆꢂꢄꢂ 30 Juꢆꢄ 2013  
ꢉS$ꢇ  
ꢉS$ꢇ  
ꢉS$ꢇ  
Cash and cash equivalents  
Trade and other receivables  
Other financial assets  
762.2  
1.9  
-
45.5  
-
-
230.6  
-
-
341.9  
-
-
239.2  
-
762.2  
859.1  
1.5  
1.5  
765.6  
45.5  
230.6  
341.9  
239.2  
1,622.8  
Fꢀr ꢅhꢄ yꢄꢁr ꢄꢆꢂꢄꢂ 30 Juꢆꢄ 2012  
Cash and cash equivalents  
Trade and other receivables  
Other financial assets  
1,171.4  
6.4  
-
45.3  
-
-
226.6  
-
-
321.9  
-
-
194.0  
-
1,171.4  
794.2  
2.9  
2.9  
1,180.7  
45.3  
226.6  
321.9  
194.0  
1,968.5  
The Group has not renegotiated any material collection/repayment terms of any financial assets in the current financial year.  
130  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
34 Financial Risk Management Objectives and Policies (continued)  
Crꢄꢂꢃꢅ Rꢃsk (cꢀꢆꢅꢃꢆuꢄꢂ)  
An analysis of trade receivables that are past due and, where required, the associated provision for impairment is as follows. All other financial assets  
are less than 30 days overdue.  
Trade receivables which are:  
prꢀvꢃsꢃꢀꢆ fꢀr  
nꢀꢅ ꢃꢇꢈꢁꢃrꢄꢂ  
ꢉS$ꢇ  
iꢇꢈꢁꢃrꢄꢂ  
ꢉS$ꢇ  
ꢃꢇꢈꢁꢃrꢇꢄꢆꢅ  
Fꢀr ꢅhꢄ yꢄꢁr ꢄꢆꢂꢄꢂ 30 Juꢆꢄ 2013:  
ꢉS$ꢇ  
Trade and other receivables:  
current but not overdue  
619.6  
41.6  
42.1  
34.3  
-
-
-
-
less than 30 days overdue  
more than 30 but less than 90 days overdue  
more than 90 days overdue  
-
-
40.9  
40.9  
40.9  
40.9  
737.6  
Fꢀr ꢅhꢄ yꢄꢁr ꢄꢆꢂꢄꢂ 30 Juꢆꢄ 2012:  
Trade and other receivables:  
current but not overdue  
532.1  
54.1  
49.1  
42.1  
-
-
-
-
less than 30 days overdue  
more than 30 but less than 90 days overdue  
more than 90 days overdue  
-
-
46.2  
46.2  
46.2  
46.2  
677.4  
Financial assets are considered impaired where there is objective evidence that the Group will not be able to collect all amounts due according to  
the original trade and other receivable terms. Factors considered when determining if an impairment exists include aging and timing of expected  
receipts and the credit worthiness of counterparties. A provision for impairment is created for the difference between the assets carrying amount  
and the present value of estimated future cash flows. The Group’s trading terms do not generally include the requirement for customers to  
provide collateral as security for financial assets.  
The Group carries receivables from a number of Southern European governments. The credit risk associated with trading in these countries is  
considered on a country-by-country basis and the Group’s trading strategy is adjusted accordingly. The factors taken into account in determining  
the credit risk of a particular country include recent trading experience, current economic and political conditions and the likelihood of continuing  
support from agencies such as the European Central Bank.  
Fuꢆꢂꢃꢆg ꢁꢆꢂ lꢃquꢃꢂꢃꢅy rꢃsk  
Funding and liquidity risk is the risk that CSL cannot meet its financial commitments as and when they fall due. One form of this risk is credit  
spread risk which is the risk that in refinancing its debt, CSL may be exposed to an increased credit spread (the credit spread is the margin  
that must be paid over the equivalent government or risk free rate or swap rate). Another form of this risk is liquidity risk which is the risk of  
not being able to refinance debt obligations or meet other cash outflow obligations at any reasonable cost when required.  
Liquidity and re-financing risks are not significant for the Group, as CSL has a prudent gearing level and strong cash flows. The focus on  
improving operational cash flow and maintaining a strong balance sheet mitigates refinancing and liquidity risks enabling the Group to  
actively manage its capital position.  
CSL’s objectives in managing its funding and liquidity risks include ensuring the Group can meet its financial commitments as and when they  
fall due, ensuring the Group has sufficient funds to achieve its working capital and investment objectives, ensuring that short-term liquidity,  
long-term liquidity and crisis liquidity requirements are effectively managed, minimising the cost of funding and maximising the return on any  
surplus funds through efficient cash management, and ensuring adequate flexibility in financing to balance short-term liquidity requirements  
and long-term core funding, and minimise refinancing risk.  
1
31  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
34 Financial Risk Management Objectives and Policies (continued)  
Fuꢆꢂꢃꢆg ꢁꢆꢂ lꢃquꢃꢂꢃꢅy rꢃsk (cꢀꢆꢅꢃꢆuꢄꢂ)  
The below table shows the profile of financial liabilities:  
Maturing in:  
ovꢄr 1 yꢄꢁr  
ꢅꢀ 5 yꢄꢁrs  
1
yꢄꢁr ꢀr lꢄss  
ꢉS$ꢇ  
ovꢄr 5 yꢄꢁrs  
ꢉS$ꢇ  
tꢀꢅꢁl  
Cꢀꢆsꢀlꢃꢂꢁꢅꢄꢂ Grꢀuꢈ – Juꢆꢄ 2013  
ꢉS$ꢇ  
ꢉS$ꢇ  
Fꢃꢆꢁꢆcꢃꢁl Lꢃꢁbꢃlꢃꢅꢃꢄs  
Trade and other payables  
Bankꢀloansꢀ–ꢀunsecured  
Bankꢀoverdraftꢀ–ꢀunsecured  
Senior unsecured notes  
Lease liabilities  
647.9  
-
23.2  
-
671.1  
406.6  
2.4  
406.6  
-
-
2.4  
-
-
-
7.3  
1,243.5  
15.8  
-
1,243.5  
26.4  
3.3  
3.8  
Other financial liabilities  
-
3.8  
6
57.4  
437.1  
1,259.3  
2,353.8  
Cꢀꢆsꢀlꢃꢂꢁꢅꢄꢂ Grꢀuꢈ – Juꢆꢄ 2012  
Fꢃꢆꢁꢆcꢃꢁl Lꢃꢁbꢃlꢃꢅꢃꢄs  
Trade and other payables  
Bankꢀloansꢀ–ꢀunsecured  
Bankꢀoverdraftꢀ–ꢀunsecured  
Senior unsecured notes  
Lease liabilities  
536.3  
-
15.4  
351.4  
-
-
551.7  
351.4  
3.3  
-
3.3  
-
-
163.4  
2.9  
744.8  
7.5  
908.2  
26.7  
16.3  
-
Other financial liabilities  
1.4  
-
1.4  
707.3  
1,119.1  
16.3  
1,842.7  
Fꢁꢃr vꢁluꢄs  
With the exception of certain of the Group’s financial liabilities as disclosed in the table below, the remainder of the Group’s financial assets and  
financial liabilities have a fair value equal to the carrying value of those assets and liabilities as shown in the Group’s balance sheet. There are no  
unrecognised gains or losses in respect to any financial asset or financial liability.  
Cꢁrryꢃꢆg  
ꢁꢇꢀuꢆꢅ  
Cꢁrryꢃꢆg  
ꢁꢇꢀuꢆꢅ  
Cꢀꢆsꢀlꢃꢂꢁꢅꢄꢂ Grꢀuꢈ  
Fꢁꢃr Vꢁluꢄ  
Fꢁꢃr Vꢁluꢄ  
2
013  
2013  
$ꢇ  
2012  
$ꢇ  
2012  
$ꢇ  
$ꢇ  
Fꢃꢆꢁꢆcꢃꢁl Lꢃꢁbꢃlꢃꢅꢃꢄs  
Interest bearing liabilities and borrowings  
Unsecured bank loans  
406.6  
406.6  
351.4  
908.2  
351.4  
914.4  
Unsecured notes  
1,243.5  
1,250.0  
132  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
34 Financial Risk Management Objectives and Policies (continued)  
Fꢁꢃr vꢁluꢄs (cꢀꢆꢅꢃꢆuꢄꢂ)  
The following methods and assumptions were used to determine the net fair values of financial assets and liabilities:  
Trade and other receivables/payables  
The carrying value of trade and other receivables/payables with a remaining life of less than one year is deemed to reflect its fair value.  
Other financial assets – derivatives  
Forward exchange contracts are ‘marked to market’ using listed market prices.  
Other financial assets – available-for-sale financial assets  
Fair value is calculated using quoted prices in active markets.  
Other financial assets – other  
Fair value is estimated using valuation techniques including recent arm’s length transactions of like assets, discounted cash flow analysis and  
comparison to fair values of similar financial instruments.  
Interest bearing liabilities and borrowings  
Fair value is calculated based on the discounted expected future principal and interest cash flows.  
Interest bearing liabilities and borrowings – finance leases  
The fair value is estimated as the present value of future cash flows, discounted at market interest rates for homogeneous lease agreements.  
The estimated fair values reflect change in interest rates.  
Cꢁꢈꢃꢅꢁl Rꢃsk mꢁꢆꢁgꢄꢇꢄꢆꢅ  
The Group’s objectives when managing capital are to safeguard their ability to continue as a going concern whilst providing returns to  
shareholders and benefits to other stakeholders. The Group aims to maintain a capital structure which reflects the use of a prudent level  
of debt funding so as to reduce the Group’s cost of capital without adversely affecting either of their credit ratings.  
Each year the Directors determine the dividend taking into account factors such as liquidity and the availability of franking credits. The full  
year dividend, as disclosed in note 23, represents a payout ratio of 42% of Net Profit after Tax.  
During the 2013 financial year, the parent company announced a further A$900m buy-back. During the year, 20,966,720 shares have  
been purchased for US$1,145.4m. The shares purchased during the year include both the completion of the previous buyback and shares  
purchased under the buyback announced during the year.  
1
33  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
noteS to tHe FinanCiaL StatementS  
FOR THE YEAR ENDED 30 JUNE 2013  
2
a$ꢇ  
013  
2012  
a$ꢇ  
35 Information relating to CSꢀ ꢀimited (‘the parent entity’)  
(ꢁ) Suꢇꢇꢁry fiꢆꢁꢆcꢃꢁl ꢃꢆfꢀrꢇꢁꢅꢃꢀꢆ  
The individual financial statements for the parent entity show the following aggregate amounts:  
Current assets  
Total assets  
32.5  
2,636.8  
149.0  
207.7  
2,953.7  
189.8  
Current liabilities  
Total liabilities  
229.4  
401.7  
Contributed equity  
(1,464.7)  
122.4  
(373.2)  
101.2  
Share based payments reserve  
Retained earnings  
3,749.7  
2,824.0  
2,552.0  
2,407.4  
Profit or loss for the year  
1,398.8  
1,400.0  
1,840.3  
1,833.9  
Total comprehensive income  
(
b) Guꢁrꢁꢆꢅꢄꢄs ꢄꢆꢅꢄrꢄꢂ ꢃꢆꢅꢀ by ꢅhꢄ ꢈꢁrꢄꢆꢅ ꢄꢆꢅꢃꢅy  
The parent entity provides certain financial guarantees in the ordinary course of business. No liability has been recognised in relation to  
these guarantees as the fair value of the guarantees is immaterial. These guarantees are mainly related to debt facilities of the Group. In  
addition the parent entity provides guarantees to some subsidiaries in respect of certain receivables from other group companies.  
(c) Cꢀꢆꢅꢃꢆgꢄꢆꢅ lꢃꢁbꢃlꢃꢅꢃꢄs ꢀf ꢅhꢄ ꢈꢁrꢄꢆꢅ ꢄꢆꢅꢃꢅy  
The parent entity did not have any contingent liabilities as at 30 June 2013 or 30 June 2012. For information about guarantees given by  
the parent entity, please refer above.  
(
ꢂ) Cꢀꢆꢅrꢁcꢅuꢁl cꢀꢇꢇꢃꢅꢇꢄꢆꢅs fꢀr ꢅhꢄ ꢁcquꢃsꢃꢅꢃꢀꢆ ꢀf ꢈrꢀꢈꢄrꢅy, ꢈlꢁꢆꢅ ꢀr ꢄquꢃꢈꢇꢄꢆꢅ  
Capital expenditure contracted for at balance date but not provided for in the financial statements, payable:  
Not later than one year  
-
-
-
-
74.0  
Later than one year but not later than five years  
-
-
Later than five years  
74.0  
36 Subsequent events  
On 1 July 2013, Mr P R Perreault succeeded Dr B A McNamee as Managing Director and Chief Executive Officer.  
Other than as disclosed elsewhere in these statements, there are no matters or circumstances which have arisen since the end of the  
financial year which have significantly affected or may significantly affect the operations of the Group, results of those operations or the  
state of affairs of the Group in subsequent financial years.  
134  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
CSL Limited and itS ContRoLLed entitieS  
diReCtoRS’ deCLaRation  
1. In the opinion of the Directors:  
(a) the financial report, and the remuneration report included in the directors’ report of the company and of the  
Group are in accordance with the Corporations Act 2001, including:  
(i) giving a true and fair view of the company’s and Group’s financial position as at 30 June 2013 and of their  
performance for the year ended on that date;  
(ii) complying with Australian Accounting Standards and Corporations Regulations 2001; and  
(iii) complying with International Financial Reporting Standards as issued by the International Accounting Standards  
Board.  
(
b) there are reasonable grounds to believe that the company will be able to pay its debts as and when they become  
due and payable.  
2. This declaration has been made after receiving the declarations required to be made to the directors in accordance  
with section 295A of the Corporations Act 2001 for the financial period ended 30 June 2013.  
3
In the opinion of the Directors, as at the date of this declaration, there are reasonable grounds to believe that the  
members of the Closed Group identified in note 33 will be able to meet any obligations or liabilities to which they are  
or may become subject, by virtue of the Deed of Cross Guarantee dated 22 October 2009.  
This declaration is made in accordance with a resolution of the directors.  
Jꢀhꢆ Shꢃꢆꢄ ao  
pꢁul pꢄrrꢄꢁulꢅ  
Chairman  
Managing Director  
Melbourne  
14 August 2013  
1
35  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
independent aꢉditoR’S RepoRt  
TO THE MEMBERS OF CSL LIMITED  
Report on the financial report  
We have audited the accompanying financial report of CSL Limited, which comprises the consolidated balance  
sheet as at 30 June 2013, the consolidated statement of comprehensive income, the consolidated statement  
of changes in equity and the consolidated statement of cash flows for the year then ended, notes comprising a  
summary of significant accounting policies and other explanatory information, and the directors’ declaration of the  
consolidated entity comprising the company and the entities it controlled at the year’s end or from time to time  
during the financial year.  
Directors’ responsibility for the financial report  
The directors of the company are responsible for the preparation of the financial report that gives a true and fair  
view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal  
controls as the directors determine are necessary to enable the preparation of the financial report that is free  
from material misstatement, whether due to fraud or error. In Note 1, the directors also state, in accordance with  
Accounting Standard AASB 101 Presentation of Financial Statements, that the financial statements comply with  
International Financial Reporting Standards.  
Auditor’s responsibility  
Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit  
in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical  
requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance about  
whether the financial report is free from material misstatement.  
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the  
financial report. The procedures selected depend on the auditor’s judgment, including the assessment of the risks  
of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments,  
the auditor considers internal controls relevant to the entity’s preparation and fair presentation of the financial  
report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of  
expressing an opinion on the effectiveness of the entity’s internal controls. An audit also includes evaluating the  
appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors,  
as well as evaluating the overall presentation of the financial report.  
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit  
opinion.  
Independence  
In conducting our audit we have complied with the independence requirements of the Corporations Act 2001.  
We have given to the directors of the company a written Auditor’s Independence Declaration, a copy of which is  
included in the directors’ report.  
136  
CSL Lꢃꢇꢃꢅꢄꢂ Annual Report 2012-2013  
FinanCiaL RepoRt  
independent aꢉditoR’S RepoRt Continꢉed  
TO THE MEMBERS OF CSL LIMITED  
Opinion  
In our opinion:  
a. the financial report of CSL Limited is in accordance with the Corporations Act 2001, including:  
i
giving a true and fair view of the consolidated entity’s financial position as at 30 June 2013 and of its  
performance for the year ended on that date; and  
ii complying with Australian Accounting Standards and the Corporations Regulations 2001; and  
b. the financial report also complies with International Financial Reporting Standards as disclosed in Note 1.  
Report on the remuneration report  
We have audited the Remuneration Report included in section 16 of the directors’ report for the year ended 30 June  
2013. The directors of the company are responsible for the preparation and presentation of the Remuneration Report  
in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the  
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.  
Opinion  
In our opinion, the Remuneration Report of CSL Limited for the year ended 30 June 2013, complies with section 300A of  
the Corporations Act 2001.  
Glꢄꢆꢆ Cꢁrꢇꢀꢂy  
Partner  
Melbourne  
14 August 2013  
mediCAL GLoSSARY  
Acute Myeloid Leukaemia (AML) is a  
type of cancer that affects the blood and  
bone marrow.  
Fibrinogen is a coagulation factor found in  
human plasma that is crucial for blood clot  
formation.  
Influenza, commonly known as flu, is an  
infectious disease of birds and mammals  
caused by a RNA virus of the family  
Orthomyxoviridae (the influenza viruses).  
Albumin is any protein that is soluble in  
water and moderately concentrated salt  
solutions and is coagulable by heat. It is found  
in egg whites, blood, lymph, and other tissues  
and fluids. In the human body serum albumin  
is the major plasma protein (approximately 60  
per cent of the total).  
Fractionation is the process of separating  
plasma into its component parts,  
such as clotting factors, albumin and  
immunoglobulin, and purifying them.  
Intravenous is the administration of drugs  
or fluids directly into a vein.  
Monoclonal Antibody (mAb) is an  
antibody produced by a single clone of cells.  
Monoclonal antibodies are a cornerstone of  
immunology and are increasingly coming into  
use as therapeutic agents.  
Haemolytic Disease is a disease that  
disrupts the integrity of red blood cells  
causing the release of haemoglobin.  
Anti-D immunoglobulin, also called Rh  
Haemophilia is a haemorrhagic cluster of  
diseases occurring in two main forms:  
(D) immunoglobulin, is an injection of Anti-  
Perioperative Bleeding is bleeding during  
an operation.  
Rhesus antibodies given to a woman whose  
blood group is Rhesus negative, if there is a  
chance that she has been exposed to Rhesus  
positive blood either during pregnancy or  
blood transfusion.  
1. Haemophilia A (classic haemophilia, factor  
VIII deficiency), an ꢂ linked disorder due to  
deficiency of coagulation factor VIII.  
Plasma is the yellow-colored liquid  
component of blood in which blood cells  
are suspended.  
2. Haemophilia B (factor Iꢂ deficiency,  
Christmas disease), also ꢂ linked, due to  
deficiency of coagulation factor Iꢂ.  
Antivenom (or antivenin, or antivenene) is a  
biological product used in the treatment of  
venomous bites or stings.  
Primary Immunodeficiency (PID) is an  
inherited condition where there is an impaired  
immune response. It may be in one or more  
aspects of the immune system.  
Hereditary Angioedema (HAE) is a rare  
but serious genetic disorder caused by low  
levels or improper function of a protein called  
C1 esterase inhibitor. It causes swelling,  
particularly of the face and airways, and  
abdominal cramping.  
Biopharmaceuticals are proteins (including  
antibodies), nucleic acids (DNA, RNA  
or antisense oligonucleotides) used for  
prophylactic or therapeutic purposes.  
Recombinants are proteins prepared by  
recombinant technology. Procedures are used  
to join together segments in a cell-free system  
(
an environment outside a cell organism).  
C1 Esterase Inhibitor is a protein found  
in the fluid part of blood that controls C1  
the first component of the complement  
system. The complement system is a group of  
proteins that move freely through the blood  
stream. These proteins work with the immune  
system and play a role in the development of  
inflammation.  
Human Papilloma Virus (HPV) are a diverse  
group of DNA-based viruses that infect the  
skin and mucous membranes of humans and  
a variety of animals. Some HPV types cause  
benign skin warts, or papillomas, for which  
the virus family is named. Others can lead  
to the development of cervical dyskaryosis,  
which may in turn lead to cancer of the  
cervix.  
Reconstituted High Density Lipoprotein  
(
isolated from human plasma, and soybean-  
derived phosphatidylcholine. It exhibits  
biochemical and functional characteristics  
similar to endogenous high-density  
lipoprotein (HDL).  
rHDL) is prepared from apolipoprotein A-I,  
Chromatography is a technique for  
separating molecules based on differential  
absorption and elution. It involves the flow  
of a fluid carrier over a non-mobile absorbing  
phase.  
Subcutaneous is the administration of drugs  
or fluids into the subcutaneous tissue, which  
is located just below the skin.  
Hyperimmune is an immunoglobulin  
product having high titres of a specific  
antibody in the preparation.  
Von Willebrand Disease (vWD) is a  
hereditary disorder caused by defective or  
deficient Von Willebrand factor, a protein  
involved in normal blood clotting.  
Immunoglobulins (IgG), also known as  
antibodies, are proteins produced by plasma  
cells. They are designed to control the body’s  
immune response by binding to substances  
in the body that are recognised as foreign  
antigens (often proteins on the surface of  
bacteria or viruses).  
Chronic Inflammatory Demyelinating  
Polyneuropathy (CIDP) is a neurological  
disorder which causes gradual weakness and  
a loss in sensation mainly in the arms and  
legs.  
Coagulation is the process of clot formation.  
This report is printed on Impact, made with  
a carbon neutral manufacturing process,  
consisting of 100% certified post consumer  
waste fibre. It is FSC certified and has been  
made in a facility that operates under the  
ISO14001 Environmental Management System.  
It is printed by a ISO 14001EMS & ISO 9001  
quality management system certified printer,  
which is FSC Chain of Custody certified and  
printed on an ecologically rated printing press  
using a chemical recirculation system and  
vegetable based inks.  
Legal notice: This report is intended for global use. Some statements about products or procedures may  
differ from the licensed indications in specific countries. Therefore, always consult the country-specific  
product information, package leaflets or instructions for use. For more information, please contact a local  
CSL representative. This report covers CSL’s global operations, including subsidiaries, unless otherwise  
noted and a reference to CSL is a reference to CSL Limited and its related bodies corporate. The matters  
discussed in this report that are not historical facts are forward-looking statements, including statements  
with respect to future company compliance and performance. These statements involve numerous risks  
and uncertainties. Many factors could affect the company’s actual results, causing results to differ, possibly  
materially, from those expressed in the forward looking statements. These factors include actions of  
regulatory bodies and other governmental authorities; the effect of economic conditions; technological  
developments in the healthcare field; advances in environmental protection processes; and other factors.  
CSL disclaims any obligation to update any forward-looking statements.  
®
Brand names designated by a or a throughout this publication are trademarks either owned by  
and/or licensed to CSL or its affiliates. Not all brands mentioned have been approved in all countries  
served by CSL.  
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CSL Limited ABN 99 051 588 348  
corporate directory  
reGiStered head oFFice  
Share reGiStry  
auditorS  
CSL Lꢆꢇꢆꢅꢂꢈ  
Cꢄꢇꢃꢁꢅꢂrsharꢂ iꢀvꢂsꢅꢄr  
Sꢂrvꢆcꢂs pꢅy Lꢆꢇꢆꢅꢂꢈ  
erꢀsꢅ & Yꢄꢁꢀg  
45 Poplar Road  
Ernst & Young Building  
8 Exhibition Street  
Melbourne  
Parkville  
Victoria 3052  
Australia  
Yarra Falls  
452 Johnston Street  
Abbotsford VIC 3067  
Victoria 3000  
Phone: +61 3 9389 1911  
Fax: +61 3 9389 1434  
GPO Box 2975  
Melbourne  
GPO Box 67  
Melbourne Victoria 3001  
Victoria 3001  
www.csl.com.au  
Phone: +61 3 9288 8000  
Fax: +61 3 8650 7777  
Enquiries within Australia:  
1800 646 882  
Further inForMation  
Enquiries outside Australia:  
+
61 3 9415 4178  
For further information about CSL  
and its operations, refer to Company  
announcements to the Australian  
Securities Exchange and our website:  
Investor enquiries facsimile:  
+61 3 9473 2500  
Investor enquiries online:  
www.csl.cꢄꢇ.aꢁ  
www.investorcentre.com/contact  
Website: www.investorcentre.com  


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