CSL Limited

ABN: 99 051 588 348

ASX Half-year Information 31 December 2014

Lodged with the ASX under Listing Rule 4.2A. This information should be read in conjunction with the 30 June 2014 Annual Report.

Page

Results for Announcement to the Market

Half-year Report

1 3

CSL Limited

ABN: 99 051 588 348

Appendix 4D Half-year ended 31 December 2014

(Previous corresponding period: Half-year ended 31 December 2013)

Results for Announcement to the Market

Reported

Revenues from continuing operations up 5.6% to US$2.8 billion.
Net profit after tax for the period attributable to members up 7.2% to US$692.2 million.

Constant Currency[1]

Sales revenue at constant currency up 8.3% to US$2.8 billion.
Net profit after tax for the period at constant currency up 9.1% to US$705.0 million.

Dividends

Dividends
	Amount per	Franked amount per
	security (US cents)	security (US cents)
Interim dividend (determined subsequent to balance date)	58.0¢	Unfranked*
Interim dividend from the previous corresponding period	53.0¢	Unfranked
Final dividend (prior year)	60.0¢	Unfranked
Record date for determiningentitlements to the dividend:	18 March 2015

* Under Australian law non-resident withholding tax is not payable on the unfranked component of this dividend as that portion will be declared to be wholly conduit foreign income.

The Company's Dividend Reinvestment Plan remains suspended and does not apply to the interim dividend.

Explanation of results

For further explanation of the results please refer to the accompanying press release and “Review of Operations” in the Directors’ Report that is within the Half-year Report.

The half year financial statements are presented in US$ unless otherwise stated.

Other information required by Listing Rule 4.3A

The remainder of the information requiring disclosure to comply with Listing Rule 4.3A is contained in the attached Half-year Report (which includes the Directors’ Report) and Media Release.

1 Constant currency removes the impact of exchange rate movements to facilitate comparability by restating the current period’s results at the prior comparable period’s rates. This is done in two parts: (a) by converting the current period net profit of entities in the group that have reporting currencies other than US Dollars at the rates that were applicable to the prior comparable period (“translation currency effect”); 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 comparable period (“transaction currency effect”). 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.

Summary NPAT Reported Net Profit after Tax $692.2m Translation Currency Effect (a) $ 13.5m Transaction Currency Effect (b) $ (0.7m) Constant Currency Net Profit after Tax * $705.0m

(a) Translation Currency Effect $13.5m

Average Exchange rates used for calculation in major currencies (six months to Dec 14/Dec 13) were as follows: USD/EUR (0.77/0.75); USD/CHF(0.93/0.92)

(b) Transaction Currency Effect ($0.7m)

Transaction currency effect is calculated by reference to the applicable prior comparative period 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 Sales Reported Sales $2,744.1m Currency Effect (c) 44.6m Constant Currency Sales * $2,788.7m

c) Constant Currency Effect $44.6m

Constant currency effect is presented as a single amount due to the complex and interrelated nature of currency impacts on sales.

Constant Currency Net Profit after Tax and Sales have not been audited or reviewed in accordance with Australian Auditing Standards.

CSL Limited Half-year Report – 31 December 2014

Contents	Page
Directors’ Report	4
Auditor’s Independence Declaration	6
Consolidated Statement of Comprehensive Income	7
Consolidated Balance Sheet	8
Consolidated Statement of Changes in Equity	9
Consolidated Statement of Cash Flows	10
Notes to the Financial Statements	11
Directors’ Declaration	23
Independent Review Report to the Members of CSL Limited	24

This Interim Financial Report does not include all the notes of the type normally included in an Annual Financial Report. Accordingly, this report is to be read in conjunction with the Annual Report for the year ended 30 June 2014 and any public announcements made by CSL Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 .

CSL Limited Directors’ Report

The Board of Directors of CSL Limited has pleasure in presenting their report on the consolidated entity for the half-year ended 31 December 2014.

Directors

The following persons were Directors of CSL Limited during the whole of the half-year and up to the date of this report:

Professor J Shine, AO (Chairman) Mr P R Perreault (Managing Director and Chief Executive Officer) Mr J H Akehurst Mr D W Anstice Mr B R Brook Ms M E McDonald Ms C E O’Reilly Mr M A Renshaw

Review of Operations

For the half year ended 31 December 2014, total revenue of the Group was US$2.8 billion, up 6% compared to the prior comparative period. Reported net profit after tax was US$692m for the six months ended 31 December 2014, up 7% when compared to the prior comparative period.

CSL Behring sales of US$2.5 billion grew 8% in constant currency terms when compared to the prior comparable period.

Immunoglobulin product sales of US$1,122 million grew 5% in constant currency terms, with normal immunoglobulin volume growing 11%. Global market conditions remain robust, but competitive. Intravenous immunoglobulin sales growth was underpinned by strong demand for Privigen[®] , which benefited from an expanded indication in Europe to include its use in the treatment of chronic inflammatory demyelinating polyneuropathy (CIDP). The average immunoglubulin sales price was negatively impacted as a greater proportion of sales were made into lower priced markets

Demand for subcutaneous immunoglobulin (SCIG) was strong in both the U.S. and Europe. Hizentra[®] offers patients the convenience of self-administration at home. In the U.S. the expansion of administration frequency options to include flexible dosing has driven an increased penetration of the product into the Primary Immune Deficiency (PID) patient market.

Albumin sales of US$358 million grew 16% in constant currency terms, driven by ongoing strong global demand. Demand in China grew particularly well, boosted by improved penetration into hospitals. CSL’s uniquely broad manufacturing footprint and suite of product presentations provides an attractive portfolio of choice to customers.

Haemophilia product sales of US$558 million grew 3% in constant currency terms. Plasma derived haemophilia sales grew 5%, boosted by success in several European tenders and the treatment of additional immune tolerance patients. Recombinant factor VIII also grew modestly after securing a number of European tenders. This market, however, remains competitive particularly with new entrants.

Specialty products sales of US$443 million grew 13% in constant currency terms, with growth tempered by a sales decline of wound healing products in Japan. Excluding these sales, the remaining group of specialty products grew 16%, driven largely by sales of Kcentra[®] and Berinert[®] .

Kcentra[®] (4 factor pro-thrombin complex concentrate) grew strongly following the launch of the surgical indication approved by the U.S. FDA. Also during the period, the U.S. Centres for Medicare and Medicaid Services approved an extension to the new technology add-on payment for Kcentra[®] through to September 2015, recognising its significant clinical advancement in reversing the effects of warfarin in patients who experience acute major bleeding.

There was continued strong demand for Berinert[®] (C1-esterase inhibitor concentrate), which is used for the treatment of acute attacks in patients with hereditary angioedema. In 2012, the U.S. FDA approved a label expansion to include self-administration and now in excess of 70% of patients are now self-administering Berinert[®] .

bioCSL sales of A$276 million grew 15% in constant currency terms. Influenza vaccine sales grew strongly to A$116 million, driven by a severe influenza season in the northern hemisphere. Contributing to the strength of the influenza vaccine sales was the cancellation of a third party distribution agreement in the U.S. with commercial operations returning to bioCSL. Moderating bioCSL’s growth was a reduction in sales of Gardasil following the conclusion of the male “catch-up” immunisation program in Australia.

CSL Intellectual Property revenue of US$92 million declined 9% in constant currency terms, driven by a reduction in royalties received on intellectual property associated with human papillomavirus vaccines, which contributed US$64 million to revenue.

Auditor’s independence declaration

A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 6.

Rounding of Amounts

The amounts contained in this report and in the financial report have been rounded to the nearest hundred thousand dollars (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.

This report has been made in accordance with a resolution of the directors.

John Shine AO Chairman

Paul Perreault

Managing Director

11 February 2015

Ernst & Young 8 Exhibition Street Melbourne VIC 3000 Australia GPO Box 67 Melbourne VIC 3001

Tel: +61 3 9288 8000 Fax: +61 3 8650 7777 ey.com/au

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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

CSL Limited and its controlled entities Consolidated Statement of Comprehensive Income For the half-year ended 31 December 2014

For the half-year ended 31 December 2014
		Consolidated Entity
		December	December
		2014	2013
	Notes	US$m	US$m
Sales revenue		2,744.1	2,574.2
Cost of sales		(1,363.5)	(1,231.2)
Gross profit		1,380.6	1,343.0
Other revenue	4(a)	103.8	127.5
Research and development expenses		(233.4)	(229.3)
Selling and marketing expenses		(242.1)	(242.1)
General and administration expenses	4(c)	(123.3)	(170.4)
Finance costs	4(b)	(28.6)	(26.3)
Profit before income tax expense		857.0	802.4
Income tax expense	5	(164.8)	(156.7)
Netprofit for theperiod		692.2	645.7
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations, net of
hedges on net foreign investments	11	(425.7)	75.1
Items that will not be reclassified subsequently to profit or loss
Actuarial gains/(losses) on defined benefit plans, net of tax		(50.8)	19.3
Total other comprehensive income/(expense)		(476.5)	94.4

Total comprehensive income for theperiod		215.7	740.1
Earnings per share(based on netprofit for theperiod)		Cents	Cents
Basic earnings per share	6	146.0	133.0
Diluted earnings per share	6	145.5	132.6

CSL Limited and its controlled entities Consolidated Balance Sheet As at 31 December 2014

Consolidated Balance Sheet As at 31 December 2014
		Consolidated	Entity
		December	June
		2014	2014
	Notes	US$m	US$m
CURRENT ASSETS
Cash and cash equivalents	7	1,060.6	608.7
Trade and other receivables		917.0	953.4
Inventories		1,627.2	1,644.5
Current tax assets		23.1	0.7
Other financial assets		0.3	0.3
Total Current Assets		3,628.2	3,207.6
NON-CURRENT ASSETS
Trade and other receivables		8.0	8.2
Other financial assets		0.7	1.0
Property, plant and equipment	8	1,752.6	1,831.0
Deferred tax assets		279.0	299.1
Intangible assets		850.9	924.1
Retirement benefit assets	14	3.9	6.7
Total Non-Current Assets		2,895.1	3,070.1
TOTAL ASSETS		6,523.3	6,277.7
CURRENT LIABILITIES
Trade and other payables		626.4	631.4
Interest-bearing liabilities	9	1.0	5.6
Current tax liabilities		77.5	114.6
Provisions		74.4	90.1
Deferred government grants		2.5	2.3
Derivative financial instruments		3.3	1.3
Total Current Liabilities		785.1	845.3
NON-CURRENT LIABILITIES
Trade and other payables		11.4	19.4
Interest-bearing liabilities	9	2,329.1	1,884.7
Deferred tax liabilities		122.1	127.7
Provisions		32.5	36.0
Deferred government grants		37.2	40.9
Retirement benefit liabilities	14	207.8	161.7
Total Non-Current Liabilities		2,740.1	2,270.4
TOTAL LIABILITIES		3,525.2	3,115.7
NET ASSETS		2,998.1	3,162.0
EQUITY
Contributed equity	10	(2,912.1)	(2,797.8)
Reserves	11	315.7	738.3
Retained earnings		5,594.5	5,221.5
TOTAL EQUITY		2,998.1	3,162.0

CSL Limited and its controlled entities Consolidated Statement of Changes in Equity For the half year ended 31 December 2014

		Ordinary	Foreign	Share	Retained	Total
		shares	currency	based	earnings
			translation	payment
			reserve	reserve
		US$m	US$m	US$m	US$m	US$m
At 1 July 2014		(2,797.8)	599.5	138.8	5,221.5	3,162.0
Profit for the period		-	-	-	692.2	692.2
Other comprehensive income/(loss)		-	(425.7)	-	(50.8)	(476.5)
Total comprehensive income for the half year		-	(425.7)	-	641.4	215.7
Transactions with owners in
their capacity as owners
Share based payments	11	-	-	3.1	-	3.1
Dividends	12	-	-	-	(268.4)	(268.4)
Share buy back	10	(142.7)	-	-	-	(142.7)
Share issues
- Employee share scheme	10	28.4	-	-	-	28.4
Balance as at 31 December 2014		(2,912.1)	173.8	141.9	5,594.5	2,998.1
At 1 July 2013		(1,978.3)	451.3	127.0	4,417.7	3,017.7
Profit for the period		-	-	-	645.7	645.7
Other comprehensive income		-	75.1	-	19.3	94.4
Total comprehensive income for
the half year		-	75.1	-	665.0	740.1
Transactions with owners in
their capacity as owners
Share based payments	11	-	-	2.8	-	2.8
Dividends	12	-	-	-	(255.8)	(255.8)
Share buy back		(233.9)	-	-	-	(233.9)
Share issues
- Employee share scheme		13.1	-	-	-	13.1
Tax adjustment1		8.6				8.6
Balance as at 31 December 2013		(2,190.5)	526.4	129.8	4,826.9	3,292.6

1 In the period ended 31 December 2013 the Group successfully resolved an outstanding tax matter with the ATO relating to equity raising costs.

CSL Limited and its controlled entities Consolidated Statement of Cash Flows For the half-year ended 31 December 2014

CSL Limited and its controlled entities Consolidated Statement of Cash Flows For the half-year ended 31 December 2014
		Consolidated Entity
		December	December
		2014	2013
	Notes	US$m	US$m
Cash flows from Operating Activities
Receipts from customers (inclusive of goods and services tax)		2,955.3	2,682.0
Payments to suppliers and employees (inclusive of goods and
services tax)		(2,084.9)	(1,949.3)
		870.4	732.7
Interest received		6.5	10.8
Income taxes paid		(193.2)	(206.6)
Borrowingcosts		(27.7)	(24.4)
Net cash inflow from operating activities		656.0	512.5
Cash flows from Investing Activities
Proceeds from sale of property, plant and equipment		0.1	0.1
Payments for property, plant and equipment		(161.3)	(170.4)
Payments for intangible assets		(15.6)	(18.6)
Receipts from other financial assets		0.1	-
Net cash outflow from investing activities		(176.7)	(188.9)
Cash flows from Financing Activities
Proceeds from issue of shares		28.4	13.1
Payment for shares bought back		(164.0)	(241.7)
Dividends paid		(268.4)	(255.8)
Proceeds from borrowings	9	494.1	100.0
Repayment of borrowings	9	(2.3)	(1.9)
Net cash inflow/ (outflow) from financing activities		87.8	(386.3)
Net increase (decrease) in cash and cash equivalents		567.1	(62.7)
Cash and cash equivalents at the beginning of the period		606.2	759.8
Exchange rate variations on foreign cash and cash equivalent
balances		(112.7)	(7.3)
Cash and cash equivalents at the end of theperiod		1,060.6	689.8
*Reconciliation of cash and cash equivalents*
Cash and cash equivalents at the end of the period as shown in the
statement of cash flows is reconciled as follows:
Cash and cash equivalents	7	1,060.6	694.0
Bank overdrafts		-	(4.2)
		1,060.6	689.8

CSL Limited and its controlled entities Notes to the financial statements For the half-year ended 31 December 2014

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 11 February 2015.

A description of the nature of the Group’s operations and its principal activities is included in the directors’ report.

2 Summary of Significant Accounting Policies

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.

(a) Basis of Accounting

The half-year financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the consolidated entity as the full financial report. The half-year financial report should be read in conjunction with the annual financial report of CSL Limited as at 30 June 2014.

It is also recommended that the half-year financial report be considered together with any public announcements made by CSL Limited and its controlled entities during the half-year ended 31 December 2014 in accordance with the continuous disclosure obligations arising under ASX listing rules.

(b) Basis of Preparation

The half-year consolidated financial report is a general-purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001, applicable Accounting Standards, including AASB 134 Interim Financial Reporting and other mandatory professional reporting requirements. The half-year financial report has been prepared under the historical cost convention.

For the purpose of preparing the half-year financial report, the half-year has been treated as a discrete reporting period.

The consolidated financial statements are presented in US Dollars which is the Group’s presentation currency. US Dollars are used because they are the pharmaceutical industry standard currency for reporting purposes and the predominant currency of the worldwide sales and operating expenses of the Group.

(c) Significant Accounting Policies

The half-year consolidated financial statements have been prepared using the same accounting policies as used in the annual financial statements for the year ended 30 June 2014, except for the adoption of new standards and interpretations effective as of 1 July 2014.

New standards, interpretations and amendments adopted by the Company

The Company applies, for the first time, certain standards and amendments that require potentially restatement of previous financial statements. These include AASB 1031 Materiality , AASB 2012-3 Interpretation 21 (Levies), AASB 2013-4 Novation of Derivatives and Continuation of Hedge Accounting, AASB 2013-5 Investment Entities, AASB 2013-9 Conceptual Framework, Materiality and Financial Instruments, and AASB 2014-1 Amendments to Australian Accounting Standards. None of the standards adopted for the first time in the current reporting period has resulted in a restatement of previous financial statements.

CSL Limited and its controlled entities Notes to the financial statements For the half-year ended 31 December 2014

The Company has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

(d) Basis of Consolidation

The half-year consolidated financial statements comprise the financial statements of CSL Limited and its subsidiaries as at 31 December 2014 ('the Group').

3 Segment Information

Reportable segments are:

CSL Behring – manufactures, markets and develops plasma therapies (plasma products and recombinants).
bioCSL – manufactures and distributes non-plasma biotherapeutic products.
CSL Intellectual Property – revenue and associated expenses from the licensing of Intellectual Property generated by the Group to unrelated third parties and Research & Development expenses on projects where the company has yet to determine the ultimate commercialisation strategy.

Geographical areas of operation

The Group operates predominantly in three specific geographic areas, namely Australia, the United States of America, and Germany. The rest of the Group’s operations are spread across many countries and are collectively disclosed as ‘Rest of World’ in note 3.

Segment Accounting Policies

Inter-segment sales are carried out on an arm’s length basis and reflect current market prices. During the financial period, there were no changes in segment accounting policies.

CSL Limited and its controlled entities Notes to the financial statements For the half-year ended 31 December 2014

3 Segment information (continued)

			CSL
			Intellectual	Intersegment	Consolidated
	CSL Behring	bioCSL	Property	Elimination	Group
	December	December	December	December	December
	2014	2014	2014	2014	2014
	US$m	US$m	US$m	US$m	US$m
Sales to external customers	2,492.0	252.1	-	-	2,744.1
Inter-segment sales	-	-	-	-	-
Other revenue / Other income (excl interest income)	1.2	3.0	91.6	-	95.8
Total segment revenue	2,493.2	255.1	91.6	-	2,839.9
Interest income					7.3
Unallocated revenue / income					0.7
Consolidated revenue					2,847.9
Segment EBIT	860.0	3.0	42.5	-	905.5
Unallocated revenue / income less
unallocated costs					(27.2)
Consolidated EBIT					878.3
Interest income					7.3
Finance costs					(28.6)
Consolidated profit before tax					857.0
Income tax expense					(164.8)
Consolidated netprofit after tax					692.2
Amortisation	11.9	0.4	-	-	12.3
Depreciation	65.1	3.5	3.6	-	72.2
Segment EBITDA	937.0	6.9	46.1	-	990.0
Unallocated revenue / income less
unallocated costs					(27.2)
Unallocated depreciation and amortisation					6.1
Consolidated EBITDA					968.9

CSL Limited and its controlled entities Notes to the financial statements For the half-year ended 31 December 2014

3 Segment information (continued)

			CSL
			Intellectual	Intersegment	Consolidated
	CSL Behring	bioCSL	Property	Elimination	Group
	December	December	December	December	December
	2014	2014	2014	2014	2014
	US$m	US$m	US$m	US$m	US$m
Segment assets	5,520.9	427.6	25.0	(159.1)	5,814.4
Other unallocated assets					1,840.2
Elimination of amounts between operating
segments and unallocated					(1,131.3)
Total assets					6,523.3
Segment liabilities	2,101.9	196.6	3.8	(159.1)	2,143.2
Other unallocated liabilities					2,513.3
Elimination of amounts between operating
segments and unallocated					(1,131.3)
Total liabilities					3,525.2

	CSL Behring December 2013 US$m	bioCSL December 2013 US$m	CSL Intellectual Property December 2013 US$m	Intersegment Elimination December 2013 US$m	Consolidated Group December 2013 US$m
Sales to external customers Inter-segment sales Other revenue / Other income (excl interest income)	2,356.9 - 2.0	217.3 - 13.7	- - 101.1	- - -	2,574.2 - 116.8
Total segment revenue Interest income Unallocated revenue / income	2,358.9	231.0	101.1	-	2691.0 10.7 -
Consolidated revenue					2,701.7
Segment EBIT Unallocated revenue / income less unallocated costs	792.8	14.1	41.8	-	848.7 (30.7)
Consolidated EBIT Interest income Finance costs					818.0 10.7 (26.3)
Consolidated profit before tax Income tax expense					802.4 (156.7)
Consolidated netprofit after tax					645.7
Amortisation Depreciation	15.0 62.6	- 6.9	- 3.5	- -	15.0 73.0
Segment EBITDA Unallocated revenue / income less unallocated costs Unallocated depreciation and amortisation	870.4	21.0	45.3	-	936.7 (30.7) 6.2
Consolidated EBITDA					912.2

CSL Limited and its controlled entities Notes to the financial statements For the half-year ended 31 December 2014

3 Segment information (continued)

3 Segment information (continued)
			CSL
	CSL		Intellectual	Intersegment	Consolidated
	Behring	bioCSL	Property	Elimination	Group
	June	June	June	June	June
	2014	2014	2014	2014	2014
	US$m	US$m	US$m	US$m	US$m
Segment assets	5,486.3	378.4	24.2	(32.5)	5,856.4
Other unallocated assets					1,573.2
Elimination of amounts between operating segments and unallocated					(1,151.9)
Total assets					6,277.7
Segment liabilities	2,118.8	116.1	3.6	(32.5)	2,206.0
Other unallocated liabilities					2,061.6
Elimination of amounts between operating segments and unallocated					(1,151.9)
Total liabilities					3,115.7

		United		Rest of
Geographic areas	Australia	States	Germany	world	Total
	US$m	US$m	US$m	US$m	US$m
December 2014
External sales revenue	288.0	1,029.6	415.3	1,011.2	2,744.1
December 2013
External sales revenue	272.5	979.2	387.7	934.8	2,574.2

CSL Limited and its controlled entities Notes to the financial statements For the half-year ended 31 December 2014

4 Revenue, Income and Expenses from continuing operations

4	Revenue, Income and Expenses from continuing operations
		Consolidated Entity
		December	December
		2014	2013
		US$m	US$m
(a)	Other Revenue
	Interest income	7.3	10.7
	Royalties	64.7	78.7
	Other revenue	31.8	38.1
	Total other revenues	103.8	127.5
(b)	Finance Costs	28.6	26.3
(c)	Other Expenses
	General and administration expenses:
	During the half-year ended 31 December 2014, general and administration
	expenses have decreased due to the settlement of the antitrust class action
	litigation which was expensed in the prior comparative period.
	Expense of share based payments	22.1	20.4
	Amortisation of intangibles	12.3	15.0
	Other relevant expenses
	Depreciation and amortisation of property, plant and equipment	78.3	79.2
	Net foreign exchange losses	4.9	15.1

5 Income Tax

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:

by the Group’s applicable income tax rate is as follows:
Accounting profit before income tax expense	857.0	802.4
Income tax calculated at 30%	257.1	240.7
Tax effect of non-assessable / non-deductible items:
Research and development	(5.2)	(8.7)
Other (non-assessable revenue) / non-deductible expenses	2.7	(0.2)
Effects of different rates of tax on overseas income	(70.1)	(73.5)
Under /(over) provision inprioryear	(19.7)	(1.6)
Income tax expense	164.8	156.7

CSL Limited and its controlled entities Notes to the financial statements For the half-year ended 31 December 2014

6 Earnings Per Share

6 Earnings Per Share
	Consolidated Entity
	December	December
	2014	2013
	US$m	US$m
The following reflects the income and share information used in the
calculation of basic and diluted earnings per share:
Earnings used in calculatingbasic earningsper share	692.2	645.7
	Number of shares
	December	December
	2014	2013
Weighted average number of ordinary shares used in the calculation of basic
earnings per share:	474,204,685485,354,422
Effect of dilutive securities:
Employee share options	669,295	688,737
Employee performance rights	873,115	865,677
Global employee shareplan(GESP)	20,670	4,199
Adjusted weighted average number of ordinary shares used in the calculation
of diluted earningsper share:	475,767,765 486,913,035

Refer to note 10 for a reconciliation of the movement in issued shares.

Conversions, calls, subscription or issues after 31 December 2014

Subsequent to the reporting date there were 41,968 ordinary shares issued, as required under the Employee Performance Rights Plan.

7 Cash and cash equivalents

7 Cash and cash equivalents
	Consolidated	Entity
	December	June
	2014	2014
	US$m	US$m
Cash at bank and on hand	303.0	393.0
Cash deposits	757.6	215.7
Total cash and cash equivalents	1,060.6	608.7

8 Property, Plant and Equipment

During the half-year ended 31 December 2014, the Group acquired assets with a cost of $157.2m (2013: $164.9m).

CSL Limited and its controlled entities Notes to the financial statements For the half-year ended 31 December 2014

9 Borrowings and repayments

For the half year ended 31 December 2014, the Group has repaid $2.3m of interest bearing debt related to finance lease repayments and received proceeds totalling $494.1m comprising a $50.0m drawdown on an existing 3[rd] party debt facility and €350.0m ($444.1m) from a new private placement effective in November 2014.

As at balance date the Group had $141.1m in undrawn liquidity available under its bank debt facilities.

10 Contributed Equity

10 Contributed Equity
	Consolidated	Entity
	December	June
	2014	2014
	US$m	US$m
Ordinary shares issued and fully paid	-	-
Share buy-back reserve	(2,912.1)	(2,797.8)
Total contributed equity	(2,912.1)	(2,797.8)

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 value of shares bought over the original amount of subscribed capital.

Movements in the contributed equity

Movements in the contributed equity
	Number of	US$m
	Shares
*Ordinary shares*
Balance as at 1July 2014	474,788,269	(2,797.8)
Shares issued to employees via:
- Performance Option Plan	838,257	24.7
- Performance Rights Plan (for nil consideration)	246,928	-
- Global Employee Share Plan (GESP)	64,668	3.7
Share buy-back,inclusive of cost	(2,085,937)	(142.7)
Balance as at 31 December 2014	473,852,185	(2,912.1)

CSL Limited and its controlled entities Notes to the financial statements For the half-year ended 31 December 2014

11 Reserves

Reserves
	Consolidated	Entity
	December	June
	2014	2014
	US$m	US$m
Composition
Share based payments reserve	141.9	138.8
Foreign currencytranslation reserve	173.8	599.5
Total reserves	315.7	738.3

12 Dividends

12 Dividends
	Consolidated Entity
	December	December
	2014	2013
	US$m	US$m
*Ordinary shares*
Dividendsprovided for orpaid duringthe half-year	268.4	255.8
*Dividends not recognised at the end of the half-year*
In addition to the above dividends, since the end of the half-year the directors
have recommended the payment of an interim dividend of 58.0 US cents (2013
– 53.0 US cents) per fully paid ordinary share, unfranked. The proposed
interim dividend is expected to be paid on 10 April 2015. Based on the number
of shares on issue as at reporting date, the aggregate amount of the proposed
dividend would be:	274.8	256.6
The actual aggregate dividend amount paid out of profits will be dependent on
the actual number of shares on issue at dividend record date.

CSL Limited and its controlled entities Notes to the financial statements For the half-year ended 31 December 2014

13 NTA Backing

NTA Backing
	December	June
	2014	2014
	US$	US$
Net tangible asset backing per ordinarysecurity	4.53	4.71

14 Retirement Benefit Liabilities

The Group sponsors a range of defined benefit pension plans that provide either a lump sum or ongoing 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. Full details of the Group’s plans can be found in the June 2014 Financial Statements.

For the half year ended 31 December 2014, the net liability for defined benefit obligations increased by $48.9m. The increase in net liability is largely the result of changes in the discount rates (December 2014: 1.83%, June 2014: 2.40%) used by plan actuaries to value the defined benefit obligation. The effect of changes in discount rates is included directly in equity and does not affect the profit and loss for the period. Other factors that can affect the net liability include contributions received, benefits paid and currency translation differences, however these factors did not have a material impact in the six months to December 2014.

15 Share Based Payment Plans

(a) Long Term Incentives

On 1 October 2014, 167,697 performance rights and 191,454 performance options were granted to senior executives under the CSL Performance Rights Plan. The exercise price for the performance rights is nil, the exercise price for the performance options is A$73.93. The performance rights and options will become exercisable on 30 September 2018. The fair value of the performance rights and performance options granted is estimated at the date of grant using an adjusted form of the Black-Scholes model, taking into account the terms and conditions upon which the performance rights and performance options were granted.

Performance rights granted in October 2014 have two performance hurdles. One tranche will be tested against an Earnings per Share (EPS) hurdle and will vest on a sliding scale with 35% of the rights vesting if the Group achieves 8% compound annual growth in USD denominated EPS over the vesting period rising to 100% if the compound annual growth rate achieves 13% and to 125% if the compound annual growth rates achieves 15%. A further tranche will be tested against a cohort of like global Pharmaceutical and Biotechnology companies that have manufacturing operations, a research and development pipeline and a comparable market capitalisation. 50% of this tranche will vest where CSL’s performance is at the 50[th] percentile with 100% vesting at the 75[th] percentile.

Options, which are granted to US based key management personnel only, have no performance hurdles.

The following table lists the inputs into the model used for performance rights and options issued in the half-year ended 31 December 2014:

CSL Limited and its controlled entities Notes to the financial statements For the half-year ended 31 December 2014

	December
	2014
Dividend yield (%)	2.0%
Expected volatility (%)	20.0%
Risk-free interest rate (%)	2.9%
*Fair Value of Performance rights*
EPS tested tranche	A$47.69
rTSR tested tranche	A$68.64
*Fair Value of Performance options*	A$12.29

(b) Executive Deferred Incentive Plan (EDIP)

On 1 October 2014, 268,760 notional shares were granted to employees under the EDIP. 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.

The following table lists the inputs to the model used for grant issued in the half-year ended 31 December 2014:

	December
	2014
Dividend yield (%)	1.5%
Fair Value of grants at reporting date, adjusted for the dividend yield and the	A$86.68
number of days left in the vesting period

16 Commitments and contingencies

(a) Capital commitments

Capital commitments
	December	June
	2014	2014
	US$m	US$m
During the half year, the capital expenditure contracted for but not provided
for in the financial statements, payable:
Not later than one year	116.4	99.3
Later than one year but not later than five years	7.2	1.1
Later than fiveyears	-	-
	123.6	100.4

CSL Limited and its controlled entities Notes to the financial statements For the half-year ended 31 December 2014

(b) Contingent assets and liabilities

Litigation

The Group is involved in litigation in the ordinary course of business.

The Group believes that future payment of a material amount in respect of current litigation is remote.

(c) Contingent acquisition

On October 27[th] 2014 CSL announced that it had agreed to acquire Novartis’ global influenza vaccine business for US$275m. Final settlement of the transaction, which remains subject to regulatory approval, is expected to occur on or about 31 December 2015. The business will be combined with bioCSL.

CSL Limited Directors’ Declarations

The directors declare that:

(a) the financial statements and notes of the consolidated entity are in accordance with the Corporations Act 2001, and:
(i) give a true and fair view of the financial position as at 31 December 2014 and the performance for the half-year ended on that date of the consolidated entity; and
(ii) comply with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 ; and
(b) in the directors' opinion there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

Made in accordance with a resolution of directors.

John Shine AO Chairman Melbourne 11 February 2014

Paul Perreault Managing Director

Ernst & Young 8 Exhibition Street Melbourne VIC 3000 Australia GPO Box 67 Melbourne VIC 3001

Tel: +61 3 9288 8000 Fax: +61 3 8650 7777 ey.com/au

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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

For immediate release

11 February 2015

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Half Year Result 2015 CSL delivers solid first half Strong investments for future growth

CSL Limited (ASX:CSL; USOTC:CSLLY) today announced a net profit after tax (NPAT) of US$692 million for the six months ended 31 December 2014, up US$47 million or 7% on a reported basis when compared to the prior comparable period (PCP). Earnings per share (EPS) grew 10%.

HIGHLIGHTS

Financial

Sales US$2,744 million, up 7% on PCP
Up 8% at constant currency[1]
EBIT[2] US$878 million, up 7% on PCP
Up 9% at constant currency
NPAT[2] US$692 million, up 7% on PCP
Up 9% at constant currency
Earnings per share US$1.46, up 10% on PCP
Up 12% at constant currency
Cashflow from operations US$656 million, up 28% on PCP
Research and development investment increased to US$233 million
Interim dividend[3] increased 9% to US$0.58 per share, unfranked for Australian tax purposes, payable on 10 April 2015
Converted to Australian currency, the interim dividend increased to approximately A$0.74 per share, up 25% on PCP.

1 Constant currency removes the impact of exchange rate movements to facilitate comparability. See end note (#) for further detail.

2 Prior period result includes a one-off US antitrust class action settlement of US$64m or US$39m after tax

3 For shareholders with an Australian registered address, dividends will be paid in A$ at an amount of A$0.743850 per share (at an exchange rate of A$1.2825/US$1.00), and for shareholders with a New Zealand registered address, dividends will be paid in NZD at an amount of NZ$0.783754 per share (at an exchange rate of NZ$1.3513/US$1.00). The exchange rates used are fixed at the date of dividend determination. All other shareholders will be paid in US$.

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11 February 2015

Operational

Agreement to acquire Novartis‘ global influenza vaccine business
Hizentra[® ] (subcutaneous immunoglobulin) - European Medical Agency & U.S. Food and Drug Administration (FDA) approved flexible dosing
CSL 654 (rIX-FP) – Biologics License Application submitted to the U.S. FDA
CSL 112 (rHDL) – global phase IIb clinical trial commenced
Kankakee albumin facility expansion received U.S. FDA regulatory approval
Melbourne albumin manufacturing expansion announced
A$950 million share buyback[4] 11% completed
€350 million private placement completed

“We delivered a solid half-year result and continued to invest in future growth as part of our strategy,” said CSL Chief Executive Officer and Managing Director Paul Perreault. “Double digit sales growth was achieved in both albumin and specialty products. Influenza vaccine sales were very strong, up 24% following a severe influenza season in the northern hemisphere.

“A key achievement in the first half was the completion of our agreement to acquire the Novartis influenza vaccine business – the company’s first major acquisition in a decade – and we have since made excellent progress in planning for integration,” Mr. Perreault said. “The deal will vault CSL to no. 2 in the global influenza vaccine industry, a sector we understand intimately. Together as one business, we will have a diverse product portfolio, extensive global sales reach and the appropriate scale of R&D and manufacturing capabilities to leverage and compete globally.”

“Investments in key growth initiatives remain on track, including our multi-site capacity expansion,” Mr. Perreault added. “We recently announced our intention to build a new albumin facility in Australia and we received regulatory approval for our expanded albumin production facility in the U.S.”

OUTLOOK (at FY14 exchange rates)

Commenting on CSL’s outlook, Mr. Perreault said, “We expect that global demand for plasma therapies will continue to grow, but the market will become increasingly competitive, with new competitors and new products. CSL possesses diversified product

4 CSL reserves the right to suspend or terminate buy-backs at any time.

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11 February 2015

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Page 3

portfolios, decades of market knowledge, and a strong R&D pipeline of innovative therapies – positioning the company well to compete effectively.”

“The company continues to have a strong outlook, however, in light of current trading conditions we have tempered our net profit after tax guidance for FY15 to approximately 10% at constant currency. This growth is prior to the inclusion of integration costs associated with the acquisition of the Novartis influenza business. Earnings per share growth is again anticipated to exceed profit growth,” Mr. Perreault said.

In compiling the company’s financial forecasts for the year ending 30 June 2015 a number of key variables which may have a significant impact on guidance have been identified and these have been included in the footnote[5] below.

OPERATING REVIEW

CSL Behring sales of US$2.5 billion grew 8% in constant currency terms when compared to the prior comparable period.

5 Key variables that could cause actual results to differ materially include: the success of research and development activities, decisions by regulatory authorities regarding approval of our products as well as their decisions regarding label claims; competitive developments affecting our products; the ability to successfully market new and existing products; difficulties or delays in manufacturing; trade buying patterns and fluctuations in interest and currency exchange rates; legislation or regulations that affect product production, distribution, pricing, reimbursement, access or tax; litigation or government investigations, and CSL’s ability to protect its patents and other intellectual property.

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11 February 2015

driven an increased penetration of the product into the Primary Immune Deficiency (PID) patient market.

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11 February 2015

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Page 5

Group EBIT margin[6] grew modestly to 30.9%.

CAPITAL MANAGEMENT

Share Buyback

During October 2014, CSL announced its intention to conduct an on-market share buyback of up to A$950 million. Under the Australian Securities Exchange listing rules this buyback[7] has a 12 month completion window. To date, CSL has repurchased approximately 1.3 million shares for approximately A$108 million, representing about 11% of the intended repurchase program.

CSL’s balance sheet remains very sound and only modestly geared. Cash and cash equivalents totalled US$1,061 million as at 31 December 2014.

During the first half of fiscal 2015 the company accessed the U.S private placement market and raised €350 million as part of the company’s overall debt management program.

Additional details about CSL’s results are included in the company’s 4E statement, investor presentation slides and webcast, all of which can be found on the company’s website www.csl.com.au A glossary of medical terms can also be found on the website. For further information, please contact:

Investors: Media: Mark Dehring Sharon McHale Head of Investor Relations Senior Director Public Affairs CSL Limited CSL Limited Telephone: +613 9389 2818 Telephone: +613 9389 1506 Email: [email protected] Mobile +614 0997 8314 Email: [email protected]

6 EBIT margin is calculated by dividing earnings before interest and tax by total revenue.

7 CSL reserves the right to suspend or terminate buybacks at any time.

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11 February 2015

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Group Results US Dollars

Six months ended December US$ Millions	Dec 2014 Reported Dec 2015 Reported Dec 2015 at CC# Change %
Sales Other Revenue / Income Total Revenue / Income	2,574 2,744 2,789 8.3% 117 97 96 2,691 2,841 2,885 7.2%
Earnings before Interest, Tax, Depreciation & Amortisation Depreciation/Amortisation Earnings before Interest and Tax Net Interest Expense / (Income) Tax Expense Net Profit after Tax Interim Dividend (US$) Basic EPS (US$)	912 969 985 8.0% 94 91 92 818 878 893 9.2% 16 21 21 157 165 167
	646 692 705 9.2%
	0.53 1.33 0.58 1.46 1.49 9% 12%

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11 February 2015

(#) Constant currency removes the impact of exchange rate movements to facilitate comparability by restating the current period’s results at the prior comparable period’s rates. This is done in two parts: (a) by converting the current period net profit of entities in the group that have reporting currencies other than US Dollars at the rates that were applicable to the prior comparable period (“translation currency effect”); 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 comparable period (“transaction currency effect”). The sum of translation currency effect and transaction currency effect is the amount by which reported result is adjusted to calculate the result at constant currency.

Summary NPAT Reported Net Profit after Tax $692.2m Translation Currency Effect (a) $ 13.5m Transaction Currency Effect (b) $ (0.7m) Constant Currency Net Profit after Tax * $705.0m

(a) Translation Currency Effect $13.5m

Average Exchange rates used for calculation in major currencies (six months to Dec 14/Dec 13) were as follows: USD/EUR (0.77/0.75); USD/CHF(0.93/0.92)

(b) Transaction Currency Effect ($0.7m)

Transaction currency effect is calculated by reference to the applicable prior comparable period 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 Sales Reported Sales $2,744.1m Currency Effect (c) $44.6 m Constant Currency Sales * $2,788.7m

c) Constant Currency Effect $44.6m

Constant currency effect is presented as a single amount due to the complex and interrelated nature of currency impacts on sales.

Constant Currency Net Profit after Tax and Sales have not been audited or reviewed in accordance with Australian Auditing Standards.

® Trademarks of CSL Limited or its affiliates.

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CSL Limited 2015 Half Year Result 11 February 2015

Forward looking statements

The materials in this presentation speak only as of the date of these materials, and include forward looking statements about CSL Limited and its related bodies corporate (CSL) financial results and estimates, business prospects and products in research, all of which involve substantial risks and uncertainties, many of which are outside the control of, and are unknown to, CSL. You can identify these forward looking statements by the fact that they use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “target,” “may,” “assume,” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Factors that could cause actual results to differ materially include: the success of research and development activities, decisions by regulatory authorities regarding approval of our products as well as their decisions regarding label claims; competitive developments affecting our products; the ability to successfully market new and existing products; difficulties or delays in manufacturing; trade buying patterns and fluctuations in interest and currency exchange rates; legislation or regulations that affect product production, distribution, pricing, reimbursement or access; litigation or government investigations, and CSL’s ability to protect its patents and other intellectual property. The statements being made in this presentation do not constitute an offer to sell, or solicitation of an offer to buy, any securities of CSL.

No representation, warranty or assurance (express or implied) is given or made in relation to any forward looking statement by any person (including CSL). In particular, no representation, warranty or assurance (express or implied) is given in relation to any underlying assumption or that any forward looking statement will be achieved. Actual future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements are based.

Subject to any continuing obligations under applicable law or any relevant listing rules of the Australian Securities Exchange, CSL disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in these materials to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which any such statement is based. Nothing in these materials shall under any circumstances create an implication that there has been no change in the affairs of CSL since the date of these materials.

Trademarks

Except where otherwise noted, brand names designated by a ™ or ® throughout this presentation are trademarks either owned by and/or licensed to CSL or its affiliates.

Sales US$2.7 billion, up 7% (up 8% @CC[1] ) EBIT [2] US$878 million, up 7% (up 9% @CC) NPAT [2] US$692 million, up 7% (up 9% @CC) EPS US$1.46, up 10% (up 12% @CC) Cashflow from operations US$656 million, up 28% Interim dividend increased to US$0.58 (unfranked)

Converted to AUD ~$0.74, up 25%

1. Constant Currency (CC) removes the impact of exchange rate movements to facilitate comparability. See end note for further detail. 2. Prior period result includes a one-off US antitrust class action settlement of US$64m, or US$39m after tax

Agreement to acquire Novartis’ global influenza vaccine business

Hizentra[®] - EMA & U.S. FDA approve flexible dosing CSL 654 (rIX-FP) – BLA submitted to US FDA CSL 112 (rHDL) – global phase IIb clinical trial commenced Kankakee albumin facility expansion receives US FDA approval Melbourne albumin manufacturing expansion announced Capital Management

A$950m share buyback* 11% complete
€350m US private placement complete

* CSL reserves the right to suspend or terminate buybacks at any time

CSL’s first major acquisition in a decade #2 position in global influenza vaccine industry Significant value creation potential for CSL

Global scale and reach
Innovation
Broad portfolio of products

Integration planning advancing ahead of schedule Acquisition close date anticipated on or about 31 December 2015

* Subject to various regulatory approvals

Financial Outlook NPAT growth tempered to ~10% @ CC, prior to inclusion of integration costs EPS > NPAT growth Notable items Novartis integration costs up to US$20m* New market entrants & competitive market place

Outlook statements are subject to:

The success of research and development activities, decisions by regulatory authorities regarding approval of our products as well as their decisions regarding label claims; competitive developments affecting our products; the ability to successfully market new and existing products; difficulties or delays in manufacturing; trade buying patterns and fluctuations in interest and currency exchange rates; legislation or regulations that affect product production, distribution, pricing, reimbursement, access or tax; litigation or government investigations, and CSL’s ability to protect its patents and other intellectual property.

* Novartis integration costs are not tax deductible as they are not incurred in the derivation of assessable income to the CSL Group

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IPL Product
3%
Groupings
Pharma &
Vaccines
9%
Specialty
Other
Products IVIG 27%
9%
16%
Peri-op 7%
SCIG 9%
Albumin 12%
Hyper
pd Coag rFVIII IG 4%
11%
9%
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ROW
13%
North
bioCSL America
9%
38%
Asia 10%
Europe
30%
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1H15 US$2.7Bn

Business Unit Performance

US$M

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US$2,492m
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2,500

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US$2,357m
Specialty
Products
2,000
Immunoglobulins
1,500
1,000
Albumin
500
pdCoag
Helixate
0
Dec 13 Dec 14
Sales for the 6 month period
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US$M

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1,200
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1,000
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800
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600
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400
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200
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0
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US$1,122m
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US$1,085m
IVIG
SCIG
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Specific IG
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Dec 14
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Dec 13 Sales for the 6 month period

Highlights

Normal IG Volume up 11%

Global market conditions robust but competitive
Strong growth in Europe following CIDP approval in 2013
Geographic mix affect on ASP
Market segmentation initiatives in the US

US$M

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400
350
300
250
200
150
100
50
0
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US$358m

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US$313m
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Highlights

Ongoing strong global growth
China growth particularly strong
Uniquely broad manufacturing footprint and product offering

Dec 13 Dec 14 Sales for the 6 month period

US$M

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600
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US$558m

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US$550m
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pdCoag
Helixate
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500
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400
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300
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200
100
0
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Dec 13 Dec 14 Sales for the 6 month period

Highlights

PdFVIII

Successful tenders – including Poland, Turkey & Czech Republic
New ITT patients

Helixate[®]

Modest growth
EUHASS study released
New competitor entrants
Successful EU tenders

400

350

300

250 200

150

100

500US$M

450

US$443m

US$403m +16% Wound Healing

Other Specialty Products

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Peri-
Operative
Bleeding
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Dec 13

Dec 14

Highlights

Up 16% @ CC, excl. wound healing

Kcentra[®] (US)

Launch of surgery indication
Add-on payment extended
Berinert[® ] P
Self administration label driving new patient usage
TachoComb[® ] / Beriplast[® ] (Japan) • Reduction in invasive surgeries
New competition

Sales for the 6 month period

A$M

300

A$276m

Highlights

250

200

150

100

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50
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A$238m

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Pharma & vaccines

Influenza Vaccine

Influenza sales A$116m

Severe US influenza season
Shift to CSL distribution in the US

Gardasil*

Conclusion of male catch up program in Australia

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Dec 14
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Dec 13 Sales for the 6 month period

* Gardasil is a trademark of Merck & Co.

Segment Revenue $92m, down 9% @CC HPV royalties $64m

Registration of 9-valent vaccine in US by Merck
CSL362 (anti-IL-3Ra mAb)
Exclusive worldwide license with Janssen Biotech Inc to develop and commercialise CSL362
Phase I trial in acute myeloid leukemia in progress
Likely to progress to Phase II during 2015
Collaborative research to support use in additional indications
CAM3001 (GM-CSFRa)
Medimmune/AstraZeneca continue Phase IIb studies in
- rheumatoid arthritis
Positive additional Phase II data

rIX-FP (rec fusion protein linking factor IX with albumin)

rIX-FP Phase III efficacy data supports 7-14 day dosing
BLA submitted to FDA in December
MAA (Europe) submission planned Q2 2015
rVIII-SingleChain
Phase I/III study supports twice weekly dosing
BLA submission planned first half 2015
MAA submission planned Q4 2015

rVIIa-FP (rec fusion protein linking factor VIIa with albumin)

Congenital deficiency Phase I/II commenced
Phase II/III in patients with inhibitors to commence first half 2015
Hizentra[ ®]
Hizentra® flexible dosing registration in EU and US
Hizentra® CIDP orphan drug designation in US

Kcentra[® ] (4-Factor Prothrombin Complex Concentrate)

FDA approval for expanded indication to include urgent warfarin reversal in patients undergoing surgery (in addition to major bleeding)

Beriplex[®]

Commencement of Beriplex[TM] Japan Phase III study
Berinert[® ]
Pivotal Phase III subcutaneous prophylaxis study recruiting rapidly
CSL112 (reconstituted High Density Lipoprotein)
Phase IIa data supports mechanism of action and further development
Commencement of Phase IIb study

Financials

Margin Development

%

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45
40
EBITDAR&D Margin
35
30
25 EBIT Margin
20
Margin
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* Earnings before interest, taxes, depreciation, amortisation and research & development

Financial Discipline

Cash control 1H14 1H15 Cashflow from operations $513m $656m +28% Capital Investment $189m $177m Days receivable 54 54 Cash conversion 80% 90% Optimising the cost of capital $M A$950m buyback 11% complete 800 Maturity Profile 600 400 €350m private placement complete 200 • Weighted average interest of 1.90% 0 • Average tenor of 10 years

Weighted average interest of 1.90%
Average tenor of 10 years

- Balance Sheet Strength -

Economic Currency Exposures

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Inflows Outflows
$5.5bn $4.1bn
CHF
CHF 4%
GBP 1%
10%
Other
4%
10%
CNY
USD USD
5% 45% AUD 42%
AUD
15%
11%
EUR
EUR
24%
29%
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Removal of CHF currency cap – impact modest in FY15
USD/CHF transaction FX largely offset by translation FX in FY15

Charts refer to FY14 cashflows by key currencies in USD

Effective FY2015

Purpose

Improve relevance and ‘readability’
Plain English

• Re-ordering notes to financial statements

• Aligning related disclosures Reformatted FY14 statements to be published May 2015

The credit quality of financial assets that are neither past due, nor impaired is as follows: For the year ended 30 June 2014 Financial Institutions Governments Hospitals Buying Groups Other Total US$m US$m US$m US$m US$m US$m Cash and cash equivalents 608.7 - - - - 608.7 Trade and other receivables 1.4 75.4 228.8 412.2 243.8 961.6 Other financial assets 1.3 - - - - 1.3 611.4 75.4 228.8 412.2 243.8 1,571.6 For the year ended 30 June 2013 Cash and cash equivalents 762.2 - - - - 762.2 Trade and other receivables 1.9 45.5 230.6 341.9 239.2 859.1 Other financial assets 1.5 - - - - 1.5 765.6 45.5 230.6 341.9 239.2 1,622.8 The Group has not renegotiated any material collection/repayment terms of any financial assets in the current financial year. 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.	The credit quality of financi	al assets that are neither past due, nor impaired is as follows: Financial Institutions Governments Hospitals Buying Groups Other Total US$m US$m US$m US$m US$m US$m
	For the year ended
	30 June 2014
		608.7 - - - - 608.7 1.4 75.4 228.8 412.2 243.8 961.6 1.3 - - - - 1.3
	Cash and cash equivalents
	Trade and other receivables
	Other financial assets
	For the year ended	611.4 75.4 228.8 412.2 243.8 1,571.6
	30 June 2013	762.2 - - - - 762.2 1.9 45.5 230.6 341.9 239.2 859.1 1.5 - - - - 1.5
	Cash and cash equivalents
	Trade and other receivables
	Other financial assets
		765.6 45.5 230.6 341.9 239.2 1,622.8

The Group has not renegotiated any material collection/repayment terms of any financial assets in the current financial year.

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.

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The credit quality of financial assets that are neither past due nor impaired is as follows:
Credit quality of financial assets (30 June 2014) (30 June 2013)
243.8
239.2
Financial Institutions
611.4
Governments
Hospitals 765.6
412.2 Buying Groups 341.9
Other
75.4
228.8 230.6 45.5
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US$608.7m of the assets held with financial institutions is held as cash or cash equivalents, with US$1.4 of trade and other receivables and US$1.3m of other financial assets. All financial assets held with non-financial institutions are trade and other receivables.

Commercial Capabilities and Opportunities

Commercial Capabilities & Opportunities

Understanding of orphan/rare conditions and specialty markets New product innovation and differentiation (eg Hizentra[®] , Kcentra[®] ) Lifecycle management of key brands (eg Berinert[®] , Privigen[®] ) Comprehensive coagulation portfolio and recombinant pipeline Expansion of product offerings in emerging markets and Japan Expanded commercial operations in Chile, Turkey and Russia Albumin market leadership position in China

CSL Limited 2015 Half Year Result 11 February 2015

Six months ended Dec US$ Millions	Dec 2013 Reported Dec 2014 Reported Dec 2014 at CC1 Change %
Sales Other Revenue / Income Total Revenue / Income	2,574 117 2,691 2,744 97 2,841 2,789 96 2,885 8.3% 7.2%
Earnings before Interest, Tax, Depreciation & Amortisation Depreciation/Amortisation Earnings before Interest and Tax Net Interest Expense / (Income) Tax Expense Net Profit after Tax Interim Dividend (US$) Basic EPS (US$)	912 969 985 8.0% 94 818 91 878 92 893 9.2% 16 157 21 165 21 167
	646 692 705 9.2%
	0.53 1.33 0.58 1.46 1.49 9% 12%

1. Constant Currency (CC) removes the impact of exchange rate movements to facilitate comparability. See end note for further detail.

Half year ended December	1H14 USD$M 1H15 USD$M 1H15 USD$M CC1 Change %
rFVIII pdCoag Albumin Immunoglobulins Specialty Products - Peri-operative bleeding - Other specialty products Other sales (mainly plasma) Total Sales	249 301 313 1,085 403 183 220 6 250 308 358 1,122 443 208 235 10 254 315 364 1,138 454 213 241 11 2% 5% 16% 5% 13% 17% 10%
	2,357 2,492 2,536 8%

1. Constant Currency (CC) removes the impact of exchange rate movements to facilitate comparability. See end note for further detail.

Notes

Constant currency removes the impact of exchange rate movements to facilitate comparability by restating the current period’s results at the prior comparable period’s rates. This is done in two parts: (a) by converting the current period net profit of entities in the group that have reporting currencies other than US Dollars at the rates that were applicable to the prior comparable period (“translation currency effect”); 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 comparable period (“transaction currency effect”). The sum of translation currency effect and transaction currency effect is the amount by which reported result is adjusted to calculate the result at constant currency.

Summary NPAT

Reported Net Profit after Tax $692.2m Translation Currency Effect (a) $ 13.5m Transaction Currency Effect (b) $ (0.7m) Constant Currency Net Profit after Tax * $705.0m

(a) Translation Currency Effect $13.5m

Average Exchange rates used for calculation in major currencies (six months to Dec 14/Dec 13) were as follows: USD/EUR (0.77/0.75); USD/CHF(0.93/0.92)

(b) Transaction Currency Effect ($0.7m)

Summary Sales Reported Sales $2,744.1m Currency Effect (c) $44.6 m Constant Currency Sales * $2,788.7m

c) Constant Currency Effect $44.6m

Constant currency effect is presented as a single amount due to the complex and interrelated nature of currency impacts on sales.

Constant Currency Net Profit after Tax and Sales have not been audited or reviewed in accordance with Australian Auditing Standards.

Business Growth

Biotech mAbs in core therapeutic segments

CSL112 New treatment paradigm in ACS High margin contributor Recombinant Coagulation Factors rIX-FP, rVIII-SC, rVIIa-FP, rVWF Specialty Products Multiple high margin contributors: RiaSTAP[ ®] , Kcentra[™] , CytoGam[®] , Berinert[®] , Zemaira[®] Core Products Relentless Commitment to lowest cost base; Operational and Financial Strength and Efficiency. Continued Ig and Albumin growth through innovation and market expansion

AI assistant

CSL Ltd. — Interim / Quarterly Report 2015

17854_rns_2015-02-10_8dff0cc0-038b-45a7-b63b-b49e73294ee2.pdf

CSL Limited

ASX Half-year Information 31 December 2014

Contents

CSL Limited

Appendix 4D Half-year ended 31 December 2014

Results for Announcement to the Market

Reported

Constant Currency[1]

Dividends

Explanation of results

Other information required by Listing Rule 4.3A

(b) Transaction Currency Effect ($0.7m)

CSL Limited Half-year Report – 31 December 2014

CSL Limited Directors’ Report

Directors

Review of Operations

Auditor’s independence declaration

Rounding of Amounts

CSL Limited and its controlled entities Consolidated Statement of Comprehensive Income For the half-year ended 31 December 2014

CSL Limited and its controlled entities Consolidated Balance Sheet As at 31 December 2014

CSL Limited and its controlled entities Consolidated Statement of Changes in Equity For the half year ended 31 December 2014

CSL Limited and its controlled entities Notes to the financial statements For the half-year ended 31 December 2014

1 Corporate Information

2 Summary of Significant Accounting Policies

(a) Basis of Accounting

(b) Basis of Preparation

(c) Significant Accounting Policies

New standards, interpretations and amendments adopted by the Company

(d) Basis of Consolidation

3 Segment Information

Geographical areas of operation

Segment Accounting Policies

3 Segment information (continued)

3 Segment information (continued)

3 Segment information (continued)

4 Revenue, Income and Expenses from continuing operations

5 Income Tax

6 Earnings Per Share

Conversions, calls, subscription or issues after 31 December 2014

7 Cash and cash equivalents

8 Property, Plant and Equipment

9 Borrowings and repayments

10 Contributed Equity

Movements in the contributed equity

11 Reserves

12 Dividends

13 NTA Backing

14 Retirement Benefit Liabilities

15 Share Based Payment Plans

(a) Long Term Incentives

(b) Executive Deferred Incentive Plan (EDIP)

16 Commitments and contingencies

(a) Capital commitments

(b) Contingent assets and liabilities

Litigation

(c) Contingent acquisition

Half Year Result 2015 CSL delivers solid first half Strong investments for future growth

HIGHLIGHTS

Financial

Operational

OUTLOOK (at FY14 exchange rates)

OPERATING REVIEW

CAPITAL MANAGEMENT

Share Buyback

Group Results US Dollars

Page 7

11 February 2015

(a) Translation Currency Effect $13.5m

(b) Transaction Currency Effect ($0.7m)

c) Constant Currency Effect $44.6m

Forward looking statements

Trademarks

Business Unit Performance

US$M

US$M

US$M

US$358m

CSL Ltd. Interim / Quarterly Report 2015