No CSL result can be truly understood unless one assesses what is happening to the cost levers that management is pulling.
Because, at first glance, 5% increase in Operating Profit might look to be a bit muted, this needs to be seen in the context of a 14% increase in R&D spend (all fully expensed), and 29% increase in General and Admin expenses (slated due to "facilities expansion and new technology").
These rates are clearly running well ahead of the 9% increase in Revenues.
Presumably these are "good costs" that form the base for future, long-term expansion of the business.
But it means that the current underlying earnings growth is really running at rates that are close to double the actual reported figures.
.
Ann: CSL Half Year Results Investor Presentation, page-8
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