Ann: Appendix 4D and Half Year Accounts, page-9

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    This result is not nearly as sluggish as the market response suggests.

    They booked significant costs, either for future growth (14% R&D increase and new product support +>increased 15% increase in staffing), or none-offs ($12m donation of product and $65m unfavourable forex move, taken above the line).

    Most companies would have capitalised some of these expenses, but not CSL; they just expense them outright.  Very conservative accounting for profits, which I like.

    csl one-off costs.JPG
 
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