Ann: Market Update, page-69

yes. The question of Fx losses being one of the factors for market reaction is absurd together with margin improvement on plasma products. As analysts from major banks commented it is Margin improvement will happen bit later than they forecasted.
On the FX I did a calculation for 1st half 2023 using today’s currency rates to the 1st half actual rates as per 2023 half year results. It will show a gain of 100m for 1st half sales. If the current Fx rate is maintained for the full year of 2024, it will be positive 200m gain gain to 3B forecasted NPAT figure. It will wipe out 2023 adverse of 250m which was considered 50% of the reason to drop SP.
The point is currencies move up down based on many factors like inflation, interest, economy. In the long run it comes back to long term averages unless otherwise there is major structural economic change in the country.
I hope investors ignore all these noise from commentators and look at totality of the company. That is past performance, industry it operates, BS, infrastructure built to operate globally, knowledge within the company, pipeline of products, competitive advantage of the main product they sell (plasma) etc. Only argument is current valuation figure, which can be overcome by continuous efficient performance. If one of the 3 new products including CSL 112 are successful it will be a game changer for CSL.