Slide 24 of the FY15 full year results announcement indicated that CSL had a gearing target of approx 1 of the ratio of Net Debt / Ebitda.
slide 24 of the FY16 full year results announcement indicated that gearing target had grown to 1.5.
The reason for the debt and share buybacks has been to try and reach the target of 1. You can see for mthe graph on the presentation how CSL has been working to that goal for many years.
HT1
Ann: Positive Results from CSL112 Phase 2b Trial, page-31
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