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FY2019 Annual Report: CSL EPS Growth slows to 11%
CSL (ASX:CSL), announced EPS of $US4.24 for the year-ended 30 June 2019, up 11% from $US3.82 in the previous year-ended 30 June 2018. EPS growth from the year-ended 30 June 2017 to the year-ended 30 June 2018 was 29.9%.
Period-endedEPS in $USEPS growth %
30 June 20194.2411
30 June 20183.8229.9

Major changes compared with previous year:

Favourable Changes:
Net profit up 9.3% from $US1.7b to $US1.8b
Total revenue up 7.9% from $US7.9b to $US8.5b
EPS up 11% from $US3.82 to $US4.24
Debt to Equity down 17.6% from 1.1 to 0.9
Total non-current assets to Total Assets up from 53.7% to 55%
Fixed Assets to Total Assets up from 33% to 36.4%
Total Liabilities to EBITDA of 3.0 compares favourably with the Joseph Piotroski benchmark of <5. However, it has deteriorated by 3.1% from the previous year's ratio of 2.9.
Total Liabilities to Operating Cash Flow of 4.3 compares favourably with the Joseph Piotroski benchmark of <4. However, it has deteriorated by 22.2% from the previous year's ratio of 3.5.
Unfavourable Changes:
EBIT Margin down from 30.1% to 28.5%
EBIT to total assets down from 21.2% to 19.0%
Profit before tax to Sales down from 30.1% to 28.5%
Sales and marketing expenses to Sales up from 10.4% to 10.6%
Administration expenses to Sales up from 6.8% to 7%
Current ratio down 3.1% from 2.6 to 2.5
Working capital to total assets down from 28.6% to 27.2%
Total current assets to Total Assets down from 46.3% to 45%
Note:
Total revenue to total assets steady at 0.7
Cost of Goods Sold to Sales down from 46.5% to 45.8%
Total liabilities to Total assets steady at 0.6
Retained earnings to total assets steady at 78.1%
Current Inventory to Total Assets down from 25% to 24.7%
Intangibles to Total Assets down from 16.7% to 15.3%
Annual Report [Year-on-year comparison: 2019 vs 2018]
Company Name : CSL Limited (CSL)
June 3020192018Change
Description$US m$US m(%)
Sales Revenue8,205.47,587.9Up 8.1
Total Revenue8,538.67,915.3Up 7.9
EBITDA2,341.12,281.2Up 2.6
EBIT2,341.12,281.2Up 2.6
Pre-Tax Profit/(Loss)2,341.12,281.2Up 2.6
Profit/(Loss) after Tax1,816.81,661.6Up 9.3
Working Capital3,351.93,079Up 8.9
Current Assets5,540.14,993.7Up 10.9
Current Liabilities2,188.21,914.7Up 14.3
Shareholders' Funds5,251.34,079.9Up 28.7
Total Liabilities7,063.16,694.6Up 5.5
Total Assets12,314.410,774.5Up 14.3
Current Debt420.6225.7Up 86.4
Non-Current Debt4,242.24,160.6Up 2
Total Debt4,662.84,386.3Up 6.3
Operating Cash Flow1,644.41,902.1Down 13.5
Net Assets5,251.34,079.9Up 28.7
Net Tangible Assets3,3732,277.4Up 48.1
AuditorEY  

Year-on-year comparison of Per Share figures
June 3020192018Change (%)
Description$US $US
EPS Final4.23.8Up 11
   EPS Growth Factor*1.18  
* EPS Growth Factor = EPS growth / Net Profit growth
Year-on-year comparison of Performance Ratios
June 3020192018Change (%)
Return on Equity (%)36.542.4Down 13.9
Return on Assets (%)15.616Down 2.5
Total debt to net tangible assets (%)138.2192.6Down 28.2
Total Liabilities to Operating Cash Flow4.33.5Up 22.2
Debt/Equity0.91.1Down 17.6
Total Liabilities/Total Assets (Down 8.1% from 0.62 to 0.57)0.60.6Down 8.1
Current Ratio2.52.6Down 3.1
Common Size Ratios by Assets %
Total non-current assets to Total Assets 55.0 53.7 Up 2.5
Total current assets to Total Assets 45.0 46.3 Down 2.9
Fixed Assets to Total Assets 36.4 33.0 Up 10.4
Current Inventory to Total Assets 24.7 25.0 Down 1.2
Intangibles to Total Assets 15.3 16.7 Down 8.5
Common Size Ratios by Sales %
Cost of Goods Sold to Sales 45.8 46.5 Down 1.6
Profit before tax to Sales 28.5 30.1 Down 5.2
Sales and marketing expenses to Sales 10.6 10.4 Up 2.3
Administration expenses to Sales 7.0 6.8 Up 3.2
Tax expenses to Sales (5.1) (7.3) Up 29.9


Three-year record of growth and performance: In the last 3 years Total Revenue averaged $US7.8B, EBITDA averaged $US2.1B and Net Profit averaged $US1.7B. Compound Annual Growth Rate (CAGR) averaged 10.3% for Total Revenue, 13.5% for Net Profit and 12.9% for EBITDA.
DescriptionAnnual ($US B)3-year Avg ($US B)3-year CAGR %
Total Revenue8.57.810.3
EBITDA2.32.112.9
Operating Profit2.32.112.9
Net Profit1.81.713.5

Three-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCE In 2019 Net Profit Margin of 23.4% was above its 3-year Avg of 21.8% (All Figures in %)
Description20193-year Avg
EBITDA Margin28.527.6
Operating Profit Margin28.527.6
Net Profit Margin23.421.8
Return on Equity36.540.4
Return on Assets15.615.4
Return on Capital Employed23.123.8