First Impression: CSL-CSL- FY16 result

Adjusted net profit down 17.7% to US$1152.4m vs our estimate of US$1287m | Net operating cash flow down 13.6% to US$1178.6m | Outlook:” CSL is well positioned for sustainable growth and delivering shareholder value. CSL Group’s net profit after tax (NPAT) is expected to grow approximately 11%, at constant currency, on the FY16 result after adjusting for the one-off gains and costs associated with the acquisition of the Novartis influenza vaccines business. On the same basis, earnings before interest, tax, depreciation and amortisation (EBITDA) is expected to grow approximately 14% this financial year.”