CSL announces record A$1 billion share buyback
Melbourne, Australia — 15/10/2015
CSL Limited (ASX:CSL) today announced a new on-market share buyback of up to A$1 billion. The new buyback will be the largest ever undertaken by the company as part of its regular buyback program.
Speaking at CSL's Annual General Meeting in Melbourne today, CSL Chairman Professor John Shine said the Board of Directors was pleased to announce its ninth share buyback in 10 years.
"Buybacks continue to be a very efficient way of delivering positive value to all our shareholders. Those choosing to retain shares own a bigger portion of the company, which helps to boost their investment returns," Professor Shine said.
Through its previous buybacks, CSL has purchased 23% of its shares at some A$5.16 billion, contributing to a 23% increase in earnings per share.
"Our ability to undertake another buyback of this scale is testament to CSL's strong financial position and excellent cashflow. This has also enabled us to continue increase dividends to shareholders while continuing to invest in manufacturing expansions and innovation," he added.
In FY2015, CSL increased dividends to shareholders by 10% in US dollars, which for its Australian shareholders converts to an increase of 39% over the prior year.
Professor Shine said earnings per share growth this financial year will again exceed profit growth expectations as shareholders benefit from the ongoing effect of past and current share buybacks.
At yesterday's closing price of A$89.25, an A$1 billion buyback represents approximately 11.2 million CSL shares or around 2.4% of CSL's issued share capital.
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