Ansell Annual Report 2020

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FY2020 Annual Report · Ansell

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Protection
in a Pandemic World

Annual Report 2020

Contents

About Ansell

Financial Summary

Ansell During the COVID-19 Crisis

Chairman’s Review

Chief Executive Officer’s Review

Operating and Financial Review
Strategy
Outlook
Our Performance
Healthcare Global Business Unit
Industrial Global Business Unit

Sustainability

Board of Directors

Executive Leadership Team

Report by the Directors

Remuneration Report

Financial Report
Consolidated Income Statement
Consolidated Statement
of Comprehensive Income
Consolidated Balance Sheet
Consolidated Statement
of Changes in Equity
Consolidated Statement
of Cash Flows
Notes to the Financial Statements

Directors’ Declaration

Independent Audit Report

Five-Year Summary

Shareholders

Shareholder Information

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14
16
17
20
22

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69

70
71

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115

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121

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Ansell Limited
ABN 89 004 085 330

Ansell Limited
Annual Report 2020

About Ansell

Ansell has evolved its heritage from an Australian rubber latex products
manufacturer to one of the world’s most advanced safety solutions providers.
Every day millions of people around the world depend on Ansell. With Ansell
products they always know they are protected and can perform safely and
effectively. Our category expertise, innovative products, trusted brands and
advanced technologies give peace of mind and confidence that no other
company can deliver.

By expanding the Company’s global reach, category depth and robust innovation
pipeline, we support our customers’ growth and provide solutions for new
needs. This approach allows us to continue to deliver for our customers,
employees and shareholders.

Our Values

Integrity

Trustworthiness

Agility

Creativity

We value doing
what is right
and ethical.

We value acting
with respect,
fairness and
dependability.

We value
responsiveness
to customers
and each other,
openness to
change and
flexibility.

We value
inventiveness,
innovation and
new and
original ways
of thinking.

Passion

Involvement

Teamwork

Excellence

We value energy
and excitement,
commitment,
drive and
dedication.

We value our
team members’
input, influence
and initiative.

We value
collaboration
and a sense of
partnership and
sharing.

We value a
tenacious focus
on results,
accountability
and goal
achievement.

Ansell Limited Annual Report 202003

Ansell Limited Annual Report 2020Financial Summary

Statutory Results
Ansell Group

Adjusted Results*

Adjusted Results in
Constant Currency*

Industrial GBU
Results

Healthcare GBU
Results

Sales up

40%

42%

48%

EBIT up

Profit Attributable up

EPS up

EBIT up

Profit Attributable up

EPS up

21%

19%

24%

EBIT up

Profit Attributable up

EPS up

Organic Growth up

Adjusted Constant Currency EBIT up

13%

Organic Growth up

35%

Adjusted Constant Currency EBIT up

* Comparison of FY20 Statutory Results to Adjusted FY19. Refer to definition of Adjusted Results, Constant Currency, and Organic Growth on page 5.

5 Year Performance
1,573

145

237

18.17
43.5

15.0
105.1

2016

1,600

146
22.68

218

44.0

13.6

100.1

2017

1,490

27.19

105

193

45.5
13.0

102.0

2018

1,499
165

26.85

203

46.75
13.5

111.5

2019

1,614

36.70

192

220

50.0
121.8

13.6

2020

Sales ($m)

Sales of Divested
Sexual Wellness Businuess ($m)

EBIT1 ($m)

EBIT Margin (%)

Operating
Cash Flow2 ($m)

EPS (¢)

DPS (¢)

Share Price (A$)

Total Group Statutory Results before the
Sale of the Sexual Wellness Business

Results from Continuing Operations after
the Sale of the Sexual Wellness Business

Sales

EBIT1

Profit Attributable

Operating Cash Flow2

Earnings Per Share (US cents)

Dividends Per Share (US cents)

Ansell Share Price (A$)

^ Refer to page 5 for footnote details.

2018 Adjusted3
US$m

2019 Adjusted3
US$m

1,489.8

1,499.0

193.1

146.7

104.5

102.0

45.5

27.19

202.8

150.9

164.7

111.5

46.75

26.85

2020
US$m

1,613.7

219.7

158.7

191.7

121.8

50.0

36.70

2016
US$m

1,572.8

236.7

159.1

144.8

105.1

43.5

18.17

2017
US$m

1,599.7

217.8

147.7

146.0

100.1

44.0

22.68

Ansell Limited Annual Report 2020Results Commentary
We have provided our results
on both a Statutory and Adjusted
basis. The FY19 statutory results
have been adjusted to remove
the costs associated with the
Transformation Program that
was concluded in that year.
No adjustments have been made
to the FY20 statutory results.
The adjusted results show solid
revenue and profitability growth in
what was another successful year.

US$m

Sales
EBIT1
Profit Attributable
Operating Cash Flow2
Earnings Per Share – US cents
Dividends Per Share – US cents

Statutory Results
FY19

FY20

Adjusted Results1
FY20

FY19

1,499.0
157.3
111.7
133.3
82.6
46.75

1,613.7
219.7
158.7
191.7
121.8
50.0

1,499.0
202.8
150.9
164.7
111.5

1,613.7
219.7
158.7
191.7
121.8

Currency Reporting – United States Dollar (US$)
The US$ is the predominant global currency of Ansell’s business transactions and the currency in which the
global operations are managed and reported. Non-US$ values are included in this report where appropriate.

Key Definitions
Ansell’s financial results are reported under International Financial
Reporting Standards (IFRS). Certain non-IFRS measures are presented in
this report to enable understanding of the underlying performance of
Ansell without the impact of non-trading items and foreign currency
impacts. Non-IFRS measures have not been subject to audit or review.
The non-IFRS measures are defined as follows.

1. EBIT
EBIT is defined as Earnings Before Interest and Tax.

2. Operating Cash Flow
Operating Cash Flow is defined as net cash provided by operating
activities (after tax paid) per the Consolidated Statement of Cash Flows
adjusted for capital expenditure, lease payments, interest received
and paid (net interest).

3. Adjusted Results
The FY19 Adjusted Results are defined as corresponding financial measures
derived from the Group’s audited financial statements adjusted to remove
the costs associated with the Transformation Program which was concluded
in that year. FY19 Transformation Program adjustments to EBIT, Profit
Attributable, Operating Cash Flow and Earnings Per Share are explained
on pages 17 and 18 of this report and detailed in Note 3(b) to the Group’s
audited financial statements. No adjustments have been made to the
FY20 results.

4. Constant Currency
The presentation of constant currency information is designed to facilitate
comparability of reported earnings by restating the prior period’s results
at the exchange rates applied in determining the results for the current
period. This is achieved by analysing and estimating, where necessary,
revenue and cost transactions by underlying currencies of our controlled
entities. These transactions are converted to US dollars at the average
exchange rates applicable to the current period on a month by month basis.

In addition, the following adjustments are made to the current and prior
year’s results: the profit and loss impact of net foreign exchange gains/
losses is excluded; and the foreign exchange impact on unrealised profit
in stock is excluded.

The principles of constant currency reporting and its implementation are
subject to oversight by the Audit and Compliance Committee of the Board.

5. Adjusted Constant Currency
Adjusted constant currency is constant currency (as described above)
after excluding the impact of Transformation Program costs in FY19.

6. Organic Growth
Organic growth is sales growth on an adjusted constant currency basis
(as described above) after excluding the impact of acquisitions,
divestments and exited products.

Ansell Limited Annual Report 2020Ansell During the COVID-19 Crisis

Our Safety Mission

The safety of our Ansell team members and the
people we protect every day around the world
remains our number one focus. This is a moment
in time when the work we are doing is at its
most critical. We know that people around the
world are depending on us.

PPE Demand Surges

Demand surged for single use and exam gloves, body
protection suits and masks as COVID-19 spread globally.
Despite intermittent restrictions on the movements of
workers and temporary plant shutdowns in some of the
countries in which Ansell operates, we are achieving
high levels of production.

Employee Safety First

Supported by the global crisis team formed at Ansell
in the earliest days of the COVID-19 outbreak, the
team at our Xiamen manufacturing plant in China
moved quickly to implement extensive precautions
to prevent the spread of the virus among our
workforce. The best practices and safe operations
developed in Xiamen have been leveraged across
our manufacturing operations and shared with our
suppliers. We remain extremely diligent relating to
the continued well-being of our employees.

Operations Respond

Ansell is meeting the needs of our core customers while
responding to unprecedented global demand from
healthcare workers and people in essential industries,
including food service and agriculture, law enforcement
and first responders, transportation and logistics, critical
manufacturing, and many more.

Ansell Limited Annual Report 2020Ensuring Supply

Exceptional efforts are being made in our warehouses
and by our distribution partners to ensure on time, in full
product delivery. When our EU supply chain experienced
disruption, we pivoted to re-organise our supply lines
from Asia to Russia, Turkey and the Middle East.

Working Virtually

Employees at our corporate hubs and regional offices
have spent the last several months working from home.
Many juggle childcare and miss life with colleagues
at the office. But collectively, we have made a seamless
transition and are successfully maintaining productivity
whilst working remotely. While some of our salespeople
are beginning to visit with customers (diligently
employing safety precautions), IT communications
solutions remain the overall and preferred way to
maintain customer contact.

Expanding Capacity

Planned expansions of a number of our manufacturing facilities
are moving forward and projects have been accelerated in
Vietnam, Thailand, Malaysia, Sri Lanka, Portugal and China.
We are also working with our distribution facilities to increase
capacity and resolve disruptions caused by transport delays.

Some Costs Soar

Ansell will never seek to exploit the extraordinary
circumstances we are experiencing in this pandemic, but
rising costs of some raw materials and outsourced products
are resulting in price increases for some of our products
globally. This includes raw materials used in our AlphaTec®
Chemical Protective Clothing and Exam & Single Use gloves
produced by our outsourced suppliers.

Donations

For the year ended 30 June 2020, Ansell has donated close
to 4 million pieces of PPE, including gloves, masks and
protective suits, to 55 organisations around the world
and continues to provide support to local communities.

Ansell Limited Annual Report 2020Chairman’s Review

The financial result for the year has exceeded
our expectations and we expect demand to
remain strong for the foreseeable future.

John Bevan – Chairman

Dear Fellow Shareholders

I am honoured to have taken over from Glenn Barnes as
Chairman of your Board. I would never have imagined that in
the immediate period following Glenn’s retirement the Company
would have faced the unprecedented challenges caused by the
COVID-19 pandemic. But it is a testament to Glenn’s leadership
that he assembled such a diverse and capable Board to
complement our first-class global management team.

Glenn left a company with the ability to generate resilient
cashflows throughout the cycles in its markets, a very strong
balance sheet, and with sufficient financial facilities to ride
through foreseeable shocks it might encounter. Because of
this Ansell was well-prepared to play its part as a leading
global Personal Protection Equipment (PPE) company in
extraordinary circumstances.

Clearly, this was the year of contrasting halves. In the first half,
demand reflected a slowing world economy which, nonetheless
saw Ansell’s performance markedly improve on the back of the
successful execution of our Transformation Program. This resulted
in significant additional capacity worldwide and a simplified
manufacturing footprint of higher performing plants consolidated
over a smaller number of key geographies. As we entered the
second half the Company was performing well.

The first challenge of the pandemic was to ensure the safety
of our employees. This focus was uppermost as our Chinese plants,
largely manufacturing Chemical Protective Clothing, required the
urgent return of our employees after the Chinese New Year to
meet the urgent demands of the crisis. We operated safely
in China and transferred our learnings to our other plants
internationally so that they could demonstrate to concerned
authorities that they too could operate safely. Our two principal
manufacturing centres in Malaysia and Sri Lanka experienced
limited periods of lockdown (as mandated by the respective
governments), but we were able to resume production to supply
global markets at a time of unprecedented demand.

Owing to our global nature, Ansell was well-prepared with
modern off-site communications systems. Hence, we were able
to carry on nearly all aspects of our business and continue to
supply without our employees having to visit their office or meet
customers face-to-face. It is a tribute to senior management’s
leadership that we adopted new ways of working around the
world while responding to the enormity of unprecedented
demand for our products. By far the most pleasing dimension

of our response to me is that we have maintained the safety
and well-being of our employees as our top priority in these
extraordinary circumstances.

The financial result for the year has exceeded our expectations
and we expect demand to remain strong for the foreseeable
future. While we cannot predict the course of the virus or
indeed how governments will respond in the future, the Board
is continuing to support investment in capacity and capability
throughout this period.

Since the onset of the COVID-19 pandemic the Board has been
operating virtually. The AGM in November 2020 will be a virtual
meeting too. This is because our Directors are located in 8 different
cities around the world and, from a safety perspective, the
Company is reluctant to bring either the Board or senior
management together physically for the meeting.

For the same reason, we have deferred anticipated Board and
senior management changes. Non-executive Director, Marissa
Peterson, was due to retire at the 2020 AGM, but because of the
uncertainties of current global markets amid the COVID-19
pandemic, the impending CEO succession and the inability to
travel to meet and interview prospective Directors, we have
asked her to stay on an extra twelve months until 2021, at which
point Marissa and Peter Day will both step down from the Board.
Similarly, as the Board’s ability to assess CEO candidates depends
on the resumption of face to face meetings, due to travel
restrictions imposed around the world, the Board also asked
Magnus Nicolin to stay on as CEO for an expected extra six
months until the end of calendar year 2021.

Ansell Limited Annual Report 2020For many reasons, the pandemic has heightened the potential
for companies supplying PPE products to compromise their values.
This can arise from pressures to misallocate scarce supply, from
temptations to charge well over acceptable margins, and so on.
Your Board and senior management have been careful to maintain
the values and standards at the core of Ansell’s reputation,
conducting its business fairly and responsibly. In the same way, our
plants have resumed full production within the labour standards
framework we set ourselves prior to the onset of the emergency.

Some of the challenges we encountered during the pandemic have
caused us to lose some momentum in improving our environmental
impacts and aligning with TCFD recommendations. This applies in
the short-term, with improvements in our levels of carbon emissions
and water use not having progressed as we would have liked this
year, however we remain committed to doing better. Full details
will be published in our forthcoming Sustainability Report, which
will be accompanied by our Modern Slavery Statement to be
reported under Australian legislation for the first time.

As my first year as Chairman of your Company closes, I want to
conclude with a simple message of thanks to the people of Ansell.
Your Company has been tested on so many fronts and has come
through these tests extremely well. Undoubtedly, there will be
more tests to come.

John Bevan
Chairman

Ansell Limited Annual Report 2020Chief Executive Officer’s Review

After another strong year, Ansell has
delivered strong growth in sales and earnings
combined with robust cash flow generation
and improved return on capital employed.

Magnus Nicolin – Managing Director and Chief Executive Officer

I couldn’t be prouder of the way your Company has responded
to the COVID-19 pandemic this year. As our families, friends and
customers in every part of the world braced to deal with the
impact of COVID-19, Ansell was asked to make extraordinary
efforts to step up and help. Ansell’s mission of protecting people
was unexpectedly centre stage of a global emergency.

Your Company did step up: we maintained supply despite
unprecedented disruption, we found ways to materially boost
our volumes, we re-assured authorities our plants were safe
such that we could continue to operate when others were forced
to close, we re-focused our production lines towards products
most in need, and we organised all this mainly from the homes
of our employees. I think all of us at Ansell discovered this year
what the Company is capable of achieving and what it means
to be a global leader.

Ansell and the Global Pandemic Crisis
As the pandemic moved around the world, we realised Ansell
possessed a unique vantage point. Our initial learning experience
took place in China in early February, where we quickly adopted
entirely new operating procedures at our Xiamen plant to enable
us to expand production while keeping our employees safe
amidst the COVID-19 outbreak.

We then replicated this new best in class way of working at all
of our other plants around the world. In March and April, we
faced sudden shutdowns and production curfews in many of
our manufacturing jurisdictions including Malaysia, Sri Lanka,
Thailand and Vietnam, but our experience from China enabled
us to show regulators that we could expand production while
working safely. We were also able to explain that our business
had responsibilities to global markets that ran well beyond
the borders of the locations of our plants.

Ansell Limited Annual Report 2020In tandem, our business moved out of our offices to the homes
of our employees all around the world. Because we routinely
communicate from dispersed locations and had recently
upgraded our communications technology, we could effectively
work from home. We found ourselves doing everything from
fulfilling orders to conducting AnsellGUARDIAN® safety audit
services of complex customer needs online.

We don’t expect the world to return to pre-COVID-19 norms
for at least another 18-24 months, and we believe the Company
is well-prepared to continue to work in a COVID-19-impacted
environment for the foreseeable future.

Our Performance
Ansell’s business performance in the face of the pandemic has
been first rate. Our organic sales increased 7.6%. Our EBIT and
EPS on an adjusted constant currency basis have improved
21% and 24% respectively, and cashflow on an adjusted basis
increased 16% with cash conversion of 118%.

Our EBIT on an adjusted constant currency basis and cash-flow
have now grown at double digit percentage rates per year on
average for the last three years and our cash conversion has
exceeded 100% on average over this same period, illustrating
the strength and capability of Ansell.

The key to our ability to successfully manage through the
COVID-19 crisis is our long term focus on enhancing the product
portfolio. Over the last 10 years we have consistently built a
focused portfolio of safety solutions by investing more than
$1 billion in M&A, $500 million in equipment and IT, while
divesting non core businesses worth more than $600 million, such
as Sexual Wellness and rubber boots. We have also substantially
improved our innovation and production capabilities to support
our differentiated range of products. A more sizeable safety
inventory of critical products established before the crisis has
also allowed us to respond faster to competitive conversions.

Consequently, the Company has delivered a result at the very
top end of earnings per share guidance in FY20, at $1.22 per share,
and we are furthermore in the position to provide strong growth
guidance for FY21.

Ansell Limited Annual Report 2020Chief Executive Officer’s Review continued

Our Global Production Platform
I am pleased to say that the pandemic has seen Ansell firmly
consolidate its position as a global PPE sector leader. This sector
has so far played a critical and positive role everywhere. Personal
protection is now well understood and in a post-pandemic world
will be valued like never before.

We had already started to expand our capital investment
in late FY19 and FY20, and have now significantly increased
the level of investment in our business across many of our
geographies, from $42 million average annual spending in
FY17–FY19 to approximately $60 million in FY20, and we expect
to increase that again in FY21 to approximately $100 million.

Growth in the Pandemic – Boosting Capacity Across the Portfolio and Around the World

Increased capacity of
TouchNTuff® single use
gloves: new plant in
Thailand on track for
launch Q2 FY21

Synthetic Surgical:
2 new lines (one in
Malaysia, the other
in Sri Lanka) coming
on stream Q3 FY21

New HyFlex® lines in
Vietnam, Sri Lanka
and Portugal

Chemical: 3 new lines
in Malaysia

Body Protection:
expansions in China,
Sri Lanka, Brazil
and Lithuania

Electrical gloves (RIGS):
production expansion
in Malaysia

Russia Localisation:
new Hycron® glove
factory in Russia,
catering for ‘made
in Russia’

Expanded capacity
of Drybox laboratory
products and capacity
for cleanroom packaging

Ansell Limited Annual Report 2020Reflecting on our Strategy
It is timely to reflect on why Ansell has managed the challenges
of the pandemic so capably.

Fortuitously, our planned evolution to a more balanced portfolio
saw us make decisions before the pandemic that gave us extra
capacity in healthcare and hybrid-use gloves. The Careplus joint
venture, which was signed in February, gave us access to significant
extra Surgical and Exam volumes. New equipment to expand
Surgical volumes in FY21 in Sri Lanka and Malaysia was ordered
last year. In addition, the first of the four lines at our new Bangkok
plant was under construction well before the pandemic and is
expected to be commissioned during the second quarter of FY21.
The plant was designed to produce a functional Industrial product
in the TouchNTuff® range that has a higher permeation capability
than virtually any other single use glove anywhere – an important
feature for Industrial customers bringing plants back to production
in a COVID-19-present environment who want a sturdy single use
glove that can last the whole day with both a chemical shield as
well as a viral shield.

More fundamentally, our strategy expressed in our Eight Dimensions
of Differentiation has served us extremely well. We have built
a specialist global manufacturing company, well-grounded in
numerous capabilities (see our Eight Dimensions of Differentiation
diagram on page 14), with a uniquely broad and balanced range
of high-quality, complementary personal protection products.
Our portfolio gives us the flexibility to deal with shocks and move
resources from one business unit to another. All of these factors
made our response to the COVID-19 crisis possible, confirming
the power of our strategy against which we continue to execute.

A comparison with the experience of the Global Financial Crisis
in 2009 underlines how Ansell has evolved over the last ten years.
At that time, the Company was much more dependent on
Mechanical glove categories (which then declined by 15% in sales)
and other traditional products. The really extraordinary demand
for supply this year has been in Exam & Single Use which we have

tripled in size following several acquisitions in recent years,
together with Life Sciences and Body Protection, neither of which
formed part of our portfolio ten years ago. In addition, we were
able to switch our workforce and resources to focus on the highest
demand products and to re-direct the sales team targeting
Mechanical and other sales to Chemical, Body Protection and
Exam & Single Use (with this increase in demand more than
offsetting declines in Cut & Specialty products). Despite this shift,
our sales of the Mechanical range held up much better than in
2009, declining only 2% YoY. This flexibility in our portfolio has
enabled us to succeed in a very turbulent environment.

Our Outstanding People
It has been a privilege for me to witness the fantastic work ethic
and passion of our Ansell team in the face of critical human need.
Our employees have stepped up in highly uncertain environments,
working harder and more effectively than ever, to ensure our
products get to customers. Our manufacturing and warehouse
teams have come to work even when many others would not, and
while Ansell has focused on providing a safe working environment,
I am nevertheless so thankful for the strong commitment we have
seen in all Ansell locations. These are the commitments that make
Ansell, Ansell. I stand in awe of my colleagues around the world
and I thank them from the bottom of my heart.

We are a confident company which stands ready to drive further
growth and deliver solutions the world needs to overcome this
virus. When the COVID-19 crisis is over, we will be even stronger,
and we will continue to invest and acquire for scale and further
profitable growth.

Magnus Nicolin
Managing Director and Chief Executive Officer

Ansell Limited Annual Report 2020Strategy

Ansell has global market-leading positions in single and multi-use
hand protection products for industrial and surgical applications.
We also have fast-growing positions in industrial Chemical
Protective Clothing products, safety solutions for surgical
operating theatre and clean room laboratory environments.
Overall, our product range is well balanced between products
that are driven by cyclical economic demands and those that are
considered more counter cyclical. Furthermore, demand for a
number of our products has been very strong as a result of the
global response to COVID-19.

Regulatory and societal pressures that seek to improve safety
outcomes for workers around the globe are continuing to
outpace general economic activity. This provides a robust
platform for growth in demand for our products. Whether in
healthcare or industrial environments, regulatory requirements
and improving standards globally continue to help drive
demand for safety solutions.

Ansell’s continued ability to build and maintain its leading
positions in these attractive markets arises from a number of
strengths:

• Foremost, there is the breadth and performance of our

unmatched product range. Through our focus on R&D and
innovation, we created many of these product categories
and continue to lead the industry in product performance.

• Our unique material science capability allows us to satisfy

protection needs with products that are comfortable to use
and enhance worker productivity. Many of these capabilities
are patent protected. For example, some products maximise
protection while also reducing the risk of skin irritation and
allergic reaction. Our commitment to maintaining optimum
comfort and dexterity means that many products are unique in
their field in having ergonomic certification. We also lead our
industry in providing high cut protection from lightweight yarns.

• We have invested over many years in our patented

AnsellGUARDIAN® technology (tools that provide comprehensive
advice to end users on the right products to use for optimal
safety and productivity), which has enabled us to build strong
relationships with end users.

• We are uniquely positioned to provide global solutions as
the only industry participant with leading market positions
in a number of product ranges in all regions globally.

• Through a disciplined acquisition strategy, we have:

– strengthened our core market positions;

– increased our ability to lead in material science; and

Ansell’s Eight Dimensions of Differentiation

Make it easy with digital
solutions to do business
with and within Ansell

Quality, reliability
and consistency
in supply

World-class
manufacturing,
engineering and
sourcing with
industry leading
safety practices

Expertise in safety,
regulatory and
compliance solutions
and services

8.
DIGITALLY
EASY

1.
CUSTOMER
INTIMACY

Industry leading customer
intimacy and expertise
to solve customers’
safety and productivity
challenges

7.
DELIVERY
& SERVICE

Employee

6.
MANUFACTURING
& ENGINEERING

Safety

Passion

2.
PRODUCT
RANGE &
INNOVATION

3.
ANSELL
BRAND EQUITY

5.
REGULATORY &
COMPLIANCE
SERVICES

4.
CUSTOMER
COVERAGE

Broadest product
range and best
innovation
capability
leveraging
advanced
materials and
new technology

Most trusted and
well known
brands worldwide

Broadest geographic
and channel reach

By continuing to enhance our Eight Dimensions of Differentiation,
we deepen the ‘moat’ around Ansell

Eight Dimensions of Differentiation

Ansell’s sources of competitive advantage can be summarised
under eight dimensions of differentiation. At Ansell, we believe
that our differentiation across all eight dimensions is unique
in our industry and sets us apart from all competitors. We have
continued to build upon and strengthen our eight dimensions
of differentiation.

Business Priorities

Our business priorities for advancing our strategic goals in FY20
were unchanged from the prior year and commenced with a
focus on the following main objectives:

• Completing the multi-year Transformation Program to realise

significant efficiencies in our manufacturing and supply
chain functions.

• New product development.

• Growing our emerging market footprint.

• Strengthening brand performance by expanding existing

growth brands.

• Building stronger and deeper partnerships with our key

distribution partners.

• Working to resume growth of our leading synthetic surgical

range.

• Reducing wastage levels in our key manufacturing plants.

• Improving service and quality metrics to ensure Ansell is the
leading company globally on these criteria as well as in
product performance.

– added near adjacent product portfolios, which we are

• Ongoing productivity savings stemming from our capital

demonstrating that we can grow rapidly on a global basis.

investments and our sharper focus Transformation Program.

• Further advancing our work in relation to Sustainability.

• Strategic and disciplined acquisition evaluation.

Our progress on these goals are detailed on pages 17 to 23.

Ansell Limited Annual Report 2020COVID-19 Response Initiatives

As the COVID-19 pandemic unfolded globally in the second half
of the fiscal year, demand surged for our key healthcare, single
use and Chemical Protective Clothing products. Our earlier efforts
to improve our supply chain and clear backorders allowed the
business to respond strongly to the increased demand. A pandemic
response team was formed internally and monitored the health
and well-being of Ansell’s workforce.

We temporarily closed our offices worldwide and cancelled
in-person sales and customer meetings and trade shows.
Our office-based employees moved to remote working using
our very effective IT platforms which were upgraded last year.

Whilst countrywide lockdowns impacted some of our manufacturing
sites, intense lobbying efforts by our local management teams
resulted in their reopening once appropriate safety measures were
put in place. We implemented new steps such as entry screening
(i.e. temperature, travel history), social distancing, PPE, increased
sanitation of surfaces and workflow changes.

Given the strong demand for some of our products, we undertook
temporary rationalisation of our product portfolio to help maximise
output of those products with very strong demand. We also invested
in expanding capacity, particularly Chemical Protective Clothing in
China and Sri Lanka and are working hard to complete our Thailand
expansion for production of our TouchNTuff® single-use gloves.

From a customer perspective, we have focused on our existing
customers and put in place a strict product allocation and
prioritisation process. We have also switched to virtual selling
and made some changes to the focus of our sales team, from
heavy industry and automotive to higher growth verticals such
as cleaning services, food and government.

Shareholder Value Creation Model

At Ansell, we strive to be focused, efficient and agile in executing
our differentiated business proposition. By consistently delivering
on our promises, we aim to gain market share and grow
profitability, which in turn will improve shareholder value.

Our shareholder value creation model to which we committed at
our October 2017 Capital Markets Day is summarised below.

e
c
n
a
m
r
o
f
r
e
P
s
s
e
n
i
s
u
B

l
a
t
i
p
a
C
n
o
n
r
u
t
e
R

By Being

Ansell will

Targeting

Differentiated (8 dimensions)

Focused

Efficient

Agile

Gain share
• Organically through customer focus
• By acquisition

Demonstrate industry leadership in
• Innovation
• Manufacturing capability
• Supply chain excellence

3–5% Organic growth p.a.

5–10% EPS growth p.a.

ROCE1 improving to 14–15% range by FY20

Strong cash flow generation

Achieving High Return by Reinvesting in the Base Business

Disciplined Synergistic Acquisitions, Returning Above WACC

Continued Dividend Growth

Opportunistic Buy-backs

Engaged and passionate staff is the basis for this value creation model

1. Excluding impact of the Transformation Program and phasing the impact of recent acquisition costs in the funds employed over a three year period.

Ansell Limited Annual Report 2020

Outlook

Organic Growth and Profitability

The impact of COVID-19 on the global economy and the
markets in which Ansell operates continues to evolve. Although
we cannot predict the severity of COVID-19 around the world,
we do expect it to remain a challenge through FY21 and possibly
into FY22 as well. We believe the Company is well positioned
to continue to respond and adapt. We have a well-balanced
portfolio with strong brands that served us well in FY20 and
are expected to do so in the future.

The Exam & Single Use industry is expected to continue to see
extreme supply shortages over the medium term, resulting
in significant cost increases which will likely continue. Our sales
pricing will therefore need to remain dynamic. These costs
are expected to be recovered, however EBIT margin is likely
to be negatively impacted due to cost pass through.

The outlook for our Strategic Business Units is expected to
remain mixed throughout FY21, with strong growth in Exam
& Single Use, Chemical, Surgical and Life Sciences, tempered
by weakness in Mechanical. We expect overall organic growth
to be higher than the 3–5% long term target levels partly
due to increased prices and volumes.

Working Capital and Cash Flow

Working capital comprises Inventory, Trade Receivables and
Trade Payables and is a key driver of cashflows along with
capital expenditure.

Inventory will continue to be managed with a view to increasing
our On Time In Full (OTIF) customer satisfaction metric.
Accordingly, inventory levels will be ordered with forward looking
sales in mind and will reflect the higher anticipated demand in
future periods. Our stock turnover metric is also anticipated to
be higher, reflecting the higher sales relative to the inventory
on hand. Whilst tightly controlled, Trade Receivables could also
trend higher as a result of higher sales and their timing. Trade
Payables will likely trend in accordance with inventory although
there are increasing demands for up front payment by certain
suppliers and this may adversely impact cashflows in FY21.

Capital expenditure in FY21 is forecast to be within a range of
$95m to $105m, which is well above the FY20 level of $64.8m.
Both years are above past spending levels and reflect the ongoing
expansion of production capacity due to increased demand along
with continued focus on automation to further drive efficiencies
in our operations.

Capital Deployment and ROCE

The Company continues to target ROCE levels within the above
range. Capital expenditure will be elevated during FY21 to target
growth initiatives and this will have an initial adverse impact on
ROCE until the investments achieve their full run rate returns.

Ansell Limited Annual Report 2020Our Performance

Financial Reporting Presentation

One off costs (prior year)
To ensure that the commentary enables an understanding of the
underlying performance of the Group, the FY20 financial results will
be compared to the FY19 Adjusted Results, which have been adjusted
to remove the costs associated with the Transformation Program.

Foreign Exchange Impacts and Organic Growth
Ansell is a US$ reporting entity with a majority of its commercial
operations transacting in US$. However, Ansell also has substantial
non-US$ transactions across a diverse multinational footprint.

While the Group maintains a near-term foreign exchange
hedging program, it is not immune to exchange rate impacts
on its results, particularly via translation effects. As a result,
the Group also provides constant currency financial information
so that foreign exchange translation impacts are excluded.

In determining the rate of organic growth, the Group reports
its year over year growth after normalising results for constant
currency impacts, FY19 Transformation Program costs and also
the effect of acquisitions, divestments and exited products.

Income Statement

FY19

Total Group

Transformation

Sales

GPADE

GPADE margin %

SG&A

% to sales

EBIT

% to sales

Net Interest

Taxes

Minority Interests

Profit Attributable

EPS (US¢)

Dividend

1,499.0

514.1

(356.8)

157.3

(13.6)

(30.6)

(1.4)

111.7

82.6¢

46.75¢

45.5

(6.3)

39.2

29.0¢

Adjusted

1,499.0

514.1

34.3%

(311.3)

20.8%

202.8

13.5%

(13.6)

(36.9)

(1.4)

150.9

111.5¢

FY20

Total Group

1,613.7

556.3

34.5%

(336.6)

20.9%

219.7

13.6%

(17.4)

(42.2)

(1.4)

158.7

121.8¢

50.0¢

CC %

9.3%

14.3%

10.4%

21.0%

28.4%

26.5%

7.7%

19.0%

23.6%

Group Sales1
Ansell achieved very strong organic growth in FY20 of 7.6%.
The business achieved organic growth of 2.4% during the first
half of FY20 which was increased to 12.7% during the second half,
predominately due to the impact of COVID-19.

The HGBU business saw 13.4% growth whereby strong performance
during the first half of FY20 was further accelerated by COVID-19
related demand, particularly for Exam & Single Use products.

The IGBU business experienced modest growth of 1.3% despite
a severely impacted macro backdrop. Increased demand for
Chemical Protective Clothing and Gloves more than offset
softness in Mechanical.

The Company saw strong growth from North America and
Asia Pacific while growth was softer in EMEA and LAC, in part
due to their higher Mechanical exposure. Emerging markets
contributed 21% to sales and remain a key growth driver with
8% organic growth. However, this growth was not significantly
higher than developed markets as a large part of COVID-19
growth came from developed markets.

Ansell is investing in additional capacity to support higher
growth areas (i.e. Exam & Single Use and Chemical Protective
Clothing). In areas where there is reduced demand (i.e. Mechanical),
the business is pivoting to higher growth verticals by repositioning
existing products and launching new products to meet the new
needs associated with COVID-19 (i.e. antiviral and antimicrobial).

1. All growth rates are based on organic growth, which is year over year growth on a constant currency basis

and excluding acquisitions and divestitures.

Ansell Limited Annual Report 2020Our Performance continued

Group EBIT
Gross profit margins after distribution expenses were up slightly
year over year to 34.5%. Margin increases were achieved due
to the Transformation Program benefits flowing through as well as
net favourable raw material costs and pricing initiatives. However,
these were partly offset by increased manufacturing costs due to
government mandated plant shutdowns, other COVID-19 related
costs, and adverse foreign exchange impacts.

SG&A costs were higher year over year as a result of the full year
contribution of Ringers and Digitcare as well as the higher
employee costs as a result of better than anticipated results,
despite savings in travel and other discretionary expenditures.
SG&A expenditures as a percentage of sales were steady year
over year at 20.9%.

With GPADE2 margins and SG&A costs both steady as a percentage
of sales, EBIT margins were also steady. Growth in EBIT was
therefore due predominantly to the strong sales growth achieved.

Borrowing Costs and Taxes
Interest expenses increased by $3.8m due partly to the lease
interest expenses of $1.5m, which were treated as part of SG&A
under the previous lease accounting standard. The remaining
increase in interest costs of $2.3m was due to lower interest
receipts on cash deposits.

Tax expense increased due to the combination of higher profits
and a higher effective tax rate of 20.9%, which is closer to the
long term average for the Group.

Working Capital

Overall working capital was significantly lower than the prior
year driven by a combination of lower trade receivables and
higher trade payables. Inventory finished slightly higher year
over year. Each of these are discussed further below.

Trade Receivables
During the second half of FY20, the Group received very
large orders from its customers around the world resulting
in a significant increase in receivables during that period. A diligent
and thorough process of review was conducted to ensure that
increased limits and exposures were provided to financially
secure customers. With demand strongest in the months of March
and April, the Group focused its collection efforts in May and June
to record strong cash collections in those periods. As such, and
with more normalised sales in May and June, the trade
receivables balances reflected a more subdued finish to the year
than May and June of the previous year. Our trade receivables
were well managed in FY20.

2. GPADE means Gross Profit after distribution expenses.

Gross Profit means sales less cost of goods sold.

Inventory
In an effort to overcome backorders resulting from supply chain
difficulties, the Group had already decided to invest in higher
inventory during FY19 and in the early part of FY20. These
initiatives enabled the Group to meet the strong demand during
the year and achieve the reported sales results. With an eye for
further growth in FY21 and to minimise the possibility of supply
chain disruptions, purchases for raw materials were accelerated in
Q4 and production continued at elevated levels. This has resulted
in an increased level of inventory, although offset by higher trade
payables. Overall the stock turnover metric has improved
considerably year over year and reflects a step change
improvement in inventory management.

Trade Payables
The increased purchases in the fourth quarter of FY20 resulted in
higher trade payables at year end. While some suppliers requested
up-front payments for purchases, Ansell was able to maintain
regular trading terms with the majority of its suppliers given the
long-standing relationships in place. Nevertheless, there remains
a genuine level of stress across most supply chains given the
uncertainties faced, and Ansell is continuing to work closely
with suppliers to minimise disruptions.

Cash Flow
Introduction of Lease Accounting Standard – AASB 16
AASB 16 was introduced with effect from 1 July 2019. Lease
payments that would previously have been expensed (i.e. as rental
expense) and recorded as part of operating cashflows are now
financing cashflows in the form of payments to repay lease
liabilities and payments for lease interest. The impact on the
cashflow statement was to increase net cash inflows from
operations and increase net cash outflows from financing.

Net Cash Flow From Operating Activities
The Group generated $290.9m of net cash inflow from its operating
activities, which was up 54% on the $188.9m the previous year.
However, the increase is 23% after normalising FY19 for cash
Transformation Program costs and FY20 for the lease accounting
impacts as per the table below:

Net cash inflow from
operating activities

Statutory

Transformation cash costs

Lease payments reported as
financing cash outflows

Adjusted

FY19

188.9

31.4

220.3

FY20

% Change

290.9

(21.8)

269.1

+54%

n/a

+23%*

* The year over year improvement of $48.8m (23%) reflects higher profits and
an improved working capital position, offset by higher tax paid during FY20.

Ansell Limited Annual Report 2020
Net Cash Used in Investing Activities
Cash used in investing activities was $74.8m, which was below
the prior year of $123.7m primarily due to last year’s acquisitions
totalling $75.5m.

Payments for Investments
The Group invested in two exciting opportunities:

1. Careplus joint venture in Malaysia – $8.9m

2. Modjoul technology investment – $3m.

Capital Expenditure – Payments for Property, Plant
and Equipment and Intangible Assets
During FY20, the Group focused on continuing its ambitious
capital investment program to ensure that capacity constraints
were addressed. Major capital investments included:

• Expansion of our Lat Krabang facility in Thailand for

TouchNTuff® branded single use products;

• Surgical and AlphaTec® chemical resistant product expansion

in our Malaysian and Sri Lanka plants;

• Chemical Protective Clothing investments in China and Sri Lanka;

• New HyFlex® lines in Vietnam, Sri Lanka and Portugal;

• Electrical gloves (RIGS) production expansion in Malaysia; and

• Early stage of Russia localisation and expanded capacity

for cleanroom packaging.

We also continued to invest in production automation.

Careplus is a Malaysian surgical and single use glove manufacturer
and the investment allowed Ansell access to a significant existing
source of supply to meet increased demand. Furthermore, the
joint venture partners have committed to increasing the capacity
at the Careplus site in Kuala Lumpur, Malaysia to bring further
capacity on board during FY21.

Modjoul is an exciting technology investment which provides
Ansell with world leading motion detection technology for the
purpose of tracking hand injury incidents in end users, with
initial integration planned for mechanical gloves.

Net Cash Used in Financing Activities
Cash used in financing activities decreased by $55m despite
the addition of $21.8m of lease payments previously included in
net operating cashflows under the previous lease accounting
standard. The main driver of the year over year change was the
reduction in the share buyback expenditure, which was down
significantly against the prior year. $17.6m was used to repay US$
borrowings that fell due this year whilst a further $14.3m was
spent to meet obligations under employee incentive programs by
way of on-market purchases of shares.

Ansell Limited Annual Report 2020
Healthcare Global Business Unit

The Healthcare GBU manufactures and
markets innovative solutions for a wide range
of customers, including hospitals, surgical
centres, dental surgeries, veterinary clinics,
first responders, manufacturers, auto repair
shops, chemical plants, laboratories and
pharmaceutical companies.

The portfolio includes surgical gloves, single
use and examination gloves, clean and sterile
gloves and garments, and consumables used by
healthcare, life sciences and industrial workers.

Strong Brands And Successful Innovations

Advanced glove technologies
delivering 19% new product
development growth

GAMMEX®
PI Hybrid

PI Hybrid success, enabled by
HYBRID™ Technology innovation,
continues to grow in mature markets

Double digit profitable growth

BioClean™
S-BDSH

Disposable garment offering
true aseptic donning for sterile
controlled/critical environments

Achieved more than $270m
in global sales

MICROFLEX®
93-260

Continued growth and
development of innovative
multi-layer single use gloves

Brands

Financial Summary

US$m

Sales
EBIT2
% EBIT/sales

FY19

FY20 % Change

$795.3m
$115.3m
14.5%

$894.6m
$141.8m
15.9%

12.5%
23.0%

CC%1

13.8%
34.7%

1. CC refers to adjusted constant currency as described on page 5 of this Report.

2. FY19 EBIT excludes the impact of Transformation Program costs of $3.1m.

Sales Performance
Organic sales increased 13.4%. The business experienced
strong momentum in the first half of FY20 with growth of 3.4%,
but was held back temporarily by back orders. The resolution
of this combined with COVID-19 related demand, particularly
for Exam & Single Use products resulted in strong growth
in the second half of FY20. All regions saw strong demand,
with heightened performance from developed markets due
to COVID-19. Emerging Markets achieved growth of 16.1% with
strong performances from China, India, Latin America and CEE.

2.8

(8.8)

Organic Growth (+13.4%)

87.4

17.9

795.3

789.3

894.6

FY19

Acquired

FY19
Pro-forma

Growth
Brands

All Other

FY20

Portfolio Highlights
• Exam & Single Use saw strong growth occurring in both

Industrial Applications (up 19%) and Medical Applications
(up 16%). COVID-19 has resulted in significantly increased
demand for these products which is expected to continue for
at least another 12 months.

• The actions taken in relation to Surgical in the last few

years with respect to salesforce and geographic focus and
capacity investment has allowed the business to deliver solid
organic growth of 4.1%, albeit this was adversely impacted in
the last quarter of FY20 due to postponement of non-urgent
elective surgeries.

• Life Sciences continued to expand due to investment in

distribution partnerships, major account wins and increased
market share in North America, all leading to solid overall
growth of 16.3%.

EBIT Performance
EBIT in constant currency terms increased 34.7%. The business
benefited from increased volumes, pricing initiatives, manufacturing
efficiencies and net favourable raw material costs. This was partly
offset by COVID-19 costs. Currency was a negative headwind
which resulted in EBIT growth reducing to 23%.

Ansell Limited Annual Report 202021

Ansell Limited Annual Report 2020Industrial Global Business Unit

The Industrial GBU manufactures and
markets high-performance hand and
Chemical Protective Clothing solutions
for a wide range of industrial applications.
Ansell protects workers in almost every
industry, including automotive, chemical,
metal fabrication, machinery and
equipment, food, construction, mining,
oil & gas and first responders.

Strong Brands And Successful Innovations

Financial Summary

US$m

Sales
EBIT2
% EBIT/sales

FY19

FY20 % Change

$703.7m
$98.7m
14.0%

$719.1m
$92.4m
12.8%

2.2%
(6.4%)

CC%1

4.2%
7.0%

1. CC refers to adjusted constant currency as described on page 5 of this Report.

2. FY19 EBIT excludes the impact of restructuring and Transformation Program

costs of $34.1m.

Sales Performance
Sales were up 4.2% on a constant currency basis and organic
growth up 1.3% after normalising for acquisitions. Asia Pacific
and EMEA were both up on the prior year however North America
was flat and Latin America was down 4.5%.

20.0

10.6

(13.8)

(1.4)

Organic Growth (+1.3%)

703.7

709.9

719.1

Surpassed $200m Sales
for the first time

FY19

Acquired

FY19
Pro-forma

Growth
Brands

All Other

FY20

AlphaTec®
37-310

Reuseable food processing gloves
providing multi-risk protection
from chemicals and viruses
(EN ISO 374-5)

#1 Global Brand1
Approaching $300m

HyFlex® 11-542
and
HyFlex® 11-280

HyFlex® gloves and sleeves provide
outstanding comfort and are designed
with INTERCEPT™ Technology for
best-in-class cut protection

1. For Mechanical Hand Protection

Portfolio Highlights
• Mechanical sales were down 2.0% compared to the prior year.
Growth of 0.5% was achieved in the first half of FY20, however
the adverse impact of COVID-19 on the global economy
(particularly the automotive, oil & gas and heavy industries)
resulted in a 4.6% decline during the second half. Despite this,
Multi-Purpose gloves demonstrated strong growth throughout
the year. Our lightweight HyFlex® gloves designed with
FORTIX™ Abrasion Resistance Technology (HyFlex® 11-840 and
HyFlex® 11-841) continued to grow and outperform the
competition providing extreme durability and enhanced grip.

• Chemical protection grew strongly and was up almost 8%

for the year. It saw growth of 3% during the first half of FY20
as products continued to gain traction with new innovation
and investment in the AnsellGUARDIAN® platform and expanded
chemical testing capabilities. Growth increased to 12.6% during
the second half of FY20 due to a significant increase in demand
for Chemical Protective Clothing as a result of COVID-19,
particularly from Governments, Non-Governmental
Organisations and the private sector.

EBIT Performance
EBIT in constant currency terms increased 7.0%. The business
benefited from increased volumes, pricing initiatives and the
Transformation Program. However, these were partly offset
by product mix and increased labour costs as well as COVID-19
costs. Currency was a negative headwind driving EBIT down 6.4%.

Brands

Ansell Limited Annual Report 202023

Ansell Limited Annual Report 2020Sustainability

Ansell is recognised as a leader in the safety industry; with that comes an expectation that we uphold the highest standards concerning
the environment, society and governance. In FY20 we have continued to actively manage our impacts in the areas outlined by our
‘Responsible and Responsive Strategy & Purpose’.

A Responsible and Responsive Strategy & Purpose

Better
Society

Better
Environment

Better
Business

Employees and
wider workforce

Community

Business ethics

Water

Energy and
carbon

Materials and
waste

• We care about our people and safety is our top priority
• We support our communities
• We play fair and conduct business ethically

• We use natural resources with care
• We work to continually lower our GHG emissions
• We respect the local environment

Customers

Suppliers

Investors

• We provide our customers with safety and productivity solutions
• We choose like-minded partners
• We reward investors

This year, we have focused on increasing the maturity of our
approach in key areas. In conjunction with independent advisors,
we have:

• updated our materiality assessment

• worked to understand the modern slavery risks in our

operations and supply chains, and to improve our pathways
for risk mitigation and remediation

• continued to work towards alignment with the Recommendations
of the Task Force on Climate-Related Financial Disclosures (TCFD).

We assessed our material Environment, Social & Governance (ESG)
risks and opportunities using an approach guided principally by
the Global Reporting Initiative Standards 2016, including
engagement with internal and selected external stakeholders.
We identified our material topics as below, with the most
material shown in bold:

Better
Society

• Labour rights
• Employee health and safety
• Recruitment and engagement

• Diversity and inclusion
• Community engagement and investment
• Business ethics and governance

Better
Environment

• Energy and emissions
• Responsible supply chains
• Water
• Product stewardship
• Climate risk

• Operational resource efficiency and waste minimalisation
• Environmental impact and compliance
• Chemicals and hazardous materials

Better
Business

• Quality protection solutions
• Automation and digital disruption

• Business continuity and demand response
• Research and development and innovation
• Geopolitical disruption

In this report, we address a subset of these topics that are of
particular interest to our stakeholders: climate risk, modern
slavery and employee health and safety – covering both our
own operations and our supply chain. We also acknowledge
the growing interest – accelerated by COVID-19 – in product
stewardship, especially our products’ end of life. This is a
relatively new area of focus for us, which, along with our other
material topics, will be discussed in our Sustainability Report,
to be released later in 2020.

Our approach to sustainability, including labour rights, modern
slavery and climate change, is overseen by our Board of Directors,
supported by the Sustainability & Risk Committee and the Audit
& Compliance Committee. The Sustainability & Risk Committee
is supported by our cross-functional management CSR &
Sustainability Council. The Council is responsible for the
development and operational implementation of Ansell’s
strategic approach to sustainability. The Council is led by the
General Counsel and provides updates to the CEO, the broader
executive leadership team, and the Board of Directors.

Ansell Limited Annual Report 2020Climate Risk
“We are committed to continually improving our
climate change strategy and risk management
to deliver our vision of aligning to the TCFD
Recommendations.”

In FY19 Ansell commenced a 3-year project to identify, manage
and disclose climate-related risks in alignment with the
Recommendations of the Task Force on Climate-Related
Financial Disclosures (TCFD).

Our approach to climate change is overseen at board level,
as detailed below and on page 24.

The physical impacts of climate change can compound existing
environmental risks to operations, supply chains and markets,
and impact our ability to obtain key inputs or meet our customers
needs. This impact may include disruption to upstream suppliers,
manufacturing sites, and downstream warehousing and
distribution. The transition to a low-carbon future may also
impact the cost of inputs used in product manufacturing
and customer demand preferences.

Although overall progress has been impeded by COVID-19, in FY20
we undertook climate change scenario analysis to explore the risks
and opportunities presented by climate change at our major
manufacturing sites in Malaysia and Sri Lanka. This analysis
included assessing physical and transition risks and opportunities
under a high emissions scenario and a low emissions scenario.3

Consideration of climate-related impacts has been incorporated
into Ansell’s Risk Management processes, which provides a
framework for prioritising climate impacts and other emerging
risks based on consideration of the likelihood and the impact
of potential risks and opportunities. The Risk Management
Framework also guides the process for managing and treating
identified risks.

Further details on our climate change risks and opportunities
will be disclosed in Ansell’s 2020 Sustainability Report.

Ansell’s TCFD Approach and Journey

Board oversight of
climate-related risks
and opportunities

Management’s role in
assessing and managing
climate-related risks
and opportunities

Board of Directors

Sustainability & Risk Committee

Audit & Compliance Committee

CEO and
CSR & Sustainability Council

FY19

FY20

FY21

• Commenced aligning our reporting with

• Undertook climate change scenario analysis

the TCFD Recommendations, and formally
registered Ansell as a supporter of the
Recommendations of the TCFD.

• Participated in the CDP (formerly Carbon
Disclosure Project) climate and water
environmental stewardship assessment
process (our second year).

for our largest manufacturing sites in Malaysia
and Sri Lanka.

• Incorporated consideration of climate-related
risks in our annual risk management process.

• Continued to disclose climate-related information
in our Annual Report, Sustainability Report, and
CDP climate and water responses, improving our
alignment to the Recommendations of the TCFD.

• Complete a corporate-level qualitative
assessment of climate change risks and
opportunities across the value-chain under
different climate change scenarios
(commenced in FY20).

• Commence deep-dive analysis of material

impacts to quantify financial consequences.
Refine metrics and targets to inform strategic
decision making and business planning.

3. The results of the scenario will be disclosed in our 2020 Sustainability Report.

Ansell Limited Annual Report 2020Sustainability continued

Employee Health and Safety

Labour Rights and Modern Slavery

As a responsible corporate citizen, Ansell is committed to
operating in accordance with all applicable laws and in
accordance with the Universal Declaration of Human Rights.
Ansell aligns with the United Nations Guiding Principles on
Business and Human Rights as well as the International Labour
Organization (ILO) Core Conventions.

In recent years, we have invested significantly in our systems
and processes to prevent and address modern slavery and other
labour rights concerns within our business and supply chains.
However, we recognise that some of the sectors and geographies
in which we operate are at increased risk of modern slavery.
We have more to do, particularly in our supply chain, to ensure we
can better identify, assess and address risks, and remediate harms.

In our operations we have been tackling a historical issue,
widespread in the glove manufacturing industry, relating to
recruitment fees. These fees were solicited and received by third
parties, but Ansell has this year decided to undertake repayment
of the fees to our affected workers.

There have been concerning allegations this year regarding the
treatment of workers in our supply chain, in particular finished
goods suppliers in Malaysia. In line with best practice guidance
on remediation, we have not walked away from these suppliers,
but choose to engage with them on how to improve their practices.
We are monitoring their performance closely. We have seen
improvements as a result; however, these are complex and
systemic issues that will take time and multi-party collaboration
to address adequately.

Ansell’s human rights policy framework outlines our minimum
expectations for labour standards and working conditions across
our operations and supply chain. This framework includes our
Code of Conduct, Labour Standards Policy, Human Rights
Statement, and Supplier Code of Conduct, which have all recently
been updated.

As a company whose business is safety, Ansell holds safety for our
own workers as fundamental to our way of working. Our 5-Point
Safety Charter reinforces our focus on prevention, training,
awareness, monitoring and reporting. It is supported by
Environmental, Health and Safety (EHS) policies which apply
to all our operations globally. Our leading practice approach
to EHS is borne out by our track record of injury rates.

0.5

0.6

0.7

0.8

Lost Time Injuries (LTIs)
m
u
n
n
A
r
e
p
s
e
e
y
o
l
p
m
E
0
0
1
r
e
p
s
I
T
0L

0.4

0.3

0.2

0.1

3
0
0
2

4
0
0
2

5
0
0
2

6
0
0
2

7
0
0
2

8
0
0
2

9
0
0
2

0
1
0
2

1
1
0
2

2
1
0
2

3
1
0
2

4
1
0
2

5
1
0
2

6
1
0
2

7
1
0
2

8
1
0
2

9
1
0
2

Ansell

Leading Science Company

Leading Healthcare Company

Leading Personal Care Company

Leading Packaging Company

Leading Food & Beverage Company

Leading Life Science, Healthcare
& Agricultural Company

Leading Wind Turbine Company

This year, we grappled with the need to protect the safety
of our employees at the same time as responding to sharply
increased demand for our products. The steps we took included:

• putting in place travel restrictions for all employees, and

encouraging remote working wherever possible

• establishing social distancing and enhanced cleaning protocols
in all operating facilities that remained open, and providing
additional PPE for employees

• closely supervising the health of all workers and training teams
to ask for help if they notice co-workers who may be showing
signs of illness

• establishing paid leave for workers needing to self-isolate

or care for relatives

• engaging with all major suppliers to ensure alignment on

employee protection, and undertaking spot checks to ensure
compliance.

We will continue to monitor evolving guidance from the World
Health Organization (WHO) and Centers for Disease Control (CDC)
regarding exposure prevention so we can ensure our employees
are as protected as possible while the pandemic persists.

Ansell Limited Annual Report 2020

Assessment of Modern Slavery Risks
In FY20, Ansell engaged an independent third-party advisor to
conduct an inherent risk assessment of our operations and tier
one suppliers. We have been highly conscious of the risk profile
of our operations in Sri Lanka and Malaysia (based on prior risk
assessment), but wanted to develop a better picture of our overall
risk profile. The assessment included a review of the inherent
country and industry risks associated with our operational
activities and tier one suppliers.

In our operations, we found:

• the majority of our operational activities are considered

medium to low risk for modern slavery

• our manufacturing sites are higher risk for modern slavery, both
because of the nature of the activities conducted in those sites,
and the countries in which they are located

• our operations in Latin America had a higher proportion

of high-risk activities than any other geography.

In our supply chain, we found we have a number of direct
suppliers in high-risk geographies or industries, but the majority
of our suppliers operate in medium-risk geographies or industries.

Ansell also undertook a causation analysis to understand our
relationship to the risks identified and our leverage to make
positive impacts in our operations and supply chains. We will
use this analysis to guide our future actions.

Monitoring Compliance
Within our own operations, Ansell monitors employee working
hours, overtime and rest days to assess compliance with local
laws and our own policies. This monitoring is conducted both
internally and through third-party audits.

Ten of our 14 manufacturing sites have been subject to a
third-party audit. Non-conformances identified included the
payment of recruitment fees discussed above. The completion
of corrective actions arising from audits have led to notable

improvements in the performance of our plants. Audits of
our remaining sites were delayed due to COVID-19, but are
planned for FY21.

Employees can raise issues via a 24-hour confidential, non-
retaliation, grievance hotline, as well as via human resources and
management channels. We track grievances raised and resolved
monthly. We also seek feedback from employee representatives
and trade unions.

We monitor supplier performance through processes including:

• quarterly or half-yearly supplier performance reviews,

which include consideration of their performance against
labour standards

• third-party audits employing the Sedex Members Ethical Trade
Audit (SMETA) and Business Social Compliance Initiative (BSCI)
frameworks; however, these have been impeded during FY20
by COVID-19

• processes to review audit reports, monitor non-conformances
and completion of corrective actions arising from third-party
audits and track upcoming audits

• monitoring some suppliers using a supplier risk matrix, which

tracks supplier’s performance across a range of metrics
including labour standards.

Our evaluation of new suppliers includes questions on labour
rights, and third-party audits are a pre-condition for supplying
the Healthcare Global Business Unit (HGBU), a practice we
are looking to extend to all suppliers managed by the Global
Sourcing Team.

Next steps
We are currently developing a program of work for FY21 to further
strengthen our operational controls.

Our detailed Modern Slavery Statement, prepared in accordance
with the Australian Modern Slavery Act 2018, will be released
by December 2020 and will be available on our website.

Ansell Limited Annual Report 2020Board of Directors

John A Bevan
Chairman
BCom (UNSW)
Based in Sydney,
Australia

Magnus R Nicolin
Managing Director
and Chief Executive
Officer
BA (Stockholm),
MBA (Wharton)
Based in Brussels,
Belgium

Marissa T Peterson
Non-executive
Director
BSc (MECH), MBA
(Harvard), Hon Doctorate
(MGMT)
Based in California,
USA

Leslie A Desjardins
Non-executive
Director
B. Industrial Admin,
Finance (Kettering),
MS. Management (MIT)
Based in South Carolina,
USA

W Peter Day
Non-executive
Director
LLB (Hons), MBA
(Monash), FCPA, FCA,
FAICD
Based in Melbourne,
Australia

Appointed Managing
Director and Chief Executive
Officer in March 2010.

Current Directorships:
Non-executive Director
of FAM AB.

Prior to joining Ansell,
Mr Nicolin, a Swedish
citizen, spent three years
with Newell Rubbermaid Inc.,
most recently as President,
Europe, Middle East, Africa
and Asia Pacific. Prior to that
he spent seven years with
Esselte Business Systems Inc,
where in 2002 he led the
leveraged buy-out of Esselte
from the Stockholm and
London Stock Exchanges.
Following the buy-out he
became the Chief Executive
Officer of Esselte. Mr Nicolin
has also held senior
management positions
with Bayer AG, Pitney Bowes
and McKinsey & Company.

As an Executive Director,
Magnus Nicolin is not an
independent Director.

Appointed Non-executive
Director in August 2012,
Deputy Chairman in February
2017 and Chairman in
November 2019.

Chair of the Governance
Committee and Share
Buyback Sub-Committee
and member of the Human
Resources Committee and
the M&A Sub-Committee.

Current Directorships:
Chairman of BlueScope Steel
Limited (2014 to present),
Non-executive Director of
Humpty Dumpty Foundation
(2017 to present) and Alumina
Limited (2018 to present).

Former Directorships:
Non-executive Director of
Nuplex Industries Limited
(2015 – 2016), Executive
Director of Alumina Limited
(2008 – 2014).

Mr Bevan was formerly the
Chief Executive Officer and
Executive Director of Alumina
Limited and brings to the
Board extensive international
business experience. Prior to
joining Alumina Limited, he
had a long career with the
BOC Group Plc, where he was
a member of the Board of
Directors and held a variety of
senior management positions
in Australia, Korea, Thailand,
Singapore and the UK.

The Board considers John
Bevan to be an independent
Director.

Appointed Non-executive
Director in August 2006.

Appointed Non-executive
Director in November 2015.

Appointed Non-executive
Director in August 2007.

Chair of the Human
Resources Committee
and member of the Audit
& Compliance Committee.

Current Directorships:
Director of Humana Inc.
(2008 to present).

Former Directorships: Chair
of Oclaro Inc. (2011 to 2018).

Mrs Peterson currently
runs Mission Peak Executive
Consulting, an executive
coaching and consulting
firm specialising in helping
develop, grow and scale
leaders in the high technology
space. Mrs Peterson retired
from full-time executive
roles in 2006, having spent
18 years with Sun
Microsystems with an
unprecedented legacy of
concurrently leading some
of Sun’s largest and most
effective organisations:
as Executive Vice President
of Services, Executive Vice
President of Worldwide
Operations, and as Chief
Customer Advocate. She
has extensive experience in
supply chain management,
manufacturing and quality,
logistics, information
technologies, customer
advocacy and leadership
development.

The Board considers
Marissa Peterson to be
an independent Director.

Chair of the Audit &
Compliance Committee and
member of the Sustainability
& Risk Committee, M&A
Sub-Committee and Share
Buyback Sub-Committee.

Chair of the Sustainability &
Risk Committee and member
of the Audit & Compliance
Committee, Governance
Committee and Share
Buyback Sub-Committee.

Current Directorships:
Non-executive Director
and Audit & Risk Committee
Chair of ALS Limited (2019
to present), Non-executive
Director and Audit Committee
Chair of Terry Fox Cancer
Foundation (2018 to present).

Former Directorships:
Director of Aptar Group
(2012-2015).

Mrs Desjardins is a former
international finance
executive with experience
in business performance
and growth. Mrs Desjardins
was formerly the Chief
Financial Officer of Amcor
Limited. Prior to Amcor,
she held executive roles at
General Motors Corporation,
in Canada, the US and
Australia, including Chief
Financial Officer GM Holden,
Controller for GM North
America, and Finance Director
for GM’s manufacturing
facilities in North America.
Mrs Desjardins has extensive
experience in finance, M&A,
strategy, government relations
and global operations.

The Board considers
Leslie Desjardins to be
an independent Director.

Current Directorships:
Chairman of Alumina Limited
(2018 to present, Director
since 2014), and Chairman
of Australian Unity
Investment Real Estate
Limited (2015 to present).

Former Directorships:
Boart Longyear Limited
(2014 – 2017), SAI Global
Limited (2008 – 2016),
Orbital Corporation Limited
(2007 – 2014), Centro Retail
and Federation Centres
(2009 – 2014).

Mr Day was formerly Chief
Financial Officer of Amcor
Limited for seven years, and
Chief Financial Officer and
Executive Director Finance
of Bonlac Foods Limited.
He also has held senior
office and executive
positions in the Australian
Securities and Investments
Commission (Deputy Chair),
Rio Tinto, CRA and Comalco.
He is also involved with
disability services and
education initiatives. He has
a background in finance
and general management
across diverse and
international industries.

The Board considers
Peter Day to be an
independent Director.

Ansell Limited Annual Report 2020Christina M
Stercken
Non-executive
Director
BEcon & MEcon (Univ.
of Bonn), EMBA (Duke)
Based in Munich,
Germany

William G Reilly
Non-executive
Director
BA (Fairfield),
J.D (Seton Hall)
Based in New Jersey,
USA

Christine Y Yan
Non-executive
Director
BS (Mech. Eng) (Shandong),
MSc, (Mech. Eng) (Wayne
State), MBA (Michigan)
Based in Connecticut,
USA

Nigel D Garrard
Non-executive
Director
BEcon (Adelaide), CA
Based in Melbourne,
Australia

Appointed Non-executive
Director in October 2017.

Appointed Non-executive
Director in April 2019.

Appointed Non-executive
Director in March 2020.

Member of the Sustainability
& Risk Committee, the Human
Resources Committee, the
Governance Committee and
M&A Sub-Committee.

Mr Reilly has over 35 years’
experience as an in-house
lawyer. Mr Reilly was
appointed as General
Counsel of Ansell Healthcare
in 2000 when it was a division
of Pacific Dunlop Limited,
subsequently becoming
General Counsel of Ansell
Limited in 2002.

Mr Reilly has served with
three Chief Executive Officers
and has played pivotal roles
leading many of Ansell’s
corporate strategic and legal
initiatives, including M&A,
litigation and the successful
intellectual property strategy.
He has also overseen the
Global Compliance and Risk
functions, acted as interim
head of Human Resources,
leader of the Regulatory
function and joint Company
Secretary. Prior to joining
Ansell, Mr Reilly held senior
legal positions at C. R. Bard,
Inc., The Hertz Corporation
and McKesson Corporation.
In 2016, Mr Reilly was named
on the Financial Times first
ever Global GC 30 List.

As a retired executive,
William Reilly was not an
independent Director during
FY20. As of 1 July 2020, the
Board now considers
William Reilly to be an
independent Director.

Member of the Audit &
Compliance Committee
and the Human Resources
Committee.

Current Directorships:
Non-executive Director of ON
Semiconductor Corporation
(2018 to present), Non-
executive Director of Modine
Manufacturing Company Inc.
(2014 to present) and
Non-executive Director
of Cabot Corporation
(2019 to present).

Ms Yan is an experienced
executive who has had a
distinguished career at
Stanley Black & Decker.
Ms Yan has held senior
management positions
in both the US and China,
including Vice President
of Sales and Marketing for
North America Automotive,
President of the Global
Automotive Division,
President of Americas for
the Engineered Fastening
division, President of Stanley
Storage and Workspace
Systems and more recently,
President of Asia and Vice
President of Integration.
Ms Yan brings a broad range
of general management
experience across different
geographies, as well as
experience in innovation,
business development, sales,
digital transformation and
marketing in the business-
to- business industry.

The Board considers
Christine Yan to be an
independent Director.

Member of the Audit &
Compliance Committee
and Sustainability & Risk
Committee, Chair of the
M&A Sub-Committee.

Current Directorships:
Landis & Gyr Group AG
(2017 to present), Myanmar
Foundation (Vice Chairman).

Former Directorships: Ascom
Holdings AG (2014 – 2020).

Mrs Stercken was a partner
at Euro Asia Consulting
PartG (EAC) until the end
of 2017. In this function,
Mrs Stercken helped
customers in machinery,
automotive, chemical,
healthcare and infrastructure
industries in strategy, M&A
and operational excellence
in growth markets. Before
joining EAC, Mrs Stercken
served as Managing Director
Corporate Finance M&A of
Siemens AG. Among other
management positions
within Siemens AG, she was
responsible for the Siemens
Task Force China and Head
of Public Sector Business
Unit at Siemens Business
Services. Mrs Stercken
started her career in
Marketing at BMW Pty. Ltd,
South Africa. Mrs Stercken
brings a broad range of
competencies relevant to
Ansell’s strategies, including
M&A, broad industry
background and business
building in developing
markets. In her function as
Vice Chairman of Myanmar
Foundation, Munich, Mrs
Stercken supports social
projects in Myanmar.

The Board considers
Christina Stercken to be
an independent Director.

Member of the Sustainability
& Risk Committee, Human
Resources Committee and
Share Buyback Sub-
Committee.

Current Directorships:
Chairman of McMahon
Services (2019 to present),
Non-executive Director of
Hudson Institute of Medical
Research (2016 to present).

Previous Directorships:
Managing Director of Orora
Limited (2013 to 2019),
Managing Director of Amcor
Australasia and Packaging
Distribution (2009 – 2013),
Managing Director of SPC
Ardmona Limited (2000 to
2007), Managing Director
of Chiquita Brands South
Pacific Ltd (1994 to 2000).

Mr Garrard is an experienced
executive with a successful
track record across FMCG
and Industrial/Manufacturing
sectors. Mr Garrard has
20 years’ experience as
an ASX-listed CEO across
three companies. In 2019,
Mr Garrard retired as
Managing Director and CEO
of Orora Limited. Mr Garrard
led the demerger of Orora
from Amcor, and subsequent
listing on the ASX in 2013.
Prior, Mr Garrard was
President of the Amcor
Australasia and Packaging
Distribution business group,
Managing Director of
Coca-Cola Amatil’s Food
and Services Division and
Managing Director of
SPC Ardmona.

Mr Garrard brings broad
international experience
across listed, not-for-profit,
government and private
entities.

The Board considers
Nigel Garrard to be an
independent Director.

Ansell Limited Annual Report 2020Executive Leadership Team

Magnus Nicolin
Managing Director
and Chief Executive
Officer
BA, MBA
Based in Brussels,
Belgium

Zubair Javeed
Chief Financial Officer
BA (Hons), ACMA, AMCT
Based in Brussels,
Belgium

Neil Salmon
President, IGBU
BA, ACMA
Based in Brussels,
Belgium

Darryl Nazareth
President, HGBU
BS, MS, MBA
Based in New Jersey,
USA

Francois le Jeune
Senior Vice President
– Business Development,
Transformation and
Corporate Marketing
MEng, MBA
Based in Brussels, Belgium

Renae Leary
Chief Commercial
Officer – Americas
BA, MCom
Based in New Jersey,
USA

Rikard Froberg
Chief Commercial
Officer – EMEA & APAC
MS, MA
Based in Brussels,
Belgium

Michael Gilleece
Corporate General
Counsel
BA, JD
Based in New Jersey,
USA

Amanda Manzoni
Chief Human
Resources Officer
BS
Based in Brussels,
Belgium

John Marsden
Senior Vice President
– Global Operations
and Global Supply
Chain
MEng
Based in Cyberjaya,
Malaysia

Deanna Johnston
Global Chief
Information Officer
BBA
Based in New Jersey,
USA

Sean Sweeney
SBU Vice President &
GM, IGBU Mechanical
Solutions
BA, MT
Based in New Jersey,
USA

Paul Bryce
SBU Vice President &
GM, IGBU Chemical
Solutions
Based in Hull,
United Kingdom

Augusto Accorsi
SBU Vice President &
GM, HGBU Exam &
Single Use
MBA
Based in New Jersey,
USA

Angie Phillips
SBU Vice President
& GM, HGBU Surgical
& HSS
BA, MT
Based in New Jersey,
USA

Ansell Limited Annual Report 202031

Ansell Limited Annual Report 2020Report by the Directors

This Report by the Directors of Ansell Limited (‘the Company’) is made for the year ended 30 June 2020. The information set out
below is to be read in conjunction with:

• Operating Financial Review appearing on pages 14 to 23;

• Remuneration Report appearing on pages 43 to 68; and

• Notes 22 and 23 to the financial statements accompanying this Report.

Directors and Secretary

The names and details of each person who has been a Director of the Company during or since the end of the financial year are:

• Glenn L L Barnes (former Chairman)1

• Magnus R Nicolin (Managing Director and Chief Executive Officer)

• John A Bevan (Chairman)2

• W Peter Day

• Leslie A Desjardins

• Nigel D Garrard3

• Marissa T Peterson

• William G Reilly

• Christina M Stercken

• Christine Y Yan

1. Retired from the Board on 14 November 2019.

2. Appointed as Chairman of the Board, effective from 15 November 2019.

3. Appointed to the Board on 1 March 2020.

Particulars of the qualifications, experience and special responsibilities of each Director, as at the date of this Report, and of their
other directorships, are set out on pages 28 and 29.

Details of meetings of the Company’s Directors (including meetings of Board Committees) and each Director’s attendance are set out
on page 34.

The Company Secretary is Catherine Stribley, B.Com/LLB (Hons), FGIA, and she was appointed as Company Secretary in April 2017.
Ms Stribley first joined the Company in 2010 and has held legal positions in both Australia and the US, including Senior Counsel and
Senior Counsel, IP.

Principal Activities

The activities of Ansell Limited and its subsidiaries (‘the Group’) principally involve the development, manufacturing and sourcing,
distribution and sale of gloves and personal protective equipment in the industrial and medical end markets. Ansell operates in two
main business segments, Industrial and Healthcare.

Board Areas of Focus

This year the Board and its Committees have undertaken key strategic, governance and oversight activities. The key areas of focus
for the Board during FY20 were:

Company strategy
& performance

Board &
management
succession

Oversight
of capital
management
initiatives

Risk management,
governance &
compliance

Sustainability &
Corporate Social
Responsibility

Ansell Limited Annual Report 2020R
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Operating and Financial Review

The Operating and Financial Review for the Group for the financial year is set out on pages 14 to 23, and forms part of this Report.

State of Affairs
During the year the Group continued to progress the strategies that have been identified to accelerate growth and create increased
shareholder value. The Operating and Financial Review provides additional information on the Group’s growth strategies. Other than set
out in the Operating and Financial Review, no significant changes occurred in the state of affairs of the Group during the financial year.

Likely Developments
Likely developments in the operations of the Group are referred to on page 16. In the opinion of the Directors, the disclosure
of any further information about likely developments in the operations of the Group has not been included in the Report because
disclosure of this information would likely result in unreasonable prejudice to the Group.

Significant Events Since Balance Date
The Directors are not aware of any significant matters or circumstances that have arisen since the end of the financial year that have
affected or may affect the operations of the Group, the results of those operations or the state of affairs of the Group in subsequent
financial years.

Performance in Relation to Environmental Regulations
Group entities are subject to environmental regulation in the jurisdictions in which they operate. The Group has risk management
programs in place to address the requirements of the various regulations. From time to time, Group entities receive notices from relevant
authorities pursuant to local environmental legislation. Ansell works to evaluate each environmental issue within a framework of optimal
management. On receiving such notices, the Group evaluates potential remediation or other options, associated costs relating to the
matters raised and, where appropriate, makes provision for such costs. The Directors are not aware of any material breaches of
Australian or international environmental regulations during the year.

The Board monitors compliance with the Group’s environmental policies and practices and believes that any outstanding environmental
issues are well understood and are being actively managed. At the date of this Report, any costs associated with remediation or changes
to comply with regulations in the jurisdictions in which Group entities operate are not considered material.

Dividends and Share Issue
The final dividend of US26.00 cents per share (unfranked) in respect of the year ended 30 June 2019 was paid to shareholders on
5 September 2019. An interim dividend of US21.75 cents per share (unfranked) in respect of the half-year ended 31 December 2019
was paid to shareholders on 12 March 2020. A final dividend of US28.25 cents per share (unfranked) in respect of the year ended
30 June 2020 is payable on 17 September 2020 to shareholders registered on 1 September 2020. The financial effect of this dividend
has not been brought to account in the financial statements for the year ended 30 June 2020 and will be recognised in subsequent
financial reports. There are no unissued shares under option at the date of this Report.

Ansell Limited Annual Report 2020Remuneration ReportFinancial ReportShareholders and Shareholder Information

Report by the Directors continued

Interests in the Shares of the Company
The relevant interests of each Director in the share capital of the Company, as at the date of this Report, as notified to ASX Limited
pursuant to the Listing Rules and Section 205G of the Corporations Act 2001, were:

G L L Barnes1

J A Bevan

W P Day

L A Desjardins

N D Garrard2

M R Nicolin

M T Peterson

W G Reilly

C M Stercken

C Y Yan

72,656^

29,470^

30,559^

14,321

5,000^

278,677^

23,647

58,980

5,213

2,755

1. Retired from the Board on 14 November 2019. Relevant interests in the share capital of the Company is as at retirement date.
2. Appointed to the Board on 1 March 2020.
^ Beneficially held in own name or in the name of a trust, nominee company or private company.

Directors’ Meetings

The following table sets out the number of Directors’ meetings (including meetings of Board Committees) held during the financial year
and the number of meetings attended by each Director.

Board

Audit and Compliance
Committee

Sustainability &
Risk Committee4

Human Resources
Committee

Governance
Committee

Held

Attended

Held

Attended

Held

Attended

Held

Attended

Held

Attended

G L L Barnes1

J A Bevan2

W P Day

L Desjardins

N D Garrard3

M T Peterson

W G Reilly

C M Stercken

C Y Yan

M R Nicolin

Held – Indicates the number of meetings held while each Director was a member of the Board or Committee.

Attended – Indicates the number of meetings attended during the period that each Director was a member of the Board or Committee.

1. Retired from the Board on 14 November 2019.

2. Appointed as Chairman of the Ansell Board, effective 15 November 2019.

3. Appointed to the Board on 1 March 2020 and is a member of the Sustainability & Risk Committee and the Human Resources Committee.

4. In November 2019, the Board resolved to rename the CSR & Risk Committee to the Sustainability & Risk Committee.

The Audit & Compliance Committee, Sustainability & Risk Committee and Human Resources Committee meetings were attended by all
respective committee members in FY20.

Ansell Limited Annual Report 2020
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In June 2016, the Board resolved to form a sub-committee of the Board to review M&A and divestment opportunities – including related
business transformation. This sub-committee is currently led by Mrs Christina Stercken and comprises of Mr John Bevan, Mrs Leslie
Desjardins and Mr William Reilly. The sub-committee met once during FY20. All M&A Sub-Committee meetings are excluded from
the number of meetings noted above.

In May 2017, the Board resolved to form a sub-committee of the Board to make recommendations on share buy-backs and the dividend
program. This sub-committee is currently led by Mr John Bevan and comprises of Mr Peter Day, Mr Nigel Garrard and Mrs. Leslie Desjardins.
The sub-committee met three times during FY20. All Share Buy-back Sub-Committee meetings are excluded from the number of meetings
noted above.

Indemnity

Upon their appointment to the Board, each Director enters into a Deed of Access, Indemnity and Insurance with the Group. These Deeds
provide for indemnification of the Directors to the maximum extent permitted under law. They do not indemnify for any liability involving
a lack of good faith. No Director or officer of the Group has received the benefit of an indemnity from the Group during or since the
end of the 2020 fiscal year. Rule 61 of Ansell’s Constitution also provides an indemnity in favour of officers (including the Directors and
Company Secretary) of the Group against liabilities incurred while acting as such officers to the extent permitted by law. In accordance
with the powers set out in the Constitution, the Group maintains a Directors’ and Officers’ insurance policy. Due to confidentiality
obligations and undertakings of the policy, no further details in respect of the premium or the policy can be disclosed.

Corporate Governance

Ansell is committed to effective corporate governance. By putting in place the right governance framework, the Board and management
have set a culture of integrity, transparency and accountability that permeates throughout the Company.

Ansell’s Corporate Governance Statement
A detailed statement outlining Ansell’s principal corporate governance practices in place during the financial year ended 30 June 2020
can be found at ansell.com. This statement has been approved by the Board.

Governance Structure
The Board’s role is to represent the Company’s shareholders, taking into consideration the interests and wants of the broad range of
Ansell’s stakeholders. The Board leads and oversees the management of the Company and is accountable to shareholders for creating
and delivering shareholder value.

The Board is responsible for ensuring that management’s objectives and activities are aligned with the expectations and risks identified
by the Board.

The Board has adopted a formal Board Charter that details the Board’s role, authority, responsibilities, membership and operations.
The Board also has four standing committees that assist it in discharging its responsibilities:

• Audit & Compliance Committee

• Sustainability & Risk Committee

• Human Resources Committee

• Governance Committee

Each Committee operates under a specific charter and provides advice to the Board on specific matters within the Committee’s remit.
The Board also delegates specific functions to ad hoc committees of Directors on an ‘as needs’ basis. Ansell’s Board and Committee
Charters can be found on the Ansell website at www.ansell.com.

Specific responsibilities for the day-to-day management and administration of the Company are delegated by the Board to the
Managing Director and Chief Executive Officer (CEO), assisted by the Executive Leadership Team (ELT). Ansell’s Delegation of Authority
Policy sets out the powers that are reserved to the Board and those that are delegated to the CEO.

Ansell Limited Annual Report 2020Remuneration ReportFinancial ReportShareholders and Shareholder Information

Report by the Directors continued

Board Composition and Processes
Ansell is committed to ensuring an appropriate mix of skills, expertise, experience and diversity (including gender diversity) on the Board
and its Committees so that the Board can effectively discharge its corporate governance and oversight responsibilities. Refer to the
recently refreshed Board Skills Matrix in Ansell’s Corporate Governance Statement 2020.

The Board annually reviews the performance of the Board and each Committee, as well as individual Directors and the Chairman, and
requires all Directors (except the CEO) to submit themselves for re-election at least once every three years. The Board will endorse a
retiring Director for re-election only where his or her performance over the preceding year meets or exceeds the Board’s expectations.
It is a general policy that Non-executive Directors should not serve for a consecutive period exceeding 15 years, and the Chairman
should not serve in that role for more than 10 years.

An external review of the Board is also completed every three years. In FY19, the Board engaged a third party consultant to review
the Board and its performance. The review identified areas of opportunity for the Board to sharpen its focus on maximising long-term
sustainable economic profit within the confines of our business purpose and consistent with our various obligations to all stakeholders.

As previously announced, the Company has approved a succession plan with respect to the Board that it believes facilitates the
optimal injection of new skills and thinking while retaining the wealth of corporate knowledge to support the long-term strategic
direction of the Company. At the 2019 Annual General Meeting (AGM), Mr Glenn Barnes retired as Chairman of the Ansell Board
and Mr John Bevan became Chairman of the Company. Mr Nigel Garrard was appointed to the Board as a Non-executive Director
in March 2020. Mr Garrard brings considerable skill and experience to the Board.

Mrs Marissa Peterson was due to retire at the 2020 Annual General Meeting. However, in light of the uncertainties of current global
markets amid the COVID-19 pandemic, and the impending CEO succession, Mrs Peterson has agreed to defer her retirement, at request
of the Board. This decision was made because her experience and deep knowledge of the Company would be especially valuable over
the coming year. Mrs Peterson will stay on an extra twelve months, until 2021, at which point Mrs Peterson and Mr Day will both step
down from the Board.

Similarly, in June 2020, the Company announced that the planned CEO succession would be deferred for six months in order to mitigate
the impacts of COVID-19 on the ability of the Board to assess CEO candidates. With the commitment of Mr Nicolin to remain in his role
until the end of the 2021 calendar year, the Board continues the process of challenging and assessing the pool of internal CEO
contenders, and assessing external candidates, to allow the identification of the best candidate.

The Governance Committee will continue to consider the forward skill and experience requirements of the Board within the context
of the succession timetable.

The Board sets clear targets for gender representation as part of Ansell’s broader commitment to diversity and inclusion. Ansell has
committed to have women constituting circa 50% of its Board by 2020 and beyond, acknowledging that this may fluctuate from time
to time due to the effect of changes on a small group size. The retirement of Mr Glenn Barnes saw the Board achieve 50/50 gender
balance, however the subsequent appointment of Mr Nigel Garrard has seen a slight downwards shift to a 44/56 Board gender balance.

Refer to the Ansell Sustainability Report for further information on diversity within the Company, which will be released in October 2020
and made available on www.ansell.com.

Shareholder Engagement
Ansell is committed to positive and meaningful stakeholder engagement. Ansell knows that it builds greater trust with stakeholders
when the Company is transparent and accountable. Ansell’s engagement occurs through a number of channels, including ASX disclosures,
Annual General Meetings, Annual Reports, the Ansell website and social media and interactions with large investor groups, proxy analysts
and regulators.

The Chairman meets proxy advisers and shareholders twice per year to discuss proposed developments and results.

Following on from Ansell’s first Capital Markets Day (CMD) held in Sydney in October 2017, Ansell will be holding its next CMD virtually
on 15 October 2020. There will also be a Q&A session for European/North American investors on 27 October 2020.

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Corporate Responsibility
Ansell is committed to sound corporate governance to underpin its sustainability practices. Its Core Values, Code of Conduct and
related policies constitute the governance framework for its activities, an important part of which are its corporate social responsibility
and sustainability activities.

Code of Conduct
The Code of Conduct is Ansell’s core policy, serving as a guide to ethical behaviour and business conduct for all employees. It sets out
what it means to work for Ansell and the standards expected of all employees.

Whistleblower Policy
The Whistleblower Policy promotes and supports a culture of honest and ethical behaviour. The policy encourages reporting of suspected
unethical, illegal, fraudulent or undesirable conduct, and ensures that anyone who makes a report can do so safely, securely and with
confidence that they will be protected and supported.

Anti-Bribery & Corruption Policy
The Anti-Bribery & Corruption Policy is designed to bring awareness to all employees, directors, officers, contractors and consultants that
certain types of payments may constitute corruption, an illegal benefit or an act of bribery and that any such payments are prohibited.
Ansell operates a zero-tolerance policy when it comes to bribery and corruption. Compliance with this policy is foundational to the
Company’s values and standing in the wider community.

Human Rights Statement
As a responsible corporate citizen, Ansell is committed to operating in accordance with all applicable laws and in accordance with the
Universal Declaration of Human Rights. Ansell aligns with the United Nations Guiding Principles on Business and Human Rights as well
as the International Labour Organization (ILO) Core Conventions. Ansell’s Human Rights Statement can be found at www.ansell.com.

Modern Slavery Statement
Our FY19 Modern Slavery Statement provides a detailed overview of our approach to managing human rights risks, in particular those
relating to modern slavery in our supply chain. It was prepared under the UK Modern Slavery Act 2015 and the California Transparency
in Supply Chains Act 2010 and is available online at www.ansell.com.

The Australian Modern Slavery Act was passed in December 2018 and Ansell is well prepared to meet the requirements of this Act.
Ansell will release its first Australian Modern Slavery Statement, in respect to FY20, by 31 December 2020.

Risk Management

Ansell recognises that effective risk management and internal controls are an integral part of sound management practice and good
corporate governance. Ansell has established controls and procedures that are designed to safeguard the Group’s assets and the
integrity of its reporting. The Group’s internal controls cover accounting, financial reporting, safety, sustainability, fraud, delegation
of authority and other control points.

Ansell has also established practices for the oversight and management of key business risks. Ansell has adopted a formal Risk
Management Framework in recognition that the identification, evaluation and management of risk are central to achieving the
Company’s corporate purpose of creating long-term shareholder value.

Further details of Ansell’s Risk Management Framework are contained in Ansell’s Corporate Governance Statement.

Risk is inherent in our business and the effective management of risk is vital to the growth and success of the Company. We continuously
seek to identify, measure and monitor the most material risks across our organisation.

Ansell Limited Annual Report 2020Remuneration ReportFinancial ReportShareholders and Shareholder Information

Report by the Directors continued

Material Risks – Description and Mitigation Actions
The following describes the material risks and opportunities that could affect our business and how we seek to manage them. These
risks are not listed in any order of significance, nor are they all encompassing. Rather, they reflect the most significant risks identified
at a whole-of-entity level through our risk management process.

Risk

Nature of Risk

Mitigation Actions

Global markets
instability

The Group’s presence in over 55 countries
globally and its growing presence in emerging
markets exposes the Company to geopolitical
risks, regulatory risks and other factors beyond
the Group’s control. These include political
instability and uncertainty, and changes in
regulation and legislation such as changes
in tariff barriers, trade wars, taxation policies
globally and policies to implement or vary
sanctions by one country or another.

The humanitarian crisis caused by the COVID-19
pandemic is adding to this uncertainty and may
result in further economic, social and political
instability.

Systems &
technology,
including cyber
security

As a modern business Ansell relies on Information
Technology (IT) platforms. Interruption, compromise
to or failure of these platforms could affect
Ansell’s ability to service its customers effectively.

The Company is exposed to the risk of network
attacks, including the risk of theft of confidential
data, fraud committed through cyber means, and
has an obligation to adequately protect the data
it holds on employees and all stakeholders in
compliance with increasingly complex global
data protection regulations.

The Company is also exposed to the risk of network
attacks by malicious outsiders and insiders.

Major incident
at a significant
manufacturing
site or warehouse

The Group has a number of materially sized
manufacturing sites and warehouses. These are
vital to the business and financial losses from
natural disasters and pandemics, civil or labour
unrest, terrorism, major fire or other incidence
are possible.

• Whilst our geographic diversification provides overall
protection in itself, we continually monitor the Group’s
exposure to these risks through our local presence.

• Careful monitoring and management of customer

credit risk. Enhance credit risk management in place in
emerging markets.

• Using in-house and external local expertise to advise

on matters of country risk.

• Implementation and use of more tailored contractual

arrangements.

• Establishing local presence through incorporation

and resourcing.

• Political Violence insurance in place for property
damage at all manufacturing sites in case of riots,
strikes and/or civil commotion.

• Modern ERP systems are in place in the largest regions
of North America and EMEA, whilst also managing our
supply chain. Disaster recovery plans are in place and
tested regularly. Roll out of new generation ERP systems
has begun across manufacturing plants.

• These systems are progressively being deployed through

the rest of the Group.

• The Group has an active cyber risk management program,

including conducting tests on the vulnerability of key
systems and ongoing training to employees on their
responsibility for mitigating cyber fraud risk.

• Business continuity and recovery plans are in place.

• The Group has implemented new data protection procedures
and obtained external advice to ensure its compliance
with European GDPR and other global regulations.

• The Group has Business Continuity Plans in place
at all manufacturing sites and major warehouses.

• Property Damage insurance including business

interruption cover is in place, as well as a political
violence insurance cover for all manufacturing sites.

• The Group monitors its overall exposure to individual
sites and seeks to limit its dependence on any one site
through dual sourcing strategies.

• Regular risk engineering and safety audits are

conducted at each of the Group’s manufacturing
sites and major warehouses.

• Ongoing safety and fire preparedness reviews are
conducted. Continual maintenance and upgrade
of protection systems is undertaken.

• Duplication of key production lines minimises

business interruption risk.

• Increasing investment in the Company’s manufacturing

capacity and flexibility across the portfolio.

Ansell Limited Annual Report 2020Risk

Nature of Risk

Mitigation Actions

Foreign
exchange risk

Around half of the Group’s revenues and costs
are in currencies other than the US$. With volatile
foreign exchange markets, significant changes
can occur in foreign exchange rates and result
in a significant impact on US$ earnings.

• A robust foreign currency management policy is in place
(monitored by the Audit & Compliance Committee and
the Board).

• Ongoing monitoring of currency volatility and forecasts.

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• Ongoing assessment of impacts to our financial metrics

(including EPS and ROCE).

• The Group’s foreign exchange risks and management
strategies are detailed in Note 17 to the financial
statements.

• Investment in quality assurance and governance
practices, including systematic quality assurance
testing during and after the manufacturing and
procurement process.

• Manufacturing facilities are externally certified to either

ISO 9001 or ISO 14001.

• Dedicated team of quality and regulatory staff monitor
this, led by a quality steering committee that reports
to the CEO.

• Implementation of quality metrics to monitor and
correct defective processes before the product is
released to the market.

• Management and monitoring of customer and

consumer feedback.

• Ansell’s focus on innovation and leadership in

manufacturing technology aims to maintain Ansell’s
competitive advantage in product technology while also
ensuring products are manufactured cost competitively.

• Manufacturing materials and processes are subject to

continuous review and upgrade to enhance productivity
and maintain our competitive position.

• Diversity of products, markets and geographic position
limits Ansell’s risk to the actions of competitors who
mostly have a more narrow market or product focus.

• Through its channel partnership strategy Ansell aims
to increase its value to distributor partners and build
or maintain a leading market share.

• New ansell.com significantly strengthens the Company’s
ability to support customer e-commerce platforms with
efficient exchange of product information and enhanced
e-marketing capability.

• Commercial initiatives with e-commerce partners underway.

• Driving e-commerce growth and developing new value

propositions/vertical opportunities.

• Developing a broader distributor network and

strengthening existing relationships and improving
margins; introduced the use of alternative route to
market models, focusing on Tier 1 and Tier 2 distributors.

• Working with large distributors by adopting standardised

pricing and terms.

Product quality

As a manufacturer, quality is paramount to
the Group and failures in this area can have
a significant negative affect on financial
results, customer relationships, reputation
and brand credibility.

Changes in
competitive
environment

Ansell is a leading global manufacturer and
branded supplier of hand and body protection,
with the number one market share position in
most of its focus markets and product categories.
However, Ansell’s ability to achieve adequate
profit margins and maintain that profitability
in periods of increasing input cost, such as from
rising materials and energy, depends in part on
the actions of competitors and the relative value
of competitor products.

In addition, a changing distribution environment
including e-commerce, as well as customer
concentration, may affect Ansell’s market share
if not monitored and managed.

Ansell Limited Annual Report 2020Remuneration ReportFinancial ReportShareholders and Shareholder Information

Report by the Directors continued

Risk

Nature of Risk

Mitigation Actions

Loss of a key
supplier

Raw materials purchased for manufacturing
purposes and finished goods purchased for resale,
expose the Group to the risk of the failure of a
supplier to perform, leaving the Company short
of a vital ingredient or product.

Sustainability and
Corporate Social
Responsibility
(CSR)

Failure to comply with social and environmental
standards, or poor environmental and social
practices in our operations or supply chains, may
give rise to reputational, legal and/or market risks.

The physical impacts of climate change can
compound existing environmental risks (including
natural disasters and extreme weather events)
to operations, supply chains and markets, and
impact on our ability to obtain key inputs or to
service customer needs. This may include
disruption to upstream suppliers, manufacturing
sites, and downstream warehousing and
distribution. The economic transition risks
associated with climate change may also impact
on cost inputs or customer demand preferences.

• Secondary and/or alternate suppliers for key suppliers

and/or materials.

• Rigorous due diligence and contract approval processes

to mitigate risks, including continuity of supply.

• In recent years there has also been a strategy of vertical
integration which reduces dependency on third parties.

• Crisis management techniques used to mitigate supplier

risk exposures.

• Increased audits and inspections of third-party facilities

for compliance with Ansell’s standards.

• Financial risks (and liquidity) of suppliers monitored

frequently.

• Our business partners work with Ansell to provide agreed

metrics on KPIs.

• Cross-functional Management CSR & Sustainability

Council put in place for governance, led by the General
Counsel with updates to the CEO and full Executive team.

• Enforcement of supplier self-assessments through

Sedex for transparency and baseline on Human Rights,
Environment and Governance.

• Continued strong focus on Ansell’s Code of Conduct,

Values and Leadership Competencies.

• Qualitative and quantitative goals established in respect

to core social and environmental issues.

• Diversity initiatives and inclusion policies underway.

• Increased emphasis and focus on Sustainability and CSR
at the Board level, within the remit of the Sustainability
& Risk Committee and the Audit & Compliance Committee.

• Further developments in the Company’s sustainability

diligence systems for management of both our operations
and our supply chain.

• Continued drive of our sustainability strategy and
significant investment in systems and processes.

• Incorporating the consideration of climate-related

impacts into the Risk Management processes, providing
a framework for prioritising climate impacts and other
emerging risks based on consideration of the likelihood
and the impact of potential risks and opportunities.
In FY19 Ansell commenced a 3-year project to identify,
manage and disclose climate-related risks in alignment
with the Recommendations of the Task Force on Climate-
Related Financial Disclosures (TCFD). See page 25 for
details on progress and work activities for FY21.

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Lead Auditor’s Independence Declaration under
Section 307C of the Corporations Act 2001

To the Directors of Ansell Limited

I declare that, to the best of my knowledge and belief, in relation to the audit of Ansell Limited for the
financial year ended 30 June 2020 there have been:

ii.

no contraventions of the auditor independence requirements as set out in the
Corporations Act 2001 in relation to the audit; and

no contraventions of any applicable code of professional conduct in relation to the audit.

KPMG

Penny Stragalinos

Partner

Melbourne

25 August 2020

KPMG, an Australian partnership and a member firm of the KPMG
network of independent member firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss entity.

Liability limited by a scheme approved under
Professional Standards Legislation.

Ansell Limited Annual Report 2020Remuneration ReportFinancial ReportShareholders and Shareholder Information

Report by the Directors continued

Non-audit Services

During the year, the Group’s auditor, KPMG, was paid the following amounts in relation to non-audit services provided by KPMG:

Advisory services

Other audit and assurance services

$114,004

$29,868

The Directors are satisfied that the provision of such non-audit services is compatible with the general standards of independence
for auditors, and does not compromise the auditor independence requirements of the Corporations Act 2001 in view of both the amount
and the nature of the services provided. All non-audit services were subject to the corporate governance procedures adopted by the
Group and have been reviewed by the Audit and Compliance Committee to ensure they do not impact the integrity and objectivity
of the auditor.

Rounding

The Group is a company of the kind referred to in Australian Securities and Investments Commission Instrument 2016/191 and in
accordance with that Instrument, unless otherwise shown, amounts in this Report and the accompanying financial statements have
been rounded off to the nearest one hundred thousand dollars.

This Report is made in accordance with a resolution of the Board of Directors made pursuant to Section 298(2) of the Corporations Act
2001 and is signed for and on behalf of the Directors.

J A Bevan
Director

M R Nicolin
Director

Dated in Melbourne this 25th day of August 2020.

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Contents of Remuneration Report

Chairman’s Letter

Our Performance

Remuneration Outcomes

Looking Ahead for Ansell

Our Global Business

Section 1 – At a Glance

1.1 FY20 Performance

Section 2 – Introduction and KMP Composition

2.1 Introduction

2.2 KMPs Comprising the Board of Directors

and Executives

Section 3 – Remuneration Policy

3.1 Philosophy and Strategy

3.2 Remuneration Framework Components

Section 4 – FY20 Remuneration
Framework in Detail and Outcomes

4.1 Realised Pay Summary (US$)

4.2 Breakdown of CEO Realised Pay

4.3 Remuneration Framework Details

Section 5 – Statutory Information

5.1 Executive Service Agreements

5.2 Securities Trading Policy

5.3 Shareholder Alignment

5.4 Current Shareholding

5.5 Equity Instruments

5.6 Executive Statutory Remuneration (US$)

Section 6 – Non-Executive Directors

6.1 Policy and Approach

6.2 Non-Executive Directors’ Statutory

Remuneration (US$)

Section 7 – Group Performance
and Remuneration Outcomes

7.1 Group Performance

7.2 Cumulative Total Shareholder Return (TSR)

7.3 STI/LTI Payouts as Percentage of Maximum

Section 8 – Governance

8.1 Role of the Human Resources Committee (HRC)

8.2 External Consultants

8.3 Shareholder Engagement

Section 9 – Glossary

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportFinancial ReportShareholders and Shareholder Information
Letter from Chair of the Human Resources Committee

Dear Shareholders,

Remuneration Outcomes

Looking Ahead for Ansell

On behalf of the Board of Directors, we are
pleased to present Ansell’s Remuneration
Report for the year ended 30 June 2020.
As there were no structural changes to the
way that our remuneration plans operated
in FY20, we have endeavoured to keep the
communication in this report consistent
with previous years.

Our Performance

During a year of significant global
uncertainty, the Board is pleased with our
Company’s performance, particularly the
safety, operational and financial results.
Ansell achieved strong sales growth,
earnings and profit attributable during
FY20. Cash conversion achieved maximum
outcome and inventory turns exceeded
remuneration targets.

We are very proud of what Ansell has been
able to achieve due to the commitment and
contribution of our employees during these
extraordinary times. Since COVID-19 hit, our
executives and our workforce have worked
hard through challenging circumstances to
increase supply of personal protective
equipment (PPE) to support communities,
healthcare workers and essential services
the world over. Our teams have also made
unprecedented efforts over many weeks
to change processes, enhance safety
protocols to ensure business continuity,
and add capacity to meet much higher
levels of demand. We are fortunate that
we have not had to make hard decisions
about our workforce numbers like many
other companies this year. Our workforce
remains intact in all the geographies in
which we operate, on full pay and normal
working conditions.

In light of the uncertainties of current
global markets amid COVID-19 we have
determined that there will be no increases
to base salaries for Executive KMP or to
non-executive director fees for FY21.

We expect that FY21 will be another
strong year with our FY21 forecasts
projecting continued growth. We are
investing in additional capacity in our
supply chains and automation to support
our growth trajectory.

We intend to complete a thorough review
of our remuneration framework in FY21
which may lead to changes for FY22. We
believe that the context of CEO succession
provides a natural opportunity to examine
our remuneration framework and approach
in detail. It is our intention to set out the
outcomes of the review in our FY21
Remuneration Report.

Our Global Business

While Ansell continues to acknowledge
its Australian origins, the Company is now
highly global in its structure and operations.
Our remuneration structures are critical
to help attract, motivate and retain a
talented and truly global workforce.
As all of our Executive KMP continue to
be based outside of Australia, our executive
remuneration practices need to remain
globally competitive whilst also being
regionally appropriate.

We hope that you find this year’s
Remuneration Report informative and
we encourage you to open a dialogue with
us where you require further clarification
on information contained in the Report.

Marissa Peterson
Chair of the Human Resources Committee
Ansell Limited

In arriving at incentive outcomes for FY20,
the Board considered both the formulaic
outcomes based on performance relative
to our predetermined targets, and the
unprecedented global context of COVID-19
and its impact on our business. The Board
has applied discretion downwards to
financial STI and LTI outcomes to account
for the especially positive impacts of the
pandemic for a PPE business such as ours,
while also acknowledging the significant
efforts of management in achieving
these outcomes in the face of
unprecedented challenges.

Resulting STI outcomes of Key Management
Personnel (KMP) will range from 130%
to 132% (in percentage of target) or 65%
to 66% (in percentage of maximum).
We believe that these payments reflect
a balance of considerations including
the serious economic, health and social
challenges that the global community
is facing on one hand, and our strong
performance and positive shareholder
outcomes on the other. For our CEO, the
payment of the FY20 STI award will be
made part in cash (50%) and part in
restricted shares (50%) with a two-year
sales restriction.

The FY18-20 LTI plan vesting of 55% of
maximum reflected the strong sustained
performance over that three year period,
notwithstanding the impact of COVID-19
over the second half of FY20. EPS achieved
maximum outcome and Organic Sales
Growth was above target due to underlying
sales growth despite the challenging
economic conditions in several key
geographies. ROCE was below target and
was adversely impacted by higher inventory
holdings at the end of FY19.

There were no increases to KMP’s base
salaries or to non-executive director (NED)
fees in FY20.

We believe that these remuneration
outcomes are fair, strongly aligned both
to group performance and individual
accountabilities, and that the benefits
of our performance in this remarkable
year have been shared across executives,
employees and our shareholders alike.

Ansell Limited Annual Report 2020Remuneration Report (audited)

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Section 1 – At a Glance

There was strong alignment between performance and remuneration outcomes this year. This was because the successful execution
of our Transformation Program and the work undertaken to continually advance our Eight Dimensions of Differentiation positioned
the Company well for the shocks in our markets that occurred in FY20. The above target performance was achieved for a majority
of the metrics with STI outcomes of KMP ranging from 65% to 66% and FY18-20 LTI plan vesting of 55% of maximum.

FY20 Performance
This section is intended to provide a high-level visual summary of the remuneration outcomes for FY20 for Realised Pay1. Further detail
is provided on each of these in the ensuing sections of the Remuneration Report.

Highlights

• Successful execution of our Transformation Program and the

work undertaken to continually advance our Eight Dimensions
of Differentiation positioned the Company well for the events
that occurred in FY20.

• COVID-19 drove unprecedented demand for some of our products
but also disrupted some operations due to temporary enforced
government shutdowns. Our business had to adapt to the new
working environment to ensure business continuity, and work
hard to optimise and expand our operations to ensure products
get to end user customers.

• The Company delivered outstanding financial performance

for FY20 and achieved above target in the majority of metrics.

• After careful consideration of the impact of external factors,

including COVID-19, the Board has applied discretion downwards
to financial incentive outcomes (both STI and LTI) to account
for the net positive financial impacts of the pandemic, while
also acknowledging the efforts of management in achieving
these outcomes.

• After applying the Board discretionary downward adjustment
to the STI financial measures, Sales, EBIT2, Inventory Turns
and Profit Attributable3 were above the target, whilst the
Cash Conversion4 outcome achieved the maximum outcome.

• LTI Organic Sales Growth exceeded the target and EPS5 growth

achieved the maximum outcome.

• Adjusted ROCE6 of 14.05% exceeded the 14% gateway threshold
but was lower than target because of high working capital,
mainly inventory, carried forward from the prior year as part
of the Transformation Program safety stock.

Figure 1.1
The table below outlines Ansell’s FY20 statutory financial
outcomes (as disclosed elsewhere in the annual report)
that were used to calculate incentive outcomes:

Sales

$1,613.7m

Organic Growth

7.6%

EBIT

$219.7m

Profit Attributable

$158.7m

EPS

121.8c

Inventory turnover per annum (times)

3.17x

Dividends per share

50.0¢

ROCE

14.05%

Cash conversion

117.7%

Figure 1.2 STI Performance (Realised)1

Figure 1.3
LTI Performance (Realised)1

m
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f
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100%

80%

60%

40%

20%

100%

81%

64%

61%

69%

55%

100%

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f
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P

80%

60%

40%

20%

Sales

EBIT

Inventory
Turnover

Cash
Conversion

Profit
Attributable

FY20
Realised LTI

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Remuneration Report (audited) continued

Figure 1.4 CEO Realised Pay1

Other Executives Realised Pay1
Zubair Javeed8

D
S
U

8,000,000

7,000,000

6,000,000

5,000,000

4,000,000

3,000,000

2,000,000

1,000,000

3,736,629 6,983,039

1,200,000

1,000,000

800,000

522,279

1,142,541

Restricted
shares7 award

D
S
U

600,000

525,168

36,758

58,336

400,000

200,000

1,590,206

Restricted
shares7 award

439,999

1,066,000 150,205

Base
Salary

Other
Benefits

Retirement
Benefits

STI
Outcome

LTI
Outcome

Total

Base
Salary

Other
Benefits

Retirement
Benefits

STI
Outcome

LTI
Outcome

Total

Neil Salmon

Darryl Nazareth

3,000,000

2,500,000

2,000,000

D
S
U

1,500,000

1,000,000

500,000

1,490,896

2,723,000

280,778

1,222,349

Restricted
shares7 award

371,485

97,693

439,627

32,766

1,400,000

1,200,000

1,000,000

D
S
U

800,000

600,000

400,000

200,000

Restricted
shares7 award

552,132

566,286

31,269

82,414

Base
Salary

Other
Benefits

Retirement
Benefits

STI
Outcome

LTI
Outcome

Total

Base
Salary

Other
Benefits

Retirement
Benefits

STI
Outcome

LTI
Outcome

Total

Mandatory shareholding requirements are higher than the market norm
and align executive and shareholder interests.

Figure 1.5 CEO and Other Executives Mandatory Shareholding
Requirements9 (expressed as a percentage of base pay)

515%

Actual

300%

Required

312%

Actual

Magnus R
Nicolin

Zubair
Javeed

Neil
Salmon

Darryl
Nazareth

Actual

100%

Required

100%

Required

118%

Actual

100%

Required

1. Realised pay is a non-IFRS measure and is defined in

Section 9 – Glossary.

2. EBIT for remuneration outcomes is reported EBIT (as defined
in Section 9 – Glossary) normalised for the impact of foreign
exchange gains and losses incurred during the year and after
the Board approved FY20 downward adjustment.

3. Profit Attributable for remuneration outcomes is reported
Profit Attributable normalised for the impact of foreign
exchange gains and losses incurred during the year and
after the Board approved FY20 downward adjustment.

4. Cash Conversion is defined as a ratio expressed as a

percentage of net receipts from operations (as reported
in the Group’s Consolidated Statement of Cash Flows)
to EBITDA (as defined in Section 9 – Glossary). This is
equivalent to the pre-tax operating cash flow used to
measure the Group’s operating cashflow efficiency.

5. EPS for remuneration outcomes purposes is Earnings Per

Share excluding Board approved adjustments as described
in Section 4.

6. ROCE is defined in Section 9 – Glossary.

7. Per Ansell’s policy, any STI payable above the target will be
deferred in the form of restricted shares. For FY20, restricted
shares were granted for eligible KMP on 18 August 2020 and
are subject to a two-year sale restriction. While no changes
were made to the FY20 STI Plan as such, the Board has
decided, as part of its discretionary adjustment authority,
to distribute the STI payable for the CEO equally in cash
and restricted shares (i.e. 50% each) The lines shown in
the chart above are determined based on a pre-tax split
and the number of restricted shares granted is calculated
based on a post-tax STI award basis.

8. Mr Javeed joined the Company after the FY18-FY20 LTI Plan

was granted.

100%

200%

300%

400%

500%

600%

9. Refer to Section 5.3 Mandatory Shareholding Requirements

including time allowed for achievement.

Ansell Limited Annual Report 2020COVID-19 and Board Discretion Downward Adjustment
In light of the impact of COVID-19, the Board undertook a thorough review process examining the appropriateness of remuneration
outcomes this year, which included:

• discussing a number of scenarios at Human Resources Committee meetings as well as joint consultation/deliberations with the full Board;

• examining guidance and recommendations on the matter released by external stakeholders, including ASIC, Australian Institute of Company

Directors (AICD) and some proxies;

• seeking independent advice from PwC, our independent remuneration consultant (see Section 8.2 for detail); and

• considering the healthy state of Ansell’s business and our workforce, and the positive financial impact on shareholders.

The Ansell team performed exceptionally well, delivering sales, EBIT and EPS significantly above targets, with TSR at 40% in FY20 and
19% CAGR over a 3-year period from FY18 to FY20. COVID-19 impacted performance outcomes through a significant increase in demand
for Exam & Single Use gloves and Chemical Protective Clothing. This was partly offset by lower demand for Mechanical gloves and
increased costs, including those resulting from government mandated plant shutdowns, safety measures implemented to deal with
COVID-19 and higher raw material and outsourced supplier costs for those products in demand. Management’s decisions and actions
both before and during the pandemic positioned the Company well to be able to respond to the increased demand. Remarkable efforts
and changes in processes were made to keep our manufacturing facilities operating, while ensuring our employees remained safe and
working within various governmental restrictions. Overall, there has been a positive impact on sales, EBIT and EPS.

In determining the appropriate STI and LTI incentive awards payout for FY20, the Board:

• commenced considerations from the calculated formulaic awards based on FY20 actual results, resulting in potentially higher

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incentive payouts;

• referred back to our pre-COVID-19 FY20 forecast and run rate to quantify the incremental net financial impacts to the Group’s results

of the pandemic; and

• initially eliminated the full incremental net impacts on incentive financial metrics, but deemed it appropriate to include a portion

to recognise management’s extraordinary efforts and performance in managing through this.

The final incentive outcomes, as determined by the Human Resources Committee and the Board, are above target; and are below
actual company financial performance. Furthermore, the CEO and the Human Resources Committee mutually agreed to shift a greater
proportion of the CEO’s STI award to shares with a 2-year deferral period (50% of total STI award, versus what would normally have
been only the percentage above target). This further reinforces longer-term value alignment with shareholders.

Section 2 – Introduction and KMP Composition
2.1 Introduction
The Directors of Ansell Limited (Ansell) and its subsidiaries (the ‘Group’) present the Remuneration Report. This Report has been prepared
in accordance with Section 300A of the Corporations Act 2001 for the financial year ending 30 June 2020. This Report, which has been
audited by KPMG, forms part of the Report of the Directors.

The Report outlines the remuneration arrangements in place for the Non-Executive Directors and Executive KMP of Ansell, being those
executives who have authority and responsibility for planning, directing and controlling the activities of the Group. In this Report,
‘Executives’ refers to members of the Group Executive team identified as KMP.

2.2 KMPs Comprising the Board of Directors and Executives
The composition of the Ansell KMP changed during FY20. Most notably, the Board appointed Mr Bevan as Chairman following
the retirement of Mr Barnes at the November AGM. The Board also welcomed Mr Garrard as an Independent Non-Executive Director
on 1 March 2020. There were no Executive KMP changes during FY20.

The table below details Ansell’s KMP during FY20:

Non-Executive Directors Location of Board Member
Glenn L L Barnes1
John A Bevan
W Peter Day
Leslie A Desjardins
Nigel D Garrard2
Marissa T Peterson
William G Reilly3
Christina M Stercken
Christine Y Yan

Australia
Australia
Australia
United States
Australia
United States
United States
Germany
United States

Role
Chairman (until 14 November 2019), Independent Non-Executive Director
Chairman (from 15 November 2019), Independent Non-Executive Director
Independent Non-Executive Director
Independent Non-Executive Director
Independent Non-Executive Director
Independent Non-Executive Director
Non-Independent Non-Executive Director
Independent Non-Executive Director
Independent Non-Executive Director

Executive Director
Magnus R Nicolin

Location of Executive
Belgium

Role
Managing Director (MD) and Chief Executive Officer (CEO)

Other Executives
Zubair Javeed
Neil Salmon
Darryl Nazareth
1. Retired on 14 November 2019.
2. Appointed as Non-Executive Director on 1 March 2020.
3. During FY20, Mr. Reilly was classified as a non-independent non-executive director. Effective from 1 July 2020, the Board considers Mr Reilly independent

Role
Chief Financial Officer (CFO) (Finance, IT, Planning & Projects)
President of the Industrial GBU (IGBU)
President of the Healthcare GBU (HGBU)

Location of Other Executives
Belgium
Belgium
United States

and will be classified as an independent non-executive director moving forward. Please refer to the Ansell Corporate Governance Statement found
on the Ansell website at www.ansell.com for more information.

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportFinancial ReportShareholders and Shareholder Information
Remuneration Report (audited) continued

Section 3 – Remuneration Policy

3.1 Philosophy and Strategy
The Board’s remuneration philosophy links the achievement of our strategic objectives and corporate plans with appropriate
and measured rewards for the Company’s Executives.

Our governing principles are summarised below:

Ensure competitiveness in base
salary and total package

Support a performance
culture

Reflect the markets and
locations we recruit from

Balance of short and
long-term performance

Link rewards to business
results and strategy

Even though Ansell is listed on the Australian Stock Exchange, staff are located in approximately 54 worldwide locations, with the core
Executive Leadership Team (ELT) based in Belgium, US and Malaysia.

US
Revenue 47%
ELT 7

North
America

Latin America
and Caribbean

LAC
Revenue 7%
ELT 0

Europe

Asia

EMEA
Revenue 33%
ELT 7

Middle
East

Africa

Asia
Revenue 9%
ELT 1

Australasia

Australia
Revenue 4%
ELT 0

Ansell Limited Annual Report 20203.2 Remuneration Framework Components
Our Executive remuneration framework, which has been in place for 3 years, consists of the following components:

Figure 3.2

Component

Operation and
Performance Measure

Strategic Objective/
Performance Link

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Fixed Annual Remuneration (FAR)
Base salary plus retirement and
other benefits.

Pay mix1
FAR: 24% – 25%2

Takes into account:

• Attract, engage and retain

talented Executives.

• responsibilities, qualifications,

experience; and

• Consider, but not be constrained by,

relevant benchmarks.

• performance, location and market

rate for a comparable role.

• Increases are linked to individual
performance, the organisation
he/she leads and indirectly the
overall business.

STI
Cash plus 2-year deferral into
equity for part of the award above
the target3.

Pay mix1
STI: 20% – 23%2

LTI
Rights to receive fully paid ordinary
shares subject to performance.

Pay mix1
LTI: 53% – 55%2

Total Remuneration

• Combination of financial and

non-financial performance metrics.

• Performance weighted more

towards financial KPIs (i.e. not less
than 80% of the award).

• Three-year performance and

vesting period.

• Combination of key financial

and shareholder value measures.

• Aligned with the Group’s short-term

objectives.

• Clear line of sight for participants.

• Deferral of part of the award

encourages longer-term
sustainable performance.

• Reflects key long-term priorities

of the business at the time.

• Relevant indicator of shareholder

value creation.

• Suitable line of sight for

participants to encourage
and motivate executives.

• Attract, retain and motivate highly capable Executives.

• Reinforce short and long-term objectives.

• Alignment with shareholder value.

• Deliver sustainable growth.

1. Pay mix is calculated based on the remuneration information as per Section 4 – Realised Pay Summary.

2. Excludes both Mr Javeed and Mr Nazareth. Mr Javeed joined the Group after the FY18 LTI award was granted. Mr Nazareth was appointed as President of the
HGBU and became a KMP on 1 April 2019. Mr Nazareth’s realised FY18 LTI information disclosed in this report only relates to the period after 1 April 2019
(i.e. 15 months after becoming a KMP). If their information is included, the pay mix for FY20 changes to FAR: 24% to 54%, STI: 20% to 46% and LTI: 0% to 55%.

3. While no changes were made to the FY20 STI Plan as such, the Board has decided, as part of its discretionary adjustment authority, to distribute the STI payable

for the CEO equally in cash and restricted shares (i.e. 50% each). The number of restricted shares granted is calculated based on a post-tax STI award basis.

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportFinancial ReportShareholders and Shareholder Information
Remuneration Report (audited) continued

Section 4 – FY20 Remuneration Framework in Detail and Outcomes

This section uses non-IFRS financial information to detail realised pay earned by Executive KMP during FY20, together with prior year
comparatives. This is a voluntary disclosure and is supplemental information to the statutory remuneration disclosure contained in
Section 5 of this Remuneration Report. Realised pay includes base salary, retirement and other benefits paid/payable in relation to FY20.
It also includes the full value of incentive payments earned in relation to the FY20 performance period. This differs from the statutory
amount as it excludes accruals and estimations and is thus a closer measure of ‘take home pay’ received in respect of the current year.

Ansell’s reporting currency is US$ and the CEO and another KMP are paid in US$. For some Executive KMP, the reported numbers in
the statutory and realised pay tables are subject to currency translation differences from year to year.

4.1 Realised Pay Summary (US$)

Name

CEO

Magnus R Nicolin

Other Executives

Zubair Javeed7

Neil Salmon8

Darryl Nazareth9

Year

Base
Salary1

Retirement
Benefits2

Other3

Cash

Restricted
Shares

STI4

LTI5

Equity6

Total
Earnings

2020

2019

2020

2019

2020

2019

2020

2019

1,066,000

439,999

376,781

150,205

795,103

3,736,629

6,983,039

150,478

1,199,250

23,203

2,490,832

5,306,544

525,168

102,621

566,289

581,401

439,627

103,686

58,336

9,031

82,414

62,607

97,693

9,285

36,758

234,194

31,269

30,019

32,766

14,158

–

424,717

438,199

285,758

42,853

393,876

128,403

–

1,142,541

345,846

127,415

1,490,896

2,723,000

12,860

85,727

997,796

2,122,882

280,778

1,222,349

–

36,343

206,325

1. Base salary includes the salary earned by the individual in FY20. The increases in base salary for Executives are based on performance and external benchmarking
of similar positions in the jurisdictions in which the Executives are based. Thus, none of the Executives received any pay increase in FY20. Both Mr Salmon and
Mr Javeed are remunerated in Euros and any US$ reduction above reflects foreign exchange conversion impacts. Both Mr Javeed and Mr Nazareth became KMP
from April 2019 and their FY19 remuneration information relates to the period after 1 April 2019.

2. Retirement benefits include all the retirement benefits earned by the individual in the current year. Mr Nicolin’s retirement benefits are based on his base salary

plus prior year STI achievement and will consequently vary from year to year.

3. Other includes the cost to the Company of cash benefits such as motor vehicle, expatriation and relocation expenses, insurance, expat tax equalisation payments,
retrospective base salary and other amounts. Mr Javeed’s other benefits for FY19 include a cash sign-on bonus. Mr Nazareth’s other benefits for FY20 include a
retrospective payment of FY19 base salary.

4. 2020 and 2019 STI represent amounts payable under the 2020 and 2019 STI Plans respectively. Per Ansell’s policy, any STI payable above the mid-point will be

deferred in the form of restricted shares. For FY20, restricted shares were granted for eligible KMP on 18 August 2020 and are subject to a two year sale restriction.
While no changes were made to the FY20 STI Plan as such, the Board has decided, as part of its discretionary adjustment authority, to distribute the STI payable
for the CEO equally in cash and restricted shares (i.e. 50% each). The amounts shown in the table above are pre-tax and the number of restricted shares granted
is calculated based on a post-tax STI award basis.

5. 2020 and 2019 LTI’s relate to the FY18 and FY17 grants, outcomes of which were approved by the HR Committee on 18 August 2020 and 7 August 2019 respectively.

The FY18 award was determined to be 55% of the maximum award (FY17 award: 48%).

6. The 2020 equity figure represents the US$ value of the number of Performance Share Rights (PSRs) that have vested multiplied by the closing share price of Ansell
Limited on the ASX on 18 August 2020, being A$39.88 (2019: 7 August 2019 at A$25.88). This was the date on which the HRC approved the vesting of the shares.
The 2020 translation to US$ used a foreign exchange (FX) rate of A$1:US$0.7240 (2019: A$1:US$0.6755).

7. Mr Javeed was appointed CFO and became a KMP on 29 April 2019.

8. Mr Salmon was appointed President of the IGBU on 28 April 2019. Mr Salmon’s STI was grandfathered as follows:

• FY19 maximum STI opportunity at 150% and performance measures in line with his prior CFO role (see FY19 Remuneration Report page 48).

• FY20 maximum STI opportunity at 150% (see Section 4.3 STI opportunity table).

9. Mr Nazareth was appointed President of the HGBU and became a KMP from 1 April 2019. Mr Nazareth’s FY19 remuneration information and FY20 realised LTI

disclosed in this report only relates to the period after 1 April 2019.

For further transparency, the full amount of Mr Nazareth’s realised LTI pursuant to FY18-FY20 LTI plan is $673,867. Mr Nazareth’s base salary, STI and LTI remuneration
information (on a Realised Pay basis) for the full 12 months ended 30 June 2019 are: Base Salary: $403,634, STI Cash: $164,136, STI Equity: nil and LTI Equity: $436,114.

Ansell Limited Annual Report 2020
Figure 4.2 Breakdown of CEO Realised Pay
4.2 Breakdown of CEO Realised Pay

D
S
U

8,000,000

7,000,000

6,000,000

5,000,000

4,000,000

3,000,000

2,000,000

1,000,000

3,736,629 6,983,039

STI
Outcome

Metrics

Sales

EBIT

1,590,206

Restricted
shares* award

439,999

1,066,000 150,205

Base
Salary

Other
Benefits

Retirement
Benefits

STI
Outcome

LTI
Outcome

Total

Cash Conversion

Profit Attributable

Personal Objectives

Overall

Organic Sales Growth

EPS

ROCE

Overall

LTI
Outcome

35%

10%

100%

33.3%

33.4%

100%

Weight
%

Achieve-
ments
%

Payouts
$

533,067

507,882

64%

61%

100%

239,850

69%

60%

165,497

143,910

66% 1,590,206

63% 1,407,419

100% 2,248,273

80,937

55% 3,736,629

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* Per Ansell’s policy, any STI payable above the target will be deferred in the form of restricted shares. For FY20, restricted shares were granted for eligible KMP
on 18 August 2020 and are subject to a two-year sale restriction. While no changes were made to the FY20 STI Plan as such, the Board has decided, as part of its
discretionary adjustment authority, to distribute the STI payable for the CEO equally in cash and restricted shares (i.e. 50% each). The lines shown in the chart above
are determined based on a pre-tax split and the number of restricted shares granted is calculated based on a post-tax STI award basis.

4.3 Remuneration Framework Details

Element of pay

How the policy operated for FY20

Base salary

Normally base salaries are reviewed annually.

No material changes were made to the policy in FY20.

For FY20 the HRC considered several reference points including internal relativities, changes in scope
of responsibilities, local market inflation and the wider macro-economic environment.

External market data was sourced during the year, but was used with caution.

The base salaries for the Executive KMPs for FY20 were:

Figure 4.3

Executive

Magnus R Nicolin

Zubair Javeed

Neil Salmon

Darryl Nazareth

Base Salary

$1,066,000

€475,000

€512,193

$439,627

Increase

–

Mr Nicolin, Mr Salmon and Mr Javeed are based in Belgium. Mr Nazareth is based in the US. None of the
Executive KMPs’ base salaries have increased in FY20.

As indicated in FY19 – no process changes were enacted during FY20.

Retirement benefits

Includes contributions to US benefit or non-qualified pension plans and Belgian retirement savings plans
(as applicable).

Mr Nicolin’s retirement benefit is based on his base salary plus prior year STI achievement and will
consequently vary from year to year.

As indicated in FY19 – no plan changes were enacted during FY20.

Other benefits

May vary between Executives, depending on their local market and their particular circumstances.
May include benefits such as motor vehicle, Executive expatriation/repatriation and relocation allowances,
Executive insurance, expat tax equalisation payments and other amounts.

Reflect the Company’s overall policy on international mobility.

As indicated in FY19 – no plan changes were enacted during FY20.

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportFinancial ReportShareholders and Shareholder Information
Remuneration Report (audited) continued

FY20 STI

Executives are eligible to participate in the STI plan.

Annual award payable part in cash and part in restricted shares. The deferral of equity only relates
to those awards earned for above target performance. The restriction will see the shares held for
a minimum period of two years from when the shares are granted. The number of restricted shares
granted is calculated based on a post-tax STI award basis.

While no changes were made to the FY20 STI Plan as such, the Board has decided, as part of its
discretionary adjustment authority, to distribute the STI payable for the CEO equally in cash and
restricted shares (i.e. 50% each). This would normally have been paid in cash up to target.

Base
Salary

Maximum
Incentive

Business
Performance
Metrics
(90%)

Individual
Performance
(10%)

STI
Outcome

FY20 STI opportunity

Executive

CEO

CFO

Neil Salmon2

Darryl Nazareth

Minimum STI (% of base salary)1 Maximum STI (% of base salary)

225%

150%

130%

1. STI bonus opportunity for Ansell executives begins at 0% achievement, which is more challenging in comparison to most peer

companies where achieving the minimum performance condition earns a threshold incentive outcome.

2. Mr Salmon was appointed as President of the IGBU on 28 April 2019. Mr Salmon’s maximum STI opportunity was grandfathered

in line with his prior CFO role.

FY20 STI methodology

Ansell’s sales and EBIT target setting process methodically factors the following aspects:

(a) Prior year fiscal performance as a baseline subject to limited adjustments (e.g. normalisation

of material items and projected FX rates).

(b) Targets are established for sales and EBIT growth.

• Sales targets at 1.5X GDP growth in markets weighted for Ansell Industrial and Healthcare.

• EBIT growth assumes costs increase below the rate of sales growth to leverage a higher EBIT

growth target.

(c) Incremental growth returns on committed significant investments are also added to targeted sales
and EBIT growth. For example, the Targets were increased to require the delivery of expected
benefits from the Transformation Program.

(d) The Board then applies discretion in reviewing the outcome of the above methodology against
their performance expectations of the business and may choose to adjust the performance
conditions accordingly.

Requires the achievement of pre-set performance targets directly linked to Ansell’s business strategy:

Performance Measures

Executive

Sales

EBIT

Inventory
Turns

Cash
Conversion

Profit
Attributable

Individual
Objectives

CEO

CFO

Other Executives

35%

–

20%

10%

–

10%

–

10%

Total

100%

FY20 STI performance
measures

Ansell Limited Annual Report 2020FY20 STI outcomes

The Board applied some discretion in arriving at financial outcomes for the purposes of STI award.
This included a detailed review of forecasts pre COVID-19 and actual results to consider COVID-19
impacts and management’s performance. After consideration of the impacts of COVID-19, the Board
exercised discretion and adjusted all financial outcomes downwards where applicable.

After taking into account adjustments from the Board, STI achievement against the five metrics
(excluding individual objectives) used in different KMP STI plans can be summarised as follows:

• Sales were above target levels due to a strong underlying sales performance in several geographies

even after the downwards adjustment made to remove the COVID-19 impact.

• EBIT exceeded target due to the strong performance of the Group, particularly in HGBU, as a result
of successful execution of strategy. Furthermore, the Company continued to see the benefits from
the Transformation Program.

• Consistent with past practice, the impact of FX volatility on the Group’s results in FY19 and FY20

were adjusted via the Group’s constant currency target-setting and measuring process.

• Inventory turns exceeded expectations due to strong sales growth. There was an appropriate build-up

of raw materials and WIP at year end to meet future demand.

• FY20 was another year of strong cash conversion delivery.

• Profit attributable achieved an above target outcome predominately due to strong EBIT growth.

Figure 4.4 STI Performance (Realised)

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100%

80%

60%

40%

20%

100%

81%

64%

61%

69%

Sales

EBIT

Inventory
Turnover

Cash
Conversion

Profit
Attributable

Executive

Performance Against Individual Objectives

Magnus R Nicolin Mr Nicolin continued to provide excellent leadership through the COVID-19 pandemic,
focusing firstly on the welfare and safety of employees and then enabling the Company
to respond to the unprecedented demand for PPE. Under his leadership, the Company
has continued to build new capacity both in terms of manufacturing facilities and
capability. He has continued to provide effective senior succession planning and
development.

Zubair Javeed

Neil Salmon

Mr Javeed joined Ansell as the new CFO in April 2019 and has been a valuable addition
to the management team. He brings strong financial management skills and experience
from both public and PE owned corporations. He complements strong people
leadership with sound judgement and has quickly built trust with key stakeholders.

Mr Salmon stepped into the President Industrial Business unit role 15 months ago.
He has faced mixed challenges with some segments declining and some growing
due to wider industry declines as well as due to COVID-19 impacts. He has managed
this skillfully and shifted resources to the rapidly growing Chemical business while
improving profit margins in the Mechanical business, further capturing the effects
of the previously completed Transformation Program.

Darryl Nazareth Mr Nazareth stepped into the President Healthcare Business unit role 15 months

ago. He has quickly taken command of the HGBU and has played a significant role
in delivering very strong growth in sales and capabilities of the business during FY20.
This growth has been delivered in all 3 strategic business units: Surgical, Exam &
Single Use and Life Sciences.

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportFinancial ReportShareholders and Shareholder Information

Remuneration Report (audited) continued

FY20 STI outcomes
(continued)

For the FY20 STI, the Board approved the following payments to the Executives (US$):
Figure 4.5

Name

Financial

Individual

Executive Director

STI1

Total STI
Payable

Restricted
Shares

% Award
Achieved2

%
Forfeited2

Cash

Magnus R Nicolin

1,446,296

143,910

1,590,206

795,103

66%

34%

Other Executives

Zubair Javeed

475,014

47,265

522,279

393,876

128,403

Neil Salmon

505,413

46,719

552,132

424,717

127,415

Darryl Nazareth

340,052

31,433

371,485

285,758

85,727

66%

65%

34%

35%

1. Per Ansell’s policy, any STI payable above the target will be deferred in the form of restricted shares. For FY20, restricted
shares were granted for eligible KMP on 18 August 2020 and are subject to a two year sale restriction. While no changes
were made to the FY20 STI Plan as such, the Board has decided, as part of its discretionary adjustment authority, to distribute
the STI payable for the CEO equally in cash and restricted shares (i.e. 50% each). The amounts shown in the table above are
pre-tax and the number of restricted shares granted is calculated based on a post-tax STI award basis.

2. All outcomes are expressed as a percentage of maximum.

STI performance
measures for FY21

Given the significant uncertainty in the wider macro-economic environment and the potential volatility
at the top line level (among others due to potential demand swings and pricing pressures), the weighting
of the FY21 STI performance measures is shifted towards the more controllable EBIT metric. This results
in the following combination:

Performance Measures

Executive

CEO/CFO

Other Executives

Sales

25%

EBIT

50%

Inventory
Turns

Cash
Conversion

Profit
Attributable

Individual
Objectives

–

15%

10%

–

10%

Total

100%

LTI awards vesting in FY20

The Board applied some discretion in arriving at financial outcomes for the purposes of the LTI award.
This included a detailed review of forecasts pre COVID-19 and actual results to consider COVID-19
impacts and management’s performance. After consideration of the impacts of COVID-19, the Board
exercised discretion and adjusted all financial outcomes downwards, where applicable.

FY18-FY20 Plan performance

The performance conditions comprise three components with each component worth one-third of the
total LTI award for the FY18-FY20 LTI Plan. These, along with a summary of their outcomes against
maximum targets are shown below:

Figure 4.6

Performance
measure and
weighting

EPS Growth (also
subject to ROCE
gateway in year 3)

Weighting

33.3%

Minimum
(0% vesting)

Maximum
(100% vesting)

33.1% growth by
year 3 (10% CAGR)

12.5% growth
by year 3 (4%
Compound
Annual Growth
Rate – CAGR)

Vesting
(% of
Maximum)

100%*

Actual

47.2%

Organic Sales Growth 33.3%

6.1% growth by
year 3 (2% CAGR)

15.8% growth by
year 3 (5% CAGR)

12.2%

62.6%

ROCE

Overall

33.4%

100%

14% in year 3

15.5% in year 3

14.05%

n/a

3.7%

55.4%

* Although 3 year’s cumulative compound EPS growth is 47.2%, the LTI program only allows a vesting at the maximum threshold

for EPS Growth (being 33.1%).

The FY18-FY20 achievement was therefore 55.4% of Maximum on a combined basis. The breakdown is
further explained in the following sections.

Ansell Limited Annual Report 2020LTI awards vesting in FY20
(continued)

FY18-FY20 Organic Sales Growth

The Organic Sales Growth result exceeded the target growth rate and was driven by underlying
sales growth despite the challenging economic conditions in several key geographies.

FY18-FY20 EPS growth

(a) FY20 – EPS for the purposes of LTI award

The Board assessed the FY20 adjusted EPS relevant for incentive purposes as 106.6 US cents,
with a reconciliation to statutory EPS shown below:

US cents

Statutory EPS

FX gain adjustment

Amortisation of previously adjusted FY18 & FY19 Transformation Program expenses1

Board approved FY20 downward adjustment2

Adjusted EPS for LTI award

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FY20

121.8

(0.9)

(8.9)

(5.4)

106.6

1. In keeping with past practice, an amortised portion of the one-time Transformation Program costs previously excluded

from the calculation of the LTI awards has been included. The amortisation adjustment impacts were explained in detail
in the FY19 Remuneration Report.

2. The Board applied the same downward adjustment to determine the outcomes of FY20 STI financial measures where applicable.

(b) Calculating FY18-FY20 LTI Plan Cumulative Compound EPS Growth

The table below summarises the cumulative compound EPS growth as a percentage for the three-year
period ended 30 June 2020.

Figure 4.7

EPS including adjustments
for LTI awards

Prior Year2
(US cents)

Current Year
(US cents)

Growth
(US cents)

FY181

FY191

FY20

86.2

108.0

93.1

113.7

105.3

106.6

27.5

(2.7)

13.5

Growth
(%)

31.9%

(2.5%)

14.5%

Compound
Growth
(%)

31.9%

28.6%

47.2%3

1. The calculation of the EPS growth for FY18 and FY19 was explained in detail in the FY19 Remuneration Report.

2. The prior year EPS is adjusted for constant currency.

3. Although 3 year’s cumulative compound EPS growth is 47.2%, the vesting for EPS Growth has been capped at maximum

threshold (being 33.1%).

FY20 ROCE

The FY20 ROCE of 14.05% exceeded the 14% gateway threshold but was lower than target. This below
target outcome was due to the adverse impact of higher inventory at the end of FY19. The FY19 high
inventory level was partly due to safety stock that management held as the manufacturing footprint
was reduced in Korea and Mexico as part of the Transformation Program.

As explained in detail in the FY19 Remuneration Report, the impact of funding a business acquisition is
excluded from the ROCE calculation from the year of the acquisition and phased in over the following
3-year period. FY19 business acquisitions totalled $76.3m, 1/3 of which has been phased in for determining
the FY20 ROCE.

In keeping with past practice, the ROCE was calculated by using financial information on a consistent
accounting basis as that of the grant year. As such, the effects of the newly adopted accounting standard,
AASB 16 Leases, were excluded from the ROCE calculation. See Note 10 to the Financial Statements for
the impacts.

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportFinancial ReportShareholders and Shareholder Information
Remuneration Report (audited) continued

LTI outcomes for KMP

The outcome for each Executive is shown in the table below:

Figure 4.8

CEO

Magnus R Nicolin

Other Executives

Zubair Javeed1

Neil Salmon

Darryl Nazareth2

Maximum
Value of PSRs
Granted
(US$)

Number of
PSRs Vested
(Shares)

Number
of PSRs
Forfeited
(Shares)

Date Award
Granted

08/08/2017

3,837,600

129,416

104,186

n/a

08/08/2017

1,531,317

08/08/2017

288,400

n/a

51,636

9,725

n/a

41,570

7,829

1. Mr Javeed joined the Company after the FY18-FY20 LTI Plan was granted.

2. Mr Nazareth was appointed President of the HGBU and became a KMP on 1 April 2019. Mr Nazareth’s LTI pursuant to FY18-FY20

LTI plan and disclosed in this report only relates to the period after 1 April 2019 (i.e. 15 months after becoming a KMP).

LTI design

FY20-FY22 Plan – There were no changes in FY20.

LTI – awards granted
during the year

Annual awards granted will vest after three years subject to the achievement of the performance conditions
and continued service.

LTI awards are entirely in the form of PSRs at face value. Executives are eligible to participate in the LTI Plan.

How awards will vest:

Base
Salary

Maximum
Award
(x% of Salary)

Share Price
at Grant

Number
of Awards
Granted

How awards will vest:

Number
of Awards
Granted

Business
Performance
Metrics

Share Price
on Vesting

Value of
Awards on
Vesting

LTI Opportunity

For the FY20-FY22 Plan the LTI awards were as follows:

Executive

Magnus R Nicolin

Zubair Javeed

Neil Salmon2

Darryl Nazareth

Minimum LTI
(% of Base
Salary)1

Maximum LTI
(% of Base
Salary)

360%

250%

200%

1. LTI bonus opportunity for Ansell executives begins at 0% achievement, which is more challenging in comparison to most peer

companies where achieving the minimum performance condition earns a threshold incentive outcome.

2. Mr Salmon was appointed President of the IGBU on 28 April 2019. Mr Salmon’s maximum LTI opportunity was grandfathered

in line with his prior CFO role.

Ansell Limited Annual Report 2020LTI Performance metrics

The performance measures for the FY20–FY22 Plan awards are:

Performance Measure
and Weighting

EPS growth (also subject to
ROCE gateway in year three)

Weighting

1/3rd

Organic Sales Growth

1/3rd

Minimum Hurdle
(0% Vesting)

Maximum Hurdle
(100% Vesting)

12.5% growth by year three
(4% Compound Annual
Growth Rate – CAGR)

6.1% growth by year three
(2% Compound Annual
Growth Rate – CAGR)

33.1% growth by year three
(10% CAGR)

15.8% growth by year three
(5% CAGR)

ROCE

1/3rd

14.0% in year three

15.5% in year three

The LTI metrics reflect the business strategy of maximising sustainable growth organically and through
acquisitions aligned with leadership as a safety solutions company. Growth will be measured against
FY19 operations at constant currency.

Pursuant to the design of the plan, the ROCE gateway to EPS achievement for the FY20–FY22 plan was
set at 13.5%, which is different to the minimum ROCE performance condition.

The Board evaluated the business performance and considered these performance measures are appropriate.

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(a) HRC policy covers individual material items including restructuring charges, acquisitions,

divestments, equity capital issuance and repurchase. Discretion may be exercised when events or
accounting rules create a favourable or unfavourable effect on earnings for a single year that may
cause a misalignment between incentive outcomes and shareholder value creation.

(b) As described on pages 47 and 53–55, the Board exercised its discretion in determining FY20

incentive outcomes.

On a change of control, the Board has discretion to vest some or all of the LTI awards, but, unless it uses
its discretion, awards will vest as if the applicable performance condition has met the mid-point level
of performance (and without time pro rating). In exercising this discretion, the Board will consider all
relevant circumstances, including performance against the various measures and conditions for the part
period up to the change of control event and the portion of the performance period that has expired.
Any restricted ordinary shares under the STI Plan will become unrestricted ordinary shares, unless the
Board determines otherwise.

Other policy matters

Board discretion
on adjustments

Change of control

Recovery and withholding

The recovery and withholding provisions are consistent across both the STI and LTI plans. The Board can
claw back and apply malus provisions to cover the following events:

(a) Material misstatement of the financial statements

(b) Misconduct

(d) Serious reputational damage to the Group

Leaver treatment

(a) If an Executive ceases his or her employment with Ansell at any time prior to the end of the

performance period, the Executive shall not be entitled to any STI payment. However, the HRC may,
in its sole discretion, pay a pro-rated award in certain circumstances, such as death, disablement,
retirement or other approved situations.

(b) If an Executive ceases his or her employment with Ansell at any time prior to the end of the vesting

period, the Executive shall not be entitled to any LTI award. However, the Board may, in its sole discretion,
pay either a full or a pro-rated award in certain circumstances, such as death, disability, retirement or
any other reason approved by the Board. The Board has, in very limited circumstances, exercised its
discretion to enable such schemes to remain on foot after the departure of senior executives.

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportFinancial ReportShareholders and Shareholder Information
Remuneration Report (audited) continued

Section 5 – Statutory Information

5.1 Executive Service Agreements

Chief Executive Officer
Mr Nicolin was recruited as a US-based executive and his contract reflects this. He has subsequently relocated to Belgium and there
has been no substantial change to the terms and conditions of his contract. He is engaged by the Group under an agreement that:

• does not specify a fixed term of engagement;

• provides that the Group may terminate the CEO’s engagement upon giving 12 months’ notice or payment in lieu and may terminate

immediately in the case of cause;

• provides that in certain circumstances, such as a material diminution of responsibility or the CEO ceasing to be the most senior executive

of Ansell, the CEO may be entitled to a payment equivalent to 12 months’ base salary;

• requires the CEO to give the Group at least six months’ notice of termination of services; and

• in order to protect the Group’s business interests, prohibits the CEO from engaging in any activity that would compete with the Group

for a period of 12 months following termination of his engagement for any reason.

The agreement entered into with the CEO has been drafted to comply with the Corporations Act 2001 regarding the payment of benefits.

Other Executives
Mr Javeed is a Belgium-based Executive whose agreement does not specify a fixed term of employment. He is entitled to a severance
fee equal to 12 months’ base salary assuming a termination for any reason other than resignation, serious misconduct or serious fault.
The services agreement with Mr Javeed includes a non-competition clause which prohibits the CFO from, directly or indirectly, engaging
in any activity that would compete with the Group for a period of 12 months following termination of his engagement for any reason.
He is required to give the Group six months’ prior notice of termination of services.

Mr Salmon was recruited as a US-based Executive and his contract reflects this. He has subsequently relocated to Belgium and there has
been no substantial change to the terms and conditions of his contract. His services are engaged by the Group for an unlimited duration.
He is entitled to a separation fee upon termination by the Group (other than for serious misconduct or serious fault) equal to 12 months’
base salary plus certain other contractual entitlements. The services agreement with Mr Salmon includes a non-competition clause which
prohibits him from, directly or indirectly, engaging in any activity that would compete with the Group for a period of 12 months following
termination of his engagement for any reason. He is required to give the Group six months’ prior notice of termination of services.

Mr Nazareth was domiciled in Malaysia and transferred to the US from July 2019 as part of his new responsibilities. The employment
relationship is ‘at will’ and, as such, the employment relationship does not have a fixed term of employment and may be terminated
by either party for any reason. In line with the other Executive KMP’s, Mr. Nazareth is entitled to a severance fee equal to 12 months’
base salary assuming a termination for any reason other than resignation, performance issues or cause.

5.2 Securities Trading Policy
Ansell’s Securities Trading Policy outlines the law relating to insider trading and details the Company’s requirements with regards to
dealings in Ansell securities. The policy applies to all Directors and employees and aims to prevent the misuse (or perceived misuse)
of sensitive information and ensure compliance with insider trading laws. The policy can be found on the Ansell website at www.ansell.com.

Ansell Limited Annual Report 20205.3 Shareholder Alignment

Mandatory Shareholding Requirements
To encourage alignment with shareholder interests, the Company adopted mandatory shareholding requirements, known as the
Share Purchasing Policy (introduced in 2013). This policy requires Directors and Executives to hold a multiple of their fee/base salary
in Ansell shares over a 10-year period. The current requirement is:

• CEO: 3 x base salary

• Executives: 1 x base salary

• Non-Executive Directors: 2 x annual Director fees,

to be achieved by 2023 or within 10 years of becoming a Director or Executive if appointed after 2013.

Vested but unexercised awards are included in the target assessment. Unvested equity rights held pursuant to the incentive plans
are not included in the target assessment.

Voluntary Share Purchase Plan
Ansell has developed a mechanism to enable KMP to regularly purchase Ansell shares, known as the Voluntary Share Purchase Plan
(VSPP). While optional, the VSPP facilitates compliance with the Share Purchasing Policy, while complying with the Securities Trading
Policy and ASX Listing Rules.

Under the VSPP, a pre-agreed amount of Ansell shares (by value) are acquired monthly on the ASX through a trustee company at the
prevailing market price and are transferred into the name of the applicable KMP but are subject to a restriction on dealing until the
KMP ceases to hold office.

Shares were purchased on market (at no discount) on behalf of the Directors throughout FY20 pursuant to the VSPP (as shown in
Figure 5.1).

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Remuneration Report (audited) continued

5.4 Current Shareholding
The table below details the movement of shares held by each KMP and the progress of each KMP during FY20 in achieving their
respective share ownership goals in accordance with the mandatory shareholder requirements set out in the Share Purchasing Policy
detailed in Section 5.3.

Figure 5.1

Held at 1 July
(or Date
Appointed KMP)

VSPP
Purchases11

Other
Purchases

Awarded
During
the Year

Net Movement
Due to Other
Changes

Held at
30 June

% of Share
Ownership
Goal Met12

Target
Year to
Comply

Target Year
Projected
to Comply

Non-Executive Directors
Glenn L L Barnes1
FY20
FY19
John A Bevan2
FY20
FY19
Ronald J S Bell3
FY20
FY19
W Peter Day
FY20
FY19
Leslie A Desjardins
FY20
FY19
Marissa T Peterson
FY20
FY19
William G Reilly4
FY20
FY19
Christina M Stercken
FY20
FY19
Christine Y Yan5
FY20
FY19
Nigel D Garrard6
FY20
FY19
Executive Director
Magnus R Nicolin
FY20
FY19
Other Executives
Zubair Javeed7
FY20
FY19
Neil Salmon
FY20
FY19
Darryl Nazareth8
FY20
FY19
Steve Genzer9
FY20
FY19
Joe Kubicek10
FY20
FY19

72,113
68,116

27,061
26,017

n/a
19,847

30,193
29,707

11,667
6,711

23,647
23,647

49,296
40,202

3,216
860

629
–

3,200
n/a

265,930
266,239

–
–

55,046
39,556

10,358
4,100

n/a
20,919

n/a
70,828

543
3,997

2,409
1,044

n/a
694

–
134

2,654
4,956

–
–

1,997
1,856

2,126
629

–
n/a

–
–

n/a
–

–
–

n/a
–

366
352

–
–

–
500

–
–

1,800
n/a

–
–

n/a
–

n/a
n/a

–
–

n/a
–

–
–

30,811
9,094

(21,127)
–

n/a
n/a

–
–

–
n/a

n/a
72,113

29,470
27,061

n/a
n/a

30,559
30,193

14,321
11,667

23,647
23,647

58,980
49,296

5,213
3,216

2,755
629

5,000
n/a

143,519
88,719

(130,772)
(89,028)

278,677
265,930

–
–

57,684
15,490

24,947
6,258

n/a
9,088

n/a
7,600

–
–

(22,901)
–

(9,009)
–

n/a
–

–
–

89,829
55,046

26,296
10,358

n/a
n/a

n/a
193%

87%
138%

n/a
n/a

168%
151%

81%
60%

134%
122%

373%
284%

33%
19%

17%
4%

32%
n/a

172%
149%

0%
0%

312%
169%

118%
42%

n/a
n/a

n/a
2023

2023
2023

n/a
n/a

2023
2023

2025
2025

2023
2023

2027
2027

2029
2029

2030
n/a

n/a
COMPLY

2022
COMPLY

n/a
n/a

COMPLY
COMPLY

2021
2021

COMPLY
COMPLY

2025
2025

2026
2024

2026
n/a

2023
2023

COMPLY
COMPLY

2029
2029

2023
2023

2024
2024

n/a
n/a

2029
2029

COMPLY
COMPLY

COMPLY
2021

n/a
n/a

1. Mr Barnes retired from the Ansell Board of Directors on 14 November 2019.
2. Mr Bevan’s appointment as Chairman during FY20 increased his target shareholding.
3. Mr Bell retired from the Ansell Board of Directors with effect from 18 October 2018.
4. Mr Reilly’s shares awarded in FY20 relate to the FY17 LTI award in respect to his prior employment as an executive at Ansell.
5. Ms Yan was appointed as a Non-Executive Director on 1 April 2019.
6. Mr Garrard was appointed as a Non-Executive Director on 1 March 2020.
7. Mr Javeed joined the Company and became a KMP on 29 April 2019.
8. Mr Nazareth became a KMP on 1 April 2019.
9. Mr Genzer ceased to be a KMP on 30 April 2019.
10. Mr Kubicek ceased to be a KMP on 30 April 2019.
11. Purchases made under the Voluntary Share Purchase Plan (see Section 5.3).
12. The percentage of ownership goals met are based upon a multiple of an individual’s base pay or directors fees (as applicable). Calculation uses base pay

at 30 June 2020 and 12-month average share price and FX rates.

Ansell Limited Annual Report 2020

5.5 Equity Instruments
The table below details the movement in the number of PSRs over ordinary shares of Ansell Limited held by the CEO and Other
Executive KMPs during FY20.

Figure 5.2

PSRs*

Magnus R Nicolin

FY20

FY19

Zubair Javeed3,4

FY20

FY19

Neil Salmon

FY20

FY19

Darryl Nazareth5

FY20

FY19

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Held at
1 July or Date
Appointed

PSRs Granted
During
the Year1

PSRs Vested
During
the Year2

Forfeited
During
the Year2

Held at
30 June

733,525

739,680

50,000

–

306,090

248,646

133,306

108,860

207,888

203,089

142,480

(88,719)

(154,355)

(120,525)

72,232

50,000

77,888

93,976

47,630

39,206

–

n/a

57,076

(15,490)

24,947

(6,258)

–

n/a

(61,832)

(21,042)

(27,025)

(8,502)

644,578

733,525

122,232

50,000

265,070

306,090

128,964

133,306

1. PSRs were granted during FY20 pursuant to the FY20 LTI Plan, calculated by way of a face value methodology using an average price of Ansell Limited Shares on

the ASX over a 90-day period to 7 August 2019, this being A$26.45. Prior to FY20, fair values were used to calculate the number of PSRs granted. For completeness,
FY19 and FY18 fair values are included in the table below.

2. PSRs vested and lapsed during FY20 pursuant to the FY17 LTI Plan.

3. Mr Javeed joined the Company and became a KMP on 29 April 2019.

4. Mr Javeed was granted 50,000 performance share rights in FY19 as part of his sign-on bonus.

5. Mr Nazareth became a KMP on 1 April 2019.

6. Mr Reilly, a current Non-Executive Director and former senior executive of the Company, held 32,095 (recorded at maximum) PSRs at the beginning of FY20

attributable to LTI grants in FY17, at the time that he was an executive. 30,811 PSRs originally allocated in FY17 vested during the year (and 1,284 lapsed) following
testing against the applicable performance conditions. One share in Ansell was allocated to Mr Reilly in relation to each PSR that vested. Pursuant to the terms of the
LTI no amount was payable by Mr Reilly for the shares allocated. As at 30 June 2020, Mr Reilly no longer holds any PSRs.

* Grants are recorded at maximum.

FY18 LTIP PSRs

FY19 LTIP PSRs

Grant Date

08/08/2017

14/08/2018

Vesting
Period

3 years

Fair Value

A$20.41

A$25.57

Share Price
on Grant
Date

A$22.01

A$27.86

Risk Free
Interest Rate

Dividend
Yield

n/a

2.60%

2.98%

Awards that do not vest at vesting date automatically lapse.

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportFinancial ReportShareholders and Shareholder Information
Remuneration Report (audited) continued

5.6 Executive Statutory Remuneration (US$)

Figure 5.3

Name

Year

Executive Director

Base
Salary1

Retirement
Benefits2

Termination
Benefits

Other3

Cash

STI4

Restricted
Shares

LTI5

Equity

Total
Earnings

Magnus R Nicolin

2020

1,066,000

2019

1,066,000

439,999

376,781

Other Executives

Zubair Javeed6

Neil Salmon7

Darryl Nazareth8

Steve Genzer9

Joe Kubicek10

2020

2019

2020

2019

2020

2019

2020

2019

2020

2019

–

150,205

795,103

1,837,457

5,083,867

150,478

1,199,250

23,203

1,745,986

4,561,698

467,608

393,876

128,403

191,874

1,765,265

310,809

–

422,461

31,269

424,717

127,415

756,674

1,988,778

30,019

438,199

12,860

736,979

1,862,065

32,766

285,758

85,727

365,674

1,307,245

14,158

42,853

–

210,971

–

212,416

–

79,951

249,933

–

422,758

1,604,244

–

410,047

1,583,610

525,168

58,336

102,621

9,031

566,289

82,414

581,401

439,627

103,686

–

62,607

97,693

9,285

–

427,174

44,992

498,349

–

430,100

37,824

493,223

Base salary includes the salary earned by the individual in FY20. None of the Executives received any pay increase in FY20. Mr Salmon is remunerated in Euros
and the US$ reduction above reflects translation impacts. Both Mr Javeed and Mr Nazareth became KMP from April 2019 and their FY19 remuneration information
reflects a partial year pay.

Retirement benefits include all the retirement benefits earned by the individual in FY20. Mr Nicolin’s retirement benefits are based on his base salary plus prior
year STI achievement and will vary from year to year.

Other includes the cost to the Company of cash benefits such as motor vehicle, expatriation and relocation expenses, insurance, expat tax equalisation payments
and other amounts. Mr Javeed’s other benefits include his sign-on bonus, which includes cash and the value of accrued PSRs that will vest on the second anniversary
from 28 April 2019. Mr Nazareth’s other benefits for FY20 include a retrospective payment of FY19 base salary.

2020 STI represents amounts payable under the FY20 Short Term Incentive Plan. The amounts shown in the table above are pre-tax and the number of restricted
shares granted is calculated based on the post-tax STI award basis.

2020 LTI includes amounts provided in respect of the Group’s LTI Plans.

Mr Javeed was appointed as CFO and became a KMP on 29 April 2019.

Mr Salmon was appointed President of the IGBU on 28 April 2019. Mr Salmon’s FY19 STI was grandfathered in line with his prior CFO role.

Mr Nazareth was appointed President of the HGBU and become a KMP on 1 April 2019. Mr Nazareth’s remuneration information disclosed in this report only
relates to the period after 1 April 2019.

Mr Genzer ceased to be a KMP on 30 April 2019. The FY19 remuneration information disclosed in this report is for 12 months ended 30 June 2019.
Termination payments include entitlements payable pursuant to Mr Genzer’s employment agreement in addition to unused leave entitlements at 30 June 2019.

10. Mr Kubicek ceased to be a KMP on 30 April 2019. The FY19 remuneration information disclosed in this report is for 12 months ended 30 June 2019.

Termination payments include entitlements payable pursuant to Mr Kubicek’s employment agreement in addition to unused leave entitlements at 30 June 2019.

Ansell Limited Annual Report 2020Section 6 – Non-Executive Directors

6.1 Policy and Approach

Overview of policy

(a) Structured with a fixed fee component only.

(b) Fees are not linked to the performance of Ansell, so that independence and impartiality are maintained.

(subject to applicable currency exchange rates).

(d) Board and Committee fees are set by reference to a number of relevant considerations including:

• accountabilities and responsibilities attaching to the role of Director;

• time commitment expected of Directors;

• fees paid by peer companies;

• independent advice received from external advisers;

• the global nature of our businesses (to ensure that the Directors’ fee attracts and retains the best

international Directors); and

• the requirement to travel internationally to familiarise oneself with international operations

and for required meetings.

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Aggregate fees approved
by shareholders

The current aggregate fee pool for Non-Executive Directors of US$1,600,000 was approved by shareholders
at the 2014 AGM. The fee pool in US$ reflects the fact that business operations are run from outside Australia.

Base fees for FY20

Fees for Non-Executive Directors during FY20 were as follows:

Base Fees (Board)

Non-Executive Chairman

US$320,000 (inclusive of Committee fees)

Non-Executive Deputy Chairman

US$160,000 (inclusive of Committee fees)

Non-Executive Director

US$116,500

Committee Fees

Committee Chair

Committee Member

Audit & Compliance Committee

US$30,000

HR Committee

US$30,000

Sustainability & Risk Committee

US$30,000

Governance Committee*

US$12,000

US$6,000

* Fees for Governance Committee membership are incorporated in HR Committee fees. Where a member of the Governance

Committee is not a member of the HR Committee, a pro rated fee is paid.

Directors are permitted to be paid additional fees for special duties, including fees paid for serving
on ad hoc projects or transaction-focused committees.

Directors are entitled to be reimbursed for all business-related expenses, including travel expenses
incurred performing their duties.

A travel allowance of US$15,000 per annum is paid to each Non-Executive Director, which is in addition to
the above fees. Due to COVID-19, as the Board were unable to travel, the travel allowance was suspended,
effective 1 May 2020 and will resume once the Board recommences business travel.

Superannuation contributions are made on behalf of the Non-Executive Directors at a rate of 9.5% as
required by Australian law. For non-Australian-based Directors, these payments are pro rated for the
period of time spent in Australia. The Directors’ fees above are inclusive of any superannuation payments
payable by law.

FY21 – no fee change for FY21.

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportFinancial ReportShareholders and Shareholder Information
Remuneration Report (audited) continued

6.2 Non-Executive Directors’ Statutory Remuneration (US$)

Figure 6.1
Details of Non-Executive Directors’ remuneration are set out in the table below:

Non-Executive Directors

John A Bevan (Chairman)3

Glenn L L Barnes (Former Chairman)4

Ronald J S Bell5

W Peter Day

Leslie A Desjardins

Marissa T Peterson

William G Reilly

Christina M Stercken

Christine Y Yan6

Nigel D Garrard7

Total Non-Executive Directors’ remuneration

Year

FY20

FY19

FY20

FY19

FY20

FY19

FY20

FY19

FY20

FY19

FY20

FY19

FY20

FY19

FY20

FY19

FY20

FY19

FY20

FY19

FY20

FY19

Directors’ Fees1

Superannuation2

269,262

159,817

139,583

335,000

n/a

57,737

161,644

159,361

170,691

167,221

170,692

173,211

152,724

151,241

152,724

155,241

152,724

38,875

45,053

n/a

1,415,097

1,397,704

9,905

15,183

–

n/a

15,356

15,139

309

279

308

289

276

259

276

259

276

–

4,280

n/a

30,986

31,504

Total

279,167

175,000

139,583

335,000

n/a

57,833

177,000

174,500

171,000

167,500

171,000

173,500

153,000

151,500

153,000

155,500

153,000

38,875

49,333

n/a

1,446,083

1,429,208

1. Directors Fees include Base and Committee Fees plus travel allowances less Superannuation (see footnote (2) below). All Fees are expressed in US$. Due to COVID-19
and the cessation of travel, the payment of the travel allowance was suspended from 1 May 2020. The methodology of converting the fees into the base currency
of the Directors has not changed.

2. Superannuation contributions are made on behalf of the Non-Executive Directors at a rate of 9.5% as required by Australian law. Some Australian directors have
elected to opt-out of superannuation guarantee payments in accordance with an ATO ruling. For non-Australian based Directors, these payments are pro-rated
for the period of time spent in Australia.

3. Mr Bevan was elected as Chairman, effective from 15 November 2019 and his Directors Fees and associated entitlements in FY20 reflect a part year entitlement

as Deputy Chairman and a part year entitlement as Chairman.

4. Mr Barnes retired from the Board on 14 November 2019 and his Directors Fees and associated entitlements reflect a part year entitlement up to his retirement

date in FY20.

5. Mr Bell retired from the Board on 18 October 2018 and his Directors Fees and associated entitlements reflect a part year entitlement up to his retirement date in FY19.

6. Ms Yan was appointed on 1 April 2019 and her Directors fees and associated entitlements reflect a part year entitlement in FY19 from the date of her appointment.

Ms Yan did not attend any meetings in Australia in FY19 and was therefore not affected by footnote (2) above relating to Superannuation.

7. Mr Garrard was appointed on 1 March 2020 and his Directors fees and associated entitlements reflect a part year entitlement in FY20 from the date of his appointment.

The composition of the Committees is summarised in the Report by the Directors.

Ansell Limited Annual Report 2020
Section 7 – Group Performance and Remuneration Outcomes

7.1 Group Performance
The five-year performance history of the Group is summarised below.

Total Group Statutory Results
before the Sale of the Sexual
Wellness Business

Results from Continuing Operations after
the Sale of the Sexual Wellness Business

2016
US$m

1,572.8

236.7

159.1

144.8

105.1

43.5

18.17

2017
US$m

1,599.7

217.8

147.7

146.0

100.1

44.0

22.68

2018
Adjusted3
US$m

1,489.8

2019
Adjusted3
US$m

1,499.0

193.1

146.7

104.5

102.0

45.5

27.19

202.8

150.9

164.7

111.5

46.75

26.85

2020
US$m

1,613.7

219.7

158.7

191.7

121.8

50.0

36.70

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Sales

EBIT

Profit Attributable

Operating Cash Flow

Earnings Per Share (US cents)

Dividends Per Share1 (US cents)

Ansell share price (A$)2

1. Dividends have been declared in US$ since Ansell adopted the US$ as its reporting currency in FY14.

2. FY20 Share price is at 30 June 2020.

3. Adjusted results are continuing operations adjusted for the Transformation Program and other one-off costs.

7.2 Cumulative Total Shareholder Return (TSR)
TSR is the total shareholder return expressed as a percentage representing the growth received by an investor from holding shares in
Ansell, assuming USD dividends are converted to AUD and reinvested in Ansell’s shares. The chart below shows the TSR performance
as a cumulative percentage from a starting value at 1 July 2012 to a finishing value on 30 June 2020.

Figure 7.2 Ansell TSR Performance

250%

200%

150%

100%

50%

June 13

June 14

June 15

June 16

June 17

June 18

June 19

June 20

7.3 STI/LTI Payouts as Percentage of Maximum

CEO Incentive Outcomes

STI (% of maximum)

LTI (% of maximum)

FY15

36%

50%

FY16

29%

FY17

67%

FY18

37%

42%

FY19

51%

48%

FY20

66%

55%

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportFinancial ReportShareholders and Shareholder Information
Remuneration Report (audited) continued

Section 8 – Governance

8.1 Role of the Human Resources Committee (HRC)

Board
The Board is responsible for:

• defining Ansell’s remuneration strategy; and

• determining the structure and quantum of remuneration for the CEO and Other

Executives that support and drive the achievement of Ansell’s strategic objectives.

The Board has an overarching discretion with respect to the awards given under
Ansell’s incentive plans.

HRC
The HRC is delegated responsibility by the Board to review and make recommendations
on the remuneration policy, strategy and structure for Ansell’s Board members,
the CEO and Other Executives.

The HRC has in place a process of engaging and seeking independent advice from
external remuneration advisers and ensures remuneration recommendations in
relation to Other Executives are free from undue influence by management.

Management
Provides information relevant to remuneration decisions and makes
recommendations to the HRC.

Obtains remuneration information from external advisers to assist the HRC
(i.e. market data, legal advice, accounting advice, tax advice).

Consultation with shareholders
and other stakeholders

Remuneration consultants
and other external advisers
• Provide independent advice,

information and recommendations
relevant to remuneration decisions.

• In performing its duties and making
recommendations to the Board,
the Chairman of the HRC seeks
independent advice from external
advisers on various remuneration-
related matters.

• Any advice or recommendations
provided by external advisers are
used to assist the Board – they do
not substitute for the Board and
HRC process.

Remuneration consultants
and other external advisers
• Management may seek its own

independent advice with respect to
information and recommendations
relevant to remuneration decisions.

8.2 External Consultants
During the year, the HRC and Management undertook a review of external consultants resulting in the engagement of PwC to provide
independent advice on remuneration, which includes provision of an Australian market practice perspective on management’s international
remuneration proposals, disclosure in the Remuneration Report and to provide regular updates on Australian regulatory and market
trends. Prior to PwC’s appointment, the HRC engaged KPMG-3dc to provide independent remuneration advice. No remuneration
recommendations as defined in Section 9B of Corporations Act 2001 were provided by PwC or KPMG-3dc.

During FY18 and FY19, the HRC engaged PwC to review variable pay strategy and incentive plan design. The Committee agreed to defer
making any determination on incentive plan changes until FY21.

8.3 Shareholder Engagement
The HRC maintains a regular dialogue with major shareholders, relevant institutional investor bodies and proxy advisers. The views and
opinions expressed are considered when determining remuneration. The HRC monitors trends and developments in corporate governance
and market practice to ensure the structure of Executive remuneration remains appropriate. The HRC would undertake a consultation
process in advance of any material changes to the remuneration policy.

Ansell Limited Annual Report 2020Section 9 – Glossary

Board means the Board of Directors of Ansell Limited.

CAGR means Compound Average Growth Rate, which as used in this document measures the average year over year growth rate
of a financial metric over the specified time period.

Cash Conversion is defined as a ratio expressed as a percentage of net receipts from operations (as reported in the Group’s Consolidated
Statement of Cash Flow) to EBITDA (refer below).

Constant currency refers to page 5 of this Report.

Corporations Act means the Corporations Act 2001 (Cth).

EBIT means all profits of Ansell before taking into account interest and income taxes.

EBITDA means EBIT before Depreciation and Amortisation.

EMEA means Europe, Middle East and Africa.

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EPS means Earnings Per Share, which means the portion of Ansell’s profit that is allocated to each outstanding ordinary fully paid share.

Executive or Group Executive in this Report refers to the CEO and Other Executives.

FY16 means the 2016 financial year commencing on 1 July 2015 and ending on 30 June 2016. FY17 means the 2017 financial year
commencing on 1 July 2016 and ending on 30 June 2017. FY18 means the 2018 financial year commencing on 1 July 2017 and ending
on 30 June 2018. FY19 means the 2019 financial year commencing on 1 July 2018 and ending on 30 June 2019. FY20 means the 2020
financial year commencing on 1 July 2019 and ending on 30 June 2020.

KMP means the Key Management Personnel of Ansell, which comprises all Directors (Executive and Non-executive) and those Executives
who have authority and responsibility for planning, directing and controlling the activities of the Group.

Long Term Incentive (LTI) means the Ansell Long Term Incentive Plan, which is subject to the rules of the Ansell Long Term Incentive
Plan as periodically approved by the Board.

Operating Cash Flow is defined as Net Receipts from Operations per the Consolidated Statement of Cash Flows adjusted for net
expenditure on property, plant and equipment, intangible assets, lease repayments, net interest and tax.

Organic Sales Growth is defined as a 3-year compound annualised sales growth on a constant currency basis (as described above) after
excluding the impact of acquisitions, divestments and exited products.

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportFinancial ReportShareholders and Shareholder Information
Remuneration Report (audited) continued

Other Executives means the group of people who are KMP, but are not Non-Executive Directors or the CEO.

Profit Attributable means those profits of the Company that are available to the shareholders for distribution.

PSRs means Performance Share Rights.

Realised pay means the pay actually received/receivable by the Executive during the financial year, including salary, benefits, STI in
relation to the relevant financial year and any equity incentives that vested in relation to the completion of the relevant financial year.
Equity incentives were valued using the values of the shares determined as at the vesting date.

ROCE means Return on Capital Employed, which is the amount of EBIT returned as a percentage of the average funds that are employed
(both equity and debt used in the business). ROCE for remuneration outcomes is adjusted for acquisitions.

ROCE gateway means the ROCE required for the successful achievement of the relevant award.

Short Term Incentive Plan (STI) means the Ansell Short Term Incentive Plan, which is subject to the rules of the Ansell Short Term
Incentive Plan as periodically approved by the Board.

TSR means the total shareholder return expressed as a percentage representing the growth received by an investor from holding shares
in Ansell, assuming USD dividends are converted to AUD and reinvested in Ansell’s shares.

TSR (A$) means Total Shareholder Return calculated in Australian dollars.

Working capital is the balance as defined in Note 7 to the financial statements.

WACC means the Weighted Average Cost of Capital, which is a calculation of the average cost to Ansell of the debt and equity capital
employed in the business.

Ansell Limited Annual Report 2020Consolidated Income Statement
of Ansell Limited and Subsidiaries for the year ended 30 June 2020

Revenue

Sales revenue

Expenses

Cost of goods sold

Distribution

Selling, general and administration including transformation

Total expenses, excluding financing costs

Net financing costs

Share of profits of equity accounted investment, net of tax

Profit before income tax

Income tax expense

Profit for the period

Profit for the period is attributable to:

Ansell Limited shareholders

Non-controlling interests

Profit for the period

Earnings Per Share:

Basic Earnings Per Share

Diluted Earnings Per Share

The above Consolidated Income Statement should be read in conjunction with the accompanying notes.

Note

2020
US$m

2019
US$m

2, 3(c)

1,613.7

1,499.0

(981.0)

(76.4)

(336.6)

(915.0)

(69.9)

(356.8)

(1,394.0)

(1,341.7)

(17.4)

–

202.3

(42.2)

160.1

158.7

1.4

160.1

(13.6)

–

143.7

(30.6)

113.1

111.7

1.4

113.1

2020
US cents

2019
US cents

121.8

120.0

82.6

81.2

3(b)

3(a)

8(a)

4(a)

Note

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial ReportConsolidated Statement of Comprehensive Income
of Ansell Limited and Subsidiaries for the year ended 30 June 2020

Profit for the period

Other comprehensive income

Items that will not be reclassified to the Income Statement:

Retained earnings

Remeasurement of defined benefit superannuation/post-retirement health benefit plans

Tax benefit on items that will not be subsequently reclassified to the Income Statement

Total items that will not be reclassified to the Income Statement

Items that may subsequently be reclassified to the Income Statement:

Foreign currency translation reserve

Note

14(a)

4(a)

2020
US$m

160.1

2019
US$m

113.1

(2.3)

5.1

2.8

(1.5)

0.3

(1.2)

Net exchange differences on translation of financial statements of foreign subsidiaries

(29.2)

(10.7)

Hedging reserve

Movement in effective cash flow hedges for the year

Movement in time value of options for the year

Tax benefit on items that may subsequently be reclassified to the Income Statement

4(a)

Total items that may subsequently be reclassified to the Income Statement

Other comprehensive income for the period, net of tax where applicable

Total comprehensive income for the period

Attributable to:

Ansell Limited shareholders

Non-controlling interests

Total comprehensive income for the period

The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

(3.6)

(0.2)

0.9

(32.1)

(29.3)

130.8

130.3

0.5

130.8

(5.5)

(0.5)

1.2

(15.5)

(16.7)

96.4

95.3

1.1

96.4

Ansell Limited Annual Report 2020Consolidated Balance Sheet
of Ansell Limited and Subsidiaries as at 30 June 2020

Current assets

Cash and cash equivalents

Trade and other receivables

Derivative financial instruments

Inventories

Other current assets

Total current assets

Non-current assets

Trade and other receivables

Derivative financial instruments

Investments

Property, plant and equipment

Right-of-use assets

Intangible assets

Deferred tax assets

Retirement benefit assets

Other non-current assets

Total non-current assets

Total assets

Current liabilities

Trade and other payables

Derivative financial instruments

Interest bearing liabilities

Lease liabilities

Provisions

Current tax liabilities

Total current liabilities

Non-current liabilities

Trade and other payables

Derivative financial instruments

Interest bearing liabilities

Lease liabilities

Provisions

Retirement benefit obligations

Deferred tax liabilities

Other non-current liabilities

Total non-current liabilities

Total liabilities

Net assets

Equity

Issued capital

Reserves

Retained profits

Total equity attributable to Ansell Limited shareholders

Non-controlling interests

Total equity

The above Consolidated Balance Sheet should be read in conjunction with the accompanying notes.

Note

6(a)

7(a)

17(c)

7(b)

17(c)

10(b)

4(b)

14(a)

7(c)

17(d)

10(c)

17(d)

10(c)

14(a)

4(c)

15(a)

2020
US$m

408.9

181.2

5.7

340.1

25.1

961.0

4.1

1.8

11.9

251.5

55.5

2019
US$m

397.5

201.1

5.1

335.6

19.9

959.2

4.3

2.7

–

229.8

–

1,065.9

1,082.6

68.5

2.1

26.3

1,487.6

2,448.6

66.0

4.9

27.4

1,417.7

2,376.9

254.7

225.6

6.7

50.0

18.3

66.4

12.3

3.0

20.0

–

56.4

7.9

408.4

312.9

1.6

0.8

2.1

0.4

469.9

525.3

39.3

9.3

14.9

76.6

24.4

636.8

1,045.2

1,403.4

806.0

(120.2)

705.7

1,391.5

11.9

1,403.4

–

8.8

14.7

76.5

25.8

653.6

966.5

1,410.4

873.9

(85.5)

610.0

1,398.4

12.0

1,410.4

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial ReportConsolidated Statement of Changes in Equity
of Ansell Limited and Subsidiaries for the year ended 30 June 2020

Total equity

Balance at the beginning of the financial year

Change in accounting policy upon adoption of AASB 16 Leases net of tax

Total comprehensive income for the period attributable to:

Ansell Limited shareholders

Non-controlling interests

Transactions with owners attributable to Ansell Limited shareholders:

Shares issued under Dividend Reinvestment Plan

Share buy-back

Share-based payments reserve

Dividends

Transactions with owners attributable to non-controlling interests:

Non-controlling interests of entities disposed

Dividends

Total equity at the end of the financial year

Share capital

Balance at the beginning of the financial year

Transactions with owners as owners:

Shares issued under Dividend Reinvestment Plan

Share buy-back

Balance at the end of the financial year

The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.

2020
US$m

2019
US$m

1,410.4

1,550.2

(4.1)

–

130.3

0.5

–

(67.9)

(4.0)

(61.2)

–

(0.6)

95.3

1.1

2.4

(181.1)

9.3

(62.1)

(4.2)

(0.5)

1,403.4

1,410.4

873.9

1,052.6

–

(67.9)

806.0

2.4

(181.1)

873.9

Ansell Limited Annual Report 2020Reserves

Share-based payments reserve

Balance at the beginning of the financial year

Transactions with owners as owners:

Charge to the Income Statement

Issue of shares to employees to satisfy vesting of Performance Share Rights (PSRs)
under the Group’s Long Term Incentive plan

Balance at the end of the financial year

Hedging reserve

Balance at the beginning of the financial year

Comprehensive income for the year:

Movement in effective cash flow hedges net of tax

Movement in time value of options net of tax

Balance at the end of the financial year

General reserve

Balance at the beginning of the financial year

Transfer from/(to) retained profits

Balance at the end of the financial year

Foreign currency translation reserve

Balance at the beginning of the financial year

Comprehensive income for the year:

Net exchange differences on translation of financial statements of foreign subsidiaries

Balance at the end of the financial year

Transactions with non-controlling interests

Balance at the beginning of the financial year

Transfer to retained profits

Balance at the end of the financial year

Fair value reserve

Balance at the beginning of the financial year

Transfer to retained profits

Balance at the end of the financial year

Total reserves at the end of the financial year

Retained profits

Balance at the beginning of the financial year

Transfer to reserves

Change in accounting policy upon adoption of AASB 16 Leases net of tax

Comprehensive income for the period:

Net profit attributable to Ansell Limited shareholders

Remeasurement of defined benefit superannuation/post-retirement health benefit plans net of tax

Dividends paid

Balance at the end of the financial year

The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.

2020
US$m

2019
US$m

67.4

58.1

10.3

(14.3)

63.4

1.0

(2.7)

(0.2)

(1.9)

11.0

0.5

11.5

9.3

–

67.4

5.8

(5.3)

0.5

1.0

16.9

(5.9)

11.0

(164.9)

(154.5)

(28.3)

(193.2)

(10.4)

(164.9)

–

(120.2)

(10.9)

10.9

–

2.6

(2.6)

–

(85.5)

610.0

564.0

(0.5)

(4.1)

158.7

2.8

(61.2)

705.7

(2.4)

–

111.7

(1.2)

(62.1)

610.0

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial ReportNote

2020
US$m

2019
US$m

1,625.9

(1,300.8)

325.1

(34.2)

290.9

1,502.6

(1,288.7)

213.9

(25.0)

188.9

6(b)

(0.4)

(64.8)

(11.9)

–

2.3

(74.8)

34.8

(52.4)

(20.3)

(67.9)

(14.3)

(61.2)

(0.6)

5.3

(20.2)

(1.5)

(198.3)

17.8

397.5

(6.4)

408.9

(75.5)

(43.6)

–

(4.4)

(0.3)

0.1

(123.7)

–

(181.1)

–

(59.7)

(0.5)

8.8

(20.9)

–

(253.4)

(188.2)

589.8

(4.1)

397.5

Consolidated Statement of Cash Flows
of Ansell Limited and Subsidiaries for the year ended 30 June 2020

Cash flows related to operating activities

Receipts from customers

Payments to suppliers and employees

Net receipts from operations

Income taxes paid

Net cash provided by operating activities

Cash flows related to investing activities

Payments for businesses, net of cash acquired

Payments for property, plant, equipment and intangible assets

Payments for investments

Payments for the disposal of discontinued operations, including cash disposed and
disposal costs

Income tax paid on the net gain on the disposal of discontinued operations

Proceeds from the sale of property, plant and equipment

Net cash used in investing activities

Cash flows related to financing activities

Proceeds from borrowings

Repayments of borrowings

Repayments of lease liabilities

Payments for share buy-back

Payments for shares acquired to satisfy vesting of PSRs under the Group’s Long Term
Incentive plan

Dividends paid – Ansell Limited shareholders

Dividends paid – Non-controlling interests

Interest received

Interest on interest bearing liabilities and financing costs paid

Interest paid on lease liabilities

Net cash used in financing activities

Net increase/(decrease) in cash and cash equivalents

Cash and cash equivalents at the beginning of the financial year

Effect of movements in exchange rates on cash held

Cash and cash equivalents at the end of the financial year

6(a)

The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

Ansell Limited Annual Report 2020Notes to the Financial Statements
of Ansell Limited and Subsidiaries for the year ended 30 June 2020

1. Summary of Significant Accounting Policies

General
Ansell Limited (the ‘Company’) is a company domiciled in Australia. The Company and its subsidiaries (together referred to as the ‘Group’)
is a global leader in protection solutions. The Group is a for-profit entity and designs, develops and manufactures a wide range of hand,
arm and body protection solutions and clothing and is organised around two Global Business Units (GBUs) as detailed in Note 2.

• Healthcare GBU

• Industrial GBU

Statement of Compliance
The Financial Report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards
adopted by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001. The financial report of the Group also
complies with International Financial Reporting Standards and interpretations adopted by the International Accounting Standards
Board (‘IFRS’ or ‘IAS’).

The consolidated financial statements were authorised for issue by the Board of Directors on 25 August 2020.

Basis of Accounting
The Financial Report is presented in United States dollars and on the historical cost basis except that assets and liabilities in respect
of derivative financial instruments and available-for-sale financial assets are stated at their fair value. The Financial Report has been
prepared on a going concern basis, which assumes the continuity of normal operations.

The Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 and in
accordance with the Instrument, amounts in the Financial Report and Directors’ Report have been rounded off to the nearest hundred
thousand dollars, unless otherwise stated.

A summary of the significant accounting policies of the Group is disclosed below. The accounting policies have been applied consistently
by all entities in the Group.

New Standards Adopted Effective 1 July 2019
The Group adopted IFRS 16/AASB 16 Leases (AASB 16) effective from 1 July 2019 which resulted in a change in accounting policy
in respect of operating leases.

The Group has applied AASB 16 using the modified retrospective approach, under which the cumulative effect of initial application
is recognised in retained profits at 1 July 2019. The comparative information presented has not been restated.

Accounting Policy Change
As a lessee, the Group previously classified leases as operating or finance leases, under IAS 17/AASB 117 Leases (AASB 117), based on its
assessment of whether the lease transferred significantly all the risks and rewards incidental to the ownership of the underlying assets
to the Group. Under AASB 16, the Group recognises right-of-use assets and lease liabilities in respect of contracts that meet the definition
of a lease.

Leases Classified as Operating Leases Under AASB 117
On adoption of AASB 16, the Group recognised lease liabilities in relation to leases which had previously been classified as operating
leases under the principles of AASB 117. These lease liabilities were measured at the present value of the remaining lease payments,
discounted at the incremental borrowing rates as at 1 July 2019. Right-of-use assets were measured as if AASB 16 had always been
applied but using the incremental borrowing rates as at 1 July 2019.

The weighted average incremental borrowing rate used at 1 July 2019 was 3.2%.

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial Report1. Summary of Significant Accounting Policies continued

The Group applied the following practical expedients upon adoption of AASB 16 to leases previously classified as operating leases
under AASB 117:

• Applied a single discount rate to a portfolio of leases with similar characteristics;

• Applied the exemption not to recognise right-of-use assets and liabilities for short-term and low value leases;

• Excluded initial direct costs from measuring the right-of-use asset at the date of initial application; and

• Used hindsight when determining the lease term if the contract contains options to extend or terminate the lease.

Refer to Note 10 Leases for the impact on the financial statements of the transition to AASB 16.

The Group early adopted AASB 2019-3 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform. The amendments
include a number of reliefs that apply to all hedging relationships directly affected by interest rate benchmark reform. A hedging
relationship is affected if interest rate benchmark reform gives rise to uncertainties about the timing and/or amount of benchmark-based
cash flows of the hedged item or the hedging instrument.

The relief applies during the period before the replacement of an existing interest rate benchmark with an alternative risk-free rate.
The relief ceases to apply once certain conditions are met. Ansell’s borrowing and hedging derivatives portfolio is exposed to a number
of benchmark rates, predominately Euribor, USD LIBOR and GBP LIBOR. The Group has commenced a project to monitor the
developments of international regulators and to assess the impact of the introduction of alternative risk-free rates.

The notional value of hedging instruments in those hedging relationships is $142.1m.

The adoption of AASB 2019-3 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform has not had a significant
impact on the Group’s accounting policies or practices.

Except for the adoption of AASB 16 Leases, AASB 2019-3 Amendments to Australian Accounting Standards – Interest Rate Benchmark
Reform, and AASB Interpretation 23 Uncertainty over Income Tax Treatments, the accounting policies applied by the Group in these
consolidated financial statements are the same as those applied in the Group’s consolidated financial statements as at and for the year
ended 30 June 2019. The adoption of AASB Interpretation 23 did not have a significant impact on the Group’s financial statements.

Principles of Consolidation
The financial statements of the Group include the Company being the parent entity, and its subsidiaries.

The financial statements incorporate the assets and liabilities of all subsidiaries of the Company as at balance date and the results of all
subsidiaries for the year then ended. Subsidiaries are entities controlled by the Company. Control exists when the Company is exposed
to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over
the entity.

Results of subsidiaries are included in the Income Statement from the date on which control commences and continue to be included
until the date control ceases to exist. The effects of all transactions between entities in the Group are eliminated in full. Non-controlling
interests in the results and equity of subsidiaries are shown separately in the Income Statement and Balance Sheet respectively.

Foreign Currency

Transactions
Transactions in foreign currencies are recorded at the rate of exchange ruling on the date of each transaction. At balance date, amounts
payable and receivable in foreign currencies are converted at the rates of exchange ruling at that date, with any resultant gain or loss
recognised in the Income Statement except when deferred in equity as qualifying cash flow hedges.

Translation
The financial statements of overseas subsidiaries are maintained in their functional currencies and are converted to the Group’s
presentation currency as follows:

• assets and liabilities are translated at the rate of exchange as at balance date;

• income statements are translated at average exchange rates for the reporting period which approximate the rates ruling at the dates

of the transactions; and

• all resultant exchange differences are recorded within equity in the foreign currency translation reserve.

When an overseas subsidiary is sold, the cumulative amount recognised in the foreign currency translation reserve relating to the subsidiary
is recognised in the Income Statement as part of the gain or loss on sale.

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2020Ansell Limited Annual Report 2020Significant Accounting Estimates and Judgements

Current Asset Provisions
In the course of normal trading activities, management uses its judgement in establishing the net realisable value of various elements
of working capital – principally inventory and accounts receivable. Provisions are established for obsolete or slow moving inventories
and bad or doubtful receivables. The actual level of obsolete or slow moving inventories and bad or doubtful receivables in future
periods may be different from the provisions established, and any such differences would affect future earnings of the Group. The
factors considered are detailed in Note 7 and under the heading ‘COVID-19’ below.

Property, Plant and Equipment and Finite Life Intangible Assets
The Group’s property, plant and equipment and intangible assets, other than indefinite life intangible assets, are depreciated/amortised
on a straight-line basis over their useful economic lives. Management reviews the appropriateness of useful economic lives of assets at
least annually, and any changes to useful economic lives may affect prospective depreciation rates and asset carrying values. The useful
economic lives are detailed in Notes 9 and 11.

Impairment of Goodwill and Brand Names
The Group tests whether goodwill and brand names are impaired at least annually, or more frequently if events or changes in circumstances
indicate that their carrying values may be impaired, in accordance with the accounting policy on intangible assets. The policy requires
the use of assumptions in assessing the carrying values of cash generating units (CGUs). These assumptions are detailed in Note 11.

Income Tax
The Group operates in a number of tax jurisdictions and needs to consider their varying complexities, differing tax rules and the changing
tax environments. The Group has processes to assess and manage these issues including the use of external tax advisers.

The reviews undertaken to determine whether a deferred tax asset should be recognised in jurisdictions where unbooked tax losses exist
and in assessing the recoverability of booked tax losses involve the use of judgements and estimates in assessing the projected future
trading performances of relevant operations. These judgements and estimates are subject to risk and uncertainty, hence there is a
possibility that changes in circumstances will alter expectations, which may impact on the amount of the deferred tax asset in respect
of tax losses recognised on the Balance Sheet. In such circumstances the carrying amount of this asset may require adjustment resulting
in a corresponding credit or charge to the Income Statement.

Defined Benefit Superannuation Plans
Various actuarial assumptions are utilised in the determination of the Group’s defined benefit superannuation plan obligations.
These assumptions are detailed in Note 14.

COVID-19
COVID-19 drove unprecedented demand for some of our products but also disrupted some operations due to temporary enforced
government shutdowns. Overall, the Group’s FY20 performance, including sales, profitability and liquidity, in the face of the pandemic
has been positive.

This additional demand impacted the level of Trade Receivables reported on the Balance Sheet. Given the uncertain global economic
conditions caused by the pandemic, management conducted an extensive review of the performance, credit limits and serviceability
of the individually significant Trade Receivables balances across all the regions in which the Group operates taking into account
specific country and macroeconomic risk factors. Based on the results of this review management were satisfied that the existing levels
of provisions for expected credit losses were adequate. The ageing of Trade Receivables at the end of the financial year is broadly
consistent with pre-COVID-19 levels.

Other Accounting Policies
Other accounting policies that summarise the measurement basis used and are relevant to an understanding of the financial statements
are provided throughout the notes to the financial statements.

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial Report2. Segment Information

The Group comprises the following operating segments:

Healthcare GBU: surgical and examination gloves, healthcare safety devices and active infection prevention products for healthcare
professionals and patients and single use industrial application gloves.

Industrial GBU: multi-use hand and body protection solutions for industrial worker environments and specialty applications.

2020

Sales revenue

Profit/(loss) before net financing costs and income tax expense

Net financing costs

Profit before income tax expense

Income tax expense

Profit after income tax

Non-controlling interests

Net profit attributable to Ansell Limited shareholders

Segment assets

Segment liabilities

Segment depreciation and amortisation

Segment capital expenditure

2019

Sales revenue

Profit/(loss) before restructuring, asset impairment,
net financing costs and income tax expense

Restructuring and Transformation

Asset impairment

Net financing costs

Profit before income tax expense

Income tax expense

Profit after income tax

Non-controlling interests

Net profit attributable to Ansell Limited shareholders

Segment assets

Segment liabilities

Segment depreciation and amortisation

Segment capital expenditure

Operating Segments

Healthcare
US$m

Industrial
US$m

Unallocated
US$m

Total Group
US$m

894.6

141.8

–

141.8

1,059.4

130.1

22.2

30.5

719.1

92.4

–

92.4

835.4

133.7

26.4

26.2

–

(14.5)

(17.4)

(31.9)

553.8

781.4

7.9

8.1

1,613.7

219.7

(17.4)

202.3

(42.2)

160.1

(1.4)

158.7

2,448.6

1,045.2

56.5

64.8

Operating Segments

Healthcare
US$m

Industrial
US$m

Unallocated
US$m

Total Group
US$m

795.3

703.7

–

1,499.0

115.3

(3.1)

–

112.2

1,014.2

109.2

14.6

16.4

98.7

(25.8)

(8.3)

–

64.6

825.2

115.7

18.3

22.7

(11.2)

(8.3)

–

(13.6)

(33.1)

537.5

741.6

5.3

4.5

202.8

(37.2)

(8.3)

(13.6)

143.7

(30.6)

113.1

(1.4)

111.7

2,376.9

966.5

38.2

43.6

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2020Ansell Limited Annual Report 2020Regional Information
Sales revenue is disclosed in the four geographical regions based on where the products are sold to external customers.

Assets (excluding goodwill, brand names and other intangibles) are allocated to the geographical regions in which the assets are located.

Asia Pacific: manufacturing facilities in Malaysia, Thailand, Sri Lanka, China and Vietnam.

Europe, Middle East and Africa: manufacturing facilities in Lithuania and Portugal.

Latin America and Caribbean: manufacturing facility in Brazil.

North America: manufacturing facility in Mexico.

Regions

Asia Pacific

Europe, Middle East and Africa

Latin America and Caribbean

North America

Total regions

Sales Revenue

Regional Assets

2020
US$m

208.2

543.7

106.7

755.1

2019
US$m

181.4

531.6

109.4

676.6

1,613.7

1,499.0

2020
US$m

393.4

172.8

50.8

229.0

846.0

2019
US$m

340.9

183.7

54.8

206.1

785.5

Country of Domicile
The Company’s country of domicile is Australia. The sales revenue and assets for the Australian entities (reported within the Asia Pacific
region) are as follows:

Sales revenue

Assets

2020
US$m

127.6

28.2

2019
US$m

119.3

27.6

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial Report3. Profit Before Income Tax

(a) Profit Before Income Tax has been Arrived at after

Charging/(Crediting) the Following Items

This table summaries expenses by nature:

Interest expense on interest bearing liabilities

Interest expense on lease liabilities

Other financing costs

Interest income

Net financing costs

Bad debts written off

Provision for impairment of trade receivables – recognised

Net bad debts expense and provision for impairment of trade receivables

Wages and salaries

Increase in provision for employee entitlements

Defined contribution superannuation plan expense

Defined benefit superannuation plan expense

Equity settled share-based payments expense

Employee benefits expense

Research and development costs

Net foreign exchange gain

(Gain)/loss on the sale of property, plant and equipment

Income from sub-leasing of right-of-use assets

Variable lease payments

Operating lease rentals

Write-down in value of inventories

2020
US$m

2019
US$m

17.9

1.5

2.9

(4.9)

17.4

0.1

0.5

0.6

18.9

–

2.5

(7.8)

13.6

0.1

0.7

0.8

240.4

223.5

13.7

12.3

2.2

10.3

14.1

11.7

2.3

9.3

278.9

260.9

14.3

(0.5)

(0.9)

(1.0)

8.9

–

5.0

12.2

(6.8)

0.4

–

29.6

6.0

(b) Transformation
The following table summarises the impact on the profit before income tax of the Transformation initiative announced on 20 July 2017
and completed in the previous financial year:

Selling, general and administration

Restructuring – Transformation initiative

Asset impairment (property, plant and equipment) – Transformation initiative

2020
US$m

–

2019
US$m

37.2

8.3

Sales Revenue
Sales revenue is recognised when control of the goods has been transferred to the customer in accordance with the trading terms which
are generally specified in their sales agreements. Sales revenue is recorded based on the consideration received or receivable from the
customer net of returns, trade discounts and allowances.

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2020Ansell Limited Annual Report 20204. Income Tax

(a) Income Tax Expense

2020
US$m

2019
US$m

Prima facie income tax calculated at 30% (2019: 30%) on profit before income tax

60.7

43.1

Reduced taxation arising from:

Investment and export incentive allowances

Impact of transformation costs

Net lower overseas tax rates

Other permanent differences

Income tax expense attributable to profit before income tax

Income tax expense attributable to profit before income tax is made up of:

Current year income tax

Deferred income tax attributable to:

Increase in deferred tax liability

Decrease in deferred tax asset

Income tax benefit recognised in other comprehensive income

Remeasurement of defined benefit superannuation/post-retirement health benefit plans*

Movement in effective hedges for year

* Current year includes an adjustment to deferred tax on actuarial gains/losses reported in prior periods.

(b) Deferred Tax Assets
Deferred tax assets arising from:

Deductible temporary differences

Accumulated tax losses

Deferred tax assets are attributable to the following:

Trading stock tax adjustments

Provisions

Accruals

Leased assets

Amortisation of intangible assets

Accumulated tax losses

Total deferred tax assets

Details of the movement in the balance of deferred tax assets are as follows:

Balance at the beginning of the financial year

Under provision of prior year balance

Amount charged to the Income Statement

Amount credited to other comprehensive income

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

(7.7)

–

(10.9)

0.1

42.2

(13.2)

7.4

(6.3)

(0.4)

30.6

38.8

23.2

1.4

2.0

42.2

(5.1)

(0.9)

(6.0)

42.1

26.4

68.5

5.5

26.2

5.2

0.7

4.5

26.4

68.5

66.0

0.3

(2.0)

5.1

(0.9)

68.5

7.2

0.2

30.6

(0.3)

(1.2)

(1.5)

36.0

30.0

66.0

7.2

18.2

4.7

–

5.9

30.0

66.0

67.6

0.1

(0.2)

0.5

(2.0)

66.0

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial Report
4. Income Tax continued

Depreciation on plant and equipment

Amortisation of intangible assets

Financial instruments

Other

Total deferred tax liabilities

Details of the movement in the balance of deferred tax liabilities are as follows:

Balance at the beginning of the financial year

Over provision of prior year balance

Amount charged to the Income Statement

Amount credited to other comprehensive income

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

(d) Recognition and Measurement

2020
US$m

2019
US$m

6.7

64.4

(0.2)

5.7

76.6

76.5

(0.1)

1.4

(0.9)

(0.3)

76.6

6.2

63.9

0.8

5.6

76.5

71.1

(0.1)

7.2

(1.0)

(0.7)

76.5

Current Tax
Income tax on the profit or loss for the financial year comprises current and deferred tax and is recognised in the Income Statement.
Current tax is the expected tax payable or receivable on taxable income for the financial year using tax rates enacted or substantively
enacted at reporting date, and any adjustments to tax payable or receivable in respect of previous years.

Deferred Tax
Deferred tax balances are determined using the balance sheet method, which calculates temporary differences based on the carrying
amounts of an entity’s assets and liabilities in the Balance Sheet and their associated tax bases. The amount of deferred tax provided is
based on the expected manner of realisation of the asset or settlement of the liability using tax rates enacted or substantively enacted
at reporting date.

In jurisdictions where unbooked tax losses exist, regular reviews are undertaken of the past trading history and projected future trading
performance of the operations in these jurisdictions as part of the determination of the value of any deferred tax asset that should be
reflected in the accounts in respect of such losses. A deferred tax asset is recognised only to the extent that it is probable that future
taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent it is no longer
probable that the related tax benefit will be realised.

The Group has not recognised the tax value of deferred tax assets in respect of trading tax losses of $7.6m (2019: $8.3m) and $59.0m
of capital losses (2019: $60.2m). Deferred tax assets in respect of these unbooked losses have not been recognised as it is not probable
that future taxable profits will be available against which these losses can be utilised.

Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive
income. In this case, the associated tax is also recognised in other comprehensive income.

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2020Ansell Limited Annual Report 20205. Earnings Per Share

Earnings reconciliation

Profit for the period

Less profit for the period attributable to non-controlling interests

Basic earnings

Diluted earnings

Weighted average number of ordinary shares used as the denominator

Number of ordinary shares for basic Earnings Per Share

Effect of partly paid Executive Plan shares and PSRs

Number of ordinary shares for diluted Earnings Per Share

Earnings Per Share

Basic Earnings Per Share

Diluted Earnings Per Share

2020
US$m

160.1

(1.4)

158.7

2019
US$m

113.1

(1.4)

111.7

158.7

111.7

Number of Shares (Millions)

130.3

2.0

132.3

135.3

2.2

137.5

US Cents

121.8

120.0

82.6

81.2

Recognition and Measurement
Earnings Per Share (EPS) is the amount of profit attributable to each share. Basic EPS is calculated on the Group’s profit for the year
attributable to equity shareholders divided by the weighted average number of shares on issue during the year. Diluted EPS reflects any
commitments the Group has to issue shares in the future. Partly paid Executive Plan shares and PSRs have been included in diluted EPS.

6. Cash and Cash Equivalents

(a) Cash and Cash Equivalents
Cash on hand

Cash at bank

Short-term deposits

Restricted deposits

Total cash and cash equivalents

2020
US$m

0.1

149.6

256.4

406.1

2.8

408.9

2019
US$m

0.1

108.5

286.1

394.7

2.8

397.5

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial Report6. Cash and Cash Equivalents continued

(b) Reconciliation of Net Profit After Tax to Net Cash Provided

by Operating Activities

Profit for the period

Add/(less) non-cash items:

Depreciation

Amortisation

Impairment – trade receivables

Share-based payments expense

Write-down of property, plant and equipment

Add/(less) items classified as investing/financing activities:

Interest income

Interest expense on interest bearing liabilities and financing costs

Interest expense on lease liabilities

(Gain)/loss on the sale of property, plant and equipment

2020
US$m

2019
US$m

160.1

113.1

31.1

25.4

0.5

10.3

1.0

(4.9)

20.8

1.5

(0.9)

31.5

6.7

0.7

9.3

8.3

(7.8)

21.4

–

0.4

Net cash provided by operating activities before change in assets and liabilities

244.9

183.6

Change in assets and liabilities net of effect from acquisitions and disposals of businesses
and subsidiaries:

Decrease in trade and other receivables

(Increase)/decrease in inventories

Increase in other assets

Increase/(decrease) in trade and other payables

Increase in provisions/other liabilities

Increase in retirement benefit obligations

Increase in deferred tax liabilities

Decrease in deferred tax assets

Increase/(decrease) in current tax liabilities

Other non-cash items (including foreign currency impact)

Net cash provided by operating activities

12.1

(14.0)

(5.8)

32.9

11.7

0.9

0.3

3.4

4.7

(0.2)

3.5

2.4

(1.1)

(2.4)

5.0

0.5

6.2

1.2

(7.9)

(2.1)

290.9

188.9

Cash at Bank and on Deposit
Cash and cash equivalents include cash on hand and at banks and investments in money market instruments, net of outstanding
bank overdrafts.

Restricted Deposits
Restricted deposits represent cash set aside (under Court orders) to cover the provisions established to address any remaining liability
of members of the Group for claims arising with respect to the Accufix Pacing Lead (refer Note 13 Provisions – Other Provisions).

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2020Ansell Limited Annual Report 20207. Working Capital

Net trade receivables

Inventories

Trade payables

Total working capital

(a) Current Trade and Other Receivables

Trade receivables

Allowance for impairment

Provision for rebates and allowances

Net trade receivables

Other amounts receivable

Total current trade and other receivables

Movements in the allowance for impairment of trade receivables:

Balance at the beginning of the financial year

Amounts charged to the Income Statement

Amounts utilised

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

Ageing of Trade Receivables

Within agreed terms

Past due 0-60 days

Past due 61-90 days

Past due 91 days or more

Total

(b) Inventories

Raw materials

Work in progress

Finished goods

Total inventories

Inventories recognised as an expense

2020
US$m

173.4

340.1

(220.1)

293.4

2020
US$m

240.9

(6.1)

(61.4)

173.4

7.8

181.2

2019
US$m

192.2

335.6

(185.3)

342.5

2019
US$m

251.6

(8.1)

(51.3)

192.2

8.9

201.1

2020
US$m

2019
US$m

8.1

0.5

(2.0)

(0.5)

6.1

8.0

0.7

(0.6)

–

8.1

Gross Trade Receivables

Allowance for Impairment

2020
US$m

195.9

35.9

1.0

8.1

2019
US$m

211.0

33.1

0.8

6.7

240.9

251.6

2020
US$m

2019
US$m

–

6.1

2020
US$m

52.1

19.6

268.4

340.1

2020
US$m

941.9

–

1.5

0.5

6.1

8.1

2019
US$m

44.5

21.5

269.6

335.6

2019
US$m

882.5

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial Report7. Working Capital continued

Current

Trade payables

Other payables

Total current trade and other payables

(d) Recognition and Measurement

2020
US$m

220.1

34.6

254.7

2019
US$m

185.3

40.3

225.6

Trade Receivables
Trade receivables are carried at amounts due. Receivables that are not past due and not impaired are considered recoverable.
Trade receivables are recognised initially at the value of the invoice sent to the customer and subsequently at the amount considered
recoverable. Customer trading terms are generally between 30 – 60 days.

Allowance for Impairment of Trade Receivables
The collectability of trade receivables is assessed continuously and at balance date specific allowances are made for any doubtful trade
receivables based on a review of all outstanding amounts at year end. Bad debts are written off during the year in which they are identified.

The Group determines that the trade receivables are low credit risk financial assets and measures the impairment of trade receivable
balances based on an expected credit loss model. The following basis have been used to assess the allowance for impairment of trade
receivables in conjunction with the increased focus on trade receivables as detailed in Note 1 Significant Accounting Estimates and
Judgements – COVID-19:

• individual account by account assessment based on past credit history;

• prior knowledge of debtor insolvency;

• high risk customers’ assessments based on continuous analysis of customers’ payment trends and monitoring of the political

and economic climates particularly for those customers who are located in emerging market countries; and

• customer accounts that have been referred to a collection agency.

Inventories
Inventories are valued at the lower of cost and net realisable value. The net realisable value of inventories is the estimated selling price
in the ordinary course of business less estimated costs to sell. The cost of inventories is based on the first-in, first-out principle. In the case
of manufactured inventories and work in progress, cost includes an appropriate share of production overheads.

Provision for Obsolete or Slow-moving Inventories
Allowances are established for obsolete or slow-moving inventories taking into consideration the ageing or seasonal profile of inventories,
the nature of inventories, discontinued lines, sell-through history and forecast sales.

Trade and Other Payables
Trade and other payables are normally settled within 30 to 60 days from invoice date or within the agreed payment terms with the supplier.

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2020Ansell Limited Annual Report 20208. Investments

(a) Equity Accounted Investment

Investment in Careplus (M) Sdn Bhd (CMSB)

2020
US$m

8.9

2019
US$m

–

On 6 February 2020, Ansell Limited announced that it had entered into an agreement to acquire 50% of the issued shares in CMSB
from Careplus Group Berhad. The agreement was subject to Careplus Group shareholder approval and customary closing conditions.
The transaction was completed on 14 May 2020.

CMSB is a Malaysian manufacturer of surgical as well as latex and nitrile powder-free examination gloves with a manufacturing facility
in the Senawang Industrial Estate, near Kuala Lumpur. The Careplus Group is a current supplier to Ansell.

The agreement contains a call option over the remaining 50% of the issued capital of CMSB. The option can be exercised by Ansell
upon the occurrence of one of a number of trigger events, which were not considered probable at the date of this report.

Recognition and Measurement
Associates are entities in which the Group has significant influence, but not control, over the financial and operating policies and are
accounted for using the equity method. Investments in associates are initially recorded at cost which includes transaction costs.

Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and OCI of the
associate with a corresponding adjustment to the carrying amount of the investment, until the date on which significant influence ceases.
Dividends received from associates reduce the carrying amount of the investment.

(b) Unlisted Equity Investment

Investment in Modjoul

2020
US$m

3.0

2019
US$m

–

Recognition and Measurement
Unlisted equity investments are classified as a financial asset under AASB 9 Financial Instruments and are initially recorded at cost.
They are subsequently measured at fair value and any changes are recognised in OCI and reflected in the fair value reserve in equity.
When a financial asset is derecognised, the cumulative gain or loss in equity is transferred to retained earnings. Dividends received
are recognised in the income statement.

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial Report

9. Property, Plant and Equipment

2020

Cost

Accumulated depreciation

Movement

Freehold
Land
US$m

Freehold
Buildings
US$m

Leasehold
Land and
Buildings
US$m

Plant and
Equipment
US$m

Buildings and
Plant Under
Construction
US$m

10.2

–

10.2

34.6

(16.4)

18.2

67.7

(27.3)

40.4

429.6

(286.3)

143.3

Balance at the beginning of the financial year

10.6

19.0

40.7

144.8

Additions

Disposals/scrappings

Transfer from buildings and plant under construction

Depreciation

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

–

(0.3)

–

(0.1)

10.2

0.6

(0.7)

0.5

(1.2)

–

(0.1)

3.9

(3.4)

(0.7)

2.6

(1.4)

25.5

(26.5)

(1.7)

18.2

40.4

143.3

Freehold
Land
US$m

Freehold
Buildings
US$m

Leasehold
Land and
Buildings
US$m

Plant and
Equipment
US$m

Buildings and
Plant Under
Construction
US$m

2019

Cost

Accumulated depreciation

Movement

Balance at the beginning of the financial year

Additions

Additions through entities/businesses acquired

Disposals/scrappings

Transfer from buildings and plant under construction

Depreciation

Net exchange differences on translation of foreign subsidiaries

10.6

–

10.6

7.1

–

3.2

–

0.3

34.4

(15.4)

19.0

16.9

5.2

–

(2.8)

0.8

(1.1)

–

65.2

(24.5)

40.7

39.9

0.5

–

(0.2)

3.8

(2.8)

(0.5)

425.7

(280.9)

144.8

147.2

7.5

0.4

(5.3)

22.9

(27.6)

(0.3)

Balance at the end of the financial year

10.6

19.0

40.7

144.8

Total
US$m

581.5

(330.0)

251.5

229.8

58.4

(2.6)

–

(31.1)

(3.0)

251.5

Total
US$m

550.6

(320.8)

229.8

230.4

40.0

0.4

(8.8)

–

(31.5)

(0.7)

229.8

39.4

–

39.4

14.7

55.2

(0.1)

(29.9)

–

(0.5)

39.4

14.7

–

14.7

19.3

26.8

–

(0.5)

(30.7)

–

(0.2)

14.7

Recognition and Measurement
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes expenditure that
is directly attributable to the acquisition of the item. Subsequent costs are included in the asset’s carrying amount or recognised as a
separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group
and that the cost of the item can be measured reliably.

Depreciation
Depreciation is generally calculated on a straight-line basis so as to write off the net cost of each item of property, plant and equipment,
excluding land, over its estimated useful life.

The expected useful lives in the current and prior years are as follows:

Freehold buildings

20 – 40 years

Leasehold buildings

The lesser of 50 years or the life of the lease

Plant and equipment

3 – 20 years

Depreciation rates and methods are reviewed annually for appropriateness.

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2020Ansell Limited Annual Report 2020

10. Leases

(a) Impact on Financial Statements of Transition to AASB 16
On transition to AASB 16, the Group recognised $43.5m of right-of-use assets, $48.1m of lease liabilities, $0.5m in non-current receivables
(sublease), $1.0m in net deferred tax assets, a derecognition of $1.0m in net prepaid leases and an offset of $4.1m in retained earnings.

Buildings
US$m

102.0

(56.2)

45.8

34.5

5.1

20.6

–

(13.7)

(0.7)

45.8

Operating lease commitments disclosed as at 30 June 2019

Discount using incremental borrowing rate at 1 July 2019

Reassessment of lease payments subject to future rate increases

Lease liability recognised as at 1 July 2019

(b) Right-of-use Assets

2020

Cost

Accumulated depreciation

Movement

Recognised on adoption of AASB 16 at the beginning of the financial year

New leases

Modifications

Terminations

Amortisation

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

Recognised on adoption of AASB 16 at the beginning of the financial year

New leases

Modifications

Terminations

Repayments

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

Ageing of lease liabilities

Current

Non-current

1 July 2019
US$m

66.9

(10.0)

(8.8)

48.1

Total
US$m

120.1

(64.6)

55.5

43.5

10.7

21.0

(0.6)

(18.3)

(0.8)

55.5

2019
US$m

–

Motor
Vehicles
US$m

Other Plant &
Equipment
US$m

15.8

(7.5)

8.3

4.5

0.4

(0.6)

(4.2)

(0.1)

8.3

2.3

(0.9)

1.4

0.7

1.1

–

(0.4)

–

1.4

2020
US$m

48.1

10.7

21.0

(0.6)

(20.3)

(1.3)

57.6

18.3

39.3

57.6

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial Report

10. Leases continued

(d) Maturity Analysis – Lease Liabilities
The following table sets out the contractual maturities of the Group’s lease liabilities into relevant maturity groupings based on
the remaining period at the reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual
undiscounted cash flows comprising principal and interest repayments.

2020

Lease liabilities

Contractual Maturity (Years)

Carrying
Amount
US$m

57.6

Total
Contractual
Cash Flows
US$m

68.6

0-1
US$m

19.7

1-2
US$m

16.8

2-5
US$m

19.1

> 5
US$m

13.0

(e) Recognition and Measurement
The Group leases properties, motor vehicles and other plant and equipment. Lease terms range from less than 12 months to 99 years with
varying implicit discount rates and in numerous currencies. When an arrangement qualifies as a lease under AASB 16, the right-of-use
asset and lease liability as at inception are calculated by discounting future payments under the lease contract. The right-of-use asset is
amortised on a straight line basis over the term of the lease. Regular lease payments are allocated against the lease liability and interest.

Where lease contracts include an option(s) for renewal the impact of such options is not included in the initial calculation of the right-of-use
asset and liability unless it is considered reasonably certain that the option(s) will be exercised.

The Group has also entered into arrangements (predominantly for warehousing and distribution facilities) which may incorporate a fixed
monthly charge and/or charges which are dependent on a number of factors i.e. number of pallets stored, number of deliveries etc.
(variable charges). The fixed monthly charges of these arrangements are accounted for as a lease under AASB 16 whereas variable
charges are expensed to the Income Statement as incurred.

11. Intangible Assets

2020

Cost

Goodwill
US$m

Brand
Names
US$m

Software
Costs
US$m

Other
Intangibles
US$m

Total
US$m

Balance at the beginning of the financial year

987.3

248.6

Additions

Additions through completion of provisional accounting

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

Provision for amortisation and impairment

Balance at the beginning of the financial year

Amortisation

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

Written down value at the end of the financial year

–

1.1

(13.7)

974.7

140.2

–

(0.2)

140.0

834.7

–

(3.9)

244.7

58.0

0.1

(0.8)

57.3

187.4

70.2

6.4

–

(1.1)

75.5

41.4

5.8

(0.6)

46.6

28.9

23.7

1,329.8

–

(0.2)

23.5

7.6

1.2

(0.2)

8.6

6.4

1.1

(18.9)

1,318.4

247.2

7.1

(1.8)

252.5

14.9

1,065.9

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2020Ansell Limited Annual Report 20202019

Cost

Goodwill
US$m

Brand
Names
US$m

Software
Costs
US$m

Other
Intangibles
US$m

Total
US$m

Balance at the beginning of the financial year

942.0

237.7

Additions

Additions through entities acquired

Net exchange differences on translation of foreign subsidiaries

–

50.1

(4.8)

–

14.2

(3.3)

Balance at the end of the financial year

987.3

248.6

Provision for amortisation and impairment

Balance at the beginning of the financial year

Amortisation

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

Written down value at the end of the financial year

140.7

–

(0.5)

140.2

847.1

59.6

0.1

(1.7)

58.0

190.6

Carrying amount of goodwill and brand names allocated to each of the CGUs:

Healthcare

Industrial

Recognition and Measurement

69.4

3.6

–

(2.8)

70.2

37.8

5.3

(1.7)

41.4

28.8

23.7

1,272.8

–

3.6

64.3

(10.9)

23.7

1,329.8

6.3

1.3

–

7.6

244.4

6.7

(3.9)

247.2

16.1

1,082.6

2020
US$m

675.7

346.4

2019
US$m

677.7

360.0

1,022.1

1,037.7

Goodwill and Brand Names
Goodwill on acquisition is measured at cost being the excess of the cost of the acquisition over the fair value of the Group’s share
of the net identifiable assets acquired. Goodwill is not amortised. Brand names are initially recorded at cost based on independent
valuations at acquisition date, which equates to fair value. Based on the nature of the major brand names acquired by the Group,
which are international brands that benefit from competitive advantages due to technology, innovation and product development,
it is not possible to make an arbitrary assessment that these brand names have a finite useful life, quantifiable in terms of years except
where such brands are subject to licensing agreements covering a finite period or where management intends to phase out the use of
a brand. Brand names subject to a licensing arrangement are amortised over the life of the arrangement. Brand names that are intended
to be phased out are amortised over the period management anticipates that this process will take. No amortisation is provided against
the carrying value of those brand names not subject to a licensing arrangement or phase-out process as the Group believes that the
lives of such assets are indefinite at this point.

Software Costs
Capitalised software costs are amortised over a 3 to 10-year period.

Other Intangible Assets
Other intangible assets that are acquired by the Group and have finite useful lives are initially recorded at cost based on independent
valuations at acquisition date, which equates to fair value. These assets include patents that are amortised on a straight-line basis over
the legal life of the patent and customer and distributor relationships that are amortised on a straight-line basis over their estimated
useful lives, which range from 6 to 20 years.

The amortisation of brand names, software costs and other intangible assets are recognised in selling, general and administration
costs in the Income Statement.

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial Report11. Intangible Assets continued

Recoverability Assessment

Recoverable Amount of Non-Current Assets Valued on the Cost Basis
The carrying amounts of non-current assets valued on the cost basis are reviewed to determine whether they are in excess of their
recoverable amount at balance date.

The recoverable amount of a non-current asset is the higher of an asset’s fair value less costs of disposal and value in use. In assessing
value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent
cash flows, the recoverable amount is determined for the CGU to which the asset belongs.

An impairment loss is recognised whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment losses
are recognised in the Income Statement as part of cost of goods sold and selling, general and administration expenses. Impairment losses
recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to CGUs and then to reduce
the carrying amount of the other assets in the unit.

An impairment loss is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after
the impairment loss was recognised. An impairment loss in respect of goodwill or other indefinite life intangible assets is not reversed.

An impairment loss in other circumstances is reversed only to the extent that the asset’s carrying amount does not exceed the carrying
amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

Goodwill and Indefinite Life Intangible Assets
Goodwill and indefinite life intangible assets are tested for impairment as part of the year-end reporting process. These assets are also
reviewed as part of the interim reporting process to determine whether there are any indicators of impairment.

The carrying amount of other non-current assets, excluding any defined benefit fund assets, deferred tax assets and financial assets are
reviewed at each reporting date to determine whether there are any indicators of impairment.

If such indicators exist, the asset is tested for impairment by comparing its recoverable amount to its carrying amount. The recoverable
amount of an asset is determined as the higher of fair value less costs of disposal and value in use.

The recoverable amount of each CGU has been determined based on a value in use calculation derived from five-year cash flow projections:

• The first year’s cash flow projection is derived from the budget for the 2021 financial year as approved by the Board.

• Specific growth and after tax discount rates have been used in developing internal forecasts for financial years ending June 2022 to

2025 and for the terminal year. Factors such as country risk, forecasting risk and country specific growth and tax rates have been taken
into consideration in arriving at these rates.

Cash flows used for value in use calculations are estimated for the asset in its present condition and therefore do not include cash inflows
or outflows that improve or enhance the asset’s performance or that may arise from future restructuring. Key assumptions include the
annual revenue growth rate and margins.

The estimated COVID-19 impacts have been reflected in the five-year cash flow projections. This includes considering the following factors:

• the Group’s COVID-19 response initiatives, including the estimated impacts on revenue growth and margins, and

• pre-COVID-19 projections and run rates.

The post-tax discount rate used for the value in use calculation is derived based on an internal assessment of the Group’s post-tax weighted
average cost of capital in conjunction with risk specific factors for the countries in which the CGU operates. The growth in the terminal
year was 1.9% (2019: between 1.9% and 2.0%) and the post-tax discount rates applied range between 8.3% and 8.9% (2019: between 7.9%
and 8.2%).

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2020Ansell Limited Annual Report 202012. Interest Bearing Liabilities

Current

Loans repayable in:

United States dollars

Total current

Non-current

Loans repayable in:

Euros

United States dollars

Great British pounds

Total non-current

Total interest bearing liabilities

This table summarises the movement in interest bearing liabilities for the year ended 30 June 2020:

Balance at the beginning of the financial year

Movements in cash flows related to financing activities:

Proceeds from borrowings as per the Consolidated Statement of Cash Flows

Repayments of borrowings as per the Consolidated Statement of Cash Flows

Other movements:

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

2020
US$m

2019
US$m

50.0

20.0

142.2

200.0

127.7

469.9

519.9

143.8

250.0

131.5

525.3

545.3

2020
US$m

545.3

34.8

(52.4)

(7.8)

519.9

The Group has a syndicated borrowing facility of US$300m with GBP 103.8m (equivalent of US$127.7m) drawn down at 30 June 2020
maturing in June 2023, a Euro 50.0m revolving credit facility with Euro 25.0m (equivalent of US$28.1m) drawn down at 30 June 2020
maturing in July 2024 and Senior Notes to the equivalent of US$364.1m. Senior Notes of US$250.0m and Euro 101.5m (equivalent of
US$114.1m) mature between April 2021 and June 2029. These facilities can be accessed by certain Australian, US, UK and
European subsidiaries.

There are a number of financial covenants attaching to the bank and note facilities including restrictions on the level of borrowings
of non-guarantor subsidiaries and ensuring certain financial ratios are maintained. If any breaches of these covenants occur, all monies
outstanding under the facility become immediately due and payable. The Group is in compliance with all covenants. The interest rates
for these facilities are determined based on market rates at the time amounts are drawn down.

Net interest bearing debt

Current interest bearing liabilities

Current lease liabilities

Non-current interest bearing liabilities

Non-current lease liabilities

Cash at bank and short-term deposits

Net interest bearing debt

2020
US$m

50.0

18.3

469.9

39.3

(406.0)

171.5

2019
US$m

20.0

–

525.3

–

(394.6)

150.7

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial Report
12. Interest Bearing Liabilities continued

Recognition and Measurement
Interest bearing liabilities are initially recognised at fair value less attributable transaction costs. Subsequent to initial recognition,
interest bearing liabilities are stated at amortised cost. Any difference between the cost and redemption value is recognised in the
Income Statement over the period of the liability using the effective interest method.

Nature and Currency of Borrowing

Bank loans

Other loans

Total interest bearing liabilities

Nature and Currency of Borrowing

Bank loans

Other loans

Total interest bearing liabilities

Euros

Great British pounds

Euros

United States dollars

Euros

Great British pounds

Euros

United States dollars

Effective
Interest Rate
% p.a.

Financial
Year of Debt
Maturity

1.35

2.14

0.94

2.75

2.47

3.91

4.70

4.05

4.68

2025

2023

2027

2028

2029

2021

2024

2025

2026

Effective
Interest Rate
% p.a.

Financial
Year of Debt
Maturity

1.00

2.35

1.02

2.75

2.47

4.41

3.91

4.70

4.05

4.68

2021

2023

2027

2028

2029

2020

2021

2024

2025

2026

2020
US$m

28.1

127.7

40.2

33.7

50.0

100.0

50.0

519.9

2019
US$m

28.4

131.5

40.6

34.2

20.0

50.0

100.0

50.0

545.3

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2020Ansell Limited Annual Report 202013. Provisions

Current

Provision for employee entitlements

Provision for rationalisation and restructuring costs

Other provisions

Total current

Non-current

Provision for employee entitlements

Total non-current

Total provisions

2020
US$m

2019
US$m

58.3

5.1

3.0

66.4

9.3

75.7

44.9

8.3

3.2

56.4

8.8

65.2

Reconciliations of the carrying amount of each class of provision, except for employee entitlements, are set out below:

Provision for rationalisation and restructuring costs

Balance at the beginning of the financial year

Amounts charged to the Income Statement

Payments made

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

Other provisions

Balance at the beginning of the financial year

Amounts credited to the Income Statement

Payments made

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

2020
US$m

2019
US$m

8.3

2.0

(5.1)

(0.1)

5.1

3.2

(0.1)

–

(0.1)

3.0

5.7

4.8

(2.3)

0.1

8.3

3.5

(0.3)

0.1

(0.1)

3.2

Recognition and Measurement
A provision is recognised when there is a legal, equitable or constructive obligation as a result of a past event and it is probable that
a future sacrifice of economic benefits will be required to settle the obligation.

A non-current provision is determined by discounting the expected future cash flows required to settle the obligation at a pre-tax rate
that reflects current market assessments of the time value of money and the risks specific to the liability.

Employee Entitlements

Wages, Salaries and Annual Leave
Liabilities for employee entitlements to wages, salaries and annual leave represent the amount which members of the Group have a
present obligation to pay resulting from employees’ services provided up to the balance date calculated at undiscounted amounts based
on expected wage and salary rates that will be paid when the obligation is settled and include related on-costs.

Long Service Leave and Post-retirement Health Benefits
The liability for employee entitlements to long service leave represents the present value of the estimated future cash outflows to be
made by the Group resulting from employees’ services provided in the current and prior periods. Post-retirement health benefits are
subject to annual actuarial reviews.

The liability is calculated using estimated future increases in wage and salary rates including related on-costs, expected settlement
dates based on turnover history and medical cost trends and is discounted using corporate bond rates at balance date that most closely
match the terms of maturity of the related liabilities.

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial Report

13. Provisions continued

Provision for Rationalisation and Restructuring Costs
Provisions for rationalisation and restructuring are only recognised when a detailed plan has been approved and the restructuring
has either commenced or been publicly announced, or firm contracts related to the restructuring have been entered into. Costs related
to ongoing activities are not provided for.

Other Provisions
Other provisions are recognised to cover specifically identified or obligated costs relating to the Accufix Pacing Lead and insurance
claims. The Accufix Pacing Lead-related expenses include costs for patients associated with the monitoring and (where appropriate)
explantation of the leads and for legal costs in defence of claims made in respect of the Accufix Pacing Lead. This provision is covered
by cash required to be set aside by the Courts (refer to Note 6 – Cash and Cash Equivalents – Restricted Deposits).

14. Retirement Benefit Obligations

Certain members of the Group contribute to defined benefit and defined contribution superannuation plans maintained to provide
superannuation benefits for employees. They are obliged to contribute to the various superannuation plans as a consequence of
legislation or Trust Deeds. Legal enforceability is dependent on the terms of the legislation or the Trust Deeds.

(a) Defined Benefit Superannuation Plans
Funding for post-employment benefits is carried out in accordance with the requirements of the Trust Deed for the Fund and the advice
of the Fund’s actuarial adviser. Plan assets are held in trusts which are subject to supervision by prudential regulators. Responsibility for
governance of the plan, including investment decisions and plan rules, rests solely with the board of trustees of the plan.

Retirement Benefit Asset

Fair value of defined benefit plan assets

Present value of accumulated defined benefit obligations

Defined benefit asset recognised in the Balance Sheet

The movements in the defined benefit asset during the year are outlined below:

Balance at the beginning of the financial year

Actuarial losses(i)

Current service cost(ii)

Net interest income(ii)

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

2020
US$m

29.5

(27.4)

2.1

2019
US$m

31.6

(26.7)

4.9

2020
US$m

2019
US$m

4.9

(2.5)

(0.2)

0.1

(0.2)

2.1

5.9

(0.9)

(0.3)

0.2

–

4.9

The principal actuarial assumptions used (expressed as a weighted average) to calculate the defined benefit asset were as follows:

Discount rate

Future salary increases

2020
US$m

2.1%

3.0%

2019
US$m

3.2%

3.0%

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2020Ansell Limited Annual Report 2020Retirement Benefit Liability

Present value of accumulated defined benefit obligations

Fair value of defined benefit plan assets

Net defined benefit liability recognised in the Balance Sheet

The movements in the defined benefit liability during the year are outlined below:

Balance at the beginning of the financial year

Actuarial (gains)/losses(i)

Current service cost(ii)

Net interest cost(ii)

Employer contributions(iii)

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

2020
US$m

31.8

(16.9)

14.9

2020
US$m

14.7

(0.2)

2.0

0.1

(1.7)

–

2019
US$m

30.1

(15.4)

14.7

2019
US$m

14.3

0.6

2.0

0.2

(1.5)

(0.9)

14.9

14.7

The principal actuarial assumptions used (expressed as a weighted average) to calculate the defined benefit liability were as follows:

Discount rate

Future salary increases

2020
US$m

1.1%

1.5%

2019
US$m

1.2%

1.5%

(i) Actuarial gains and losses are recorded in other comprehensive income.

(ii) Current service cost and net interest are recorded in the Consolidated Income Statement as part of selling, general and administration expenses.

(iii) Employer contributions are a cash payment and are recorded as part of payments to suppliers and employees in the Consolidated Statement of Cash Flows.

The Group expects $1.2m in contributions to be paid to its defined benefit plans during the year ending 30 June 2021.

The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:

Equity securities

Fixed interest securities

Property

Cash and cash equivalents

Other

(b) Defined Contribution Superannuation Plans

Contributions to defined contribution superannuation plans during the year

2020
US$m

2019
US$m

34%

59%

31%

61%

2020
US$m

12.3

2019
US$m

11.7

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial Report15. Issued Capital and Reserves

(a) Issued Capital

Issued capital

128,527,343 (2019: 132,302,593) ordinary shares, fully paid

44,700 (2019: 44,700) Executive Share Plan shares, paid to A$0.05 per share

Total issued capital

Movement in shares on issue

Ordinary shares

Balance at the beginning of the financial year

Issue of new shares under Dividend Reinvestment Plan

Conversion of Executive Share Plan shares to fully paid

Buy-back/cancellation of shares

Balance at the end of the financial year

Executive Share Plan shares

Balance at the beginning of the financial year

Conversion of Executive Share Plan shares to fully paid

Balance at the end of the financial year

2020
US$m

806.0

–

806.0

2019
US$m

873.9

–

873.9

Number of Shares

132,302,593

142,280,089

–

132,874

5,000

(3,775,250)

(10,115,370)

128,527,343

132,302,593

44,700

–

44,700

49,700

(5,000)

44,700

Issued Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction,
net of tax where applicable, from the proceeds. When shares are repurchased, the amount of the consideration paid, including directly
attributable costs, is recognised as a deduction from equity.

Ordinary shares are fully paid and do not have authorised capital or par value. They carry one vote per share and the right to dividends
as declared from time to time. In the event of winding up of the Company, ordinary shareholders rank after all other shareholders and
creditors and are fully entitled to any proceeds of liquidation.

Dividend Reinvestment Plan
The Company operates a Dividend Reinvestment Plan, which is open to all shareholders. Under this plan, 145,354 shares were purchased
on market and issued to shareholders during the year (2019: 132,874 new shares were issued to shareholders).

Executive Share Plan
During the financial year, nil Executive Share Plan shares were paid (2019: 5,000). Shares allotted under the Pacific Dunlop Executive
Share Plan (which was discontinued in 1996) have been paid to A$0.05 per share.

Options
As at the date of this Report, there are nil (2019: nil) unissued shares in the Company remaining under option.

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2020Ansell Limited Annual Report 2020(b) Nature and Purpose of Reserves

Share-based Payments Reserve
This reserve is used to record the value of equity benefits provided to employees as part of their remuneration under various Long Term
Incentive Plans. Refer to Note 23 Ownership-based Remuneration Schemes for further details of these plans.

Hedging Reserve
This reserve records the portion of the unrealised gains or losses on cash flow hedges, the cumulative net change in the intrinsic and time
value of options and interest rate swaps that are deemed to be effective.

General Reserve
In certain jurisdictions regulatory requirements result in appropriations being made to a general reserve. The amount in the general
reserve is available for release to retained profits.

Foreign Currency Translation Reserve
The foreign currency translation reserve records the foreign currency differences arising from the translation of the financial statements
of foreign subsidiaries where their functional currency is different to the presentation currency of the Group. Refer to Note 1 Summary
of Significant Accounting Policies.

16. Dividends Paid or Declared

Dividends paid

A final dividend of US26.00 cents per share unfranked for the year ended 30 June 2019
(June 2018: US25.00 cents unfranked) was paid on 5 September 2019 (2018: 13 September 2018)

An interim dividend of US21.75 cents per share unfranked for the year ended 30 June 2020
(June 2019: US20.75 cents unfranked) was paid on 12 March 2020 (2019: 14 March 2019)

2020
US$m

2019
US$m

34.5

26.7

61.2

34.9

27.2

62.1

Dividends Declared
Since the end of the financial year the Directors have declared a final dividend of US28.25 cents per share unfranked, to be paid on
17 September 2020. The financial effect of this dividend has not been brought to account in the financial statements for the year ended
30 June 2020 and will be recognised in subsequent financial reports.

Dividend Franking Account
The balance of the dividend franking account as at 30 June 2020 was nil (2019: nil).

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial Report17. Financial Risk Management

Ansell has a range of financial policies designed to mitigate any potential negative impact financial risks may have on the Group’s
results. The Group’s risk management is carried out by a central treasury department under policies approved by the Board of Directors.
Group treasury identifies, evaluates and hedges financial risks in close co-operation with the Group’s business units. The Board reviews
and approves the Group’s policies for managing each of these risks which are summarised below:

• Note 17(a) Foreign Exchange Risk;

• Note 17(b) Interest Rate Risk;

• Note 17(c) Credit Risk;

• Note 17(d) Liquidity Risk; and

• Note 17(e) Commodity Price Risk.

These risks affect the fair value measurements applied by the Group, which are discussed in Note 17(f).

(a) Foreign Exchange Risk
The Group is exposed to a number of foreign currencies; however, the predominant operating currency is the US dollar (US$). As such
the Group has determined it appropriate to manage its foreign currency exposure against the US$. On this basis the Group manages
its transactional exposures as follows:

• Major revenue and cost currency net cash flow exposures are predominantly hedged back to US$ on a 12 to 18-month rolling basis so
as to reduce any significant adverse impact of exchange rate fluctuations on the EPS guidance provided by the Company to the market.

• Under the policy, the Group can hedge up to 90% of its estimated foreign currency exposure in respect of forecast purchases and sales.

The Group enters into a range of derivative financial instruments, which can be defined in the following broad categories:

(i) Forward/Future Contracts
These contracts enable the Group to buy or sell specific amounts of foreign exchange or financial instruments at an agreed rate/price
at a specified future date. Maturities of these contracts are predominantly up to 1 year.

(ii) Foreign Exchange Options
This is a contract between two parties, which gives the buyer of the put or call option the right, but not the obligation, to transact at a
specified exchange rate. The Group typically uses a combination of bought and sold options, generally for zero cost, to hedge foreign
currency receivable and payable cash flows predominantly out to 1 year.

As at 30 June, the exposure to foreign currency risk from the Group’s primary trading currency (US$) is:

Net receivable in non-US$ reporting entities

Net Receivable

2020
US$m

26.7

2019
US$m

20.0

The following table demonstrates the estimated sensitivity in the valuation of outstanding forward contracts and foreign exchange
options to a 10% increase/decrease in the US$ exchange rate, with all other variables held constant, on profit for the period and equity.

With all other variables held constant:

10% increase in US$ exchange rate

10% decrease in US$ exchange rate

Profit for the Period

Equity

2020
US$m

2019
US$m

2020
US$m

2019
US$m

–

7.3

(4.1)

8.0

(1.9)

100

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2020Ansell Limited Annual Report 2020(b) Interest Rate Risk
The Group has a broad aim of managing interest rate risk on its debt by setting a minimum level of interest rate risk days (the weighted
average term of all interest rates in the portfolio) and a minimum fixed/floating interest rate ratio. The Group enters into interest rate
swaps that enable parties to swap interest rates (from or to a fixed or floating basis) for a defined period of time. Maturities of the contracts
are principally between 1 and 10 years.

Prior to the beginning of each year, the Group calculates its financial budget for the upcoming year using an updated set of financial
assumptions and management’s view of the marketplace in the coming financial year. The Group forecasts interest rates for all debt
repricing and new financing.

In this context interest rate risk is the risk that the Group will, as a result of adverse movements in interest rates, experience:

• unacceptable variations to the cost of debt in the review period for which the financial budget has been finalised; and

• unacceptable variations in interest expense from year to year.

It is recognised that movements in interest rates may be beneficial to the Group. Within the context of the Group’s operations, interest
rate exposure occurs from the amount of interest rate repricing that occurs in any 1 year.

The exposure to interest rate risk and the effective weighted average interest rate for interest bearing financial liabilities are set out below:

Fixed Interest Repricing in:

Weighted
Average
Effective
Interest Rate
%

Floating
US$m

1 Year or
Less
US$m

1 to 2 Years
US$m

2 to 5 Years
US$m

> 5 Years
US$m

2020

Bank and other loans

Effect of interest rate swaps*

2019

Bank and other loans

Effect of interest rate swaps*

3.3

(0.1)

3.4

(0.1)

155.8

(61.7)

94.1

159.9

(43.8)

116.1

50.0

28.1

78.1

20.0

(20.0)

–

73.8

50.0

28.4

78.4

150.0

(40.2)

109.8

100.0

35.4

135.4

* Represents notional amount of interest rate swaps.

A separate analysis of debt by currency can be found at Note 12 – Interest Bearing Liabilities.

Total
US$m

519.9

–

519.9

164.1

–

164.1

215.4

545.3

–

215.4

545.3

The table below shows the effect on profit for the period and equity, if interest rates had been 10% higher or lower with all other variables
held constant, taking into account all underlying exposures and related hedges. A sensitivity of 10% has been selected as this is considered
reasonable given the current level of both short-term and long-term US$ interest rates.

With all other variables held constant:

If interest rates were 10% higher

If interest rates were 10% lower

Profit for the Period

Equity

2020
US$m

2019
US$m

2020
US$m

2019
US$m

–

0.2

(0.2)

101

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial Report17. Financial Risk Management continued

(c) Credit Risk
The credit risk on financial assets (excluding investments) of the Group, is the carrying amount, net of any provision for impairment,
that has been recognised on the Balance Sheet. The Group is exposed to credit risk from its operating activities, primarily from customer
receivables and from its financing activities, including deposits with financial institutions, foreign exchange transactions and other
financial instruments.

The carrying amount of the Group’s financial assets represents the maximum credit exposure. The Group does not hold any collateral
over any of the receivables.

(i) Credit Risk – Cash and Cash Equivalents
The Group held cash and cash equivalents of US$408.9m at 30 June 2020 (2019: US$397.5m). The material cash and cash equivalent
balances are held with bank and financial institution counterparties which are rated A3 or above by Moody’s Investor Service.

(ii) Credit Risk – Trade Receivables
Customer credit risk is managed by each region subject to established policies, procedures and controls relating to customer credit
risk management.

The Group trades with recognised, creditworthy third parties, and also minimises concentrations of credit risk by undertaking transactions
with a large number of customers and counter-parties in various countries. Customers who wish to trade on credit terms are subject to
credit verification procedures including an assessment of their independent credit rating, financial position, past experience and industry
reputation. In addition, receivable balances are monitored on an ongoing basis. The Group is not materially exposed to any individual
customer. An ageing of trade receivables past due is included in Note 7.

Net trade receivables

Carrying Amount

2020
US$m

173.4

2019
US$m

192.2

Individual trade receivables that are known to be uncollectible are written off by reducing the carrying amount directly. For these
receivables, the estimated impairment losses are recognised as an allowance for impairment. Receivables for which an impairment
provision was recognised are written off against the provision where there is no expectation of recovering additional cash. Allowances
for impairment are recognised in the Income Statement. Subsequent recoveries of amounts previously written off are credited to the
Income Statement. Movements in the allowance for impairment and the ageing of trade receivables are included in Note 7.

(iii) Credit Risk by Maturity
Based on the policy of not having material overnight exposures to an entity rated lower than A3 by Moody’s Investors Service, the risk
to the Group of counter-party default loss is not considered material. The following table indicates the value of amounts owing by
counter-parties by maturity.

Foreign Exchange
Related Contracts

Interest Rate Contracts

Foreign Exchange Options

Total

2020
US$m

2019
US$m

2020
US$m

2019
US$m

2020
US$m

2019
US$m

2020
US$m

2019
US$m

1.7

0.3

–

1.6

0.5

–

2.0

2.1

–

1.8

–

1.8

–

2.7

–

2.7

1.7

2.0

–

1.7

1.3

–

3.7

3.0

3.4

2.3

–

1.8

–

7.5

3.3

1.8

–

2.7

–

7.8

Term:

0-6 months

6-12 months

1-2 years

2-5 years

> 5 years

Total

102

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2020Ansell Limited Annual Report 2020(d) Liquidity Risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are
settled by delivering cash or another financial asset. The Group’s approach to managing liquidity is to ensure, as far as possible, that it
will have sufficient liquidity to meet its obligations when they are due.

The Group manages liquidity risk by:

(a) maintaining adequate levels of undrawn committed facilities that can be drawn down upon at short notice (the Group’s undrawn

facilities are explained in Note 12);

(b) retaining appropriate levels of cash and cash equivalents;

(d) regular monitoring of cash balances and cash requirement forecasts.

The following table sets out the contractual maturities of the Group’s financial liabilities (excluding lease liabilities – refer note 10(d)
– Maturity Analysis – lease liabilities) into relevant maturity groupings based on the remaining period at the reporting date to the
contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows comprising principal
and interest repayments.

2020

Trade and other payables

Bank and other loans

Derivative financial instruments

Total

2019

Trade and other payables

Bank and other loans

Derivative financial instruments

Total

Carrying
Amount
US$m

Total
Contractual
Cash Flows
US$m

256.3

519.9

7.5

783.7

227.7

545.3

3.4

776.4

256.3

590.6

7.5

854.4

227.7

633.7

3.4

864.8

Contractual Maturity (Years)

0-1
US$m

254.7

66.0

6.7

327.4

225.6

37.6

3.0

266.2

1-2
US$m

1.6

14.5

0.8

16.9

2.1

94.6

0.2

96.9

2-5
US$m

–

337.3

–

337.3

–

270.8

0.2

271.0

> 5
US$m

–

172.8

–

172.8

–

230.7

–

230.7

The Group assessed the concentration of risk with respect to its financial liabilities and concluded it to be low. The Group has access
to a sufficient variety of potential funding sources.

(e) Commodity Price Risk
Ansell is a significant buyer of natural rubber latex and a range of synthetic latex products. It purchases these products in a number of
countries in Asia, predominately Malaysia, Thailand and Sri Lanka. The Group is not active in hedging its purchases on rubber exchanges
but may, from time to time, buy from suppliers or brokers at a fixed price for up to several months into the future. To the extent that any
increases in these costs cannot be passed through to customers in a timely manner, the Group’s profit after income tax and shareholder’s
equity could be impacted adversely.

103

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial Report17. Financial Risk Management continued

(f) Fair Value
The Group considers that the carrying amount of recognised financial assets and financial liabilities approximates their fair value.
Derivative financial instruments are carried at their fair value.

The following table displays:

(i) Nominal/Face Value
This is the contract’s value upon which a market rate is applied to produce a gain or loss which becomes the settlement value
of the derivative financial instrument.

(ii) Credit Risk (Derivative Financial Instruments)
This is the maximum exposure to the Group in the event that all counter-parties who have amounts outstanding to the Group under
derivative financial instruments fail to honour their side of the contracts. The Group’s exposure is almost entirely to banks. Amounts
owed by the Group under derivative financial instruments are not included.

(iii) Net Fair Value
This is the amount at which the instrument could be realised between willing parties in a normal market in other than a liquidation or
forced sale environment. The net amount owing (to)/by financial institutions under all derivative financial instruments would have been
nil (2019: $4.4m) if all contracts were closed out on 30 June 2020.

2020

Foreign exchange contracts

Purchase/sale contracts:

– United States dollars/Euros

– Australian dollars/Japanese yen

– Malaysian ringgits/United States dollars

– Thai baht/United States dollars

– Sri Lankan rupees/United States dollars

– United States dollars/Australian dollars

– Other

Foreign exchange zero cost collar options

– Euros/United States dollars

– Australian dollars/United States dollars

– Canadian dollars/United States dollars

– Great British pounds/United States dollars

– United States dollars/Mexican pesos

– United States dollars/Malaysian ringgits

– Japanese yen/United States dollars

– United States dollars/ Thai baht

Interest rate contracts

Interest Rate Swaps:

– GBP Payable fixed

– Euros Payable floating

– Euros Payable fixed

Total

Average
Exchange
Rates

Average
Maturity Days

Nominal/
Face Value
US$m

Credit Risk
US$m

Net Fair
Value
US$m

34.8

6.5

108.4

7.9

37.5

25.2

98.0

158.7

15.6

12.6

6.3

5.4

3.9

7.5

26.6

73.8

40.2

28.1

697.0

0.1

0.2

0.3

0.1

0.2

–

1.1

2.4

0.1

0.2

0.1

–

0.2

0.5

–

1.8

–

7.5

(0.1)

0.2

(1.1)

0.1

(0.1)

0.6

(0.3)

(0.7)

0.1

0.2

(0.4)

(0.1)

0.2

0.4

(0.8)

1.8

(0.1)

–

1.12

71.57

4.26

31.37

186.94

0.68

–

Options
strike rates

1.11 – 1.14

0.64 – 0.67

1.38 – 1.33

1.25 – 1.32

20.56 – 22.19

4.21 – 4.25

102.39 – 105.88

31.22 – 32.05

137

181

–

185

190

194

166

162

Interest rate %

Years

0.96

Euribor

–

1.7

2.2

0.6

104

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2020Ansell Limited Annual Report 20202019

Foreign exchange contracts

Purchase/sale contracts:

– United States dollars/Euros

– Australian dollars/Japanese yen

– Malaysian ringgits/United States dollars

– Thai baht/United States dollars

– Sri Lankan rupees/United States dollars

– United States dollars/Australian dollars

– Other

Foreign exchange zero cost collar options

– Euros/United States dollars

– Australian dollars/United States dollars

– Canadian dollars/United States dollars

– United States dollars/Mexican pesos

– Japanese yen/United States dollars

Interest rate contracts

Interest rate swaps:

– GBP Payable fixed

– Euros Payable floating

– Euros Payable fixed

– US dollars Payable floating

Total

Average
Exchange
Rates

Average
Maturity Days

Nominal/
Face Value
US$m

Credit Risk
US$m

Net Fair
Value
US$m

1.19

77.88

4.15

30.98

180.10

0.70

–

Options
strike rates

1.16 – 1.18

0.69 – 0.71

0.75 – 0.77

20.00 – 22.00

104.00 – 106.00

139

184

–

186

135

195

129

Interest rate %

Years

0.96

Euribor

0.00

Libor

2.7

3.2

1.6

1.0

21.7

6.7

101.9

5.5

34.6

20.3

61.5

134.8

3.5

3.0

6.6

4.6

76.0

40.6

28.4

20.0

569.7

0.8

–

0.3

–

0.6

0.1

0.3

2.7

–

0.2

0.1

–

2.7

–

7.8

0.8

–

(0.2)

–

(0.1)

–

1.5

–

0.1

–

(0.2)

2.7

(0.2)

–

4.4

105

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial Report17. Financial Risk Management continued

The effects of hedge accounting on the financial position and performance of the Group is as follows:

Change in
Value of the
Hedging
Instrument for
Calculating
Hedge
Ineffectiveness

Change in
Value of the
Hedged Item
for Calculating
Hedge
Ineffectiveness

Change in
Value of the
Hedging
Instrument
Recognised
in OCI

Carrying
Amount of
Hedging
Instruments*

Hedge
Ineffectiveness
Recognised
in P&L

Amount
Reclassified
from Hedging
Reserve to P&L

(0.2)

(1.0)

(0.1)

(0.8)

–

1.8

–

(0.2)

(1.0)

(0.1)

(0.8)

–

0.2

1.0

0.1

0.8

–

(0.2)

(1.0)

(0.1)

(0.8)

–

2.3

(0.3)

(0.2)

–

Change in
Value of the
Hedging
Instrument for
Calculating
Hedge
Ineffectiveness

Change in
Value of the
Hedged Item
for Calculating
Hedge
Ineffectiveness

Change in
Value of the
Hedging
Instrument
Recognised
in OCI

Carrying
Amount of
Hedging
Instruments*

Hedge
Ineffectiveness
Recognised
in P&L

Amount
Reclassified
from Hedging
Reserve to P&L

2.3

(0.3)

(0.2)

–

2.7

–

2.3

(0.3)

(0.2)

–

0.4

(2.3)

0.3

0.2

–

(0.4)

2.3

(0.3)

(0.2)

–

6.5

0.7

(0.1)

0.6

–

2020

Cash flow hedges

Revenue (up to 1 year)

Costs (up to 1 year)

EUR interest

GBP interest

USD interest

Fair value hedges

EUR interest

USD interest

2019

Cash flow hedges

Revenue (up to 1 year)

Costs (up to 2 years)

EUR interest

GBP interest

USD interest

Fair value hedges

EUR interest

USD interest

* Includes the time value of foreign exchange options.

(iv) Fair Value Hierarchy
The table below analyses financial assets and financial liabilities carried at fair value, including their levels in the fair value hierarchy as
well as the valuation method. It does not include information for financial assets and financial liabilities not measured at fair value if the
carrying amount is a reasonable approximation of fair value.

The different valuation methods have been defined as follows:

• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;

• Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices)

or indirectly (i.e. derived from prices); and

• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The Group currently holds Level 2 derivative financial instruments and a Level 3 unlisted equity investment. In order to determine the
fair value of the financial instruments, management used valuation techniques in which all significant inputs were based on observable
market data. The fair value of the unlisted equity investment is calculated based on the Group’s share of net assets of the investee as per
the latest available information at each reporting date.

106

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2020Ansell Limited Annual Report 2020The fair values of forward exchange contracts, foreign exchange options and interest rate swaps are determined based on the unrealised
gains and losses at the reporting date. This is done using the standard valuation technique based on the applicable market observable
rates including spot rate, forward points, volatilities and interest rate data sourced from brokers and third party market data vendors.

Level 2

Derivative financial assets

Derivative financial liabilities

Level 3

Unlisted equity investment

2020
US$m

2019
US$m

7.5

3.0

7.8

3.4

–

(g) Recognition and Measurement

Derivatives
The Group uses derivative financial instruments, principally foreign exchange and interest rate related, to reduce the exposure to foreign
exchange rate and interest rate movements.

The Group has adopted certain principles in relation to derivative financial instruments:

• Derivatives may be used to hedge underlying business exposures of the Group. Trading in derivatives is not undertaken.

• Derivatives acquired must be able to be recorded in the Group’s treasury management systems, which contain extensive internal controls.

• The Group predominantly does not deal with counter-parties rated lower than A3 by Moody’s Investors Service.

The Group follows the same credit policies, legal processes, monitoring of market and operational risks in the area of derivative financial
instruments as it does in relation to other financial assets and liabilities on the Balance Sheet.

On a continuing basis, the Group monitors its future exposures and on some occasions hedges all or part of these exposures. The transactions
which may be covered are future net cash flows of overseas subsidiaries, future foreign exchange requirements and interest rate positions.

These exposures are then monitored and may be modified from time to time. The foreign exchange hedge instruments are predominantly
up to 12 months’ duration and are used to hedge operational transactions the Group expects to occur in this time frame. From time to
time minor mismatches occur in the forward book; however, these mismatches are managed under guidelines, limits and internal controls.
Interest rate derivative instruments can be for periods up to 10 years as the critical terms of the instruments are matched to the
underlying borrowings.

Derivative financial instruments are recognised initially at fair value and subsequently remeasured to their fair value at each reporting date.
The fair value of forward exchange contracts, foreign exchange options and interest rate swap contracts is determined by reference
to current market rates for these instruments.

The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument and
continues to satisfy the conditions for hedge accounting, and if so, the nature of the item being hedged. The Group designates certain
derivatives as either (1) hedges of the fair value of recognised assets or liabilities (fair value hedges); or (2) hedges of highly probable
forecast transactions (cash flow hedges).

The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well
as its risk management objective and strategy for undertaking various hedge transactions. The Group also documents its assessment,
both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions have been and will
continue to be highly effective in offsetting changes in fair values or cash flows of hedged items.

Fair Value Hedge
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the Income Statement,
together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

107

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial Report17. Financial Risk Management continued

Cash Flow Hedge
The effective portion of changes in the fair value of derivatives (including the intrinsic value of options) that are designated and qualify
as cash flow hedges is recognised in equity in the hedging reserve. There is an economic relationship between the hedged items and the
hedging instruments as the terms of the foreign exchange forward and option contracts match the terms of the expected highly probable
forecast transactions (i.e. notional amount and expected payment date).

The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement. The time value of options is accounted
for as a hedging cost with changes in fair value being recognised in the hedging reserve through Other Comprehensive Income.

Gains or losses that are recognised in the hedging reserve are transferred to the Income Statement in the periods when the hedged item
will affect profit or loss. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset or a
non-financial liability, the gains or losses previously deferred in equity are transferred from equity and included in the measurement
of the initial cost or carrying amount of the asset or liability.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer meets the
conditions for hedge accounting. At that point in time, any cumulative gain or loss on the hedging instrument recognised in equity
remains in equity until the forecasted transaction is ultimately recognised in the Income Statement. When a hedged transaction is no
longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the Income Statement.

Derivatives That Do Not Qualify For Hedge Accounting
Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognised immediately in the
Income Statement.

Hedge Effectiveness
The Group determines its economic exposure to unexpected movements in foreign currency rates and interest rates and ensures the
hedging instruments entered into satisfactorily mitigate these risks. The Group ensures the changes in the fair value of the hedging
instruments are highly correlated to the change in the fair value of the underlying hedged item and are therefore effective.

Potential sources of ineffectiveness include, but are not limited to:

• the Group no longer having the economic exposure rendering the hedge instrument ineffective;

• hedging instrument expires or is sold, terminated or exercised; and

• changes in counterparty credit status.

The Group has established a hedge ratio of 1:1 as the underlying risk of the hedging instrument is identical to the hedged risk component.

18. Capital Expenditure Commitments

Contracted but not provided for in the financial statements:

Plant and equipment

Payable within one year

2020
US$m

36.5

2019
US$m

7.9

108

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2020Ansell Limited Annual Report 202019. Particulars Relating to Subsidiaries

Ansell Limited

Ansell Healthcare Japan Co. Ltd.

BNG Battery Technologies Pty. Ltd.

Corrvas Insurance Pty. Ltd.

Dunlop Olympic Manufacturing Pty. Ltd.

FGDP Pty. Ltd.

Nucleus Ltd.

Lifetec Project Pty. Ltd.

Medical TPLC Pty. Ltd.

N&T Pty. Ltd.

Nucleus Trading Pte. Ltd.

THLD Ltd.

TNC Holdings Pte. Ltd.

TPLC Pty. Ltd.

Societe de Management Financier S.A.

Olympic General Products Pty. Ltd.

Pacific Dunlop Finance Pty. Ltd.

Ansell (Shanghai) Management Co. Ltd.

Ansell (Shanghai) Commercial and Trading Co. Ltd.

P.D. Holdings Pty. Ltd.

P.D. International Pty. Ltd.

Ringers Technologies Australia Pty. Ltd.

Ansell Canada Inc.

Ansell Commercial Mexico S.A. de C.V.

Ansell Colombia SAS

Ansell Global Trading Center (Malaysia) Sdn. Bhd.

Ansell Lanka (Pvt.) Ltd.

Ansell (Middle East) DMCC

Ringers Global Middle East FZE

Ansell Perry de Mexico S.A. de C.V.

Ansell Protective Solutions Singapore Pte. Ltd.

Ansell Services (Asia) Sdn. Bhd.

Ansell (Kulim) Sdn. Bhd.

Ansell N.P. Sdn. Bhd.

Ansell Malaysia Sdn. Bhd.

Hercules Equipamentos de Protecao Ltda

Ansell Brazil LTDA

Ansell Textiles Lanka (Pvt.) Ltd.

Ansell (Thailand) Ltd.

Ansell US Group Holdings Pty. Ltd.

Ansell USA LLC

Ansell (USA) Inc.

109

Country of Incorporation

Beneficial Interest

2020
%

2019
%

Australia

Japan*

Australia

Singapore*

Australia

Singapore*

Australia

France*

Australia

China*

Australia

Canada*

Mexico*

Colombia*

Malaysia*

Sri Lanka*

UAE*

Mexico*

Singapore*

Malaysia*

Brazil*

Sri Lanka*

Thailand*

Australia

USA*

100

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial Report19. Particulars Relating to Subsidiaries continued

Country of Incorporation

Beneficial Interest

2020
%

2019
%

Ansell Edmont Industrial de Mexico S.A. de C.V.

Mexico*

Pacific Dunlop Holdings (USA) LLC

Barriersafe Solutions International Inc.

Ansell Healthcare Products LLC

Ansell Sandel Medical Solutions LLC

Ringers Technologies LLC

Valeo Technologies LLC

Ansell Hawkeye Inc.

Ansell Liquid Asset Holdings LLC

Pacific Chloride Inc.

Pacific Dunlop Holdings LLC

TPLC Holdings Inc.

Accufix Research Institute Inc.

Cotac Corporation

Pacific Dunlop Finance Company Inc.

Comercializadora Ansell Chile Limitada

Corrvas Insurance (Singapore) Pte. Ltd.

Medical Telectronics N.V.

Ansell UK Limited

Ansell Healthcare Europe N.V.

Ansell GmbH

Ansell Italy Srl

Ansell Medikal Urunler Ithalat Ihracat Uretim ve Ticaret A.S.

Ansell Norway AS

Ansell Protective Solutions AB

Ansell Protective Solutions Lithuania UAB

Ansell Rus LLC

Ansell Manufacturing Rus LLC

Ansell S.A.

Ansell Services Poland Sp. Z o.o.

Ansell Spain SL (Sociedad de Responsabilidad Limitada)

Comasec SAS

Ansell Industrial & Specialty Gloves Malaysia Sdn. Bhd.

Ansell Portugal – Industrial Gloves, Sociedade Unipessoal, Lda

Ringers Technologies Denmark APS

Ringers Technologies UK Holdings Ltd.

Ansell Korea Co. Ltd.

Ansell Vina Corporation

Ansell Microgard Ltd.

Ansell Xiamen Limited

Ansell Microgard Xiamen Limited

Nitritex Limited

Nitritex (M) Sdn. Bhd.

110

USA*

Chile*

Singapore*

Netherlands Ant.*

UK*

Belgium*

Germany*

Italy*

Turkey*

Norway*

Sweden*

Lithuania*

Russia*

France*

Poland*

Spain*

France*

Malaysia*

Portugal*

Denmark*

U.K.*

Sth Korea*

Vietnam*

UK*

China*

UK*

Malaysia*

100

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2020Ansell Limited Annual Report 2020Pacific Dunlop Holdings (Singapore) Pte. Ltd.

Ansell India Protective Products Pvt. Ltd.

Ansell (Hong Kong) Limted.

PDOCB Pty. Ltd.

PD Licensing Pty. Ltd.

Siteprints Pty. Ltd.

S.T.P. (Hong Kong) Ltd.

Pacific Dunlop Holdings N.V.

Pacific Dunlop (Netherlands) B.V.

The Distribution Group Holdings Pty. Ltd.

The Distribution Group Pty. Ltd.

The Distribution Trust

Xelo Pty. Ltd.

Xelo Sacof Pty. Ltd.

Country of Incorporation

Singapore*

India*

Hong Kong*

Australia

Hong Kong*

Netherlands Ant.*

Netherlands*

Australia

Beneficial Interest

2020
%

100

2019
%

100

100(a)

100 (a)

100

* Subsidiaries incorporated outside Australia carry on business in those countries.

(a) The trustee of The Distribution Trust is The Distribution Group Pty. Ltd. The beneficiary of the trust is Ansell Limited.

The following subsidiaries were liquidated during the year:

• Ansell Shah Alam Sdn. Bhd.

• Ansell Canadian Holdings Limited

• Nitritex Canada Ltd.

20. Acquisitions and Discontinued Operations

(a) Acquisitions

Ringers Gloves (Effective 1 February 2019)
Provisional goodwill in respect of the Ringers Gloves acquisition as reported at 30 June 2019 has increased by $1.1m during the year due
to purchase price adjustments to asset values of $2.1m offset by $1.0m being the proceeds from the final working capital adjustment
calculated as per the Sale and Purchase Agreement.

Digitcare (Effective 31 October 2018)
The acquisition accounting for Digitcare was completed with no change to the previously reported goodwill. Final completion payments
of $0.6m were made during the year.

Recognition and Measurement

Business Combinations
The Group accounts for business combinations using the acquisition method. Identifiable assets acquired and liabilities and contingent
liabilities assumed are measured at fair value. Any excess of the cost of acquisition over the fair values of the net identifiable assets
acquired is recognised as goodwill. Transaction costs are expensed as incurred unless related to the issue of debt or equity securities.

111

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial Report
20. Acquisitions and Discontinued Operations continued

(b) Discontinued Operations

Sale of J.K. Ansell Limited
On 4 September 2017, the Company announced that it had executed an agreement with Raymond Limited, its joint venture partner in
J.K. Ansell Limited in India where Raymond Limited will take full ownership of the J.K. Ansell sexual wellness business. The transaction
was completed on 1 July 2018.

Results from discontinued operations

Cash flows from discontinued operations

Net cash used in investing activities

Net cash flows from discontinued operations

Details of the sale of the discontinued operations

Net sale proceeds

Carrying amount of net assets sold

Loss on sale before income tax, non-controlling interests of entities disposed and realisation
of foreign currency translation reserve

Non-controlling interests of entities disposed and realisation of foreign currency translation reserve

Gain on sale after income tax

Assets and liabilities of discontinued operations
The carrying amounts of assets and liabilities disposed of as at the date of the disposal were as follows:

Cash and cash equivalents

Trade and other receivables

Inventories

Property, plant and equipment

Total assets

Trade and other payables

Provisions

Total liabilities

Net assets disposed

Recognition and Measurement

2020
US$m

2019
US$m

–

(4.7)

2.4

(5.4)

(3.0)

3.0

–

2020
US$m

2019
US$m

–

7.0

1.7

2.2

1.4

12.3

6.0

0.9

6.9

5.4

Discontinued Operations
A discontinued operation is a component of the Group’s business, the operations and cash flows of which can be clearly distinguished
from the rest of the Group and which:

• represents a separate major line of business or geographic area of operations;

• is part of a single co-ordinated plan to dispose of a separate major line of business or geographic area of operations; or

• is a subsidiary acquired exclusively with a view to re-sale.

Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified
as held-for-sale.

In accordance with AASB 5 Non-current Assets Held for Sale and Discontinued Operations, when an operation is classified as a discontinued
operation, prior year comparatives in the Income Statement are restated as if the operation had been discontinued from the start of the
comparative year.

112

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2020Ansell Limited Annual Report 202021. Parent Entity Disclosures

As at the end of and throughout the financial year ending 30 June 2020, the parent company of the Group was Ansell Limited.

Result of the parent entity

Profit for the period

Other comprehensive income

Total comprehensive income for the period, net of income tax

Financial Position of the Parent Entity at Year End

Current assets

Total assets

Current liabilities

Total liabilities

Total equity of the parent entity comprising:

Issued capital

Reserves

Retained profits

Total equity

2020
US$m

25.5

(2.6)

22.9

2020
US$m

1,013.3

2,424.2

1,346.9

1,351.3

806.0

(372.7)

639.6

2019
US$m

58.7

(3.2)

55.5

2019
US$m

1,035.0

2,451.6

1,236.4

1,239.9

873.9

(337.6)

675.4

1,072.9

1,211.7

The Group has a net current asset position of $552.6m (2019: $646.3m), which the parent company controls. As at 30 June 2020, the parent
company has a net current liability position of $333.6m (2019: $201.4m). The Directors will ensure that the parent company has, at all
times, sufficient funds available from the Group to meet its commitments.

Parent Entity Guarantee
The parent entity guarantees the debts of certain subsidiaries that are guarantors under the Group’s revolving credit bank facility.

22. Related Party Disclosures

(a) Subsidiaries
Ansell Limited is the parent entity of all entities detailed in Note 19 Particulars Relating to Subsidiaries and from time to time has
dealings on normal commercial terms and conditions with those entities, the effects of which are eliminated in these consolidated
financial statements.

(b) Transactions with Key Management Personnel

(i) Key Management Personnel Remuneration

Short-term benefits

Retirement benefits

Termination benefits

Long term equity-based incentives

2020
US$

2019
US$

7,730,131

6,753,902

709,428

–

572,024

991,572

3,151,679

3,395,721

11,591,238

11,713,219

(ii) Service Agreements with Key Management Personnel
The Company has no service agreements with the Non-executive Directors. Refer to Section 5 of the Remuneration Report for details
of service agreements with the Managing Director and other Key Management Personnel.

113

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial Report23. Ownership-based Remuneration Schemes

Long Term Incentive Plans
These plans involve the granting of Performance Share Rights (PSRs) to the Managing Director, other members of the Executive Leadership
Team and other members of senior management.

The fair value of PSRs granted is recognised as an employee benefit expense with a corresponding increase in equity over the vesting period.

In accordance with the disclosure requirements of Australian Accounting Standards, remuneration includes a proportion of the fair value
of PSRs granted or outstanding during the year. The fair value is determined as at grant date and is progressively allocated over the vesting
period for these securities.

The fair values and the factors and assumptions used in determining the fair values of the PSRs applicable for the 2020 financial year
are as follows:

Instrument

Grant Date

Vesting Date

Fair Value

Share Price on
Grant Date

Risk Free
Interest Rate

Dividend
Yield

PSRs

8/8/2017

30/6/2020

14/8/2018

30/6/2021

7/8/2019

30/6/2022

A$20.41

A$25.57

A$23.78

A$22.01

A$27.86

A$25.88

N/A

2.60%

2.98%

2.88%

The PSRs are subject to service, gateway and performance conditions as outlined in the Remuneration Report. As the hurdles within
these conditions are all non-market based performance hurdles the valuation excludes the impact of performance hurdles.

The amount recognised as an expense is adjusted to reflect the number of awards for which the related service, gateway and non-market
performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that
meet the related service, gateway and non-market performance conditions at the vesting date.

24. Auditors’ Remuneration

Audit and review of the financial reports:

Auditors of Ansell Limited and Australian entities – KPMG

Other member firms of KPMG(i)

Other services(ii):

Advisory services

Auditors of Ansell Limited and Australian entities – KPMG

Other member firms of KPMG

Other audit and assurance services

Auditors of Ansell Limited and Australian entities – KPMG

Other member firms of KPMG

Total other services

Total auditors’ remuneration

2020
US$

2019
US$

1,236,425

1,388,259

766,619

779,854

2,003,044

2,168,113

42,828

71,176

18,767

11,101

53,633

47,490

–

8,134

143,872

109,257

2,146,916

2,277,370

(i) Includes fees paid or payable for overseas subsidiaries’ local statutory lodgement purposes, Group reporting, and other regulatory compliance requirements.

(ii) Other services primarily include assurance-based engagements undertaken for various compliance and internal governance purposes. Other services provided by
KPMG to the Group are subject to appropriate corporate governance procedures encompassing the selection of service providers and the setting of their remuneration.

114

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2020Ansell Limited Annual Report 2020Directors’ Declaration
of Ansell Limited and Subsidiaries for the year ended 30 June 2020

1. In the opinion of the Directors of Ansell Limited (‘the Company’):

(a) the consolidated financial statements and notes, set out on pages 69 to 114 and the Remuneration Report contained
in the Report by the Directors, set out on pages 43 to 68, are in accordance with the Corporations Act 2001, including:

(i) giving a true and fair view of the Group’s financial position as at 30 June 2020 and of its performance, for the year ended

on that date; and

(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001;

(b) the consolidated financial statements and notes also comply with International Financial Reporting Standards as disclosed

in Note 1;

(c) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

2. The Directors have been given the declarations required by Section 295A of the Corporations Act 2001 from the Chief Executive

Officer and the Chief Financial Officer for the financial year ended 30 June 2020.

Signed in accordance with a resolution of the directors:

J A Bevan
Director

M R Nicolin
Director

Dated in Melbourne this 25th day of August 2020.

115

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial ReportIndependent Audit Report
to the members of Ansell Limited

Independent Auditor’s Report

To the shareholders of Ansell Limited

Report on the audit of the Financial Report

Opinion

We have audited the Financial Report of
Ansell Limited (the Company).

In our opinion, the accompanying
Financial Report of the Company is in
accordance with the Corporations Act
2001, including:



giving a true and fair view of the
Group's financial position as at 30
June 2020 and of its financial
performance for the year ended on
that date; and

complying with Australian
Accounting Standards and the
Corporations Regulations 2001.

Basis for opinion

The Financial Report comprises:

 Consolidated Balance Sheet as at 30 June 2020

 Consolidated Income Statement, Consolidated

Statement of Comprehensive Income, Consolidated
Statement of Changes in Equity, and Consolidated
Statement of Cash Flows for the year then ended

 Notes including a summary of significant accounting

policies

 Directors' Declaration.

The Group consists of the Company and the entities it
controlled at the year end or from time to time during the
financial year.

We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Our responsibilities under those standards are further described in the Auditor’s responsibilities for the
audit of the Financial Report section of our report.

We are independent of the Group in accordance with the Corporations Act 2001 and the ethical
requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for
Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of
the Financial Report in Australia. We have fulfilled our other ethical responsibilities in accordance with the
Code.

Key Audit Matters

The Key Audit Matters we identified
are:

 Valuation of goodwill and brand

Key Audit Matters are those matters that, in our
professional judgement, were of most significance in our
audit of the Financial Report for the current period.

names



Taxation

These matters were addressed in the context of our audit of
the Financial Report as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these
matters.

KPMG, an Australian partnership and a member firm of the KPMG
network of independent member firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss entity.

Liability limited by a scheme approved under
Professional Standards Legislation.

116

Ansell Limited Annual Report 2020

Valuation of goodwill and brand names (USD $1,022.1m)

Refer to Note 11 to the Financial Report

The key audit matter

How the matter was addressed in our audit

Valuation of goodwill and brand
names is a key audit matter due
to:

 The size of the balance being

42% of total assets.

 The inherent complexity in

auditing the forward-looking
assumptions applied to the
Group’s value in use (VIU)
models for each CGU (cash
generating unit) given the
significant judgement involved.
We focussed on the significant
forward-looking assumptions
the Group applied in their VIU
models including forecast
revenue growth rates, margin
percentages and terminal
growth rates due to market
conditions and volatility in the
current year and forecast period
cash flows, increasing the risk
of future fluctuations and
inaccurate forecasting.

 The significant judgement

associated with discount rates
including the underlying risks of
each CGU, the countries they
operate in and the weighting
applied to these countries.

We involved valuation specialists
to supplement our senior audit
team members in assessing this
key audit matter.

Our procedures included:

 We assessed the accuracy of prior period cash flow forecasts by

reference to actual performance to inform our evaluation of
current forecasts incorporated in the VIU models.

 We considered the appropriateness of the VIU method applied
by the Group to perform the annual test of goodwill and brand
names for impairment against the requirements of the
accounting standards.

 Using our knowledge of the Group and industry, and working
with our valuation specialists, to challenge the significant
judgements and assumptions incorporated in the Group’s VIU
models:

 We assessed the integrity of the VIU models used, including

the accuracy of the underlying calculation formulas;

 We assessed the relevant cash flow forecasts and underlying

assumptions against the latest Board approved plan;

 We challenged the Group’s forecast revenue growth rate and
margin percentage assumptions by comparing against the
Group’s current business performance and macroeconomic
environment;

 We challenged the Group’s significant forecast cash flow
assumptions in light of the varying market conditions and
expected volatility in the forecast period;

 We compared the implied multiples from comparable market
transactions to the implied multiple from the Group’s model;

 We compared the terminal growth rates used against

relevant Gross Domestic Product growth rates and industry
trends; and

 We independently developed a discount rate range using
publicly available market data for comparable entities,
adjusted by risk factors specific to the Group and the industry
it operates in.

 We assessed the Group’s determination of CGU carrying values

against the requirements of the accounting standards.

 We evaluated the sensitivity of the models in respect of the key
assumptions, including the identification of areas of estimation
uncertainty and reasonably possible changes in key assumptions.

 We assessed the related financial statement disclosures using

our understanding obtained from our testing and against
accounting standard requirements.

117

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial Report
Independent Audit Report continued
to the members of Ansell Limited

Taxation (Income Tax Expense USD$42.2m, Deferred Tax Assets USD$68.5m, Deferred Tax
Liabilities USD$76.6m, Current Tax Liabilities USD$12.3m)

Refer to Note 4 to the Financial Report

The key audit matter

How the matter was addressed in our audit

Taxation is a key audit matter due
to:

Working with our tax specialists, our procedures included:

 We identified key tax areas across jurisdictions impacting the

 The Group undertaking

Group by:

transactions in a number of tax
jurisdictions which require the
Group to make significant
judgements about the
interpretation of tax legislation
and the application of
accounting standards.

 The nature of cross-border tax
arrangements and our need to
involve taxation specialists with
cross border transactions
experience and expertise in
transfer pricing in key
jurisdictions.

 The level of judgement applied
by the Group in assessing the
recoverability of deferred tax
assets, given they relate to
forecasting future profits.

We involved our tax specialists to
supplement our senior audit team
members in assessing this key
audit matter.

 considering the latest Board approved Group Tax Risk

Management policy;

 attending regular meetings with Group management;

 assessing any significant developments with local tax

authorities; and

 using our knowledge of tax developments in key jurisdictions

and the global tax environment.

 We evaluated the treatment of key judgemental tax matters in

various key jurisdictions by analysing and challenging the
assumptions used to determine tax provisions. We compared
the treatment against local jurisdiction tax rules, legislation and
compliance requirements.

 We assessed the completeness of the tax provisions recorded

by evaluating sources such as:

 communications from local tax authorities, including the

status and outcomes of tax authority audits and enquiries;
and

 underlying documentation for key transactions.

 We inspected tax advice obtained by the Group from external tax
advisors, covering key jurisdictions to check for any information
that is contradictory to the Group’s conclusion. We assessed the
skills, competencies and objectivity of external advisors and
evaluated the appropriateness of the external advisors’ work.

 We assessed the Group’s global transfer pricing compliance by

inspecting underlying transfer pricing documentation and
evaluating its implementation with regard to cross-border
transactions.

 We assessed the Group’s position on recoverability of deferred
tax assets through their tax loss utilisation models by comparing
current year taxable profit with historical performance to inform
our evaluation of future taxable profit forecasts.

 We assessed the disclosures in the financial report using our

understanding from our testing and against accounting standard
requirements.

118

Ansell Limited Annual Report 2020
Other Information

Other Information is financial and non-financial information in Ansell Limited’s annual reporting which is
provided in addition to the Financial Report and the Auditor’s Report. The Directors are responsible for the
Other Information.

Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not
express an audit opinion or any form of assurance conclusion thereon, with the exception of the
Remuneration Report and our related assurance opinion.

In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In
doing so, we consider whether the Other Information is materially inconsistent with the Financial Report or
our knowledge obtained in the audit, or otherwise appears to be materially misstated.

We are required to report if we conclude that there is a material misstatement of this Other Information,
and based on the work we have performed on the Other Information that we obtained prior to the date of
this Auditor’s Report we have nothing to report.

Responsibilities of the Directors for the Financial Report

The Directors are responsible for:



preparing the Financial Report that gives a true and fair view in accordance with Australian Accounting
Standards and the Corporations Act 2001

implementing necessary internal control to enable the preparation of a Financial Report that gives a
true and fair view and is free from material misstatement, whether due to fraud or error

assessing the Group and Company's ability to continue as a going concern and whether the use of the
going concern basis of accounting is appropriate. This includes disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless they either intend to
liquidate the Group and Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the Financial Report

Our objective is:



to obtain reasonable assurance about whether the Financial Report as a whole is free from material
misstatement, whether due to fraud or error; and

to issue an Auditor’s Report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with Australian Auditing Standards will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error. They are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of the Financial Report.

A further description of our responsibilities for the audit of the Financial Report is located at the Auditing
and Assurance Standards Board website at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf. This description forms part of our
Auditor’s Report.

119

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial Report

Independent Audit Report continued
to the members of Ansell Limited

Report on the Remuneration Report

Opinion

Directors’ responsibilities

In our opinion, the Remuneration
Report of Ansell Limited for the year
ended 30 June 2020, complies with
Section 300A of the Corporations Act
2001.

The Directors of the Company are responsible for the
preparation and presentation of the Remuneration Report in
accordance with Section 300A of the Corporations Act 2001.

Our responsibilities

We have audited the Remuneration Report included on pages
45 to 68 of the Directors’ report for the year ended 30 June
2020.

Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in
accordance with Australian Auditing Standards.

KPMG

Penny Stragalinos

Partner

Melbourne

25 August 2020

120

Ansell Limited Annual Report 2020

Five-Year Summary
of Ansell Limited and Subsidiaries for the year ended 30 June 2020

Income Statement

Sales

EBIT

Net financing costs

Income tax expense

Non-controlling interests

Profit attributable to Ansell Limited shareholders

Balance Sheet

Cash – excluding restricted deposits

Other current assets

Property, plant and equipment

Right-of-use assets

Intangible assets

Other non-current assets

Assets held-for-sale

Total assets

Current payables

Current interest bearing liabilities

Current lease liabilities

Other current liabilities

Non-current interest bearing liabilities

Non-current lease liabilities

Other non-current liabilities

Liabilities held for sale

Total liabilities

Net assets

Issued capital

Reserves

Retained profits

Ansell Limited shareholders’ equity

Non-controlling interests

Total shareholders’ equity

Total funds employed

Share information

Basic Earnings Per Share (cents)

Diluted Earnings Per Share (cents)

Dividends per share (US cents)

Net assets per share ($)

General

Net cash from operating activities

Capital expenditure

Shareholders (no.)

Employees (no.)

Ratios

EBIT margin (%)

Return on average shareholders’ equity (%)

EBIT return on funds employed (%) – ROCE

Average days working capital

Interest cover (times)

Net debt to shareholders’ equity (%) – gearing

Number of shares at 30 June (million)

1. Includes continuing and discontinued operations.

2016
US$m

1,573

237

159

270

577

245

–

1,077

122

–

2,291

241

–

687

–

152

–

1,154

1,137

1,147

(88)

1,121

1,137

1,559

105.1

104.5

43.5

7.7

232

39,884

15,890

15.0

14.1

14.9

85.6

10.7

37.1

148

20171
US$m

20181
US$m

1,600

218

1,548

557

148

314

546

218

–

1,050

122

201

2,451

230

–

717

–

142

1,222

1,229

1,142

(78)

147

1,211

1,229

1,636

100.1

98.9

44.0

8.3

216

36,798

15,483

13.6

12.7

13.6

83.2

9.6

33.1

147

484

580

561

230

–

1,028

112

2,523

226

–

552

–

121

973

1,550

1,052

(82)

564

1,534

1,550

1,522

336.8

331.9

45.5

10.9

154

34,307

12,482

36.0

35.0

35.3

82.1

44.6

(1.8)

142

2019
US$m

1,499

157

112

395

564

230

–

1,083

105

–

2,377

226

–

525

–

129

–

967

1,410

874

(86)

610

1,398

1,410

1,560

82.6

81.2

46.75

10.7

189

33,311

12,304

10.5

7.6

10.2

84.3

11.6

10.6

132

2020
US$m

1,614

220

159

406

554

252

1,066

115

–

2,449

262

470

128

–

1,046

1,403

806

(120)

705

1,391

1,403

1,575

121.8

120.0

50.0

10.9

291

33,903

13,513

13.6

11.4

14.0

78.7

12.6

12.2

129

121

Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportShareholders and Shareholder InformationFinancial ReportShareholders

Details of quoted shares held in Ansell Limited as at 31 July 2020.

Distribution of Ordinary Shareholders and Shareholdings

Size of Holding

1 – 1,000*

1,001 – 5,000

5,001 – 10,000

10,001 – 100,000

100,001 and over

Total

Number of Shareholders

Number of Shares

Percentage of Total

27,716

5,893

435

174

34,249

9,285,365

11,319,115

2,998,411

4,065,215

100,859,237

128,527,343

7.23

8.81

2.33

3.16

78.47

100.00

* Including 600 shareholders holding a parcel of shares of less than A$500 in value (1,823 shares), based on market price of $38.45 per unit.

Percentage of the total holdings of the 20 largest shareholders = 77.29%.

In addition to the foregoing, as at 30 June 2020, there were 18 members of the Executive Share Plan, holding a total of 44,700 plan
shares. Thirteen members have shares paid to 5 cents each, and five members have shares paid to $7.55 each.

Voting rights as governed by the Constitution of the Company provide that each ordinary share holder present in person or by proxy
at a meeting shall have:

(a) on a show of hands, one vote only;

(b) on a poll, one vote for every fully paid ordinary share held.

122

Ansell Limited Annual Report 2020Twenty Largest Shareholders (as at 31 July 2020)

Rank Registered Holder

Number of Fully
Paid Shares

Percentage of
Issued Capital

HSBC Custody Nominees (Australia) Limited

J P Morgan Nominees Australia Pty Limited

Citicorp Nominees Pty Limited

National Nominees Limited

BNP Paribas Nominees Pty Ltd

HSBC Custody Nominees (Australia) Limited

BNP Paribas Noms Pty Ltd

Australian Foundation Investment Company Limited

National Nominees Limited

Netwealth Investments Limited

Australian Executor Trustees Limited

Citicorp Nominees Pty Limited

Argo Investments Limited

BNP Paribas Nominees Pty Ltd Hub24 Custodial Serv Ltd

AMP Life Limited

Australian Executor Trustees Limited

HSBC Custody Nominees (Australia) Limited - A/C 2

CS Fourth Nominees Pty Limited

The Manly Hotels Pty Limited

HSBC Custody Nominees (Australia) Limited-GSCO ECA

Top 20 Holders of Ordinary Fully Paid Shares

Total Remaining Holders Balance

44,026,364

24,865,868

14,915,214

5,569,511

1,967,225

1,551,036

1,333,941

1,078,865

631,739

505,005

353,090

339,147

336,972

303,180

300,031

299,229

296,274

240,062

222,854

197,602

99,333,209

29,194,134

34.25

19.35

11.60

4.33

1.53

1.21

1.04

0.84

0.49

0.39

0.27

0.26

0.24

0.23

0.19

0.17

0.15

77.29

22.71

The names of substantial shareholders in the Company and the number of fully paid ordinary shares in which each has an interest,
as disclosed in substantial shareholder notices to the Company on the respective dates shown, are as follows:

Substantial Date

Name of Shareholder

Number of Shares

Percentage of Issued Shares

18-Mar-20

21-May-20

Vanguard Group

Blackrock Group

7,740,284

9,755,315

6.0%

7.6%

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Ansell Limited Annual Report 2020Report by the DirectorsRemuneration ReportFinancial Report

Shareholder Information

Annual Report

Company Directory

Enquiries

Ansell’s Annual Report 2020 provides
shareholders with a summary of the
Group’s operations and contains the full
financial statements for FY20. The Annual
Report 2020 provides a summary of
the Group’s financial performance,
financial position, and financing and
investing activities.

The Annual Report and the Company’s
website are the main sources of
information for investors. Shareholders
who wish to contact the Company on any
matter relating to its activities are invited
to contact the most convenient office
listed below, or contact the Company
via its website at www.ansell.com.

Investor Relations Contact
Australia – Registered Company
Office

Ms Anita Chow
Ansell Limited
Level 3, 678 Victoria Street
Richmond VIC 3121
Telephone: +61 3 9270 7229
Facsimile: +61 3 9270 7300
Email: anita.chow@ansell.com

Europe

Mr Zubair Javeed
Ansell Limited
Boulevard International 55
1070 Anderlecht, Belgium
Telephone: +32 2 528 75 85
Facsimile: + 32 2 528 74 01
Email: zubair.javeed@ansell.com

Company Secretary
Australia – Registered Company
Office

Ms Catherine Stribley
Ansell Limited
Level 3, 678 Victoria Street
Richmond VIC 3121
Telephone: +61 3 9270 7125
Facsimile: +61 3 9270 7300
Email: catherine.stribley@ansell.com

There is currently an on-market buy-back.

Ansell Limited has opted to deliver its
Annual Report by making it available
on the Ansell website, www.ansell.com.
Shareholders are entitled to receive a
printed copy of the Annual Report, but
the Company will only send a printed
copy to shareholders who elect to
receive one.

Shareholders can also access other
information pertaining to the Company
and its activities from its website at
www.ansell.com.

Change of Address

Shareholders should notify the Company
in writing immediately if there is a change
to their registered address.

For added protection, shareholders should
quote their Securityholder Reference
Number (SRN) or Holder Identification
Number (HIN).

Dividend

A final dividend of US28.25 cents per
share will be paid on 17 September 2020
to shareholders registered on
1 September 2020.

The dividend will be unfranked.

Australian and US shareholders must
elect to have cash dividends paid directly
into any bank, building society or credit
union account in Australia and the US
(respectively). Shareholders with a
registered address in Canada can
receive their dividends in US dollars.

Shareholders requiring information about
their shareholdings should contact the
Company’s registry at:

Computershare Investor
Services Pty Ltd

Yarra Falls
452 Johnston Street
Abbotsford VIC 3067
or
GPO Box 2975
Melbourne VIC 3001 Australia
Telephone: +61 3 9415 4000
Facsimile: +61 3 9473 2500
Shareholder Enquiries: 1300 850 505
(Australian residents only)
Email: web.queries@computershare.com.au
or visit Computershare’s Investor Centre
online at www.investorcentre.com where
shareholder information can be accessed.
You will need to have your SRN or HIN
along with your postcode.

Listings

Ansell Limited shares (Ticker Symbol
ANN) are listed on the Australian
Stock Exchange.

Registered Office

Company Secretary: Catherine Stribley
Level 3, 678 Victoria Street
Richmond VIC 3121
Australia

Americas Commercial Hub

Commercial contact: Renae Leary
111 Wood Avenue, Suite 210
Iselin, NJ 08830
United States of America

EMEA/APAC Commercial Hub

Commercial contact: Rikard Froberg
Boulevard International 55
1070 Anderlecht
Belgium

Cyberjaya Commercial Hub

Commercial contact: John Marsden
Prima 6, Prima Avenue
Block 3512, Jalan Teknokrat 6
63000 Cyberjaya
Malaysia

124

Ansell Limited Annual Report 2020

2021 Financial Calendar*

Half year results announcement

Ex-dividend share trading commences

Record date for interim dividend

Interim dividend paid

Annual results announcement

Ex-dividend share trading commences

Record date for final dividend

Final dividend paid

Annual General Meeting

16 February 2021

22 February 2021

23 February 2021

10 March 2021

24 August 2021

30 August 2021

31 August 2021

16 September 2021

11 November 2021

* Timing of events may be subject to change. Any change will be notified to the Australian Securities

Exchange (ASX). See Ansell’s website for updates (if any).

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Both the printer and the paper used to produce this document have Forest Stewardship Council® (FSC®) and ISO 14001
environmental certification. FSC® is a Chain of Custody (COC) process. IS0 14001 is the international standard of Environmental
Management Systems (EMS) designed to ensure the continuous measurement and reduction of environmental impacts.
This publication is printed using vegetable based soy inks. Printed on FSC® certified paper.

125

Ansell Limited
Annual Report 2020

ansell.com

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