Ansell Annual Report 2021

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FY2021 Annual Report · Ansell

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Appendix 4E

For the year ended 30 June 2021
Ansell Limited and Subsidiaries

ACN 004 085 330

Results for Announcement to the Market

Revenue from ordinary activities

Operating profit after tax attributable to members

Net profit for the period attributable to members

25.6%

57.5%

US$m

2,026.9

246.7

Dividends (distributions)

Dividend

Amount per share

Franked amount per share

43.60¢

Nil

Record date for determining entitlements to the dividend

Dividend Reinvestment Plan election cut off date

Dividend payment date

31 August 2021

1 September 2021

16 September 2021

Net Tangible Asset backing

Shareholders’ Equity attributable to Ansell Limited shareholders

Less Intangible Assets

Net Tangible Assets

Net tangible asset backing per ordinary share

2021
US$m

1,551.2

1,077.1

474.1

2021

$3.70

2020^
Restated
US$m

1,383.9

1,054.9

329.0

2020^

$2.56

^ The comparative information is restated on account of a change in accounting policy. Refer to Note 1 Summary of Significant Accounting Policies of the

accompanying audited Financial Statements.

Associates and Joint Ventures

Ansell Limited’s associates and joint ventures are included at Note 8 of the accompanying audited Financial Statements.

• This report is based on Financial Statements which have been audited.

• Refer to the accompanying Annual Report (which includes the Report by Directors), ASX Announcement and Investor Presentation
for commentary on the figures reported above and the remainder of the information requiring disclosure to comply with Listing
Rule 4.3A.

• This report is presented in United States dollars.

GROWTH AND
PERFORMANCE
RESPONDING
TO CRITICAL
GLOBAL NEED

Annual Report 2021

Ansell continues to deliver
high performance PPE
throughout the world
and we have proven the
success of our long-term
business strategy.

Contents

About Ansell

Financial Summary

Our Global Footprint

Investing to Support Future Growth

Chairman’s Review

Chief Executive Officer’s Review

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

Sustainability

Board of Directors

Executive Leadership Team

Report by the Directors

Remuneration Report

Financial Statements
Consolidated Income Statement
Consolidated Statement
of Comprehensive Income
Consolidated Statement
of Financial Position
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

18
18
20
21
24
26

75
75

80
81

123

124

129

130

132

Ansell Limited Annual Report 2021About Ansell

Ansell is a safety company
and our mission is to provide
innovative and effective
solutions for safety, wellbeing
and peace of mind, no matter
who or where you are.

Everyday more than 14,000
people located in 55+ countries
design, manufacture and
market products on which
millions of workers and
healthcare professionals rely.

Ansell:

• operates in the Industrial and

Healthcare industries;

• is number 1 or 2 in most key
market segments globally;

• provides safety assessments

for every industry;

• sells approximately 12 billion

gloves per year; and

• protects more than 10 million

workers each day.

Integrity

We value doing what
is right and ethical.

Trustworthiness

We value acting with
respect, fairness and
dependability.

Passion

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

Our Values

Involvement

Teamwork

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

We value collaboration
and a sense of partnership
and sharing.

Agility

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

Creativity

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

Excellence

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

Ansell Limited Annual Report 202103

Ansell Limited Annual Report 2021Financial Summary

Statutory Results
Ansell Group

Results in
Constant Currency

Healthcare GBU
Results

Industrial GBU
Results

26%

Sales up

56%

EBIT up

22%

Sales up

51%

EBIT up

35%

Organic Growth up

66%

Constant Currency
EBIT up

Organic Growth up

21%

Constant Currency
EBIT up

58%

Profit Attributable up

48%

Profit Attributable up

60%

EPS up

51%

EPS up

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 and apply throughout this report.

EBIT

EBIT is defined as Earnings Before Interest and Tax.

Operating Cash Flow

Operating Cash Flow is defined as net receipts from operations
per the Consolidated Statement of Cash Flows adjusted for net
payments for property, plant and equipment and intangible assets,
repayments of lease liabilities, net interest paid, and tax paid.

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$ 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.

Organic Growth

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

Ansell Limited Annual Report 20215 Year Performance

1,600

22.68
218

100.1

2017

1,490

27.19

193

102.0

2018

1,499

26.85

203

111.5

2019

1,614

36.70

217

120.2

2020

2,027

192.2

43.51

338

2021

Sales (US$m)

Sales of Divested
Sexual Wellness Businuess (US$m)

EPS (US¢)

EBIT (US$m)

Share Price (A$)

Sales (US$m)

EBIT (US$m)

Profit Attributable (US$m)

Operating Cash Flow (US$m)

Earnings Per Share (US cents)

Dividends Per Share (US cents)

Ansell Share Price4 (A$)

20171

1,599.7

217.8

147.7

146.0

100.1

44.00

22.68

2018
Adjusted2

1,489.8

2019
Adjusted2

2020
Restated3

1,499.0

1,613.7

193.1

146.7

104.5

102.0

45.50

27.19

202.8

150.9

164.7

111.5

46.75

26.85

216.7

156.6

191.7

120.2

50.00

36.70

2021

2,026.9

338.0

246.7

49.2

192.2

76.80

43.51

1. 2017 represents total Group statutory results before the divestment of the Sexual Wellness business.
2. 2018 and 2019 results are adjusted to remove the costs associated with the Transformation Program.
3. 2020 results have been restated on account of the 2021 change in accounting policy. Refer to Note 1 Summary of Significant Accounting Policies of the Group’s

audited Financial Statements.

4. Share price is the closing price on the last trading day of each financial year.

Ansell Limited Annual Report 2021Our Global Footprint

The expansion of Ansell’s global sales force
provides market leading coverage and
capability and reduces the concentration
risk in one country, distributor or customer.

With a new manufacturing facility in Russia
and significant investment in new capacity
at our manufacturing operations around the
world, Ansell is preparing for increasing
requirements for self-sufficiency in
numerous PPE markets.

Global snapshot

20+

Warehouses

800+

Sales force

North
America

582

Sales presence in

55+

Countries

Manufacturing
facilities

Sales in

100+

Countries

R&D facilities/
Centres of Excellence

Latin America
& Caribbean

389

Europe,

Middle East

& Africa

998

Asia Pacific

12,190

Ansell Limited Annual Report 2021North

America

582

Latin America

& Caribbean

389

Europe,
Middle East
& Africa

998

Asia Pacific

12,190

Map Key

Corporate hubs

Warehouse/distribution facilities

Offices

R&D facilities/Centres of Excellence

Manufacturing facilities

Employees by region (total 14,159)

Ansell Limited Annual Report 2021

Investing to Support Future Growth

Ansell has increased its investments over the last two years to meet greater
demand for its products. In particular, Ansell has invested heavily in:

1. state-of-the-art equipment combining advanced process automation

and sustainable manufacturing practices;

2. additional resources in the global engineering team; and

3. new products and technology innovation.

This will enable growth through capacity expansion and asset resilience
and further improve asset efficiency.

Single Use Gloves (Thailand)
Plans for seven highly efficient and automated lines in
Bangkok, capable of producing our proprietary technologies
and differentiated TouchNTuff® styles. Three lines are now
operational and once completed will more than double
in-house production of single use gloves.

Surgical Gloves (Malaysia & Sri Lanka)
Added two new synthetic surgical lines at existing
manufacturing sites in Malaysia and Sri Lanka to
increase production of our GAMMEX® and ENCORE®
branded products.

Ansell Limited Annual Report 2021Chemical Body Protection (Sri Lanka)
Following expansion in China in FY20 H2, we further
expanded capacity in Sri Lanka. We also localised
production in Brazil (supporting LAC) and Lithuania
(supporting EU).

Chemical Gloves (Malaysia)
Added two new state-of-the-art dipping lines in Malaysia
to support the continued growth of our differentiated
AlphaTec® multi-hazard chemical glove portfolio and
related innovation platforms.

Mechanical Gloves (Portugal & Russia)
Investment to grow capacity of HyFlex® and ActivArmr®
industrial hand protection to provide a locally manufactured
product (key in many markets now).

Electrical Protection Gloves (Malaysia)
Increased production of electrical protection products
to help meet greater demand from automotive electric
vehicles, EMS, utilities and green power industries.

Ansell Limited Annual Report 2021Chairman’s Review

Magnus Nicolin’s leadership over the past 11 years
has been the driving force behind the transformation
of Ansell.

John Bevan – Chairman

Dear Fellow Shareholders

Ansell continues to perform extremely well. Record levels of sales
drove increased profitability in a very challenging and constantly
changing global environment enabling us to reward shareholders
with a 53.6% increase in dividends for the year. We have also
taken important steps in our ESG and sustainability journey.

Decisions taken as early as 2019 to substantially increase our
manufacturing capacity have been rewarded by very strong
demand. The pandemic explains some of this. But we’ve also
seen industrial segments hit hard last year return to growth.
Although the pricing tailwinds of these last eighteen months
will ultimately subside as the crisis phase of the pandemic
wanes, the Ansell of today has consolidated its position as a
larger, stronger, and more competitive leader in its chosen global
markets. Ansell’s positive financial performance reflects this.

Magnus Nicolin’s leadership over the past 11 years has been
the driving force behind the transformation of Ansell. He joined
an Australian heritage company in some ways yet to clarify its
portfolio and its mission. He set about rectifying the strategic
uncertainties and targeting global Personal Protective Equipment
(PPE) markets where the Company had potentially strong
positions and could make a difference.

When Magnus took over the portfolio it included Sexual Wellness,
a business outside the PPE safety core. Its divestment gave us the
balance sheet strength to execute on a number of acquisitions,
to modernise our existing manufacturing base and to invest for
growth. He re-built the Company to succeed through vertical
integration: from a manufacturer of specialised yarns, a
manufacturer and supplier of the world’s most comprehensive
range of PPE gloves and clothing, all the way to an expert advisor
to customers on the role of PPE products in managing medical
and industrial safety risks.

This fully integrated structure enables rapid-fire, customer-
focused innovation and this will underpin Ansell’s leading market
positions for many years ahead. In the process of transforming
the Company, Magnus ensured that Ansell became financially
successful and a strong generator of cash. Over the journey
shareholders have benefitted through improving dividends and
share buybacks.

To me, some of the most attractive aspects of Magnus’s
leadership are his business values, now so clearly evident within
the culture of the Company that people notice and want to work
for Ansell. We now have a stronger team of people within Ansell
than ever before and the culture Magnus fostered within the
Company has attracted them. They have enormous pride in
working for a company that has a positive impact on society.

As previously announced Magnus will retire at the end of the year
and Neil Salmon has been appointed CEO/Managing Director
effective 1 September 2021. Neil, a UK citizen based in Belgium,
commenced his business career with the ICI Group working in
diverse corporate and divisional roles. He joined Ansell in 2013
as CFO and was appointed President of Ansell’s Industrial GBU in
2019. Neil has the right combination of financial and operational
experience and capability for the CEO role at Ansell. He has
worked alongside Magnus for many years and was a key
contributor to the strategies which transformed Ansell during
that time. More recently, Neil’s leadership of the Industrial GBU
was critical in the management of the initial challenges of the
pandemic, positioning the business where it could maximise
benefits from the recovery as it emerged. Ansell’s strategies are
delivering well. Neil understands the drivers of Ansell’s success in
recent years and I’m confident Neil will build on that momentum.

Following 1 September 2021, until his retirement on 31 December
2021, Magnus’s role will be Special Advisor to the Ansell Board
and the incoming CEO.

Ansell Limited Annual Report 2021He will ensure a well-managed transition to the new CEO and
will specifically guide the FY21 sustainability reporting and the
2021 Ansell Innovation Awards. In addition, Magnus will ensure
the transfer of key external relationships with partners and
customers to Neil.

I thank Magnus for his immense contribution to the Company, for
the quality of his leadership and judgement, and for his remarkable
collegiality which is appreciated by all of us involved with Ansell.

The COVID-19 pandemic has continued to be the dominant
influence on the global economy this year as nations recover
or succumb to new waves. Ansell has experienced very high
demand for its PPE products but has also been forced to manage
disruption, especially in manufacturing geographies where we
operate including Malaysia and Sri Lanka. Disruption has also
impacted our global supply chains as sea freight imbalances
create new trade patterns and sudden scarcities of inputs and
consumables emerge.

We have continued to experience limits on our ability to travel
this year. In response, impressive collaboration across the
organisation has ensured our customers are looked after and
that our employees are actively engaged with the organisation.
This is becoming a challenge now that many new employees have
never been to the office and not physically met their managers.

Report scheduled for release in September. In general, our
industry is demonstrating improving standards and we are
seeing positive compliance with our requirements. But we make
no secret that we are scrutinising our suppliers as exhaustively
as we can. We intend to make it even clearer that if we don’t
see improvements following the flagging of an issue, we will
act either to limit our purchases from suppliers in breach or
eliminate them as suppliers altogether.

At this year’s AGM two long-serving Directors, Marissa Peterson
and Peter Day, will retire from the Board. Marissa joined the
Board in August 2006 and Peter in August 2007. Both have chaired
several Committees during their time with the Company. Marissa
most recently as Chair of the Human Resources Committee and
Peter as Chair of the Sustainability and Risk Committee. I thank
them for their contributions and I wish them well.

As recently announced we are seeking shareholder support at
this year’s AGM for the proposed election of Morten Falkenberg
to the Board as a Non-Executive Director. Morten’s biographical
details will be included in the notice of meeting. Your Board
believes that the capabilities and experience Morten brings to
the Board will be of significant benefit to the Company’s future.

Ansell continues to review its labour standards and both
management and the Board are very focused on the issues which
involve migrant labour in developing economies. We plan to
address our policies and practices again in our Sustainability

John Bevan
Chairman

Ansell Limited Annual Report 2021Chief Executive Officer’s Review

Ansell is now a stronger and larger global PPE sector
leader with enviable manufacturing, marketing and
innovation capabilities thoroughly tested by the
extraordinary circumstances of our times.

Magnus Nicolin – Managing Director and Chief Executive Officer

Results/Outlook
I am very pleased to report that Ansell in FY21 achieved the best
results ever by a wide margin, recording 22% organic growth
(on top of a strong FY20), 56% EBIT growth and a 60% increase
in earnings per share to $1.92 per share. Equally impressive is
the dramatic increase in manufacturing and sales capabilities
as well as output with 12 new glove lines which went live in FY21
and a doubling of Body Protection capacity compared with
pre-COVID-19. All of this bodes well for the future and in particular
for FY22, as indicated in our formal earnings guidance range.

The continuing pandemic contributed to very high demand
for some of our products, which also benefitted from increased
volumes and margins due to the greater efficiencies of our highly
innovative plant and equipment. However, the general growth in
our sales and the strength of our earnings materially exceeded our
expectations and this was largely due to the stronger momentum
in businesses initially negatively impacted by COVID-19, such as
mechanical and surgical gloves.

Ansell is now a stronger and larger global PPE sector leader with
enviable manufacturing, marketing and innovation capabilities
thoroughly tested by the extraordinary circumstances of our
times. These strong results are a credit to the people of Ansell.
They have maintained a passionate commitment to delivering
vital products to support communities in great need. I have never
been so impressed by their skills and commitment as I’ve been
this year. It’s evident in the results and I thank them.

Importantly, we don’t see a return to pre-pandemic performance
levels. Rather, we believe that Ansell’s transformation has seen
the Company achieve completely new levels of performance
and capability sustainable beyond the impact of the pandemic.

The World as it Was
This is my final CEO Annual Report message to shareholders
so it’s appropriate to look back, take stock and analyse how far
the Company has come and where it can go from here.

Ansell was an innovative division of the Australian-based
diversified manufacturing conglomerate, Pacific Dunlop, which
encountered serious strategic challenges with heavy losses in
the late 1990s. This forced it to restructure radically, a lengthy
process which seriously challenged the patience of its
shareholders. After a series of divestitures, Ansell emerged the
principal remaining part of Pacific Dunlop. It carried on as the
ASX-listed entity but operated in the reputational shadow of
its former parent.

Consequently, my predecessors had focused heavily on restoring
the trust with the investor base, essentially by making sure we
would deliver on our commitments every single time. Almost by
definition, this was a somewhat risk averse path with a focus on
maximising cash flow and then using that cash flow to buyback
shares and provide steady dividends. The result of this over time
was low investment, little innovation, ageing plants and declining
competitive advantage.

In 2010 when I began as CEO, Ansell was competing in a highly
fragmented global industry. Our competitors fell into three
categories: importers based in North America or Europe sourcing
product from Asia with limited focus on innovation and no focus on
manufacturing; Asian-based manufacturers with solid production
capabilities but no focus on brands, sales or customer service; and
finally there was a cohort of fully or partially integrated innovators,
manufacturers, marketing and sales organisations with potential

Ansell Limited Annual Report 2021for stronger segment leadership. Ansell fell into this latter category
together with a number of regional or global competitors such as
Honeywell, 3M, DuPont, Showa-Best and Uvex.

Given the fragmentation, it was likely that the industry would
consolidate with many players squeezed out or acquired,
although the role Ansell would play in the eventual consolidation
of the sector was not clear. As it turned out, the list of companies
which disappeared from the sector is long. Ansell acquired 14
of them and many more were absorbed by distributors or they
simply abandoned the industry.

The Plan of Attack
Broadly, the mission I accepted when I joined Ansell was to go
back on the offensive, to restore the innovation power of Ansell
of old and to drive growth. But, where to start? In my first few
months at Ansell I travelled to see our businesses everywhere.
I saw the good and the bad. Some key plants were in serious
disrepair. Some could operate only at three-quarter speed in order
to maintain quality. There was an urgent need for new investment
and engineering attention. Minimal investment over many years
at below depreciation levels was clearly not sustainable.

Then there was the good. The people of Ansell I met gave me
the most hope and excitement. I found people who were more
passionate about the business than I’d ever seen before in any
company I’d worked for. What they needed were the resources
and the road map.

Financial Highlights

22%

Organic Sales up

60%

EPS up

56%

EBIT up

54%

Dividends up

Hence the need to review the strategy of the Company. At that
time the idea of ‘barrier protection’ linked our gloves business
with our Sexual Wellness business, but it served more to underline
the technical linkages of our businesses in hand, rather than to
signal a useful strategic direction.

We were a manufacturer but we had outsourced our most
innovative products, we had little new product sales and our
plants were out of date. We had 250 brands, many of them with
little meaning or presence. We had a highly regional structure
where each of America, Europe and Asia did what they pleased
and with little coordination. The structure produced a mismatch
with our globalising customers and caused complications for
our plants. It generated modest market positions and thousands
of products with very small volumes.

Ansell Limited Annual Report 2021Chief Executive Officer’s Review continued

In addition, we were not preparing for a changing world. For
instance, hospital procedures in the developed world 10 years
ago accounted for 75% of surgical procedures globally, but
it was clear that this was about to change. Strong growth in
emerging markets was being fuelled by the growth of middle
class populations and increasing standards of healthcare, and
today the emerging markets account for the great majority
of gloves used. The number of working hands in industry were
rapidly shifting from developed markets to China and South
East Asia. Ansell needed to adapt to this fast moving reality.

So we pulled together a small strategic team on a project called
North Star. That team was formed to collect data on the industry,
the market, the competition and its profitability, and the potential
of the sectors we operated in. The North Star team produced the
insights to shape a plan comprising the strategic pillars which
are pretty much still with us today.

The North Star plan had 9 pillars:

1. Globalise Ansell fully with global systems, titles, brands,

processes and mission

2. Define a clear mission to be globally No.1 or No.2 in every

market and every product category – or if not possible – get
out/divest

3. Consolidate to fewer than 10 brands, each with very clear

purpose and meaning – a precise DNA

4. Revitalise and scale manufacturing, insource all differentiated

products and ensure that Ansell had the most innovative
engineering and production capabilities

5. Expand the focus to Emerging Markets – that is where more

working hands are and where an increasing percentage of all
surgical procedures are conducted

6. Accelerate innovation through better insight and more

capability in 10 innovation centres

7. Build scale and critical mass to double sales and profitability
through simplification, efficiency, investment and acquisitions
in the selected areas

8. Shift the focus from selling gloves to delivering safety and

productivity solutions, building on a then budding safety audit
program called Guardian®

9. Finally, and perhaps most importantly, leverage the passion
of our leaders and workforce, but contrary to the recent past
also encourage risk taking and global teamwork.

Transformation
How did we transform Ansell? It was a combination of implementing
the strategic pillars above as well as conducting a very deliberate
M&A strategy, to ensure that we ended up first or second in each
segment we participated in - or we exited. Accordingly, our
transformation proceeded in numerous dimensions.

Innovation and Integration
We focused on competitiveness through innovation, giving us a
keener focus on customer needs. Then we doubled spending on
R&D and opened 5 new innovation centres. Product innovation
introduced new demands at the manufacturing level and it
prompted us to integrate backwards to produce inputs with
entirely specific properties that would ultimately give customers
greater utility and value. For example, we decided to purchase
our glass, steel, cotton and nylon fibres and to manufacture our
own proprietary yarns, rather than purchasing all yarns from third
parties. However, we also needed to build back excellence and
industry leadership in our manufacturing processes, machine
designs and automation solutions and to improve sustainability
with investments in bio-mass, solar power and water recycling.

The key enabler of a return to manufacturing excellence was
the Corporate Engineering team. The problem was that there were
only four corporate centre engineers/architects when I arrived, and
we concluded we needed to significantly enhance that capability.
Now there are 60 engineers in that team giving us the capability
to lead the industry in machine design and inventiveness.

To ensure that our manufacturing capabilities were best in class
and to make sure we could support the growth of the business
we increased annual manufacturing capital expenditure from
$12 million in FY10 to $76 million today. The latest generation
of machinery just going live is larger, more efficient, more
automated and in each case incorporates unique patented
or trade-secret governed designs to set Ansell apart from all
competitors (see the picture on the front page of this report).

Valued Brands and Global Markets
On the commercial side we invested in dramatically improved
sales coverage worldwide and especially in emerging markets
where we increased fourfold our sales forces in Brazil, China,
India and Mexico. Worldwide, we supported the new service
and delivery capabilities with our globalised Guardian® branded
safety audit program and patented it, making it easier to use.
The program accounts for the majority of new customer
conversions globally. More recently we began launching
web-stores to educate and service customers directly.

On the marketing side we set out to simplify the product
ranges, to eliminate 90% of the 250 brands and consolidate
to 10 or so mega-brands, all while onboarding 50 new brands
from 14 acquisitions. We provide products to businesses where
wearing the right brand is the difference between being
protected from injury or not. We have several of the largest
and best known brands in the industry.

Ansell Limited Annual Report 2021To accelerate the consolidation of the
industry and our journey to No.1, we pursued
acquisitions with clear objectives, underpinned
by valuation discipline.

Growth Brands as a Percentage of Total Sales

90%

80%

70%

60%

50%

40%

30%

20%

10%

2
1
Y
F

3
1
Y
F

4
1
Y
F

5
1
Y
F

6
1
Y
F

7
1
Y
F

8
1
Y
F

9
1
Y
F

0
2
Y
F

1
2
Y
F

Over time we defined a communication and execution tool that
we called the 8 Dimensions of Differentiation for Ansell (refer
diagram on page 18). This is our way of guiding our investments
toward the most important areas to further differentiate Ansell
from all competitors and deliver more value to customers. At the
core of this sit our team and the passion they have for delivering
improved safety to our customers.

ESG and Sustainability
We are making a concerted effort to lead our industry in socially
responsible environmental, social and governance practices.
Ansell has proudly achieved a strong safety record, and we
continue to build on it. We are, after all, a safety company and
practice what we advocate and sell – safety. We have advanced
our labour practices, which, while good by industry standards,
we will continue to improve. Labour rights is a clear dimension
for improvement and leadership for Ansell, just as important
as many of the challenges I encountered all those years ago.

Regarding sustainability, we continue to make progress in
reducing greenhouse gas (GHG) emissions, water usage, energy
consumption, and we expect to exceed the targets we committed
to three years ago. We are re-engineering the value chain,
improving our packaging to eliminate mixed materials, improving
ease of recycling and developing new materials for gloves that
will allow full bio-degradability. We are also re-imagining product
end-of-life solutions which will see used gloves either being
returned to a raw material state or deployed as additives to
other materials, such as cement or asphalt – delivering a second
or third use rather than going into landfill.

Focus on Differentiated products and in achieving
leadership positions in each segment
To accelerate the consolidation of the industry and our journey
to No.1, we pursued acquisitions with clear objectives,
underpinned by valuation discipline. We also exited businesses
where we concluded that we could not realistically achieve a
sustainable leadership position – such as Sexual Wellness, boots,
some retail positions and military gloves. These divestitures
netted $700 million enabling us to grow the glove and clothing
segments. We acquired businesses for $1.2 billion to boost our
Mechanical gloves, Chemical, Single Use, Life Sciences and
Surgical positions. Through several acquisitions in Body
Protection we built our position from sixth in global sales
to No.2 now. There were 17 transactions over the years,
14 acquisitions and 3 divestments, which ultimately allowed
us to become No.1 or No.2 in each segment and geography.

Ansell Limited Annual Report 2021Chief Executive Officer’s Review continued

In conclusion, while we have come a long way, the capabilities
we have built present even more opportunities to grow now
than what we saw in 2010. Over 11 years, Ansell has doubled in
size and capability and delivered +15% TSR CAGR – effectively
quadrupling a $ invested in 2010. We have also returned more than
$1.2 billion to shareholders over that period through dividends and
share buybacks. We now stand ready to accelerate further.

Delivered strong returns to shareholders

%
R
S
T

500

450

400

350

300

250

200

150

100

250

225

200

175

150

125

100

D
i
v
i
d
e
n
d
s
a
n
d
S
h
a
r
e
b
u
y
b
a
c
k
s

(

U
S
$
m

)

0
1
Y
F

1
1
Y
F

2
1
Y
F

3
1
Y
F

4
1
Y
F

5
1
Y
F

6
1
Y
F

7
1
Y
F

8
1
Y
F

9
1
Y
F

0
2
Y
F

1
2
Y
F

Ansell TSR

Dividends

Share Buybacks

Total Shareholder Return (TSR) – As at 30 June 2021. Assumes 100% dividend
reinvestment on the ex-dividend date and where dividends are paid in US$,
converted to A$ using the spot rate.

This will be the mission for Neil Salmon, as my successor, and the
very strong management team and talented workforce we have
at Ansell today. I would like to thank first of all my colleagues all
over Ansell for their passion and hard work in building this great
company, I thank John Bevan, our Chairman and the Board for
supporting the bold expansion of Ansell, and finally, I want to
thank our customers and suppliers as well as you, the
shareholder, for your steadfast support.

Magnus Nicolin
Managing Director and Chief Executive Officer

Then COVID-19 Hit
All companies are a ‘work in progress’. However, it is fair to say
that when COVID-19 hit, Ansell had progressed over the years to
a point where the Company was a specialised global PPE leader
‘match fit’ to respond to the extraordinary challenges of such an
unprecedented crisis. At the onset in January 2020, we leveraged
our understanding of safety and infection prevention and
immediately set up our operations to function even with the
external threat. This has worked well for the last 18 months and
contrary to most of our competitors, we have had very few cases
of COVID-19 hot-zones severely impacting our operations.

COVID-19 has of course resulted in increased demand for some
of our products but also impacted some of our sales negatively
as the global economy took a big hit. Overall, we have come
through the peak of this stronger than ever before with sales
and profitability at all time highs. More importantly, COVID-19
has sensitised the world to safety, to use the right PPE and to the
need for clear plans to protect workers. Ansell is ideally positioned
to help guide and service these needs for many years to come.

What’s Ahead?
We are now at a position where we have clear strengths and
capabilities: we have market leading innovation, the best
manufacturing technologies, top global brands, a market leading
800 strong global sales force, software driven sales tools, the most
complete product ranges in hand and body protection and finally,
a very strong balance sheet. Taken together, they give Ansell
unparalleled opportunities to lead in some fascinating new
product and customer value platforms, for example:

• Our broad range of Surgical gloves and innovative pre-double

gloved solutions is unique in the industry and being supported by
a highly cost competitive manufacturing base, close partnerships
with top distributors and a strong end user following, we expect
to continue to lead this segment globally.

• In Chemical Protection our unique integrated offering of hand

and body protection products provides protection against
millions of chemical combinations while our AnsellGUARDIAN®
analytical tools allow us to provide the right protection for
every chemical risk imaginable.

• Our single use gloves feature proprietary technologies, unique
polymer formulations and differentiated layering capabilities,
providing unprecedented protection for healthcare, industrial
and Life Sciences applications.

• In new technologies, we are developing smart gloves with

sensors that will effectively warn the user about potential hazard
exposure or the risk of chemical permeation to a glove or suit.
This enables PPE to go well beyond its traditional passive
protection role.

• Then there’s Inteliforz™, our new connected workforce Software

as a Service (SaaS) platform, enabling workers and Safety
Managers to identify and address ‘at risk’ workplace safety
behaviours with measurable data and insights, helping to
reduce risky behaviors and injuries such as work-related
Musculoskeletal disorders (MSDs).

Ansell Limited Annual Report 2021

Ansell Limited Annual Report 2021Strategy

Ansell has global market-leading positions in single and multi-use
hand protection products for industrial and medical applications.
We also have fast-growing positions in industrial Chemical
Protective Clothing products and safety solutions for surgical
operating theatre and clean room laboratory environments.
Overall, our product range is well balanced between end markets
that are driven by cyclical economic demands and those that
are considered more counter cyclical.

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.

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.

Furthermore, COVID-19 has driven increased demand for several
products as a result of greater focus on PPE from both existing
and new end users to assist with infection prevention and control.

Ansell’s continued ability to build and maintain its leading
positions in the markets in which it operates arises from a number
of strengths:

• Foremost, there is the breadth and performance of our
unmatched product range commercialised under well
differentiated global brands. 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 our end users and our distribution partners.

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

7.
DELIVERY
& SERVICE

L O Y EE PASSI

2.
PRODUCT
RANGE &
INNOVATION

6.
MANUFACTURING
& ENGINEERING

Safety

AINABILITY P R A

TICES

3.
ANSELL
BRAND EQUITY

5.
REGULATORY &
COMPLIANCE
SERVICES

4.
CUSTOMER
COVERAGE

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

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

Key: Solid capabilities already in place Further strengthen and invest

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

Business Priorities

Our business priorities for FY21 were focussed on delivering
profitable growth whilst ensuring operational excellence and
maintaining a high performance organisation. Our key
objectives included:

• Maintain agility in a COVID-19 environment which resulted in
higher degrees of uncertainties and complexities, particularly
from a pricing and supply chain perspective.

• Expand in areas which benefit from increased attention

on infection prevention and control.

• Continue to focus on new product development.

• Invest in Sales Excellence and further develop our digital

capabilities to support our customers and partners.

• Grow our emerging market footprint.

• Complete our large capacity investments to support

• Control over our geographically diverse manufacturing

increased demand.

operations which are undergoing capacity expansion to better
meet increased demand for our products.

• We are uniquely positioned to provide global solutions as the
only industry participant with leading market positions in a
number of hand and body protection 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

– added near adjacent product portfolios, which we are

demonstrating that we can grow rapidly on a global basis.

• Increase productivity within our manufacturing operations,

while maintaining safety standards of our operations.

• Improve service and quality metrics to ensure Ansell is the

leading company globally on these criteria.

• Implementing ‘Back to Better’ ways of working from an

employee perspective.

• Further advance our work in relation to Sustainability, including
our continued alignment to the Task Force on Climate-Related
Financial Disclosures (TCFD) Recommendations outlined on
page 33.

• Strategic and disciplined acquisition evaluation.

Our progress on these goals are detailed in our performance
on pages 21 to 27.

Ansell Limited Annual Report 2021Shareholder 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 to at our October 2020 Capital Markets Day is summarised below
and has been modified to include the revised dividend policy announced to the market in February 2021.

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

Focused

Efficient

Agile

Gain share
• Organically through delivery of superior value
• Accelerate growth through acquisitions

Demonstrate industry leadership through
• Innovation
• Customer solution focus and reliability
• Digital deployment
• Emerging market development
• Operations excellence and CSR leadership

3–5% Organic growth p.a.

6–12% EPS growth p.a.

ROCE of 14–15%

Cash conversion of 95–100%

Continuous investment in CSR and Sustainability

Achieving high return by investing in the base business

Synergistic acquisitions, EPS accretive year 1 and above WACC year 3

40-50% Dividend Payout

Opportunistic Buybacks

Our Foundation: Engaged and Empowered Employees, Sustainable Business Practices and Strong Values

Ansell Limited Annual Report 2021

Outlook

It is likely that COVID-19 will continue to feature throughout
FY22 but the impacts will depend on vaccination rates and
virus mutations.

From a demand perspective, Ansell has a diversified portfolio
with products supplying a variety of end markets and geographies.
We expect to see continued demand for Mechanical, Surgical,
Life Sciences products and our internally manufactured Single
Use gloves. However, lower demand is expected in areas which
benefited most from the onset of COVID-19 i.e. Chemical Body
Protection and undifferentiated Exam/Single Use gloves. Pricing
is expected to feature throughout FY22, positively and negatively.

From a supply perspective, recent capacity investments should
support sustained demand. However, increased COVID-19 cases
in South East Asia in the recent months may disrupt supply.
A number of our factories and suppliers in the region have
had short term closures or reduced operations. This may impact
our sales during FY22 H1. Increased freight costs and shipping
delays are also expected to persist throughout FY22.

Ansell Limited Annual Report 2021Performance

Financial Reporting Presentation

Ansell is a US$ reporting entity with a majority of its commercial operations transacting in US$. However, Ansell also has material
non-US$ transactions due to its 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 and also for the effect of acquisitions, divestments and exited products.

Income Statement

Year ended 30 June

Sales

GPADE1

GPADE margin

SG&A

% to sales

Share of profits from Careplus joint venture

EBIT

% to sales

Net Interest

Taxes

Minority Interests

Profit Attributable

EPS

Dividend

2020^
Restated

2021

Growth %

$1,613.7m

$2,026.9m

$556.3m

$723.6m

34.5%

35.7%

25.6%

30.1%

Constant
Currency
Growth %

22.5%

26.3%

($339.6m)

($393.7m)

15.9%

12.2%

21.0%

19.4%

$8.1m

$216.7m

$338.0m

56.0%

51.4%

13.4%

($17.4m)

($41.3m)

($1.4m)

16.7%

($19.9m)

($69.8m)

($1.6m)

$156.6m

$246.7m

120.2¢

50.00¢

192.2¢

76.80¢

14.4%

69.0%

14.3%

57.5%

59.9%

53.6%

11.8%

82.8%

14.3%

48.5%

50.8%

^ 2020 has been restated on account of a change in accounting policy. Refer to Note 1 Summary of Significant Accounting Policies of the Group’s audited Financial Statements.

1. GPADE means Gross Profit after distribution expenses. Gross Profit means sales less cost of goods sold.

Group Sales
Ansell delivered record sales in FY21 of $2,026.9m, representing
organic growth of 22.5%. Price growth was due to pricing initiatives
and pass through of cost increases. Volume growth was positive
outside of the Exam/Single Use business unit and especially in
areas where capacity investments have come on-line. Supply
constraints due to ocean freight capacity and lockdowns in
South East Asia have tempered volume growth.

The Healthcare GBU (HGBU) business achieved 34.8% organic
growth as a result of strong volume growth for Surgical and Life
Sciences. Price/mix impact was even stronger mainly due to the
effective pass through of cost increases in Exam/Single Use and
Life Sciences and pricing initiatives.

The Industrial GBU (IGBU) business experienced organic growth
of 7.1%. Its diversified portfolio mix served it well. Chemical Body
Protection achieved strong growth throughout the year whilst
Chemical Gloves and Mechanical saw a stronger recovery in the
second half as they benefited from the global economic recovery.

FY20 to FY21 Group Sales Bridge

$341.6m

$71.6m

Group EBIT
Ansell’s EBIT for FY21 was $338.0m, which includes $8.1m share
of profits from the Careplus joint venture (equity accounted).

EBIT on a reported basis was 56.0% higher than the prior year
and margins improved 330bps to 16.7%. This was due to the
favourable impact from stronger sales and higher production
volumes combined with manufacturing efficiencies and SG&A
operating leverage. These positive movements were partially
offset by increased costs for labour and freight and greater
inventory provisions.

FY20 to FY21 Group EBIT Bridge

$107.0m

$20.0m

($5.7m)

$216.7m

$338.0m

FY20 Group EBIT^

HGBU

IGBU

Corporate

FY21 Group EBIT

^ FY20 has been restated on account of a change in accounting policy.
Refer to Note 1 Summary of Significant Accounting Policies of the Group's
audited Financial Statements.

$1,613.7m

$2,026.9m

FY20 Group Sales

HGBU

IGBU

FY21 Group Sales

Ansell Limited Annual Report 2021
Performance continued

Net Interest Expense

Tax Expense

Net interest expense increased by $2.5m, mainly due to less
interest income as a result of reduced cash balances and lower
rates compared with the prior year.

The effective tax rate of 22.5% is closer to the long-term average
for the Group. This is higher than 20.9% reported in FY20, mainly
due to higher Australian revenue losses that have not been
recognised at this time

Group Statement of Financial Position

As at 30 June

Inventories

Trade receivables

Trade payables

Net working capital

Property, plant and equipment

Careplus joint venture (equity accounted)

Intangible assets

Other

Capital employed

Net debt

Total equity

2020^
Restated

$340.1m

$173.4m

2021

$ Change

% Change

$611.2m

$265.5m

$271.1m

$92.1m

($220.1m)

($357.4m)

($137.3m)

$293.4m

$251.5m

$8.9m

$519.3m

$294.9m

$18.9m

$1,054.9m

$1,077.1m

$225.9m

$43.4m

$10.0m

$22.2m

($41.5m)

($65.7m)

($24.2m)

$1,567.2m

$1,844.5m

$277.3m

($171.4m)

($279.9m)

($108.5m)

$1,395.8m

$1,564.6m

$168.8m

79.7%

53.1%

62.4%

77.0%

17.3%

112.4%

2.1%

58.3%

17.7%

63.3%

12.1%

^ 2020 has been restated on account of a change in accounting policy. Refer to Note 1 Summary of Significant Accounting Policies of the Group’s audited Financial Statements.

Ansell increased capital employed by $277.3m in FY21 mainly
because of an investment in working capital and in manufacturing
to meet short term and longer term demand, as discussed below.
In addition, Ansell made a further investment of $1.7m in the
Careplus joint venture (equity accounted) to assist with its capital
expansion plans and a $5.6m acquisition of the Primus brand to
further grow our Life Sciences presence in India. The additional
capital employed helped Ansell to deliver on its record
performance for FY21 and was partially funded by net debt
which increased by $108.5m.

Working Capital

The increase in inventories was driven by higher pricing combined
with a proactive decision to build up inventories to support
demand in the event of any supply chain shocks. This places
the Group in a good position to execute on its strategy for FY22.
Inventory turns showed good momentum in the first half however
this tapered off towards the end of the year due to elevated
inventory levels.

Achieving record sales has had a direct impact on the level
of trade receivables. Throughout FY21, the Group maintained a
diligent and thorough review process to ensure that increased
limits and exposures were provided to financially secure
customers. Cash collection remained strong throughout the year,
with continuous improvement over the last quarter. The trade
receivables ageing profile remained largely consistent with
that of last year.

Exam/Single Use products, which are predominantly outsourced,
experienced significant cost increases throughout FY21.
These increases in conjunction with increased freight costs and
shipping delays incurred in the second half, resulted in a large
increase in trade payables partially offset by shorter payment
terms to selected suppliers upon their request.

Capital Investment Projects

During FY21, the Group continued to focus on strategy execution
through a number of growth/expansion, production automation
and profit improvement projects. Major investments included:

• Expansion of our Lat Krabang facility in Thailand for TouchNTuff®

branded single use products (three lines live with additional
capacity planned for FY22);

• Chemical Body Protection investment in Sri Lanka;

• Additional dipping lines to support our differentiated

AlphaTec® multi-hazard chemical glove portfolio and related
innovation platforms;

• Surgical line investments in Sri Lanka and Malaysia for our

GAMMEX® and ENCORE® brands;

• Electrical protection gloves production expansion in

Malaysia; and

• Investment to grow capacity of HyFlex® in Portugal and
ActivArmr® in Russia, providing made in Europe products.

Ansell Limited Annual Report 2021Careplus Joint Venture

Net Debt

Ansell’s joint venture investment in Careplus, a Malaysian surgical
and single use glove manufacturer, served the Group well in FY21
providing access to a significant existing source of supply to meet
increased demand. This directly translated into Ansell’s share of
profits adding $8.1m to Group EBIT. An additional $1.7m capital
injection was made during FY21 in line with the joint venture
partners commitment to increasing capacity at the Careplus site
in Kuala Lumpur. No dividends were paid during FY21 so as to
support the capital needs of Careplus.

Group Cash Flow

For the year ended 30 June

Net receipts from customers

Net cash provided by operating activities

Net cash used in investing activities

Net cash used in financing activities

Ansell maintained strong liquidity with $464.2m of cash and
committed undrawn bank facilities at 30 June 2021. The net debt
position continued to be below target leverage with no significant
upcoming maturities in the next 12 months.

2020^
Restated

$320.9m

$286.7m

$239.8m

$172.8m

($70.6m)

($84.7m)

($198.3m)

($267.5m)

2021

$ Change

% Change

($81.1m)

($113.9m)

($14.1m)

($69.2m)

-25.3%

-39.7%

20.0%

34.9%

Net increase/(decrease) in cash and cash equivalents

$17.8m

($179.4m)

($197.2m)

-1,108.1%

^ 2020 has been restated on account of a change in accounting policy. Refer to Note 1 Summary of Significant Accounting Policies of the Group’s audited Financial Statements.

Net cash provided by operating activities declined year on year
due to lower cash conversion. Cash conversion of 60.9% for FY21
was significantly lower than 117.7% reported in the prior year.
This was impacted by increased working capital and the timing
of tax payments.

The increase in net cash used in investing activities was driven
by higher levels of investment to support our growth/expansion
strategy, consisting of capital investment projects, acquisition
of the Primus brand and additional equity injection into the
Careplus joint venture to meet its capital needs.

Cash used in financing activities also increased in FY21.

This was due to:

(i)

additional cash used in the net repayment of borrowings;

(ii) higher dividend payments resulting from a combination of

improved earnings and the move from a progressive dividend
policy to a dividend payout policy;

(iii) on-market purchases to meet the obligations under equity-
based employee long-term incentive programs; and

(iv) purchases of treasury shares of $22.7m.

These increased cash outflows were offset by a significant
reduction in share buybacks in FY21.

Ansell Limited Annual Report 2021Healthcare Global Business Unit

The Healthcare GBU manufactures and markets innovative solutions for a wide range of
healthcare providers, including hospitals, surgical centers, dental practices, veterinary clinics,
first responders, laboratories, life sciences companies and pharmaceutical companies.

The portfolio includes surgical gloves, single use and examination gloves, clean and sterile
gloves and garments, and consumables. It also includes single use gloves used by industrial
workers in manufacturing, auto repair, chemical, food processing and other industries.

TouchNTuff® 92-600
Leading disposable glove
for chemical splash
protection with proprietary
Ansell material formulation

MICROFLEX® LifeStar™
EC
Dual layer and dual
colour medical exam
glove designed to meet
the needs of emergency
medical professionals and
proven to resist fentanyl

GAMMEX® Non Latex PI
Polyisoprene, skin-
friendly surgical glove
with a soft glove
formulation delivering
extra comfort

BioClean-D™ Drop-
down Sterile Garment
Unique design offering
true aseptic donning, with
internal colored tabs to
indicate safe touch points
to prevent touching the
outside surface

New Product Development

Capacity Investments

Post Acquisition Growth

Financial Summary

US$m

2020

2021

Growth %

Sales
EBIT1
% EBIT/Sales

$894.6m $1,236.2m
$248.8m
$141.8m
20.1%
15.9%

38.2%
75.5%

Constant
Currency
Growth %

34.8%
66.1%

1. 2021 EBIT includes $8.1m share of profit from the Careplus joint venture

(equity accounted).

Sales Performance
FY21 sales were $1,236.2m, representing 38.2% reported growth
and 34.8% organic growth. The business saw strong sales growth
across all SBUs. Exam/Single Use and Life Sciences experienced a
favourable pricing/mix impact whilst Surgical and Life Sciences
experienced strong volume growth.

SBU Highlights
Exam/Single Use delivered organic growth of 45.2%. Growth was
driven by higher market prices and effective execution of price
increases to recover increased costs. Our internally manufactured
volumes increased in H2 but overall volumes were constrained by
supply disruptions, including COVID-19 driven factory shutdowns

of outsourced suppliers and logistic delays as well as
normalisation of demand. FY20 H2 volumes were elevated
due to the sell-through of inventory that had been built pre
COVID-19 to clear customer backorders, which also contributed
to a comparative year-over-year volume decline.

Surgical and HSS organic growth was 13.0% due to market share
gains as a result of a successful strategy and the product being
used outside the surgical setting. FY21 H2 growth was constrained
by supply, particularly for synthetics.

Life Sciences achieved organic growth of 35.3% with positive
volume and pricing impact. Performance was aided by the global
vaccination drive and good traction with strategic global end users.

EBIT Performance
EBIT on a reported basis was 75.5% higher than the prior year
and margins improved 420bps to 20.1%. This was due to the
favourable impact from stronger sales (predominately pricing
and to a lesser extent mix), higher manufacturing volumes
driving greater fixed overhead absorption, reduced waste
and SG&A operating leverage. The Careplus joint venture’s
(equity accounted) share of profits contributed $8.1m income.
These positive movements were partially offset by increased
freight and labour costs.

Ansell Limited Annual Report 202125

Ansell Limited Annual Report 2021Industrial 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 and gas and first responders.

HyFlex® 11-561
The thinnest lightest
medium cut style with
2x more durabilty

AlphaTec® 4000
Innovation that brings
flame retardant and
world renowned chemical
protection together to keep
workers safe from flash fire
hazards in industries with
the greatest risk

ActivArmr® Electrical
Insulating Gloves Class 0
Ultimate fit, comfort and
performance for electrical
workers’ safety and
protection

AlphaTec® 37-310
Food processing gloves
offering an engineered fit
to allow an optimum
balance of fit and flexibility
both on its own or as an
over glove

New Product Development

Capacity Investments

Financial Summary

US$m

2020

2021

Growth %

Sales
EBIT
% EBIT/Sales

$719.1m
$92.4m
12.8%

$790.7m
$112.4m
14.2%

10.0%
21.6%

Sales Performance
FY21 sales were $790.7m, representing 10.0% reported growth
and 7.1% organic growth. The portfolio saw strong growth
from a number of products due to:

(i)

increased demand from end users seeking additional
protection;

(ii) industry shifts as a result of COVID-19; and

(iii) improving industrial demand stemming from the global
economic recovery, particularly in the second half.

SBU Highlights
Mechanical organic growth was 4.0% with second half
performance of 9.2% improving on a first half performance of
-1.0%. Multi-Purpose and Electrical Protection gloves remained
strong whilst HyFlex® Cut gloves saw better performance in
the second half.

Constant
Currency
Growth %

7.1%
20.5%

Chemical experienced 13.0% organic growth with strong
growth from Chemical Protective Clothing supported by recent
capacity investments and improving performance from Chemical
gloves due to the industrial recovery, sustained demand from
food industries and hygiene protocols remaining in place at
work/home.

EBIT Performance
EBIT on a reported basis increased 21.6% over the prior year
and margins improved 140bps to 14.2%. This was due to the
favourable impact from stronger sales as a result of volume
and price increases, plants running at stronger capacity with high
overhead absorption, reduced waste and SG&A operating leverage
which more than offset increased freight and labour costs.

Ansell Limited Annual Report 202127

Ansell Limited Annual Report 2021Sustainability

As a manufacturing company, sustainability risks and opportunities
arise at multiple points across our value chain, from raw material
sourcing and production through to product disposal. This year,
we have started to embed sustainability into our approach across
the value chain, leveraging the principles in our Responsible
and Responsive Strategy.

In FY20, we conducted a thorough assessment of our material
sustainability topics. This was followed by a high-level refresh
in FY21 to consolidate material topics to reflect the increasingly
integrated processes, resulting in minor adjustments to our
strategy. Our material topics are outlined below:

A Responsible and Responsive Strategy & Purpose

Our material topics

Better
Society

Employees
and wider
workforce

Community

Business
ethics

• We care about our people

and safety is our top priority
• We support our communities
• We play fair and conduct

business ethically

• Labour rights
• Employee health

and safety

• Recruitment and

engagement

• Diversity and inclusion
• Community

engagement and
investment

• Business ethics and

governance

Better
Environment

Water

Energy and
carbon

Materials
and waste

Better
Business

Customers

Suppliers

Investors

partners

• We reward investors

• We use natural resources

with care

• We work to continually

lower our GHG emissions

• We respect the local

environment

• We provide our customers

with safety and
productivity solutions
• We choose like-minded

• Energy and emissions
• Responsible supply

chains
• Water
• Climate risk

• Operational resource
efficiency and waste
minimalisation

• Environmental impact

and compliance

• Innovation and

• Business continuity

Product Stewardship

and demand response

In this report, we provide an update on some of our most material
sustainability topics: health and safety, climate risk, and labour
rights. Information on our progress and plans across our full
suite of material topics can be found in our Sustainability Report,
to be released in September 2021.

Sustainability is embedded within the organisation and is not
a standalone function. Ansell’s Board oversees our approach
to sustainability, supported primarily by the Sustainability and
Risk Committee (SRC) and the Audit and Compliance Committee.
The SRC is supported by our executive-level Sustainability Council
(the ‘Council’). In FY21, we re-structured the Council to be a core
group of ELT members, who are directly responsible for the
development and operational implementation of Ansell’s
strategic approach. We also reviewed the function of our
Sustainability Governance structure to represent how we execute
our sustainability strategy – across our people, our products and
our operations. Our Governance Structure is represented by
four workstreams: People, Operational Footprint, Product, and
Sustainability Communications and Training which represent
the major components of our sustainability focus, and how
we communicate the value of our work on sustainability to
our employees, customers, investors and other stakeholders.
Each workstream has an executive sponsor to further drive
accountability and oversight on monitoring and strategic
implementation of our sustainability programs.

In FY21, we have seen an acceleration in stakeholders’ interest
in sustainability, with amplified focus on the importance of our
program of work across several impact areas, especially health
and safety, climate risk and labour rights. We have also continued
to take significant steps towards employee engagement and
diversity, community engagement, water consumption and waste
generation, and reducing the environmental footprint of our
products. Furthermore, we have commenced work to develop
a roadmap to Net Zero emissions.

Health and safety

FY21 Focus Areas

Sustain the lowest
injury rates in the
industry

Maintaining and
reinforcing existing
COVID-19 Safety
Practices

This year, Ansell’s lost time injury
frequency (LTI) was 0.060. Our LTI rate
decreased by 25%, and this is primarily
attributable to our increased focus on
high-risk tasks, incident investigations,
and ’Gemba Walks’ along with the
six-point increase in our near miss
frequency rate.

The pandemic continues to heighten
in areas of our operations. At our sites,
we deploy comprehensive COVID-19
safety practices and monitor country-
level risks and activities.

Enhancing safety
culture at Ansell
towards a leadership
culture

Extending ownership of health and
safety beyond Global EHS team to
site leadership teams and other site
employees.

Ansell Limited Annual Report 2021
In June 2021, 3,300 workers at our Sri Lanka plants received vaccinations.

Safety is core to the products that we sell and to the way that
we operate. Our approach to health and safety is guided by our
5-Point Safety Charter (the ‘Charter’), supporting environment,
health and safety (EHS) policies, and the US Occupational Safety
and Health Administration (OSHA) standards. Ansell’s ‘Core
Standards’ establish the framework of our EHS management
system and cover all employees and contractors.

This year we emphasised core responsibility of the site leadership
teams to minimise and prevent injuries, and extended accountability
beyond our Global EHS team to the Operational Leadership
Team, General Managers and Site Managers, as well as non-EHS
specialists at our sites. We did this to elevate the responsibility
of our site leadership teams for safety alongside financial
performance, and to ensure that each site is more equipped,
engaged and knowledgeable when it comes to health and safety,
and can set a direction for their own improvement, responding
to the varied challenges that occur in different country contexts.

A focus this year has also been on our top ten high-risk tasks
(HRTs) and broadening their associated standard operating
procedures to include required health and safety competencies.
We require a minimum number of Subject Matter Experts for
each HRT and everyone engaging with a HRT requires a minimum
set of competencies. Evaluating these human factors alongside
implementation of Ansell’s global standards will help to
strengthen accountability culture towards health and safety.
This is driven by communicating the active management role
of our site leadership teams in implementing High Risk Tasks
Standard Operating Procedures.

EHS dashboards are reviewed monthly by the Operational
Leadership Team, and ultimately by the ELT and the Board every
quarter. This year, we have also increased the level of details
reported on the EHS dashboards. For example, sites now report
the levels of employee engagement, leadership commitment to
the global health and safety standards, and the implementation
of the standards.

We also increased the range of audit actions conducted by
Ansell’s Global EHS team to include focus groups and discussions
with General Managers and the site leadership teams to assess
the application of the newly introduced Standard Operating
Procedures on High Risk Tasks, and identify areas for improvements.

Two biomass generators at our plant in Bangkok, Thailand (shown here) have
reduced our consumption of natural gas resulting in the reduction of 40,000
MTCO2e from our greenhouse gas (GHG) inventory.

Managing health and safety during COVID-19 remained a key
focus for us in FY21, with Ansell providing employees with masks,
sanitation facilities and temperature checks, alongside guidance
on how to protect themselves and their families. We also
established a ‘Cluster Buster’ strategy to identify any outbreak
or cluster early to facilitate effective intervention to contain it.
We divide our employees into separate zones and shifts; conduct
frequent testing, with the consent of our employees; and closely
follow the recommended safety measures from the World Health
Organisation (WHO) and local governments to promptly update
our measures, all of which have helped us to keep our people
safe and contain outbreaks.

Ansell rented a dedicated government-approved interim care
facility for colleagues in Sri Lanka who tested positive for
COVID-19, at a time when Government-owned and private
facilities were overstretched. Employees who tested positive
volunteered to self-isolate at a private care centre, while their
close contacts were quarantined at home. We are continuing to
monitor this evolving situation to provide employees with a safe
work environment during the pandemic.

Obtaining vaccines is critical to keeping workers safe, building
employee confidence and morale during the long days of the
pandemic, and returning factories to full operational capacity.
From Mexico to Malaysia, Ansell has been successful in securing
vaccines for employees who wish to be vaccinated. In June 2021,
3,300 workers at our Sri Lanka plants received vaccinations.

FY21 Health and safety performance

Metric (per 100
employees per year)

Lost time injury
frequency

FY17

FY18

FY19

FY20

FY21

0.047

0.063

0.046

0.081

0.060

All health and safety figures include temporary and contract employees hired
by Ansell through temporary and contract agencies. They do not include
third-party contractors hired to undertake a specific job or task, such as caterers
or tradespeople who take direction from the company they work for. Health and
safety metrics are presented per 100 employees per year in line with the guidelines
put forth by the United States Occupational Health and Safety Administration.
Figures are calculated based on a rolling 12-month average headcount.

* Our days lost frequency (per 100 employees per year) decreased in FY21. This is
primarily attributable to our increased focus on HRTs, incident investigations, and
’Gemba Walks’ along with the six-point increase in our near miss frequency rate.

Ansell Limited Annual Report 2021
Sustainability continued

Labour Rights and Modern Slavery

FY21 Focus Areas

Supplier
engagement and
overall supplier
management
and monitoring

External
collaborations
with subject
matter experts

Remediation
program

Independent
third-party audits
of our own
operations (SMETA
standards)

Forced labour
allegations in
the industry and
supply chain in
Asian regions

• We engaged an independent third-party advisor to support the development of a Supplier Management

Framework which sets out our updated approach to identify, assess, and address labour rights risks across
our supply chain.

• We have increased our focus on collaboration, with the view that many of the labour and human rights

challenges facing the industry and supply cannot be solved in isolation. Cross-industry partnerships are also
valuable platforms to share knowledge and best practices to develop remediation programs and meaningful
solutions. We also believe that working together with subject matter experts enables us to drive continued
improvements, such as our Supplier Management Framework (as noted above).

• Ansell completed remediation of recruitment fees to migrant workers in its employ over two payment periods –

September 2020 and January 2021.

• In order to ensure our reimbursement program was conducted in an ethical, fair and transparent manner,

we consulted affected workers and recruitment agents; and partnered with a third-party NGO – Our Journey –
as well as government representatives, primarily through High Commissions, embassies and consulates in the
home countries of these workers.

• Completed initial third-party Sedex Members Ethical Trade Audits (SMETA) audits of our manufacturing plants

in Portugal and Brazil in FY21. Due to pandemic-related delays, our Lithuanian plant was only audited in
July 2021. We also successfully completed annual audits at all our Asian plants by June 2021.

• We continue to closely monitor performance of our suppliers through engagement with senior management
and use of third-party audits, to confirm their actions to mitigate any non-compliances and evolve their own
labour practices.

• Our practice is to work with suppliers to drive improved performance, provide securing employment and

improved conditions for the workers in our supply chain. However, our policy is to terminate suppliers where we
don’t see significant commitment to improvement.

Protecting people: labour rights commitments

Ansell continues to deploy a structured approach to standardise
and monitor implementation of labour rights standards and
processes at our sites, known as our Labour Standards
Management System. We use the individual processes of our
labour standards management system to uphold a culture
based on the values of trust, respect and open dialogue, and
to promote positive and transparent employee-worker relations.

We conduct annual internal reviews and audits to identify our
gaps and improve our operations. Our sites are internally reviewed
and audited, as well as independently audited via third-party
SMETA audits. We completed initial third-party SMETA audits
of our manufacturing plants in Portugal, Lithuania and Brazil,
and successfully completed annual audits at all our Asian plants.
Our new Russian factory began operations in June 2021 and our
labour standards management system has been implemented at
the site. As we continue to focus our efforts on our commitments
to our workers and other stakeholders, we are cognisant of the
differences between local laws amongst countries and the
international best practices.

Ansell is committed to operating in accordance with all
applicable laws and 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.

Our approach to labour rights is guided by a policy framework
that outlines our minimum expectations for labour standards
across our operations and supply chain. This includes the Global
Code of Conduct, Labour Standards Policy, Human Rights
Statement, and Supplier Code of Conduct. We are also committed
to transparent and annual updates on our modern slavery and
labour rights management via our Sustainability Report and
Modern Slavery Statement, prepared in accordance with the
Australian Modern Slavery Act 2018.

Sustainability is the core focus area for our Executive Leadership
Team (ELT): our Chief Human Resources Officer monitors labour
rights performance and modern slavery risk management at our
plants, our Senior Vice President of Operations and Global
Supply Chain monitors our supply chains and our Senior Vice
President, Corporate General Counsel coordinates the strategic
management and prioritisation of the organisation’s activities
and initiatives. The Board, SRC and ELT continue to receive
regular updates on performance against our labour standards
at our plants and within our supply chain.

Ansell Limited Annual Report 2021Continuous Improvement
Board, SRC and ELT review of our
performance, including implementation
of corrective actions, and annual review
of policies and procedures

Monitoring Performance
Using our CSR Workplace Impact
Assessment Tracker to closely monitor our
metrics – including work hours, headcount,
grievances raised and resolved. Conducting
internal audits and third-party SMETA audits

Labour
Standards
Management
System

Labour Standards and Commitments
Promoting positive and transparent
employee-worker relations through our
management system and upholding
culture based on the values of trust,
respect and open dialogue

Training and Controls
Designing site-level controls and training
plant-level employees to standardise
application and understanding of our
standards, including – annual internal
assessments to evaluate performance,
centralised collaborations between
Group HR and Plant HR and pre-audit
readiness assessments

Recognising the scale of the challenges, we continue to invest
significantly in our labour rights program, developing a
standardised, risk-based approach to labour rights risk
management in our supply chain and remediating recruitment
fees paid by workers in our own operations. These efforts to
systematise and strengthen our controls are part of our longer-
term strategy to effectively manage labour rights risks and to
transition towards leading practice.

Completion of migrant worker Reimbursement Program

Ansell enforces our Zero Recruitment Fee Policy, based on
a commitment to uphold ethical recruitment practices for our
migrant workers and to ensure all our employees, including
migrant workers, do not pay recruitment fees or other costs
related to their employment. In FY20, Ansell initiated
a reimbursement program for our migrant workers who
had paid recruitment fees to agents in their home country.
Ansell completed remediation to affected workers in two
payment periods – September 2020 and January 2021.

In order to ensure the veracity of our reimbursement
program, we consulted affected workers and recruitment
agents; and partnered with a third-party NGO (Our Journey)
and government representatives of the home countries
(through High Commissions/Embassies/Consulates) to
ensure that Ansell’s foreign worker reimbursement initiative
was conducted in an ethical, fair and transparent manner.
Full details of the process undertaken are disclosed in our
FY20 Sustainability Report.

Protecting people: supply chain

Concerning reports have emerged in the media regarding the
treatment of workers in our industry and supply chain in Asian
regions, including allegations of forced labour findings leading to
import bans, high recruitment fees, poor measures for workers’
safety against COVID-19, reliability of third-party ethical audits,
and provision of sub-standard accommodation. We continue to
implement and enhance our due diligence process to mitigate and
monitor risks of modern slavery in our supply chain. Prospective
suppliers are required to complete a supplier evaluation that

includes questions on modern slavery, previous CSR audits, quality,
environment, health, and safety. Some suppliers are subject to a
quality audit or have a third-party ethical audit as a pre-condition
to onboarding. Ansell’s suppliers are contractually required to
comply with standards detailed in our Supplier Code of Conduct.
We also closely monitor the performance and remediation actions
of critical suppliers, based on risk factors, through regular
discussion and independent third-party SMETA audits. Suppliers
share with us the outcome of their third-party audits and any
non-compliances identified. Where non-compliances are
identified, suppliers are required to create specific corrective
action plans and undergo regular follow-up audits.

We are committed to working with suppliers to improve their
labour practices, to secure employment and improved
conditions for their workers.

In line with the advice of human rights and labour experts, our
preferred practice is to work with suppliers to drive improved
performance to provide secure employment and improved
conditions for the workers in our supply chain, rather than
cancelling contracts reactively. In the event where a supplier
fails to undertake corrective actions or does not work towards
improving conditions in good faith, we will consider
terminating the relationship.

We know that systemic and industry-wide change takes time,
and we are committed to being proactive in that change.

While we consider these third-party audits to be a key tool in
supplier monitoring, we also acknowledge that audits
represent a snapshot in time.

We know that communication and collaboration are vital to
sustainable improvement, therefore we conduct regular
communication with critical suppliers on issues including
labour rights risks.

We engaged a third-party advisor to support the development of
a Supplier Management Framework which sets out our updated
approach to identify, assess and address labour rights risks across
our supply chain. The framework will be rolled out in three waves,
beginning in FY22.

Ansell Limited Annual Report 2021Sustainability continued

An independent review of our program in 2020 identified an opportunity to improve our approach to supply chain labour risk
management through the implementation of a holistic, risk-based approach that captures the breadth of our sourcing activity.
The key components of the framework are set out below:

A risk-based approach

The Supplier Management framework outlines activities which must be undertaken depending
on factors including inherent risk – from supplier selection and onboarding through to
ongoing management.

Broader coverage of our
sourcing activities

We will be actively expanding the scope of our due diligence activities to go beyond critical
suppliers engaged by our global procurement function.

Requirements for increased
performance monitoring
and improvement

Increased use of performance monitoring activities, including third-party audits, factory visits
by Ansell personnel and supplier training on labour rights based on risk.

Standardising our
approach internally

The framework will drive a standardised approach to supplier labour rights risk management
across our business.

Program of work
on audit quality

We are starting to develop a program to actively monitor and improve the quality of audits
conducted by third-party auditors to further strengthen our due diligence. This is considering an
evolving body of evidence highlighting the limitations of social audits in detecting all modern
slavery issues. While audits will remain a key component of our program, we recognise the need
to utilise a diverse range of monitoring activities alongside efforts to improve audit quality.

Partnerships

The framework sets out our commitment to partnerships collaborating, in an acknowledgement
that many labour rights issues are systemic challenges that cannot be solved in isolation.

Increased resourcing

The roll out of our revised supply chain approach will be supported by additional resources.

Protecting people: industry-wide commitments

We have also increased our focus on collaboration, with the view that many of the challenges facing the industry and supply cannot be
solved in isolation. We are actively investing in partnerships across the following areas:

Project Safeguard

Responsible Labour Initiative

This collaborative initiative is
bringing together industry peers to
identify, prevent and remediate forced
labor in the medical products industry
in Malaysia.

Ansell has joined this globally
recognised multi-stakeholder and
multi-industry initiative, which aims
to identify opportunities to build
leverage and drive improved
conditions for workers in shared
supply chains.

Ethical Trade Initiative (ETI) –
Access to Remedy for Vulnerable
Migrant Workers Programme

ETI has stepped up its efforts in
Malaysia, responding to concerns raised
by member companies and media and
NGOs reports highlighting the situation
of migrant workers being denied their
rights and working in exploitative
working conditions, in sectors including
furniture, and rubber gloves.

This project, supported by the UK
government, is intended to support
migrant workers in Malaysia who
are vulnerable to modern slavery.
A particular focus is to ensure that
those workers are able to negotiate
collectively for better terms and
conditions of work, access support,
raise grievances and obtain remedy
where they have suffered abuses.

Ansell Limited Annual Report 2021Climate risk

As a leader in our industry, Ansell recognises its obligation to
operate more efficiently, protecting resources and communities
through strategic environmental management.

In FY19, Ansell’s Board made the strategic decision to identify,
manage and disclose climate-related risks in alignment with
the recommendations of TCFD. Our approach to climate change
is overseen at a Board level by the SRC and the Audit and
Compliance Committee and supported by management across
our business. Further details on the governance of climate-
related issues as part of Ansell’s sustainability governance
can be found on page 28.

In FY21, we completed a corporate-level qualitative climate
change scenario analysis to explore the strategic and operational
risks alongside opportunities presented by climate change across
our value chain. This analysis included assessing physical and

transition risks and opportunities under high, moderate, and low
emissions scenarios.1

Consideration of climate-related impacts has been incorporated
into Ansell’s multi-disciplinary enterprise risk management
process, which provides a framework for prioritising climate
impacts and other emerging risks based on consideration of the
likelihood and impact of potential risks and opportunities.

Based on the results of the qualitative analysis, we have
commenced work to quantify the potential financial impacts
of the priority risks and opportunities, shown in the table below.
This comprises physical impacts identified under the High
Emissions Scenario, as physical risks are most extreme under
this scenario, and transition impacts under the Low Emissions
Scenario, to test resilience under an extreme transition scenario.

Scenario

Physical risks and
opportunities
under a High
Emissions
Scenario

Transition risks
and opportunities
under a Low
Emissions
Scenario

Priority risks and opportunities

Risks:
• Increase in frequency and severity of droughts
• Increase in frequency and severity of storms and cyclones
• Increase in frequency and severity of flood events

Opportunities:
• Increased demand for personal protection products

Risks:
• Increased climate-related regulatory requirements set by governments
• Increased stakeholder expectations in relation to climate mitigation efforts,

resulting in reputational damage if Ansell does not meet stakeholder expectations

• Introduction of carbon pricing
• Increased demand for low-carbon products to reduce emissions resulting

in loss of competitive advantage if Ansell fails to take action

Opportunities:
• Increased demand for low-carbon products to reduce emissions resulting

in increased revenue through pricing premiums/rising demand

• Improvement in resource recovery and process efficiency

Impact examples

• Disruption to

upstream suppliers/
raw materials,
manufacturing sites,
and downstream
warehousing and
distribution

• Operational and

capital expenditure

• Shifts in consumer
preferences and
market demand

Further details on our climate-related risks and opportunities, assessment methodology, and how we are responding to capture the opportunities and manage
the risks will be disclosed in Ansell’s 2021 Sustainability Report to be released to the ASX in September 2021.

Progress to date

Next steps

• Participated in the Carbon Disclosure Project (CDP) climate
and water environmental stewardship assessment process
(since FY18).

• Registered as a supporter of the Recommendations of the

• Quantitative analysis of the financial impacts of prioritised

risks and opportunities under low, moderate and high
emissions scenarios across the short, medium and long-term
time horizons to inform strategic decisions (FY22).

TCFD (FY19).

• Continued refining of metrics and targets to track and measure

• Incorporated consideration of climate-related risks in Ansell’s

our strategic progress (from FY22).

annual risk management process (FY20).

• Undertook qualitative climate change scenario analysis
for our largest manufacturing sites in Malaysia and
Sri Lanka (FY20).

• Completed full value chain qualitative scenario analysis

under a low, moderate and high emissions scenario (FY21).

• Continued disclosure of climate-related information in our
Annual Report, Sustainability Report, and CDP climate and
water responses, including the results of the quantitative
analysis to keep our investors, consumers, and the wider
stakeholders informed (from FY22).

1. The High Emissions Scenario considers future global warming of c.4°C+, aligned with IPCC’s Representative Concentration Pathway (RCP)8.5, the Moderate

Emissions Scenario aligns with IPCC’s RCP4.5 and the International Energy Agency’s (IEA) Stated Policies Scenario, and the Low Emissions Scenario aligns with
IPCC’s RCP2.6 and IEA’s Sustainable Development Scenario, where global warming is limited to less than 2°C above pre-industrial levels.

Ansell Limited Annual Report 2021Board 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 member
of the Human Resources
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.

Member of the Human
Resources Committee
(Chair until 30 June 2021)
and member of the Audit
and 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 and
Compliance Committee and
member of the Sustainability
and Risk Committee.

Current Directorships:
Non-Executive Director
and Audit and 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.

Member of the Sustainability
and Risk Committee (Chair
until 30 June 2021), member
of the Audit and Compliance
Committee and member of
the Governance Committee.

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 2021Christina 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
and Risk Committee (Chair
from 1 July 2021) and
member of the Audit and
Compliance Committee.

Member of the Sustainability
and Risk Committee, the
Human Resources Committee
and the Governance
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 considers
William Reilly to be an
independent Director.

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

Former Directorships: Ascom
Holding 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 Audit and
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 Human
Resources Committee
(Chair from 1 July 2021) and
member of the Sustainability
and Risk Committee.

Current Directorships:
Chairman of McMahon
Services (2019 to present),
Non-Executive Director of
Hudson Institute of Medical
Research (2016 to present)
and CSR Ltd (2020 to present).

Previous Directorships:
Managing Director of Orora
Limited (2013 – 2019),
Managing Director of Amcor
Australasia and Packaging
Distribution (2009 – 2013),
Managing Director of SPC
Ardmona Limited (2000 –
2007), Managing Director
of Chiquita Brands South
Pacific Ltd (1994 – 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.
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 2021Executive 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 202137

Ansell Limited Annual Report 2021Report by the Directors

This Report by the Directors of Ansell Limited (‘the Company’) is made for the year ended 30 June 2021. The information set out
below is to be read in conjunction with:

• Operating Financial Review appearing on pages 18 to 27;

• Remuneration Report appearing on pages 49 to 74; and

• Note 21 Related Party Disclosures and Note 23 Ownership-based Remuneration Schemes to the Group’s audited 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:

• John A Bevan (Chairman)

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

• W Peter Day1

• Leslie A Desjardins

• Nigel D Garrard

• Marissa T Peterson1

• William G Reilly

• Christina M Stercken

• Christine Y Yan

1. Mr Peter Day and Mrs Marissa Peterson intend to retire from the Board on 11 November 2021.

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 34 and 35.

Details of meetings of the Company’s Directors (including meetings of Board Committees) and each Director’s attendance are set out
on page 40.

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. The Company has also appointed Martin Evans ACA, B.Com. as Joint Company Secretary on 5 April 2021 while
Ms Stribley is on maternity leave. Mr Evans joined the Company in 1984 and held several senior finance roles most recently as
Senior Director Group Accounting and Reporting.

Principal Activities

The principal activities of the Group involve the development, manufacturing and sourcing, distribution and sale of gloves and
personal protective equipment in the industrial and healthcare 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 FY21 were:

Company strategy
& performance

Board &
management
succession

Oversight
of capital
management
initiatives

Risk management,
governance and
compliance

Sustainability &
Corporate Social
Responsibility

Ansell Limited Annual Report 2021Operating and Financial Review

The Operating and Financial Review for the Group for the financial year is set out on pages 18 to 27, 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 20. 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 regulations 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 US28.25 cents per share (unfranked) in respect of the year ended 30 June 2020 was paid to shareholders on
17 September 2020. An interim dividend of US33.20 cents per share (unfranked) in respect of the half-year ended 31 December 2020
was paid to shareholders on 10 March 2021. A final dividend of US43.60 cents per share (unfranked) in respect of the year ended
30 June 2021 is payable on 16 September 2021 to shareholders registered on 31 August 2021. The financial effect of this dividend
has not been brought to account in the Financial Statements for the year ended 30 June 2021 and will be recognised in subsequent
financial reports. There are no unissued shares under option at the date of this Report.

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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 Australian
Securities Exchange (ASX) Limited pursuant to the Listing Rules and Section 205G of the Corporations Act 2001, were:

J A Bevan

W P Day

L A Desjardins

N D Garrard

M R Nicolin

M T Peterson

W G Reilly

C M Stercken

C Y Yan

31,482^

30,559^

15,412

7,150^

290,766^

23,647

51,480

6,981

4,207

^ 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 and
Risk Committee

Human Resources
Committee

Governance
Committee

Held

Attended

Held

Attended

Held

Attended

Held

Attended

Held

Attended

J A Bevan

W P Day1

L Desjardins

N D Garrard2

M T Peterson2

W G Reilly

C M Stercken1

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. Effective 1 July 2021 Mr Peter Day stepped down as Chair of the Sustainability and Risk Committee and Mrs Christina Stercken assumed the role.

2. Effective 1 July 2021 Mrs Marissa Peterson stepped down as Chair of the Human Resources Committee and Mr Nigel Garrard assumed the role.

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 2021 fiscal year. Rule 61 of Ansell’s Constitution also provides an indemnity in favour of officers (including the Directors, Company
Secretary and Joint 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.

Ansell Limited Annual Report 2021
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 2021
can be found at https://www.ansell.com/sv/en/about-us/sustainability/governance. 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 and Compliance Committee

• Sustainability and 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.

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Ansell Limited Annual Report 2021

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
Board Skills Matrix in Ansell’s Corporate Governance Statement 2021.

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 Managing Director/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.

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 agreed to defer her retirement by one year,
at the request of the Board.

At this year’s Annual General Meeting, Mrs Marissa Peterson and Mr Peter Day intend to retire from the Ansell Board after more than
15 and 14 years service respectively. The Board and management wish to acknowledge and thank Mrs Peterson and Mr Day for the
significant contribution both have made to the Company over their tenure.

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. On 8 June 2021 Ansell announced that Mr Neil Salmon
would succeed Mr Magnus Nicolin as CEO and Managing Director effective 1 September 2021. Mr Nicolin will continue with Ansell
as a Special Advisor to the Board and the new CEO until his retirement on 31 December 2021. The Board and management wish to
acknowledge and thank Mr Nicolin for his significant contribution to the Company and for the quality of his leadership and judgement
over the past 11 years.

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 had
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. Currently the Board gender balance is 44% female and 56% male.

Refer to Ansell’s Corporate Governance Statement 2021 and also to the Sustainability Report which will be released in September 2021
and made available on www.ansell.com for further information on diversity within the Company.

Stakeholder Engagement

Ansell is committed to positive and meaningful stakeholder engagement. Ansell believes 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 investor groups,
proxy analysts and regulators.

The Chairman meets proxy advisers and Ansell’s largest 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 held its second CMD virtually on
15 October 2020. A recording of this is available on www.ansell.com/us/en/about-us/investor-center. There was also a Q&A session
for European/North American investors on 27 October 2020. The forum provides attendees with greater detail in relation to Ansell’s
business fundamentals, strategic direction and growth plans.

Ansell Limited Annual Report 2021Corporate 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 and 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
The Australian Modern Slavery Act was passed in December 2018 and Ansell meets the requirements of this Act. Ansell released its first
Australian Modern Slavery Statement, in respect to FY20, in November 2020. Ansell’s FY20 Modern Slavery Statement can be found at
www.ansell.com and the FY21 Modern Slavery Statement is to be released in November 2021.

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 recognises that the identification,
evaluation and management of risk; and the communication of a well-established risk tolerance guidance in a formal Risk Management
Framework is 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 2021.

Risk is inherent to 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.

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Ansell Limited Annual Report 2021

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 economic,
market and
political Instability

The Group’s presence in over 55 countries globally
and its growing presence in emerging markets
exposes it to geopolitical risks, regulatory risks
and other factors beyond its 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 on another.

The COVID-19 pandemic heightens economic,
social and political instability risks with
shortages in PPE driving nationalist policies,
and lockdowns creating further shortages and
supply chain volatility.

Systems and
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 Group 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 Group is also exposed to the risk of network
attacks by malicious outsiders and insiders.

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.

Product quality

• Whilst our geographic diversification provides overall

protection, 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.

• Investment in additional capacity for Examination
and Single Use products, as well as Body Protection
products, to meet the increased demand for PPE as
hygiene and safety practices have been expanded
as a result of COVID-19.

• Rebalanced the proportion of product manufactured
in house versus outsourced to protect cost and supply
of Examination and Single Use products and to ensure
optimal use of manufacturing facilities.

• Modern ERP systems are in place in the largest regions
of North America and EMEA. Disaster recovery plans are
updated and tested regularly. Roll out of new generation
ERP and Supply Chain systems has begun across the
Group’s manufacturing sites to take advantage of the
latest technologies.

• The Group has an active cyber risk management program,

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

• The Group has implemented new data protection

procedures and ensured compliance with European
GPDR and other global regulations.

• Continued 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.

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

• Management and monitoring of customer feedback.

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Risk

Nature of Risk

Mitigation Actions

Major incident
at a significant
manufacturing
site or warehouse

The Group has several 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 supply
disruptions are possible.

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 it short of a vital
ingredient or product.

Disruption in
customer service
levels as a result
of the COVID-19
pandemic

Failure to meet customer needs resulting in loss
of business and low customer satisfaction/
confidence levels adversely impacting financial
results and brand credibility. COVID-19 demand/
capacity issues across the market lead to some
customer dissatisfaction.

• 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 with continual investment in
upgraded protection systems.

• Duplication of key production lines minimises business

interruption risk.

• Investment in a new manufacturing facility in Russia

and expanding capacity at some of the smaller
manufacturing sites.

• Secondary and/or alternate suppliers for key supplies

and/or materials.

• Rigorous due diligence and contract approval processes

to mitigate risks, including continuity of supply.

• Continued strategy of vertical integration which reduces

dependency on third parties.

• Crisis management techniques used to mitigate this risk.

• Increased audits and inspections of third-party facilities
for compliance with Ansell’s standards. Increased focus
on sustainability standards of outsourced suppliers.

• Financial risks (and liquidity) of suppliers monitored

frequently.

• Our business partners work with Ansell to provide

agreed metrics on their performance.

• Sound product allocation and customer communication

programs in place across the Group. For example:
Customer Survey program measuring Net Promoter
Score (NPS) against the global manufacturing benchmark
to ensure customer satisfaction levels.

• Projects in place to address capacity requirements for
the short-term and those forecast to be required in
3 to 5 years.

• Recommending distributors and governments carry

higher levels of inventory to deal with spikes in demand
from unexpected events such as pandemics.

Ansell Limited Annual Report 2021

Report by the Directors continued

Risk

Nature of Risk

Mitigation Actions

• Cross-functional Sustainability Council in place for

governance, consisting of a core group of ELT members,
who are directly responsible for the implementation
of sustainability strategies across various sustainability
workstreams. This Cross-functional Sustainability
Council provides regular updates to the CEO and full
Executive team.

• Enforcement of supplier assessments and audits 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 at the

Board level, within the remit of the Sustainability and Risk
Committee and the Audit and Compliance Committee.

• Further developments in the Group’s sustainability

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

• Continued drive of the Group’s 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 line
with TCFD recommendations, undertook climate change
scenario analysis for the Group’s largest manufacturing
sites. GHG emissions, water consumption, zero landfill
targets set and followed up on. Commenced corporate-
level assessment of climate change risk and opportunities
across the value chain under different climate change
scenarios and undertaking deep-dive analysis of material
impacts to quantify financial consequences. Refining
metrics and targets to inform strategic decision making
and business planning (including product life cycle
analysis and initiatives).

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

• Ongoing monitoring of currency volatility and forecasts.

• 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 Financial Risk
Management of the Group’s audited Financial Statements.

Environment,
sustainability and
governance risks

Failure to comply with social and environmental
standards, or poor environmental and social
practices in the Group’s 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 the Group’s 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.

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.

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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:

Taxation services

$5,596

Other audit and assurance services $63,216

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 24th day of August 2021.

Ansell Limited Annual Report 2021Contents of the Remuneration Report

Letter from Chair of the Human Resources Committee

Our Performance

Remuneration Outcomes

Looking Ahead

Our Global Business

Section 1 – At a Glance

1.1 FY21 Performance

1.2 Executive Realised Pay Summary

1.3 The Board’s Application of Discretion

1.4 Executive Shareholding

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 – FY21 Remuneration
Framework in Detail and Outcomes

4.1 Realised Pay Summary (US$)

4.2 Breakdown of CEO Realised Pay

4.3 Remuneration Framework Details

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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 – Looking Ahead

CEO Succession

Section 10 – Glossary

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
Letter from the Chair of the Human Resources Committee

Dear Shareholders,

On behalf of the Board of Directors, we are
pleased to present Ansell’s Remuneration
Report for the year ended 30 June 2021.

Our Performance

The Board is pleased with the strategic
and financial performance of the Company,
and commends management on achieving
record results, which have been reflected
in remuneration outcomes for FY21.

Ansell delivered organic growth of 22.5%
and EPS constant currency growth of 50.8%
in a highly dynamic operating environment
and despite the continued disruption
to the economy caused by COVID-19.
We experienced continued strong demand
for our products, particularly for Exam/
Single Use products. Our pricing actions
and increased internal manufacturing
volume helped offset significantly higher
raw material, labour and freight costs.
The focus for the organisation has been
getting additional capacity expansions
online to support demand increases for
this financial year as well as for 2022
and beyond. The business also worked
to ensure it is well positioned for a post
COVID-19 environment by continuing
to invest in our sales force, product
innovation and digital capabilities.

We are acutely aware of the ongoing effects
that the COVID-19 pandemic has continued
to have on our people, customers and the
communities in which we operate, and are
proud of the way our company and our
people are contributing to the broader
global pandemic response effort.

Remuneration Outcomes

In determining STI outcomes for FY21,
the Board considered both the formulaic
outcomes based on performance relative
to our predetermined targets, as well as
external factors including the ongoing
effects that the pandemic has had on our
operations. Given these challenges and
the fact that customer demand for FY21
exceeded forecasts in some respects,
the Board has determined that STI
payments should be reduced, despite
our strong financial performance.

Executive STI outcomes (following the
Board approved downward adjustments)
will range from 76% to 81% of maximum.
We believe these outcomes and this
application of discretion is appropriate in

light of the external environment and to
ensure that management do not unfairly
benefit. Furthermore, for the CEO, half of
the payment of the FY21 STI will again be
made in cash and the other half in
restricted shares with a two-year restriction
period, rather than only the amount above
50% achievement paid in restricted shares.

The FY19-21 LTI plan vesting of 91% of
maximum reflects the strong sustained
performance over the three-year period.
EPS was at maximum, and Organic Sales
Growth was above target due to underlying
sales growth particularly in Exam/Single
Use, despite the downward adjustment
made to remove windfall elements of
the COVID-19 impact. ROCE achieved the
maximum outcome, mainly due to strong
EBIT performance, offset by higher working
capital at year end.

There were no increases to executives’
base salaries or to Non-Executive Director
(NED) fees in FY21.

We believe that these remuneration
outcomes are fair, that they are strongly
aligned to both group performance and
individual accountabilities, and that the
impact of our success has been shared
across executives, employees and our
shareholders alike.

Looking Ahead

In FY21, we completed a thorough review
of our remuneration framework which
will see changes being implemented for
FY22. First of all, we maintain the same
compensation mix between fixed
remuneration and variable remuneration.
While our STI and LTI metrics remain similar,
a greater weighting will now be given to
profitability measures and a greater focus
placed on individual contributions which
will be measured through a functional and
individual scorecard. The latter allows us to
introduce non-financial and ESG goals in line
with the corporate sustainability agenda.
Furthermore, the short-term incentive upside
potential is reduced by 25% to shift more
of the focus towards long term sustainable
performance. Finally the short-term incentive
payment for all executive roles will be paid
50% in cash and 50% in equity. On a total
direct compensation level, this means that
at least half of the executive remuneration
will be paid in equity, which further
emphasises the commitment to think and
act like shareholders with a long term lens.

We have included further details of these
changes in this Report.

CEO Succession

As announced to the market in FY20,
Magnus Nicolin will be retiring as
Managing Director & CEO in September 2021
and then from the Company in December
2021, and we would like to extend our
sincere gratitude for his leadership over
the last 11 years, particularly his stewardship
during more recent and challenging times
through the pandemic. We conducted an
extensive global search for our new CEO,
considering both internal and external
candidates and have announced the
appointment of Neil Salmon as Managing
Director & CEO effective 1 September 2021.
His remuneration details were shared
to the ASX on 8 June 2021, along with
Mr Nicolin’s termination arrangements.
Mr Salmon will have a lower fixed annual
remuneration and have a total direct
compensation package whereby his STI
and LTI components will have a lower
percentage of fixed remuneration for both
at target and maximum payout compared
to those for Mr Nicolin. Details are outlined
on page 73.

To ensure a smooth and orderly transition
between the outgoing and incoming CEO,
there will be a four month period where
we will be paying two CEO salaries. This is
warranted to ensure an orderly transition
and Magnus will remain as a special adviser
to both the Ansell Board and to Neil where
his contribution will be highly valued.

Our Global Business

Ansell continues to be an Australian
organisation that is 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 information.

Marissa Peterson
Outgoing Chair of the Human
Resources Committee
Ansell Limited

Ansell Limited Annual Report 2021Remuneration Report

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Section 1 – At a Glance

There was strong alignment between performance and remuneration outcomes this year. This was because the Ansell team performed
exceptionally well to navigate through the pandemic and position the Company well to respond to heightened levels of demand, through
keeping our manufacturing facilities operating, ensuring safe work places for our employees and successfully executing pricing strategies.
After applying the Board approved downward adjustments, above target and near maximum performance was achieved for a majority
of the metrics with STI outcomes of KMP ranging from 76% to 81% of maximum and the FY19-21 LTI plan vesting at 91% of maximum.

1.1 FY21 Performance
This section is intended to provide a high-level visual summary of the remuneration outcomes for FY21 for Realised Pay1. Further detail
is provided on each of these in the ensuing sections of the Remuneration Report.

Highlights

• Ansell delivered record sales in FY21 of $2,026.9m, representing

organic growth of 22.5%. This was due to a combination of
price/mix and volume growth.

• Ansell also delivered record EBIT in FY21 which was 56.0% higher
than the prior year and EBIT margins improved 325bps to 16.7%.
Gross Profit after distribution expenses margins strengthened by
120bps. This was due to a favourable impact from stronger sales
as a result of volume and price increases, greater manufacturing
volumes, plant efficiencies and SG&A operating leverage. These
positive movements were partially offset by increased labour and
freight costs.

• 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 impacts of the pandemic, while also acknowledging
the efforts of management in achieving these outcomes in the face
of the challenges of the pandemic

• After applying the Board discretionary downward adjustments to
the STI financial measures, Sales Growth3 was above the target,
EBIT Growth2 and Profit Attributable3 achieved the maximum
outcome, whilst Inventory Turns and Cash Conversion4 were
considered as “missed”.

• After applying the Board discretionary downward adjustments to
the LTI financial measures, Organic Sales Growth well exceeded
the target but below the maximum outcome, and EPS5 growth
and ROCE6 achieved the maximum outcome.

Figure 1.1
The table below outlines Ansell’s FY21 reported financial
outcomes (as disclosed elsewhere in the annual report)
that were used to calculate incentive outcomes:

Sales

$2,026.9m

Organic Growth

22.5%

EBIT

$338.0m

Profit Attributable

$246.7m

EPS

192.2c

Inventory turnover per annum (times)

2.46x

Dividends per share

76.80¢

ROCE

19.8%

Cash Conversion

60.9%

Figure 1.2 STI Performance (Realised)1

Figure 1.3 LTI Performance (Realised)1

m
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100%

80%

60%

40%

20%

100%

80%

Sales
Growth

EBIT
Growth

Inventory
Turns

Cash
Conversion

Profit
Attributable

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100%

80%

60%

40%

20%

100%

73%

Organic
Sales Growth

EPS Growth

ROCE

Target

6.2%

9.8%

3.00x

100%

$195.2m

Mid-point

10.9%

22.8%

14.8%

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021

Remuneration Report continued

1.2 Executive Realised Pay1 Summary

Figure 1.4 CEO – Magnus Nicolin

CFO – Zubair Javeed8

D
S
U

11,000,000

10,000,000

9,000,000

8,000,000

7,000,000

6,000,000

5,000,000

4,000,000

3,000,000

2,000,000

1,000,000

5,490,068 9,157,563

1,936,788

Restricted
shares7 award

1,066,000 142,214

522,493

Base
Salary

Other
Benefits

Retirement
Benefits

STI
Outcome

LTI
Outcome

Total

3,500,000

3,000,000

2,500,000

2,000,000

D
S
U

1,500,000

1,000,000

500,000

688,324

3,012,808

Restricted
shares7 award

1,695,032 62,930

566,522

Base
Salary

Other
Benefits

Retirement
Benefits

STI
Outcome

LTI
Outcome

Total

President of the Industrial GBU – Neil Salmon

President of the Healthcare GBU – Darryl Nazareth9

D
S
U

5.000,000

4.500,000

4.000,000

3.500,000

3.000,000

2.500,000

2.000,000

1.500,000

1.000,000

0.500,000

0.000,000

2,540,449

3,946,760

Restricted
shares7 award

610,881

33,107

68,209

694,114

Base
Salary

Other
Benefits

Retirement
Benefits

STI
Outcome

LTI
Outcome

Total

D
S
U

2.000,000

1.800,000

1.600,000

1.400,000

1.200,000

1.000,000

0.800,000

0.600,000

0.400,000

0.200,000

0.000,000

794,890

1,790,615

Restricted
shares7 award

434,351

439,627

27,101

94,646

Base
Salary

Other
Benefits

Retirement
Benefits

STI
Outcome

LTI
Outcome

Total

1. Realised pay is a non-IFRS measure and is defined in Section 10 – Glossary.
2. EBIT for remuneration outcomes is reported EBIT (as defined in Section 10 – Glossary) normalised for the impact of foreign exchange gains and losses incurred

during the year and after the Board approved FY21 downward adjustment.

3. Sales and Profit Attributable for remuneration outcomes is reported Sales and Profit Attributable normalised for the impact of foreign exchange gains and losses incurred

during the year and after the Board approved FY21 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 10 – Glossary). This is equivalent to the pre-tax operating cash flow used to measure the Group’s operating cash flow 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 10 – Glossary.
7. Per Ansell’s policy, any STI payable above the target to Executives will be deferred in the form of restricted shares. For FY21, restricted shares were granted to
eligible KMPs on 17 August 2021 and are subject to a two-year restriction. While no significant changes were made to the FY21 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’s other benefits include his Performance Share Rights sign-on bonus of $1,652,649. Mr Javeed joined the Company after the FY19-FY21 LTI Plan was
granted. 50,000 Performance Share Rights were granted on 29 April 2019 as a sign-on bonus and vested on 29 April 2021. The closing share price of Ansell
Limited on the ASX was A$42.43 and the foreign exchange rate was A$1:US$0.7790 on 29 April 2021.

9. Mr Nazareth was appointed President of the HGBU and became a KMP on 1 April 2019. Mr Nazareth’s realised FY19-21 LTI information disclosed in this report

only relates to the period after 1 April 2019 (i.e. 27 months after becoming a KMP).

Mandatory shareholding requirements are higher than the market norm

and align executive and shareholder interests.

Ansell Limited Annual Report 20211.3 The Board’s Application of Discretion
In light of the ongoing 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 (HRC) 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 proxy advisers;

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

• considering the healthy state of Ansell’s business and our workforce, and the positive share price performance.

The Ansell team performed exceptionally well, delivering Sales, EBIT and EPS significantly above targets. TSR was also positive with 21%
growth for FY21 and 20% CAGR between FY19 to FY21. Because management expected COVID-19 to remain at the forefront during FY21,
the Board set stretch targets for Sales and EBIT performance as well as shifting the STI performance outcome emphasis from Sales to EBIT.
Management’s decisions and actions during the ongoing pandemic positioned the Company well to be able to respond to the increased
demand. Remarkable efforts and changes in process were made to keep our manufacturing facilities operating, while ensuring our employees
remained safe and working within various government mandated restrictions. Overall, there has been a positive impact on Sales, EBIT and EPS.
In determining the appropriate STI and LTI incentive awards outcomes for FY21, the Board:

• commenced considerations from the calculated formulaic awards based on FY21 actual results, resulting in potentially much higher

incentive outcomes;

• referred back to our FY21 forecast and assumptions to quantify the incremental net financial impacts on the Group’s results of the

pandemic; and

• assessed the actual conditions and then exercised downward discretion for the additional un-forecasted sales impacts of COVID-19,

but deemed it appropriate to include a portion to recognise management’s extraordinary efforts and performance in managing
through the pandemic.

The final incentive outcomes, as determined by the HRC and the Board, are above target; and are below actual company financial
performance. Furthermore, the CEO and the HRC 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.

1.4 Executive Shareholding

Mandatory shareholding requirements are aligned with market norm and align executive and shareholder interests. Refer to
Section 5.3 Mandatory Shareholding Requirements including time allowed for achievement.

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

783%

Actual

Magnus
R Nicolin

Zubair
Javeed

Neil
Salmon

Darryl
Nazareth

300%

Required

134%

Actual

100%

Required

100%

Required

100%

Required

265%

Actual

239%

Actual

100%

200%

300%

400%

500%

600%

700%

800%

900%

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
Remuneration Report (audited)

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 FY21. 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 KMPs 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 did not change during FY21.

The table below details Ansell’s KMP during FY21:

Non-Executive Directors

John A Bevan
W Peter Day
Leslie A Desjardins
Nigel D Garrard
Marissa T Peterson
William G Reilly
Christina M Stercken
Christine Y Yan

Executive Director

Magnus R Nicolin

Other Executives

Zubair Javeed
Neil Salmon
Darryl Nazareth

Location

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

Location

Belgium

Location

Belgium
Belgium
United States

Role

Chairman, Independent Non-Executive Director
Independent Non-Executive Director
Independent Non-Executive Director
Independent Non-Executive Director
Independent Non-Executive Director
Independent Non-Executive Director
Independent Non-Executive Director
Independent Non-Executive Director

Role

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

Role

Chief Financial Officer (CFO)
President of the Industrial GBU (IGBU)
President of the Healthcare GBU (HGBU)

Ansell Limited Annual Report 2021Section 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

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Even though Ansell is listed on the Australian Stock Exchange, staff are located in approximately 55+ worldwide locations,
with the core Executive Leadership Team (ELT) based in Belgium, US and Malaysia.

US
Revenue 45%
ELT 4

North
America

Latin America
and Caribbean

LAC
Revenue 7%
ELT 0

Europe

Asia

EMEA
Revenue 34%
ELT 6

Middle
East

Africa

Asia
Revenue 11%
ELT 1

Australasia

Australia
Revenue 3%
ELT 0

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
Remuneration Report (audited) continued

3.2 Remuneration Framework Components

Our Executive remuneration framework, which has been in place for 4 years, consists of the following components:

Figure 3.2

Component

Operation and
Performance Measure

Strategic Objective/
Performance Link

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

Pay mix1

FAR: 18% to 19%2

Remuneration delivery timeline: 1 year

Takes into account:

• responsibilities, qualifications,

experience; and

• performance, location and market

rate for a comparable role.

• Attract, engage and retain

talented Executives.

• Consider, but not be constrained

by, relevant benchmarks.

• 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: 18% to 21%2

Remuneration delivery timeline:
1-3 years4

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

Pay mix1

LTI: 60% to 64%2

Remuneration delivery timeline: 3 years

Total Remuneration

• Combination of financial and

non-financial performance metrics.

• Performance weighted more

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

• 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.

• Three-year performance and

vesting period.

• Combination of key financial

and shareholder value measures.

• Reflects key long-term priorities

of the business at the time.

• Relevant indicator of shareholder
value creation (refer to page 19).

• Suitable line of sight for

participants to encourage and
motivate executive performance.

• 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’s other benefits include his Performance Share Rights sign-on bonus, which was granted on 29 April 2019
and vested on 29 April 2021. Mr Javeed joined the Group after the FY19-21 LTI Plan was granted. Mr Nazareth was appointed as President of the HGBU and became
a KMP on 1 April 2019. Mr Nazareth’s realised FY19-21 LTI information disclosed in this report only relates to the period after 1 April 2019 (i.e. 27 months after
becoming a KMP). If their information is included, the pay mix for FY21 changes to FAR: 18% to 77%, STI: 18% to 24%, and LTI: 0% to 64%. Mr Javeed’s Performance
Share Rights sign-on bonus (2 years vesting) has been included in FAR, however if it was considered as an LTI, the pay mix for FY21 changes to FAR: 18% to 31%,
STI 18% to 24% and LTI: 44% to 64%.

3. While no significant changes were made to the FY21 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.

4. The restriction on shares issued for awards earned for above target performance will see the shares held for a minimum period of two years from when the shares

are granted.

Ansell Limited Annual Report 2021Section 4 – FY21 Remuneration Framework in Detail and Outcomes

This section uses non-IFRS financial information to detail realised pay earned by Executive KMPs during FY21, 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 FY21.
It also includes the full value of incentive payments earned in relation to the FY21 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 Executive KMP are paid in US$. For some Executive KMPs, 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$)

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Year

Base Salary1

Retirement
Benefits2

Other3

Cash

STI4

Restricted
Shares

LTI5

Equity6

Total
Earnings

Name

CEO

Magnus R Nicolin

Other Executives

Zubair Javeed7

Neil Salmon

Darryl Nazareth8

2021

2020

2021

2020

2021

2020

2021

2020

1,066,000

522,493

439,999

142,214

150,205

968,394

5,490,068

9,157,563

795,103

3,736,629

6,983,039

566,522

525,168

610,881

566,289

439,627

62,930

58,336

68,209

82,414

94,646

97,693

36,758

33,107

31,269

27,101

32,766

1,695,032

424,892

263,432

393,876

128,403

–

3,012,808

1,142,541

458,161

235,953

2,540,449

3,946,760

424,717

127,415

1,490,896

2,723,000

285,758

148,593

794,890

1,790,615

285,758

85,727

280,778

1,222,349

1. Base salary includes the salary earned by the individual in FY21. 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 FY21. Both Mr Salmon and
Mr Javeed are remunerated in Euros and any US$ movement above reflects foreign exchange conversion impacts.

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 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 include his Performance Share Rights sign-on bonus of $1,652,649. Mr Javeed joined the
Company after the FY19-FY21 LTI Plan was granted. 50,000 Performance Share Rights were granted on 29 April 2019 as a sign-on bonus and vested on 29 April
2021. The closing share price of Ansell Limited on the ASX was A$42.43 and the foreign exchange rate was A$1:US$0.7790 on 29 April 2021.

4. 2021 and 2020 STI represent amounts payable under the FY21 and FY20 STI Plans respectively. Per Ansell’s policy, any STI payable above target to Executives

will be deferred in the form of restricted shares. For FY21, restricted shares were granted to eligible KMP on 17 August 2021 and are subject to a two year restriction.
While no significant changes were made to the FY21 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. 2021 and 2020 LTI relate to the FY19 and FY18 grants, outcomes of which were approved by the HRC on 17 August 2021 and 18 August 2020 respectively. The FY19

award was determined to be 91% of the maximum award (FY18 award: 55%).

6. The 2021 equity figure represents the US$ value of the number of PSRs that have vested multiplied by the closing share price of Ansell Limited on the ASX on

17 August 2021, being A$40.55 (2020: 18 August 2020 at A$39.88). This was the date on which the HRC approved the vesting of the shares. The 2021 translation
to US$ used a foreign exchange (FX) rate of A$1:US$0.7338 (2020: A$1:US$0.7240).

7. Mr Javeed joined the Company after the FY19-21 LTI Plan was granted.

8. Mr Nazareth was appointed President of the HGBU and became a KMP from 1 April 2019. Mr Nazareth’s realised FY19-21 LTI information disclosed in this report

only relates to the period after 1 April 2019 (i.e. 27 months after becoming a KMP).

For further transparency, the full amount of Mr Nazareth’s realised LTI pursuant to FY19-FY21 LTI plan is $1,059,853. (FY18-20 LTI plan: $673,867).

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
Remuneration Report (audited) continued

4.2 Breakdown of CEO Realised Pay
Figure 4.2 Breakdown of CEO Realised Pay

D
S
U

11,000,000

10,000,000

9,000,000

8,000,000

7,000,000

6,000,000

5,000,000

4,000,000

3,000,000

2,000,000

1,000,000

5,490,068 9,157,563

STI
Outcome

Metrics

Sales

EBIT

Weight
%

Achieve-
ments
%

Payouts
$

25%

50%

10%

80%

479,700

100% 1,199,250

–

100%

119,925

58%

137,913

Cash Conversion

Profit Attributable

Personal Objectives

LTI
Outcome

Overall

100%

81% 1,936,788

Organic Sales Growth

33.3%

73% 1,461,400

EPS

ROCE

Overall

33.3%

33.4%

100%

100% 2,014,334

91% 5,490,068

1,936,788

Restricted
shares* award

1,066,000 142,214

522,493

Base
Salary

Other
Benefits

Retirement
Benefits

STI
Outcome

LTI
Outcome

Total

* Per Ansell’s policy, any STI payable above the target payable to Executives will be deferred in the form of restricted shares. For FY21, restricted shares were granted
to eligible KMP on 17 August 2021 and are subject to a two-year restriction. While no significant changes were made to the FY21 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

Fixed Annual Remuneration

Element of pay

How the policy operated for FY21

No material changes were made to the policy in FY21.

Base salary

Normally base salaries are reviewed annually.

For FY21 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 FY21 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 FY21.

As indicated in FY20 – no plan changes were enacted during FY21.

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 FY20 – no plan changes were enacted during FY21.

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.

Reflects the Company’s overall policy on international mobility.

As indicated in FY20 – no plan changes were enacted during FY21.

Ansell Limited Annual Report 2021Short-Term Incentive (STI)

FY21 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 significant changes were made to the FY21 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.

R
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Base
Salary

Maximum
Incentive

Business
Performance
Metrics
(90%)

Individual
Performance
(10%)

STI
Outcome

FY21 STI opportunity

FY21 STI performance
measures

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.

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

Performance Measures

Executive

CEO

CFO

Other Executives

Sales

25%

EBIT

50%

Inventory
Turns

Cash
Conversion

Profit
Attributable

Individual
Objectives

–

15%

10%

–

10%

Total

100%

FY21 STI methodology

Ansell’s sales and EBIT target setting process methodically factored in 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). The Board approved FY20 downward adjustment was not
included within the base.

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

• The sales growth target starting point assumed 1.5X GDP growth in markets weighted for Ansell

Industrial and Healthcare. FY21 targets also factored in COVID-19 related sales price and volume
increases particularly in relation to Exam/Single Use products.

• The EBIT growth target assumed costs increased below the rate of sales growth to target a higher

EBIT growth. The FY21 target also considered the impacts of COVID-19, with increased product cost
largely offset by the increase in sales price.

growth and EBIT growth.

The Board then applied discretion in reviewing the outcome of the above methodology against
their performance expectations of the business and chose to adjust the performance incentive
outcomes accordingly.

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Remuneration Report (audited) continued

FY21 STI outcomes

The Board applied some discretion in arriving at financial outcomes for the purposes of the STI award.
After consideration of the continued 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 growth was well above target levels due to strong underlying sales performance, particularly

in HGBU, despite the downward adjustment.

• EBIT growth exceeded the maximum achievement despite the downward adjustment made to

remove the COVID-19 impact. This outcome reflects the strong performance of the Group as a result
of successful execution of strategy and benefits from its investments.

• Consistent with past practice, the impact of FX volatility on the Group’s results in FY20 and FY21 were

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

• Inventory Turns showed good momentum throughout the year however tapered off towards the end
of the year due to higher inventory levels to meet future demand, and missed the threshold for FY21.
• Cash Conversion delivery was held back in FY21 by increased working capital to support sales growth

and was below threshold.

• Profit Attributable achieved a maximum outcome predominately due to strong EBIT growth.

Figure 4.4 STI Performance (Realised)

m
u
m
i
x
a
m

f
o
e
g
a
t
n
e
c
r
e
P

100%

80%

60%

40%

20%

100%

80%

Sales
Growth

EBIT
Growth

Inventory
Turns

Cash
Conversion

Profit
Attributable

Executive

Performance Against Individual Objectives

Magnus R Nicolin Mr Nicolin continues to provide excellent leadership of the Group and has delivered

Zubair Javeed

Neil Salmon

his strongest year yet on both top line and bottom line returns. Through the continued
COVID-19 pandemic he has focused firstly on the welfare and safety of employees
and then enabling the Group to respond to the unprecedented demand for PPE.
Under his leadership, the Group continues to grow sustainably for the long term and
he has ensured a strong leadership and succession pipeline. During FY21 significant
investments in new manufacturing capacity were brought on stream and new digital
selling channels have been realised for customers.

Mr Javeed has been with the Group for just over two years and continues to deliver solid
financial steerage. He has strong finance functional skills, is a highly valued finance
business partner to his colleagues, and continues to build trust with key stakeholders.
He has strengthened the finance function during the year and continues
to hire exceptional talent.

Mr Salmon has completed his second full year in his role and has driven excellent
performance across the Industrial GBU, outstripping expectations in spite of the
challenges of some continued demand declines due to COVID-19 impacts. Growth
has been strong across both of the strategic business units, Mechanical and Chemical
solutions, with Neil keeping a strong focus on customer needs, product innovation as
well as improving margins across his portfolios.

Darryl Nazareth Mr Nazareth has completed his second full year in role and has continued to

drive outstanding performance across the Healthcare GBU. This growth has been
delivered in all 3 strategic business units, Surgical, Exam/Single Use and Life
Science solutions and has been enabled in part due to some key earlier strategic
expansion plans becoming operational during the year.

Ansell Limited Annual Report 2021

FY21 STI outcomes
(continued)

For the FY21 STI, the Board approved the following payments to the Executives (US$):
Figure 4.5

Long-Term Incentive (LTI)

LTI awards vesting in FY21

Name

Financial

Individual

Executive Director

STI1

Total STI
Payable

Restricted
Shares

% Award
Achieved2

%
Forfeited2

Cash

Magnus R Nicolin

1,798,875

137,913

1,936,788

968,394

81%

19%

Other Executives

Zubair Javeed

637,337

50,987

688,324

424,892

263,432

Neil Salmon

641,425

52,689

694,114

458,161

235,953

Darryl Nazareth

400,060

34,291

434,351

285,758

148,593

81%

76%

19%

24%

1. Per Ansell’s policy, any STI payable above target to Executives will be deferred in the form of restricted shares. For FY21,
restricted shares were granted to eligible KMP on 17 August 2021 and are subject to a two year restriction. While no
significant changes were made to the FY21 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.

R
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The Board applied some discretion in arriving at financial outcomes for the purposes of the LTI award.
After consideration of the additional unforecasted impacts of COVID-19, the Board exercised discretion
and adjusted all financial outcomes downwards where applicable.

FY19-FY21 Plan performance

The performance conditions comprise three components with each component worth one-third of the
total LTI award. 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)

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

Maximum
(100% vesting)

33.1% growth by
year 3 (10% CAGR)

Actual

41.5%

Vesting
(% of
Maximum)

100%*

Organic Sales Growth 33.3%

6.1% growth by
year 3 (2% CAGR)

15.8% growth by
year 3 (5% CAGR)

13.1%

72.0%

ROCE

Overall

33.4%

100%

14% in year 3

15.5% in year 3

16.5%

n/a

100%*

91%

* Although 3 year’s cumulative compound EPS growth is 41.5% and ROCE in year 3 is 16.5%, the LTI program only allows a vesting

at maximum for EPS Growth (being 33.1%) and ROCE (being 15.5%).

The FY19-FY21 achievement was therefore 91% of Maximum on a combined basis. The breakdown of the
numbers are explained further in the following sections.

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
Remuneration Report (audited) continued

LTI awards vesting in FY21
(continued)

FY19-FY21 Organic Sales Growth

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

FY19-FY21 EPS growth

(a) FY21 – EPS for the purposes of LTI award

The Board assessed the FY21 adjusted EPS relevant for incentive purposes as 154.5 US cents,
with a reconciliation to statutory EPS shown below:

US cents

Statutory EPS

FX loss adjustment

Amortisation of previously adjusted FY18 & FY19 Transformation Program expenses1

Board approved FY21 downward adjustment

FY21 change in accounting policy (IFRIC Agenda Decision – cloud computing)2

Adjusted EPS for LTI award

FY21

192.2

10.0

(8.8)

(40.6)

1.7

154.5

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. In keeping with past practice, the impact from a change in accounting policy was excluded from the EPS growth calculation
(FY20: 1.6 cents) ensuring financial information is on a consistent accounting basis as that of the grant year. As such, the
effects of the FY21 change in accounting policy (IFRIC Agenda Decision – cloud computing) were excluded from the EPS
growth calculation. See Note 1 Summary of Significant Accounting Policies of the Group’s audited Financial Statements
for the impact.

(b) Calculating FY19-FY21 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 2021.

Figure 4.7

EPS including adjustments
for LTI awards

Prior Year2
(US cents)

Current Year
(US cents)

Growth
(US cents)

FY191

FY20

FY21

108.0

93.1

121.9

105.3

106.6

154.5

(2.7)

13.5

32.6

Growth
(%)

(2.5%)

14.5%

26.7%

Compound
Growth
(%)

(2.5%)

11.6%

41.5%3

1. The calculation of the EPS Growth for FY19 was explained in detail in the FY19 Remuneration Report.

2. The prior year EPS is adjusted for constant currency and stated on a basis exclusive of the FY21 change in accounting policy
(IFRIC Agenda Decision – cloud computing), ensuring a consistent accounting basis as that of the grant year. If the above EPS
growth was stated on a basis inclusive of the FY21 change in accounting policy (IFRIC Agenda Decision – cloud computing),
the compound growth would have been 39.7% over the three-year period ended 30 June 2021.

3. Although 3 year’s cumulative compound EPS growth is 41.5%, the vesting for EPS Growth has been capped at maximum

(being 33.1%).

FY21 ROCE

FY21 ROCE of 16.5% exceeded the 14% gateway threshold and achieved the maximum. The maximum
outcome was mainly due to strong EBIT performance, offset by higher working capital at year end.

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 FY21 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, both the effects of AASB 16 Leases and the effects
of the FY21 change in accounting policy (IFRIC Agenda Decision – cloud computing) were excluded
from the ROCE calculation. See Note 1 Summary of Significant Accounting Policies and Note 10 Leases
of the Group’s audited Financial Statements for the impact.

Ansell Limited Annual Report 2021LTI 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

14/08/2018

3,837,600

184,505

18,583

n/a

14/08/2018

1,775,696

14/08/2018

555,459

n/a

85,377

26,714

n/a

8,599

2,691

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1. Mr Javeed joined the Company after the FY19-FY21 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 FY19-FY21

LTI plan and disclosed in this report only relates to the period after 1 April 2019 (i.e. 27 months after becoming a KMP).

LTI design

FY21-FY23 Plan – There were no changes in FY21.

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. Awards that do not vest at vesting date automatically lapse.

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

How awards are granted:

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 FY21-FY23 Plan the LTI awards were as follows:

Executive

Magnus R Nicolin

Zubair Javeed

Neil Salmon

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.

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
Remuneration Report (audited) continued

LTI Performance metrics

The performance measures for the FY21–FY23 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

15.8% growth by year three
(5% Compound Annual
Growth Rate – CAGR)

9.3% growth by year three
(3% Compound Annual
Growth Rate – CAGR)

Maximum Hurdle
(100% Vesting)

36.7% growth by year three
(11% CAGR)

19.1% growth by year three
(6% CAGR)

ROCE

1/3rd

13.9% 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
FY20 operations at constant currency.

Pursuant to the design of the plan, the ROCE gateway to EPS achievement for the FY21–FY23 plan was
set at 13.5%, which is different from the minimum ROCE performance condition.

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

(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 53 and 60–62, the Board exercised its discretion in determining FY21

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 incentives 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 2021Section 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.

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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.

5.3 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 FY21 pursuant to the VSPP (as shown in Figure 5.1).

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
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 FY21 in achieving their
respective share ownership goals in accordance with the mandatory shareholder requirements set out in Section 5.3.

Figure 5.1

Held at 1 July
(or Date
Appointed KMP)

VSPP
Purchases6

Other
Purchases

Awarded
During
the Year

Net Movement
Due to Other
Changes

Held at
30 June

% of Share
Ownership
Goal Met7

Target Year
to Comply

Target Year
Projected
to Comply

Non-Executive Directors
John A Bevan2
FY21
FY20
Glenn L L Barnes1
FY21
FY20
W Peter Day
FY21
FY20
Leslie A Desjardins
FY21
FY20
Marissa T Peterson
FY21
FY20
William G Reilly3
FY21
FY20
Christina M Stercken
FY21
FY20
Christine Y Yan
FY21
FY20
Nigel D Garrard4
FY21
FY20
Executive Director
Magnus R Nicolin
FY21
FY20
Other Executives
Zubair Javeed5
FY21
FY20
Neil Salmon
FY21
FY20
Darryl Nazareth
FY21
FY20

29,470
27,061

n/a
72,113

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
3,200

278,677
265,930

–
–

89,829
55,046

26,296
10,358

2,012
2,409

n/a
543

–
–

1,091
2,654

–
–

968
1,997

1,452
2,126

–
–

–
366

–
–

800
–

–
–

2,150
1,800

–
–

n/a
n/a

–
–

n/a
30,811

(7,500)
(21,127)

n/a
n/a

–
–

31,482
29,470

n/a
n/a

30,559
30,559

15,412
14,321

23,647
23,647

51,480
58,980

6,981
5,213

4,207
2,755

7,150
5,000

149,076
143,519

(136,987)
(130,772)

290,766
278,677

52,459
–

53,560
57,684

25,678
24,947

(25,984)
–

(86,976)
(22,901)

(15,319)
(9,009)

26,475
–

56,413
89,829

36,655
26,296

141%
87%

n/a
n/a

266%
168%

139%
81%

214%
134%

525%
373%

71%
33%

43%
17%

73%
32%

261%
172%

134%
0%

265%
312%

239%
118%

2023
2023

COMPLY
2022

n/a
n/a

2023
2023

2025
2025

2023
2023

2027
2027

2029
2029

2030
2030

n/a
n/a

COMPLY
COMPLY

COMPLY
2021

COMPLY
COMPLY

2023
2025

2025
2026

2022
2026

2023
2023

COMPLY
COMPLY

2029
2029

2023
2023

2024
2024

COMPLY
2029

COMPLY
COMPLY

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 Reilly’s shares awarded in FY20 relate to the FY17 LTI award in respect to his prior employment as an executive at Ansell.

4. Mr Garrard was appointed as a Non-Executive Director on 1 March 2020.

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

6. Purchases made under the Voluntary Share Purchase Plan (see Section 5.3).

7. 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 2021 and 12-month average share price and FX rates.

Ansell Limited Annual Report 20215.5 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 FY21.

Figure 5.2

PSRs*

Magnus R Nicolin

FY21

FY20

Zubair Javeed3

FY21

FY20

Neil Salmon

FY21

FY20

Darryl Nazareth

FY21

FY20

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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

644,578

733,525

122,232

50,000

265,070

306,090

128,964

133,306

161,354

207,888

(129,416)

(104,186)

(142,480)

(154,355)

56,146

72,232

60,542

77,888

36,974

47,630

(50,000)

–

(51,636)

(57,076)

(23,339)

(24,947)

–

(41,570)

(61,832)

(18,789)

(27,025)

572,330

644,578

128,378

122,232

232,406

265,070

123,810

128,964

1. PSRs were granted during FY21 pursuant to the FY21-FY23 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 18 August 2020, this being A$34.95 (FY20: 90-day period to 7 August 2019, this being A$26.45). The number of PSRs granted for
the FY19-FY21 LTI Plan was determined by using the average price of Ansell Limited Shares on the ASX over a 90-day period to 14 August 2018 discounted by the
dividend yield and will vest in August 2021.

2. PSRs vested and lapsed during FY21 pursuant to the FY18-FY20 LTI Plan (FY20: FY17-FY19 LTI Plan).

3. Mr Javeed joined the Company and became a KMP on 29 April 2019 and was granted 50,000 PSRs on 29 April 2019 as part of his sign-on bonus which vested on

29 April 2021.

* Grants are recorded at maximum.

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
Remuneration Report (audited) continued

5.6 Executive Statutory Remuneration (US$)

Name

Year

Base Salary1

Retirement
Benefits2

Other3

Cash

STI4

Restricted
Shares

LTI5

Equity

Total
Earnings

Executive Director

Magnus R Nicolin6

Other Executive KMPs

Zubair Javeed

Neil Salmon

Darryl Nazareth

2021

2020

2021

2020

2021

2020

2021

2020

1,066,000

522,493

439,999

142,214

968,394

7,463,574

11,131,069

150,205

795,103

1,837,457

5,083,867

565,522

62,930

442,110

424,892

263,432

1,144,769

2,904,655

525,168

58,336

467,608

393,876

128,403

191,874

1,765,265

610,881

566,289

439,627

68,209

82,414

94,646

97,693

33,107

458,161

235,953

2,265,706

3,672,017

31,269

424,717

127,415

756,674

1,988,778

27,101

285,758

148,593

1,184,675

2,180,400

32,766

285,758

85,727

365,674

1,307,245

1. Base salary includes the salary earned by the individual in FY21. 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 FY21. Both Mr Salmon and
Mr Javeed are remunerated in Euros and any US$ movement above reflects foreign exchange conversion impacts.

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 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 include his sign-on bonus, which includes the value of accrued PSRs that were granted on
29 April 2019 and vested on 29 April 2021.

4. 2021 STI represents amounts payable under the FY21 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.

5. 2021 LTI includes amounts provided in respect of the Group’s LTI Plans.

6. As a result of the CEO succession announcement on 8 June 2021, according to AASB 2 Share-based payments, the Group recognised $1,942,290 in FY21 as the
acceleration effect of this modification to the terms of Mr Nicolin’s granted LTI plans in a manner that is beneficial to him as an employee. Refer to Section 9
for Mr Nicolin’s key terms of retirement and ongoing employment.

Ansell Limited Annual Report 2021Section 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;

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• 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.

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 FY21

Fees for Non-Executive Directors during FY21 were as follows:

Base Fees (Board)

Non-Executive Chairman

US$320,000 (inclusive of Committee fees)

Non-Executive Director

US$116,500

Committee Fees

Committee Chair

Committee Member

Audit and Compliance Committee US$30,000

Human Resources Committee

US$30,000

Sustainability and Risk Committee US$30,000

Governance Committee*

US$12,000

US$6,000

* Fees for Governance Committee membership are incorporated in Human Resources Committee fees. Where a member

of the Governance Committee is not a member of the Human Resources 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 the COVID-19 pandemic the Non-Executive Directors were unable to travel and
as such no travel allowance was paid during the year.

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.

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
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

W Peter Day

Leslie A Desjardins5

Marissa T Peterson5

William G Reilly5

Christina M Stercken5

Christine Y Yan5

Nigel D Garrard6

Total Non-Executive Directors’ remuneration

Year

FY21

FY20

FY21

FY20

FY21

FY20

FY21

FY20

FY21

FY20

FY21

FY20

FY21

FY20

FY21

FY20

FY21

FY20

FY21

FY20

Directors’ Fees1

Superannuation2

320,000

269,262

n/a

139,583

150,228

161,644

158,500

170,691

158,500

170,692

140,500

152,724

140,500

152,724

140,500

152,724

140,500

45,053

1,349,228

1,415,097

–

9,905

n/a

–

14,272

15,356

–

309

–

308

–

276

–

276

–

276

–

4,280

14,272

30,986

Total

320,000

279,167

n/a

139,583

164,500

177,000

158,500

171,000

158,500

171,000

140,500

153,000

140,500

153,000

140,500

153,000

140,500

49,333

1,363,500

1,446,083

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 the
COVID-19 pandemic and the cessation of travel, no travel allowance was paid during the year. 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. Non-Australian based Non-Executive Directors Mrs Desjardins, Mrs Peterson, Mr Reilly, Mrs Stercken and Ms Yan did not attend any meetings in Australia in FY21

and were therefore not affected by footnote (2) above relating to Superannuation.

6. 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 2021Section 7 – Group Performance and Remuneration Outcomes

7.1 Group Performance

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

Figure 7.1

Sales (US$m)

EBIT (US$m)

Profit Attributable (US$m)

Operating Cash Flow (US$m)

Earnings Per Share (US cents)

Dividends Per Share1 (US cents)

Ansell share price2 (A$)

20173

1,599.7

217.8

147.7

146.0

100.1

44.0

22.68

2018
Adjusted4

1,489.8

2019
Adjusted4

1,499.0

2020
Restated5

1,613.7

193.1

146.7

104.5

102.0

45.5

27.19

202.8

150.9

164.7

111.5

46.75

26.85

216.7

156.6

191.7

120.2

50.0

36.70

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2,026.9

338.0

246.7

51.4

192.2

76.80

43.51

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

2. Share price is the closing price on the last trading day of each financial year.

3. Represents total Group statutory results before the sale of the Sexual Wellness business.

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

5. 2020 results have been restated on account of the FY21 change in accounting policy. Refer to Note 1 Summary of Significant Accounting Policies of the Group’s

audited Financial Statements.

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 2021.

Figure 7.2 Ansell TSR Performance

400%

300%

200%

100%

June 12

June 13

June 14

June 15

June 16

June 17

June 18

June 19

June 20

June 21

7.3 STI/LTI Payouts as Percentage of Maximum

CEO Incentive Outcomes

STI (% of maximum)

LTI (% of maximum)

FY17

67%

FY18

37%

42%

FY19

51%

48%

FY20

66%

55%

FY21

81%

91%

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
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

In the previous 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. No remuneration recommendations as defined in Section 9B of the Corporations Act 2001 were provided by PwC.

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 2021Section 9 – Looking Ahead
In FY21, in part triggered by our leadership succession journey
and the evolving stakeholder expectations, we completed a
thorough review of our remuneration framework which is resulting
in changes being implemented for FY22. The HRC Chair led a
systematic approach during which input was sought from both
internal stakeholders and external subject matter experts.
The Board endorsed the following core principles as its reference
points in any plan design decisions:

• Performance Accountability: whereby the largest portion of the
total package is ‘at risk’, determined by appropriately challenging
performance objectives. A suitable mix of financial and non-
financial performance indicators will be applied, both short-term
and long-term. It is thereby understood that the Board has a high
sensitivity to financial and quantifiable performance metrics,
supplemented with Board discretion to address unforeseen,
unplanned or uncontrollable circumstances.

• Think and Act like Shareholders: reinforcing the long-term focus
through significant equity compensation and market leading
shareholder requirements and encouraging sensible risk taking
aimed at sustainable growth.

• Transparent Governance: meaning that the Board strives
for simplicity in plan design, which is easy to explain and
communicate and commits to high quality disclosure of executive
remuneration policies and outcomes in its remuneration report.

• Stakeholder Engagement: the Chairman and HRC Chair will

continue to pro-actively reach out to institutional investors, proxy
advisers and other interested parties to explain Ansell’s executive
remuneration policies. The Board also confirms its commitment
to maintain a continuous awareness of societal sensitivities in all
geographies Ansell employs executive talent.

The key features of our revised executive remuneration policies
are summarised as follows:

• First of all, we maintain the same total direct compensation

approach with three core components: a fixed remuneration paid
on regular intervals, a short-term incentive with a 12 month
performance horizon and a long-term incentive with a 3 year
performance horizon.

• In terms of delivery methodology, any short-term incentive will

for all executives be paid 50% in cash and 50% in restricted shares
with a 2 year restriction period. On a total direct compensation
level, this means that at least half of the executive remuneration
will be paid in equity, which emphasises the commitment to think
and act like shareholders with a long-term lens.

• The STI metrics remain similar as in prior years with emphasis on
top and bottom line growth, however greater weighting is now
placed on our profitability measure and more room is created for
individual contributions and subsequent differentiation. These
individual contributions will be measured through a functional
and individual scorecard, which allows for the introduction
of non-financial and ESG goals in line with the corporate
sustainability agenda. The FY22 STI weightings have
consequently been updated as follows:

Performance Measures

Executive

All Executives

Sales

20%

EBIT

50%

Individual
Objectives

30%

Total

100%

• Furthermore, the short-term incentive upside potential is reduced
by 25% to shift more of the focus towards long-term sustainable
performance, i.e. the maximum STI payment has been brought
down from 200% of target to 150% of target for all executives.
In order to maintain balance, on the other end of the spectrum, the
incentive payment will now start at 40% of target when threshold
performance is met instead of the historically applied 0%.

R
e
m
u
n
e
r
a
t
i
o
n
R
e
p
o
r
t

• The LTI metrics remain centered around EPS growth (70% weight),
Organic Sales Growth (30% weight) and ROCE (operating as a
gateway only); the equity instrument Ansell uses continues to be
Performance Share Rights with a three-year cliff vesting subject
to the achievement of the applicable performance conditions.

• The Ansell executives continue to be required to maintain
a minimum level of shareholding in the Company (3 times
fixed remuneration for the CEO, 1 time fixed pay for the other
executives), but the time to meet this requirement has been
shortened from 10 years to 6 years.

CEO Succession

As previously announced, Magnus Nicolin will be retiring from
the Company in December 2021. After an extensive global
search, which included both internal and external candidates,
the Board appointed Neil Salmon as new Global CEO, effective
1 September 2021. The remuneration details of Mr Salmon,
as well as the termination arrangements of Mr Nicolin, have
been shared to the ASX on 8 June 2021.

At a total direct compensation level, assuming a maximum
payout of all components, the package of the new CEO is
approximately 36% lower than that of the outgoing CEO.

The total direct compensation of the new CEO is broken down
as follows:

• Fixed annual remuneration expressed in EUR and paid in 12

equal monthly installments.

• Short-term incentive opportunity at maximum of 150% of

the fixed annual remuneration.

• Long-term incentive opportunity at maximum of 280% of

the fixed annual remuneration.

Next to these three core components, the new CEO continues
to benefit from the professional and private use of a company
leased car, a risk and retirement savings plan, and income tax
filing and financial planning services provided for by the
Company’s preferred advisor.

The key terms of Mr Nicolin’s retirement and ongoing employment
are as follows:

• Mr Nicolin will cease to be Managing Director and CEO with

effect from 1 September 2021 and retire on 31 December 2021.

• Mr Nicolin is entitled to the STIP and LTIP based on the

following terms:

– FY22 STIP: on a pro-rated basis for the period 1 July 2021
through to retirement date, payable in February 2022;

– FY20-22 LTIP: for the full performance period (1 July 2019 –

30 June 2022), payable in October 2022;

– FY21-23 LTIP: for the full performance period (1 July 2020 –

30 June 2023), payable in October 2023; and

– FY22-24 LTIP: on a pro-rated 6/36 basis (1 July 2021 –

31 December 2021), payable in October 2024.

As a result, according to AASB 2 Share-based payments, the Group
recognised $1,942,290 in FY21 as the acceleration effect of this
modification to the terms of Mr Nicolin’s granted LTI plans in a
manner that is beneficial to him as an employee.

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
Remuneration Report (audited) continued

Section 10 – 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 refer to page 4 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.

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.

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. FY21 means the 2021
financial year commencing on 1 July 2020 and ending on 30 June 2021. FY22 means the 2022 financial year commencing on 1 July 2021
and ending on 30 June 2022.

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.

LAC means Latin American and Caribbean

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 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.

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 Working Capital of the Group’s audited 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 2021Consolidated Income Statement
of Ansell Limited and Subsidiaries for the year ended 30 June 2021

Revenue

Sales revenue

Expenses

Cost of goods sold

Distribution

Selling, general and administration

Total expenses, excluding financing costs

Operating profit

Share of profit of equity accounted investment, net of tax

Profit before net financing costs and income tax expense

Net financing costs

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

Note

2021
US$m

2020^
Restated
US$m

2, 3(b)

2,026.9

1,613.7

(1,216.9)

(86.4)

(393.7)

(981.0)

(76.4)

(339.6)

(1,697.0)

(1,397.0)

329.9

8.1

338.0

(19.9)

318.1

(69.8)

248.3

246.7

1.6

248.3

216.7

–

216.7

(17.4)

199.3

(41.3)

158.0

156.6

1.4

158.0

F
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S
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2021
US cents

2020^
Restated
US cents

192.2

189.6

120.2

118.4

8(a)

3(a)

4(a)

Note

^ The comparative information is restated on account of a change in accounting policy. Refer to Note 1 Summary of Significant Accounting Policies.

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

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
Consolidated Statement of Comprehensive Income
of Ansell Limited and Subsidiaries for the year ended 30 June 2021

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)

2021
US$m

248.3

2020^
Restated
US$m

158.0

0.7

(0.2)

0.5

(2.3)

5.1

2.8

Net exchange differences on translation of financial statements of foreign subsidiaries

24.4

(29.2)

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

0.4

–

25.2

25.7

274.0

272.1

1.9

274.0

(3.6)

(0.2)

0.9

(32.1)

(29.3)

128.7

128.2

0.5

128.7

^ The comparative information is restated on account of a change in accounting policy. Refer to Note 1 Summary of Significant Accounting Policies.

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

Ansell Limited Annual Report 2021Consolidated Statement of Financial Position
of Ansell Limited and Subsidiaries as at 30 June 2021

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

Contributed equity

Reserves

Retained profits

Total equity attributable to Ansell Limited shareholders

Non-controlling interests

Total equity

Note

6(a)

7(a)

17(c)

7(b)

17(c)

10(a)

4(b)

14(a)

7(c)

17(d)

10(b)

17(d)

10(b)

14(a)

4(c)

15(a)

F
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S
t
a
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m
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2021
US$m

240.2

274.2

3.9

611.2

37.4

1,166.9

1.5

1.1

21.9

294.9

61.1

2020^
Restated
US$m

408.9

181.2

5.7

340.1

25.1

961.0

4.1

1.8

11.9

251.5

55.5

1,077.1

1,054.9

83.1

2.8

27.3

1,570.8

2,737.7

68.5

2.1

26.3

1,476.6

2,437.6

402.9

254.7

5.1

–

20.8

92.5

28.6

6.7

50.0

18.3

66.4

12.3

549.9

408.4

0.8

–

451.7

43.0

12.1

15.7

72.3

27.6

623.2

1,173.1

1,564.6

769.0

(84.6)

866.8

1,551.2

13.4

1,564.6

1.6

0.8

469.9

39.3

9.3

14.9

73.2

24.4

633.4

1,041.8

1,395.8

806.0

(120.2)

698.1

1,383.9

11.9

1,395.8

^ The comparative information is restated on account of a change in accounting policy. Refer to Note 1 Summary of Significant Accounting Policies.

The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
Consolidated Statement of Changes in Equity
of Ansell Limited and Subsidiaries for the year ended 30 June 2021

Attributable to Ansell Limited shareholders

Share-
based
payment
reserve
US$m

Contributed
equity
US$m

Hedging
reserve
US$m

Other
reserve
US$m

Foreign
currency
translation
reserve
US$m

Retained
profits
US$m

Non-
controlling
interests
US$m

Total
US$m

Total
equity
US$m

806.0

63.4

(1.9)

11.5

(193.2)

698.1

1,383.9

11.9

1,395.8

2021

Balance as at
30 June 2020

Comprehensive income

Profit for the year

Other comprehensive
income

Total comprehensive
income

Transactions with owners

Share-based
payments expense

Transfer from/(to)
retained profits

Shares used to settle
the Group’s Long-Term
Incentive plans

Share buybacks

Purchase of
treasury shares

Dividends paid

Total transactions
with owners

Total equity
as at 30 June 2021

–

(14.3)

(22.7)

–

30.1

–

(21.0)

–

(37.0)

9.1

–

0.8

–

1.6

–

1.6

–

246.7

24.1

0.5

25.4

24.1

247.2

272.1

–

30.1

(1.6)

–

(76.9)

(21.0)

(14.3)

(22.7)

(76.9)

–

1.6

0.3

1.9

–

(0.4)

248.3

25.7

274.0

30.1

–

(21.0)

(14.3)

(22.7)

(77.3)

769.0

72.5

(1.1)

13.1

(169.1)

866.8

1,551.2

13.4

1,564.6

(78.5)

(104.8)

(0.4)

(105.2)

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

Ansell Limited Annual Report 2021Attributable to Ansell Limited shareholders

Share-
based
payment
reserve
US$m

Contributed
equity
US$m

Hedging
reserve
US$m

Other
reserve
US$m

Foreign
currency
translation
reserve
US$m

Retained
profits
US$m

Non-
controlling
interests
US$m

Total
US$m

Total
equity
US$m

873.9

67.4

1.0

11.0

(164.9)

610.0

1,398.4

12.0

1,410.4

2020^ Restated

Balance as at
30 June 2019

Change in accounting policy upon adoption of:

– AASB 16 Leases

net of tax

– IFRIC Agenda

Decision^

Adjusted balance
as at 1 July 2019

Comprehensive income

Profit for the year

Other comprehensive
income

Total comprehensive
income

Transactions with owners

Share-based
payments expense

Transfer (to)/from
retained profits

Shares used to settle
the Group’s Long-Term
Incentive

Share buybacks

Dividends paid

Total transactions
with owners

Total equity
as at 30 June 2020

–

(4.1)

(5.5)

–

(4.1)

(5.5)

873.9

67.4

1.0

11.0

(164.9)

600.4

1,388.8

12.0

1,400.8

–

(67.9)

–

10.3

–

(14.3)

–

(67.9)

(4.0)

–

(2.9)

–

0.5

–

0.5

–

156.6

1.4

158.0

(28.3)

2.8

(28.4)

(0.9)

(29.3)

(28.3)

159.4

128.2

0.5

128.7

F
i
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a
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i
a
l
S
t
a
t
e
m
e
n
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s

–

10.3

(0.5)

–

(61.2)

(14.3)

(67.9)

(61.2)

–

(0.6)

10.3

–

(14.3)

(67.9)

(61.8)

(61.7)

(133.1)

(0.6)

(133.7)

806.0

63.4

(1.9)

11.5

(193.2)

698.1

1,383.9

11.9

1,395.8

^ The comparative information is restated on account of a change in accounting policy. Refer to Note 1 Summary of Significant Accounting Policies.

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

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
Consolidated Statement of Cash Flows
of Ansell Limited and Subsidiaries for the year ended 30 June 2021

Note

6(b)

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 brand names

Payments for investments

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 buybacks

Payments for shares acquired to settle the Group’s Long-Term Incentive plans

Payments for purchases of treasury shares

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 (decrease)/increase 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)

2021
US$m

1,947.0

(1,707.2)

239.8

(67.0)

172.8

(0.3)

(80.4)

(2.3)

(1.7)

–

(84.7)

2.0

(93.3)

(20.8)

(14.3)

(21.0)

(22.7)

(76.9)

(0.4)

1.3

(19.7)

(1.7)

(267.5)

(179.4)

408.9

10.7

240.2

2020^
Restated
US$m

1,625.9

(1,305.0)

320.9

(34.2)

286.7

(0.4)

(60.6)

–

(11.9)

2.3

(70.6)

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

^ The comparative information is restated on account of a change in accounting policy. Refer to Note 1 Summary of Significant Accounting Policies.

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

Ansell Limited Annual Report 2021Notes to the Financial Statements
of Ansell Limited and Subsidiaries for the year ended 30 June 2021

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
Segment Information.

• 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 24 August 2021.

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.

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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 Statement
of Financial Position 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.

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
1. Summary of Significant Accounting Policies continued

Significant 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 Working Capital 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 Note 9 Property, Plant and Equipment and Note 11 Intangible Assets.

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
Intangible Assets.

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 Statement of Financial Position. In such circumstances the carrying amount of this asset may require
adjustment resulting in a corresponding credit or charge to the Income Statement.

Employee Benefits
The amount recognised as an expense for the Long-Term Incentive Plan (LTIP) reflects the fair value of Performance Share Rights (PSRs)
granted and the number of awards based on estimated non-market performance conditions at the vesting date. The estimated non-market
performance conditions have been determined based on management’s estimate of future performance, including the budget for the
2022 financial year as approved by the Board. The fair value of PSRs are detailed in Note 23 Ownership-based Remuneration Schemes.

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

COVID-19
COVID-19 continued to drive demand for some of our products but also disrupted some operations due to temporary enforced
government shutdowns. Overall, the Group’s FY21 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 Statement of Financial Position. 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.

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2021Ansell Limited Annual Report 2021Change in Accounting Policy

In April 2021, the IFRS Interpretations Committee (IFRIC) published its final agenda decision ‘Configuration or Customisation Costs
in a Cloud Computing Arrangement (IAS 38 Intangible Assets)’ which addresses whether configuration or customisation costs relating
to Software-as-a-Service (SaaS) arrangements can be recognised as an intangible asset and if not, over what time period the costs
are expensed.

The Group’s accounting policy has historically been to capitalise certain costs related to cloud computing arrangements as an intangible
asset. The adoption of the above agenda decision has resulted in the Group changing its accounting policy and a reclassification of these
intangible assets in the Consolidated Statement of Financial Position to an expense in the Consolidated Income Statement, impacting
both the current and prior periods presented. The new accounting policy and historical financial information that has been restated
to account for the change are presented below.

Update to significant accounting estimates and judgements
SaaS arrangements are service contracts providing the Group with the right to access the cloud provider’s application software over
the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider’s application
software, are recognised as operating expenses when the services are received.

Costs incurred for the development of software code that enhances or modifies, or creates additional capability to, existing on-premise
systems and meets the definition of and recognition criteria for an intangible asset are recognised as intangible software assets and
amortised over the useful life of the software on a straight-line basis. Judgement is required to determine whether the additional code
meets the definition of an intangible asset.

Where the SaaS arrangement supplier provides both the configuration and customisation services, and the SaaS access over the
contract term, judgement is required to determine whether these services are distinct or not from each other. Distinct configuration
and customisation costs are expensed as incurred as the software is configured or customised (i.e. upfront). Non-distinct configuration
and customisation costs are expensed over the SaaS contract term (i.e. as a prepayment).

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Non-distinct customisation activities significantly enhance or modify a SaaS cloud-based application. Judgement is required in determining
whether the degree of customisation and modification of the SaaS cloud-based application is significant or not.

Impact on financial statements
The impact of this change in accounting policy for the comparative reporting period is presented below.

Consolidated Income Statement for the year ended 30 June 2020

Selling, general and administration

Total expenses, excluding financing costs

Operating profit

Profit before net financing costs and income tax expense

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

Previously
reported
US$m

(336.6)

(1,394.0)

219.7

202.3

(42.2)

160.1

158.7

1.4

160.1

Adjustments
US$m

(3.0)

0.9

(2.1)

–

(2.1)

Restated
US$m

(339.6)

(1,397.0)

216.7

199.3

(41.3)

158.0

156.6

1.4

158.0

Previously
reported
US cents

Adjustments
US cents

Restated
US cents

121.8

120.0

(1.6)

120.2

118.4

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
1. Summary of Significant Accounting Policies continued

Consolidated Statement of Comprehensive Income for the year ended 30 June 2020

Profit for the period

Total comprehensive income for the period

Attributable to:

Ansell Limited shareholders

Non-controlling interests

Total comprehensive income for the period

Consolidated Statement of Financial Position as at 30 June 2020

Non-current assets

Intangible assets

Total non-current assets

Total assets

Non-current liabilities

Deferred tax liabilities

Total non-current liabilities

Total liabilities

Net assets

Equity

Retained profits

Total equity attributable to Ansell Limited shareholders

Non-controlling interests

Total equity

1. Includes transition adjustment of $8.0m as at 1 July 2019.

2. Includes transition adjustment of $2.5m as at 1 July 2019.

3. Includes transition adjustment of $5.5m as at 1 July 2019.

Consolidated Statement of Cash Flows for the year ended 30 June 2020

Cash flows related to operating activities

Payments to suppliers and employees

Net receipts from operations

Net cash provided by operating activities

Cash flows related to investing activities

Payments for property, plant, equipment and intangible assets

Net cash used in investing activities

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

Previously
reported
US$m

Adjustments
US$m

Restated
US$m

160.1

130.8

130.3

0.5

130.8

(2.1)

–

(2.1)

158.0

128.7

128.2

0.5

128.7

Previously
reported
US$m

Adjustments
US$m

Restated
US$m

1,065.9

1,487.6

2,448.6

76.6

636.8

1,045.2

1,403.4

705.7

1,391.5

11.9

1,403.4

Previously
reported
US$m

(1,300.8)

325.1

290.9

(64.8)

(74.8)

(198.3)

17.8

397.5

(6.4)

408.9

(11.0)1

(11.0)

(3.4)2

(3.4)

(7.6)

(7.6)3

(7.6)

–

(7.6)

1,054.9

1,476.6

2,437.6

73.2

633.4

1,041.8

1,395.8

698.1

1,383.9

11.9

1,395.8

Adjustments
US$m

Restated
US$m

(4.2)

4.2

–

(1,305.0)

320.9

286.7

(60.6)

(70.6)

(198.3)

17.8

397.5

(6.4)

408.9

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2021Ansell Limited Annual Report 20212. 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.

2021

Sales revenue

Operating profit/(loss)

Share of profit of equity accounted investment, net of tax

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

2020

Sales revenue

Operating profit/(loss)

Share of profit of equity accounted investment, net of tax

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

Operating Segments

Healthcare
US$m

1,236.2

240.7

8.1

248.8

–

248.8

1,380.8

252.0

25.4

48.5

Industrial
US$m

Unallocated
US$m

Total Group
US$m

790.7

112.4

–

112.4

–

112.4

975.2

170.6

31.2

36.4

–

(23.2)

–

(23.2)

(19.9)

(43.1)

381.7

750.5

7.5

1.1

2,026.9

329.9

8.1

338.0

(19.9)

318.1

(69.8)

248.3

(1.6)

246.7

2,737.7

1,173.1

64.1

86.0

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Operating Segments

Healthcare
US$m

Industrial
US$m

Unallocated^
Restated
US$m

Total Group^
Restated
US$m

894.6

141.8

–

141.8

–

141.8

1,059.4

130.1

22.2

30.5

719.1

92.4

–

92.4

–

92.4

835.4

133.7

26.4

26.2

–

(17.5)

–

(17.5)

(17.4)

(34.9)

542.8

778.0

6.7

3.9

1,613.7

216.7

–

216.7

(17.4)

199.3

(41.3)

158.0

(1.4)

156.6

2,437.6

1,041.8

55.3

60.6

^ The comparative information is restated on account of a change in accounting policy. Refer to Note 1 Summary of Significant Accounting Policies.

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021

2. Segment Information continued

Regional 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, Russia 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

Country of Domicile

Sales Revenue

Regional Assets

2021
US$m

276.5

712.3

134.3

903.8

2020
US$m

208.2

543.7

106.7

755.1

2021
US$m

509.9

282.9

85.0

393.2

2,026.9

1,613.7

1,271.0

2020
US$m

393.4

172.8

50.8

229.0

846.0

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

2021
US$m

87.8

25.8

2020
US$m

127.6

28.2

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2021Ansell Limited Annual Report 20213. Profit Before Income Tax

(a) Profit Before Income Tax has been arrived at after charging/(crediting) the following items

This table summarises 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 loss/(gain)

Loss/(gain) on the sale of property, plant and equipment

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

Variable lease payments

Write-down in value of inventories

(b) Recognition and Measurement

2021
US$m

2020
US$m

16.3

1.7

3.1

(1.2)

19.9

–

1.0

17.9

1.5

2.9

(4.9)

17.4

0.1

0.5

0.6

280.9

240.4

15.7

14.6

2.8

30.1

13.7

12.3

2.2

10.3

344.1

278.9

14.5

11.5

0.2

(0.6)

8.8

34.2

14.3

(0.5)

(0.9)

(1.0)

8.9

5.0

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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.

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
4. Income Tax

(a) Income Tax Expense

2021
US$m

2020^
Restated
US$m

Prima facie income tax calculated at 30% (2020: 30%) on profit before income tax

95.4

59.8

Reduced taxation arising from:

Investment and export incentive allowances

Share of profits of equity accounted investment

Net lower overseas tax rates

Tax losses generated but not recognised

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:

(Decrease)/increase in deferred tax liability

(Increase)/decrease in deferred tax asset

(13.6)

(1.9)

(20.0)

7.6

2.3

69.8

(7.7)

–

(10.9)

–

0.1

41.3

83.1

38.8

(1.9)

(11.4)

69.8

0.5

2.0

41.3

^ The comparative information is restated on account of a change in accounting policy. Refer to Note 1 Summary of Significant Accounting Policies.

Income tax benefit recognised in other comprehensive income

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

Movement in effective hedges for year

* 2020 includes an adjustment to deferred tax on actuarial gains/losses reported in prior periods.

2021
US$m

2020
US$m

0.2

–

0.2

(5.1)

(0.9)

(6.0)

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2021Ansell Limited Annual Report 2021(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

Deferred tax liabilities are attributable to the following:

Depreciation on plant and equipment

Amortisation of intangible assets^

Financial instruments

Other

Total deferred tax liabilities

2021
US$m

2020^
Restated
US$m

60.6

22.5

83.1

14.9

36.1

2.4

0.6

6.6

22.5

83.1

68.5

0.1

11.4

(0.2)

3.3

83.1

8.0

64.1

(0.3)

0.5

72.3

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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

6.7

61.0

(0.2)

5.7

73.2

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

Balance at the beginning of the financial year

73.2

76.5

Change in accounting policy upon adoption of IFRIC Agenda Decision^

Over provision of prior year balance

Amount charged to the Income Statement

Change in accounting policy current year 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

–

(0.1)

(1.3)

(0.6)

–

1.1

(2.5)

(0.1)

1.4

(0.9)

(0.3)

72.3

73.2

^ The comparative information is restated on account of a change in accounting policy. Refer to Note 1 Summary of Significant Accounting Policies.

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
4. Income Tax continued

(d) Recognition and Measurement

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 Statement of Financial Position 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 $14.0m (2020: $7.6m) and $59.2m
of capital losses (2020: $59.0m). 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.

5. 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

2021
US$m

248.3

(1.6)

246.7

2020^
Restated
US$m

158.0

(1.4)

156.6

246.7

156.6

Number of Shares (Millions)

128.4

1.7

130.1

130.3

2.0

132.3

US Cents

192.2

189.6

120.2

118.4

^ The comparative information is restated on account of a change in accounting policy. Refer to Note 1 Summary of Significant Accounting Policies.

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.

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2021Ansell Limited Annual Report 20216. Cash and Cash Equivalents

(a) Cash and Cash Equivalents

Cash on hand

Cash at bank

Short-term deposits

Restricted cash

Restricted deposits

Total cash and cash equivalents

(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

Share of profits equity accounted investment, net of tax

Loss/(gain) on the sale of property, plant and equipment

2021
US$m

–

172.9

62.7

235.6

1.6

3.0

2020
US$m

0.1

149.6

256.4

406.1

–

2.8

240.2

408.9

2021
US$m

2020^
Restated
US$m

248.3

158.0

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34.8

29.3

1.0

30.1

2.5

(1.2)

19.4

1.7

(8.1)

0.2

31.1

24.2

0.5

10.3

1.0

(4.9)

20.8

1.5

–

(0.9)

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

358.0

241.6

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

(Increase)/decrease in trade and other receivables

Increase in inventories

Increase in other assets

Increase in trade and other payables

Increase in provisions/other liabilities

Increase in retirement benefit obligations

(Decrease)/increase in deferred tax liabilities

(Increase)/decrease in deferred tax assets

Increase in current tax liabilities

Other non-cash items (including foreign currency impact)

Net cash provided by operating activities

(80.9)

(260.5)

(11.9)

137.8

27.9

0.1

(5.8)

(7.8)

16.4

(0.5)

12.1

(14.0)

(5.8)

32.9

11.7

0.9

0.3

2.5

4.7

(0.2)

172.8

286.7

^ The comparative information is restated on account of a change in accounting policy. Refer to Note 1 Summary of Significant Accounting Policies.

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
6. Cash and Cash Equivalents continued

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 Cash
Restricted cash is cash held by the Ansell Limited Employee Share Plan Trust (refer to Note 22 Ansell Limited Employee Share Plan Trust).

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 to Note 13 Provisions – Other Provisions).

7. 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

2021
US$m

265.5

611.2

(357.4)

519.3

2021
US$m

345.2

(6.7)

(73.0)

265.5

8.7

274.2

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

2021
US$m

2020
US$m

6.1

1.0

(0.5)

0.1

6.7

8.1

0.5

(2.0)

(0.5)

6.1

Ageing of Trade Receivables

Within agreed terms

Past due 0-60 days

Past due 61-90 days

Past due 91 days or more

Total

Gross Trade Receivables

Allowance for Impairment

2021
US$m

302.5

33.8

0.8

8.1

2020
US$m

195.9

35.9

1.0

8.1

345.2

240.9

2021
US$m

2020
US$m

–

0.1

–

6.6

6.7

–

6.1

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2021Ansell Limited Annual Report 2021(b) Inventories

Raw materials

Work in progress

Finished goods

Total inventories

Inventories recognised as an expense

Current

Trade payables

Other payables

Total current trade and other payables

(d) Recognition and Measurement

2021
US$m

72.6

23.3

515.3

611.2

2021
US$m

1,197.7

2021
US$m

357.4

45.5

402.9

2020
US$m

52.1

19.6

268.4

340.1

2020
US$m

941.9

2020
US$m

220.1

34.6

254.7

F
i
n
a
n
c
i
a
l
S
t
a
t
e
m
e
n
t
s

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 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 Summary of Significant
Accounting Policies – 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.

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
8. Investments

(a) Equity Accounted Investment

Careplus (M) Sdn Bhd (CMSB) is a joint venture in which the Group has joint control with Careplus Group Berhad and a 50% ownership
interest (2020: 50%). 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. CMSB is a current supplier to Ansell.

The carrying amount of the equity accounted investment has changed as follows:

Balance at the beginning of the financial year

Additions

Profit for the period

Net exchange differences on translation

Balance at the end of the financial year

2021
US$m

2020
US$m

8.9

1.7

8.1

0.2

18.9

–

8.9

–

8.9

As at 30 June 2021, the Group had a $8.9m trade payable owing to and $13.7m other receivable from CMSB. Both are based on normal
commercial terms and conditions. None of the balances are secured.

The agreement with Careplus Group Berhad 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
A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement,
rather than rights to its assets and obligations for its liabilities and are accounted for using the equity method. Investments in joint ventures
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 joint
ventures with a corresponding adjustment to the carrying amount of the investment, until the date on which joint control ceases.
Dividends received from joint ventures reduce the carrying amount of the investment.

Summarised Financial Information
The summarised financial information below is presented on a 100 percent basis, adjusted for differences in accounting policies.
The table also reconciles the summarised financial information to the carrying amount of the Group’s interest in CMSB.

Current assets

Non-current assets

Current liabilities

Non-current liabilities

Net assets

Group’s share of net assets (50%)

Elimination of unrealised profit on downstream sales

Goodwill

Net exchange differences on translation

Carrying amount of interest in joint venture

2021
US$m

2020
US$m

32.3

25.4

18.9

3.4

35.4

17.7

(1.2)

2.0

0.4

18.9

15.0

15.8

12.4

4.1

14.3

7.2

–

2.0

(0.3)

8.9

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2021Ansell Limited Annual Report 2021

The above amounts of assets and liabilities include the following:

Cash and cash equivalents

Current financial liabilities (excluding trade and other payables and provisions)

Non-current financial liabilities (excluding trade and other payables and provisions)

Revenue

Total comprehensive income for the period

The above profit for the period includes the following:

Depreciation

Interest income

Interest expense

Income tax expense

(b) Unlisted Equity Investment

Investment in Modjoul

2021
US$m

2.8

1.8

3.1

2021
US$m

73.5

17.9

2021
US$m

2.9

0.1

0.3

2.7

2020
US$m

3.0

F
i
n
a
n
c
i
a
l
S
t
a
t
e
m
e
n
t
s

2021
US$m

3.0

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.

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021

9. Property, Plant and Equipment

2021

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

9.9

–

9.9

46.0

(17.7)

28.3

75.2

489.0

26.4

(29.7)

(304.2)

–

(351.6)

45.5

184.8

26.4

294.9

Total
US$m

646.5

Balance at the beginning of the financial year

10.2

18.2

40.4

143.3

39.4

251.5

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

–

(0.1)

–

(0.2)

9.9

–

(0.1)

12.1

(1.5)

(0.4)

28.3

–

(0.2)

8.1

(3.7)

0.9

45.5

2.2

(2.0)

69.9

(29.6)

1.0

77.0

(0.4)

(90.1)

–

0.5

79.2

(2.8)

–

(34.8)

1.8

184.8

26.4

294.9

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

Total
US$m

10.2

–

10.2

34.6

(16.4)

18.2

67.7

(27.3)

40.4

429.6

(286.3)

143.3

39.4

581.5

–

(330.0)

39.4

251.5

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)

14.7

55.2

(0.1)

(29.9)

–

(0.5)

229.8

58.4

(2.6)

–

(31.1)

(3.0)

18.2

40.4

143.3

39.4

251.5

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 2021Ansell Limited Annual Report 2021

10. Leases

(a) Right-of-use Assets

2021

Cost

Accumulated depreciation

Movement

Balance at the beginning of the financial year

New leases

Modifications

Terminations

Depreciation

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

2020

Cost

Accumulated depreciation

Movement

Recognised on adoption of AASB 16 Leases at the beginning of the year

New leases

Modifications

Terminations

Depreciation

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

Buildings
US$m

120.3

(71.4)

48.9

45.8

12.1

6.8

(0.4)

(16.2)

0.8

48.9

Buildings
US$m

102.0

(56.2)

45.8

34.5

5.1

20.6

–

(13.7)

(0.7)

45.8

Motor
Vehicles
US$m

Other Plant and
Equipment
US$m

16.4

(6.4)

10.0

8.3

7.5

0.4

(1.9)

(4.5)

0.2

10.0

3.6

(1.4)

2.2

1.4

–

(0.6)

–

2.2

Motor
Vehicles
US$m

Other Plant and
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

F
i
n
a
n
c
i
a
l
S
t
a
t
e
m
e
n
t
s

Total
US$m

140.3

(79.2)

61.1

55.5

21.0

7.2

(2.3)

(21.3)

1.0

61.1

Total
US$m

120.1

(64.6)

55.5

43.5

10.7

21.0

(0.6)

(18.3)

(0.8)

55.5

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021

10. Leases continued

(b) Lease Liabilities

Balance at the beginning of the financial year

Recognised on adoption of AASB 16 Leases at the beginning of the 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

2021
US$m

57.6

–

21.0

7.2

(2.3)

(20.8)

1.1

63.8

20.8

43.0

63.8

2020
US$m

–

48.1

10.7

21.0

(0.6)

(20.3)

(1.3)

57.6

18.3

39.3

57.6

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.

2021

Lease Liabilities

2020

Lease Liabilities

Carrying
Amount
US$m

Total
Contractual
Cash Flows
US$m

Contractual Maturity (Years)

0-1
US$m

1-2
US$m

2-5
US$m

> 5
US$m

63.8

57.6

72.1

68.6

21.4

19.7

16.8

18.1

19.1

15.8

13.0

(d) 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.

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2021Ansell Limited Annual Report 2021

11. Intangible Assets

2021

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

974.7

244.7

Additions

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

–

16.9

991.6

140.0

–

0.2

140.2

851.4

5.6

8.6

258.9

57.3

0.1

3.3

60.7

198.2

60.4

1.2

5.1

66.7

42.5

6.7

3.6

52.8

13.9

23.5

1,303.3

–

0.1

6.8

30.7

23.6

1,340.8

8.6

1.2

0.2

10.0

13.6

248.4

8.0

7.3

263.7

1,077.1

Software additions and amortisation is net ($2.8m) of FY21 change in accounting policy. Refer to Note 1 Summary of Significant
Accounting Policies.

F
i
n
a
n
c
i
a
l
S
t
a
t
e
m
e
n
t
s

2020^ Restated

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

Change in accounting policy upon adoption of IFRIC Agenda Decision^

Additions

Additions through completion of provisional accounting

Net exchange differences on translation of foreign subsidiaries

–

1.1

(13.7)

–

(3.9)

Balance at the end of the financial year

974.7

244.7

70.2

(10.9)

2.2

–

(1.1)

60.4

Provision for amortisation and impairment

Balance at the beginning of the financial year

140.2

58.0

41.4

Change in accounting policy upon adoption of IFRIC Agenda Decision^

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

–

(0.2)

140.0

834.7

–

0.1

(0.8)

57.3

187.4

(2.9)

4.6

(0.6)

42.5

17.9

23.7

1,329.8

–

(0.2)

(10.9)

2.2

1.1

(18.9)

23.5

1,303.3

7.6

–

1.2

(0.2)

8.6

247.2

(2.9)

5.9

(1.8)

248.4

14.9

1,054.9

Carrying amount of goodwill and brand names allocated to each of the CGUs:

Healthcare

Industrial

2021
US$m

689.5

360.1

2020
US$m

675.7

346.4

1,049.6

1,022.1

^ The comparative information is restated on account of a change in accounting policy. Refer to Note 1 Summary of Significant Accounting Policies.

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
11. Intangible Assets continued

Recognition and Measurement

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 5 to 10 year period. Refer to Note 1 Summary of Significant Accounting Policies for
change in accounting policy details.

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 being 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.

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.

100

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2021Ansell Limited Annual Report 2021The 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 2022 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 2023 to

2026 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 also include
the annual revenue growth 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 a 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 1.6% to 1.8% (2020: 1.9%) and the post-tax discount rates applied range between 8.0% and 8.2% (2020: between 8.3% and 8.9%).

12. Interest Bearing Liabilities

Current

Loans repayable in:

United States dollars

Total current

Non-current

Loans repayable in:

Euros

United States dollars

United Kingdom pounds

Total non-current

Total interest bearing liabilities

This table summarises the movement in interest bearing liabilities for the year ended 30 June 2021:

Balance at the beginning of the financial year

Movements in cash flows related to financing activities:

Proceeds from borrowings as per Consolidated Statement of Cash Flows

Repayments of borrowings as per Consolidated Statement of Cash Flows

Other movements:

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

F
i
n
a
n
c
i
a
l
S
t
a
t
e
m
e
n
t
s

2021
US$m

2020
US$m

–

50.0

132.7

200.0

119.0

451.7

142.2

200.0

127.7

469.9

519.9

2021
US$m

519.9

2.0

(93.3)

23.1

451.7

The Group has a syndicated borrowing facility of US$300 million with GBP 86.0 million (equivalent of US$119.0 million) drawn down
at 30 June 2021 maturing in June 2023, a Euro 50.0 million revolving credit facility with Euro 10.0 million (equivalent of US$11.9 million)
drawn down at 30 June 2021 maturing in July 2024 and Senior Notes to the equivalent of US$320.8 million. Senior Notes of US$200 million
and Euro 101.5 million (equivalent of US$120.8 million) mature between April 2024 and June 2029. These facilities can be accessed by
certain Australian, US, UK and European subsidiaries.

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12. Interest Bearing Liabilities continued

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.

From 1 January 2022, the interest rate on the GBP 86 million borrowings will transition from LIBOR to Risk Free Rates (RFR). The Company
will agree contractual arrangements with the lenders to transition GBP LIBOR to the Sterling Overnight Index Rate (SONIA) or another
alternative rate by 31 December 2021. The Company does not anticipate the transition to RFR will have a material impact on the Group’s
interest expense.

Net interest bearing debt

Current interest bearing liabilities

Current lease liabilities

Non-current interest bearing liabilities

Non-current lease liabilities

Cash on hand, cash at bank and short-term deposits

Net interest bearing debt

2021
US$m

–

20.8

451.7

43.0

(235.6)

279.9

2020
US$m

50.0

18.3

469.9

39.3

(406.1)

171.4

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

102

Effective
Interest Rate
% p.a.

Financial
Year of Debt
Maturity

1.25

2.07

0.73

2.75

2.47

4.70

4.05

4.68

2025

2023

2027

2028

2029

2024

2025

2026

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

2021
US$m

11.9

119.0

42.5

35.8

100.0

50.0

451.7

2020
US$m

28.1

127.7

40.2

33.7

50.0

100.0

50.0

519.9

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2021Ansell Limited Annual Report 2021
13. 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

2021
US$m

2020
US$m

84.9

3.8

92.5

12.1

104.6

58.3

5.1

3.0

66.4

9.3

75.7

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 charged/(credited) to the Income Statement

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

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2021
US$m

2020
US$m

5.1

1.4

(3.0)

0.3

3.8

3.0

0.7

0.1

3.8

8.3

2.0

(5.1)

(0.1)

5.1

3.2

(0.1)

3.0

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.

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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 Leads. 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 Statement of Financial Position

The movements in the defined benefit asset during the year are outlined below:

Balance at the beginning of the financial year

Actuarial gains/(losses)(i)

Current service cost(ii)

Net interest income(ii)

Employer contributions(iii)

Settlement losses(iv)

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

2021
US$m

4.3

(1.5)

2.8

2020
US$m

29.5

(27.4)

2.1

2021
US$m

2020
US$m

2.1

0.3

(0.2)

–

1.9

(1.5)

0.2

2.8

4.9

(2.5)

(0.2)

0.1

–

(0.2)

2.1

The principal actuarial assumptions used (expressed as a weighted average) to calculate the defined benefit asset were as follows:

Discount rate

Future salary increases

2021
US$m

0.7%

3.0%

2020
US$m

2.1%

3.0%

104

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2021Ansell Limited Annual Report 2021Retirement Benefit Liability

Present value of accumulated defined benefit obligations

Fair value of defined benefit plan assets

Net defined benefit liability recognised in the Statement of Financial Position

The movements in the defined benefit liability during the year are outlined below:

Balance at the beginning of the financial year

Actuarial gains(i)

Current service cost(ii)

Net interest cost(ii)

Employer contributions(iii)

Benefits paid(iii)

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

2021
US$m

35.6

(19.9)

15.7

2021
US$m

14.9

(0.4)

2.5

0.1

(2.4)

(0.1)

1.1

15.7

2020
US$m

31.8

(16.9)

14.9

2020
US$m

14.7

(0.2)

2.0

0.1

(1.7)

–

14.9

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The principal actuarial assumptions used (expressed as a weighted average) to calculate the defined benefit liability were as follows:

Discount rate

Future salary increases

2021
US$m

0.7%

1.8%

2020
US$m

1.1%

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 and benefits paid are cash payments and are recorded as part of payments to suppliers and employees in the Consolidated Statement

of Cash Flows.

(iv) Settlement losses relate to the termination of a US cash balance pension plan and is recognised as an expense in the Consolidated Income Statement as part

of selling, general and administration.

The Group expects $1.5m in contributions to be paid to its defined benefit plans during the year ending 30 June 2022.

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 plans during the year

105

2021
US$m

2020
US$m

10%

76%

34%

59%

2021
US$m

14.6

2020
US$m

12.3

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
15. Contributed Equity and Reserves

(a) Contributed Equity

Ordinary shares

Executive Share
Plan shares

Treasury shares

Contributed equity

Number

US$m

Number

US$m

Number

US$m

Number

At 30 June 2019

132,302,593

873.5

44,700

Buyback/cancellation of shares

(3,775,250)

(67.9)

–

At 30 June 2020

128,527,343

805.6

44,700

Buyback/cancellation of shares

(521,016)

(14.3)

Purchase of treasury shares

–

0.4

–

0.4

–

– 132,347,293

–

(3,775,250)

– 128,572,043

–

(521,016)

(700,000)

(22.7)

(700,000)

At 30 June 2021

128,006,327

791.3

44,700

0.4

(700,000)

(22.7) 127,351,027

US$m

873.9

(67.9)

806.0

(14.3)

(22.7)

769.0

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, 106,199 shares were purchased
on market and issued to shareholders during the year (2020: 145,354 new shares were issued to shareholders).

Executive Share Plan
During the financial year, nil Executive Share Plan shares were paid (2020: nil). Shares allotted under the Pacific Dunlop Executive Share
Plan (which was discontinued in 1996) have been paid to A$0.05 per share.

Treasury Shares
When the Ansell Limited Employee Share Plan Trust purchases equity instruments in the Company that have been identified as treasury
shares, the consideration paid, including any directly attributable costs is deducted from equity, net of any related income tax effects.
When the treasury shares are subsequently sold or reissued, any consideration received, net of any directly attributable costs and the
related income tax effects, is recognised as an increase in equity, and the resulting surplus or deficit on the transaction is presented
in retained earnings. Refer to Note 22 Ansell Limited Employee Share Plan Trust.

Options
As at the date of this Report, there are nil (2020: nil) unissued shares in the Company remaining under option.

(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 cash flow hedges that are deemed to be effective.

Other Reserve
In certain jurisdictions regulatory requirements result in appropriations being made to an other reserve.

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.

106

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2021Ansell Limited Annual Report 202116. Dividends Paid or Declared

Dividends paid

A final dividend of US28.25 cents per share unfranked for the year ended 30 June 2020
(June 2019: US26.00 cents unfranked) was paid on 17 September 2020 (2019: 5 September 2019)

An interim dividend of US33.20 cents per share unfranked for the year ended 30 June 2021
(June 2020: US21.75 cents unfranked) was paid on 10 March 2021 (2020: 12 March 2020)

2021
US$m

2020
US$m

35.4

34.5

41.5

76.9

26.7

61.2

Dividends Declared
Since the end of the financial year the Directors have declared a final dividend of US43.60 cents per share unfranked, to be paid on
16 September 2021. The financial effect of this dividend has not been brought to account in the financial statements for the year ended
30 June 2021 and will be recognised in subsequent financial reports.

Dividend Franking Account
The balance of the dividend franking account as at 30 June 2021 was nil (2020: nil).

17. 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.
The central treasury department 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:

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• 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) Fair Value.

(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 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 Contracts
These transactions 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.

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Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
17. Financial Risk Management continued

(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 revenue and cost 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

2021
US$m

47.5

2020
US$m

26.7

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

(b) Interest Rate Risk

Profit for the Period

Equity

2021
US$m

2020
US$m

2021
US$m

2020
US$m

–

6.8

(5.0)

7.3

(4.1)

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.

108

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2021Ansell Limited Annual Report 2021The 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

Total
US$m

3.2

(0.1)

3.3

(0.1)

130.9

(40.5)

90.4

155.8

(61.7)

94.1

–

83.0

50.0

28.1

78.1

–

(42.5)

–

73.8

200.0

–

200.0

150.0

(40.2)

109.8

120.8

–

120.8

451.7

–

451.7

164.1

519.9

–

164.1

519.9

2021

Bank and other loans

Effect of interest rate swaps*

2020

Bank and other loans

Effect of interest rate swaps*

* Represents notional amount of interest rate swaps.

A separate analysis of debt by currency can be found at Note 12 Interest Bearing Liabilities.

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.

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With all other variables held constant:

If interest rates were 10% higher

If interest rates were 10% lower

Profit for the Period

Equity

2021
US$m

2020
US$m

2021
US$m

2020
US$m

–

Interest rate benchmark reform
A reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank offered rates
(IBORs) with alternative risk-free rates (referred to as ‘IBOR reform’). The Group has Interest Rate Swaps (IRS’s) subject to EURIBOR
and GBP LIBOR reference rates. The EURIBOR reference rate will continue to be published by the European Money Markets Institute.

GBP LIBOR will cease to be published after 31 December 2021 and will be replaced by alternative Risk-Free Rates. The Group’s GBP
Interest Rate Swaps mature in February 2022, with the last interest rate setting occurring in August 2021. Therefore the GBP IRS’s will
not require to be transitioned to an alternative risk-free rate. At 30 June 2021 the USD loans are all fixed rate loans and not subject
to IBOR reform.

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 Statement of Financial Position. 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.

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Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
17. Financial Risk Management continued

(i) Credit Risk – Cash and Cash Equivalents
The Group held cash and cash equivalents of $240.2m at 30 June 2021 (2020: $408.9m). The material cash and cash equivalent balances
are held with bank and financial institution counterparties that 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 counterparties 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 Working Capital.

Net trade receivables

2021
US$m

265.5

2020
US$m

173.4

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 Working Capital.

(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 counterparty default loss is not considered material. The following table indicates the value of amounts owing by
counterparties by maturity.

Foreign Exchange
Related Contracts

Interest Rate Contracts

Foreign Exchange Options

Total

2021
US$m

2020
US$m

2021
US$m

2020
US$m

2021
US$m

2020
US$m

2021
US$m

2020
US$m

1.4

0.3

–

1.7

0.3

–

2.0

–

1.1

–

1.1

–

1.8

–

1.8

0.9

1.3

–

1.7

2.0

–

2.2

3.7

2.3

1.6

1.1

–

5.0

3.4

2.3

–

1.8

–

7.5

Term:

0-6 months

6-12 months

1-2 years

2-5 years

> 5 years

Total

(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 Interest Bearing Liabilities);

(b) retaining appropriate levels of cash and cash equivalents;

(d) regular monitoring of cash balances and cash requirement forecasts.

110

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2021Ansell Limited Annual Report 2021The following table sets out the contractual maturities of the Group’s financial liabilities (excluding lease liabilities – refer note 10(c)
– 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.

2021

Trade and other payables

Bank and other loans

Derivative financial instruments

Total

2020

Trade and other payables

Bank and other loans

Derivative financial instruments

Total

Carrying
Amount
US$m

Total
Contractual
Cash Flows
US$m

403.7

451.7

5.1

860.5

256.3

519.9

7.5

783.7

403.7

508.9

5.1

917.7

256.3

590.6

7.5

854.4

Contractual Maturity (Years)

1-2
US$m

0.8

133.0

–

133.8

1.6

14.5

0.8

16.9

2-5
US$m

–

235.8

–

235.8

–

337.3

–

337.3

0-1
US$m

402.9

13.8

5.1

421.8

254.7

66.0

6.7

327.4

> 5
US$m

–

126.3

–

126.3

–

172.8

–

172.8

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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, predominantly 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.

(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 counterparties 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 financial institutions under all derivative financial instruments would have been
$0.1m (2020: nil) if all contracts were closed out on 30 June 2021.

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Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
Average
Exchange Rates

Average
Maturity Days

Nominal/
Face Value
US$m

Credit Risk
US$m

Net Fair Value
US$m

143

195

110

–

164

121

185

174

145

180

64.2

3.6

90.6

12.3

9.2

7.7

15.5

136.1

145.5

8.9

22.5

14.9

2.4

6.2

22.9

83.1

42.5

688.1

0.6

0.1

0.4

–

0.1

0.2

0.3

1.6

0.1

–

0.2

0.1

–

1.0

5.0

0.4

0.1

(0.3)

(0.2)

0.1

0.2

(0.4)

0.6

(0.1)

(0.3)

(0.2)

–

0.2

(0.5)

(0.4)

1.0

(0.1)

17. Financial Risk Management continued

2021

Foreign exchange contracts

Purchase/sale contracts:

– United States dollars/Euros

– Australian dollars/Japanese yen

– Malaysian ringgit/United States dollars

– Thai baht/United States dollars

– Sri Lankan rupees/United States dollars

– United States dollars/Australian dollars

– United States dollars/Canadian dollars

– Other

1.20

109.10

4.17

31.25

186.95

0.76

1.22

–

Foreign exchange zero cost collar options

Options strike rates

– Euros/United States dollars

– Australian dollars/United States dollars

– Canadian dollars/United States dollars

– Great British pounds/United States dollars

– United States dollars/Malaysian ringgit

– Japanese yen/United States dollars

– United States dollars/ Thai baht

1.18 – 1.23

0.72 – 0.77

1.30 – 1.23

1.32 – 1.39

4.16 – 4.18

107.90 – 103.79

30.63 – 31.58

Interest rate contracts

Interest Rate Swaps:

– GBP Payable fixed

– Euros Payable floating

Total

Interest rate %

Years

0.96

EURIBOR

0.7

1.2

112

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2021Ansell Limited Annual Report 2021Average
Exchange Rates

Average
Maturity Days

Nominal/
Face Value
US$m

Credit Risk
US$m

Net Fair Value
US$m

137

181

–

185

190

194

166

162

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

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a
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m
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t
s

(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)

–

2020

Foreign exchange contracts

Purchase/sale contracts:

– United States dollars/Euros

– Australian dollars/Japanese yen

– Malaysian ringgit/United States dollars

– Thai baht/United States dollars

– Sri Lankan rupees/United States dollars

– United States dollars/Australian dollars

– Other

1.12

71.57

4.26

31.37

186.94

0.68

–

Foreign exchange zero cost collar options

Options strike rates

– 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 ringgit

– Japanese yen/United States dollars

– United States dollars/ Thai baht

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

Interest rate contracts

Interest rate swaps:

– GBP Payable fixed

– Euros Payable floating

– Euros Payable fixed

Total

Interest rate %

Years

0.96

Euribor

–

1.7

2.2

0.6

113

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17. 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

Carrying
Amount of
Hedging
Instruments*

Change in Value
of the Hedging
Instrument
Recognised
in Other
Comprehensive
Income

Hedge
Ineffectiveness
Recognised
in the Income
Statement

Amount
Reclassified
from Hedging
Reserve to
the Income
Statement

0.3

(1.3)

–

(0.4)

1.0

0.3

(1.3)

–

(0.4)

(0.3)

1.3

–

0.4

0.3

(1.3)

–

(0.4)

–

(0.2)

(1.0)

(0.1)

(0.8)

–

Change in Value
of the Hedging
Instrument for
Calculating
Hedge
Ineffectiveness

Change in
Value of the
Hedged Item
for Calculating
Hedge
Ineffectiveness

Carrying
Amount of
Hedging
Instruments*

Change in Value
of the Hedging
Instrument
Recognised
in Other
Comprehensive
Income

Hedge
Ineffectiveness
Recognised
in the Income
Statement

Amount
Reclassified
from Hedging
Reserve to
the Income
Statement

(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)

–

2021

Cash flow hedges

Revenue (up to 1 year)

Costs (up to 1 year)

EUR interest

GBP interest

Fair value hedges

EUR interest

2020

Cash flow hedges

Revenue (up to 1 year)

Costs (up to 1 year)

EUR interest

GBP interest

Fair value hedges

EUR 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.

The 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.

114

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2021Ansell Limited Annual Report 2021Level 2

Derivative financial assets

Derivative financial liabilities

Level 3

Unlisted equity investment

(g) Recognition and Measurement

2021
US$m

2020
US$m

5.0

5.1

3.0

7.5

3.0

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 counterparties 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 Statement of Financial Position.

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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 hedges of the fair value of recognised assets or liabilities (fair value hedges) or 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.

115

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
17. 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

2021
US$m

32.6

2020
US$m

36.5

116

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2021Ansell Limited Annual Report 202119. 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 Sterile Solutions Pvt 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.

117

Country of Incorporation

Beneficial Interest

2021
%

2020
%

Australia

Japan*

Australia

Singapore*

Australia

Singapore*

Australia

France*

Australia

China*

Australia

Canada*

Mexico*

Colombia*

Malaysia*

Sri Lanka*

UAE*

Mexico*

Singapore*

India*

Malaysia*

Brazil*

Sri Lanka*

Thailand*

Australia

F
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a
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c
i
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l
S
t
a
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m
e
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t
s

100

–

100

Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
19. Particulars Relating to Subsidiaries continued

Country of Incorporation

Beneficial Interest

2021
%

2020
%

Ansell USA LLC

Ansell (USA) Inc.

Ansell Edmont Industrial de Mexico S.A. de C.V.

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

Ansell Korea Co. Ltd.

Ansell Vina Corporation

Ansell Microgard Ltd.

Ansell Xiamen Limited

Ansell Microgard Xiamen Limited

118

USA*

Mexico*

USA*

Chile*

Singapore*

Netherlands Ant.*

U.K.*

Belgium*

Germany*

Italy*

Turkey*

Norway*

Sweden*

Lithuania*

Russia*

France*

Poland*

Spain*

France*

Malaysia*

Portugal*

Denmark*

Sth Korea*

Vietnam*

UK*

China*

100

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2021Ansell Limited Annual Report 2021Nitritex Limited

Nitritex (M) Sdn. Bhd.

Pacific Dunlop Holdings (Singapore) Pte. Ltd.

Ansell India Protective Products Pvt. Ltd.

Ansell (Hong Kong) Limited.

PDOCB Pty. Ltd.

PD Licensing Pty. Ltd.

Siteprints Pty. Ltd.

S.T.P. (Hong Kong) Ltd.

Pacific Dunlop Holdings N.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

U.K.*

Malaysia*

Singapore*

India*

Hong Kong*

Australia

Hong Kong*

Netherlands Ant.*

Australia

Beneficial Interest

2021
%

100

2020
%

100

100(a)

100

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* 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:

• Pacific Dunlop (Netherlands) B.V.

• Ringers Technologies UK Holdings Ltd.

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Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
20. Parent Entity Disclosures

As at the end of and throughout the financial year ending 30 June 2021, 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

2021
US$m

18.7

0.2

18.9

^ The comparative information is restated on account of a change in accounting policy. Refer to Note 1 Summary of Significant Accounting Policies.

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

2021
US$m

1,141.7

2,669.1

1,578.3

1,581.2

769.0

(262.8)

581.7

1,087.9

2020^
Restated
US$m

23.4

(1.8)

21.6

2020^
Restated
US$m

1,014.2

2,416.6

1,346.9

1,351.3

806.0

(372.7)

632.0

1,065.3

^ The comparative information is restated on account of a change in accounting policy. Refer to Note 1 Summary of Significant Accounting Policies.

The Group has a net current asset position of $617.0m (2020: $552.6m), which the parent company controls. As at 30 June 2021, the parent
company has a net current liability position of $436.6m (2020: $332.7m). 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.

21. 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 benefits

2021
US$

2020
US$

8,030,640

7,299,281

762,550

709,428

–

12,458,451

3,582,529

21,251,641

11,591,238

(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.

120

Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2021Ansell Limited Annual Report 202122. Ansell Limited Employee Share Plan Trust

The Group holds shares in itself as a result of shares purchased by the Ansell Limited Employee Share Plan Trust (the Trust). The trustee of
Ansell Limited Employee Share Plan Trust is CPU Share Plans Pty Ltd. The Trust was established to manage and administer the Company’s
responsibilities under the Group’s incentive plans through the acquiring, holding and transferring of shares, or rights to shares, in the
Company to participating employees. In respect of these transactions, at any point in time the Trust may hold allocated and unallocated
shares. This Trust is also used to facilitate the acquiring, holding and sale of shares on behalf of the Directors under the Voluntary Share
Purchase Plan.

As at 30 June 2021, the Trust held 700,000 treasury shares (unallocated shares) in the Company (2020: nil) and 223,692 allocated shares
(2020: 186,945).

Allocated shares

Allocated shares represent those shares that have been purchased and awarded to employees under the Short-Term Incentive Plan
and Special Incentive Plan. Those shares awarded under the Short-Term Incentive Plan and Special Incentive Plan contain a post-vesting
holding lock and are held on trust in respect of vested grants.

Vested shares that contain a post-vesting holding lock are restricted in that the employee is unable to dispose of the shares for a period
of two years (or as otherwise determined by the Board). The Trust holds these shares on behalf of the employee until the restriction period
is lifted at which time, upon the employee’s choice, the Trust releases the shares to the employee or continues to hold the shares on
their behalf. Allocated shares are not identified or accounted for as treasury shares.

Where the Trust purchases equity instruments in the Company, as a result of managing the Company’s responsibilities for those vested
shares with a post-vesting holding lock, the consideration paid, including any directly attributable costs is deducted from equity, net of
any related income tax effects.

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Allocated shares also include shares purchased on behalf of the Directors under the Voluntary Share Purchase Plan.

Unallocated shares

Unallocated shares represent those shares that have been purchased by the Trustee to satisfy the potential future vesting of awards
granted under the Group’s Long-Term Incentive Plan. As the shares are unallocated, they are identified and accounted for as treasury
shares (refer to Note 15 Contributed Equity and Reserves).

Accounting policy

For accounting purposes, the Trust is deemed to be controlled by Ansell Limited. Accordingly, transactions with the Group-sponsored
Trust are consolidated into the Group’s financial statements. In particular, the Trust’s purchases of shares in Ansell Limited are debited
directly to equity. The shares are held in the Trust until such time as they may be transferred to participants of the various Group
share schemes.

In accordance with the Trust Deed, the Trustees have the power to exercise all voting rights in relation to any investment (including shares)
held within the Trust.

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23. 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 2021 financial year
are as follows:

Instrument

Grant Date

Vesting Date

Fair Value

Share Price
on Grant Date

Risk Free
Interest Rate

Dividend
Yield

PSRs

14/8/2018

30/6/2021

7/8/2019

30/6/2022

18/08/2020

30/6/2023

A$25.57

A$23.78

A$37.28

A$27.86

A$25.88

A$39.88

N/A

2.98%

2.88%

2.25%

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):

Other audit and assurance services

Auditors of Ansell Limited and Australian entities – KPMG

Other member firms of KPMG

Taxation services

2021
US$

2020
US$

1,388,803

1,236,425

797,422

766,619

2,186,225

2,003,044

41,786

21,430

18,767

11,101

Auditors of Ansell Limited and Australian entities – KPMG

5,596

Advisory services

Auditors of Ansell Limited and Australian entities – KPMG

Other member firms of KPMG

Total other services

Total auditors’ remuneration

42,828

71,176

68,812

143,872

2,255,037

2,146,916

(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.

25. Subsequent Events

In the interval between the end of the financial year and the date of this report, there have been no matters or circumstances that
have significantly affected, or may significantly affect, the Group’s operations, the results of those operations, or Group’s state of affairs,
in the future years.

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Notes to the Financial Statements continuedof Ansell Limited and Subsidiaries for the year ended 30 June 2021Ansell Limited Annual Report 2021Directors’ Declaration
of Ansell Limited and Subsidiaries for the year ended 30 June 2021

1. In the opinion of the Directors of Ansell Limited (‘the Company’):

(a) the consolidated financial statements and notes, set out on pages 75 to 122 and the Remuneration Report contained
in the Report by the Directors, set out on pages 49 to 74, 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 2021 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; and

(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 2021.

Signed in accordance with a resolution of the Directors:

J A Bevan
Director

M R Nicolin
Director

Dated in Melbourne this 24th day of August 2021.

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Independent Audit Report
to the members of Ansell Limited

124

KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation. 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 2021 and of its financial performance for the year ended on that date; and • complying with Australian Accounting Standards and the Corporations Regulations 2001. The Financial Report comprises: • Consolidated Statement of Financial Position as at 30 June 2021 • 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. Basis for opinion 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 names • Taxation Key Audit Matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Report of the current period. 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. Ansell Limited Annual Report 2021F
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Valuation of goodwill and brand names (USD $1,049.6m) 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 38% 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 with 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. Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
Independent Audit Report continued
to the members of Ansell Limited

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Taxation (Income Tax Expense USD$69.8m, Deferred Tax Assets USD$83.1m, Deferred Tax Liabilities USD$72.3m, Current Tax Liabilities USD$28.6m) 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: • The Group undertaking 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. Working with our tax specialists, our procedures included: • We identified key tax areas across jurisdictions impacting the Group by: • 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. Ansell Limited Annual Report 2021F
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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 and will 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. Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationAnsell Limited Annual Report 2021
Independent Audit Report continued
to the members of Ansell Limited

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Report on the Remuneration Report Opinion In our opinion, the Remuneration Report of Ansell Limited for the year ended 30 June 2021, complies with Section 300A of the Corporations Act 2001. Directors’ responsibilities 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 54 to 74 of the Directors’ Report for the year ended 30 June 2021. 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 24 August 2021 Ansell Limited Annual Report 2021Five-Year Summary
of Ansell Limited and Subsidiaries as at 30 June 2021

Income Statement
Sales
EBIT
Net financing costs
Income tax expense
Non-controlling interests
Profit attributable to Ansell Limited shareholders
Statement of Financial Position
Cash – excluding restricted cash and 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 trade and other 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
Contributed equity
Reserves
Retained profits
Ansell Limited shareholders’ equity
Non-controlling interests
Total shareholders’ equity
Total funds employed
Share information
Basic earnings per share (US cents)
Diluted earnings per share (US cents)
Dividends per share (US cents)
Net assets per share (US$)
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)

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2017*
US$m

1,600
218
23
45
2
148

314
546
218
-
1,050
122
201
2,451
222
4
-
94
717
-
142
43
1,222
1,229
1,142
(78)
147
1,211
18
1,229
1,636

100.1
98.9
44.00
8.3

216
51
36,798
15,483

13.6
12.7
13.6
83.2
9.6
33.1
147

2018*
US$m

1,548
557
13
58
2
484

580
561
230
-
1,028
112
12
2,523
223
-
-
71
552
-
121
6
973
1,550
1,052
(82)
564
1,534
16
1,550
1,522

336.8
331.9
45.50
10.9

154
46
34,307
12,482

36.0
35.0
35.3
82.1
44.6
(1.8)
142

2019*
US$m

1,499
157
14
30
1
112

395
564
230
-
1,083
105
-
2,377
226
20
-
67
525
-
129
-
967
1,410
874
(86)
610
1,398
12
1,410
1,560

82.6
81.2
46.75
10.7

189
44
33,311
12,304

10.5
7.6
10.2
84.3
11.6
10.6
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2020^
Restated
US$m

1,614
217
17
42
1
157

406
554
252
56
1,055
115
-
2,438
255
50
18
85
470
39
124
-
1,042
1,396
806
(120)
698
1,384
12
1,396
1,567

120.2
118.4
50.00
10.9

287
61
33,903
13,513

13.4
11.3
13.9
78.7
12.5
12.3
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2021
US$m

2,027
338
20
69
2
247

236
931
295
61
1,077
138
-
2,738
403
-
21
126
452
43
128
-
1,173
1,565
769
(85)
867
1,551
14
1,565
1,845

192.2
189.6
76.80
12.3

173
86
35,760
14,159

16.7
16.8
19.8
79.3
17.0
17.9
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* 2017, 2018 and 2019 represent the reported amounts from their respective years. 2017 and 2018 include continuing and discounted operations.

^ Restated on account of a change in accounting policy. Refer to Note 1 Summary of Significant Accounting Policies of the Group’s audited Financial Statements.

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Shareholders

Distribution of Ordinary Shareholders and Shareholdings

Details of quoted shares held in Ansell Limited as at 30 July 2021 are detailed below.

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

29,616

5,987

447

176

36,259

9,698,613

11,561,813

3,068,919

4,221,980

99,455,002

128,006,327

7.57

9.03

2.40

3.30

77.70

100.00

* Including 595 shareholders holding a parcel of shares of less than A$500 in value (1,659 shares), based on a market price of A$39.25 per unit.

Percentage of the total holdings of the 20 largest shareholders = 75.95%.

In addition to the foregoing, as at 30 June 2021, there were eighteen members of the Executive Share Plan, holding a total of 44,700 plan
shares. Thirteen members have shares paid to A$0.05 each, and five members have shares paid to A$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; and

(b) on a poll, one vote for every fully paid ordinary share held.

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Ansell Limited Annual Report 2021Twenty Largest Shareholders (as at 30 July 2021)

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

HSBC Custody Nominees (Australia) Limited

BNP Paribas Noms Pty Ltd

BNP Paribas Nominees Pty Ltd

Australian Foundation Investment Company Limited

Netwealth Investments Limited

CPU Share Plans Pty Ltd

National Nominees Limited

BNP Paribas Nominees Pty Ltd Hub24 Custodial Serv Ltd

HSBC Custody Nominees (Australia) Limited - A/C 2

BNP Paribas Nominees Pty Ltd Six Sis Ltd

Citicorp Nominees Pty Limited

Australian Executor Trustees Limited

AMP Life Limited

Mirrabooka Investments Limited

BNP Paribas Noms (NZ) Ltd

Australian Executor Trustees Limited

Top 20 Holders of Ordinary Fully Paid Shares

Total Remaining Holders Balance

46,082,341

19,774,760

12,892,489

6,829,707

2,117,496

1,665,259

1,490,115

1,078,865

763,076

700,000

668,908

611,184

409,607

389,719

383,789

304,745

285,423

273,499

259,347

243,535

97,223,864

30,782,463

36.00

15.45

10.07

5.34

1.65

1.30

1.16

0.84

0.60

0.55

0.52

0.48

0.32

0.30

0.24

0.22

0.21

0.20

0.19

75.95

24.05

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

25 August 2020

18 March 2020

12 August 2021

BlackRock Group

Vanguard Group

Vinva Investment Management Limited

8,426,325

7,740,284

6,456,499

6.6%

6.0%

5.0%

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Shareholder Information

Annual Report

Company Directory

Enquiries

Ansell’s Annual Report 2021 provides
shareholders with a summary of the
Group’s operations and contains the full
financial statements for FY21. The Annual
Report 2021 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

Ansell Limited
Level 3, 678 Victoria Street
Richmond VIC 3121

Ms Catherine Stribley
Telephone: +61 3 9270 7125
Facsimile: +61 3 9270 7300
Email: catherine.stribley@ansell.com

Mr Martin Evans
Telephone: +61 3 9270 7105
Facsimile: +61 3 9270 7300
Email: martin.evans@ansell.com

Ansell currently has an on market
buyback program which stipulates that
the Company cannot buyback more than
10% of its voting shares within the span
of any twelve (12) month period.

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 US43.60 cents per share
will be paid on 16 September 2021 to
shareholders registered on 31 August 2021.

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 Secretaries
Catherine Stribley and Martin Evans
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

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Ansell Limited Annual Report 2021
2022 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

Closing date for nomination of Directors for election

Annual General Meeting

15 February 2022

21 February 2022

22 February 2022

9 March 2022

23 August 2022

29 August 2022

30 August 2022

15 September 2022

17 November 2022

* 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.

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