Ansell Annual Report 2023

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FY2023 Annual Report · Ansell

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APPENDIX 4E

FOR THE YEAR ENDED 30 JUNE 2023
ANSELL LIMITED AND SUBSIDIARIES

ACN 004 085 330

Results for Announcement to the Market

Revenue from ordinary activities

Net Profit from ordinary activities for the period attributable to members

Net Profit for the period attributable to members

down

(15.2%)

(6.6%)

US$m

1,655.1

148.3

Dividends (distributions)

Dividend

Amount per share
US cents

Franked amount per share
US cents

25.80

Nil

Record date for determining entitlements to the dividend

Dividend Reinvestment Plan election cut off date

Dividend payment date

21 August 2023

22 August 2023

7 September 2023

Net Tangible Asset backing

Shareholders’ Equity attributable to Ansell Limited shareholders

Less Intangible Assets

Net Tangible Assets

Net tangible asset backing per ordinary share

Associates and Joint Ventures

2023
US$m

1,600.9

1,059.7

541.2

2023

$4.27

2022
US$m

1,542.9

1,049.4

493.5

2022

$3.88

Ansell Limited’s associated and joint ventures are included at Note 21 Control of Subsidiary 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 the Directors), ASX announcement and Investor

Presentation for the 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.

Annual
Report
2023

Contents

About Ansell

Our Operations

Customer Success Stories

Chairman’s Review

Chief Executive Officer’s Review

Our Strategic Priorities

Financial Performance

Healthcare Global Business Unit

Industrial Global Business Unit

Outlook

Sustainability

Board of Directors

Executive Leadership Team

Report by the Directors

Remuneration Report

Financial Statements

Directors’ Declaration

Independent Auditor’s Report

Five Year Summary

Shareholders

Shareholder Information

115

116

121

122

124

Acknowledgement of Country
We acknowledge and respect the
traditional lands and cultures of
First Nations peoples in Australia
and globally. We pay our respects to
Elders past and present and recognise
First Nations peoples’ longstanding
and ongoing spiritual connections
to land, sea, community and Country.
Appreciation and respect for the
rights and cultural heritage of First
Nations peoples is essential to the
advancement of our societies and
our common humanity.

Non-IFRS Measures
Ansell’s financial results are reported under
International Financial Reporting Standards (IFRS).
This release includes certain non-IFRS measures
such as Constant Currency, Organic Constant
Currency, GPADE, EBIT, EBITDA, Adjusted Earnings
Per Share and Significant Items, which have been
defined on page 16. These measures are presented
to enable understanding of the performance of the
Company without the impact of non-trading items
and foreign currency. Non-IFRS measures have not
been subject to audit or review.

Assurance and Verification
The Remuneration Report (pages 43 to 66) and
the Financial Statements (pages 67 to 114) have
been audited by KPMG. Full details of the assurance
scope, process and outcome are included in the
Independent Auditor’s Report on pages 116 to 120.

All unaudited information contained in this report
has been subject to an internal review and approval
process defined by our Corporate Reporting
framework as explained in our 2023 Corporate
Governance Statement.

Forward-looking Statements
Any forward-looking statements are based on
Ansell’s current expectations, best estimates and
assumptions as at the date of preparation, many of
which are beyond Ansell’s control. These forward-
looking statements are not guarantees or predictions
of future performance and involve known and
unknown risks, which may cause actual results to
differ materially from those expressed in the report.

AGM
Ansell’s Annual General Meeting (AGM)
will be held on 24 October 2023.

To access more information, visit
https://www.ansell.com/us/en/about-us/
investor-center/agm

Corporate Reporting Suite
This Report is part of our broader corporate
reporting suite and the following documents
are available at www.ansell.com:

Results Presentation: Ansell’s strategy, financial
results and operational performance for the
reporting period.

Corporate Governance Statement: Ansell’s
application of the ASX Corporate Governance
Council’s Corporate Governance Principles
and Recommendations (4th Edition).

Sustainability Report: Features information
about Ansell’s Environmental, Social and
Governance (ESG) goals and performance
(to be released in August 2023).

Labour Rights Report (and Modern Slavery
Statement): Ansell’s statement on our actions
to assess and address modern slavery risks in
our business and supply chains (to be released
August 2023).

ABOUT THIS REPORT
Report Structure
This Report is designed to be read in its entirety.
The required elements of the Directors’ Report,
including the Operating and Financial Review (OFR)
as required by ASIC Regulatory Guide 247, are
covered on pages 14 to 66. Commentary on
Ansell’s financial performance specifically is
contained on pages 16 to 23 and references
information reported in the Financial Statements
(pages 67 to 114). The Financial Statements includes
Ansell Limited (the Company or Parent Entity)
and the entities it controlled at the end of, or
during, the year ended 30 June 2023. Throughout
the report, the consolidated entity is referred to
as Ansell or the Group. The Directors’ Declaration
forms part of the Annual Report under the
Corporations Act 2001.

ANSELL LIMITEDANNUAL REPORT 2023Ansell is a diversified global leader
in hand and body protection solutions
and an integrated manufacturer,
innovator and marketer of products
on which millions of workers and
healthcare professionals rely.

ANSELL LIMITEDANNUAL REPORT 2023About Ansell

Leading the world to a safer future

For over 125 years, Ansell has delivered advanced protection solutions
to people at work and at home, keeping them out of harm’s way.

Our expertise, innovative products, and advanced technology give our customers peace of mind
and confidence no other brand can deliver.

We operate across two business segments:

Healthcare Global Business Unit

Industrial Global Business Unit

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

The portfolio includes surgical gloves, single use
and examination gloves, clean and sterile gloves
and garments, and consumables.

The Industrial GBU (IGBU) manufactures and
markets high-performance hand and chemical
protective clothing solutions for a wide range
of industrial applications.

Ansell protects workers in industries including
automotive, chemical, metal fabrication, machinery
and equipment, food, construction, mining,
oil & gas, utilities, logistics, and first responders.

HGBU
Total Revenue
$904.2M 54%

37%

Exam/Single Use1

Surgical

Life Sciences

35%

IGBU
Total Revenue
$750.9M

63%

Mechanical

Chemical

Others

1. Includes single use gloves used by industrial workers in manufacturing, auto repair, chemical, food processing and other industries.

02
02

ANSELL LIMITEDANNUAL REPORT 2023No. 1 or 2

position in key segments globally

9 billion

gloves sold per year

Provides protection solutions to

25+ industries

ANSELL LIMITEDANNUAL REPORT 2023Our Operations

Warehouses

R&D centres

Manufacturing facilities

14,000+

Employees

Customers in

100+

countries

Ansell is a global company employing more than 14,000 people
in over 55 countries. Ansell Limited is legally domiciled in
Melbourne, Australia and is listed on the Australian Securities
Exchange (ASX: ANN). Ansell has four corporate headquarters:
Melbourne, Australia; Brussels, Belgium; New Jersey,
United States; and Cyberjaya, Malaysia.

We operate 15 manufacturing facilities with the largest located
in Malaysia, Sri Lanka and Thailand and smaller plants located in
Brazil, China, Lithuania, Portugal and Vietnam. On 1 March 2023,
we announced the completion of the acquisition of the
remaining 50% shareholding in Careplus (M) Sdn Bhd, now
known as Ansell Seremban Sdn Bhd. This acquisition delivered
Ansell a 100% shareholding and full operational control.

New Jersey

Mexico

Lithuania

Brussels

Portugal

Brazil

Ansell presence

Manufacturing facilities

Corporate hubs

Our factories produce an extensive range of products including
mechanical gloves, chemical gloves, chemical protective clothing,
single use gloves, surgical gloves and life sciences gloves.

We also work with third parties for the supply of selected
finished goods, predominantly exam and single use gloves.

China

India

Thailand

Cyberjaya

Vietnam

Sri Lanka

Melbourne

Malaysia

ANSELL LIMITEDANNUAL REPORT 2023New Jersey

New Jersey

Mexico

Lithuania

Brussels

Portugal

Brazil

China

India

Thailand

Cyberjaya

Vietnam

Sri Lanka

Melbourne

Malaysia

ANSELL LIMITEDANNUAL REPORT 2023Customer Success Stories

Ansell’s mission is to lead the world to a safer future by being two steps ahead of workplace
risk. Each of these customer stories demonstrate how Ansell goes beyond the provision of
protective equipment and helps customers address complex safety challenges.

The commercial wins profiled in this year’s Annual Report represent four entirely different
applications on four continents in four industries, highlighting the unique breadth of Ansell’s
presence in the world of personal protection solutions.

Minimising the Risk of Musculoskeletal Injury to Bouygues Construction
Workers Through Innovation & Technology

Workers in construction trades are at high risk
of work-related musculoskeletal disorders (WMSDs)
– injuries to the soft tissues of the body, including
muscles, tendons, nerves, cartilage, and other
supporting structures, caused by sudden or sustained
exposure to repetitive motion, force, vibration, and
awkward physical positions on the job.

With 32,400 employees working in 60 countries,
Bouygues Construction designs, builds and
refurbishes the infrastructure and buildings that are
essential for a sustainable society. Throughout the
world, the teams support the development of
low-carbon energy production and public transport
infrastructures, and provide their expertise in the
design, construction and renovation of buildings
and neighbourhoods that are essential to life.
As a safety champion, they strive to continuously
minimise the risks and hazards faced by employees.
In FY23, Bouygues Construction sought to capture
data on risky hand movements linked to specific
tasks performed by its construction workers and
to put ergonomic solutions in place to reduce and
potentially eliminate WMSD injuries.

Enter Inteliforz™ Motion Series, a new Software as
a Service (SaaS) introduced by Ansell. The wearable
sensor technology tracks data to identify work-
related musculoskeletal disorder risks so training and
work processes can be adapted to keep workers safe.
A three month trial of the Inteliforz Motion series
in October 2022 at Bouygues Construction Matériel’
Distrimo warehouse in Tourville, France yielded
significant data, leading Bouygues Construction
to extend the trial for a year to ensure sustainable
results. We have recently launched an additional
trial at a Bouygues Construction Matériel warehouse
in Chilly-Mazarin, France.

In another consequence of the pilot and the trust
established between our two companies, Bouygues
Construction has converted to Ansell HyFlex® gloves
as hand protection solutions for the company’s
construction sites.

Thanks to Ansell innovation and technology,
Bouygues Construction workers performing manual
repetitive tasks are now equipped with state-of-
the-art products and services to reduce the risk
of WMSD injuries.

Protecting Emirates Airlines Maintenance Workers from Static
Electricity Buildup

Airline maintenance workers are exposed to
countless hazards, and electrical sparks are no
exception. These workers require gloves that
provide a discharge of static buildup to stop
harmful electric charges in their tracks.

Emirates Engineering is one of the world’s most
technologically advanced aircraft maintenance
providers, employing around 15,000 maintenance
workers. Emirates employees currently use Ansell’s
best-selling disposable glove, TouchNTuff® 92-600,
for their daily work. In discussion around industry
hazards, the need arose for a specialised glove that
offered protection against static electricity buildup.

Enter Ansell’s innovative new product solution:
MICROFLEX® 94-242 Static Dissipative glove.
This glove safely controls the passage of electric
charges, preventing fires, explosions, and damage
caused by static discharge, and is suitable for

Atmospheric Explosion (ATEX) environments and
Electrostatic Discharge (ESD) applications.

Emirates will use MICROFLEX® 94-242 from the
tarmac to the workshop. For example, Emirates
maintenance workers paint planes using an
electrostatic spray-paint gun. This painting process
results in a flawless, quick-drying finish of branding
elements, but also presents unique hazards.
The high voltages applied with the spray gun
could result in electric shock to the operator,
or a spark could ignite the paint.

Now, thanks to Ansell’s product innovation, Emirates
workers have an effective barrier against electrical
shocks and sparks — which is critical in the aircraft
industry where flammable liquids like paint and
jet fuel are standard. In addition to its use for
electrostatic spray painting, employees will don
94-242 when fueling aircraft.

ANSELL LIMITEDANNUAL REPORT 2023AnsellGUARDIAN® Provides Knowledge, Tools and Training to Prevent
Injuries at EthosEnergy

Operating in the power, oil & gas, industrial and
aerospace markets, EthosEnergy’s customers
depend on them to deliver services and solutions to
make energy affordable, available and sustainable.

With a workforce of 4,500 operating in over 100
countries, the company recognises that success
is tied to its ability to achieve world-class safety
performance at its manufacturing facilities.
EthosEnergy consistently works to improve
performance across the value chain, not least
of which includes the safety of its workforce.
While proud of its workplace safety record, they
remain vigilantly focused on new, better, more
efficient and safer methods of working. In this
effort, they rely on business partners like Ansell
to mitigate and minimise risks.

In July 2022, Ansell conducted an AnsellGUARDIAN®
safety assessment to reduce hand and arm
lacerations to employees working with sharp
materials at its US manufacturing location in
Massachusetts. Through glove and sleeve testing,

the assessment identified solutions which enabled
workers to safely complete their required tasks
while driving worker acceptance and compliance
with their new PPE; ultimately reducing injuries.
AnsellGUARDIAN® assessments lead to injury
reduction, reduced cost to protect, increased
compliance and PPE portfolio complexity reduction.

EthosEnergy’s management team was impressed
with the level of detail and solutions provided
to achieve their safety objectives. Based on this
tailor-made assessment, EthosEnergy expanded the
AnsellGUARDIAN® assessment to three additional
manufacturing locations. Coordinating with our
distributor, W. W. Grainger, and health & safety
management at Ethos, AnsellGUARDIAN®
assessments were completed and, as of November
2022, EthosEnergy now uses Ansell as its primary
vendor for gloves in all 37 US locations. EthosEnergy
employees are now better protected, and the
company is advancing its goal of world-class safety
performance.

Reliable Supply, Sustainability & Value-Added Services Help NSW Public
Hospitals Recover Post-Covid

New South Wales (NSW) is the largest state in
Australia, home to over seven million people.
Prior to the pandemic, Ansell had limited hospital
medical examination glove market share in the
region. As part of its post-Covid economic recovery
program, NSW public hospitals required a reliable
supply of quality examination gloves from
manufacturers with strong corporate social
responsibility credentials.

With strong brand recognition, an industry-leading
position in tackling the challenges of a sustainable
supply chain, as demonstrated by its recent Silver
Ecovadis credential, and a reputation in NSW public
hospitals for high-quality surgical gloves, Ansell was
able to quickly meet NSW’s requirements by
expanding manufacturing and sourcing capabilities.
This ensured a responsible and reliable supply of
medical examination gloves, protecting both patients
and healthcare workers, demonstrated fast lead
times and an On Time in Full (OTIF) delivery
performance exceeding 98%.

Since April 2023, Ansell has consistently delivered
over 11 million examination gloves per month
to NSW hospitals.

At all stages of engagement with NSW public
hospitals, Ansell went above and beyond its role
as simply a glove manufacturer. In addition to
providing high-quality gloves, Ansell offered
value-added services, conducted regular business
reviews, addressed specific hospital needs, and
delivered tailored solutions like AnsellCARES™,
a clinical education program focused on advancing
healthcare worker development, improving safety,
and enhancing patient care.

As a result, Ansell’s dedication and innovative
solutions led to significant new and ongoing
business, servicing a high number of public health
districts and its hospitals, healthcare professionals
and communities in New South Wales.

ANSELL LIMITEDANNUAL REPORT 2023Chairman’s Review

We have set our sights beyond compliance.
Our ambitious goals include advocating for higher
labour standards in the PPE industry while
recognising we have more to achieve.

John Bevan
Chairman

Dear fellow shareholders,

In what was another challenging year for Ansell characterised
by difficult market conditions, the Company has adapted and
responded effectively. While we can expect the next 12 months
to remain challenging, work to execute the growth strategy
announced in July is underway and I believe the Company
is now well positioned.

When reflecting on the last year some perspective is important.
The onset of the pandemic in 2020 was the catalyst for an
unprecedented ramp up in global demand for personal protective
equipment (PPE) for healthcare. This elevated demand was
sustained over the ensuing two years; at its peak it was three
to four times the normal level. We saw a boost to the company’s
revenues and earnings accordingly.

Predicting exactly when end-user demand would ease was always
going to be difficult for our healthcare customers. When conditions
normalised in most countries from early 2022, many found
themselves with more inventory than they needed. Just as this was
depleting, the supply chain crunch was the catalyst for continued
caution by customers maintaining high levels of inventory.

Like our industry peers, Ansell has been grappling with the impact
of these events for the past 18 months. In that time, we have seen
significant disruption to normal supply and demand patterns,
stretching of supply chains, key materials become scarcer and
labour costs increase. These effects were evident throughout
Ansell’s business in FY23.

Clear pathway to growth
In the face of difficult conditions, the Company has adapted
and responded. The impact of overstocking is evident in the
Company’s financial performance in FY23, but in the Board’s
view management’s actions have now mitigated this impact.

Importantly, Company leadership, led by CEO Neil Salmon,
has made good progress repositioning Ansell for a return to
normal conditions in the coming years. It is now operating on
a leaner and more efficient platform than prior to the onset of
COVID, consistently focused on developing higher-value and
differentiated product lines, and has successfully transitioned
much of the business onto upgraded digital platforms. This latter
investment has already improved the customer experience and
our ability to foresee, and respond to, shifts in demand.

The Accelerated Productivity Investment Program announced to
the market on 18 July builds on this work. The suite of initiatives
set out in the plan will lead to a more streamlined, innovative
and customer-focused organisation, one better equipped to
compete and succeed in the global PPE market. Shareholders
can expect benefits from these actions in the form of EPS growth
from FY25.

Company leadership, led by CEO
Neil Salmon, has made good progress
repositioning Ansell for a return to
normal conditions in the coming years.

ANSELL LIMITEDANNUAL REPORT 2023ANNUAL REPORT 2023

ANSELL LIMITED

Delivering on sustainability commitments
Ansell’s focus on ensuring the business is meeting, and exceeding,
stakeholder expectations around sustainability continued
throughout the year. The inaugural Ansell Global Supply Summit
in Malaysia in February 2023 was an important step forward,
helping cement the collaboration with our supply chain partners
that will be critical to meeting our sustainability commitments.

On decarbonisation, the Company is making progress toward
its goal of a 42% reduction in Scope 1 and Scope 2 emissions by
2030, and Net Zero in Scope 1 and Scope 2 emissions by 2040.
Renewable energy plays an increasingly important role in our
energy mix and we are transitioning to new materials with a
lower emissions profile. Our manufacturing partners are in
no doubt about the importance of aligning with Ansell’s
sustainability agenda and understand that we are unlikely to be
able to work with high-emission suppliers over the long term.

While Ansell is pursuing a strategy of reweighting supply toward
more in-house manufacturing, as Neil details in his accompanying
CEO letter, third-party finished goods suppliers continue to play
an important part in our business. In line with our modern slavery
commitments, ensuring the integrity of labour conditions at
these suppliers was a high priority in FY23, and a key theme
of the Ansell Global Supply Summit.

Tackling modern slavery is a complex global challenge but one
on which Ansell is determined to make a difference. I can report
that tangible improvements across the supply chain are evident.

Ansell continues to invest in measurable and meaningful
improvements to the management of labour rights and modern
slavery across our operations and third-party supply chain.
This year we introduced new tools such as specific Forced Labour
Indicator audits and independent grievance mechanisms to ensure
we continue to promptly identify, assess, address and mitigate
all risks of modern slavery. As we evolve, in line with our ongoing
commitment to health and safety, we will continue to integrate
a broader view of human rights into our business by maintaining
a significant focus on improving the lives of our people.

Reflections after 12 years on the Board
Shareholders would be aware of the Company’s announcement
that I will be retiring from the Board in October 2023, making
this my last letter to shareholders.

It has been a privilege to serve Ansell as a Director for 12 years,
including the last four as Chair. While my tenure as a Director is
a relatively short period in the context of Ansell’s rich 130-year
heritage, I have nevertheless observed the business grow and
mature in that period. Ansell is a genuinely global Australian
company, deeply embedded in supply-chain and end-user markets
throughout the world and an undisputed leader in the provision
of PPE for healthcare and industrial markets.

The environment in which Ansell operates has changed greatly
over its history, and even over the last 20 years. Manufacturers
today are grappling with climate pressures, a transforming global
economy and shifting community expectations. Ansell has adapted
to these changes and will need to keep doing so. It will succeed,
for the same reasons that it has endured so well to this point:
the strong set of ethics and values that are written into its DNA.

Shareholders should be confident the Company is in great hands
going forward. Incoming Chair Nigel Garrard, an experienced
Director of ASX-listed companies, has seen firsthand the market
volatility effecting the Company in his time on the Board since
2020 and is well placed to oversee Board deliberations as the
growth strategy is implemented. Neil has ably steered the
Company during a highly turbulent period and my personal
thanks go to him and his leadership team for their hard work
and dedication.

Lastly, I wish to thank all of Ansell’s 14,000 employees for their
role in making the Company the global force it is today, and
our many shareholders for their continued support.

Yours sincerely,

We have set our sights beyond compliance. Our ambitious
goals include advocating for higher labour standards in the
PPE industry while recognising we have more to achieve.

John Bevan
Chairman

Chief Executive Officer’s Review

Amid the challenging operating backdrop,
we continued to invest in Ansell’s operations
to position the Company for long-term growth.

Neil Salmon
Managing Director and Chief Executive Officer

Dear Shareholder,

We are passionate about creating a great experience for those
who wear our products in healthcare and industrial settings.
Making the right choice on personal protective equipment
can have broad benefits to wearers and their workplaces.
Our customer success stories on pages 6 and 7 demonstrate this.
Through successes such as these, we realise our vision to lead
the world to a safer future.

The extended impact of COVID-19 was once again the dominant
theme for Ansell in FY23 as disruptions to normal business
patterns – especially in our Healthcare GBU – were felt keenly.

Ansell is responding to these headwinds while remaining
focused on our strategic goal of developing our global leadership
position in the supply of hand and body protection.

On 18 July, as well as providing earnings guidance for FY24,
I announced Ansell’s Accelerated Productivity Investment
Program. This plan follows a detailed examination by our
leadership team into how to best position Ansell for growth
in the market circumstances we foresee over the medium to
long term. Although my guidance for FY24 indicates a moderate
decline in EPS in that year, we expect this investment plan to be
the catalyst for significant long-term earnings growth from FY25.

Before expanding on these initiatives, I am pleased to outline
the highlights of the last fiscal year.

Overview of Financial Performance
Group sales of US$1.655 billion for FY23 were down 11.0%
versus the prior year on an Organic Constant Currency basis,
as growth in Industrial products only partially offset weaker
sales in Healthcare, influenced mainly by customer destocking.
Ansell has a well-balanced portfolio with diverse geographic
and end market exposure that helps to insulate against one off
or cyclical movements in certain parts of the business. The
benefit of this portfolio construct was evident in FY23, with
growth in emerging markets and in our Industrial business a
counterpoint to softness in developed markets where the
impacts of destocking in Healthcare and post-COVID price
reversion in Exam/Single Use were more acute.

Our Industrial GBU recorded good top-line growth on an
Organic Constant Currency basis. Mechanical continued to
perform well, with growth in emerging markets and success with
new products contributing to a strong result. Chemical returned
to growth on strong demand for our high-end hand and body
chemical protection range. There was some softening in certain
industrial end markets towards the end of the year as global
interest rate rises began to weigh on manufacturing activity.

The unwinding of excess customer inventory weighed heavily
on the Healthcare result in FY23 as diminishing global supply
chain risks and improved product availability saw channel
partners and end users take decisions to reduce inventory.

Second-half Exam/Single Use volumes improved against the
first half, particularly in our more differentiated products for
industrial applications produced in-house. This suggests we are
nearing the end of the customer inventory correction in this
part of our business. Exam/Single Use pricing also stabilised
in the second half.

Second-half destocking in Surgical masked more favourable
underlying end-user demand trends. A more prolonged period
of customer inventory normalisation in Life Sciences reflected
the unwind of very conservative inventory positions taken by
market participants during the pandemic and dampened sales
in this SBU throughout the year.

Earnings before interest and tax (EBIT) were $206.3m before
significant items. Adverse currency movements and the loss
of earnings from our exited Russia business were significant
headwinds to reported earnings growth, and the greater than
expected customer destocking in Healthcare pushed earnings
lower on an Organic Constant Currency basis. This masked
strong earnings performance in Industrial, where we are seeing
the margin benefits from a strong program of innovation,
particularly in Mechanical, and success with pricing.

FY23 earnings were supported by our hedging program, which
partially offset the unfavourable impact of foreign exchange
movements, and low employee incentive costs due to reversal
of prior year accruals for long-term incentive plans and low
short-term incentive realisation. As we enter FY24, the absence
of these benefits, combined with headwinds from foreign

ANSELL LIMITEDANNUAL REPORT 2023ANNUAL REPORT 2023

ANSELL LIMITED

$206.3m

EBIT before significant items

40%+

of Exam/Single Use sales were from
products produced in-house

exchange and higher tax rates, will translate to higher costs in
our business, which we are addressing through our Accelerated
Productivity Improvement Program.

Reported earnings per share (EPS) were US117.5¢, which
included a small benefit from the net proceeds of the successful
completion of our exit from Russia. When this benefit is excluded,
adjusted EPS of US115.3¢ was at the low end of the guidance
range provided in August 2022.

Progress Against Strategic Objectives
Amid the challenging operating backdrop, we continued to
invest in Ansell’s operations to position the Company for
long-term growth.

Construction of our greenfield Surgical facility in India continues;
once completed this will deliver Ansell important capacity to
meet growing global demand for Surgical gloves.

The buyout of our Careplus joint venture partner was completed
in February, meaning sales of our Exam/Single Use products
produced in-house exceeded 40% of total Exam/Single Use
sales in FY23. The integration of Careplus is progressing
smoothly and the focus on insourcing key styles and improving
plant productivity has led to a pleasing level of utilisation at
this facility.

Improved supply and recovery from COVID-manufacturing
disruptions allowed a renewed focus on product innovation
in FY23. Results from new product launches, particularly
ultra-lightweight HyFlex® cut protection styles, have been very
encouraging. Full ownership of Careplus gives Ansell additional
flexibility to run R&D trials to support innovation within our
Exam/Single Use business in the coming years.

Efforts to improve the efficiency and reliability of our supply
chain continued, with substantial improvements in key customer
service metrics recorded over the course of FY23. These goals
were achieved as a result of continued success against our
digital investment strategy with flawless implementation in the
year of leading cloud based software that now underpins a new
global supply planning process and the continued upgrade of
our manufacturing ERP systems.

Chief Executive Officer’s Review continued

Progress on Sustainability Commitments
Ansell made significant progress against our sustainability
objectives during FY23.

During the year, Ansell strengthened efforts to mitigate modern
slavery risks in our internal operations and third-party supply
chain with the introduction of Forced Labour Indicator audits
at both our own plants and those of our finished-goods suppliers
(FGSs). In these audits we saw tangible improvement on
compliance with labour standards among suppliers. In a pleasing
outcome the Company secured recruitment fee reimbursement
declarations from all Malaysian FGSs for currently employed
migrant workers.

While Ansell remains committed to going above and beyond
industry benchmarks on the treatment of workers in the supply
chain, this requires collaboration with suppliers and customers
and Ansell has invested considerable time gaining alignment
from them on labour issues. This is a something I am personally
committed to driving and I continue to engage with our
stakeholders on this very important topic.

FY23 also saw Ansell make progress on our commitments
toward reducing our environmental footprint.

On decarbonisation, we have stated a goal of science-based
reductions in Scope 1 and Scope 2 emissions leading to a 42%
reduction by 2030 and Net Zero emissions by 2040 against a
2020 baseline. Renewable energy is critical to our ability to
meet the Net Zero goal; today it plays an increasingly important
role in Ansell’s energy mix, accounting for 29% of our electricity
needs, up from 2% in FY20. This mix helped Ansell achieve its
reduction targets for FY23 (although lower production volumes
also contributed to the reduction).

Materials selection is another critical component of the Net Zero
strategy. Our R&D program is aligned with the decarbonisation
agenda and increasingly investing in the development of
products and packaging with reduced environmental impacts
throughout their life-cycle, including products made from

bio-based materials to reduce end of life impact, and packaging
that is recyclable, reusable or compostable. In early FY24, we
plan to launch a new communication framework to detail the
sustainability characteristics of individual products. We are
calling this initiative Ansell Earth and we expect it to be very
helpful in informing customer choice on sustainability.

The Company achieved its goal of Zero Waste to Landfill by 2023.
We are now onboarding our new facilities (Ansell Seremban
and Ansell Kovai) to this program. The target of reducing water
withdrawals by 35% by 2025 compared to the 2020 baseline is a
major technical challenge, as we focus on improving production
line efficiencies. We are on track and further optimisation of
our investment in reverse osmosis water recycling technology
will be the key focus in FY24. Our new Kovai facility is designed
to discharge zero water outside of our boundary when fully
operational, which will be an important template for future
progress on this front.

I am very pleased to report continued strong improvement in
our workplace safety record. Our Medical Treatment Injury (MTI)
Rate fell to a record new low of 0.092 per 100 employees in FY23,
down 43% on the prior year. The Lost Time Injury (LTI) Rate
increased only slightly to 0.059 per 100 employees from 0.051
the prior year, still an excellent result.

Laying The Foundation For Medium-Term
Earnings Growth
For some time Ansell’s leadership team has been considering
carefully the steps needed for Ansell to maintain and increase
market leadership and succeed in a post-pandemic world. In July
we detailed our response, a three-year blueprint leading to a
leaner, more flexible and more customer-focused business that
is positioned for strong earnings growth over the medium term.

The first element in the plan is an evolution of our
organisational structure to better align with customer and
market-oriented growth strategies. This new structure leverages
the deep competencies developed that set Ansell apart from

ANSELL LIMITEDANNUAL REPORT 2023ANNUAL REPORT 2023

ANSELL LIMITED

On behalf of the senior leadership team, I want to thank
the Board, our more than 14,000 staff, and our partners and
customers for the role they have played in the year past.
Their continued support will be critical as we work to realise
the opportunities ahead.

I would also like to take this opportunity to thank our Chairman,
John Bevan, for his leadership and valuable contributions to
Ansell for nearly 12 years, and for the support and guidance he
provided me during my transition to CEO. I wish John all the very
best and also look forward to welcoming Nigel Garrard as our
new Chair of the Ansell Board in October.

Neil Salmon
Managing Director and Chief Executive Officer

our competitors: our knowledge and understanding of
customer safety needs, an unrivalled innovative product
portfolio, deep customer relationships, a resilient supply chain
and manufacturing network, and a genuine commitment to
sustainable work practices and customer safety solutions. It will
help us become a leaner organisation better able to deliver
consistent growth while strengthening our differentiation.

Second, we are intensifying our efforts to drive gains in
manufacturing productivity. These gains will come from
investments in automation and adjustments to our manufacturing
configuration. The latter includes our ‘make versus buy’ strategy,
under which we will continue our program of insourcing
higher-value, more differentiated products, and outsourcing
products where it makes strategic sense to do.

Separately we have made a decision to take action to reduce
Ansell’s own in-house inventory levels during FY24 which are
currently elevated versus pre-pandemic levels. To do this we will
temporarily slow production in FY24. As mentioned earlier, the
gains we have seen in our supply chain performance in FY23
give us confidence that we can reduce inventory and improve
our return on capital without compromising sales growth and
service levels. The reduction in inventory will also release
sufficient additional cashflow to fund the cost to implement the
organisation changes and manufacturing productivity program.

Finally, building on recent successes, the focus of our digitisation
program will broaden and we will accelerate our transition
towards consolidated global ERP and decision-support systems.
The implementation of this program will run through to FY26.

Challenging Conditions Ahead but Ansell
is Well Placed
Challenges remain for Ansell in FY24 as the after-effects of
COVID-19 persist in key Healthcare segments. While end user
demand is expected to be robust, sales in Surgical and Life
Sciences will continue to be affected by customer destocking.
Our best estimate is that orders within these businesses will
only begin to normalise in the second half of FY24.

We expect material initial savings in FY24 from our Accelerated
Productivity Investment Program but these will not be
immediately apparent as the work to reduce inventory causes
a temporary increase in the cost of goods sold.

Other factors are also expected to weigh on FY24 performance,
including an adverse impact from currency, a higher effective
tax rate, and higher employee expenses following reversal
of prior year accruals for long-term incentive plans and low
short-term incentive realisation in FY23.

Given the above, we have guided FY24 Adjusted EPS, excluding
one-off costs associated with our Accelerated Productivity
Investment Program, to be in the range of US92¢ to US112¢.
While this is below FY23, we are confident that the actions being
taken in FY24 will set us up for superior growth and returns in
FY25 and beyond as COVID-related headwinds abate and
the underlying strength of our business becomes clearer.

Our Strategic Priorities

As we emerge from a lengthy post-COVID period of adjustment in our end
markets, the progress we have made and the strength of our business is
obscured by destocking effects and external headwinds.

Favourable end user
demand despite Healthcare
GBU destocking

Global leadership positions in growing,
differentiated market segments

Investments building platform for
future growth

• Approaching the end
of destocking cycle

• Distributor reported sell

out trends show
underlying strength

• Comprehensive hand and body

protection portfolio, unmatched in
innovation, quality, and performance

• Additional capacity to meet long-term
demand in Surgical and differentiated
Exam/Single Use product segments

• Trusted brands that are the most well

known in the industry globally

• Continued innovation in differentiated safety
solutions, including in sustainable products

• Market fundamentals

• Diversified geographic and vertical

• Multi-year expansion in emerging markets

support long-term growth
once channel and
customer inventory
levels normalised

exposure

• Global sales force nurturing deep

customer relationships and leveraging
AnsellGUARDIAN® capabilities

diversifying geographic presence and
driving growth

• Improvements in supply chain planning

& digital systems capabilities

With destocking in Healthcare markets expected to normalise into FY25, it is time to position
Ansell for its next phase of growth, with the commencement of our Accelerated Productivity
Investment Program in FY24 targeting long term value creation for shareholders.

ANSELL LIMITEDANNUAL REPORT 2023Accelerated Productivity Investment Program, commencing in FY24, focused on adjusting our organisational
structure, improving manufacturing productivity and accelerating IT investments to drive growth and
improve returns.

Objective

Description

Benefits

Organisation &
Manufacturing

Simplify &
Streamline
Organisational
Structure

Achieve clearer organisational
alignment to customer and market-
oriented growth strategies with less
duplication of leadership responsibility

• Enhanced growth delivery

• Lower SG&A

Improve
Manufacturing
Productivity

Reduce manufacturing headcount
and make investments to improve
manufacturing capabilities and
configuration

• Cost reduction from automation

and productivity

• Outsourcing for lower cost on less

differentiated products, while
insourcing more differentiated

• Improved Chemical margins from
rationalising less differentiated
Chemical hand protection ranges

Information
Technology

Accelerate
Digitisation
Strategy

Invest in digital capabilities to support
long-term growth

• Modernised and standardised IT core

• Enhanced Business Intelligence

capabilities

Total program cash cost of $70-85m, including $30-35m for IT investments, expected to deliver annualised pre-tax cost savings
of $45m by FY26.

Investments in Organisation & Manufacturing to be funded through reducing inventory in FY24.

ANSELL LIMITEDANNUAL REPORT 2023Financial Performance

Group Results

Currency Reporting
The US Dollar is the predominant global currency of Ansell’s
business transactions and the currency in which the Group
operations are managed and reported. Non-US Dollar 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
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:

• 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 dollar 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 Constant Currency Reconciliation

Prior Period Sales

Reported Sales

Remove Russia Exit

Less Currency Effect

Organic Constant Currency Sales

Prior Period EBIT

Reported EBIT

Remove Russia Exit

Less Currency Effect

Add Sri Lanka Currency Translation Effect

Less Net Exchange Gain

Organic Constant Currency EBIT

Prior Period Profit Attributable

Reported Profit Attributable

Remove Russia Exit

Less Currency Effect

Add Sri Lanka Currency Translation Effect

Less Net Exchange Gain

Organic Constant Currency Profit Attributable

• Organic Constant Currency – compares FY23 to FY22 at

Constant Currency and excludes the effects of acquisitions,
divestments and business exits (such as the Russia Exit in
FY22), and excludes the currency translation effects from
extraordinary events (such as the socio-economic instability
in Sri Lanka from March 22). Refer to reconciliation below.

• GPADE – defined as Gross Profit After Distribution Expenses.

Gross Profit means sales less cost of goods sold.

• SG&A – defined as Selling, General and Administration

expenses excluding Significant Items.

• EBIT – defined as Earnings Before Interest and Tax

excluding Significant Items. Includes share of loss from
Careplus joint venture.

• EBIT or GPADE Margin – defined as EBIT or GPADE as a

percentage of sales.

• EBITDA – defined as Earnings Before Interest, Tax, Depreciation
and Amortisation excluding Significant Items. Excludes share
of loss from Careplus joint venture.

• Adjusted EPS – defined as Earnings Per Share (EPS) excluding

Significant Items.

• Significant Items – defined as income or expense items that
are unusual or infrequent, also known as non-recurring.
See Note 3(b) Significant Items of the Group’s audited
FY23 Financial Statements.

Healthcare

Industrial

Corporate

Group

1,189.6

(11.1)

(37.8)

1,140.7

150.7

(4.2)

(21.9)

12.7

(3.5)

133.8

762.5

(17.4)

(25.4)

719.7

107.0

(5.0)

(13.3)

4.2

(2.4)

90.5

(12.6)

1,952.1

(28.5)

(63.2)

1,860.4

245.1

(9.2)

(35.2)

16.9

(5.9)

211.7

158.7

9.7

(30.1)

13.4

(4.7)

147.0

16
16

ANSELL LIMITEDANNUAL REPORT 2023

Group Income Statement

Sales

EBIT

EBIT Margin

Significant Items

Net Interest

Taxes
Effective tax rate1
Minority Interests

Profit Attributable

EPS

Adjusted EPS

Dividend

FY22

FY23

Growth %

$1,952.1m

$1,655.1m

$245.1m

12.6%

($17.0m)

($19.7m)

($48.6m)
20.8%

($1.1m)

$206.3m

12.5%

$2.7m

($19.4m)

($39.7m)
21.1%

($1.6m)

$158.7m

$148.3m

125.2¢

138.6¢

55.45¢

117.5¢

115.3¢

45.90¢

(15.2%)

(15.8%)

(1.5%)

(18.3%)

45.5%

(6.6%)

(6.2%)

(16.8%)

(17.2%)

Organic
Constant
Currency
Growth %

(11.0%)

(6.7%)

1.1%

(17.8%)

45.5%

(4.7%)

(4.3%)

1. Effective tax rate is calculated excluding the equity accounting loss from Careplus joint venture (FY22: $8.5m; FY23: $1.5m) and Significant Items (nil income tax
expenses for both FY22 and FY23 are attributable to Significant Items, see Note 3(b) Significant Items of the Group’s audited FY23 Financial Statements for detail).

Group Sales
Ansell delivered sales of $1,655.1m in FY23, representing a decline
of 15.2% on a reported basis and a decline of 11.0% on an
Organic Constant Currency basis.

of channel and customer inventory accumulation due to
pandemic-related concerns around product availability and
supply chain risk.

Healthcare GBU (HGBU) sales declined 20.7% on an Organic
Constant Currency basis. Exam/Single Use, Surgical and Life
Sciences sales were all affected by destocking following periods

Industrial GBU (IGBU) sales increased 4.3% on an Organic
Constant Currency basis. Positive Organic Constant Currency
growth was achieved in both Mechanical and Chemical.

FY22

FY23

Organic Constant Currency Growth %

HGBU

IGBU Corporate

Group

HGBU

IGBU Corporate

Group

HGBU

IGBU Corporate Group

Revenue $1,189.6m $762.5m

- $1,952.1m $904.2m $750.9m

- $1,655.1m (20.7%)

4.3%

(11.0%)

EBIT

EBIT
Margin

$150.7m $107.0m

($12.6m)

$245.1m $113.4m $103.9m

($11.0m)

$206.3m (18.3%) 10.1%

(10.3%)

(6.7%)

12.7%

14.0%

n/a

12.6%

12.5%

13.8%

n/a

12.5%

0.4%

0.7%

n/a

0.6%

Group EBIT
Ansell’s EBIT for FY23 was $206.3m, which included a $1.5m
share of loss from the Careplus joint venture (equity accounted).
Careplus earnings were consolidated into Ansell’s results
following completion of the acquisition of the outstanding shares
in the joint venture in February. See page 18 for further details.

Excluding the share of loss from the Careplus joint venture (equity
accounted), EBIT was 18.1% lower than FY22 on a reported basis
and 9.4% lower on an Organic Constant Currency basis. The larger
decline in reported EBIT was due to the exit from Russia in FY22
and unfavourable foreign exchange movements.

FY23 EBIT Margin was relatively stable on a reported basis
and increased 60bps on an Organic Constant Currency basis,
assisted by a reduction in outsourced product costs in the HGBU,
successful pricing in the IGBU and improved performance from
the Careplus joint venture.

Net Interest Expense
Net interest expense was broadly in line with FY22. A combination
of a high percentage of fixed interest rate debt and proactive
repayment of floating interest rate debt helped minimise the
impact of rising interest rates in FY23. Whilst cash reduced as
compared to FY22, the Group actively invested surplus cash with
approved counterparty banks at higher interest rates, resulting
in higher interest income in FY23. Refer to the “Net Debt”
commentary on page 18 for further detail.

Tax Expense
Effective tax rate (excluding equity accounted investment loss
and Significant Items) was largely consistent with FY22, benefitting
from the utilisation of unbooked tax losses in Australia against
current year foreign exchange gains which offset an increase in
tax expense from the increase in the Sri Lanka corporate tax rate.

The Group has a process in place to assess and manage the
differing tax rules and the changing tax environment across
the tax jurisdictions where the Group operates in. This process
includes the use of external tax advisors, mainly Deloitte.

ANSELL LIMITEDANNUAL REPORT 2023Financial Performance continued

Group Balance Sheet

Inventories

Trade receivables

Trade payables

Net working capital

Property, plant and equipment

Careplus joint venture (equity accounted)

Intangible assets

Other assets/liabilities

Capital employed

Net debt

Total equity

1. Balance sheet includes consolidation of Careplus (see below).

Capital employed increased by $113.8m in FY23, due to an
increase in working capital, consolidation of Careplus and
continuation of a multi-year capex program to expand capacity
and position Ansell for long-term growth.

Climate Change
For impairment testing purposes, the committed climate-related
investments and initiatives have been included in the most
recent year’s budget and future cash flow projection, which
is used as an input to determine the recoverable amount of
each Cash Generating Unit (‘CGU’). Furthermore, the potential
impacts of climate change have been considered through
downside scenario analysis and key assumption sensitivity
assessment. Consistent with that of FY22, the Group remained
aligned with the Recommendations of the Task Force on
Climate-related Financial Disclosures (TCFD) in FY23. Refer to
page 40 for more information on the Company’s climate risk.

Working Capital
The increase in working capital of $56.8m included a $7.8m
increase from the consolidation of Careplus, with the balance
driven by lower trade payables as purchases were reduced
ahead of a planned slowdown in production in FY24, partly
offset by a minor decrease in inventory and strong management
of trade receivables.

Compared to 30 June 2022, excluding inventory consolidated
from Careplus ($6.3m) and the unfavourable FX translation effect
($7.2m), inventory reduced by $8.7m. While inventory increased
in the first half due to unexpected customer destocking in key
HGBU market segments, reduced purchases of outsourced
finished goods helped drive a significant overall inventory
reduction in the second half of the year.

Collection of trade receivables was strong in FY23, with debtor
days at record lows throughout the year. The trade receivables
ageing profile remained largely consistent with FY22.

The low trade payables balance at 30 June 2023 was due to the
aforementioned reduction in purchases ahead of the planned
inventory reduction in FY24.

Careplus
On 28 February 2023, the Group completed the acquisition
of Careplus, acquiring 50% of the issued shares in Careplus
from Careplus Group Berhad and achieving 100% ownership.
See Note 21 Control of Subsidiary of the Group’s audited FY23
Financial Statements.

FY23

$ Change1

% Change

FY22

$521.3m

$191.2m

$526.1m

$180.9m

($232.0m)

($169.7m)

$480.5m

$299.4m

$9.6m

$537.3m

$351.7m

$1,049.4m

$1,059.7m

$0.5m

$4.5m

$4.8m

($10.3m)

$62.3m

$56.8m

$52.3m

($9.6m)

$10.3m

$4.0m

$1,839.4m

$1,953.2m

$113.8m

($282.8m)

($337.8m)

$1,556.6m

$1,615.4m

($55.0m)

$58.8m

0.9%

(5.4%)

(26.9%)

11.8%

17.5%

(100.0%)

1.0%

800.0%

6.2%

19.4%

3.8%

Capital Investment Projects
Capital expenditure in FY23 was comparable to the prior year.
Our capital investments are focused on advancing our long-term
strategic objectives, helping to deliver:

• Expanded manufacturing capacity, with construction of our
greenfield site in India for the production of surgical gloves
progressing well;

• Productivity improvements in our plants, including investments

in automation; and

• Progress towards our environmental goals, with key

investments made in solar panels and reverse osmosis systems.

FY23 CAPEX by Category

10%

Growth and expansion

38%

52%

Base capex including Environment,
Health and Safety of $5.2m

Productivity and quality enhancement

Net Debt
Net debt increased by $55.0m in FY23. This included an increase
in lease liabilities of $27.8m associated with a new warehouse
in the USA, with the balance largely attributable to FX changes.

Interest bearing liabilities at 30 June 2023 were $407.0m at an
average interest rate of 4.16% (FY22: 3.3%). As at 30 June 2023,
82% (FY22: 77%) of interest bearing liabilities were at fixed interest
rates with a weighted average of 3.7% (FY22: 3.8%). The minor
10bps improvement from FY22 to FY23 was due to a Euro fair
value hedge that matured in September 2022 resulting in the
Group holding more low fixed interest rate debt. Current interest
bearing liabilities include US$100.0m Senior Notes due to mature
in April 2024.

Cash reduced by $46.5m due to efforts to optimise funding mix
following increases in global interest rates.

Strong liquidity was maintained with $615.8m of cash and
committed undrawn bank facilities at 30 June 2023. Debt profile
(drawn) is evenly spread with an average maturity tenor of 3.1 years.

ANSELL LIMITEDANNUAL REPORT 2023Group Cash Flow

Net receipts from operations

Net cash provided by operating activities

Net cash used in investing activities

Net cash used in financing activities

FY23

$ Change

% Change

FY22

$271.9m

$222.0m

$220.3m

$180.5m

($71.2m)

($75.5m)

($176.7m)

($149.2m)

($51.6m)

($41.5m)

($4.3m)

$27.5m

(19.0%)

(18.7%)

6.0%

(15.6%)

70.7%

Net decrease in cash and cash equivalents

($25.9m)

($44.2m)

($18.3m)

Net cash provided by operating activities decreased compared
to FY22 mainly due to the lower EBITDA and an increase in
working capital. EBITDA was lower than FY22 due to the exit
from Russia and unfavourable foreign exchange movements.
The net working capital increase was primarily due to a
reduction in trade payables as purchases were reduced ahead
of a planned production slowdown to reduce inventory in FY24.

Net cash used in investing activities in FY23 was comparable to
the prior year. In addition to the capital expenditure discussed on
page 18, major investing activities in FY23 included the $10.9m
payment to purchase the remaining 50% equity interest in
Careplus, offset by net proceeds from the Russia exit of $2.7m.

Cash used in financing activities decreased in FY23 versus FY22,
due to a reduction in dividends to shareholders and lower share
buybacks and share purchases, partially offset by higher net cash
outflows from borrowings driven by the Group’s strategy to
prioritise the repayment of floating rate interest bearing liabilities
following higher global interest rates. Notwithstanding this, the
Group paid $1.1m less interest on debt. Furthermore the Group
actively invested cash to enhance the yield resulting in $2.0m
higher interest income in FY23.

19
19

ANSELL LIMITEDANNUAL REPORT 2023Healthcare Global Business Unit

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

The portfolio includes surgical gloves, single use
and examination gloves1, clean and sterile gloves
and garments, and consumables.

1. Includes single use gloves used by industrial workers in

manufacturing, auto repair, chemical, food processing and
other industries.

ANSELL LIMITEDANNUAL REPORT 2023New Product Development Highlights

MICROFLEX® 94-242 Static Dissipative Gloves

Disposable electrostatic dissipative gloves that
reduce the risk of electrostatic discharge, which
can cause spontaneous combustion in atmospheric
explosive environments.

GAMMEX® PI Hybrid Micro

Polyisoprene and polychloroprene blend surgical
glove delivering exceptional comfort and superior
durability. Now in Micro – made 15% thinner
for superb tactile sensitivity and dexterity
(compared to Ansell’s standard PI gloves).

AlphaTec® NRL Sterile Isolator Gloves

Comfortable, high dexterity gloves for use in
pharmaceutical production that protect against a
wide range of chemicals. Produced specifically for
the India market.

Financial Summary

US$m

FY22

FY23

Growth %

Organic
Constant
Currency
Growth %

Sales
EBIT2
EBIT Margin

$1,189.6m
$150.7m
12.7%

$904.2m
$113.4m
12.5%

(24.0%)
(24.8%)

(20.7%)
(18.3%)

2. EBIT includes share of loss from Careplus joint venture (equity accounted).

Sales Performance
FY23 sales were $904.2m, representing declines of 20.7% on an
Organic Constant Currency basis and 24.0% on a reported basis.
Customer destocking in all Strategic Business Units (SBU) and
planned price reductions in Exam/Single Use were the main
reasons for the reduced sales.

SBU Highlights
Exam/Single Use declined 29.2% on an Organic Constant
Currency basis, predominantly driven by a reduction in price
as pandemic-related pricing receded. Prices were stable in the

second half of the year. Volumes in the second half were higher
than the first, particularly in our more differentiated products
produced in-house.

Surgical sales declined 1.8% on an Organic Constant Currency
basis, with destocking in the second half following a period of
inventory accumulation in the first, particularly in North America.

Life Sciences sales declined 25.5% on an Organic Constant
Currency basis, with destocking affecting sales performance
throughout the year as key distributors and end users reduced
inventory as concerns around supply chain risk and product
availability eased.

EBIT Performance
EBIT declined 18.3% on an Organic Constant Currency basis.
Expected reductions in costs from outsourced suppliers in
Exam/Single Use and an improvement in performance from
the Careplus joint venture, which became a wholly-owned
Ansell subsidiary at the end of February, contributed to
underlying EBIT Margin improvement. On a reported basis,
EBIT contracted 24.8% due to unfavourable foreign exchange
movements and the loss of earnings from our exited
Russia business.

ANSELL LIMITEDANNUAL REPORT 2023
Industrial 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 industries including
automotive, chemical, metal fabrication, machinery
and equipment, food, construction, mining, oil & gas,
utilities, logistics and first responders.

ANSELL LIMITEDANNUAL REPORT 2023New Product Development Highlights

HyFlex® 11-561

The thinnest, lightest EN ISO C/ANSI A3-level
industrial gloves, offering 100% greater
durability than nearest competitors.

ActivArmr® RIGS Class 0

Ultra lightweight rubber insulating gloves
delivering superior comfort while protecting
against electrical hazards.

Alphatec® 6500

Encapsulating limited use gastight suit providing
excellent multi-layer chemical barrier protection.

Financial Summary

US$m

Sales
EBIT
EBIT Margin

FY22

$762.5m
$107.0m
14.0%

Sales Performance

Organic
Constant
Currency
Growth %

FY23

Growth %

$750.9m
$103.9m
13.8%

(1.5%)
(2.9%)

4.3%
10.1%

FY23 sales were $750.9m, an increase of 4.3% on an Organic
Constant Currency basis and a decline of 1.5% on a reported
basis. Positive Organic Constant Currency growth was achieved
in both Mechanical and Chemical.

SBU Highlights
Mechanical sales increased 5.1% on an Organic Constant
Currency basis, benefitting largely from pricing and mix. Growth
was delivered in all regions, including double-digit growth in
emerging markets. Cut and Specialty portfolios performed well,
benefitting from new product launches and strength in key
verticals including automotive, energy and utilities.

Chemical sales increased 2.4% on an Organic Constant Currency
basis. The result was assisted by pricing, double-digit growth in
North America and outperformance from our high-end chemical
range of hand and body protection products.

EBIT Performance
EBIT increased 10.1% on an Organic Constant Currency basis
and declined 2.9% on a reported basis. Earnings improved in
the second half of the year as price increases and a moderation
in cost pressures saw EBIT Margin increase to 13.8%, a significant
improvement versus the first half. The reported decline in EBIT
versus FY22 was due to unfavourable foreign exchange movements
and the loss of earnings from our exited Russia business.

ANSELL LIMITEDANNUAL REPORT 2023
Outlook

As we begin FY24 we continue to experience lingering effects
from pandemic-related changes in customer buying patterns.

We anticipate growth in Industrial, albeit performance will
be influenced by broader macroeconomic developments.

In Healthcare we expect Exam/Single Use volumes to continue
to recover, with the full year impact of price reductions taken
during FY23 partially offsetting this revenue benefit. While
underlying end user demand for our Surgical and Life Sciences
products is expected to continue to grow, we anticipate that
distributors will continue reducing their inventories, with orders
expected to increase towards the end of the fiscal year.

We foresee several cost headwinds in FY24. FY23 earnings were
supported by our hedging program, which partially offset the
unfavourable impact of foreign exchange movements, and low
employee incentive costs due to reversal of prior year accruals
for long-term incentive plans and low short-term incentive
realisation. These earnings benefits are not expected to repeat
in FY24. We are also facing headwinds from a higher tax rate,
and a higher net interest cost following increases in global
interest rates.

The Accelerated Productivity Investment Program we are
initiating in FY24 will help to address these headwinds, though
the benefits will not be immediately apparent in FY24 as we
see a temporary increase in our cost of goods sold as we slow
production to reduce inventory. However, we are confident
the investments we are making to simplify our organisational
structure, improve our manufacturing productivity and accelerate
our IT transformation will position us for improved growth and
returns in FY25 and beyond.

24
24

ANSELL LIMITEDANNUAL REPORT 2023Sustainability

Thinking of people and planet first: Ansell’s purpose, business
operations and products operate with sustainability as our
foundation. This year we share, for the first time, our Ansell 2040
Sustainability Action Plan (below), followed by a tracking report
listing key performance indicators against our targets for Planet
and People (pages 26 to 27). Our sustainability performance
demonstrates that Ansell has begun to achieve what very few

others in our industry have even approached.
For 130 years, Ansell has been protecting people, and our
ambitions today and our accomplishments are more vital for
our future than ever before. Full details are published in our
2023 Sustainability Report and 2023 Labour Rights Report
(and Modern Slavery Statement), to be released in August 2023.

Ansell 2040 Sustainability Action Plan:
Thinking of people and planet ﬁrst

People
We are a recognised leader for safe, respectful
and inclusive workplaces in our industry.

Planet
We pioneer new solutions that reduce our
environmental impact across our operations
and support a healthier planet.

SAFE AND RESPECTFUL WORKPLACE

ZERO CARBON FUTURE

• 10% reduction of Total Recordable Injury
Frequency Rate (TRIFR) and Lost Time
Injury Frequency Rate (LTIFR)

• Net Zero emissions in our operations3

• Reduce dependence on fossil fuels:

100% renewable electricity

• Each employee gives at least one safety improvement
idea to mitigate near misses, unsafe conditions and
unsafe acts

• Promoting a diverse and inclusive workplace:

At least 40% women representation in all levels

• Year on year progress in implementing 60-hour work

week across all Ansell plant1

• 100% of direct suppliers meet Ansell's labour,

health and safety standards ensuring decent work
for their workers2

• Process efficiency: All manufacturing plants to have
certiﬁed Energy Management Systems (ISO50001)

• Value chain partnerships and policy advocacy for climate

and advancing for transition to zero carbon future

• Zero waste to landﬁll manufacturing plants

• Material and process innovation/Product life cycle:
- Use less fossil materials, and more recycled and
bio-based content materials
- 80% of our new products are designed with reduced
environmental impact

• Packaging goal: 100% of packaging material is

recyclable, reusable or compostable

SUPPORTING COMMUNITIES

CONSERVE NATURAL RESOURCES

• Responding to the needs of

communities with ﬁnancial and
product donations, disaster relief,
and employee volunteerism

• Reduce water withdrawals by 35%

•

Improved environmental stewardship
to reduce depletion and impacts on
natural resources

Product
We create products for a safer
and better protected world

Ansell Earth

1. Defined by ILO60. ILO is the International Labour Organization.

2. In-scope suppliers based on Ansell’s Supplier Management Framework (SMF).

3. Less than 10% use of offsets.

ANSELL LIMITEDANNUAL REPORT 2023Sustainability continued

Tracking against our 2040 Sustainability Action Plan

People

Safe and Respectful Workplace

Target

KPI Progress

FY23 Higlights

10% reduction of Total
Recordable Injury Frequency
Rate (TRIFR) and Lost Time
Injury Frequency Rate (LTIFR)
(F23 baseline) by 2030

• 14% increase in Lost Time Injury

(0.059)

• 43% decrease in Medical
Treatment Injury (0.092)

Each employee gives at
least one safety improvement
idea to mitigate near misses,
unsafe conditions and
unsafe acts

• 90% safety observation

engagement rate1

Promoting a diverse
and inclusive workplace:
At least 40% women
representation in
all levels

Representation of women:

• 39.4% at Manager to
Associate Director

• 31.4% at Director to VP

• 28.6% in Executive Leadership

• 44% on Board

Year on year progress
in implementing 60-hour
work weeks across all
Ansell plants2

• Over 25% of workers working

60-hour work weeks

• 8 (out of 15) plants practicing

60-hour work weeks

100% of direct suppliers
meet Ansell's labour,
health and safety standards
ensuring decent work for
their workers by 20273

Supporting Communities

Responding to the needs
of communities with
financial and product
donations, disaster relief,
and employee volunteerism

• Over 85% of finished goods

suppliers are now rated ‘A’ or ‘B’

• Australian Indigenous Program:
Sold 232,826 pairs of special
edition indigenous packaging, with
6% of sales proceeds contributing
to community funding program

• Disaster relief for Türkiye and
support for our employees in
Sri Lanka

• Project Joy: Produced gloves

for 32 workers with differently
shaped hands since 2016

During the past three years, we improved our proactive
approach to safety, and overall accidents have decreased.
However, the increase in the LTI this year shows that we
need to reinforce our approach to safety. From FY24, we
will implement a new phase in our safety strategy,
reporting TRIFR and LTIFR rates.

Since FY21 baseline of 46%, we have doubled our safety
observation engagement rate1 in generating improvement
opportunities in safety. We will continue to enable
employee engagement and accountability in the next
few years, including through safety tools such as SOTEIRA
and APS.

We continue to focus on advancing women across all
levels of our business through engagement programs
('Work on Your Own Terms') and inclusive recruitment,
as part of broader DE+I efforts.

Moving our ambitions forward, this year made a
commitment to implement 60-hour work weeks for
production workers, including regular working hours and
overtime, informed by the ILO standards on hours of work
and weekly rest, and the Ethical Trade Initiative (ETI) Base
Code Clause 6. This year, one plant in Malaysia
implemented shift changes, achieving 60 hours, and next
year both plants in Sri Lanka will implement new shift
schedules and controls to practice and monitor 60-hour
work weeks. The remaining plants will prepare for the
transition, with progress updates to be provided year on year.

Our Supplier Management Framework is executed in
three waves. This year, new activities on second-party
audits, Self Assessment Questionnaires and risk profiling,
have solidified consequence management of non-
performing suppliers and uplifted engaged suppliers.

Ansell supports communities where our employees
live and work. While we continued on longer-term
programs (Project Joy and Australian Indigenous Program),
we continue to rapidly deploy PPE and financial
donations to front-line teams when disasters happened.

1. Defined as % of total employees who give at least one safety improvement idea to mitigate near misses, unsafe conditions and unsafe acts during 12-month period.

2. Defined by ILO60. ILO is the International Labour Organization.

3. In-scope suppliers based on Ansell’s Supplier Management Framework.

ANSELL LIMITEDANNUAL REPORT 2023Planet

Zero Carbon Future

Target

KPI Progress

FY23 Higlights

Net Zero emissions for our
operations by 2040 (2020 baseline)

16% decrease in Scope 1 & 2
GHG emissions4

The decrease is primarily attributable to lower
production volumes. We have also completed the
implementation of renewable electricity projects
this year (see details below), and made decisions to
overcome inefficiencies in our new biomass technology.

Three Malaysian plants now source at least 90%
of electricity from renewable sources through the
Malaysia Green Electricity Tariff program.

29% renewable electricity

One plant completed ISO50001
certification

Ansell Textiles Lanka (ATL) is the first plant to achieve
ISO50001 certification.

Ansell joined Climate Group’s
RE100 and EP100

In support of the initiatives of Climate Group's RE100,
Ansell commits to 100% renewable electricity by 2040
and supports EP100 by committing to establish
ISO50001-certified management systems at our
manufacturing facilities by 2028.

All manufacturing plants have
achieved ZWL5, except new plants
in Malaysia (Ansell Seremban)
and India (Ansell Kovai)

Since FY19, we embarked on our journey to zero, using
the 5R principles (refuse, reduce, reuse, repurpose and
recycle) to establish initiatives. From FY24, we will begin
work at our new plants to achieve ZWL certification.

70% of new products are
designed with reduced
environmental impact

Completion of new product
development for launch of
new single-use products that
incorporate bio-based materials
in FY24

New paper band packaging and
key progress on SMARTPack™

'Less is More: A lot more protection, a lot less
environmental impact' is a new generation of Ansell
products. We also have new project launches and
projects slated for next year, as we continue to
engage with customers and other stakeholders
on end of life solutions.

Our new paper band packaging significantly reduced
more than 70% materials, and 82% GHG emissions
from the primary packaging per 12-pair bundle.

Ansell's SMARTPack™ is the first surgical packaging
to be certified for Grade A-AAA Recylability6.

Reduce dependence on fossil
fuels: 100% renewable electricity
by 2040

Process efficiency: All
manufacturing plants to have
certified Energy Management
Systems (ISO50001) by 2028

Value chain partnerships and
policy advocacy for climate and
advancing for transition to zero
carbon future

Zero Waste to Landfill (ZWL)
for all manufacturing plants

By 2026, 80% of our new products
are designed with reduced
environmental impact

Use less fossil materials, and
more recycled and bio-based
content materials

Packaging goal: 100% of
packaging material
is recyclable, reusable or
compostable by 2026

Conserve Natural Resources

Reduce water withdrawals by 35%
by 2025 (2020 baseline)

3% increase in water
withdrawals

Improved environmental
stewardship to reduce depletion
and impacts on natural resources

4. Less than 10% use of offsets.

Engaged with the IUCN to
commence critical work in
understanding our relationship
with natural ecosystems and
biodiversity

We saw an increase in water withdrawals due to increased
plant up-time this fiscal year and some technical challenges
in two of our facilities, as we focus on improving production
line efficiencies. Further optimisation of our investment
in reverse osmosis facilities will be the key focus in FY24.

We will investigate developing joint programmes,
research projects and other capacity building activities
to pursue ‘net positive’ outcomes regarding biodiversity
and ecosystem services.

5. All manufacturing plants have completed their certifications under Intertek’s Zero Waste to Landfill certification criteria, of a waste to landfill diversion

rate exceeding 99%.

6. By Institut Cyclos-HTP (CHI), a globally recognised organisation that assess and certifies the recyclability of packaging and goods.

ANSELL LIMITEDANNUAL REPORT 2023Board of Directors

John A Bevan
Chairman

BCom (UNSW)
Resident of Australia

Neil I Salmon
Managing Director and
Chief Executive Officer

BA, ACMA
Resident of Belgium

Leslie A Desjardins
Non-Executive Director

Morten Falkenberg
Non-Executive Director

Nigel D Garrard
Non-Executive Director

B. Industrial Admin,
Finance (Kettering),
MS. Management (MIT)
Resident of USA

B.Sc., Economics &
Business Administration
from the Copenhagen
Business School
Resident of Denmark

BEcon (Adelaide), CA
Resident of Australia

Appointed Managing
Director and Chief
Executive Officer in
September 2021.

Mr Salmon joined Ansell
as Chief Financial Officer
in 2013 and was
appointed President
of the Industrial Global
Business Unit in 2018.

Prior to joining Ansell,
Mr Salmon had more than
20 years of professional
experience, gained
working across a range
of roles in a diverse group
of international businesses.
He spent the first 17 years
of his career with Imperial
Chemical Industries (ICI)
primarily in finance roles
based in the UK, South
Africa, the USA and
Singapore before serving
as Chief Financial Officer
of Innophos in New Jersey,
USA.

Having led Ansell’s 7,500
strong IGBU workforce
through a challenging
global economic climate,
Neil was a key contributor
to strategies that have
allowed the company
to pursue its growth
trajectory in recent times,
notably at the onset of
the COVID-19 pandemic.

As CEO, he oversees the
Company’s further strategic
development, with a focus
on continued innovation
and increased sustainability.

As an Executive Director,
Neil Salmon is not an
independent Director.

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

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

Current Directorships:
Chairman of BlueScope
Steel Limited (2014 to
present) and Alumina
Limited (2018 to present).
Non-Executive Director
Balmoral Iron Pty Ltd
(2022 to present).

Former Directorships:
Non-Executive Director
of Humpty Dumpty
Foundation (2017 to 2023),
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 United Kingdom.

On 13 June 2023, Ansell
announced that Mr Bevan
will retire as Chairman and
a Non-Executive Director
of Ansell, effective from
24 October 2023.

The Board considers
John Bevan to be an
Independent Director.

Appointed Non-Executive
Director in November 2015.

Appointed Non-Executive
Director in November 2021.

Appointed Non-Executive
Director in March 2020.

Member of the Audit &
Compliance Committee
and the Sustainability
& Risk Committee.

Current Directorships:
Non-Executive Director
of Duni AB (2020 to
present) and Chairman
of Embellence Group
(2021 to present).

Former Directorships:
Non-Executive Director
of Fagerhult AB (2017 –
2022), Lammhult AB
(2021 – 2022), Velux Group
(2008 – 2022) and Advisor
to Nordstjernan AB.

Mr Falkenberg is a
highly experienced and
seasoned executive with
nearly 35 years of
leadership experience
within FMCG, Telecoms/
Technology, and consumer
durable goods companies
most recently as CEO of
Nobia (Europe’s largest
value kitchen company)
from 2010 until his
retirement in 2019.
Prior to that Mr Falkenberg
held senior positions
at Electrolux, Tele
Denmark and Coca-Cola
and has lived outside
his native Denmark in
the USA, Israel, Norway
and Sweden.

The Board considers
Morten Falkenberg to be
an independent Director.

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

Current Directorships:
Non-Executive Director
and Audit & Risk
Committee Chair of ALS
Limited (2019 to present).

Former Directorships:
Director of Aptar Group
(2012 – 2015) and
Non-Executive Director
of Terry Fox Cancer
Foundation (2014 – 2021).

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 United States 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.

Chair of the Human
Resources Committee
and member of the
Sustainability & Risk
Committee and Share
Buyback Sub-Committee.

Current Directorships:
Chairman of Flinders
Port Holdings Pty Ltd
(2021 to present) and
McMahon Services
advisory board (2019 to
present), Non-Executive
Director of CSR Limited
(2020 to present) and ALS
Limited (2023 to present).

Previous Directorships:
Hudson Institute of
Medical Research
(2016 to 2022), Managing
Director of Orora Limited
(2013 – 2019), Amcor
Australasia and Packaging
Distribution (2009 – 2013),
SPC Ardmona Limited
(2000 – 2007), 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
brings broad international
experience across listed,
not-for-profit, governance,
private and industry
entities.

On 13 June 2023, Ansell
announced that Mr Garrard
will replace Mr Bevan as
Chairman, effective from
24 October 2023.

The Board considers
Nigel Garrard to be an
independent Director.

ANSELL LIMITEDANNUAL REPORT 2023
Debra L Goodin
Non-Executive Director

William G Reilly
Non-Executive Director

Christina M Stercken
Non-Executive Director

Christine Y Yan
Non-Executive Director

BEcon (Adelaide), CA
Resident of Australia

BA (Fairfield),
J.D (Seton Hall)
Resident of USA

BEcon & MEcon (Univ.
of Bonn), EMBA (Duke)
Resident of Germany

BS (Mech. Eng) (Shandong),
MSc, (Mech. Eng) (Wayne
State), MBA (Michigan)
Resident of USA

Appointed Non-Executive
Director in December 2022.

Appointed Non-Executive
Director in October 2017.

Appointed Non-Executive
Director in April 2019.

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

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

Mr Reilly has served with
three Chief Executive
Officers and has played
pivotal roles leading
many of Ansell’s corporate
strategic and legal
initiatives, including M&A,
litigation and the
successful intellectual
property strategy.

He has also overseen the
Global Compliance and
Risk functions, acted as
interim head of Human
Resources, leader of the
Regulatory function and
joint Company Secretary.
Prior to joining Ansell,
Mr Reilly held senior legal
positions at C. R. Bard, Inc.,
The Hertz Corporation
and McKesson Corporation.
In 2016, Mr Reilly was
named on the Financial
Times first ever Global
GC 30 List.

The Board considers
William Reilly to be an
independent Director.

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

Current Directorships:
Chair of Atlas Arteria (2017
– present), Non-Executive
Director and Chair of the
Audit & Finance Committee
of APA Group (2015 –
present).

Previous Directorships:
Non-Executive Director of
Australia Pacific Airports
Corporation (2020 – 2022),
oOh! Media (2014 – 2020),
Senex Energy (2014 – 2020),
Ten Network Holdings
(2016 – 2017) Beyond Bank
Australia (2011 – 2015)
and City West Water
(2011 – 2015). Member
of Finance, Investment
and IT Committee of
Royal Women’s Hospital
Foundation Limited
(2012 – 2019).

Ms Goodin is an executive
who has diverse global
experience in operations,
finance, M&A and
corporate services, and
has worked in both the
public and private sectors.
In 2014 she completed
a 22 month contract role
with Downer Group
(ASX 100) as Divisional
CEO/COO of Downer’s
two consulting subsidiary
companies in New Zealand
and Australia. Prior to this
Ms Goodin was the Global
COO of Coffey International
where she led a range of
engineering consulting
businesses in the areas
of mining, geotechnics,
environment and
international development.

The Board considers
Debra Goodin to be an
independent director.

Member of the Audit &
Compliance Committee,
the Human Resources
Committee and the
Governance 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).
Operating Director
Ammega (January 2023
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.

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

Current Directorships:
Independent Member
of Landis & Gyr Group AG
(2017 to present), Director
of TeamViewer SE (2023 to
present) and Vice Chairman
of Myanmar Foundation.

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.

ANSELL LIMITEDANNUAL REPORT 2023Executive Leadership Team

Neil Salmon
Managing Director and
Chief Executive Officer

BA, ACMA
Based in Brussels,
Belgium

Zubair Javeed
Chief Financial Officer

Rikard Froberg
President, IGBU

BA (Hons), ACMA, AMCT
Based in London,
United Kingdom

MS, MA
Based in New Jersey,
USA

Darryl Nazareth
President, HGBU

BS, MS, MBA
Based in New Jersey,
USA

Francois le Jeune
Chief Commercial
Officer – EMEA & APAC,
and Guardian
Administration

MEng, MBA
Based in Brussels,
Belgium

Renae Leary
Chief Commercial
Officer – Americas

BA, MCom
Based in New Jersey,
USA

Michael Gilleece
Corporate General
Counsel

BA, JD
Based in New Jersey,
USA

Amanda Manzoni
Chief Human Resources
Officer

BS
Based in London,
United Kingdom

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

Evren Baykal
SBU Vice President &
GM, IGBU Chemical
Solutions

MBA
Based in New Jersey,
USA

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 LIMITEDANNUAL REPORT 202331

ANSELL LIMITEDANNUAL REPORT 2023Report by the Directors

This Report by the Directors of Ansell Limited (‘the Company’) is made for the year ended 30 June 2023. The information set out below
is to be read in conjunction with:

• Operating Financial Review appearing on pages 14 to 24;

• Remuneration Report appearing on pages 43 to 66; and

• Note 22 Related Party Disclosures and Note 24 Ownership-based Remuneration Schemes to the financial statements accompanying

this Report.

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

• John A Bevan (Chair)

• Neil I Salmon (Managing Director and Chief Executive Officer)

• Leslie A Desjardins

• Nigel D Garrard

• Debra L Goodin1

• Morten Falkenberg

• William G Reilly

• Christina M Stercken

• Christine Y Yan

1. Appointed to the Board on 5 December 2022.

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

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

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

Principal Activities
The activities of Ansell Limited and its subsidiaries (‘the Group’) principally involve the development, manufacturing and sourcing,
distribution and sale of hand and body protection solutions 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 FY23 were:

Company strategy
and performance

Board
succession

Oversight of capital
management
initiatives

Risk management,
governance and
compliance

Environment,
Social and
Governance (ESG)

ANSELL LIMITEDANNUAL REPORT 2023R
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Operating and Financial Review
The Operating and Financial Review for the Group for the financial year is set out on pages 14 to 24, 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 24. 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 may result in unreasonable prejudice to the Group.

Significant Events Since Balance Date
On Tuesday 18 July 2023, the Group announced the launch of the Accelerated Productivity Investment Program. This program includes
a number of initiatives, including but not limited to, simplifying our organisational structure, improving our manufacturing productivity
and implementing IT systems transformation. We expect this program will address economic headwinds foreseen in FY24, though the
benefits will not be immediately apparent in FY24, it will position the Group for improved growth and returns in FY25 and beyond.

On Thursday 10 August 2023, the Group announced that it had been served with a shareholder class action filed in the Supreme Court
of Victoria by the law firm Slater & Gordon on behalf of the lead plaintiff, Michael Gary Warner. The claim is expressed to be made on
behalf of shareholders who acquired an interest in fully paid ordinary shares in Ansell during the period between 24 August 2021 and
28 January 2022 (inclusive). It is alleged that, during this period, Ansell failed to comply with its continuous disclosure obligations and
engaged in misleading and deceptive conduct prior to the release of its FY22 Trading and Business Update on 31 January 2022. Ansell
denies any liability and will vigorously defend the claim.

Other than the matters outlined above, the Directors are not aware of any significant matters or circumstances that have arisen since
the end of the financial year that have affected or may affect the operations of the Group, the results of those operations or the state
of affairs of the Group in subsequent financial years.

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

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

Further environmental information will be provided in Ansell’s Sustainability Report, due for release in August 2023.

Dividends and Share Issue
The final dividend of US31.20 cents per share (unfranked) in respect of the year ended 30 June 2022 was paid to shareholders on
15 September 2022. An interim dividend of US20.10 cents per share (unfranked) in respect of the half-year ended 31 December 2022
was paid to shareholders on 9 March 2023. A final dividend of US25.80 cents per share (unfranked) in respect of the year ended
30 June 2023 is payable on 7 September 2023 to shareholders registered on 21 August 2023. The financial effect of this dividend
has not been brought to account in the financial statements for the year ended 30 June 2023 and will be recognised in subsequent
financial reports. There are no unissued shares under option at the date of this Report.

ANSELL LIMITEDANNUAL REPORT 2023

Report by the Directors continued

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

J A Bevan

L A Desjardins

M Falkenberg

N D Garrard

D L Goodin

W G Reilly

N I Salmon

C M Stercken

C Y Yan

34,490^

15,412

4,950^

10,000^

486^

51,480

117,427

11,491

9,092

^ 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

L Desjardins

M Falkenberg

N D Garrard

D L Goodin1

W G Reilly

N I Salmon

C M Stercken

C Y Yan

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. Appointed to the Board on 5 December 2022.

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 2023 fiscal year. Rule 61 of Ansell’s Constitution also provides an indemnity in favour of officers (including the Directors, and
Company Secretary) of the Group against liabilities incurred while acting as such officers to the extent permitted by law. In accordance
with the powers set out in the Constitution, the Group maintains a Directors’ and Officers’ insurance policy. Due to confidentiality
obligations and undertakings of the policy, no further details in respect of the premium or the policy can be disclosed.

ANSELL LIMITEDANNUAL REPORT 2023
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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 2023
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 & Compliance Committee

• Sustainability & Risk Committee

• Human Resources Committee

• Governance Committee

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

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

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 2023 Corporate Governance Statement.

Over the last several years, the Board’s ongoing succession planning has seen the retirement and appointment of several directors.
In FY23, Debra Goodin joined the Board as a Non-executive Director on 5 December 2022. On 13 June 2023, the Board announced
that after almost 12 years’ service as a Non-executive Director, John Bevan intended to retire as Chairman and Non-executive
Director of the Company at the conclusion of the 2023 AGM (to be held on 24 October 2023). The Board also announced that current
Non-executive Director Nigel Garrard will replace John Bevan as Chairman, effective from the same date. The Governance Committee
will continue to consider the forward skill and experience requirements of the Board.

The Board annually reviews the performance of the Board and each Committee, as well as individual Directors and the Chair, 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 years meets or exceeds
the Board’s expectations. The Board has had a general policy that Non-executive Directors should not serve for a period exceeding
15 years, and that the Chair should not serve in that role for more than 10 years. While the Board does not consider this length of
tenure of a Non-executive Director would necessarily compromise independence or interfere in a material way with an ability to act
in the best interests of the Company, the Board has determined to reduce the maximum length of tenure for a Non-executive Director
to 12 years, effective from FY24. This period applies to the Chair, taking into account his tenure as Non-executive Director prior to
becoming Chair. The Board will continue to assess the application of this policy to each Director having regard to the mix of experience,
skills and knowledge on the Board.

ANSELL LIMITEDANNUAL REPORT 2023

Report by the Directors continued

An external review of the Board is also completed every three years. In FY22, the Board engaged an independent external consultant
to conduct a review of the Board, its Committees and its individual Non-executive Directors. This review was completed in April 2023.
This review was comprehensive and involved interviews with the Board, ELT and other management, the provision of requested
information including Board and Committee papers and minutes of meetings, as well as attendance at the Board and Committee
meetings held in February 2023.

The results of the review have been provided to the Directors. The Board and Committee results have been considered and discussed
at a Governance Committee meeting at which all Directors were in attendance. The Chairman has also discussed the results of the
individual performance reviews separately with each Board member and his own results with the Chair of the Human Resources
Committee. Refer to the Corporate Governance Statement for more information.

Ansell is committed to increasing the representation of women at all levels of the organisation and the Board has endorsed strategies
designed to increase gender diversity, as part of Ansell’s broader commitment to diversity and inclusion. The Company has reset its
gender diversity target to now commit to have at least 40% of women across all levels of the business. The Board currently meets this
target, with women representing 44% of the Board.

Refer to the Ansell Sustainability Report for further information on diversity within the Company, which will be released in August 2023
and made available on www.ansell.com.

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

The Chair typically meets proxy advisers and Ansell’s largest shareholders once or twice per year to discuss governance aspects and
proposed developments. The CEO and CFO meet investors post half and full year results.

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

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

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

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

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

Labour Rights Reports (and Modern Slavery Statement)
The Australian Modern Slavery Act was passed in December 2018 and Ansell meets the requirements of this Act. Ansell’s 2022 Modern
Slavery Statement can be found at www.ansell.com and 2023 Labour Rights Report (and Modern Slavery Statement) is to be released
in August 2023.

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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.

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 and review our processes to help
best ensure that material risks are appropriately identified and escalated through to senior levels of the organisation.

Material Risks – Description and Mitigation Actions
Below is a summary of the key material risks that could impact the achievement of Ansell’s business objectives 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. There may be additional risks unknown to
Ansell and other risks that are currently believed to be immaterial which could become material.

The Group’s process for managing risk is set out in the Corporate Governance Statement.

Risk

Nature of Risk

Mitigation Actions

Global economic,
market and
geo-political
instability and
uncertainty

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 and economic
instability and uncertainty, war 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 Group continues to manage
distributor and end user reduced
inventory demands as they reduce
higher inventory levels maintained
during the COVID-19 pandemic period.

The Group is exposed to inflationary
risks in respect to the price of materials
and finished goods purchased from its
third party suppliers, and labour and
energy costs in its own facilities.

The Group continues to monitor
disruptions related to energy, including
availability, cost and energy type.

• Whilst the Group’s geographic diversification provides overall

protection, we continually monitor the Group’s exposure to these
risks through its 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.

• Continued review of inventory and logistic programs to ensure

the Group has flexibility to respond to uncertainties.

• Continued rebalance of 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.

• The Group actively monitors market conditions to ensure price

adjustments can be made when appropriate.

• Strengthened risk identification processes in respect to changes
in regulatory and statutory requirements to ensure management
can act quickly in the event of statutory or regulatory changes.

ANSELL LIMITEDANNUAL REPORT 2023

Report by the Directors continued

Systems and
technology,
including cyber
security

Product quality

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.

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.

Third party supply
interruptions

Ansell relies on supplies of various raw
materials and finished goods from a
number of third-party suppliers.

Significant interruptions or a failure
of the supplier to perform can leave
Ansell short of a vital raw material or
finished product, impacting its ability
to fulfil orders.

A supplier being placed under a
Withhold Release Order from US
Customs & Border Protection, or
similar enforcement agency in other
countries, can impact the Group’s
ability to fulfil orders.

• 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
vendor risk assessment and remediation, conducting tests on the
vulnerability of key systems, monitoring suspicious activity, providing
ongoing training to employees on their responsibility for mitigating
cyber fraud risk and enhancement of controls to minimise risk of
data exfiltration by insiders.

• The Group has implemented new data protection procedures

and ensured compliance with European GDPR 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.

• 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 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.

• Expanding capacity at some of the smaller manufacturing sites.

• Investment in a new manufacturing site in India which will have

the capacity to produce a wide range of products.

• 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.

• Increased audits and inspections of third-party facilities for

compliance with Ansell’s standards. Increased focus on sustainability
standards (including labour 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.

• Implementation of the Supplier Management Framework.

ANSELL LIMITEDANNUAL REPORT 2023Environment,
social and
governance
(ESG) 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
exposure

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

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• Cross-functional Sustainability Council in place for governance,

consisting of all ELT members. The Sustainability Council is
responsible and accountable for overall implementation of Ansell’s
sustainability strategy and provides regular updates to the Board.

• Labour Rights Committee (LRC) consists of a core group of ELT
members and functional leads who are responsible for the
management of labour rights risks for the Group’s operations
and supply chain. LRC is responsible to review, test and challenge
the Group’s performance on labour rights and modern slavery
management in-depth and provide recommendations to the
CEO and broader ELT.

• Enforcement of supplier assessments and audits through SEDEX
and third party forced labour assessments 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 Board, 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,
including implementation of the Labour Standards Management
Framework and the Supplier Management Framework.

• 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.

• Full alignment with the recommendation of the Task Force on

Climate-related Financials Disclosures.

• Undertook climate change scenario analysis for the Group’s

largest manufacturing sites. GHG emissions, water consumption,
zero landfill targets set and followed up on. Completed 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).

• The Group publicly committed to achieve Net Zero for its operations
by 2040, supported by mid-term target of a 42% reduction in Scope 1
and 2 emissions by 2030, from a FY20 baseline.

• The Group publicly committed to water and waste reduction targets
– reduce water withdrawals by 35% by the end of FY25 and Zero
Waste to Landfill by the end of FY23 at our manufacturing facilities.

• 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.

ANSELL LIMITEDANNUAL REPORT 2023

Report by the Directors continued

Climate Risks
Climate change presents both physical and transitional risks and opportunities for Ansell. To manage the risks, capture opportunities,
and support the transition to a low-carbon future, Ansell has established an operational decarbonisation strategy. The strategy will
enable us to remain resilient under a range of plausible future scenarios.

Two Board-level committees, the Sustainability & Risk Committee (SRC) and the Audit & Compliance Committee (ACC), support
the Board to oversee Ansell’s approach to climate change. The SRC and ACC work collaboratively to ensure linkage and alignment
between climate-related mitigation activities (SRC) and the Task Force on Climate-related Financial Disclosures (TCFD) and other
finance-related disclosures (ACC). For further information on Ansell’s sustainability governance refer to Ansell’s Sustainability Report,
to be released in August 2023.

In FY22, we completed a TCFD quantitative analysis of priority risks and opportunities identified in our FY21 qualitative analysis.
The quantification methodology considered the potential financial impacts under high, moderate and low emission scenarios1 over
three time horizons (2030, 2040 and 2050). This included potential changes to revenue and operating expenditure amounts, and long
term asset’s useful lives. The analysis also considered how the financial impact identified may influence Ansell’s financial statements.
The analysis did not identify any new material risks that are expected to affect the assets and liabilities recognised in Ansell’s
Financial Statements, see pages 67 to 114.

Throughout FY23, Ansell’s TCFD Steering Committee and ELT proactively monitored the development of environmental regulatory
requirements and the progress of Ansell’s climate initiatives. The monitoring did not identify any material changes to Ansell’s climate
risk profile. No anticipated delays to achieving the climate targets set out in FY22’s full TCFD disclosure have been identified.

This year Ansell acquired the remaining 50% of Careplus (M) Sdn Bhd (Careplus), which has been renamed to Ansell Seremban Sdn Bhd
(Ansell Seremban) since it has transitioned to Ansell’s full operational control. Previously, the Careplus Joint Venture was considered
as part of Ansell’s Scope 3 emissions. The renamed Ansell Seremban is now transitioning to Scope 1 and 2 as Ansell assumes full
ownership and operational control. We are currently collating baseline Scope 1 and 2 emissions data for Ansell Seremban to reassess
our baseline calculations for Ansell’s overall climate targets. The updated baseline and inclusion of Ansell Seremban in Ansell’s Scope
1 and 2 emissions disclosures is expected for FY24.

Table 1: Ansell’s priority climate risks and opportunities

Priority transition risks and opportunities

Ansell’s strategic response

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

Key strategic response options identified by Ansell include:
• Operational decarbonisation strategy.
• Development of low-carbon/carbon neutral products.
• Circular economy including recycling and waste

to energy.

• Communication/marketing of Ansell’s climate action.

efforts, resulting in reputational damage if Ansell
does not meet stakeholder expectations.

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.
• Demand rises for PPE under a high emissions scenario.

The quantitative analysis considered shifts in consumer preferences and
market demand, along with impacts to Ansell’s operational and capital
expenditure as a result of the above transition risks and opportunities.

Priority physical risks and opportunities

Ansell’s strategic response

Risks
• Increased frequency and severity of droughts.
• Increased frequency and severity of storms and cyclones.
• Increased frequency and severity of flooding events.

The quantitative analysis considered impacts on upstream suppliers/
raw materials, manufacturing sites, and downstream warehousing
and distribution.

Key strategic response options identified by Ansell include:
• 30-day safety stock policy to mitigate the impact

of disruptions.

• Reducing water intensity, increase reuse.
• Increasing raw materials and on-site water inventory.
• Establishing regular monsoon season planning.
• Increasing supply chain agility.

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 LIMITEDANNUAL REPORT 2023
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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:

Other audit and assurance services

Taxation services

$57,873

$16,352

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
Chairman

Neil I Salmon
Managing Director and Chief Executive Officer

Dated in Melbourne on this the 14th day of August 2023.

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Contents of the Remuneration Report

Letter from Chair of the Human Resources Committee
Our Performance

Remuneration Outcomes

Remuneration Framework Changes

Section 1 – At a Glance
1.1 FY23 Performance

1.2 Executive Realised Pay Summary

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 – FY23 Remuneration Framework in Detail and Outcomes
4.1 Realised Pay Summary (US$)

4.2 Remuneration Framework Details

Section 5 – Statutory Information
5.1 Executive Service Agreements

5.2 Securities Trading Policy

5.3 Shareholder Alignment

5.4 Current Shareholding

5.5 Equity Instruments

5.6 Executive Statutory Remuneration (US$)

Section 6 – Non-Executive Directors
6.1 Policy and Approach

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

Section 7 – Group Performance and Remuneration Outcomes
7.1 Group Performance

7.2 Cumulative Total Shareholder Return (TSR)

7.3 STI/LTI Payouts as Percentage of Maximum

Section 8 – Governance
8.1 Role of the Human Resources Committee (HRC)

8.2 External Consultants

8.3 Shareholder Engagement

Section 9 – Glossary

44
44

46
46

48
48

50
50

57
57

62
62

64
64

65
65

ANSELL LIMITEDANNUAL REPORT 2023

Letter from 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 2023.

Our Performance
The FY23 year presented continuing challenges as the after-shocks of the COVID-pandemic continued to impact our business
performance. Recognising Ansell’s pivotal role in supplying key products that formed part of the global response to the pandemic,
Ansell experienced significant growth during this period. However, as COVID-19 has slowed, the company is now largely back to
its pre-pandemic size. This shift in Ansell’s operating environment, together with other factors including Ansell’s exit from Russia,
influenced outcomes against key business metrics, including:

• Adjusted EBIT for FY23 was $206.3m (FY22: $245.1m).

• Adjusted EPS was US115.3¢ in FY23 (FY22: US138.6), with EPS Growth 18.5% over the 3-year period from FY21 to FY23 and Organic

Sales Growth 6.7% (CAGR 2.2%) over the same period.

Inventory management also presented challenges, as distributors, governments and end customers increased orders and built
inventories following the onset of COVID-19 due to supply chain disruptions, and then sought to reduce inventories once concerns
around supply chain risk and product availability had diminished. The volatility in customer ordering through this period has been
very difficult to forecast and manage.

Notwithstanding the financial headwinds, in FY23 management contributed towards the establishment of foundational programs
that are intended to drive long term growth and shareholder value creation. Initiatives included the establishment of a highly effective
integrated business planning methodology for supply chain management which has resulted in improved customer satisfaction and
service reliability, the acquisition of the balance of the Careplus joint venture and continued attention to sustainability initiatives,
to name a few. These performance outcomes have been reflected in our Executive remuneration outcomes for the year.

Remuneration Outcomes
Executive KMP received increases to base salaries of between 3 - 5% following a two year period of no increases in FY22 and FY21
(with the exception of Mr Nazareth who received a market adjustment in FY22). Both Mr Salmon and Mr Javeed are remunerated in
Euros and British Pounds respectively. Despite the annual increases in their base pay, their effective USD realised base pay in FY23
was lower than in FY22.

In relation to STI outcomes, EBIT Growth was slightly above threshold with an achievement of 34% of maximum. At the time of
assessing performance against the FY23 targets the Board elected to exercise negative discretion and to exclude the favourable net
gain from a successful completion of Ansell’s exit from Russian operations. This was to ensure that management did not benefit from
the fact that the amount provisioned to take account of the exit from Russia was higher than the actuals, with the net effect that the
exercise of discretion resulted in lower incentive outcomes to executives.

Given the lower than expected financial results overall, outcomes were modest in a range between 38% and 45% of maximum,
reflecting the challenging financial conditions, while recognising achievement against important individual performance objectives
focussed on Ansell’s long term growth strategy and shareholder value creation. Details of the achievement of individual objectives
can be found in Section 4 - FY23 Remuneration Framework in Detail and Outcomes on page 53.

Further, the FY21-FY23 LTI grant was tested at the end of the financial year with the ROCE gateway not achieved and as a result there
was nil vesting and the award subsequently lapsed including the reversal of the prior year accruals of this plan. The FY22-FY24 LTI
grant was also considered lapsed and accordingly the prior year accruals were reversed. Both reversals resulted in a one-off credit
to FY23 earnings.

As a result of these outcomes, and reflecting the challenging conditions, FY23 realised pay is down compared to the prior year.

ANSELL LIMITEDANNUAL REPORT 2023Remuneration Framework Changes
Our remuneration framework is based upon our emphasis on Ansell’s commitment to our sustainable long-term growth agenda
and our desire to further align Executives to the experience of our shareholders.

The FY23 remuneration framework was designed to ensure targets are suitably challenging and aligned to Ansell’s overall strategic
direction. With the uncertainty in international markets post COVID and relatively high industry inventory, we removed our STI metric
of sales growth and increased the weighting of the EBIT measure to 70%. Individual objectives remained at 30% of the STI scorecard.
The weighting of the EPS Growth metric in the LTI increased from 70% to 85% with a subsequent decrease of the Organic Sales
Growth metric from 30% to 15%. Sales growth continues to be a strategic priority for the business and we expect that the weighting
given to this metric will increase in future years.

Further details of the remuneration framework can be found in Section 4.2 of this report from pages 51 to 57.

Looking Forward
Ansell continues to be an Australian business that has operations around the globe. As such, it is critical that our remuneration
practices remain competitive, as well as regionally appropriate, for our global workforce.

We hope that you find this year’s remuneration report informative and, as always, we encourage you to open a dialogue with us
where you require further clarification or information in the report.

Nigel Garrard
Chair of the Human Resources Committee
Ansell Limited

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ANSELL LIMITEDANNUAL REPORT 2023

Remuneration Report

Section 1 – At a Glance

1.1 FY23 Performance
This section is intended to provide a high-level visual summary of the remuneration outcomes for FY23 Realised Pay, which is
a non-IFRS measure and is defined in Section 9 – Glossary. Further detail is provided on each of these in the ensuing sections of the
Remuneration Report.

Figure 1.1
The table below outlines Ansell’s FY23 financial outcomes
(as defined in the Section 9 – Glossary and disclosed
elsewhere in the Annual Report) that were used as
the base to calculate incentive outcomes:

Sales

EBIT

EPS

$1,655.1m

$206.3m

117.5¢

EPS (excluding Significant Items)

115.3¢

Dividends per share

45.90¢

ROCE

10.9%

Highlights

• Ansell delivered sales of $1,655.1m, representing a decline of 15.2%
on a reported basis and decline of 11.0% on an Organic Constant
Currency basis. Organic Sales Growth over the 3-year period from
FY21 to FY23 was 6.7% (CAGR 2.2%).

• Ansell’s EBIT for FY23 was $206.3m, which included a $1.5m share of
loss from the Careplus joint venture (equity accounted). Excluding this
loss, EBIT was 18.1% lower than that of FY22 on a reported basis
and 9.4% lower on an Organic Constant Currency basis. The larger
decline in reported EBIT was due to the exit from Russia in FY22
and unfavourable foreign exchange movements.

• Ansell delivered statutory FY23 EPS of US117.5¢. After excluding

the benefit of Significant Items (being the net gain associated with
the Russia exit), underlying EPS was US115.3¢, being in the middle
of the FY23 guidance range provided at the half year results on
14 February 2023 and at the low end of the original FY23 guidance
range provided at the FY22 full year results on 23 August 2022.

• At the time of assessing performance against the FY23 targets
the Board elected to exercise discretion and to exclude the
favourable net gain from a successful completion of Ansell’s
exit from Russian operations.

• The STI financial measure of EBIT Growth was slightly above

the threshold.

• For LTI financial measures, Organic Sales Growth and ROCE were

below minimum and were considered as “missed”. EPS Growth over
the 3-year period from FY21 to FY23 would have achieved 13.2%
of maximum, however, due to the EPS Growth metric being subject
to the ROCE gateway of 13.5% tested at 30 June 2023, which was
not met, EPS Growth was also considered as “missed”.

Figure 1.2 FY23 STI Financial Metric and Performance

Figure 1.3 FY21-23 LTI Financial Metrics and Performance

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100%

80%

60%

40%

20%

67% Target

34%

27% Threshold

EBIT Growth

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80%

60%

40%

20%

50% Mid-point

13.2%1

Organic Sales
Growth

EPS
Growth

ROCE

Target:

11.2%

Mid-point:

14.2%

26.3%

14.7%

1. Actual EPS Growth of 18.5% achieved 13.2% of maximum, however,
due to the ROCE gateway of 13.5% tested at 30 June 2023 was not
met, EPS Growth was also considered as ‘missed’.

ANSELL LIMITEDANNUAL REPORT 2023

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1.2 Executive Realised Pay Summary
The below pay information is on a realised basis, which is a non-IFRS measure and is defined in Section 9 – Glossary.

Neil Salmon – Managing Director & Chief Executive Officer
Term as KMP: Full Year

Minimal Shareholding Requirements

Current Shareholding (US$000)

765

155

235

1,390

2,129

765

155

578

2,086

4,162

2,311

Shareholding Requirement (US$000)

Zubair Javeed – Chief Financial Officer
Term as KMP: Full Year

502

4421

126

1,196

502

4421

284

1,238

2,750

505

Darryl Nazareth – President of the Healthcare GBU (HGBU)
Term as KMP: Full Year

494

2371

917

676

494

2371

243

967

2,184

Rikard Froberg – President of the Industrial GBU (IGBU)
Term as KMP: Full Year

300% of Base Salary

Minimal Shareholding Requirements

Current Shareholding (US$000)

1,082

Shareholding Requirement (US$000)

100% of Base Salary

Minimal Shareholding Requirements

Current Shareholding (US$000)

Shareholding Requirement (US$000)

498

100% of Base Salary

Minimal Shareholding Requirements

Current Shareholding (US$000)

FY23
Realised
Pay
(US$000)

FY23
Maximum
Opportunity
(US$000)

FY23
Realised
Pay
(US$000)

FY23
Maximum
Opportunity
(US$000)

FY23
Realised
Pay
(US$000)

FY23
Maximum
Opportunity
(US$000)

FY23
Realised
Pay
(US$000)

FY23
Maximum
Opportunity
(US$000)

450

719

1,551

450 97221 221

880

1,869

Shareholding Requirement (US$000)

453

100% of Base Salary

Legend

Base
Salary

Retirement
and Other
Benefits2

STI3 – Cash

STI3 – Restricted
Shares

Vested LTI4
(N/A in FY23)

LTI Opportunity4
(grant share price)

Current
Shareholding

Required
Shareholding

1. Mr Javeed’s and Mr Nazareth’s other benefits include a retention award which is outlined in section 4.2 on page 56. The closing share price of Ansell Limited

on the ASX was A$26.73 and the foreign exchange rate was A$1:US$0.6616 on 30 June 2023.

2. Retirement benefits include all retirement benefits earned by the individual in the current financial year. Other benefits include the cost to the Company
of cash benefits such as motor vehicle, expatriation and relocation expenses, insurance, tax equalisation, retrospective base salary and other amounts.
Retirement and other benefits have been included within maximum opportunity for comparison to realised pay purposes.

3. The STI amounts shown reflect the amount received in FY23. The STI is delivered half in immediate cash, and half as a grant of restricted shares with a two-year

restriction period.

4. The vested LTI (FY21-23) award is a ‘nil’ vesting because the threshold levels for each of the three financial performance conditions were not met. The LTI
Opportunity (FY23-25) represents the US$ value of the number of Performance Share Rights (PSRs) granted multiplied by the average closing share price
of Ansell Limited on the ASX over ninety trading days prior to 17 August 2022, being A$25.31.

ANSELL LIMITEDANNUAL REPORT 2023

Remuneration Report (Audited) continued

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 FY23. 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 Key Management Personnel
(KMP) of Ansell, being those executives who have authority and responsibility for planning, directing and controlling the activities of
the Group. In this Report, ‘Executives’ refers to members of the Group Executive team identified as KMP.

2.2 KMPs Comprising the Board of Directors and Executives
The table below details Ansell’s KMP during FY23:

Non-Executive Directors

John A Bevan

Leslie A Desjardins

Morten Falkenberg

Nigel D Garrard

Debra L Goodin1

William G Reilly

Christina M Stercken

Christine Y Yan

Executive Director

Neil Salmon

Other Executives

Zubair Javeed

Darryl Nazareth

Rikard Froberg

Location

Australia

United States

Denmark

Australia

United States

Germany

United States

Location

Belgium

Location

United Kingdom

United States

Role

Chairman, 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 Healthcare GBU (HGBU)

President of the Industrial GBU (IGBU)

1. Ms Goodin was appointed as a Non-Executive Director on 5 December 2022. Ms Goodin’s remuneration disclosed in this report only relates to the period

she was a KMP.

Section 3 – Remuneration Policy

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

Our governing principles are summarised below:

Performance Accountability

Think and Act like Shareholders

Reflect the markets and
locations we recruit from

Transparent Governance

Stakeholder Engagement

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Even though Ansell is listed on the Australian Stock Exchange, staff are located in approximately 55+ worldwide locations, with
the KMP, inclusive of the Board of Directors and Executive KMP, based in Belgium and other European countries, USA and Australia.

Figure 3.1

US
Revenue 45%
KMP 5

North
America

Europe

Asia

EMEA
Revenue 31%
KMP 4

Middle
East

Africa

Asia
Revenue 11%
KMP 0

Latin America
and Caribbean

LAC
Revenue 10%
KMP 0

Australasia

Australia
Revenue 3%
KMP 3

3.2 Remuneration Framework Components
Our Executive remuneration framework 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: 66%-80%2
Remuneration delivery timeline: 1 year

STI
Half in cash and half in restricted shares3.
Pay mix1
STI: 20% – 34%2
Remuneration delivery timeline: 1-3 years3

LTI
Rights to receive fully paid ordinary shares
subject to performance.
Pay mix1
LTI: 0%2
Remuneration delivery timeline: 3 years

Total Remuneration

Takes into account:
• responsibilities, qualifications, experience; and
• performance, location and market rate for

a comparable role.

• Combination of financial and non-financial

performance metrics.

• Performance weighted more towards
financial KPIs (i.e. not less than 70% of
the award).

• Three-year performance and vesting period.
• Combination of key financial and shareholder

value measures.

• 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.

• Aligned with the Group’s short-term objectives.
• Clear line of sight for participants.
• Deferral of 50% of the award in restricted
shares encourages longer-term sustainable
performance.

• Reflects key long-term priorities of the business

at the time.

• Relevant indicator of shareholder value creation.
• Suitable line of sight for participants to

encourage and motivate 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 4.1 – Realised Pay Summary.

2. The relative portion of the fixed remuneration is significantly higher than prior years due to the ‘nil’ vesting of the FY21-23 LTI grant and low FY23 STI achievement.
If the FY21-23 LTI grant and F23 STI were achieved at target and Mr Froberg was considered a KMP for the full 36 months of the FY21-23 LTI grant, the pay mix
for FY23 changes to FAR: 42% to 54%, STI: 21% to 35%, and LTI: 22% to 26%.

3. The restriction on shares issued for half of the STI payable will see the shares held for a minimum period of two years from when the shares are vested.

ANSELL LIMITEDANNUAL REPORT 2023

Remuneration Report (Audited) continued

Section 4 – FY23 Remuneration Framework in Detail and Outcomes
This section uses non-IFRS financial information to detail realised pay earned by Executive KMPs during FY23, 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 FY23. It also includes the full value of incentive payments earned in relation to the FY23 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 US based Executive KMPs are paid in US$. For non-US based 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$)

Figure 4.1

Executives

Year

Base
Salary1

Retirement
Benefits2

Other
Benefits3

Cash

Restricted
Shares

STI4

LTI5

Equity

Total
Earnings

CEO

Neil Salmon6

Other Executives

Zubair Javeed

Darryl Nazareth

Rikard Froberg7

2023

2022

2023

2022

2023

2022

2023

2022

764,760

111,762

767,268

111,019

43,421

41,381

235,238

–

1,390,419

–

717,061

1,636,729

501,869

535,016

494,471

468,936

449,900

364,645

51,105

390,410

126,519

–

1,196,422

59,430

38,506

71,821

164,824

113,635

70,874

87,075

149,717

25,657

864,842

58,183

92,552

36,148

85,977

28,600

58,183

92,552

36,148

85,977

28,600

664,991

1,414,309

–

916,220

438,497

1,243,081

–

718,385

107,392

1,481,154

1. Base salary includes the salary earned by the individual in the financial year. 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. Mr Salmon’s FY23 base salary was increased by 3% effective 1 October
2022 and as he is remunerated in Euro, any US$ movement above also reflects foreign exchange conversion impacts. Mr Javeed received a pay increase of 5%
and as he is remunerated in British Pounds, any US$ movement above also reflects foreign exchange conversion impacts. Both Mr Nazareth and Mr Froberg
received a 3% increase in salary in FY23 driven by the market benchmarking analysis.

2. Retirement benefits include all the retirement benefits earned by the individual in the current year.

3. Other benefits include 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 and Mr Nazareth’s 2023 other benefits include a retention award which is outlined in Section 4.2. The closing share price of Ansell Limited on the ASX
was A$26.73 and the foreign exchange rate was A$1:US$0.6616 on 30 June 2023.

In Mr Froberg’s previous role as Chief Commercial Officer of EMEA and APAC he relocated to Belgium from the USA. Upon his appointment as President of
IGBU he returned to the USA, which exposed Mr Froberg to various complex income tax issues. As a result, Mr Froberg’s 2022 other benefits includes relocation
payments of $206,595 and tax equalisation payments of $631,078 (based on a tax gross up of $1,414,288 for the 12-month period ended 31 December 2021).

4. 2023 and 2022 STI represent amounts payable under the FY23 and FY22 STI Plans respectively. In both years, the STI was delivered half in immediate cash,

and half in restricted shares, subject to a two-year sale restriction. The amounts shown in the table above are pre-tax and the number of restricted shares issued
is calculated based on a post-tax STI award basis.

5. 2023 and 2022 LTI relate to the FY21 and FY20 grants respectively, outcomes of which were approved by the HRC on 8 August 2023 and 15 August 2022 respectively.
The FY21 award is a ‘nil’ vesting because the threshold levels for each of the three financial performance conditions were not met. The FY20 award was determined
to be 51% of the maximum award. The 2022 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 15 August 2022, being A$25.80. This was the date on which the HRC approved the vesting of the shares. The 2022 translation
to US$ used a foreign exchange (FX) rate of A$1:US$0.7022.

6. Mr Salmon was previously the President of the IGBU until his appointment as MD and CEO on 1 September 2021. Mr Salmon’s 2022 remuneration reflects the

amounts earned in both roles. Noting Ansell’s disappointing financial performance, the Board agreed with Mr Salmon’s decision to forego his 2022 STI payable,
despite his strong performance on his individual scorecard metrics.

7. Mr Froberg was appointed President of the IGBU and became a KMP from 1 September 2021. Mr Froberg’s 2022 pay disclosed in this report only relates to the

period he was KMP (i.e., 10 months).

ANSELL LIMITEDANNUAL REPORT 2023

4.2 Remuneration Framework Details

Fixed Annual Remuneration
Our fixed remuneration practices are reviewed regularly to ensure that they continue to reflect the scale and complexity of Ansell
and its operations. Fixed remuneration is maintained with the global market in mind to ensure that we continue to attract, motivate
and retain a talented and truly diverse global workforce.

There were no policy changes to any element of Fixed Remuneration in FY23.

Base salary
Base salaries are reviewed annually. In conducting this review, the HRC considers a number of factors to ensure decision making
processes are suitably robust. Factors considered include market benchmarking analysis, internal relativities, changes in scope
of responsibilities, local market trends and the wider macro-economic environment.

The base salaries for the Executive KMPs for FY23 were:

Figure 4.2

Executives

Neil Salmon

Zubair Javeed

Darryl Nazareth

Rikard Froberg

Base Salary

Increase

€736,450 (USD equivalent $770,369)

£420,000 (USD equivalent $505,274)

$498,098

$453,200

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

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, expatriate tax equalisation payments
and other amounts.

Reflects the Company’s overall policy on international mobility.

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Remuneration Report (Audited) continued

Short-Term Incentive (STI)

FY23 STI Details
The STI plan focuses on rewarding annual performance against
both Group and individual objectives, enabling differentiated
and genuinely variable pay outcomes that are commensurate
with Ansell’s performance.

Our STI scorecard focuses on our key financial drivers of success,
while also affording the flexibility to recognise function-specific
objectives and non-financial performance, to further
differentiate outcomes amongst our leaders.

There have only been a small number of changes made to the
STI plan for FY23, all of which have been presented in detail in
this section below.

Eligibility to participate in the STI plan is determined at the
discretion of the Board. For FY23, all Executives were eligible to
participate in the STI plan.

The STI plan is an annual award, payable part in immediate cash
and part in restricted shares. Half of the awards received will be
deferred into restricted shares, with the restriction period requiring
the shares be held for a minimum period of two years from when
the shares are granted. The number of restricted shares granted
are calculated based on a post-tax STI award basis.

FY23 STI performance measures
The retained STI metric for FY23 emphasises bottom-line growth.
Individual objectives provide for recognition of individual
contribution and subsequent differentiation, as measured through
a functional and individual scorecard, including non-financial
and ESG goals per our corporate sustainability agenda. With the
uncertainty in international markets post COVID and relatively
high industry inventory, we removed the sales growth metric
and increased the EBIT measure to 70%.

Ansell’s target setting process considers prior fiscal year
performance, incremental growth returns on committed
significant investments as well excluding any previous
discretionary adjustments to outcomes made for the purpose
of remuneration.

In reviewing the formulaic method presented in this section,
the Board compared the proposed targets against their
performance expectations of the business. This process ensures
all targets set are suitably challenging and aligned to Ansell’s
overall strategic direction.

The metrics for each Executive in FY23 are listed below:

Vesting as a % of Target

Executives

All Executives

Performance Measures

EBIT

70%

Individual
Objectives

30%

Total

100%

Base
Salary

Target
Incentive
as a % of
base salary

Business
Performance
Metrics
(70%)

Individual
Performance
(30%)

STI
Outcome

FY23 STI opportunity

Figure 4.3

Business Performance Metrics
Vesting as a % of Target

Executives

Neil Salmon

Zubair Javeed

Darryl Nazareth

Rikard Froberg

Target STI
as a % of
base salary

100%

75%

65%

Threshold1

Maximum

40%

150%

1. If a business performance metric does not meet its threshold hurdle, 0% will
vest for that performance measure.

Target

Target Setting Methodology

EBIT Growth

Individual
Metrics

The target starting point assumed 1.5X GDP
growth at normalised levels in markets weighted
for Industrial and Healthcare. FY23 targets also
considered the exit from Russia and the
socio-economic instability in Sri Lanka.

The individual metrics are measured through
a scorecard approach combining functional
area goals within the control of the KMP with
individual objectives. The functional area goals
could be financial or non-financial in nature and
include ESG metrics which are specific to the
respective areas of responsibility of each KMP.

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FY23 STI Outcomes
In determining the STI outcome for FY23, the formulaic outcome of the EBIT measure was assessed, followed by a qualitative assessment
of performance by the Board.

At the time of assessing performance against the FY23 targets the Board elected to exercise discretion and to exclude the favourable
net gain from a successful completion of Ansell’s exit from Russian operations. This was to ensure that management did not benefit
from the fact that the amount provisioned to take account of the exit from Russia was higher than the actuals, with the net effect that
the exercise of discretion resulted in lower incentive outcomes to Executives. After this discretionary adjustment, the Board further
carefully evaluated various external factors, such as but not limited to the significant inflationary impacts, the Russia – Ukraine conflict
and the socio-economic instability in Sri Lanka, and determined that the formulaic outcomes presented had not been sufficiently
impacted by these external factors.

EBIT Growth was slightly above threshold with an achievement of 34% of maximum. The low achievement was mainly due to the
effects of channel partners and end customers reducing high levels of inventory accumulated over the past two years.

Consistent with past practice, the impact of FX volatility on the financial results in FY23 have been adjusted via the Group’s Constant
Currency target-setting and measuring process. As outlined in the FY22 Remuneration Report, the exit from Russia is considered an
adjustable event and therefore the contribution forgone as a result of the exit from Russia, subject to Constant Currency, is excluded
from the base of STI financial measures.

Achievement against individual metrics have been summarised as follows:

Executives

Neil Salmon

Zubair Javeed

Darryl Nazareth

Rikard Froberg

Performance Against Individual Objectives

Mr Salmon has led the Company through a period of continued business volatility and whilst the financial
targets were not fully realised, he has improved many fundamentals of Ansell’s capability as a company.
He has continued to balance short term priorities and stabilisation of operations with a focus on resetting
the longer-term company objectives. Good progress in meeting customer commitments through improved
supply chain delivery as well as continued focus on driving digital initiatives in operations and for commercial
customers. He has continued to drive key sustainability and ESG commitments. A challenging year due to the
various headwinds but Mr Salmon continues to build out the company for future growth.

Mr Javeed made a major contribution to the Company in the year as he led in the establishment of
foundational programs that will drive long term shareholder value creation. Most notably he led the
establishment of a highly effective integrated business planning methodology for supply chain management
which has resulted in a marked improvement in customer satisfaction and service reliability. He has also
driven the development of the Accelerated Productivity Investment Program (APIP) that was announced
to the market in July 2023. Core finance functional objectives continued to be delivered with excellence
including managing the complex exit from Ansell’s Russian operations.

Mr Nazareth ensured the HGBU stayed focused on the execution of its long term growth strategy in a year in
which challenging market conditions including the effects of customer destocking led to an underperformance
by the HGBU business against its shorter term financial goals. Most notably he drove the acquisition of the
Careplus joint venture and achieved success in accomplishing the business integration objectives for FY23.
He also ensured renewed innovation focus with a strengthened new product pipeline and success with recent
launches across Surgical, Life Sciences and Exam/Single Use businesses.

Mr Froberg led the IGBU to a successful year of organic EBIT and sales growth, driven by a very strong
performance on new product sales for the Mechanical business and continued success in emerging markets.
He ensured enhanced focus for our emerging Inteliforz safety solutions product offering, securing our first
customer subscriptions. He also developed a comprehensive plan for improved profitability within the Chemical
business that represents a key component of the Accelerated Productivity Investment Program announced to
the market in July 2023.

For the FY23 STI, the Board approved the following payments to the Executives (US$):

Figure 4.4

Executives

Neil Salmon

Zubair Javeed

Darryl Nazareth

Rikard Froberg

STI Outcome Attributable to

Total STI Payable

STI Payment Method1

Financial

Individual

274,801

135,179

115,491

105,081

195,675

117,859

69,613

66,873

Total STI
Payable

% Award
Achieved2

470,476

253,038

185,104

171,954

41%

45%

38%

39%

Cash

235,238

126,519

92,552

85,977

Restricted
Shares

%
Forfeited2

235,238

126,519

92,552

85,977

59%

55%

62%

61%

1. Any STI payable will be delivered half in immediate cash, and half as a grant of restricted shares, subject to a two-year sale restriction. The amounts shown in the

table are pre-tax and the number of restricted shares granted is calculated based on a post-tax basis.

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

ANSELL LIMITEDANNUAL REPORT 2023

Remuneration Report (Audited) continued

Long-Term Incentive (LTI)
The LTI plan intends to drive an appropriate focus towards our long-term strategic priorities and the sustainable growth of the business,
while also ensuring Executives remain motivated to consistently deliver strong performance outcomes.

Annual awards granted will vest after three years subject to the achievement of predetermined performance conditions and continued
service. Awards that do not vest at vesting date automatically lapse.

LTI awards discussed in this section are:

• FY23-FY25 LTI Plan: LTI awards granted during the year (unvested by FY23)

• FY21-FY23 LTI Plan: LTI awards vesting in FY23

LTI awards are awarded entirely in the form of PSRs at face value. Eligibility is determined at the discretion of the Board. For FY23,
all Executives were deemed eligible and invited to participate in the LTI Plan.

How awards are granted:

How awards will vest:

Base
Salary

Target Award
Amount as
a % of
Base Salary

Share Price
at Grant

Number
of Awards
Granted

Business
Performance
Metrics

Share Price
on Vesting

Value of
Awards on
Vesting

FY23-FY25 LTI Plan Opportunity

Figure 4.5

Executives
Neil Salmon
Zubair Javeed
Darryl Nazareth
Rikard Froberg

Maximum LTI
Award as a % of
base salary
280%
250%
200%
200%

Business Performance Metrics
Vesting as a % of Maximum Award

Minimum1
Hurdle
0%
0%
0%
0%

Maximum
Hurdle
100%
100%
100%
100%

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.

FY23-FY25 LTI Plan Performance Metrics
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 FY23 operations at Constant Currency. Given the
uncertainty in international markets post COVID and the high industry inventory, the weighting of the EPS growth metric increased
from 70% to 85% with a commensurate decrease of the Organic Sales Growth metric from 30% to 15%.

The Board evaluated these performance metrics against the strategic objectives of the Company and considered these measures
to be appropriate. The performance measures for the FY23–FY25 Plan awards are:

Figure 4.6
Performance Measure
Return on Capital Employed (ROCE) Gateway

Weighting

Minimum Hurdle (0% Vesting)

Maximum Hurdle (100% Vesting)

12.5% simple 3-year average

EPS Growth

Organic Sales Growth

85%

15%

12.5% growth by year three
(= 4% Compound Annual Growth
Rate – CAGR)
6.1% growth by year three (= 2% CAGR)

33.1% growth by year three (= 10% CAGR)

15.8% growth by year three (= 5% CAGR)

Ansell’s LTI is designed to align the remuneration of the Executives to the long-term business strategy and shareholder value
creation model.

In reviewing the formulaic method presented above, the Board compared the proposed targets against their performance expectations
of the business. This process ensures all targets set are suitably challenging and aligned to Ansell’s overall strategic direction.

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FY21-FY23 LTI Plan Performance Outcomes
After careful consideration of various external factors, such as but not limited to the significant inflationary impacts, the Russia – Ukraine
conflict and the socio-economic instability in Sri Lanka, the Board determined that the formulaic outcomes presented had not been
sufficiently impacted by these external factors and that the financial metric would not be subject to any discretionary adjustment.

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 4.7

Performance Measure
EPS Growth (also subject to
year 3 ROCE gateway of 13.5%)

Organic Sales Growth

ROCE
Overall

Weighting

33.3%

33.4%
100%

Minimum (0% vesting)
15.8% growth by year 3 (5% Compound
Annual Growth Rate – CAGR)

9.3% growth by year 3 (3% CAGR)

13.9% in year 3
n/a

Maximum
(100% vesting)
36.8% growth by year 3
(11% CAGR)
19.1% growth by year 3
(6% CAGR)
15.5% in year 3
n/a

Actual
18.5%
(5.8% CAGR)
6.7%
(2.2% CAGR)
10.9%

Vesting (% of
Maximum)

0%1

0%
0%

1. Actual EPS Growth of 18.5% would have achieved 13.2% of maximum, however, due to the ROCE gateway of 13.5% tested at 30 June 2023 was not met,

EPS Growth was also considered as ‘missed’.

The FY21-FY23 achievement was therefore considered ‘missed’.
The breakdown of the performance measures are explained
further in the following sections.

FY21-FY23 EPS Growth
The Board assessed the 3-year EPS Growth relevant for incentive
purposes as 18.5%, with a reconciliation from statutory EPS for
each year shown below. EPS Growth would have achieved 13.2%
of maximum, however, due to the EPS Growth metric being
subject to the ROCE gateway of 13.5% tested at 30 June 2023,
which was not met, EPS Growth was considered ‘missed’.

Figure 4.8
US cents
Statutory EPS
Reported one-off items
Statutory EPS excluding
reported one-off items
FX (gain)/loss adjustment
FY18 & FY19 Transformation
Program amortisation1
FY21 cloud computing
accounting change2
Other Board approved
one-time adjustments3
EPS for LTI award
Constant currency
Russia exit4
Base for next year’s growth
Growth % each year
3-year growth

FY20
120.2
–

FY21
192.2
–

FY22
125.2
13.4

FY23
117.5
(2.1)

120.2
(0.9)

192.2
10.0

138.6
(10.0)

115.3
(5.5)

(8.9)

(8.8)

(7.7)

–

1.6

1.7

2.0

1.5

(3.2)
108.8
13.1
–
121.9

–
–
–
111.3
122.9
195.1
n/a
(18.0)
(8.6)
–
(5.8)
–
111.3
99.1
186.5
60.0% -34.1% 12.3%
5.5% 18.5%
60.0%

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 FY18 and FY19 Remuneration Reports respectively.
2. In keeping with past practice, the impact from change in accounting policy was
excluded from the EPS Growth calculation ensuring financial information 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) was excluded from the EPS Growth calculation. The detail was
explained at Note 1 Summary of Significant Accounting Policies of the Group’s
audited FY21 Financial Statements.

3. Individually immaterial one-time adjustments approved by the Board.
4. As outlined in the FY22 Remuneration Report, the exit from Russia is

considered an adjustable event and therefore the contribution forgone as a
result of the exit from Russia, subject to constant currency, is excluded from the
base of LTI financial measures.

FY21-FY23 Organic Sales Growth
Organic Sales Growth achieved 6.7% growth by year 3, which was
below minimum of 9.3% and therefore was considered ‘missed’.
This was mainly due to Exam/Single Use, whereby the pricing
benefit seen in FY21 declined in FY22 and FY23 compounded more
recently by customer inventory depletion following periods of
inventory accumulation during the pandemic across Exam/Single
Use, Life Sciences and Surgical. Consistent with past practice,
Organic Sales Growth is calculated as a 3-year compound
annualised sales growth on an Organic Constant Currency basis.

FY23 ROCE
ROCE of 10.9% was below the minimum of 13.9% and therefore
was considered as “missed”. This was mainly due to lower EBIT
and higher capital employed from an increase in working capital
and continuation of a multi-year capex program to expand
capacity and position Ansell for long-term growth.

In keeping with past practice, the ROCE was calculated by
using financial information on a consistent accounting basis as
that of the grant year. As such, the effects of the FY21 change in
accounting policy (IFRIC Agenda Decision – cloud computing)
was excluded from the ROCE calculation. See Note 1 Summary of
Significant Accounting Policies of the Group’s FY21 audited
Financial Statements.

FY21-FY23 LTI Plan Vesting Outcomes for KMP

Figure 4.9

Date Award
Granted

Maximum
Value of PSRs
Granted (US$)

Number
of PSRs
Vested
(Shares)

Number
of PSRs
Forfeited
(Shares)

18/08/2020

CEO
Neil Salmon
Other
Executives
Zubair Javeed
18/08/2020
Darryl Nazareth 18/08/2020
Rikard Froberg1
18/08/2020

1,440,040

1,335,472
879,254
478,471

–

–
–
–

60,542

56,146
36,974
20,120

1. Mr Froberg was appointed President of the IGBU and became a KMP from

1 September 2021. Mr Froberg’s LTI pursuant to FY21-FY23 LTI plan disclosed
in this report only relates to the period from 1 September 2021 (i.e., 22 months
after becoming a KMP).

ANSELL LIMITEDANNUAL REPORT 2023

Remuneration Report (Audited) continued

One-off Award made in FY22
The Board approved a special grant in the FY22 Ansell Limited Long-Term Incentive Plan to Mr Javeed and Mr Nazareth. The Board
believes this one-off retention equity award is designed to:

• Recognise the importance of Mr Javeed and Mr Nazareth to the leadership of Ansell;

• Maintain the stability of our Executive Leadership Team in a competitive employment market, to ensure the execution of the Group’s

strategic growth initiatives; and

• Provide further alignment with our investors from the increase in potential shareholding.

The special grant was granted on 1 July 2021 and was issued in the form of Restricted Stock Units (RSUs). The RSUs are only subject
to continued employment and will vest if Mr Javeed and Mr Nazareth are employed on the vesting dates. The number of RSUs granted
to Mr Javeed and Mr Nazareth were calculated by referencing Ansell’s average closing share price over the ninety trading days prior to
1 July 2021 and are equal to 100% of their FY21 annual base salary. The table below provides an overview of the special grant.
The special grant is reported within other benefits.

Executive

Zubair Javeed

Darryl Nazareth

Grant date

1 July 2021

Other policy matters

Number of RSUs granted

20,000

15,400

Vesting date

30 June 2023

50% at 30 June 2022
50% at 30 June 2023

Board discretion on adjustments
a. The Board and the HRC, retains the ability to make discretionary adjustments to all elements of remuneration. This ability extends
to the application of upward or downward discretion, as well as the use of malus and clawback on incentive outcomes. The recovery
and withholding provisions are consistent across both the STI and LTI plans. The Board can claw back and apply malus to incentives
to cover the following events:

1. Material misstatement of the financial statements

2. Misconduct

3. Error in calculation of the performance condition

4. Serious reputational damage to the Group

5. Any other instance or practice which the Board deems to have had a detrimental impact on the Group, its performance,

employees or shareholders.

In line with the ability to apply discretion, the Board applies a robust process for decision making which is guided by a set of
predetermined adjustment principles in the Board-approved Discretion Policy. This policy ensures that regular consideration is
given to the application of discretionary adjustments, and that in events where discretion is deemed unnecessary, there is a sound
rationale for such treatment.

c. The overarching objective of the Discretion Policy is to ensure that any Board discretion adjustments are fair and reasonable and
make the performance condition not more nor less difficult to achieve than if the triggering event had not occurred, and to continue
to drive the right outcomes and expected behaviours (i.e. sustainable profitable growth).

d. The robust assessment principles contained in the Discretion Policy are:

1. Focused on materiality. In other words, focus needs to be on adjustments where there is a significant variance from the financial

year plan assumptions which are unforeseen and out of Management’s control or opportunity to adequately manage.

2. Non-financial considerations such as customer and/or supplier perceptions, reputation impact and broader societal sensitivities

should be part of the assessment of the need to apply a discretionary adjustment to incentive outcomes.

In assessing each material change or effect, we consider:

i. Was the triggering event factored into the original financial or non-financial targets?

ii. Was the outcome in Management’s control?

iii. Could the triggering event have been foreseen, planned or reasonably responded to by Management?

iv. Is the outcome a result of Management’s efforts or in Management’s control?

4. Based on a combination of the above, whether and how much adjustment, positively or negatively, is applied to any of the

incentive metric results is compared to the formulaic outcome of the incentive plan rules.

5. Finally, the broader macro-economic conditions and/or relevant market expectations should be considered.

e. As described on pages 52 and 55, at the time of assessing performance against the FY23 targets the Board elected to exercise

discretion and to exclude the favourable net gain from a successful completion of Ansell’s exit from Russian operations. The Board
applies a robust process in the determination of whether the application of discretion to incentive outcomes is appropriate.

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Change of control
a. On a change of control, the Board has discretion to end the restriction period ahead of the agreed schedule in respect of previous

financial year’s STI plans.

b. 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 target 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.

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 in-year STI payment. However, the Board may, in its sole discretion, pay a pro-rated award in certain
circumstances, such as death, disablement, retirement or other situations approved by the Board. For any STI restricted shares
that have been earned but are still under a holding restriction, there is no forfeiture in the case of cessation of employment.

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 situation 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.

Section 5 – Statutory Information
5.1 Executive Service Agreements

Chief Executive Officer
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. 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.

Following a legislative change and in line with common Belgium senior management arrangements, it is expected that Mr Salmon will
be transitioned to a structure involving a single purpose management company during the FY24 year. There will not be any change to
Mr Salmon’s overall remuneration as a result and there will not be any additional cost to the Company. The contractual arrangement
will be drafted to comply with the Corporations Act 2001.

Other Executives
Mr Javeed is a UK-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 service 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 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 plus certain other contractual entitlements assuming a termination for any reason other than resignation, performance issues
or cause.

Mr Froberg was domiciled in Belgium on assignment in his previous role as Chief Commercial Officer of EMEA and APAC and returned
to the US from September 2021 as part of his new responsibilities as President of the Industrial GBU. 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 Froberg is entitled to a severance fee equal to 12 months’ base salary plus
certain other contractual entitlements assuming a termination for any reason other than resignation, performance issues or cause.

ANSELL LIMITEDANNUAL REPORT 2023

Remuneration Report (Audited) continued

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
Mandatory Purchasing Policy (introduced in 2013 and amended in August 2021). This policy requires Directors and Executives to hold
a multiple of their fee/base salary in Ansell shares. The current requirement is:

• CEO: 3 x base salary to be achieved within 6 years of being appointed.

• Executives: 1 x base salary to be achieved by the later of August 2023 or within 6 years of being appointed.

• Non-Executive Directors: 2 x annual Director fees to be achieved by the later of August 2023 or within 10 years of being appointed

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.

The VSPP rules were updated in FY23. Under the VSPP, a pre-agreed amount of Ansell shares (by % of director fees or base salary,
as applicable) are acquired during each trading window during the year 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 FY23 pursuant to the VSPP (as shown
in Figure 5.1).

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5.4 Current Shareholding
The table below details the movement of shares held by each KMP and the progress of each KMP during FY23 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
Purchases1

Other
Purchases

Awarded
During the
Year

Net Movement
Due to Other
Changes

Held at
30 June

% of Share
Ownership
Goal Met2

Target
year to
comply

Non-Executive Directors

John A Bevan

2023

2022

Leslie A Desjardins

2023

2022

Morten Falkenberg3 2023

Nigel D Garrard

Debra L Goodin4

William G Reilly

2022

2023

2022

2023

2022

Christina M Stercken 2023

Christine Y Yan

2022

2023

2022

Former Non-Executive Directors

W Peter Day5

2022

Marissa T Peterson5 2022

Executive Director

Neil Salmon6

Other Executives

Zubair Javeed

Darryl Nazareth

Rikard Froberg7

2023

2022

2023

2022

2023

2022

2023

2022

32,888

31,482

15,412

–

9,150

7,150

–

51,480

9,063

6,981

6,452

4,207

30,559

23,647

94,574

56,413

30,598

26,475

28,885

36,655

70,398

Former Executive Director

Magnus R Nicolin8

2022

290,766

1,602

1,406

–

2,428

2,082

2,640

2,245

n/a

–

4,950

–

850

2,000

486

–

n/a

–

n/a

39,567

89,054

58,007

4,123

33,149

46,283

22,448

–

n/a

34,490

32,888

15,412

4,950

–

10,000

9,150

486

51,480

11,491

9,063

9,092

6,452

n/a

(16,714)

117,427

(50,893)

94,574

(28,919)

–

(24,757)

(54,053)

(7,330)

–

59,686

30,598

37,277

28,885

85,516

70,398

98%

116%

86%

107%

31%

56%

64%

324%

403%

64%

63%

57%

51%

n/a

92%

88%

214%

129%

136%

135%

342%

361%

2023

2025

2031

2030

2032

2027

2029

n/a

2027

2025

2024

205,495

(120,787)

n/a

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

2. 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 2023 and 12-month average share price and FX rates.

3. Mr Falkenberg was appointed as a Non-Executive Director on 11 November 2021.

4. Ms Goodin was appointed as a Non-Executive Director on 5 December 2022.

5. Mr Day and Mrs Peterson retired from the Ansell Board of Directors on 11 November 2021.

6. Mr Salmon became MD and CEO on 1 Setepmber 2021.

7. Mr Froberg became a KMP on 1 September 2021 and the movement in his shareholding above is disclosed from that date.

8. Mr Nicolin ceased to be MD and CEO, and therefore KMP, on 31 August 2021 and retired on 31 December 2021.

ANSELL LIMITEDANNUAL REPORT 2023

Remuneration Report (Audited) continued

5.5 Equity Instruments

The table below details the movement in the number of PSRs and RSUs over ordinary shares of Ansell Limited held by the CEO
and Other Executive KMPs during FY23.

Figure 5.2

CEO

Neil Salmon

Other Executives

Zubair Javeed

Darryl Nazareth

Rikard Froberg4

Former Executive

2023

2022

2023

2022

2023

2022

2023

2022

Held at 1 July
or Date
Appointed

PSRs Granted
During the
Year1

PSRs Vested
During the
Year2

Forfeited
During the
Year2

RSUs Granted
During the
Year3

RSUs Vested
During
theYear3

211,522

232,406

194,504

128,378

120,804

123,810

100,314

115,168

117,764

73,092

(39,567)

(85,377)

(38,321)

(8,599)

69,852

46,126

54,582

28,500

49,662

25,378

(36,694)

(35,538)

–

(24,196)

(35,619)

(21,333)

(36,551)

–

20,000

(23,434)

(3,587)

(20,661)

(3,681)

–

15,400

–

(20,000)

–

(7,700)

–

Held at
30 June

251,398

211,522

172,124

194,504

120,056

120,804

107,982

100,314

Magnus R Nicolin5

2022

572,330

20,732

(184,505)

(18,584)

n/a

1. PSRs were granted during FY23 pursuant to the FY23-FY25 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 17 August 2022, this being A$25.31 (FY22: 90-day period to 17 August 2021, this being A$40.62). Grants are recorded at maximum.

2. PSRs vested and forfeited during FY23 pursuant to the FY21-FY23 LTI Plan (FY22: FY20-FY22 LTI Plan).

3. RSUs were granted and vested during FY23 and FY22 pursuant to the special grant of the FY22 LTI Plan. The special grant is outlined within section 4.2 on page 56.

4. Mr Froberg became a KMP on 1 September 2021.

5. Mr Nicolin ceased to be MD and CEO, and therefore KMP, on 31 August 2021 and retired on 31 December 2021.

ANSELL LIMITEDANNUAL REPORT 2023

5.6 Executive Statutory Remuneration (US$)

Figure 5.3

Executives

Neil Salmon6

Zubair Javeed

Darryl Nazareth

Rikard Froberg7

Former Executive

Year

2023

2022

2023

2022

2023

2022

2023

2022

Base
Salary1

764,760

767,268

501,869

535,016

494,471

468,936

449,900

364,645

Retirement
Benefits2

111,762

111,019

51,105

59,430

71,821

113,635

70,874

Other
Benefits3

43,421

41,381

303,467

326,127

131,351

371,100

25,657

87,075

864,842

STI4

Cash

Restricted
Shares

LTI5

Equity

Total
Earnings

235,238

(503,202)

887,217

–

130,321

1,049,989

126,519

(479,147)

630,331

58,183

92,552

36,148

85,977

28,600

58,183

24,084

1,061,023

92,552

(285,474)

597,273

36,148

7,309

1,033,276

85,977

(251,454)

466,931

28,600

6,376

1,380,138

Magnus R Nicolin8

2022

177,667

17,297

21,622

–

(234,533)

(17,947)

1. Base salary includes the salary earned by the individual in the financial year. 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. Mr Salmon’s FY23 base salary was increased by 3% effective
1 October 2022 and as he is remunerated in Euro, any US$ movement above also reflects foreign exchange conversion impacts. Mr Javeed received a pay
increase of 5% and as he is remunerated in British Pounds, any US$ movement above also reflects foreign exchange conversion impacts. Both Mr Nazareth
and Mr Froberg received a 3% increase in salary in FY23 driven by the market benchmarking analysis.

2. Retirement benefits include all the retirement benefits earned by the individual in FY23. Mr Nicolin’s retirement benefits are based on his base salary plus prior

year STI achievement and will vary from year to year.

3. Other benefits include 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 and Mr Nazareth’s 2023 and 2022 other benefits include a retention award which is outlined within section 4.2 on page 56.

In Mr Froberg’s previous role as Chief Commercial officer of EMEA and APAC he relocated to Belgium from the USA. Upon his appointment as President of IGBU he
returned to the USA, which exposed Mr Froberg to various complex income tax issues. As a result, Mr Froberg’s 2022 other benefits includes relocation payments
of $206,595 and tax equalisation payments of $631,078 (based on a tax gross up of $1,414,288 for the 12-month period ending 31 December 2021).

4. 2023 and 2022 STI represent amounts payable under the FY23 and FY22 STI Plans respectively. In both years, the STI was delivered half in immediate cash, and
half in restricted shares, subject to a two-year sale restriction. The amounts shown in the table above are pre-tax and the number of restricted shares issued is
calculated based on a post-tax STI award basis.

5. LTI includes amounts provided in respect of the Group’s LTI Plans. Negative LTI remuneration reflects the reversal of previously recognised share-based payment

expense in accordance with AASB 2 Share-based Payment.

6. Mr Salmon was previously the President of the IGBU until his appointment as MD and CEO on 1 September 2021. Mr Salmon’s 2022 remuneration reflects the

7. Mr Froberg was appointed President of the IGBU and became a KMP from 1 September 2021. Mr Froberg’s 2022 remuneration disclosed in this report only relates

to the period he was KMP (i.e. 10 months).

8. Mr Nicolin ceased to be MD and CEO on 31 August 2021 and retired on 31 December 2021. Mr Nicolin’s remuneration disclosed in this report only relates

to the period he was a KMP (i.e. 2 months).

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ANSELL LIMITEDANNUAL REPORT 2023

Remuneration Report (Audited) continued

Section 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 several relevant considerations including:

• accountabilities and responsibilities attaching to the role of Director;

• time commitment expected of Directors;

• fees paid by peer companies;

• independent advice received from external advisers;

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

best international Directors); and

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

and for required meetings.

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 FY23

Fees for Non-Executive Directors during FY23 were as follows:

Base Fees (Board)

Non-Executive Chairman

US$320,000 (inclusive of Committee fees)

Non-Executive Director

US$120,000

Committee Fees

Committee Chair

Committee Member

Audit & 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 is paid to each Non-Executive Director, which is in addition to the above fees.
Effective from 1 July 2022, the travel allowance increased from US$15,000 per annum to US$30,000
per annum, to compensate Non-Exectuvie Directors for additional travel.

Superannuation contributions are made on behalf of the Non-Executive Directors at a rate of 10.5%
(FY22: 10.0%) 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.

FY24 – Base fees will increase by 4%, effective 1 July 2023. No changes to Committee fees or
travel allowance.

ANSELL LIMITEDANNUAL REPORT 20236.2 Non-Executive Directors’ Statutory Remuneration (US$)
Details of Non-Executive Directors’ remuneration are set out in the table below:

Figure 6.1

Non-Executive Directors

John A Bevan (Chairman)

Leslie A Desjardins

Morten Falkenberg3

Nigel D Garrard

Debra L Goodin4

William G Reilly

Christina M Stercken

Christine Y Yan

Former Non-Executive Directors

W Peter Day5

Marissa T Peterson5

Total Non-Executive Directors’ remuneration

Year

2023

2022

2023

2022

2023

2022

2023

2022

2023

2022

2023

2022

2023

2022

2023

2022

2023

2022

2023

2022

2023

2022

Directors’ Fees1

Superannuation2

342,100

327,500

192,000

177,000

174,000

101,142

192,000

169,500

90,162

n/a

174,000

159,000

192,000

177,000

174,000

159,000

n/a

56,818

n/a

66,250

1,530,262

1,393,210

8,315

–

9,467

n/a

–

n/a

5,682

n/a

–

17,782

5,682

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350,415

327,500

192,000

177,000

174,000

101,142

192,000

169,500

99,629

n/a

174,000

159,000

192,000

177,000

174,000

159,000

n/a

62,500

n/a

66,250

1,548,044

1,398,892

1. Directors Fees include Base and Committee Fees plus travel allowances less Superannuation (see footnote (2) below). All Fees are expressed in US$. Due to
COVID-19 travel related restrictions, Australian based Non-Executive Directors were unable to travel for part of FY22 and as such their travel allowance
was pro-rated for the period they were able to travel. 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 10.5% (FY22: 10.0%) as required by Australian law. Some Australian
directors have elected to opt-out of superannuation guarantee payments in accordance with an ATO ruling. As the non-Australian based Directors did not spend
any time in Australia in FY23 and FY22, no superannuation was payable.

3. Mr Falkenberg was appointed on 11 November 2021 and his Directors fees and associated entitlements reflect a part year entitlement in FY22 from the date

of his appointment.

4. Ms Goodin was appointed on 5 December 2022 and her Directors fees and associated entitlements reflect a part year entitlement in FY23 from the date

of her appointment.

5. Mr Day and Mrs Peterson retired from the Ansell Board of Directors on 11 November 2021 and their Directors fees and associated entitlements reflect a part year

entitlement in FY22 up to their retirement date.

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

ANSELL LIMITEDANNUAL REPORT 2023

Remuneration Report (Audited) continued

Section 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 price (A$)2

2019
Adjusted3

2020
Restated4

1,499.0

1,613.7

202.8

150.9

164.7

111.5

46.75

26.85

216.7

156.6

191.7

120.2

50.0

36.70

2021

2,026.9

338.0

246.7

49.2

192.2

76.80

43.51

2022
Adjusted5

2023
Adjusted5

1,952.1

1,655.1

245.1

175.7

114.0

138.6

55.45

22.24

206.2

145.6

74.3

115.3

45.90

26.73

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

2. FY23 Share price is at 30 June 2023.

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

4. 2020 results have been restated on account of FY21 change in accounting policy. Refer to Note 1 Summary of Significant Accounting Policies of the Group’s

audited FY21 Financial Statements.

5. 2022 and 2023 Adjusted excludes Significant Items. Refer to Note 3(b) Significant Items of the Group’s audited FY23 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 2023.

Figure 7.2 Ansell TSR Performance

350%

300%

250%

200%

150%

100%

50%

June 12

June 13

June 14

June 15

June 16

June 17

June 18

June 19

June 20

June 21

June 22

June 23

7.3 STI/LTI Payouts as Percentage of Maximum

CEO Incentive Outcomes

STI (% of maximum)

LTI (% of maximum)

FY18

37%

42%

FY19

51%

48%

FY20

66%

55%

FY21

81%

91%

FY22

51%

FY23

44%

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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 LIMITEDANNUAL REPORT 2023

Remuneration Report (Audited) continued

Section 9 – Glossary
Board means the Board of Directors of Ansell Limited.

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

Constant Currency refers to page 16 of this Report.

Corporations Act means the Corporations Act 2001 (Cth).

EBIT refers to page 16 of this Report.

EBIT Margin refers to page 16 of this Report.

EBITDA refers to page 16 of this Report.

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.

EPS Growth is defined as a 3-year compound annualised EPS growth on a Constant Currency basis (as described above) after
excluding the impact of acquisitions, divestments and exited products.

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

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. FY23 means
the 2023 financial year commencing on 1 July 2022 and ending on 30 June 2023.

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 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 Constant Currency refers to page 16 of this Report.

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.

RSUs means Restricted Stock Units.

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.

Significant Items refers to page 16 of this Report.

SG&A means Selling, General and Administration expenses.

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 to 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 LIMITEDANNUAL REPORT 2023Consolidated Income Statement
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

Revenue

Sales revenue

Expenses

Cost of goods sold

Distribution

Selling, general and administration including Significant Items

Total expenses, excluding financing costs

Operating profit

Share of loss 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

2023
US$m

2022
US$m

2, 3(c)

1,655.1

1,952.1

(1,038.4)

(1,286.3)

(105.1)

(301.1)

(101.6)

(327.6)

(1,444.6)

(1,715.5)

210.5

(1.5)

209.0

(19.4)

189.6

(39.7)

149.9

148.3

1.6

149.9

236.6

(8.5)

228.1

(19.7)

208.4

(48.6)

159.8

158.7

1.1

159.8

2023
US cents

2022
US cents

117.5

116.7

125.2

123.8

3(b)

3(a)

4(a)

Note

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

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ANSELL LIMITEDANNUAL REPORT 2023

Consolidated Statement of Comprehensive Income
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

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

Other reserve

Change in fair value of equity investment designated as fair value through other
comprehensive income

Tax expense 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)

2023
US$m

149.9

2022
US$m

159.8

1.5

(0.4)

0.3

(0.1)

1.3

5.5

(1.4)

0.3

(0.1)

4.3

Net exchange differences on translation of financial statements of foreign subsidiaries

(5.0)

(41.1)

Hedging reserve

Movement in effective cash flow hedges for the year

Movement in time value of options for the year

Tax benefit/(expense) 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

(13.3)

(1.0)

4.4

(14.9)

(13.6)

136.3

135.5

0.8

136.3

14.7

(0.1)

(4.7)

(31.2)

(26.9)

132.9

132.6

0.3

132.9

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

ANSELL LIMITEDANNUAL REPORT 2023Consolidated Statement of Financial Position
OF ANSELL LIMITED AND SUBSIDIARIES AS AT 30 JUNE 2023

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

Equity accounted investment

Financial assets

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

Interest bearing liabilities

Derivative financial instruments

Lease liabilities

Provisions

Current tax liabilities

Total current liabilities

Non-current liabilities

Trade and other payables

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

Note

6(a)

7(a)

17(c)

7(b)

17(c)

10(a)

4(b)

14(a)

7(c)

17(d)

10(b)

14(a)

4(c)

15(a)

Total equity attributable to Ansell Limited shareholders

Non-controlling interests

Total equity

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

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2023
US$m

159.4

191.2

4.2

526.1

31.1

912.0

1.5

5.7

–

6.5

351.7

85.1

1,059.7

73.6

2.4

32.4

1,618.6

2,530.6

219.5

100.0

9.7

17.3

53.2

14.9

414.6

–

307.0

70.0

8.5

7.1

82.0

26.0

500.6

915.2

1,615.4

750.7

(176.4)

1,026.6

1,600.9

14.5

1,615.4

2022
US$m

206.2

201.7

17.2

521.3

38.1

984.5

1.7

1.9

9.6

8.4

299.4

57.2

1,049.4

65.1

2.4

26.6

1,521.7

2,506.2

276.3

–

6.2

18.2

49.1

10.5

360.3

0.7

426.3

41.3

8.7

8.2

80.4

23.7

589.3

949.6

1,556.6

743.8

(142.9)

942.0

1,542.9

13.7

1,556.6

ANSELL LIMITEDANNUAL REPORT 2023

Consolidated Statement of Changes in Equity
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

Attributable to Ansell Limited Shareholders

Contributed
Equity
US$m

Note

Share-
based
Payment
Reserve
US$m

Hedging
Reserve
US$m

Other
Reserve
US$m

Foreign
Currency
Translation
Reserve
US$m

Retained
Profits
US$m

Total
US$m

Non-
controlling
Interests
US$m

Total
Equity
US$m

743.8

43.6

8.8

14.1

(209.4)

942.0 1,542.9

13.7

1,556.6

2023

Balance as at
30 June 2022

Effect of change in
functional currency
of a subsidiary

Comprehensive income

Profit for the year

Other comprehensive
income

Total comprehensive income

Transactions with owners

Share-based
payments forfeiture

Transfer from
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 2023

–

743.8

43.6

–

8.8

–

(0.8)

–

(0.8)

14.1

(209.4)

941.2

1,542.1

13.7

1,555.8

–

15.2

(8.0)

(0.3)

–

(5.5)

–

(15.2)

–

6.9

(20.7)

–

148.3

1.6

149.9

(9.9)

–

0.2

–

1.1

–

1.1

(4.2)

1.1

(12.8)

149.4

135.5

(0.8)

0.8

(13.6)

136.3

–

(5.5)

(1.1)

–

(8.0)

(0.3)

(62.9)

(64.0)

(76.7)

–

(5.5)

–

(8.0)

(0.3)

(62.9)

(76.7)

750.7

22.9

(1.1)

15.4

(213.6)

1,026.6

1,600.9

14.5

1,615.4

* Dividends paid includes $0.4m paid to the Ansell Limited Employee Share Plan Trust due to the Trust holding unallocated shares at the record date for the final

dividend. Refer to Note 23 Ansell Limited Employee Share Plan Trust.

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

ANSELL LIMITEDANNUAL REPORT 2023Attributable to Ansell Limited Shareholders

Contributed
Equity
US$m

Note

Share-
based
Payment
Reserve
US$m

Hedging
Reserve
US$m

Other
Reserve
US$m

Foreign
Currency
Translation
Reserve
US$m

Retained
Profits
US$m

Total
US$m

Non-
controlling
Interests
US$m

Total
Equity
US$m

769.0

72.5

(1.1)

13.1

(169.1)

866.8

1,551.2

13.4

1,564.6

2022

Balance as at
30 June 2021

Comprehensive income

Profit for the year

Other comprehensive
income

Total comprehensive income

Transactions with owners

Share-based
payments forfeiture

Transfer from
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 2022

–

23.3

(14.6)

(33.9)

–

(2.6)

–

(26.3)

–

(25.2)

(28.9)

–

158.7

1.1

159.8

9.9

–

0.2

–

0.8

–

0.8

(40.3)

4.1

(26.1)

162.8

132.6

(0.8)

0.3

(26.9)

132.9

–

(2.6)

(0.8)

–

(86.8)

(3.0)

(14.6)

(33.9)

(86.8)

–

(2.6)

–

(3.0)

(14.6)

(33.9)

(86.8)

(87.6)

(140.9)

–

(140.9)

743.8

43.6

8.8

14.1

(209.4)

942.0 1,542.9

13.7

1,556.6

* Dividends paid includes $0.4m paid to the Ansell Limited Employee Share Plan Trust due to the Trust holding unallocated shares at the record date for the final

dividend. Refer to Note 23 Ansell Limited Employee Share Plan Trust.

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

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ANSELL LIMITEDANNUAL REPORT 2023

Consolidated Statement of Cash Flows
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

Note

2023
US$m

2022
US$m

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 financial asset investments

Net proceeds from Russia exit

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

6(b)

3(b)

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

Payments for purchases of treasury shares

Dividends paid – Ansell Limited shareholders*

Interest received

Interest on interest bearing liabilities and financing costs paid

Interest paid on lease liabilities

Net cash used in financing activities

Net decrease in cash and cash equivalents

Cash and cash equivalents at the beginning of the financial year

Effect of movements in exchange rates on cash held

Cash and cash equivalents at the end of the financial year

6(a)

1,670.7

(1,450.4)

220.3

(39.8)

180.5

2,012.4

(1,740.5)

271.9

(49.9)

222.0

(10.9)

(67.2)

(0.1)

2.7

–

(75.5)

19.8

(58.8)

(20.5)

(8.0)

–

(0.3)

(62.9)

2.2

(18.9)

(1.8)

(149.2)

(44.2)

206.2

(2.6)

159.4

(0.9)

(67.5)

(5.1)

–

2.3

(71.2)

103.2

(98.8)

(21.5)

(14.6)

(3.0)

(33.9)

(86.8)

0.2

(20.0)

(1.5)

(176.7)

(25.9)

240.2

(8.1)

206.2

* 2023 dividends paid includes $0.4m (2022: $0.4m) paid to the Ansell Limited Employee Share Plan Trust due to the Trust holding unallocated shares

at the record date for the final dividend. Refer to Note 23 Ansell Limited Employee Share Plan Trust.

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

ANSELL LIMITEDANNUAL REPORT 2023R
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Notes to the Financial Statements
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

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 14 August 2023.

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.

Changes in Accounting Standards
The Group has adopted AASB 2023-2 Amendments to Australian Accounting Standards – International Tax Reform – Pillar Two
Model Rules. This amendment to AASB 112 Income Taxes provides temporary relief from accounting for deferred taxes arising from
the implementation of the Pillar Two model rules published by the Organisation for Economic Co-operation and Development’s
(OECD). We continue to monitor the OECD Pillar Two Solution to address the tax challenges arising from the digitalisation of the
economy. We are in the process of evaluating the cash tax and accounting implications of the Pillar Two global minimum tax rules
under AASB 112. No material impact was foreseen as at the date of this report.

Other than the above, there are no accounting standards, amendments to accounting standards or interpretations that have been
identified that will materially impact the Group.

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.

ANSELL LIMITEDANNUAL REPORT 2023

Notes to the Financial Statements continued
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

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.

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.

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.

Contingencies and Provisions
Contingent liabilities include but are not limited to pending, potential or future legal, judicial, regulatory, and other proceedings of a
litigious nature that cannot be predicted with certainty. Proceedings are evaluated on a case by case basis considering the available
information, including that from legal counsel, to assess potential outcomes. Where it is considered probable that a present obligation
will result in an outflow of resources, and a reliable estimate of the amount of the obligation can be made, a provision is recognised.
See Note 13 Provisions and Note 18 (b) Contingent Liabilities for detail.

Contingent assets are possible assets that arise from past events and whose existence will be confirmed only by the occurrence or
non-occurrence of one or more uncertain future events not wholly within the control of the Group. Contingent assets are assessed
continually and if they become virtually certain that an inflow of economic benefits will arise, the asset and the related income are
recognised in the financial statements in the period that the change from probable to virtually certain occurs.

Employee Benefits
The amount recognised as an expense for the Long-Term Incentive Plan (LTIP) reflects the fair value of Performance Share Rights
(PSRs) and Restricted Stock Units (RSUs) granted and the number of awards based on estimated non-market performance and service
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 2024 financial year as approved by the Board. The fair value of PSRs
and RSUs are detailed in Note 24 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.

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

ANSELL LIMITEDANNUAL REPORT 2023R
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2. 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.

Operating Segments

Note

Healthcare
US$m

Industrial
US$m

Unallocated
US$m

Total Group
US$m

2023

Sales revenue

Operating profit/(loss) before significant items

Share of loss of equity accounted investment, net of tax

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

Significant items

3(b)

Profit 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

904.2

114.9

(1.5)

113.4

750.9

103.9

–

103.9

–

(11.0)

–

(11.0)

1,275.0

103.0

30.5

46.0

951.7

124.8

33.8

17.6

303.9

687.4

3.7

3.6

1,655.1

207.8

(1.5)

206.3

2.7

209.0

(19.4)

189.6

(39.7)

149.9

(1.6)

148.3

2,530.6

915.2

68.0

67.2

2022

Sales revenue

Operating profit/(loss) before significant items

Share of loss of equity accounted investment, net of tax

Profit before significant items, net financing costs and
income tax expense

Significant Items

3(b)

Profit 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

Note

Healthcare
US$m

Industrial
US$m

Unallocated
US$m

Total Group
US$m

1,189.6

159.2

(8.5)

762.5

107.0

–

150.7

107.0

–

(12.6)

–

(12.6)

1,239.2

141.2

28.0

40.7

928.4

149.5

32.1

23.4

338.6

658.9

5.2

3.4

1,952.1

253.6

(8.5)

245.1

(17.0)

228.1

(19.7)

208.4

(48.6)

159.8

(1.1)

158.7

2,506.2

949.6

65.3

67.5

ANSELL LIMITEDANNUAL REPORT 2023

Notes to the Financial Statements continued
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

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, India and Vietnam.

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

Latin America and Caribbean: manufacturing facility in Brazil.

North America: manufacturing facility in Mexico.

Regions

Asia Pacific

Europe, Middle East and Africa

Latin America and Caribbean

North America

Total regions

Sales Revenue

Regional Assets

2023
US$m

232.8

519.8

169.6

732.9

2022
US$m

273.5

649.9

156.4

872.3

2023
US$m

537.9

223.5

108.1

302.3

2022
US$m

508.8

222.0

93.3

287.5

1,655.1

1,952.1

1,171.8

1,111.6

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

Sales revenue

Assets

2023
US$m

54.8

10.0

2022
US$m

70.1

16.0

ANSELL LIMITEDANNUAL REPORT 20233. 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/(credited)
Net bad debts expense/(credit) 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 forfeiture
Employee benefits expense

Research and development costs
Net foreign exchange gain
Loss/(gain) on the sale of property, plant and equipment
Expenses relating to short term leases
Income from sub-leasing of right-of-use assets
Variable lease payments
Write-down in value of inventories

(b) Significant Items

Russia Business Disruption and Exit (gain)/loss
Net proceeds from Russia exit
Business restructuring
Asset impairment
Total
Related tax expense
Net (profit)/loss
EPS equivalent

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US$m

2022
US$m

16.7
1.8
3.2
(2.3)
19.4

–
0.3
0.3

236.1
14.5
12.4
2.4
(5.5)
259.9

17.9

(8.7)
0.3
3.0
(0.5)
14.2
4.9

14.7
1.5
3.7
(0.2)
19.7

0.2
(0.4)
(0.2)

230.9
15.0
12.8
2.3
(2.6)
258.4

17.5

(5.9)
(1.3)
0.8
(0.6)
12.5
7.4

2023
US$m
(2.7)
–
–
(2.7)
–
(2.7)
(2.2 cents)

2022
US$m
–
7.2
9.8
17.0
–
17.0
13.4 cents

Before the commencement of the Russia/Ukraine conflict, the Group operated a legal entity in Russia responsible for importing,
marketing and selling Ansell’s products in Russia and operated a small manufacturing facility in Russia, of which the production served
the local market (collectively known as Ansell Russia). There were no exports from Russia. In FY21, Ansell Russia generated $37.2m sales.

The Ansell Russia business incurred disruption since March 2022 and the Group decided to cease Ansell Russia’s commercial and
manufacturing operations. By 30 June 2022, the Group recognised $17.0m one-off expenses at nil income tax impact (EPS equivalent
of 13.4 cents), including $9.8m asset impairment, being the amount where the carrying amount of an asset exceeds its recoverable amount
and $7.2m business restructuring. The recoverable amount of each asset is an asset’s fair value less costs of disposal. At each balance
sheet date, management uses its judgement in determining the fair value less costs of disposal for each asset and establishing a
provision based on the expected settlement of various payment obligations. The actual value to be realised or settled in the future
may be different from the estimated amounts, and any such differences would affect future earnings of the Group.

In April 2023, the Group completed the divestment of its Russian operations with net proceeds of $2.7m.

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.

ANSELL LIMITEDANNUAL REPORT 2023

Notes to the Financial Statements continued
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

4. Income Tax

(a) Income Tax Expense

2023
US$m

2022
US$m

Prima facie income tax calculated at 30% (2022: 30%) on profit before income tax

56.9

62.5

Adjusted by the tax effect of:

Investment and export incentive allowances

Share of loss of equity accounted investment

Net lower overseas tax rates

Tax (gains)/losses generated but not recognised

Prior year over provision

Tax rate change in foreign jurisdiction

Other permanent differences

Income tax expense attributable to profit before income tax

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

Current year income tax

Deferred income tax attributable to:

Increase in deferred tax liability

(Increase)/decrease in deferred tax asset

Income tax (expense)/benefit recognised in other comprehensive income

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

Change in fair value of equity investments at fair value through other comprehensive income

Movement in effective hedges for year

(5.2)

0.4

(7.2)

(5.4)

(1.2)

1.8

(0.4)

39.7

43.7

3.8

(7.8)

39.7

(10.4)

2.0

(11.6)

11.7

(5.5)

–

(0.1)

48.6

32.3

4.3

12.0

48.6

2023
US$m

2022
US$m

0.4

0.1

(4.4)

(3.9)

1.4

0.1

4.7

6.2

ANSELL LIMITEDANNUAL REPORT 2023
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US$m

2022
US$m

53.6

20.0

73.6

17.2

27.5

2.3

0.8

5.1

0.7

20.0

73.6

65.1

1.5

7.8

(0.4)

73.6

12.7

66.7

–

2.5

0.8

(0.7)

82.0

80.4

1.7

3.8

0.9

(4.3)

(0.5)

82.0

44.6

20.5

65.1

15.1

20.7

2.3

0.6

5.9

–

20.5

65.1

83.1

(0.5)

(12.0)

(1.4)

(4.1)

65.1

11.2

65.6

4.4

–

(0.8)

80.4

72.3

0.2

4.3

–

4.8

(1.2)

80.4

(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

Tax rate change in foreign jurisdiction

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/(over) provision of prior year balance

Amount credited/(charged) to the Income Statement

Amount debited 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

Tax rate change in foreign jurisdiction

Additions through entities/businesses acquired

Other

Total deferred tax liabilities

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

Balance at the beginning of the financial year

Under provision of prior year balance

Amount charged to the Income Statement

Additions through entities/businesses acquired

Amount (credited)/debited to other comprehensive income

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

ANSELL LIMITEDANNUAL REPORT 2023

Notes to the Financial Statements continued
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

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 Balance Sheet and their associated tax bases. The amount of deferred tax provided
is based on the expected manner of realisation of the asset or settlement of the liability using tax rates enacted or substantively enacted
at reporting date.

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

The Group has not recognised the tax value of deferred tax assets in respect of trading tax losses of $24.8m (2022: $28.8m) and $80.2m
of capital losses (2022: $54.2m). Deferred tax assets in respect of these unbooked losses have not been recognised as it is not probable
that future taxable profits will be available against which these losses can be utilised.

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

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 potential ordinary shares

Number of ordinary shares for diluted Earnings Per Share

Earnings Per Share

Basic Earnings Per Share

Diluted Earnings Per Share

2023
US$m

149.9

(1.6)

148.3

2022
US$m

159.8

(1.1)

158.7

148.3

158.7

Number of Shares (Millions)

126.3

0.8

127.1

126.8

1.4

128.2

US Cents

117.5

116.7

125.2

123.8

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, including under the Executive Share Plan (refer to Note 15 Contributed
Equity and Reserves) and the Long-Term Incentive Plan (refer to Note 24 Ownership-based Remuneration Schemes).

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(a) Cash and Cash Equivalents
Cash at bank

Short-term deposits

Restricted cash

Restricted deposits

Total cash and cash equivalents

2023
US$m

65.9

90.6

156.5

0.2

2.7

159.4

2022
US$m

85.7

117.3

203.0

0.4

2.8

206.2

(b) Reconciliation of Net Profit After Tax to Net Cash Provided by Operating Activities
Profit for the period

149.9

159.8

Add/(less) non-cash items:

Depreciation

Amortisation

Impairment – trade receivables charged/(credited)

Share-based payments forfeiture

Write-down of property, plant and equipment and intangible assets

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 loss from equity accounted investment, net of tax

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

Net proceeds from Russia exit

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

Change in assets and liabilities:

Decrease in trade and other receivables

Decrease in inventories

Increase in other assets

Decrease in trade and other payables

Increase/(decrease) in provisions/other liabilities

Decrease in retirement benefit obligations

Increase in deferred tax liabilities

(Increase)/decrease in deferred tax assets

Increase/(decrease) in current tax liabilities

Other non-cash items (including foreign currency impact)

Net cash provided by operating activities

42.4

25.6

0.3

(5.5)

0.2

(2.3)

19.9

1.8

1.5

0.3

(2.7)

231.4

14.8

8.8

(5.7)

(75.1)

6.5

(0.1)

1.1

(4.9)

3.7

–

180.5

37.7

27.6

(0.4)

(2.6)

10.4

(0.2)

18.4

1.5

8.5

(1.3)

–

259.4

59.1

67.9

(1.6)

(111.7)

(47.3)

–

9.2

7.8

(18.3)

(2.6)

222.0

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 23 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).

ANSELL LIMITEDANNUAL REPORT 2023

Notes to the Financial Statements continued
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

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/(credited) to the Income Statement

Amounts utilised

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

2023
US$m

180.9

526.1

(169.7)

537.3

2023
US$m

247.5

(3.3)

(63.3)

180.9

10.3

191.2

2023
US$m

2.9

0.3

(0.1)

0.2

3.3

2022
US$m

191.2

521.3

(232.0)

480.5

2022
US$m

265.4

(2.9)

(71.3)

191.2

10.5

201.7

2022
US$m

6.7

(0.4)

(3.0)

(0.4)

2.9

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

2023
US$m

228.3

14.8

0.9

3.5

247.5

2022
US$m

243.6

15.8

1.4

4.6

265.4

2023
US$m

2022
US$m

–

3.3

–

2.9

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(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

2023
US$m

76.7

20.3

429.1

526.1

2023
US$m

946.8

2023
US$m

169.7

49.8

219.5

2022
US$m

71.4

20.9

429.0

521.3

2022
US$m

1,105.6

2022
US$m

232.0

44.3

276.3

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 and 60 days.

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

The Group determines that the trade receivables are low credit risk financial assets and measures the impairment of trade receivable
balances based on an expected credit loss model. The following basis have been used to assess the allowance for impairment of
trade receivables:

• 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 90 days from invoice date or within the agreed payment terms with
the supplier.

ANSELL LIMITEDANNUAL REPORT 2023

Notes to the Financial Statements continued
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

8. Financial Assets

Financial Assets

Financial assets designated as:

Fair Value through Other Comprehensive Income (FVOCI)

Fair Value through Profit or Loss (FVTPL)

Amortised cost

2023
US$m

2022
US$m

4.4

2.1

–

6.5

4.1

2.0

2.3

8.4

Financial assets designated as FVOCI
The Group accounted for its unlisted equity investments in Modjoul, Inc and another company using the FVOCI method. A $0.3m fair
value gain was recognised as other comprehensive income during the year (2022: $0.3m gain). No dividend income was recognised
during 2023 (2022: nil).

Financial assets designated as FVTPL
The Group holds a $2.1m (2022: $2.0m) investment in a convertible promissory note offering from Modjoul, Inc for a 24 month term
with 5% interest.

Financial assets designated as amortised cost
The Group derecognised the loan to Careplus (M) Sdn Bhd (CMSB) as a financial asset at amortised cost, after the consolidation of CMSB
as a subsidiary in the Group’s financial statements effective 31 December 2022 (2022: $2.3m). Refer to Note 21 Control of Subsidiary.

Recognition and Measurement
On initial recognition, a financial asset is classified as measured at: amortised cost, FVOCI or FVTPL. Financial assets are not reclassified
subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all
affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.

A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as FVTPL:

• It is held within a business model whose objective is to hold assets to collect contractual cash flows; and

• Its contractual terms give rise on specific dates to cash flows that are solely payments of principal and interest on the principal

amount outstanding.

On initial recognition of an unlisted equity investment that is not held for trading, the Group may irrevocably elect to present subsequent
changes in the investment’s fair value in OCI. This election is made on an investment-by-investment basis.

All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. On initial
recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised
cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

Equity investments at FVOCI are subsequently measured at fair value and any changes are recognised in OCI and reflected in the other
reserve in equity. When this financial asset is derecognised, the cumulative gain or loss in equity is transferred to retained earnings.
Dividends received are recognised in the Income Statement.

Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any interest or dividend income,
are recognised in the Income Statement.

Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. Interest income,
foreign exchange gains and losses and impairment are recognised in the Income Statement.

Investments in financial assets are classified as investing activities within the Group’s Statement of Cash Flows.

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9. Property, Plant and Equipment

2023

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

8.1

–

8.1

59.0

(18.0)

41.0

82.1

(36.5)

45.6

548.1

(344.7)

203.4

53.6

750.9

–

(399.2)

53.6

351.7

Balance at the beginning of the financial year

8.1

26.2

42.6

186.1

36.4

299.4

Additions

Additions through entities acquired

Disposals/scrappings/asset impairment

Transfer from buildings and plant under construction

Depreciation

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

–

8.1

0.4

8.2

–

8.3

(1.7)

(0.4)

41.0

–

2.9

(0.1)

5.8

(4.1)

(1.5)

45.6

2.9

13.4

(0.1)

42.1

(36.6)

(4.4)

203.4

63.0

11.1

(0.1)

(56.2)

–

(0.6)

53.6

66.3

35.6

(0.3)

–

(42.4)

(6.9)

351.7

2022

Cost

Accumulated depreciation

Movement

Balance at the beginning of the financial year

Additions

Disposals/scrappings/asset impairment

Transfer from buildings and plant under construction

Depreciation

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

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

8.1

–

8.1

9.9

–

(1.0)

–

(0.8)

8.1

42.4

(16.2)

26.2

75.5

(32.9)

42.6

505.2

(319.1)

186.1

36.4

667.6

–

(368.2)

36.4

299.4

28.3

45.5

184.8

–

(0.4)

1.8

(1.5)

(2.0)

–

(1.7)

3.1

(3.9)

(0.5)

2.2

(4.3)

43.3

(32.3)

(7.6)

26.4

60.6

–

(48.2)

–

(2.4)

294.9

62.8

(7.4)

–

(37.7)

(13.2)

26.2

42.6

186.1

36.4

299.4

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 – 50 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.

ANSELL LIMITEDANNUAL REPORT 2023

Notes to the Financial Statements continued
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

10. Leases

(a) Right-of-use assets

2023

Cost

Accumulated depreciation

Movement

Balance at the beginning of the financial year

New leases

Additions through entities/businesses acquired

Modifications

Terminations

Amortisation

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

2022

Cost

Accumulated depreciation

Movement

Balance at the beginning of the financial year

New leases

Modifications

Terminations

Amortisation

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

Buildings
US$m

152.8

(80.1)

72.7

46.3

36.8

–

5.1

–

(16.1)

0.6

72.7

Buildings
US$m

128.8

(82.5)

46.3

48.9

1.2

15.1

(1.8)

(16.3)

(0.8)

46.3

Motor
Vehicles
US$m

Other Plant
& Equipment
US$m

15.4

(7.9)

7.5

8.2

3.3

–

0.1

(0.3)

(4.0)

0.2

7.5

6.7

(1.8)

4.9

2.7

0.8

2.4

(0.1)

–

(0.8)

(0.1)

4.9

Motor
Vehicles
US$m

Other Plant
& Equipment
US$m

14.8

(6.6)

8.2

10.0

4.0

0.2

(1.0)

(4.3)

(0.7)

8.2

3.9

(1.2)

2.7

2.2

1.2

–

(0.6)

(0.1)

2.7

Total
US$m

174.9

(89.8)

85.1

57.2

40.9

2.4

5.1

(0.3)

(20.9)

0.7

85.1

Total
US$m

147.5

(90.3)

57.2

61.1

6.4

15.3

(2.8)

(21.2)

(1.6)

57.2

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(b) Lease Liabilities

Balance at the beginning of the financial year

New leases

Additions through entities/businesses acquired

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

2023
US$m

59.5

40.9

2.0

5.1

(0.3)

(20.5)

0.6

87.3

17.3

70.0

87.3

2022
US$m

63.8

6.4

–

15.3

(2.8)

(21.5)

(1.7)

59.5

18.2

41.3

59.5

(c) Maturity Analysis – Lease Liabilities
The following table sets out the contractual maturities of the Group’s lease liabilities into relevant maturity groupings based on
the remaining period at the reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual
undiscounted cash flows comprising principal and interest repayments.

2023

Lease Liabilities

2022

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

87.3

59.5

108.8

69.5

20.6

19.7

16.7

14.0

30.6

19.5

40.9

16.3

(d) Recognition and measurement
The Group leases buildings, 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 Leases,
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.

ANSELL LIMITEDANNUAL REPORT 2023

Notes to the Financial Statements continued
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

11. Intangible Assets

2023

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

973.9

249.7

Additions

Additions through entities/businesses acquired

Asset impairment

Net exchange differences on translation
of foreign subsidiaries

Balance at the end of the financial year

–

7.4

–

4.2

985.5

Provision for amortisation and impairment

Balance at the beginning of the financial year

139.5

Amortisation

Asset impairment

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

–

0.7

140.2

845.3

–

(0.8)

248.9

58.5

0.1

(0.2)

(1.4)

57.0

191.9

64.5

3.5

–

(0.8)

(1.2)

66.0

53.1

3.4

(0.6)

(1.2)

54.7

11.3

23.6

1,311.7

–

23.6

11.2

1.2

–

12.4

11.2

3.5

7.4

(0.8)

2.2

1,324.0

262.3

4.7

(0.8)

(1.9)

264.3

1,059.7

Software additions and amortisation is net ($2.4m) of the FY21 change in accounting policy for cloud computing arrangements.

2022

Cost

Balance at the beginning of the financial year

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

Asset impairment

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

Goodwill
US$m

Brand
Names
US$m

Software
Costs
US$m

Other
Intangibles
US$m

991.6

–

(17.7)

973.9

140.2

–

(0.7)

139.5

834.4

258.9

–

(9.2)

249.7

60.7

0.1

1.1

(3.4)

58.5

191.2

66.7

4.0

(6.2)

64.5

52.8

5.1

0.2

(5.0)

53.1

11.4

23.6

–

23.6

10.0

1.2

–

11.2

12.4

Total
US$m

1,340.8

4.0

(33.1)

1,311.7

263.7

6.4

1.3

(9.1)

262.3

1,049.4

Software additions and amortisation is net ($3.2m) of the FY21 change in accounting policy for cloud computing arrangements.

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

Healthcare

Industrial

Recognition and Measurement

2023
US$m

688.1

349.1

2022
US$m

680.2

345.4

1,037.2

1,025.6

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.

Configuration or Customisation Costs in a Cloud Computing Arrangement
Software-as-a-Service (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).

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.

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.

ANSELL LIMITEDANNUAL REPORT 2023

Notes to the Financial Statements continued
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

11. Intangible Assets continued

Recoverability Assessment
Recoverable Amount of Non-Current Assets Valued on the Cost Basis
The carrying amounts of non-current assets valued on the cost basis are reviewed to determine whether they are in excess of their
recoverable amount at balance date.

The recoverable amount of a non-current asset is the higher of an asset’s fair value less costs of disposal and value in use. In assessing
value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely
independent cash flows, the recoverable amount is determined for the CGU to which the asset belongs.

An impairment loss is recognised whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment
losses are recognised in the Income Statement as part of cost of goods sold and selling, general and administration expenses.
Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to CGUs
and then to reduce the carrying amount of the other assets in the unit.

An impairment loss is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after
the impairment loss was recognised. An impairment loss in respect of goodwill or other indefinite life intangible assets is not reversed.

An impairment loss in other circumstances is reversed only to the extent that the asset’s carrying amount does not exceed the carrying
amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

Goodwill and Indefinite Life Intangible Assets
Goodwill and indefinite life intangible assets are tested for impairment as part of the year-end reporting process. These assets are also
reviewed as part of the interim reporting process to determine whether there are any indicators of impairment.

The carrying amount of other non-current assets, excluding any defined benefit fund assets, deferred tax assets and financial assets
are reviewed at each reporting date to determine whether there are any indicators of impairment.

If such indicators exist, the asset is tested for impairment by comparing its recoverable amount to its carrying amount. The recoverable
amount of an asset is determined as the higher of fair value less costs of disposal and value in use.

The Group’s CGUs are the same as the segments outlined within Note 2 Segment Information.

The recoverable amount of each CGU has been determined based on a value in use calculation derived from five-year cash flow projections:

• The first year’s cash flow projection is derived from the budget for the 2024 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 2025

to 2028 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 committed capital expenditure,
including related to Environment, Health and Safety, 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 post-tax discount rate, annual
revenue growth and margins.

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 2.1% (2022: 1.9% to 2.0%) and the post-tax discount rates applied range between 8.6% and 9.5% (2022: 8.1% and 8.3%).

The potential impacts of climate change have been considered in the Group’s impairment testing through downside scenario analysis
and key assumption sensitivity assessment. No material financial risks on the carrying value were identified.

ANSELL LIMITEDANNUAL REPORT 202312. Interest Bearing Liabilities

Current

Loans repayable in:

United States dollars

Total current

Non-current

Loans repayable in:

Euros

Malaysia ringgit

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 2023:

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:

Changes through entities/businesses acquired

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

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US$m

2022
US$m

100.0

110.2

1.8

113.0

82.0

307.0

407.0

–

114.4

–

218.0

93.9

426.3

2023
US$m

426.3

19.8

(58.8)

11.5

8.2

407.0

The Group has a syndicated borrowing facility of US$500.0 million with GBP 65.0 million (equivalent of US$82.0 million) and
US$13.0 million drawn down at 30 June 2023 maturing in January 2027. In addition, the Group has a Euro 50.0 million revolving credit
facility, unutilised at 30 June 2023 maturing in July 2024 and Senior Notes to the equivalent of US$310.2 million. Senior Notes of
US$200.0 million and Euro 101.5 million (equivalent of US$110.2 million) mature between April 2024 and June 2029. The Senior
Note that matures in April 2024 has a carrying amount of US$100.0 million. These facilities can be accessed by certain Australian,
US, Europe and UK subsidiaries. The Group also has a MYR 8.3 million (equivalent of US$1.8 million) loan facility maturing in
October 2028 from the acquisition of Ansell Seremban Sdn Bhd (formerly known as Careplus (M) Sdn Bhd).

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.

Interest rate benchmark reform
The Group has GBP 65.0 million and US$13.0 million of loans outstanding under Ansell’s Syndicated Facility Agreement at 30 June 2023.
Of the US$13.0 million of loans, US$8.0 million transitioned to the Term Secured Overnight Financing Rate (SOFR) plus a credit
adjustment spread at 30 June 2023 and US$5.0 million will transition from USD LIBOR at their next interest rate roll-over.

Net interest bearing debt

Current interest bearing liabilities

Current lease liabilities

Non-current interest bearing liabilities

Non-current lease liabilities

Cash at bank and short-term deposits

Net interest bearing debt

2023
US$m

100.0

17.3

307.0

70.0

(156.5)

337.8

2022
US$m

–

18.2

426.3

41.3

(203.0)

282.8

ANSELL LIMITEDANNUAL REPORT 2023

Notes to the Financial Statements continued
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

12. Interest Bearing Liabilities continued

Recognition and Measurement
Interest bearing liabilities are initially recognised at fair value less attributable transaction costs. Subsequent to initial recognition,
interest bearing liabilities are stated at amortised cost. Any difference between the cost and redemption value is recognised in the
Income Statement over the period of the liability using the effective interest method.

Nature and Currency of Borrowing

Bank loans

Other loans

Total interest bearing liabilities

Nature and Currency of Borrowing

Bank loans

Other loans

Great British pounds

Malaysian ringgit

United States dollars

Euros

United States dollars

Euros

Great British pounds

United States dollars

Euros

United States dollars

Total interest bearing liabilities

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

Effective
Interest Rate
% p.a.

Financial
Year of Debt
Maturity

2.10

5.99

4.77

4.87

6.68

6.33

6.45

2.99

2.75

2.47

4.70

4.05

4.68

2027

2028

2029

2027

2028

2029

2024

2025

2026

Effective
Interest Rate
% p.a.

Financial
Year of Debt
Maturity

1.25

2.27

2.72

0.72

2.75

2.47

4.70

4.05

4.68

2025

2027

2028

2029

2024

2025

2026

2023
US$m

25.3

56.7

0.7

1.1

3.5

8.0

1.5

38.8

32.6

100.0

50.0

407.0

2022
US$m

8.4

93.9

18.0

37.3

31.4

100.0

50.0

426.3

2023
US$m

2022
US$m

44.8

5.2

3.2

53.2

8.5

61.7

38.2

7.9

3.0

49.1

8.7

57.8

ANSELL LIMITEDANNUAL REPORT 2023

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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 to the Income Statement

Payments made

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

2023
US$m

2022
US$m

7.9

1.0

(3.7)

–

5.2

3.0

0.3

–

(0.1)

3.2

3.8

5.6

(1.3)

(0.2)

7.9

3.8

0.1

(0.7)

(0.2)

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.

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).

ANSELL LIMITEDANNUAL REPORT 2023

Notes to the Financial Statements continued
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

14. Retirement Benefit Obligations
Certain members of the Group contribute to defined benefit and defined contribution superannuation plans maintained to provide
superannuation benefits for employees. They are obliged to contribute to the various superannuation plans as a consequence of
legislation or Trust Deeds. Legal enforceability is dependent on the terms of the legislation or the Trust Deeds.

(a) Defined Benefit Superannuation Plans
Funding for post-employment benefits is carried out in accordance with the requirements of the Trust Deed for the Fund and the advice
of the Fund’s actuarial adviser. Plan assets are held in trusts which are subject to supervision by prudential regulators. Responsibility
for governance of the plan, including investment decisions and plan rules, rests solely with the board of trustees of the plan.

Retirement Benefit Asset

Fair value of defined benefit plan assets

Present value of accumulated defined benefit obligations

Defined benefit asset recognised in the Balance Sheet

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

Balance at the beginning of the financial year

Actuarial gains/(losses)(i)

Benefits paid(iii)

Net exchange differences on translation of foreign subsidiaries

Balance at the end of the financial year

Retirement Benefit Liability

Present value of accumulated defined benefit obligations

Fair value of defined benefit plan assets

Net defined benefit liability recognised in the Balance Sheet

2023
US$m

2.6

(0.2)

2.4

2023
US$m

2.4

0.1

–

(0.1)

2.4

2023
US$m

27.7

(20.6)

7.1

2022
US$m

3.8

(1.4)

2.4

2022
US$m

2.8

(0.1)

(0.2)

2.4

2022
US$m

27.1

(18.9)

8.2

ANSELL LIMITEDANNUAL REPORT 2023R
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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

The principal actuarial assumptions used (expressed as a weighted average) were as follows:

Discount rate

Future salary increases

2023
US$m

2022
US$m

8.2

(1.4)

2.2

0.2

(2.3)

(0.1)

0.3

7.1

15.7

(5.6)

2.2

0.1

(2.2)

(0.1)

(1.9)

8.2

2023

2022

3.68% to 4.9%

3.1% to 4.3%

Nil* to 3.1%

Nil* to 3.0%

(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.

For those defined benefit plans that have no active employees, no future salary increase was assumed.

The Group expects $1.8m in contributions to be paid to its defined benefit plans during the year ending 30 June 2024.

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 & cash equivalents

Other

(b) Defined Contribution Superannuation Plans

Contributions to defined contribution plans during the year

2023
US$m

11%

72%

2023
US$m

12.4

2022
US$m

77%

2022
US$m

12.8

ANSELL LIMITEDANNUAL REPORT 2023

Notes to the Financial Statements continued
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

15. Contributed Equity and Reserves

(a) Contributed Equity

Ordinary Shares

Executive Share
Plan Shares

Treasury Shares

Contributed Equity

At 30 June 2021

128,006,327

Number

US$m

791.7

Number

44,700

Buyback/cancellation
of shares

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

Purchase of
treasury shares

(737,576)

(14.6)

(41,800)

–

At 30 June 2022

127,268,751

777.1

2,900

Buyback/cancellation
of shares

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

Conversion of Executive
Share Plan shares to
fully paid shares

Purchase of
treasury shares

(453,570)

(8.0)

(2,000)

–

2,000

–

At 30 June 2023

126,817,181

769.1

900

US$m

Number

US$m

Number

(700,000)

(22.7) 127,351,027

US$m

769.0

–

(779,376)

(14.6)

755,232

23.3

755,232

23.3

(1,462,220)

(1,406,988)

(33.9)

(1,462,220)

(33.3) 125,864,663

(33.9)

743.8

–

(455,570)

(8.0)

626,150

15.2

626,150

15.2

–

2,000

–

(17,800)

(798,638)

(0.3)

(17,800)

(18.4) 126,019,443

(0.3)

750.7

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, 129,760 shares were purchased
on market and issued to shareholders during the year (2022: 223,869 new shares were issued to shareholders).

Executive Share Plan
During the financial year, 2,000 Executive Share Plan shares were paid (2022: 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 23 Ansell Limited Employee Share Plan Trust.

Options
As at the date of this Report, there are nil (2022: nil) unissued shares in the Company remaining under option.

ANSELL LIMITEDANNUAL REPORT 2023(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 24 Ownership-based Remuneration Schemes for further details of these plans.

Hedging Reserve
This reserve records the portion of the unrealised gains or losses on cash flow hedges, the cumulative net change in the intrinsic and time
value of options and interest rate swaps that are deemed to be effective.

Other Reserve
The other reserve comprises:

• The cumulative net change in the fair value of equity investments designated at FVOCI; and

• 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.

16. Dividends Paid or Declared

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Dividends paid

A final dividend of US31.20 cents per share unfranked for the year ended 30 June 2022
(June 2021: US43.60 cents unfranked) was paid on 15 September 2022 (2021: 16 September 2021)

An interim dividend of US20.10 cents per share unfranked for the year ended 30 June 2023
(June 2022: US24.25 cents unfranked) was paid on 9 March 2023 (2022: 9 March 2022)

2023
US$m

2022
US$m

38.3

24.6

62.9

55.6

31.2

86.8

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Dividends Declared
Since the end of the financial year the Directors have declared a final dividend of US25.80 cents per share unfranked, to be paid on
7 September 2023. The financial effect of this dividend has not been brought to account in the financial statements for the year ended
30 June 2023 and will be recognised in subsequent financial reports.

Dividend Franking Account
The balance of the dividend franking account as at 30 June 2023 was nil (2022: nil).

ANSELL LIMITEDANNUAL REPORT 2023

Notes to the Financial Statements continued
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

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.
Group treasury identifies, evaluates and hedges financial risks in close co-operation with the Group’s business units. The Board reviews
and approves the Group’s policies for managing each of these risks which are summarised below:

• Note 17(a) Foreign Exchange Risk;

• Note 17(b) Interest Rate Risk;

• Note 17(c) Credit Risk;

• Note 17(d) Liquidity Risk; and

• Note 17(e) Commodity Price Risk.

These risks affect the fair value measurements applied by the Group, which are discussed in Note 17(f) 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 the EPS guidance provided by the Company to the market.

• Under the policy, the Group can hedge up to 90% of its estimated foreign currency exposure in respect of forecast purchases and sales.

The Group enters into a range of derivative financial instruments, which can be defined in the following broad categories:

(i) Forward 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.

(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

2023
US$m

15.8

2022
US$m

16.7

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

Profit for the Year

2023
US$m

2022
US$m

Equity

2023
US$m

–

4.2

(5.0)

2022
US$m

9.7

(7.2)

ANSELL LIMITEDANNUAL REPORT 2023(b) Interest Rate Risk
The Group has a broad aim of managing interest rate risk on its debt by setting a minimum level of interest rate risk days (the weighted
average term of all interest rates in the portfolio) and a minimum fixed/floating interest rate ratio. The Group enters into interest rate
swaps that enable parties to swap interest rates (from or to a fixed or floating basis) for a defined period of time. Maturities of the
contracts are principally between 1 and 10 years.

Prior to the beginning of each year, the Group calculates its financial budget for the upcoming year using an updated set of financial
assumptions and management’s view of the marketplace in the coming financial year. The Group forecasts interest rates for all debt
repricing and new financing.

In this context interest rate risk is the risk that the Group will, as a result of adverse movements in interest rates, experience:

• unacceptable variations to the cost of debt in the review period for which the financial budget has been finalised; and

• unacceptable variations in interest expense from year to year.

It is recognised that movements in interest rates may be beneficial to the Group. Within the context of the Group’s operations,
interest rate exposure occurs from the amount of interest rate repricing that occurs in any 1 year.

The exposure to interest rate risk and the effective weighted average interest rate for interest bearing financial liabilities are set out below:

Weighted
Average
Effective
Interest Rate
%

Fixed Interest Repricing in:

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

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2023

Bank and other loans

Effect of interest rate swaps*

2022

Bank and other loans

Effect of interest rate swaps*

4.4

(0.2)

3.5

(0.2)

96.7

(25.2)

71.5

120.3

13.1

133.4

100.0

(75.0)

25.0

–

(37.3)

50.0

–

50.0

100.0

–

100.0

127.7

50.2

177.9

137.3

24.2

161.5

32.6

50.0

82.6

68.7

–

68.7

407.0

–

407.0

426.3

–

426.3

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* 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.

With all other variables held constant:

If interest rates were 10% higher

If interest rates were 10% lower

Profit for the Year

2023
US$m

2022
US$m

Equity

2023
US$m

–

1.5

(1.6)

2022
US$m

0.3

(0.3)

Interest rate benchmark reform
The Group has no Interest Rate Swaps (IRS’s) subject to IBOR transition at 30 June 2023.

ANSELL LIMITEDANNUAL REPORT 2023

Notes to the Financial Statements continued
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

17. Financial Risk Management continued

(c) Credit Risk
The credit risk on financial assets (excluding investments) of the Group is the carrying amount, net of any provision for impairment,
that has been recognised on the 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.

(i) Credit Risk – Cash and Cash Equivalents
The Group held cash and cash equivalents of US$159.4m at 30 June 2023 (2022: US$206.2m). The material cash and cash equivalent
balances are held with bank and financial institution counterparties which are rated A3 or above by Moody’s Investor Service.

(ii) Credit Risk – Trade Receivables
Customer credit risk is managed by each region subject to established policies, procedures and controls relating to customer credit
risk management.

The Group trades with recognised, creditworthy third parties, and also minimises concentrations of credit risk by undertaking transactions
with a large number of customers and 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

Carrying Amount

2023
US$m

180.9

2022
US$m

191.2

Individual trade receivables that are known to be uncollectible are written off by reducing the carrying amount directly. For these
receivables, the estimated impairment losses are recognised as an allowance for impairment. Receivables for which an impairment
provision was recognised are written off against the provision where there is no expectation of recovering additional cash. Allowances for
impairment are recognised in the Income Statement. Subsequent recoveries of amounts previously written off are credited to the Income
Statement. Movements in the allowance for impairment and the ageing of trade receivables are included in Note 7 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 counter-party 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

2023
US$m

2022
US$m

2023
US$m

2022
US$m

2023
US$m

2022
US$m

2023
US$m

2022
US$m

Term:

0-6 months

6-12 months

1-2 years

2-5 years

> 5 years

Total

2.2

0.1

–

2.3

5.8

1.2

–

7.0

–

4.3

1.4

5.7

0.2

–

1.8

–

2.0

0.5

1.4

–

1.9

5.4

4.7

–

10.1

2.7

1.5

–

4.3

1.4

9.9

11.4

5.9

–

1.8

–

19.1

100

ANSELL LIMITEDANNUAL REPORT 2023R
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(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.

The 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.

2023

Trade and other payables

Bank and other loans

Derivative financial instruments

Total

2022

Trade and other payables

Bank and other loans

Derivative financial instruments

Total

Carrying
Amount
US$m

Total
Contractual
Cash Flows
US$m

219.5

407.0

9.7

636.2

277.0

426.3

6.2

709.5

219.5

452.2

9.7

681.4

277.0

478.3

6.2

761.5

0-1
US$m

219.5

115.8

9.7

345.0

276.3

14.8

6.2

297.3

Contractual Maturity (Years)

1-2
US$m

2-5
US$m

> 5
US$m

–

61.9

–

61.9

0.7

113.7

–

114.4

–

240.1

–

240.1

–

278.9

–

278.9

–

34.4

–

34.4

–

70.9

–

70.9

The Group assessed the concentration of risk with respect to its financial liabilities and concluded it to be low. The Group has access
to a sufficient variety of potential funding sources.

(e) Commodity Price Risk
Ansell is a significant buyer of natural rubber latex and a range of synthetic latex products. It purchases these products in a number of
countries in Asia, predominately Malaysia, Thailand and Sri Lanka. The Group is not active in hedging its purchases on rubber exchanges
but may, from time to time, buy from suppliers or brokers at a fixed price for up to several months into the future. To the extent that any
increases in these costs cannot be passed through to customers in a timely manner, the Group’s profit after income tax and shareholder’s
equity could be impacted adversely.

101

ANSELL LIMITEDANNUAL REPORT 2023

Notes to the Financial Statements continued
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

17. Financial Risk Management continued

(f) Fair Value
The Group considers that the carrying amount of recognised financial assets and financial liabilities approximates their fair value.
Derivative financial instruments are carried at their fair value.

The following table displays:

(i) Nominal/Face Value
This is the contract’s value upon which a market rate is applied to produce a gain or loss which becomes the settlement value
of the derivative financial instrument.

(ii) Credit Risk (Derivative Financial Instruments)
This is the maximum exposure to the Group in the event that all 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 conditions and not in a
liquidation or forced sale environment. The net amount owing (to)/by financial institutions under all derivative financial instruments
would have been $0.2m (2022: $12.9m) if all contracts were closed out on 30 June 2023.

Average Exchange
Rates

Average
Maturity Days

Nominal/
Face Value
US$m

Credit Risk
US$m

Net Fair Value
US$m

2023

Foreign exchange contracts

Purchase/sale contracts:

– United States dollars/Euros

– United States dollars/Japanese yen

– Malaysian ringgits/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

1.08

135.46

4.40

34.27

310.47

0.68

1.32

–

Foreign exchange zero cost collar options

Options strike rates

– Euros/United States dollars

– Canadian dollars/United States dollars

– Great British pounds/United States dollars

1.04 – 1.09

1.32 – 1.29

1.20 – 1.24

– Japanese yen/United States dollars

130.9 – 124.3

– United States dollars/Thai Baht

– Australian dollars/United States dollars

34.8 – 36.6

0.69 – 0.71

164

204

–

175

104

175

174

189

Interest rate contracts

Interest Rate Swaps:

– GBP Payable fixed

– USD Payable fixed

Total

Interest rate %

0.90

2.96

Years

3.7

5.7

102

37.5

5.4

85.5

33.3

3.2

9.3

5.3

90.0

150.6

8.4

26.8

4.0

11.0

0.7

25.2

75.0

571.2

0.1

0.3

–

0.3

–

1.6

1.1

0.1

0.3

0.1

–

3.7

2.0

9.9

(0.3)

0.3

(3.4)

(0.8)

–

0.3

–

1.4

(2.7)

0.1

(0.8)

0.3

0.1

–

3.7

2.0

0.2

ANSELL LIMITEDANNUAL REPORT 2023Average
Exchange Rates

Average
Maturity Days

Nominal/
Face Value
US$m

Credit Risk
US$m

Net Fair
Value
US$m

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184

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208

159

144

185

127.3

6.3

97.8

10.5

–

12.2

5.3

98.5

112.6

16.0

6.8

4.8

37.0

24.2

37.3

596.6

5.8

0.3

–

0.5

–

0.3

8.2

0.3

0.6

0.8

0.2

1.9

0.2

19.1

5.8

0.3

(2.8)

(0.1)

–

0.5

–

(1.2)

7.8

0.3

0.6

0.7

(1.1)

1.9

0.2

12.9

2022

Foreign exchange contracts

Purchase/sale contracts:

– United States dollars/Euros

– Australian dollars/Japanese yen

– Malaysian ringgits/United States dollars

– Thai baht/United States dollars

– Sri Lankan rupees/United States dollars

– United States dollars/Australian dollars

– United States dollars/Canadian dollars

– Other

1.10

130.07

4.26

34.96

–

0.72

1.28

–

Foreign exchange zero cost collar options

Options strike rates

– Euros/United States dollars

– Canadian dollars/United States dollars

– Great British pounds/United States dollars

– Japanese yen/United States dollars

– United States dollars/Thai Baht

1.14 – 1.16

1.28 – 1.22

1.34 – 1.37

113.7 – 110.5

32.6 – 34.2

Interest rate contracts

Interest Rate Swaps:

– GBP Payable fixed

– Euros Payable floating

Total

Interest rate %

0.90

EURIBOR

Years

4.7

0.2

103

ANSELL LIMITEDANNUAL REPORT 2023

Notes to the Financial Statements continued
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

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

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

Carrying
Amount of
Hedging
Instruments*

Hedge
Ineffectiveness
Recognised
in the Income
Statement

Amount
Reclassified
from Hedging
Reserve to
the Income
Statement

(3.0)

(4.0)

3.7

2.0

(3.0)

(4.0)

3.7

2.0

3.0

4.0

(3.7)

(2.0)

(3.0)

(4.0)

3.7

2.0

–

15.0

(3.9)

1.9

–

Change in
Value of the
Hedging
Instrument for
Calculating
Hedge
Ineffectiveness

Change in
Value of the
Hedged Item
for Calculating
Hedge
Ineffectiveness

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

Carrying
Amount of
Hedging
Instruments*

Hedge
Ineffectiveness
Recognised
in the Income
Statement

Amount
Reclassified
from Hedging
Reserve to
the Income
Statement

15.0

(3.9)

1.9

15.0

(3.9)

1.9

(15.0)

3.9

(1.9)

15.0

(3.9)

1.9

0.2

–

0.3

(1.3)

(0.4)

–

2023
US$m

Cash flow hedges

Revenue (up to 1 year)

Costs (up to 1 year)

GBP interest

USD interest

2022
US$m

Cash flow hedges

Revenue (up to 1 year)

Costs (up to 1 year)

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 Level 3 financial assets designated at FVOCI and FVTPL. 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 financial assets designated as FVOCI and FVTPL is calculated based on the latest
available valuation inputs at each reporting date, including unlisted equity investee’s financial information and recent transactions.

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.

104

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Level 2

Derivative financial assets

Derivative financial liabilities

Level 3

Financial assets designated as FVOCI

Financial assets designated as FVTPL

(g) Recognition and Measurement

2023
US$m

2022
US$m

9.9

9.7

4.4

2.1

19.1

6.2

4.1

2.0

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 Balance Sheet.

On a continuing basis, the Group monitors its future exposures and on some occasions hedges all or part of these exposures.
The transactions which may be covered are future net cash flows of overseas subsidiaries, future foreign exchange requirements
and interest rate positions.

These exposures are then monitored and may be modified from time to time. The foreign exchange hedge instruments are predominantly
up to 12 months’ duration and are used to hedge operational transactions the Group expects to occur in this time frame. From time
to time minor mismatches occur in the forward book; however, these mismatches are managed under guidelines, limits and internal
controls. Interest rate derivative instruments can be for periods up to 10 years as the critical terms of the instruments are matched
to the underlying borrowings.

Derivative financial instruments are recognised initially at fair value and subsequently remeasured to their fair value at each reporting
date. The fair value of forward exchange contracts, foreign exchange options and interest rate swap contracts is determined by reference
to current market rates for these instruments.

The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument and
continues to satisfy the conditions for hedge accounting, and if so, the nature of the item being hedged. The Group designates certain
derivatives as either 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.

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.

105

ANSELL LIMITEDANNUAL REPORT 2023

Notes to the Financial Statements continued
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

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.

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. Commitments and Contingencies

(a) Capital Expenditure Commitments

Contracted but not provided for in the financial statements:

Plant and equipment

Payable within one year

2023
US$m

43.4

2022
US$m

21.0

(b) Contingent Liabilities
Contingent liabilities are potential future cash outflows where the likelihood of payment is more than remote but is not considered
probable or cannot be reliably measured. Contingent liabilities are not recognised in the Statement of Financial Position but are disclosed.

Class action
On 10 August 2023, the Group announced it had been served with a shareholder class action filed in the Supreme Court of Victoria
by the law firm Slater & Gordon on behalf of the lead plaintiff, Michael Gary Warner. The claim is expressed to be made on behalf of
shareholders who acquired an interest in fully paid ordinary shares in Ansell during the period between 24 August 2021 and 28 January
2022 (inclusive). It is alleged that, during this period, Ansell failed to comply with its continuous disclosure obligations and engaged
in misleading and deceptive conduct prior to the release of its FY22 Trading and Business Update on 31 January 2022. Ansell denies
any liability and will vigorously defend the claim.

It is not possible to determine the ultimate impact of this claim, if any, on the Group. No provision has been recognised in respect
of the year ended 30 June 2023.

Other claims
From time to time, entities within the Group are party to various legal actions as well as inquiries from regulators and government
bodies that have arisen in the ordinary course of business. Consideration has been given to such matters and it is expected that
the resolution of these contingencies will not have a material impact on the financial position of the Group, or are not at a stage
to support a reasonable evaluation of the likely outcome.

106

ANSELL LIMITEDANNUAL REPORT 202319. 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.

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

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.

Ansell Seremban Sdn Bhd (also known as Careplus (M) Sdn Bhd)

Hercules Equipamentos de Protecao Ltda

Ansell Brazil LTDA

Ansell Textiles Lanka (Pvt.) Ltd.

Ansell (Thailand) Ltd.

Ansell US Group Holdings Pty. Ltd.

Ansell USA LLC

Ansell (USA) Inc.

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

Pacific Dunlop Holdings (USA) LLC

107

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Beneficial Interest

Country of
Incorporation

2023
%

2022
%

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

USA*

Mexico*

USA*

100

ANSELL LIMITEDANNUAL REPORT 2023

Notes to the Financial Statements continued
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

19. Particulars Relating to Subsidiaries continued

Barriersafe Solutions International Inc.

Ansell Healthcare Products LLC

Ansell Sandel Medical Solutions LLC

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.

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 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

Ansell Korea Co. Ltd.

Ansell Vina Corporation

Ansell Xiamen Limited

Ansell Microgard Xiamen Limited

Nitritex 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.

The Distribution Group Holdings Pty. Ltd.

The Distribution Group Pty. Ltd.

The Distribution Trust

Xelo Pty. Ltd.

Xelo Sacof Pty. Ltd.

Beneficial Interest

Country of
Incorporation

2023
%

2022
%

USA*

Chile*

Singapore*

U.K.*

Belgium*

Germany*

Italy*

Turkey*

Norway*

Sweden*

Lithuania*

France*

Poland*

Spain*

France*

Malaysia*

Portugal*

South Korea*

Vietnam*

China*

U.K.*

Malaysia*

Singapore*

India*

Hong Kong*

Australia

100

100(a)

100

100(a)

100

Subsidiaries incorporated outside Australia carry on business in those countries.

(a) The trustee of The Distribution Trust is The Distribution Group Pty. Ltd. The beneficiary of the trust is Ansell Limited.

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The following wholly owned subsidiaries were liquidated or merged with another subsidiary during the year:

• Ringers Technologies Denmark ApS

• Ringers Global Middle East FZE

• Ansell Hawkeye, Inc. (merged with Ansell Healthcare Products LLC)

• S.T.P. (Hong Kong) Ltd.

• Ringers Technologies Australia Pty Ltd

The following wholly owned entities were disposed of during the year:

• Ansell Rus LLC

• Ansell Manufacturing Rus LLC

20. Parent Entity Disclosures
As at the end of and throughout the financial year ending 30 June 2023, the parent company of the Group was Ansell Limited.

Result of the parent entity

Profit for the year

Other comprehensive income

Total comprehensive income for the period, net of income tax

Financial Position of the Parent Entity at Year End

Current assets

Total assets

Current liabilities

Total liabilities

Total equity of the parent entity comprising:

Issued capital

Reserves

Retained profits

Total equity

2023
US$m

73.9

(12.1)

61.8

2023
US$m

1,159.2

2,498.9

1,582.7

1,581.9

750.7

(438.3)

604.6

917.0

2022
US$m

98.8

10.3

109.1

2022
US$m

1,228.2

2,617.9

1,631.5

1,632.8

743.8

(352.1)

593.4

985.1

The Group has a net current asset position of $497.4m (2022: $624.2m), which the parent company controls. As at 30 June 2023,
the parent company has a net current liability position of $423.5m (2022: $403.3m). 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.

109

ANSELL LIMITEDANNUAL REPORT 2023

Notes to the Financial Statements continued
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

21. Control of Subsidiary
Careplus (M) Sdn Bhd (CMSB) was a joint venture in which the Group had joint control with Careplus Group Berhad and a 50% ownership
interest (2022: 50%). On 28 February 2023, the Group completed the acquisition of CMSB, acquiring the balance of 50% of the issued
shares in CMSB from Careplus Group Berhad. The Group is deemed to have obtained control of CMSB based on AASB 10 Consolidated
Financial Statements and consolidated CMSB as a subsidiary in the Group’s financial statements effective 31 December 2022. The purpose
of the acquisition is to strengthen business synergies through a combination of innovation and best in class manufacturing and quality
assurance practices. This investment, along with other capital investments by the Group’s wholly-owned manufacturing facilities,
delivers the capacity to continue to grow and satisfy the increasing global demand for surgical gloves.

Consideration

Remeasurement of pre-existing equity accounted investment

Fair value of minority equity interest

Total consideration for 100% equity

Add: Financial assets

Add: Shareholder loan from minority interests

Total consideration, net of cash

US$m

8.0

8.6

16.6

2.3

21.2

No gain or loss was recognised on the remeasurement of the pre-existing equity accounted investment.

CMSB was acquired for total cash consideration of $10.9m, with $8.6m for 50% equity interest paid in February 2023 and $2.3m for the
MYR 10.0m shareholder loan paid in June 2023, reported as “Payments for businesses, net of cash acquired” within the Statement of
Cash Flows. Of the cash consideration for the 50% equity interest, 20% or MYR 7.5m (equivalent to $1.7m) was deposited into an
interest bearing fixed term deposit account in accordance with the restrictions and terms stipulated in the Share Purchase Agreement.

Identifiable net assets acquired and liabilities assumed
As at 30 June 2023, the assets and liabilities of CMSB were measured at fair value with fair values having been determined
on a provisional basis, as follows:

Inventories

Property, plant and equipment

Right-of-use assets

Lease liabilities

Loans and borrowings

Other net liabilities assumed

Fair value of identifiable net assets (100%)

Fair value of net assets (100%)

Goodwill

Total consideration, net of cash

Goodwill
Goodwill arising from the consolidation has been recognised as follows:

Non-controlling interest

Financial asset at amortised cost

Pre-existing equity accounted investment interest in CMSB

Fair value of identifiable net assets

Goodwill

110

Provisional
Fair Value
US$m

6.3

35.6

2.4

(2.0)

(11.5)

(17.0)

13.8

7.4

21.2

US$m

10.9

2.3

8.0

(13.8)

7.4

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Acquisition related costs
The Group incurred acquisition related costs of $0.5m. These costs are included in the Income Statement for year ended 30 June 2023
and are disclosed in selling, general and administration expenses.

If controlled from 1 July 2022
During the year ended 30 June 2023, a $1.5 million loss (EPS reduction of 1.2 cents) was recognised in the income statement representing
50% of the net loss of CMSB. If CMSB was deemed to have been controlled by the Group from 1 July 2022, there would have been no
change to profit attributable to Ansell Limited shareholders.

For the year ended 30 June 2023

Share of loss of equity accounted investment, net of tax

Profit for the period is attributable to:

Ansell Limited shareholders

Non-controlling interests

Profit for the period

Recognition and measurement

If controlled
from
1 July 2022
US$m

As reported
US$m

(1.5)

–

148.3

1.6

149.9

148.3

0.1

148.4

Business Combinations
The Group accounts for step acquisitions by remeasuring the previously held equity interest in the acquiree at its fair value and
recognise the resulting gain or loss, if any, in the income statement and applying the acquisition method to account for the business
combination. Identifiable assets acquired and liabilities and contingent liabilities assumed are measured at fair value. Any excess
of the cost of acquisition over the fair values of the net identifiable assets acquired is recognised as goodwill. Transaction costs
are expensed as incurred unless related to the issue of debt or equity securities.

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

Balance at the beginning of the financial year

Loss for the year

Net exchange differences on translation

Consolidation of CMSB

Balance at the end of the financial year

2023
US$m

9.6

(1.5)

(0.1)

(8.0)

–

2022
US$m

18.9

(8.5)

(0.8)

–

9.6

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.

At each reporting date, the Group reviews the recoverable amount of its equity accounted investments. An impairment loss is recognised
if the carrying amount of an asset exceeds its recoverable amount.

Investments in equity accounted investments are classified as investing activities within the Group’s Statement of Cash Flows.

111

ANSELL LIMITEDANNUAL REPORT 2023

Notes to the Financial Statements continued
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

22. Related Party Disclosures

(a) Subsidiaries
Ansell Limited is the parent entity of all entities detailed in Note 19 Particulars Relating to Subsidiaries and from time to time has
dealings on normal commercial terms and conditions with those entities, the effects of which are eliminated in these consolidated
financial statements.

(b) Transactions With Key Management Personnel

(i) Key Management Personnel Remuneration

Short-term benefits

Retirement benefits

Long-term equity-based incentives

2023
US$

2022
US$

4,956,319

5,179,321

323,344

(1,149,867)

394,138

331,912

4,129,796

5,905,371

(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.

23. 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 behalf of the Directors under the
Voluntary Share Purchase Plan.

As at 30 June 2023, the Trust held 798,638 treasury shares (unallocated shares) in the Company (2022: 1,406,988) and 257,893 allocated
shares (2022: 290,452).

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.

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

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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 policies
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.

24. Ownership-based Remuneration Schemes
Long-Term Incentive (LTI) 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. LTI Plan grants also include Restricted Stock Units (RSUs) which were
granted to senior management.

The fair value of PSRs and RSUs 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 and RSUs 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 and RSUs applicable for the financial
year are as follows:

Instrument

Grant Date

Vesting Period

Fair Value

Share Price
on Grant Date

Risk Free
Interest Rate

Dividend Yield

PSRs

RSUs

PSRs

RSUs

18/08/2020

17/08/2021

17/08/2022

3 years

1 to 3 years

3 years

1 to 3 years

A$37.28

A$36.95

A$38.12

A$23.16

A$24.02

A$39.88

A$40.55

A$25.80

N/A

2.25%

3.10%

3.60%

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 RSUs
are only subject to service conditions.

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.

113

ANSELL LIMITEDANNUAL REPORT 2023

Notes to the Financial Statements continued
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

25. 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

Other member firms of KPMG

Total other services

Total auditors’ remuneration

2023
US$

2022
US$

1,368,887

1,360,493

906,679

833,019

2,275,566

2,193,512

46,223

11,650

16,352

74,225

15,236

–

17,371

32,607

2,349,791

2,226,119

(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.

26. Subsequent Events
On Tuesday 18 July 2023, the Group announced the launch of the Accelerated Productivity Investment Program. This program includes
a number of initiatives, including but not limited to, simplifying our organisational structure, improving our manufacturing productivity
and implementing IT systems transformation. We expect this program will address economic headwinds foreseen in FY24, though the
benefits will not be immediately apparent in FY24, it will position the Group for improved growth and returns in FY25 and beyond.

Other than the matters outlined above and Note 18(b) on page 106, 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.

114

ANSELL LIMITEDANNUAL REPORT 2023Directors’ Declaration
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

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

(a) the consolidated financial statements and notes, set out on pages 67 to 114 and the Remuneration Report contained
in the Report by the Directors, set out on pages 43 to 66, 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 2023 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

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 2023.

Signed in accordance with a resolution of the directors:

J A Bevan
Chairman

Neil I Salmon
Managing Director and Chief Executive Officer

Dated in Melbourne this 14th day of August 2023.

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ANSELL LIMITEDANNUAL REPORT 2023

Independent Auditor’s Report
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

116

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 2023 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 2023 • 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 these requirements. 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 LIMITEDANNUAL REPORT 2023R
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Valuation of goodwill and brand names (USD $1,037.2m) 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 41% 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. In particular, the forward-looking assumptions the Group applied in their VIU models including forecast revenue growth rates, margin percentages and terminal growth rates and the impact of 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 where relevant to challenge the significant judgements and assumptions incorporated in the Group’s VIU models: o We assessed the integrity of the VIU models used, including the accuracy of the underlying calculation formulas; o We compared the relevant cash flow forecasts and underlying assumptions against the latest Board approved plan; o We challenged the Group’s forecast margin percentage assumptions and revenue growth rates by comparing them against the Group’s current business performance and industry or geographic growth rates where relevant; o We compared the implied valuation multiples from comparable entities to the implied valuation multiples from the Group’s models; o We compared the terminal growth rates used against relevant forecast Gross Domestic Product growth rates; and o We independently developed a discount rate range for each CGU using publicly available market data for comparable entities, adjusted by risk factors specific to the CGU to assess the Group’s discount rates. • We assessed the Group’s determination of CGU carrying values against the requirements of the accounting standards. • We considered the sensitivity of the model by varying key assumptions, to identify those areas of estimation uncertainty and reasonably possible changes, to focus our further procedures. • We assessed the related financial statement disclosures using our understanding obtained from our testing and against accounting standard requirements. ANSELL LIMITEDANNUAL REPORT 2023

Independent Auditor’s Report continued
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

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Taxation (Income Tax Expense USD $39.7m, Deferred Tax Assets USD $73.6m, Deferred Tax Liabilities USD $82.0m, Current Tax Liabilities USD $14.9m) 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 where relevant, our procedures included: • We identified the key risks in accounting for taxes across the Group by: o considering the latest Board approved Group Tax Risk Management policy; o making inquiries of management regarding developments in tax related matters during the year; o inspecting correspondence with tax local authorities during the period to assess whether there are any matters raised that may have a significant impact on tax expense for the period; o 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 by management. 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: o communications from local tax authorities, including the status and outcomes of tax authority audits and enquiries; and o 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 protocols for compliance with applicable regulations by inspecting underlying transfer pricing documentation and evaluating their 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 and historical taxable profit with historical forecast 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 LIMITEDANNUAL REPORT 2023R
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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 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. ANSELL LIMITEDANNUAL REPORT 2023

Independent Auditor’s Report continued
OF ANSELL LIMITED AND SUBSIDIARIES FOR THE YEAR ENDED 30 JUNE 2023

120

Report on the Remuneration Report Opinion In our opinion, the Remuneration Report of Ansell Limited for the year ended 30 June 2023, 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 48 to 66 of the Directors’ report for the year ended 30 June 2023. 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 14 August 2023 ANSELL LIMITEDANNUAL REPORT 2023R
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Five Year Summary
OF ANSELL LIMITED AND SUBSIDIARIES AS AT 30 JUNE 2023

Income Statement
Sales
EBIT2
Significant items (gain)/expense3
Net financing costs
Income tax expense
Non-controlling interests
Profit attributable to Ansell Limited shareholders
Statement of Financial Position
Cash - excluding restricted deposits
Other current assets
Property, plant and equipment
Right-of-use assets
Intangible assets
Other non-current assets
Total assets
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
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)

2019
US$m

20201
Restated
US$m

2021
US$m

2022
US$m

2023
US$m

1,499
203
46
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

13.5
7.6
10.2
84.3
11.6
10.6
132

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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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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1,952
245
17
20
49
1
159

203
782
299
57
1,049
116
2,506
276
–
18
66
426
41
122
950
1,557
744
(143)
942
1,543
14
1,557
1,840

125.2
123.8
55.45
12.4

222
68
46,555
14,158

12.6
10.2
12.4
100.6
11.6
18.2
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1,655
206
(3)
19
40
2
148

157
755
352
85
1,060
122
2,531
220
100
17
78
307
70
123
915
1,615
751
(176)
1,026
1,601
14
1,615
1,953

117.5
116.7
45.90
12.8

181
67
41,515
14,414

12.5
9.5
11.0
119.2
10.8
20.9
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1. Restated on account of a change in accounting policy. Refer to Note 1 Summary of Significant Accounting Policies of the Group’s audited FY21 Financial Statements.

2. EBIT – defined as Earnings Before Interest and Tax excluding Significant Items. Includes share of loss from Careplus joint venture.

3. 2019 Significant Items are inclusive of restructuring and transformation costs ($37.2m) and asset impairment ($8.3m) outlined within Note 3(b) Transformation
and Change in Accounting Estimate of the Group’s audited FY19 Financial Statements. 2022 and 2023 Significant Items relates to the Russia Exit outlined within
Note 3(b) Significant Items of the Group’s audited FY23 Financial Statements.

121

ANSELL LIMITEDANNUAL REPORT 2023

Shareholders

Distribution of Ordinary Shareholders and Shareholdings
Details of quoted shares held in Ansell Limited as at 25 July 2023 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

33,437

7,603

533

193

41,798

11,584,714

14,751,950

3,740,201

4,063,484

92,676,832

126,817,181

9.13

11.63

2.95

3.20

73.08

100.00

* Including 1,307 shareholders holding a parcel of shares of less than A$500 in value (13,821 shares), based on a market price of A$23.64 per unit.

Percentage of the total holdings of the 20 largest shareholders = 71.90%.

In addition to the foregoing, as at 30 June 2023, there were 2 members of the Executive Share Plan, holding a total of 900 plan shares.
1 member has shares paid to A$0.05 each, and 1 member has shares paid to both A$0.05 each and 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.

122

ANSELL LIMITEDANNUAL REPORT 2023Twenty Largest Shareholders (as at 24 July 2023)

Rank Registered Holder

Number of Fully
Paid Shares

Percentage of
Issued Capital

HSBC Custody Nominees (Australia) Limited

Citicorp Nominees Pty Limited

J P Morgan Nominees Australia Pty Limited

BNP Paribas Noms Pty Ltd

National Nominees Limited

HSBC Custody Nominees (Australia) Limited

Australian Foundation Investment Company Limited

BNP Paribas Nominees Pty Ltd HUB24 Custodial Serv Ltd

CPU Share Plans Pty Ltd

Netwealth Investments Limited

Citicorp Nominees Pty Limited

HSBC Custody Nominees (Australia) Limited

IOOF Investment Services Limited

Netwealth Investments Limited

Citicorp Nominees Pty Limited

The Pavilion Motor Inn of Wagga Wagga Pty Ltd

Custodial Services Limited

The Manly Hotels Pty Limited

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

Australian Executor Trustees Limited

Top 20 Holders of Ordinary Fully Paid Shares

Total Remaining Holders Balance

33,834,602

19,795,585

19,427,724

5,716,599

5,681,579

905,971

870,000

820,538

800,144

597,014

386,079

314,117

303,084

296,305

288,540

285,000

231,474

222,854

220,184

178,886

91,176,279

35,640,902

26.68

15.61

15.32

4.51

4.48

0.71

0.69

0.65

0.63

0.47

0.30

0.25

0.24

0.23

0.22

0.18

0.17

0.14

71.90

28.10

Register of Substantial Shareholders (as at 7 July 2023)
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

7 July 2023

Allan Gray Australia Pty Ltd

22,650,256

17.86%

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123

ANSELL LIMITEDANNUAL REPORT 2023

Shareholder Information

Annual Report
Ansell’s Annual Report 2023 provides
shareholders with a summary of the
Group’s operations and contains the
full financial statements for FY23. The
Annual Report 2023 provides a summary
of the Group’s financial performance,
financial position, and financing and
investing activities.

Company Directory
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.

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 US25.80 cents per
share will be paid on 7 September 2023 to
shareholders registered on 21 August 2023.

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.

Investor Relations Contact

Australia – Registered Company Office

Mr Michael Evans

Ansell Limited
Level 3, 678 Victoria Street
Richmond VIC 3121

Telephone: +61 3 9270 7222

Facsimile: +61 3 9270 7300

Email: michael.evans@ansell.com

Europe

Mr Zubair Javeed

Ansell Limited
Boulevard International 55
1070 Anderlecht, Belgium

Telephone: +32 2 528 75 85

Facsimile: + 32 2 528 74 01

Email: zubair.javeed@ansell.com

Company Secretary

Australia – Registered Company Office

Ms Catherine Stribley

Ansell Limited
Level 3, 678 Victoria Street
Richmond VIC 3121

Telephone: +61 3 9270 7125

Facsimile: +61 3 9270 7300

Email: catherine.stribley@ansell.com

Enquiries
Shareholders requiring information about
their shareholdings should contact the
Company’s registry at:

124

Computershare Investor
Services Pty Ltd
Yarra Falls
452 Johnston Street
Abbotsford VIC 3067

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
Securities Exchange.

Registered Office

Company Secretary

Catherine Stribley

Level 3, 678 Victoria Street
Richmond VIC 3121 Australia

Americas Commercial Hub

Commercial contact

Sean Sweeney

111 Wood Avenue, Suite 210
Iselin, NJ 08830
United States of America

EMEA/APAC Commercial
Hub

Commercial contact

Augusto Accorsi

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

ANSELL LIMITEDANNUAL REPORT 20232024 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

Closing date for nominations of Directors for elections

Final dividend paid

Annual General Meeting

20 February 2024

26 February 2024

27 February 2024

14 March 2024

20 August 2024

26 August 2024

27 August 2024

12 September 2024

16 October 2024

* 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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