Five Point Holdings, LLC
Annual Report 2024

Annual Report 2024
L A S T I N G
F O U N D A T I O N S

At Fisher & Paykel Healthcare we have 
been developing INNOVATIVE SOLUTIONS 
for PATIENT CARE, working with clinicians 
and expanding our global footprint 
for over 50 years.

With an IMPRESSIVE PORTFOLIO of products, 
STRONG RELATIONSHIPS with customers and 
the RIGHT INFRASTRUCTURE to enable our expansion, 
LASTING FOUNDATIONS are in place for sustainable, 
profitable growth.

1
2
Constant currency information contained within this report is non-conform­
ing financial information, as defined by the NZ FMA and has been provided 
to assist users of financial information to better understand and assess the 
company’s financial performance without the impacts of spot financial 
currency fluctuations and hedging results, and has been prepared on a 
consistent basis each financial year. A reconciliation between reported 
results and constant currency results is available on page 122 of this report. 
The company’s constant currency framework can be found on our website 
at www.fphcare.com/ccf.
SCOTT ST JOHN
BOARD CHAIR
LEWIS GRADON
MANAGING DIRECTOR 
AND CHIEF EXECUTIVE OFFICER
ABOUT THIS REPORT
Welcome to our 2024 Annual Report — Lasting 
Foundations. In this report, we feature the work 
we have done this year to improve patient care 
and outcomes around the world and the financial 
results we achieved while doing so.
Our people, investors and customers can also learn 
about our track record with regard to non-financial 
matters, including environmental, social and 
governance (ESG) topics. Our ESG commitments 
and metrics are included in Section 3 of this report, 
called ‘Operating Sustainably’.
This report aligns with the 2021 GRI Universal 
Standards. This report also contains our Climate-
related Disclosures in compliance with the External 
Reporting Board’s Aotearoa New Zealand Climate 
Standards, which can be found in Section 3.
We welcome your feedback and suggestions 
for improvement. Please send any questions or 
comments to investor@fphcare.co.nz. A digital 
version of this report, along with all previous 
annual and interim reports are available at 
www.fphcare.com/nz/corporate/investor/reports.
This report covers the financial year ended 
31 March 2024 and is dated 28 May 2024. The 
report has been approved by the Board and is 
signed on behalf of Fisher & Paykel Healthcare 
Corporation Limited by Scott St John, Board Chair, 
and Lewis Gradon, Managing Director and Chief 
Executive Officer.
T H E  B U S I N E S S
Y E A R
T H E 
C O M PA N Y
Our company  
18
Our culture, values and beliefs
19
How our business works
20
How we deliver value
21
What matters most
22
Sustainable development goals
24
Our Board  
29
Our Executive Management Team  
31
Results at a glance  
6
Business highlights
7
Hospital & Homecare 
performance overview
8
Report from the Chair  
11
Report from the Managing Director 
& Chief Executive Officer
13
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Fisher & Paykel Healthcare | ANNUAL REPORT 2024

3
4
5
O P E R AT I N G
S U S TA I N A B LY
F I N A N C I A L S
A P P E N D I C E S
Five year summary  
160
Glossary  
163
GRI content index  
165
Directory  
169
People  
36
Community 
47
Suppliers
53
Risk management
60
Governance
65
Remuneration
81
Environment 
90
Climate-related Disclosures
94
Financial commentary  
118
Financial statements  
123
Notes to the financial statements  
127
Auditor’s report  
152
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
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Section 1 | THE BUSINESS YEAR
Fisher & Paykel Healthcare | ANNUAL REPORT 2024

T H E 
B U S I N E S S   	
Y E A R
1
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
5

OPERATING REVENUE
$1.74b
▲ 10% | 2023 $1.58B
GROSS MARGIN
59.9%
58 BASIS POINTS INCREASE
HOSPITAL REVENUE
$1.1b
▲ 6% | 2023 $1.0B
NET PROFIT AFTER TAX
$132.6m
▼ 47% | 2023 $250.3M
TOTAL DIVIDEND FOR YEAR
FULLY IMPUTED
41.5cps
▲ 2% | 2023 40.5CPS
HOMECARE REVENUE
$652.3m
▲ 18% | 2023 $553.8M
Results at a glance
46%
27%
21%
6%
OPERATING REVENUE
NZ$ MILLIONS
UNDERLYING NET PROFIT 
AFTER TAX*
NZ$ MILLIONS
REVENUE BY PRODUCT GROUP
12 MONTHS TO 31 MARCH 2024
REVENUE BY REGION
12 MONTHS TO 31 MARCH 2024
120+
COUNTRIES
  Hospital
  Homecare
  Distributed & Other
  North America
  Europe
  Asia Pacific
 Other
<1%
62%
37%
24
23
22
21
20
19
1,681.7
1,581.1
1,742.8
1,971.2
1,263.7
1,072.1
24
23
22
21
20
19
524.2
287.3
209.2
376.9
250.3
264.4
UNDERLYING NET PROFIT 
AFTER TAX*
$264.4m
▲ 6% | 2023 $250.3M
SPEND ON R&D
$198.2m
11% OF OPERATING REVENUE
*	 Underlying net profit after tax excludes the abnormal FY24 impact of a product recall provision, the revaluation of 
land and deferred tax on removal of building depreciation. For more information on these impacts, please refer to 
the financial commentary on page 119.
Section 1 | THE BUSINESS YEAR
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
6

Business highlights
I M P A C T E D
the lives of approximately 
20 million patients 
around the world
L A U N C H E D
new selection and 
sizing tools in the 
F&P myMask™ app
U N V E I L E D
revolutionary new F&P Solo™ 
mask in New Zealand 
and Australia
O P E N E D
third manufacturing facility in 
Tijuana, Mexico and progressed 
work on new manufacturing 
facility in Guangzhou, China
I N T R O D U C E D
the Airvo™ 3 into 
more of our key markets 
including the US
R E L E A S E D
our online Education Hub 
in 22 languages with 21,000+ 
learning hours accessed by 
clinicians globally
O B T A I N E D
regulatory clearance 
in the US for the 
F&P 950™ System
C O M M E N C E D
global exports from our 
new distribution centre in 
Tijuana, Mexico
Section 1 | THE BUSINESS YEAR
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
7

Hospital
62%
OF OPERATING REVENUE
13%
$1.1B
Our Hospital product group 
includes products used in invasive 
ventilation, noninvasive ventilation, 
high flow therapy, anaesthesia, and 
laparoscopic and open surgery. 
Not only do these products help 
healthcare providers improve 
patient outcomes, they often 
deliver economic benefits as well, 
by reducing the need to escalate 
care and shortening patient stays 
in hospital.
CONSTANT CURRENCY REVENUE FROM 
NEW APPLICATIONS CONSUMABLES
OPERATING REVENUE 
▲ 6% 
PRODUCT GROUP OVERVIEW
Our business is structured in 
two parts: Hospital and Homecare.
FEATURED PRODUCT
8
Section 1 | THE BUSINESS YEAR
Fisher & Paykel Healthcare | ANNUAL REPORT 2024

Homecare
37%
OF OPERATING REVENUE
18%
$652.3M
Our Homecare product group 
includes devices and systems 
used to treat obstructive sleep 
apnea (OSA) and provide 
respiratory support in the 
home. These include our CPAP 
therapy masks as well as flow 
generators, interfaces and data 
management technologies.
CONSTANT CURRENCY REVENUE 
FROM OSA MASKS
OPERATING REVENUE 
▲ 18% 
FEATURED PRODUCT
Section 1 | THE BUSINESS YEAR
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
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Section 1 | THE BUSINESS YEAR
Fisher & Paykel Healthcare | ANNUAL REPORT 2024

Report from 
the Chair
SCOTT ST JOHN
Board Chair
I am pleased to share with you the 
company’s 2024 results, as well as 
some of the year’s highlights, in 
this report. 
Following the last few years of changing 
demand patterns, it was encouraging to see 
the company continue its trajectory of growth. 
We acknowledge the efforts of our people all 
around the world, and also are grateful to our 
customers, suppliers and clinical partners for 
their contribution.  
For the 2024 financial year, operating revenue 
was $1.74 billion, up 10% from the previous 
financial year, or 8% in constant currency. 
Reported net profit after tax was $132.6 million, 
impacted by three factors — a product recall, 
a land revaluation and a change in legislation 
regarding tax deductions for buildings. 
Excluding these factors, underlying net profit 
after tax increased 5% in constant currency.
INFRASTRUCTURE UPDATE 
Back in September 2022, we announced the 
acquisition of land at Karaka, Auckland for a 
second New Zealand campus. The process 
of selecting the site was comprehensive and 
required several years of research and due 
diligence. We were pleased to find a property 
two-and-a-half times larger than our existing 
New Zealand campus in an ideal location near 
a future public transport station and planned 
residential developments. 
In March we indicated the current zoning status 
of the land and higher interest rate environment 
would likely adversely affect its valuation. 
Following a scheduled valuation as at 31 March 
2024, a lower carrying value has now been 
recognised. This was recorded as a non-cash 
accounting adjustment in the company's income 
statement in this report.
Development of the Karaka campus will occur 
over 30 to 40 years, with a focus on effecting a 
private plan change to re-zone the land, designing 
the core infrastructure and commencing 
earthworks over the next five years. The 
purchase strengthens the company's capacity 
to develop innovative products and therapies 
long into the future, and in our view, the value to 
our business over the long term is unchanged. 
We have received an enthusiastic response 
from the local community. The Karaka 
project leaders are working closely with local 
government and tāngata whenua to ensure 
everyone’s goals and plans for the future 
Section 1 | THE BUSINESS YEAR
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
11

campus are aligned. We would especially like 
to thank our iwi partners, Ngāi Tai Ki Tāmaki, 
Te Aakitai Waiohua, Ngāti Te Ata and Ngāti 
Tamaoho, for devoting their time and expertise.
SITE VISITS
In September 2023, the Board visited the 
company’s operations in Tijuana, Mexico and 
Irvine, California. While in Tijuana, we toured 
the site and attended the official opening of 
the Sánchez Building, the company’s third 
manufacturing facility in Mexico. A hub for 
global medical device manufacturers, Tijuana 
provides access to a highly skilled workforce 
and proximity to major markets in the United 
States and Canada. In Irvine, we observed 
firsthand how the North America team 
works closely with clinicians and promotes 
the steady progression and usage of F&P 
products. Meeting with employees directly 
in both locations provided new insights into 
the business and the high level of investment 
required to manufacture and sell high-tech 
medical devices. 
YOUR BOARD
During the year we appointed Graham 
McLean as a non-executive director to replace 
long-serving director Donal O’Dwyer on his 
retirement. Graham has carved out a successful 
global career in the medical device industry, 
and we are benefiting from his experience and 
contributions on the Board and the Audit and 
Risk Committee.
As I announced recently, I will be retiring from 
the Board following the close of this year’s 
annual shareholders’ meeting in August, and 
Neville Mitchell will take over as Chair. Neville 
has been on the Board since 2018, and he 
has outstanding credentials. I am confident 
the company will continue to thrive under 
his leadership.
Identifying strong candidates for Board 
succession remains a priority, and the Board 
has commenced a search for a candidate with 
the right skills and experience to complement 
those of other members.
The company continues to participate in 
the Future Directors programme, which 
gives emerging New Zealand directors an 
opportunity to develop governance experience. 
Charlotte Walshe was selected as a Future 
Director with effect from 1 January 2024.
ENVIRONMENTAL AND 
SOCIAL RESPONSIBILITY 
Fisher & Paykel Healthcare continues to 
expand its reporting on non-financial risks 
and opportunities. Government legislation 
in New Zealand and in some of our major 
markets has called for more stringent 
reporting requirements, particularly in 
relation to climate change.
In New Zealand, the Financial Sector 
(Climate-related Disclosures and Other 
Matters) Amendment Act 2021 (CRD Act) 
created mandatory reporting requirements 
for listed entities to help ensure that the 
effects of climate change are routinely 
considered in business and investment 
decisions. Beginning this financial year and 
going forward, the company is required to 
publish annual climate-related disclosures in 
accordance with these standards. 
The Board’s Audit and Risk Committee has 
embedded a standing session on Sustainability 
to address this topic in every committee 
meeting. A changing climate may create new 
opportunities and risks in the future, and it may 
impact the number of global patients needing 
treatment for respiratory illnesses, so it is 
critical to take this into account in long-term 
business plans. 
DIVIDEND
The Board has approved a dividend of 23.5 cents 
per share for the second half of the year, fully 
imputed, to be paid on 10 July 2024. This brings 
the total dividend for the 2024 financial year to 
41.5 cents per share. The dividend reinvestment 
plan continues to be in place for this dividend, 
with an applicable 3% discount.
PROFIT SHARE
On behalf of the Board, I want to thank the 
people of Fisher & Paykel Healthcare for 
their contribution to the company’s strong 
performance. Releasing new products, 
improving manufacturing processes and 
changing clinical practice year after year 
requires focus, adaptability and persistence. To 
recognise employees, the Board has approved 
a discretionary profit share pool of $9 million 
for the year to be distributed to those who have 
worked for the company for a qualifying period.
THANK YOU
To our shareholders, I would like to say ‘thank 
you’ for your ongoing commitment to Fisher & 
Paykel Healthcare — the company is a thriving 
global business with strong foundations. Our 
respiratory care and obstructive sleep apnea 
solutions are market leaders, and we continue 
to develop long-term opportunities in other 
areas, such as surgery and anaesthesia. In my 
view, F&P is in the strongest position we have 
been in during my time on the Board. I consider 
it a privilege to have had a front-row seat in the 
growth of the company and to have worked 
alongside such an exceptional team. 
Scott St John
Board Chair
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Section 1 | THE BUSINESS YEAR
Fisher & Paykel Healthcare | ANNUAL REPORT 2024

Report from the 
Managing Director 
& Chief Executive 
Officer
LEWIS GRADON
Managing Director and Chief Executive Officer
Achieving sustainable, profitable 
growth requires a strong drive 
to deliver new products and 
therapies, along with knowledge 
and evidence, into the hands 
of clinicians. 
During the 2024 financial year, we stayed 
focused on this objective — it’s a proven 
formula that has made our business successful. 
We invested $198.2 million into research and 
development, progressed our product pipeline, 
and strengthened relationships with each 
other and with experts who are transforming 
clinical practice. As always, we maintained a 
mindset of continuous improvement, which 
is a cornerstone of our culture.
FINANCIAL RESULT 
Our consistent strategy delivered a solid 
result for the 2024 financial year. Operating 
revenue was $1.74 billion, an increase of 
10% over the previous financial year, or 
8% in constant currency. Revenue growth 
was driven by solid demand for hospital 
consumables and strong growth in our 
OSA mask business. 
Underlying net profit after tax for the year 
was $264.4 million, a 5% increase from the 
previous financial year in constant currency. 
As we announced in March, three abnormal 
factors adversely impacted reported profit 
— property valuations, a change in the tax 
treatment of building depreciation, and a 
product recall. 
Scheduled valuations of the properties at 
East Tāmaki and Karaka, Auckland, and in 
Tijuana, Mexico were conducted to assess 
their value as at 31 March 2024. For the 
Karaka land, the 2024 valuation was lower 
than the carrying amount on the balance 
sheet, and this change was recognised as 
a non-cash accounting adjustment in the 
income statement. The re-zoning application 
for the Karaka land will be submitted in the 
2025 financial year. We remain confident it 
will be granted, and upzoning land typically 
increases its value.
The second factor impacting net profit 
was the change in New Zealand legislation 
removing tax deductions for the depreciation 
of buildings. This resulted in a tax expense of 
$19.3 million to adjust the deferred tax liability 
balance related to the four buildings on our 
East Tāmaki campus.
Section 1 | THE BUSINESS YEAR
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
13

The third factor impacting net profit was 
the company’s voluntary limited recall of 
Airvo 2 and myAirvo 2 devices manufactured 
before August 2017. As part of the recall, 
we committed to replace affected devices 
held by customers. An estimated cost of 
$20 million was reported on the company’s 
income statement, impacting net profit after 
tax through cost of goods sold for the 2024 
financial year. 
During the year we executed on planned 
improvements that brought us closer to 
achieving our long-term gross margin target 
of 65%. For the full 2024 financial year, gross 
margin was 59.9%, an increase of 95 basis 
points in constant currency. Excluding the 
impact of the product recall, underlying gross 
margin was 61.1%, an increase of 216 basis 
points in constant currency. This was achieved 
through lower freight costs, manufacturing 
efficiencies and pricing, more than offsetting 
the impact of inflationary cost increases 
starting to be reflected in the margin.
PRODUCT UPDATE
In our Hospital business, we have continued 
to deliver innovative products to the market.
Over the course of this financial year, we 
received regulatory clearance in the United 
States for the F&P 950™ System and its 
associated breathing circuit kits for adult, 
pediatric and neonatal patients. The F&P 950 
System is a versatile humidification product 
that can be paired with our interfaces and 
masks to enable invasive and noninvasive 
treatments. We also obtained clearance in the 
United States for the F&P Optiflow+ Duet™ 
nasal cannula and the F&P 820™ System 
for humidification.
With the F&P Evora Full, 
F&P Solo and F&P Nova 
Micro, we have a full lineup 
of high-performance 
masks to accommodate 
a wide range of patient 
needs and preferences. 
In our Homecare business, our F&P Evora™ 
Full face mask is performing well, and we 
have made significant progress developing 
our portfolio of masks for treating obstructive 
sleep apnea (OSA). 
During the 2024 financial year, we introduced 
the F&P Solo™ mask. F&P Solo has unique 
technology enabling automatic fitting and 
one touch to adjust. It is ideal for patients who 
prefer to fit the mask without assistance. F&P 
Solo has already been launched in Australasia 
and the United States, with more markets to 
follow during the 2025 financial year. 
One week after the 2024 financial year 
ended, we unveiled another new compact 
mask for treating OSA, the F&P Nova Micro™. 
Weighing less than 40 grams, this is our 
smallest and lightest mask yet. It appeals to 
patients who want to fit the mask manually. 
F&P Nova Micro has been released in 
New Zealand and Canada, and launches into 
Australia, Europe and the United States will 
follow later this calendar year.
With the F&P Evora Full, F&P Solo and F&P 
Nova Micro, we have a full lineup of high-
performance masks to accommodate a wide 
range of patient needs and preferences.
CLINICAL EDUCATION
Working closely with customers is fundamental 
to the adoption of new products in the market. 
During the year we continued to expand our 
global anaesthesia sales team to promote 
the clinical benefits of Optiflow Switch™ and 
Trace™. Over the 2024 financial year, we added 
20 more sales representatives to focus on 
anaesthesia products worldwide.
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Section 1 | THE BUSINESS YEAR
Fisher & Paykel Healthcare | ANNUAL REPORT 2024

Our sales teams continued promoting the 
evidence for adopting Optiflow™ nasal high 
flow therapy and the Airvo™ 3 device for use 
in hospitals and homes. This year our team 
in Europe brought together more than 30 
key opinion leaders to discuss the evidence 
for using noninvasive and nasal high flow 
respiratory support in emergency departments. 
The two-day programme included lectures 
and product demonstrations, and attendees 
reported that the knowledge they gained 
will change the way they manage respiratory 
failure in patients.
This year we expanded our online education 
resources and released new support materials 
in more than 20 languages. Over the course 
of the year, our team organised 1,230 online 
educational events, and our digital resources 
were accessed in 57 countries. 
MANUFACTURING
Inflation continued to impact manufacturing 
costs and the price of raw materials this year, 
so continuous improvement remains a critical 
focus across the business. During the year we 
consolidated manufacturing lines to adapt to 
normal product demand, and we relocated our 
export distribution operations from Moreno 
Valley in California to Tijuana, Mexico. 
In New Zealand, union members voted to sign 
a new collective agreement effective from May 
2023 until May 2026. The agreement provides 
more flexibility, stability and predictability for 
the company and for our people, so that we 
can grow our manufacturing operations in 
New Zealand in a sustainable way.
EXECUTIVE CHANGES
Fisher & Paykel Healthcare now has multiple 
manufacturing sites worldwide and a growing 
number of distribution locations, so it is 
essential that we are well-structured for our 
next stage of growth. With this in mind, we 
created the new role of Chief Operating 
Officer to oversee global operations, with 
responsibility for both our manufacturing 
and supply chain functions. Andy Niccol 
was appointed to this role with effect from 
1 April 2024. Andy has more than 20 years of 
experience with our business in a variety of 
roles in research and development and sales.
At the end of March, Paul Shearer retired as 
Senior Vice President – Sales & Marketing 
after 33 years with the business. Paul 
established our sales operations in our major 
markets and grew our sales presence in more 
than 50 countries. I wish to thank Paul for 
his dedication and support, and I’m pleased 
that we will retain his expertise in an advisory 
capacity going forward. 
Justin Callahan has taken up the mantle as 
Vice President – Sales & Marketing. Justin has 
more than 30 years of experience with Fisher 
& Paykel Healthcare, and he has helped deliver 
significant revenue and earnings growth in our 
North American business. 
ACKNOWLEDGEMENTS
Our Chair Scott St John has announced his 
intention to retire from the Board following the 
annual shareholders’ meeting in August. We 
are grateful for Scott’s guidance throughout 
the pandemic and during an exciting time of 
growth. Current director Neville Mitchell has 
been elected to succeed Scott as Board Chair. 
Neville has a strong track record in the medical 
devices industry, and we look forward to his 
leadership over the next phase.
LASTING FOUNDATIONS
For more than 50 years, we have been 
developing innovative solutions, working 
with clinicians and expanding our global 
footprint. We have amassed an impressive 
portfolio of products, built strong relationships 
with customers, and invested in new land 
and infrastructure. Looking ahead, lasting 
foundations are in place for sustainable, 
profitable growth over the long term.
In closing, I am pleased with our performance 
this year and want to thank the people of Fisher 
& Paykel Healthcare, as well as our customers, 
suppliers and clinical partners — what we do 
matters. I also want to thank our shareholders 
for your continued support.
Lewis Gradon
Managing Director and 
Chief Executive Officer
Section 1 | THE BUSINESS YEAR
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
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Section 2 | THE COMPANY
Fisher & Paykel Healthcare | ANNUAL REPORT 2024

T H E 
C O M P A N Y
2
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
17

Fisher & Paykel Healthcare is a 
leading designer, manufacturer and 
marketer of products and systems for 
use in acute and chronic respiratory 
care, surgery and the treatment of 
obstructive sleep apnea. 
Established in New Zealand in 1969, our 
business was built on a vision to emulate the 
body’s natural humidification processes. It all 
started with Dr Matt Spence, an intensive care 
specialist at Auckland Hospital, who noticed 
his patients on mechanical breathing machines 
were suffering from dry and infected tracheas. 
For help solving the problem, he turned to Alf 
Melville, a government electrical engineer, and 
Dave O’Hare, a senior engineer with appliances 
company Fisher & Paykel Industries. The three 
collaborated to find an innovative solution, and 
the result was a prototype humidifier made 
from a humble fruit preserving jar, which was 
then designed and manufactured by a small 
team at Fisher & Paykel Industries.
Our company
The first respiratory humidifier was sold in 
1970 and was marketed internationally.
By 1990, the medical division of Fisher & 
Paykel Industries had been renamed Fisher 
& Paykel Healthcare, and its annual sales had 
grown to $29 million. In 2001, the appliances 
business divested, and Fisher & Paykel 
Healthcare became a separate company 
listed on the New Zealand and Australia 
stock exchanges.
Over time, the Fisher & Paykel Healthcare 
portfolio has expanded to other clinical 
applications, including products for 
noninvasive ventilation, high flow therapy, 
surgery and the treatment of obstructive 
sleep apnea.
Our medical devices and technologies help 
clinicians deliver the best possible patient 
care in over 120 countries worldwide. They 
enable patients to transition into less-acute 
care settings, recover more quickly and avoid 
more serious conditions.
OUR GROWTH OVER THE YEARS
First 
respiratory 
humidifier 
prototype 
developed
Medical 
division of 
F&P Industries 
established
New Zealand 
headquarters 
inaugurated at 
East Tāmaki, 
Auckland
F&P Healthcare 
separately 
listed on NZX 
and ASX
Tijuana, Mexico 
manufacturing 
facility set up
Sales revenue 
reaches 
$500 million
Sales revenue 
surpasses 
$1 billion
F&P products 
and therapies 
help fight 
COVID-19 
pandemic
Guangzhou, 
China 
manufacturing 
facility 
established
IMPACTING PATIENTS IN
120+
COUNTRIES
50+
COUNTRIES WITH 
F&P PEOPLE
21
GLOBAL DISTRIBUTION 
CENTRES
18
Section 2 | THE COMPANY
Fisher & Paykel Healthcare | ANNUAL REPORT 2024

Our culture, values and beliefs 
We have a culture of Care by 
Design, which is a simple way 
of expressing the care and 
intentionality we put into 
everything we do — our 
relationships, our decisions 
and our daily interactions with 
customers. We believe that if 
we focus on delivering what 
is best for the patient, we will 
be successful.
OUR VALUES
Life
We relentlessly focus on improving 
patients’ lives and strive to provide 
a high quality of life for our 
employees.
Relationships
We care for our patients, customers, 
suppliers, shareholders, the 
environment and each other.
Internationalism
We are global in people, in 
thinking and in behaviours.
Commitment
We value people who are 
self-motivated and have a desire 
to make a real contribution.
Originality
We encourage original thinking 
which leads to the innovative 
solutions required to create better 
products, processes and practices. 
OUR BELIEFS
We believe in doing what is best 
for the patient.
We believe the commitment to 
doing the right thing is what our 
customers will find compelling.
We believe that empathy, 
effectiveness and efficiency 
are essential to our success.
We believe our people 
are our strength.
We believe lessons learned are 
the cornerstones of innovation.
We believe in the need to be 
relentless in the pursuit of 
healthcare innovation. 
Section 2 | THE COMPANY
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
19

  RESEARCH & DEVELOPMENT 
Our R&D is based in New Zealand. 
The team works extensively in 
hospitals, and with patients and 
clinicians, in order to develop better 
technology that enhances patient care.
  SUPPLY CHAIN
We have distribution centres located 
around the world and a network of 
distributors. We prioritise sustainable and 
cost-effective methods of transportation. 
We source materials from all over the 
world and look for socially responsible 
partners to support our growth.
  THERAPIES 
The majority of our operating revenue 
is from products and systems used 
in hospitals in invasive ventilation, 
noninvasive ventilation, high flow therapy 
and surgery. The remainder is from 
products used in home environments to 
treat patients suffering from obstructive 
sleep apnea and those in need of 
respiratory support.
  CUSTOMERS 
We work with thousands of healthcare 
professionals, including doctors, clinicians 
and nurses, providing them the products 
and tools to deliver the best possible 
care. Our products are sold either direct 
to customers or through distributors. Our 
largest markets by revenue are North 
America, Europe and Asia Pacific.
  MANUFACTURING 
We manufacture our products in 
New Zealand and North America. 
The co-location of engineering, quality, 
manufacturing, marketing and clinical 
teams facilitates collaboration and an 
awareness of the medical device process 
from concept and design right through to 
how our products are used by patients.
  PATIENTS 
Each year millions of patients 
are treated with our products in 
over 120 countries. Seeking to 
understand our patients’ needs is 
what drives our R&D programme.
The needs of our customers and their 
patients drive everything we do. 
We call this Care by Design. 
How our business works 
20
Section 2 | THE COMPANY
Fisher & Paykel Healthcare | ANNUAL REPORT 2024

How we deliver value
OUR INPUTS
OUR OUTPUTS
Ageing population  |  Technology advancement  |  Healthcare costs increasing  |  Other external factors
MARKET CONTEXT
Our
 people
50+ years 
of trusted 
relationships
Benefits to 
our people
Global 
supply 
networks
Increased 
shareholder 
value
Excellence 
in R&D 
Doubling 
our constant 
currency 
revenue every 
5-6 years
A lasting, 
positive impact 
on society 
and the 
environment
Trusted 
brand
Improved 
care and 
outcomes for 
patients
Increased 
efficiency 
of care
SUSTAINABLE, PROFITABLE GROWTH
We aim to grow our business in a way that is sustainable and profitable over the long term.
OUR PURPOSE
Improving care and 
outcomes through inspired 
and world-leading 
healthcare solutions. 
Utilise our expertise 
to develop 
new therapies 
and reduce costs 
to healthcare 
systems 
BETTER PRODUCTS 
Continuously strive to 
improve our products
GLOBAL REACH
Increase our presence 
around the world
CHANGE 
CLINICAL PRACTICE
Section 2 | THE COMPANY
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
21

What matters most 
Investors and other stakeholders 
are increasingly using non-financial 
information on other material 
topics to make decisions. Those 
include trends and risks that could 
affect a company’s long-term 
value, such as climate change, as 
well as the economic and social 
impacts of doing business.
OUR STAKEHOLDERS 
E M P LOY E E S
C U STO M E R S
I N V E STO R S
C L I N I C I A N S
S U P P L I E R S
CO M M U N I T I E S
During the 2024 financial year, we worked with 
an independent consultant, thinkstep-anz, to 
update and validate our assessment of material 
topics. Thinkstep-anz obtained feedback by 
conducting surveys with internal and external 
stakeholders, including our Board, senior 
managers, investors, suppliers, customers and 
clinicians. Participants were asked to assess 
a selection of material topics and rank their 
importance to F&P. We also considered our 
unique business risks, the United Nations 
Sustainable Development Goals, and feedback 
we receive through regular interactions with 
customers, clinicians, suppliers and investors. 
In this latest exercise, we added a new material 
topic: ‘climate-related business risk’, which 
is defined as understanding and adapting to 
impacts that Fisher & Paykel Healthcare might 
experience in a changing climate and transition 
to a low-carbon economy. 
The result is an updated materiality assessment 
informed by the principles of the 2021 GRI 
Sustainability Reporting Standards. Within this 
framework, ‘materiality’ differs from financial and 
audit interpretations and NZX/ASX definitions of 
material information. 
The five topics of highest interest were: patient 
safety; product quality; employee health, safety 
and wellbeing; innovation; and sustainable financial 
performance. These are shown in the upper right 
quadrant of our updated materiality matrix.
22
Section 2 | THE COMPANY
Fisher & Paykel Healthcare | ANNUAL REPORT 2024

Materiality matrix
6.0
6.5
7.0
7.5
8.0
8.5
9.0
9.5
10.0
6.0
0
6.5
7.0
7.5
8.0
8.5
9.0
9.5
10.0
Patient safety
Product quality
Health, safety & wellbeing
Innovation
Employee attraction,
development & retention
Sustainable financial performance
Nurturing our culture
Resilient & ethical supply chain
Intellectual property
Market access
Customer experience
Legal compliance
Labour practices
Corporate governance
Improving public health
Disruptive technologies
Cyber security & data protection
Anti-bribery & corruption
Ethical research
Diversity & inclusion
Carbon & energy
Local employment
Healthcare demographics
Business continuity planning
Resource efficiency
Community
Healthcare waste management
STAKEHOLDER IMPORTANCE
(AS RANKED BY ALL STAKEHOLDERS)
BUSINESS IMPACT
(AS RANKED BY INTERNAL STAKEHOLDERS) 
Climate-related business risk
Section 2 | THE COMPANY
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
23

Sustainable 
development goals 
Fisher & Paykel Healthcare supports the 
United Nations Sustainable Development 
Goals. We have identified three goals 
where we believe we can make a positive 
difference in order to achieve a more 
sustainable future for all. The goals we 
are most closely aligned with are Goal 3, 
Goal 8 and Goal 12, and our contributions 
are outlined in this section.
24
Section 2 | THE COMPANY
Fisher & Paykel Healthcare | ANNUAL REPORT 2024

GOAL 3: 
Ensure healthy lives and promote wellbeing 
for all at all ages
UN SDG target
UN key indicators 
Our contribution 
3.4
By 2030, reduce by one third premature 
mortality from non-communicable diseases 
through prevention and treatment and 
promote mental health and wellbeing.
Mortality rate attributed to cardiovascular 
disease, cancer, diabetes or chronic 
respiratory disease. 
Our Optiflow™ nasal high flow therapy is a first-
line treatment for patients suffering for respiratory 
disease, including being used both pre-intubation 
and post-extubation. More than six million patients 
were treated with our Optiflow therapy over the 
past year.
3.6
By 2020, halve the number of global deaths 
and injuries from road traffic accidents.
Death rate due to road traffic injuries.
Hundreds of millions of people suffer from 
obstructive sleep apnea (OSA) globally, and the 
associated daytime fatigue creates significant risk 
for drivers – there are clinically proven links between 
these conditions and traffic accidents. Our range of 
OSA masks are used by millions of patients around 
the world for a better night’s sleep.
3.8
Achieve universal health coverage, including 
financial risk protection, access to quality 
essential healthcare services and access 
to safe, effective, quality and affordable 
essential medicines and vaccines for all.
Coverage of essential health services 
(defined as the average coverage of 
essential services based on tracer 
interventions that include reproductive, 
maternal, newborn and child health, 
infectious diseases, non-communicable 
diseases and service capacity and 
access, among the general and the 
most disadvantaged population).
The use of our Optiflow™ nasal high-flow therapy 
has often been shown to reduce the escalation of 
patient care, resulting in not only better outcomes 
for the patient but also reducing cost and capacity 
constraints for healthcare providers.
Section 2 | THE COMPANY
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
25

GOAL 8: 
Promote sustained, inclusive and sustainable economic growth, 
full and productive employment and decent work for all
UN SDG target
UN key indicators: 
Our contribution: 
8.2
Achieve higher levels of economic 
productivity through diversification, 
technological upgrading and innovation, 
including through a focus on high-value 
added and labour-intensive sectors.
Annual growth rate of real GDP per 
employed person.
We are a major proponent of research and 
development and in the 2024 financial year invested 
11% of annual revenue into R&D. We have more than 
900 people engaged in clinical research and product 
and process development – they are primarily 
engineers, scientists and physiologists.
8.3
Promote development-oriented policies that 
support productive activities, decent job 
creation, entrepreneurship, creativity and 
innovation, and encourage the formalization 
and growth of micro-, small- and medium-
sized enterprises, including through access 
to financial services.
Proportion of informal employment in 
total employment, by sector and sex.
We are a significant employer, with a team of 
7,031 permanent and 137 temporary employees 
(as at 31 March 2024). We are an equal opportunity 
employer that values workplace diversity. Of our 
full-time permanent employees, 54% are women and 
46% are men. 
26
Section 2 | THE COMPANY
Fisher & Paykel Healthcare | ANNUAL REPORT 2024

GOAL 12: 
Ensure sustainable consumption 
and production patterns
UN SDG target
UN key indicators: 
Our contribution: 
12.2
By 2030, achieve the sustainable 
management and efficient use of natural 
resources.
Material footprint, material footprint per 
capita, and material footprint per GDP.
Domestic material consumption, domestic 
material consumption per capita, and 
domestic material consumption per GDP.
Aligned with the goals of the Paris Agreement 
to limit global warming to 1.5 degrees Celsius, we 
have set science-based targets for our Scope 1 
and 2 emissions. We are also working with our 
suppliers to set their own targets. We recognise 
the overall importance of water and other natural 
ecosystems. In water-scarce regions we apply good 
water stewardship practices such as rainwater 
harvesting and closed-loop water systems, and 
have established a water re-use plant at our Tijuana 
facility in Mexico. 
12.5
By 2030, substantially reduce waste 
generation through prevention, reduction, 
recycling and reuse.
National recycling rate, tons of material 
recycled.
We actively reduce waste and recycle materials. 
In the 2024 financial year, we diverted 1,348 
cubic metres of waste from landfill. Our recycling 
efficiency rate was 53%. We also have over 100 
product development engineers across the company 
involved in our Ecodesign initiative, which is 
focused on sustainable packaging, bio-based plastic 
technology and sustainable procurement.  
Section 2 | THE COMPANY
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
27

28
Section 2 | THE COMPANY
Fisher & Paykel Healthcare | ANNUAL REPORT 2024

Scott St John
Chair and non-executive director
TERM OF OFFICE:
Appointed October 2015, last 
re-elected 18 August 2021. Appointed 
Chair on 21 August 2020.
Scott is Chairman of ANZ Bank 
New Zealand Limited and Mercury 
Limited, and a director of the ANZ 
Group Board and NEXT Foundation. 
Scott was Chief Executive Officer of 
First NZ Capital from 2002 to 2017. He 
is a member of Chartered Accountants 
Australia and New Zealand, a fellow of 
the Institute of Finance Professionals 
of New Zealand and a Chartered 
Member of the Institute of Directors.
Bachelor of Commerce, Diploma in 
Business
COMMITTEE RESPONSIBILITIES:
Member Audit & Risk Committee.
Member People & Remuneration 
Committee.
Member Quality, Safety & Regulatory 
Committee.
Lewis Gradon
Managing Director and 
Chief Executive Officer
TERM OF OFFICE:
Appointed 1 April 2016, last re-elected 
24 August 2022.
Lewis became Managing Director 
and Chief Executive Officer in April 
2016. Prior to that, he spent 15 years 
as Senior Vice President – Products & 
Technology, and six years as General 
Manager – Research and Development. 
During his 41-year tenure with Fisher & 
Paykel Healthcare, he has held various 
engineering positions overseeing 
the development of our range of 
products as well the development of 
our manufacturing, quality, intellectual 
property, supply chain and clinical 
research functions.
Bachelor of Science – Physics
Sir Michael Daniell 
Non-executive director
TERM OF OFFICE:
Appointed November 2001, last 
re-elected 18 August 2021. 
Mike was Managing Director and Chief 
Executive Officer of Fisher & Paykel 
Healthcare from November 2001 to 
March 2016. He was General Manager 
of Fisher & Paykel’s medical division 
from 1990 to 2001 and previously 
held various technical management 
and product design roles within 
the company. Mike is a director of 
Cochlear Limited, Tait International 
Limited and the Medical Research 
Commercialisation Fund. Michael 
was named a Knight Companion 
of the New Zealand Order of Merit 
in June 2021. 
Bachelor of Engineering (Hons)
COMMITTEE RESPONSIBILITIES:
Chair Quality, Safety & Regulatory 
Committee.
Member People & Remuneration 
Committee.
Pip Greenwood
Non-executive director
TERM OF OFFICE:
Appointed June 2017, last re-elected 
29 August 2023.
Pip is the Chair of Westpac New 
Zealand Limited and also Chair of The 
a2 Milk Company Limited. Pip was a 
partner at Russell McVeagh between 
2001 and 2019 and served as the firm’s 
Board Chair. She has advised on many 
high-profile corporate transactions. 
Pip also served as a member of the 
New Zealand Takeovers Panel from 
2007 to 2011. 
Bachelor of Laws
COMMITTEE RESPONSIBILITIES:
Member Audit & Risk Committee.
Member People & Remuneration 
Committee.
Our Board
Section 2 | THE COMPANY
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
29

Dr Cather Simpson 
Non-executive director
TERM OF OFFICE:
Appointed June 2022, elected 24 
August 2022.
Cather is a professor of physics and 
chemical sciences at the University 
of Auckland and a partner at Pacific 
Channel, with expertise in lasers 
and photonics. She is a director of 
the International Society for Optics 
& Photonics (SPIE) and the Dodd-
Walls Centre for Photonic & Quantum 
Technologies, and CEO of Orbis 
Diagnostics. In 2010, Cather established 
the Photon Factory at the University of 
Auckland, from which she co-founded 
three hard-tech start-ups, including 
Engender Technologies, where she 
served as Chief Science Officer from 
2011 to 2021.
PhD Medical Sciences, Bachelor of 
Arts – Interdisciplinary Studies
COMMITTEE RESPONSIBILITIES:
Member Quality, Safety & Regulatory 
Committee.
Neville Mitchell
Non-executive director
TERM OF OFFICE:
Appointed November 2018, last 
re-elected 24 August 2022.
Neville was Chief Financial Officer 
and Company Secretary of Cochlear 
between 1995 and 2017. He is a 
director of Sonic Healthcare and 
Sigma Healthcare, and is a former 
director of The Board of Tax, South 
Eastern Sydney Local Health District, 
Osprey Medical and Sirtex Medical. 
Previously, he served on the New 
South Wales Medical Devices Fund, 
was Chairman of the Group of 100, 
and Chairman, Standing Committee 
(Accounting and Auditing) for 
the Australian Securities and 
Investments Commission.
Bachelor of Commerce
COMMITTEE RESPONSIBILITIES:
Chair Audit & Risk Committee.
Member Quality, Safety & Regulatory 
Committee.
Dr Lisa McIntyre
Non-executive director
TERM OF OFFICE:
Appointed October 2021, elected 24 
August 2022.
Lisa is a director of The University 
of Sydney, Studiosity, Nanosonics 
and Baymatob. She has previously 
been a director of a range of health 
entities, including those in healthcare 
insurance, clinical service delivery and 
medical research and innovation. Lisa 
spent 20 years as a senior strategy 
partner with LEK Consulting providing 
advice to companies in North America, 
Asia and Australia.
PhD Physical Chemistry, Bachelor 
of Science – Biochemistry and Pure 
Maths 
COMMITTEE RESPONSIBILITIES:
Chair People & Remuneration 
Committee.
Member Audit & Risk Committee.
Graham McLean
Non-executive director
TERM OF OFFICE:
Appointed October 2023.
Graham is a director and CEO of 
CleanSpace Technology and the 
Chair of Universal Biosensors. 
Graham previously spent 16 years 
as an executive at leading medical 
device manufacturer Stryker 
Corporation, most recently as 
President of the Asia Pacific region 
situated in Hong Kong and Singapore. 
Prior to joining Stryker, Graham 
had finance, audit and commercial 
positions at Lion Nathan, McVitie’s 
and Unilever.
Bachelor of Science – Geography
COMMITTEE RESPONSIBILITIES:
Member Audit & Risk Committee.
30
Section 2 | THE COMPANY
Fisher & Paykel Healthcare | ANNUAL REPORT 2024

Lewis Gradon
Managing Director & 
Chief Executive Officer
Lewis became Managing 
Director & Chief Executive 
Officer in April 2016. Prior 
to that, he spent 15 years 
as Senior Vice President 
– Products & Technology, 
and six years as General 
Manager – Research and 
Development. During his 
41-year tenure with Fisher & 
Paykel Healthcare, he has held 
various engineering positions 
overseeing the development 
of our range of products as 
well as the development of 
our manufacturing, quality, 
intellectual property, supply 
chain and clinical research 
functions. He received his 
Bachelor of Science degree in 
physics from the University of 
Auckland, New Zealand.
Andy Niccol
Chief Operating Officer
Andy Niccol was appointed 
Chief Operating Officer in 
April 2024. Prior to that, he 
served as General Manager 
– Respiratory Humidification 
from October 2020 and 
General Manager – Infant 
Care from December 2015 
to September 2020. Andy 
has held a number of roles 
spanning research and 
development, sales and 
global original equipment 
manufacturer (OEM) 
partnerships, since joining 
Fisher & Paykel Healthcare 
in 2001. Andy received his 
Bachelor of Engineering 
(Mechanical) degree with 
honours from the University 
of Auckland, New Zealand.
Justin Callahan
Vice President 
– Sales & Marketing 
Justin was appointed 
Vice President – Sales & 
Marketing in April 2024. He 
has held several roles in sales 
management after joining 
Fisher & Paykel Healthcare in 
Australia in 1988. Justin took 
up the mantle as President 
– North America in 1996, 
delivering significant revenue 
and earnings growth in our 
largest market during his 
tenure. Most recently, Justin 
served as President – North 
America & Europe.
Lyndal York
Chief Financial Officer
Lyndal was appointed Chief 
Financial Officer in March 
2019. Before joining Fisher 
& Paykel Healthcare, Lyndal 
was CFO at Asaleo Care and 
prior to this held Head of 
Group Finance and Group 
Financial Controller roles at 
Cochlear in Australia over 
an 11-year period. She has 
also spent time in the US, as 
VP Corporate Accounting 
and Reporting at Edwards 
Lifesciences. Lyndal is 
a member of Chartered 
Accountants Australia and 
New Zealand and a graduate 
of the Australian Institute 
of Company Directors. She 
received her Bachelor of 
Economics degree from 
Macquarie University, Australia 
and Master of Business 
Administration degree from 
Pepperdine University in the 
United States.
Dr Andrew Somervell
Vice President 
– Products & Technology
Andrew was appointed 
Vice President – Products 
& Technology in April 2016. 
Since joining Fisher & Paykel 
Healthcare in 2006, he 
has held various product 
development and operations 
management roles, and most 
recently was General Manager 
– Product Groups. He has 
overseen the development 
of the OSA product range 
and managed research and 
development, marketing, 
clinical, manufacturing, and 
aspects of the supply chain. 
Before joining Fisher & 
Paykel Healthcare, Andrew 
was a Research Fellow at 
the University of Auckland, 
New Zealand, and holds a 
doctorate in physics from 
the same university.
Our Executive Management Team 
Section 2 | THE COMPANY
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
31

Winston Fong
Vice President
– Surgical Technologies
Winston was appointed 
Vice President – Surgical 
Technologies in February 
2017. Winston previously 
served as Vice President – 
Information & Communication 
Technology from 2010 
and has held various IT 
management, product and 
software development, and 
systems engineering roles 
in the business since 1999. 
Winston received his Bachelor 
of Engineering degree with 
honours in Electronics & 
Computer Engineering 
from Manukau Institute of 
Technology and Master of 
Business Administration 
degree from the University 
of Auckland, New Zealand.
Nicola Talbot
Vice President 
– Human Resources 
Nicola was appointed 
Vice President - Human 
Resources in October 2020. 
She has more than 20 years 
of experience with Fisher 
& Paykel Healthcare. She 
worked with our International 
Sales team for 14 years and 
was appointed to the role of 
General Manager – Human 
Resources (International 
Sales) in 2017. She holds a 
Bachelor of Management 
Studies with honours in 
Human Resources and 
Marketing from the University 
of Waikato, New Zealand.
Brian Schultz
Vice President – Quality, 
Safety & Regulatory Affairs
Brian was appointed Vice 
President – Quality, Safety 
& Regulatory Affairs in 2015. 
Brian previously served as 
Quality Manager for New 
Zealand Manufacturing 
since joining the company in 
2011. Prior to joining Fisher 
& Paykel Healthcare, Brian 
held quality management 
positions within the medical 
device and pharmaceutical 
industries in Australia, 
Switzerland, United Kingdom 
and the United States. He 
received his Bachelor of 
Science degree from Grand 
Valley State University in 
the United States.
Nicholas Fourie
Vice President – Information & 
Communication Technology
Nicholas Fourie was 
appointed Vice President – 
Information & Communication 
Technology in February 
2017. Nicholas has been 
with Fisher & Paykel 
Healthcare since 2007, and 
in that time has held various 
systems engineering and IT 
management roles, including 
his most recent position as 
ICT Manager – Development 
& Engineering. Prior to joining 
Fisher & Paykel Healthcare, he 
worked for the South African 
division of BHP Billiton. 
Nicholas holds a Diploma in 
Computer Engineering from 
Damelin School of Information 
Technology in South Africa.
Marcus Driller
Vice President – Corporate
Marcus was appointed Vice 
President – Corporate in 
February 2019. Marcus joined 
Fisher & Paykel Healthcare in 
2009 as an in-house lawyer 
and since that time has held 
several roles in legal, investor 
relations and communications 
and most recently as General 
Manager – Corporate. Prior 
to joining the company, he 
worked for New Zealand law 
firm Russell McVeagh where 
he specialised in corporate 
and commercial law. Marcus 
received his Bachelor of 
Commerce and Bachelor 
of Laws degrees from the 
University of Auckland, 
New Zealand.
32
Section 2 | THE COMPANY
Fisher & Paykel Healthcare | ANNUAL REPORT 2024

Raelene Leonard
General Counsel & Company 
Secretary
Raelene was appointed 
General Counsel in March 
2019, assumed Company 
Secretary responsibilities in 
October 2021 and joined the 
Executive Management team 
in April 2024. She joined 
Fisher & Paykel Healthcare 
in 2016, bringing with her a 
wealth of legal experience 
gained across Asia Pacific 
and Europe. Raelene received 
her Bachelor of Laws and 
Bachelor of Commerce 
degrees from Victoria 
University of Wellington, 
New Zealand.
Desh Edirisuriya
General Manager – New Zealand 
Operations
Desh was appointed General 
Manager – New Zealand 
Operations and joined the 
Executive Management 
team in April 2024. He has 
been with Fisher & Paykel 
Healthcare since 2000. Over 
that time, Desh has held 
various roles in business 
excellence, manufacturing 
operations and product 
development, including 
leading the company’s 
response to COVID-19 and 
embedding our culture of 
continuous improvement. 
Most recently, he served 
as General Manager – NZ 
Manufacturing Operations 
& Business Excellence. 
Desh holds a Bachelor of 
Engineering (Mechanical) 
from the University of 
Auckland, New Zealand. 
Jonti Rhodes
Vice President – Supply Chain, 
Facilities & Sustainability
Jonti was appointed Vice 
President – Supply Chain, 
Facilities & Sustainability in 
April 2022, having served on 
the Executive Management 
team since 2015. Jonti joined 
Fisher & Paykel Healthcare 
in 2007 as a product design 
engineer, and since that time 
has held several roles, both in 
New Zealand and the United 
States. He holds a Bachelor 
of Engineering (Mechanical) 
from Auckland University of 
Technology and a Master of 
Business Administration from 
the University of Auckland, 
New Zealand.
Malena Ortiz
General Director 
– Mexico Operations
Malena was appointed 
General Director – Mexico 
Operations in October 2020 
and joined the Executive 
Management team in April 
2024. Since starting at Fisher 
& Paykel Healthcare in 2011, 
she held various roles in 
manufacturing operations 
overseeing the establishment 
and rapid expansion of 
the company’s presence in 
Mexico. Malena previously 
held the position of Plant 
Director – Mexico. Prior 
to joining Fisher & Paykel 
Healthcare, Malena worked for 
Covidien (now Medtronic) in 
cost accounting. Malena holds 
a Bachelor of Accounting 
degree from Univer University 
and a Master of Management 
degree from Panamerican 
University, Mexico.
Section 2 | THE COMPANY
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
33

34
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
Section 3 | OPERATING SUSTAINABLY 

O P E R AT I N G 
S U S TA I N A B LY
3
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
35
Section 3 | OPERATING SUSTAINABLY  

People
Our purpose is brought to life by our people 
every day. We invest in good people who want 
to make a positive lasting impact – people 
who value long-term relationships, innovation 
and real human connections.
In this section we highlight some of the ways 
we create a positive and inclusive culture, 
empower our people to keep growing their 
knowledge and skills, and provide a safe, 
healthy and enjoyable work environment.
36
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
Section 3 | OPERATING SUSTAINABLY | People

TALENT ATTRACTION 
IN NEW ZEALAND
35%
INCREASE in intern 
applications
RETAINING TALENT 
IN NEW ZEALAND
35%
OF OPEN ROLES filled 
by existing employees
153
INTERNS recruited
71%
HIRED AS GRADS from 
previous year interns
Talent attraction and retention 
We seek to build a pipeline of talented people, from interns and graduates 
to senior technical and leadership positions. We believe in giving all 
employees every opportunity to learn, grow and advance toward their 
full potential, and rewarding them for their contribution to our success. 
Our aim is to build a team of good people doing good work with intent.
A key part of our talent strategy begins with intern and graduate 
recruitment where we work closely with local tertiary institutions. We 
participate in career expos and engage on social media to recruit talent 
in a broad range of functions such as engineering, marketing, finance 
and ICT. We continue to sponsor student events and engineering 
societies to increase our brand awareness and build strong partnerships.
During the 2024 financial year, we implemented a number of 
improvements to our recruitment and selection process including many 
focused on diversity, equity and inclusion, such as offering candidates 
new options for communicating their skills and experience. We saw a 
35% increase in intern applications over the previous financial year. 
In New Zealand, we recruited 153 interns for the summer, and 71% of 
the new graduate roles for 2024 were filled by previous interns. We also 
welcomed three high school student interns through a collaboration with 
the Fisher & Paykel Healthcare Foundation and two of its funding partners. 
This year, nine early career marketers participated in our Early Careers 
Marketing Programme, gaining specialised knowledge, networking and 
mentorship in marketing.
Our marketing graduates connected with VPs Jonti Rhodes and Andrew Somervell 
(back row, second and third from left) to gain insights into their career journeys at F&P.
Retaining our people
Our commitment is to provide our people 
with ways to learn, develop and progress their 
careers, and reward them for their contribution 
over the long term. We understand that 
people’s needs and goals can be different, 
and we consider retention activities specific 
to the needs of our people and in line with 
our culture.
As outlined in the Remuneration section, 
we aim to reward our people fairly based 
on individual performance and contribution, 
the size of their role and the market context. 
Employee remuneration is reviewed annually, 
and employment arrangements can be tailored 
to meet individual needs. 
In addition to regular pay, we offer a 
discretionary profit share scheme payable 
every six months. During the 2024 financial 
year, the total profit share pool amounted to 
$9 million and was divided among employees 
who met the qualifying criteria.
In New Zealand, Australia, the United States 
and Canada, we offer an employee share 
purchase scheme whereby our people 
may purchase shares at a discount. During 
the 2024 financial year, over 2,200 eligible 
employees participated. 
In the 2024 financial year, 35% of open roles 
at our New Zealand campus were filled 
by existing employees. Globally, employee 
turnover was down compared with the 
previous financial year, as shown in the tables 
on page 39. 
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
37
Section 3 | OPERATING SUSTAINABLY | People

Workforce composition
The tables below provide insight into the composition of our workforce by 
headcount as at 31 March 2024, and into hire rates and retention rates. 
People numbers 
BY REGION
FY2023
FY2024
Region
Permanent
Temporary
Permanent
Temporary
New Zealand
3,515
37
3,474
91
Mexico
1,686
83
2,265
27
Rest of World
1,248
15
1,292
19
Total
6,449
135
7,031
137
BY GENDER
FY2023
FY2024
Gender
Permanent
Temporary
Permanent
Temporary
Women
3,308
84
3,789
81
Men
3,106
51
3,205
54
Gender diverse
7
0
8
0
Not specified/Prefer not to say
28
0
29
2
Total
6,449
135
7,031
137
BY NATURE OF ROLE (full-time and part-time*)
FY2023
FY2024
Gender
Full-time
Part-time
Full-time
Part-time
Women
3,272
36
3,757
32
Men
3,085
21
3,185
20
Gender diverse
7
0
8
0
Not specified/Prefer not to say
27
1
28
1
Total
6,391
58
6,978
53
*	 Does not include New Zealand temporary employees (casual, fixed-term, temporary, temporary part-time and contract 
temporary) due to the changing nature of their hours.
Leadership by age
The table below shows the age ranges of our people among our 
Board members, senior executives, management and all employees as at 
31 March 2024.
FY2023
FY2024
Under 30 
years old
30 – 50 
years old
Over 50 
years old
Under 30 
years old
30 – 50 
years old
Over 50 
years old
Board
0
0
8
0
0
8
Senior executives1
0
7
4
0
7
4
Management (VP-1)2 
1
45
16
All employees3
1,650
3,660
1,139
1,843
3,948
1,240
FY2023
FY2024
% Under 30 
years old
% 30 – 50 
years old
% Over 50 
years old
% Under 30 
years old
% 30 – 50 
years old
% Over 50 
years old
Board
–
–
100%
–
–
100%
Senior executives1
–
63.6%
36.4%
–
63.6%
36.4%
Management (VP-1)2 
 
 
 
1.6%
72.6%
25.8%
All employees3
25.6%
56.7%
17.7%
26.2%
56.2%
17.6%
1	 The term “senior executive” refers to the Chief Executive Officer, executives reporting directly to the Chief Executive 
Officer, and the General Counsel and Company Secretary who reports directly to the Board.
2	 Management (VP-1): This includes senior managers who report into the Executive Management team. This is the first 
year we have reported them as a separate category.
3	 Temporary employees are not included in the above numbers.
38
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
Section 3 | OPERATING SUSTAINABLY | People

Hire rates* 
BY REGION
FY2023
FY2024
Region
New employees
Hire rate
New employees
Hire rate
New Zealand
530
15%
331
10%
Mexico
327
19%
763
34%
Rest of World
256
21%
213
17%
Total
1,113
17%
1,307
19%
BY GENDER
FY2023
FY2024
Gender
New employees
Hire rate
New employees
Hire rate
Women
561
17%
839
22%
Men
526
17%
458
14%
Gender diverse
3
–
–
–
Not specified/ 
Prefer not to say
23
–
10
31%
Total
1,113
17%
1,307
19%
BY AGE GROUP
FY2023
FY2024
Age group
New employees
Hire rate
New employees
Hire rate
Under 30 years old
520
31%
670
35%
30 – 50 years old
522
14%
582
15%
Over 50 years old
71
6%
55
5%
Total
1,113
17%
1,307
19%
*	 Hire rate is the number of permanent employees hired divided by total headcount for that region or category.
Employee turnover rates
BY REGION
FY2023
FY2024
Region
Number of leavers
Turnover rate
Number of leavers
Turnover rate
New Zealand
448
13%
390
11%
Mexico
748
44%
472
21%
Rest of World
188
15%
171
14%
Total
1,384
21%
1,033
15%
BY GENDER
FY2023
FY2024
Gender
Number of leavers
Turnover rate
Number of leavers
Turnover rate
Women
778
24%
541
14%
Men
601
19%
486
15%
Gender diverse
–
–
1
14%
Not specified/ 
Prefer not to say
5
–
5
17%
Total
1,384
21%
1,033
15%
BY AGE GROUP
FY2023
FY2024
Age group
Number of leavers
Turnover rate
Number of leavers
Turnover rate
Under 30 years old
615
37%
419
22%
30 – 50 years old
677
19%
524
13%
Over 50 years old
92
8%
90
7%
Total
1,384
21%
1,033
15%
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
39
Section 3 | OPERATING SUSTAINABLY | People

Learning and 
leadership development 
Our learning and leadership development approach incorporates 
experiential learning, online learning, workshops and self-paced 
development activities – all underpinned by a culture of coaching. 
One of the first learning opportunities is our welcome induction, where 
new hires gain essential knowledge about our purpose, values, policies, 
and requirements for working in a medical device company. In the 2024 
financial year, 382 employees were inducted in New Zealand.
Employee development
Throughout their careers, we provide our people with opportunities to 
continue learning and earning qualifications. Learning options include 
general workplace skills, digital skills, technical qualifications, clinical 
education and formal diplomas and degrees. 
Below are some highlights from the 2024 financial year.
•	 In New Zealand, we recorded 11.5 average training hours per salaried 
employee.
•	 46 Mexico employees completed skills training in public speaking, 
coaching and labour management, and 10 completed national trade 
certifications through the National Council for Standardization and 
Certification of Labor Competencies.
•	 More than 20 New Zealand employees gained skills in 
communication and numeracy and 18 were trained at our new 
injection moulding training centre.
•	 Two cafeteria assistants graduated as fully qualified chefs from 
the New Zealand Qualifications Authority, and two chefs earned 
assessors’ certificates.
•	 We sponsored 12 employees to complete a Master of Medical 
Engineering degree at the University of Auckland in New Zealand.
•	 In Mexico, we partnered with local universities to sponsor six 
employees working toward engineering, business and finance 
degrees.
40
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
Section 3 | OPERATING SUSTAINABLY | People

LEADERSHIP
DEVELOPMENT
724
PEOPLE attended 
Leadership learning 
across 66 sessions
6
GLOBAL leadership 
forums hosted by 
our team in Australia
Leadership development
We provide new and experienced managers with guidance, resources 
and tools to become better leaders through classroom-based learning, 
workshops and online platforms. Topics include situational leadership, 
coaching, emotional intelligence, resilience, continuous improvement, 
personal efficiency and leadership essentials. 
During the 2024 financial year, our New Zealand team held 66 leadership 
learning sessions with a total attendance of 724 people. Our team in 
Australia hosted six global leadership forums, with over 250 senior 
leaders participating. 
Performance feedback
Our coaching culture is fundamental to our way of working and helping 
our people be better at what they do.
Our focus is on managers and their team members having regular 
coaching conversations, in the moment and throughout the year, to 
recognise recent successes and provide feedback on opportunities 
for improvement. These moments help to unlock solutions, embed our 
culture and help our people reach their full potential and contribute 
over the long term. These conversations guide decisions on contribution 
ratings and assessments, which happen formally once a year.
Insights into 
hospital environments 
Employees attend a learning session at the Simulation Centre for 
Patient Safety at the University of Auckland, New Zealand.
Developing new products requires a deep 
understanding of the hospital environment. 
Our research and development teams visit 
hospitals regularly to engage with experienced 
doctors, nurses and respiratory care specialists 
around the world to understand their needs and 
challenges, and to grow their knowledge of care 
environments across neonatal, pediatric and 
adult specialities. 
Some of our products are used to support 
patients in the intensive care units, where it can 
be challenging for observers to be present. To 
help our people gain practical insights into these 
environments, we also run simulations with 
hospitals and universities. In a typical simulation, 
hospital caregivers demonstrate a relevant task 
using our products, while our teams practise the 
task, record and question the caregiver to clearly 
understand their process. 
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
41
Section 3 | OPERATING SUSTAINABLY | People

Diversity, equity and inclusion
To achieve our purpose, we nurture a culture that is collaborative, 
open, diverse, honest and inclusive – a place where everyone 
can find belonging. Our approach is to embed diversity, equity 
and inclusion (DEI) into everything we do by implementing the 
following fundamentals:
•	 A global approach encompassing all demographics, identities, 
backgrounds and experiences
•	 High performing teams built with the best possible people, free 
of bias, unconscious or otherwise
•	 An environment where people are empowered to take an active 
role in DEI
•	 A positive and inclusive culture based on trust and respect
•	 Supporting brighter and healthier communities through care and 
collaboration.
We review the effectiveness of our DEI Procedure annually and 
monitor our performance against it, reporting to the Board any 
recommended changes to our measurable objectives, strategies 
or the way in which they are implemented.
During the 2024 financial year, we made considerable progress 
toward our DEI objectives, and this was acknowledged by our 
Board of directors. The highlights included:
•	 Gathering insights and progressing actions in our 
international regions
•	 Analysing recruitment strategies and data
•	 Compiling ethnicity data to inform future initiatives
•	 Reporting our overall gender pay gap in New Zealand for 
the first time.
IDEA Council and employee-led networks
At our largest campus in New Zealand, our Inclusion, Diversity, Equity 
and Awareness (IDEA) Council helps to progress work in DEI. During the 
2024 financial year, the IDEA Council provided input into our updated DEI 
Procedure and advised on ways to embed DEI into key business initiatives. 
Our employee-led networks help to create an environment where our 
people feel safe and valued. During the 2024 financial year, a new 
employee-led network called ReThink was launched to provide awareness 
and support around neurodiversity, and we look forward to seeing them 
develop the network.
Spectra
Spectra is our employee-led network for our rainbow communities. 
During the 2024 financial year. Spectra engaged more than 250 employees 
in rainbow inclusion through awareness events and training. In February, 
the group celebrated Pride Month through four events, which included 
rainbow awareness 101 sessions, a fundraiser for rainbow mental health 
charity OutLine, and a drag bingo social event. 
Employees attend a Rainbow 101 awareness session.
42
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
Section 3 | OPERATING SUSTAINABLY | People

Manaaki 
Manaaki supports people of Māori heritage to develop their leadership 
skills and cultural connection. During the 2024 financial year, the 
Indigenous Leadership Programme continued its third cohort, with 18 
participants of Māori or Pasifika heritage undertaking wānanga (learning 
sessions), coaching and group projects. Completed projects included 
hosting a student open day on campus and a printed guide showcasing 
learning and development courses and employee communities. Manaaki 
also hosted a learning session that explored Te Tiriti o Waitangi (the Treaty 
of Waitangi) through the eyes of author, Māori language advocate and 
artist Sir Haare Williams (Tuhoe, Rongowhakāta, Ngāti Porou), after his 
recent artistic exhibition on the history of the Waikato area. 
FY2023
FY2024
Women
Men
Gender diverse
Women %
Men %
Gender diverse %
Women
Men
Gender diverse
Women %
Men %
Gender diverse %
Board
3
5
–
37.5%
62.5%
–
3
5
–
37.5%
62.5%
–
Senior executives1
3
8
–
27.3%
72.7%
–
3
8
–
27.3%
72.7%
–
Management (VP-1)2, 4
17
45
–
27.4%
72.6%
–
16
46
–
25.4%
73.0%
–
All employees3, 4
3,308
3,106
7
51.5%
48.4%
0.1%
3,789
3,205
8
53.9%
45.6%
0.1%
WiEng
WiEng supports and empowers women in technical roles. This year 
WiEng doubled its size to more than 300 members. The group held 
eight networking and learning events including a speaker panel where 
employees who are mothers discussed their experiences. 
Gender diversity 
The table below shows gender diversity among our Board members, senior executives, senior management and all employees as at 31 March 2024. 
The table does not reflect the addition of new members to the Executive team which took effect from 1 April 2024.
Hamish Campbell 
(Ngāti Raukawa ki te Tonga) and 
James Milne (Ngāti Awa, Waikato 
Tainui) of Manaaki present a 
koha (gift) to Sir Haare Williams 
(centre). The koha was 
handcrafted from recycled rimu 
wood by James Milne.
For International Women’s Day, WiEng held a workshop called Investing in Women, covering 
topics such as wealth, education, culture and healthcare. 
1	 The term “senior executive” refers to the Chief Executive Officer, executives reporting directly to the Chief Executive 
Officer, and the General Counsel and Company Secretary who reports directly to the Board. 
2	 Management (VP-1): This includes senior managers who report into the Executive Management team. 
3	 Temporary employees are not included in the above numbers.
4	Employees who have not specified their gender are not included in the above numbers.
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
43
Section 3 | OPERATING SUSTAINABLY | People

Gender pay equity 
Fisher & Paykel Healthcare has been reporting on gender pay equity 
since 2017. Gender pay equity is about making sure people are paid fairly 
regardless of their gender. We continue to monitor this on a regular basis 
across our global locations.
Like-for-like gender pay gap
The like-for-like gender pay gap is the difference between the mean 
pay of men and women in like-for-like roles. ‘Like-for-like’ comparisons 
consider the type and size of roles and experience.
The like-for-like gender pay gap measures whether men and women 
receive equal pay for equal work. We previously reported our like-for-
like gender pay gap as our gender pay ratio. Starting this year, we have 
included only salaried roles when we measure our like-for-like gender 
pay gap. Pay rates for our people covered by a collective agreement are 
fixed, based on skills and position, so there is no difference in pay within 
like-for-like roles. 
SALARIED EMPLOYEES 
LIKE-FOR-LIKE GENDER PAY GAP
FY2023
FY2024
New Zealand
1.4%
0.7%
International regions
3.4%
4.6%
Note: This table differs from the gender pay ratio we reported in FY2023.
The data in the table above reflects the like-for-like gender pay gap at a 
single point in time. We regularly monitor this metric and take action as 
needed to ensure all employees are paid fairly regardless of gender.
Overall gender pay gap – New Zealand
During the 2024 financial year, we committed to reporting our overall 
gender pay gap for employees based in New Zealand. The overall gender 
pay gap measures the difference in median pay between men and women. 
It does not take into account the nature of the role or the type of work 
done. As at 31 March 2024, our overall gender pay gap was 36%. 
Our overall gender pay gap is shaped by the composition of our 
workforce, and it is influenced by the distribution of men and women 
across the business. At Fisher & Paykel Healthcare, a higher proportion 
of men occupy higher-paying roles such as engineering while a higher 
proportion of women are employed in manufacturing roles. 
Human rights
Fisher & Paykel Healthcare fully supports the principles in the United 
Nations Declaration on Human Rights and the International Labour 
Organisation Declaration on Fundamental Principles and Rights at Work, 
including non-discrimination, freedom of association and collective 
bargaining, and freedom from forced and child labour. We seek to uphold 
human rights in all business activities.
Our team in Mexico continued to progress initiatives to help ensure 
everyone is treated with dignity and respect. The team provided training 
on women’s rights, diversity and inclusion, and non-discrimination. 
Through our Integrity Protection Committee, 70% of our Mexico 
employees were trained on how to identify, prevent and report sexual or 
workplace harassment. We also engaged local government agencies in 
Mexico to provide specialised services in psychological counselling, gender 
violence support and addiction treatment for our people. 
Employees received support through a collaboration with the Municipal 
Institute for Women, which offers care for victims of violence; the Women’s 
Justice Center, which offers legal counsel and complaints services; and the 
Municipal Institute Against Addictions, which provides psychological and 
addiction counselling. 
Collective bargaining agreements
Our people have the freedom of association to negotiate work relations 
effectively. We support sound collective bargaining practices to help 
ensure employees have an equal voice in negotiations and that the 
outcome is fair and equitable for everyone. In the 2024 financial year, 
39% of our global employees were covered by collective bargaining 
agreements. 
In December 2023, Fisher & Paykel Healthcare agreed on a new collective 
employment agreement with the representative unions in New Zealand. 
The new agreement is effective for three years, which offers our people 
more stability and job security. Our Mexico team completed collective 
agreement negotiations with their representative unions in February 2024. 
44
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
Section 3 | OPERATING SUSTAINABLY | People

Health and safety
Providing a safe, healthy and enjoyable work environment is a 
fundamental way we care for our people and enable them to deliver their 
best work. 
During the 2024 financial year, we completed a number of initiatives 
focused on continuously improving the safety of work across the 
company. Across our major global operations, we refreshed our critical 
risk assessments for nine work activities. These focused on understanding 
and improving what we must have in place and functioning well to ensure 
that our people can work safely. The outcome of our efforts is a risk-
based approach to managing health and safety risks.
In New Zealand, we reviewed our contractor management processes and 
identified opportunities to improve our risk assessment and monitoring 
processes undertaken by contractor managers. Our intention is to begin 
implementing these improvements in the 2025 financial year.
We also made enhancements to the processes that support 
injury and illness rehabilitation for our employees in New Zealand. 
These improvements have established reliable and effective processes 
and tools that enable employees to recover safely and return to 
contributing their best. 
In Mexico, we received certification in the Entornos Laborales Seguros 
y Saludables (Safe and Healthy Workplace Environments) programme. 
This voluntary programme provides us with preventative strategies 
and actions designed to improve the health, safety and wellbeing of 
our people. In addition, we completed medical assessments for 81% 
of employees who perform manual material handling as part of our 
ergonomic assessment programme this year. 
The occupational health clinics at our New Zealand and Mexico campuses 
continue to provide specialist support and advice to help our people 
identify, prevent and manage the effects of work on their health. 
Services include new starter health checks, occupational physiotherapy, 
rehabilitation support, vaccination services, nutrition management and 
health monitoring.
At our campus in Tijuana, Mexico, we organised a range of health 
campaigns in the 2024 financial year for our people and their families. 
These included breast cancer screening, cervical cancer screening, flu 
vaccination, eye checks and clinical health analysis. Our on-site weight 
loss programme supported 542 employees to shed a total of 597 
kilograms. We also worked with our cafeteria team to provide healthier 
meal options for our people. 
Health and safety data 
INJURY RATES BY YEAR (per million hours worked) 
Injury Rates
2023
2024
TRIFR1
1.42
3.37
LTIFR2
1.00
2.65
1	 Total recordable injury frequency rate
2	 Lost time injury frequency rate
INJURY RATES (per million hours worked) AND SEVERITY
New Zealand 
Mexico
Rest of world
2023
2024
2023
2024
2023
2024
TRIFR
1.52
6.71
0.28
0.00
2.78
1.51
LTIFR
1.52
5.47
0.00
0.00
1.19
0.75
Fatality
0
0
0
0
0
0
Serious injury
0
0
0
0
0
0
Lost time injury
9
32
0
0
3
2
Medical treatment injury
0
3
1
0
4
2
Restricted work injury
0
5
0
0
0
0
First aid injury
154
163
18
26
7
11
Pain and discomfort
144
195
6
3
7
8
A contributing factor to the increase in the injury rates for New Zealand 
was the change to operating a more flexible manufacturing workforce in 
New Zealand, which commenced at the end of the 2023 financial year. This 
means that employees work in different manufacturing areas based on 
product demand and resourcing requirements, rather than working in only 
one manufacturing area. We are developing a company-wide ergonomic 
risk management strategy and tactics to mitigate this risk.
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
45
Section 3 | OPERATING SUSTAINABLY | People

Mental health and wellbeing
Alongside physical health and safety, 
we understand the importance of 
mental health and wellbeing in helping 
our people work well and live better. 
Our employees worldwide and their 
immediate family members have 
access to a confidential Employee 
Assistance Programme (EAP) to 
address their mental health needs. At 
our New Zealand and Mexico campuses, 
we have psychologists available at our 
occupational health clinic to provide 
counselling for employees.
During the 2024 financial year, we 
completed the pilot for our Hei Oranga 
Hinengaro Mental Wellbeing Champion 
Network in New Zealand. An initial cohort 
of 46 employees have been trained to 
facilitate wellbeing conversations and 
encourage our people to use wellbeing 
support and EAP services. The pilot was 
a success and will be rolled out across 
the New Zealand campus.
In Mexico, we supported more than 
200 people by providing psychological 
counselling consultations on site. In 
addition, we provided off-site assistance 
to 60 people and 80 family members 
with mental health needs through our 
collaboration with the Tijuana Mental 
Health Hospital. 
During the 2024 financial year, we 
installed free period products into 
bathrooms across our New Zealand 
campus. Providing free period products 
is a small, yet impactful step towards 
creating an inclusive and caring work 
environment, supporting the wellbeing 
of our people, and ensuring our people 
have access to products to manage 
their periods with dignity and ease.
SUPPORTING
OUR PEOPLE
EAP
GLOBAL ACCESS for 
our employees and 
immediate family to 
access a confidential 
service for mental 
health needs
46
TRAINED to facilitate 
wellbeing conversations, 
a successful pilot, now 
to be applied across the 
NZ campus
Free
PERIOD PRODUCTS 
installed in bathrooms 
across our NZ campus
200
PLUS Mexico 
employees supported 
with psychological 
counselling 
consultations on site
46
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
Section 3 | OPERATING SUSTAINABLY | People

Community
We are committed to supporting our local 
communities and building trusted, long-term 
relationships to create better outcomes for all. 
We believe this will help us create a positive 
lasting impact on society and the environment.
The medical devices and therapies we provide 
have a direct impact on improving millions of 
people’s lives around the world. Our community 
work focuses on funding clinical research, 
improving access to healthcare, promoting science 
education and supporting local environmental 
initiatives. We also foster sustainable partnerships 
with tāngata whenua (Māori) and maintain a 
principled and viable tax strategy. 
In New Zealand, many of our philanthropic activities 
are coordinated and funded by the Fisher & Paykel 
Healthcare Foundation. In other countries, our 
people select and sponsor local community 
initiatives that connect to our purpose.
This section features some of the ways we seek 
to build brighter and healthier communities through 
care and collaboration.
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
47
Section 3 | OPERATING SUSTAINABLY | Community

Fisher & Paykel Healthcare 
Foundation
Set up as a registered charitable entity in March 2021, 
the Fisher & Paykel Healthcare Foundation’s purpose is supporting 
healthier communities. It aims to achieve that by focusing on 
three key areas – health, education and environment – supporting 
people and organisations that help those who are underserved 
and underrepresented.
Foundation initiatives and highlights of FY24
The focus of this year was to strengthen existing partnerships as 
well as improve understanding of the impact of its support, as the 
Foundation continues to evolve and fulfil its purpose. 
In FY24, the Foundation provided $1.125 million in grants and 
donations to 15 community organisations, of which 11 are multi-year 
partners and three were associated with specific events. Fisher & 
Paykel Healthcare employees organised volunteers to assist with 
some of these events. 
Day in the Life at F&P
This event was envisioned to support the purpose of the Foundation’s 
partner organisations in increasing the representation of Māori 
and Pacific young people in Science, Technology, Engineering and 
Mathematics (STEM).
In October 2023, the Foundation hosted 30 students and six teachers 
from South Auckland and Waikato high schools for a day at the F&P 
Auckland campus. These students were interested in STEM careers and 
empowered by partner organisations Pūhoro STEMM Academy, Kiwibots 
and First Foundation. Over 30 volunteers from F&P contributed 180 
hours to bring this event to life.
Students participated in interactive panel discussions, simulations and 
group activities, and gained insights into career pathways listening to 
Māori and Pacific engineers share their personal journeys that led them 
to work in technology. 
Students at a panel discussion on career pathways hosted by experienced F&P professionals during the 
Day in the Life event.
FY24 FOUNDATION SUPPORT
$1.125M
IN GRANTS AND DONATIONS TO 
15
COMMUNITY ORGANISATIONS, 
OF WHICH 11 ARE MULTI-YEAR PARTNERS
48
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
Section 3 | OPERATING SUSTAINABLY | Community

Kura Cares Charity
This charity aims to improve the lives of whānau 
(family) in low-income areas by focusing on 
hauora (health) principles, which include mental, 
spiritual and physical health, and the importance 
of family. It supports Māori and Pacific families in 
South Auckland by providing essential capability 
programmes to help lift them out of poverty, 
with the aim of building stronger communities 
for the future and reducing income inequality.
Following its contribution in FY23 and noting 
the progress made with over 40 graduates 
and 90% graduation rate from their Whānau 
Hotaka Programme teaching financial literacy, 
the Foundation renewed its funding to Kura 
Cares in FY24 for an additional three years to a 
total value of $167,727. This will help the charity 
extend the reach of this programme. 
Some of the graduates of the Whānau Hotaka Programme organised by Kura Cares Charity.
Fibre Fale 
A purpose-led collective founded to create 
pathways for Pacific people in tech, Fibre Fale 
designs and delivers programmes and platforms 
to build skills, nurture belonging and provide 
support for the community at every stage in their 
tech journey.
In FY23, the Foundation contributed $150,000 
to develop content for the Tautai Tech skills 
series and Tautai Tech industry podcasts, as 
well as Fibre Fale fonos, networking events for 
South Auckland Pacific people. These initiatives 
saw over 1,000 Pacific people engage at these 
events and 2,398 followers connect across their 
social platforms.
In FY24, the Foundation decided to renew 
funding to Fibre Fale for an additional three 
years to a total value of $389,649. This will 
support salary costs for Fibre Fale to continue 
growing and streamlining their tech-oriented 
offerings, enable Pacific people to have digital 
equity and encourage them to enter the digital 
tech industry.
40+
GRADUATES and 
90% graduation rate 
from the Whānau 
Hotaka Programme 
teaching financial 
literacy
1,000+
PACIFIC PEOPLE engaging 
at Fibre Fale events and 
2,398 followers across 
social platforms
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
49
Section 3 | OPERATING SUSTAINABLY | Community

2023 summer studentship graduates at Kidz First Children’s Hospital, Auckland.
New trustees Dr Mataroria Lyndon 
and Rachel Petero. 
Dr Mataroria Lyndon 
(Ngāti Hine, Ngāti Whātua, 
Ngāti Wai, Waikato)
Mataroria is a clinician and 
academic who has a number of 
governance roles spanning health, 
academics and sport, including 
the board of Te Aka Whai Ora 
Māori Health Authority and Pūtahi 
Manawa Centre of Research 
Excellence for heart health. 
Dedicated to health equity, he 
was previously Deputy Chair of Te 
Hiringa Hauora Health Promotion 
Agency NZ and a board member of 
the Northland District Health Board. 
Mataroria is also the co-founder of 
Tend Health and a senior lecturer in 
medical education at the University 
of Auckland. 
Rachel Petero (Waikato Tainui 
– Ngāti Tamaoho, Ngāti 
Whawhakia, Ngāti Te Ata, 
Ngāti Tahinga)
Rachel is an entrepreneur, author 
and advocate for gender equity, 
diversity and inclusivity through 
her leadership roles in governance, 
business and community 
development. She serves as the 
co-chair of Te Ohu Whai Ao Trust, 
a trustee of Ngāti Tamaoho boards, 
vice chair of UNICEF Aotearoa 
New Zealand and a director of 
Te Rau Korimako. Rachel founded 
Rise Global to empower indigenous 
women and holds a mana whenua 
advisory position for Otara 
Bluelight Committee’s Te Huringa o 
te Tai o ngā Wāhine programme for 
young Māori and Pacific girls. 
Māori Child Health Research Collaborative
The Collaborative aims to enable equitable health outcomes 
for Māori children. It runs equity-based research projects out of 
Kidz First Children’s Hospital in South Auckland, offers summer 
studentships to Māori and Pacific medical students, and supports 
research fellowships for Māori and non-Māori medical professionals 
committed to improving health outcomes for Māori children. 
The Foundation has committed funding to the Collaborative 
for eight years to the value of $600,000, with the partnership 
currently in its third year. Funding has so far supported 19 summer 
studentships, and the qualification of one nurse practitioner, 
alongside a range of fellowships focused on equity-based 
research projects.
The Foundation’s previous funding for the Implicit Bias research 
project resulted in an ongoing development programme and 
resources integrated into Kidz First Children’s Hospital during 
the 2024 financial year.
New independent 
trustees appointed

In February 2024, 
the Fisher & Paykel 
Healthcare Foundation 
welcomed Rachel Petero 
and Dr Mataroria Lyndon 
as new independent 
trustees to the Board. 
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Section 3 | OPERATING SUSTAINABLY | Community

Developing partnerships with 
tāngata whenua (Māori) 
Fisher & Paykel Healthcare supports local Māori communities in line 
with the principles of Te Tiriti o Waitangi (the Treaty of Waitangi). 
We value the unique ancestral, cultural, customary and historical 
knowledge and expertise of tāngata whenua (indigenous people of 
New Zealand) to help us create a positive lasting impact on society 
and the environment.
Our focus this year has been building partnerships with local iwi (tribes) 
Ngāti Tamaoho, Ngāti Te Ata and Te Aakitai Waiohua to help inform the 
development of the future Karaka campus. This has included offering 
tours of the existing East Tāmaki campus and the Karaka land, aligning 
priorities and setting long-term goals. Specifically, and in line with the 
Māori value of kaitiakitanga (guardianship of land), the environment, 
water quality, the re-establishment of native species and sustainability 
innovations have formed the focal point of the discussions.
As we develop the Karaka land over time, our iwi partners will 
provide cultural inductions to increase our knowledge of its history 
and significance. 
We are also continuing our work with Ngāi Tai Ki Tāmaki on 
the development of our East Tāmaki campus and have recently 
reestablished links with Te Aakitai Waiohua in this space as well. 
Ngāti Tamaoho environment team visit our Karaka site in New Zealand.
Supporting communities in Mexico 
This year, the Fisher & Paykel Healthcare team in Mexico joined forces 
with the National Council of the Maquiladora and Export Manufacturing 
Industry in Baja California to support the victims of Hurricane Otis, 
which wreaked havoc in Acapulco in the state of Guerrero. Our people 
in Tijuana generously donated food, clothing, medicines, bottled water 
and items for cleaning and personal hygiene.
Our Mexico team also ran a successful campaign in December 2023 to 
collect and send Christmas gifts of toys and sweets to young survivors 
of human trafficking through the International Network of Hearts, a 
charity that supports children recovering from exploitation.
Donations from F&P Mexico for survivors of Hurricane Otis.
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
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Section 3 | OPERATING SUSTAINABLY | Community

Global initiatives
In addition to the Foundation-led initiatives in New Zealand, our teams 
across our global sites supported community initiatives linked to our 
purpose. In North America this year, our people raised funds to support 
the St. Jude Children’s Research Hospital, a pediatric treatment and 
research facility for childhood cancer and other life-threatening diseases. 
F&P Australia held fundraisers during the 2024 financial year to support 
local charities such as the Monash Health Lung and Sleep Institute, 
Cancer Council Victoria and Movember for Men’s Health.
Sustainable tax strategy
Collecting and paying tax is an important contribution to the communities 
in which we operate. In support of our overall business strategy and 
objectives, we pursue a tax strategy that is principled, transparent and 
sustainable in the long term.
Our Group’s tax contribution includes paying corporate income taxes, 
employment-related taxes and other taxes that we pay or collect on behalf 
of governments. We support the OECD Business and Industry Advisory 
Committee (BIAC) Statement of Tax Principles for International Business 
and have endorsed these principles in our published Group Tax Strategy, 
which was last reviewed and approved by our Board in November 2023.
Our tax strategy sets out our approach to tax governance and tax 
management and is aligned to our conservative approach towards tax 
risk. Its primary purpose is to ensure that we comply with all of our tax 
obligations, undertake all transactions with a business purpose considering 
all of our stakeholders, and have an open and transparent relationship with 
tax authorities.
Our business model is centred in New Zealand, and the majority of 
our taxes are paid in New Zealand. Most of our manufacturing activities 
and tangible assets are located in Auckland. All of our R&D is performed 
in New Zealand, and the associated intellectual property is owned in 
New Zealand as well.
The F&P North America team ahead of their fundraiser event to support St Jude Children’s 
Research Hospital.
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Fisher & Paykel Healthcare | ANNUAL REPORT 2024
Section 3 | OPERATING SUSTAINABLY | Community

Suppliers
Our approach is to build trusted long-term 
relationships with suppliers whose values 
align with ours – who understand that we 
are all responsible for doing the right thing; 
complying with regulations, policies, 
standards and procedures; and exercising 
good judgement.
In this section we provide an overview of 
our sustainable procurement processes and 
how we manage modern slavery risks in 
our supply chains and operations globally.
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
53
Section 3 | OPERATING SUSTAINABLY | Suppliers

Sustainable procurement
Supplier Sustainability 
Conference
70
LOCAL SUPPLIERS 
participated in sessions 
on collaborating to 
reduce our carbon 
footprint
During the 2024 financial year, we held 
our first Supplier Sustainability Conference 
in New Zealand. Our goals were to 
educate suppliers on our approach to 
environmental and social responsibility and 
facilitate their alignment with our values 
and practices in sustainable procurement. 
Around 70 local suppliers participated 
in sessions on collaborating to reduce 
our carbon footprint, including our 
Scope 3 emissions, and the future direction 
of our Supplier Engagement programme. 
Suppliers were presented with awards 
for progressing into the intermediate, 
proficient and advanced categories of 
social and environmental sustainability.
2,000+
20+
4
TIER 1 SUPPLIERS to New Zealand and 
Mexico manufacturing sites
Countries
Continents
BASED IN
ACROSS
TIER 1 : A direct supplier to 
Fisher & Paykel Healthcare 
TIER 2 : A supplier to one of 
our suppliers (sub-supplier)
TIER 3 : A sub-sub supplier
1
2
3
Suppliers are a vital link in our product 
supply value chain, which begins at the 
source of raw materials and ends with a 
customer providing patient care. We are 
committed to building a supply chain aligned 
with our approach to corporate social 
responsibility and environmental sustainability. 
We seek to maximise opportunities for 
companies and communities to thrive, all 
while promoting safe working environments 
and sustainable outcomes.
Operating in a sustainable way depends not 
only on what we do, but on the activities of 
our supply chain. For that reason, we seek to 
purchase goods and services from suppliers 
that minimise negative impacts and increase 
positive outcomes through sustainable and 
ethical business practices. 
Our responsible sourcing process includes 
selecting and collaborating with suppliers 
who align with our values, providing education 
and support on relevant standards, and 
enabling our people to speak up in cases 
of non-compliance.
The raw materials and components we 
use to manufacture our products come 
from a network of suppliers around the 
globe. Our core products are manufactured 
in New Zealand and Mexico, while the 
raw materials and components used to 
manufacture them come from a network of 
global suppliers. A large portion originates 
from suppliers in Asia and North America.
We use an integrated enterprise resource 
planning system and a strong quality 
management system to ensure that our supply 
chain is transparent and coordinated across 
our global network. Our practices are based 
Responsible sourcing
on and aligned with ISO 20400 for Sustainable 
Procurement. To support our suppliers and 
ensure transparency, our local teams personally 
interact with and visit suppliers’ operations 
where possible. 
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Section 3 | OPERATING SUSTAINABLY | Suppliers

Overview of our supply chain
Canada
United Kingdom 
Switzerland
India
Hong Kong
Malaysia
New Zealand
USA
Mexico
Dominican Republic
Germany
Sweden
Austria
Italy
Turkey
Thailand
Singapore
Taiwan
Japan
Australia
China
Costa Rica
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
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Section 3 | OPERATING SUSTAINABLY | Suppliers

Eradicating modern slavery
As part of our commitment to do the right thing, we recognise that we 
have a role to play in guarding against and eradicating modern slavery. 
We have processes in place that identify and address modern slavery 
risks within our supply chain and aid our procurement decisions. These 
include our Code of Conduct, Supplier Code of Conduct, and Supplier 
Engagement programme. We recognise these processes do not 
eliminate the risk of modern slavery and continue to remain focused on 
raising awareness, assessing our suppliers, and supporting our suppliers 
to address modern slavery risks.
We fully support the principles in the United Nations Universal 
Declaration of Human Rights and the International Labour Organisation 
Declaration on Fundamental Principles and Rights at Work, including 
non-discrimination, freedom of association and collective bargaining, 
and freedom from forced and child labour.
Modern slavery risks in our operations 
and supply chains
Fisher & Paykel Healthcare Group has assessed the key modern slavery 
risks in its operations and supply chains within New Zealand and 
internationally. As a large manufacturer, we recognise that our risk is 
likely moderate in respect of potential modern slavery risks. 
To determine where the biggest risk of potential modern slavery lies 
within our supply chain, we undertake due diligence and evaluate direct 
suppliers that provide products or services used in our medical devices 
or in the manufacturing of such devices. Using a heat map, we identify 
the geographical regions where our suppliers are located and cross-
reference the prevalence of modern slavery in those regions with the 
most recent Global Slavery Index.
While we source globally, a large portion of the externally procured 
products and services for our operations originates from suppliers in 
Asia and North America, with highest-risk categories being electronics 
and textiles. Through this heat-mapping exercise, we undertake a 
sustainable risk-based approach and focus first on the geographical 
areas of potential highest risk. To support our suppliers in high-risk 
regions and to ensure transparency, our local teams personally interact 
with and visit our suppliers where possible to understand and evaluate 
their operations.
Our approach to addressing modern slavery risks
We are committed to building a supply chain aligned with our approach 
to social responsibility and sustainability. Our approach is holistic and 
considers economic, environmental and social factors. We use an 
integrated enterprise resource planning system and a strong quality 
management system to ensure that our supply chain is transparent and 
coordinated across our wider supply chain network. 
We acknowledge that the highest-risk factors which could potentially 
link to modern slavery violations within our supply chain and operations 
relate to the use of forced labour, with particular risks for migrant workers. 
Specifically, use of forced labour covers potential risks for deceptive 
recruitment of labour, including retention of passports and other identity 
documents, or poor working conditions and pay.
We survey suppliers to understand their risk profile and have on-the-
ground support for suppliers in New Zealand, Mexico and China, where 
we have a larger presence. We have a sustainable procurement specialist 
based in Hong Kong to support all suppliers within the Asia region, which 
we have identified as having the highest potential of modern slavery. We 
also contract with third parties to assist with deep-dive assessments on 
the environmental and social responsibility impacts of our supply chain. 
Our suppliers must confirm their commitment to our Supplier Code 
of Conduct, which was last updated in September 2022. A supplier 
assessment form must be completed by suppliers whose goods or 
services are used to manufacture our products or have the potential 
to impact the safety of our people or products. From the information 
requested on this form, we are able to assess the supplier and (where 
applicable) their subcontractors’ history and commitment to fair, ethical 
and legal employment practices and the eradication of child, forced or 
compulsory labour in their supply chain and operations.
We complete a global sustainability risk assessment annually based on 
our knowledge and understanding of the sustainability impacts relating 
to the materials we source, our supply chain and sourcing countries. 
We have developed a sustainable procurement framework aligned with 
ISO 20400 standards (Sustainable Procurement) to provide structure 
around identifying, monitoring and addressing risk, along with our 
approach to building a culture of awareness and knowledge on social and 
environmental topics relevant to our supply chain.
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Section 3 | OPERATING SUSTAINABLY | Suppliers

Our policies focused on addressing 
modern slavery risks
We have a number of policies and procedures that address modern 
slavery risks and drive our purchasing decisions. These include our Code of 
Conduct, Supplier Code of Conduct, Speak Up Procedure, Environmental & 
Social Responsibility Policy and Responsible Minerals Sourcing Procedure. 
These are described below.
Code of Conduct
We expect our directors, employees, executives and contractors to 
maintain high ethical standards. Our Company Code of Conduct applies 
to all employees, executives, directors and contractors within the Fisher & 
Paykel Healthcare Group globally. 
The Code covers a range of areas relevant to legal and ethical behaviour, 
including but not limited to, competing fairly, health and safety, working 
with customers and suppliers, sanctions compliance, and combating 
bribery and corruption. The Code has been translated into a number of 
different languages for our global offices. Regular training on our Code of 
Conduct is undertaken by employees globally and is part of our induction 
process for new employees. New directors are provided a copy of the 
Code of Conduct during their induction training.
Supplier Code of Conduct
Our Supplier Code of Conduct reflects our values and expectations for 
all suppliers, contractors and consultants who provide goods or services 
to Fisher & Paykel Healthcare. The Supplier Code of Conduct sets out 
minimum standards expected of suppliers.
Our Supplier Code of Conduct sets out the requirements for suppliers to 
treat people with dignity and respect, including but not limited to: 
•	 not hiring or using forced, compulsory and/or child labour
•	 promoting awareness around the importance of a diverse and inclusive 
workforce
•	 having systems in place for the review of internal policies and practices 
in order to have an inclusive approach
•	 respecting employee rights to freedom of associated and collective 
bargaining.
Should a supplier fail to comply with the Supplier Code of Conduct, as a 
first step we would work with the supplier to identify and mitigate risks to 
support them to change their behaviour and general practices addressing 
modern slavery risks. Continued or repeated breaches of the Code may 
result in termination of the arrangements between us. In addition to the 
Supplier Code of Conduct, our Australian entity, Fisher & Paykel Healthcare 
Pty. Ltd, also has additional onboarding processes for suppliers in respect 
of finance, quality and regulatory.
Speak Up Procedure
We have a global Speak Up Procedure that sets out how actual or 
suspected breaches of the Code of Conduct, or any potentially unethical 
or illegal behaviour, can be reported without fear of retaliation or 
harassment. As part of the Speak Up Procedure, we have engaged an 
independent third party to provide a service so reports can be made to 
them if people choose to do so. The third-party service provider then 
provides relevant details back so that appropriate action can be taken. We 
have since expanded this service so that it can be used by our suppliers 
and third-party contractors to report suspected or actual modern slavery 
violations. This process provides greater clarity across our supply chain 
and ensures there can be disclosure by suppliers without reprisals.
Environmental & Social Responsibility Policy 
Our Environmental & Social Responsibility Policy was introduced in 
February 2022, and it applies to all of Fisher & Paykel Healthcare’s 
operations and locations. It states that our intention is to create a positive 
lasting impact on society and the environment. One of the fundamental 
ways in which we want to achieve this is through verifying and validating 
our environmental, social and ethical performance, and that of our 
suppliers. It sets out that we will collaborate with others to continuously 
improve this performance. This includes building trusted long-term 
relationships to create better outcomes for all, as well as striving to 
provide a high quality of life for our employees and support our suppliers 
to do the same for their people.
Fisher & Paykel Healthcare is committed to complying with the letter 
and spirit of laws and regulations relating to environmental and social 
responsibility. Our Environmental and Social Responsibility Governance 
group is tasked with establishing a framework to embed the Environmental 
& Social Responsibility Policy and enable business integration of 
environmental and social responsibility workstreams and initiatives, 
including within our operations and supply chain.
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
57
Section 3 | OPERATING SUSTAINABLY | Suppliers

Responsible Minerals Sourcing Procedure
In April 2022, we implemented our Responsible Minerals Sourcing 
Procedure, which sets out the way Fisher & Paykel Healthcare will 
source and use minerals. We understand the importance of actively 
mitigating human rights abuses and other risks related to the extraction 
of specific minerals from areas where armed conflict and human 
rights abuses may occur. We work with existing suppliers and monitor 
supply chain risks related to conflict minerals to ensure responsible 
minerals sourcing.
As part of the ongoing process of due diligence, we steer our suppliers 
(and their supply chains) to source minerals from smelters validated 
through the Responsible Minerals Assurance Process or an alternative 
equivalent. Our process for responsible minerals sourcing is consistent 
with the OECD Due Diligence Guidance for Responsible Supply Chains 
of Minerals from Conflict-Affected and High-Risk Areas.
Training
All Fisher & Paykel Healthcare employees globally are required to 
complete regular training on our Code of Conduct. Employees working 
in Quality, Procurement and Sourcing receive additional training on 
the principles and processes we follow to manage our supply chain, 
including our due diligence and risk assessment and management 
processes and procedures.
Our assessment of the effectiveness 
of our approach
At Fisher & Paykel Healthcare, we are committed to reviewing 
our supply chains and operations to continuously assess modern 
slavery risks. As a large organisation with a complex supply chain, 
we acknowledge that we need to continue to treat this as a priority. 
We assess and address modern slavery risks as an ongoing process. 
To assess the effectiveness of our efforts, we regularly report 
to the Board’s Audit & Risk Committee. The Committee is 
responsible for reviewing and monitoring our environmental and 
social risk management framework, as well as how proposed actions 
are performed. 
If a potential or actual modern slavery incident is identified in our supply 
chain or operations, it is treated in a similar way to other violations, 
such as a material health and safety incident. Our approach primarily 
focuses on engaging and collaborating with suppliers where any potential 
breaches have been identified, to implement remedial measures. This 
includes corrective actions to address the underlying causes and violations 
to prevent reoccurrence.
In the event that a supplier does not engage with us or fails to remediate 
a material issue, we would consider appropriate next steps, including 
suspending sourcing or supply of services and/or terminating the 
relationship. 
Within our sustainable procurement framework, we have categorised 
suppliers to establish a baseline for each and define a course for their 
development. The categories are as follows:
•	 Embarking: Suppliers at an early stage with few – or no – policies 
focused on social responsibility
•	 Intermediate: Suppliers that have policies and some internal controls 
in place covering social responsibility
•	 Proficient: Suppliers that are identifying and actively working to 
mitigate modern slavery risks both within their organisation and also 
their supply chain
•	 Advanced: Suppliers that have enlisted third-party verification to assess 
their modern slavery processes and risk mitigations.
We continue to assess and support Embarking and Intermediate suppliers’ 
development to help them achieve a Proficient status. 
We are not aware of any modern slavery violations in our supply chain and 
operations during the 2024 financial year. 
During the 2024 financial year, responsible supply chain assessments were 
performed through a combination of self-assessment surveys, research on 
suppliers’ publicly available disclosures, third-party assessments, site visits 
and audits. 
Following these assessments, 65 suppliers were engaged with, one-to-one, 
to support their development. Twenty-eight suppliers were subsequently 
upgraded within our categorisation criteria. Three suppliers were found 
to have potential non-compliance with local labour laws regarding benefit 
entitlements, payment of wages for overtime and exceeding maximum 
working hours. Some of these issues have been remediated during the 
2024 financial year, and others have required development plans, which 
we have put in place.
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Fisher & Paykel Healthcare | ANNUAL REPORT 2024
Section 3 | OPERATING SUSTAINABLY | Suppliers

FY24
Progress in FY24 
•	 HOSTED an inaugural Supplier 
Sustainability Conference in 
New Zealand to educate and 
recognise suppliers in environmental 
and social responsibility
•	 COMPLETED pilot deep-dive of 
high-risk areas in our supply chain 
with third-party specialist
•	 ROLLED OUT sustainable 
procurement framework in Mexico
•	 TRAINED employees on modern 
slavery risks
Focus areas for FY25 and FY26 
•	 CONTINUE IMPROVING internal and 
external reporting and disclosure 
•	 CONTINUE DEVELOPING and 
measuring key performance 
indicators to monitor effectiveness 
of our initiatives 
•	 CONTINUE TRAINING employees on 
modern slavery risks
•	 CONTINUE MAPPING multiple tiers of 
our supply chain to obtain greater 
visibility of key commodities
•	 DEVELOP digital learning resources to 
educate suppliers on topics covered 
in our Supplier Code of Conduct 
•	 REVIEW and update relevant supplier 
agreements to include specific 
modern slavery clauses 
•	 HOST a Supplier Sustainability event 
in Mexico
Addressing modern slavery
•	 CONDUCTED one-to-one 
engagements with 65 suppliers
•	 UPGRADED the status of 28 
categorised suppliers in accordance 
with our supplier categorisation 
criteria
•	 COMMENCED mapping of 
Tier 2 suppliers
•	 PILOTED assessment with group 
of Tier 2 suppliers
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
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Section 3 | OPERATING SUSTAINABLY | Suppliers

Risk management
Our approach to risk management is to identify 
and manage risks within acceptable levels. While 
no risk management system can ever be infallible, 
we seek to improve the quality of our business 
decisions by applying a bespoke framework and 
aligning with international standards.
In this section we summarise our strategies to 
govern and manage business risks, and to ensure 
our products meet the expectations of patients, 
caregivers and regulatory authorities.
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Section 3 | OPERATING SUSTAINABLY | Risk management

Governance of risk
Our Board is committed to its role of ensuring quality, safety, compliance 
and effective risk management. The Board provides oversight of senior 
leadership’s management of risk. The Board meets regularly with key risk 
management functional leaders and receives regular reports from senior 
representatives on material risk and mitigation strategies.
The Audit & Risk Committee reports to and assists the Board by reviewing 
and ensuring our business risk management processes (excluding any risks 
related to quality, safety and regulatory functions) can provide reliable 
information to the Board on the status of major risks that could impact 
our business.
The Quality, Safety & Regulatory Committee reports to and assists the 
Board by reviewing our quality, health and safety and regulatory risk 
management approach. The Committee ensures effective mechanisms and 
internal controls are in place to identify and manage areas of material risk 
and maintain compliance with applicable regulations.
Product quality and patient safety
Our products are used to treat millions of people around the world each 
year, so it’s important that our products meet high quality standards. Our 
intention is that the quality of our products and processes and our good 
relationships with regulators provide a competitive advantage and enable 
better outcomes for patients.
The medical device industry is highly regulated worldwide. We strive 
to ensure that the quality of the products we distribute meets the 
expectations of patients, caregivers and regulatory authorities and 
facilitates market acceptance of our products. 
We manage product quality with processes that drive continuous 
improvement throughout the lifecycle of our products. These include:
•	 verification and validation of product requirements to meet user needs
•	 proactive quality control mechanisms within our manufacturing 
operations 
•	 collecting and using data and statistical analysis to make improvements 
•	 interventions to correct a process before product quality is 
compromised. 
Quality management for products
Our Quality Management System (QMS) incorporates processes that 
have an impact on product quality and regulatory compliance. Our 
QMS is compliant with ISO 13485:2016 Quality Management Systems 
for Medical Devices and meets the requirements of various international 
regulations. We participate in the Medical Device Single Audit Program 
with our QMS audited against the requirements of several global 
regulatory authorities. 
Our QMS and related processes are continuously reviewed for ongoing 
improvement. We have processes in place for the regular auditing 
and review of the system for ongoing suitability and effectiveness. 
This includes the review and audit by notified bodies and regulatory 
agencies, to ensure continued compliance. 
The Vice President – Quality, Safety & Regulatory Affairs has executive 
accountability for quality and regulatory affairs, and along with the 
executive management team, oversees the performance of the QMS to 
ensure it remains effective and efficient and continues to improve. The 
Quality, Safety & Regulatory Committee of the Board also has oversight 
of the QMS and receives regular quality system specific reports as part 
of our internal audit function.
All of these processes help to ensure that our customers and patients 
receive high-quality products that are safe and effective.
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
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Section 3 | OPERATING SUSTAINABLY | Risk management

Quality and safety throughout the 
product lifecycle 
We develop high-quality products that meet the needs of patients, 
clinicians and caregivers. Product requirements are driven by detailed 
understanding of user needs. As part of the design process, products 
are thoroughly tested and validated to ensure they deliver on those 
requirements and meet applicable standards for intended use.
We ensure our manufacturing activities produce products that meet 
specifications through robust manufacturing technology, processes and 
controls. Our global product supply chain is set up to deliver products 
that meet customer expectations, through great relationships with 
our suppliers, effective inventory and distribution management, and 
distribution partners worldwide. 
We then continue to review real-world customer experience through 
an extensive post-market surveillance process to ensure our products 
continue to deliver on customer needs. The information we gather 
throughout the product lifecycle is used to identify improvements to our 
current and future products.
Regulatory clearance for products
Prior to sales and distribution in any country, our products are verified and 
validated to demonstrate safety and efficacy. Our products and systems 
comply with relevant international standards and regulations and are 
reviewed and approved by various regulatory bodies. We work closely 
and collaboratively with regulatory authorities to ensure our products and 
operations meet their expectations and can enter and remain in their market. 
We proactively engage with regulators in their efforts to further improve 
the timely delivery and access to quality medical devices, such as the 
Voluntary Improvement Program and Experiential Learning Program, 
organised by the US Food and Drug Administration (FDA).
Clinical collaboration for better outcomes
Clinical studies are an essential element in building confidence in the safety 
and efficacy of our products. We support clinical research that validates 
improvements in patient outcomes that our products can deliver. In this 
context, we work closely with clinicians and healthcare organisations to 
support their studies and identify ways in which our products can help 
them provide better healthcare solutions.
Fisher & Paykel Healthcare currently supports over 75 active studies. Such 
clinical research shows the impact of industry and healthcare providers 
working together to improve patient care and outcomes.
Voluntary limited recall of Airvo 2 and 
myAirvo 2 devices 
In March 2024 we initiated a voluntary limited recall of Airvo 2 and 
myAirvo 2 devices manufactured before 14 August 2017. The recall related 
to a speaker configuration issue that may result in distorted, intermittent 
or inaudible alarm sound levels. 
The issue does not affect the therapy delivered by the Airvo 2 or myAirvo 
2 device and the devices will otherwise perform as intended; however, 
if the device is not monitored, and there is an interruption to therapy, a 
patient may experience oxygen desaturation.
We consulted with the various international regulatory authorities to 
initiate appropriate action in each country where Airvo 2 and myAirvo 
2 devices were in use. We contacted distributors, dealers and hospitals 
with products subject to the recall and are replacing the affected devices 
returned to us at no charge to customers.
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Section 3 | OPERATING SUSTAINABLY | Risk management

Business risk management 
framework
The objective of our risk management process is to identify, assess, 
rank and inform decisions to manage uncertainty, both positive and 
negative. This is achieved with processes and tools that support high-
quality decision-making in complex and uncertain situations. 
Our business risk management framework is focused on deriving 
competitive advantage through making better judgements and 
supporting decision-making in unpredictable environments. 
This framework helps to ensure we:
•	 resolve internally identified risks in compliance with laws and 
regulations
•	 plan, make decisions and prioritise opportunities and threats to 
strategic objectives and new product introductions 
•	 respond in a prompt, efficient and effective manner to future 
events that create uncertainty or pose a significant risk.
The risk management processes that support this framework are 
designed to reflect the dynamics of our business. They begin broadly 
with an analysis of the operating environment and then narrow to focus 
on strategy, followed by project execution, and lastly specific decisions.
Risk analysis
We carry out risk analysis to support material business decisions. 
We involve the relevant stakeholders in these evaluations and 
communicate the findings to key decision-makers and management. 
When making a decision, carrying out a business activity or approving 
an initiative, we apply a range of quantitative risk management 
techniques to measure and effectively manage uncertainty.
Business continuity planning
Over the past several years, we have increased our focus on business 
continuity planning. Our goal is to anticipate and plan for potential crises 
that may cause a significant disruption to our business and subsequently 
impact patients, customers, products and shareholders. 
We conduct simulations regularly to provide confidence that our 
framework is tested, embedded and continuously improved. During the 
2024 financial year, we conducted a three-day business continuity planning 
simulation, which involved a range of teams across our New Zealand and 
Australian businesses and focused on maintaining supply of product 
following a disruptive event.
International Standards
The chart below identifies the international standards that guide us 
in three key areas.
Risk type
ISO standard
Business risks
31000 – Risk Management Principles and 
Guidelines
Product risks
14971 – Medical Devices Application of Risk 
Management, specific to medical device design 
and manufacturing
Health and safety risks
45001 – Health and Safety, with greater emphasis 
on managing Critical Risks
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Section 3 | OPERATING SUSTAINABLY | Risk management

Material business risks and strategies to mitigate
After completing our risk management processes, as well as the materiality assessment described in the Company section of this report on pages 22-23, 
we have identified key areas of risk for our business and strategies to mitigate them.
Area
Description
Strategies to mitigate
Product quality and 
patient safety
Patients are harmed as a result of using our 
products. This may result in product recalls and 
potentially product liability litigation
We operate a worldwide quality management system related to the design, testing and 
manufacture of our products. Furthermore, we foster an organisational attitude of product safety 
and continuous improvement.
Health and safety 
Work-related injuries or illnesses
Our global health, safety and wellbeing standards are aligned with ISO 45001, with greater 
emphasis on managing critical risks.
We design and implement preventative and recovery risk controls for critical health and safety 
risks across our global business. 
We report our health and safety performance regularly to the Board of Directors and to the 
Quality, Safety & Regulatory Committee three times a year.
Market access
Maintaining regulatory compliance is required to 
market and sell our products in certain countries
We have a regulatory affairs process that enables us to obtain and maintain product licenses, 
as well as a quality management system that ensures compliance with applicable regulatory 
requirements. We have monitoring steps in place to evaluate the effectiveness of our 
programmes, and our executive management team conducts regular management reviews.
Intellectual property
Third parties asserting IP rights against us
We have a comprehensive patent portfolio across our technologies, and we actively and robustly 
manage IP litigation risk. As part of our product development phase, we conduct freedom-to-
operate searches during product design. We monitor competitor patent filings and take action as 
required.
Sustainable profitable 
growth
Foreign exchange losses
Currency risk is hedged in accordance with the Board-approved hedging procedure. The hedging 
procedure aims to reduce the impact of short-term currency fluctuations on our cash flow. 
We use derivative financial instruments to hedge exposures in the current and future years. 
A diversity of currency exposures also provides some natural hedge.
Business continuity
Continuity and quality of supply
We actively monitor our end-to-end processes and systems through an internal risk management 
process and implement actions to prevent disruption. We use a business impact analysis to 
identify, understand and quantify the impact of a material disruption to a key facility, location, 
supplier or business process. This approach enables us to prioritise the most significant potential 
exposures to the business. It is also aligned with our crisis planning framework.
Cyber security and data 
protection
Cyber security attack resulting in disruption 
to operations and data breach
To manage our risk and protect the data entrusted to us, we are constantly reviewing and honing 
our risk analysis and control mechanisms to ensure our protections can proactively respond to 
developing cyber threats. We continue to use independent reviews to test and identify potential 
risks to ensure we focus on the right cyber risks.
For climate-related risks, please refer to our Climate-related Disclosures on pages 94-114.
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Section 3 | OPERATING SUSTAINABLY | Risk management

Governance
We are committed to ensuring that the company 
maintains a high standard of corporate governance 
and ethical conduct.
In this section we provide a summary of our 
corporate governance framework, processes and 
practices that guide our business and operations.
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Section 3 | OPERATING SUSTAINABLY | Governance

Corporate governance 
overview
The Board and management of Fisher & Paykel 
Healthcare are committed to ensuring that 
the company maintains a high standard of 
corporate governance and ethical conduct.
The Board regularly reviews and assesses the 
company’s governance policies and procedures 
to ensure that they provide the direction 
and controls which enable us to achieve 
sustainable, profitable growth and the trust 
of our customers, shareholders, regulators, 
suppliers and communities.
The company is listed on both the NZX 
and the ASX (Foreign Exempt Listing 
category). Corporate governance principles 
and guidelines apply in both countries. As 
at the date of this report, the company 
complies with all of the recommendations 
of the NZX Corporate Governance Code 
dated 1 April 2023. While the company has 
Foreign Exempt Listing on the ASX and is not 
required to comply with the ASX Corporate 
Governance Council’s Corporate Governance 
Principles and Recommendations 4th Edition 
(ASX Principles), the company considers 
its corporate governance practices and 
procedures substantially reflect the ASX 
Principles. The full content of the company’s 
corporate governance policies, practices and 
procedures can be found in the corporate 
governance section of the company’s website: 
https://www.fphcare.com/nz/corporate/
sustainability/governance/.
Ethical standards
As a business we are committed to doing 
the right thing. It is important to us from a 
social responsibility standpoint and is what 
our customers, employees and shareholders 
find compelling. We ensure we comply with 
our legal and ethical obligations throughout 
our business operations, from the way we 
source materials, design and manufacture 
our products, through to selling our products 
across the world.
We have policies and procedures in place to 
ensure we conduct our business in a legally, 
ethically and socially responsible manner. 
These policies and procedures are available 
on our website, and summary information 
with respect to a number of our policies and 
procedures can also be found throughout 
this section.
Code of Conduct
We expect our employees and directors 
to maintain high ethical standards. A Code 
of Conduct for the company sets out these 
standards.
The Code covers a range of areas relevant 
to legal and ethical behaviour, including 
competing fairly, health and safety, data 
protection and privacy, working with 
customers and suppliers, sanctions compliance, 
responsible marketing, financial records and 
reporting, continuous disclosure and insider 
trading, combating bribery and corruption, 
and interactions with healthcare professionals. 
It also covers matters such as confidentiality, 
conflicts of interest and receipt of gifts.
The Code explains how an employee or 
director can report an actual or suspected 
breach of the Code. This is also detailed in 
our Speak Up (or whistle-blowing/protected 
disclosures) Procedure, launched globally in 
October 2021, which ensures employees and 
contractors know how to report potentially 
unethical or illegal behaviour or breaches 
of our Code of Conduct, without fear of 
retaliation or harassment. Reports can be 
made to Speak Up Officers within the company 
or to an independent reporting service 
managed by Deloitte.
Training on our Code of Conduct is undertaken 
by employees globally as part of our induction 
process, with refresher training provided 
at least once every three years. It has been 
translated into a number of different languages 
for our local offices and refresher training on 
the Code of Conduct was provided for our 
employees globally during the 2024 financial 
year. The Code of Conduct is available on our 
internal intranet and our external website. New 
directors are provided a copy of the Code of 
Conduct during their induction training.
We have an in-house legal team that provides 
advice and assistance to the business globally 
on how to comply with our various legal 
obligations and engage external legal counsel 
to assist us as and when required.
We maintain a schedule for regularly reviewing 
and updating corporate governance policies 
and charters. The Code of Conduct was last 
reviewed and updated in March 2024.
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Section 3 | OPERATING SUSTAINABLY | Governance

Anti-bribery and 
corruption
In the course of our business, we interact with 
a wide range of government officials and private 
sector individuals and businesses, including 
government regulators, inspection authorities 
and healthcare professionals.
We do not tolerate bribery, corruption, 
kickbacks or other types of improper benefits, 
whether committed by our own people or by 
anyone we deal with.
Most of the countries in which we operate 
have strict anti-bribery and corruption laws 
that apply to our interactions with public 
officials. Failing to comply with these laws 
could have serious consequences for us, both 
as individuals and as an organisation. In some 
cases, these consequences could include 
criminal charges. We have processes in place 
for assessing anti-bribery and corruption 
risks and implement measures to mitigate 
these risks.
Our Code of Conduct sets out our expectations 
for all employees in combating bribery and 
corruption. We never offer or accept (or ask 
a third party to offer or accept) bribes, illegal 
facilitation payments, secret commissions or 
kickbacks to or from any person. These rules 
apply to all our business activities, including 
any interactions we may have with government 
officials or with any private person or business, 
either locally or overseas. 
The Code requires that where we suspect 
bribery or corruption, either by our own people 
or by any of our suppliers, customers or other 
business partners, we report it immediately.
The Speak Up Procedure ensures that all 
employees know how to make such a report 
and can be confident that concerns will be 
taken seriously and investigated and will not 
result in retaliation or other harassment. During 
the year ended 31 March 2024, the company is 
not aware of any instances of corruption or of 
incidents in which employees were dismissed 
or disciplined for corruption.
Policy influence
We are, from time to time, involved in 
discussions with various governmental or 
regulatory agencies in relation to existing 
or proposed legislation. While we are 
members of various trade associations, as 
set out on page 167 of this report, we prefer 
to engage directly with regulatory bodies 
on any legislative matters that may relate 
to our business. The company has a policy that 
it does not make political donations.
Interactions with 
healthcare professionals
As we are a medical device business, we 
must comply with laws and regulations on 
interacting with healthcare professionals 
in various countries around the world. It is 
critical that our activities do not improperly 
influence the medical decisions of healthcare 
professionals or the purchasing decisions of 
entities that buy our products.
Our procedure on Interactions with 
Healthcare Professionals ensures that we 
act ethically and legally in our interactions 
with healthcare professionals, comply with all 
applicable laws, and do not provide improper 
benefits or inducements to healthcare 
professionals. We provide training to 
employees on this procedure.
Ethical research 
and clinical trials 
We have formal procedures in place to ensure 
that we adhere to the International Conference 
on Harmonisation Good Clinical Practice (GCP) 
standards during all clinical investigations we 
carry out. GCP standards cover the design, 
conduct, recruitment, recording and reporting 
of clinical investigations that involve the 
participation of human subjects.
Our procedures have also been compiled 
based on the ISO 14155:2020 standard for: 
Clinical investigation of medical devices for 
human subjects – Good clinical practice and 
the EU Medical Device Regulation.
These procedures are designed to ensure that 
the data and reported results of all clinical trials 
are credible and accurate and that the rights, 
integrity and confidentiality of trial participants 
are protected.
Animal research 
and testing 
We are committed to animal welfare and 
believe that animal research and testing should 
only be undertaken when there is good reason 
to believe the research or testing will enhance 
the maintenance or protection of human health.
We apply the principles of Replacement, 
Reduction and Refinement to evaluate 
whether there is good reason to participate 
in or observe animal testing and research. 
We sometimes participate in or observe 
animal research and testing to assess safety 
or biocompatibility and obtain worldwide 
regulatory clearances. This includes animal 
testing on rabbits, pigs, guinea pigs and mice. 
Wherever possible, we look for alternatives 
such as in vitro or analytical chemistry testing, 
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Section 3 | OPERATING SUSTAINABLY | Governance

which do not require the use of laboratory 
animals. We take great care to ensure there 
is no duplicate testing of our products.
In the limited occasions where animal research 
and testing is observed or undertaken, we 
ensure that any external third party engaged 
to carry out animal research or testing has 
appropriate animal welfare accreditations 
(such as Association for Assessment and 
Accreditation of Laboratory Animal Care 
International (AAALAC) or the Ministry for 
Primary Industries (NZ)) and that all applicable 
portions of study protocols are conducted in 
accordance with regulations and guidelines 
regarding animal care and welfare.
The Board
The Board plays a vital role in overseeing our 
strategic direction. Strong governance from a 
diverse and experienced Board ensures we can 
achieve our aims of improving patient care and 
outcomes through inspired and world-leading 
healthcare solutions, thereby sustainably 
increasing shareholder value.
The biography of each Board member, 
including each director’s skills, experience, 
expertise and term of office, is set out in the 
section, ‘Our Board’.
Role of the Board
The Board is ultimately responsible for our 
strategic direction. The specific roles and 
responsibilities of the Board, and the Board’s 
procedures, are set out in detail in our Board 
Charter, available on our website. In summary, 
the Board is elected by our shareholders to:
•	 approve the company’s business strategies 
and objectives
•	 oversee management in its implementation 
of the company’s strategic objectives, 
instilling of the company’s values and 
performance generally
•	 review and approve budgets and business 
plans
•	 approve our remuneration policy and other 
policies and procedures governing the way 
we operate our business
•	 provide governance of internal decision-
making and management.
The Board delegates management of 
the day-to-day affairs and responsibilities 
of the company to the CEO and executive 
management to deliver the strategic 
direction and goals approved by the Board. 
The specific responsibilities delegated to 
executive management are recorded in the 
Board Charter.
The Board regularly reviews and assesses our 
governance structures, policies and procedures 
to ensure these meet all legal requirements and 
ensure we maintain the trust of our customers, 
suppliers and communities. The Board Charter 
was last updated on 28 November 2022.
Nomination and appointment 
of directors
The number of directors is determined by 
the Board, in accordance with the company’s 
constitution. The constitution requires that 
there are at least four directors, and no more 
than nine directors, and governs the process 
for the appointment and removal of directors.
A director is appointed by ordinary resolution 
of the shareholders, although the Board may 
fill a casual vacancy.
Under the NZX Listing Rules, a director must 
not hold office (without re-election) past the 
third annual meeting following the director’s 
appointment or three years, whichever is 
longer. A director appointed by the Board 
must not hold office (without re-election) 
past the next annual meeting following the 
director’s appointment.
When searching for and nominating candidates 
to act as a director, the People & Remuneration 
Committee takes into account such factors 
as it deems appropriate, including diversity 
of background (considering factors such 
as gender, ethnicity, cultural background, 
sexual orientation and age), experience and 
qualifications of the candidate, independence 
and the Board skills matrix. The Committee 
may use external search firms to assist with 
locating possible candidates and gathering 
relevant information.
When considering the re-election of an 
existing director, the People & Remuneration 
Committee will also consider the length of 
service of the director, and the director’s 
performance on the Board to date. It is the 
Board’s general expectation that a non-
executive director will hold office for an 
aggregate period of approximately nine 
years (including re-elections), though 
there may be circumstances when it will be 
appropriate for directors to have tenures 
shorter or longer than this.
We undertake a number of checks before 
appointing a director and putting forward 
to shareholders a candidate for election 
as a director. We ensure shareholders are 
provided with all relevant information to 
inform their decision on whether to elect or 
re-elect a director.
At the annual shareholders’ meeting (ASM) 
on 29 August 2023, Pip Greenwood retired by 
rotation and, being eligible, offered herself for 
re-election and was re-elected to the Board. 
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Section 3 | OPERATING SUSTAINABLY | Governance

Skills and experience
Scott 
St John
Lewis 
Gradon
Michael 
Daniell*
Pip 
Greenwood
Lisa 
McIntyre
Graham 
McLean
Neville 
Mitchell
Cather 
Simpson
Financial acumen
✓
✓
✓
✓
✓
✓
✓
✓
Sales/Marketing
✓
✓
✓
✓
✓
✓
✓
Engineering/ 
Science/Technology/ 
Manufacturing
✓
✓
✓
✓
✓
✓
Medicine/Medical 
Device
✓
✓
✓
✓
✓
✓
Legal/Regulatory
✓
✓
✓
✓
✓
Governance
✓
✓
✓
✓
✓
✓
✓
✓
International 
Business Experience
✓
✓
✓
✓
✓
✓
✓
✓
Tenure (years)
8.5
8
22.5*
7
2.5
0.5
5.5
2
*	 Michael Daniell was appointed as a non-executive director on 1 April 2016 following his retirement as Managing Director and Chief Executive Officer.
Written agreements 
with directors
Upon appointment, non-executive directors 
are issued a letter setting out the terms and 
conditions of their appointment. This includes 
information about their role and duties, 
time commitments, term of appointment, 
remuneration and insurance, access to 
information, and disclosure and compliance 
obligations. A copy of the standard form of 
this letter is available on our website. The 
Chief Executive Officer has an employment 
agreement setting out his role and conditions 
of employment. Further information about 
the remuneration of directors is set out in 
the ‘Remuneration’ section of this report.
Directors’ and officers’ 
insurance and indemnity
The Group has arranged, as provided for 
under the company’s constitution, policies of 
directors’ and officers’ liability insurance which, 
with a Deed of Indemnity entered into with all 
directors, ensure that generally directors will 
incur no monetary loss as a result of actions 
undertaken by them as directors. Certain 
actions are specifically excluded, for example, 
the incurring of penalties and fines which may 
be imposed in respect of breaches of the law.
In July 2023, the company announced the 
retirement of Donal O’Dwyer and named 
Graham McLean as a new addition to 
the Board. Graham joined the Board on 
1 October 2023 ahead of Donal’s departure 
on 31 December 2023. 
In March 2024, Board Chair Scott St John 
announced his intention to retire from the 
Board with effect from the close of the 
company’s annual shareholders’ meeting 
in August 2024. The Board has elected 
current director Neville Mitchell to succeed 
Scott as Chair. 
More details relating to the nomination and 
appointment of directors are outlined in the 
Procedure for Selection and Appointment 
of Directors available on our website.
Board diversity and skills
A diverse Board allows the company to benefit 
from a range of different perspectives, which 
leads to healthier debate and decision-making. 
As we operate in specialised international 
markets, the Board believes that it is important 
to have a Board consisting of members with 
diverse backgrounds, experience and skills.
The Board has set itself a gender diversity 
objective to have not less than 30% of its 
directors being male and not less than 30% of 
its directors being female. As at 31 March 2024, 
37% of the company’s directors are female.
The Board also believes that the tenure 
of each of its members is important as it 
seeks to balance independent, institutional 
knowledge gained through length of service 
and the importance of fresh perspectives in 
decision-making.
The table above summarises the current key 
skills, experience and tenure of the Board.
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Section 3 | OPERATING SUSTAINABLY | Governance

Independence of directors
We are committed to ensuring that a majority 
of directors are independent of the company, 
and do not have any interests, positions, 
associations or relationships which might 
interfere, or might be seen to interfere, with 
their ability to bring independent judgement 
to the issues before the Board.
The Board has regard to a number of factors, 
including those described in the NZX 
Corporate Governance Code, when assessing 
the independence of directors. After 
consideration of these factors, the company is 
of the view that:
1.	 Lewis Gradon is a director who is currently 
employed in an executive role by the 
company
2.	 Michael Daniell is a director who was 
employed in an executive role by the 
company until 31 March 2016
3.	 No non-executive director is currently 
deriving, nor has within the last 12 months 
derived, a substantial portion of their annual 
revenue from the company
4.	 No director currently holds, nor has held 
within the last 12 months, a senior role in a 
provider of material professional services to 
the company or any of its subsidiaries
5.	 No director is currently, nor was within the 
last three years, employed by the external 
auditor to the company or any of its 
subsidiaries 
6.	 No director currently has, nor has had 
within the last three years, a material 
business relationship (such as a supplier or 
customer) with the company or any of its 
subsidiaries
7.	 No director is a substantial shareholder of 
the company, nor a senior manager of, nor 
otherwise associated with, a substantial 
shareholder of the company
8.	 No director has, or has had within the 
last three years, a material contractual 
relationship with the company or another 
Group member other than as a director of 
the company
9.	 No director has close family ties or personal 
relationships (including close social or 
business connections) with anyone in the 
categories listed in point 6
10.	Other than Michael Daniell, no director 
has held the position of director of the 
company for a period of 12 years or more.
Based on these assessments, the Board 
considers that, as at 31 March 2024, a majority 
(six) of the directors are independent, namely 
Scott St John (Board Chair), Pip Greenwood, 
Lisa McIntyre, Graham McLean, Neville Mitchell 
and Cather Simpson, and that Michael Daniell 
and Lewis Gradon are not independent. 
Induction and continuing 
development of directors
A formal induction programme is provided 
to new directors to ensure that they have 
a working knowledge of our business. The 
programme includes one-on-one meetings 
with management and a tour of our R&D 
and manufacturing facilities. All directors are 
regularly updated on relevant industry and 
company issues. From time to time, the Board 
may also undertake educational trips to receive 
briefings from customers and visit operations 
of the company outside of New Zealand. There 
is an ongoing programme of presentations to 
the Board by all business units.
All directors are members of the Institute of 
Directors (or overseas equivalent) and attend 
training sessions to remain current on their 
duties as directors. The company also arranges 
training for directors and management on 
specific issues as the need arises.
Board performance
We have a Performance Evaluation Procedure 
which relates to the performance of the Board, 
the Board Committees and individual directors. 
The Performance Evaluation Procedure is 
available on our website. The Procedure, 
in accordance with the Board Charter, 
requires the Board to undertake a two-yearly 
performance evaluation of itself that:
•	 compares the performance of the Board 
with the requirements of the Board Charter
•	 reviews the performance of the Board 
Committees and individual directors
•	 effects any improvements to the Board 
Charter deemed necessary or appropriate.
An external consulting company facilitated 
the Board’s performance evaluation between 
May and August 2022, surveying Board and 
executive management on a range of items 
including strategy and planning, company 
oversight, engagement with management, 
stakeholder engagement, board culture, 
capability, and succession planning.
Our executive management are also subject to 
regular performance and contribution reviews, 
which occurred during the 2024 financial 
year. The performance and contribution of 
senior executives is reviewed regularly through 
ongoing discussions with the CEO.
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Section 3 | OPERATING SUSTAINABLY | Governance

Board committees
The Board has three permanent committees 
which support the Board by working with 
management on relevant issues at a suitably 
detailed level and then report back to the 
Board. Committees and their members as at 
31 March 2024 are:
Audit & Risk Committee
Members: Neville Mitchell (Chair), Scott St 
John, Graham McLean, Lisa McIntyre and Pip 
Greenwood
All members are independent non-executive 
directors.
People & Remuneration Committee
Members: Lisa McIntyre (Chair), Scott St John, 
Michael Daniell and Pip Greenwood
All members are non-executive directors, 
and three of the four members (including the 
Chair) are independent.
Quality, Safety & Regulatory 
Committee
Members: Michael Daniell (Chair), Scott St 
John, Cather Simpson and Neville Mitchell
All members are non-executive directors, and 
three of the four members are independent.
Each Committee has a charter setting out 
its objectives, procedures, composition and 
responsibilities. A summary is set out below, 
and copies of these charters are available on 
our website.
The Board may from time-to-time establish 
other committees for specific purposes.
About the Audit & Risk Committee
The primary function of the Audit & Risk 
Committee is to assist the Board in fulfilling its 
responsibilities relating to the company’s risk 
management and internal control framework, 
the integrity of its financial reporting, and 
the company’s internal and external auditing 
processes and activities. The Committee also 
assists the Board in monitoring and reporting 
the company’s strategies, activities and 
performance regarding sustainability, corporate 
social responsibility and the environment. The 
Committee has an annual work plan and reports 
to the Board, which enables it to properly 
and regularly inform the Board on significant 
financial matters relating to the company.
Employees and external auditors are invited 
to attend meetings when it is considered 
appropriate by the Committee. At least 
once per year, the Committee meets with 
the auditors without any representatives of 
management present and is encouraged to 
seek advice from external consultants or 
specialists where the Committee considers that 
necessary or desirable.
The Audit & Risk Committee closely monitors 
financial reporting risks in relation to the 
preparation of the financial statements. 
The Committee, with the assistance of 
management, works to ensure that the 
financial statements are founded on a sound 
system of risk management and internal 
control and that the system is operating 
effectively in all material respects in relation to 
financial reporting risks. As part of this process, 
before the company’s financial statements 
are approved, the CEO and CFO are required 
to state in writing to the Board that, to the 
best of their knowledge, the company’s 
financial reports present a true and fair view 
of the company’s financial condition and 
operational results and are in accordance with 
the relevant accounting standards and those 
reports are founded on a sound system of risk 
management and internal control which is 
operating effectively.
About the People & Remuneration 
Committee
The People & Remuneration Committee’s 
role is to oversee and regulate remuneration 
and organisation matters of the company, 
including reviewing and monitoring the 
company’s human resources strategy for 
directors and senior executives, reviewing 
remuneration and benefits policies, monitoring 
company performance against the Diversity, 
Equity & Inclusion Procedure, and reviewing 
performance objectives and remuneration of 
the company’s Chief Executive Officer and 
senior executives. It also seeks advice on and 
recommends director remuneration structure 
and recommends director appointments and 
director succession planning to the Board, 
aiming to ensure there is a range of skills, 
experience and diversity represented on 
the Board.
About the Quality, Safety & 
Regulatory Committee
The objective and purpose of the Quality, 
Safety & Regulatory Committee is to assist the 
Board in fulfilling its responsibilities relating 
to the oversight of the company’s quality 
management system and health and safety risk 
management system. As part of the company’s 
internal audit function, regular quality system-
specific internal audit reports are received by 
the Committee.
For more details on our internal audit 
processes and our quality management 
system, refer to page 61 of this report.
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Section 3 | OPERATING SUSTAINABLY | Governance

Board
Committees
Audit & Risk
People & Remuneration
Quality, Safety & Regulatory
Eligible 
to attend3
Attended
Eligible 
to attend
Attended
Eligible
to attend
Attended
Eligible 
to attend
Attended
Scott St John
8
8
4
4
4
4
3
3
Lewis Gradon
8
8
Michael Daniell4
8
8
1
1
4
4
3
3
Pip Greenwood
8
8
4
4
4
4
Lisa McIntyre
8
8
4
4
4
4
Graham McLean1
4
4
2
2
Neville Mitchell
8
8
4
4
3
3
Donal O’Dwyer2
6
6
4
4
2
2
Cather Simpson4
8
8
1
1
3
3
1 	Graham McLean joined the Board partway through the financial year in October 2023.
2	 Donal O’Dwyer retired from the Board partway through the financial year in December 2023.
3	 The number of Board meetings listed above does not include unscheduled Board conference calls which were held throughout the year.
4	Michael Daniell and Cather Simpson both attended an additional committee meeting each as an ‘optional’ attendee.
Board and committee meetings
Normally, the Board holds eight formal 
meetings a year. One of those meetings is 
typically focused on reviewing the company’s 
annual business plan and budget, and at a 
separate meeting the long-term strategic plan 
is considered. The Board also meets with senior 
executives to consider matters of strategic 
importance. At the company’s ASM held on 
29 August 2023, all the then-serving directors 
were in attendance.
Committees generally meet three or four 
times per year, or as required to carry out 
their responsibilities, and report to the Board 
following each meeting.
Details of attendance at Board and Committee 
meetings during the year ended 31 March 2024 
are set out below:
Takeover Protocol
The Board has adopted a Takeover 
Protocol to assist the directors and management 
with the response to unexpected takeover 
activity. The Protocol summarises key aspects of 
takeover preparation, and sets out governance, 
conflict and communications protocols for 
a takeover response. This Protocol provides 
that in the event of a takeover offer, the Board 
would establish an Independent Takeover 
Response Committee to manage its takeover 
response obligations.
Company Secretary
The Company Secretary is Raelene Leonard, 
General Counsel. The Company Secretary 
is responsible for supporting the proper 
functioning of the Board and ensuring the 
appropriate policies and procedures are followed. 
The Company Secretary reports directly to the 
Board, through the Chair, on all governance 
matters as outlined in the Board Charter.
Disclosure of interests by 
directors
Directors’ certificates to cover entries in 
the company’s interests register in respect of 
remuneration, insurance, indemnities, dealing in 
the company’s shares, and other interests have 
been disclosed as required by the Companies 
Act 1993.
Directors’ shareholdings
Directors held interests in the following ordinary 
shares in the company as at 31 March 2024:
Name
Ownership
Ordinary Shares
Scott St John
Beneficial
22,569
Lewis Gradon1
Beneficial
578,556
Michael Daniell
Beneficial
900,168
Pip Greenwood
Beneficial
3,800
Lisa McIntyre
Beneficial
13,455
Neville Mitchell
Beneficial
7,385
Cather Simpson
Beneficial
1,250
1	 Lewis Gradon also had a beneficial interest in 385,512 options issued under 
the company’s share option plans and a beneficial interest in 197,786 
performance share rights under the company’s PSR plans.
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Section 3 | OPERATING SUSTAINABLY | Governance

Share dealings by directors
In accordance with the Companies Act 1993 and the Financial Markets 
Conduct Act 2013, the Board has received disclosures from the directors 
named below of acquisitions or dispositions of relevant interests (as 
defined in the Financial Markets Conduct Act 2013) in the company 
between 1 April 2023 and 31 March 2024, and details of those dealings 
were entered in the company’s interests register.
Name
Transaction
Number 
of shares
Price per share 
(NZD unless 
otherwise stated)
Date
Scott St John
Purchase of shares 
under DRP
216
$23.5961
7 July 2023
Purchase of shares 
under DRP
175
$23.0752
18 December 2023
Lewis Gradon
Granted 113,177 
Options
–
–
12 September 2023
Granted 49,250 
PSRs
–
–
12 September 2023
Share issue upon 
cancellation of 
138,827 Options
30,109
$17.2100
26 September 2023
Sale of shares
14,000
$21.7659
27 September 2023
Employee share 
scheme offer
96
$20.7255
27 October 2023
Lisa McIntyre
Purchase of shares 
under DRP
97
$23.5961
7 July 2023
Purchase of shares 
under DRP
78
$23.0752
18 December 2023
Purchase of shares
3,300
AU$22.9862
9 February 2024
Neville Mitchell
Purchase of shares 
under DRP
70
$23.5961
7 July 2023
Purchase of shares 
under DRP
57
$23.0752
18 December 2023
Donal O’Dwyer
Purchase of shares 
under DRP
703
$23.5961
7 July 2023
Purchase of shares 
under DRP
568
$23.0752
18 December 2023
General disclosure of interests by directors
In accordance with section 140(2) of the Companies Act 1993, the 
directors named below have made a general disclosure of interest by 
a general notice disclosed to the Board and entered in the company’s 
interests register.
General notices given by directors which remain current as at 31 March 
2024 are as follows:
Name
Entity
Relationship
Scott St John
ANZ Group Board
Fisher & Paykel Healthcare Employee Share 
Purchase Trustee Limited
Fonterra Cooperative Group Limited
NEXT Foundation
Director
ANZ Bank New Zealand Limited
Mercury NZ Limited
Chair
Lewis Gradon
Fisher & Paykel Healthcare Employee Share 
Purchase Trustee Limited
Other Group entities listed in the ‘Group 
structure’ section of this Report
Director
Michael Daniell
Cochlear Limited
MRCF IIF GP Pty Limited 
MRCF Pty Limited
Tait International Limited
Tait Limited
Director
Pip Greenwood
The a2 Milk Company Limited
Westpac New Zealand Limited
Chair
Lisa McIntyre
Baymatob Pty Limited
Nanosonics Limited
Studiosity Pty Limited
University of Sydney
Director
Graham McLean
Universal Biosensors, Inc.
Chair
CleanSpace Holdings Limited
CEO / Director
Suicide Prevention Australia
Treasurer / Director
Neville Mitchell
Sigma Healthcare Limited
Sonic Healthcare Limited
Director
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
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Section 3 | OPERATING SUSTAINABLY | Governance

Name
Entity
Relationship
Cather Simpson
Advemto Limited
Chair
Dewpoint Innovations Limited
Orbis Diagnostics Limited
SPIE The International Society for Optics 
and Photonics
Director
Orbis Diagnostics Limited
CEO
Dodd-Walls Centre for Photonic and 
Quantum Technologies
Governance Board
Pacific Channel Fund II
Partner
Academy Executive Committee of the 
Royal Society Te Apārangi
International Council of Academies of 
Engineering and Technological Sciences
Paihau – Robinson Research Institute 
Advisory Board
Member
Luminoma Diagnostics Limited
Founder / Director
Commission 17 of the International Union 
of Pure and Applied Physics
Vice-Chair 
Reporting and disclosure
We are committed to the promotion of investor confidence by ensuring 
that the trading of our shares takes place in an efficient, competitive 
and informed market. We believe that evenly balanced disclosure is 
fundamental to building shareholder value and earning the trust of 
employees, customers, suppliers, communities and shareholders.
Continuous disclosure
Our Market Disclosure Procedure establishes our disclosure procedures 
for meeting our continuous disclosure obligations. The Market 
Disclosure Procedure is available on our website. This explains the 
respective roles of directors, officers and employees in complying with 
continuous disclosure obligations, confidentiality of information, external 
communications with analysts and shareholders, and responding to 
rumours and market speculation.
The Disclosure Committee, comprising the CEO, CFO, VP – Corporate and 
General Counsel, and the Disclosure Officer, being the VP – Corporate 
or alternatively the General Counsel, are responsible for administering 
compliance with our Market Disclosure Procedure, including continuous 
disclosure obligations. Market disclosure requires the approval of either 
the Board or the Disclosure Committee, depending on the circumstances. 
The Market Disclosure Procedure was last updated on 27 March 2024.
Company policies
We have policies and procedures in place to ensure we conduct our 
business with integrity, and in a legally, ethically and socially responsible 
manner. Key governance documents including our Board and Committee 
Charters, Corporate Governance Policy, Code of Conduct, Diversity, 
Equity & Inclusion Procedure, Health & Safety Procedure, Market 
Disclosure Procedure, Remuneration Policy (Summary) and Securities 
Trading Procedure are all available on our website.
Financial reporting
We are committed to reporting our financial information in an 
objective, balanced and clear manner. Financial results are reported in 
this annual report in accordance with the New Zealand equivalent of 
International Financial Reporting Standards. This annual report includes 
detailed financial commentary and notes to the financial statements 
which explain any changes to financial reporting.
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Section 3 | OPERATING SUSTAINABLY | Governance

This annual report also includes comments from the Chair and CEO on 
strategic progress, performance during the year and progress towards 
our strategic objectives. It explains how we deliver value for shareholders 
and how key performance indicators, such as revenue, profit, constant 
currency information, dividend growth and gearing, are used to link 
results to our strategy.
We ensure that financial information reported in investor presentations, 
company overviews and other documents is portrayed in an accurate, fair 
and understandable format.
Other reporting
We are committed to transparent reporting of non-financial objectives, 
such as environmental, social and governance (ESG) factors, as well 
as risk, health and safety, and business strategy. Our annual report 
references the guidelines and principles set out by the Global Reporting 
Initiative (GRI) and includes a GRI referenced content index which can 
be found at the end of this report. This report also contains our Climate-
related Disclosures in accordance with the External Reporting Board’s 
Aotearoa New Zealand Climate Standards, which can be found on 
pages 94-114. 
Shareholder and 
company information
The company has in place an investor relations programme to 
facilitate effective two-way communication with investors. We aim to 
build strong relationships with our shareholders and investors based on 
integrity, transparency and trust. Our intention is to provide shareholders 
with all relevant information about the company to enable them to 
actively engage with us and exercise their rights as shareholders in an 
informed manner.
Shareholder communications
Our Shareholder Communications Procedure facilitates communication 
with shareholders through written and electronic means, and by 
facilitating shareholder access to directors, executive management and 
our auditors. A copy of our Shareholder Communications Procedure is 
available on our website.
We communicate with shareholders through the following channels:
•	 investor section of our website
•	 annual report
•	 interim report
•	 annual shareholders’ meeting (ASM)
•	 webcasts
•	 regular disclosures on company performance and news
•	 disclosure of presentations provided to analysts and investors during 
regular briefings, meetings and roadshows.
Our website
Our website is frequently the first port of call for shareholders and 
is therefore a core component of our Shareholder Communications 
Procedure. We include on our website a range of information relevant to 
shareholders and others concerning the operation of the company.
We make available a webcast of our ASM and management presentations 
of financial results. Webcast details will be published on the NZX and ASX 
before the event so that shareholders and other interested parties may 
participate.
We encourage shareholders to receive their shareholder communications 
electronically to help reduce our environmental footprint and costs.
Direct communication
Shareholders may, at any time, direct questions or requests for 
information to directors or management through our website or by 
contacting the relevant officer in charge of investor relations. These 
contact details are available on our website.
We have a modern communication framework in place so shareholders 
can receive communications in a manner that best suits them. We 
provide shareholders with the option to receive communications from, 
and send communications to, us and our share registrar electronically. 
We offer shareholders the ability to attend our ASM in person or digitally, 
including the option to ask questions through a virtual tool, and to vote 
electronically or using an app.
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Section 3 | OPERATING SUSTAINABLY | Governance

ASM and shareholder voting
Our next ASM will be held online at www.virtualmeeting.co.nz/FPH24 and 
in person at our East Tāmaki campus in the Daniell Building, 15 Maurice 
Paykel Place, East Tāmaki, Auckland, New Zealand on Wednesday, 
28 August 2024 commencing at 2.00pm (NZST).
Notice of the ASM will be released to the NZX and ASX and posted on 
our website, along with a meeting guide, at least 20 working days prior 
to the meeting. We encourage active participation by shareholders at the 
ASM, and shareholders may present questions to engage with the Board 
and executive management.
Shareholders have the right to vote on major decisions which may change 
the nature of the company. Each shareholder has one vote per ordinary 
share they own in the company, equally with other shareholders, and may 
vote at a meeting in person, or by proxy, representative or attorney. We 
offer an electronic voting facility to allow shareholders to vote ahead of 
the meeting without having to attend or appoint a proxy.
Share information
Stock exchange listing requirements
The company’s shares were listed on the NZX Main Board on 14 
November 2001 and on the ASX on 21 November 2001. On 20 June 2016 
the company changed its admission category to an ASX Foreign Exempt 
Listing. As part of this change, the company is still required to comply 
with the NZX Listing Rules but is not required to comply with many of 
the ASX Listing Rules. For the purposes of ASX Listing Rule 1.15.3, the 
company confirms that it continues to comply with the NZX Listing Rules.
For the purposes of NZX Listing Rule 3.7.1(h), the company confirms 
that there has been no public exercise of powers by the NZX under NZX 
Listing Rule 9.9.3.
Current on-market share buy-back
There is no current on-market buy-back of the company’s ordinary 
shares. During the year ended 31 March 2024, none of the company’s 
ordinary shares were purchased on-market under or for the purposes of 
an employee incentive scheme or to satisfy the entitlements of holders 
of options or other rights to acquire ordinary shares granted under an 
employee incentive scheme. The company does not have any restricted 
securities or securities subject to voluntary escrow on issue.
Dividend reinvestment plan (DRP)
The company has continued its DRP under which eligible shareholders 
in New Zealand, Australia and the United Kingdom can elect to reinvest 
all or part of their cash dividends in additional shares free of brokerage 
charges, with an applicable 3% discount. The DRP is available to assist 
in reducing the additional debt financing required for the company’s 
capital expenditure programme, including the acquisition of land for 
the second campus in Karaka. Shareholders wishing to commence 
participating in the DRP need to make a participation election by 
visiting investorcentre.linkgroup.nz. A copy of the offer document is 
available at https://www.fphcare.com/nz/corporate/investor/dividends/
dividend-reinvestment-plan/.
Incorporation and limitations on the acquisition of shares
The company is incorporated in New Zealand and is not subject to 
Chapters 6, 6A, 6B and 6C of the Australian Corporations Act 2001. In 
general, securities in the company are freely transferable and the only 
significant restrictions or limitations in relation to the acquisition of 
securities are those imposed by the New Zealand Takeovers Code, the 
Overseas Investment Act 2005 (NZ), the Commerce Act 1986 (NZ) and 
the Companies Act 1993 (NZ). The company does not impose additional 
ownership restrictions.
Credit rating
The company does not currently have an external credit rating status.
Current NZX waivers
During the six months to September 2023, the company relied upon a 
waiver from NZX Main Board Listing Rule 3.13.1 granted on 6 August 2019, 
allowing the company to aggregate issues of company shares under the 
company’s employee share plans over a 10-business day period for the 
purposes of market notifications. The company relied on this waiver in 
respect of the issue of company shares under its share option plans, its 
performance share rights (PSR) plans, its employee share rights (ESR) 
plan and its share purchase plans.
The company ceased to rely on this waiver from October 2023, following 
the establishment of the Fisher & Paykel Healthcare Corporation 
Employee Share Trust. The trust was established to hold shares in the 
company which may be allocated to employees of the company and its 
subsidiaries who are entitled to receive shares under the company’s share 
option plans, and PSR and ESR plans. 
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Section 3 | OPERATING SUSTAINABLY | Governance

Distribution of shareholders and holdings
The company only has one class of shares on issue, ordinary shares, 
each conferring to the registered holder the right to one vote on any 
resolution, and these shares are listed on the NZX and ASX. There are no 
other classes of equity security currently on issue. The total number of 
ordinary shares on issue as at 31 March 2024 was 583,963,682 shares.
The distribution of shareholdings as at 31 March 2024 was as shown in the 
table below:
Size of shareholding
Number 
of holders
%
Number of
 ordinary shares
%
1 to 1,000
15,156
57.74%
5,067,912
0.87%
1,001 to 5,000
8,294
31.60%
19,295,339
3.30%
5,001 to 10,000
1,654
6.30%
11,738,595
2.01%
10,001 to 50,000
995
3.79%
18,240,529
3.12%
50,001 to 100,000
63
0.24%
4,440,512
0.76%
100,001 and over
85
0.32%
525,180,795
89.93%
Total
26,247
100.00%
583,963,682
100.00%
The employee share options, rights and PSRs on issue to employees are 
disclosed in Note 18 of the Financial Statements. There are no voting 
rights attaching to share options, rights or PSRs.
Substantial product holders
According to company records and notices given under the Financial 
Markets Conduct Act 2013, the substantial product holders in ordinary 
shares (being the only class of quoted voting products) of the company 
as at 31 March 2024 were as follows:
Substantial Product Holder
Date of notice
Number of 
ordinary shares 
held as at date 
of notice
Holding as a % 
of total ordinary 
shares on issue as 
at 31 March 2024
Mitsubishi UFJ Financial group, 
Inc. and related bodies corporate
5 Sep 23
48,116,648
8.2%
BlackRock, Inc. and related bodies 
corporate
13 Jul 21
37,908,016
6.5%
Pinnacle Investment Management 
Group Limited and its subsidiaries
13 Oct 23
36,059,206
6.2%
Hyperion Asset Management 
Limited
12 Oct 23
35,452,466
6.1%
Principal shareholders
The names and holdings of the 20 largest registered shareholders in the 
company as at 31 March 2024 were:
Investor Name
Total Units
% Issued 
Capital
HSBC Nominees (New Zealand) Limited R601127393
83,534,220 
14.30%
HSBC Nominees (New Zealand) Limited R601127385
51,836,973 
8.88%
JPMorgan Nominees Australia Pty Limited
48,653,179 
8.33%
HSBC Custody Nominees (Australia) Limited
48,028,803 
8.22%
JPMorgan Chase Bank
38,408,220 
6.58%
BNP Paribas Nominees NZ Limited 
33,584,164 
5.75%
Citicorp Nominees Pty Limited
28,309,187 
4.85%
Citibank Nominees (NZ) Ltd
28,202,203 
4.83%
Custodial Services Limited
20,719,852 
3.55%
Tea Custodians Limited
19,546,919 
3.35%
New Zealand Superannuation Fund Nominees Limited
16,302,952 
2.79%
Accident Compensation Corporation
9,671,894 
1.66%
Premier Nominees Limited
7,427,317 
1.27%
National Nominees Limited
7,257,801 
1.24%
FNZ Custodians Limited
7,171,404 
1.23%
New Zealand Depository Nominee
6,377,776 
1.09%
JBWere (NZ) Nominees Limited
5,500,973 
0.94%
Public Trust
5,287,041 
0.91%
Pt Booster Investments Nominees Limited
4,157,341 
0.71%
New Zealand Permanent Trustees Limited
4,099,423 
0.7%
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Section 3 | OPERATING SUSTAINABLY | Governance

Other Group information
Principal activities
The company is a world-leading designer, manufacturer and marketer 
of products and systems for use in acute and chronic respiratory care, 
surgery and the treatment of obstructive sleep apnea. There were no 
significant changes to the state of affairs of the company or to the nature 
of the company’s (or its subsidiaries’) principal activities during the year 
ended 31 March 2024.
Use of company information
We did not receive any notices from directors requesting to use company 
information received in their capacity as directors which would not 
otherwise have been available to them.
Donations
Please refer to Note 5 of the Financial Statements for the Group’s 
donations in the financial year to 31 March 2024.
Entries recorded in the interests register
Except for disclosures made elsewhere in this report, there have been no 
entries in the company’s interests register made during the year ended 31 
March 2024.
Other subsidiary company information
No entries were made in the interests register of any subsidiary during 
the year ended 31 March 2024.
No employee of the Group who is appointed as a director of a Group 
entity receives or retains any remuneration or other benefits in his or her 
capacity as a director. The remuneration and other benefits of Group 
employees and former employees totalling $100,000 or more during 
the year ended 31 March 2024 are included in the relevant bands for 
remuneration disclosed in the ‘Remuneration’ section of this report.
During the year ended 31 March 2024, all directors of subsidiaries were 
full-time employees of the Group, with the exception of:
1.	
Scott St John who is a director of Fisher & Paykel Healthcare 
Employee Share Purchase Trustee Limited
2.	 Lawrence Gibbons who is a director of Fisher & Paykel Healthcare 
S.A. de C.V. (Mexico) 
3.	 Toh Han Nee who is a director of Highbrook Insurance Company Pte. 
Limited (Singapore)
4.	 Basyirah Anuar who is a director of Fisher & Paykel Healthcare 
Malaysia Sdn. Bhd. (Malaysia)
5.	 Muhammad Irawan who is a director of PT Fisher and Paykel 
Healthcare Indonesia (Indonesia).
Scott St John and Lawrence Gibbons do not receive any remuneration 
or other benefits for their roles as directors of the above subsidiaries. 
Toh Han Nee, Basyirah Anuar and Muhammad Irawan also do not receive 
any remuneration personally for their respective roles as directors as 
described above; however, a management fee is paid to their respective 
employers (Marsh Singapore Ltd, Zico Corporate Services Sdn. Bhd and 
PT TMF Indonesia). 
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Section 3 | OPERATING SUSTAINABLY | Governance

Group structure
All subsidiary companies in the Group are ultimately 100% owned by 
the company. The Group structure and the persons who held office as 
directors of subsidiary companies at 31 March 2024 are detailed below.
Entities 
Directors 
Fisher & Paykel Healthcare Corporation Limited* owns:
Fisher & Paykel Healthcare Limited* (NZ)
Lewis Gradon, Paul Shearer, Andrew Somervell
Fisher & Paykel Healthcare Treasury Limited* 
(NZ)
Lewis Gradon, Paul Shearer, Andrew Somervell
Fisher & Paykel Healthcare Employee Share 
Purchase Trustee Limited (NZ)
Scott St John, Lewis Gradon
Fisher & Paykel Asia Limited (NZ)
Lewis Gradon, Paul Shearer, Andrew Somervell
Fisher & Paykel Healthcare Americas 
Investments Limited (NZ)
Lewis Gradon, Paul Shearer, Andrew Somervell
Fisher & Paykel Healthcare Pty. Limited 
(Australia)
Lewis Gradon, Paul Shearer, David Boyle, 
Graham Gourd
Fisher & Paykel Healthcare Limited (UK)
Lewis Gradon, Paul Shearer, Samuel Frame, 
Patrick McSweeny
Fisher & Paykel Holdings, Inc. (USA)
Lewis Gradon, Paul Shearer, Andrew Somervell
Fisher & Paykel do Brasil Ltda (Brazil)
Brazilian law does not require directors. 
Decision making authority lies with the directors 
of its shareholders.
Fisher & Paykel Healthcare (Guangzhou) 
Limited (China)
Lewis Gradon, Paul Shearer, David Boyle, 
Zhiping Hou
Fisher & Paykel Healthcare Limited (Canada)
Lewis Gradon, Paul Shearer, Justin Callahan
Highbrook Insurance Company Pte. Ltd. 
(Singapore)
Lyndal York, Grant Gillingham, Toh Han Nee
Fisher & Paykel Healthcare MEA Limited 
(NZ)
Lewis Gradon, Paul Shearer, Andrew Somervell
Fisher & Paykel Healthcare Limited* (NZ) owns:
Fisher & Paykel Healthcare Properties 
Limited* (NZ)
Lewis Gradon, Paul Shearer, Andrew Somervell
Fisher & Paykel Healthcare Asia Limited (NZ) owns:
Fisher & Paykel Healthcare Asia Investments 
Limited (NZ)
Lewis Gradon, Paul Shearer, Andrew Somervell
Fisher & Paykel Healthcare Malaysia Sdn. 
Bhd.
Lewis Gradon, Paul Shearer, Bryan Peterson, 
Basyirah Anuar 
Entities 
Directors 
Fisher & Paykel Healthcare Asia Investments Limited (NZ) owns:
Fisher & Paykel Healthcare India Private 
Limited 
Paul Shearer, David Boyle, Prashant Kate, James 
Tuck
Fisher & Paykel Healthcare K.K. (Japan)
Lewis Gradon, Paul Shearer, Bryan Peterson
Fisher & Paykel Healthcare Limited (Hong 
Kong)
Lewis Gradon, Paul Shearer, David Boyle, 
Zhiping Hou
Fisher & Paykel Healthcare Supply Chain 
Limited (Hong Kong)
Jonathan Rhodes
Fisher & Paykel Healthcare Colombo 
(Private) Limited (Sri Lanka)
Lewis Gradon, Paul Shearer, David Boyle
Fisher & Paykel Healthcare Bangladesh 
Limited
James Tuck, Paul Shearer, David Boyle
PT Fisher and Paykel Healthcare Indonesia
Lewis Gradon, Paul Shearer, Bryan Peterson, 
Muhammad Irawan
Fisher & Paykel Healthcare Medical Device 
(Guangzhou) Co., Ltd (China)
Lewis Gradon, Andrew Somervell, Deshitha 
Edirisuriya
Fisher & Paykel Healthcare Americas Investments Limited (NZ) owns:
Fisher & Paykel Healthcare S.A. de C.V. 
(Mexico)
Lewis Gradon, Andrew Somervell, Lawrence 
Gibbons
Fisher & Paykel Healthcare Colombia S.A.S. 
Legal Representatives: Bryan Peterson, James 
Tuck
Fisher & Paykel Healthcare Mexico S.A. de 
C.V. 
Lewis Gradon, Paul Shearer, Bryan Peterson
Fisher & Paykel Healthcare Properties S.A. 
de C.V. (Mexico)
Lewis Gradon, Andrew Somervell, Jonathan 
Rhodes
Fisher & Paykel Healthcare Chile SpA 
No directors. Bryan Peterson and James 
Tuck are delegates for the shareholder of the 
Company (with the power to act individually).
Fisher & Paykel Healthcare Peru S.A.C.
Lewis Gradon, Paul Shearer, Bryan Peterson
Fisher & Paykel Healthcare Costa Rica, S.R.L.
Lewis Gradon, Paul Shearer, Bryan Peterson
Fisher & Paykel Healthcare Limited (UK) owns:
Fisher & Paykel Healthcare SAS (France)
Lewis Gradon, Paul Shearer, Patrick McSweeny, 
Philippe Berardi
Fisher & Paykel Healthcare GmbH (Germany)
Philippe Berardi, Patrick McSweeny
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Section 3 | OPERATING SUSTAINABLY | Governance

Entities 
Directors 
Fisher & Paykel Healthcare AB (Sweden)
Lewis Gradon, Paul Shearer, Patrick McSweeny, 
Philippe Berardi
Fisher Paykel Sağlık Ürünleri Ticaret Limited 
Şirketi (Turkey)
Lewis Gradon, Paul Shearer, Patrick McSweeny
Limited Liability Company Fisher & Paykel 
Healthcare (Russia)
Lewis Gradon, Paul Shearer, Bryan Peterson, 
Anatoly Filippov
Fisher & Paykel Holdings, Inc. (USA) owns:
Fisher & Paykel Healthcare, Inc. (USA)
Lewis Gradon, Paul Shearer, Justin Callahan
Fisher & Paykel Healthcare Distribution Inc. 
(USA)
Lewis Gradon
Fisher & Paykel Healthcare SAS (France) owns:
Fisher & Paykel Healthcare Romania S.R.L.
Lewis Gradon, Paul Shearer, Patrick McSweeny, 
Bryan Peterson
Fisher & Paykel Healthcare GmbH (Germany) owns:
Fisher & Paykel Healthcare (Czech Republic) 
s.r.o.
Lewis Gradon, Paul Shearer, Bryan Peterson
Fisher & Paykel Healthcare Poland spółka z 
ograniczoną odpowiedzialnością
Lewis Gradon, Paul Shearer, Bryan Peterson
Fisher & Paykel Healthcare MEA Limited (NZ) owns:
Fisher & Paykel Healthcare MEA Investments 
Limited (NZ)
Lewis Gradon, Paul Shearer, Andrew Somervell
Fisher & Paykel Healthcare MEA Investments Limited (NZ) owns:
Fisher and Paykel Healthcare Tunisia SARL
Lewis Gradon, Paul Shearer, Bryan Peterson
Fisher & Paykel Healthcare Nigeria Limited
Lewis Gradon, Paul Shearer, Bryan Peterson
Fisher & Paykel Healthcare Jordan
Lewis Gradon, Paul Shearer
Fisher & Paykel Healthcare Kenya Limited
Lewis Gradon, Paul Shearer, Bryan Peterson
*	 Companies operating under a Negative Pledge Deed
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Section 3 | OPERATING SUSTAINABLY | Governance

Remuneration
Our approach is to attract, reward and retain 
high-quality employees who will help us to achieve 
our short and long-term strategic objectives. 
This depends in large part upon the remuneration 
packages we offer.
This section provides an overview of our 
remuneration strategy and governance, including 
executive and director remuneration.
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Section 3 | OPERATING SUSTAINABLY | Remuneration

Letter from Lisa McIntyre, 
Chair of the People & 
Remuneration Committee
At Fisher & Paykel Healthcare, our intention is to have good people who 
contribute the most they can over the long term. The fundamentals that 
enable us to achieve this include supporting and caring for our people, and 
creating a safe, healthy and enjoyable work environment with sustainable 
workloads. We are also committed to rewarding our people fairly based 
on individual performance and contribution, the size of their role, market 
context and the company’s ability to pay. 
We operate in a large number of countries, and our remuneration practices 
reflect our culture, values and local market conditions. Our employee 
remuneration programme consists of a base wage or salary, a discretionary 
component providing the potential for an annual profit-sharing payment 
based on relevant company performance. In certain countries, additional 
benefits may include superannuation, health and life insurance, and 
the opportunity to purchase shares and/or receive long-term variable 
remuneration in the form of share options, performance share rights or 
employee share rights.
Employees receive base remuneration packages that are generally 
benchmarked against similar positions in companies of comparable 
size and complexity. We use industry remuneration surveys conducted 
by external consultants to determine remuneration levels. In general, 
remuneration is reviewed annually, and our process supports our intention 
to pay our people fairly. The company delivered strong revenue and 
operating cashflow performance during the year, which was at or above 
the targets set at the beginning of the financial year. As noted previously in 
this report, the Airvo 2 and myAirvo 2 recall adversely impacted operating 
profit, resulting in achievement of 92% of the target. The Committee did 
not exercise any discretion when assessing discretionary annual variable 
remuneration (DAVR) and long-term variable remuneration (LTVR) 
outcomes in respect of the 2024 financial year.
There were no significant changes to our remuneration arrangements 
during the 2024 financial year, with the exception of an increase in the 
non-executive director fee pool which was approved by shareholders at 
the 2023 Annual Shareholders’ Meeting. 
We believe our current remuneration arrangements, which have been 
refined over time, are fit-for-purpose and help us to achieve our long-term 
objectives. As such, we do not currently envisage any material changes to 
our remuneration approach for the 2025 financial year. 
Lisa McIntyre
Chair, People & Remuneration Committee
LISA MCINTYRE
Chair, People & Remuneration Committee
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Section 3 | OPERATING SUSTAINABLY | Remuneration

Remuneration governance
The People & Remuneration Committee is responsible for reviewing and 
recommending to the Board the company’s approach to remuneration. 
This includes overseeing and regulating remuneration matters related 
to directors, and reviewing executive management in consultation with 
the Chief Executive Officer. The majority of the Committee’s members 
are independent and members of the executive management team only 
attend Committee meetings upon invitation. 
More details on the role and composition of the People & Remuneration 
Committee is available on page 71 of this report and in the People & 
Remuneration Committee charter which is available on the company’s 
website. A summary of the company’s Remuneration Policy is also 
available on our website. 
Executive remuneration 
Executive management remuneration packages consist of a combination 
of a fixed remuneration package, a discretionary annual variable 
remuneration (DAVR) component, a long-term variable remuneration 
(LTVR) component, and the company-wide profit-sharing payment 
scheme, as described further below. The total remuneration earned by 
executive management is set out in Note 18 of the financial statements.
Fixed remuneration
All members of executive management receive a fixed remuneration 
component based on the scale and complexity of the role, market 
relativities and experience, and performance. This also includes any 
KiwiSaver or other superannuation contribution.
Variable remuneration
Executive management receive variable remuneration linked to financial 
and strategic performance.
Discretionary Annual Variable 
Remuneration (DAVR)
Discretionary annual variable remuneration (DAVR) is designed to 
remunerate executive management relative to the company’s financial 
performance and non-financial measures which are the annual 
implementation of our long-term plan for sustainable profitable growth. 
Details of our plan are shown on the right.
Performance 
period
Paid annually and aligned with financial year 
(1 April 2023 to 31 March 2024)
Measures
Financial (80%)
Weighting
Constant currency operating profit 
45%
Constant currency revenue
25%
Constant currency pre-tax operating cash flow
10%
Non-financial (20%)
Measures relating to the strategic direction of the company and 
environmental and social responsibility initiatives. Non-financial measures 
are shared across all members of the executive management team as the 
measures involve collaboration and commitment.
Performance 
hurdle
The trigger for considering whether to exercise discretion to make any 
payment is 90% achievement of at least one of the financial measures.
Payment 
calculation 
method
Meeting 100% of each financial and non-financial measure results in 
payment of 100% of the DAVR amount. 
Each financial measure is assessed independently. If the achievement of 
a financial measure is less than 90%, 0% achievement will be applied for 
that measure.
If the achievement of a financial measure is greater than 120%, 
120% achievement will be applied for that measure. 
The DAVR payment amount is adjusted pro-rata, with each 1% above 
or below each financial measure resulting in a 2% increase or decrease 
in payment.
Target payments
Up to 50% of fixed annual remuneration for the CEO/Managing Director.
Maximum 
payment
The maximum achievable DAVR which may be awarded is 132% of the 
target DAVR at 20% or more over achievement of the financial measures 
and achievement of all non-financial measures.
Approval process
The Board (administered through the People & Remuneration Committee) 
has the discretion to alter, amend, replace or withdraw the DAVR scheme 
at any time without notice (including during a financial year). 
The Board also retains the ultimate discretion in assessing and 
determining any payments under the scheme. As part of that, the Board 
has the right to exercise its discretion not to make any payments or to pay 
a reduced amount, regardless of whether the measures have been met.
Termination of 
employment
Participants will not be entitled to be considered for a DAVR payment if 
they cease to be employed by the Company prior to the end of the DAVR 
year and/or in circumstances where they are under notice of termination of 
employment when the DAVR award is under consideration or paid. 
Should a participant leave the company (i.e. due to death, permanent 
disability, redundancy or on medical grounds) before they are due to be 
considered for a DAVR award, the Board will have discretion as to whether 
to pay any DAVR award.
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
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Section 3 | OPERATING SUSTAINABLY | Remuneration

The relative weighting of DAVR measures and the target achieved in 2024 is set out below: 
Measures
Weighting
% of Target Achieved
Constant currency operating profit
45%
Constant currency revenue
25%
Constant currency pre-tax operating cash flow
10%
Non-financial measures
20%
Achieved
Number
Measure
1
Health & safety
1
Quality
2
Environmental & social responsibility
1
Diversity & inclusion
6
Long-term sales strategies
2
Infrastructure
100% of non-financial measures were achieved for the financial year.
Total
Minimum
90%
Minimum
90%
Minimum
90%
Target
100%
Target
100%
Target
100%
Achieved (92.4%; $294.7M)
Achieved (99.5%; $1.65B)
Achieved (112.5%; $422.6M)
Maximum
120%
Maximum
120%
Maximum
120%
Achieved 98%
Target
100%
Maximum
132%
Key performance summary
84
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
Section 3 | OPERATING SUSTAINABLY | Remuneration

Profit-sharing payment
All our employees, including executive management, who have worked 
with us for more than six months are eligible to receive a profit-sharing 
payment twice per year.
Long Term Variable Remuneration (LTVR)
LTVR components are designed to align executive management with 
shareholder interests over the longer term and provide a longer-term 
employee retention benefit. The current LTVR plans available to executive 
management are described below. Further information on these and 
other LTVR plans can be found in the “Long Term Variable Remuneration” 
section of our website.
2022 Share Option Plan – Options vest if the company’s share price on 
the NZX has exceeded the “escalated price” at the third anniversary of the 
grant date. The escalated price is determined by a representative amount 
representing the company’s cost of capital. 
2022 Performance Share Rights Plan – PSRs fully vest if the company’s 
gross total shareholder return (TSR) exceeds the performance of the 
Dow Jones US Select Medical Equipment Total Return Index (DJSMDQT) 
by 10% or more at the third anniversary of the grant date of the PSRs. 
Employee Share Purchase Plan – Executive management can choose 
to participate in this Plan up to the value of $2,000 with a discount of 
up to $500, with no interest charged on the loans. The qualifying period 
between grant and vesting date is three years.
The rules of the Share Option Plan and Performance Share Rights Plan 
were amended in 2022 and executives may retain instruments granted 
in 2019, 2020 and 2021 under previous versions of the plan rules. Further 
information on the previous plan rules can be found in Note 18 of our 
financial statements. 
Participants in the company’s equity-based remuneration schemes 
are not permitted to enter into transactions (whether through the 
use of derivatives or otherwise) which limit the economic risk of their 
unvested entitlements. For the avoidance of doubt, this does not 
prevent participants entering into financial arrangements from being 
able to exercise vested entitlements under any company equity-based 
remuneration scheme.
Summary of LTVR performance
Performance Share Rights
Met vesting 
hurdle in FY24?
Comment
2019 PSRs
✗
From 11 September 2019 to 11 September 2023 our TSR 
performance did not exceed that of the DJSMDQT, and 
PSRs did not meet the vesting hurdle for the second 
performance period. 
2020 PSRs
✗
From 4 September 2020 to 4 September 2023 
our TSR performance did not exceed that of the 
DJSMDQT, and PSRs did not meet the vesting hurdle 
for the first performance period.
Share Options
Met vesting 
hurdle in FY24?
Comment
2019 Options
✓
The five-day volume-weighted average price (VWAP) 
for the company’s shares over the five trading 
days from 4 September to 8 September 2023 was 
calculated as $22.06 and exceeded the escalated 
share price. The escalated share price was calculated 
off a base price of $17.21 at grant, escalated by 
the company’s cost of capital over the four-year 
performance period. 
2020 Options
✗
The five-day VWAP for the company’s shares did not 
exceed the escalated price at the third anniversary of 
the grant date (4 September 2023) and these options 
did not meet the vesting hurdle in FY24.
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
85
Section 3 | OPERATING SUSTAINABLY | Remuneration

CEO remuneration arrangements and outcomes 
Remuneration structure
The CEO remuneration structure is consistent with the executive management remuneration structure described previously. 
CEO remuneration summary 
Year
Fixed remuneration
Discretionary annual variable remuneration (DAVR)2
Long-term variable remuneration (LTVR)
Total remuneration
Base salary
(NZD)
Other benefits1
(NZD)
Earned
(NZD)
Amount earned 
as a % of 
maximum award
Total cash-based 
remuneration 
earned (NZD)
Number of 
shares issued 
upon exercise
Vesting – 
% of maximum3
Market price 
upon exercise
(NZD)
Total LTVR4
(NZD)
Fixed remuneration 
+ DAVR earned + 
LTVR vested (NZD)
FY24
1,786,930
150,297
935,057
72%
2,872,284
30,109
51%
21.98
661,687
3,533,971
FY23
1,709,111
428,688
424,434
30%
2,562,233
–
–
–
–
2,562,233
1	 Other includes superannuation contributions and life insurance. The FY23 total included a one-off entitlement of long-service leave in accordance with company policy that applies to all New Zealand employees. 
2	 DAVR represents what was earned for the financial year. DAVR value includes the company-wide profit-sharing bonus.
3	 Calculated as the number of LTVR instruments that vested and were exercised by the CEO during the relevant performance period, divided by the total number of LTVR instruments held by the CEO that were tested during that performance period.
4	LTVR in the table represents what was earned during the financial year. However, the cost of each LTVR plan is independently measured and accounted for based on the fair value at the date granted. Details of the plans and valuation methodology 
are set out in Note 18 to the financial statements. 
DAVR achieved in 2024
The DAVR financial targets achieved are set out in the Executive Management section on page 84. During the 2024 financial year, the CEO achieved 98% 
of his DAVR target. The DAVR earned in the 2024 financial year is 48% of fixed remuneration.
86
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Section 3 | OPERATING SUSTAINABLY | Remuneration

PSRs granted to the CEO (as at 31 March 2024)
Awarded during the 
reporting period
PSRs 
lapsed 
during the 
reporting 
period
PSRs vested during the reporting period
Shares issued during the
reporting period
Balance 
of PSRs at 
31 March 
2024
Grant name
PSR award 
date
Vesting 
date
Balance 
of PSRs at 
31 March 
2023
PSRs 
awarded
Market 
price 
at award
PSRs
vested 
Market 
price 
at vesting 
date 
Vesting 
date
Shares 
issued
Market 
price at 
issue 
date
Issue date
2023 - PSRs
12 Sep 2023
12 Sep 2026
–
49,250
$21.55
–
–
–
–
–
–
–
49,250
2022 - PSRs
7 Sep 2022
7 Sep 2025
56,749
–
–
–
–
–
–
–
–
–
56,749
2021 - PSRs
1 Sep 2021
1 Sep 2024 
to 1 Sep 2026
25,761
–
–
–
–
–
–
–
–
–
25,761
2020 - PSRs
4 Sep 2020
4 Sep 2023 
to 4 Sep 2025
22,178
–
–
–
–
–
–
–
–
–
22,178
2019 - PSRs
11 Sep 2019
11 Sep 2022 
to 11 Sep 2024
43,848
–
–
–
–
–
–
–
–
–
43,848
Share options granted to the CEO (as at 31 March 2024)
Awarded during the 
reporting period
Options 
lapsed 
during the 
reporting 
period
Share options vested and exercised during 
the reporting period
Shares issued during the 
reporting period
Balance of 
options 
at 31 March 
2024
Grant name
Options 
award date
Vesting 
date
Balance of 
options at 
31 March 
2023
Options 
awarded
Market 
price 
at award
Share 
options 
vested and 
exercised 
Market 
price 
at vesting 
date 
Vesting 
date
Shares 
issued
Market 
price at 
issue 
date
Issue date
2023 - Options 12 Sep 2023
12 Sep 2026
–
113,177
$21.55
–
–
–
–
–
–
–
113,177
2022 - Options 7 Sep 2022
7 Sep 2025
128,771
–
–
–
–
–
–
–
–
–
128,771
2021 - Options
1 Sep 2021
1 Sep 2024 
to 1 Sep 2026
73,633
–
–
–
–
–
–
–
–
–
73,633
2020 - Options 4 Sep 2020
4 Sep 2023 
to 4 Sep 2025
69,931
–
–
–
–
–
–
–
–
–
69,931
2019 - Options
11 Sep 2019
11 Sep 2022 
to 11 Sep 2024
138,827
–
–
–
138,827
$21.24 11 Sep 2023
30,109
$21.98 26 Sep 2023
–
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
87
Section 3 | OPERATING SUSTAINABLY | Remuneration

Severance arrangements
Within a period of two years following a change in control of the 
company, and upon either written notice from the CEO or termination 
of the CEO’s employment for any reason (excluding serious or repeated 
misconduct or demonstrable and prolonged poor performance), 
the company will pay to the CEO the sum of one year’s total fixed 
remuneration in addition to any other compensation that may be payable 
to the CEO pursuant to the terms and conditions of his employment. 
Other than in the event of a change of control in the company, there are 
no general severance arrangements for the CEO.
ESG disclosures
CEO/worker ratio
The ratio of Chief Executive total remuneration to mean Fisher & Paykel 
Healthcare total remuneration is 35:1 (using $100,511 as mean employee 
total remuneration and Chief Executive total remuneration for the 2024 
financial year).
Gender pay equity
Fisher & Paykel Healthcare has been reporting on gender pay equity 
since 2017. Gender pay equity is about making sure people are paid fairly 
regardless of their gender. We continue to monitor this on a regular basis 
across our global locations. For full details on our like-for-like gender pay 
gap and overall gender pay gap, refer to page 44 of this report. 
Remuneration bands
The tables opposite show the remuneration (inclusive of the value of 
other benefits) totalling $100,000 or more received by employees 
or former employees in the 2024 financial year. This includes global 
employees, and offshore remuneration amounts have been converted into 
New Zealand dollars. This does not include the CEO, who is a director of 
the company.
The tables include salary and wages, profit-sharing payment and 
discretionary annual variable remuneration (DAVR) paid during the 
2024 financial year. They also include the fair value of long-term variable 
remuneration (LTVR) as expensed in the period.
Remuneration band 
(NZD)
Number of 
employees
100,000 – 110,000
259 
110,001 – 120,000
277 
120,001 – 130,000
231 
130,001 – 140,000
158 
140,001 – 150,000
137 
150,001 – 160,000
133 
160,001 – 170,000
111 
170,001 – 180,000
73 
180,001 – 190,000
68 
190,001 – 200,000
50 
200,001 – 210,000
42 
210,001 – 220,000
48 
220,001 – 230,000
36 
230,001 – 240,000
36 
240,001 – 250,000
27 
250,001 – 260,000
26 
260,001 – 270,000
11 
270,001 – 280,000
17 
280,001 – 290,000
16 
290,001 – 300,000
20 
300,001 – 310,000
18 
310,001 – 320,000
13 
320,001 – 330,000
11 
330,001 – 340,000
 7 
340,001 – 350,000
11 
350,001 – 360,000
12 
360,001 – 370,000
 8 
370,001 – 380,000
 3 
380,001 – 390,000
 3 
Remuneration band 
(NZD)
Number of 
employees
390,001 – 400,000
 5 
410,001 – 420,000
 3 
420,001 – 430,000
 7 
430,001 – 440,000
 5 
440,001 – 450,000
 6 
450,001 – 460,000
 7 
460,001 – 470,000
 1 
480,001 – 490,000
 1 
490,001 – 500,000
 5 
500,001 – 510,000
 1 
520,001 – 530,000
 3 
550,001 – 560,000
 2 
580,001 – 590,000
 2 
620,001 – 630,000
 1 
640,001 – 650,000
 1 
670,001 – 680,000
 1 
700,001 – 710,000
 1 
740,001 – 750,000
 1 
750,001 – 760,000
 1 
760,001 – 770,000
 1 
770,001 – 780,000
 1 
810,001 – 820,000
 1 
830,001 – 840,000
 1 
870,001 – 880,000
 1 
1,110,001 – 1,120,000
 1 
1,120,001 – 1,130,000
 1 
1,560,001 – 1,570,000
 1 
1,570,001 – 1,580,000
 1 
1,620,001 – 1,630,000
 1 
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Section 3 | OPERATING SUSTAINABLY | Remuneration

Non-executive directors’ remuneration
Remuneration strategy
The People & Remuneration Committee is responsible for establishing and 
monitoring remuneration policies and guidelines for directors. This enables us 
to attract and retain directors who contribute to the successful governing of 
the business and create value for shareholders. 
We also take advice from independent consultants and take into account fees 
paid to directors of comparable companies in New Zealand and Australia as part 
of our assessment of the appropriate level of remuneration of directors. 
The maximum total monetary sum payable by the company by way of 
directors’ fees is $1,750,000 per annum as approved by shareholders at the 
Annual Shareholders’ Meeting which was held in August 2023. Independent 
remuneration benchmarking was provided by Mercer. A summary of the 
report is available on the company’s website at https://www.fphcare.com/nz/
corporate/investor/events/. 
Executive directors are not entitled to receive any remuneration solely in their 
capacity as directors of the company. Non-executive directors do not take a 
portion of their remuneration under an equity security plan; however, directors 
may hold shares in the company. Details are set out on page 72 of this 
report. It is our policy to encourage directors to acquire shares on-market.
No non-executive director is entitled to receive a retirement payment.
Approved director remuneration
The current non-executive directors’ fees and the fees received 
by non-executive directors in the 2024 financial year, including a 
breakdown of Board fees and Committee fees, are set out in the 
tables below. The fees payable are determined based on the time 
commitment and responsibilities of each role.
Fees per annum
Chair $
Member $
Board of Directors
324,000
144,000
People & Remuneration Committee
30,000
18,950
Quality, Safety & Regulatory Committee
30,000
18,950
Audit & Risk Committee
37,900
18,950
Director remuneration received in the 2024 financial year
Director
 Board Fees $
 People & Remuneration 
Committee $
 Quality, Safety & 
Regulatory Committee $
 Audit & Risk Committee $
 Overseas Director 
Allowance2 $
 Total Remuneration $
Scott St John 
308,957
–
–
–
–
308,957 
Neville Mitchell
141,176
–
18,950 
36,6831 
23,9355 
220,744 
Pip Greenwood
141,176
18,950 
–
18,950 
–
179,076 
Donal O’Dwyer
105,176
14,213 
14,213 
–
17,9355 
151,5373 
Michael Daniell
141,176
18,950 
28,0201 
– 
–
188,146 
Lisa Mclntyre
141,176
28,7111 
–
18,950 
23,9355 
212,772 
Graham McLean
72,000
–
– 
9,475 
12,0005 
93,4754 
Cather Simpson
141,176
– 
18,950 
– 
– 
160,126 
1,192,013
80,824 
80,133 
84,058 
77,805 
1,514,833 
1	 Designates Chair of Committee. 
2	 Directors based outside New Zealand are paid an allowance associated with attendance at Board and Committee meetings in a different country or time zone and to reflect local pecuniary practices.
3	 Donal O’Dwyer retired from the Board with effect from 31 December 2023. 
4	Graham McLean was appointed to the Board with effect from 1 October 2023.
5	 Remuneration for Neville Mitchell, Donal O’Dwyer, Lisa McIntyre, and Graham McLean is set in NZD but paid in AUD at the prevailing exchange rate at the date of payment.
During the 2024 financial year, there were no additional fees or benefits earned that do not relate to services as a non-executive director. In addition, 
non-executive directors were not issued shares or LTVR instruments as part of their remuneration during the financial year. 
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
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Section 3 | OPERATING SUSTAINABLY | Remuneration

Environment
Our intention is to create a positive lasting 
impact on society and the environment. 
This starts with doing what is best for the 
patient and guides our decision-making 
approach. We understand that in the course 
of improving patient outcomes, we also have 
a responsibility to operate our business 
efficiently and responsibly. 
We recognise the overall importance of 
biodiversity, water and forests and other 
natural ecosystems. In addition to measuring 
carbon emissions (as reported in our 
Climate-related Disclosures on pages 94-114), 
we also track other key environmental metrics, 
including waste management, recycling and 
water usage. This section outlines some of 
our environmental commitments and 
initiatives for measuring and improving 
our environmental performance. 
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Fisher & Paykel Healthcare | ANNUAL REPORT 2024
Section 3 | OPERATING SUSTAINABLY | Environment

Environmental commitments 
During the 2024 financial year, 
Fisher & Paykel Healthcare 
organised the planting of native 
trees and shrubs at the new 
Karaka site in New Zealand, with 
help from employees and their 
children. The planting will help to 
improve biodiversity of the site 
and to make the waterway clean 
and safe from livestock.
Our environmental intentions are outlined 
in our Environmental & Social Responsibility 
Policy, which has been embedded across our 
business and posted publicly on our company 
website. We begin with doing what is best 
for the patient. While improving care and 
outcomes for patients, we seek to innovate 
to enable a more sustainable future, verify 
and validate our environmental performance, 
and comply with the letter and spirit of laws 
and regulations relating to environmental 
responsibility. 
Environmental sustainability is integrated 
into our environmental management system, 
which is externally audited each year to the 
ISO 14001 international standard. We follow 
formal environmental management processes 
to review and monitor environmental 
sustainability issues and risks, and these 
processes are embedded into our enterprise 
risk management systems. 
The Fisher & Paykel Healthcare Board of 
directors, under the guidance of the Audit & 
Risk Committee, is responsible for providing 
overall governance and oversight of the 
company’s environmental practices, including 
its approach to biodiversity, forests and water. 
Our procedures for biodiversity, forests and 
water are publicly available on our company 
website and described briefly below.
Biodiversity
Our biodiversity intentions are set out in our 
Ecosystems: Biodiversity Procedure. They 
include identifying pathways to achieve a net 
positive impact on biodiversity, minimising 
the conversion of natural ecosystems, and 
promoting restoration and maintenance of 
natural ecosystems in our direct operations. 
We also engage with local stakeholders 
where we have large facilities, educating our 
people about biodiversity and developing our 
disclosures to outline how we assess biodiversity 
risks and opportunities. 
Forests
We recognise the overall importance of forests 
and other natural ecosystems to our business. 
Our intentions include reducing deforestation, 
minimising the conversion of natural ecosystems, 
and promoting restoration and maintenance 
of natural ecosystems in our direct operations. 
We support responsible forest management, 
both environmentally and socially, by adopting 
traceability standards for the forest commodities 
we use in our operations. 
We promote sustainable sourcing and 
consumption of forest risk commodities through 
eco-efficiency and support for a transition to 
a paperless society. We also use wood fibre 
products approved by the Forest Stewardship 
Council for our shipping boxes. In the course 
of doing business, we document and monitor 
potential business impacts on forests and other 
natural ecosystems. Furthermore, we engage 
stakeholders and create awareness of forest 
risks and opportunities along our value chain. 
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
91
Section 3 | OPERATING SUSTAINABLY | Environment

Karaka community 
engagement
Water
We recognise the overall importance of water and other natural ecosystems. 
We promote water efficiency in all company operations, including the design, 
manufacture and distribution of products. In water-scarce regions, we have 
assigned specific responsibilities for water efficiency, and we apply good water 
stewardship practices, such as rainwater harvesting, closed-loop water systems 
and water recycling. 
Each year we measure and report metrics on our water usage, so that we can 
improve our performance. During FY24, we achieved a 5% reduction in water 
used at our Mexico campus, compared to the prior financial year. Of our total 
water use, our New Zealand campus accounted for 66%, our Mexico campus 
accounted for 30%, and our global sales offices accounted for 4%.
Water
FY2022
FY2023
FY2024
Water usage (cubic metres)
184,171
133,517
136,923
Recycling
We maintain robust recycling programmes at our large facilities in New Zealand 
and Mexico to reduce waste. Each year we measure and report metrics on waste 
diverted from landfills and the efficiency of our recycling programmes.
Waste and recycling
FY2022
FY2023
FY2024
Landfill waste diverted (cubic metres)
2,035
1,727
1,348
NZ recycling efficiency 
(% waste diverted from landfill)
68%
62%
59%
Global recycling efficiency 
(% waste diverted from landfill)
52%
54%
53%
CDP* scores 
We report on key performance metrics and disclose our ratings in CDP’s 
Climate, Supplier Engagement (which is a subset of Climate), Water and Forests 
programmes. Below are our CDP ratings for the last three financial years. 
CDP Programme
FY2022
FY2023
FY2024
Climate
B
A-
B
–  Supplier Engagement on Climate
A
B
B-
Water
B
C
B
Forests
C
C
C
* Formerly known as the Carbon Disclosure Project
During the 2024 financial year, our focus was on 
building partnerships with tāngata whenua (Māori) and 
community stakeholders to help inform the development 
of our future Karaka campus in New Zealand. 
In line with the Māori value of kaitiakitanga (guardianship 
of land), our discussions with local iwi focused on 
long-term goals around the environment, water quality, 
re-establishment of native species and sustainability 
innovations. As we develop the Karaka land over time, 
our iwi partners will provide cultural inductions to 
increase our knowledge of its history and significance. 
To engage residents in the Karaka community, 
Fisher & Paykel Healthcare hosted a community 
engagement in February 2024. The event, which drew 
nearly 100 people, provided a forum for discussing the 
development and its environmental impact. 
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Ecodesign Advisory Board
Through our Ecodesign Program, more 
than 100 product development engineers 
across the business are involved in research 
into biobased materials and a range of 
sustainable design and packaging projects. 
We have appointed an external Ecodesign 
Advisory Board made up of four 
independent subject matter experts to 
provide external guidance and support of 
environmental sustainability and Ecodesign 
initiatives. During the 2024 financial year, 
the Board provided guidance on our carbon 
reduction long-term plan and mentored key 
team members. 
Green Team
Our volunteer-led Green Team now 
includes hundreds of employees who 
remain highly engaged in promoting 
environmental sustainability at our 
New Zealand campus and in the 
community. During the 2024 financial 
year, the Green Team organised a 
sustainable transport showcase, hosted 
the founder of Predator Free Miramar 
to speak on biodiversity, and set up a 
workshop to repair household items. The 
Green Team also celebrated its annual 
recognition event, the Green Awards. 
Awards went to employees George 
Cuttance for commitment to biodiversity, 
Kane Finlay for a sustainable packaging 
initiative, and Ellis Jarvis for sustainability 
advocacy in the UK. 
Memberships
Fisher & Paykel Healthcare is a member of 
the Sustainable Business Network, which is 
New Zealand’s largest and longest-standing 
sustainable business organisation. The network 
aims to enable change in the areas of climate, 
waste and nature.
Andrew Charlesworth and Emily Bradley from Big Street 
Bikers and F&P employee Jonathan Sng promote ebike 
charging stations at the Sustainable Transport Showcase.
DAVID TRUBRIDGE
Globally renowned 
Ecodesign practitioner
DR ELSPETH MACRAE
Leading global 
bio-economy expert
DR ANN SMITH
Leading global 
carbon expert
DR DAVID GALLER
Leading sustainability 
medical practitioner
100+
ENGINEERS involved in research into 
biobased materials and sustainable 
design projects
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Climate-related 
Disclosures
As part of our commitment to creating a positive 
lasting impact on society and the environment, 
we recognise the need to mitigate and adapt to 
a changing climate both now and in the decades 
to come. Embedded into our global Environmental 
& Social Responsibility Policy is our commitment 
to innovate to enable a more sustainable future, 
and the knowledge that our actions today impact 
future generations.
These climate-related disclosures are representative 
of a large body of work occurring across the 
business to identify, consider and assess climate-
related risks and opportunities, and integrate them 
within our broader risk management framework 
and strategic business planning. We see the 
disclosure process as an iterative one, whereby 
we commit to improving our breadth and depth 
of detail over future reporting periods. 
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About our climate-related disclosures
Fisher & Paykel Healthcare Corporation Limited is a climate-reporting 
entity under the Financial Markets Conduct Act 2013. While we have 
been measuring our greenhouse gas emissions since 2012 and have 
been reporting against the Task Force on Climate-related Financial 
Disclosures (TCFD) in our annual reports since 2020, this is our first set 
of climate-related disclosures under the External Reporting Board’s (XRB) 
recently issued Aotearoa New Zealand Climate Standards (NZCS). The 
disclosures cover the period of 1 April 2023 to 31 March 2024 and include 
Fisher & Paykel Healthcare Corporation Limited and its subsidiaries. 
These climate-related disclosures continue to integrate the 
recommendations of the TCFD and comply with NZCS, applying the 
following adoption provisions available under the NZCS in the first year 
of reporting: 
•	 Adoption Provision 2: Anticipated Financial Impacts (paragraphs 12-14 
of NZCS 2) which provides an exemption in the first NZCS reporting 
period from the requirements to disclose the anticipated financial 
impacts of climate-related risks and opportunities, a description of 
the time horizons over which the anticipated financial impacts could 
reasonably be expected to occur, and (if relevant) an explanation as to 
why quantitative information cannot be disclosed.
•	 Adoption Provision 3: Transition Planning (paragraph 15 of NZCS 2), 
which provides an exemption in the first NZCS reporting period from 
the requirements to disclose the transition plan aspects of an entity’s 
strategy, including how its business model and strategy might change 
to address its climate-related risks and opportunities, and how the 
transition plan aspects of its strategy are aligned with its internal capital 
deployment and funding decision-making processes. We have set out 
our progress towards developing the transition elements of our strategy 
(see page 111).
•	 Adoption Provision 6: Comparatives for metrics (paragraph 20 of NZCS 
2) which provides an exemption in the first reporting period from the 
requirement to disclose comparative information for the immediately 
preceding two NZCS reporting periods, with the exception of GHG 
emission metrics.
•	 Adoption Provision 7: Analysis of trends (paragraph 22 of NZCS 2) 
which provides an exemption in the first reporting period from the 
requirement to disclose an analysis of the main trends evident from a 
comparison of each metric from previous NZCS reporting periods to the 
current reporting period, with the exception of GHG emission metrics. 
The principles outlined in these climate-related disclosures should not be 
considered a prediction of future financial or non-financial performance. 
These statements are subject to a range of known and unknown risks, 
uncertainties and assumptions, many of which lie outside of our control.
Our climate scenarios were developed based on current assumptions and 
projections using information available at the time of development. There 
is inherent uncertainty within each scenario – they are not intended to 
provide a complete or accurate forecast of future events. The climate risks 
and opportunities identified may not eventuate and, if they do, the actual 
impacts and consequences are likely to be significantly different to what is 
set out in this report.
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Governance
Board oversight of climate-related 
risks and opportunities
The Board is responsible for providing overall governance and oversight 
of the company’s environmental and social responsibility practices, 
including ultimate responsibility for our strategic direction and 
consideration of the risks and opportunities presented by climate change.
The Audit & Risk Committee (ARC) supports the Board in 
providing governance oversight of climate-related risks and 
opportunities. The ARC reviews the company’s environmental and social 
risk management framework and record of performance on these 
matters, along with any proposed actions based on the record of 
performance. This includes monitoring and overseeing the annual 
GHG emissions auditing processes, potential emission reduction 
pathways and sustainability targets. The ARC also oversees the 
climate-related disclosures programme and recommends the climate-
related disclosures to the Board for approval.
The ARC is briefed on environmental sustainability issues by the 
executive management team and the Head of Sustainability & 
Environmental Innovation throughout the year. This includes performance 
against our environmental management system (which includes climate-
related risks) and progress towards our science-based targets and other 
environmental sustainability targets and metrics.
The ARC meets at least four times per year. During the 2024 financial 
year, sustainability was added as a standing agenda item to the ARC’s 
meetings and the length of the meetings extended, to enable more time 
to consider sustainability issues including climate-related matters. The 
Board is updated on the ARC’s proceedings following each ARC meeting.
The ARC and the Board consider environmental sustainability 
matters, including climate-related risks and opportunities, annually 
as part of a Group-wide macro risk analysis. During the 2024 financial 
year, this information was supplemented by the Climate Working 
Group through the work undertaken as part of the climate-related 
disclosures programme. 
The Board is also briefed on environmental sustainability issues by the 
executive management team throughout the year. The Vice President – 
Supply Chain, Facilities & Sustainability reports to the Board each meeting 
in relation to sustainability matters, and the General Manager Group Risk 
Advisory reports to the Board each meeting in relation to group-wide risk 
matters. Additional reporting to the Board is undertaken as required. 
Fisher & Paykel Healthcare Board
Responsible for governance and oversight of 
environmental and social responsibility practices.
Audit & Risk Committee
Monitors performance and compliance against our environmental and social risk management 
framework, including progress to meet sustainability targets.
Executive Management Team 
Responsible for identifying, assessing and managing climate-related risks and opportunities.
Accountable for embedding environmental and social responsibility initiatives 
within business plans.
Carbon Committee
Provides strategic direction to the business on carbon issues.
Reviews performance and progress towards our environmental sustainability initiatives.
Environmental & Social Responsibility Governance Group
Enables business integration of environmental and social responsibility 
workstreams and initiatives.
Ecodesign Advisory Board
Provides external guidance and support on environmental sustainability 
and Ecodesign initiatives. 
Business Units
Integrates sustainability initiatives into the 
business and manages climate-related risks.
Risk Advisory
Facilitates the business to make informed 
decisions in relation to climate-related risks.
Climate Working Group
Supports the integration of
 climate-related risk and opportunity 
analysis within the business.
Sustainability Team
Shapes environmental sustainability 
strategy and manages our environmental 
management system.
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During the 2024 financial year, management engaged with the Board 
and the ARC on the company’s carbon reduction long-term plan and 
ecodesign long-term plan. The review of these plans will continue into 
2025. Further details are contained on page 111.
Annual business plans for each business unit contain environmental 
and social responsibility objectives. In addition, our long-term business 
plan which assesses our business model, global operations and strategy 
across a 15-year period is considered annually. Climate-related risks and 
opportunities are considered as part of our long-term plan, particularly 
when considering our global operations and current and future 
infrastructure and network design needs. The Board reviews and approves 
the individual business plans and the long-term plan on an annual basis.
Directors’ climate capabilities and understanding
The Board draws upon expertise from the executive management team, 
the Sustainability team and other subject matter experts within the 
business, which informs them on the impacts of climate change as it 
affects our business and operations. During the 2024 financial year, the 
Board attended our annual Ecodesign Expo, where teams from around the 
business showcase how they are embedding sustainability considerations 
into the product design process. The Board was taken through the climate-
related disclosures workstream by the Climate Working Group, including 
our scenario development and strategy workshops. 
The directors also obtain insight and education from external experts 
and gain experience through their involvement in other businesses and 
industries, and in governance roles on other boards. A number of directors 
are members of Chapter Zero, a governance group hosted by the Institute 
of Directors. This is the New Zealand chapter of the global Climate 
Governance Initiative which was established to support World Economic 
Forum’s Climate Governance Principles for boards of directors. Chapter 
Zero provides directors with climate awareness and skills, so that they 
can bring climate considerations to the fore of boards’ decision-making 
processes. Our Board Chair Scott St John is a member of the steering 
committee for Chapter Zero. 
Further details relating to the Board and the ARC including the Board’s 
background, skills and experience can be found in the Governance section 
of the annual report from page 68.
Management’s role in assessing and managing 
climate-related risks and opportunities
Executive management team
The Board assigns the management of climate-related risks and 
opportunities to the executive management team. Members of the 
executive team are responsible for implementing the Environmental 
& Social Responsibility Policy and for identifying, assessing and 
managing climate-related risks and opportunities. Each ARC meeting 
is attended by the Chief Executive Officer, Chief Financial Officer, Vice 
President – Corporate, General Counsel & Company Secretary and the 
General Manager Group Risk Advisory. Other members of the executive 
management team and subject matter experts attend as required. The 
executive management team also reports to the wider Board for progress 
on environmental and social responsibility initiatives. Further details 
relating to the executive management team can be found on pages 31-33.
The Carbon Committee serves as a steering group for carbon-related 
matters within the business. It is comprised of the Chief Executive Officer, 
Chief Financial Officer, Vice President – Corporate, Vice President – 
Supply Chain, Facilities & Sustainability, and Vice President – Products & 
Technology. The Carbon Committee meets at least once each quarter with 
the Sustainability team, providing direction on the company’s emissions 
reduction programme, including implementation of sustainability initiatives 
aligned with business strategy and long-term planning, in addition to 
monitoring progress towards sustainability targets. 
Remuneration related to climate-related 
risks and opportunities
The executive management team’s remuneration package includes 
environmental and social responsibility non-financial measures within the 
discretionary annual variable remuneration (DAVR) component. These 
non-financial measures have a 20% weighting of the overall DAVR, with 
measures shared across all members of the executive team due to their 
achievement requiring collaboration and commitment. In the 2024 financial 
year, two of the 13 non-financial measures related to environmental and 
social responsibility. For further details see the “Executive remuneration” 
section of the annual report on pages 83-84. 
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Business units
Business units are responsible for day-to-day management of climate-
related risks and implementing sustainability strategies which are 
aligned with the Board-approved annual business and long-term plans.
Our Sustainability team shapes our environmental strategy, policy 
development and long-term planning, and is responsible for the 
performance of our global Environmental Management System 
(which includes climate-related risks). The team is led by our Head of 
Sustainability and Environmental Innovation who reports to the Vice 
President – Supply Chain, Facilities and Sustainability. The team play a 
fundamental role in creating awareness, educating and working with 
the business on sustainability initiatives, including identifying and 
managing risks and opportunities.
Our Risk Advisory team supports the business to make informed 
decisions using a range of risk management techniques to identify, 
analyse and prioritise uncertainty. The team is led by the General 
Manager Risk Advisory who reports to the Chief Financial Officer. 
For more detail on the company’s overall approach to risk management, 
refer to pages 60-64 of the annual report. 
The newly formed Climate Working Group supports the business 
to identify, assess and manage climate-related risks and opportunities 
through scenario analysis. This working group is responsible 
for preparing climate-related disclosures and reports to the 
Carbon Committee.
Advisory and governance forums
The Environmental & Social Responsibility (E&SR) Governance 
group, comprised of internal stakeholders across the business, is 
tasked with establishing a framework to embed the E&SR Policy and 
enable business integration of a range of environmental and social 
responsibility workstreams and initiatives, including those related 
to climate. This group reports into three sponsoring members of 
the executive management team: Vice President – Corporate, Vice 
President – Supply Chain, Facilities & Sustainability, and Vice President – 
Human Resources. 
The Ecodesign Advisory Board, consisting of four independent subject 
matter experts in their respective fields, provides independent guidance 
and support to management in relation to carbon and climate risk, 
bioeconomy and sustainable healthcare and ecodesign expertise. More 
details on the Ecodesign Advisory Board are available on page 93 of 
the annual report. 
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Risk management
Our process for identifying, assessing and 
managing climate-related risks
The purpose of our risk management process is to identify, analyse and 
prioritise uncertainty to improve the quality of decisions we make. We 
identify and assess climate-related risks as part of our overall sustainability 
strategy and risk management framework, both of which are reviewed by 
the Board, the ARC and executive management annually. Climate-related 
risks have been considered a key area of risk to our business, and we have 
prepared voluntary disclosures aligned with the recommendations of the 
TCFD as part of the annual report since 2020. 
Each year we improve upon the process to identify, assess and manage 
climate-related risks and opportunities. Our annual process includes:
•	 Identifying physical and transitional climate-related risks, as well 
as considering the timeframe over which the risks may eventuate. 
Consideration of the severity, likelihood, geographical location, and local 
impact versus enterprise-wide impact. We review the best available and 
updated information and models to assess the possible impacts on our 
business throughout the year.
•	 Documenting, scoring and managing climate-related risks through our 
ISO 14001 Environmental Management System process.
•	 A quantitative risk analysis assessment model is used to assess the size 
and impact of identified climate-related risks, in line with our approach 
for assessing other risk categories. 
•	 Climate-related risks are then embedded into our group-wide risk 
management process, where they are assessed and reviewed by our 
Group Risk Advisory team and wider executive management team. We 
do not prioritise climate-related risks independently from other material 
business risks.
We also rely on input from external stakeholders through our materiality 
assessment. This assessment has been updated to specifically include 
climate-related business risk as a standalone category. For further details 
on the materiality assessment, refer to pages 22-23 of the annual report.
Integration within the wider business
Business units are responsible for:
•	 day-to-day management of climate-related risks
•	 identifying metrics to monitor the risks
•	 identifying actions to mitigate the risks
•	 implementing sustainability strategies which are aligned with the 
Board-approved annual business and long-term plans.
The climate-related identification and assessment processes described 
above feed into and inform how we work to mitigate and adapt to 
climate change, including through the development of our carbon reduction, 
Ecodesign and infrastructure and network design long-term plans. 
For further information refer to “Developing a climate-resilient business 
model (transition planning)” section of these climate-related disclosures 
at page 111.
Scenario analysis 
During the 2024 financial year, as part of our climate-related disclosure 
programme, we undertook scenario analysis across three climate scenarios. 
Given this was the first year of reporting under the NZCS framework, the 
scenario analysis was a stand-alone process to identify climate-related risks 
and opportunities and did not form part of our existing risk management 
processes. We consider the scenario analysis builds on the existing 
assessment and represents an evolution of our approach to assessing and 
managing climate-related risks and opportunities. 
Our climate scenarios are described in the Strategy section of these 
climate-related disclosures on pages 104-106.
The core purpose of our scenario analysis was to consider the key 
questions of “How could climate change plausibly affect our business 
model and strategy?” and “What should we do and when?”. 
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The answers to these questions will inform the incorporation of future, 
plausible climate risks and opportunities into our strategic business planning.
The following steps were taken:
1.	 Climate working group established. To build upon the analysis 
performed in prior reporting periods, a climate working group was 
formed, comprising of members from the Sustainability, Risk Advisory, 
Corporate Affairs and Finance teams. This team developed a climate-
related disclosures programme to enable the business to comply with 
the NZCS.
2.	 Engaging key stakeholders. The Carbon Committee provided oversight 
of the climate-related disclosures programme and participated in the 
scenario analysis workshops, along with additional senior leaders. 
Other subject matter experts from within the business were identified 
to input into the analysis.
3.	 Scenario development. 
	
As a medical device and technology company with an extensive global 
footprint (deriving 99% of revenue outside of New Zealand), we did 
not consider that there was a suitable sector-wide scenario analysis to 
draw upon. The working group developed our own scenarios for the 
analysis, taking the following steps:
a.	 Select climate scenarios. In prior disclosures, we noted we 
have assessed risks and opportunities associated with the 
Intergovernmental Panel on Climate Change (IPCC) Representative 
Concentration Pathways (8.5, 6.0, 2.6 and 1.9). In the IPCC’s Sixth 
Assessment Report (AR6) published in 2021, climate projections 
had evolved into Shared Socioeconomic Pathways (SSPs). We 
chose three Shared Socioeconomic Pathways scenarios as a means 
of testing and challenging the resilience of our business model 
across a range of plausible climate futures:
i.	
Our Outpatient scenario reflects emissions reduction and 
decarbonisation occurring at a manageable, non-critical state. 
It relates to SSP1 which is known as ‘Sustainability – Taking the 
Green Road’ or an ‘Orderly, Rapid Transition’. This assumes the 
world achieves net zero by 2050 and reaches the stated goal 
of the Paris Agreement: a 1.5°C temperature rise above pre-
industrial levels. The global response is coordinated, orderly 
and focused on mitigating the impact of climate change. The 
Outpatient scenario aligns with the mandated NZCS scenarios 
and tests how we would respond in a rapidly decarbonising and 
transitioning landscape.
ii.	 Our Emergency Department scenario reflects emissions 
reduction and decarbonisation needing critical attention. It 
relates to SSP2 which is known as ‘Middle of the Road’ or 
a ‘Disorderly, Delayed Transition’. This assumes net zero is 
unattainable by 2050 as emissions persist past current levels. 
The world follows a path in which social, economic, and 
technological trends do not shift markedly from historical 
patterns, resulting in a 2.7°C warming scenario by 2100. The 
Emergency Department scenario was selected as we consider 
this scenario suitably challenges our business model, given the 
effects of variable customer preferences and the impact on 
market access.
iii.	 Our High Dependency Unit scenario reflects a deteriorating 
state of the environment and climate. It relates to SSP3 which 
is known as ‘Regional Rivalry – a Rocky Road’ or ‘Too Little, Too 
Late’. Emissions approximately double from current levels by the 
end of the century, resulting in a 3.6°C rise in global temperature. 
Global co-operation efforts falter and self-interested actions 
prevail. Climate change cannot be mitigated globally and there 
is limited ability to adapt. The High Dependency Unit scenario 
was selected due to the significant increase in physical impacts 
of climate change, and the significant challenges to a global 
business given protectionist behaviours and a shift towards 
deglobalisation.
b.	 Define scenarios. Using the three SSPs outlined above, the working 
group identified the time horizons, key temperature outcomes 
and socio-economic features of each scenario. Relevant ranges of 
data and descriptors were added to illustrate the ‘meta’ themes of 
each scenario. 
c.	 Physical risk mapping. Using mapping tools, the climate 
working group analysed the possible physical climate impacts on 
all our owned infrastructure, in addition to key leased sites and 
certain strategic supplier sites out to 2100 for each scenario. The 
following types of climate impacts were assessed: sea level rise, 
coastal flooding, extreme precipitation, total precipitation, surface 
temperature and wind speed. 
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d.	 Healthcare and population modelling. The working group 
consulted with subject matter experts within the business to overlay 
our proprietary healthcare modelling with insights from global 
population data. This offered estimates of the patient cohort size 
and associated medical capacity required for a range of respiratory 
conditions in each scenario. Population models helped to provide 
a view as to the drivers of population growth (i.e. developed world 
vs. developing world), while forecasts for healthcare expenditure 
were also used to offer a view of the healthcare system’s capacity 
in these scenarios. 
e.	 Identify driving forces. The working group, in collaboration with 
subject matter experts within our business, set about identifying key 
factors within our value chain which influence climate-related risks 
and opportunities. This included understanding key features such as 
demographics, economic conditions, energy supply, technological 
advancements, regulatory landscape, customer/market dynamics, 
and population health and wellbeing. These driving forces were 
then assessed against R&D, supply chain, manufacturing and sales 
operations, market access and ability to operate, in order to identify 
where their impact and influence would most meaningfully occur. 
f.	 Draft scenario narratives. To provide a compelling illustration of 
how different temperature outcomes and pathways would affect 
our strategy and business model in plausible future states, scenario 
narratives were prepared. Excerpts from each narrative are included 
on the following pages.
g.	 Data sources to construct scenarios. A number of quantitative 
and qualitative sources were used, including: The International 
Institute for Applied Systems Analysis’ (IIASA) SSP Database, 
Organisation for Economic Co-operation and Development (OECD) 
GDP projections, OECD forecasts for healthcare expenditure, 
IPCC Working Group I (WGI) Interactive Atlas, Climate Central’s 
Surging Seas sea-level analysis tool, the IPCC’s Sixth Assessment 
Report (AR6), Brian O’Neill’s article ‘The roads ahead: narratives 
for shared socioeconomic pathways describing world futures in the 
21st pathway’ published in Global Environment Change, February 
2015, The International Energy Agency (IEA) transition scenarios: 
the Stated Policies Scenario and Net Zero Emissions by 2050, 
carbon price modelling from external consultants and the IEA, 
and proprietary healthcare market demand modelling.
4.	 Scenario analysis workshops. A series of workshops were held with the 
Carbon Committee and additional senior leaders. This mix of personnel 
was chosen to ensure an appropriate cross-section of the business was 
represented. The workshops were facilitated by our General Manager 
Group Risk Advisory and Head of Sustainability & Environmental 
Innovation. During the workshops, our business model and strategy 
was analysed for resilience to climate-related risks and opportunities. 
The analysis involved:
a.	 Identification of climate-related risks and opportunities, and 
possible impacts. 
b.	 Consideration of the severity and likelihood of impacts of those 
risks and opportunities. 
5.	 Board engagement. Following the workshops, the directors attended 
a walk-through briefing in our workshop room during the February 
2024 board meeting. An overview of the scenario analysis process 
and a sample of workshop inputs and outputs was provided. Directors 
were able to build on their understanding of the data, assumptions 
and parameters in each scenario, discuss the process used and 
question the assumptions.
6.	 Workshop evaluation session. Following consolidation of the workshop 
outputs, the working group reported back to the workshop attendees 
to attain consensus on the key risks and opportunities identified under 
each scenario in order to feed these into our broader risk management 
framework and transition planning activities. The working group 
subsequently reported back to the ARC during the March 2024 meeting.
7.	 Ongoing improvement in analysis. We are committed to improving our 
scenario analysis process. Key improvements identified for subsequent 
reporting periods include:
a.	 Financial impact analysis to support risk and opportunity analysis 
and quantification of anticipated financial impacts for our next 
reporting period.
b.	 Improving the breadth and depth of the data, including healthcare 
data, and expanding the risk modelling and categories of physical 
risk modelling, and understanding of vulnerabilities in third party 
distribution (freight / shipping) infrastructure.
c.	 Engaging with a broader range of people within the business.
d.	 Improving our ability to understand the climate-related risks of 
our suppliers and customers, which is currently limited by the 
availability of their own data and information.
e.	 During the FY25 financial year, we expect to align climate-related 
risk management processes and the scenario analysis with strategic 
business planning cycles.
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Strategy
Long-term thinking is at the core of our sustainable, profitable growth model. It can take many years to bring a new healthcare product to market and 
achieve changes in clinical practice – this necessitates foresight, discipline, and careful planning. 
This is evidenced across the business, in how we continuously strive to improve our products, invest in R&D, scale our infrastructure and global operations, 
and collaborate with partners. For more details on our business model, refer to page 21 of the annual report titled “How we deliver value”.
Our focus on the long term is also reflected in our views on environmental and social responsibility, and our intention to create a positive, lasting impact 
on society and the environment. The need to consider climate-related risks and opportunities over decades aligns with this way of thinking. 
Current impacts – 2024 financial year
Below is a non-exhaustive sample of current impacts of climate change that the business has responded to over the reporting period. While current 
impacts have been identified during the reporting period, they are not deemed to have a material current financial impact or expose the business to 
material climate-related vulnerabilities. 
Current Impact
Key Driver
Response 
P
Physical risk - Impact of extreme weather events
The increase in frequency and severity of extreme weather events 
(such as snowstorms, flood, drought, windstorms) could cause damage 
to our owned and leased sites.
Managing the physical resilience of our global network of 
manufacturing locations, warehouses and offices ensures customers 
receive our products and services without delay or interruption. 
Supply chain, 
manufacturing & sales 
operations
We have developed site-selection criteria against which future 
property purchases or material lease locations are assessed. Using 
risk mapping and projection tools, we make educated decisions 
about future key locations to ensure owned and leased sites are 
resilient to extreme weather events. 
Measured against our current site-selection criteria, and the 
available physical risk modelling tools, we are of the view that our 
key strategic locations have strong levels of resilience to extreme 
weather events over the next few decades.
As weather models develop, we will continue to monitor and assess 
the resilience of our sites and the site-selection criteria. 
P
Physical risk - Water scarcity
Our manufacturing facilities in Tijuana, Mexico are situated in 
a water-scarce region, relying on water being delivered from a 
neighbouring state, which in turn relies on the stressed Colorado River 
basin catchment.
During the 2024 financial year, water costs to service our three 
manufacturing facilities in Tijuana increased approximately 30% amid 
ongoing pressure to water supply.
Supply chain, 
manufacturing & sales 
operations
In March 2023, a water plant in Mexico to treat and re-use water 
deployed became operational. This plant is currently saving 
approximately 50% of water for our second building, with a goal of 
an 80% reduction in the near future.
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Current Impact
Key Driver
Response 
T
Transitional risk - Carbon reduction market access requirements
During the 2024 financial year, the National Health Service (NHS) in 
the United Kingdom mandated the external publishing of a carbon 
reduction plan and net zero commitment (by 2050) for in-market 
Scope 1 and 2, and some Scope 3 emissions. 
Market access
Ability to operate
Our team has responded with a commitment to meet the 2050 net 
zero target for the market in the United Kingdom with work ongoing 
to identify the most effective way to achieve this.
T
Transitional risk - Green buildings
To meet the needs of our growing business, future expansion may 
increase our carbon footprint through the embodied carbon in 
construction and increasing our consumption of utilities (power and 
water). 
Supply chain, 
manufacturing 
& sales operations
In scoping future construction projects, our team will consider 
innovations in both architectural and engineering designs, and 
whether this improvement can be designed into our future owned 
and built assets. 
T
Transitional risk - Compliance with reporting obligations
We are required to comply with the reporting obligations as a climate-
reporting entity. 
Market access
Ability to operate
We created a climate working group to facilitate, support and 
prepare these climate-related financial disclosures. As a global 
business, we are preparing for similar reporting obligations to come 
into force in the other jurisdictions we operate in. 
T
Transitional risk & opportunity - Ecodesign
In a future where carbon-based materials are restricted by regulation 
or become scarce, we may need to utilise alternate materials or more 
carbon-efficient design. 
R&D
We have established collaborative teams to work on a number of 
eco-efficiency projects including:
−	 undertaking environmental lifecycle assessment across our current 
and future products
−	 the development of alternate or biobased plastics and/or circular 
materials
−	 the development of sustainable packaging solutions.
By positioning carbon use as a design challenge, we anticipate our 
teams will be able to develop new methods, materials and ways of 
working to reduce our reliance on carbon-based materials. 
We also utilise the expertise of the Ecodesign Advisory Board. For 
more details on their input, refer to page 98 of the annual report.
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Our Climate Scenarios
The climate scenarios and scenario narratives we used to stress-test the climate resilience of our business model and strategy are outlined below. For 
more detail on their development and rationale for selection, refer to the Scenario Analysis section of these climate-related disclosures at pages 99-101. 
Scenario 1: Outpatient
In the Outpatient scenario, rapid climate action sees the world achieve net zero by 2050 and reach the stated Paris Agreement goal – a 1.5°C degree 
temperature increase above pre-industrial levels. Shared Socioeconomic Pathway 1 (SSP1) is known as ‘Sustainability – Taking the Green Road’, due to 
low challenges of mitigation and adaption. This has been selected as a plausible scenario to test how we would respond in a rapidly decarbonising and 
transitioning landscape. 
Overview
Key Features
Narrative (excerpt)
1.5°C
Global temperature 
increase peaks at 1.5°C 
by the year 2050, before 
settling to 1.4°C in 2100. 
6.9B
Global population in 
2100.
2.2%
OECD GDP growth to 
2100 (CAGR), compared 
with a historical (prior 
50 years) growth rate 
of 2.5%.
Climate & Weather
There is a continuation of acute weather events globally, with sea level rise and 
coastal flooding presenting the most impactful challenges in certain regions. 
Demographics & Economy
Global population climbs 6.4% by 2040, before marking an overall decline of 12% 
by 2100. The aged population cohort rises from a baseline of ~10% to ~45% in 2100. 
Low- and medium-income countries experience high GDP growth, while high-
income countries see moderate growth. GDP growth (CAGR) for OECD nations is 
3.9% in 2040 (from a 2020 baseline), slowing to 2.2% on a 2100 timescale. 
Energy
The majority of electricity is generated from renewable sources, with fossil fuels 
becoming expensive to use. 
Technology
There is a concerted global effort to implement ‘green’ technology into the value 
chain, with a significant focus placed on energy efficiency, reusability, and bio-
based raw materials. 
Regulation & Policy
There is effective international cooperation. High levels of regulation are imposed, 
such as carbon pricing and taxes, carbon reduction disclosure mandates, and 
climate-resilient infrastructure requirements. 
Market Conditions
There is elevated and sustained pressure from customers and investors upon 
businesses to mitigate the impacts of climate change.
Health & Wellbeing
There are high levels of investment in healthcare relative to 2024 levels. 
•	 The political momentum for a course correction builds, 
aided by effective international co-operation and a 
heightened sense of urgency.
•	 Participation in New Zealand’s Emissions Trading Scheme 
(ETS) becomes mandatory over time, encompassing fuel 
used, purchased electricity and landfill/waste disposal 
costs at the East Tāmaki and Karaka sites.
•	 OECD countries adopt similar emissions trading schemes, 
and the price of carbon units rises steadily in these 
markets.
•	 A carbon credit scheme for all global shipping lanes is 
introduced, which forwarders and shipping lines pass 
through to their customers.
•	 The European Union proceeds with the introduction of its 
Carbon Border Adjustment Mechanism (CBAM).
•	 To compete in tenders, there is an increased need for 
energy-efficient hardware, reusables, bio-based raw 
materials, recycled packaging, take-back/recycling 
programs and life-cycle assessments across our product 
range.
•	 All of our future infrastructure projects are subject to 
stringent climate-resilience requirements.
•	 There is continued growth in global population out to 
2040, before declining out to 2100. There is a significant 
increase in the aged population cohort.
•	 A 1.5°C warming scenario, and the associated worsening 
in environmental and atmospheric conditions, leads to an 
increase in the incidence and prevalence of respiratory 
conditions from a 2020 baseline. 
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Scenario 2: Emergency Department
In the emergency department scenario, a disorderly transition makes net zero unattainable by 2050 as emissions rise above current levels, resulting in 
temperature increase by 2.7°C from pre-industrial temperature by 2100. Shared Socioeconomic Pathway 2 (SSP2) is described as ‘Middle of the Road’, 
due to medium challenges to mitigation and adaption. This has been selected as a plausible scenario to test how we would respond in a disrupted and 
uneven landscape where demands vary greatly across different markets. 
Overview
Key Features
Narrative (excerpt)
2.7°C
Global temperature 
increase by the year 
2100.
9.0B
Global population 
in 2100.
2.1%
OECD GDP growth to 
2100 (CAGR), compared 
with a historical (prior 
50 years) growth rate of 
2.5%.
Climate & Weather
There is a meaningful increase in acute and chronic weather events globally, 
with sea level rise, coastal flooding and increases in surface temperature 
presenting significant challenges in many regions. 
Demographics & Economy
Global population climbs 12.3% by 2040 and arrives at an overall increase of 
15% by 2100. The aged population cohort rises from a baseline of ~10% to ~30% 
in 2100. There is uneven GDP growth across the board. GDP growth (CAGR) 
for OECD nations is 3.0% in 2040 (from a 2020 baseline), slowing to 2.1% on a 
2100 timescale.
Energy
There is some investment in renewables but a continued reliance on fossil fuels. 
Technology
There is an uneven development of technology, with the level of innovation and 
intent varying greatly depending on the market. 
Regulation & Policy
There is relatively weak international cooperation - government intervention 
is delayed and uneven. There is varying application of carbon pricing and taxes. 
Market Conditions
There is inconsistent pressure from customers and investors to mitigate climate 
change, and expectation levels vary depending on the region/country. 
Health & Wellbeing
There is a medium level of investment in healthcare relative to 2024 levels.
•	 The world’s progress towards its climate goals is uneven, with 
limited additional progress beyond today’s policy framework 
both here in New Zealand and internationally. 
•	 Rather than achieving global consensus on mitigation, there 
are varying expectations in different regions, with some 
markets pursuing carbon reduction while others lag. This 
makes it challenging for us to cater to its range of markets 
while remaining competitive.
•	 On the whole, there is a hesitancy among customers and 
healthcare systems to carry the added cost of carbon-friendly 
products.
•	 We see meaningful disruption at our global sites. 
Coastal flooding and sea level rise make for extremely 
challenging operating conditions at certain owned and 
leased warehouse facilities in Asia in the coming decade, 
while surface temperature increases in Tijuana, Mexico have 
a significant flow-on effect to energy costs and associated 
carbon intensity.
•	 Support from suppliers on our sustainability targets is mixed 
depending on their broader customer base and which regions 
they service. This results in the bifurcation of our supply 
chain, where some suppliers are unable to meet the standards 
for those end markets with stringent requirements (i.e. the 
European Union). 
•	 There is accelerated growth in global population out to 2040, 
and then population growth slows. 
•	  A 2.7°C warming scenario, and the associated worsening 
in environmental and atmospheric conditions, leads to a 
meaningful increase in the incidence and prevalence of 
respiratory conditions from a 2020 baseline.
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Overview
Key Features
Narrative (excerpt)
3.6°C
Global temperature 
increase in 2100.
12.6B
Global population in 
2100.
1.3%
OECD GDP growth to 
2100 (CAGR), compared 
with a historical (prior 
50 years) growth rate of 
2.5%.
Climate & Weather
There is a significant increase in acute and chronic weather events globally, 
with sea-level rise, coastal flooding, increases in surface temperature and wind 
speed presenting significant challenges in most regions. 
Demographics & Economy
Global population surges 61% by 2100, with rapid growth in developing 
countries. There is slow GDP growth across the board. 
Energy
Fossil fuels become difficult to source due to nationalistic and protectionist 
action from governments. Electricity grids are disrupted amid a lack of suitable 
alternatives. 
Technology
There is slow technological progress and innovation and constrained budgets 
fuels demand for commodity goods. Protectionism results in nations 
competing to secure access to technology. 
Regulation & Policy
There is weak, uneven international cooperation as traditional institutions falter. 
Nation states adopt protectionist policies to preserve domestic resources. 
Market Conditions
There are different levels of demand and funding by region and country, 
though on the whole there is limited focus on carbon reduction. Economic 
development is slow, and consumption is material-intensive.
Health & Wellbeing
There is a low level of investment in healthcare (relative to 2024 levels) amid 
constrained budgets and competing priorities for expenditure.
•	 Global efforts to address climate change are derailed by 
nationalistic and protectionist actions. Competition intensifies 
as resources are depleted and climate impacts worsen – 
nations turn inward and prioritise regional issues.
•	 Climate regulatory frameworks falter and there is a lack of 
consensus on how to proceed. Alliances and trade blocs 
deepen.
•	 This tension impacts the cost of goods and services. There 
are significant increases in fossil fuel costs amid a lack of 
alternatives and as oil reserves are depleted. This drives up 
the cost of shipping, energy, and the sourcing of resins and 
other raw materials critical to our production.
•	 We see significant disruption at our global sites. Average wind 
speed increases across much of our network, including at 
our East Tāmaki campus and our distribution sites in Western 
Europe. Coastal flooding and sea level rise presents challenges 
for certain leased sites in Asia, as does an increase in surface 
temperature in Mexico. Global shipping routes are congested 
as the Panama Canal experiences drought conditions each 
year, significantly reducing the number of passages each year. 
•	 Nations and regions compete to secure access to medical 
devices and technology. Patent enforcement becomes 
increasingly difficult in this environment. 
•	 There is significant population growth on both a 2040 and 
2100 timescale, with a particular growth surge in developing 
nations. 
•	 A 3.6°C warming scenario, and the associated worsening 
in environmental and atmospheric conditions, leads to 
a significant increase in the incidence and prevalence of 
respiratory conditions from a 2020 baseline.
Scenario 3: High-Dependency Unit
In the high-dependency unit scenario, global co-operation efforts falter and self-interest actions prevail. This leads to emissions approximately doubling, 
resulting in a 3.6°C increase in global temperature and significant climate and weather impacts. Shared Socioeconomic Pathway 3 (SSP3) is described as 
‘Regional Rivalry – a Rocky Road”, due to high challenges of mitigation and adaption. This has been selected as a plausible scenario to test how we would 
respond in a highly volatile and physically impacted world.
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Definitions
In identifying risks and opportunities, we acknowledge and adopt the definitions 
used in by the XRB in NZCS 1:
Physical risks: Risks related to the physical impacts of climate change. Physical 
risks emanating from climate change can be event-driven (acute) such as 
increased severity of extreme weather events. They can also relate to longer-
term shifts (chronic) in precipitation and temperature and increased variability 
in weather patterns, such as sea level rise.
Transition risks: Risks related to the transition to a low-emissions, climate-
resilient global and domestic economy, such as policy, legal, technology, 
market and reputation changes associated with the mitigation and adaptation 
requirements relating to climate change.
Opportunities: The potentially positive climate-related outcomes for an entity. 
Efforts to mitigate and adapt to climate change can produce opportunities for 
entities, such as through resource efficiency and cost savings, the adoption and 
utilisation of low-emissions energy sources, the development of new products 
and services, and building resilience along the value chain.
Time horizons: We have considered risks and opportunities across three 
different time horizons: short, medium and long term. We define short term as 
within the next five years (2024-2029), medium term as between five and 15 
years (2030-2039) and long term as 15 years and beyond (2040 onwards).
Climate-related risks and opportunities
Fisher & Paykel Healthcare has built a global business by identifying 
a difficult medical problem and designing an innovative solution. 
Without a doubt, a changing climate will present challenging 
problems, and we will respond to them the way we always have 
– by collaborating and innovating. For that reason, we view some 
of the impacts of climate change as risks and opportunities at the 
same time. We have identified anticipated climate-related risks and 
opportunities, including time horizons and potential management 
responses and strategies, across three climate scenarios: 
“Outpatient”, “Emergency Department” and “High-Dependency Unit”.
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Driver(s)
Description
Anticipated Impact
Risk or Opportunity Timeframe
Potential Response
R&D
Global customer 
demand for low-
carbon products
A rapid transition to a low-carbon product offering would be 
required. 
The scenario assumes a cohesive global focus on carbon 
reduction, meaning the majority of our key markets will be 
impacted by this transition. 
We have an opportunity to innovate and develop and 
transition to low-carbon products ahead of our competitors.
Risk and 
Opportunity 
(transition)
Short term 
Medium 
term 
Long term 
•	 Accelerate our carbon reduction and 
Ecodesign initiatives 
•	 Re-allocate investment and initiatives 
to low-carbon R&D 
•	 Monitor development of ‘green’ 
technologies and materials by 
suppliers, competitors and other 
innovators 
Supply chain, 
manufacturing 
& sales 
operations
Widespread 
enforcement of 
carbon tax regimes
A high likelihood of carbon tax regimes being enforced 
under this scenario will increase the cost of raw materials, 
manufacturing and freight.
This will have a particular impact on products manufactured 
in New Zealand due to the distance to many key end markets 
(such as the United States and the European Union), resulting 
in margin impact.
Access to certain raw materials are likely to be constrained 
under this scenario. 
Risk (transition) Short term 
Medium 
term 
Long term 
•	 Evaluate infrastructure network 
design strategy and the geographical 
mix of manufacturing output
•	 Decrease reliance on external utilities 
required for manufacturing 
•	 Evaluate advancements and/
or collaboration opportunities in 
shipping and freight
•	 Review procurement strategy to 
enable continued sourcing of critical 
raw materials
Supply chain, 
manufacturing 
& sales 
operations
Increase in adverse 
weather events 
An increase in the rise and severity and frequency of weather 
events (albeit at a more moderate level than that of our other 
two scenarios), may cause supply chain disruption. 
Due to our global footprint, it is assumed that a number of 
our locations may be impacted by adverse weather events, 
although current modelling suggests our key locations have 
strong levels of resilience. 
Risk (physical)
Medium 
term 
Long term 
•	 Broaden analysis on severe weather 
events across our network, assess 
the impact on product/distribution 
flow, and improve business continuity 
planning initiatives 
•	 Continue to refine site-selection 
criteria based on improved climate 
modelling
R&D
Market access
Threats to market 
share amid 
emergence of novel 
technology and 
increased levels of 
competition
The need for rapid innovation spurs the introduction of 
novel technology and the level of investment incentivises 
new competitors to enter our markets in certain product 
categories and/or particular geographic markets. This may 
make it more challenging to maintain market share and our 
long-term aspirational growth trajectory. 
If we can develop novel and patent-protected technology 
ahead of our competitors, we have an opportunity to gain a 
competitive advantage. 
Risk & 
Opportunity 
(transition) 
Medium 
term 
Long term 
•	 Continue to analyse and monitor 
customer requirements compliance 
obligations, and integrate into our 
long-term business planning 
•	 Re-allocate investment and initiatives 
to low-carbon R&D
•	 Apply appropriate patent protection 
to innovative low-carbon technology 
and product design
Market access
Ability to 
operate
Heightened 
regulatory 
and customer 
requirements
There is a high compliance burden under this scenario amid 
stringent regulatory frameworks in key markets. Moreover, 
customers request a high level of detail on our carbon 
footprint in addition to our progress and effectiveness on 
broader environmental and social responsibility efforts. 
Risk (transition) Short term 
Medium 
term 
Long term 
•	 Increase investment in processes/
systems for gathering information 
and data required to make accurate 
disclosures and respond to requests 
for information
Scenario 1: Outpatient | 1.5°C
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Scenario 2: Emergency Department | 2.7°C
Driver(s)
Description
Anticipated Impact
Risk or Opportunity Timeframe
Potential Response
R&D
Divergent market 
requirements 
There are uneven and divergent market requirements with 
some markets firmly committing to carbon reduction while 
others are ambivalent or deprioritise carbon reduction.
If we can develop products to cater to this divergence ahead 
of our competitors, we can gain a competitive advantage. 
Risk & 
Opportunity 
(transition) 
Medium 
term 
Long term 
•	 Reassess the applicability of our 
long-term carbon reduction plan and 
ecodesign initiatives
•	 Refine strategy to monitor customer/
market requirements 
•	 Assess and manage cost / pricing 
strategy
•	 Assess whether current levels of 
R&D investment in lower-carbon 
technology initiatives is adequate 
Supply chain, 
manufacturing 
& sales 
operations
Market access
Ability to 
operate
Variances in cost 
base as a result of 
increased market 
complexity
The differing regional requirements (per above) result in a 
variance in our cost base. This may make it more challenging 
to maintain market share and achieve our long-term 
aspirational growth trajectory. 
Risk (transition) Medium 
term
Long term
•	 Evaluate any variance in cost base to 
execute a product strategy (including 
R&D implications) to meet different 
market requirements
•	 Evaluate network design strategy 
and the geographical mix of 
manufacturing output in order to 
optimise operational costs 
Supply chain, 
manufacturing 
& sales 
operations
Meaningful 
increase in adverse 
weather events
There is a meaningful increase in the severity and frequency 
of weather events, resulting in more significant supply chain 
disruption. Due to our global footprint, it is assumed that a 
number of our locations are impacted by acute and chronic 
weather events (i.e. sea-level rise and coastal flooding 
impacts on certain owned and leased sites in Asia, and 
surface temperature impacts at our Tijuana, Mexico facilities). 
Risk (physical)
Short term
Medium 
term 
Long term 
•	 Decrease reliance on external utilities 
required for the manufacturing 
process 
•	 Broaden analysis on severe weather 
events across our network, assess 
the impact on product/distribution 
flow, and improve business continuity 
planning initiatives 
•	 Hold additional stock to mitigate 
supply chain disruption 
•	 Refine site-selection criteria for 
owned and leased locations 
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Scenario 3: High-Dependency Unit | 3.6°C
Driver(s)
Description
Anticipated Impact
Risk or Opportunity Timeframe
Potential Response
R&D
Prioritisation of 
infant and homecare 
products
Given the strain on healthcare capacity 
and funding in this scenario, there is 
a prioritisation of neonatal/pediatric 
patients, and also a need for greater 
volumes of care to be delivered in lower-
intensity settings and/or the home. 
Risk & 
Opportunity 
(transition) 
Medium term 
Long term 
•	 Determine an appropriate level of R&D investment in 
neonatal/pediatric products and technology to address 
this prioritisation of care
•	 Determine an appropriate level of R&D investment in 
homecare products and technology to address this 
prioritisation of care 
R&D
Raw material 
scarcity
Fossil fuel-based products, including 
plastics and resins crucial to our 
manufacturing process, become difficult 
to attain in this scenario.
Risk (transition) Medium term
Long term
•	 Assess planned R&D activities and determine an 
appropriate level of investment in sourcing/testing/
developing alternate raw materials 
•	 Hold additional raw materials inventory to mitigate 
supply volatility
Supply chain, 
manufacturing 
& sales 
operations
Protectionist 
policies impact trade 
flows, making it 
challenging to source 
raw materials and 
distribute products
Protectionist and nationalistic action 
from governments increases the 
likelihood of needing to localise and/or 
regionalise our business model. 
Risk (transition) Medium term
Long term
•	 Increase surveillance to monitor protectionist trends/
developments 
•	 Increase surveillance to monitor competitors and new/
emerging entrants 
•	 Assess the need for a product supply localisation / 
regionalisation strategy
Supply chain, 
manufacturing 
& sales 
operations
Significant increase 
in adverse weather 
events
There is a material increase in the 
severity and frequency of weather 
events, resulting in significant supply 
chain disruption. Due to our global 
footprint, it is assumed that a number of 
our locations are impacted by acute and 
chronic weather events (i.e. sea-level rise 
and coastal flooding impacts on certain 
owned and leased sites in Asia, wind 
speed impacts at our New Zealand sites, 
and surface temperature impacts at our 
Tijuana facilities). 
Risk (physical)
Short term 
Medium term
Long term 
•	 Decrease reliance on external utilities required for the 
manufacturing process 
•	 Broaden analysis on severe weather events across 
our network, impact on product/distribution flow and 
improve business continuity planning initiatives 
•	 Hold additional stock to mitigate supply chain disruption 
•	 Refine site selection criteria for owned and leased 
locations 
•	 Assess workforce and production impact due to 
increased staff absenteeism due to weather disruption
Market access
 
Ability to 
operate
Market access 
disruptions
There is a need to implement a ‘close 
to customer’ network strategy to both 
ensure continued market access amid 
a protectionist landscape and mitigate 
impact on our infrastructure due to 
increased frequency and severity of 
weather events. 
Risk (transition) Medium term
Long term
•	 Consider the breadth and depth of our product suite and 
the viability of maintaining this at its current size 
•	 Monitor customer requirements, competitor dynamics, 
customers’ ability to pay and/or price increases from 
suppliers 
•	 Consider network design and long-term infrastructure 
plan
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Anticipated financial impacts 
We have elected to use Adoption Provision 2: Anticipated Financial 
Impacts (paragraphs 12-14 of NZCS 2) in this reporting period. This is 
to allow additional time to refine our data inputs and methodology 
and finalise financial modelling to assess reasonably expected anticipated 
financial impacts of the risks and opportunities identified in our 
scenario workshops. 
Developing a climate-resilient 
business model (transition planning)
We recognise we have a responsibility to care for the natural environment 
while we pursue our business goals. Climate change is a growing concern 
among our customers, investors, and our own people. We recognise it 
is important that we strive for continuous improvement in this area, like 
in all areas of our business. Our approach is to operate our business in 
a resilient, efficient and responsible manner while improving care and 
outcomes for patients. 
The work we have done to plan and prepare for the future has allowed 
us to mitigate some of the current impacts of climate change and 
reduce their effect. The different potential climate futures that lie ahead 
will provide both risks and opportunities for businesses, and with this 
will come significant uncertainty. How climate change will impact our 
business, including the risks and opportunities presented, will need to 
be regularly monitored and reviewed so that we can continue to maintain 
a resilient business. 
We have elected to use Adoption Provision 3: Transition Planning 
(paragraph 15 of NZCS 2) in this first year of reporting to allow time to 
consider the output of our financial modelling into the anticipated financial 
impacts of identified climate-related risks and opportunities and to embed 
the financial analysis and sustainability objectives which exist across our 
business into business planning cycles in a more meaningful way.
We have identified a number of carbon reduction initiatives across 
the business. These initiatives inform the development of our carbon 
reduction long-term plan which provides a pathway to net zero CO2e by 
2050. A key contributing factor to our emissions profile is the emissions 
generated in the use phase of our products. Our ecodesign long-term 
plan supports carbon reduction by embedding sustainable product design 
into the business. We also consider carbon impacts and sustainability 
objectives when assessing our infrastructure and network design. These 
plans are being validated throughout the business and by the Board, 
with implementation plans being developed. These plans feed into our 
business planning cycles, which are performed on both a one-year time 
horizon (annual business planning) and a 15-year time horizon (long-term 
business planning).
We have established collaborative teams to work on a range of topics, 
including ecodesign, sustainable packaging, biobased and circular 
materials, sustainable production and environmental life cycle assessment. 
We believe that by investing in these initiatives, we can be more innovative 
and successful in the long term. 
Our work to assess the amount or extent of assets or business activities 
vulnerable to climate-related risks (and aligned to opportunities), including 
the methodology and metrics to quantify, is ongoing and is not included 
in this first year of reporting. We see this assessment of business exposure 
as linked to the financial modelling of current and reasonably anticipated 
financial impacts (we have taken Adoption Provision 2 for the latter). 
Internal emissions price: We conduct annual surveillance of carbon pricing 
and policy developments across our global markets. We are developing 
internal carbon cost tools and an internal carbon price model, so that we 
can factor in carbon impacts to our decision-making. 
Capital deployment: Climate-related risks and opportunities are 
considered when deploying capital and making funding decisions in 
relation to projects that involve our manufacturing infrastructure; for 
example, we have previously disclosed details on our solar installation 
projects and our water re-use treatment plant at our facilities in 
Tijuana, Mexico. Going forward, we intend to integrate climate risk and 
opportunities as relevant throughout the business when decisions are 
being made in relation to capital deployment and funding.
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Metrics and targets
Our approach is to operate our business efficiently and responsibly while 
improving care and outcomes for patients. 
We measure our carbon emissions, and have set science-based targets 
to reduce emissions from our value chain. We are a Toitū carbonreduce 
certified organisation having measured greenhouse gas emissions in 
accordance with ISO 14064-1:2018 and are committed to managing and 
reducing our impact in respect of our operational emissions.
GHG emission reporting, metrics and targets
We have been measuring our greenhouse gas emissions since 2012. Over 
this time, we have improved our measurement processes and subsequent 
auditing of our carbon footprint. We have progressively expanded the 
geographical boundary of our audit and the scope of emissions sources 
measured. Each year we engage an independent auditor to audit our 
carbon footprint. 
Greenhouse gas (GHG) emissions
GHG emissions (tonnes CO2e)
FY2022
FY2023
FY2024
% Change 
FY2023 to 
FY2024
Scope 1
1,777
2,287
2,123 
-7.2%
Scope 2 (location-based)
13,894
14,529
14,293
-1.6%
Scope 2 (market-based) 
10,344
11,105
12,253
10.3%
Sub-total: Scope 1 & Scope 2 
(location-based)
15,671
16,816
16,416
-2.4%
Sub-total: Scope 1 & Scope 2 
(market-based)
12,121
13,392
14,376
7.3%
Scope 3
457,112
328,313
302,479
-7.9%
Total: Scope 1, Scope 2 
(location-based) & Scope 3 emissions
472,783
345,129
318,895
-7.6%
Total: Scope 1, Scope 2 
(market-based) & Scope 3 emissions
469,233
341,705
316,855
-7.3%
GHG emission intensity 
(tonnes CO2e/revenue NZ$M)1
280.4
216.1
181.82
-16.7%
Carbon emissions
Our carbon audit for the 2024 financial year shows a carbon footprint 
of 316,855 of CO2e, representing a decrease of 7.3% on the prior 
financial year.3
1	 GHG emission intensity calculated using Scope 2 market-based methodology
2	 GHG emission intensity has declined when compared to the prior two financial periods, largely driven by a decline in 
hospital hardware sales
3	 Total Scope 1, Scope 2 (market-based) and Scope 3 emissions
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Emission categories
Scope 1 includes GHG emissions from sources that we own or control. 
This includes the fuel used in vehicles we own or lease, natural gas and 
emissions generated through the use of refrigerants.
Scope 2 includes indirect GHG emissions from the generation of 
electricity we purchase, as well as the generation of purchased heat, 
which is sourced or occurs at our manufacturing sites and our sales 
operations around the world.
Scope 3 includes GHG emissions generated by our own suppliers and 
customers. The most significant Scope 3 GHG emissions which contribute 
to our carbon footprint include:
•	 emissions generated from transportation, including freight, business 
travel and employee commuting
•	 emissions from purchased raw materials which are used in the 
production of our products
•	 emissions associated with the use of our products; including the 
electricity used during the use phase of our hardware, water use, 
medical gases used in connection with our products and end of life 
emissions associated with product disposal.
Performance during the 2024 financial year
Scope 1 emissions have decreased slightly, while our Scope 2 emissions 
have continued to increase. This increase is as a result of more production 
occurring in Mexico and the establishment of our manufacturing facility in 
Guangzhou, China. 
Scope 3 emissions have declined, largely driven by a reduction in use-
phase emissions amid lower hospital hardware sales.
One of the largest Scope 3 emissions sources is the electricity use of 
our products. Reducing these emissions is dependent on the global 
decarbonisation of the energy and the healthcare sector. Through 
our Ecodesign programme we look for opportunities to apply energy 
efficiency in design of our products. 
Methods, assumptions and uncertainties in 
estimating GHG emissions
GHG emissions have been measured in accordance with ISO 14064-1:2018 
and consolidated using the operational control approach. There are no 
exclusions from our organisational boundary. Emissions factors and Global 
Warming Potentials (GWP) are provided by the Toitū carbonreduce 
programme and supplemented by our own emissions factor database. 
Toitū Envirocare’s Emanage software is used to calculate our carbon 
inventory. All emissions sources that contribute more than 1% of our total 
Scope 1 and 2 emissions are measured, as well as all indirect emissions 
sources required by ISO 14064-1:2018. 
Our GHG emissions are calculated using a number of methods, including 
activity data (i.e. kWh for electricity consumption) multiplied by relevant 
emission factors. We use activity data directly from our suppliers where 
this is available and practical to collect. Where activity data is not easily 
obtainable, emissions have been estimated using spend data by category 
and an appropriate conversion factor to estimate the emissions. Where 
spend data cannot be split into the correct category and for smaller 
locations that do not contribute a significant portion of revenue or 
anticipated emissions, emissions have been estimated using the number of 
full-time equivalent employees in the location multiplied by an appropriate 
conversion factor based on our other similar operations. 
Scope 3 use-phase emissions are estimated based on actual sales data 
and intended use cases based on the expectations of product design 
engineers. Local market considerations are then applied based on the 
location where the product was sold if this information is available. 
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
113
Section 3 | OPERATING SUSTAINABLY | Climate-related Disclosures

Assurance of GHG emissions
Our GHG emissions inventory is subject to independent assurance by Toitū 
Envirocare (acting through Enviro-mark Solutions Limited). The assurance 
is provided in accordance with ISO 14064-1:2018 and the requirements of 
the Toitū carbonreduce programme.
For the financial year 2024, reasonable level of assurance was achieved 
for Scope 1 and 2 emissions, and certain Scope 3 emissions4. Limited 
assurance was achieved for the validation of Scope 3 use phase modelled 
emissions5. A copy of the Toitū Envirocare independent audit opinion 
and our GHG inventory and management report is available on the 
sustainability section of our website.
Science-based carbon reduction targets
Aligned with the goals of the Paris Agreement to limit global warming 
to 1.5 degrees Celsius, we are working toward net zero CO2e by 2050. 
Setting near-term targets helps to guide us in the right direction. In 2019 
we engaged with the Science Based Targets initiative (SBTi), a corporate 
climate action organisation which supports companies to set greenhouse 
gas emissions reduction targets in line with what is needed to meet the 
goals of the Paris Agreement. We set science-based targets for our Scope 
1 and Scope 2 carbon emissions, being those emissions within our control, 
along with our Scope 3 supplier engagement target. Those targets were 
approved by the SBTi as consistent with levels required to limit global 
warming to 1.5 degrees Celsius. 
Our approved Scope 1 and 2 target is an absolute target to achieve a 67% 
reduction in our Scope 1 and 2 emissions by 2034 from a 2019 baseline.
Since setting our target, our overall Scope 1 and 2 emissions have 
increased. This is largely due to our response to the global COVID-19 
pandemic and the increase in production capacity over this period. Our 
ability to achieve our science-based targets is a process and depends on 
many factors, some that are within our control and some that are not. 
Implementation of renewable energy infrastructure, for example solar 
panels in Mexico, and the continued sourcing of renewable contracts will 
support our journey towards meeting our target.
We are committed to educating our suppliers about their responsibility to 
reduce carbon emissions and to set their own science-based targets. Our 
Scope 3 supplier engagement target is calculated by assessing suppliers 
based on spend and is dependent on supplier awareness and willingness 
to engage. Twenty-nine of our suppliers have set a science- based target 
via the SBTi framework. 
Our Scope 3 supplier engagement target is currently in the process of 
being renewed. We expect to have a revised approved Scope 3 supplier 
target during the second half of the FY25 financial year. Once approved 
this target will be published on the sustainability section of our website.
4	ISO 14064-1:2018 Category 3: Indirect emissions from transportation; Category 4 Indirect emissions from products used 
by Fisher & Paykel Healthcare 
5	 ISO 14064-1:2018 Category 5: Indirect emissions associated with the use phase of Fisher & Paykel Healthcare products 
114
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
Section 3 | OPERATING SUSTAINABLY | Climate-related Disclosures

Fisher & Paykel Healthcare | ANNUAL REPORT 2024
115
Section 3 | OPERATING SUSTAINABLY | Climate-related Disclosures

116
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024

F I N A N C I A L S
4
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
117

The financial commentary below provides an overview of the financial results for the year 
ended 31 March 2024. Readers should refer to the following financial statements and notes 
for an understanding of the basis on which the financial results are determined. 
INCOME STATEMENTS
Year ended 31 March 
 
2023
NZ$M
2024
NZ$M
Change 
Reported
%
Change
CC (1) 
%
Operating revenue 
1,581.1
1,742.8
+10
+8
Gross profit 
938.4
1,044.4
+11
+10
Gross margin 
59.4%
59.9%
+58 bps
+95 bps
SG&A expenses 
(431.9)
(492.8)
+14
+13
R&D expenses 
(174.3)
(198.2)
+14
+14
Total operating expenses 
(606.2)
(691.0)
+14
+13
Operating profit 
332.2
353.4
+6
+3
Operating margin 
21.0%
20.3%
-73 bps
-85 bps
Revaluation of land
–
(98.1)
Profit before financing and tax
332.2
255.3
-23
-31
Net financing expense 
(4.2)
(19.6)
Profit before tax 
328.0
235.7
-28
-35
Tax expense
(77.7)
(103.1)
+33
+33
Profit after tax
250.3
132.6
-47
-56
Underlying profit after tax(2)
250.3
264.4
+6
+5
1	 Constant currency (CC) removes the impact of exchange rate movements. This approach is used to assess the Group’s 
underlying comparative financial performance without any impact from changes in foreign exchange rates. See further 
details on page 122. 
2	 Underlying profit after tax has been presented excluding the impact of abnormal items occurring during the 2024 
financial year. A reconciliation is set out on page 119. 
Total profit after tax for the year was $132.6 million, a 47% decline from last year, or 56% 
in constant currency. Excluding the impact of the land revaluation, provision for product 
recall, and the change in the tax treatment of building depreciation in the 2024 financial 
year, profit after tax (“Underlying profit after tax”) was $264.4 million, a 6% increase or 
5% in constant currency.
Revenue 
Operating revenue was $1,742.8 million, a 10% increase from the prior comparable period 
(PCP) or 8% in constant currency. Hospital revenue increased 5% in constant currency. 
Hospital consumables continued to see strong demand across the product range. 
Homecare revenue grew 16% in constant currency with strong growth in masks of 18% 
in constant currency.
Gross margin
Gross margin at 59.9% increased by 95 basis points in constant currency from last year. 
Excluding the impact of the voluntary recall provision, underlying gross margin was 61.1%, 
a 216 basis point increase in constant currency from last year. Freight costs reduced 
and benefits from manufacturing efficiencies and pricing more than offset cost increase 
impacts on gross margin.
Operating expenses 
Operating expenses increased 14% (13% in constant currency) to $691.0 million, reflecting 
the full year impact in 2024 of our investment in R&D and sales people during the 2023 
financial year. This investment supports our global sales growth and development of our 
product pipeline.
R&D spend of $198.2 million grew 14%. Over the long-term we plan for R&D spend to grow 
in line with constant currency revenue growth.
Financing expenses
The net financing expense was $19.6 million, an increase of $15.4 million from the prior 
year, due to the increased borrowings to fund the purchase of the Karaka site and higher 
interest rates. Interest expense increased to $18.2 million (2023: $6.7 million). Net financing 
costs include exchange losses on foreign currency interest-bearing liabilities of $4.7 million 
(2023: $0.1 million). 
Tax
The underlying effective tax rate was 25.3% (2023: 23.7%). The R&D tax credit this period 
of $18.0 million (2023: $15.9 million) represents the estimated eligible R&D expenditure 
incurred during the year. Excluding the R&D tax credit, the underlying effective tax rate 
was 30.5% (2023: 28.5%). 
During the year, the New Zealand government passed legislation to remove commercial 
building depreciation for tax purposes. Deferred tax liabilities have increased by 
$19.3 million resulting in an increase in the tax expense of $19.3 million as the tax base 
of the Company’s buildings in New Zealand reduced to nil.
118
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
FINANCIAL COMMENTARY

UNDERLYING FINANCIAL 
PERFORMANCE
While we understand the importance 
of reported profits meeting the 
NZ IFRS standards, we believe the 
underlying profit measurements will 
assist readers to better understand 
the Group’s 2024 financial year 
performance, and against which 
future performance should be 
considered. 
During the 2024 financial year, net 
profit after tax includes the expense 
associated with the voluntary Airvo 
2 and myAirvo 2 product recall, 
revaluation of the land in Karaka, 
New Zealand, and the tax expense 
associated with the removal of 
building depreciation deductibility 
in New Zealand. We believe the 
financial impact of each of these 
have distorted the reported financial 
results and a more meaningful 
representation of the performance of 
our business for the year and for the 
future is the underlying result.
Further details of each of these 
is included within Note 3 of the 
Financial Statements – Significant 
transactions and events. We have 
included a full reconciliation of the 
impact each of the above abnormal 
items to what we consider the 
“underlying” income statement. 
Adjustments for abnormal items
Year ended 31 March 2024 
 Reported 
 NZ$M 
 Growth 
(CC) 
 % 
 Product 
recall 
 NZ$M 
 Revaluation 
of land 
 NZ$M 
 Deferred 
tax* 
 NZ$M 
 Underlying 
 NZ$M 
 Underlying 
growth 
change 
 % 
 Underlying 
growth 
change (CC) 
 % 
Operating revenue 
 1,742.8 
+8
 – 
 – 
 – 
 1,742.8 
+10
+8
Cost of sales 
 (698.4)
+6
 20.0 
 – 
 – 
 (678.4)
+6
+3
Gross profit 
 1,044.4 
+10
 20.0 
 – 
 – 
 1,064.4 
+13
+12
Gross margin 
59.9%
+95 bps
61.1%
+172 bps
+216 bps
SG&A expenses 
 (492.8)
+13
 – 
 – 
 – 
 (492.8)
+14
+13
R&D expenses 
 (198.2)
+14
 – 
 – 
 – 
 (198.2)
+14
+14
Total operating expenses 
 (691.0)
+13
 – 
 – 
 – 
 (691.0)
+14
+13
Operating profit  
 353.4 
+3
 20.0 
 – 
 – 
 373.4 
+12
+10
Operating margin 
20.3%
-85 bps
21.4%
+41 bps
+36 bps
Revaluation of land 
 (98.1)
 – 
 98.1 
 – 
 – 
Profit before financing and tax 
 255.3 
-31
 20.0 
 98.1 
 – 
 373.4 
+12
+10
Net financing expense 
 (19.6)
 – 
 – 
 – 
 (19.6)
Profit before tax 
 235.7 
-35
 20.0 
 98.1 
 – 
 353.8 
+8
+7
Tax expense 
 (103.1)
+33
 (5.6)
 – 
 19.3 
 (89.4)
+15
+12
Profit after tax 
 132.6 
-56
 14.4 
 98.1 
 19.3 
 264.4 
+6
+5
Basic earnings per share 
 22.8 cps 
 45.4 cps 
Diluted earnings per share  
 22.6 cps 
 45.1 cps 
* Deferred tax on removal of building depreciation.
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
119
FINANCIAL COMMENTARY CONTINUED

FINANCIAL COMMENTARY CONTINUED
FOREIGN CURRENCY IMPACTS 
The Group is exposed to movements in foreign exchange rates, with approximately 99% 
of operating revenue generated in currencies other than NZD as shown below.
US dollars 
49%
Mexican peso 
1%
Other currencies 
29%
Euros 
19%
New Zealand dollars 
1%
Over 60% of COGS and over 50% of operating expenses are in currencies other than NZD. 
Net profit after tax has benefitted by $2.6 million from favourable foreign currency impacts 
compared to the prior year. 
The effect of balance sheet translations for the year resulted in an increase in operating 
revenue of $7.1 million (2023: $11.0 million increase) and an increase in profit after tax of 
$1.1 million (2023: $2.1 million decrease). The hedging programme contributed a pre-tax 
gain of $1.9 million (2023: $3.7 million gain). 
The average daily spot rate, the average conversion exchange rate (i.e. the accounting rate, 
incorporating the benefit of forward exchange contracts in respect of the relevant financial 
year) and the closing spot rate of the main foreign currency exposures for the reported 
periods are set out in the table below.
Average daily 
spot rate
Average conversion 
exchange rate
Closing spot rate
Year ended 31 March
2023
2024
2023
2024
2023
2024
USD
0.624
0.610
0.667
0.658
0.629
0.599
EUR 
0.599
0.562
0.545
0.544
0.577
0.554
MXN
12.27
10.56
14.48
13.02
11.38
9.91
Foreign exchange hedging position 
In line with our hedging programme, additional hedges have been added for future years. 
The hedging position for our main currency exposures as at 13 May 2024 is:
Year to 31 March
2025
2026
2027
2028
2029
2030 
-2035+
USD % cover of expected exposure 
80%
75%
60%
45%
20%
0%
USD average rate of cover 
0.621
0.607
0.597
0.584
0.564
0.523
EUR % cover of expected exposure 
90%
75%
60%
40%
40%
5%
EUR average rate of cover 
0.532
0.532
0.526
0.524
0.507
0.465
MXN % cover of expected exposure 
55%
30%
0%
MXN average rate of cover 
13.77
12.65
11.41
Hedging cover has been rounded to the nearest 5%. 
+ 2030 – 2035 shows average % cover of expected exposure and rate of cover for the five-year period.
CASH FLOWS 
The full statement of cash flows is provided on page 126. 
Year ended 31 March
 2023 
 NZ$M 
 2024 
 NZ$M 
Change
NZ$M
Operating profit 
332.2
353.4
21.2
Plus depreciation and amortisation
99.0
114.3
15.3
Change in working capital and other
(65.6)
30.4
96.0
Net interest paid
(6.2)
(16.7)
(10.5)
Net income tax paid
(121.2)
(51.8)
69.4
Operating cash flows
238.2 
429.6 
191.4
Lease repayments
(14.4)
(16.8)
(2.4)
Purchase of land and buildings
(89.0)
(251.3)
(162.3)
Purchase of plant and equipment
(98.8)
(65.5)
33.3
Purchase of intangible assets
(23.5)
(22.2)
1.3
Free cash flows
12.5 
73.8
61.3
Dividends paid
(195.7)
(145.5)
50.2
+	Free cash flows include lease liability repayments following the adoption of NZ IFRS 16. 
120
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024

FINANCIAL COMMENTARY CONTINUED
Operating cash flows 
Cash flows from operations for the period increased to $429.6 million (2023: $238.2 million). 
Operating cash flows were impacted by an increase in profit excluding non-cash items, 
favourable net working capital movements primarily as a result of lower inventories and a 
benefit from prepaying tax during the 2023 financial year, resulting in less tax paid during 
the 2024 financial year. Higher financing costs have slightly offset these benefits. 
Capital expenditure
During the period, $339.0 million was spent on capital expenditure (excluding 
leased assets), including $189.5 million relating to the purchase of land for a second 
New Zealand campus in Karaka. Spending also included progressing our East Tāmaki 
campus development including earthworks for our fifth building. We continue to invest 
in production tooling and equipment additions. 
Dividends 
Dividends paid of $145.5 million were 26% lower than the prior period due to the 
reintroduction of the Dividend Reinvestment Plan (DRP) commencing with the interim 
dividend for the 2023 financial year, paid in December 2022. Under the DRP, $92.6 million 
of dividends were reinvested as new shares this period relating to the 2023 final and 2024 
interim dividends declared, reducing the cash paid by the same amount. 
BALANCE SHEET
As at 31 March
 2023
NZ$M
2024
NZ$M
Change
NZ$M
Trade receivables
179.6
219.5
39.9
Inventories
365.8
320.4
(45.4)
Less trade and other payables+
(125.2)
(111.3)
13.9
Working capital
420.2
428.6
8.4
Property, plant and equipment++
1,148.2
1,340.0
191.8
Intangible assets
85.6
88.4
2.8
Lease liabilities 
(62.5)
(74.9)
(12.4)
Other net assets (liabilities)
124.2
9.2
(115.0)
Net cash (debt)
37.7
(32.2)
(69.9)
Net assets
1,753.4
1,759.1
5.7
+ 	 Trade and other payables exclude all non-current payables and all employee entitlements and provisions
++	 Property, plant and equipment includes lease assets recognised
    
Trade receivables have increased at 31 March 2024 reflecting the level of sales in the last 
couple of months in each year. Our debtor days were within the normal range at 45 days 
(Mar 2023: 40 days). Inventories have decreased by $45.4 million since March 2023, 
particularly finished goods, reflecting production levels continuing below demand through 
the year. Trade and other payables reduction includes timing associated with key capital 
infrastructure projects and payment of suppliers.
Property, plant and equipment (excluding leased assets) increased by $181.6 million in 
the year. The increase was driven by $122.0 million for the Karaka land acquisition net 
of revaluation decrease. Other additions of $107.1 million were offset by depreciation of 
$70.1 million. There were also $17.3 million for upward revaluations of the East Tāmaki land 
in New Zealand and the Mexico land. Net intangible assets increased by $2.8 million, with 
additions in patents and trademarks spending of $26.5 million and software spending of 
$4.3 million primarily for ERP as we continue to roll out SAP globally.
Other net assets/liabilities movements included the provision for the voluntary recall of 
$20 million recognised this year. Net tax payable increased by $38.6 million during the 
year, reflecting prepaid tax during the prior year reducing the payments required in the 
current year. Non-current other receivables decreased by $27.5 million as the deposit for 
the second New Zealand campus was reclassified to property, plant and equipment on 
receipt of Overseas Investment Office (OIO) approval this year. Net derivative financial 
instrument assets reduced by $18.1 million. All currency derivatives continued to be 
effective hedges. 
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
121

Net cash and debt facilities
As at 31 March
2023
NZ$M
2024
NZ$M
Change
NZ$M
Loans and borrowings
– Current
–
(77.4)
(77.4)
– Non-current
(79.1)
(35.7)
43.4
Bank overdrafts
(4.2)
(1.1)
3.1
Total interest-bearing liabilities+
(83.3)
(114.2)
(30.9)
Total cash and investments 
121.0
82.0
(39.0)
Net (debt) cash
37.7
(32.2)
(69.9)
Gearing
-2.3%
1.8%
–
Undrawn committed debt facilities
624.5
544.3
(80.2)
Undrawn uncommitted debt and 
overdraft facilities
90.0
82.0
(8.0)
+ 	Excluding lease liabilities 
As at 31 March 2024, the average maturity of loans and borrowings of $113.1 million 
was 1.5 years. The currency split for loans and borrowings was 36% NZD; 59% USD; 
3% Australian dollars; and 2% Canadian dollars. During the year, $60 million of committed 
borrowing facilities matured and were not renewed. Within the next 12 months, one facility 
for $66.8 million, which is fully drawn at 31 March 2024, will expire. 
Cash and cash equivalents were $82.0 million at 31 March 2024. This balance, operating 
cash generated in the 2025 financial year as well as any additional borrowings, will fund 
ongoing capital expenditure and the payment of the final dividend.
Gearing1
At 31 March 2024 the Group had net debt of $32.2 million and net gearing of 1.8%. 
This was within the target gearing range of -5% to +5%.
NOTES - CONSTANT CURRENCY
Constant currency analysis is non–Generally Accepted Accounting Practice (GAAP) 
financial information, that is not prepared in accordance with New Zealand Equivalents 
to International Financial Reporting Standards (NZ IFRS). Constant currency information 
has been provided to assist users of financial information to better understand and assess 
the Group’s financial performance without the impacts of foreign currency fluctuations, 
including hedging results. 
Constant currency financial information is prepared each month to enable the Board 
and management to monitor and assess the Group’s underlying comparative financial 
performance without any distortion from changes in foreign exchange rates. Constant 
currency information is prepared on a consistent basis for reported periods restated 
into NZD based on “constant” exchange rates, typically the budgeted exchange rates for 
the current year. This information excludes the impact of movements in foreign exchange 
rates, hedging results and balance sheet translations.
The Group’s constant currency framework can be found on the company’s website 
at www.fphcare.com/ccf. PwC perform assurance procedures over the constant 
currency information. 
RECONCILIATION OF CONSTANT CURRENCY TO REPORTED PROFIT AFTER TAX 
Year ended 31 March
2023
NZ$M
2024
NZ$M
Change
NZ$M
Profit after tax (constant currency) 
213.9
93.6
(120.3)
Spot exchange rate effect
31.7
36.5
4.8
Foreign exchange hedging result 
2.6
1.4
(1.2)
Balance sheet revaluation 
2.1
1.1
(1.0)
Total impact of foreign exchange
36.4
39.0
2.6
Profit after tax (reported) 
250.3
132.6
(117.7)
RECONCILIATION OF CONSTANT CURRENCY TO REPORTED REVENUE
Year ended 31 March
2023
NZ$M
2024
NZ$M
Change
NZ$M
Operating revenue (constant currency) 
1,523.7
1,651.6
127.9
Spot exchange rate effect 
53.9
99.4
45.5
Foreign exchange hedging result 
(7.5)
(15.3)
(7.8)
Balance sheet revaluation 
11.0
7.1
(3.9)
Total impact of foreign exchange
57.4
91.2
33.8
Operating revenue (reported) 
1,581.1
1,742.8
161.7
The significant exchange rates used in the constant currency analysis, being the budget 
exchange rates for the year ended 31 March 2024, are USD 0.66, EUR 0.61, JPY 85, MXN 12.0. 
1	
Net interest-bearing debt (debt less cash and cash equivalents and short-term investments) to net interest-bearing 
debt and equity (less hedging reserves). Net interest-bearing debt excludes lease liabilities.
FINANCIAL COMMENTARY CONTINUED
122
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024

CONSOLIDATED INCOME STATEMENT
For the year ended 31 March 2024
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2024
 Notes 
 2023 
 NZ$M 
 2024 
 NZ$M 
Operating revenue 
4
 1,581.1 
 1,742.8 
Cost of sales 
 (642.7)
(698.4)
Gross profit 
 938.4 
1,044.4 
Selling, general and administrative expenses 
 (431.9)
(492.8)
Research and development expenses 
 (174.3)
(198.2)
Total operating expenses 
 (606.2)
(691.0)
Operating profit 
 332.2 
 353.4 
Revaluation of land 
9
 – 
 (98.1)
Profit before financing and tax 
 332.2 
255.3
Financing income 
 2.6 
 3.3 
Financing expense 
 (6.7)
(18.2)
Exchange loss on foreign currency 
interest-bearing liabilities 
 (0.1)
(4.7)
Net financing expense
 (4.2)
(19.6)
Profit before tax 
5
 328.0 
 235.7 
Tax expense 
11
 (77.7)
(103.1)
Profit after tax 
 250.3 
 132.6 
Basic earnings per share 
16
 43.3 cps 
 22.8 cps 
Diluted earnings per share 
16
 43.0 cps 
 22.6 cps 
The accompanying notes form an integral part of the financial statements. 
 Notes 
 2023 
 NZ$M 
 2024 
 NZ$M 
Profit after tax 
 250.3 
132.6
Other comprehensive income 
Items that may be reclassified to profit or loss 
Foreign currency translation reserve 
Exchange differences on translation 
of foreign operations
 4.1 
 2.0 
Hedging reserves 
Changes in fair value in hedging reserves
 (58.6)
(14.7)
Transfers to profit before tax from cash flow 
hedge reserve
 (3.7)
(3.1)
Tax on above reserve movements
11
 17.4 
5.0 
Items that will not be reclassified to profit or loss 
Revaluation of land 
9
 47.6 
17.3 
Other comprehensive income, net of tax 
 6.8 
6.5 
Total comprehensive income 
 257.1 
139.1
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
123
FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2024
Notes
 Share 
capital
NZ$M
 Retained 
earnings
NZ$M
Reserves
NZ$M
 Total
equity
NZ$M 
Balance at 31 March 2022 
261.2
1,181.2
237.3
1,679.7
Total comprehensive income 
–
250.3
6.8
257.1
Dividends paid 
 17 
–
(231.0)
–
(231.0)
Issue of share capital under the dividend reinvestment plan 
 15 
35.3
–
–
35.3
Issue of share capital under employee share plans 
 15 
5.4
–
–
5.4
Movement in share based payments reserve 
 17 
–
–
5.1
5.1
Movement in treasury shares
 15 
1.8
–
–
1.8
Balance at 31 March 2023 
303.7
1,200.5
249.2
1,753.4
Total comprehensive income 
 – 
 132.6 
 6.5 
 139.1 
Dividends paid 
 17 
 – 
 (238.1)
 – 
 (238.1)
Issue of share capital under the dividend reinvestment plan 
 15 
 92.6 
 – 
 – 
 92.6 
Issue of share capital under employee share plans 
 15 
 9.5 
 – 
 – 
 9.5 
Movement in share based payments reserve 
 17 
 – 
 – 
 4.4 
 4.4 
Movement in treasury shares 
 15 
 (1.8)
 – 
 – 
 (1.8)
Balance at 31 March 2024 
 404.0 
 1,095.0 
 260.1 
 1,759.1 
The accompanying notes form an integral part of the financial statements. 
124
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024

CONSOLIDATED BALANCE SHEET 
As at 31 March 2024
Notes
 2023
NZ$M
 2024
NZ$M
ASSETS 
Current assets 
Cash and cash equivalents 
 121.0 
 82.0
Trade and other receivables 
7
 218.5 
 257.2
Inventories 
8
 365.8 
 320.4
Derivative financial instruments 
6
 33.2 
 36.3
Tax receivable 
 35.7 
 9.0
Total current assets 
 774.2 
 704.9
Non-current assets 
Derivative financial instruments 
6
 70.0 
 53.5 
Other receivables 
 29.9 
 2.4 
Property, plant and equipment 
9
 1,148.2 
 1,340.0 
Intangible assets 
10
 85.6 
 88.4 
Deferred tax assets 
11
 96.6 
 92.5 
Total assets 
 2,204.5 
 2,281.7 
LIABILITIES 
Current liabilities 
Borrowings 
12
 4.2 
 78.5 
Lease liabilities 
12
 17.1 
 17.7 
Trade and other payables 
13
 219.7 
 219.9 
Provisions 
14
 20.9 
 31.0 
Tax payable 
 6.6 
 18.5 
Derivative financial instruments 
6
 21.3 
 19.4 
Total current liabilities 
 289.8 
 385.0 
Notes
 2023
NZ$M
 2024
NZ$M
LIABILITIES 
Non-current liabilities 
Borrowings 
12
 79.1 
 35.7 
Lease liabilities 
12
 45.4 
 57.2 
Provisions 
14
 7.3 
 6.3 
Other payables 
13
 21.6 
 21.4 
Derivative financial instruments 
6
 4.8 
 11.4 
Deferred tax liabilities 
11
 3.1 
 5.6 
Total liabilities 
 451.1 
 522.6 
EQUITY 
Share capital 
15
 303.7 
 404.0 
Retained earnings 
 1,200.5 
 1,095.0 
Reserves 
17
 249.2 
 260.1 
Total equity 
 1,753.4 
 1,759.1 
Total liabilities and equity 
 2,204.5 
 2,281.7 
The accompanying notes form an integral part of the financial statements. 
On behalf of the Board 
28 May 2024 
Scott St John 	
Lewis Gradon
Board Chair	
Managing Director and 
	
Chief Executive Officer
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
125

CONSOLIDATED STATEMENT OF CASH FLOWS 
For the year ended 31 March 2024 
 2023 
 NZ$M 
 2024 
 NZ$M 
CASH FLOWS FROM OPERATING ACTIVITIES 
Receipts from customers 
 1,543.0 
 1,716.2 
Interest received 
 2.8 
 3.2 
Payments to suppliers and employees 
 (1,177.4)
 (1,218.1)
Tax paid 
 (121.2)
 (51.8)
Interest paid 
 (6.5)
 (16.4)
Lease interest paid 
 (2.5)
 (3.5)
Net cash flows from operating activities 
 238.2 
 429.6 
CASH FLOWS FROM INVESTING ACTIVITIES 
Net short-term investments 
 200.0 
–
Purchases of property, plant and equipment 
 (187.8)
 (316.8)
Purchases of intangible assets 
 (23.5)
 (22.2)
Net cash flows from investing activities 
 (11.3)
 (339.0)
CASH FLOWS FROM FINANCING ACTIVITIES 
Issue of share capital under employee share plans 
 3.0 
 3.0 
New borrowings 
 137.5 
300.6
Repayment of borrowings 
 (127.5)
(270.0)
Lease liability payments 
 (14.4)
 (16.8)
Dividends paid 
 (195.7)
 (145.5)
Net cash flows from financing activities 
(197.1)
(128.7)
Net increase (decrease) in cash 
 29.8 
 (38.1)
Opening cash 
 84.6 
 116.8 
Effect of foreign exchange rates 
 2.4 
 2.2 
Closing cash 
 116.8 
 80.9 
RECONCILIATION OF CLOSING CASH 
Cash and cash equivalents 
 121.0 
 82.0 
Bank overdrafts 
 (4.2)
 (1.1)
Closing cash 
 116.8 
 80.9 
 2023 
 NZ$M 
 2024 
 NZ$M 
CASH FLOW RECONCILIATION 
Profit after tax 
 250.3 
 132.6 
Add (deduct) non-cash items: 
Depreciation - right-of-use assets 
 16.6 
 17.7 
Depreciation and amortisation - other assets 
 82.4 
 96.6 
Share based payments 
 9.0 
 10.8 
Movement in provisions 
 (9.2)
 9.0 
Movement in deferred tax assets / liabilities 
 4.8 
 10.2 
Movement in net tax payables 
 (49.3)
 39.2 
Foreign currency translation 
 1.2 
 (0.7)
Revaluation of land
–
 98.1 
Other non-cash items 
 1.6 
 3.8 
 57.1 
 284.7 
Net working capital movements: 
Trade and other receivables 
 (43.3)
 (38.5)
Inventories 
 (6.9)
 45.4 
Trade and other payables 
 (19.0)
 5.4 
 (69.2)
 12.3 
Net cash flows from operating activities 
 238.2 
 429.6 
The accompanying notes form an integral part of the financial statements. 
126
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024

1. REPORTING ENTITY 
Fisher & Paykel Healthcare Corporation Limited (the “Company” or “Parent”) together 
with its subsidiaries (the “Group”) is a leading designer, manufacturer and marketer 
of medical device products and systems for use in both hospital and homecare settings. 
Products are sold in over 120 countries worldwide. The Company is a limited liability 
company incorporated and domiciled in New Zealand. The address of its registered office 
is 15 Maurice Paykel Place, East Tāmaki, Auckland. These consolidated financial statements 
were approved for issue by the Board of Directors on 28 May 2024. 
2. BASIS OF PREPARATION AND PRINCIPLES OF CONSOLIDATION 
Statement of compliance 
The Company is registered under the Companies Act 1993 and is an FMC reporting entity 
under Part 7 of the Financial Markets Conduct Act 2013. The Company is also listed on the 
NZX and the ASX. The consolidated financial statements have been prepared in accordance 
with the requirements of Part 7 of the Financial Markets Conduct Act 2013. 
These consolidated financial statements for the year ended 31 March 2024 have been 
prepared in accordance with New Zealand Generally Accepted Accounting Principles 
(NZ GAAP). They comply with New Zealand Equivalents to International Financial 
Reporting Standards (NZ IFRS), other New Zealand accounting standards and 
authoritative notices that are applicable to entities that apply NZ IFRS. The consolidated 
financial statements also comply with International Financial Reporting Standards (IFRS). 
The Group is a for-profit entity for the purposes of complying with NZ GAAP. 
Basis of measurement 
These consolidated financial statements have been prepared under the historical cost 
convention, as modified by the revaluation of financial assets and liabilities (including 
derivative instruments) at fair value through profit or loss and/or other comprehensive 
income, and the revaluation of land. 
Functional and presentation currency 
The consolidated financial statements are presented in New Zealand dollars (NZD), 
which is the Company’s functional currency to the nearest hundred thousand dollars 
unless otherwise stated. Items included in the financial statements of each of the 
subsidiaries are measured using the currency of the primary economic environment 
in which the entity operates (the “functional currency”). 
The Group operates as one integrated business, and the functional currency of all 
material global operations is NZD, with the exception of Fisher & Paykel Healthcare 
Mexico Properties S.A. de C.V. (“Mexico Properties”). Mexico Properties was established 
for the purpose of holding the Group’s property in Mexico, and its functional currency 
is United States dollars (USD). 
The results and financial position of entities that have a different functional currency are 
translated to NZD as follows: assets and liabilities are translated at the exchange rate at 
balance date and income statement items are translated at rates approximating the foreign 
exchange rates ruling at the dates of transactions. Exchange differences are recognised in 
other comprehensive income as a currency translation reserve movement. 
Foreign currency transactions and balances
Foreign currency transactions are translated into the relevant functional currency at 
the exchange rates at the dates of the transactions. Foreign exchange gains and losses 
resulting from the settlement of such transactions and from the translation at period end 
exchange rates of monetary assets and liabilities denominated in foreign currencies are 
recognised in the income statement, except when deferred in other comprehensive income 
as qualifying cash flow hedges. 
Critical accounting estimates and judgements 
The preparation of financial statements in conformity with NZ IFRS requires the use 
of certain critical accounting estimates. It also requires management to exercise its 
judgement in the process of applying the Group’s accounting policies. The Directors 
regularly review all accounting policies and areas of judgement in presenting the 
financial statements. Significant estimates are disclosed in each of the applicable 
notes to the financial statements and are designated with an 
 symbol. 
Material accounting policy information 
Material accounting policy information is disclosed in each of the applicable notes 
to the financial statements and is designated with an 
 symbol. 
Basis of consolidation 
The consolidated financial statements incorporate the assets and liabilities of all 
subsidiaries of the Group as at balance date and the results of all subsidiaries for 
the year then ended. All subsidiaries are 100% owned within the Group.
Intercompany transactions, balances and unrealised gains on transactions between 
Group companies are eliminated. Unrealised losses are also eliminated unless the 
transaction provides evidence of the impairment of the asset transferred. 
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
127
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

Building depreciation
During the year, the New Zealand government passed legislation to remove commercial 
building depreciation for tax purposes. As a result of the legislation change, the deferred 
tax liabilities have increased by $19.3 million with a corresponding increase in tax expense 
of $19.3 million as the tax base of the Company’s buildings has reduced to nil.
Borrowing facilities
During the year, $60 million of committed external financing facilities matured and were 
not renewed. The Group borrowed $300.6 million from available facilities during the 
year primarily to fund the payment of $189.5 million for the purchase of land in Karaka. 
Subsequently $270.0 million has been repaid. The Company had total available committed 
external financing facilities of $646.8 million as at 31 March 2024, of which approximately 
$544.3 million was undrawn. As at 31 March 2024, the weighted average maturity 
of committed borrowing facilities was 2.7 years. 
Share capital
During the year, the Group issued a total of 3,960,480 shares under the Dividend 
Reinvestment Plan (DRP) and 646,626 shares under employee share based payment 
arrangements. Under the DRP, 2,184,251 new shares were issued relating to the FY23 final 
dividend at an average price of $23.5961 per share, totalling $51.6 million and a total of 
1,776,229 new shares were issued relating to the FY24 interim dividend at an average price 
of $23.0752 per share, totalling $41.0 million.
4. OPERATING REVENUE AND SEGMENTAL INFORMATION 
 2023 
 NZ$M 
 2024 
 NZ$M 
Sales revenue 
 1,588.6 
 1,758.1 
Foreign exchange loss on hedged sales
 (7.5)
 (15.3)
Total operating revenue 
 1,581.1 
 1,742.8 
Revenue by product group 
Hospital products 
 1,023.5 
 1,087.9 
Homecare products 
 553.8 
 652.3 
 1,577.3 
 1,740.2 
Distributed and other products 
 3.8 
 2.6 
Total operating revenue 
 1,581.1 
 1,742.8 
Revenue after hedging by geographical location of customer: 
North America 
 683.8 
 806.1 
Europe 
 427.6 
 477.3 
Asia Pacific 
 399.0 
 368.9 
Other¹ 
 70.7 
 90.5 
Total operating revenue 
 1,581.1 
 1,742.8 
1	 Other includes New Zealand, Latin America (including Mexico), Africa and the Middle East.
3. SIGNIFICANT TRANSACTIONS AND EVENTS IN THE FINANCIAL YEAR
The following significant transactions and events affected the financial performance 
and financial position of the Group for the year ended 31 March 2024: 
Land acquisition and valuation
In September 2022, the Group announced that one of its subsidiaries, Fisher & Paykel 
Healthcare Properties Limited (FPH Properties), had entered into an agreement to purchase 
land for a second New Zealand campus in Karaka for $275.0 million. In April 2023, OIO 
consent was received with standard conditions and special conditions which require FPH 
Properties to obtain necessary planning consents, undertake initial development of the 
site and invest in capital expenditure in line with the Group strategy. $217.0 million has 
been paid to date for 79.4 hectares of land which was capitalised during the year. A further 
$43.0 million is to be paid in January 2026 and the final payment of $15.0 million is due in 
December 2026 for the acquisitions of the remaining 24.8 hectares of land in Karaka. 
As at 31 March 2024, the Group obtained external valuations of land for financial reporting 
purposes, including East Tāmaki and Karaka in New Zealand and Tijuana, Mexico. The East 
Tāmaki and Tijuana land values increased by $17.3 million in total, which is recognised 
as a revaluation gain within Other Comprehensive Income which is included in the Asset 
Revaluation Reserve. The Karaka land value decreased by $98.1 million, which is recognised 
as an expense in the Income Statement. 
The East Tāmaki land was valued at $263.9 million, resulting in a valuation increase of 
$11.1 million. The Tijuana land was valued at USD $22.5 million, resulting in a valuation 
increase of USD $3.8 million. The Karaka land owned as at 31 March 2024 was valued 
at $122.0 million, resulting in a valuation decrease of $98.1 million. The total revaluation 
decrease is recognised within the Income Statement. 
At 31 March 2024 the historic cost of all land sites is $333.9 million and the fair value 
recognised on the balance sheet is $423.6 million. Details of each land valuation are 
included within Note 9 of these financial statements.
Property, plant and equipment
During the year, construction work progressed on the car park building on our East Tāmaki, 
New Zealand campus and earthworks continue for the construction of a fifth building on 
our East Tāmaki site. Capital commitments at 31 March 2024 include $12.4 million related 
to these projects. To date, spending on these projects totals $75.2 million. 
Voluntary limited product recall
In March 2024, the Group initiated a voluntary limited recall of Airvo 2 and myAirvo 2 
devices manufactured before 14 August 2017. The voluntary limited recall relates to a 
speaker configuration issue that may result in distorted, intermittent or inaudible alarm 
sound levels. This does not affect the therapy delivered by the Airvo 2 or myAirvo 2 device 
and the devices will otherwise perform as intended. A provision has been recognised 
through cost of sales for the total estimated recall cost of $20 million (refer Note 14).
128
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

4. OPERATING REVENUE AND SEGMENTAL INFORMATION (CONTINUED)
Segmental reporting 
The Group operates in one segment - being the design, manufacture, marketing and 
sale of medical devices and systems globally. These products and systems are for use 
in respiratory care, acute care, surgery and the treatment of OSA in the home and 
hospital. Resource allocation decisions are made to optimise the Group’s financial 
operating profit. This is consistent with the internal management reports the chief 
operating decision-maker (CODM)1 reviews.
 
Revenue is recognised at the point in time performance obligations are satisfied 
by transferring control of goods to the customer at the transaction price specified 
in the contract. Control typically transfers to the customer at the same time as the 
legal title passes to the customer, typically on delivery. The transaction price includes 
all amounts which the Group expects to be entitled to net of sales taxes and other 
indirect taxes, expected rebates and discounts. Where applicable, rebates and/or 
discounts are included within the consideration using an estimation typically based 
on the most likely method, and are only recognised to the extent that it is highly 
probable that a significant reversal will not occur. 
There are no significant financing components in the Group’s revenue arrangements.
1	 CODM comprised the Board of Directors (which includes the Chief Executive Officer), Vice President – Products and 
Technology, Senior Vice President – Sales and Marketing and the Chief Financial Officer during the 2024 financial year.
5. EXPENSES 
 2023
NZ$M 
 2024
NZ$M 
Profit before tax is after charging the following specific expenses: 
Donations 
 0.3 
 0.4 
Inventory written down (net) 
 22.3 
 25.9 
Fees paid to auditors
2023
NZ$000 
 2024
NZ$000
Statutory audit and half year review (i) 
 1,506 
 1,740 
Other assurance and audit related services (ii) 
 39 
 42 
Total audit, other assurance services and audit-related services 
 1,545 
 1,782 
Other services (iii) 
 62 
 25 
Total fees paid to auditors 
 1,607 
 1,807 
Other fees paid to auditors
(i)	 Statutory audit and half year review includes $662,274 (2023: $510,500) paid to other 
PwC network firms.
(ii) 	Other assurance and audit related services of $41,900 (2023: $39,100) include 
assurance procedures in relation to compliance with the constant currency framework.
(iii)	Other services of $24,624 in 2024 includes regulatory tax compliance procedures in 
Mexico and market survey data relating to executive remuneration levels. In 2023 other 
services fees of $61,600 includes providing executive remuneration benchmarking, 
market survey data relating to executive remuneration levels and regulatory tax 
compliance procedures in Mexico.
The fee paid to PwC for the audit and review of the Group’s financial statements is split 
across the jurisdictions where there are subsidiary entities that require an audit or are a 
significant component of the Group. 
 2023 
NZ$000
 2024
 NZ$000 
PwC New Zealand
 1,075 
 1,120 
PwC Overseas offices
 532 
 687 
 1,607 
 1,807 
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
129
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

6. DERIVATIVE FINANCIAL INSTRUMENTS
2023
2024
 Assets 
NZ$M
 Liabilities
NZ$M 
 Assets 
NZ$M
 Liabilities
NZ$M 
CURRENT 
Foreign currency forward exchange contracts – cash flow hedges 
 32.3 
 20.7 
 36.3 
 19.0 
Foreign currency forward exchange contracts – not hedge accounted 
 0.4 
 0.6 
 – 
 0.4 
Interest rate swaps & options – cash flow hedges 
 0.5 
 – 
 – 
 – 
 33.2 
 21.3 
 36.3 
 19.4 
NON-CURRENT 
Foreign currency forward exchange contracts – cash flow hedges 
 69.7 
 4.8 
 53.5 
 11.4 
Interest rate swaps & options – cash flow hedges 
 0.3 
 – 
 – 
 – 
 70.0 
 4.8 
 53.5 
 11.4 
Derivatives are initially recognised at fair value on the date a derivative contract is 
entered into, and are subsequently re-measured to their fair value. The method of 
recognising the resulting gain or loss depends on whether the derivative is designated 
as a hedging instrument and, if so, the nature of the item being hedged. The Group 
generally applies hedge accounting to all derivative financial instruments. 
The Group designates certain derivatives as hedges of highly probable forecast 
transactions (cash flow hedges). At the inception of the transaction the Group 
documents the relationship between hedging instruments and hedged items, as well as 
the risk management objective and strategy for undertaking various hedge transactions. 
The Group also documents their 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 cash flows of hedged items. 
Any ineffective portion is recognised immediately in the income statement. Derivatives 
that are designated as hedges will be classified as non-current if they have maturities 
greater than 12 months after the balance sheet date. 
Some components of hedge accounted derivatives are excluded from the designated 
risk. Cash flow hedges include only the intrinsic value of options. Time value on 
options is excluded from the hedge designation and is marked to market through 
other comprehensive income and accumulated within a separate component of equity 
(‘the costs of hedging reserve’ within ‘hedging reserves’) until such time as the related 
hedge accounted cash flows affect profit or loss. At this stage the cumulative amount 
is reclassified to profit or loss.
Master netting arrangements
The Group enters into derivative transactions under the International Swaps and Derivatives Association (ISDA) master agreements. The ISDA agreements do not meet the criteria 
for offsetting derivatives in the balance sheet. Netting arrangements are only enforceable upon early termination, for example, on occurrence of a credit default. Refer to Note 21 for 
information on the calculation of fair values and maturity of undiscounted cash flows for these financial instruments. 
130
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

6. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED) 
Contractual amounts of derivative financial instruments were as follows: 
 2023
NZ$M 
 2024
NZ$M 
Foreign currency forward contracts and options 
Sale commitments forward exchange contracts 
 2,754.8 
 3,109.5 
Purchase commitments forward exchange contracts 
 61.2 
 52.1 
Foreign currency borrowing forward exchange contracts 
 117.9 
 64.2 
Interest rate derivatives 
Interest rate swaps 
 31.9 
 2.5 
Undiscounted foreign currency contractual amounts for outstanding hedges were 
as follows: 
Foreign Currency
 2023
M
 2024
M 
Sale commitments
United States dollars 
US$1,060.0
US$962.5
European Union euros 
€289.5
€526.5
Japanese yen 
¥11,980.0
¥9,260.0
Purchase commitments
Mexican pesos 
MXN$999.0
MXN$743.5
 
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
131
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

7. TRADE AND OTHER RECEIVABLES 
 2023
NZ$M 
 2024
NZ$M
CURRENT
Trade receivables 
 184.5 
 223.0 
Loss allowance for doubtful trade receivables 
 (4.9)
 (3.5)
 179.6 
 219.5 
Other receivables 
 38.9 
 37.7 
 218.5 
 257.2 
Trade receivables are recognised initially at fair value and subsequently measured at 
amortised cost using the effective interest method, less loss allowance for doubtful 
trade receivables. Estimates are used in determining the level of receivables that 
may not be collected. The Group has applied the simplified approach to calculating 
expected credit losses on trade receivables and recognises a doubtful debt provision 
based on the lifetime expected credit loss at each reporting date. 
Bad debts are written off when they are considered to have become uncollectable. 
Trade receivables credit risk
As at balance date 85% of trade receivables were current (2023: 91%) with 1% (2023: 4%) 
more than 90 days past due. The total loss allowance for doubtful trade receivables 
represents an estimate of the expected credit losses in respect of trade receivables and 
covers the majority of these more than 90 days past due balances. The expected credit 
losses are assessed by reference to historical collection trends and are adjusted to reflect 
current and forward-looking information on macroeconomic factors affecting the ability of 
the customers to settle the receivables. 
Customer and receivable concentration 
 2023 
 2024
Five largest customers’ proportion of the Group’s: 
Operating revenue 
24%
23%
Trade receivables 
13%
16%
There is no history of default in relation to these customers. Further information about the 
credit quality and the Group’s exposure to credit risk can be found in Note 21. 
 
8. INVENTORIES 
 2023 
NZ$M
 2024
NZ$M 
Materials 
 165.7 
 164.1 
Finished products 
 256.4 
 235.4 
Provision for inventory write downs 
 (56.3)
 (79.1)
 365.8 
 320.4 
Inventories are stated at the lower of cost or net realisable value. Cost is determined 
using the first-in, first-out (FIFO) method and includes expenditure incurred in 
acquiring the inventories and bringing them to their existing location and condition. 
The cost of finished products comprises materials, direct labour, other direct costs and 
related production overheads (based on normal operating capacity). Net realisable 
value is the estimated selling price in the ordinary course of business, less applicable 
variable selling expenses. 
132
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

9. PROPERTY, PLANT AND EQUIPMENT 
Reconciliation of carrying amounts at the beginning and end of the year 
Land
Buildings
Plant & equipment
Capital projects
Total
Fair Value
NZ$M
Structure (i)
NZ$M
Fit out 
and other
NZ$M
Leased 
assets
NZ$M
Purchased 
NZ$M
Leased 
assets
NZ$M
Buildings (i)
NZ$M
Other
NZ$M
NZ$M 
Cost and revaluation 
Balance at 31 March 2022 
219.7
180.5
238.8
50.6
481.2
11.2
50.7
158.1
1,390.8
Revaluation recognised in asset revaluation reserve 
47.6
–
–
–
–
–
–
–
47.6
Additions 
6.6
10.8
7.8
33.2
23.0
6.0
47.0
76.7
211.1
Transfers 
–
37.2
8.8
–
41.7
–
(45.0)
(42.7)
–
Disposals 
–
–
(2.0)
(8.3)
(14.2)
(2.1)
–
–
(26.6)
Foreign exchange differences 
2.4
2.7
0.5
–
–
–
4.1
–
9.7
Balance at 31 March 2023 
276.3
231.2
253.9
75.5
531.7
15.1
56.8
192.1
1,632.6
Revaluation recognised in asset revaluation reserve 
17.3
–
–
–
–
–
–
–
17.3
Revaluation recognised in the income statement 
(98.1)
–
–
–
–
–
–
–
(98.1)
Additions 
224.4
1.0
6.9
27.4
16.0
5.7
43.0
35.8
360.2
Transfers 
2.2
5.3
8.4
–
52.3
–
(12.4)
(55.8)
–
Disposals 
–
–
(0.3)
(6.1)
(5.6)
(6.2)
–
(0.4)
(18.6)
Foreign exchange differences 
1.5
4.2
0.2
–
0.1
–
0.3
–
6.3
Balance at 31 March 2024 
423.6
241.7
269.1
96.8
594.5
14.6
87.7
171.7
1,899.7
Depreciation and impairment losses 
Balance at 31 March 2022 
–
31.1
96.8
22.8
275.1
7.2
–
–
433.0
Depreciation charge for the year 
–
5.5
9.6
12.4
43.8
4.2
–
–
75.5
Disposals 
–
–
(1.3)
(7.8)
(13.4)
(2.0)
–
–
(24.5)
Foreign exchange differences 
–
0.4
–
–
–
–
–
–
0.4
Balance at 31 March 2023 
–
37.0
105.1
27.4
305.5
9.4
–
–
484.4
Depreciation charge for the year 
–
6.4
11.8
12.8
51.9
4.9
–
–
87.8
Disposals 
–
–
(0.3)
(1.2)
(5.6)
(5.9)
–
–
(13.0)
Foreign exchange differences 
–
0.5
–
–
–
–
–
–
0.5
Balance at 31 March 2024 
–
43.9
116.6
39.0
351.8
8.4
–
–
559.7
Carrying amounts 
At 31 March 2022 
219.7
149.4
142.0
27.8
206.1
4.0
50.7
158.1
957.8
At 31 March 2023 
276.3
194.2
148.8
48.1
226.2
5.7
56.8
192.1
1,148.2
At 31 March 2024 
423.6
197.8
152.5
57.8
242.7
6.2
87.7
171.7
1,340.0
(i) $2.4 million of finance costs were capitalised during the year in relation to building additions (2023: $1.3 million).	
	
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
133
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

 
Land revaluation
As described in Note 21, land in Mexico and New Zealand is considered to be a level 
3 asset within the fair value hierarchy for valuation purposes. Valuation of land 
is performed in accordance with the provisions of NZ IAS 16 ‘Property, Plant and 
Equipment’ and NZ IFRS 13 ‘Fair Value Measurement’. There are certain estimates 
associated with determining fair value, with the significant input being comparable 
land sales information per square metre (‘psm’) for similar properties adjusted to 
reflect relevant physical and locational characteristics, including usability of land 
(likely yield). In the case of development land, adjustments also include envisaged 
future zoning and relevant timing of development. 
East Tāmaki - New Zealand
The East Tāmaki, New Zealand land holding was valued by Jones Lang LaSalle 
(JLL NZ), with an effective date of 31 March 2024. The valuation of land ranged 
from $600 psm for development land to $643 psm for land with improvements. 
The land has been revalued to $263.9 million, representing an increase of $11.1 million 
recognised through asset revaluation reserve in equity.
Karaka - New Zealand
The Karaka, New Zealand land holding was valued by Savills NZ Limited, with an 
effective date of 31 March 2024. The land acquired during the year comprised of 
79.4 hectares for the development of a second New Zealand campus in Karaka and 
includes a mix of rural and future urban zoned land. The land has been revalued from 
a carrying cost at 31 March 2024 of $220.1 million to a fair value of $122.0 million, 
representing a revaluation change of $98.1 million recognised within the income 
statement. The valuation has been conducted in accordance with accepted market 
approaches, the principle approach being the Direct (Sales) Comparison Approach. 
Reference has also been made to the Residual Feasibility Analysis (Discounted 
Cashflow) and Chance of Change (Plussage). 
Tijuana - Mexico 
The Mexico land holding was valued by Jones Lang LaSalle (JLL Mexico), with an 
effective date of 31 March 2024. The land was valued at US$22.5 million (NZ$37.7  
million), representing an increase of US$3.8 million (NZ$6.2 million) recognised 
through asset revaluation reserve in equity.
9. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
 
Land is measured at fair value, based on periodic but at least triennial valuations by 
external independent valuers less any impairment losses recognised after the date of 
the revaluation. Valuations are performed with sufficient regularity to ensure that the 
fair value does not differ materially from its carrying amount. 
All other property, plant and equipment is stated at historical cost less depreciation 
and impairment. Historical cost includes expenditure that is directly attributable to the 
acquisition of the items. This cost includes labour attributable to bringing the assets 
to the location and working condition for its intended use. 
Depreciation is generally calculated using the straight line method and is expensed 
over the estimated useful lives. Depreciation methods, residual values and useful lives 
are reassessed at each reporting date. Estimated useful lives are as follows: 
Buildings – structure 	
25 - 50 years
Buildings – fit-out and other 	
 3 - 50 years 
Plant and equipment	
 3 - 15 years
An asset’s carrying amount is written down immediately to its estimated recoverable 
amount if the asset’s carrying amount is greater than its estimated recoverable amount. 
Leased assets
The Group’s leases predominantly relate to property or equipment outside 
New Zealand. All leases are included within property, plant and equipment. 
Lease contracts are typically made for fixed periods between 3-12 years but may 
have extension options. Lease terms are negotiated on an individual basis and contain 
a wide range of different terms and conditions. The right-of-use (leased) asset is 
depreciated over the shorter of the asset’s useful life and the expected lease term 
on a straight-line basis. 
Revaluations of land 
Revaluation increases are recognised in other comprehensive income and 
accumulated as a separate component of equity in the asset revaluation reserve, 
except to the extent that they reverse a revaluation decrease of the same asset 
previously recognised in the income statement, in which case the increase is 
recognised in the income statement. 
Revaluation decreases are recognised in the income statement, except to the extent 
that they offset a previous revaluation increase for the same asset, in which case the 
decrease is recognised in other comprehensive income and accumulated as a separate 
component of equity in the asset revaluation reserve.
134
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

Property, plant and equipment (including leased assets) and intangible assets by 
geographical location:
2023
NZ$M
2024
NZ$M
932.7
1,110.0
239.1
265.2
62.0
53.2
New Zealand
Mexico
Other
 
The table below summarises the valuation approach to land and the principal 
assumptions used in establishing the fair values:
2023
2024
Predominant land valuation 
approach
Inputs used 
to measure 
fair value
Range of 
significant 
inputs
Weighted 
average
Range of 
significant 
inputs
Weighted 
average
Auckland East Tāmaki
Direct sales comparison
Rate per 
sqm
$558-600
$590
$600-643
$628
Auckland Karaka
Direct sales comparison 
with adjustments made 
to reflect usability and 
timing of zoning and 
development
Rate per 
sqm
n/a
n/a
$50-$183
$154
Mexico Tijuana
Direct sales comparison
Rate per 
sqm – USD
US$116
US$116
US$139-
146
US$143
Rate per 
sqm – NZD
$166
$166
$232-
$244
$238
The significant unobservable input used in the fair value measurement of the Group’s 
land is the value per square metre. Increases or decreases in the value per square 
metre would result in corresponding increases or decreases in the total valuation. 
 
Carrying amounts of land if measured at historical cost
Historical Cost
Fair Value
Unit
 2023 
 NZ$M 
 2024 
 NZ$M 
 2023 
 NZ$M 
 2024 
 NZ$M 
East Tāmaki
NZ$M
 81.9 
 86.4 
 248.3 
 263.9 
Karaka
NZ$M
 – 
 220.1 
 – 
 122.0 
Total New Zealand 
NZ$M
 81.9 
 306.5 
 248.3 
 385.9 
Mexico
US$M
 16.3 
 16.3 
 18.3 
 22.5 
Mexico
NZ$M
 25.9 
 27.4 
 28.0 
 37.7 
Total Land
NZ$M
 107.8 
 333.9 
 276.3 
 423.6 
9. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
135
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

 
Software: Software development 
costs that are directly attributable to 
the design and testing of identifiable 
and unique software products and 
acquired computer software licences 
controlled by the Group are recognised 
as intangible assets and are initially 
capitalised at cost. Directly attributable 
costs that are capitalised as part of 
the software include employee costs. 
The project costs (including the ERP 
implementation) are transferred 
from Capital projects in progress to 
Software, as each stage is completed. 
These software costs are amortised 
over their useful economic life of 
3 to 15 years. 
The costs of configuring or customising, 
and the ongoing fees to obtain access 
to an application software in a cloud 
computing Software-as-a-Service 
agreement are recognised as expenses 
when the services are received.
Patents and trademarks: Patents and 
trademarks have a finite useful life and 
are carried at cost less accumulated 
amortisation and impairment losses. 
Amortisation is calculated using the 
straight line method to allocate the 
cost of patents and trademarks over 
their anticipated useful lives of 5 
to 15 years. In the event of a patent 
being superseded or a trademark 
registration is not continued or 
renewed, the unamortised costs 
are expensed immediately. 
10. INTANGIBLE ASSETS 
Software
NZ$M
Patents,
trademarks &
applications
NZ$M
Other
NZ$M
Capital
Projects
in progress
NZ$M
Total
NZ$M 
Cost 
Balance at 31 March 2022 
 62.4 
 105.3 
 7.8 
 7.9 
 183.4 
Additions 
 1.7 
 18.9 
 – 
 1.0 
 21.6 
Transfers 
 3.4 
 – 
 – 
 (3.4)
 – 
Disposals 
 (6.9)
 (3.0)
 – 
 – 
 (9.9)
Foreign exchange differences 
 – 
 – 
 0.4 
 0.4 
 0.8 
Balance at 31 March 2023 
 60.6 
 121.2 
 8.2 
 5.9 
 195.9 
Additions 
 4.3 
 26.5 
 – 
 0.3 
 31.1 
Transfers 
 2.9 
 – 
 1.3 
 (4.2)
 – 
Disposals 
 (0.1)
 (3.2)
 – 
 (1.9)
 (5.2)
Foreign exchange differences 
 – 
 – 
 0.2 
 0.3 
 0.5 
Balance at 31 March 2024 
 67.7 
 144.5 
 9.7 
 0.4 
 222.3 
Amortisation and impairment losses 
Balance at 31 March 2022 
 33.0 
 60.6 
 3.0 
 – 
 96.6 
Amortisation for the year 
 5.1 
 18.2 
 0.2 
 – 
 23.5 
Disposals 
 (6.9)
 (2.9)
 – 
 – 
 (9.8)
Balance at 31 March 2023 
 31.2 
 75.9 
 3.2 
 – 
 110.3 
Amortisation for the year 
 5.2 
 21.0 
 0.3 
 – 
 26.5 
Disposals 
 – 
 (2.9)
 – 
 – 
 (2.9)
Balance at 31 March 2024 
 36.4 
 94.0 
 3.5 
 – 
 133.9 
Carrying amounts 
At 31 March 2022 
 29.4 
 44.7 
 4.8 
 7.9 
 86.8 
At 31 March 2023 
 29.4 
 45.3 
 5.0 
 5.9 
 85.6 
At 31 March 2024 
 31.3 
 50.5 
 6.2 
 0.4 
 88.4 
136
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

11. INCOME TAX
Income tax expense
 2023
NZ$M 
 2024
NZ$M 
Profit before tax 
328.0
235.7
Tax expense at the New Zealand rate of 28% 
91.8
66.0
Adjustments to tax: 
Non-assessable income / additional deductible expenses 
(0.8)
(0.5)
Non-deductible expenses / additional assessable income 
7.2
8.9
Non-deductible revaluation of land 
–
27.5
Foreign rates other than 28% 
(2.4)
(0.8)
Effect of foreign currency translations 
(2.0)
0.1
R&D tax credit 
(15.9)
(18.0)
Removal of building depreciation 
–
19.3
Prior period under/(over) provision 
(0.2)
0.6
Tax expense 
77.7
103.1
This is represented by: 
Current tax 
70.0
92.8
Deferred tax 
7.7
10.3
Tax expense 
77.7
103.1
Effective tax rate 
23.7%
43.7%
Effective tax rate excluding R&D tax credit, revaluation 
of land and removal of building depreciation
28.5%
30.5%
The Organisation for Economic Co-operation and Development’s (OECD)/G20 Inclusive 
Framework on Base Erosion and Profit Shifting (BEPS) addresses the tax challenges arising 
from the digitalisation of the global economy. The BEPS Pillar Two model rules seek to 
apply a 15% global minimum tax across all jurisdictions and is expected to apply to the 
Group from 1 April 2024.
The Group has applied the exception to recognising and disclosing information about 
deferred tax assets and liabilities related to Pillar Two income taxes. The Pillar Two rules 
are enacted in countries in which the Group operates but not yet in effect. Since the Group 
does not have significant operations in low-tax jurisdictions, the rules are not expected to 
have a material impact.
 
Tax expense comprises current and deferred tax. Tax expense is recognised in the 
income statement except to the extent that it relates to items recognised outside 
of the income statement, in which case it is recognised in other comprehensive 
income or directly in equity.
Current tax is the expected tax payable on the taxable income for the year, using 
tax rates enacted or substantively enacted at the balance date. It also includes any 
adjustment to tax payable for previous financial years.
Deferred tax arises due to temporary differences between the carrying amounts 
of assets and liabilities for financial reporting purposes and those for tax purposes. 
Deferred tax is determined using tax rates (and laws) that have been enacted or 
substantively enacted by balance date and are expected to apply when the related 
deferred tax asset is realised or the deferred tax liability is settled.
The R&D tax credit is estimated based on the eligible R&D expenditure incurred 
during the period and is recognised as a deduction to current tax expense and offset 
in current tax payable. The R&D tax credit is only recognised when there is reasonable 
certainty the Group will comply with the conditions of the tax incentive. 
IMPUTATION CREDITS
 2023
M 
 2024
M 
New Zealand imputation credits available for use in 
subsequent reporting periods
 NZ$318.6 
 NZ$280.4
Australian franking credits available for use in subsequent 
reporting periods
 A$16.2 
A$19.3
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
137
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

11. INCOME TAX (CONTINUED) 
Deferred tax assets / (liabilities)
Provisions 
and accruals
NZ$M
Inventories
NZ$M
Leases
NZ$M
Property, 
plant and 
equipment and 
intangibles
NZ$M
Financial 
instruments
NZ$M
Employee 
share based 
payments
NZ$M
Other
NZ$M
Total
NZ$M 
Balance at 31 March 2022 
37.4
94.2
1.2
(14.5)
(39.2)
4.1
0.4
83.6
Amounts recognised in: 
Other comprehensive income 
–
–
–
–
17.4
–
–
17.4
Directly in equity 
–
–
–
–
–
–
–
–
In the income statement 
(6.4)
(2.3)
0.6
0.3
–
0.6
(0.3)
(7.5)
Balance at 31 March 2023 
31.0
91.9
1.8
(14.2)
(21.8)
4.7
0.1
93.5
Amounts recognised in: 
Other comprehensive income 
–
–
–
–
5.0
–
–
5.0
Directly in equity 
–
–
–
–
–
(1.3)
–
(1.3)
In the income statement 
5.3
(0.8)
0.1
4.1
–
(0.2)
0.5
9.0
In the income statement – removal of building depreciation
–
–
–
(19.3)
–
–
–
(19.3)
Balance at 31 March 2024 
36.3
91.1
1.9
(29.4)
(16.8)
3.2
0.6
86.9
Deferred tax assets and liabilities are offset within the balance sheet where they relate to income taxes levied by the same taxation authority. 
138
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

12. INTEREST-BEARING LIABILITIES 
2023
2024
Borrowings
NZ$M
 Leases
NZ$M 
Borrowings
NZ$M
 Leases
NZ$M 
CURRENT 
Bank overdrafts 
4.2
–
1.1
–
Borrowings 
–
–
77.4
–
Lease liabilities 
–
17.1
–
17.7
4.2
17.1
78.5
17.7
NON-CURRENT 
Borrowings expiring 
Between one and two years 
63.6
–
5.7
–
Between two and three years 
15.5
–
–
–
Between three and four years 
–
–
30.0
–
Between four and five years 
–
–
–
–
Lease liabilities 
–
45.4
–
57.2
79.1
45.4
35.7
57.2
 
Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. 
Subsequent to initial recognition, borrowings are measured at amortised cost, 
applying the effective interest rate method. Financing expenses directly attributable 
to the acquisition, construction or production of a qualifying asset are capitalised 
as part of the cost of that asset. 
Borrowings are classified as current liabilities unless the Group has an unconditional 
right to defer settlement of the liability for at least 12 months after the reporting date.
Lease liabilities
The lease agreements do not impose any covenants, and leased assets may not be 
used as security for borrowing purposes. 
Lease liabilities have been measured at the present value of the remaining lease 
payments, discounted using a discount rate derived from the incremental borrowing 
rate for each relevant territory on 1 April 2019 when the interest rate implicit in the 
lease was not readily available. Leases that commenced after 1 April 2019 use an 
incremental borrowing rate that was applicable on commencement date. Incremental 
borrowing rates applied to lease liabilities range between 2% - 38%, with a weighted 
average rate of 6.4% (2023: 5.3%). 
Extension and termination options
Some property leases contain an extension option exercisable by the Group. At the 
commencement of a lease, the Group assesses whether it is reasonably certain an 
extension option will be exercised. The assessment is reviewed if a significant event 
or a significant change in circumstances occurs which affects this assessment and 
that is within the control of the Group. The extension options are only exercisable 
by the Group and not by the lessor. Where it is reasonably certain the extension 
will be exercised, that extension period and related costs are recognised on the 
balance sheet. 
Short-term and low-value leases
Payments associated with short-term leases and leases of low-value assets 
are recognised on a straight-line basis as an expense in the income statement. 
Short-term leases are leases with a lease term of 12 months or less. Low-value 
leases predominantly relate to computer equipment. 
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
139
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

12. INTEREST-BEARING LIABILITIES (CONTINUED)
Borrowing facilities 
Borrowings have been aged in accordance with the expiry dates of the facilities as there 
are no required principal payments before the expiry of each facility. At year end the 
weighted average interest rate for borrowings is 6.5% (2023: 4.3%). 
Key lenders to the Group are Debt Certificate Holders under the Negative Pledge Deed. 
The negative pledge includes the covenant that security can be given only in limited 
circumstances.  
The companies in the Group providing the undertakings under the Negative Pledge Deed 
are: 
Fisher & Paykel Healthcare Corporation Limited
Fisher & Paykel Healthcare Limited
Fisher & Paykel Healthcare Treasury Limited
Fisher & Paykel Healthcare Properties Limited
The principal covenants of the negative pledge are that:
(i) 	 the interest cover ratio for the Group shall not be less than 3 times earnings before 
interest, tax, depreciation and amortisation (EBITDA); 
(ii) 	the net tangible assets of the Group shall not be less than $200 million; and 
(iii) 	the total tangible assets of the Guaranteeing Group shall constitute at least 80% 
of the total tangible assets of the Group. 
There have been no breaches of debt covenants for the current or prior period. 
The Company had total available committed debt funding of $646.8 million as 
at 31 March 2024, of which $544.3 million was undrawn. As at 31 March 2024, 
the weighted average maturity of committed borrowing facilities was 2.7 years.
 2023 
NZ$M 
 2024
NZ$M 
Unused lines of credit
Uncommitted borrowing and bank overdraft facilities 
 90.0 
 82.0 
Committed borrowing facilities 
 624.5 
 544.3 
 714.5 
 626.3 
140
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

 13. TRADE AND OTHER PAYABLES 
 2023 
NZ$M 
 2024 
NZ$M 
CURRENT 
Trade payables 
 43.0 
 32.4 
Employee entitlements 
 94.5 
 108.6 
Other payables and accruals 
 82.2 
 78.9 
 219.7 
 219.9 
NON-CURRENT 
Employee entitlements 
 18.1 
 18.1 
Other payables and accruals 
 3.5 
 3.3 
 21.6 
 21.4 
 
Trade and other payables represent liabilities for goods and services provided to the 
Group prior to the end of the financial period which are unpaid. The amounts are 
unsecured and are usually paid within 60 days of recognition. Trade payables are 
recognised initially at fair value and subsequently measured at amortised cost using 
the effective interest method.
Refer to Note 18 for further details of employee entitlements and benefits.
14. PROVISIONS 
 2023 
NZ$M
Warranty 
 2024
NZ$M
Warranty
 2024
NZ$M
Recall
 2024
NZ$M 
Total
Warranty and recall provision
CURRENT 
Balance at beginning of 
the year 
 26.3 
 20.9 
 – 
 20.9 
Current year provision 
 (3.0)
 (7.0)
 20.0 
 13.0 
Warranty expenses incurred 
 (2.4)
 (2.9)
 – 
 (2.9)
Balance at end of the year 
 20.9 
 11.0 
 20.0 
 31.0 
NON-CURRENT 
Balance at beginning of 
the year 
 11.1 
 7.3 
 – 
 7.3 
Current year provision
 (3.8)
 (1.0)
 – 
 (1.0)
Balance at end of the year 
 7.3 
 6.3 
 – 
 6.3 
 
Provisions are recognised where the Group has a present legal or constructive 
obligation as a result of past events and it is more likely than not that an outflow 
of resources will be required to settle the obligation, and the amount can be 
reliably estimated. 
Warranty and Product Recall
Provision for warranty covers the obligations for the unexpired warranty periods for 
products, based on recent historical costs incurred on warranty exposure. Typical 
warranty terms are 1 to 2 years for parts and/or labour. 
The actual future warranty claims experienced by the Group may be different to that 
of the past. Factors that could impact future warranty claims include the success of 
the Group’s quality system, as well as future parts and labour costs. Where the Group 
is aware of specific product warranty issues including associated recall costs these are 
included in the provision. 
Management has made judgements, estimates and assumptions related to probable 
costs arising from the recall which affect the provision and total expenses. Actual 
outcomes may differ from these estimates as information is identified.  
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
141
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

15. SHARE CAPITAL 
 2023 
 NZ$M 
 2024 
 NZ$M 
Share capital at beginning of the year 
 266.3 
 307.0 
Issue of share capital under dividend reinvestment plan 
 35.3 
 92.6 
Issue of share capital under employee share plans 
 5.4 
 9.5 
Share capital at end of the year 
 307.0 
 409.1 
Less treasury shares (i) 
 (3.3)
 (5.1)
 303.7 
 404.0 
Number of issued shares 
Number of shares on issue at beginning of the year 
 577,405,878 
 579,356,576 
Shares issued: 
Dividend reinvestment plan 
 1,630,648 
 3,960,480 
Employee share purchase schemes 
 80,532 
 76,683 
Employee share based payments plans 
 239,518 
 569,943 
Number of shares on issue at end of the year 
 579,356,576 
 583,963,682 
Less treasury shares (i) 
 (137,282)
 (419,172)
 579,219,294 
 583,544,510 
 
Incremental costs directly attributable to the issue of new shares, rights or options are 
shown in equity as a deduction, net of taxation, from the proceeds. 
When shares are acquired by a member of the Group, the amount of consideration 
paid is recognised directly in equity. These shares are classified as treasury shares and 
presented as a deduction from share capital until the ownership transfers to a holder 
outside the Group. When treasury shares are subsequently reissued under employee 
share plans the cost of treasury shares is reversed and the realised gain or loss on sale 
or reissue, net of any directly attributable incremental transaction costs, is recognised 
within share capital. 
All shares are fully paid. All ordinary shares rank equally with one vote attached to each 
fully paid ordinary share. 
(i)	 Treasury shares are shares held and controlled by Fisher & Paykel Healthcare Employee 
Share Purchase Trustee Limited under the Employee Share Purchase Scheme by Fisher 
& Paykel Healthcare Employee Share Trust. 
16. EARNINGS PER SHARE 
 2023 
NZ$M 
 2024 
NZ$M 
Profit after tax 
 250.3 
132.6
Weighted average number of ordinary shares 
 578,140,116 
 581,972,373 
Adjustment for share options, PSRs and ESRs 
 3,490,803 
 4,206,561 
Weighted average number of ordinary shares for 
diluted earnings per share
 581,630,919 
 586,178,934 
Basic earnings per share (cents per share) 
43.3 cps
22.8 cps
Diluted earnings per share (cents per share) 
43.0 cps
22.6 cps
 
Basic earnings per share is calculated by dividing the profit after tax by the weighted 
average number of ordinary shares outstanding during the year. 
Diluted earnings per share is calculated by adjusting the weighted average number 
of ordinary shares outstanding to assume conversion of all dilutive potential ordinary 
shares. Options, Performance Share Rights (PSRs) and Employee Share Rights (ESRs) 
are convertible into the Company’s shares, and are therefore considered dilutive 
securities for diluted earnings per share.
142
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

17. RESERVES AND DIVIDENDS 
 2023 
NZ$M 
 2024 
NZ$M 
Hedging reserve 
 55.7 
 42.9 
Asset revaluation reserve 
 169.7 
 187.0 
Employee share based payment reserve 
 22.4 
 26.8 
Foreign currency translation reserve 
 1.4 
 3.4 
Total reserves 
 249.2 
 260.1 
Nature and purpose of reserves    
Hedging reserve
This reserve is used to record unrealised gains or losses on hedging instruments that are 
recognised directly in equity and the cumulative net change in the time value on currency 
options which are excluded from hedge designations of foreign currency risk. 
Amounts are recycled to the income statement when the associated hedged transactions 
affect the income statement. 
Asset revaluation reserve 
The asset revaluation reserve relates to the revaluation of land. For details refer to Note 9.
Share based payment reserve
This reserve is used to recognise the fair value of shares, options, PSRs and ESRs granted 
but not exercised or lapsed. Tax deductions in excess of the cumulative share based 
payment expense are recognised in equity. 
Amounts are transferred to share capital (including income tax benefits) when the vested 
shares, options, PSRs or ESRs are exercised or lapse.
Foreign currency translation reserve 
The foreign currency translation reserve contains foreign exchange differences arising on 
consolidation of assets and liabilities of overseas entities with a functional currency other 
than NZD. 
Dividends
All dividends are recognised as distributions to shareholders. 
During the year, supplementary dividends of $26.2 million were paid to non-resident 
shareholders (2023: $24.7 million), for which the Group received an equivalent foreign 
investor tax credit entitlement. The foreign investor tax credit entitlement is included in 
income taxes paid within the statement of cash flows.
 Cents 
per share 
 NZ$M 
Dividends 
2022 final 
 22.50 
 129.9 
2023 interim 
 17.50 
 101.1 
31 March 2023 
 40.00 
 231.0 
2023 final 
 23.00 
 133.3 
2024 interim 
 18.00 
 104.8 
31 March 2024 
 41.00 
 238.1 
Subsequent event – dividend declared 
On 28 May 2024 the Directors approved the payment of a fully imputed 2024 
final dividend of $137.2 million (23.5 cents per share) to be paid on 10 July 2024. A 
supplementary dividend of 4.1471 cents per share was also approved for eligible non-
resident shareholders.
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
143
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

18. EMPLOYEE EXPENSES 
Employee expenses total $692.7 million (2023: $607.8 million). 
2024
NZ$M
681.9
10.8
2023
NZ$M
9.0
598.8
Wages and 
salaries
Share based 
benefits
 
Wages and salaries
Wages and salaries includes non-monetary benefits, annual leave, long service leave 
and contributions to superannuation plans. 
Liabilities for wages and salaries, including non-monetary benefits, annual leave, 
long service leave and accumulating sick leave are recognised within employee 
entitlements in trade and other payables. These are measured at the amounts 
expected to be paid when the liabilities are settled in respect of employees’ services 
up to the reporting date. 
For the liabilities for long service leave liabilities, consideration is given to expected 
future wage and salary levels, experience of employee departures and periods of 
service. Expected future payments are discounted using market yields at the reporting 
date on national government bonds with terms to maturity and currency that match, 
as closely as possible, the estimated future cash outflows.
Liabilities for non-accumulating sick leave are recognised when the leave is taken and 
measured at the rates paid or payable.
Equity settled share based payments
The fair value (at grant date) of shares, options, PSRs and ESRs granted to employees 
is recognised as an employee expense in the income statement over the vesting 
period with a corresponding increase in the employee share based payment reserve. 
When shares, options, PSRs or ESRs are exercised, the amount in the share based 
payment reserve relating to those instruments, together with the option exercise 
price paid by the employee, is transferred to share capital. When any shares, options, 
PSRs or ESRs lapse, the amount in the share based payment reserve relating to those 
shares, options, PSRs or ESRs is also transferred to share capital. 
a) Key management and director compensation 
 2023 
 NZ$000 
 2024 
 NZ$000 
Salary and other short-term benefits 
 8,527 
 10,201 
Share based benefits 
 2,879 
 4,030 
Directors fees 
 1,390 
 1,515 
 12,796 
 15,746 
Key management includes the Chief Executive Officer and senior executives reporting 
directly to the Chief Executive Officer. 
The table excludes any dividends received on the Company’s shares held by the Directors 
or key management. 
144
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

18. EMPLOYEE EXPENSES (CONTINUED)
b) Employee share based compensation 
The Company grants options and share rights to certain employees under a number of 
Long Term Variable Remuneration Plans as follows: 
•	 2022 Share Option Plan and the 2022 Performance Share Rights Plan (from 1 April 2022)
•	 2019 Share Option Plan and the 2019 Performance Share Rights Plan (from 1 April 2019 
to 31 March 2022)
•	 Fisher & Paykel Healthcare Employee Share Rights Plan
Vesting of all schemes is subject to the employee still being in service at date of vesting. 
No amounts are payable for the grant of any options or share rights. Options, PSRs and 
ESRs granted to employees have no voting rights until they have been exercised and 
ordinary shares issued. 
(i) Share option plans 
Under the 2019 and 2022 Share Option Plans, one option gives the employee the right 
to acquire one ordinary share in the Company. Options vest on the anniversary date 
of the grant as long as the FPH share price on the NZX on that date has exceeded the 
“escalated price”. The escalated price is determined at the anniversary of the grant date 
and is calculated by:
•	 increasing the last calculated escalated price (which, as at the grant date, will be the 
exercise price of the option) by a percentage amount determined by the Board to 
represent the Company’s cost of capital; and
•	 reducing the resulting figure by the amount of any dividend paid by the Company 
in respect of a share in the 12 month period immediately preceding that anniversary.
Options under the 2022 plan vest on the third anniversary date if the vesting condition 
is met. Options under the 2019 plan vest on the third, fourth or fifth anniversary date 
if the vesting condition is met. 
(ii) Performance share rights plans
Under the Performance Share Rights Plans, one share right gives the employee the 
potential to exercise a share right for an ordinary share in the Company at no cost. 
PSRs will fully vest if the Company’s gross total shareholder return (TSR) performance 
exceeds the performance of the Dow Jones US Select Medical Equipment Total Return 
Index (DJSMDQT) in NZD by 10% or more over the same period. PSRs partially vest if 
the company’s TSR exceeds the DJSMDQT by less than 10%. 
The 2022 plan is a 3 year scheme and the Company’s TSR will be calculated and compared 
against the Index return of the third anniversary of the grant. The 2019 plan is a 5 year 
scheme, with the potential for rights to fully vest on the third and fourth anniversary 
of the grant date.
(iii) Employee share rights plan
The Employee Share Rights (ESR) Plan entitles certain New Zealand and Australian 
employees to be issued ordinary shares in the Company. ESRs automatically vest on the 
third anniversary of their grant date at no cost to the employee. For each ESR that vests, 
one ordinary share will be issued. 
(iv) Other Employee share and stock purchase plans 
Employee Share Purchase Plan: New Zealand and Australian full time employees are 
eligible, after a qualifying period, to participate in this plan. Shares are issued up to 
the value of $2,000, with a discount of up to $500 per employee. Loans are provided 
to employees for the purchase and repaid over the vesting period. No interest is charged 
on the loans. The qualifying period between grant and vesting date is 3 years. At 31 March 
2024 the total receivable owing from employees was $2.8 million (2023: $1.8 million).
Employee Stock Purchase Plan: North American employees working more than 20 hours 
per week, in accordance with section 423 of the US Internal Revenue Code as amended, 
are eligible to participate in this plan. Shares under this Plan are issued at a discount of 
15%, are allocated to employees at the time of issue and vest immediately. Shares issued 
under this plan in 2024 totalled 76,683 shares (2023: 80,532).
Measurement
The fair value of share options and PSRs is independently determined using a Monte Carlo 
simulation valuation methodology. The fair value of ESRs is independently determined 
using a discounted dividend approach. The key inputs and assumptions are included on 
the following page. 
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
145
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

18. EMPLOYEE EXPENSES (CONTINUED)
Movements in the number of options, PSRs and ESRs outstanding and their exercise prices are as follows: 
2023
2024
Options
Performance 
Share Rights
 Employee 
Share Rights
Options
Performance 
Share Rights
 Employee 
Share Rights
Number outstanding 
As at beginning of the year 
 2,091,774 
 542,839 
 254,918 
 2,674,761 
 931,229 
 293,687 
Granted during the year 
 914,977 
 403,282 
 163,032 
 920,620 
 400,683 
 173,829 
Exercised during the year 
 (287,228)
 – 
 (116,381)
 (905,423)
 – 
 (55,223)
Lapsed during the year 
 (44,762)
 (14,892)
 (7,882)
 (51,441)
 (19,583)
 (21,816)
As at end of the year 
 2,674,761 
 931,229 
 293,687 
 2,638,517 
 1,312,329 
 390,477 
Exercisable at year end 
 135,221 
 – 
 – 
 – 
 – 
 – 
Number of employees holding employee share options, PSRs and ESRs 
 220 
 216 
 396 
 237 
 241 
 435 
Weighted average exercise price 
 $23.40 
 – 
 – 
 $25.13 
 – 
 – 
Weighted average remaining contractual life (months) 
 29 
 28 
 26 
 27 
 21 
 20 
Fair value of share options or rights granted during the year (NZ$M) 
 3.9 
 3.9 
 3.1 
 4.7 
 4.7 
 3.7 
Fair value of share options or rights granted during the year ($ per share) 
$4.31 
$9.78 
$18.90 
$5.10 
$11.72 
$21.40 
Key inputs and assumptions used in fair value of grants during the year 
Share price at grant date 
$19.20 
$19.20 
$19.20 
$21.55 
$21.55 
$21.55 
Contractual life (years) 
 3 
 3 
 3 
 3 
 3 
 3 
Exercise price 
$19.63 
 Nil 
 Nil 
$21.96 
 Nil 
 Nil 
Expected volatility (i) 
32.8%
32.8%
n/a
32.5%
32.5%
n/a
Expected dividend yield 
2.02%
2.02%
2.02%
1.83%
1.83%
1.83%
Cost of equity 
9.7%
 n/a 
9.7%
10.5%
 n/a 
10.5%
5 year NZD risk free rate 
3.83%
3.83%
n/a
5.18%
5.18%
n/a
5 year USD risk free rate 
n/a
3.54%
n/a
n/a
4.65%
n/a
NZD/USD exchange rate of grant date 
n/a
0.6100
n/a
n/a
0.5877
n/a
Expected NZD/USD volatility 
n/a
11.20%
n/a
n/a
11.60%
n/a
Expected DJSMDQT index volatility 
n/a
19.70%
n/a
n/a
16.00%
n/a
(i) The expected share price volatility is derived by analysing the historical volatility over the most recent historical period corresponding to the term of the option or PSR.
146
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

19. CONTINGENT LIABILITIES
 
 
Contingent liabilities are subject to uncertainty or cannot be reliably measured and 
are not provided for. Disclosures as to the nature of any contingent liabilities are set 
out below. Judgements and estimates are applied to determine the probability that an 
outflow of resources will be required to settle an obligation. These are made based on 
a review of the facts and circumstances surrounding the event and advice from both 
internal and external parties.
Periodically the Group is party to litigation including product liability and patent claims. 
The Directors are unaware of the existence of any claim or contingencies that would have 
a material impact on the financial statements.
20. COMMITMENTS 
 2023
NZ$M 
 2024
NZ$M 
Capital expenditure commitments contracted for but not 
recognised as at the reporting date:
Within one year
 58.4 
21.6
Between one and two years
 24.0 
 43.4 
Between two and five years 
 – 
 15.0 
 82.4 
80.0
The commitments above as at 31 March 2023 excluded the conditional commitment of 
$247.5 million payable for the second New Zealand campus in Karaka. As of 31 March 2024, 
the commitments for Karaka land purchase is $58.0 million.
 21. FINANCIAL RISK MANAGEMENT
The Group’s activities expose it to a variety of financial risks: market risk (including 
currency risk and interest rate risk), credit risk and liquidity risk. 
The Board has approved procedures and guidelines that identify and evaluate risks and 
authorise various financial instruments to manage financial risks. These procedures and 
guidelines are reviewed regularly.
a. Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, 
interest rates and prices will affect profit or the value of financial instruments. 
The objective of market risk management is to manage and control market risk exposures 
through the use of various financial instruments in accordance with the Group’s treasury 
procedures. 
(i) Foreign exchange risk
Foreign exchange risk arises when future transactions and recognised assets and liabilities 
are denominated in a currency that is not the entity’s functional currency.
The Group operates internationally and is exposed to foreign exchange risk arising from 
various currency exposures, primarily US dollar (USD), Euro (EUR), Japanese yen (JPY) 
and Mexican peso (MXN).
Foreign exchange risk is hedged in accordance with the Group’s treasury procedures. 
The Group enters into foreign currency option contracts and forward foreign currency 
contracts within procedure parameters to hedge the foreign exchange risk associated 
with anticipated sales or costs. The terms of the foreign currency option contracts and 
the forward foreign currency contracts generally do not exceed 5 years, but may have 
terms of up to 10 years with Board approval.
Foreign exchange contracts and options in relation to sales are designated at the 
Group level as hedges of foreign exchange risk on specific forecast foreign currency 
denominated sales. 
Balance sheet foreign exchange risk arising from net assets held by the Group may be 
hedged either by debt in the relevant currency, foreign currency swaps, options and 
forward foreign currency contracts. 
(ii) Interest rate risk
The Group’s main interest rate risk arises from floating rate borrowings drawn under bank 
debt facilities. When deemed appropriate, the Group manages floating interest rate risk 
by using floating-to-fixed interest rate swaps and interest rate options within procedure 
parameters. Interest rate swaps and options are accounted for as cash flow hedges.
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
147
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

 21. FINANCIAL RISK MANAGEMENT (CONTINUED) 
The carrying amounts of significant non-derivative financial assets and liabilities are denominated in the following currencies:	
 NZD 
NZ$M
 USD
NZ$M
 EUR
NZ$M
 JPY
NZ$M
 AUD 
NZ$M
 CAD 
NZ$M
 GBP
NZ$M
 MXN 
NZ$M
 Other 
NZ$M
 Total
NZ$M 
2023 
Cash 
 60.1 
 13.6 
 9.1 
 – 
 4.9 
 1.1 
 0.8 
 5.2 
 26.2 
 121.0 
Trade receivables 
 1.6 
 85.2 
 44.7 
 17.2 
 5.8 
 8.8 
 5.6 
 2.2 
 13.4 
 184.5 
Trade and other payables 
 (60.3)
 (25.6)
 (13.3)
 (1.0)
 (3.2)
 (1.2)
 (4.1)
 (12.1)
 (7.9)
 (128.7)
Bank overdraft 
 – 
 – 
 (2.6)
 (0.7)
 (0.9)
 – 
 – 
 – 
 – 
 (4.2)
Lease liabilities 
 (6.3)
 (31.6)
 (9.3)
 (1.4)
 (2.8)
 (1.2)
 (3.7)
 (0.8)
 (5.4)
 (62.5)
Borrowings 
 (10.0)
 (63.6)
 – 
 – 
 (3.5)
 (2.0)
 – 
 – 
 – 
 (79.1)
 (14.9)
 (22.0)
 28.6 
 14.1 
 0.3 
 5.5 
 (1.4)
 (5.5)
 26.3 
 31.0 
2024 
Cash 
 3.2 
 12.1 
 8.3 
 2.7 
 2.4 
 1.5 
 1.7 
 9.4 
 40.7 
 82.0 
Trade receivables 
 1.6 
 102.4 
 58.2 
 17.4 
 7.8 
 9.4 
 10.4 
 1.9 
 13.9 
 223.0 
Trade and other payables 
 (50.6)
 (25.9)
 (15.5)
 (1.5)
 (3.2)
 (1.2)
 (4.8)
 (6.1)
 (5.8)
 (114.6)
Bank overdraft 
 – 
 – 
 – 
 – 
 – 
 – 
 – 
 – 
 (1.1)
 (1.1)
Lease liabilities 
 (5.9)
 (45.0)
 (8.4)
 (0.7)
 (2.4)
 (1.0)
 (3.2)
 (1.0)
 (7.3)
 (74.9)
Borrowings 
 (40.6)
 (66.8)
 – 
 – 
 (3.6)
 (2.1)
 – 
 – 
 – 
 (113.1)
 (92.3)
 (23.2)
 42.6 
 17.9 
 1.0 
 6.6 
 4.1 
 4.2 
 40.4 
 1.3 
148
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

21. FINANCIAL RISK MANAGEMENT (CONTINUED) 	
	
a. Market risk (continued)
Summarised sensitivity analysis
The following table summarises the sensitivity of the Group’s financial assets and financial 
liabilities to interest rate risk and foreign exchange risk. 
A sensitivity of +/-10% for foreign exchange risk has been selected. The Group believes 
that an overall sensitivity of +/-10% is reasonably possible given the exchange rate volatility 
observed on a historical basis. A sensitivity of +/-1% has been selected for interest rate risk. 
This sensitivity is based on reasonably possible changes over a financial year using the 
observed range of historical data.
All variables other than the applicable interest rates and exchange rates are held constant. 
2023
2024
 NZ$M 
 NZ$M 
 NZ$M 
 NZ$M 
Interest rate change 
-1%
+1%
-1%
+1%
Impact on profit after tax 
 (0.2)
 0.2 
 0.6 
 (0.6)
Impact on hedging reserves 
(within equity) 
 (0.4)
 0.4 
 – 
 – 
 (0.6)
 0.6 
 0.6 
 (0.6)
Foreign exchange rate change
-10%
+10%
-10%
+10%
Impact on profit after tax 
 4.2 
 (4.6)
 14.8 
 (13.8)
Impact on hedging reserves 
(within equity) 
 (189.6)
 154.7 
 (213.0)
 174.3 
 (185.4)
 150.1 
 (198.2)
 160.5 
Fair value estimation
NZ IFRS 13 for financial assets and liabilities measured at fair value requires disclosure 
of the fair value measurements by level from the following fair value hierarchy:
•	 Level 1 – Quoted price (unadjusted) in active markets for identical assets and liabilities;
•	 Level 2 – Inputs, other than quoted price included within level 1, that are observable 
for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived 
from prices);
•	 Level 3 – Inputs for assets and liabilities that are not based on observable market data 
(that is, unobservable inputs).
Financial Instruments
All the Group’s financial instruments held at fair value have been measured at the fair value 
measurement hierarchy of level 2 (2023: level 2). 
The fair value of derivative instruments designated in a hedging relationship is determined 
using the following valuation techniques:
•	 Foreign currency forward exchange contracts have been fair valued using quoted 
forward exchange rates and discounted using yield curves from quoted interest rates 
that match the maturity dates of the contracts.
•	 Foreign currency option contracts have been fair valued using observable option 
volatilities, and quoted forward exchange and interest rates that match the maturity 
dates of the contracts.
•	 Interest rate swaps are fair valued by discounting the future interest and principal cash 
flows using current market interest rates that match the maturity dates of the contracts.
These valuation techniques maximise the use of observable market data where it is 
available and rely as little as possible on entity-specific estimates. 
Land
Refer to Note 9 for further information about land that is measured at fair value, including 
a summary of the valuation techniques used. 
Other 
All financial assets other than derivatives are measured at amortised cost including 
short-term investments. All financial liabilities other than derivatives are classified as 
measured at amortised cost. Financial liabilities measured at amortised cost are fair 
valued using the contractual cash flows. The carrying value of financial assets and liabilities 
approximates their fair value. In considering the fair value of interest-bearing assets and 
liabilities, the estimated future interest rates approximate the discount rates used in a fair 
value assessment.
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
149
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

21. FINANCIAL RISK MANAGEMENT (CONTINUED)
b. Liquidity risk
Management monitors rolling forecasts of the Group’s liquidity position on the basis of expected cash flows. The table below sets out the contractual, undiscounted cash flows for non-
derivative financial liabilities and derivative financial instruments. 
< 1 year 
NZ$M
 1–2 years
NZ$M 
 2–5 years
NZ$M 
 5+ years
NZ$M 
 Contractual 
cash flows
NZ$M 
 Consolidated 
Balance Sheet
NZ$M 
2023 
Bank overdrafts 
4.2
–
–
–
4.2
4.2
Trade and other payables 
128.7
–
–
–
128.7
128.7
Borrowings 
3.4
65.9
15.9
–
85.2
79.1
Lease liabilities (i) 
17.3
13.2
22.8
7.0
60.3
62.5
Total non-derivative financial liabilities 
153.6
79.1
38.7
7.0
278.4
274.5
Foreign currency forward exchange contracts 
11.8
26.5
35.3
13.3
86.9
76.3
Interest rate derivative instruments net inflows (outflows) (ii) 
0.9
0.3
0.1
–
1.3
0.8
Total derivative financial instruments – assets
12.7
26.8
35.4
13.3
88.2
77.1
2024 
Bank overdrafts 
1.1
–
–
–
1.1
1.1
Trade and other payables 
114.6
–
–
–
114.6
114.6
Borrowings 
82.3
6.1
32.1
2.1
122.6
113.1
Lease liabilities (i) 
17.9
14.8
31.6
25.8
90.1
74.9
Total non-derivative financial liabilities 
215.9
20.9
63.7
27.9
328.4
303.7
Foreign currency forward exchange contracts
17.4
6.3
24.0
21.1
68.8
59.0
Interest rate derivative instruments net inflows (outflows) (ii) 
–
–
–
–
–
–
Total derivative financial instruments – assets 
17.4
6.3
24.0
21.1
68.8
59.0
(i) Contractual cash flows on leases exclude extension options. 
(ii) Interest rate swaps derivative cash flows are estimated using forward interest rates at reporting date.
150
Section 4 | FINANCIALS
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

21. FINANCIAL RISK MANAGEMENT (CONTINUED)
c. Credit risk
The Group is exposed to credit risk in respect of trade receivables, financial instruments, 
cash and cash equivalents and short-term investments in the normal course of business. 
The maximum exposure to credit risk is represented by the carrying value of these 
financial assets. Credit risk is managed on a Group basis with no significant concentration 
of credit risk. 
The Group has policies in place to ensure that sales of products and services are made 
to customers with an appropriate credit history. There are no significant trade receivable 
balances relating to customers who have previously defaulted on amounts due to 
the Group. 
Derivative counterparties, cash transactions, cash at banks, and short-term investments 
are limited to high credit quality financial institutions. Over 73% of cash and short-term 
investments (2023: 80%) is held with counterparties with credit rating of Standard and 
Poors’ A- and above. 
The Group’s exposure to credit risk from derivative financial instruments is limited because 
it does not expect non-performance of the obligation contained therein due to the credit 
rating of the financial institutions concerned.  
22. SIGNIFICANT EVENTS AFTER BALANCE DATE
Other than the dividends disclosed in Note 17 there are no other significant events after 
balance date. 
 23. OTHER MATERIAL ACCOUNTING POLICIES 
a. Changes to accounting policies 
There have been no changes in accounting policies. 
 
b. Impairment of non-financial assets 
Assets that have an indefinite useful life or are under development are not subject 
to amortisation and are tested annually for impairment. Assets that are subject 
to depreciation or amortisation are reviewed for impairment whenever events or 
changes in circumstances indicate that the carrying amount may not be recoverable. 
The recoverable amount is the higher of an asset’s fair value less costs of disposal, 
and value in use. For the purposes of assessing impairment, assets are grouped 
at the lowest levels for which there are separately identifiable cash flows (cash 
generating units). 
c. Goods and Services Tax (GST) 
The income statement has been prepared so that all components are stated exclusive 
of GST. All items in the balance sheet are stated net of GST, with the exception of 
trade receivables and payables, which include GST invoiced. 
 
d. Cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with financial 
institutions, other short-term highly liquid investments with maturities of three 
months or less that are readily convertible to known amounts of cash and which 
are subject to an insignificant risk of changes in value, and bank overdrafts. 
e. Research and development 
Research expenditure is expensed as incurred. 
Development costs that are directly attributable to the design and testing of 
identifiable and unique products controlled by the Group are recognised as intangible 
assets only when all the following criteria are met: 
•	 it is technically feasible to complete the product so that it will be available for 
use or sale;
•	 management intends to complete the product and use or sell it; 
•	 there is an ability to use or sell the product; 
•	 it can be demonstrated that the product will generate future economic benefits; 
•	 adequate technical, financial and other resources to complete the development 
and to use or sell the product are available and; 
•	 the expenditure attributable to the product during its development can be reliably 
measured and is material. 
Directly attributable costs capitalised as part of the product would include employee 
costs and an appropriate portion of relevant overheads. Other development 
expenditures that do not meet these criteria are recognised as an expense as 
incurred. Development costs previously recognised as an expense are not recognised 
as an asset in a subsequent period. Development costs recognised as an asset are 
amortised over their estimated useful lives. 
Section 4 | FINANCIALS
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151
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024

INDEPENDENT AUDITOR’S REPORT 
To the shareholders of Fisher & Paykel Healthcare Corporation Limited
OUR OPINION 
In our opinion, the accompanying consolidated financial statements of Fisher & Paykel 
Healthcare Corporation Limited (the Company), including its subsidiaries (the Group), 
present fairly, in all material respects, the financial position of the Group as at 31 March 
2024, its financial performance and its cash flows for the year then ended in accordance 
with New Zealand Equivalents to International Financial Reporting Standards (NZ 
IFRS) and International Financial Reporting Standards Accounting Standards (IFRS 
Accounting Standards). 
What we have audited
The Group’s consolidated financial statements comprise:
•	 the consolidated balance sheet as at 31 March 2024;
•	 the consolidated income statement for the year then ended;
•	 the consolidated statement of comprehensive income for the year then ended;
•	 the consolidated statement of changes in equity for the year then ended;
•	 the consolidated statement of cash flows for the year then ended; and
•	 the notes to the consolidated financial statements, comprising material accounting 
policy information and other explanatory information.
BASIS FOR OPINION 
We conducted our audit in accordance with International Standards on Auditing 
(New Zealand) (ISAs (NZ)) and International Standards on Auditing (ISAs). 
Our responsibilities under those standards are further described in the Auditor’s 
responsibilities for the audit of the consolidated financial statements section of our report. 
We believe that the audit evidence we have obtained is sufficient and appropriate to 
provide a basis for our opinion. 
Independence
We are independent of the Group in accordance with Professional and Ethical 
Standard 1 International Code of Ethics for Assurance Practitioners (including International 
Independence Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing 
and Assurance Standards Board and the International Code of Ethics for Professional 
Accountants (including International Independence Standards) issued by the International 
Ethics Standards Board for Accountants (IESBA Code), and we have fulfilled our other 
ethical responsibilities in accordance with these requirements. 
Our firm carries out other services for the Group in the areas of providing market survey 
data relating to executive remuneration levels, regulatory tax compliance procedures in 
Mexico, and other assurance services in relation to compliance with constant currency 
disclosures. The provision of these other services has not impaired our independence as 
auditor of the Group.
152
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KEY AUDIT MATTERS 
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current year. 
These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate 
opinion on these matters. 
Description of the key audit matter
How our audit addressed the key audit matter
Revenue recognition
The Group’s revenue primarily consists of the sale of products. Operating revenue 
totalled $1,742.8 million in the year ended 31 March 2024 as outlined in Note 4. 
In determining the appropriate recognition of revenue, management has considered 
the following characteristics of the sale of products:
•	 products are sold to customers in multiple territories with varying sales contract 
terms and conditions; and
•	 in certain markets, sales are made to distributors and include rebate arrangements.
Management has concluded that:
•	 revenue is primarily derived from the satisfaction of a single performance 
obligation for each contract which is the sale of products; and
•	 control of product transfers to the customer/distributor at the same time as legal 
title passes.
Given the conclusions above and the volume of revenue recognised, we have given 
significant audit focus and attention to the recognition of revenue.
On a sample basis for major operating subsidiaries:
•	 we examined contracts with customers to validate that management’s conclusion was 
appropriate in relation to the determination of performance obligations and when 
control transfers; and
•	 obtained an understanding of rebate, payment and pricing arrangements that support 
the recognition of a sale on transfer of control to the distributor.
We completed detailed audit procedures over revenue including:
•	 obtaining an understanding of systems, processes and controls and evaluating and 
testing certain controls in place over the recording of revenue in the appropriate period;
•	 for a targeted operating subsidiary, utilising data assurance techniques to match 
invoices issued to cash received, rebates or amounts receivable at balance date;
•	 for a sample of revenue transactions in the other major operating subsidiaries, we 
examined invoices issued to customers, shipping documentation or cash remittances, 
where paid;
•	 for a sample of transactions within accounts receivable at balance date, we obtained 
either confirmation of the amount owing from the customer, or performed alternative 
procedures; and
•	 assessing the risk of revenue cut-off and performing testing where necessary.
Section 4 | FINANCIALS
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153
INDEPENDENT AUDITOR’S REPORT

Description of the key audit matter
How our audit addressed the key audit matter
Inventory valuation
At 31 March 2024, the Group held inventories of $320.4 million, net of provision for 
inventory write downs of $79.1 million.
As outlined in note 8, inventories are stated at the lower of cost or net realisable value. 
The Group holds inventory in a number of locations globally. This inventory is adjusted 
to cost at year end by the elimination of inter-group margin.
Management applies judgment in determining inventory valuation, in particular the 
level of provisions for inventory which is excess to production requirements, slow 
moving, or obsolete in nature.
Given the value and quantum of inventory and the estimate and judgements 
described above, the valuation of inventory required significant audit attention and is 
a key audit matter.
Our audit procedures included:
•	 obtaining an understanding of systems, processes and controls and evaluating and 
testing certain controls in place over inventory;
•	 on a sample basis, testing materials and finished products costing to supporting 
documentation;
•	 understanding and assessing the reasonableness of the allocation of manufacturing 
costs;
•	 on a sample basis, testing the accuracy of the Group’s global inventory being 
recognised using the appropriate costing, including the elimination of inter-group 
margin;
•	 performing analytical procedures on selected inventory provisions to assess their 
reasonableness, including testing inventory report reliability and consistency against 
the provision recognised;
•	 assessing production and sales forecasting to support certain inventory provisions 
recognised; and
•	 reviewing the appropriateness of disclosures in the consolidated financial statements.
Karaka land valuation
At 31 March 2024, the Group held land of $423.6 million. In September 2022, the 
Group announced an agreement to purchase land in Karaka for a second New Zealand 
campus for development in line with the Group’s strategy. The purchase conditions 
were satisfied and the land was acquired in May 2023. As at 31 March 2024, the fair 
value of the Karaka development land was $122.0 million.
As outlined in note 9, the Group’s accounting policy requires land to be measured 
at fair value with at least a triennial valuation by external valuers. In this financial 
year, as a result of changes to property market conditions, external valuations were 
obtained for all land held by the Group. In respect of the Karaka development land, 
the Group recognised a land revaluation decrease through the consolidated income 
statement of $98.1 million.
The existence of significant estimation uncertainty and the quantum of the revaluation 
decrease recognised in the consolidated income statement is why we have given 
specific audit focus and attention to this area.
Our audit procedures included:
•	 obtaining and reviewing the valuation report from the external valuer for the 
Karaka land;
•	 holding discussions with the valuer to understand the methodologies, key assumptions 
applied and confirmed that the valuation was performed in accordance with the 
appropriate accounting and valuation standards;
•	 assessing the valuer’s qualifications, expertise and their objectivity;
•	 engaging our in-house real estate valuation expert to critique and challenge the 
methodologies used, work performed and key assumptions applied by the valuer; and
•	 reviewing the appropriateness of the disclosures in the consolidated financial 
statements.
154
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Fisher & Paykel Healthcare | ANNUAL REPORT 2024
INDEPENDENT AUDITOR’S REPORT

OUR AUDIT APPROACH
Overview
Overall group materiality: $16.3 million, which represents 
approximately 5% of profit before tax and revaluation of land 
recognised in the consolidated income statement.
We chose this measure as the benchmark because, in our view, 
it is the benchmark against which the performance of the 
Group is measured by users.
Our Group audit scoping focussed on eight subsidiaries which 
were selected based on their significant financial contribution to 
the Group’s revenue or profit before tax. We performed specified 
audit and analytical procedures over the other subsidiaries.
As reported above, we have three key audit matters, being:
• Revenue recognition;
• Inventory valuation; and
• Karaka land valuation.
As part of designing our audit, we determined materiality and assessed the risks 
of material misstatement in the consolidated financial statements. In particular, we 
considered where management made subjective judgements; for example, in respect 
of significant accounting estimates that involved making assumptions and considering 
future events that are inherently uncertain. As in all of our audits, we also addressed 
the risk of management override of internal controls, including among other matters, 
consideration of whether there was evidence of bias that represented a risk of material 
misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is 
designed to obtain reasonable assurance about whether the consolidated financial 
statements are free from material misstatement. Misstatements may arise due to 
fraud or error. They are considered material if, individually or in aggregate, they could 
reasonably be expected to influence the economic decisions of users taken on the basis 
of the consolidated financial statements. 
Based on our professional judgement, we determined certain quantitative thresholds 
for materiality, including the overall Group materiality for the consolidated financial 
statements as a whole as set out above. These, together with qualitative considerations, 
helped us to determine the scope of our audit, the nature, timing and extent of our 
audit procedures and to evaluate the effect of misstatements, both individually and in 
aggregate, on the consolidated financial statements as a whole.
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us 
to provide an opinion on the consolidated financial statements as a whole, taking into 
account the structure of the Group, the accounting processes and controls, and the 
industry in which the Group operates.
OTHER INFORMATION 
The Directors are responsible for the other information. The other information comprises 
the information included in the Annual Report, but does not include the consolidated 
financial statements and our auditor’s report thereon.
Our opinion on the consolidated financial statements does not cover the other 
information and we do not express any form of audit opinion or assurance conclusion 
thereon. 
In connection with our audit of the consolidated financial statements, our 
responsibility is to read the other information and, in doing so, consider whether the 
other information is materially inconsistent with the consolidated financial statements 
or our knowledge obtained in the audit, or otherwise appears to be materially misstated. 
If, based on the work we have performed on the other information that we obtained prior 
to the date of this auditor’s report, we conclude that there is a material misstatement of 
this other information, we are required to report that fact. We have nothing to report in 
this regard.
Materiality
Group scoping
Key audit
matters
Section 4 | FINANCIALS
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155
INDEPENDENT AUDITOR’S REPORT

INDEPENDENT AUDITOR’S REPORT
RESPONSIBILITIES OF THE DIRECTORS FOR THE CONSOLIDATED 
FINANCIAL STATEMENTS
The Directors are responsible, on behalf of the Company, for the preparation and fair 
presentation of the consolidated financial statements in accordance with NZ IFRS and IFRS 
Accounting Standards, and for such internal control as the Directors determine is necessary 
to enable the preparation of consolidated financial statements that are free from material 
misstatement, whether due to fraud or error. 
In preparing the consolidated financial statements, the Directors are responsible for 
assessing the Group’s ability to continue as a going concern, disclosing, as applicable, 
matters related to going concern and using the going concern basis of accounting unless 
the Directors either intend to liquidate the Group or to cease operations, or have no 
realistic alternative but to do so. 
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED 
FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the consolidated financial 
statements, as a whole, are 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 ISAs 
(NZ) and ISAs will always detect a material misstatement when it exists. Misstatements can 
arise from fraud or error and 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 these consolidated financial statements. 
A further description of our responsibilities for the audit of the consolidated financial 
statements is located at the External Reporting Board’s website at:
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/
This description forms part of our auditor’s report. 
WHO WE REPORT TO
This report is made solely to the Company’s shareholders, as a body. Our audit work has 
been undertaken so that we might state those matters which we are required to state to 
them in an auditor’s report and for no other purpose. To the fullest extent permitted by 
law, we do not accept or assume responsibility to anyone other than the Company and the 
Company’s shareholders, as a body, for our audit work, for this report or for the opinions 
we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is 
Indumin Senaratne (Indy Sena). 
For and on behalf of: 
 
Chartered Accountants
28 May 2024	
Auckland
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157

158
Section 5 | APPENDICES
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A P P E N D I C E S
5
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159

FIVE YEAR SUMMARY
For the years ended 31 March
All figures in NZ$M (except as otherwise stated)
2020
2021
2022
2023
2024
FINANCIAL 
PERFORMANCE 
Sales revenue 
1,273.4 
1,948.2 
1,642.4 
1,588.6 
1,758.1 
Foreign exchange gain (loss) on hedged sales 
(9.7)
23.0 
39.3 
(7.5)
(15.3)
Total operating revenue 
1,263.7 
1,971.2 
1,681.7 
1,581.1 
1,742.8 
Gross profit 
835.8 
1,245.6 
1,052.7 
938.4 
1,044.4 
Gross margin 
66.1%
63.2%
62.6%
59.4%
59.9%
SG&A expenses 
(338.0)
(396.6)
(393.1)
(431.9)
(492.8)
R&D expenses 
(118.5)
(136.7)
(154.0)
(174.3)
(198.2)
Total operating expenses 
(456.5)
(533.3)
(547.1)
(606.2)
(691.0)
Operating profit 
379.3 
712.3 
505.6 
332.2 
353.4 
Operating margin 
30.0%
36.1%
30.1%
21.0%
20.3%
Revaluation of land 
–  
–  
–  
–  
(98.1)
Profit before financing and tax
 379.3
 712.3
 505.6
 332.2
 255.3
Net financing expense 
(8.8)
5.9 
(1.4)
(4.2)
(19.6)
Tax expense 
(83.2)
(194.0)
(127.3)
(77.7)
(103.1)
Profit after tax 
287.3 
524.2 
376.9 
250.3 
132.6 
Underlying profit after tax(1) 
287.3 
524.2 
376.9 
250.3 
264.4 
 Growth Rates 
Reported 
Revenue 
18.1%
56.0%
-14.7%
-6.0%
10.2%
Gross profit 
16.8%
49.0%
-15.5%
-10.9%
11.3%
R&D expenses 
18.0%
15.4%
12.7%
13.2%
13.7%
Profit before tax 
27.2%
93.8%
-29.8%
-34.9%
-28.1%
Profit after tax 
37.3%
82.5%
-28.1%
-33.6%
-47.0%
Underlying profit after tax(1)
37.3%
82.5%
-28.1%
-33.6%
5.6%
 Growth Rates in 
Constant Currency(2) 
Revenue 
13.8%
61.4%
-13.7%
-9.0%
8.4%
Gross profit 
11.3%
57.4%
-15.8%
-14.4%
10.2%
R&D expenses 
18.0%
15.4%
12.7%
13.2%
13.7%
Profit before tax 
20.3%
103.6%
-31.4%
-39.9%
-35.1%
Underlying profit before tax(1)
20.3%
103.6%
-31.4%
-39.9%
6.9%
(1) 	 Underlying profit has been presented excluding the impact of abnormal items occurring during the 2024 financial year. A reconciliation is set out on page 119.
(2) 	Constant Currency (CC) removes the impact of exchange rate movements. This approach is used to assess the company’s underlying comparative financial performance without any distortion from changes in foreign exchange rates. 
A reconciliation for the most recent 2 years and basis of preparation is set out on page 122. The 2020 to 2023 growth rates in constant currency have been sourced from the 2023 annual report.
160
Section 5 | APPENDICES
Fisher & Paykel Healthcare | ANNUAL REPORT 2024

Five Year summary (CONTINUED)
For the years ended 31 March
All figures in NZ$M (except as otherwise stated)
2020
2021
2022
2023
2024
REVENUE
By Region and 
product group
North America 
571.2 
825.7 
665.1 
683.8 
806.1 
Europe 
365.4 
633.8 
468.1 
427.6 
477.3 
Asia Pacific 
273.3 
348.4 
438.8 
399.0 
368.9 
Other 
53.8 
163.3 
109.7 
70.7 
90.5 
Hospital products 
801.3 
1,498.1 
1,207.1 
1,023.5 
1,087.9 
Homecare products 
457.3 
465.6 
469.5 
553.8 
652.3 
Core products subtotal 
1,258.6 
1,963.7 
1,676.6 
1,577.3 
1,740.2 
Distributed and other products 
5.1 
7.5 
5.1 
3.8 
2.6 
Total operating revenue 
1,263.7 
1,971.2 
1,681.7 
1,581.1 
1,742.8 
FINANCIAL 
POSITION 
Property, plant and equipment 
 735.3 
 882.1 
 957.8 
 1,148.2 
 1,340.0 
Total assets 
 1,435.0 
 2,075.0 
 2,107.0 
 2,204.5 
 2,281.7 
Total liabilities 
 (461.2)
 (554.1)
 (427.3)
 (451.1)
 (522.6)
Shareholders’ equity 
 973.8 
 1,520.9 
 1,679.7 
 1,753.4 
 1,759.1
 
Return on assets (%) 
28.1%
40.9%
24.1%
15.2%
10.5%
Return on equity (%) 
39.3%
57.6%
31.5%
19.1%
13.4%
Net debt / (cash) (including short-term investments) 
 (42.2)
 (302.9)
 (221.6)
 (37.7)
 32.2 
Gearing ratio(1) 
-4.3%
-27.2%
-16.3%
-2.3%
1.8%
DIVIDENDS AND 
EARNINGS PER 
SHARE (CENTS 
PER SHARE) 
Basic shares outstanding at 31 March 
 574,570,603 
 576,412,532 
 577,405,878 
 579,356,576 
 583,963,682 
Interim 
12.00
16.00
17.00
17.50
18.00
Final(2) 
15.50
22.00
22.50
23.00
23.50
Total ordinary dividends 
27.50
38.00
39.50
40.50
41.50
Basic earnings per share 
50.0
91.1
65.3
43.3
22.8
Diluted earnings per share 
49.6
90.4
65.0
43.0
22.6
CASH FLOWS Net cash flow from operating activities 
 321.4 
 625.3 
 324.3 
 238.2 
 429.6 
Free cash flow(3) 
 141.0 
 430.4 
 140.5 
 12.5 
 73.8 
Dividends paid 
 (146.4)
 (181.3)
 (224.9)
 (195.7)
 (145.5)
(1)	 Net interest-bearing debt (debt less cash and cash equivalents and short-term investments) to net interest bearing debt and equity (less hedging reserves). Net interest-bearing debt excludes lease liabilities recognised on the adoption of 
IFRS 16 – Leases.
(2)	 Final dividend is paid in the following financial year.
(3)	 Free cash flow represents net cash flows from operating activities less capital expenditure - including lease liability repayments following the adoption of IFRS 16 - Leases.
Section 5 | APPENDICES
Fisher & Paykel Healthcare | ANNUAL REPORT 2024
161

Five Year summary (CONTINUED)
For the years ended 31 March
All figures in NZ$M (except as otherwise stated)
2020
2021
2022
2023
2024
CAPITAL 
EXPENDITURE 
Plant and equipment 
63.5 
123.0 
97.4 
 98.8 
 65.5 
Land and buildings 
81.8 
37.2 
41.0 
 89.0 
 251.3 
Intangible assets 
25.4 
24.5 
31.4 
23.5 
22.2 
Total 
170.7 
184.7 
169.8 
 211.3 
 339.0 
Plant & equipment capex: depreciation ratio(1) 
 2.2 
 2.8 
 2.3 
 2.3 
 1.3
 PATENT 
PORTFOLIO 
NUMBERS 
US patents 
 302 
 381 
 454 
 522 
 601 
US patent applications (includes PCTs)(2) 
 430 
 454 
 504 
 534 
 557 
Non-US patents 
 1,236 
 1,508 
 1,947 
 2,329 
 2,815 
Non-US patent applications (excludes PCTs)(2) 
 1,228 
 1,345 
 1,491 
 1,708 
 1,862 
 PEOPLE NUMBERS People numbers(3) 
 5,081 
 6,897 
 7,375 
 6,564 
 7,141 
 By function: Research and development 
 597 
 684 
 765 
 846 
 928 
Manufacturing and operations 
 3,098 
 4,685 
 4,989 
 3,975 
 4,421 
Sales, marketing and distribution 
 1,132 
 1,230 
 1,311 
 1,408 
 1,455 
Management and administration 
 254 
 298 
 310 
 335 
 337 
By region: New Zealand 
 2,738 
 3,932 
 3,927 
 3,538 
 3,544 
North America 
 1,645 
 2,191 
 2,608 
 2,147 
 2,675 
Europe 
 333 
 350 
 380 
 379 
 389 
Rest of World 
 365 
 424 
 460 
 500 
 533 
EXCHANGE RATES
NZ$ 1 =
AVERAGE DAILY SPOT RATES 
USD
0.6477
0.6714
0.6969
0.6241
0.6097
AVERAGE CONVERSION RATES(4) 
 USD 
0.6671
0.6692
0.6734
0.6666
0.6582
 EUR 
0.5760
0.5624
0.5571
0.5452
0.5435
 JPY 
72.44
69.70
71.80
70.24
73.10
 MXN 
13.47
13.79
14.97
14.48
13.02
CLOSING SPOT RATES
 USD 
0.6016
0.6981
0.6957
0.6290
0.5989
 EUR 
0.5456
0.5964
0.6231
0.5766
0.5535
 JPY 
65.20
77.37
85.11
83.48
90.63
 MXN 
14.34
14.37
13.84
11.38
9.91
(1)	 Depreciation excludes leased asset depreciation
(2)	 PCTs (Patent Cooperation Treaty) are unified patent applications across a number of jurisdictions.
(3)	 People numbers are represented as full time equivalents.
(4)	 Actual exchange rates achieved in delivering or purchasing net foreign currency in relation to the Group’s exposures. The average rate includes hedged, spot and close-out transactions in each year.
162
Section 5 | APPENDICES
Fisher & Paykel Healthcare | ANNUAL REPORT 2024

GLOSSARY
AAALAC
Association for Assessment and Accreditation of Laboratory Animal Care
ARC
Audit & Risk Committee
ASM
Annual Shareholders’ Meeting
ASX
Australian Stock Exchange
AUD
Australian Dollar
BEPS
Base Erosion and Profit Shifting
BIAC
The OECD’s Business and Industry Advisory Committee
CAGR
Compound Annual Growth Rate
CBAM
Carbon Border Adjustment Mechanism
CDP
The name of the international not-for-profit that facilitates environmental 
disclosures. Formerly known as the Carbon Disclosure Project
CEO
Chief Executive Officer
CFO
Chief Financial Officer
CODM
Chief Operating Decision Maker
COGS
Cost Of Goods Sold
Company
means Fisher & Paykel Healthcare Corporation Limited
Constant 
Currency (CC)
is our way to measure performance of the company without any 
distortion from changes in foreign exchange rates
CPS
cents per share
CRD
Climate-related Disclosures
DAVR
Discretionary Annual Variable Remuneration
DEI
Diversity, Equity and Inclusion
DJSMDQT
Dow Jones US Select Medical Equipment Total Return Index
DRP
Dividend Reinvestment Plan
E&SR
Environmental & Social Responsibility
EAP
Employee Assistance Programme
EBITDA
Earnings before interest, tax, depreciation and amortisation
ERP 
Enterprise Resource Planning
ESG
Environmental, Social and Governance
ESR
Employee Share Right
ETS
Emissions Trading Scheme
EUR
Euro
Executive 
Management
the Executive Management team as set out on pages 31-33
F&P
Fisher & Paykel Healthcare
FDA 
United States Food and Drug Administration
FIFO
First In, First Out
FMA
Financial Markets Authority
FPH
Fisher & Paykel Healthcare
FY
Financial Year
GCP
Good Clinical Practice
GDP
Gross Domestic Product
GHG
Greenhouse gas
GRI
Global Reporting Initiative
Group
means Fisher & Paykel Healthcare Corporation Limited together with 
its subsidiaries
GST
Goods and Services Tax
GWP
Global Warming Potentials
ICT
Information and Communication Technology
IEA
International Energy Agency
IFRS
International Financial Reporting Standards
IIASA
International Institute for Applied Systems Analysis
IP 
Intellectual Property
IPCC
Intergovernmental Panel on Climate Change
ISA
International Standards on Auditing
ISDA
International Swaps and Derivatives Association
ISO
International Organisation for Standardisation
JPY
Japanese Yen
LTIFR
Lost Time Injury Frequency Rate
LTVR
Long Term Variable Remuneration
MXN
Mexican Peso
Net Debt
Debt less cash and cash equivalents and short-term investments
Section 5 | APPENDICES
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Glossary (CONTINUED)
US
United States
USD
United States Dollar
VP
Vice President
VWAP
Volume-Weighted Average Price
WG1
Working Group 1
XRB
External Reporting Board
Key medical terms used throughout this Report
CPAP 
Continuous Positive Airway Pressure
NHF
Nasal High Flow
NIV
Noninvasive Ventilation
OSA 
Obstructive Sleep Apnea 
New 
Applications 
Consumables
Hospital applications outside of traditional invasive ventilation
NHS
National Health Service
NZ
New Zealand
NZ GAAP
New Zealand Generally Accepted Accounting Practice
NZ IAS 
New Zealand International Accounting Standards
NZ IFRS
New Zealand Equivalents to International Financial Reporting Standards
NZCS
New Zealand Climate Standards
NZD
New Zealand Dollar
NZX
New Zealand Stock Exchange
OECD
Organisation for Economic Co-operation and Development
OEM
Original Equipment Manufacturer
OIO
Overseas Investment Office 
PCP
Prior Comparable Period
PCT
Patent Cooperation Treaty
psm
per square metre
PSR
Performance Share Right
QMS
Quality Management System
R&D 
Research and Development
SBTi
Science Based Targets initiative
SDG
Sustainable Development Goal
SG&A 
Sales, General and Administrative
SSP
Shared Socioeconomic Pathway
STEMM
Science, Technology, Engineering and Mathematics 
(and mātauranga Māori) 
STEPS
Stated Policies Scenario
TCFD
Task Force on Climate-related Financial Disclosures
TRIFR
Total Recordable Injury Frequency Rate
TSR
Total Shareholder Return
UN
United Nations
164
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GRI CONTENT INDEX
2021 
GRI REF 
Number
Disclosure
Location/Response 
The organisation and its reporting practices 
2-1
Organisational 
details 
Name of the organisation: 
Annual Report: Front cover. Fisher & Paykel Healthcare 
Corporation Limited. 
Location of headquarters: 
Annual Report: Inside back cover. 
Location of operations: 
Annual Report: pp. 79-80. 
Ownership and legal form: 
Annual Report: p. 127, pp. 75-80. 
Scale of the organisation: 
Annual Report: p. 18. 
Annual Report: pp. 160-162. 
2-2
Entities included in 
the organisation’s 
sustainability 
reporting 
List of entities: 
For the list of entities see pages 79-80. Our sustainability 
reporting relates to all subsidiary companies in the Group 
structure. 
2-3
Reporting period, 
frequency and 
contact point 
Reporting period: 
See page 2. Reporting period is 1 April 2023 to 31 March 2024. 
Date of most recent report: 
May 2024 for the period 1 April 2023 to 31 March 2024. 
Reporting cycle: 
Annual reporting cycle. 
Contact point for questions regarding the report: 
investor@fphcare.co.nz 
2-4
Restatements of 
information
Restatements of information:
No restatements of information for previous reporting 
periods.
Changes in reporting:
In addition to reporting net profit after tax, we are 
disclosing underlying net profit after tax, which excludes 
the abnormal FY24 impact of a product recall provision, the 
revaluation of land and deferred tax on removal of building 
depreciation. For more information, refer to page 119.
This report also includes our Climate-related Disclosures 
on pages 94-114, in compliance with the External Reporting 
Board’s Aotearoa New Zealand Climate Standards.
2-5
External assurance 
External assurance for non-financial disclosures: 
External assurance of environmental disclosures provided 
by Toitū Envirocare (no external assurance for other non-
financial disclosures). Annual Report: pp. 112-114. 
External assurance for financial statements: 
External assurance provided by PwC. 
Annual Report: pp. 152-156.
Activities and workers
2-6
Activities, value 
chain, and 
other business 
relationships 
Activities, brands, products and services: 
Annual Report: pp. 8-9, pp. 18-21. 
Markets served: 
Annual Report: p. 18. 
Supply chain: 
Annual Report: pp. 53-59. 
Significant changes to the organisation and its supply 
chain: 
We received OIO approval to purchase land for a second 
New Zealand campus at Karaka in April 2023. We also 
continued development of our new manufacturing facility 
in China. More detail on our infrastructure planning is 
provided in the Report from the Chair on pages 11-12. 
2-7
Employees
Scale of the organization (total number of employees): 
Annual Report: pp. 38-39. 
Information on employees and other workers: 
Annual Report: pp. 36-46. 
2-8
Workers who are 
not employees 
Information on employees and other workers (information 
on workers who are not employees): 
The most common type of worker in the organisation can 
be described as full-time and permanent. On page 38 of 
the Annual Report, we disclose that we had 137 temporary 
workers as at 31 March 2024. 
Section 5 | APPENDICES
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165

GRI content Index (CONTINUED)
Governance
2-9
Governance 
structure and 
composition 
Governance structure: 
Annual Report: pp. 65-80. 
Composition of the highest governance body and its 
committees: 
Annual Report: pp. 66-74.
2-10
Nomination and 
selection of the 
highest governance 
body 
Nominating and selecting the highest governance body: 
Annual Report: pp. 68-69.  
2-11
Chair of the highest 
governance body 
Chair of the highest governance body: 
Annual Report: p. 29 (Board Chair biography). 
Annual Report: pp. 73-74 (General disclosure of interests 
by directors). 
Board Charter available online at https://www.fphcare.com/
nz/corporate/sustainability/governance/
2-12
Role of the highest 
governance body 
in overseeing the 
management of 
impacts 
Consulting stakeholders on economic, environmental, 
and social topics: 
Annual Report: pp. 22-23. 
Role of highest governance body in setting purpose, 
values and strategy: 
Annual Report: p. 68. 
Identifying and managing economic, environmental, 
and social impacts: 
Annual Report: pp. 22-23. 
Effectiveness of risk management processes: 
Annual Report: pp. 61-64. 
2-13
Delegation of 
responsibility for 
managing impacts 
Delegating authority: 
Annual Report: p. 68. 
Executive-level responsibility for economic, 
environmental, and social topics: 
Annual Report: p. 68. 
2-14
Role of the highest 
governance body 
in sustainability 
reporting 
Highest governance body’s role in sustainability reporting: 
Annual Report: p. 75 (Other reporting).  
2-15
Conflicts of interest 
Conflicts of interest: 
Annual Report: p. 66, pp. 73-74. 
2-16
Communication of 
critical concerns 
Communicating critical concerns: 
Annual Report: p. 66 (Speak Up Procedure). 
2-17
Collective 
knowledge of the 
highest governance 
body 
Collective knowledge of highest governance body: 
Annual Report: pp. 68-69. 
Board Charter available online at https://www.fphcare.
com/nz/corporate/sustainability/governance/corporate-
governance-policies/ 
2-18
Evaluation of the 
performance of the 
highest governance 
body 
Evaluation of the performance of the highest governance 
body: 
Annual Report: pp. 70-72. 
2-19
Remuneration 
policies 
Remuneration policies: 
Annual Report: pp. 81-89. 
2-20
Process to 
determine 
remuneration 
Process for determining remuneration: 
Annual Report: pp. 83-88 (Executive Management). 
Stakeholders’ involvement in remuneration: 
Annual Report: p. 89 (Directors). 
2-21
Annual total 
compensation ratio 
Annual total compensation ratio: 
Annual Report: p. 88. 
166
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GRI content Index (CONTINUED)
Strategy, policies and practices
2-22
Statement on 
sustainable 
development 
strategy
Statement from senior decision-maker:
Annual Report: pp. 11-15.
2-23
Policy 
commitments
Approach:
As part of our commitment to creating a positive lasting 
impact on society and the environment, we recognise the 
need to mitigate and adapt to a changing climate both 
now and in the decades to come. See pages 90-114. 
Values, principles, standards and norms of behaviour:
Annual Report: p. 19.
Code of Conduct available online at https://www.fphcare.
com/nz/corporate/sustainability/governance/corporate-
governance-policies/ 
2-24
Embedding policy 
commitments
The company has released a set of global awareness and 
training activities for its new policies and procedures. 
2-25
Processes to 
remediate negative 
impacts
The management approach and its components 
(grievance mechanisms):
Annual Report: p. 66.
2-26
Mechanisms for 
seeking advice and 
raising concerns
Mechanisms for advice and concerns about ethics
Annual Report: p. 66.
2-27
Compliance 
with laws and 
regulations
Non-compliance with environmental laws and regulations:
There have been no significant instances of non-
compliance with environmental laws and regulations 
during the 2024 financial year.  
Non-compliance with laws and regulations in the social 
and economic area:
There have been no significant instances of non-
compliance with social and economic laws and regulations 
during the 2024 financial year.
2-28
 
Membership 
associations
Membership of associations: 
•	American Academy of Sleep Medicine
•	American Association of Homecare
•	American Association of Physicians of Indian Origin for Sleep
•	American Association of Respiratory Care 
•	American Chamber of Commerce 
•	American Association of Sleep Technologists
•	American College of Emergency Physicians
•	American Thoracic Society
•	Association for Anaesthetic and Respiratory Device Suppliers 
•	Association of Anaesthetists 
•	Association for Respiratory Technology & Physiology 
•	Auckland Chamber of Commerce
•	Australasian Investor Relations Association 
•	Australasian Sleep Association 
•	Austrian Chamber of Commerce
•	Board of Registered Polysomnographic Technologists 
•	Brazilian Association of Medical Products Importers/
Distributors
•	British Anaesthetic & Respiratory Equipment 
Manufacturers Association 
•	British Thoracic Society 
•	Business New Zealand 
•	Council for International Development
•	Diversity Works
•	Employers and Manufacturers Association 
•	German Chamber of Commerce
•	German Industry Association of Medical Technology 
(Spectaris)
•	Guangdong Investment Promotion Association in China
•	Hong Kong Medical and Healthcare Device Industries 
Association 
•	International Electrotechnical Commission / Technical 
Committee 62
•	International Medical Device Manufacturers Association
•	International Organisation for Standardisation / Technical 
Committee 121 
•	Japan Association of Health Industry Distributors 
•	Japan Association of Medical Devices Industries 
•	Latin America New Zealand Business Council 
•	Medical Technology Association New Zealand 
•	National Association for Medical Direction of Respiratory 
Care
•	NZ Chamber of Commerce (Hong Kong) 
•	Sleep Health Foundation 
•	Sleep Research Society
•	Sustainable Business Network 
•	Taipei Medical Instruments Commercial Association
•	The Japan Fair Trade Council of the Medical Devices Industry
•	Victorian Chamber of Commerce and Industry 
Section 5 | APPENDICES
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167

GRI content Index (CONTINUED)
Stakeholder engagement
2-29
Approach to 
stakeholder 
engagement
List of stakeholder groups:
Annual Report: pp. 22-23.
Identifying and selecting stakeholders:
Annual Report: pp. 22-23.
Approach to stakeholder engagement:
Annual Report: pp. 22-23.
Key topics and concerns raised:
Annual Report: pp. 22-23.
2-30
Collective 
bargaining 
agreements
Collective bargaining agreements:
Annual Report: p. 44.
Disclosures on material topics
3-1
Process to 
determine material 
topics
Defining report content and topic boundaries: 
Annual Report: pp. 22-23.
3-2
List of material 
topics
List of material topics:
Annual Report: pp. 22-23.
SPECIFIC STANDARD DISCLOSURES
2021 
GRI REF 
Number
Disclosure
Location/Response 
GRI 200 Economic standard series
GRI 103
Management approach 2024
Annual Report: pp. 11-15.
GRI 201: Economic performance
201-1
Direct economic value 
generated and distributed
Annual Report: pp. 118-156 (Financial 
statements including auditor’s report).
GRI 204: Procurement practices
GRI 204
Management approach 2024 
and dialogue with suppliers
pp. 53-59.
GRI 205: Anti-corruption
GRI 103
Management approach 2024
Annual Report: p. 67.
205-3
Confirmed incidents of 
corruption and actions taken
Annual Report: p. 67. During the year ended 
31 March 2024, the company is not aware of 
any instances of corruption or of incidents 
in which employees were dismissed or 
disciplined for corruption.
GRI 400 Social standard series
GRI 103
Management approach 2024
Annual Report: pp. 36-37, pp. 40-46.
401-1
New employee hires and 
employee turnover
Annual Report: p. 39.
GRI 403: Occupational health and safety
GRI 403-2
Types of injury and rates of 
injury, occupational diseases, 
lost days, and absenteeism, 
and number of work-related 
fatalities
Annual Report: pp. 45-46.
GRI 404: Training and education
GRI 103
Management approach 2024
Annual Report: pp. 40-41.
404-1
Average hours of training per 
year per employee
For salaried employees in New Zealand, our 
people undertook an average of 11.5 training 
hours during the financial year.
GRI 416: Customer health and safety
GRI 103
Management approach 2024
Annual Report: pp. 61-62.
416-2
Incidents of non-compliance 
concerning the health and 
safety impacts of products and 
services
No instances of non-compliance with 
regulations or voluntary codes resulting in 
a fine, penalty or warnings. As disclosed on 
page 128, we initiated a voluntary limited 
recall of Airvo 2 and myAirvo 2 devices 
manufactured before 14 August 2017. 
GRI 418: Customer privacy
GRI 103
Management approach 2024
https://www.fphcare.com/nz/corporate/
about-us/privacy-statement/ 
418-1
Substantiated complaints 
concerning breaches of 
customer privacy and losses of 
customer data
No substantiated complaints received 
concerning breaches of customer privacy. 
168
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DIRECTORY
DIRECTORY
In New Zealand:
The details of the company’s principal administrative and registered office are:
Physical address: 15 Maurice Paykel Place, East Tāmaki, 
Auckland 2013, New Zealand
Telephone: +64 9 574 0100
Facsimile: +64 9 574 0158
Postal address: PO Box 14348, Panmure,
Auckland 1741, New Zealand
Website: www.fphcare.com 
Email: investor@fphcare.co.nz
In Australia:
The details of the company’s registered office are:
Physical address: 19-31 King Street, Nunawading, 
Melbourne, Victoria 3131, Australia
Telephone: +61 3 9871 4900
Postal address: PO Box 159, Mitcham, 
Victoria 3132, Australia
SHARE REGISTER
In New Zealand:
Link Market Services Limited
Physical address: Level 30, PwC Commercial Bay, 
15 Customs Street West, Auckland 1010, New Zealand
Postal address: PO Box 91976, 
Auckland 1142, New Zealand 
Facsimile: +64 9 375 5990
Investor enquiries: +64 9 375 5998
Website: www.linkmarketservices.co.nz 
Email: enquiries@linkmarketservices.co.nz
In Australia:
Link Market Services Limited
Physical address: Level 12, 680 George Street, 
Sydney, NSW 2000, Australia
Postal address: Locked Bag A14, 
Sydney South, NSW 1235, Australia 
Facsimile: +61 2 9287 0303
Investor enquiries: +61 2 8280 7111
Website: www.linkmarketservices.com.au 
Email: registrars@linkmarketservices.com.au
Section 5 | APPENDICES
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169

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Healthcare Corporation Limited
fphcare.com
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