Ansell Limited (ANN) 2024年年度報告「ASX」.pdf

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1、Results for Announcement to the MarketUS$mRevenue from ordinary activitiesdown(2.2%)1,619.3Operating profit after tax attributable to membersdown(48.4%)76.5Net Profit for the period attributable to membersdown(48.4%)76.5Dividends(distributions)Amount per share US centsFranked amount per share US cen

2、tsDividend21.90NilRecord date for determining entitlements to the dividend27 August 2024Dividend Reinvestment Plan election cut off date28 August 2024Dividend payment date12 September 2024For non-resident shareholders,the dividend will not attract withholding tax as it is sourced from the Companys C

3、onduit Foreign Income Account.Net Tangible Asset Backing2024 US$m2023US$mShareholders Equity attributable to Ansell Limited Shareholders1,894.91,600.9Less Intangible Assets1,054.81,059.7Net Tangible Assets840.1541.220242023Net tangible asset backing per ordinary share$5.76$4.27 This report is based

4、on Financial Statements which have been audited.Refer to the accompanying Annual Report(which includes the Report by the Directors),ASX announcement and Investor Presentation for the commentary on the figures reported above and the remainder of the information requiring disclosure to comply with Lis

5、ting Rule 4.3A.This report is presented in United States dollars.APPENDIX 4EFOR THE YEAR ENDED 30 JUNE 2024ANSELL LIMITED AND SUBSIDIARIESACN 004 085 330ANNUAL REPORT2024AGM Ansells Annual General Meeting(AGM)will be held on 29 October 2024.To access more information,visit https:/ Reporting SuiteThi

6、s Report is part of our broader corporate reporting suite and the following documents are available at :Results Presentation:Ansells strategy,financial results and operational performance for the reporting period.Corporate Governance Statement:Ansells application of the ASX Corporate Governance Coun

7、cils Corporate Governance Principles and Recommendations (4th Edition).Sustainability Report:Features information about Ansells Environmental,Social and Governance (ESG)goals and performance(to be released by September 2024).Labour Rights Report(Modern Slavery Statement):Ansells statement on our act

8、ions to assess and address modern slavery risks in our business and supply chains(to be released by September 2024).ABOUT THIS REPORTReport StructureThis Report is designed to be read in its entirety.The required elements of the Directors Report,including the Operating and Financial Review(OFR)as re

9、quired by ASIC Regulatory Guide 247,are covered on pages 14 to 68.Commentary on Ansells financial performance specifically is contained on pages 16 to 23 and references information reported in the Financial Statements (pages 69 to 115).The Financial Statements include Ansell Limited(the Company or P

10、arent Entity)and the entities it controlled at the end of,or during,the year ended 30 June 2024.Throughout the report,the consolidated entity is referred to as Ansell or the Group.The Directors Declaration forms part of the Annual Report under the Corporations Act 2001.Non-IFRS MeasuresAnsells finan

11、cial results are reported under International Financial Reporting Standards(IFRS).This release includes certain non-IFRS measures such as Cash Conversion,Constant Currency,GPADE,SG&A,EBIT,EBITDA,Adjusted Earning Per Share and Significant Items,which have been defined on page 16.These measures are pr

12、esented to enable understanding of the performance of the Company without the impact of non-trading items and foreign currency.Non-IFRS measures have not been subject to audit or review.Assurance and VerificationThe Remuneration Report(pages 45 to 68)and the Financial Statements(pages 69 to 115)have

13、 been audited by KPMG.Full details of the assurance scope,process and outcome are included in the Independent Auditors Report on pages 120 to 124.All unaudited information contained in this report has been subject to an internal review and approval process defined by our Corporate Reporting framewor

14、k as explained in our 2024 Corporate Governance Statement.Forward-looking StatementsAny forward-looking statements are based on Ansells current expectations,best estimates and assumptions as at the date of preparation,many of which are beyond Ansells control.These forward-looking statements are not

15、guarantees or predictions of future performance and involve known and unknown risks,which may cause actual results to differ materially from those expressed in the report.Board of Directors28Executive Leadership Team30Report by the Directors32Remuneration Report45Financial Statements69Consolidated E

16、ntity Disclosure Statement116Directors Declaration119Independent Auditors Report120Five Year Summary125Shareholders126Shareholder Information128ContentsAcknowledgement of CountryWe acknowledge and respect the traditional lands and cultures of First Nations peoples in Australia and globally.We pay ou

17、r respects to Elders past and present and recognise First Nations peoples longstanding and ongoing spiritual connections to land,sea,community and Country.Appreciation and respect for the rights and cultural heritage of First Nations peoples is essential to the advancement of our societies and our c

18、ommon humanity.About Ansell02Our OperationsCustomer Success StoriesChairs ReviewChief Executive Officers ReviewOur Strategic PrioritiesFinancial PerformanceHealthcare SegmentIndustrial SegmentFY25 OutlookSustainability04060810141620222425Pioneers in shaping global safety solutions with a breadth of

19、expertise in hand&body protectionANSELL LIMITED|ANNUAL REPORT 202401LEADING THE WORLD TO A SAFER FUTUREFor over 130 years,Ansell has delivered advanced protection solutions to people at work and at home,keeping them out of harms way.As the safety industry evolves,so does Ansell.We help workers and o

20、rganisations stay two steps ahead of challenges,from workplace safety to sustainable work practices.We operate across two business segments:About AnsellThe Healthcare Segment manufactures and markets innovative solutions for a wide range of customers,including hospitals,surgical centres,dental surge

21、ries,veterinary clinics,first responders,manufacturers,auto repair shops,chemical plants,laboratories and life science&pharmaceutical companies.The portfolio includes surgical gloves,single use and examination gloves1,and products for life science companies including clean and sterile gloves,garment

22、s,and consumables.The Industrial Segment manufactures and markets high-performance hand and chemical protective clothing solutions for a wide range of industrial applications.Ansell protects workers in industries including automotive,chemical,metal fabrication,machinery and equipment,food,constructi

23、on,mining,oil&gas,utilities,logistics,and first responders.Healthcare SegmentIndustrialSegmentExam/Single Use1SurgicalLife SciencesHealthcare Total Revenue$834.2m56%10%34%MechanicalChemicalOthersIndustrial Total Revenue$785.1m61%2%37%1.Includes single use gloves used by industrial workers in manufac

24、turing,auto repair,chemical,food processing and other industries.ANSELL LIMITED|ANNUAL REPORT 202402No.1 or 2position in key segments globally9 billiongloves sold per year25+industriesProvides protection solutions toANSELL LIMITED|ANNUAL REPORT 202403Our OperationsChinaPortugalLithuaniaThailandSri L

25、ankaMalaysiaIndiaNew JerseyBrazilAnsell Limited(Ansell)is a global company employing more than 15,0001 people in over 55 countries.Ansell is legally domiciled in Melbourne,Australia and is listed on the Australian Securities Exchange(ASX:ANN).Ansell has four corporate headquarters:Melbourne,Australi

26、a;Brussels,Belgium;New Jersey,United States;and Cyberjaya,Malaysia.We operate 14 manufacturing facilities with the largest located in Malaysia,Sri Lanka and Thailand and smaller plants located in Brazil,China,Lithuania,Portugal,Vietnam and India.Our India plant is currently used for surgical packing

27、 and sterilisation while we complete the commissioning of new lines that will be used for surgical glove production.These facilities produce an extensive range of products including mechanical gloves,chemical gloves,chemical protective clothing,single use gloves,surgical gloves and life sciences glo

28、ves.We also work with third parties for the supply of selected finished goods,predominantly exam and single use gloves.On 2 July 2024,Ansell announced the completion of the acquisition of 100%of the assets that constitute Kimberly-Clarks Personal Protective Equipment business(renamed KBU).KBU design

29、s and markets differentiated hand,body and eye protection products under well-known Kimtech and KleenGuard brands to customers in global Scientific(including Life Sciences)and Industrial segments.Ansell presenceManufacturing facilitiesCorporate hubs24Warehouses21R&D centres14Manufacturing facilities

30、15,000+1EmployeesCustomers in 100+countries1.Headcount inclusive of Ansell Seremban,formerly known as Careplus,for the first time.ANSELL LIMITED|ANNUAL REPORT 202404ChinaPortugalLithuaniaThailandSri LankaMalaysiaIndiaNew JerseyBrazilBrusselsCyberjayaMelbourneVietnamChinaPortugalLithuaniaThailandSri

31、LankaMalaysiaIndiaBrusselsCyberjayaMelbourneVietnamANSELL LIMITED|ANNUAL REPORT 202405Customer Success StoriesElevating Safety and Efficiency at a Global Energy CompanyOil refineries are rugged environments.Workers face a heightened risk of cuts,impact injuries and chemical exposure while handling p

32、ipes,disconnecting valves,or operating heavy machinery.In response to these challenges,our integrated energy manufacturing and logistics customer sought to standardise hand protection across ten of its refineries.This initiative aimed to improve PPE spending efficiency while reducing the risk of inj

33、uries caused by workers using the wrong gloves for specific tasks.Drawing on our deep understanding of the oil and gas sector,Ansell implemented a program to ensure a consistent supply of gloves,effectively protecting workers across all of its sites.Utilising AnsellGUARDIAN,our proprietary data-driv

34、en risk assessment and consulting service,we watched workers in action at the companys largest refineries to understand the specific hazards different workers faced,and the requirements of their specific jobs.We also compared the cut and impact protection,durability,chemical protection and comfort o

35、ffered by various Ansell and competitor gloves.Finally,our planning teams studied the companys glove ordering patterns.This comprehensive analysis allowed us to recommend an Ansell hand protection plan that ensured consistent delivery of gloves that offered superior protection against the hazards of

36、 different jobs when compared to similar competitive gloves.Once approved,Ansell teams met with site safety supervisors and helped train workers at each location on proper use and disposal.Ansells all-encompassing support from hazard assessments,to supply planning and worker training enabled a seaml

37、ess transition to the new gloves across all sites.Supporting Streamlined PPE Solutions for Healthcare Giant,BaxterBaxter,a multinational healthcare solutions leader,is also at the forefront of sustainable supply chains and has set a comprehensive waste reduction goal as part of its 2030 Corporate Re

38、sponsibility Commitment.As part of this effort,some of the companys European sites set targets to reduce the number of different PPE items in inventory by 65%,thereby driving a reduction in packaging waste and inventory costs.To help these Baxter locations achieve this goal,Ansell conducted AnsellGU

39、ARDIAN assessments at 23 Baxter sites in collaboration with Baxters procurement teams to understand their PPE purchasing and storage practices.Insights from these discussions provided Ansell with a comprehensive understanding of Baxters glove usage and requirements,leading to a recommendation for a

40、more streamlined PPE portfolio.Implementing Ansells recommendations resulted in a significant reduction in inventory costs and waste for Baxter,without compromising worker safety.Baxter exceeded its SKU reduction target of 60%.Encouraged by these positive outcomes,Baxter recently began discussions w

41、ith Ansell about potentially expanding the programme to additional sites in Europe and North America.This success highlights Ansells ability to go beyond worker protection and partner with companies to help them meet their waste reduction and sustainability goals.Our vision to create a safer future

42、has as its essence the experience of those who wear Ansell products.These stories are great illustrations of how industrial and healthcare workers who wear Ansell are safer and better able to do their jobs effectively.Ansell solutions also enable their employers to deliver their own safety and susta

43、inability goals.ANSELL LIMITED|ANNUAL REPORT 202406Meeting Impact Protection Standards for the Worlds Foremost Online RetailerThe worlds largest e-commerce retailer employs over 1.1 million workers and operates over 175 fulfilment centres globally.Safety is a priority for the company,which aims to b

44、ecome Earths safest employer.As part of its continuous efforts to improve its safety record,our customer recognised a need to protect workers against the risk of hand injuries caused by falling objects,machinery,or equipment.They initiated a search to identify a glove that would mitigate these hazar

45、ds without compromising workers ability to perform their tasks.While hundreds of PPE manufacturers offer bulky gloves that provide impact protection,most significantly restrict finger movement,which could hinder workers ability to use handheld barcode scanners,pack products,and sort inventory.Even m

46、inor limitations in movement for warehouse workers could dramatically reduce operational productivity.Recognising the critical importance of choosing the right glove,the company undertook extensive testing of a variety of impact gloves.Ansells HyFlex R840 emerged as the ideal solution,delivering rob

47、ust impact protection for workers while ensuring optimal dexterity and comfort.With company productivity and performance at stake,Ansells innovative design and high quality resulted in a significantly superior impact glove for our customer when compared to those of our competitors.Winning a Toscana

48、Surgical Tender Through Our Dedication to ESGAnsell recently became the sole supplier of surgical gloves in the Toscana region of Italy after winning a significant tender that adhered to the European Commissions sustainable procurement directives.This marked Italys first national public surgical ten

49、der with strict Environmental,Social,and Governance(ESG)requirements,reflecting a growing trend across EU countries towards sustainable procurement.The tender focused on two key ESG aspects:Green Public Procurement,which seeks to reduce environmental impact throughout a products lifecycle,and Social

50、ly Responsible Public Procurement(SRPP),which prioritises social benefits over the lowest price.Bidders were required to demonstrate commitment to environmental and social responsibility throughout the product lifecycle.Recognising the opportunity to lead in ethical practices,Ansell collaborated wit

51、h its Italian distributor,Clini-Lab,and leveraged our in-house sustainability experts to review tender requirements and effectively address 14 ESG requirements to demonstrate the superior quality and sustainable features of our PI Micro surgical gloves,designed with PI-KARE Technology.Ansells commit

52、ment to ESG principles led to its successful tender award,reinforcing its position as a leader in Italys healthcare sector.This win highlights Ansells ability to satisfy increasingly frequent requests for information about the sustainability of our products and manufacturing practices and navigate g

53、overnment procurement processes.Ansell is proud in cases like these to showcase how we are paving the way for a greener,more socially responsible future.ANSELL LIMITED|ANNUAL REPORT 202407Chairs ReviewWith stability beginning to return to our markets,the Board is confident that the platform laid in

54、the past 12 months will support earnings growth in the coming years.Nigel D Garrard ChairDear Shareholders,I am delighted to be reporting to our shareholders for the first time since assuming the role of Chair of the Ansell Board last October.Fiscal 2024(FY24)was a milestone period for Ansell in whi

55、ch the Group managed the sustained aftermath of COVID-19 while taking decisive steps to position the company for growth.FY24 Adjusted Earnings Per Share(EPS)were 105.5 cents before allowing for the effect of the capital raise conducted ahead of the acquisition of Kimberly-Clarks Personal Protective

56、Equipment business(which is covered in more detail below).This was within the original guidance range provided in July 2023.With stability beginning to return to our markets,the Board is confident that the platform laid in the past 12 months will support earnings growth in the coming years.Kimberly-

57、Clarks Personal Protective Equipment business(renamed KBU)a Transformational Acquisition In April,Ansell announced the acquisition of KBU for US$640m.The transaction was completed on 1 July 2024.KBU is a natural fit with Ansell.Its attractive end market exposures and complementary geographic positio

58、ns create the potential for enhanced growth,which combined with its strong margins and the opportunity for significant cost synergies,makes the transaction strategically and financially compelling.An oversubscribed capital raising comprising a A$400m institutional placement and a A$75m Share Purchas

59、e Plan in connection with the acquisition,both at a modest discount to the pre-announcement share price,was a pleasing outcome.This suggests the market shares our confidence in the strategic rationale for the acquisition and its accretive potential.Embedding Customer Focus and Driving Productivity G

60、rowth In July 2023,Ansell announced the Accelerated Productivity Investment Program(APIP),a strategic initiative to lift productivity and efficiency and reshape our business to meet the needs of the post-pandemic global PPE market.In essence,APIP is a multi-year reset of Ansells business designed to

61、 deliver a leaner,more customer-focused operating model,improve manufacturing productivity and efficiency and harmonise global ERP systems.I am pleased to report strong progress has been made in implementing the key pillars of the program over the past 12 months.This has meant difficult decisions,in

62、cluding the exit of more than 1,400 people from the business as part of our effort to reshape the operating platform.A new,more market-focused executive leadership structure took effect early in the fiscal year.The transition to a single,group-wide ERP platform is well underway.This platform will re

63、place the previous network of disparate systems across different businesses and geographies and vastly improve our end-to-end forecasting and planning capability.It will also support the work undertaken by Ansell over the past two years to improve customer responsiveness,now evident in our consisten

64、tly higher service levels.FY24 APIP costs were funded from inventory reductions,helping contribute to our strong operating cash flow result for the year.The focus on cash will continue as we strive for the optimal balance between delivering certainty for our customers while optimising inventory hold

65、ings.Planet and People Putting Ansell on a Sustainable Footing Sustainability continues to be a key focus area.Ansell is committed to making a meaningful and measurable impact in improving the lives of our workers and workers in our supply chain,and mitigating risks of modern slavery.This year,we fu

66、rther elevated and expanded our labour-related framework and strategies in both our own operations and our third-party supply chain.ANSELL LIMITED|ANNUAL REPORT 202408In an important step in our Net Zero ambitions,Ansell formally submitted its letter of commitment to the Science Based Targets initia

67、tive(SBTi).This letter confirmed Ansells intention to set a SBTi verified end-to-end value chain net zero target,aligning with the Paris Agreement to limit global warming to 1.5C above pre-industrial levels.This year,Ansell deepened engagement with its supply chain partners on emissions reductions.W

68、hile strong progress has been made in reducing or eliminating waste from our sites,our water target reducing water withdrawals by 35%by FY25 compared to the FY20 baseline has proved challenging.Following some difficulties optimising the performance of reverse osmosis systems,this target has been del

69、ayed by two years.I recommend that shareholders read our 2024 Sustainability Report and Labour Rights Report,which will provide more details of our sustainability journey.Ansell Poised for Growth The Board is confident that the current strategic platform will enable Ansell to generate improved retur

70、ns for shareholders in FY25 and beyond.Continued focus is required to sustain and increase the uplift from the restructuring,productivity and efficiency initiatives set in motion during FY24,and to complete the integration of KBU.These are two key priorities for the year ahead,while we continue to d

71、eliver products that meet,and exceed,our customers expectations.There were clear signs in the second half of FY24 that the post-pandemic destocking effect is largely behind us and that the performance of the business is improving.We are mindful,however,of the adverse effect on supply chains caused b

72、y the shipping issues in the Red Sea,and the effect this has on transit times and the need for inventory holdings.Ansell is an iconic and enduring Australian brand that is well established on the global stage.It is continually apparent to the Board that the Ansell brand conveys trust and reliability

73、 and resonates with our customers.This is a credit to the dedication and commitment of the many thousands of Ansell employees worldwide who work each day to put our quality PPE products in the hands of end users.On behalf of all shareholders,I would like to sincerely thank the global Ansell team for

74、 their continued commitment and efforts over the last year.I would also like to recognise our CEO,Neil Salmon,and his leadership team for their stewardship of Ansell over the past 12 months and for their hard work and dedication towards positioning the company for success in a fast-changing market e

75、nvironment.Yours sincerely,Nigel D Garrard ChairANSELL LIMITED|ANNUAL REPORT 202409With stability returning to our end markets,we are focused on returning the business to organic growth,sustaining benefits from productivity investments and beginning to realise value from the KBU acquisition.Neil I S

76、almon Managing Director and Chief Executive OfficerChief Executive Officers ReviewDear Shareholder,Twelve months ago,at the beginning of our FY24,Ansell was facing a unique set of challenges and opportunities.We were continuing to deal with lingering pandemic-related customer destocking in key healt

77、hcare end markets,but expected these effects to diminish throughout the year,and we could see opportunities to get the company back on a growth track by the end of FY24.To position the company optimally for this return to growth,we determined the time was right to make changes to our organisational

78、structure and manufacturing configuration,with the productivity gains intended to support increased sales and drive good returns to shareholders as we emerged from this post-pandemic period.This was the genesis of our Accelerated Productivity Investment Program(APIP)which we announced in July 2023.W

79、e also saw an opportunity to reduce our investment in inventory,which we could do so confidently without compromising service levels because of improvements made in our demand and supply planning processes.Our goals were to finish the year having delivered a step change in organisational effectivene

80、ss and productivity through initial APIP initiatives while seeing improved performance in our Healthcare Segment as the effects of customer destocking lessened.We also aimed to fund APIP costs out of inventory reductions and return the company to top and bottom-line growth in the second half.I am ve

81、ry pleased to say that we delivered on these goals,with Adjusted Earnings Per Share within our original guidance range and excellent Cash Conversion.Overview of Financial PerformanceGroup sales of$1.6 billion for FY24 were down 2.9%versus the prior year on a Constant Currency basis,as growth in our

82、Industrial Segment was offset as anticipated by a decline in our Healthcare Segment due to customer destocking in Surgical and Life Sciences and the carry over impact of FY23 price reductions in Exam/Single Use.As expected,Healthcare sales improved in the second half as the effects of destocking les

83、sened.Our Industrial Segment maintained its trajectory of top line growth with expansion in both Mechanical and Chemical.Our Mechanical business has been a consistent performer over recent years and FY24 was no exception,aided by continued success with new products in particular HyFlex ultra-lightwe

84、ight cut protection and Ringers impact protection styles.Chemical growth was driven by our higher margin range of high-end chemical hand and body protection solutions.Our Healthcare segment has been navigating end market disruptions over the last few years as customers have sought to unwind large in

85、ventory positions built through the pandemic period.These effects continued to play out in FY24 which affected sales in our Surgical and Life Sciences businesses,but pleasingly we saw improved sales in the second half and are now confident we are largely past this period of inventory correction.We a

86、lso achieved volume growth in our Exam/Single Use business across the year,led by the differentiated industrial single use products we produce inhouse.Our FY24 Earnings Before Interest and Tax(EBIT)were$195.5m before Significant Items.Growth in Industrial EBIT outpaced sales,helped by net cost favou

87、rability and improved Chemical manufacturing performance.Healthcare EBIT contracted,reducing significantly as expected in the first half during a period of lower sales in Surgical and Life Sciences and slower production as we reduced inventory,but improving in the second half as these temporary head

88、winds began to reverse.Savings from our APIP began to accumulate more meaningfully in the second half,enhancing earnings in both segments as the year progressed.With sales and earnings trends largely as expected,we delivered Adjusted EPS of 105.5 cents,which was within the guidance range provided at

89、 the beginning of the financial year.Adjusted EPS excluded one-off costs including those associated with our APIP,and also the effects of the equity raise completed ahead of the acquisition of Kimberly-Clarks Personal Protective Equipment business(renamed KBU).We were also successful in reducing inv

90、entory by$68m,which fully funded our APIP costs and contributed to very strong Cash Conversion of 131%.ANSELL LIMITED|ANNUAL REPORT 202410$195.5mEBIT105.5Adjusted Earnings Per ShareAccelerated Productivity Investment Program(APIP)This program encompasses a series of initiatives that aim to accelerat

91、e work already commenced to optimise the productivity of our manufacturing resources and supply chain,improve demand and supply planning,unify our ERP systems and reposition our organisation for growth.Key to this was the decision to move to a simpler,more customer-centric and lower cost organisatio

92、nal structure,led by a new streamlined executive leadership team.Changes were implemented in the first half of the year,and I am very pleased with how our teams have responded with clearer accountabilities enabling improved decision making.To achieve our manufacturing and supply chain productivity o

93、bjectives,we initiated automation-enabled headcount reductions,completed key warehouse moves and exited manufacturing of less differentiated,low margin household gloves sold through retail channels,which required a restructure of a key manufacturing facility in Malaysia.We also commenced initial pre

94、parations for commercial ERP upgrades which will begin in FY26.The progress we made through the first half of the year in early-stage implementation alongside inclusion of additional manufacturing productivity initiatives in the program scope enabled us to increase the size of the total expected ann

95、ualised FY26 pre-tax savings from our original goal of$45m to$50m,with additional savings from IT investments expected to be realised post-FY26 once systems upgrades are completed.We also over-delivered against our savings target in FY24.Progress on Sustainability CommitmentsWe continued to make goo

96、d progress in FY24 against our sustainability objectives,summarised in our Sustainability Action Plan.Ansells aim is to be recognised as a leader for safe,respectful and inclusive workplaces in our industry and for protecting the rights of our employees and workers in our supply chain.It was therefo

97、re very satisfying to receive recent independent recognition of our efforts in this space from two of the most respected sustainability rating agencies in the form of a Gold Medal from EcoVadis and inclusion in Morningstar Sustainalytics ESG Top-Rated Companies list.In both cases these assessments p

98、ut us in the top decile of all companies rated.Within our manufacturing operations,focus has continued on our risk and control assessment processes,encompassing our entire on-site workforce,both direct employees and those employed through third parties such as for security or canteen services.We con

99、tinue to focus on early detection and mitigation of any potential labour risks and the focus on service organisations is another example of how we fulfil our responsibility to go well beyond our direct employment relationships in ensuring adequate standards across our supply chain.Our Supplier Manag

100、ement Framework continues to mature with raised standards for finished goods suppliers and improvements seen in the ratings of raw material and packaging suppliers in industries which to date have faced less scrutiny over labour rights issues.ANSELL LIMITED|ANNUAL REPORT 202411Chief Executive Office

101、rs Review continuedAfter a steady reduction in recordable accidents over the past ten years,we saw an increase in the Total Recordable Injury Frequency Rate from the record low achieved in FY23.Whilst this was partly due to the inclusion of the newly acquired Careplus facility(Ansell Seremban)in our

102、 reporting statistics,our management team is committed to maintaining the most rigorous of safety standards to ensure our safety performance remains best in class and we are determined to improve on this outcome in FY25.Our journey towards a zero-carbon future remains on track as we continue to tran

103、sition away from fossil fuels.Emissions were lower than FY23 excluding the recently acquired Careplus facility,assisted by lower production.We advanced work on powering our high-pressure hot water generators from renewable energy sources including further investment in biomass technology,progressed

104、construction of one of Sri Lankas largest privately owned rooftop solar power facility and improved the overall energy efficiency in our manufacturing operations with three additional plants in Thailand,Malaysia and Portugal now certified to the ISO 5001 standard.We remain committed to reducing the

105、amount of water used in our manufacturing processes.Our original target was a reduction of 35%by 2025 versus the 2020 baseline,and while we are making progress the journey is not straightforward with challenges in recycled water quality and usage requiring further work on our reverse osmosis process

106、es.For this reason,we have extended the target date to 2027.Finally,waste reduction initiatives continue to yield strong results.Excluding new sites,all our plants are certified Zero Waste to Landfill,and over 99%of waste from these sites was diverted from landfill in FY24.We continue to drive meani

107、ngful reductions in the amount of paper and plastic used in product packaging,and,through a lengthy period of advocacy,influenced the EU decision to remove the reference to paper instructions for use from PPE regulation guidelines,paving the way for digital alternatives which will lead to further si

108、gnificant paper savings.KBU AcquisitionIn April we announced the acquisition of Kimberly-Clarks Personal Protective Equipment business(KBU)for$640m,which was completed in early July and has now been renamed as KBU within Ansell.I have long believed that Ansells presence and expertise in KBUs key mar

109、kets,our customer relationships,global supply chain and operating footprint best position us to maximise the potential of the KBU business.Equally,the quality of the KBU business and the compelling benefits it offers to Ansell have long made it one of our most attractive acquisition opportunities.Th

110、e acquisition of KBU enhances our position in fast growing Scientific markets,including Life Science industries such as the manufacturing of pharmaceuticals and medical devices.In these markets,customers have very specific and demanding requirements for the PPE used in their cleanroom manufacturing

111、environments and associated laboratories,creating room for meaningful differentiation.This has been a priority area for investment for many years and a major focus of recent M&A efforts.It is highly complementary to our existing businesses,strengthening our cleanroom and chemical protective clothing

112、 businesses in North America,providing highly regarded Kimtech and KleenGuard brands and enhancing customer intimacy through compliance and post sales services including the industry leading RightCycle PPE post-use recycling program.ANSELL LIMITED|ANNUAL REPORT 202412Lastly,its growth and margin pro

113、file are accretive to Ansell,further enhanced by the significant scale benefits available across our combined organisations and supply chains where we expect to deliver$10m in net run-rate cost synergies by FY27.Near Term Strategic PrioritiesThroughout the challenging period of post-pandemic disrupt

114、ions in our end markets,we have continued to invest in the key areas required to improve our overall differentiation and position the business for sustainable growth.These include sales strategies focused on engagement with end user customers,advances in product innovation,improvements in our servic

115、es offering,sustaining growth in emerging markets and investments in additional manufacturing capacity.With stability returning to healthcare markets,benefits from these investments should become clearer in FY25.We made significant progress in our APIP in FY24,completing the organisation phase of th

116、e program and advancing key manufacturing changes while exceeding our initial savings targets.Our FY25 focus is on delivering savings from ongoing manufacturing initiatives while commencing the IT phase of the program entailing preparation for commercial ERP system upgrades.Although we have complete

117、d the acquisition of KBU,the business will be supported by transitional services from Kimberly-Clark during FY25,allowing us to manage the transition of customers and suppliers to Ansell over the next 12 months.Our key focus will be on maintaining business continuity through this transitional period

118、 and setting up the combined organisation for accelerated growth and synergy capture from FY26.FY25 OutlookWith stability returning to our end markets,we are focused on returning the business to organic growth,sustaining benefits from productivity investments and beginning to realise value from the

119、KBU acquisition.We expect to deliver Organic Constant Currency1 sales growth in both our Industrial and Healthcare Segments in FY25,with muted demand growth in some of our more cyclical verticals.KBU performance is expected to be in line with original expectations,with our aim being to minimise any

120、reduction in sales as the business is being transitioned to Ansell.We expect EBIT to grow on increased sales and accelerating APIP savings.It will also include incremental earnings from KBU.I am extremely grateful for the hard work and dedication of our more than 15,0002 employees over the past year

121、.Thanks this year are particularly heartfelt given the significant work undertaken to transform our organisation and complete the KBU acquisition while delivering on our performance commitments.I would also like to welcome our new KBU colleagues and thank them for their considerable efforts in prepa

122、ring the business for a smooth transition to Ansell ownership.I now look forward with confidence to delivering on our growth objectives in FY25.Neil I Salmon Managing Director and Chief Executive Officer1.Represents Constant Currency excluding the effects of acquisitions,divestments and business exi

123、ts.2.Headcount inclusive of Ansell Seremban,formerly known as Careplus,for the first time.ANSELL LIMITED|ANNUAL REPORT 202413Our Strategic PrioritiesActions taken through a lengthy period of post-pandemic end market disruptions now position Ansell for success.Industry developments post pandemicAnsel

124、l focus and actionsMarkets Oversupply of commodity products challenging margins of high-volume OEM producers Customer inventory build-up then lengthy destocking Economics of onshoring production uncertain Maintained focus on long-term growth markets where we can win through meaningful differentiatio

125、n Invested in capacity for differentiated products Ansell Exam/Single Use margins improved through better mixManufacturing and Sourcing Supply chain resilience and ethical sourcing in focus Inflation across all non raw material input costs Consolidated Exam/Single Use suppliers,developed our Supplie

126、r Management Framework,acquired Careplus and insourced key styles Margin benefits from automation,APIP,geo-sourcing optimisation and selected price increasesInnovation Increased competitiveness on commodity styles Focus on safety creates demand for higher spec PPE Some markets setting high ESG quali

127、fying standards Elevated rate of R&D expenditure through FY19-24 Success with Industrial new products Sustainability leadership aiding customer differentiationDemand and Supply Planning Volatile demand compounded by inventory cycle Visibility to end use consumption trends critical Overhauled process

128、es to improve customer service,inventory management and forecasting Focus on collaborative channel partner inventory management and end user demand forecastingANSELL LIMITED|ANNUAL REPORT 202414With stability returning to our end markets,we are focused on returning the business to organic growth,sus

129、taining benefits from productivity investments and beginning to realise value from the KBU acquisition.Winning at the end user level through differentiated solutions focused on growing markets Stepped up new product success including in sustainable products Next-generation suite of AnsellGUARDIAN an

130、d related services including RightCycle recycling program Effective channel partnerships building category leadership Sustained accelerated growth in emerging marketsProductivity gains and economies of scale benefiting margins Delivering and sustaining APIP savings Manufacturing and commercial ERP u

131、pgrades Smooth integration of KBU,building out FY26 growth and synergy plans Translating sustainability leadership to market differentiationDisciplined capital allocation focused on growth and returns Complete construction of India Surgical facility Efficient investment in inventory for customer ser

132、vice and growth gains Debottlenecking for increased output on fast-growing products Strong cashflow to build balance sheet flexibility and allow continued active capital deploymentFY25 Strategic PrioritiesANSELL LIMITED|ANNUAL REPORT 202415Financial PerformanceGroup ResultsCurrency Reporting The US

133、Dollar is the predominant global currency of Ansells business transactions and the currency in which the Groups operations are managed and reported.Non-US Dollar values are included in this report where appropriate.Key DefinitionsAnsells financial results are reported under International Financial R

134、eporting Standards(IFRS).Certain non-IFRS measures are presented in this report to enable understanding of the performance of Ansell without the impact of non-trading items and foreign currency impacts.Non-IFRS measures have not been subject to audit or review.The non-IFRS measures are defined as fo

135、llows and apply throughout this report:Cash Conversion defined as a ratio expressed as a percentage of net receipts from operations(as reported in the Groups Consolidated Statement of Cash Flows)excluding Significant Items,to EBITDA.Constant Currency the presentation of Constant Currency information

136、 is designed to facilitate comparability of reported earnings by restating the prior periods results at the exchange rates applied in determining the results for the current period.This is achieved by analysing and estimating,where necessary,revenue and cost transactions by underlying currencies of

137、our controlled entities.These transactions are converted to US dollar at the average exchange rates applicable to the current period on a month by month basis.In addition,the following adjustments are made to the current and prior years results:the profit and loss impact of net foreign exchange gain

138、s/losses is excluded;and the foreign exchange impact on unrealised profit in stock is excluded.The principles of Constant Currency reporting and its implementation are subject to oversight by the Audit and Compliance Committee of the Board.GPADE defined as Gross Profit After Distribution Expenses.Gr

139、oss Profit means sales less cost of goods sold.SG&A defined as Selling,General and Administration expenses excluding Significant Items.EBIT defined as Earnings Before Interest and Tax excluding Significant Items.Includes share of loss from Careplus joint venture in FY23.EBIT or GPADE Margin defined

140、as EBIT or GPADE as a percentage of sales.EBITDA defined as Earnings Before Interest,Tax,Depreciation and Amortisation excluding Significant Items.Excludes share of loss from Careplus joint venture in FY23.Adjusted EPS defined as Earnings Per Share(EPS)excluding Significant Items,and related tax imp

141、acts,and adjusted to remove the effect of the additional shares issued to finance the KBU acquisition.The adjustment to the weighted average number of shares(in millions)is as follows:Reported128.7Adjustment(4.0)Adjusted124.7 Significant Items defined as income or expense items that are unusual or i

142、nfrequent,also known as non-recurring.See Note 3(b)Significant Items of the Groups audited FY24 Financial Statements.FY23 Constant Currency ReconciliationHealthcare Industrial Corporate Group Prior Period Sales Reported Sales$904.2m$750.9m-$1,655.1mPlus Currency Effect$2.9m$9.3m-$12.2mConstant Curre

143、ncy Sales$907.1m$760.2m-$1,667.3mPrior Period EBIT Reported EBIT$113.4m$103.9($11.0m)$206.3mPlus Currency Effect$5.9m$5.5m-$11.4mLess Net Exchange Gain($4.8m)($3.9m)-($8.7m)Constant Currency EBIT$114.5m$105.5m($11.0m)$209.0mPrior Period Profit AttributableReported Profit Attributable$148.3mRemove Si

144、gnificant Items ($2.7m)Plus Currency Effect$11.7mLess Net Exchange Gain ($5.5m)Constant Currency Profit Attributable$151.8mConstant Currency Adjusted EPS120.3ANSELL LIMITED|ANNUAL REPORT 202416Group Income StatementFY24FY23Growth%Constant Currency Growth%Sales$1,619.3m$1,655.1m(2.2%)(2.9%)EBIT$195.5

145、m$206.3m(5.2%)(1.3%)EBIT Margin12.1%12.5%Significant Items($66.2m)$2.7mNet Interest($20.6m)($19.4m)6.2%5.1%Taxes($31.2m)($39.7m)(21.4%)(5.7%)Effective tax rate124.2%21.1%Minority Interests($1.0m)($1.6m)(37.5%)(33.3%)Profit Attributable$76.5m$148.3m(48.4%)(45.3%)EPS59.4117.5(49.4%)(46.3%)Adjusted EPS

146、105.5115.3(8.5%)(6.9%)Dividend38.4045.90(16.3%)1.Effective tax rate is calculated excluding the equity accounting loss from Careplus joint venture(FY23:$1.5m;FY24:$nil)and Significant Items.$11.1m income tax benefit for FY24 is attributable to Significant Items(FY23:$nil).See Note 3(b)Significant It

147、ems of the Groups audited FY24 Financial Statements for detail.Group SalesAnsell FY24 sales were$1,619.3m,representing a decline of 2.2%on a reported basis and a decline of 2.9%on a Constant Currency basis.Healthcare sales declined 8.0%on a Constant Currency basis due to customer destocking in the f

148、irst half affecting sales in Surgical and Life Sciences,and the carry forward impact of FY23 price reductions in Exam/Single Use.Industrial sales increased 3.3%on a Constant Currency basis with growth achieved in both Mechanical and Chemical.The sales increase was driven by pricing and favourable pr

149、oduct mix.Group EBITAnsell FY24 EBIT was$195.5m,representing a decline of 5.2%on a reported basis and a decline of 1.3%on a Constant Currency basis.EBIT was lower than FY23 due to lower sales and earnings in Healthcare,partially offset by growth in Industrial.Earnings were assisted by savings from t

150、he Accelerated Productivity Investment Program(APIP),which helped offset higher incentive costs which were abnormally low in FY23.Whilst underlying foreign exchange movements were positive,losses on hedge contracts meant the overall impact of foreign exchange on earnings was unfavourable.EBIT Margin

151、 decreased 40 basis points on a reported basis and increased 20 basis points on a Constant Currency basis.The improvement was due to earnings growth and margin improvement in Industrial which more than offset lower earnings in Healthcare.Healthcare EBIT margin improved significantly in the second ha

152、lf of the year as sales and manufacturing output increased.Net Interest ExpenseNet interest expense was$20.6m in FY24.The impact of higher global interest rates was mitigated by a high percentage of fixed interest rate debt and proactive cash management,aided by strong cash generation.Refer to the N

153、et Debt commentary on page 18 for further detail.Tax ExpenseEffective tax rate(excluding equity accounted investment loss in FY23 and Significant Items)was 24.2%in FY24,an increase on the prior year which benefitted from the utilisation of unbooked Australian tax losses against foreign exchange gain

154、s.This dynamic reversed in FY24 due to foreign exchange losses.The Group has a process in place to assess and manage the differing tax rules and changing tax environment across the tax jurisdictions in which it operates.This process includes the use of external tax advisors,principally Deloitte.FY24

155、FY23Constant Currency Growth%Healthcare Industrial CorporateGroup Healthcare Industrial CorporateGroup Healthcare Industrial Corporate GroupRevenue$834.2m$785.1m-$1,619.3m$904.2m$750.9m-$1,655.1m(8.0%)3.3%-(2.9%)EBIT$81.1m$129.3m($14.9m)$195.5m$113.4m$103.9m($11.0m)$206.3m(25.0%)27.8%(30.9%)(1.3%)EB

156、IT Margin9.7%16.5%n/a12.1%12.5%13.8%n/a12.5%(2.3%)3.3%n/a0.2%ANSELL LIMITED|ANNUAL REPORT 202417Financial Performance continuedGroup Balance SheetFY24FY23$Change%ChangeInventories$457.9m$526.1m($68.2m)(13.0%)Trade receivables$200.4m$180.9m$19.5m10.8%Trade payables($225.5m)($169.7m)($55.8m)32.9%Net w

157、orking capital$432.8m$537.3m($104.5m)(19.4%)Property,plant and equipment$349.3m$351.7m($2.4m)(0.7%)Intangible assets$1,054.8m$1,059.7m($4.9m)(0.5%)Other assets/liabilities$21.1m$4.5m$16.6m368.9%Capital employed$1,858.0m$1,953.2m($95.2m)(4.9%)Net debt$52.2m($337.8m)$390.0m(115.5%)Total equity$1,910.2

158、m$1,615.4m$294.8m18.2%Capital Investment ProjectsFY24 capital expenditure was slightly lower than FY23.Ansell continues to make capital investments to further its long-term strategic objectives,including:Expanded manufacturing capacity,including construction of the greenfield Surgical manufacturing

159、facility in India;Site improvements and productivity enhancements,including investments in automation;and Sustainability initiatives,with key investments made in solar panels and combined heat and power systems.Growth and expansionBase capex including Environment,Health and Safety of$3.0mProductivit

160、y and quality enhancementFY24 CAPEX by Category57%37%6%Capital employed decreased by$95.2m in FY24,largely due to reductions in working capital specifically lower inventory and higher trade payables.Working CapitalAnsell successfully executed its strategy to reduce inventory in FY24,with inventory r

161、educing by$68.2m to$457.9m at the end of the year.Collections of trade receivables remained strong in FY24 with the ageing profile at year end largely consistent with FY23.93%of gross trade receivables were within agreed credit terms,compared to 92%in FY23.The increase in trade payables was primaril

162、y due to the low balance at the end of FY23,when purchases were reduced ahead of planned slowdowns in production in order to reduce inventory in FY24.Net DebtFY24FY23$Change%ChangeInterest bearing liabilities$766.3m$407.0m$359.3m88.3%Cash at bank and short-term deposits$909.4m$156.5m$752.9m481.1%Net

163、 interest bearing liabilities($143.1m)$250.5m($393.6m)(157.1%)Lease liabilities$90.9m$87.3m$3.6m4.1%Net debt($52.2m)$337.8m($390.0m)(115.5%)$377m at a balanced mix of fixed and floating rate notes with long-dated maturities from 5 to 12 years.The proceeds were used to fund the KBU acquisition.As at

164、30 June 2024,62%of the Groups interest bearing liabilities were fixed with an average interest rate of 4.4%.The fixed rate debt portion decreased from 82%at 30 June 2023 at an average interest rate of 3.76%,due to additional USPP notes issued during the year.The Group maintains strong liquidity with

165、$719.3m of undrawn debt facilities and cash(excluding cash designated to fund the KBU acquisition)at 30 June 2024.The drawn debt profile has an average maturity tenor of more than 6 years.Net debt at 30 June 2024 included$651.6m of cash designated to fund the KBU acquisition and the related$377m deb

166、t issued.Excluding the KBU funding and equity raise impacts,net debt decreased by approximately$100m compared to 30 June 2023 and net debt to EBITDA was 0.9x for FY24(FY23:1.2x).This decrease was primarily driven by the significantly improved working capital position.The Groups interest bearing liab

167、ilities increased by$359.3m from$407.0m at 30 June 2023 to$766.3m at 30 June 2024.During the year,the Group raised the following notes via the United States Private Placement(USPP)market:$100m floating rate note maturing in March 2031 to repay the note that matured in April 2024.ANSELL LIMITED|ANNUA

168、L REPORT 202418Group Cash FlowFY24FY23$Change%ChangeNet receipts from operations$310.5m$220.3m$90.2m40.9%Net cash provided by operating activities$272.3m$180.5m$91.8m50.9%Net cash used in investing activities($63.4m)($75.5m)$12.1m(16.0%)Net cash generated from/(used in)financing activities$540.8m($1

169、49.2m)$690.0m(462.5%)Net increase/(decrease)in cash and cash equivalents$749.7m($44.2m)$793.9m(1,796.2%)Accelerated Productivity Investment Program(APIP)In July 2023,Ansell announced the commencement of APIP,a multi-year program comprising a series of productivity initiatives designed to adjust the

170、business in response to post-pandemic operating conditions and position it for its next phase of growth.The core objectives of the program are to:Simplify and streamline Ansells organisational structure.Reduce manufacturing headcount and improve manufacturing productivity.Accelerate Ansells digitisa

171、tion strategy,expanding on the successful program of ERP upgrades in manufacturing operations to the larger commercial entities.Significant progress was made against program objectives in FY24,summarised as follows:Implementation of a simpler,lower cost,customer-focused organisational structure,led

172、by a streamlined Executive Leadership Team.Reductions in manufacturing headcount.Exit from the less differentiated,low margin retail household gloves category.Completion of key warehouse upgrades.Initial scoping and design work for the global ERP solution.$53.5m of APIP costs were recognised in FY24

173、 and classified as Significant Items.Refer to Note 3(b)Significant Items of the Groups audited FY24 Financial Statements for a summary of costs associated with APIP.Subsequent Event Acquisition of Kimberly-Clarks Personal Protective Equipment business(KBU)On 8 April 2024,Ansell announced the acquisi

174、tion of 100%of the assets that constitute KBU for total consideration of US$640m.The acquisition was completed on 1 July 2024 and is being accounted for as a business combination in accordance with AASB 3 Business Combinations.KBU designs and markets differentiated hand,body and eye protection produ

175、cts under well-known Kimtech and KleenGuard brands to customers in global Scientific (including Life Sciences)and Industrial segments.KBU is highly complementary to Ansell and enhances Ansells global position in attractive and growing segments,including Scientific,where Ansells differentiation is hi

176、ghly valued,while offering meaningful scale benefits from combined supply chain and organisational efficiency.The acquisition resulted in the recognition of$183.4m of provisional net assets,including$148.9m of brand names,and$455.5m of goodwill.Acquisition costs of$14.0m have been expensed and repor

177、ted as Significant Items in FY24.The stepped-up US tax base value of intangible assets acquired is amortisable over a 15-year period for US tax purposes,representing a net present value of tax benefits of approximately$50m.Refer to Note 21(b)Acquisition of KBU of the Groups audited FY24 Financial St

178、atements.Climate ChangeFor impairment testing purposes,the committed climate-related investments and initiatives have been included in the most recent years budget and future cash flow projection,which is used as an input to determine the recoverable amount of each Cash Generating Unit(CGU).Furtherm

179、ore,the potential impacts of climate change have been considered through downside scenario analysis and key assumption sensitivity assessment.Refer to page 42 for more information on Ansells climate risk.Net cash provided by operating activities increased year-on-year,with a significant uplift in ne

180、t receipts from operations both on a reported basis and after excluding Significant Items(as detailed within Note 3(b)Significant Items of the Groups audited FY24 Financial Statements).The continued strategic focus on reducing working capital was a significant driver of improved net receipts,offset

181、partly by lower EBITDA.Net cash used in investing activities was comparable to FY23,after adjusting FY23 for the$10.9m payment to purchase the remaining 50%equity interest in Careplus(now known as Ansell Seremban)and the$2.7m net proceeds from the Russia exit.Net cash from financing activities was$5

182、40.8m which included proceeds from borrowings($377m)and new shares issuance($305.2m)to fund the KBU acquisition,partially offset by increased share buybacks.The impact of higher global interest rates in FY24 was minimised due to a high percentage of debt being at fixed interest rates and also proact

183、ive cash management.ANSELL LIMITED|ANNUAL REPORT 202419Healthcare SegmentThe Healthcare Segment manufactures and markets innovative solutions for a wide range of customers,including hospitals,surgical centres,dental surgeries,veterinary clinics,first responders,manufacturers,auto repair shops,chemic

184、al plants,laboratories and life science&pharmaceutical companies.The portfolio includes surgical gloves,single use and examination gloves1,and products for life science companies including clean and sterile gloves,garments,and consumables.1.Includes single use gloves used by industrial workers in ma

185、nufacturing,auto repair,chemical,food processing and other industries.New Product Development HighlightsMICROFLEX Mega Texture 93-256Nitrile disposable gloveGAMMEX PI Hybrid Micro Synthetic micro surgical gloveBioClean 73-245Accelerator-free neoprene aseptic cleanroom gloveProvides confident grip an

186、d durable protection in an orange colour for high visibility,suited for workers in a range of industries including auto aftermarket and food processing.Polyisoprene and neoprene blend surgical glove delivering enhanced comfort and durability with reduced allergy risk.Now in Micro,offering exceptiona

187、l level of tactile sensitivity and dexterity for delicate procedures requiring utmost precision.Providing high chemical resistance,reduced allergy risk and extra arm protection for workers in cleanroom manufacturing environments.ANSELL LIMITED|ANNUAL REPORT 202420Financial SummaryUS$mFY24FY23Growth%

188、Constant Currency Growth%Sales$834.2m$904.2m(7.7%)(8.0%)EBIT1$81.1m$113.4m(28.5%)(25.0%)EBIT Margin9.7%12.5%1.FY23 EBIT includes$1.5m share of loss from the Careplus joint venture(equity accounted).Sales PerformanceFY24 sales were$834.2m,representing a decline of 8%on a Constant Currency basis and 7

189、.7%on a reported basis.Exam/Single Use sales declined 5.9%on a Constant Currency basis,with the decline largely due to the carry over impact of price reductions implemented in mid-FY23.Volumes improved versus FY23,driven by our more differentiated industrial single use products produced inhouse.Surg

190、ical sales declined 13%on a Constant Currency basis due to significant customer destocking in the first half.The effects of customer destocking lessened in the second half but sales improvements were constrained by Red Sea shipping disruptions.Life Sciences grew 0.2%on a Constant Currency basis desp

191、ite significant first half destocking,growing at double-digits in the second half.Surgical and Life Sciences sales remain significantly higher than pre-COVID,growing at 3.4%and 4.9%respectively on a Constant Currency compound annual basis(FY24 to FY19 excluding the effects of acquisitions,divestment

192、s and business exists including Russia in FY22)despite the effects of customer destocking in FY24.EBIT PerformanceEBIT declined 25%on a Constant Currency basis and 28.5%on a reported basis.The reduction in EBIT was primarily in the first half during a period of lower sales in Surgical and Life Scien

193、ces and lower production as inventory was reduced.EBIT improved in the second half on higher sales,better operating leverage in manufacturing as production increased,and growing APIP savings.ANSELL LIMITED|ANNUAL REPORT 202421Industrial SegmentThe Industrial Segment manufactures and markets high-per

194、formance hand and chemical protective clothing solutions for a wide range of industrial applications.Ansell protects workers in industries including automotive,chemical,metal fabrication,machinery and equipment,food,construction,mining,oil&gas,utilities,logistics and first responders.New Product Dev

195、elopment HighlightsProviding superior cut resistance,comfort,dexterity and durability for workers in the automotive,machinery and equipment and metal fabrication industries.Lightweight,dexterous crush protection for the knuckles,thumb and fingers,opening new markets for impact protection in warehous

196、ing,logistics,automotive and light manufacturing.Type 3 multi-chemical protection air-fed suit with excellent mechanical durability for use in the highest rated Biological Safety Laboratories globally.HyFlex 11-571Ultra-lightweight cut protection gloveRingers R840Light duty impact-resistant gloveAlp

197、haTec BSL4Reusable gas-tight chemical protective suitANSELL LIMITED|ANNUAL REPORT 202422Financial SummaryUS$mFY24FY23Growth%Constant Currency Growth%Sales$785.1m$750.9m4.6%3.3%EBIT$129.3m$103.9m24.4%27.8%EBIT Margin16.5%13.8%Sales PerformanceFY24 sales were$785.1m,an increase of 3.3%on a Constant Cu

198、rrency basis and an increase of 4.6%on a reported basis.Positive Constant Currency growth was achieved in both Mechanical and Chemical.Constant Currency growth in Mechanical was 2.7%,benefitting from faster growth in emerging markets,increased sales of specialty products including Ringers impact pro

199、tection solutions,and a strong contribution from new products including HyFlex ultra-lightweight cut protection styles.Chemical sales grew 4%on a Constant Currency basis,driven by growth in the higher margin range of high-end chemical hand and body protection solutions,and in the overall body protec

200、tion category.Chemical sales included a one-off pricing benefit of$5m on products exited as part of APIP.EBIT PerformanceEBIT increased 27.8%on a Constant Currency basis and 24.4%on a reported basis.EBIT growth was driven by increased sales,net cost favourability,improved Chemical plant performance

201、and APIP savings.ANSELL LIMITED|ANNUAL REPORT 202423FY25 OutlookEnd market conditions are anticipated to be broadly neutral in FY25,with demand growth in more cyclical verticals muted by some macroeconomic weakness.We expect the reduction of destocking effects and success with new products to suppor

202、t Organic Constant Currency1 sales growth in both Industrial and Healthcare Segments.EBIT is expected to improve from increased sales,higher APIP savings and the incremental contribution from KBU.Integration of KBU is a key priority in FY25,with Kimberly-Clark to help transition customers,suppliers

203、and employees to Ansell and provide various business support services for a period of up to 12 months.We aim to complete the integration by the end of the fiscal year.The major focus in FY25 will be on maintaining business continuity through the transition period and setting up the combined organisa

204、tion for accelerated growth and synergy capture from FY26.KBU performance in FY25 is expected to be in line with original expectations,including a small reduction in sales as the business is being transitioned and temporarily higher operating expenses while transitional services are being provided.K

205、ey APIP focus areas in FY25 include relocation of production of some Chemical protective clothing styles from China to Sri Lanka,further warehouse upgrades and preparation work for implementation of our global ERP solution.1.Represents Constant Currency excluding the effects of acquisitions,divestme

206、nts and business exits.ANSELL LIMITED|ANNUAL REPORT 202424SustainabilityOur 2040 Sustainability Action Plan details Ansells targets and ambitions across People and Planet for safe,respectful and inclusive workplaces and for a healthier planet in a zero-carbon future.We made significant progress this

207、 year,including submitting our formal letter of commitment to Science Based Targets initiative to set value chain targets and achieved a 14%decrease in operational emissions from our FY20 baseline(excluding Ansell Seremban).We also faced challenges as we decided to delay our water stewardship target

208、 to FY27 and as we onboard our new plant,Ansell Seremban.This year,we added Ansell Seremban to our Scope 1&2 GHG inventory,and recalculated and restated our FY20 emissions target baseline,in accordance with GHG Protocol and ISO 14604.We have completed analysis of data and implementation of Ansells m

209、anagement systems at the plant,and are currently conducting critical work to prepare the plant for our decarbonisation programs and installations.Read more on the next pages.Full details are published in our 2024 Sustainability Report and 2024 Labour Rights Report(and Modern Slavery Statement),to be

210、 released by September 2024.Ansell 2040 Sustainability Action Plan:Thinking of People and Planet First PeoplePlanetSAFE AND RESPECTFUL WORKPLACE Process efficiency:All manufacturing plants to have certified Energy Management Systems(ISO50001)Value chain partnerships and policy advocacy for climate a

211、nd advancing for transition to zero carbon future Zero waste to landfill manufacturing plants Material and process innovation/Product life cycle:-Use less fossil materials,and more recycled and bio-based content materials-80%of our new and updated products are designed with reduced environmental imp

212、act Packaging goal:100%of packaging material is recyclable,reusable or compostable Net Zero emissions in our operations3 Reduce dependence on fossil fuels:100%renewable electricityZERO CARBON FUTURE Each operational employee gives at least one safety improvement idea to mitigate near misses,unsafe c

213、onditions and unsafe acts Promoting a diverse and inclusive workplace:At least 40%women representation in all levels Year-on-year progress in implementing 60-hour work week across all Ansell plants1 100%of direct suppliers meet Ansells labour,health and safety standards ensuring decent work for thei

214、r workers2 10%reduction of Total Recordable Injury Frequency Rate(TRIFR)CONSERVE NATURAL RESOURCES Reduce water withdrawals by 35%Improved environmental stewardship to reduce depletion and impacts on natural resourcesSUPPORTING COMMUNITIES Responding to the needs of communities with financial and pr

215、oduct donations,disaster relief,and employee volunteerismWe are a recognised leader for safe,respectful and inclusive workplaces in our industry.ProductWe create products for a safer and better protected world We pioneer new solutions that reduce our environmental impact across our operations and su

216、pport a healthier planet.Ansell Earth1.Defined by ILO60.ILO is the International Labour Organization.2.In-scope suppliers based on Ansells Supplier Management Framework(SMF).3.Less than 10%use of offsets.ANSELL LIMITED|ANNUAL REPORT 202425Sustainability continuedPeopleSafe and Respectful WorkplaceTa

217、rgetKPI ProgressOur actions during the year10%reduction of Total Recordable Injury Frequency Rate(TRIFR)by 2030 (FY23 baseline)0.949 TRIFR in FY24(130%increase from FY23:0.413 TRIFR)Ansell has low injury and accident rates,and a long-term trend of consistent improvement.Progress stalled,however,in F

218、Y23 and FY24 when rates reverted to those seen in earlier years.Increases were largely due to changes at four plants,including the newly acquired Ansell Seremban,which had a higher accident rate that impacted overall figures.New safety protocols at the site led to over 66%reduction in accidents in F

219、Y24.Ansell will only be satisfied with zero accidents and we have applied FY24 lessons learned to improve future performance.Each operational employee gives at least one safety improvement idea to mitigate near misses,unsafe conditions and unsafe acts 145%safety observation engagement rateOur perfor

220、mance more than tripled from our FY21 baseline as we emphasised engagement on-site.This year,we set a new target of 150 ideas for every 100 employees as we continue to foster employee engagement and accountability in the next few years,including through safety tools such as APS and SOTERIA.Year-on-y

221、ear progress in implementing 60-hour work weeks across all Ansell plants1 9 out of 14 plants are observing and practicing maximum 60-hour work weeksThis year,both of our plants in Sri Lanka have implemented new shift schedules and monitoring to observe maximum 60-hour work weeks1.In the meantime,all

222、 Ansell plants are in compliance with local laws on working hours and rest days,and practice at least one rest day within seven days.100%of direct suppliers meet Ansells labour,health and safety standards ensuring decent work for their workers by 20272 72%of in-scope finished goods suppliers are rat

223、ed A or B 69%of in-scope raw material suppliers(packaging,yarn and liners,latex and chemicals)are rated BWe measure the compliance of our suppliers against Ansell standards based on suppliers achieving an A or B rating through performance assessments as part of our Supplier Management Framework.This

224、 year we raised our standards for A and B rated suppliers,as we continuously benchmark our supply chain standards against best practices and emerging issues.The result is a re-categorisation of some suppliers from A and B to C risk ratings.Promoting a diverse and inclusive workplace:At least 40%wome

225、n representation in all levels by 2030Representation of women:40%at Manager to Associate Director 35%at Director to VP 22%in Executive Leadership 50%on Board of DirectorsFemale representation has improved in FY24 at the Associate Director,Director and Vice President(VP)levels each approaching or ach

226、ieving the 40%target.We look to sustain our momentum by ensuring a balanced slate of candidates for open positions and focusing efforts on retaining and developing our female talent with programs such as Work on Your Terms and WeCan.Supporting CommunitiesTargetKPI ProgressResponding to the needs of

227、communities with financial and product donations,disaster relief,and employee volunteerism Monetary and product donations to areas of conflict and stricken by natural disasters Project Joy gloves made for 11 workers with differently shaped hands Australian Indigenous Program:Sold 377,558 pairs of gl

228、oves in special edition indigenous packaging styles,with monetary donations from each pair of gloves plus additional corporate donations,contributing to funding Indigenous community programs1.Defined by ILO60.ILO is the International Labour Organization.2.In-scope suppliers based on Ansells Supplier

229、 Management Framework.ANSELL LIMITED|ANNUAL REPORT 202426PlanetZero Carbon FutureTargetKPI ProgressOur actions during the yearNet Zero emissions for our operations by 2040 (2020 baseline)14%and 6%decrease in Scope 1&2 GHG emissions from restated1,2 baseline FY20 and FY23 respectively(excluding Ansel

230、l Seremban)64,332MTCO2e emissions generated from Ansell Seremban,was added to our inventory in FY24,contributing 26%to our total Scope 1 and 2 GHG emissions(250,784MTCO2e)2Decarbonisation efforts and a decrease in production drove continued reductions in emissions,with 50%renewables in our energy mi

231、x today(excluding Ansell Seremban).FY24 results were tempered by the inclusion of Ansell Seremban in our reporting boundary this year,as the plant is yet to adopt our decarbonisation approach.We are in the process of conducting feasibility studies and preparing investment plans at the plant.Reduce d

232、ependence on fossil fuels:100%renewable electricity by 2040 31%renewable electricity(excluding Ansell Seremban)29%renewable electricity(including Ansell Seremban)When Malaysias Green Electricity Tariff was reinstated in May 2024,after a brief suspension,Ansell re-subscribed for a lower volume and pu

233、rchased additional energy attribute certificates from Malaysia in the form of International Renewable Energy Certificates,ensuring that four plants in Malaysia continue to consume 100%renewable electricity.Including these plants,a total of 7 Ansell plants consume 100%renewable electricity.Process ef

234、ficiency:All manufacturing plants to have certified Energy Management Systems(ISO 50001)by 2028 4 out of 14 plants are now certified ISO50001Certified three plants in Thailand,Portugal and Melaka in Malaysia in FY24,in addition to our first plant certified in FY23,Ansell Textiles Lanka in Sri Lanka.

235、Value chain partnerships and policy advocacy for climate and advancing for transition to zero carbon future Formally committed to the SBTi to set science-based net zero targets for our value chainScope 3 represents over 80%of our total GHG emissions.Ansell is actively conducting studies,collaboratin

236、g with suppliers,and evaluating product lifecycles to establish Scope 3 targets.Zero Waste to Landfill(ZWL)for all manufacturing plants Maintained 12 of our 14 plants as certified ZWL(2 new plants not yet certified)Today,99.8%of waste generated at Ansell certified plants is diverted from landfill4.W

237、e are currently implementing our waste management approach in Ansell Seremban.For Ansell Kovai,we will commence its certification process once the plant becomes fully operational.By 2026,80%of our new and updated products are designed with reduced environmental impact3 60%of new and updated products

238、 are designed with reduced environmental impact3Redesigned six styles,totaling more than 29 million units in sales,to incorporate recycled yarns.Packaging goal:100%of packaging material is recyclable,reusable or compostable by 2026 97%of industrial and 100%of healthcare segments outer case and inner

239、 dispenser packaging is recyclable,excluding plastic packaging required to protect product sterility or particulate cleanlinessWe continue to roll-out paper band packaging for mechanical gloves,now accomplishing Forest Stewardship Council(FSC)certification for 67.4%of our styles.This year we reconfi

240、gured our SMARTPack for sterile cleanroom PPE gloves.Conserve Natural ResourcesTargetKPI ProgressOur actions during the yearReduce water withdrawals by 35%by 2027(2020 baseline)5 13%increase in water withdrawals from baseline FY205 0.27%decrease in water withdrawals from FY235Delays in operationalis

241、ing Reverse Osmosis(RO)facilities resulted in increased water withdrawals from our FY20 baseline.While we are working to activate these RO systems in FY25,our target has been extended to 2027 to address these challenges.Ansell Seremban has a fully operational RO facility which already provides 24%of

242、 the plants water needs.Our water stewardship goals focus on high water stress areas.Since Ansell Seremban has already achieved targets set for our other plants,our overall FY20 baseline for water withdrawals and our reduction target will continue to exclude Seremban.Improved environmental stewardsh

243、ip to reduce depletion and impacts on natural resources 100%sustainable biomass sourced for our high-pressure hot water generators(HWGs)in Sri LankaAnsell worked with UNDP to launch Sri Lankas first Sustainable Produced Fuel Wood Certification standard(SLS 1551:2016)in 2016.Today,all woodchip suppli

244、ers to our plant Ansell Lanka are certified.1.In accordance with Annex D of ISO 14064-1:2018,Ansell restated our FY20-FY23 reported Scope 1&2 emissions to reclassify anthropogenic emissions from our biomass consumption,previously reported separately as biogenic emissions.The emissions factors associ

245、ated with biogenic emissions have been updated to reflect the factors in IPCCs Sixth Assessment Report(AR6).2.FY24 GHG emissions are subject to Control Union certification at the date of this report.3.Made using less fossil-based material and more recycled or bio-based material when compared with gl

246、oves of a similar make.4.FY24 waste metrics excludes Ansell Seremban and Ansell Kovai.5.FY24 water metrics excludes Ansell Seremban.ANSELL LIMITED|ANNUAL REPORT 202427Board of DirectorsNigel D GarrardChairBEcon(Adelaide),CAResident of AustraliaNeil I SalmonManaging Director and Chief Executive Offic

247、erBA,ACMAResident of BelgiumLeslie A DesjardinsNon-Executive DirectorB.Industrial Admin,Finance(Kettering),MS.Management(MIT)Resident of USAMorten FalkenbergNon-Executive DirectorB.Sc.,Economics&Business Administration from the Copenhagen Business SchoolResident of DenmarkAppointed Non-Executive Dir

248、ector in March 2020,and Chair in October 2023.Chair of the Governance Committee and Share Buyback Sub-Committee and member of the Human Resources Committee and M&A Sub-Committee.Current Directorships:Chair of Flinders Port Holdings Pty Ltd(2021 to present),Chair of ALS Limited(2024 to present,Non-Ex

249、ecutive Director from 2023),Detmold Group advisory Board(2020 to present)and Chair of McMahon Services advisory board(2019 to present).Previous Directorships:CSR Limited(2020 2024),Hudson Institute of Medical Research(2016 2022),Managing Director of Orora Limited(2013 2019),Amcor Australasia and Pac

250、kaging Distribution(2009 2013),SPC Ardmona Limited(2000 2007),Chiquita Brands South Pacific Ltd(1994 2000).Mr Garrard is an experienced executive with a successful track record across FMCG and Industrial/Manufacturing sectors.Mr Garrard has 20 years experience as an ASX-listed CEO across three compa

251、nies.In 2019,Mr Garrard retired as Managing Director and CEO of Orora Limited.Mr Garrard led the demerger of Orora from Amcor,and subsequent listing on the ASX in 2013.Mr Garrard brings broad international experience across listed,not-for-profit,governance,private and industry entities.The Board con

252、siders Nigel Garrard to be an independent Director.Appointed Managing Director and Chief Executive Officer in September 2021Mr Salmon joined Ansell as Chief Financial Officer in 2013 and was appointed President of the Industrial Segment in 2018.Prior to joining Ansell,Mr Salmon had more than 20 year

253、s of professional experience,gained working across a range of roles in a diverse group of international businesses.He spent the first 17 years of his career with Imperial Chemical Industries(ICI)primarily in finance roles based in the UK,South Africa,the USA and Singapore before serving as Chief Fin

254、ancial Officer of Innophos in New Jersey,USA.Having led Ansells 7,500 strong Industrial Segment workforce through a challenging global economic climate,Neil was a key contributor to strategies that have allowed the company to pursue its growth trajectory in recent times,notably at the onset of the C

255、OVID-19 pandemic.As CEO,he oversees the Companys further strategic development,with a focus on continued innovation and increased sustainability.As an Executive Director,Neil Salmon is not an independent Director.Appointed Non-Executive Director in November 2015.Chair of the Audit and Compliance Com

256、mittee,member of the Human Resources Committee and the Governance Committee,M&A Sub-Committee and Share Buyback Sub-Committee.Current Directorships:Non-Executive Director and Audit and Risk Committee Chair and member of the Sustainability and Innovation Committee,and Nominations Committee of ALS Lim

257、ited(2019 to present).Previous Directorships:Director of Aptar Group (2012 2015)and Non-Executive Director of Terry Fox Cancer Foundation(2014 2021).Mrs Desjardins is a former international finance executive with experience in business performance and growth.Mrs Desjardins was formerly the Chief Fin

258、ancial Officer of Amcor Limited.Prior to Amcor,she held executive roles at General Motors Corporation,in Canada,the United States and Australia,including Chief Financial Officer GM Holden,Controller for GM North America and Finance Director for GMs manufacturing facilities in North America.Mrs Desja

259、rdins has extensive experience in finance,M&A,strategy,government relations and global operations.The Board considers Leslie Desjardins to be an independent Director.Appointed Non-Executive Director in November 2021.Member of the Audit and Compliance Committee and the Sustainability and Risk Committ

260、ee.Current Directorships:Non-Executive Director of Duni AB(2020 to present)and Chair of Coletta AB (2024 to present).Previous Directorships:Non-Executive Director of Fagerhult AB(2017 2022),Lammhult AB(2021 2022),Velux Group(2008 2022)and Advisor to Nordstjernan AB.Mr Falkenberg is a highly experien

261、ced and seasoned executive with nearly 35 years of leadership experience within FMCG,Telecoms/Technology,and consumer durable goods companies most recently as CEO of Nobia(Europes largest value kitchen company)from 2010 until his retirement in 2019.Prior to that Mr Falkenberg held senior positions a

262、t Electrolux,Tele Denmark and Coca-Cola and has lived outside his native Denmark in the USA,Israel,Norway and Sweden.The Board considers Morten Falkenberg to be an independent Director.ANSELL LIMITED|ANNUAL REPORT 202428Debra L GoodinNon-Executive DirectorBEcon(Adelaide),CA Resident of AustraliaWill

263、iam G ReillyNon-Executive DirectorBA(Fairfield),J.D(Seton Hall)Resident of USAChristina M SterckenNon-Executive DirectorBEcon&MEcon(Univ.of Bonn),EMBA(Duke)Resident of GermanyChristine Y YanNon-Executive DirectorBS(Mech.Eng)(Shandong),MSc,(Mech.Eng)(Wayne State),MBA(Michigan)Resident of USAAppointed

264、 Non-Executive Director in December 2022.Member of the Audit and Compliance Committee and the Human Resources Committee.Current Directorships:Chair of Atlas Arteria(2017 present),Non-Executive Director and Chair of the Audit and Finance Committee of APA Group(2015 to present).Previous Directorships:

265、Non-Executive Director of Australia Pacific Airports Corporation(2020 2022),oOh!Media(2014 2020),Senex Energy(2014 2020),Ten Network Holdings(2016 2017)Beyond Bank Australia(2011 2015)and City West Water(2011 2015).Member of Finance,Investment and IT Committee of Royal Womens Hospital Foundation Lim

266、ited(2012 2019).Ms Goodin is an executive who has diverse global experience in operations,finance,M&A and corporate services,and has worked in both the public and private sectors.In 2014 she completed a 22 month contract role with Downer Group (ASX 100)as Divisional CEO/COO of Downers two consulting

267、 subsidiary companies in New Zealand and Australia.Prior to this Ms Goodin was the Global COO of Coffey International where she led a range of engineering consulting businesses in the areas of mining,geotechnics,environment and international development.The Board considers Debra Goodin to be an inde

268、pendent Director.Appointed Non-Executive Director in October 2017.Member of the Sustainability and Risk Committee,the Human Resources Committee,the Governance Committee and the M&A Sub-Committee.Mr Reilly has over 35 years experience as an in-house lawyer.Mr Reilly was appointed as General Counsel o

269、f Ansell Healthcare in 2000 when it was a division of Pacific Dunlop Limited,subsequently becoming General Counsel of Ansell Limited in 2002.Mr Reilly has served with three Chief Executive Officers and has played pivotal roles leading many of Ansells corporate strategic and legal initiatives,includi

270、ng M&A,litigation and the successful intellectual property strategy.He has also overseen the Global Compliance and Risk functions,acted as interim head of Human Resources,leader of the Regulatory function and joint Company Secretary.Prior to joining Ansell,Mr Reilly held senior legal positions at C.

271、R.Bard,Inc.,The Hertz Corporation and McKesson Corporation.In 2016,Mr Reilly was named on the Financial Times first ever Global GC 30 List.The Board considers William Reilly to be an independent Director.Appointed Non-Executive Director in October 2017.Chair of the Sustainability and Risk Committee

272、and M&A Sub-Committee and member of the Audit and Compliance Committee.Current Directorships:Member of the Board of Landis&Gyr Group AG(2017 to present),Member of the Supervisory Board of TeamViewer SE(2023 to present)and Vice Chair of Myanmar Foundation Munich.Previous Directorships:Ascom Holding A

273、G(2014 2020).Mrs Stercken was a partner at Euro Asia Consulting PartG(EAC)until the end of 2017.In this function,Mrs Stercken helped customers in machinery,automotive,chemical,healthcare and infrastructure industries in strategy,M&A and operational excellence in growth markets.Before joining EAC,Mrs

274、 Stercken served as Managing Director Corporate Finance M&A of Siemens AG.Among other management positions within Siemens AG,she was responsible for the Siemens Task Force China and Head of Public Sector Business Unit at Siemens Business Services.Mrs Stercken started her career in Marketing at BMW P

275、ty.Ltd,South Africa.Mrs Stercken brings a broad range of competencies relevant to Ansells strategies,including M&A,broad industry background and business building in developing markets.In her function as Vice Chair of Myanmar Foundation,Munich,Mrs Stercken supports social projects in Myanmar.The Boa

276、rd considers Christina Stercken to be an independent Director.Appointed Non-Executive Director in April 2019.Chair of the Human Resources Committee and member of the Sustainability and Risk Committee and the Governance Committee.Current Directorships:Non-Executive Director and Chair of Human Capital

277、 and Compensation Committee ON Semiconductor Corporation(2018 to present),Non-Executive Director and Chair of Corporate Governance and Nominating Committee of Modine Manufacturing Company Inc.(2014 to present)and Non-Executive Director of Cabot Corporation(2019 to present).Operating Director Ammega(

278、January 2023 to present).Ms Yan is an experienced executive who has had a distinguished career at Stanley Black&Decker.Ms Yan has held senior management positions in both the US and China,including Vice President of Sales and Marketing for North America Automotive,President of the Global Automotive

279、Division,President of Americas for the Engineered Fastening division,President of Stanley Storage and Workspace Systems and more recently,President of Asia and Vice President of Integration.Ms Yan brings a broad range of general management experience across different geographies,as well as experienc

280、e in innovation,business development,sales,digital transformation and marketing in the business-to-business industry.The Board considers Christine Yan to be an independent Director.ANSELL LIMITED|ANNUAL REPORT 202429Executive Leadership TeamNeil Salmon Managing Director and Chief Executive OfficeBA,

281、ACMAResident of Brussels,BelgiumZubair JaveedChief Financial OfficerBA(Hons),ACMA,AMCTResident of London,United KingdomRikard FrobergChief Product and Marketing OfficerMS,MAResident of New Jersey,USAMichael GilleeceSenior Vice-Presedent,Corporate General CouncelBA,JDResident of New Jersey,USAAugusto

282、 AccorsiChief Commercial Officer,EMEA/APACMBAResident of Brussels,BelgiumRob HughesSenior Vice President,Kimtech and KleenGuard Business Unit(effective from 1 July 2024)BBAResident of Georgia,USAAmanda ManzoniChief Human Resources OfficerBSResident of London,United KingdomJohn MarsdenChief Operation

283、s and Supply Chain OfficerMEngResident of Cyberjaya,MalaysiaSean SweeneyChief Commercial Officer,AmericasBA,MTResident of New Jersey,USADeanna JohnstonChief Information OfficerBBAResident of New Jersey,USAANSELL LIMITED|ANNUAL REPORT 20243031ANSELL LIMITED|ANNUAL REPORT 2024Report by the DirectorsTh

284、is Report by the Directors of Ansell Limited(the Company)is made for the year ended 30 June 2024.The information set out below is to be read in conjunction with:Operating Financial Review appearing on pages 14 to 24;Remuneration Report appearing on pages 45 to 68;and Note 22 Related Party Disclosure

285、s and Note 24 Ownership-based Remuneration Schemes to the audited FY24 Financial Statements accompanying this Report.Directors and SecretaryThe names and details of each person who has been a Director of the Company during or since the end of the financial year are:John A Bevan(former Chair)1 Nigel

286、D Garrard(Chair)2 Neil I Salmon(Managing Director and Chief Executive Officer)Leslie A Desjardins Morten Falkenberg Debra L Goodin William G Reilly Christina M Stercken Christine Y Yan1.Retired as Chair and a Non-Executive Director of Ansell at the conclusion of the 2023 Annual General Meeting(effec

287、tive from 24 October 2023).2.Appointed as Chair at the conclusion of the 2023 Annual General Meeting(effective from 24 October 2023).Particulars of the qualifications,experience and special responsibilities of each Director,as at the date of this Report,and of their other directorships,are set out o

288、n pages 28 to 29.Details of meetings of the Companys Directors(including meetings of Board Committees)and each Directors attendance are set out on page 34.The Company Secretary is Catherine Stribley,B.Com./LLB(Hons),FGIA,and she was appointed as Company Secretary in April 2017.Ms Stribley first join

289、ed the Company in 2010 and has held legal positions in both Australia and the US,including Senior Counsel and Senior Counsel,IP.Principal ActivitiesThe activities of Ansell Limited and its subsidiaries(the Group)principally involve the development,manufacturing and sourcing,distribution and sale of

290、hand and body protection solutions in the industrial and healthcare markets.Ansell operates in two main business segments,Industrial and Healthcare.Board Areas of FocusThis year the Board and its Committees have undertaken key strategic,governance and oversight activities.The key areas of focus for

291、the Board during FY24 were:Company strategy and performance(including focus on M&A)Oversight of capital management initiativesBoard successionRisk management,governance and complianceEnvironment,Social and Governance(ESG)ANSELL LIMITED|ANNUAL REPORT 202432Operating and Financial ReviewThe Operating

292、and Financial Review for the Group for the financial year is set out on pages 14 to 24,and forms part of this Report.State of AffairsDuring the year the Group continued to progress the strategies that have been identified to accelerate growth and create increased shareholder value.The Operating and

293、Financial Review provides additional information on the Groups growth strategies.Other than set out in the Operating and Financial Review,no significant changes occurred in the state of affairs of the Group during the financial year.Likely DevelopmentsLikely developments in the operations of the Gro

294、up are referred to on page 24.In the opinion of the Directors,the disclosure of any further information about likely developments in the operations of the Group has not been included in the Report because disclosure of this information may result in unreasonable prejudice to the Group.Significant Ev

295、ents Since Balance DateOn 8 April 2024,Ansell announced the acquisition of 100%of the assets that constitute Kimberly-Clarks Personal Protective Equipment business(renamed KBU)for total consideration of US$640m.The acquisition was effective 1 July 2024 and accounted for as a business combination in

296、accordance with AASB 3 Business Combinations.KBU designs and markets differentiated hand,body and eye protection products under well-known Kimtech and KleenGuard brands to customers in global Scientific(including Life Sciences)and Industrial segments.Refer to Note 21(b)Acquisition of KBU of the Grou

297、ps audited FY24 Financial Statements.Other than the acquisition of KBU,the Directors are not aware of any significant matters or circumstances that have arisen since the end of the financial year that have affected or may affect the operations of the Group,the results of those operations or the stat

298、e of affairs of the Group in subsequent financial years.Performance in Relation to Environmental RegulationsGroup entities are subject to environmental regulation in the jurisdictions in which they operate.The Group has risk management programs in place to address the requirements of the various reg

299、ulations.From time to time,Group entities receive notices from relevant authorities pursuant to local environmental legislation.Ansell works to evaluate each environmental issue within a framework of optimal management.On receiving such notices,the Group evaluates potential remediation or other opti

300、ons,associated costs relating to the matters raised and,where appropriate,makes provision for such costs.The Directors are not aware of any material breaches of Australian or international environmental regulations during the year.The Board monitors compliance with the Groups environmental policies

301、and practices,and believes that any outstanding environmental issues are well understood and are being actively managed.At the date of this Report,any costs associated with remediation or changes to comply with regulations in the jurisdictions in which Group entities operate are not considered mater

302、ial.Further environmental information will be provided in Ansells Sustainability Report,due for release by September 2024.Dividends and Share IssueThe final dividend of US25.80 cents per share(unfranked)in respect of the year ended 30 June 2023 was paid to shareholders on 7 September 2023.An interim

303、 dividend of US16.50 cents per share(unfranked)in respect of the half-year ended 31 December 2023 was paid to shareholders on 14 March 2024.A final dividend of US21.90 cents per share(unfranked)in respect of the year ended 30 June 2024 is payable on 12 September 2024 to shareholders registered on 27

304、 August 2024.The financial effect of this dividend has not been brought to account in the audited FY24 Financial Statements and will be recognised in subsequent financial reports.There are no unissued shares under option at the date of this Report.ANSELL LIMITED|ANNUAL REPORT 202433Report by the Dir

305、ectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationReport by the Directors continuedInterests in the Shares of the CompanyThe relevant interests of each Director in the share capital of the Company,as at the date of this Report,as notified to ASX Limited pursuant to

306、 the Listing Rules and Section 205G of the Corporations Act 2001,were:J A Bevan134,662N D Garrard13,587L A Desjardins15,412M Falkenberg4,950D L Goodin1,198W G Reilly51,480N I Salmon127,625C M Stercken15,186C Y Yan17,6751.Retired as Chair and a Non-Executive Director of Ansell at the conclusion of th

307、e 2023 Annual General Meeting(effective from 24 October 2023).Relevant interests in share capital of the Company is as at retirement date.Includes beneficially held in own name or in the name of a trust,nominee company or private company.Directors MeetingsThe following table sets out the number of D

308、irectors meetings(including meetings of Board Committees)held during the financial year and the number of meetings attended by each Director.BoardAudit and Compliance CommitteeSustainability and Risk CommitteeHuman Resources CommitteeGovernance CommitteeHeldAttendedHeldAttendedHeldAttendedHeldAttend

309、edHeldAttendedJ A Bevan177 3311N D Garrard21616 116622L A Desjardins161644 6633M Falkenberg16144444 D L Goodin161644 66 W G Reilly1616 446633N I Salmon1616 C M Stercken16164444 C Y Yan3161522226633Held Indicates the number of meetings held while each Director was a member of the Board or Committee.A

310、ttended Indicates the number of meetings attended during the period that each Director was a member of the Board or Committee.1.Retired as Chair and a Non-Executive Director of Ansell at the conclusion of the 2023 Annual General Meeting(effective from 24 October 2023).2.Appointed as Chair of the Boa

311、rd and Chair of the Governance Committee,and ceased being Chair of the Human Resources Committee(reverted to being a member)and member of the Sustainability and Risk Committee at the conclusion of the 2023 Annual General Meeting(effective from 24 October 2023).3.Appointed member of the Sustainabilit

312、y and Risk Committee and ceased being a member of the Audit and Compliance Committee,effective from 1 January 2024.Appointed as Chair of the Human Resources Committee effective 24 October 2023.Due to increased M&A activity in FY24,there was a higher number of Board meetings held than in prior years.

313、Matters associated with the Companys acquisition of KBU were also considered by a subcommittee established by the Board(the subcommittee met three times during FY24,and all such meetings are excluded from the number of meetings noted above).ANSELL LIMITED|ANNUAL REPORT 202434IndemnityUpon their appo

314、intment to the Board,each Director enters into a Deed of Access,Indemnity and Insurance with the Group.These Deeds provide for indemnification of the Directors to the maximum extent permitted under law.They do not indemnify for any liability involving a lack of good faith.No Director or officer of t

315、he Group has received the benefit of an indemnity from the Group during or since the end of the 2024 fiscal year.Rule 61 of Ansells Constitution also provides an indemnity in favour of officers(including the Directors,and Company Secretary)of the Group against liabilities incurred while acting as su

316、ch officers to the extent permitted by law.In accordance with the powers set out in the Constitution,the Group maintains a Directors and Officers insurance policy.Due to confidentiality obligations and undertakings of the policy,no further details in respect of the premium or the policy can be discl

317、osed.Corporate GovernanceAnsell is committed to effective corporate governance.By putting in place the right governance framework,the Board and management have set a culture of integrity,transparency and accountability that permeates throughout the Company.Ansells Corporate Governance StatementA det

318、ailed statement outlining Ansells principal corporate governance practices in place during the financial year ended 30 June 2024 can be found at https:/ statement has been approved by the Board.Governance StructureThe Boards role is to represent the Companys shareholders,taking into consideration th

319、e interests and wants of the broad range of Ansells stakeholders.The Board leads and oversees the management of the Company and is accountable to shareholders for creating and delivering shareholder value.The Board is responsible for ensuring that managements objectives and activities are aligned wi

320、th the expectations and risks identified by the Board.The Board has adopted a formal Board Charter that details the Boards role,authority,responsibilities,membership and operations.The Board also has four standing committees that assist it in discharging its responsibilities:Audit and Compliance Com

321、mittee Sustainability and Risk Committee Human Resources Committee Governance CommitteeEach Committee operates under a specific charter and provides advice to the Board on specific matters within the Committees remit.The Board also delegates specific functions to ad hoc committees of Directors on an

322、 as needs basis.Ansells Board and Committee Charters can be found on the Ansell website at .Specific responsibilities for the day-to-day management and administration of the Company are delegated by the Board to the Managing Director and Chief Executive Officer(CEO),assisted by the Executive Leaders

323、hip Team(ELT).Ansells Delegation of Authority Policy sets out the powers that are reserved to the Board and those that are delegated to the CEO.ANSELL LIMITED|ANNUAL REPORT 202435Report by the DirectorsRemuneration ReportFinancial StatementsShareholders and Shareholder InformationReport by the Direc

324、tors continuedBoard Composition and ProcessesAnsell is committed to ensuring an appropriate mix of skills,expertise,experience and diversity(including gender diversity)on the Board and its Committees so that the Board can effectively discharge its corporate governance and oversight responsibilities.

325、Refer to the Board Skills Matrix in Ansells 2024 Corporate Governance Statement.Over the last several years,the Boards ongoing succession planning has seen the retirement and appointment of several directors.In FY24,after almost 12 years service as a Non-Executive Director,John Bevan retired as Chai

326、r and Non-Executive Director of the Company at the conclusion of the 2023 Annual General Meeting(held on 24 October 2023).Nigel Garrard replaced John Bevan as Chair,effective from the same date.The Governance Committee will continue to consider the forward skill and experience requirements of the Bo

327、ard.The Board annually reviews the performance of the Board and each Committee,as well as individual Directors and the Chair,and requires all Directors(except the Managing Director/CEO)to submit themselves for re-election at least once every three years.The Board will endorse a retiring Director for

328、 re-election only where their performance over the preceding years meets or exceeds the Boards expectations.The Board has had a general policy that Non-Executive Directors should not serve for a period exceeding 12 years,and that the Chair should not serve in that role for more than 10 years.The Boa

329、rd will continue to assess the application of this policy to each Director having regard to the mix of experience,skills and knowledge on the Board.An external review of the Board is also completed every three years.In FY22,the Board engaged an independent external consultant to conduct a review of

330、the Board,its Committees and its individual Non-Executive Directors.This review was completed in April 2023.This review was comprehensive and involved interviews with the Board,ELT and other management,the provision of requested information including Board and Committee papers and minutes of meeting

331、s,as well as attendance at the Board and Committee meetings held in February 2023.Recommendations arising from the review have been considered by the Board,with action plans implemented to adopt learnings that will make the greatest contribution to lifting Board performance.Ansell is committed to in

332、creasing the representation of women at all levels of the organisation and the Board has endorsed strategies designed to increase gender diversity,as part of Ansells broader commitment to diversity and inclusion.The Company has reset its gender diversity target to now commit to have at least 40%of w

333、omen across all levels of the business.The Board currently meets this target,with women representing 50%of the Board.Refer to the Ansell Sustainability Report for further information on diversity within the Company,which will be released by September 2024 and made available on .Shareholder EngagementAnsell is committed to positive and meaningful stakeholder engagement.Ansell knows that it builds g