Slide 1: Form 6-K Report of Foreign Issuer – Ansell Limited
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of February 2004 (February 11, 2004) Commission File Number: 0-15850 ANSELL LIMITED (Translation of registrant’s name int
Slide 2: Forward-looking statements
This Form 6-K contains forward-looking statements within the meaning of the Securities Exchange Act of 1934 as amended, and information that is based on management’s beliefs as well as assumptions made by and information currently available to management. When used in this Form 6-K, the words “antic
Slide 3: Signature
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. ANSELL LIMITED (Registrant) By: /s/ DAVID M. GRAHAM Name: DAVID M. GRAHAM Title: GROUP TREASURER Date: F
Slide 4: Half Year Results: Strong Results and Re-affirmed Commitments
Ansell Limited A.C.N. 004 085 330 Level 3, 678 Victoria Street, Richmond, Victoria 3121, Australia GPO Box 772H, Melbourne, Victoria 3001, Australia Telephone (+61 3) 9270 7270 Facsimile (+61 3) 9270 7300 www.ansell.com 11th February, 2004 Ansell Limited Half Year Results 31 December, 2003 Strong Re
Slide 5: Ansell Half Year Results 31 December 2003
11th February, 2004 Ansell Ltd Half Year Results 31 December, 2003 A$M US$M F’03 F’04 F’03 F’04 H1 H1 H1 H1 Sales 653.8 560.7 363.1 383.4 Segment EBITA (Healthcare) 77.5 73.1 43.1 50.1 EBITA 65.4 64.8 36.4 44.2 Profit Attributable to Shareholders 19.5 34.3 10.8 23.5 Net Operating Assets 1212.1 918.3
Slide 6: Occupational Healthcare
Occupational Healthcare A$M US$M F’03 H1 F’04 H1 F’03 H1 F’04 H1 Sales 319.4 267.9 177.4 183.1 Segment EBITA 27.0 33.3 15.0 22.7 EBITA/Sales 8.5% 12.4% 8.5% 12.4% The Occupational glove business accounted for 48% of Ansell’s revenues and 45% of Segment EBITA in H1. The first half saw continued stron
Slide 7: Professional and Consumer Healthcare
Following the successful conversion of under-utilised examination glove lines in the Colombo plant last year, and further additions currently planned, the Company will soon have full surgeons’ glove backup supply capability for the US market. Ansell has already completed the build up of adequate sur
Slide 8: South Pacific Tyres
South Pacific Tyres Ansell’s total interest in the South Pacific Tyres (SPT) Joint Venture, comprising the investment, a loan and accrued interest on the loan, stands at A$ 199 million. The JV is accounted for as an investment and Ansell is not required to contribute any further cash to the business
Slide 9: Capital Management
2. A further decline in the share price of Ambri Ltd. from A37.5¢ to the market value at 31 December, 2003 of A25¢ a share, resulted in an US$0.7 M non-cash mark down of Ansell’s investment. The book value of this investment now stands at US$1.5 M. 3. There was a US$5.5 million cash gain from a refu
Slide 10: About Ansell and contacts
Ansell Limited is a global leader in healthcare barrier protective products. With operations in the Americas, Europe and Asia, Ansell employs more than 12,000 people worldwide and holds leading positions in the natural latex and synthetic polymer glove and condom markets. Ansell operates in three ma
Slide 11: Appendix 4D Interim financial report
Appendix 4D Interim financial report For the six months ended 31 December 2003 Ansell Limited and its Controlled Entities ACN 004 085 330 This interim financial report is a general purpose financial report prepared in accordance with the ASX listing rules and Accounting Standard AASB 1029: Interim F
Slide 12: Results for Announcement to the Market
Appendix 4D Interim financial report For the six months ended 31 December 2003 Ansell Limited and its Controlled Entities ACN 004 085 330 Results for Announcement to the Market % $M Revenue from ordinary activities up/(down) (15.3)% to 567.0 Profit from ordinary activities after tax attributable to
Slide 13: Commentary on Results
Ansell Limited and its Controlled Entities Appendix 4D Half yearly report for the six months ended 31 December 2003 Commentary on Results A$M US$M F’03 H1 F’04 H1 F’03 H1 F’04 H1 Sales 653.8 560.7 363.1 383.4 Segment EBITA (Healthcare) 77.5 73.1 43.1 50.1 EBITA 65.4 64.8 36.4 44.2 Profit Attributabl
Slide 14: Occupational Healthcare
Ansell Limited and its Controlled Entities Appendix 4B Half yearly report for the six months ended 31 December 2003 Occupational Healthcare A$M US$M F’03 H1 F’04 H1 F’03 H1 F’04 H1 Sales 319.4 267.9 177.4 183.1 Segment EBITA 27.0 33.3 15.0 22.7 EBITA/Sales 8.5% 12.4% 8.5% 12.4% The Occupational glov
Slide 15: Professional and Consumer Healthcare
Ansell Limited and its Controlled Entities Appendix 4B Half yearly report for the six months ended 31 December 2003 Following the successful conversion of under-utilised examination glove lines in the Colombo plant last year, and further additions currently planned, the Company will soon have full s
Slide 16: South Pacific Tyres and Finance
Ansell Limited and its Controlled Entities Appendix 4B Half yearly report for the six months ended 31 December 2003 South Pacific Tyres Ansell’s total interest in the South Pacific Tyres (SPT) Joint Venture, comprising the investment, a loan and accrued interest on the loan, stands at A$199 million.
Slide 17: Capital Management
Ansell Limited and its Controlled Entities Appendix 4B Half yearly report for the six months ended 31 December 2003 2. A further decline in the share price of Ambri Ltd. from A37.5¢ to the market value at 31 December, 2003 of A25¢ a share, resulted in an US$0.7 M non-cash mark down of Ansell’s inves
Slide 18: Directors' Report
Ansell Limited and its Controlled Entities Appendix 4D Half yearly report for the six months ended 31 December 2003 ANSELL LIMITED ABN 89 004 085 330 DIRECTORS’ REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2003 This Report by the Directors of Ansell Limited (the Company) is made pursuant to Division 2
Slide 19: Directors' signature
Ansell Limited and its Controlled Entities Appendix 4D Half yearly report for the six months ended 31 December 2003 This report is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the Directors. /s/ Edward Tweddell Dr E.D. Tweddell Director /s/ Harry
Slide 20: Condensed Statement of Financial Performance
Ansell Limited and its Controlled Entities Appendix 4D Half yearly report for the six months ended 31 December 2003 Condensed Statement of Financial Performance of Ansell Limited and its Controlled Entities for the six months ended 31 December 2003 2003 2002 Note A$m A$m Revenue Total revenue 3 567.
Slide 21: Condensed Statement of Financial Position
Ansell Limited and its Controlled Entities Appendix 4D Half yearly report for the six months ended 31 December 2003 Condensed Statement of Financial Position of Ansell Limited and its Controlled Entities 31 December 2003 30 June 2003 Note A$m A$m Current Assets Cash 260.7 286.0 Cash—restricted depos
Slide 22: Notes to financial position
(a) Includes investment in South Pacific Tyres Partnership and South Pacific Tyres N.Z. Ltd of $138.2m (June 2003 $138.3m) (b) Includes interest bearing loans to South Pacific Tyres Partnership of $61.0m (June 2003 $62.7m) The Company reports in Australian dollars. The United States dollar (US dolla
Slide 23: Condensed Statement of Cash Flows
Ansell Limited and its Controlled Entities Appendix 4D Half yearly report for the six months ended 31 December 2003 Condensed Statement of Cash Flows of Ansell Limited and its Controlled Entities for the six months ended 31 December 2003 2003 2002 A$m A$m Cash flows Related to Operating Activities R
Slide 24: Industry Segments
Ansell Limited and its Controlled Entities Appendix 4D Half yearly report for the six months ended 31 December 2003 Notes to the condensed financial statements 1. Industry Segments of Ansell Limited and its Controlled Entities for the six months ended 31 December 2003 Operating Revenue Operating Res
Slide 25: Geographic Segments: Americas, Europe
Americas 230.6 256.1 173.0 170.8 83.7 86.6 62.8 57.8 Europe 166.5 181.1 124.9 120.6 44.0 28.1 33.0 18.7 643.3 706.7 482.5 471.1 191.4 193.3 143.6 128.9
Slide 26: Notes to the Industry Segments Report
Ansell Limited and its Controlled Entities Appendix 4D Half yearly report for the six months ended 31 December 2003 Notes to the condensed financial statements 1. Industry Segments (continued) Notes to the Industry Segments Report (a) The Company reports in Australian dollars. The United States doll
Slide 27: Consumer Healthcare, Discontinued Businesses
Consumer Healthcare 1.9 2.7 1.3 1.5 Discontinued Businesses — — — —
Slide 28: Additional Financial Information
Ansell Limited and its Controlled Entities Appendix 4D Half yearly report for the six months ended 31 December 2003 Notes to the condensed financial statements 2. Additional Financial Information (a) Abridged Statement of Financial Position 31 December 2003 30 June 2003 31 December 2003 30 June 2003
Slide 29: Total Revenue and Profit Before Tax
Ansell Limited and its Controlled Entities Appendix 4D Half yearly report for the six months ended 31 December 2003 Notes to the condensed financial statements 3. Total Revenue 31 December 2003 31 December 2002 A$m A$m Revenue from the sale of goods 560.7 653.8 Revenue From Other Operating Activitie
Slide 30: NTA backing and Earnings per security
Ansell Limited and its Controlled Entities Appendix 4D Half yearly report for the six months ended 31 December 2003 Notes to the condensed financial statements 7. NTA backing 31 December 2003 31 December 2002 A$ A$ Net tangible asset backing per ordinary share $ 2.70 $ 2.66 8. Earnings per security
Slide 31: Investments in Associates, Contingent Liabilities
Ansell Limited and its Controlled Entities Appendix 4D Half yearly report for the six months ended 31 December 2003 Notes to the condensed financial statements 11. Investments in Associates The economic entity has/had an interest (that is material to it) in the following entities. Percentage of owne
Slide 32: Contingent Liabilities (continued)
Ansell Limited and its Controlled Entities Appendix 4D Half yearly report for the six months ended 31 December 2003 Notes to the condensed financial statements 12. Contingent Liabilities (continued) Business and Asset Sales The Company and various Group Companies have, as part of the Group’s histori
Slide 33: Directors' Declaration
Ansell Limited and its Controlled Entities Appendix 4D Half yearly report for the six months ended 31 December 2003 ANSELL LIMITED ABN 89 004 085 330 Directors’ Declaration The Directors of Ansell Limited (the Company) declare that: (a) the Consolidated Financial Statements (including the notes to t
Slide 34: Independent review report
Independent review report to the members of Ansell Limited Scope The financial report and directors’ responsibility The financial report in the form Appendix 4D of the Australian Stock Exchange Listing Rules, comprises the condensed statement of financial position, condensed statement of financial p
Slide 35: Statement
Statement Based on our review, which is not an audit, we have not become aware of any matter that makes us believe the half-year financial report of Ansell Limited is not in accordance with: a) the Corporations Act 2001, including: i. giving a true and fair view of the Consolidated Entity’s financia
Slide 36: Ansell Limited Half-Year Results to December 2003
AnsellBoon Half-Year Harry Limited Results - ChieftoExecutive 31 December Officer 2003
Slide 37: A Global Leader
A Global Multi-year “Top Low Strong 2 cost 3”cash player Leader manufacturing profit flows in improvement major and focus markets baseon plans shareholder withand premier public return global commitments brands
Slide 38: Ansell's Strategy and Priorities
Ansell’s •In 3 Again Implement Deliver Recover Emerge Build Improve Commence Prepare F’03 organic F’04 athis the deliver Focus new US$ for from from Return key isOperation orderly strategy senior progressing the evolving double sales surgical goals on shadow management CEO Equity growth double were
Slide 39: H1 Results Summary
Sales US$M $363.1 $383.4 Segment $43.1 $50.1 Profit F’03 $10.8 F’04 $23.5 Note: EPS + 4 119%* US12.7¢ H1 +6% US Attributable results EBITA dollarsposition +16% used +118%in us allto slides meetunless full year otherwise expectations specified
Slide 40: Productivity and Sales Initiatives
Productivity .Sales 5Working Targeted Operational Plant US Sales Product Re-launch Expand Continue and capacity force Europe in range Customer Capital “Ansell Emerging LifeStyles® upgraded and excellence… rationalization upgrades Sales reductions Value Segmentation Markets training and have ?in Prop
Slide 41: Healthcare Sales by Segment and Region
Healthcare 48.1 59 $383.4 Americas Sales 61 $363.1 F’03 66.9 F’04 Occupational 6 132.6 124.7 122 133.4 H1 by Business Region 193 191.8 177.4 Europe 183.1 Segment: Professional AsiaSales Consumer Summary
Slide 42: Occupational
Occupational 48% US$ HyFlex® Sales Knitted Disposables All Total EBITA EBITA/Sales Ergonomic Improved .Strategy: Continue Further Other of Sales –Revenue 24.5 benefit Segment 29.2 94.5 mix, concept emphasis 177.4 glove M35.5 21.7 8.5% Business F’03 22.9 93.7 manufacturing/sourcing from and 38.5 of 1
Slide 43: Professional
Professional 35% US$ Surgeons: Exam: Powdered Synthetic Other Total EBITA EBITA/Sales Branded Latex Europe Hospital Strategy: •Surgeons Demand/Supply US Grow Expand of market Sales cost 5.5 Powder –Alternate PF Revenue volumes Exam Segment Synthetic Gloves 6.5 5.3 Latex Powder 35.4 6.4 increase and
Slide 44: Consumer
Consumer 17% US$ Condoms: Sales Bid/Public HHG Total EBITA EBITA/Sales A/P, Marketing .Strategy: Grow Expand Bolt-on US of Sales &USA –Revenue Other relaunch unique acquisitions Segment Business Branded investment, Sector 61.0 M&20.0% F’03 12.9 Asia 66.9 foamlined and driving 14.9 12.2 13.5 Retail F
Slide 45: Rustom Jilla, Chief Financial Officer
Rustom Jilla Chief Financial Officer 10
Slide 46: Currency and share price
WeDec A$. Share 31 11 are yUS$ Price Australian 01 31 Marresults listed, 02 30 are June buttranslated managed 02 30 Sepas to 02 A$ a US 31 dollar Dec solely 02company 31 Mar for statutory 03 y50%30 June ofreporting sales 03 30 andSep 70%03of31costs Dec are 03 in US$ or linked currencies. y6% of sale
Slide 47: Financial Highlights
Financial Ansell EPS Gross EBITA ROA ROE .•Interest AAsset Gearing 10M Strong stronger, –4.3% 10.5% Margin share A$ US$ Limited Turns Cover FCF, at Highlights 10.4¢ 8.2% more 5.8¢ % 15.3%, buyback 12.9% improved Net 10.0% 5.0X F’03 18.6¢ 12.7¢ Up profitable Debt %Up down 8.8X 390 F’04 34.9% almost 1
Slide 48: H1 Profit
H1 Profit Ansell US$ Goodwill Interest PBT Tax Minorities Profit Sales Segment EBITA F’03 13 (9.4) 20.9 taxes 363.1 and Attributable Limited 36.4 includes &EBITA (6.3) & (7.3) margin 30.6 Borrowing (0.7) included M 383.4 Loss 44.2 F’03 46.4% (7.6) (0.8) net includes 21.4% benefits 5.6% 10.8 F’04 $0.
Slide 49: Non-Recurring Items
.-Non-Recurring 14 Non-cash US$5.5M Approved After conversion A$1.0M US$5.3M gain by the and – sales Board ofPacDun (US$0.7M) exam write tax in lines down refund 2001 Legacy mark inbut rere Colombo, Massillon items discontinued provision down(net ofand equipment. US$0.5M): investment notfurther busi
Slide 50: Balance Sheet
Balance US$ Fixed Goodwill Other Investment Net Shareholders Working Management Systems days $16 Operating Debt Mdown Assets/Liabilities Assets working Sheet improvements Capital (124.1) &from in MIntangibles 175.3 Incentive Funds SPT Assets 30capital 88 164.8 Initiatives (105.7) June 134.0 166.3 (F
Slide 51: Cash Flow
Cash US$ Operating Working Tax Capital FREE Interest Share Dividends Other REDUCTION * 16Includes Paid M Flow Buy (2.3) CASH Expenditure F’03 Paid Capital (0.9) EBITDA (0.9) $5.2M Back 17.6 (Net) F’04 FLOW (6.9) IN(14.1) *-Reduction of (25.5) NET (9.1) 45.2 (4.2) FX 42.9 DEBT (7.7) movement 53.4 (3.
Slide 52: South Pacific Tyres
South Current Option 199 Valuation •Progress 17 Ansell Investment Loan Goodyear EBITDA SPT Goodyear’s continues Pacific (including Structure Value hasprofit may the 138 financial Tyres A$M right to call multiple accrued show the toposition put business solid with interest) theimprovement agreed busi
Slide 53: Wrap Up, Harry Boon, Chief Executive Officer
Harry Up Wrap Boon Chief Executive Officer
Slide 54: H1 Wrap-up
F’04 Revenue: > -.H1 Weak US$ OFP Manufacturing Litigation Capital U.S. Europe ongoing commenced world 10M 19surgical slow Issues Positives H1 integrated Professional share H1 Q1, US$ class Interim Wrap-up management Professional Occupational productivity stabilized but better cleared—Simplot, buyba
Slide 55: Meeting Commitments: Guidance
Meeting Healthcare US$M F’02 F’03 F’05 * Guidance +50% >77 *>92 115 Forecast EBITA Market 85 94 now Segment +10% +11% includes vs. Actual Commitments 2001 EBITA Growth EBITA hasand beenbottom the focus: line F’03 F’03 F’04 F’04 US$ M H1 H2 H1 Full Year EBITA (Segment) 43.1 50.5 50.1 >103 EBITA (Anse
Slide 56: Ansell Limited
Ansell Limited