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 September 2005 (September 27, 2005)
Commission File Number: 0-15850
ANSELL LIMITED
(Translation of registrant’s name into English)
Level 3, 678 Victoria Street, Richmond, Victoria 3121, Australia
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulations S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No x
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 “anticipate,” “approach,” “begin,” believe,” “continue,” “expect,” “forecast,” “going forward,” “improved,” “likely,” “look forward,” “opportunity,” “outlook,” “plans,” “potential,” “proposal,” “should” and “would” and similar expressions are intended to identify forward-looking statements. These forward-looking statements necessarily make assumptions, some of which are inherently subject to uncertainties and contingencies that are beyond the Company’s control. Should one or more of these uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from those anticipated, expected, estimated or projected. Specifically, the ability of the Company to realize its ongoing commitment to increasing shareholder value through its ongoing restructuring, asset dispositions, strategic review and implementation, and cost cutting initiatives, may be affected by many factors including: uncertainties and contingencies such as economic conditions both in the world and in those areas where the Company has or will have substantial operations; foreign currency exchange rates; pricing pressures on products produced by its subsidiaries; growth prospects; positioning of its business segments; future productions output capacity; and the success of the Company’s business strategies, including further structural and operational changes, business dispositions, internal reorganizations, cost cutting, and consolidations.
Ansell Limited
UBS Global Life Science Conference September 2005
Doug Tough – Chief Executive Officer Rustom Jilla – Chief Financial Officer
1. Overview —Doug Tough
2. Results —Rustom Jilla
3. Strategic Focus —Doug Tough
FORWARD-LOOKING STATEMENTS
This presentation 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 presentation, the words “anticipate,” “approach,” “begin,” believe,” “continue,” “expect,” “forecast,” “going forward,” “improved,” “likely,” “look forward,” “opportunity,” “outlook,” “plans,” “potential,” “proposal,” “should” and “would” and similar expressions are intended to identify forward-looking statements. These forward-looking statements necessarily make assumptions, some of which are inherently subject to uncertainties and contingencies that are beyond the Company’s control. Should one or more of these uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, expected, estimated or projected.
Overview
Doug Tough
Who is Ansell?
A 100+ year old company
A world leader in healthcare barrier protection products and services
An Australian listed Company (ASX: ANN) with ADSs on US (NASDAQ: ANSL) Market capitalization ~US$1.3 billion Sales of ~US$820 million and approximately 11,000 employees
Statutory HQ in Australia, Operating HQ in the US, 85% of sales in Europe and N. America and most plants in Asia & Mexico.
Operating currency is the USD
Filings—Australian Statutory Report and SEC 20F
Corporate website – www.ansell.com
Ratings Long Term Short Term Outlook
Standard & Poor’s BB+ — Stable
Moody’s Ba1 Not Prime Positive
Life. is a risky business…
Infections, Contamination, Viruses & Bacteria, Toxins, Injuries
4.7m work related injuries & illnesses in USA in 2002. Cost $170b
Over 2 million people get infections in US hospitals each year; costing $5b
Only 25% of sexually active people use condoms. Lifetime medical cost of 9 million new cases of STDs in USA in 2000 estimated at over $6b
Food-borne diseases from improper handling, processing and transport caused over 5000 deaths; $5b-$6b in medical costs and lost productivity in US
The first line of defense is barrier protection … this is our business
A Global Leader
Estimated global market size and positions
Surgical Gloves
Market:
US$0.6B
2004
#2 Ansell
23%
Occupational Gloves (Synthetics)
Market:
US$2.1B
2004
#1 Ansell
20%
Exam Gloves (Excluding
Occupational)
Market:
US$1.0B
2003
#2 Ansell
10%
Consumer (Condoms)
Market:
US$0.9B
2003
#3 Ansell
11%
Source: Nielsen, IMS, and internal estimates
Key Customers
Companies: industrial, auto, chemicals, food etc.
Hospitals/Medical Centres
Retail: food stores, drug stores, convenience stores, mass merchandisers
Manufacturing Facilities
Outsource US$75 M
Powdered Exam
Vinyl Exam
Low Volume Items
Americas & UK
Chemical Resistant
General Purpose
Specialty
High spec knitted
India & Sri Lanka
Standard & Premium Surgical
Condoms
Powder Free Exam
General Purpose
Chemical Resistant
Critical Environment
Employees
83% in Asia (under 10,000)
13% in Mexico
3% in North America
1% in Europe
Thailand
Condoms
Powder Free Exam
Household gloves
Synthetic Exam
Malaysia
Premium Surgical
Powder Free Exam
Powdered Exam
Household gloves
Primary R&D facility near KL
Results
Rustom Jilla
Ansell Regions – F’05
SALES ($M) = 823.9
15%
Asia Pacific 122.5
Americas 395.3
Europe 306.1
37%
48%
EBITA ($M) = 115.7
25%
Asia Pacific 29.3
Americas 51.1
Europe 35.3
44%
31%
Successful Performance Trends
US$M F’03 F’04 F’05 3 Year CAGR
Sales 758.7 791.9 823.9 4%
Professional: On 6 out of 7 US GPO’s Growth In European Branded Surgical Market
Consumer: New Exciting Retail Offerings – 4 Play, Vibe Product Improvements – Ultra Thin Condom Public Sector Tender Contracts
Occupational: Huge Success of HyFlex Family of Ergonomic Gloves (27% Vol F’05) Geographical expansion into Emerging markets Value Added Selling through Proprietary SafetyNet Software
Successful Performance Trends Cont.
US$M F’03 F’04 F’05 3 Year CAGR
Segment EBITA 93.6 104.1 115.7 11%
EBITA/Sales Margin 12.3% 13.1% 14.0% 7%
Professional: Trend from Powdered Surgical/Exam Gloves to Powder Free and Synthetic Production moved from US to Asia, Asian outsourcing
Consumer: New Products – Vibe, Foam Lined Hand Care Household Gloves Condom Tender business driving high plant efficiencies
Occupational: Replacement of lower technology products with HyFlex Family US production moved to Mexico, Sri Lanka. Asian outsourcing
Successful Performance Trends Cont.
US$M 3 Year
F’03 F’04 F’05 CAGR
Attributable Profit – Pre SPT 29.3 50.4 68.8 53%
– Post SPT 29.3 50.4 7.9
Free Cash Flow 67.5 76.3 93.8 18%
Working Capital 167.5 168.6 168.8 0.4%
Gearing (Net Debt/Net Debt & Equity) 18.1% 12.8% 19.6% 4%
Healthcare ROA (Excluding SPT) 18.0% 19.1% 22.6% 12%
Share Buy Back 4.8 47.9 121.7 -
Note: SPT is a Non Core Partnership with Goodyear, which Ansell intends to Exit within a year, as documented in the Partnership Agreement. Investment written down by $60.9M in F’05
Delivering Total Shareholder Return
EPS (Pre SPT write-down) A26.7¢ A39.1¢ A54.5¢
ROE (Pre SPT write-down) 5.6% 8.8% 12.6%
Dividends A11¢ A13¢ A17¢
10.5 10 9.5 9 8.5 8 7.5 7 6.5 6 5.5 5 4.5 4 3.5 3 2.5
1 July 02 31 Dec 02 30 June 03 31 Dec 03 30 June 04 31 Dec 04 30 June 05 $6.58 $3.70
3,228
F’03 TSR -11% $5.85
AUD
$3.94
USD
3,027
ASX 200
F’04 TSR 34% $7.74 $5.35
3,533
AUD +53% $10.04
USD +207% $7.65
ASX200+31%
4,228
F’05 TSR 32%
10.5 10 9.5 9 8.5 8 7.5 7 6.5 6 5.5 5 4.5 4 3.5 3 2.5
Strategic Focus
Doug Tough
Strategic Evolution
From meeting multi-year Segment EBITA commitments to advancing Ansell Growth Strategy for F’06 and Beyond
Methodology:
F’05 Base
Organic Growth
Geographic Focus
Technology
Bolt on Acquisitions
Strategic Initiatives
Key Messages
A Global Leader
Strong Market Positions
Geographic & Product Diversification
A Solid Record of Delivering Profit Growth, Shareholder Value and High ROA
Established Platform for Future Growth among compelling opportunities
- Organic
- Geographical
- External
ANSELL LIMITED
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: |
GENERAL MANAGER – FINANCE & TREASURY | |
Date: September 27, 2005