Dipped Products : Annual Report for the year 2021/2022

CONTENTS

Overview

About this Report / 6

Determining Our Material Issues / 8 Performance Highlights / 9 Financial Highlights / 12

Awards / 13 Milestones / 14

Value Creation in Practice / 16 COVID-19 Response in 2021/22 / 17 Chairman and Managing Director's Message / 18 Board of Directors / 22

Management Team / 26

Our Business

Who We Are / 30

Where We Operate / 31

Value Creation Model / 34

Our Operating Landscape / 36

Stakeholder Relationships / 41

Material Issues / 45

Strategy and Resource Allocation

Strategic Imperatives / 48

Measuring Delivery of Our Strategy / 49

• Profitable growth / 49
• Innovation and digitisation / 50
• Customer focus / 51
• Value Chain and Community Development / 52
• Inspired and dedicated team / 53
• Climate action / 54

Managing Our Trade-Offs /55

Integrating ESG Through the Hayleys Lifecode / 57

How We Are Responding to Key Sustainability Issues / 59 SASB Disclosures / 60

Investment Case / 61

Statement of Economic Value Added / 61

Performance and Value Creation

Operational Review / 62

Hand Protection / 62

Plantations / 64

Financial Capital / 66 Manufactured Capital / 70 Human Capital / 76

Social & Relationship Capital / 84 Intellectual Capital / 91 Natural Capital / 96

Preserving Value Risk Management / 106 Corporate Governance / 112 Nomination Committee Report / 140 Remuneration Committee Report / 141

Related Party Tranactions Review Committee Report / 142 Audit Committee Report / 143

Annual Report of the Board of Directors / 145 Statement of Directors' Responsibilities for the Financial Statements / 150

Way Forward / 151

Financial Information Financial Calender 2021/22 / 154 Independent Auditors' Report / 155 Statement of Profit or Loss / 159 Statement of Comprehensive Income / 160 Statement of Financial Position / 161 Statement of Changes in Equity / 162 Statement of Cash Flows / 165

Notes to the Financial Statements / 167

Annexes

Decade at a Glance / 228

The Share / 230

Group Structure / 234

Glossary / 236

Independent Assurance Report / 237

GRI Context Index / 239

Notes / 244

Notice of Meeting / 246

Form of Proxy / 247

Corporate Information / IBC

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When we manufacture world-class, protective hand-wear, we are not just protecting your well-being, but every life you touch thereafter. Cognizant of this impact, we have committed ourselves to the highest standards of quality and innovation, while embracing sustainability practices that re-shape our thinking for a greener tomorrow.

Today, we have allowed our innovative thinking to map our future as we enter new market segments with a determination to protect. Our capabilities align with our resourceful team who have made it their mission to position us as the preferred provider of hand protection wear in the world.

As we strive to carry forth the values we've built today, we will face our tomorrow with an ambition to protect yours.

Dipped Products PLC is a world leader in protective hand-wear, with a global reputation for innovation, quality and responsible manufacturing practices. Our vast product range comprises over 350+ products of natural and synthetic-latex based supported, unsupported and disposable gloves with numerous applications.

Group Revenue

Rs. 55.30 Bn

The Group continued to deliver on its shareholder

commitments supported by its diverse earnings profile,

richer product mix and market penetration in the Hand Protection Sector and favourable pricing in the Plantation Sector

Group Capital Expenditure

Rs. 3,965 Mn

The Hand Protection Sector embarked on a major capacity expansion drive during the year, investing over Rs. 3.2 billion in all 5 manufacturing facilities