James Hardie Industries

BUILT FOR  
GROWTH

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2018
ANNUAL REVIEW 

 
 
 
 
 
 
 
 
RESULTS 
AT A GLANCE

ADJUSTED NET 
OPERATING  
PROFIT (1) (US$Million)

NET SALES 
(US$Million) 

ADJUSTED EBIT (2) 
(US$Million) 

ADJUSTED DILUTED 
EARNINGS PER SHARE (1) 
(US cents)

$291M

$2,055M

$398M

66cents

1
9
2

9
4
2

3
4
1 2
2
2

7
9
1

1
4
1

1
2
3
1

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7
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6
4 1
9
4
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2
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2
7
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8
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1
5
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4
5
3

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0
3

3
5
2

1
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6
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4 5
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2
3

13

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TOTAL 
SHAREHOLDER 
RETURN (%)

12%

8
4

5
3

2
2

8
1

5
1

2
1

US EBIT  
MARGIN (2)  
(%)

24%

6
2

4
3 2
2

2
1 2
2

7
1

DIVIDENDS PAID 
PER SHARE  
(US cents)

ADJUSTED RETURN 
ON CAPITAL 
EMPLOYED (2) (%)

40cents

32%

8
8

5
5

2
1 3
3

1
3

9
2

4
2

5
3 4
4

0
4

0
4

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1

13

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13

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13

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Please refer to the inside back cover for full footnote references.

b

JAMES HARDIE IS 
A GROWTH COMPANY.

We are aggressively driving market demand 
for fibre cement products across all our 
businesses and geographies in which we 
operate, while actively pursuing future growth 
opportunities, to deliver unique returns and 
create long-term shareholder value.

JAMES HARDIE /   BUILT FOR GROWTH

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1

 
 
 
 
 
 
 
 
OPERATIONS 
OVERVIEW

In fiscal year 2018 we created considerable value for our investors, 
customers, employees and the communities where we do business. 
Our substantial investment in our people, plants and market 
development programs, has enabled James Hardie to maintain 
its position as a leader in the building materials industry and drive 
future growth opportunities and superior long-term returns. 

NET SALES  
(US$Million)

EBIT (2) 
(US$Million)

EMPLOYEES 
(#)

CAPEX SPEND 
(US$Million)

3,709

$201.7M

$2,040

$490

$1,578M
$462M

$382M
$108M

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NORTH AMERICA FIBRE CEMENT

NET SALES

SALES VOLUME

AVERAGE NET SALES PRICE

US$1,578M

2,239mmsf

US$698 per msf

u 6% from 2017

u 1% from 2017

u 5% from 2017

GROSS PROFIT
u 8% from 2017

GROSS MARGIN
u 0.6PP from 2017

EBIT (2)

EMPLOYEES

US$382M

u 11% from 2017

2,659

u 11% from 2017

2

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3

KEY

   North America
  International
   Research & Development
   Manufacturing Facilities

INTERNATIONAL FIBRE CEMENT

NET SALES

SALES VOLUME

AVERAGE NET SALES PRICE

US$462M

u 12% from 2017

529mmsf

u 9% from 2017

US$774 per msf

Flat from 2017

EMPLOYEES

EBIT (2)

GROSS PROFIT
u 12% from 2017

GROSS MARGIN
t 0.2PP from 2017

US$108M

u 14% from 2017

1,050

u 11% from 2017

 
 
 
 
 
 
 
 
CHAIRMAN’S 
REPORT

James Hardie has made 
significant strides in 
building a stronger 
foundation to deliver 
future growth. Our 
fiscal year 2018 was 
highlighted by solving 
a series of challenges 
and delivering a strong 
financial result. 

We have made sound progress on 
improving our manufacturing capacity 
and performance and positioning our 
management team for the future. We also 
made progress on driving our proven 
growth strategy, and we substantially 
invested in our people, plants and market 
development programs. As a result, we are 
strongly positioned to continue to deliver 
quality earnings and create long-term 
shareholder value.

Our North America segment achieved 6% 
top line growth and EBIT margin improved 

by 1.2 percentage points. Our North 
America segment experienced capacity 
constraints in fiscal year 2017 which 
dampened demand in fiscal year 2018. 
Despite this challenge our exterior volume 
growth improved each quarter throughout 
the fiscal year. We exited fiscal year 2018 
with growth at our market index rate, and 
on track to return to primary demand 
growth in our targeted range by the end 
of fiscal year 2019. During the year we 
made significant investments in capacity 
resulting in a substantial increase in our 
manufacturing capacity. Additionally, 
we progressively improved the performance 
of our North America manufacturing 
network. The EBIT margin was 24% and 
returned towards the top of our target 
range of 20-25%, with steady improvement 
as the fiscal year progressed.

The International segment delivered strong 
results during fiscal year 2018. Net sales 
increased 12% due to strong volume 
growth in our Asia Pacific business and 
EBIT increased 14%, driven by a very strong 
performance in our Australian business. 

Investing in building capability to drive 
long-term organic growth remains a top 
priority. During fiscal year 2018 we allocated 
capital to position our North America 

manufacturing network for the future, 
including the start-up of our Summerville 
(South Carolina) plant and the continued 
construction of a greenfield expansion 
project on land adjacent to our existing 
Tacoma (Washington) plant. We also 
announced our plans to build a new 
manufacturing plant in Prattville (Alabama). 

In our International segment, we added 
capacity in the Philippines, and we have 
committed to a brownfield expansion 
project at our Carole Park (Australia) plant. 

We have continued to make significant 
investment in our people and organisational 
capability, including expanding the breadth 
and depth of our already strong global 
management team. Zean Nielsen joined 
us as our Executive Vice President of Sales 
in August 2017 bringing with him over 20 
years of experience in sales and marketing 
from his time with Bang and Olufsen and 
Tesla Motors. Additionally, Dave Merkley 
rejoined James Hardie in October 2016 
and was promoted to Executive Vice 
President, Manufacturing and Engineering 
in November 2017. Dave was previously 
employed by us from 1994 until 2006 and 
brings 30 years of industry experience and 
the unique set of skills required to oversee 
our manufacturing operations and capacity 

4

the year we added two new directors who 
bring strong business experience and 
valuable perspective to James Hardie.

Persio Lisboa was appointed to the 
James Hardie Board on 2 February 2018. 
Persio will stand for election at the 2018 
Annual General Meeting (AGM). Persio has 
extensive senior executive experience and 
brings significant operating and international 
expertise to the Board.

Steven Simms was appointed to the James 
Hardie Board on 14 May 2017. Steven was 
elected at the 2017 AGM and has extensive 
senior executive experience at leading 
global corporations.

On 21 August 2017 the Board and I were 
very sad to acknowledge the passing 
of James Osborne, who was appointed 
as an independent non-executive director 
of James Hardie in March 2009. James 
was an experienced company director 
with a strong legal background and 
a considerable knowledge of international 
business operations in North America and 
Europe. The Board and I were very fortunate 
to benefit from his valuable contribution 
to the success of James Hardie for close 
to a decade and his insights, candour and 
quick wit are missed by all of us.

ASBESTOS INJURIES 
COMPENSATION FUND (AICF) 
Due to our strong financial performance 
during fiscal year 2018, we will contribute 
approximately US$103.0 million to the AICF 
in July 2018. This amount represents 35% 
of our free cash flow for fiscal year 2018 
which we are obliged to contribute as part 
of our commitment under the Amended 
and Restated Final Funding Agreement. 

Including this contribution, we have provided 
over A$1.4 billion towards asbestos disease 
related compensation and medical research 
and education since 2001. 

ANNUAL GENERAL MEETING
This year’s AGM will be held on Friday 
10 August 2018 in Dublin, Ireland. 

Shareholders can participate via 
a teleconference. Details regarding the 
matters to be acted upon at the 2018 AGM 
will be contained in the Notice of Meeting 
and related materials.

Michael Hammes 
Chairman

expansion. Finally, Jack Truong joined us in 
April 2017 as President of our International 
business bringing with him over 30 years 
of business experience from his previous 
senior leadership roles at Electrolux and 
3M Company. 

FERMACELL ACQUISITION
In April 2018 we completed the strategic 
acquisition of Fermacell GmbH, Europe’s 
leading manufacturer of fibre gypsum 
boards. The acquisition represents 
a significant milestone in growing our 
business beyond our existing products 
and geographies. Fermacell has a strong 
European footprint and is a high quality 
business which shares our philosophy 
of driving a differentiated market position 
as the result of a premium fibre gypsum 
product. Fermacell has strong brands that 
stand for quality and a substantial market 
position that generates consistent positive 
cash flows. 

We are excited to start realising the benefits 
of this strategic acquisition as it represents 
a major step forward in developing 
a meaningful position for James Hardie 
in Europe and a stronger platform for future 
fibre cement growth in the region, which 
has long been a strategic goal. 

I would also like to welcome our more 
than 800 new Fermacell employees 
to the James Hardie group. 

CAPITAL ALLOCATION AND 
SHAREHOLDER RETURNS
We remain committed to investing in 
organic growth, maintaining our ordinary 
dividend, and having the capacity for 
strategic opportunities or additional 
shareholder returns while maintaining 
a strong balance sheet.

Our underlying confidence in the strength 
of our businesses and the geographies 
in which they operate enabled the Board 
to declare a first half ordinary dividend of 
US10.0 cents and a second half ordinary 
dividend of US30.0 cents. 

The resulting full year ordinary dividend 
declared of US$178.7 million, reflecting 
a payment of US40.0 cents per security, 
was in-line with the full year ordinary 
dividend declared and paid for fiscal 
year 2017 of US$177.9 million, reflecting 
a payment of US38.0 cents per security. 

The ordinary dividend represents our 
commitment to provide shareholder returns 
within the ordinary dividend payout ratio 
of 50% to 70% of net operating profit, 
excluding asbestos adjustments. 

Overall, we continue to maintain 
a strong balance sheet and our financial 
management practices remain consistent 
with an investment-grade rated company.

BOARD CHANGES 
We also remain committed to ensuring we 
have a strong independent Board. During 

NET SALES 
(US$Million)

US$2,055M

u 7% from 2017

NET CASH FROM OPERATING 
ACTIVITIES (US$Million)

$295M

u 1% from 2017

ADJUSTED NET OPERATING  
PROFIT (1) (US$Million)

$291M

u 17% from 2017

TOTAL SHAREHOLDER  
RETURN (%)

12%

t 6pp from 2017

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5

 
 
 
 
 
 
 
 
CEO’S 
REPORT

During fiscal year 
2018 we solved 
a series of challenges 
and significantly 
strengthened 
the company for 
future growth.

Operating earnings for fiscal year 2018 were 
solid with strong revenue growth and cash 
generation, lifted by good performances in 
both our North American and International 
segments. Highlights include revenue 
increasing by 7%, adjusted net operating profit 
increasing by 17% and total shareholder return 
remaining strong at 12%. 

In North America, revenue increased primarily 
due to a higher average net sales price and 
slightly higher volumes. Our North America 
segment EBIT margin was strong at 24% and 
was toward the top end of our target range 
of 20-25%. Our North America segment 
experienced a capacity constraint in fiscal 2017 
and the first half of fiscal year 2018 that impacted 
volume growth and margin performance in the 
first half of the year. In the first half of fiscal year 
2018 exterior volume growth was below our 
expectations and lower than market growth. 
In the second half of the year we began to build 

momentum and our exteriors volume grew 
in-line with our market index. As a result, for 
the full year 2018, our volume growth was well 
below our expectations and we did not increase 
primary demand growth.

For the management team and myself, growing 
above our market index and increasing primary 
demand growth remains one of our most 
important priorities. First, we are no longer 
capacity constrained and are in free supply, 
as a result of our capacity additions which 
added approximately 1 billion MSF of capacity 
during the past two fiscal years. Second, our 
commercial efforts are focused on winning 
back lost customers due to our capacity issues 
and we are making good traction on re-earning 
their business. Third, we are again focused on 
driving sustainable demand growth and driving 
market penetration against vinyl and hardboard 
alternatives. Finally, we are continuing to invest 
in our commercial organisation to ensure our 
people, processes and technology make 
James Hardie an easier company for our 
customers to do business with.

The Australian business delivered strong 
volume growth and increased market 
penetration. Favourable conditions in the 
domestic repair and remodel and single 
detached housing markets in the Eastern 
States of Australia contributed to this high 
quality result. The New Zealand business 
contributed increased net sales and volumes 
offset by higher production costs, primarily 

driven by unfavourable plant performance and 
higher employment and freight costs. The 
Philippines business delivered strong volume 
growth in fiscal year 2018, as we successfully 
won back volumes from competitor imports in 
the Philippines market.

OUTLOOK

We expect the steady market growth in the 
US housing market to continue into fiscal year 
2019. The single family new construction market 
and repair and remodel market are expected 
to grow similarly to the year-on-year growth 
experienced in fiscal year 2018. We expect our 
North America segment sales volume growth to 
outpace overall market growth and our EBIT 
margin to be in our stated target range of 
20-25%. This expectation is based upon 
the company continuing to achieve strong 
operating performance in our plants, stable 
exchange rates and a moderate inflationary 
trend for input costs. 

Net sales from the Australian business are 
expected to trend in-line with the average 
growth of the domestic repair and remodel 
and single detached housing markets in 
the eastern states of Australia. Similarly, 
the New Zealand business is expected to 
deliver higher sales volumes supported by 
growth in residential markets in the North 
Island. Our Philippines business is expected 
to deliver record volume growth, albeit at a 
slower rate than in fiscal year 2018.

6

2018

STRATEGIC PILLARS 
PROGRESS

Our ability to drive profitable growth and deliver superior returns continues to be underpinned by 
four strategic pillars. The four pillars provide a strategic framework to invest in our people, market 
position, industry leading brand, and new strategic opportunities driving growth for the next decade.

PEOPLE

MARKET POSITION

We are improving our organisational capability by:

 § Ensuring safety is at the forefront; as we pursue 

a zero harm culture

 § Developing and promoting our people

 § Attracting top external talent

 § Embracing a culture of engagement

BRAND PROMISE

We are delivering differentiated products and 
services by:

 § An unrivalled commitment to research 

and development

 § Maintaining our manufacturing advantage

 § Delivering industry leading quality and 

service levels

 §

 §

Investing globally in future manufacturing 
capability and capacity

Leveraging technology to better improve 
the customer experience

NON-FIBRE CEMENT

We will continue to explore opportunities for growth 
beyond our existing fibre cement business by:

 § Realising the future growth opportunities 

of Fermacell’s fibre gypsum business in Europe 

 §

Investing in fibreglass protrusion technology and 
our existing fibreglass window frame business

 § Prioritising early stage technology where our 
existing core competencies around product 
innovation, process improvement and market 
development can add value

We are aiming to grow our market share in all our 
businesses and geographies by:

 § Growing fibre cement as a valuable substitute 
for wood and vinyl siding and trim in the 
new construction, repair and remodel and 
multifamily segments

 § Maintaining our fibre cement category position 

by delivering differentiated value across all points 
of the supply chain through to the home owner

 § Driving an increase in our share of the rigid 
backer board market, while extending our 
presence in the underlayment market to non-fiber 
cement categories and adjacent accessories

 § Developing an international growth strategy 
beyond our current business, including new 
geographies and new products and segments. 
The strategic acquisition of Fermacell provides 
a broad European footprint and capabilities 
which offer the right platform to accelerate our 
fibre cement business growth in Europe and 
also diversifies our geographic, product and 
end-market portfolio

 § Utilising a segmented approach to brand 

positioning and strategic pricing

SUMMARY

James Hardie is a company built for 
growth and we continue to improve 
our capabilities. As we deliver on our 
four strategic pillars we are confident 
in driving growth for the next decade 
while delivering superior returns. 

Louis Gries
CEO

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7

 
 
 
 
 
 
 
 
ENVIRONMENTAL, SOCIAL 
AND GOVERNANCE REVIEW

SUSTAINABILITY PRACTICES

The foundation of James Hardie’s sustainability initiative 
starts with our innovative products which have an extended 
lifespan that require minimal maintenance and can be used 
in energy efficient buildings. These incorporate product 
design, manufacturing processes and logistics resulting in 
a holistic approach toward sustainability.

 § Sustainable Product Design

Our products are manufactured with a focus on 
reducing their environmental impact, using sustainable 
and low toxicity products with minimal volatile organic 
compounds (VOCs). We have continued to invest 
heavily in the development and design of fibre cement 
products and other building product materials that are 
durable, low maintenance and energy efficient. 

 § Sustainable Manufacturing Processes

Our manufacturing facilities in Virginia, Illinois and Nevada 
continue to maintain the internationally recognised ISO 
14001 certification with recent upgrade to the new 
2015 standards. In addition, our global environmental 
policy mandates all of our manufacturing facilities 
implement ISO 14001 best practices. As such, the rest 
of the manufacturing locations worldwide operate in 
conformance with our global environmental policy. 

Emissions Reductions and Controls
Aligned with our effort and focus to meet or exceed all 
applicable environmental regulations and requirements, 
we have implemented effective environmental control 
systems such as high efficiency dust collectors at each 
facility worldwide. Our new Tacoma plant expansion, 
which we expect to commission in fiscal year 2019, will 
include state of the art material handling equipment and 
water treatment facilities which will continue to reduce 
our environmental footprint.

Resource Conservation and Waste Minimisation 
Another key area of focus is the practice of recycling 
raw materials that are used in our manufacturing 
process, which include water, sludge, and dust. 
In addition, we continue to make energy efficient 
infrastructural improvements at our facilities, such as 
LED lights which dramatically reduce overall electricity 
use. Our Asia Pacific operations are undergoing an 

infrastructural upgrade as well which will result in 
improved energy efficiency across the region.

A highlight of our waste minimisation efforts over the 
past year was our Reno, Nevada manufacturing facility’s 
partnership with a local mining company to secure 
the environmental permits necessary to allow us to 
beneficially reuse our treated process water effluent for 
the purpose of controlling dust across their operations. 
The joint initiative had the added benefit of not only 
allowing the mining company to avoid pumping ground 
water thereby reducing their energy use, but also 
preserving valuable groundwater at this arid location. 
The success of this project has encouraged us to look 
for other similar opportunities.

 § Sustainable Approach to Logistics

Raw Materials Use
The majority of raw materials used in our manufacturing 
process are sourced from local or regional suppliers 
in close proximity to each manufacturing facility. 
As a consequence, our operations benefit from 
minimising fuel and maximising transport efficiency and 
reduces our facilities’ impact on the environment. This 
approach is a key factor that has been incorporated 
into our long-term planning for future manufacturing 
locations. Further, James Hardie does not use any 
conflict minerals in the manufacturing of our products.

Product Distribution
By strategically locating our manufacturing facilities near 
key markets, we minimise the overall shipping distances 
of our products and thus reduce our carbon footprint 
associated with downstream product distribution. 

ISO14001 CERTIFIED
ISO 14001 is the international 
standard that specifies 
requirements for an effective 
environmental management 
system (EMS).

8

 
ENVIRONMENTAL MANAGEMENT PRINCIPLES

We maintain a comprehensive environmental management 
system in support of our stated environmental policy 
which is designed to help reduce our global environmental 
impact. Whenever possible, we seek to use renewable and 
recyclable resources, practice appropriate conservation 
techniques and take steps to protect the environment 
against pollution. 

In fiscal year 2018, we began reporting global carbon 
emissions via the Carbon Disclosure Project (CDP) 
reporting platform. James Hardie is committed to the 
continued improvement of its environmental performance 
as evidenced by the upgrade to the new ISO 14001-2015 
global standard. The new standard increases engagement 
with all stakeholders in the value chain, including key 
vendors, via life cycle analysis to ensure we positively 
influence our supply chain partners. To assist, a third-party 
EHS management system was purchased in fiscal 
year 2018 and is currently being implemented across 
the organisation.

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9

 
 
 
 
 
 
 
 
WORKPLACE SAFETY

We are committed to providing a safe working environment 
for every employee. In fiscal year 2018, our global Incident 
Rate and Days Away, Restricted or Transferred (DART) 
rates were 1.1 and 0.5 respectively, compared to 4.0 
and 2.2 for all general manufacturing industries – a result 
consistent with the low industry average that we have 
maintained for the past decade. 

During fiscal year 2018, we strengthened our focus on our 
Zero Harm Culture initiative, adopted by our executive 
leadership team, recognising that a single incident 
that results in physical harm to an employee is one too 
many. To ensure the inclusion of our employees, we 
have established the Safety Culture Steering Committee 
– a team made up of a broad cross-section of employees 
from each plant and representatives from various corporate 
manufacturing and support functions. 

The Safety Culture Steering Committee developed a multi-
year plan on how to achieve our Zero Harm Culture goal with 
emphasis placed on a number of safety activities such as: 

 § SafeStart® and Milliken Safety Way® training 

for manufacturing employees and management 
team members;

 § Sustainable housekeeping in manufacturing plants;

 §

 §

Installation of additional dust capture controls to 
ensure compliance with the new OSHA Silica Rule;

Inclusion of intensive EHS analysis in all plant process 
modifications and expansion projects;

 § Global standardisation and optimisation of safety 

procedures and processes to ensure minimum standards 
are implemented across world-wide operations; and

 §

Implementation of a streamlined EHS Management 
System that provides the structure and guidance to 
support and direct expected behaviours for the business.

THE ZERO HARM SAFETY CULTURE IS DEFINED AS: 

To become a World-Class Safety Organisation focused on Safe People, Safe Plants, and Safe Systems to drive a 
Zero-Harm Culture

SAFE PEOPLE
Committed and Passionate Safety Leaders

Team Members who are empowered and engaged

Visible Commitment 24/7/365

SAFE SYSTEMS
Provide the structure 
for Zero Harm

Sets clear Standards 
and Expectations

Real time data to support 
risk reduction and 
continuous improvement

SAFE PLACES
World Class Facilities

A focus on continuous 
improvement through 
safety in design

Housekeeping as the 
barometer of safety

10

SOCIAL RESPONSIBILITY

Operate with Respect is a core value that is shared 
globally by all James Hardie employees and reflected in 
the company’s focus on social responsibility. Through our 
Charitable Giving Program, we seek to have a positive 
social impact in the communities where we operate and 
in our markets by actively participating in charitable and 
humanitarian activities and projects. Every employee 
and each of our facilities is encouraged to support local 
charitable efforts that align with the company’s dual vision 
of (1) meeting the basic needs of at-risk individuals and 
families by helping them gain stability and self-sufficiency 
and (2) enhancing a community’s vitality through the 
support of organisations that serve our communities or 
create and foster economic and environmental vitality. Our 
commitment can be in the form of matching financial gifts 
made or time volunteered by our employees, as well as 
through the donation of James Hardie products. 

In fiscal year 2018, the company and our employees 
contributed to the following charitable organisations: 

 § Habitat for Humanity, in the form of materials, tools and labor 
to housing projects at various locations across the country

 § Hurricane Harvey, Irma and Maria Relief fund drives

 §

Lower Nine organisation, a non-profit organisation 
dedicated to the long-term recovery of the Lower Ninth 
Ward of New Orleans

 § A Soldier’s Journey Home

 §

Toys for Tots

 § Relay for Life

 §

Tacoma Rescue Mission 

 § Product donations to schools 

 § Donation of school supplies and material to foster 

homes and shelters

 § Philippines medical out-reach program donating 

medical supplies to local displaced people

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ASBESTOS 
FUNDING 

During July 2018, James Hardie will contribute 
approximately US$103.0 million to the 
Asbestos Injuries Compensation Fund (AICF).

This amount represents 35% of James Hardie’s free cash 
flow for fiscal year 2018, which James Hardie is obliged to 
contribute as part of its commitment under the Amended 
and Restated Final Funding Agreement (AFFA). 

Including its July 2018 contribution, James Hardie has 
provided over A$1.4 billion towards asbestos compensation 
and medical research and education since 2001. 

James Hardie continues to contribute to medical research 
through the Asbestos Diseases Research Foundation 
(ADRF), which was established in 2006 as a charitable, 
not-for-profit organisation dedicated to assist and support 
the research efforts into asbestos-related diseases. 
The ADRF established and operates the Asbestos Diseases 
Research Institute (ADRI), a dedicated research institute. 
More information regarding the ADRI and ADRF can be 
obtained on their website (www.adri.org.au).

Additionally James Hardie is the primary supporter of 
Australia’s largest educational campaign regarding the 
risks associated with asbestos. The educational campaign 
is aimed at educating home renovators about asbestos 
hazards in the built environment. An example of the 
Asbestos Education Committee’s work can be found 
on their website (www.asbestosawareness.com.au). 

ANNUAL ACTUARIAL ASSESSMENT

KPMG Actuarial conducts an annual actuarial assessment 
of AICF’s liabilities as a regular update of projections in line 
with actual claims experience and the claims outlook. 

James Hardie received an updated actuarial report 
from KPMG Actuarial at 31 March 2018, which showed 
the undiscounted and uninflated central estimate net 
of insurance recoveries increased from A$1.386 billion 
at 31 March 2017 to A$1.443 billion at 31 March 2018.

James Hardie discloses summary information on claims 
numbers as part of its quarterly results releases. For 
additional information, please see the full 2018 actuarial 
report of KPMG Actuarial, which is available on our Investor 
Relations website (www.ir.jameshardie.com.au).

12

2018 KEY DATES AND CALENDAR

31 MARCH

END OF JAMES HARDIE INDUSTRIES PLC FISCAL YEAR 2018

22 MAY

23 MAY

8 AUGUST

FY18 Quarter 4 and Full Year results and management presentation

Annual Review released

Voting Instruction Forms close 10.00am (Irish Standard Time) / 7.00pm (Australian Eastern Standard 
Time) for Annual General Meeting

10 AUGUST

Annual General Meeting, Dublin

10 AUGUST

FY19 Quarter 1 results and management presentation

8 NOVEMBER

FY19 Quarter 2 and Half Year results and management presentation

CORPORATE HEADQUARTERS
Europa House, Second Floor 
Harcourt Centre 
Harcourt Street, Dublin 2, Ireland 
Telephone +353 1 411 6924 
Facsimile +353 1 479 1128

ANNUAL GENERAL MEETING (AGM)
The 2018 AGM of James Hardie Industries plc will be held in 
Dublin, Ireland, at 7.00am (Irish Standard Time), on Friday, 10 
August 2018. The AGM will be broadcast via a teleconference 
at 4.00pm (Australian Eastern Standard Time). Further details 
will be set out in the Notice of Annual General Meeting 2018.

SHARE/CUFS REGISTRY
James Hardie Industries plc’s registry is managed 
by Computershare. All enquiries and correspondence 
regarding holdings should be directed to:

Computershare Investor Services Pty Ltd 
Level 5, 115 Grenfell Street 
Adelaide SA 5000

Or 

GPO Box 2975 
Melbourne VIC 3001

Telephone within Australia: 1300 850 505 
Telephone outside Australia: +61 (0) 3 9415 4000

Website: www.computershare.com

James Hardie Industries plc 
(ARBN 097 829 895)

Incorporated in Ireland with its registered office at Europa 
House, Second Floor, Harcourt Centre, Harcourt Street, 
Dublin 2, Ireland and registered number 485719. The liability 
of its members is limited.

™ or ® denotes a trademark or Registered mark owned 
by James Hardie Technology Ltd.

©2018. James Hardie Industries plc.

FORWARD-LOOKING STATEMENTS 
Certain statements in this Annual Review may constitute “forward-looking 
statements” as defined in the Private Securities Litigation Reform Act of 1995. 
James Hardie uses such words as “believe,” “anticipate,” “plan,” “expect,” 
“intend,” “target,”, “estimate,” “project,” “predict,” “forecast,” “guideline,” “aim,” 
“will,” “should,” “likely,” “continue,” “may,” “objective,” “outlook,” and similar 
expressions are intended to identify forward-looking statements but are not 
the exclusive means of identifying such statements. Readers are cautioned 
not to place undue reliance on these forward-looking statements and all such 
forward-looking statements are qualified in their entirety by reference to the 
following cautionary statements.

Forward-looking statements are based on James Hardie’s current 
expectations, estimates and assumptions and because forward-looking 
statements address future results, events and conditions, they, by their 
very nature, involve inherent risks and uncertainties, many of which are 
unforeseeable and beyond the company’s control. Many factors could cause 
the actual results, performance or achievements of James Hardie to be 
materially different from those expressed or implied in this Annual Review, 
including, among others, the risks and uncertainties set forth in Section 3 
“Risk Factors” in James Hardie’s Annual Report on Form 20-F for the year 
ended 31 March 2018; changes in general economic, political, governmental 
and business conditions globally and in the countries in which James Hardie 
does business; changes in interest rates, changes in inflation rates; changes 
in exchange rates; the level of construction generally; changes in cement 
demand and prices; changes in raw material and energy prices; changes 
in business strategy and various other factors. Should one or more of these 
risks or uncertainties materialise, or should underlying assumptions prove 
incorrect, actual results may vary materially from those described herein. 
These forward-looking statements are made as of the date of this Annual 
Review and James Hardie does not assume any obligation to update them, 
except as required by law. Investors are encouraged to review James Hardie’s 
Annual Report on Form 20-F, and specifically the risk factors discussed 
therein, as it contains important disclosures regarding the risks attendant to 
investing in our securities.

NON-GAAP FINANCIAL INFORMATION
This Annual Review contains financial measures that are not considered 
a measure of financial performance under US GAAP and should not be 
considered to be more meaningful than the equivalent US GAAP measure. 
Management has included such measures to provide investors with an 
alternative method for assessing its operating results in a manner that 
is focused on the performance of its ongoing operations. Additionally, 
management uses such non-GAAP financial measures for the same purposes. 
However, these non-GAAP financial measures are not prepared in accordance 
with US GAAP, may not be reported by all of James Hardie’s competitors and 
may not be directly comparable to similarly titled measures of James Hardie’s 
competitors due to potential differences in the exact method of calculation. 
For additional information regarding the non-GAAP financial measures 
presented in this Annual Review, including a reconciliation of each non-GAAP 
financial measure to the equivalent US GAAP measure, see the sections 
titled “Definition and Other Terms” and “Non-US GAAP Financial Measures” 
included in James Hardie’s Management’s Analysis of Results for the fourth 
quarter and twelve months ended 31 March 2018.

FINANCIAL FOOTNOTES
(1)  Unless otherwise stated for fiscal years 2018, 2017, 2016, 2015, 

2014 and 2013 Adjusted Net Operating Profit graphs and editorial 
comments throughout this report refer to results from operations 
that may exclude asbestos, asset impairments, ASIC expenses, New 
Zealand weathertightness claims, tax adjustments, loss on early debt 
extinguishment and Fermacell acquisition costs. 

(2)  Unless otherwise stated for fiscal years 2018, 2017, 2016, 2015, 2014 

and 2013 Adjusted EBIT graphs and editorial comments throughout 
this report refer to EBIT that may exclude asbestos, asset impairments, 
ASIC expenses, New Zealand weathertightness claims and Fermacell 
acquisition costs. 

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13

 
 
 
 
 
 
 
 
W W W. JA M E S H A R D I E .C O M

®