James Hardie Industries plc (ASX: JHX) (“James Hardie”)
announced today that it will change how it presents its financial
results for its reporting segments effective for the quarter ended
30 June 2018.
The financial results for the quarter ended 30 June 2018 will be
released on 10 August 2018. The new segments will be North
America Fiber Cement, Asia Pacific Fiber Cement,
Europe Building Products, Other Businesses and
Research and Development as follows:
- The North America Fiber Cement segment
manufactures fiber cement interior linings and exterior siding
products in the United States. The segment sells these products and
related accessories in the United States and Canada;
- The Asia Pacific Fiber Cement segment
manufactures fiber cement interior and exterior products and
systems for internal and external building construction
applications in Australia, New Zealand and the Philippines. The
segment sells these products and related accessories primarily in
Australia, New Zealand and the Philippines;
- The Europe Building Products segment
manufactures fiber gypsum boards and cement bonded boards. The
segment sells these products and fiber cement products manufactured
in the United States, along with related accessories primarily in
Europe;
- The Other Businesses segment includes
certain non-fiber cement manufacturing and sales activities in
North America, including fiberglass windows; and
- The Research and Development segment
represents the cost incurred by the research and development
centers.
The following segments had no change: (1) North America Fiber
Cement, (2) Other Businesses and (3) Research and Development. The
below is a comparison of the new and changed reporting segments
compared to the relevant prior reporting segments:
Prior Segments New Segments
Segment: International Fiber Cement
Includes: Australia, New Zealand,
the Philippines and Europe fiber cement products
Segment: Asia Pacific Fiber Cement
Includes: Australia, New Zealand
and the Philippines fiber cement products
Segment: Not applicable
Includes: Not applicable
Segment: Europe Building Products
Includes: Europe fiber cement,
fiber gypsum and cement bonded boards
Beginning with the financial documents prepared as of and for
the quarter ended 30 June 2018, any historical segment data
included in those documents will be revised to be consistent with
the new reportable segment structure. The change in reportable
segments has no effect on the Company’s financial position, results
of operations or cash flows.
The following tables reflect the financial information by
quarter and for the full year ended 31 March 2018 under the new
reporting segment structure:
Asia Pacific Fiber Cement
Segment
Operating results for the Asia Pacific Fiber Cement segment were
as follows:
APAC FC Segment
US$ Millions
Q1
FY18
Q2
FY18
Q3
FY18
Q4
FY18
Full Year EndedFY18
Volume (mmsf) 120.1 130.0 123.0 121.6 494.7 Net Sales (US$
Millions) 101.6 113.4 105.3 105.1 425.4 EBIT (US$ Millions) 26.4
30.5 24.9 26.3 108.1
EBIT Margin (%)
26.0 26.9 23.6 25.0 25.4
Europe Building Products
Segment
Operating results for the Europe Building Products segment were
as follows:
Europe BP Segment
US$ Millions
Q1
FY18
Q2
FY18
Q3
FY18
Q4
FY18
Full Year EndedFY18
Volume (mmsf) 8.6 9.4 8.7 7.3 34.0 Net Sales (US$ Millions)
9.2 10.5 9.2 7.4 36.3 EBIT (US$ Millions) (0.2) 0.3 0.5 (0.3) 0.3
EBIT Margin (%)
(2.2) 2.9 5.4 (4.1) 0.8
Note that the above results include the Europe Fiber Cement
operations and do not include historical data for the acquired
Fermacell operations. Historical data, for fiscal year 2018,
inclusive of the acquired Fermacell operations, will be included in
the footnotes to the financial statements for the quarter ended 30
June 2018.
Forward Looking Statements
This Media Release contains forward-looking statements. James
Hardie Industries plc (the “Company”) may from time to time make
forward-looking statements in its periodic reports filed with or
furnished to the Securities and Exchange Commission, on Forms 20-F
and 6-K, in its annual reports to shareholders, in offering
circulars, invitation memoranda and prospectuses, in media releases
and other written materials and in oral statements made by the
Company’s officers, directors or employees to analysts,
institutional investors, existing and potential lenders,
representatives of the media and others. Statements that are not
historical facts are forward-looking statements and such
forward-looking statements are statements made pursuant to the Safe
Harbor Provisions of the Private Securities Litigation Reform Act
of 1995.
Examples of forward-looking statements include:
- statements about the Company’s future
performance;
- projections of the Company’s results of
operations or financial condition;
- statements regarding the Company’s
plans, objectives or goals, including those relating to strategies,
initiatives, competition, acquisitions, dispositions and/or its
products;
- expectations concerning the costs
associated with the suspension or closure of operations at any of
the Company’s plants and future plans with respect to any such
plants;
- expectations concerning the costs
associated with the significant capital expenditure projects at any
of the Company’s plants and future plans with respect to any such
projects;
- expectations regarding the extension or
renewal of the Company’s credit facilities including changes to
terms, covenants or ratios;
- expectations concerning dividend
payments and share buy-backs;
- statements concerning the Company’s
corporate and tax domiciles and structures and potential changes to
them, including potential tax charges;
- statements regarding tax liabilities
and related audits, reviews and proceedings;
- statements regarding the possible
consequences and/or potential outcome of legal proceedings brought
against us and the potential liabilities, if any, associated with
such proceedings;
- expectations about the timing and
amount of contributions to AICF, a special purpose fund for the
compensation of proven Australian asbestos-related personal injury
and death claims;
- expectations concerning the adequacy of
the Company’s warranty provisions and estimates for future
warranty-related costs;
- statements regarding the Company’s
ability to manage legal and regulatory matters (including but not
limited to product liability, environmental, intellectual property
and competition law matters) and to resolve any such pending legal
and regulatory matters within current estimates and in anticipation
of certain third-party recoveries; and
- statements about economic conditions,
such as changes in the US economic or housing market conditions or
changes in the market conditions in the Asia Pacific region, the
levels of new home construction and home renovations, unemployment
levels, changes in consumer income, changes or stability in housing
values, the availability of mortgages and other financing, mortgage
and other interest rates, housing affordability and supply, the
levels of foreclosures and home resales, currency exchange rates,
and builder and consumer confidence.
Words such 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 the Company’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. Such
known and unknown risks, uncertainties and other factors may cause
actual results, performance or other achievements to differ
materially from the anticipated results, performance or
achievements expressed, projected or implied by these
forward-looking statements. These factors, some of which are
discussed under “Risk Factors” in Section 3 of the Form 20-F
filed with the Securities and Exchange Commission on 22 May
2018, include, but are not limited to: all matters relating to or
arising out of the prior manufacture of products that contained
asbestos by current and former Company subsidiaries; required
contributions to AICF, any shortfall in AICF and the effect of
currency exchange rate movements on the amount recorded in the
Company’s financial statements as an asbestos liability; the
continuation or termination of the governmental loan facility to
AICF; compliance with and changes in tax laws and treatments;
competition and product pricing in the markets in which the Company
operates; the consequences of product failures or defects; exposure
to environmental, asbestos, putative consumer class action or other
legal proceedings; general economic and market conditions; the
supply and cost of raw materials; possible increases in competition
and the potential that competitors could copy the Company’s
products; reliance on a small number of customers; a customer’s
inability to pay; compliance with and changes in environmental and
health and safety laws; risks of conducting business
internationally; compliance with and changes in laws and
regulations; currency exchange risks; dependence on customer
preference and the concentration of the Company’s customer base on
large format retail customers, distributors and dealers; dependence
on residential and commercial construction markets; the effect of
adverse changes in climate or weather patterns; possible inability
to renew credit facilities on terms favorable to the Company, or at
all; acquisition or sale of businesses and business segments;
changes in the Company’s key management personnel; inherent
limitations on internal controls; use of accounting estimates; the
integration of Fermacell into our business; and all other risks
identified in the Company’s reports filed with Australian, Irish
and US securities regulatory agencies and exchanges (as
appropriate). The Company cautions you that the foregoing list of
factors is not exhaustive and that other risks and uncertainties
may cause actual results to differ materially from those referenced
in the Company’s forward-looking statements. Forward-looking
statements speak only as of the date they are made and are
statements of the Company’s current expectations concerning future
results, events and conditions. The Company assumes no obligation
to update any forward-looking statements or information except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20180720005095/en/
Media/Analyst Enquiries:James Hardie Industries plcJason
Miele, +61 2 8845 3352Vice PresidentInvestor and Media
Relationsmedia@jameshardie.com.au
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