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James Hardie JAMES HARDIE ANNUAL REPORT 2008 2 Results at a Glance 4 Chairman’s Report 5 CEO’s Report 7 CFO’s Report 10 Manufacturing Capacity 11 Summary of Operations CONTENTS 12 USA Fibre Cement 14 Asia Pacific Fibre Cement 16 Workplace Safety 18 Differentiated Products 20 Environment + Community 22 Senior Leadership Team 24 Supervisory Board Directors FINANCIAL STATEMENTS 27 Contents 28 Management’s Discussion and Analysis 42 Directors’ Report 46 Remuneration Report 70 Corporate Governance Principles 82 Report of Independent Registered Public Accounting Firm 83 Consolidated Balance Sheets 84 Consolidated Statements of Operations 86 Consolidated Statements of Cash Flows 88 Consolidated Statements of Changes in Shareholders’ Equity 89 Notes to Consolidated Financial Statements 118 Remuneration Disclosures 119 Selected Quarterly Financial Data 120 Group Statistics 121 Share/CUFS Information See pages 39–41 for defi nitions, abbreviations and information about the terminology used in this report. James Hardie Industries NV (ARBN 097 829 895) Incorporated in the Netherlands (with Dutch registration number 34106455) with corporate seat in Amsterdam and address at Strawinskylaan 3077, 1077ZX Amsterdam. The liability of its members is limited. + Based on our net sales, we believe we are the largest manufacturer of fibre cement products and systems for internal and external building applications in the United States, Australia, New Zealand, and the Philippines. We are also establishing a presence in Europe. + Our products are used in residential and commercial buildings, as exterior cladding and internal linings, pipes, bracing, decorative elements and fencing. + We employ around 2,900 people. + We generated net sales of over US$1.4 billion in fiscal year 2008. + Through our extensive research and development programs, our unique manufacturing technology and our differentiated products, we aim to create wealth for our shareholders, provide design and construction benefits for our customers and offer challenging and rewarding careers for our employees. 1 James Hardie Annual Report 2008 08 1,468.8 08 14.1 RESULTS AT A GLANCE AT RESULTS 07 1,542.9 07 20.7 06 1,488.5 06 18.9 05 1,210.4 05 16.2 04 981.9 04 17.5 Net Sales EBIT Margin2 (Millions of US dollars) (%) 08 117.3 08 25.7 07 222.2 07 47.6 06 208.9 06 45.2 05 126.9 05 27.7 04 129.6 04 27.2 Net Operating Profi t1 Diluted Earnings per Share2 (Millions of US dollars) (US cents) 08 264.0 08 38.5 07 369.6 07 92.1 06 326.0 06 162.8 05 232.5 05 153.0 04 208.6 04 74.1 EBITDA2 Capital Expenditure3 (Millions of US dollars) (Millions of US dollars) 08 207.5 08 18.1 07 318.9 07 26.6 06 280.7 06 28.9 05 196.2 05 23.6 04 172.2 04 23.4 EBIT2 Return on Capital Employed (Millions of US dollars) (%) 1 Includes discontinued operations. 3 Capital expenditure includes 2 See Defi nitions starting on page 39. both cash and credit purchases and therefore differs from the consolidated statements of cash 2 James Hardie Annual Report 2008 fl ow. In the face of significant adverse conditions in our major markets in the US, where new housing starts were down 37% from last year and 55% from their peak levels of 2006: + Total net sales decreased 5%, from US$1,542.9 million to US$1,468.8 million. + Gross profit decreased 8% from US$573.0 million to US$530.0 million. + Gross profit margin decreased 1.0 percentage point to 36.1%. + Net operating (loss) profit decreased from a net operating profit of US$151.7 million in fiscal year 2007 to a net operating loss of US$71.6 million in fiscal year 2008. This fiscal year 2008 figure includes asbestos adjustments of US$240.1 million, AICF SG&A expenses of US$4.0 million, AICF interest income of US$9.4 million and tax benefit related to asbestos adjustments of US$45.8 million. Net operating profit excluding asbestos decreased 47% to US$117.3 million. + EBIT excluding asbestos decreased by 35% to US$207.5 million, compared to US$318.9 million for the prior year. + EBIT margin excluding asbestos decreased by 6.6 percentage points to 14.1%. + As a percentage of sales, SG&A expenses increased by 1.6 percentage points to 15.5%. + Diluted earnings per share excluding asbestos decreased from US47.6 cents to US25.7 cents. + In an on-market share buy-back, US$208.0 million spent to purchase 7.6% of issued capital at an average price of US$5.83, achieving more than 3% accretion in earnings per share and 0.5% reduction in the company’s weighted average cost of capital. + Dividends of US27.0 cents per share /CUFS were paid during the year to 31 March 2008. (Millions of US dollars) 2008 2007 % Change Net sales USA Fibre Cement $ 1,144.8 $ 1,262.3 (9) Asia Pacific Fibre Cement 298.3 251.7 19 Other 25.7 28.9 (11) Total net sales 1,468.8 1,542.9 (5) Cost of goods sold (938.8) (969.9) 3 Gross profit 530.0 573.0 (8) Selling, general and administrative expenses (228.2) (214.6) (6) Research and development expenses (27.3) (25.9) (5) Special Commission of Inquiry and other related expenses – (13.6) – Impairment charges (71.0) – – Asbestos adjustments (240.1) (405.5) 41 EBIT (36.6) (86.6) 58 Net interest income (expense) 1.1 (6.5) – Operating loss from continuing operations before income taxes (35.5) (93.1) 62 Income tax (expense) benefit (36.1) 243.9 – Operating profit (loss) from continuing operations before cumulative effect of change in accounting principle $ (71.6) $ 150.8 – Net operating (loss) profit $ (71.6) $ 151.7 – Volume (mmsf) USA Fibre Cement 1,916.6 2,148.0 (11) Asia Pacific Fibre Cement 398.2 390.8 2 Average net sales price per unit (per msf) USA Fibre Cement US$ 597 US$ 588 2 Asia Pacific Fibre Cement A$ 862 A$ 842 2 3 James Hardie Annual Report 2008 As we all know, economic events have been in turmoil for some time now especially in our principal market, the United States. In his CEO report, which follows, Louis Gries will discuss this in some detail but I would like to share with you some of my observations and, in addition, address some specific Board issues. CHAIRMAN’S REPORT 08 27.0 General observations position and results is a very important 07 9.0 Within an exceptionally difficult economic priority for us. situation in fiscal year 2008 (for example 06 10.0 Other issues new housing starts in the US were down In the past year we have continued a normal 05 3.0 37% compared to the prior year) the process of Board renewal. Two of our longer 04 5.0 management team at James Hardie significantly serving directors, John Barr and James Loudon, outperformed the industry (James Hardie’s have retired and advised their intention to Dividends Paid per Share sales decrease was only 5% overall and 9% retire after this year’s AGM respectively, and it (US cents) in the US). In addition to clearly gaining share is with great regret that we have accepted their in a depressed marketplace, James Hardie resignations. We deeply thank them for their was able to maintain an excellent level of contribution to the company. In addition, Don profitability, with EBIT (excluding asbestos DeFosset, who joined the Board about a year ago, 08 13.2 and asset impairments) of US$281.7 million could not continue to participate in the Board 07 24.0 or 19% of net sales. because of the demands of his other board and 06 29.1 During such a period of uncertainty it is business commitments. 05 22.4 obviously quite difficult to forecast what short Replacing Messrs Barr and Loudon, we have and medium overall industry demand – such 04 27.6 made two appointments since the last AGM: as new housing starts – will be. There are, David Andrews and David Harrison. Mr however, many areas of results that can Return on Shareholders Funds Andrews comes to the Board with significant be controlled by management. We have (%) governmental and legal experience at senior recommended in our Notice of Meetings levels in government and the corporate world shareholder approval of an overall management and Mr Harrison brings to the Board significant incentive plan for fiscal year 2009 which the international finance experience at senior Board believes will help to focus management corporate levels. on the correct short, medium and long-term issues with measurable goals and results. In addition in this past fiscal year we announced dividends totalling US20 cents per share and No one knows for certain when “normal” we completed a share buy back program totalling industry demand levels will return - the US$208.0 million and purchasing 7.6% of the forecasts that I have heard would put it issued capital. We will continue to monitor somewhere in the 2010 time frame or perhaps the overall situation as we go into this next somewhat beyond that. We believe it is fiscal year. exceptionally important to our shareholders that, given the inherent strengths of James Summary Hardie both in the market place and as an Trying to encapsulate a complex situation organisation, we put in place during this into just a few words I would summarise it period of economic transition, programs that as follows: will enable James Hardie to emerge in an even There is still significant uncertainty existing stronger market and financial position.
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