Exhibit No. | Description | |||||||
Results for Announcement to the Market | ||||||||
ASX Cover 30 September 2023 |
||||||||
Media Release | ||||||||
Management’s Analysis of Results | ||||||||
Management Presentation | ||||||||
Condensed Consolidated Financial Statements | ||||||||
Half Year Directors' Report | ||||||||
James Hardie Industries plc | ||||||||
Date: 8 November 2023 |
By: /s/ Aoife Rockett |
|||||||
Aoife Rockett |
||||||||
Company Secretary |
Exhibit No. | Description | |||||||
Results for Announcement to the Market | ||||||||
ASX Cover 30 September 2023 |
||||||||
Media Release | ||||||||
Management’s Analysis of Results | ||||||||
Management Presentation | ||||||||
Condensed Consolidated Financial Statements | ||||||||
Half Year Directors' Report | ||||||||
James Hardie Industries plc
1st Floor, Block A
One Park Palce
Upper Hatch Street, Dublin 2,
D02 FD79, Ireland
T: +353 (0) 1 411 6924
F: +353 (0) 1 479 1128
|
• | ASX Cover Sheet | ||||
• | Media Release | ||||
• | Management’s Analysis of Results | ||||
• | Management Presentation | ||||
• | Condensed Consolidated Financial Statements | ||||
• | Half-Yearly Directors' Report | ||||
Yours faithfully | ||
James Brennan-Chong | ||
Director of Investor Relations and Market Intelligence |
Half Year Ended 30 September 2023 | ||||||||||||||
Key Information | Half Year Ended 30 September |
|||||||||||||
|
FY 2024
US$M
|
FY 2023
US$M
|
Movement | |||||||||||
Net Sales From Ordinary Activities | 1,953.1 | 1,998.5 | Down | -2% | ||||||||||
Profit From Ordinary Activities After Tax Attributable to Shareholders | 309.5 | 330.5 | Down | -6% | ||||||||||
Net Profit Attributable to Shareholders | 309.5 | 330.5 | Down | -6% | ||||||||||
Net Tangible Assets per Ordinary Share | US$3.31 | US$2.58 | Up | 28% |
Results for the three months and Half Year Ended 30 September 2023 | |||||
Contents | |||||
1. | Media Release | ||||
2. | Management's Analysis of Results | ||||
3. | Management Presentation | ||||
4. | Condensed Consolidated Financial Statements | ||||
5. | Half-Yearly Directors' Report |
Media Release
8 November 2023
|
Media Release: James Hardie - Second Quarter Ended 30 September 2023 |
1 |
Media Release
8 November 2023
|
Media Release: James Hardie - Second Quarter Ended 30 September 2023 |
2 |
Media Release
8 November 2023
|
Outlook and Earnings Guidance |
Media Release: James Hardie - Second Quarter Ended 30 September 2023 |
3 |
Media Release
8 November 2023
|
Key Financial Information |
Q2 FY24 | Q2 FY23 | Change |
6 Months
FY24
|
6 Months
FY23
|
Change | ||||||||||||||||||||||||||||||
Group (US$ millions) | |||||||||||||||||||||||||||||||||||
Net Sales | 998.8 | 997.6 | —% | 1,953.1 | 1,998.5 | (2%) | |||||||||||||||||||||||||||||
Adjusted EBITDA | 285.5 | 261.1 | 9% | 564.6 | 510.0 | 11% | |||||||||||||||||||||||||||||
Adjusted EBITDA Margin (%) | 28.6 | 26.2 | 2.4 pts | 28.9 | 25.5 | 3.4 pts | |||||||||||||||||||||||||||||
EBIT | 223.4 | 226.6 | (1)% | 457.3 | 447.9 | 2% | |||||||||||||||||||||||||||||
Adjusted EBIT | 240.0 | 218.5 | 10% | 474.2 | 426.9 | 11% | |||||||||||||||||||||||||||||
EBIT Margin (%) | 22.4 | 22.7 | -0.3 pts | 23.4 | 22.4 | 1.0 | pts | ||||||||||||||||||||||||||||
Adjusted EBIT Margin (%) | 24.0 | 21.9 | 2.1 pts | 24.3 | 21.4 | 2.9 pts | |||||||||||||||||||||||||||||
Net Income | 151.7 | 167.4 | (9)% | 309.5 | 330.5 | (6%) | |||||||||||||||||||||||||||||
Adjusted Net Income | 178.9 | 175.8 | 2% | 353.4 | 330.1 | 7% | |||||||||||||||||||||||||||||
Diluted EPS - US$ per share | 0.34 | 0.38 | (8)% | 0.70 | 0.74 | (5%) | |||||||||||||||||||||||||||||
Adjusted Diluted EPS - US$ per share | 0.41 | 0.39 | 3% | 0.80 | 0.74 | 8% | |||||||||||||||||||||||||||||
Operating Cash Flow | 459.1 | 264.6 | 74% | ||||||||||||||||||||||||||||||||
North America Fiber Cement (US$ millions) | |||||||||||||||||||||||||||||||||||
Net Sales | 734.4 | 750.6 | (2%) | 1,429.2 | 1,490.7 | (4%) | |||||||||||||||||||||||||||||
EBIT | 232.7 | 212.8 | 9% | 450.3 | 404.6 | 11% | |||||||||||||||||||||||||||||
EBIT Margin (%) | 31.7 | 28.4 | 3.3 pts | 31.5 | 27.1 | 4.4 pts | |||||||||||||||||||||||||||||
Asia Pacific Fiber Cement (A$ millions) | |||||||||||||||||||||||||||||||||||
Net Sales | 225.1 | 211.1 | 7% | 434.8 | 411.2 | 6% | |||||||||||||||||||||||||||||
EBIT | 67.9 | 56.1 | 21% | 137.4 | 107.4 | 28% | |||||||||||||||||||||||||||||
EBIT Margin (%) | 30.2 | 26.6 | 3.6 pts | 31.6 | 26.1 | 5.5 pts | |||||||||||||||||||||||||||||
Europe Building Products (€ millions) | |||||||||||||||||||||||||||||||||||
Net Sales | 107.5 | 102.0 | 5% | 217.2 | 212.8 | 2% | |||||||||||||||||||||||||||||
EBIT | 11.5 | 4.4 | 161% | 22.3 | 15.8 | 41% | |||||||||||||||||||||||||||||
EBIT Margin (%) | 10.7 | 4.3 | 6.4 pts | 10.3 | 7.4 | 2.9 pts | |||||||||||||||||||||||||||||
Further Information
|
Media Release: James Hardie - Second Quarter Ended 30 September 2023 |
4 |
Media Release
8 November 2023
|
Management Briefing for Analysts, Investors and Media
|
Use of Non-GAAP Financial Information; Australian Equivalent Terminology
|
Media Release: James Hardie - Second Quarter Ended 30 September 2023 |
5 |
Media Release
8 November 2023
|
Forward-Looking Statements
|
Telephone: | +1 312 756 9919 | |||||||
Email: | media@jameshardie.com.au |
Media Release: James Hardie - Second Quarter Ended 30 September 2023 |
6 |
Fiscal 2024 Three and Six Months Ended 30 September 2023 |
|||||
Management’s Analysis of Results | ||
Telephone:
|
+1 312 756 9919 | |||||||
Email:
|
media@jameshardie.com.au |
Management's Analysis of Results: James Hardie - 2nd Quarter Fiscal Year 2024 |
1 |
CONSOLIDATED RESULTS | |||||
Overview |
2nd Quarter Financial Highlights |
US$ Millions (except per share data) | Three Months Ended 30 September | |||||||||||||||||||
FY24 | FY23 | Change | ||||||||||||||||||
Net sales | $ | 998.8 | $ | 997.6 | —% | |||||||||||||||
Gross margin (%) | 40.4 | 35.4 | 5.0 pts | |||||||||||||||||
EBIT | 223.4 | 226.6 | (1%) | |||||||||||||||||
EBIT margin (%) | 22.4 | 22.7 | (0.3 pts) | |||||||||||||||||
Adjusted EBIT1 |
240.0 | 218.5 | 10% | |||||||||||||||||
Adjusted EBIT margin (%)1 |
24.0 | 21.9 | 2.1 pts | |||||||||||||||||
Net income | 151.7 | 167.4 | (9%) | |||||||||||||||||
Adjusted Net income1 |
178.9 | 175.8 | 2% | |||||||||||||||||
Diluted earnings per share | $ | 0.34 | $ | 0.38 | ||||||||||||||||
Adjusted diluted earnings per share1 |
$ | 0.41 | $ | 0.39 | ||||||||||||||||
1 See section titled “Non-GAAP Financial Measures" for a reconciliation to the equivalent GAAP measure | ||||||||||||||||||||
Management's Analysis of Results: James Hardie - 2nd Quarter Fiscal Year 2024 |
2 |
OPERATING RESULTS | |||||
North America Fiber Cement Segment |
US$ Millions | Three and Six Months Ended 30 September | |||||||||||||||||||||||||||||||||||||
Q2 FY24 | Q2 FY23 | Change | 6 Months FY24 |
6 Months FY23 |
Change | |||||||||||||||||||||||||||||||||
Volume (mmsf) | 773.2 | 810.7 | (5%) | 1,521.0 | 1,634.4 | (7%) | ||||||||||||||||||||||||||||||||
Average net sales price per unit (per msf) | US$944 | US$921 | 2% | US$934 | US$907 | 3% | ||||||||||||||||||||||||||||||||
Fiber cement net sales | 734.4 | 750.6 | (2%) | 1,429.2 | 1,490.7 | (4%) | ||||||||||||||||||||||||||||||||
Gross profit | 11% | 11% | ||||||||||||||||||||||||||||||||||||
Gross margin (%) | 5.1 pts | 5.5 pts | ||||||||||||||||||||||||||||||||||||
EBIT | 232.7 | 212.8 | 9% | 450.3 | 404.6 | 11% | ||||||||||||||||||||||||||||||||
EBIT margin (%) | 31.7 | 28.4 | 3.3 pts | 31.5 | 27.1 | 4.4 pts | ||||||||||||||||||||||||||||||||
Higher average net sales price | 1.6 | pts | |||
Lower production and distribution costs | 3.5 | pts | |||
Total percentage point change in gross margin | 5.1 | pts |
Higher average net sales price | 1.9 | pts | |||
Lower production and distribution costs | 3.6 | pts | |||
Total percentage point change in gross margin | 5.5 | pts |
Management's Analysis of Results: James Hardie - 2nd Quarter Fiscal Year 2024 |
3 |
OPERATING RESULTS | |||||
Asia Pacific Fiber Cement Segment |
US$ Millions | Three and Six Months Ended 30 September | |||||||||||||||||||||||||||||||||||||
Q2 FY24 | Q2 FY23 | Change | 6 Months FY24 |
6 Months FY23 |
Change | |||||||||||||||||||||||||||||||||
Volume (mmsf) | 142.5 | 155.9 | (9%) | 280.9 | 306.1 | (8%) | ||||||||||||||||||||||||||||||||
Average net sales price per unit (per msf) | US$916 | US$833 | 10% | US$912 | US$848 | 8% | ||||||||||||||||||||||||||||||||
Fiber cement net sales | 147.4 | 144.3 | 2% | 287.5 | 287.1 | —% | ||||||||||||||||||||||||||||||||
Gross profit | 10% | 12% | ||||||||||||||||||||||||||||||||||||
Gross margin (%) | 2.8 pts | 4.2 pts | ||||||||||||||||||||||||||||||||||||
EBIT | 44.4 | 38.3 | 16% | 90.9 | 74.9 | 21% | ||||||||||||||||||||||||||||||||
EBIT margin (%) | 30.2 | 26.6 | 3.6 pts | 31.6 | 26.1 | 5.5 pts | ||||||||||||||||||||||||||||||||
A$ Millions | Three and Six Months Ended 30 September | |||||||||||||||||||||||||||||||||||||
Q2 FY24 | Q2 FY23 | Change | 6 Months FY24 |
6 Months FY23 |
Change | |||||||||||||||||||||||||||||||||
Volume (mmsf) | 142.5 | 155.9 | (9%) | 280.9 | 306.1 | (8%) | ||||||||||||||||||||||||||||||||
Average net sales price per unit (per msf) | A$1,401 | A$1,219 | 15% | A$1,380 | A$1,215 | 14% | ||||||||||||||||||||||||||||||||
Fiber cement net sales | 225.1 | 211.1 | 7% | 434.8 | 411.2 | 6% | ||||||||||||||||||||||||||||||||
Gross profit | 14% | 18% | ||||||||||||||||||||||||||||||||||||
Gross margin (%) | 2.8 pts | 4.2 pts | ||||||||||||||||||||||||||||||||||||
EBIT | 67.9 | 56.1 | 21% | 137.4 | 107.4 | 28% | ||||||||||||||||||||||||||||||||
EBIT margin (%) | 30.2 | 26.6 | 3.6 pts | 31.6 | 26.1 | 5.5 pts | ||||||||||||||||||||||||||||||||
Management's Analysis of Results: James Hardie - 2nd Quarter Fiscal Year 2024 |
4 |
OPERATING RESULTS | |||||
Higher average net sales price | 7.4 | pts | |||
Higher production and distribution costs | (4.6 | pts) | |||
Total percentage point change in gross margin | 2.8 | pts |
Higher average net sales price | 6.9 | pts | |||
Higher production and distribution costs | (2.7 | pts) | |||
Total percentage point change in gross margin | 4.2 | pts |
Management's Analysis of Results: James Hardie - 2nd Quarter Fiscal Year 2024 |
5 |
OPERATING RESULTS | |||||
Europe Building Products Segment |
US$ Millions | Three and Six Months Ended 30 September | |||||||||||||||||||||||||||||||||||||
Q2 FY24 | Q2 FY23 | Change | 6 Months FY24 |
6 Months FY23 |
Change | |||||||||||||||||||||||||||||||||
Volume (mmsf) | 175.0 | 207.0 | (15%) | 362.0 | 436.4 | (17%) | ||||||||||||||||||||||||||||||||
Average net sales price per unit (per msf) | US$529 | US$408 | 30% | US$525 | US$413 | 27% | ||||||||||||||||||||||||||||||||
Fiber cement net sales | 20.5 | 17.0 | 21% | 41.5 | 35.6 | 17% | ||||||||||||||||||||||||||||||||
Fiber gypsum net sales1 |
96.5 | 85.7 | 13% | 194.9 | 185.1 | 5% | ||||||||||||||||||||||||||||||||
Net sales | 117.0 | 102.7 | 14% | 236.4 | 220.7 | 7% | ||||||||||||||||||||||||||||||||
Gross profit | 59% | 31% | ||||||||||||||||||||||||||||||||||||
Gross margin (%) | 8.7 pts | 5.3 pts | ||||||||||||||||||||||||||||||||||||
EBIT | 12.5 | 4.5 | 178% | 24.3 | 16.6 | 46% | ||||||||||||||||||||||||||||||||
EBIT margin (%) | 10.7 | 4.3 | 6.4 pts | 10.3 | 7.4 | 2.9 pts | ||||||||||||||||||||||||||||||||
1Also includes cement bonded board net sales |
€ Millions | Three and Six Months Ended 30 September | |||||||||||||||||||||||||||||||||||||
Q2 FY24 | Q2 FY23 | Change | 6 Months FY24 |
6 Months FY23 |
Change | |||||||||||||||||||||||||||||||||
Volume (mmsf) | 175.0 | 207.0 | (15%) | 362.0 | 436.4 | (17%) | ||||||||||||||||||||||||||||||||
Average net sales price per unit (per msf) | €486 | €405 | 20% | €482 | €398 | 21% | ||||||||||||||||||||||||||||||||
Fiber cement net sales | 18.9 | 16.9 | 12% | 38.2 | 34.3 | 11% | ||||||||||||||||||||||||||||||||
Fiber gypsum net sales1 |
88.6 | 85.1 | 4% | 179.0 | 178.5 | —% | ||||||||||||||||||||||||||||||||
Net sales | 107.5 | 102.0 | 5% | 217.2 | 212.8 | 2% | ||||||||||||||||||||||||||||||||
Gross profit | 47% | 25% | ||||||||||||||||||||||||||||||||||||
Gross margin (%) | 8.7 pts | 5.3 pts | ||||||||||||||||||||||||||||||||||||
EBIT | 11.5 | 4.4 | 161% | 22.3 | 15.8 | 41% | ||||||||||||||||||||||||||||||||
EBIT margin (%) | 10.7 | 4.3 | 6.4 pts | 10.3 | 7.4 | 2.9 pts | ||||||||||||||||||||||||||||||||
1Also includes cement bonded board net sales |
Management's Analysis of Results: James Hardie - 2nd Quarter Fiscal Year 2024 |
6 |
OPERATING RESULTS | |||||
Higher average net sales price | 13.0 | pts | |||
Higher production and distribution costs | (4.3 | pts) | |||
Total percentage point change in gross margin | 8.7 | pts |
Higher average net sales price | 12.9 | pts | |||
Higher production and distribution costs | (7.6 | pts) | |||
Total percentage point change in gross margin | 5.3 | pts |
Management's Analysis of Results: James Hardie - 2nd Quarter Fiscal Year 2024 |
7 |
OPERATING RESULTS | |||||
General Corporate |
US$ Millions | Three and Six Months Ended 30 September | |||||||||||||||||||||||||||||||||||||
Q2 FY24 | Q2 FY23 | Change % | 6 Months FY24 |
6 Months FY23 |
Change % | |||||||||||||||||||||||||||||||||
General Corporate SG&A expenses | $ | 40.5 | $ | 28.0 | 45 | $ | 73.9 | $ | 51.7 | 43 | ||||||||||||||||||||||||||||
Asset Impairment - greenfield site | 20.1 | — | 100 | 20.1 | — | 100 | ||||||||||||||||||||||||||||||||
Asbestos: | ||||||||||||||||||||||||||||||||||||||
Asbestos adjustments (gain) loss | (3.8) | (8.5) | (55) | (3.9) | (21.7) | (82) | ||||||||||||||||||||||||||||||||
AICF SG&A expenses | 0.3 | 0.4 | (25) | 0.7 | 0.7 | — | ||||||||||||||||||||||||||||||||
General Corporate costs | $ | 57.1 | $ | 19.9 | 187 | $ | 90.8 | $ | 30.7 | 196 | ||||||||||||||||||||||||||||
Interest, net |
US$ Millions | Three and Six Months Ended 30 September | |||||||||||||||||||||||||||||||||||||
Q2 FY24 | Q2 FY23 | Change % | 6 Months FY24 |
6 Months FY23 |
Change % | |||||||||||||||||||||||||||||||||
Gross interest expense | $ | 12.1 | $ | 11.0 | 10 | $ | 25.5 | $ | 20.9 | 22 | ||||||||||||||||||||||||||||
Capitalized interest | (4.2) | (1.6) | 163 | (8.0) | (2.4) | 233 | ||||||||||||||||||||||||||||||||
Interest income | (1.2) | (0.4) | 200 | (2.7) | (0.5) | 440 | ||||||||||||||||||||||||||||||||
AICF interest income, net | (2.2) | (0.8) | 175 | (4.5) | (1.0) | 350 | ||||||||||||||||||||||||||||||||
Interest, net | $ | 4.5 | $ | 8.2 | (45) | $ | 10.3 | $ | 17.0 | (39) | ||||||||||||||||||||||||||||
Management's Analysis of Results: James Hardie - 2nd Quarter Fiscal Year 2024 |
8 |
OPERATING RESULTS | |||||
Income Tax |
US$ Millions | Three and Six Months Ended 30 September |
|||||||||||||||||||||||||||||||||||||
Q2 FY24 | Q2 FY23 | Change | 6 Months FY24 |
6 Months FY23 |
Change | |||||||||||||||||||||||||||||||||
Income tax expense | $ | 69.1 | $ | 63.5 | 9% | $ | 139.7 | $ | 112.7 | 24% | ||||||||||||||||||||||||||||
Effective tax rate (%) | 31.3 | 27.5 | 3.8 pts | 31.1 | 25.4 | 5.7 pts | ||||||||||||||||||||||||||||||||
Adjusted income tax expense1 |
$ | 56.3 | $ | 46.2 | 22% | $ | 108.2 | $ | 91.1 | 19% | ||||||||||||||||||||||||||||
Adjusted effective tax rate1 (%) |
23.9 | 20.8 | 3.1 pts | 23.4 | 21.6 | 1.8 pts | ||||||||||||||||||||||||||||||||
1Includes tax adjustments related to the amortization benefit of certain US intangible assets, asbestos, and other tax adjustments |
Net Income |
US$ Millions | Three and Six Months Ended 30 September |
|||||||||||||||||||||||||||||||||||||
Q2 FY24 | Q2 FY23 | Change % | 6 Months FY24 |
6 Months FY23 |
Change % | |||||||||||||||||||||||||||||||||
EBIT | ||||||||||||||||||||||||||||||||||||||
North America Fiber Cement | $ | 232.7 | $ | 212.8 | 9 | $ | 450.3 | $ | 404.6 | 11 | ||||||||||||||||||||||||||||
Asia Pacific Fiber Cement | 44.4 | 38.3 | 16 | 90.9 | 74.9 | 21 | ||||||||||||||||||||||||||||||||
Europe Building Products | 12.5 | 4.5 | 178 | 24.3 | 16.6 | 46 | ||||||||||||||||||||||||||||||||
Research and Development | (9.1) | (9.1) | — | (17.4) | (17.5) | 1 | ||||||||||||||||||||||||||||||||
General Corporate1 |
(40.5) | (28.0) | (45) | (73.9) | (51.7) | (43) | ||||||||||||||||||||||||||||||||
Adjusted EBIT | 240.0 | 218.5 | 10 | 474.2 | 426.9 | 11 | ||||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||
Adjusted interest, net1 |
6.7 | 9.0 | (26) | 14.8 | 18.0 | (18) | ||||||||||||||||||||||||||||||||
Other income | (1.9) | (12.5) | (85) | (2.2) | (12.3) | (82) | ||||||||||||||||||||||||||||||||
Adjusted income tax expense2 |
56.3 | 46.2 | 22 | 108.2 | 91.1 | 19 | ||||||||||||||||||||||||||||||||
Adjusted net income | $ | 178.9 | $ | 175.8 | 2 | $ | 353.4 | $ | 330.1 | 7 | ||||||||||||||||||||||||||||
1.Excludes the Asset Impairment on the Truganina greenfield site in FY24 and Asbestos-related expenses and adjustments
2.Includes tax adjustments related to the amortization benefit of certain US intangible assets, asbestos and other tax adjustments
|
Management's Analysis of Results: James Hardie - 2nd Quarter Fiscal Year 2024 |
9 |
OTHER INFORMATION | |||||
Cash Flow |
US$ Millions | Six Months Ended 30 September | |||||||||||||||||||||||||
FY24 | FY23 | Change | Change % | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 459.1 | $ | 264.6 | $ | 194.5 | 74 | |||||||||||||||||||
Net cash used in investing activities | 249.3 | 374.8 | (125.5) | (33) | ||||||||||||||||||||||
Net cash used in financing activities | 212.9 | 24.2 | 188.7 | 780 |
Capacity Expansion |
Management's Analysis of Results: James Hardie - 2nd Quarter Fiscal Year 2024 |
10 |
OTHER INFORMATION | |||||
Liquidity and Capital Allocation |
Capital Management |
Management's Analysis of Results: James Hardie - 2nd Quarter Fiscal Year 2024 |
11 |
NON-GAAP FINANCIAL TERMS | |||||
Financial Measures - GAAP equivalents |
Non GAAP Financial Terms |
• | Adjusted EBIT; | ||||||||||
• | Adjusted EBIT margin; | ||||||||||
• | Adjusted EBITDA; | ||||||||||
• | Adjusted EBITDA margin; | ||||||||||
• | Adjusted interest, net; | ||||||||||
• | Adjusted net income; | ||||||||||
• | Adjusted diluted earnings per share; | ||||||||||
• | Adjusted income before income taxes; | ||||||||||
• | Adjusted income tax expense; and | ||||||||||
• | Adjusted effective tax rate | ||||||||||
Definitions |
mmsf – million square feet, where a square foot is defined as a standard square foot of 5/16” thickness |
|||||
msf – thousand square feet, where a square foot is defined as a standard square foot of 5/16” thickness |
Management's Analysis of Results: James Hardie - 2nd Quarter Fiscal Year 2024 |
12 |
NON-GAAP FINANCIAL MEASURES | |||||
Financial Measures - GAAP equivalents |
US$ Millions | Three and Six Months Ended 30 September | |||||||||||||||||||||||||
Q2 FY24 | Q2 FY23 | 6 Months FY24 |
6 Months FY23 |
|||||||||||||||||||||||
EBIT | $ | 223.4 | $ | 226.6 | $ | 457.3 | $ | 447.9 | ||||||||||||||||||
Asset Impairment - greenfield site | 20.1 | — | 20.1 | — | ||||||||||||||||||||||
Asbestos: | ||||||||||||||||||||||||||
Asbestos adjustments (gain) loss | (3.8) | (8.5) | (3.9) | (21.7) | ||||||||||||||||||||||
AICF SG&A expenses | 0.3 | 0.4 | 0.7 | 0.7 | ||||||||||||||||||||||
Adjusted EBIT | $ | 240.0 | $ | 218.5 | $ | 474.2 | $ | 426.9 | ||||||||||||||||||
Net sales | 998.8 | 997.6 | 1,953.1 | 1,998.5 | ||||||||||||||||||||||
Adjusted EBIT margin | 24.0% | 21.9% | 24.3% | 21.4% | ||||||||||||||||||||||
Depreciation and amortization | 45.5 | 42.6 | 90.4 | 83.1 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 285.5 | $ | 261.1 | $ | 564.6 | $ | 510.0 | ||||||||||||||||||
Adjusted EBITDA margin | 28.6% | 26.2% | 28.9% | 25.5% |
US$ Millions | Three and Six Months Ended 30 September |
|||||||||||||||||||||||||
Q2 FY24 | Q2 FY23 | 6 Months FY24 |
6 Months FY23 |
|||||||||||||||||||||||
Interest, net | $ | 4.5 | $ | 8.2 | $ | 10.3 | $ | 17.0 | ||||||||||||||||||
AICF interest income, net | (2.2) | (0.8) | (4.5) | (1.0) | ||||||||||||||||||||||
Adjusted interest, net | $ | 6.7 | $ | 9.0 | $ | 14.8 | $ | 18.0 | ||||||||||||||||||
Three and Six Months Ended 30 September | ||||||||||||||||||||||||||
Q2 FY24 | Q2 FY23 | 6 Months FY24 |
6 Months FY23 |
|||||||||||||||||||||||
Net income | $ | 151.7 | $ | 167.4 | $ | 309.5 | $ | 330.5 | ||||||||||||||||||
Asbestos: | ||||||||||||||||||||||||||
Asbestos adjustments (gain) loss | (3.8) | (8.5) | (3.9) | (21.7) | ||||||||||||||||||||||
AICF SG&A expenses | 0.3 | 0.4 | 0.7 | 0.7 | ||||||||||||||||||||||
AICF interest income, net | (2.2) | (0.8) | (4.5) | (1.0) | ||||||||||||||||||||||
Asset Impairment - greenfield site | 20.1 | — | 20.1 | — | ||||||||||||||||||||||
Tax adjustments1 |
12.8 | 17.3 | 31.5 | 21.6 | ||||||||||||||||||||||
Adjusted net income | $ | 178.9 | $ | 175.8 | $ | 353.4 | $ | 330.1 | ||||||||||||||||||
1Includes tax adjustments related to the amortization benefit of certain US intangible assets, asbestos, and other tax adjustments |
Management's Analysis of Results: James Hardie - 2nd Quarter Fiscal Year 2024 |
13 |
NON-GAAP FINANCIAL MEASURES | |||||
Three and Six Months Ended 30 September |
||||||||||||||||||||||||||
Q2 FY24 | Q2 FY23 | 6 Months FY24 |
6 Months FY23 |
|||||||||||||||||||||||
Adjusted net income (US$ millions) | $ | 178.9 | $ | 175.8 | $ | 353.4 | $ | 330.1 | ||||||||||||||||||
Weighted average common shares outstanding -
Diluted (millions)
|
440.8 | 446.1 | 441.8 | 446.1 | ||||||||||||||||||||||
Adjusted diluted earnings per share | $ | 0.41 | $ | 0.39 | $ | 0.80 | $ | 0.74 | ||||||||||||||||||
US$ Millions | Three and Six Months Ended 30 September |
|||||||||||||||||||||||||
Q2 FY24 | Q2 FY23 | 6 Months FY24 |
6 Months FY23 |
|||||||||||||||||||||||
Income before income taxes | $ | 220.8 | $ | 230.9 | $ | 449.2 | $ | 443.2 | ||||||||||||||||||
Asbestos: | ||||||||||||||||||||||||||
Asbestos adjustments (gain) loss | (3.8) | (8.5) | (3.9) | (21.7) | ||||||||||||||||||||||
AICF SG&A expenses | 0.3 | 0.4 | 0.7 | 0.7 | ||||||||||||||||||||||
AICF interest income, net | (2.2) | (0.8) | (4.5) | (1.0) | ||||||||||||||||||||||
Asset Impairment - greenfield site | 20.1 | — | 20.1 | — | ||||||||||||||||||||||
Adjusted income before income taxes | $ | 235.2 | $ | 222.0 | $ | 461.6 | $ | 421.2 | ||||||||||||||||||
Income tax expense | 69.1 | 63.5 | 139.7 | 112.7 | ||||||||||||||||||||||
Tax adjustments1 |
(12.8) | (17.3) | (31.5) | (21.6) | ||||||||||||||||||||||
Adjusted income tax expense | $ | 56.3 | $ | 46.2 | $ | 108.2 | $ | 91.1 | ||||||||||||||||||
Effective tax rate | 31.3% | 27.5% | 31.1% | 25.4% | ||||||||||||||||||||||
Adjusted effective tax rate | 23.9% | 20.8% | 23.4% | 21.6% | ||||||||||||||||||||||
1Includes tax adjustments related to the amortization benefit of certain US intangible assets, asbestos, and other tax adjustments |
Management's Analysis of Results: James Hardie - 2nd Quarter Fiscal Year 2024 |
14 |
FORWARD-LOOKING STATEMENTS | |||||
Management's Analysis of Results: James Hardie - 2nd Quarter Fiscal Year 2024 |
15 |
Page | |||||
(Millions of US dollars) |
(Unaudited)
30 September
2023
|
31 March
2023
|
|||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 154.3 | $ | 113.0 | |||||||
Restricted cash and cash equivalents | 5.0 | 5.0 | |||||||||
Restricted cash and cash equivalents - Asbestos | 20.1 | 67.6 | |||||||||
Restricted short-term investments - Asbestos | 183.4 | 140.9 | |||||||||
Accounts and other receivables, net | 357.9 | 354.8 | |||||||||
Inventories | 296.7 | 344.2 | |||||||||
Prepaid expenses and other current assets | 74.2 | 41.0 | |||||||||
Assets held for sale | 52.6 | — | |||||||||
Insurance receivable - Asbestos | 6.5 | 6.8 | |||||||||
Workers’ compensation - Asbestos | 1.7 | 1.8 | |||||||||
Total current assets | 1,152.4 | 1,075.1 | |||||||||
Property, plant and equipment, net | 1,861.7 | 1,839.6 | |||||||||
Operating lease right-of-use-assets | 60.7 | 59.4 | |||||||||
Finance lease right-of-use-assets | 2.8 | 2.0 | |||||||||
Goodwill | 189.1 | 194.9 | |||||||||
Intangible assets, net | 148.7 | 155.2 | |||||||||
Restricted long-term investments - Asbestos | — | 36.2 | |||||||||
Insurance receivable - Asbestos | 24.9 | 28.2 | |||||||||
Workers’ compensation - Asbestos | 15.8 | 16.4 | |||||||||
Deferred income taxes | 712.1 | 755.6 | |||||||||
Deferred income taxes - Asbestos | 266.9 | 298.6 | |||||||||
Other assets | 15.5 | 17.9 | |||||||||
Total assets | $ | 4,450.6 | $ | 4,479.1 | |||||||
Liabilities and Shareholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued liabilities | $ | 414.7 | $ | 387.7 | |||||||
Accrued payroll and employee benefits | 106.6 | 108.3 | |||||||||
Operating lease liabilities | 19.6 | 18.1 | |||||||||
Finance lease liabilities | 1.1 | 0.8 | |||||||||
Accrued product warranties | 3.6 | 5.4 | |||||||||
Income taxes payable | 0.9 | 15.4 | |||||||||
Asbestos liability | 114.9 | 119.4 | |||||||||
Workers’ compensation - Asbestos | 1.7 | 1.8 | |||||||||
Other liabilities | 16.1 | 40.4 | |||||||||
Total current liabilities | 679.2 | 697.3 | |||||||||
Long-term debt | 956.8 | 1,059.0 | |||||||||
Deferred income taxes | 99.6 | 93.6 | |||||||||
Operating lease liabilities | 59.8 | 61.1 | |||||||||
Finance lease liabilities | 1.9 | 1.4 | |||||||||
Accrued product warranties | 30.6 | 30.2 | |||||||||
Income taxes payable | — | 2.3 | |||||||||
Asbestos liability | 766.5 | 857.7 | |||||||||
Workers’ compensation - Asbestos | 15.8 | 16.4 | |||||||||
Other liabilities | 52.4 | 48.7 | |||||||||
Total liabilities | 2,662.6 | 2,867.7 | |||||||||
Commitments and contingencies (Note 9) | |||||||||||
Shareholders’ equity: | |||||||||||
Common stock, Euro 0.59 par value, 2.0 billion shares authorized; 437,772,838 shares issued and outstanding at 30 September 2023 and 442,056,296 shares issued and outstanding at 31 March 2023 |
227.3 | 230.0 | |||||||||
Additional paid-in capital | 246.5 | 237.9 | |||||||||
Retained earnings | 1,390.3 | 1,196.8 | |||||||||
Accumulated other comprehensive loss | (76.1) | (53.3) | |||||||||
Total shareholders’ equity | 1,788.0 | 1,611.4 | |||||||||
Total liabilities and shareholders’ equity | $ | 4,450.6 | $ | 4,479.1 |
Three Months Ended 30 September |
Six Months Ended 30 September |
||||||||||||||||||||||
(Millions of US dollars, except per share data) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net sales | $ | 998.8 | $ | 997.6 | $ | 1,953.1 | $ | 1,998.5 | |||||||||||||||
Cost of goods sold | 595.2 | 644.3 | 1,176.1 | 1,306.1 | |||||||||||||||||||
Gross profit | 403.6 | 353.3 | 777.0 | 692.4 | |||||||||||||||||||
Selling, general and administrative expenses | 152.8 | 124.6 | 281.7 | 246.2 | |||||||||||||||||||
Research and development expenses | 11.1 | 10.6 | 21.8 | 20.0 | |||||||||||||||||||
Asset impairment - greenfield site | 20.1 | — | 20.1 | — | |||||||||||||||||||
Asbestos adjustments (gain) loss |
(3.8) | (8.5) | (3.9) | (21.7) | |||||||||||||||||||
Operating income | 223.4 | 226.6 | 457.3 | 447.9 | |||||||||||||||||||
Interest, net | 4.5 | 8.2 | 10.3 | 17.0 | |||||||||||||||||||
Other income | (1.9) | (12.5) | (2.2) | (12.3) | |||||||||||||||||||
Income before income taxes | 220.8 | 230.9 | 449.2 | 443.2 | |||||||||||||||||||
Income tax expense | 69.1 | 63.5 | 139.7 | 112.7 | |||||||||||||||||||
Net income | $ | 151.7 | $ | 167.4 | $ | 309.5 | $ | 330.5 | |||||||||||||||
Income per share: | |||||||||||||||||||||||
Basic | $ | 0.35 | $ | 0.38 | $ | 0.70 | $ | 0.74 | |||||||||||||||
Diluted | $ | 0.34 | $ | 0.38 | $ | 0.70 | $ | 0.74 | |||||||||||||||
Weighted average common shares outstanding (Millions): | |||||||||||||||||||||||
Basic | 439.6 | 445.5 | 440.7 | 445.5 | |||||||||||||||||||
Diluted | 440.8 | 446.1 | 441.8 | 446.1 | |||||||||||||||||||
Comprehensive income, net of tax: | |||||||||||||||||||||||
Net income | $ | 151.7 | $ | 167.4 | $ | 309.5 | $ | 330.5 | |||||||||||||||
Currency translation adjustments | (15.8) | (30.3) | (22.8) | (65.0) | |||||||||||||||||||
Comprehensive income | $ | 135.9 | $ | 137.1 | $ | 286.7 | $ | 265.5 |
Six Months Ended 30 September | |||||||||||
(Millions of US dollars) | 2023 | 2022 | |||||||||
Cash Flows From Operating Activities | |||||||||||
Net income | $ | 309.5 | $ | 330.5 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 90.4 | 83.1 | |||||||||
Lease expense | 12.8 | 12.2 | |||||||||
Deferred income taxes | 49.1 | 48.3 | |||||||||
Stock-based compensation | 12.3 | 5.5 | |||||||||
Asbestos adjustments (gain) loss |
(3.9) | (21.7) | |||||||||
Excess tax benefits from share-based awards | — | (0.6) | |||||||||
Gain on sale of land | (2.0) | (12.7) | |||||||||
Asset impairment - greenfield site | 20.1 | — | |||||||||
Other, net | 18.9 | 6.1 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts and other receivables | (14.0) | 31.4 | |||||||||
Inventories | 42.9 | (55.1) | |||||||||
Lease assets and liabilities, net | (13.0) | (12.4) | |||||||||
Prepaid expenses and other assets | (31.6) | (31.5) | |||||||||
Insurance receivable - Asbestos | 2.3 | 2.9 | |||||||||
Accounts payable and accrued liabilities | 53.8 | (23.2) | |||||||||
Claims and handling costs paid - Asbestos | (60.3) | (57.9) | |||||||||
Income taxes payable | (16.8) | (4.3) | |||||||||
Other accrued liabilities | (11.4) | (36.0) | |||||||||
Net cash provided by operating activities | $ | 459.1 | $ | 264.6 | |||||||
Cash Flows From Investing Activities | |||||||||||
Purchases of property, plant and equipment | $ | (232.6) | $ | (310.1) | |||||||
Proceeds from sale of property, plant and equipment | 4.1 | 14.1 | |||||||||
Capitalized interest | (8.0) | (2.4) | |||||||||
Purchase of restricted investments - Asbestos | (60.5) | (76.4) | |||||||||
Proceeds from restricted investments - Asbestos | 47.7 | — | |||||||||
Net cash used in investing activities | $ | (249.3) | $ | (374.8) | |||||||
Cash Flows From Financing Activities | |||||||||||
Proceeds from credit facilities | $ | 95.0 | $ | 230.0 | |||||||
Repayments of credit facilities | (185.0) | (120.0) | |||||||||
Proceeds from issuance of shares | 0.2 | 0.1 | |||||||||
Repayment of finance lease obligations and borrowings | (0.5) | (0.6) | |||||||||
Shares repurchased | (121.3) | — | |||||||||
Dividends paid | — | (129.6) | |||||||||
Taxes paid related to net share settlement of equity awards | (1.3) | (4.1) | |||||||||
Net cash used in financing activities | $ | (212.9) | $ | (24.2) | |||||||
Effects of exchange rate changes on cash and cash equivalents, restricted cash and restricted cash - Asbestos | $ | (3.1) | $ | (10.9) | |||||||
Net decrease in cash and cash equivalents, restricted cash and restricted cash - Asbestos | (6.2) | (145.3) | |||||||||
Cash and cash equivalents, restricted cash and restricted cash - Asbestos at beginning of period | 185.6 | 271.9 | |||||||||
Cash and cash equivalents, restricted cash and restricted cash - Asbestos at end of period | $ | 179.4 | $ | 126.6 | |||||||
Non-Cash Investing and Financing Activities | |||||||||||
Capital expenditures incurred but not yet paid | $ | 22.5 | $ | 37.1 | |||||||
Supplemental Disclosure of Cash Flow Activities | |||||||||||
Cash paid to AICF | $ | 23.0 | $ | 27.4 |
Three Months Ended 30 September 2023 | |||||||||||||||||||||||||||||||||||
(Millions of US dollars) | Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Treasury Stock |
Accumulated Other Comprehensive Loss |
Total | |||||||||||||||||||||||||||||
Balances as of 30 June 2023 |
$ | 228.7 | $ | 243.0 | $ | 1,308.0 | $ | — | $ | (60.3) | $ | 1,719.4 | |||||||||||||||||||||||
Net income | — | — | 151.7 | — | — | 151.7 | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (15.8) | (15.8) | |||||||||||||||||||||||||||||
Stock-based compensation | 0.1 | 4.8 | — | — | — | 4.9 | |||||||||||||||||||||||||||||
Issuance of ordinary shares | — | 0.1 | — | — | — | 0.1 | |||||||||||||||||||||||||||||
Shares repurchased | — | — | — | (72.3) | — | (72.3) | |||||||||||||||||||||||||||||
Shares cancelled | (1.5) | (1.4) | (69.4) | 72.3 | — | — | |||||||||||||||||||||||||||||
Balances as of 30 September 2023 |
$ | 227.3 | $ | 246.5 | $ | 1,390.3 | $ | — | $ | (76.1) | $ | 1,788.0 |
Six Months Ended 30 September 2023 | |||||||||||||||||||||||||||||||||||
(Millions of US dollars) | Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Treasury Stock |
Accumulated Other Comprehensive Loss |
Total | |||||||||||||||||||||||||||||
Balances as of 31 March 2023 |
$ | 230.0 | $ | 237.9 | $ | 1,196.8 | $ | — | $ | (53.3) | $ | 1,611.4 | |||||||||||||||||||||||
Net income | — | — | 309.5 | — | — | 309.5 | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (22.8) | (22.8) | |||||||||||||||||||||||||||||
Stock-based compensation | 0.1 | 10.9 | — | — | — | 11.0 | |||||||||||||||||||||||||||||
Issuance of ordinary shares | — | 0.2 | — | — | — | 0.2 | |||||||||||||||||||||||||||||
Shares repurchased | — | — | — | (121.3) | — | (121.3) | |||||||||||||||||||||||||||||
Shares cancelled | (2.8) | (2.5) | (116.0) | 121.3 | — | — | |||||||||||||||||||||||||||||
Balances as of 30 September 2023 |
$ | 227.3 | $ | 246.5 | $ | 1,390.3 | $ | — | $ | (76.1) | $ | 1,788.0 |
Three Months Ended 30 September 2022 | |||||||||||||||||||||||||||||
(Millions of US dollars) | Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Total | ||||||||||||||||||||||||
Balances as of 30 June 2022 |
$ | 232.2 | $ | 230.9 | $ | 921.9 | $ | (56.7) | $ | 1,328.3 | |||||||||||||||||||
Net income | — | — | 167.4 | — | 167.4 | ||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (30.3) | (30.3) | ||||||||||||||||||||||||
Stock-based compensation | 0.1 | 0.7 | — | — | 0.8 | ||||||||||||||||||||||||
Issuance of ordinary shares | — | 0.1 | — | 0.1 | |||||||||||||||||||||||||
Balances as of 30 September 2022 |
$ | 232.3 | $ | 231.7 | $ | 1,089.3 | $ | (87.0) | $ | 1,466.3 |
Six Months Ended 30 September 2022 | |||||||||||||||||||||||||||||
(Millions of US dollars) | Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Total | ||||||||||||||||||||||||
Balances as of 31 March 2022 |
$ | 232.1 | $ | 230.4 | $ | 892.4 | $ | (22.0) | $ | 1,332.9 | |||||||||||||||||||
Net income | — | — | 330.5 | — | 330.5 | ||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (65.0) | (65.0) | ||||||||||||||||||||||||
Stock-based compensation | 0.2 | 1.2 | — | — | 1.4 | ||||||||||||||||||||||||
Issuance of ordinary shares | — | 0.1 | — | — | 0.1 | ||||||||||||||||||||||||
Dividends declared | — | — | (133.6) | — | (133.6) | ||||||||||||||||||||||||
Balances as of 30 September 2022 |
$ | 232.3 | $ | 231.7 | $ | 1,089.3 | $ | (87.0) | $ | 1,466.3 |
Three Months Ended 30 September |
Six Months Ended 30 September |
||||||||||||||||||||||
(Millions of shares) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Basic common shares outstanding | 439.6 | 445.5 | 440.7 | 445.5 | |||||||||||||||||||
Dilutive effect of stock awards | 1.2 | 0.6 | 1.1 | 0.6 | |||||||||||||||||||
Diluted common shares outstanding | 440.8 | 446.1 | 441.8 | 446.1 |
Three Months Ended 30 September 2023 |
|||||||||||||||||||||||
(Millions of US dollars) | North America Fiber Cement |
Asia Pacific Fiber Cement |
Europe Building Products |
Consolidated | |||||||||||||||||||
Fiber cement revenues | $ | 734.4 | $ | 147.4 | $ | 20.5 | $ | 902.3 | |||||||||||||||
Fiber gypsum revenues | — | — | 96.5 | 96.5 | |||||||||||||||||||
Total revenues | $ | 734.4 | $ | 147.4 | $ | 117.0 | $ | 998.8 |
Three Months Ended 30 September 2022 |
|||||||||||||||||||||||
(Millions of US dollars) | North America Fiber Cement |
Asia Pacific Fiber Cement |
Europe Building Products |
Consolidated | |||||||||||||||||||
Fiber cement revenues | $ | 750.6 | $ | 144.3 | $ | 17.0 | $ | 911.9 | |||||||||||||||
Fiber gypsum revenues | — | — | 85.7 | 85.7 | |||||||||||||||||||
Total revenues | $ | 750.6 | $ | 144.3 | $ | 102.7 | $ | 997.6 |
Six Months Ended 30 September 2023 |
|||||||||||||||||||||||
(Millions of US dollars) | North America Fiber Cement |
Asia Pacific Fiber Cement |
Europe Building Products |
Consolidated | |||||||||||||||||||
Fiber cement revenues | $ | 1,429.2 | $ | 287.5 | $ | 41.5 | $ | 1,758.2 | |||||||||||||||
Fiber gypsum revenues | — | — | 194.9 | 194.9 | |||||||||||||||||||
Total revenues | $ | 1,429.2 | $ | 287.5 | $ | 236.4 | $ | 1,953.1 |
Six Months Ended 30 September 2022 |
|||||||||||||||||||||||
(Millions of US dollars) | North America Fiber Cement |
Asia Pacific Fiber Cement |
Europe Building Products |
Consolidated | |||||||||||||||||||
Fiber cement revenues | $ | 1,490.7 | $ | 287.1 | $ | 35.6 | $ | 1,813.4 | |||||||||||||||
Fiber gypsum revenues | — | — | 185.1 | 185.1 | |||||||||||||||||||
Total revenues | $ | 1,490.7 | $ | 287.1 | $ | 220.7 | $ | 1,998.5 |
30 September | 31 March | ||||||||||
(Millions of US dollars) | 2023 | 2023 | |||||||||
Cash and cash equivalents | $ | 154.3 | $ | 113.0 | |||||||
Restricted cash | 5.0 | 5.0 | |||||||||
Restricted cash - Asbestos | 20.1 | 67.6 | |||||||||
Total cash and cash equivalents, restricted cash and restricted cash - Asbestos | $ | 179.4 | $ | 185.6 |
30 September | 31 March | ||||||||||
(Millions of US dollars) | 2023 | 2023 | |||||||||
Finished goods | $ | 196.3 | $ | 237.8 | |||||||
Work-in-process | 25.3 | 23.0 | |||||||||
Raw materials and supplies | 89.2 | 93.9 | |||||||||
Provision for obsolete finished goods and raw materials | (14.1) | (10.5) | |||||||||
Total inventories | $ | 296.7 | $ | 344.2 |
30 September | 31 March | ||||||||||
(Millions of US dollars) | 2023 | 2023 | |||||||||
Senior unsecured notes: | |||||||||||
Principal amount 3.625% notes due 2026 (€400.0 million) |
$ | 423.2 | $ | 436.1 | |||||||
Principal amount 5.000% notes due 2028 |
400.0 | 400.0 | |||||||||
Total | 823.2 | 836.1 | |||||||||
Unsecured revolving credit facility | 140.0 | 230.0 | |||||||||
Unamortized debt issuance costs: | (6.4) | (7.1) | |||||||||
Total Long-term debt | $ | 956.8 | $ | 1,059.0 | |||||||
Weighted average interest rate of Long-term debt | 4.7 | % | 4.7 | % | |||||||
Weighted average term of available Long-term debt | 3.5 years | 4.0 years |
|||||||||
Fair value of Senior unsecured notes (Level 1) | $ | 780.3 | $ | 785.2 |
Three Months Ended 30 September |
Six Months Ended 30 September |
||||||||||||||||||||||
(Millions of US dollars) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Effect of foreign exchange on Asbestos net liabilities | $ | (9.4) | $ | (25.1) | $ | (13.8) | $ | (59.1) | |||||||||||||||
Loss on foreign currency forward contracts | 5.4 | 14.8 | 9.6 | 35.2 | |||||||||||||||||||
Other | 0.2 | 1.8 | 0.3 | 2.2 | |||||||||||||||||||
Asbestos adjustments (gain) loss |
$ | (3.8) | $ | (8.5) | $ | (3.9) | $ | (21.7) |
Six Months | ||||||||||||||||||||
Ended | For the Years Ended 31 March | |||||||||||||||||||
30 September 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||
Number of open claims at beginning of period | 359 | 365 | 360 | 393 | 332 | 336 | ||||||||||||||
Number of new claims | ||||||||||||||||||||
Direct claims | 196 | 403 | 411 | 392 | 449 | 430 | ||||||||||||||
Cross claims | 70 | 152 | 144 | 153 | 208 | 138 | ||||||||||||||
Number of closed claims | 311 | 561 | 550 | 578 | 596 | 572 | ||||||||||||||
Number of open claims at end of period | 314 | 359 | 365 | 360 | 393 | 332 | ||||||||||||||
Average settlement amount per settled claim | A$292,000 | A$303,000 | A$314,000 | A$248,000 | A$277,000 | A$262,000 | ||||||||||||||
Average settlement amount per case closed 1 |
A$268,000 | A$271,000 | A$282,000 | A$225,000 | A$245,000 | A$234,000 | ||||||||||||||
Average settlement amount per settled claim | US$193,000 | US$208,000 | US$232,000 | US$178,000 | US$189,000 | US$191,000 | ||||||||||||||
Average settlement amount per case closed 1 |
US$177,000 | US$186,000 | US$208,000 | US$162,000 | US$167,000 | US$171,000 | ||||||||||||||
1 The average settlement amount per case closed includes nil settlements. |
(Millions of US dollars) | Asbestos Liability |
Insurance Receivables |
Restricted Cash and Investments |
Other Assets and Liabilities |
Net Unfunded AFFA Liability | Deferred Tax Assets |
Income Tax Payable |
Net Unfunded AFFA Liability, net of tax | |||||||||||||||||||||||||||||||||||||||
Opening Balance - 31 March 2023 |
$ | (977.1) | $ | 35.0 | $ | 244.7 | $ | (0.6) | $ | (698.0) | $ | 298.6 | $ | 40.7 | $ | (358.7) | |||||||||||||||||||||||||||||||
Asbestos claims paid | 59.8 | — | (59.8) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Payment received in accordance with AFFA | — | — | 23.0 | — | 23.0 | — | — | 23.0 | |||||||||||||||||||||||||||||||||||||||
AICF claims-handling costs incurred (paid) | 0.5 | — | (0.5) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
AICF operating costs paid - non claims-handling | — | — | (0.7) | — | (0.7) | — | — | (0.7) | |||||||||||||||||||||||||||||||||||||||
Insurance recoveries | — | (2.3) | 2.3 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Movement in income tax payable | — | — | — | — | — | (19.9) | (20.4) | (40.3) | |||||||||||||||||||||||||||||||||||||||
Other movements | — | — | 3.1 | 1.0 | 4.1 | (1.0) | (0.1) | 3.0 | |||||||||||||||||||||||||||||||||||||||
Effect of foreign exchange | 35.4 | (1.3) | (8.6) | — | 25.5 | (10.8) | (0.9) | 13.8 | |||||||||||||||||||||||||||||||||||||||
Closing Balance - 30 September 2023 |
$ | (881.4) | $ | 31.4 | $ | 203.5 | $ | 0.4 | $ | (646.1) | $ | 266.9 | $ | 19.3 | $ | (359.9) |
Date Invested | Maturity Date | Interest Rate | A$ Millions | |||||||||||||||||
July 2023 | 24 July 2024 | 5.34% | 60.0 | |||||||||||||||||
April 2023 | 15 April 2024 | 4.35% | 30.0 | |||||||||||||||||
February 2023 | 13 October 2023 | 4.74% | 40.0 | |||||||||||||||||
February 2023 | 13 January 2024 | 4.74% | 39.0 | |||||||||||||||||
February 2023 | 13 February 2024 | 4.74% | 1.0 | |||||||||||||||||
April 2022 | 5 April 2024 | 2.75% | 54.0 | |||||||||||||||||
January 2022 | 25 January 2024 | 1.41% | 30.0 | |||||||||||||||||
October 2021 | 6 October 2023 | 0.60% | 30.0 |
Fair Value as of | |||||||||||||||||||||||||||||||||||
(Millions of US dollars) | Notional Amount | 30 September 2023 | 31 March 2023 | ||||||||||||||||||||||||||||||||
Derivatives not accounted for as hedges | 30 September 2023 | 31 March 2023 |
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||||||
Foreign currency forward contracts | $ | 259.1 | $ | 269.0 | $ | 0.3 | $ | 9.2 | $ | 2.2 | $ | 11.4 |
Three Months Ended 30 September |
Six Months Ended 30 September |
||||||||||||||||||||||
(Millions of US dollars) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Asbestos adjustments loss | $ | 5.4 | $ | 14.8 | $ | 9.6 | $ | 35.2 | |||||||||||||||
Selling, general and administrative (income) expenses | — | (0.6) | — | 4.0 | |||||||||||||||||||
Total loss | $ | 5.4 | $ | 14.2 | $ | 9.6 | $ | 39.2 |
Three Months Ended 30 September |
Six Months Ended 30 September |
||||||||||||||||||||||
(Millions of US dollars) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Liability Awards | $ | 1.8 | $ | 1.2 | $ | 5.9 | $ | (0.5) | |||||||||||||||
Equity Awards | 6.2 | 4.1 | 12.3 | 5.5 | |||||||||||||||||||
Total stock-based compensation expense | $ | 8.0 | $ | 5.3 | $ | 18.2 | $ | 5.0 |
In Millions, except price per share | Total Number of Shares Purchased |
Average Price Paid per Share (US$) |
Total Number of Shares Purchased as Part of Publicly Announced Program |
Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (US$) |
||||||||||
Total as of 31 March 2023 | 3.8 | 3.8 | $121.6 | |||||||||||
1 April 2023 - 30 April 2023 | — | — | — | $121.6 | ||||||||||
1 May 2023 - 31 May 2023 | 1.0 | $24.84 | 1.0 | $96.8 | ||||||||||
1 June 2023 - 30 June 2023 | 1.0 | $25.65 | 1.0 | $72.6 | ||||||||||
1 July 2023 - 31 July 2023 | — | — | — | $72.6 | ||||||||||
1 August 2023 - 31 August 2023 | 2.1 | $29.31 | 2.1 | $11.1 | ||||||||||
1 September 2023 - 30 September 2023 | 0.3 | $30.18 | 0.3 | $0.3 | ||||||||||
Total as of 30 September 2023 |
8.2 | 8.2 | $0.3 |
Net Sales | ||||||||||||||||||||||||||
Three Months Ended 30 September |
Six Months Ended 30 September |
|||||||||||||||||||||||||
(Millions of US dollars) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
North America Fiber Cement | $ | 734.4 | $ | 750.6 | $ | 1,429.2 | $ | 1,490.7 | ||||||||||||||||||
Asia Pacific Fiber Cement | 147.4 | 144.3 | 287.5 | 287.1 | ||||||||||||||||||||||
Europe Building Products | 117.0 | 102.7 | 236.4 | 220.7 | ||||||||||||||||||||||
Worldwide total | $ | 998.8 | $ | 997.6 | $ | 1,953.1 | $ | 1,998.5 |
Operating Income | ||||||||||||||||||||||||||
Three Months Ended 30 September |
Six Months Ended 30 September |
|||||||||||||||||||||||||
(Millions of US dollars) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
North America Fiber Cement | $ | 232.7 | $ | 212.8 | $ | 450.3 | $ | 404.6 | ||||||||||||||||||
Asia Pacific Fiber Cement | 44.4 | 38.3 | 90.9 | 74.9 | ||||||||||||||||||||||
Europe Building Products | 12.5 | 4.5 | 24.3 | 16.6 | ||||||||||||||||||||||
Research and Development | (9.1) | (9.1) | (17.4) | (17.5) | ||||||||||||||||||||||
Segments total | 280.5 | 246.5 | 548.1 | 478.6 | ||||||||||||||||||||||
General Corporate | (57.1) | (19.9) | (90.8) | (30.7) | ||||||||||||||||||||||
Total operating income | $ | 223.4 | $ | 226.6 | $ | 457.3 | $ | 447.9 |
Depreciation and Amortization | ||||||||||||||||||||||||||
Three Months Ended 30 September |
Six Months Ended 30 September |
|||||||||||||||||||||||||
(Millions of US dollars) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
North America Fiber Cement | $ | 33.4 | $ | 32.0 | $ | 66.1 | $ | 62.0 | ||||||||||||||||||
Asia Pacific Fiber Cement | 4.2 | 2.9 | 8.3 | 6.0 | ||||||||||||||||||||||
Europe Building Products | 6.9 | 6.6 | 13.9 | 13.2 | ||||||||||||||||||||||
General Corporate | 0.6 | 0.5 | 1.1 | 1.0 | ||||||||||||||||||||||
Research and Development | 0.4 | 0.6 | 1.0 | 0.9 | ||||||||||||||||||||||
Worldwide total | $ | 45.5 | $ | 42.6 | $ | 90.4 | $ | 83.1 |
Research and Development Expenses | ||||||||||||||||||||||||||
Three Months Ended 30 September |
Six Months Ended 30 September |
|||||||||||||||||||||||||
(Millions of US dollars) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
North America Fiber Cement | $ | 1.8 | $ | 1.3 | $ | 3.8 | $ | 2.2 | ||||||||||||||||||
Asia Pacific Fiber Cement | 0.3 | 0.3 | 0.6 | 0.7 | ||||||||||||||||||||||
Europe Building Products | 0.8 | 0.5 | 1.5 | 0.8 | ||||||||||||||||||||||
Research and Development | 8.2 | 8.5 | 15.9 | 16.3 | ||||||||||||||||||||||
Worldwide total | $ | 11.1 | $ | 10.6 | $ | 21.8 | $ | 20.0 |
(Millions of US dollars) | Cash Flow Hedges |
Pension Actuarial Gain |
Foreign Currency Translation Adjustments |
Total | ||||||||||||||||||||||
Balance at 31 March 2023 |
$ | 0.2 | $ | 1.8 | $ | (55.3) | $ | (53.3) | ||||||||||||||||||
Other comprehensive loss | — | — | (22.8) | (22.8) | ||||||||||||||||||||||
Balance at 30 September 2023 |
$ | 0.2 | $ | 1.8 | $ | (78.1) | $ | (76.1) |
/s/ ANNE LLOYD | /s/ AARON ERTER | |||||||
A Lloyd | A Erter | |||||||
Chairperson | Chief Executive Officer |
/s/ ANNE LLOYD | /s/ AARON ERTER | |||||||
A Lloyd | A Erter | |||||||
Chairperson | Chief Executive Officer |