Business Context and Reporting Period
This Form 6-K is a report of a foreign private issuer filed by James Hardie Industries plc for the month of June 2013, dated July 1, 2013. The filing serves to lodge the company's Form 20-F/Annual Report and Annual Review, as well as its Irish Statutory Accounts, which were released on June 28, 2013. The registrant is headquartered in Dublin, Ireland, having transferred its corporate domicile from The Netherlands.
Key Financial Metrics
The provided text is a cover sheet and safe harbor statement; it does not contain specific financial data such as revenue, profit, cash flow, margins, debt, or liquidity figures. These metrics are contained within the lodged exhibits (Exhibit 99.1 and 99.2) referenced in this filing but are not detailed in the text provided.
Material Changes
The filing text does not provide specific comparative financial data or material changes versus prior periods. It notes the transfer of the company's corporate domicile from The Netherlands to Ireland as a significant structural change affecting corporate governance and potential tax benefits.
Guidance, Outlook, Risks, and Contingencies
The document contains an extensive "Safe Harbor Statement" identifying forward-looking statements and associated risks. Key areas of uncertainty and risk include:
- Asbestos Liabilities: Risks related to prior asbestos product manufacture, contributions to the Asbestos Injuries Compensation Fund (AICF), potential shortfalls in the fund, and currency exchange impacts on recorded liabilities.
- Legal Proceedings: Potential consequences of proceedings by the Australian Securities and Investments Commission (ASIC) against the company and former directors, and product liability claims by the New Zealand Ministry of Education.
- Market and Economic Conditions: Dependence on residential and commercial construction markets, housing recovery levels, consumer confidence, and mortgage availability.
- Operational Risks: Supply and cost of raw materials, competition, product failures, and environmental compliance.
- Financial Structure: Ability to renew credit facilities, dividend payments, share buy-backs, and tax liabilities.
Investor Verification Checklist
- Review Exhibit 99.1 (Form 20-F/Annual Report) for actual revenue, profit, and cash flow figures for the fiscal year ended June 2013.
- Verify the specific amounts and timing of required contributions to the Asbestos Injuries Compensation Fund (AICF).
- Assess the status and potential financial impact of legal proceedings involving ASIC and the New Zealand Ministry of Education.
- Examine the impact of the corporate domicile transfer from The Netherlands to Ireland on tax structures and governance.
- Check the Irish Statutory Accounts (Exhibit 99.2) for local regulatory compliance and financial position details.