Exhibit 99.1
 James Hardie Industries SE
 FY 2011 Irish Statutory Accounts
 FY 2011 Irish Statutory Accounts
    
    1




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James Hardie Industries SE
 Directors Report and
Consolidated Financial Statements
 For the Year Ended 31 March 2011
 FY 2011 Irish Statutory Accounts
    
    2




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Directors Report
    
    
    4Statement of Directors Responsibilities
    
    
    42Independent Auditors Report
    
    
    43Consolidated Profit and Loss Account
    
    
    45Consolidated Balance Sheet
    
    
    46Consolidated Statement of Cash Flows
    
    
    47Consolidated Reconciliation of Movement in Shareholders Equity
    
    
    48Notes to Consolidated Financial Statements
    
    
    49Glossary of Abbreviations and Terms
    
    
    102Forward-Looking Statements
    
    
    103Company Balance Sheet
    
    
    105Notes to the Company Balance Sheet
    
    
    106
 FY 2011 Irish Statutory Accounts
    
    3




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For the year ended 31 March 2011
   Reorganisation
  Principal Activities
   Review of the Development and Performance of the Business
 Trends and Economic Events
  FY 2011 Irish Statutory Accounts
    
    4




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Operating Results
  Fiscal Years Ended 31 MarchFavourable(Unfavourable)2011
    
    
    2010
    
    
    ChangeNet sales:USA and Europe Fibre Cement
    
    $
    814.0
    
    
    $
    828.1
    
    
    
    (2
    )%Asia Pacific Fibre Cement
    
    
    353.0
    
    
    
    296.5
    
    
    
    19Total net sales
    
    
    1,167.0
    
    
    
    1,124.6
    
    
    
    4Cost of goods sold
    
    
    (775.1
    )
    
    
    (708.5
    )
    
    
    (9
    )Gross profit
    
    
    391.9
    
    
    
    416.1
    
    
    
    (6
    )Selling, general and administrative expenses
    
    
    (173.4
    )
    
    
    (185.8
    )
    
    
    7Research and development expenses
    
    
    (28.0
    )
    
    
    (27.1
    )
    
    
    (3
    )Asbestos adjustments
    
    
    (85.8
    )
    
    
    (224.2
    )
    
    
    62Operating income (loss)
    
    
    104.7
    
    
    
    (21.0
    )
    
    
    Net interest expense
    
    
    (4.4
    )
    
    
    (4.0
    )
    
    
    (10
    )Other (expense) income
    
    
    (3.7
    )
    
    
    6.3
    
    
    
    Income (loss) before income taxes
    
    
    96.6
    
    
    
    (18.7
    )
    
    
    Income tax expense
    
    
    (443.6
    )
    
    
    (66.2
    )
    
    
    Net loss
    
    $
    (347.0
    )
    
    $
    (84.9
    )
    
    
    
    %Volume (mmsf):USA and Europe Fibre Cement
    
    
    1,248.0
    
    
    
    1,303.7
    
    
    
    (4
    )Asia Pacific Fibre Cement
    
    
    407.8
    
    
    
    389.6
    
    
    
    5Average net sale price per unit (per msf):USA and Europe Fibre Cement
    
    US$
    652
    
    
    US$
    635
    
    
    
    3Asia Pacific Fibre Cement
    
    A$
    916
    
    
    A$
    894
    
    
    
    2
 Total Net Sales
 FY 2011 Irish Statutory Accounts
    
    5




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USA and Europe Fibre Cement Net Sales
       Asia Pacific Fibre Cement Net Sales
   FY 2011 Irish Statutory Accounts
    
    6




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Gross profit
   Selling, general and administrative (SG&A) expenses
 ASIC Proceedings
    Research and development expenses
 FY 2011 Irish Statutory Accounts
    
    7




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Asbestos adjustments
     Fiscal Years Ended 31March(Millions of US dollars)
    
    2011
    
    
    2010Change in estimates
    
    $
    21.5
    
    
    $
    (3.3
    )Effect of foreign exchange movements
    
    
    (107.3
    )
    
    
    (220.9
    )Asbestos adjustments
    
    $
    (85.8
    )
    
    $
    (224.2
    )
 Claims Data
      Operating income (loss)
 FY 2011 Irish Statutory Accounts
    
    8




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General corporate costs
   Net interest expense
 Other (expense) income
 Income tax expense.
 FY 2011 Irish Statutory Accounts
    
    9




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Net loss
 Non-GAAP Financial Information Derived from GAAP Measures for Fiscal Years 2011 and 2010
  Operating income excluding asbestos and ASIC expenses
 Fiscal Years Ended 31 March(Millions of US dollars)
    
    2011
    
    
    2010USA and Europe Fibre Cement
    
    $
    160.3
    
    
    $
    208.5Asia Pacific Fibre Cement
    
    
    79.4
    
    
    
    58.7Research and Development
    
    
    (20.1
    )
    
    
    (19.0
    )General Corporate:General corporate costs
    
    
    (26.9
    )
    
    
    (42.9
    )Asbestos adjustments
    
    
    (85.8
    )
    
    
    (224.2
    )AICF SG&A expenses
    
    
    (2.2
    )
    
    
    (2.1
    )Total operating income (loss)
    
    $
    104.7
    
    
    $
    (21.0
    )Excluding:Asbestos:Asbestos adjustments
    
    
    85.8
    
    
    
    224.2AICF SG&A expenses
    
    
    2.2
    
    
    
    2.1ASIC related (recoveries) expenses
    
    
    (8.7
    )
    
    
    3.4Operating income excluding asbestos and
ASIC expenses
    
    $
    184.0
    
    
    $
    208.7
 FY 2011 Irish Statutory Accounts
    
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Effective tax rate excluding asbestos and tax adjustments
 Fiscal Years Ended 31 March(Millions of US dollars)
    
    2011
    
    
    2010Income (loss) before income taxes
    
    $
    96.6
    
    
    $
    (18.7
    )Excluding:Asbestos:Asbestos adjustments
    
    
    85.8
    
    
    
    224.2AICF SG&A expenses
    
    
    2.2
    
    
    
    2.1AICF interest income
    
    
    (4.3
    )
    
    
    (3.3
    )Gain on AICF investments
    
    
    
    
    
    
    (6.7
    )Income before income taxes excluding
asbestos and ASIC expenses
    
    $
    180.3
    
    
    $
    197.6Income tax expense
    
    
    (443.6
    )
    
    
    (66.2
    )Excluding:Tax expense related to asbestos
adjustments
    
    
    6.9
    
    
    
    1.1Tax adjustments (1)
    
    
    380.7
    
    
    
    (2.9
    )Income tax expense excluding tax effect
of asbestos adjustments and tax
adjustments
    
    $
    (56.0
    )
    
    $
    (68.0
    )Effective tax rate
    
    
    (459.2
    )%
    
    
    354.0
    %Effective tax rate excluding asbestos
and tax adjustments
    
    
    31.1
    %
    
    
    34.4
    %
 
 (1)
    
    Fiscal year 2011 includes a charge of US$345.2 million related to the dismissal of RCIs
appeal of the 1999 disputed amended tax assessment and a charge of US$32.6 million arising
from our corporate structure simplification announced on 17 May 2011. FY 2011 Irish Statutory Accounts
    
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Net income excluding asbestos, ASIC expenses and tax adjustments

 Fiscal Years Ended 31 March(Millions of US dollars)
    
    2011
    
    
    2010Net loss
    
    $
    (347.0
    )
    
    $
    (84.9
    )Excluding:Asbestos adjustments
    
    
    85.8
    
    
    
    224.2AICF SG&A expenses
    
    
    2.2
    
    
    
    2.1AICF interest income
    
    
    (4.3
    )
    
    
    (3.3
    )Gain impairment on AICF
investments
    
    
    
    
    
    
    (6.7
    )Tax expense related to asbestos
    
    
    6.9
    
    
    
    1.1ASIC related (recoveries)
expenses (net of tax)
    
    
    (7.6
    )
    
    
    3.4Tax adjustments (1)
    
    
    380.7
    
    
    
    (2.9
    )Net income excluding asbestos, ASIC
expenses and tax adjustments
    
    $
    116.7
    
    
    $
    133.0
 
 (1)
    
    Fiscal year 2011 includes a charge of US$345.2 million related to the dismissal of RCIs
appeal of the 1999 disputed amended tax assessment and a charge of US$32.6 million arising
from our corporate structure simplification announced on 17 May 2011. Liquidity and Capital Resources
    FY 2011 Irish Statutory Accounts
    
    12




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At 31 March 2011Effective
    
    
    Total
    
    
    PrincipalDescription
    
    Interest Rate
    
    
    Facility
    
    
    Drawn(Millions of US dollars)Term facilities, can be drawn
in US$, variable interest rates
based on LIBOR plus margin, can
be repaid and redrawn until
September 2012
    
    
    
    
    
    $
    50.0
    
    
    $
    Term facilities, can be drawn
in US$, variable interest rates
based on LIBOR plus margin, can
be repaid and redrawn until
December 2012
    
    
    
    
    
    
    130.0
    
    
    
    Term facilities, can be drawn
in US$, variable interest rates
based on LIBOR plus margin, can
be repaid and redrawn until
February 2013
    
    
    1.02
    %
    
    
    90.0
    
    
    
    59.0Term facilities, can be drawn
in US$, variable interest rates
based on LIBOR plus margin, can
be repaid and redrawn until
February 2014
    
    
    
    
    
    
    50.0
    
    
    
    Total
    
    
    
    
    
    $
    320.0
    
    
    $
    59.0
     ATO  1999 Disputed Amended Assessment
    FY 2011 Irish Statutory Accounts
    
    13




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ASIC Proceedings
       FY 2011 Irish Statutory Accounts
    
    14




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Cash Flow  Year Ended 31 March 2011 compared to Year ended 31 March 2010
      Capital Requirements and Resources
     FY 2011 Irish Statutory Accounts
    
    15




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FY 2011 Irish Statutory Accounts
    
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.
   Capital Expenditures
   Contractual Obligations
  Payments DueDuring Fiscal Year Ending 31 MarchBeyond 5(Millions of US dollars)
    
    Total
    
    
    2012
    
    
    2013 to 2014
    
    
    2015 to 2016
    
    
    YearsAsbestos Liability (1)
    
    $
    1,698.1
    
    
    $
    N/A
    
    
    $
    N/A
    
    
    $
    N/A
    
    
    $
    N/ALong-Term Debt
    
    
    59.0
    
    
    
    
    
    
    
    59.0
    
    
    
    
    
    
    
    Estimated interest
payments on Long-Term Debt
(2)
    
    
    14.5
    
    
    
    4.8
    
    
    
    7.3
    
    
    
    1.8
    
    
    
    0.6Operating Leases
    
    
    103.8
    
    
    
    18.0
    
    
    
    32.1
    
    
    
    29.1
    
    
    
    24.6Purchase Obligations (3)
    
    
    0.6
    
    
    
    0.6
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    1,876.0
    
    
    $
    23.4
    
    
    $
    98.4
    
    
    $
    30.9
    
    
    $
    25.2
 
 (1)
    
    The amount of the asbestos liability reflects the terms of the AFFA, which has been
calculated by reference to (but is not exclusively based upon) the most recent actuarial
estimate of the projected future asbestos-related cash flows prepared by KPMG Actuarial. The asbestos
liability also includes an allowance for the future claims-handling costs of the AICF. The
table above does not include a breakdown of payments due each year as such amounts are not
reasonably estimable. See Note 11 to our consolidated financial statements for further
information regarding our future obligations under the AFFA. FY 2011 Irish Statutory Accounts
    
    17




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(2)
    
    Interest amounts are estimates based on gross debt remaining unchanged from the 31 March 2011
balance and interest rates remaining consistent with the rates at 31 March 2011. Interest paid
includes interest in relation to our debt facilities, as well as the net amount paid relating
to interest rate swap agreements. The interest on our debt facilities is variable based on a
market rate and includes margins agreed to with the various lending banks. The interest on our
interest rate swaps is set at a fixed rate. There are several variables that can affect the
amount of interest we may pay in future years, including: (i) new debt facilities with rates
or margins different from historical rates; (ii) expiration of existing debt facilities
resulting in a change in the average interest rate; (iii) fluctuations in the market interest
rate; (iv) new interest rate swap agreements; and (v) expiration of existing interest rate
swap agreements. We have not included estimated interest payments subsequent to fiscal year
ending 31 March 2017 as such amounts are not reasonably estimable.(3)
    
    Purchase Obligations are defined as agreements to purchase goods or services that are
enforceable and legally-binding on us and that specify all significant terms, including: fixed
or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the
approximate timing of the transactions.   Principal Risks and Uncertainties
  ASBESTOS RELATED RISKS
 Our wholly owned Australian subsidiary, James Hardie 117 Pty Ltd (which we refer to as the
Performing Subsidiary), is required to make payments to a special purpose fund that provides
compensation for Australian asbestos-related personal injury and death claims for which certain
former companies of the James Hardie Group are found liable. These payments may affect our ability
to grow the Company.
   FY 2011 Irish Statutory Accounts
    
    18




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Potential escalation in proven claims made against, and associated costs of, the AICF could
increase our annual funding payments required to be made under the AFFA, which may cause us to have
to increase our asbestos liability in the future.
   Even though the AFFA has been implemented, we may be subject to potential additional liabilities
(including claims for compensation or property remediation outside the arrangements reflected in
the AFFA) because certain current and former companies of the James Hardie Group previously
manufactured products that contained asbestos.
  FY 2011 Irish Statutory Accounts
    
    19




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Because our revenues are primarily derived from sales in US dollars and the actuarially assessed
asbestos liability is recorded in Australian dollars and payments pursuant to the AFFA are made in
Australian dollars, we may experience unpredictable volatility in our reported results due to
changes in the US dollar (and other currencies from which we derive our sales) compared to the
Australian dollar.
   The AFFA imposes certain non-monetary obligations.
  FY 2011 Irish Statutory Accounts
    
    20




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The AFFA does not eliminate the risk of adverse action being taken against us.
  The complexity and long-term nature of the AFFA and related legislation and agreements may result
in litigation as to their interpretation.
  There is no certainty that the NSW Government loan facility to the AICF will remain in place for
the entire term of the facility.
   We may have insufficient Australian taxable income to utilise tax deductions.
  FY 2011 Irish Statutory Accounts
    
    21




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Certain AFFA tax conditions may not be satisfied.
   IRISH DOMICILE RELATED RISKS
 In connection with transforming the Company to an Irish SE, we and certain of our subsidiaries
entered into an employee involvement agreement setting out the terms of future employee involvement
in JHI SE. There is a risk that our entry into the employee involvement agreement may result in a
material change to our governance or adversely affect our decision making process.
   The actual benefits that we realise as an Irish SE could be materially different from our current
expectations.
  FY 2011 Irish Statutory Accounts
    
    22




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Tax benefits are available under the US-Netherlands Income Tax Treaty to US and Dutch taxpayers
that qualify for those benefits. In spite of a favourable settlement with the Appeals Division of
the Internal Revenue Service (which we refer to as the IRS) for calendar years 2006 and 2007, our
eligibility for continuing benefits under the US-Netherlands Tax Treaty is still undetermined for
2008 to 2010.
    Tax benefits are available under the U.S.-Ireland Income Tax Treaty to US and Irish taxpayers that
qualify for those benefits. Our eligibility for benefits under the US-Ireland Tax Treaty is
determined on an annual basis and we could be audited by the IRS for this issue. If during a
subsequent tax audit or related process, the IRS determines that we are not eligible for benefits
under the US-Ireland Treaty, we may not qualify for treaty benefits. As a result, our effective tax
rate could significantly increase and we could be subject to a 30% US withholding tax rate on
payments of interest, royalties and dividends from our US subsidiaries to our Irish resident
subsidiaries
  FY 2011 Irish Statutory Accounts
    
    23




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Irish law contains provisions that could delay or prevent a change of control that may otherwise be
beneficial to you.
  Our ability to pay dividends and conduct share buy-backs is dependent on Irish law and may be
limited in the future if we are not able to maintain sufficient levels of distributable profits.
  TAXATION RELATED RISKS
 Our effective income tax rate could increase and materially adversely affect our business.
  FY 2011 Irish Statutory Accounts
    
    24




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Exposure to additional tax liabilities due to audits could materially adversely affect our
business.
  Our wholly-owned subsidiary, RCI may lose its appeal of a Federal Court judgment upholding an
assessment by the ATO.
       FY 2011 Irish Statutory Accounts
    
    25




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OTHER RISKS
 Our business is dependent on the residential and commercial construction markets.
   Substantial and increasing competition in the building products industry could materially adversely
affect our business.
   We rely on only a few customers to buy our fibre cement products and the loss of any major customer
could materially adversely affect our business.
  Regulatory action and continued scrutiny may have an adverse effect on our business.
  FY 2011 Irish Statutory Accounts
    
    26




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Uncertainty exists surrounding the amount of losses and expense arising from the ASIC proceedings.
      Because we have significant operations outside of the United States and report our earnings in US
dollars, unfavourable fluctuations in currency values and exchange rates could have a material
adverse effect on our business.
  FY 2011 Irish Statutory Accounts
    
    27




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If damages resulting from product defects exceed our insurance coverage, paying these damages could
result in a material adverse effect on our business.
  Warranty claims relating to our products and exceeding our warranty reserves could have a material
adverse effect on our business.
  We may incur significant costs, including capital expenditures, in the future in complying with
applicable environmental and health and safety laws and regulations.
   FY 2011 Irish Statutory Accounts
    
    28




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We may experience adverse fluctuations in the supply and cost of raw materials and energy supply
necessary to our business which could have a material adverse effect on our business.
    Demand for our products is subject to changes in consumer preference.
  Our ability to sell our products into certain markets is influenced by building codes and
ordinances in effect in the related localities and states and may limit our ability to compete
effectively in certain markets and our ability to increase or maintain our current market share for
our products.
  FY 2011 Irish Statutory Accounts
    
    29




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Our financial performance could be impacted by a customers inability to pay amounts owed.
  Our reliance on third party distribution channels could impact our business.
  Changes in, or failure to comply with, the laws, regulations, policies or conditions of any
jurisdiction in which we conduct our business could result in, among other consequences, the loss
of our assets in such jurisdiction, the elimination of certain rights that are critical to the
operation of our business in such jurisdiction, a decrease in revenues or the imposition of
additional taxes or other costs.
  
    
    changing political and economic conditions;
    
    changing laws and policies;
    
    the general hazards associated with the assertion of sovereign rights over certain areas
in which we conduct our business; and
    
    laws limiting or conditioning the right and ability of subsidiaries and joint ventures
to pay dividends or remit earnings to affiliated companies.
  Because our intellectual property and other proprietary information may become publicly available,
we are subject to the risk that competitors could copy our products or processes.
  FY 2011 Irish Statutory Accounts
    
    30




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Severe weather, natural disasters and climate conditions could have an adverse effect on our
overall business.
   In the future, we may be unable to renew our credit facilities on their current terms or terms that
are customary for other companies in our industry or who have similar credit ratings, or be able to
obtain any alternative or additional financing arrangements.
  Ineffective internal controls over financial reporting could impact our business and operating
results.
  FY 2011 Irish Statutory Accounts
    
    31




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Our use of accounting estimates involves judgment and could impact our financial results.
  We may acquire or divest businesses from time to time, and this may materially adversely affect our
results of operations and financial condition and may significantly change the nature of the
company in which you have invested.
  We are dependent upon our key management personnel for our future success.
  LEGAL PROCEEDINGS
  ASIC Proceedings
   FY 2011 Irish Statutory Accounts
    
    32




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Tax Contingencies
  FY 2011 Irish Statutory Accounts
    
    33




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Amended Australian Taxation Office Assessment
   FY 2011 Irish Statutory Accounts
    
    34




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Product Warranty
   FY 2011 Irish Statutory Accounts
    
    35




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Environmental and Legal
   Financial Instruments
  Other
reserves
 Credit Risk
    FY 2011 Irish Statutory Accounts
    
    36




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Interest Rate Risk
 Accounts Payable Other (expense) income
 Foreign Currency Risk
   Commodity Price Risk
  Research and Development
  FY 2011 Irish Statutory Accounts
    
    37




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Recommended Dividend
   Future Developments
      Company Books of Accounts
  FY 2011 Irish Statutory Accounts
    
    38




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Important Events Since Year End
  Directors of the Company
  Director Name
 Non-executive directors:
 Executive director:
  FY 2011 Irish Statutory Accounts
    
    39




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Directors and Secretarys Interests
  Ordinary SharesAt 31 March 2010
    
    At 31 March 2011Restricted
    
    
    
    
    
    
    
    
    
    RestrictedShares
    
    Options
    
    Stock Units
    
    Shares
    
    Options
    
    Stock UnitsNon-Executive DirectorsMichael Hammes (1)
    
    
    32,847
    
    
    
    
    
    
    
    
    
    
    
    32,847
    
    
    
    
    
    
    
    Donald McGauchie (2)
    
    
    20,372
    
    
    
    
    
    
    
    
    
    
    
    20,372
    
    
    
    
    
    
    
    Brian Anderson
    
    
    7,635
    
    
    
    
    
    
    
    
    
    
    
    7,635
    
    
    
    
    
    
    
    David Harrison
    
    
    12,384
    
    
    
    
    
    
    
    
    
    
    
    12,384
    
    
    
    
    
    
    
    James Osborne
    
    
    2,551
    
    
    
    
    
    
    
    
    
    
    
    2,551
    
    
    
    
    
    
    
    Rudy van der Meer
    
    
    17,290
    
    
    
    
    
    
    
    
    
    
    
    17,290
    
    
    
    
    
    
    
    David Dilger (3)
    
    
    25,000
    
    
    
    
    
    
    
    
    
    
    
    25,000
    
    
    
    
    
    
    
    Executive DirectorLouis Gries
    
    
    259,875
    
    
    
    3,328,000
    
    
    
    1,564,124
    
    
    
    298,543
    
    
    
    2,328,000
    
    
    
    2,300,322
 At 29 June 2010 (date of appointment)
    
    At 31 March 2011Restricted
    
    
    
    
    
    
    
    
    
    RestrictedShares
    
    Options
    
    Stock Units
    
    Shares
    
    Options
    
    Stock UnitsCompany SecretaryMarcin Firek
    
    
    4,165
    
    
    
    31,385
    
    
    
    4,791
    
    
    
    4,939
    
    
    
    31,385
    
    
    
    3,916
 
 (1)
    
    As of 31 March 2011, 27,847 shares were held in the name of Mr and Mrs Hammes.(2)
    
    As of 31 March 2011, 6,000 shares were held for the McGauchie Superannuation Fund for which
Mr McGauchie is a trustee.(3)
    
    As of 31 March 2011, 25,000 shares were held for the David Dilger Approved Retirement Fund
for which Mr Dilger is a beneficiary.  Political Donations
  Subsidiary Companies
  FY 2011 Irish Statutory Accounts
    
    40




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Branch es
  Auditors
  On behalf of the Directors
 /s/ Michael Hammes
    
    /s/ David Dilger29 June 2011
 FY 2011 Irish Statutory Accounts
    
    41




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
    
    select suitable accounting policies and then apply them consistently;
    
    make judgments and estimates that are reasonable and prudent;
    
    comply with applicable US generally accepted accounting principles in accordance with
section 1(1) of the Companies Miscellaneous Provisions) Act 2009 to the extent that the use
of US generally accepted accounting principles does not contravene any provision of the
Companies Acts or of any regulations made thereunder, subject to any material departures
disclosed and explained in the financial statements; and
    
    prepare the financial statements on the going concern basis unless it is inappropriate
to presume that the Group will continue business.
    FY 2011 Irish Statutory Accounts
    
    42




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INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF  JAMES
HARDIE INDUSTRIES SE
   Respective responsibilities of directors and auditors
      FY 2011 Irish Statutory Accounts
    
    43




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INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF  JAMES
HARDIE INDUSTRIES SE (Continued)
 Basis of audit opinion
   Opinion
      
   FY 2011 Irish Statutory Accounts
    
    44




---



##### 



Years Ended 31 March(Millions of US dollars, except per share data)
    
    Notes
    
    2011
    
    
    2010Net sales
    
    
    17
    
    
    $
    1,167.0
    
    
    $
    1,124.6Cost of goods sold
    
    
    
    
    
    
    (775.1
    )
    
    
    (708.5
    )Gross profit
    
    
    
    
    
    
    391.9
    
    
    
    416.1Selling, general and administrative expenses
    
    
    
    
    
    
    (173.4
    )
    
    
    (185.8
    )Research and development expenses
    
    
    
    
    
    
    (28.0
    )
    
    
    (27.1
    )Asbestos adjustments
    
    
    11
    
    
    
    (85.8
    )
    
    
    (224.2
    )Operating income (loss)
    
    
    
    
    
    
    104.7
    
    
    
    (21.0
    )Interest expense
    
    
    
    
    
    
    (9.0
    )
    
    
    (7.7
    )Interest income
    
    
    
    
    
    
    4.6
    
    
    
    3.7Other (expense) income
    
    
    18
    
    
    
    (3.7
    )
    
    
    6.3Income (loss) before income taxes
    
    
    17
    
    
    
    96.6
    
    
    
    (18.7
    )Income tax expense
    
    
    15
    
    
    
    (443.6
    )
    
    
    (66.2
    )Net loss
    
    
    
    
    
    $
    (347.0
    )
    
    $
    (84.9
    )Net loss per share  basic
    
    
    
    
    
    $
    (0.80
    )
    
    $
    (0.20
    )Net loss per share  diluted
    
    
    
    
    
    $
    (0.80
    )
    
    $
    (0.20
    )Weighted average common shares outstanding
(Millions):Basic
    
    
    2
    
    
    
    435.6
    
    
    
    433.1Diluted
    
    
    2
    
    
    
    435.6
    
    
    
    433.1
    /s/ Michael Hammes
    
    /s/ David Dilger29 June 2011
  FY 2011 Irish Statutory Accounts
    
    45




---



##### 



31 March(Millions of US dollars)
    
    Notes
    
    2011
    
    
    2010ASSETSFixes AssetsProperty, plant and equipment, net
    
    
    7
    
    
    $
    707.7
    
    
    $
    710.6Current AssetsStocks
    
    
    6
    
    
    
    161.5
    
    
    
    149.1Debtors
    
    
    20
    
    
    
    1,005.6
    
    
    
    1,236.8Investments
    
    
    21
    
    
    
    67.2
    
    
    
    63.1Cash and cash equivalents
    
    
    3
    
    
    
    18.6
    
    
    
    19.2TOTAL ASSETS
    
    
    
    
    
    $
    1,960.6
    
    
    $
    2,178.8LIABILITIESShareholders EquityCalled up share capital
    
    
    23
    
    
    $
    222.5
    
    
    $
    221.1Share premium
    
    
    
    
    
    
    52.5
    
    
    
    39.5Other reserves
    
    
    19
    
    
    
    55.2
    
    
    
    59.2Profit and loss account
    
    
    
    
    
    
    (784.7
    )
    
    
    (437.7
    )Total shareholders deficit
    
    
    
    
    
    $
    (454.5
    )
    
    
    (117.9
    )Provisions for liabilities and chargesDeferred income taxes
    
    
    15
    
    
    
    108.1
    
    
    
    113.5Accrued product warranties
    
    
    10
    
    
    
    26.2
    
    
    
    24.9Asbestos liability
    
    
    11
    
    
    
    1,698.1
    
    
    
    1,619.2Workers compensation  Asbestos
    
    
    11
    
    
    
    90.7
    
    
    
    98.9Creditors(amounts falling due within one year):Debt
    
    
    9
    
    
    
    
    
    
    
    95.0Creditors
    
    
    22
    
    
    
    205.0
    
    
    
    205.6Creditors(amounts falling due after more than one year):Debt
    
    
    9
    
    
    
    59.0
    
    
    
    59.0Creditors
    
    
    22
    
    
    
    228.0
    
    
    
    80.6Total Provisions and Creditors
    
    
    
    
    
    
    2,415.1
    
    
    
    2,296.7TOTAL LIABILITIES
    
    
    
    
    
    $
    1,960.6
    
    
    $
    2,178.8
  /s/ Michael Hammes
    
    /s/ David Dilger29 June 2011
  FY 2011 Irish Statutory Accounts
    
    46




---



##### 



Years Ended 31 March(Millions of US dollars)
    
    2011
    
    
    2010Cash Flows From Operating ActivitiesNet loss
    
    $
    (347.0
    )
    
    $
    (84.9
    )Adjustments to reconcile net loss to net cash
provided by operating activities:Depreciation and amortisation
    
    
    62.9
    
    
    
    61.7Deferred income taxes
    
    
    (21.9
    )
    
    
    19.2Pension cost
    
    
    1.3
    
    
    
    0.1Stock-based compensation
    
    
    9.1
    
    
    
    7.7Asbestos adjustments
    
    
    85.8
    
    
    
    224.2Tax benefit from stock options exercised
    
    
    (0.4
    )
    
    
    (0.9
    )Changes in operating assets and liabilities:Restricted cash and cash equivalents
    
    
    63.3
    
    
    
    14.9Restricted short-term investments
    
    
    9.7
    
    
    
    54.4Payment to the AICF
    
    
    (63.7
    )
    
    
    Accounts and other receivables
    
    
    24.9
    
    
    
    (30.1
    )Stocks
    
    
    (8.1
    )
    
    
    (12.2
    )Prepaid expenses and other assets
    
    
    6.3
    
    
    
    (48.1
    )Insurance receivable  Asbestos
    
    
    22.9
    
    
    
    14.4Accounts payable and accrued liabilities
    
    
    (7.7
    )
    
    
    35.4Asbestos liability
    
    
    (97.8
    )
    
    
    (91.0
    )Deposit with Australian Taxation Office
    
    
    254.3
    
    
    
    (29.3
    )Australian Taxation Office  amended assessment
    
    
    190.4
    
    
    
    Other accrued liabilities
    
    
    (37.1
    )
    
    
    47.6Net cash provided by operating activities
    
    $
    147.2
    
    
    $
    183.1Cash Flows From Investing ActivitiesPurchases of property, plant and equipment
    
    $
    (50.3
    )
    
    $
    (50.5
    )Proceeds from sale of property, plant and equipment
    
    
    0.7
    
    
    
    Net cash used in investing activities
    
    $
    (49.6
    )
    
    $
    (50.5
    )Cash Flows From Financing ActivitiesRepayments of short-term borrowings
    
    
    
    
    
    
    (93.3
    )Proceeds from long-term borrowings
    
    
    460.0
    
    
    
    274.0Repayments of long-term borrowings
    
    
    (555.0
    )
    
    
    (350.7
    )Proceeds from issuance of shares
    
    
    4.9
    
    
    
    10.1Tax benefit from stock options exercised
    
    
    0.4
    
    
    
    0.9Net cash used in financing activities
    
    $
    (89.7
    )
    
    $
    (159.0
    )Effects of exchange rate changes on cash
    
    $
    (8.5
    )
    
    $
    3.2Net decrease in cash and cash equivalents
    
    
    (0.6
    )
    
    
    (23.2
    )Cash and cash equivalents at beginning of period
    
    
    19.2
    
    
    
    42.4Cash and cash equivalents at end of period
    
    $
    18.6
    
    
    $
    19.2Components of Cash and Cash EquivalentsCash at bank and on hand
    
    $
    9.5
    
    
    $
    13.1Short-term deposits
    
    
    9.1
    
    
    
    6.1Cash and cash equivalents at end of period
    
    $
    18.6
    
    
    $
    19.2Supplemental Disclosure of Cash Flow ActivitiesCash paid during the year for interest, net of amounts
capitalised
    
    $
    9.1
    
    
    $
    7.4Cash paid during the year for income taxes, net
    
    $
    38.7
    
    
    $
    48.5
  FY 2011 Irish Statutory Accounts
    
    47




---



##### 



Called up
    
    
    
    
    
    
    Profit andshare
    
    
    Share
    
    
    loss
    
    
    Other(Millions of US dollars)
    
    capital
    
    
    premium
    
    
    account
    
    
    Reserves
    
    
    TotalBalances as of 31 March 2009
    
    $
    219.2
    
    
    $
    22.7
    
    
    $
    (352.8
    )
    
    $
    2.2
    
    
    $
    (108.7
    )Comprehensive income:Net loss
    
    
    
    
    
    
    
    
    
    
    (84.9
    )
    
    
    
    
    
    
    (84.9
    )Pension and post-retirement benefit adjustments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (0.2
    )
    
    
    (0.2
    )Unrealised gain on investments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1.2
    
    
    
    1.2Foreign currency translation gain
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    56.0
    
    
    
    56.0Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    57.0
    
    
    
    57.0Total comprehensive loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (27.9
    )Stock-based compensation
    
    
    
    
    
    
    7.7
    
    
    
    
    
    
    
    
    
    
    
    7.7Tax benefit from stock options exercised
    
    
    
    
    
    
    0.9
    
    
    
    
    
    
    
    
    
    
    
    0.9Equity awards exercised
    
    
    1.9
    
    
    
    8.2
    
    
    
    
    
    
    
    
    
    
    
    10.1Balances as of 31 March 2010
    
    $
    221.1
    
    
    $
    39.5
    
    
    $
    (437.7
    )
    
    $
    59.2
    
    
    $
    (117.9
    )Comprehensive income:Net loss
    
    
    
    
    
    
    
    
    
    
    (347.0
    )
    
    
    
    
    
    
    (347.0
    )Pension and post-retirement benefit adjustments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1.3
    
    
    
    1.3Unrealised gain on investments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1.3
    
    
    
    1.3Foreign currency translation loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (6.6
    )
    
    
    (6.6
    )Other comprehensive loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4.0
    )
    
    
    (4.0
    )Total comprehensive loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (351.0
    )Stock-based compensation
    
    
    0.7
    
    
    
    8.4
    
    
    
    
    
    
    
    
    
    
    
    9.1Tax benefit from stock options exercised
    
    
    
    
    
    
    0.4
    
    
    
    
    
    
    
    
    
    
    
    0.4Equity awards exercised/released
    
    
    0.7
    
    
    
    4.2
    
    
    
    
    
    
    
    
    
    
    
    4.9Balances as of 31 March 2011
    
    $
    222.5
    
    
    $
    52.5
    
    
    $
    (784.7
    )
    
    $
    55.2
    
    
    $
    (454.5
    )
  FY 2011 Irish Statutory Accounts
    
    48




---



##### 



1. Background and Basis of Presentation
 Nature of Operations
  Background
  Basis of Presentation
     FY 2011 Irish Statutory Accounts
    
    49




---



##### 



2. Summary of Significant Accounting Policies
 Accounting Principles
  Use of Estimates
  Foreign Currency Translation
 Other reserves
 Restricted Cash and Cash Equivalents
  Stocks
  Property, Plant and Equipment
  FY 2011 Irish Statutory Accounts
    
    50




---



##### 



YearsBuildings
    
    
    40Building improvements
    
    
    5 to 10Manufacturing machinery
    
    
    20General equipment
    
    
    5 to 10Computer equipment, software, and software development
    
    
    3 to 7Office furniture and equipment
    
    
    3 to 10
 Impairment of Long-Lived Assets
  Environmental Remediation and Compliance Expenditures
  Revenue Recognition
  Distribution Costs
  Depreciation and Amortisation
  FY 2011 Irish Statutory Accounts
    
    51




---



##### 



Advertising
  Research and Development
  Accrued Product Warranties
  Income Taxes
  Financial Instruments
  Other
reserves
 FY 2011 Irish Statutory Accounts
    
    52




---



##### 



Stock-based Compensation
  Earnings Per Share
   Years Ended 31 March(Millions of shares)
    
    2011
    
    2010Basic common shares outstanding
    
    
    435.6
    
    
    
    433.1Dilutive effect of stock awards
    
    
    
    
    
    
    Diluted common shares outstanding
    
    
    435.6
    
    
    
    433.1
 (US dollars)
    
    2011
    
    2010Net loss per share  basic
    
    $
    (0.80
    )
    
    $
    (0.20
    )Net loss per share  diluted
    
    $
    (0.80
    )
    
    $
    (0.20
    )
    FY 2011 Irish Statutory Accounts
    
    53




---



##### 



Asbestos
    AICF
     FY 2011 Irish Statutory Accounts
    
    54




---



##### 



Selling, general and administrative expenses Interest income
  Asbestos-Related Assets and Liabilities
 Asbestos-Related Assets and Liabilities
 Asbestos Liability
   FY 2011 Irish Statutory Accounts
    
    55




---



##### 



Insurance Receivable
    Workers Compensation
  Asbestos Liability
   Asbestos-Related Research and Education Contributions
  FY 2011 Irish Statutory Accounts
    
    56




---



##### 



Restricted Cash and Cash Equivalents
  Restricted Short-Term Investments
 Other reserves Other income
 AICF  Other Assets and Liabilities
  Deferred Income Taxes
   Foreign Currency Translation
 Asbestos adjustments
 Recent Accounting Pronouncements
  FY 2011 Irish Statutory Accounts
    
    57




---



##### 



3. Cash and cash equivalents
   31 March(Millions of US dollars)
    
    2011
    
    
    2010Cash at bank and on hand
    
    $
    9.5
    
    
    $
    13.1Short-term deposits
    
    
    9.1
    
    
    
    6.1Total cash and cash equivalents
    
    $
    18.6
    
    
    $
    19.2
 4. Restricted cash and cash equivalents
  FY 2011 Irish Statutory Accounts
    
    58




---



##### 



5. Accounts and other receivables
  31 March
    
    
    31 March(Millions of US dollars)
    
    2011
    
    
    2010Trade receivables
    
    $
    118.3
    
    
    $
    122.8Other receivables and advances
    
    
    22.5
    
    
    
    34.5Allowance for doubtful accounts
    
    
    (2.7
    )
    
    
    (2.3
    )Total accounts and other receivables
    
    $
    138.1
    
    
    $
    155.0
   31 March
    
    
    31 March(Millions of US dollars)
    
    2011
    
    
    2010Balance at beginning of period
    
    $
    2.3
    
    
    $
    1.4Charged to expense
    
    
    0.4
    
    
    
    0.9Balance at end of period
    
    $
    2.7
    
    
    $
    2.3
 6. Stocks
  31 March(Millions of US dollars)
    
    2011
    
    
    2010Finished goods
    
    $
    104.5
    
    
    $
    99.8Work-in-process
    
    
    5.9
    
    
    
    4.8Raw materials and supplies
    
    
    57.3
    
    
    
    52.0Provision for obsolete finished goods and raw materials
    
    
    (6.2
    )
    
    
    (7.5
    )Total Stocks
    
    $
    161.5
    
    
    $
    149.1
 FY 2011 Irish Statutory Accounts
    
    59




---



##### 



7. Property, plant and equipment
  Machinery
    
    
    Constructionand
    
    
    in(Millions of US dollars)
    
    Land
    
    
    Buildings
    
    
    Equipment
    
    
    Progress1
    
    
    TotalCost or valuation:At 31 March 2010
    
    $
    18.1
    
    
    $
    205.2
    
    
    $
    897.9
    
    
    $
    47.7
    
    
    $
    1,168.9Additions
    
    
    0.2
    
    
    
    4.4
    
    
    
    58.9
    
    
    
    
    
    
    
    63.5Transfers
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (13.2
    )
    
    
    (13.2
    )Disposals
    
    
    
    
    
    
    
    
    
    
    (0.7
    )
    
    
    
    
    
    
    (0.7
    )Exchange differences
    
    
    
    
    
    
    0.8
    
    
    
    25.1
    
    
    
    
    
    
    
    25.9At 31 March 2011
    
    $
    18.3
    
    
    $
    210.4
    
    
    $
    981.2
    
    
    $
    34.5
    
    
    $
    1,244.4Accumulated depreciation:At 31 March 2010
    
    $
    
    
    
    $
    (57.0
    )
    
    $
    (401.3
    )
    
    $
    
    
    
    $
    (458.3
    )Charge for the year
    
    
    
    
    
    
    (9.5
    )
    
    
    (53.4
    )
    
    
    
    
    
    
    (62.9
    )Exchange differences
    
    
    
    
    
    
    (0.8
    )
    
    
    (14.7
    )
    
    
    
    
    
    
    (15.5
    )At 31 March 2011
    
    $
    
    
    
    $
    (67.3
    )
    
    $
    (469.4
    )
    
    $
    
    
    
    $
    (536.7
    )Net book amount:At 31 March 2010
    
    $
    18.1
    
    
    $
    148.2
    
    
    $
    496.6
    
    
    $
    47.7
    
    
    $
    710.6At 31 March 2011
    
    $
    18.3
    
    
    $
    143.1
    
    
    $
    511.8
    
    
    $
    34.5
    
    
    $
    707.7
 
 1
    
    Construction in progress consists of plant expansions and upgrades.  FY 2011 Irish Statutory Accounts
    
    60




---



##### 



8. Accounts payable and accrued liabilities
 Accounts payable and accrued liabilities consist of the following components:
 31 March(Millions of US dollars)
    
    2011
    
    
    2010Trade creditors
    
    $
    57.7
    
    
    $
    71.3Other creditors and accruals
    
    
    48.7
    
    
    
    29.6Total accounts payable and accrued liabilities
    
    $
    106.4
    
    
    $
    100.9
 9. Debt
  Effective
    
    
    Total
    
    
    PrincipalDescription
    
    Interest Rate
    
    
    Facility
    
    
    Drawn(US$ millions)Term facilities, can be drawn in US$, variable interest
rates based on LIBOR plus margin, can be repaid and
redrawn until September 2012
    
    
    
    
    
    $
    50.0
    
    
    $
    Term facilities, can be drawn in US$, variable interest
rates based on LIBOR plus margin, can be repaid and
redrawn until December 2012
    
    
    
    
    
    
    130.0
    
    
    
    Term facilities, can be drawn in US$, variable interest
rates based on LIBOR plus margin, can be repaid and
redrawn until February 2013
    
    
    1.02
    %
    
    
    90.0
    
    
    
    59.0Term facilities, can be drawn in US$, variable interest
rates based on LIBOR plus margin, can be repaid and
redrawn until February 2014
    
    
    
    
    
    
    50.0
    
    
    
    Total
    
    
    
    
    
    $
    320.0
    
    
    $
    59.0
 FY 2011 Irish Statutory Accounts
    
    61




---



##### 



Effective
    
    
    
    
    
    
    PrincipalDescription
    
    Interest Rate
    
    
    Total Facility
    
    
    Drawn(US$ millions)Term facilities, can be
drawn in US$, variable
interest rates based on
LIBOR plus margin, can be
repaid and redrawn until
June 2010
    
    
    0.86
    %
    
    $
    161.7
    
    
    $
    95.0Term facilities, can be
drawn in US$, variable
interest rates based on
LIBOR plus margin, can be
repaid and redrawn until
February 2011
    
    
    
    
    
    
    45.0
    
    
    
    Term facilities, can be
drawn in US$, variable
interest rates based on
LIBOR plus margin, can be
repaid and redrawn until
December 2012
    
    
    
    
    
    
    130.0
    
    
    
    Term facilities, can be
drawn in US$, variable
interest rates based on
LIBOR plus margin, can be
repaid and redrawn until
February 2013
    
    
    1.01
    %
    
    
    90.0
    
    
    
    59.0Total
    
    
    
    
    
    $
    426.7
    
    
    $
    154.0
      FY 2011 Irish Statutory Accounts
    
    62




---



##### 



10. Accrued product warranties
   Years Ended 31 March(Millions of US dollars)
    
    2011
    
    
    2010Balance at beginning of period
    
    $
    24.9
    
    
    $
    24.9Accruals for product warranties
    
    
    9.1
    
    
    
    8.1Settlements made in cash or in kind
    
    
    (7.8
    )
    
    
    (8.4
    )Foreign currency translation adjustments
    
    
    
    
    
    
    0.3Balance at end of period
    
    $
    26.2
    
    
    $
    24.9
 FY 2011 Irish Statutory Accounts
    
    63




---



##### 



11. Asbestos
  Asbestos adjustments
  Years Ended 31 March(Millions of US dollars)
    
    2011
    
    
    2010Change in estimates:Change in actuarial estimate  asbestos liability
    
    $
    9.8
    
    
    $
    (3.8
    )Change in actuarial estimate  insurance receivable
    
    
    (0.5
    )
    
    
    1.9Change in estimate  AICF claims-handling costs
    
    
    12.2
    
    
    
    (1.4
    )Subtotal  Change in estimates
    
    
    21.5
    
    
    
    (3.3
    )Loss on foreign currency exchange
    
    
    (107.3
    )
    
    
    (220.9
    )Total Asbestos Adjustments
    
    $
    (85.8
    )
    
    $
    (224.2
    )
 FY 2011 Irish Statutory Accounts
    
    64




---



##### 



Asbestos-Related Assets and Liabilities
  31 March
    
    
    31 March(Millions of US dollars)
    
    2011
    
    
    2010Asbestos liability  current
    
    $
    (111.1
    )
    
    $
    (106.7
    )Asbestos liability  non-current
    
    
    (1,587.0
    )
    
    
    (1,512.5
    )Asbestos liability  Total
    
    
    (1,698.1
    )
    
    
    (1,619.2
    )Insurance receivable  current
    
    
    13.7
    
    
    
    16.7Insurance receivable  non-current
    
    
    188.6
    
    
    
    185.1Insurance receivable  Total
    
    
    202.3
    
    
    
    201.8Workers compensation asset  current
    
    
    0.3
    
    
    
    0.1Workers compensation asset  non-current
    
    
    90.4
    
    
    
    98.8Workers compensation liability  current
    
    
    (0.3
    )
    
    
    (0.1
    )Workers compensation liability  non-current
    
    
    (90.4
    )
    
    
    (98.8
    )Workers compensation  Total
    
    
    
    
    
    
    Deferred income taxes  current
    
    
    10.5
    
    
    
    16.4Deferred income taxes  non-current
    
    
    451.4
    
    
    
    420.0Deferred income taxes  Total
    
    
    461.9
    
    
    
    436.4Income tax payable
    
    
    18.6
    
    
    
    16.5Other net liabilities
    
    
    (1.3
    )
    
    
    (1.7
    )Net Amended FFA liability
    
    
    (1,016.6
    )
    
    
    (966.2
    )Restricted cash and cash equivalents and restricted
short-term investment assets of the AICF
    
    
    61.9
    
    
    
    57.8Unfunded Net Amended FFA liability
    
    $
    (954.7
    )
    
    $
    (908.4
    )
  Asbestos Liability
  FY 2011 Irish Statutory Accounts
    
    65




---



##### 



A$
    
    
    A$ to US$
    
    
    US$(Millions of US dollars)
    
    Millions
    
    
    rate
    
    
    MillionsAsbestos liability  31 March 2010
    
    A$
    (1,768.0
    )
    
    
    1.0919
    
    
    $
    (1,619.2
    )Asbestos claims paid1
    
    
    100.6
    
    
    
    1.0584
    
    
    
    95.0AICF claims-handling costs incurred1
    
    
    3.0
    
    
    
    1.0584
    
    
    
    2.8Change in actuarial estimate2
    
    
    9.5
    
    
    
    0.9676
    
    
    
    9.8Change in estimate of AICF claims-handling costs2
    
    
    11.8
    
    
    
    0.9676
    
    
    
    12.2Loss on foreign currency exchange
    
    
    
    
    
    
    
    
    
    
    (198.7
    )Asbestos liability  31 March 2011
    
    A$
    (1,643.1
    )
    
    
    0.9676
    
    
    $
    (1,698.1
    )
 Insurance Receivable  Asbestos
  A$
    
    
    A$ to US$
    
    
    US$(Millions of US dollars)
    
    Millions
    
    
    rate
    
    
    MillionsInsurance receivable  31 March 2010
    
    A$
    220.3
    
    
    
    1.0919
    
    
    $
    201.8Insurance recoveries1
    
    
    (24.1
    )
    
    
    1.0584
    
    
    
    (22.9
    )Change in actuarial estimate2
    
    
    (0.5
    )
    
    
    0.9676
    
    
    
    (0.5
    )Gain on foreign currency exchange
    
    
    
    
    
    
    
    
    
    
    23.9Insurance receivable  31 March 2011
    
    A$
    195.7
    
    
    
    0.9676
    
    
    $
    202.3
 FY 2011 Irish Statutory Accounts
    
    66




---



##### 



Deferred Income Taxes  Asbestos
  A$
    
    
    A$ to US$
    
    
    US$(Millions of US dollars)
    
    Millions
    
    
    rate
    
    
    MillionsDeferred tax assets  31 March 2010
    
    A$
    476.5
    
    
    
    1.0919
    
    
    $
    436.4Amounts offset against income tax payable1
    
    
    (22.3
    )
    
    
    1.0584
    
    
    
    (21.1
    )AICF earnings1
    
    
    (7.3
    )
    
    
    1.0584
    
    
    
    (6.9
    )Gain on foreign currency exchange
    
    
    
    
    
    
    
    
    
    
    53.5Deferred tax assets  31 March 2011
    
    A$
    446.9
    
    
    
    0.9676
    
    
    $
    461.9
 
 1
    
    The average exchange rate for the period is used to convert the Australian
dollar amount to US dollars based on the assumption that these transactions occurred evenly
throughout the period.2
    
    The spot exchange rate at 31 March 2011 is used to convert the Australian dollar
amount to US dollars as the adjustment to the estimate was made on that date. Income Taxes Payable
  Other Net Liabilities
   Restricted Cash and Short-term Investments of the AICF
  FY 2011 Irish Statutory Accounts
    
    67




---



##### 



Other reserves
  A$
    
    
    A$ to US$
    
    
    US$(Millions of US dollars)
    
    Millions
    
    
    rate
    
    
    MillionsRestricted cash and cash equivalents and restricted
short-term investments  31 March 2010
    
    A$
    63.1
    
    
    
    1.0919
    
    
    $
    57.8Asbestos claims paid1
    
    
    (100.6
    )
    
    
    1.0584
    
    
    
    (95.0
    )Payments received in accordance with AFFA2
    
    
    72.8
    
    
    
    1.1430
    
    
    
    63.7AICF operating costs paid  claims-handling1
    
    
    (2.9
    )
    
    
    1.0584
    
    
    
    (2.8
    )AICF operating costs paid  non claims-handling1
    
    
    (2.3
    )
    
    
    1.0584
    
    
    
    (2.2
    )Insurance recoveries1
    
    
    24.1
    
    
    
    1.0584
    
    
    
    22.9Interest and investment income1
    
    
    4.5
    
    
    
    1.0584
    
    
    
    4.3Unrealised gain on investments1
    
    
    1.4
    
    
    
    1.0584
    
    
    
    1.3Other1
    
    
    (0.2
    )
    
    
    1.0584
    
    
    
    (0.1
    )Gain on foreign currency exchange
    
    
    
    
    
    
    
    
    
    
    12.0Restricted cash and cash equivalents and restricted
short-term investments  31 March 2011
    
    A$
    59.9
    
    
    
    0.9676
    
    
    $
    61.9
 
 1
    
    The average exchange rate for the period is used to convert the Australian
dollar amount to US dollars based on the assumption that these transactions occurred evenly
throughout the period.2
    
    The spot exchange rate on the date of payment is used to convert the Australian
dollar amount to US dollars. Actuarial Study; Claims Estimate
  FY 2011 Irish Statutory Accounts
    
    68




---



##### 



FY 2011 Irish Statutory Accounts
    
    69




---



##### 



Claims Data
   For the Years Ended 31 March2011
    
    2010
    
    2009
    
    2008
    
    2007Number of open claims at beginning of period
    
    
    529
    
    
    
    534
    
    
    
    523
    
    
    
    490
    
    
    
    564Number of new claims
    
    
    494
    
    
    
    535
    
    
    
    607
    
    
    
    552
    
    
    
    463Number of closed claims
    
    
    459
    
    
    
    540
    
    
    
    596
    
    
    
    519
    
    
    
    537Number of open claims at end of period
    
    
    564
    
    
    
    529
    
    
    
    534
    
    
    
    523
    
    
    
    490Average settlement amount per settled claim
    
    A$
    204,366
    
    
    A$
    190,627
    
    
    A$
    190,638
    
    
    A$
    147,349
    
    
    A$
    166,164Average settlement amount per case closed
    
    A$
    173,199
    
    
    A$
    171,917
    
    
    A$
    168,248
    
    
    A$
    126,340
    
    
    A$
    128,723Average settlement amount per settled claim
    
    US$
    193,090
    
    
    US$
    162,250
    
    
    US$
    151,300
    
    
    US$
    128,096
    
    
    US$
    127,163Average settlement amount per case closed
    
    US$
    163,642
    
    
    US$

    146,325
    
    
    US$
    133,530
    
    
    US$
    109,832
    
    
    US$
    98,510
  AICF  NSW Government Secured Loan Facility
    FY 2011 Irish Statutory Accounts
    
    70




---



##### 



FY 2011 Irish Statutory Accounts
    
    71




---



##### 



12. Fair value measurements
       Cash and cash equivalents, Restricted cash and cash equivalents, Trade receivables and Trade
payables
 Restricted short-term investments Other reserves
 FY 2011 Irish Statutory Accounts
    
    72




---



##### 



Debt
 Interest Rate Swaps
    Fair Value MeasurementsFair Value at
    
    
    Using Inputs Considered as(Millions of US dollars)
    
    31 March 2011
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3AssetsCash and cash equivalents
    
    $
    18.6
    
    
    $
    18.6
    
    
    $
    
    
    
    $
    Restricted cash and cash equivalents
    
    
    61.4
    
    
    
    61.4
    
    
    
    
    
    
    
    Restricted short-term investments
    
    
    5.8
    
    
    
    5.8
    
    
    
    
    
    
    
    Total Assets
    
    $
    85.8
    
    
    $
    85.8
    
    
    $
    
    
    
    $
    LiabilitiesInterest rate swap contracts
included in Accounts Payable
    
    
    6.1
    
    
    
    
    
    
    
    6.1
    
    
    
    Total Liabilities
    
    $
    6.1
    
    
    $
    
    
    
    $
    6.1
    
    
    $
    
 FY 2011 Irish Statutory Accounts
    
    73




---



##### 



13. Commitment and Contingencies
  ASIC Proceedings
      FY 2011 Irish Statutory Accounts
    
    74




---



##### 



Environmental and Legal
   FY 2011 Irish Statutory Accounts
    
    75




---



##### 



Operating Leases
  Years ending 31 March (Millions of US dollars):2012
    
    $
    18.02013
    
    
    16.52014
    
    
    15.62015
    
    
    15.12016
    
    
    14.0Thereafter
    
    
    24.6Total
    
    $
    103.8
  Capital Commitments
  14. Australian Taxation Office  Amended Assessment
   FY 2011 Irish Statutory Accounts
    
    76




---



##### 



15. Income Taxes
  FY 2011 Irish Statutory Accounts
    
    77




---



##### 



Years Ended 31 March(Millions of US dollars)
    
    2011
    
    
    2010Income (loss) from operations
before income taxes:Domestic1
    
    $
    66.5
    
    
    $
    12.8Foreign
    
    
    30.1
    
    
    
    (31.5
    )Total income (loss) before income taxes
    
    $
    96.6
    
    
    $
    (18.7
    )Income tax (expense) benefit:Current:Domestic1
    
    $
    (15.6
    )
    
    $
    0.6Foreign
    
    
    (447.4
    )
    
    
    (137.7
    )Current income tax expense
    
    
    (463.0
    )
    
    
    (137.1
    )Deferred:Domestic1
    
    
    (22.2
    )
    
    
    (0.9
    )Foreign
    
    
    41.6
    
    
    
    71.8Deferred income tax benefit
    
    
    19.4
    
    
    
    70.9Total income tax expense
    
    $
    (443.6
    )
    
    $
    (66.2
    )
 
 1
    
    Since JHI SE became an Irish parent holding company during fiscal year 2011, domestic
represents both Ireland and The Netherlands for fiscal year 2011. For fiscal year 2010, domestic
represents The Netherlands.  FY 2011 Irish Statutory Accounts
    
    78




---



##### 



Years Ended 31 March(Millions of US dollars)
    
    2011
    
    
    2010Income tax (expense) benefit at statutory tax rates
    
    $
    (18.3
    )
    
    $
    8.3US state income taxes, net of the federal benefit
    
    
    (1.7
    )
    
    
    (3.7
    )Asbestos  effect of foreign exchange
    
    
    (31.7
    )
    
    
    (66.4
    )Benefit from Dutch financial risk reserve regime
    
    
    
    
    
    
    3.2Expenses not deductible
    
    
    (4.0
    )
    
    
    (3.7
    )Non-assessable items
    
    
    
    
    
    
    2.0Income (losses) not available for carryforward
    
    
    0.7
    
    
    
    (0.6
    )Repatriation of foreign earnings
    
    
    (32.6
    )
    
    
    Change in reserves
    
    
    (0.2
    )
    
    
    (2.2
    )Amortisation of intangibles
    
    
    (5.9
    )
    
    
    Taxes on foreign income
    
    
    (2.0
    )
    
    
    (1.6
    )State amended returns and audit
    
    
    
    
    
    
    (2.2
    )Tax assessment in dispute
    
    
    (349.1
    )
    
    
    Other permanent items
    
    
    1.2
    
    
    
    0.7Total income tax expense
    
    $
    (443.6
    )
    
    $
    (66.2
    )Effective tax rate
    
    
    -459.2
    %
    
    
    354.0
    %
  31 March(Millions of US dollars)
    
    2011
    
    
    2010Deferred tax assets:Asbestos liability
    
    $
    461.9
    
    
    $
    436.6Other provisions and accruals
    
    
    35.7
    
    
    
    37.4Net operating loss carryforwards
    
    
    32.5
    
    
    
    9.9Capital loss carryforwards
    
    
    34.3
    
    
    
    30.4Prepayments
    
    
    
    
    
    
    2.8Other
    
    
    
    
    
    
    0.2Total deferred tax assets
    
    
    564.4
    
    
    
    517.3Valuation allowance
    
    
    (43.1
    )
    
    
    (39.2
    )Total deferred tax assets, net of valuation
allowance
    
    
    521.3
    
    
    
    478.1Deferred tax liabilities:Depreciable and amortisable assets
    
    
    (114.9
    )
    
    
    (115.7
    )Accrued interest income
    
    
    
    
    
    
    (12.0
    )Foreign currency movements
    
    
    
    
    
    
    (0.3
    )Unremitted earnings
    
    
    (32.6
    )
    
    
    Other
    
    
    (4.2
    )
    
    
    Total deferred tax liabilities
    
    
    (151.7
    )
    
    
    (128.0
    )Net deferred tax assets
    
    $
    369.6
    
    
    $
    350.1
 FY 2011 Irish Statutory Accounts
    
    79




---



##### 



31 March(Millions of US dollars)
    
    2011
    
    2010Deferred income taxes included in debtors
    
    $
    510.3
    
    
    $
    463.6Deferred income taxes included in creditors
    
    
    (32.6
    )
    
    
    Deferred income taxes included in provisions
    
    
    (108.1
    )
    
    
    (113.5
    )Net deferred tax assets
    
    $
    369.6
    
    
    $
    350.1
  (Millions of US dollars)Balance at 31 March 2010
    
    $
    113.5Provision
    
    
    27.5Currency Translation
    
    
    (0.3
    )Balance at 31 March 2011
    
    $
    140.7
      FY 2011 Irish Statutory Accounts
    
    80




---



##### 



FY 2011 Irish Statutory Accounts
    
    81




---



##### 



Dutch Exit Tax
   Unrecognised Tax Benefits
  Unrecognised
    
    
    Interest and(Millions of US dollars)
    
    tax benefits
    
    
    PenaltiesBalance at 31 March 2009
    
    $
    12.3
    
    
    $
    (16.0
    )Additions for tax positions of the current year
    
    
    1.2
    
    
    
    Additions (deletions) for tax positions of prior year
    
    
    4.4
    
    
    
    (4.1
    )Other reductions for the tax positions of prior periods
    
    
    (10.2
    )
    
    
    (0.6
    )Foreign currency translation adjustment
    
    
    
    
    
    
    (6.2
    )Balance at 31 March 2010
    
    
    7.7
    
    
    
    (26.9
    )Additions for tax positions of the current year
    
    
    0.1
    
    
    
    Additions for tax positions of prior year
    
    
    153.3
    
    
    
    195.8Other reductions for the tax positions of prior periods
    
    
    (0.4
    )
    
    
    (0.2
    )Foreign currency translation adjustment
    
    
    24.8
    
    
    
    27.6Balance at 31 March 2011
    
    $
    185.5
    
    
    $
    196.3
  FY 2011 Irish Statutory Accounts
    
    82




---



##### 



16. Stock-Based Compensation
   HI SE 2001 Equity Incentive Plan
    FY 2011 Irish Statutory Accounts
    
    83




---



##### 



Long-Term Incentive Plan
    RestrictedStock UnitsGrant Date
    
    Granted15 September 2008
    
    
    1,023,86517 December 2008
    
    
    545,75729 May 2009
    
    
    1,066,59515 September 2009
    
    
    522,00011 December 2009
    
    
    181,6567 June 2010
    
    
    807,45715 September 2010
    
    
    951,1945,098,524
   FY 2011 Irish Statutory Accounts
    
    84




---



##### 



Stock Options
   Outstanding OptionsWeightedShares
    
    
    
    
    
    AverageAvailable for
    
    
    
    
    
    ExerciseGrant
    
    Number
    
    Price (A$)Balance at 31 March 2009
    
    
    23,747,833
    
    
    
    18,272,928
    
    
    
    7.28Exercised
    
    
    
    
    
    
    (2,058,275
    )
    
    
    5.51Forfeited
    
    
    
    
    
    
    (1,770,215
    )
    
    
    7.97Forfeitures available for re-grant
    
    
    1,540,215Balance at 31 March 2010
    
    
    25,288,048
    
    
    
    14,444,438
    
    
    
    7.44Exercised
    
    
    
    
    
    
    (530,984
    )
    
    
    5.19Forfeited
    
    
    
    
    
    
    (2,558,159
    )
    
    
    8.10Forfeitures available for re-grant
    
    
    1,468,159Balance at 31 March 2011
    
    
    26,756,207
    
    
    
    11,355,295
    
    
    
    7.40
    FY 2011 Irish Statutory Accounts
    
    85




---



##### 



Options Outstanding
    
    
    Options ExercisableWeighted
    
    
    Weighted
    
    
    
    
    
    
    
    
    
    
    WeightedAverage
    
    
    Average
    
    
    Aggregate
    
    
    
    
    
    
    Average
    
    
    AggregateExercise
    
    
    
    
    
    
    Remaining
    
    
    Exercise
    
    
    Intrinsic
    
    
    
    
    
    
    Exercise
    
    
    IntrinsicPrice (A$)
    
    
    Number
    
    
    Life (in Years)
    
    
    Price (A$)
    
    
    Value
    
    
    Number
    
    
    Price (A$)
    
    
    Value (A$)5.06
    
    
    
    100,673
    
    
    
    0.7
    
    
    
    5.06
    
    
    
    104,700
    
    
    
    100,673
    
    
    
    5.06
    
    
    
    104,7005.99
    
    
    
    1,321,250
    
    
    
    3.7
    
    
    
    5.99
    
    
    
    145,337
    
    
    
    1,321,250
    
    
    
    5.99
    
    
    
    145,3376.30
    
    
    
    93,000
    
    
    
    3.9
    
    
    
    6.30
    
    
    
    
    
    
    
    93,000
    
    
    
    6.30
    
    
    
    6.38
    
    
    
    2,250,317
    
    
    
    6.7
    
    
    
    6.38
    
    
    
    
    
    
    
    2,250,317
    
    
    
    6.38
    
    
    
    6.45
    
    
    
    723,500
    
    
    
    1.7
    
    
    
    6.45
    
    
    
    
    
    
    
    723,500
    
    
    
    6.45
    
    
    
    7.05
    
    
    
    1,534,250
    
    
    
    2.7
    
    
    
    7.05
    
    
    
    
    
    
    
    1,534,250
    
    
    
    7.05
    
    
    
    7.83
    
    
    
    1,016,000
    
    
    
    6.4
    
    
    
    7.83
    
    
    
    
    
    
    
    794,680
    
    
    
    7.83
    
    
    
    8.40
    
    
    
    2,402,205
    
    
    
    5.7
    
    
    
    8.40
    
    
    
    
    
    
    
    2,225,805
    
    
    
    8.40
    
    
    
    8.90
    
    
    
    1,899,100
    
    
    
    4.7
    
    
    
    8.90
    
    
    
    
    
    
    
    1,899,100
    
    
    
    8.90
    
    
    
    9.50
    
    
    
    15,000
    
    
    
    4.9
    
    
    
    9.50
    
    
    
    
    
    
    
    15,000
    
    
    
    9.50
    
    
    
    Total
    
    
    
    11,355,295
    
    
    
    4.8
    
    
    
    7.40
    
    
    
    250,037
    
    
    
    10,957,575
    
    
    
    7.38
    
    
    
    250,037
  Restricted Stock
   WeightedAverage FairValue at GrantShares
    
    
    Date (A$)Non-vested at 31 March 2009
    
    
    2,991,061
    
    
    
    3.95Granted
    
    
    2,048,820
    
    
    
    5.38Vested
    
    
    (208,884
    )
    
    
    3.85Forfeited
    
    
    (94,276
    )
    
    
    4.32Non-vested at 31 March 2010
    
    
    4,736,721
    
    
    
    4.57Granted
    
    
    2,107,077
    
    
    
    5.85Vested
    
    
    (970,793
    )
    
    
    4.94Forfeited
    
    
    (760,910
    )
    
    
    5.15Non-vested at 31 March 2011
    
    
    5,112,095
    
    
    
    4.94
 FY 2011 Irish Statutory Accounts
    
    86




---



##### 



Restricted Stock  service vesting
  RestrictedStock UnitsGrant Date
    
    Equity Award Plan
    
    Granted17 June 2008
    
    2001 Equity Incentive Plan
    
    
    698,44015 September 2008
    
    Long-Term Incentive Plan
    
    
    201,32417 December 2008
    
    2001 Equity Incentive Plan
    
    
    992,27129 May 2009
    
    Long-Term Incentive Plan
    
    
    1,066,5957 December 2009
    
    2001 Equity Incentive Plan
    
    
    278,5697 December 2010
    
    2001 Equity Incentive Plan
    
    
    348,4263,585,625
  Restricted Stock  performance vesting
    Restricted Stock  market condition
  FY 2011 Irish Statutory Accounts
    
    87




---



##### 



Date of grant
    
    15 Sep 2010
    
    
    11 Dec 2009
    
    
    15 Sep 2009Expected volatility
    
    
    50.6
    %
    
    
    49.9
    %
    
    
    42.1
    %Risk free interest rate
    
    
    1.5
    %
    
    
    2.1
    %
    
    
    2.5
    %Expected life in years
    
    
    3.0
    
    
    
    3.0
    
    
    
    3.0JHX stock price at grant date (A$)
    
    
    5.94
    
    
    
    8.20
    
    
    
    7.04Number of restricted stock units
    
    
    951,194
    
    
    
    181,656
    
    
    
    522,000
 Scorecard LTI  Cash Settled Units
  Cash Settled Units
   17. Operating Segment Information and Concentrations of Risk
  FY 2011 Irish Statutory Accounts
    
    88




---



##### 



Operating Segments
  Net Sales to Customers1Years ended 31 March(Millions of US dollars)
    
    2011
    
    
    2010USA & Europe Fibre Cement
    
    $
    814.0
    
    
    $
    828.1Asia Pacific Fibre Cement
    
    
    353.0
    
    
    
    296.5Worldwide Total
    
    $
    1,167.0
    
    
    $
    1,124.6
 Income (Loss) Before Income TaxesYears Ended 31 March(Millions of US dollars)
    
    2011
    
    
    2010USA & Europe Fibre Cement2
    
    
    160.3
    
    
    
    208.5Asia Pacific Fibre Cement2
    
    
    79.4
    
    
    
    58.7Research and Development2
    
    
    (20.1
    )
    
    
    (19.0
    )Segments total
    
    
    219.6
    
    
    
    248.2General Corporate3
    
    
    (114.9
    )
    
    
    (269.2
    )Total operating income (loss)
    
    
    104.7
    
    
    
    (21.0
    )Net interest expense4
    
    
    (4.4
    )
    
    
    (4.0
    )Other (expense) income
    
    
    (3.7
    )
    
    
    6.3Worldwide total
    
    $
    96.6
    
    
    $
    (18.7
    )
 Total Identifiable Assets31 March(Millions of US dollars)
    
    2011
    
    
    2010USA & Europe Fibre Cement
    
    $
    752.0
    
    
    $
    780.8Asia Pacific Fibre Cement
    
    
    235.0
    
    
    
    216.9Research and Development
    
    
    14.4
    
    
    
    14.2Segments total
    
    
    1,001.4
    
    
    
    1,011.9General Corporate5, 6
    
    
    959.2
    
    
    
    1,166.9Worldwide total
    
    $
    1,960.6
    
    
    $
    2,178.8
 FY 2011 Irish Statutory Accounts
    
    89




---



##### 



Net Sales to Customers1Years ended 31 March(Millions of US dollars)
    
    2011
    
    
    2010USA
    
    $
    789.2
    
    
    $
    808.9Australia
    
    
    266.4
    
    
    
    214.3New Zealand
    
    
    52.9
    
    
    
    50.6Other Countries
    
    
    58.5
    
    
    
    50.8Worldwide total
    
    $
    1,167.0
    
    
    $
    1,124.6
 Total Identifiable Assets31 March(Millions of US dollars)
    
    2011
    
    
    2010USA
    
    $
    752.1
    
    
    $
    783.6Australia
    
    
    155.5
    
    
    
    131.6New Zealand
    
    
    45.8
    
    
    
    49.8Other Countries
    
    
    48.0
    
    
    
    46.9Segments total
    
    
    1,001.4
    
    
    
    1,011.9General Corporate5, 6
    
    
    959.2
    
    
    
    1,166.9Worldwide total
    
    $
    1,960.6
    
    
    $
    2,178.8
 
 1
    
    Export sales and inter-segmental sales are not significant.2
    
    Research and development costs of US$9.7 million and US$10.4 million in fiscal years
2011 and 2010, respectively, were expensed in the USA and Europe Fibre Cement segment. Research and
development costs of US$1.4 million and US$1.0 million in fiscal years 2011 and 2010, respectively,
were expensed in the Asia Pacific Fibre Cement segment. Research and development costs of US$16.9
million and US$15.7 million in fiscal years 2011 and 2010, respectively, were expensed in the
Research and Development segment. The Research and Development segment also included selling,
general and administrative expenses of US$3.2 million and US$3.3 million in fiscal years 2011 and
2010, respectively.Research and development expenditures are expensed as incurred and in total amounted to US$28.0
million and US$27.1 million for the years ended 31 March 2011 and 2010, respectively.3
    
    The principal components of General Corporate are officer and employee compensation
and related benefits, professional and legal fees, administrative costs, and rental expense net of
rental income on the Companys corporate offices. Included in General Corporate for the year ended
31 March 2011 are unfavourable asbestos adjustments of US$85.8 million, AICF SG&A expenses of
US$2.2 million and a net benefit of US$8.7 million related to the ASIC proceedings. Included in
General Corporate for the year ended 31 March 2010 are unfavourable asbestos adjustments of
US$224.2 million, AICF SG&A expenses of US$2.1 million and ASIC expenses of US$3.4 million. FY 2011 Irish Statutory Accounts
    
    90




---



##### 



4
    
    The Company does not report net interest expense for each operating segment as
operating segments are not held directly accountable for interest expense. Included in net interest
(expense) income is AICF interest income of US$4.3 million and US$3.3 million in fiscal years 2011
and 2010, respectively. See Note 11.5
    
    The Company does not report deferred tax assets and liabilities for each operating
segment as operating segments are not held directly accountable for deferred income taxes. All
deferred income taxes are included in General Corporate.6
    
    Asbestos-related assets at 31 March 2011 and 2010 are US$819.7 million and US$797.7
million, respectively, and are included in the General Corporate segment. Concentrations of Risk
    Years Ended 31 March(Millions of US dollars)
    
    2011
    
    
    
    
    
    2010%
    
    
    
    
    
    %Customer A
    
    $
    208.9
    
    
    
    17.9
    %
    
    $
    224.4
    
    
    
    20.0
    %Customer B
    
    
    134.0
    
    
    
    11.5
    %
    
    
    144.5
    
    
    
    12.8
    %$
    342.9
    
    
    
    
    
    
    $
    368.9
  FY 2011 Irish Statutory Accounts
    
    91




---



##### 



18. Other (expense) income
  Years Ended 31 MarchMillions of US dollars
    
    2011
    
    
    2010Unrealised loss on interest rate swap
    
    $
    (3.8
    )
    
    $
    (0.4
    )Realised gain from sale of restricted short-term
investments held by the AICF
    
    
    
    
    
    
    6.7Other
    
    
    0.1
    
    
    
    Other (expense) income
    
    $
    (3.7
    )
    
    $
    6.3
 19. Other reserves
  31 March(Millions of US dollars)
    
    2011
    
    
    2010Pension and post-retirement benefit adjustments
    
    $
    (0.3
    )
    
    $
    (1.6
    )Unrealised gain on restricted short-term investments
    
    
    2.5
    
    
    
    1.2Foreign currency translation adjustments
    
    
    53.0
    
    
    
    59.6Other reserves
    
    $
    55.2
    
    
    $
    59.2
 FY 2011 Irish Statutory Accounts
    
    92




---



##### 



20. Debtors
 31 March(Millions of US dollars)
    
    Notes
    
    2011
    
    
    2010Amounts falling due within one year:Accounts and other receivables, net of allowance for
doubtful accounts of $2.7 million and $2.3 million as of
31 March 2011 and 2010, respectively
    
    
    
    $
    138.1
    
    
    $
    155.0Prepaid expenses and other current assets
    
    
    
    
    31.6
    
    
    
    25.6Insurance receivables  Asbestos
    
    11
    
    
    13.7
    
    
    
    16.7Workers compensation  Asbestos
    
    11
    
    
    0.3
    
    
    
    0.1Deferred income taxes
    
    15
    
    
    21.1
    
    
    
    24.0Deferred income taxes  Asbestos
    
    11, 15
    
    
    10.5
    
    
    
    16.4215.3
    
    
    
    237.8Amounts falling due after more than one year:Insurance receivable  Asbestos
    
    11
    
    
    188.6
    
    
    
    185.1Workers compensation  Asbestos
    
    11
    
    
    90.4
    
    
    
    98.8Deferred income taxes
    
    15
    
    
    27.3
    
    
    
    3.2Deferred incomes taxes  Asbestos
    
    11, 15
    
    
    451.4
    
    
    
    420.0Deposit with Australian Taxation Office
    
    14
    
    
    
    
    
    
    247.2Other assets
    
    
    
    
    32.6
    
    
    
    44.7790.3
    
    
    
    999.0Total
    
    
    
    $
    1,005.6
    
    
    $
    1,236.8
 21. Investments
  31 March(Millions of US dollars)
    
    Note
    
    2011
    
    
    2010Amounts falling due within one year:Restricted cash and cash equivalents
    
    4
    
    $
    0.8
    
    
    $
    0.6Restricted cash and cash equivalents  Asbestos
    
    11
    
    
    56.1
    
    
    
    44.5Restricted short-term investments  Asbestos1
    
    11
    
    
    5.8
    
    
    
    13.362.7
    
    
    
    58.4Amounts falling due after more than one year:Restricted cash and cash equivalents
    
    4
    
    
    4.5
    
    
    
    4.7Total
    
    
    
    $
    67.2
    
    
    $
    63.1
 FY 2011 Irish Statutory Accounts
    
    93




---



##### 



1
    
    All investments are listed on the Australian Securities Exchange and are
marked-to-market. See Note 11 for additional information. 22. Creditors
 31 March(Millions of US dollars)
    
    Notes
    
    
    2011
    
    
    2010Amounts falling due within one year:Accounts payable and accrued liabilities
    
    
    8
    
    
    $
    106.4
    
    
    $
    100.9Accrued payroll and employee benefits
    
    
    
    
    
    
    40.9
    
    
    
    42.1Income taxes payable
    
    
    15
    
    
    
    3.9
    
    
    
    34.9Deferred tax liability
    
    
    15
    
    
    
    32.6
    
    
    
    Other liabilities
    
    
    
    
    
    
    21.2
    
    
    
    27.7205.0
    
    
    
    205.6Amounts falling due after more than one year:Australian Taxation Office  amended assessment
    
    
    
    
    
    
    190.4
    
    
    
    Other liabilities
    
    
    
    
    
    
    37.6
    
    
    
    80.6228.0
    
    
    
    80.6Total
    
    
    
    
    
    $
    433.0
    
    
    $
    286.2
 23. Called up share capital
  FY 2011 Irish Statutory Accounts
    
    94




---



##### 



24. Employees
  Years Ended 31 March2011
    
    2010USA and Europe Fibre Cement
    
    
    1,629
    
    
    
    1,508Asia Pacific Fibre Cement
    
    
    768
    
    
    
    755Research and Development
    
    
    107
    
    
    
    106Corporate
    
    
    36
    
    
    
    412,540
    
    
    
    2,410
  Years Ended 31 March(Millions of US dollars)
    
    2011
    
    2010Wages and salaries
    
    $
    167.7
    
    
    $
    163.7Equity awards (see Note 16)
    
    
    11.3
    
    
    
    9.3Social security costs
    
    
    14.3
    
    
    
    14.2Pension and postretirement costs
    
    
    8.8
    
    
    
    7.6$
    202.1
    
    
    $
    194.8
 25. Directors Remuneration
   FY 2011 Irish Statutory Accounts
    
    95




---



##### 



Years Ended 31 March(In US dollars)
    
    2011
    
    
    2010Managerial Services1
    
    $
    7,533,402
    
    
    $
    7,028,659Director Services2
    
    
    1,363,507
    
    
    
    1,172,633$
    8,896,909
    
    
    $
    8,201,292
 
 1
    
    Includes cash payments, non-cash benefits (examples include medical and life
insurance benefits, car allowances, membership in executive wellness programs, long service leave
and tax services), superannuation and 401(K) benefits, amounts expensed for outstanding equity
awards and expatriate benefits.2
    
    Includes base, Chairman, Deputy Chairman, Committee Chairman and Due Diligence
Committee attendance fees; JHI SE stock; and cost of non-employee directors fiscal compliance in
The Netherlands and other costs connected with Board-related events.  Employment Agreement with Mr Gries
  Components
    
    DetailsLength of contract
    
    Indefinite. The CEO is an at-will employee.Base salary
    
    US$950,000 for fiscal year 2011 and 2012. Salary reviewed annually by the Board and there will be
no base salary increase for fiscal year 2012.Short-term incentive (STI)
    
    Annual STI target is 125% of annual base salary for fiscal year 2011 and 2012. The quantum of STI
target is reviewed annually by the Board in May.The Remuneration Committee recommends the Companys and CEOs
performance objectives, and the performance against these objectives,
to the Board for approval. The CEOs short-term incentive is
calculated under the Executive Incentive Plan and the IP Plan.Long-term incentive (LTI)
    
    On the approval of shareholders, stock options or other equity
incentive will be granted each year. The recommended number of options or other
 FY 2011 Irish Statutory Accounts
    
    96




---



##### 



Components
    
    Detailsform of equity to be granted will be appropriate for this level of
executive in the U.S. For fiscal year 2012, the LTI target will be
US$3.1 million.Defined Contribution Plan
    
    The CEO may participate in the US 401(k) defined contribution plan up to the annual US Internal
Revenue Service (IRS) limit. The Company will match the CEOs contributions into the plan up to the
annual IRS limit.Resignation
    
    The CEO may cease employment with the Company by providing written notice. If the CEO retires with
the approval of the Board then his unvested RSUs and awards will not be forfeited and will be held
until the next test date.Termination by 
James Hardie
    
    The Company may terminate the Chief Executive Officers employment
for cause or not for cause. If the Company terminates the Chief Executive Officers employment, not for cause, or the Chief Executive
Officer terminates his employment for good reason the Company will
pay the following:(a) amount equivalent to 1.5 times the CEOs annual base salary at
the time of termination; and(b) amount equivalent to 1.5 times the CEOs average STI actually
paid in up to the previous three fiscal years as CEO; and(c) continuation of health and medical benefits at the Companys
expense for the duration of the consulting agreement referenced
below; andPost-termination Consulting
    
    The Company will request the CEO, and the CEO will agree, to consult to
the Company upon termination for a minimum of two years, as long as the CEO maintains the
Companys non-compete and confidentiality agreements and executes a release of claims
following the effective date of termination. Under the consulting agreement, the CEO will
receive the annual base salary and annual target incentive in exchange for this consulting and
non-compete. Under the terms of equity incentive grants made to the CEO under the LTIP, the
CEOs outstanding options will not expire during any post-termination consulting period. In
addition, in the event of an agreed separation or agreed retirement, his unvested restricted
stock units and awards will not be automatically forfeited. This arrangement is a standard
arrangement for U.S. executives and the Board considers that it is an appropriate restraint
for Mr Gries given his intimate involvement in developing the Companys fibre cement business
in the United States over the past 20 years.
 FY 2011 Irish Statutory Accounts
    
    97




---



##### 



26. Auditors Remuneration
  Fiscal Years Ended 31 March(Millions of US dollars)
    
    2011
    
    
    2010Audit Fees (1)
    
    $
    2.7
    
    
    $
    2.7Audit-Related Fees (2)
    
    
    0.3
    
    
    
    
 
 (1)
    
    Audit Fees include the aggregate fees for professional services rendered by our independent
registered public accounting firm. Professional services include the audit of our annual
financial statements and services that are normally provided in connection with statutory and
regulatory filings.(2)
    
    Audit-Related Fees include the aggregate fees billed for assurance and related services
rendered by our independent registered public accounting firm. Our independent registered
public accounting firm did not engage any temporary employees to conduct any portion of the
audit of our financial statements for the fiscal years ended 31 March 2011 and 2010. 27. Related Party Transactions
 Payments Made to Directors and Director Related Entities of JHI SE during the Year
     28. Subsidiary Undertakings
  FY 2011 Irish Statutory Accounts
    
    98




---



##### 



Country ofName
    
    Nature of Business
    
    Registered Address
    
    IncorporationACN 001 664 740 Pty Ltd (In Liquidation)
    
    Inactive subsidiary
    
    Level 3, 22 Pitt Street, Sydney NSW 2000,
Australia
    
    AustraliaACN 082 153 759 (in Liquidation)
    
    Inactive subsidiary
    
    Level 3, 22 Pitt Street, Sydney NSW 2000,
Australia
    
    AustraliaAjempa Holdings Inc.(Minority Interest of
40%)
    
    Trading
    
    Unit 1810 Cityland 10 Tower 1, 6815 H.V. de
la Costa St. cor. Ayala Avenue Makati City,
Philippines
    
    PhilippinesCGC Products LLC
    
    Research and development
    
    231 South La Salle Streeet, Suite 2000,
Chicago IL 60604
    
    USAJames Hardie 117 Pty Ltd
    
    Non-operating
    
    Level 3, 22 Pitt Street, Sydney NSW 2000,
Australia
    
    AustraliaJames Hardie Aust Holdings Pty Ltd
    
    Holding
    
    Level 3, 22 Pitt Street, Sydney NSW 2000,
Australia
    
    AustraliaJames Hardie Aust Investments No 1 Pty Ltd
    
    Holding
    
    Level 3, 22 Pitt Street, Sydney NSW 2000,
Australia
    
    AustraliaJames Hardie Austgroup Pty Ltd
    
    Holding
    
    Level 3, 22 Pitt Street, Sydney NSW 2000,
Australia
    
    AustraliaJames Hardie Australia Finance Pty Ltd
    
    Non-operating
    
    Level 3, 22 Pitt Street, Sydney NSW 2000,
Australia
    
    AustraliaJames Hardie Australia Management Pty Ltd
    
    Trading
    
    Level 3, 22 Pitt Street, Sydney NSW 2000,
Australia
    
    AustraliaJames Hardie Australia Pty Ltd
    
    Trading and Manufacturing
    
    Level 3, 22 Pitt Street, Sydney NSW 2000,
Australia
    
    AustraliaJames Hardie Bâtiment Sas
    
    Trading
    
    6, Place de la Madeleine, 75008 Paris,
France
    
    FranceJames Hardie Bauprodukte GmbH
    
    Trading
    
    Barckhausstrabe 16, 60325 Frankfurt am
Main, Germany
    
    GermanyJames Hardie Building Products Canada Inc
    
    Trading
    
    c/o McMillan LLP, Brookfield Place, 181 Bay
Street, Suite 4400 Toronto, Ontario, Canada
M5J 2T3
    
    CanadaJames Hardie Building Products Inc
    
    Trading and Manufacturing
    
    26300 La Alameda, Suite 400, Mission
Viejo, CA 92691
    
    USAJames Hardie Europe BV
    
    Trading
    
    Gustav Mahlerlaan 42, 1082 MC
Amsterdam, The Netherlands
    
    NetherlandsJames Hardie Holdings Limited
    
    Holding
    
    Second Floor, Europa House, Harcourt
Centre, Harcourt Street, Dublin 2, Ireland
    
    IrelandJames Hardie Insurance Ltd
    
    Insurance
    
    Mill Court, La Charroterie, St. Peter Port,
Guernsey, Channel Islands
    
    GuernseyJames Hardie International Finance Limited
    
    Treasury
    
    Second Floor, Europa House, Harcourt
Centre, Harcourt Street, Dublin 2, Ireland
    
    IrelandJames Hardie International Holdings SE
    
    Holding
    
    Second Floor, Europa House, Harcourt
Centre, Harcourt Street, Dublin 2, Ireland
    
    IrelandJames Hardie New Zealand Ltd
    
    Trading and Manufacturing
    
    c/o Chapman Tripp, Level 35, 23-29 Albert
Street, Auckland, New Zealand
    
    New ZealandJames Hardie NV
    
    Holding
    
    Gustav Mahlerlaan 42, 1082 MC
Amsterdam, The Netherlands
    
    Netherlands
 FY 2011 Irish Statutory Accounts
    
    99




---



##### 



Country ofName
    
    Nature of Business
    
    Registered Address
    
    IncorporationJames Hardie NZ Holdings
    
    Holding
    
    c/o Chapman Tripp, Level 35, 23-29 Albert
Street, Auckland, New Zealand
    
    New ZealandJames Hardie Philippines Inc
    
    Trading and Manufacturing
    
    Brgy. San Isidro, Cabuyao, Laguna 4025,
Philippines
    
    PhilippinesJames Hardie Research (Holdings) Pty Ltd
    
    Holding
    
    Level 3, 22 Pitt Street, Sydney NSW 2000,
Australia
    
    AustraliaJames Hardie Research Pty Ltd
    
    Research and development
    
    Level 3, 22 Pitt Street, Sydney NSW 2000,
Australia
    
    AustraliaJames Hardie Siding Center, LLC
    
    Trading
    
    26300 La Alameda, Suite 400, Mission
Viejo, CA 92691
    
    USAJames Hardie Technology Limited
    
    Intellectual Property
    
    c/o Conyers Dill and Pearman, Clarendon
House, 2 Church Street, Hamilton HM11,
Bermuda
    
    BermudaJames Hardie Technology NTL Limited
    
    Non-trading
    
    c/o Conyers Dill and Pearman, Clarendon
House, 2 Church Street, Hamilton HM11,
Bermuda
    
    BermudaJames Hardie US Investments Sierra LLC
    
    Holding
    
    26300 La Alameda, Suite 400, Mission
Viejo, CA 92691
    
    USAJH Building Products Ltd.
    
    Trading
    
    7, Albermarle Street, London W!S 4HQ,
United Kingdom
    
    United KingdomJH Research USA, LLC
    
    Research and development
    
    231 South La Salle Streeet, Suite 2000,
Chicago IL 60604
    
    USAJH U.S. Holdings, Inc
    
    Holding
    
    26300 La Alameda, Suite 400, Mission
Viejo, CA 92691
    
    USANV Technology Holdings, A Limited
Partnerhship
    
    Intellectual Property
    
    Level 29, 530 Collins Street, Melbourne, VIC
3000, Australia
    
    AustraliaRCI Holdings Pty Ltd.
    
    Holding
    
    Level 3, 22 Pitt Street, Sydney NSW 2000,
Australia
    
    AustraliaRCI Pty Ltd
    
    Non-operating
    
    Level 3, 22 Pitt Street, Sydney NSW 2000,
Australia
    
    AustraliaSeapip Pty Ltd (In Liquidation)
    
    Inactive subsidiary
    
    Level 3, 22 Pitt Street, Sydney NSW 2000,
Australia
    
    AustraliaSmetsysh Pty Ltd (in Liquidation)
    
    Inactive subsidiary
    
    Level 3, 22 Pitt Street, Sydney NSW 2000,
Australia
    
    AustraliaStudorp Ltd
    
    Trading
    
    c/o Chapman Tripp, Level 35, 23-29 Albert
Street, Auckland, New Zealand
    
    New ZealandYelrom International Pty Ltd (in Liquidation)
    
    Inactive subsidiary
    
    Level 3, 22 Pitt Street, Sydney NSW 2000,
Australia
    
    Australia
 FY 2011 Irish Statutory Accounts
    
    100




---



##### 



29. General information
 Registered No.
 Registered Office   nd
 Non-Executive Directors
 Executive Director
 Registered Auditors
 Solicitors
 Company Secretary
 FY 2011 Irish Statutory Accounts
    
    101




---



##### 



Glossary of abbreviations and terms
 Non-financial termsADS
    
    American Depositary ShareAFFA
    
    Amended and Restated Final Funding Agreement, as amended from time to timeAICF
    
    Asbestos Injuries Compensation FundASIC
    
    Australian Securities and Investments CommissionATO
    
    Australian Taxation OfficeCEO
    
    Chief Executive OfficerCHESS
    
    Clearing House Electronic Subregister SystemCUFS
    
    CHESS Units of Foreign SecuritiesGIC
    
    General Interest ChargeIRS
    
    United States Internal Revenue ServiceKPMG Actuarial
    
    KPMG Actuarial Pty LimitedLIBOR
    
    London Interbank Offered RateNBSK
    
    Northern Bleached Softwood Kraft, the Companys benchmark
grade of pulpNSW
    
    New South WalesRSU
    
    Restricted Stock Unit
  Sales volume
 mmsf
 msf
 Financial measures  Irish Company Law equivalents
 Net sales
 Income (loss) before income taxes
 Income tax expense
 Net loss
 FY 2011 Irish Statutory Accounts
    
    102




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##### 



Forward-Looking Statements
   
    
    statements about our future performance;
    
    projections of our results of operations or financial condition;
    
    statements regarding our plans, objectives or goals, including those
relating to strategies, initiatives, competition, acquisitions, dispositions and/or
our products;
    
    expectations concerning the costs associated with the suspension or closure
of operations at any of our plants and future plans with respect to any such plants;
    
    expectations that our credit facilities will be extended or renewed;
    
    expectations concerning dividend payments and share buy-back;
    
    statements concerning our corporate and tax domiciles and potential changes to them, including potential tax charges;
    
    statements regarding tax liabilities and related audits, reviews and proceedings;
    
    statements as to the possible consequences of proceedings brought against
us and certain of our former directors and officers by the Australian Securities and
Investments Commission (which we refer to as ASIC);
    
    expectations about the timing and amount of contributions to the Asbestos
Injuries Compensation Fund (which we refer to as AICF), a special purpose fund for
the compensation of proven Australian asbestos-related personal injury and death
claims;
    
    expectations concerning indemnification obligations;
    
    statements about product or environmental liabilities; and
    
    statements about economic conditions, such as economic or housing recovery,
the levels of new home construction, unemployment levels, 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 consumer confidence.
  FY 2011 Irish Statutory Accounts
    
    103




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##### 



;
 FY 2011 Irish Statutory Accounts
    
    104




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##### 



James Hardie Industries SE
 31 March 2011
    
    
    31 March 2010Notes
    
    
    US$ millions
    
    
    US$ millionsASSETS EMPLOYEDFIXED ASSETSFinancial assets
    
    
    3
    
    
    
    3,229.3
    
    
    
    3,403.73,229.3
    
    
    
    3,403.7CURRENT ASSETSDebtors
    
    
    4
    
    
    
    90.9
    
    
    
    3.3Cash at bank and in hand
    
    
    
    
    
    
    0.3
    
    
    
    0.391.2
    
    
    
    3.6CREDITORS amounts falling due within one year
    
    
    7
    
    
    
    (55.1
    )
    
    
    (33.4
    )NET CURRENT ASSETS/(LIABILITIES)
    
    
    
    
    
    
    36.1
    
    
    
    (29.8
    )CREDITORS amounts falling due after more than one year
    
    
    7
    
    
    
    (654.8
    )
    
    
    (415.1
    )NET ASSETS
    
    
    
    
    
    
    2,610.6
    
    
    
    2,958.8FINANCED BYCAPITAL AND RESERVESCalled-up share capital
    
    
    6
    
    
    
    222.5
    
    
    
    221.1Share premium
    
    
    6
    
    
    
    12.4
    
    
    
    8.2Other reserves
    
    
    6
    
    
    
    31.5
    
    
    
    23.1Profit and loss account
    
    
    6
    
    
    
    2,344.2
    
    
    
    2,706.42,610.6
    
    
    
    2,958.8
  /s/ Michael Hammes
    
    /s/ David Dilger
  FY 2011 Irish Statutory Accounts
    
    105




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##### 



1. Background and Basis of Presentation
    2. Significant Accounting Policies
 Investments
   FY 2011 Irish Statutory Accounts
    
    106




---



##### 



Foreign currency translation
  Contingencies
  Share based payments
   Cash flow statement
  Profit and loss account
  3. Financial Fixed Assets
 31 March 2011
    
    
    31 March 2010US$ millions
    
    
    US$ millionsShares in
group companies (a)
    
    
    3,229.3
    
    
    
    418.2Loans to group companies
    
    
    
    
    
    
    2,985.53,229.3
    
    
    
    3,403.7




---



##### 



(a) Shares in group companies
 US$ millionsAt 1 April 2009, at cost
    
    
    411.6Capital contribution in respect of share-based payment transactions
    
    
    6.6At 31 March 2010, at cost
    
    
    418.2Additions (i)
    
    
    2,980.9Capital contribution in respect of share-based payment transactions
    
    
    5.6Impairments (ii)
    
    
    (175.4
    )At 31 March 2011, at cost
    
    
    3,229.3
  (i) Additions
   (ii) Impairments




---



##### 



Country of
    
    
    
    HoldingSubsidiary Company
    
    Incorporation
    
    Nature of Business
    
    %James Hardie Research Pty Ltd
    
    Australia
    
    Research & Development
    
    
    100
    %James Hardie International Holdings SE
    
    Ireland
    
    Holding Company
    
    
    100
    %James Hardie Insurance Ltd.
    
    Guernsey
    
    Insurance Company
    
    
    100
    %James Hardie NV
    
    The Netherlands
    
    Holding Company
    
    
    100
    %RCI Holdings Pty Ltd
    
    Australia
    
    Holding Company
    
    
    100
    %
  4. Debtors
  31 March 2011
    
    
    31 March 2010US$ millions
    
    
    US$ millionsAmounts owed by group companies
    
    
    89.1
    
    
    
    3.0Other debtors
    
    
    1.8
    
    
    
    0.390.9
    
    
    
    3.3
  5. Called-up share capital
  As of 31 March2011
    
    
    2010Number
    
    
    NumberAuthorised share capital:Ordinary shares of 0.59 par value
    
    
    2,000,000,000
    
    
    
    2,000,000,000Allotted and Fully Paid:Allotted and fully paid at beginning of fiscal year
    
    
    434,524,879
    
    
    
    432,263,720Issue in respect of share-based payment plans
    
    
    1,861,708
    
    
    
    2,261,159Allotted and fully paid at end of fiscal year
    
    
    436,386,587
    
    
    
    434,524,879




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##### 



6. Reconciliation of movement in shareholders funds
 Called-up
    
    
    
    
    
    
    
    
    
    
    Profit andshare
    
    
    Share
    
    
    Other
    
    
    losscapital
    
    
    premium
    
    
    reserves
    
    
    account
    
    
    TotalUS$ millions
    
    
    US$ millions
    
    
    US$ millions
    
    
    US$ millions
    
    
    US$ millionsBalance 1 April 2009
    
    
    219.2
    
    
    
    
    
    
    
    14.5
    
    
    
    2,749.8
    
    
    
    2,983.5Loss for the financial year
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (43.4
    )
    
    
    (43.4
    )Share-based payment transactions
    
    
    
    
    
    
    
    
    
    
    8.6
    
    
    
    
    
    
    
    8.6Issue of ordinary shares
    
    
    1.9
    
    
    
    8.2
    
    
    
    
    
    
    
    
    
    
    
    10.1Balance 31 March 2010
    
    
    221.1
    
    
    
    8.2
    
    
    
    23.1
    
    
    
    2,706.4
    
    
    
    2,958.8Loss for the financial year
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (362.2
    )
    
    
    (362.2
    )Share-based payment transactions
    
    
    0.7
    
    
    
    
    
    
    
    8.4
    
    
    
    
    
    
    
    9.1Issue of ordinary shares
    
    
    0.7
    
    
    
    4.2
    
    
    
    
    
    
    
    
    
    
    
    4.9Balance 31 March 2011
    
    
    222.5
    
    
    
    12.4
    
    
    
    31.5
    
    
    
    2,344.2
    
    
    
    2,610.6
 7. Creditors
  31 March 2011
    
    
    31 March 2010US$ millions
    
    
    US$ millionsTrade and other payables
    
    
    3.9
    
    
    
    5.0Amounts owed to group undertakings
    
    
    51.2
    
    
    
    6.1Income tax payable
    
    
    
    
    
    
    22.355.1
    
    
    
    33.4
  31 March 2011
    
    
    31 March 2010US$ millions
    
    
    US$ millionsAmounts owed to group undertakings
    
    
    453.2
    
    
    
    404.5Other creditors
    
    
    11.2
    
    
    
    10.6Provisions (a)
    
    
    190.4
    
    
    
    654.8
    
    
    
    415.1
 
 (a)
    
    As the Company had provided a guarantee in favour of the ATO for the remaining unpaid 50% of
RCIs amended assessment, the Company has made a provision of US$190.4 million for the unpaid
portion of the assessment. Refer to Note 9. 8. Share-based payment transactions




---



##### 



9. Commitments and Contingencies
  AFFA
   RCI Pty Ltd




---



##### 



External Borrowings
   Gypsum Indemnification
   10. Related Party Transactions
  11. Subsequent Events




---



##### 



12. Auditor Remuneration
  Fiscal Years Ended 31 March(millions of US dollars)
    
    2011
    
    2010Audit Fees
    
    
    0.3
    
    
    
    0.3Audit-Related Fees
    
    
    0.3
    
    
    
    
    13. Approval of Financial Statements