##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 FORM 20-F/A No. 1
 
 (Mark One)
 o
    
    REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
 OR
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended 31 March 2011
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 OR
 o
    
    SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 Date of event requiring this shell company report
 For the transition period from            to
 Commission file number 1-15240
 JAMES HARDIE INDUSTRIES SE
 (Exact name of Registrant as specified in its charter)
 N/A
(Translation of Registrants name into English)
 Ireland
(Jurisdiction of incorporation or organization)
 Europa House, Second Floor
Harcourt Center
Harcourt Street, Dublin 2, Ireland
(Address of principal executive offices)
 Marcin Firek
(Contact name)
 353 1411 6924 (Telephone)
    
    353 1479 1128 (Facsimile)
 Securities registered or to be registered pursuant to Section 12(b) of the Act:
 Title of each class:
    
    Name of each exchange on which registered:Common stock, represented by CHESS Units of Foreign 
Securities
    
    New York Stock Exchange*CHESS Units of Foreign Securities
    
    New York Stock Exchange*American Depositary Shares, each representing five units 
of CHESS Units of Foreign Securities
    
    New York Stock Exchange
 
 *
    
    Listed, not for trading, but only in connection with the registered American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission Securities registered or to be registered pursuant to Section 12(g) of the Act.   Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.
  þ o
 o þ
  þ o
 þ o
  Large accelerated filer þ
    
    Accelerated filer o
    
    Non-accelerated filer o
  U.S. GAAP þ
    
    International
Financial Reporting Standards as issued by the International Accounting Standards Board o
    
    Other o
  o o
 o þ




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TABLE OF CONTENTS  SIGNATURESExhibit IndexEX-12.1EX-12.2EX-13.1    Table of Contents  Explanatory Note
  1




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##### Table of Contents



54
    James Hardie Annual Report 2011    REMUNERATION
    REPORT
  (CONTINUED)
    5.2 Equity
    Holdings for the Years Ended 31 March 2011 and
    2010
  (a) Options
  Exercise



Holding







Total











Value at







Value at



Holding



WeightedPrice



at







Value at











Exercise







Lapse



at



AverageGrant



per right



1 April







Grant1











per right2







per right3



31 March



Fair ValueName


Date



(A$)



2010



Granted



(US$)



Vested



Exercised



(US$)



Lapsed



(US$)



2011



per right4Senior ExecutivesLouis Gries



3-Dec-026



$
6.4490




325,000




325,000



$
210,633




325,000
























325,000



$
0.64815-Dec-035



$
7.0500




325,000




325,000



$
338,975




325,000
























325,000



$
1.043022-Nov-056



$
8.5300




1,000,000




1,000,000



$
2,152,500



















1,000,000













$
2.152521-Nov-067



$
8.4000




415,000




415,000



$
888,100




415,000
























415,000



$
2.140021-Nov-067



$
8.4000




381,000




381,000



$
1,131,570




228,600
























381,000



$
2.970029-Aug-077



$
7.8300




445,000




445,000



$
965,650




445,000
























445,000



$
2.170029-Aug-077



$
7.8300




437,000




437,000



$
1,302,260




244,720
























437,000



$
2.9800Russell Chenu



22-Feb-055



$
6.3000




93,000




93,000



$
107,973




93,000
























93,000



$
1.161022-Nov-056



$
8.5300




90,000




90,000



$
193,725



















90,000













$
2.152521-Nov-067



$
8.4000




65,000




65,000



$
139,100




65,000
























65,000



$
2.140021-Nov-067



$
8.4000




60,000




60,000



$
178,200




36,000
























60,000



$
2.970029-Aug-077



$
7.8300




68,000




68,000



$
147,560




68,000
























68,000



$
2.170029-Aug-077



$
7.8300




66,000




66,000



$
196,680




36,960
























66,000



$
2.9800Robert Cox


























































Mark Fisher



17-Dec-01



$
5.0586




68,283




68,283



$
28,904




68,283




68,283




1.7114


















$
0.42333-Dec-02



$
6.4490




74,000




74,000



$
47,959




74,000
























74,000



$
0.64815-Dec-03



$
7.0500




132,000




132,000



$
137,676




132,000
























132,000



$
1.043014-Dec-04



$
5.9900




180,000




180,000



$
183,276




180,000
























180,000



$
1.01821-Dec-05



$
8.9000




190,000




190,000



$
386,137




190,000
























190,000



$
2.032321-Nov-06



$
8.4000




158,500




158,500



$
291,069




158,500
























158,500



$
1.836410-Dec-07



$
6.3800




277,778




277,778



$
275,084




277,778
























277,778



$
0.9903Nigel Rigby



17-Dec-01



$
5.0586




20,003




20,003



$
8,467




20,003
























20,003



$
0.42333-Dec-02



$
6.4490




27,000




27,000



$
17,499




27,000
























27,000



$
0.64815-Dec-03



$
7.0500




33,000




33,000



$
34,419




33,000
























33,000



$
1.043014-Dec-04



$
5.9900




180,000




180,000



$
183,276




180,000
























180,000



$
1.01821-Dec-05



$
8.9000




190,000




190,000



$
386,137




190,000
























190,000



$
2.032321-Nov-06



$
8.4000




158,500




158,500



$
291,069




158,500
























158,500



$
1.836410-Dec-07



$
6.3800




277,778




277,778



$
275,084




277,778
























277,778



$
0.9903




---



##### Table of Contents



James
    Hardie Annual Report 2011
    55        (b) RSUs
  Holding







Total











Holding



Weightedat







Value at











at



AverageGrant


1 April







Grant1











31 March



Fair ValueName


Date


2010



Granted



(US$)



Vested



Lapsed



2011



per
    unit4Senior ExecutivesLouis Gries


15-Sep-088



201,324




201,324



$
746,107




201,324













$
3.706015-Sep-089



558,708




558,708



$
1,592,318














558,708



$
2.850029-May-09



487,446




487,446



$
1,640,256














487,446



$
3.365015-Sep-099



234,900




234,900



$
1,176,849














234,900



$
5.010011-Dec-099



81,746




81,746



$
564,865














81,746



$
6.910007-Jun-1011








360,267



$
2,142,760














360,267



$
5.947715-Sep-109








577,255



$
2,595,627














577,255



$
4.4965Russell Chenu


15-Sep-089



108,637




108,637



$
309,615














108,637



$
2.850029-May-09



94,781




94,781



$
318,938














94,781



$
3.365015-Sep-099



45,675




45,675



$
228,832














45,675



$
5.010011-Dec-099



15,895




15,895



$
109,834














15,895



$
6.910007-Jun-1011








70,052



$
416,648














70,052



$
5.947715-Sep-109








72,157



$
324,454














72,157



$
4.4965Robert Cox


15-Sep-089



155,196




155,196



$
442,309









62,504




92,692



$
2.850029-May-09



135,402




135,402



$
455,628









61,580




73,822



$
3.365015-Sep-099



65,250




65,250



$
326,903









65,250








$
5.010011-Dec-099



22,707




22,707



$
156,905









22,707








$
6.910007-Jun-1011








100,074



$
595,210









96,788




3,286



$
5.9477Mark Fisher


17-Jun-0810



36,066




36,066



$
144,625




36,066













$
4.010017-Dec-089



116,948




116,948



$
268,980














116,948



$
2.300029-May-09



77,548




77,548



$
260,949














77,548



$
3.365015-Sep-099



39,150




39,150



$
196,142














39,150



$
5.010011-Dec-099



13,624




13,624



$
94,142














13,624



$
6.910007-Jun-1011








60,044



$
357,124














60,044



$
5.947715-Sep-109








67,003



$
301,279














67,003



$
4.4965Nigel Rigby


17-Jun-0810



36,066




36,066



$
144,625




36,066













$
4.010017-Dec-089



116,948




116,948



$
268,980














116,948



$
2.300029-May-09



77,548




77,548



$
260,949














77,548



$
3.365015-Sep-099



39,150




39,150



$
196,142














39,150



$
5.010011-Dec-099



13,624




13,624



$
94,142














13,624



$
6.910007-Jun-1011








60,044



$
357,124














60,044



$
5.947715-Sep-109








72,157



$
324,454














72,157



$
4.4965    1
    
    Total Value at Grant = Weighted
    Average Fair Value per right multiplied by number of rights
    granted.2
    
    Value at Exercise/right = Value
    Market Value of a share of the companys stock at Exercise
    less the Exercise price per right.3
    
    Value at Lapse/right = Fair Market
    Value of a share of the companys stock at Lapse less the
    Exercise price per right.4
    
    Weighted Average Fair Value per
    right is estimated on the date of grant using the Black-Scholes
    option-pricing model or Monte Carlo option pricing method,
    depending on the plan the options were issued under.5
    
    Options granted under 2001 JHI SE
    Equity Incentive Plan. See section 7, page 58 for
    summary of key terms of options granted.6
    
    Options granted under 2005 Managing
    Board Transitional Stock Option Plan. See section 7,
    page 60 for summary of key terms of options granted.7
    
    Options granted under James Hardie
    Industries Long-Term Incentive Plan 2006 (LTIP). See
    section 7, pages 59-60 for summary of key terms of options
    granted.8
    
    Deferred Bonus RSUs granted under
    Deferred Bonus Program and LTIP. See section 7,
    page 61 for key terms of Deferred Bonus RSUs.9
    
    Relative TSR RSUs granted under
    LTIP. See section 7, page 59 for key terms of Relative
    TSR RSUs.10
    
    Deferred Bonus RSUs granted under
    Deferred Bonus Program and 2001 JHI SE Equity Incentive Plan.11
    
    Hybrid RSUs (formerly Executive
    Incentive Plan RSUs) granted under LTIP. See Section 7,
    Page 60 for key terms of Hybrid RSUs.




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##### Table of Contents



SIGNATURES
  JAMES HARDIE INDUSTRIES SEBy:

/s/  Louis GriesLouis GriesChief Executive Officer  2




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##### Table of Contents



Exhibit Index
  ExhibitNumber
    
    Description of Exhibits12.1
    
    Certification of the Chief Executive Officer pursuant to Section
302 of the Sarbanes-Oxley Act of 200212.2
    
    Certification of the Chief Financial Officer pursuant to Section
302 of the Sarbanes-Oxley Act of 200213.1
    
    Certification of the Chief Executive Officer and Chief Financial
Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 3