Exhibit 99.3
20 September 2010
Appeal to Full Federal Court
1999 Disputed Amended Assessment
James Hardie Industries SE (JHISE or the company) today announced that RCI Pty Ltd (RCI), a
wholly-owned subsidiary of JHISE, will appeal to the Full Federal Court of Australia the decision
of the Federal Court rejecting RCI’s appeal of an amended assessment issued to RCI by the
Australian Taxation Office (ATO) for the income tax year ended 31 March 1999.
The Federal Court decision was handed down on 1 September 2010.
Regardless of the appeal to the Full Federal Court, as a result of the unfavourable decision of the
Federal Court, the company is likely to be required to record a charge. Had the company been
required to take this charge at 30 June 2010 (its last reporting date), the charge would have been
an estimated amount of US$330.4 million (A$387.7 million). The company advises that it will remain
in compliance with its debt covenants should a charge be taken.
However, except for quarterly payments by RCI of interest on the unpaid balance of the amended
assessment (being US$168.8 million (A$184.3 million)), no cash will be required to be exchanged
between RCI and the ATO until the matter has been ultimately resolved.
The company will provide an update on the charge at the time it announces its fiscal year 2011
second quarter results, on Monday, 15 November 2010. Until then, the company does not intend to
comment further in relation to the matter.
End
Media/Analyst Enquiries:
Sean O’Sullivan
Vice President, Investor and Media Relations
James Hardie Industries SE, ARBN 097 829 895
Incorporated in Ireland, with registered office at Second Floor, Europa House,
Harcourt Centre, Harcourt Street, Dublin 2, Ireland and registered number 485719. The liability of its members is limited.
Disclaimer
This company statement contains forward-looking statements. James Hardie may from time to
time make forward-looking statements in its periodic reports filed with or furnished to the
United States Securities and Exchange Commission on Forms 20-F and 6-K, in the annual reports to
shareholders, in offering circulars, invitation memoranda and prospectuses, in media releases and
other written materials and in oral statements made by the Company’s officers, directors or
employees to analysts, institutional investors, existing and potential lenders, representatives
of the media and others. Statements that are not historical facts are forward-looking statements
and such forward-looking statements are statements made pursuant to the Safe Harbor Provisions of
the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements
include:
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statements about the company’s future performance; |
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projections of the company’s results of operations or financial condition; |
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statements regarding the company’s plans, objectives or goals, including those relating
to its strategies, initiatives, competition, acquisitions, dispositions and/or its products; |
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expectations concerning the costs associated with the suspension or closure of operations
at any of the company’s plants and future plans with respect to any such plants; |
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expectations that the company’s credit facilities will be extended or renewed; |
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expectations concerning dividend payments; |
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statements concerning the company’s corporate and tax domiciles and potential changes to
them, including potential tax charges; |
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statements regarding tax liabilities and related audits, reviews and proceedings; |
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statements as to the possible consequences of proceedings brought against the company and
certain of its former directors and officers by the ASIC; |
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expectations about the timing and amount of contributions to the AICF, a special purpose
fund for the compensation of proven Australian asbestos-related personal injury and death
claims; |
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expectations concerning indemnification obligations; |
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statements about product or environmental liabilities; and |
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statements about economic conditions, such as the levels of new home construction,
unemployment levels, 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. |
Words such as “believe,” “anticipate,” “plan,” “expect,” “intend,” “target,” “estimate,”
“project,” “predict,” “forecast,” “guideline,” “aim,” “will,” “should,” “likely,” “continue” and
similar expressions are intended to identify forward-looking statements but are not the exclusive
means of identifying such statements. Readers are cautioned not to place undue reliance on these
forward-looking statements and all such forward-looking statements are qualified in their
entirety by reference to the following cautionary statements.
Forward-looking statements are based on the company’s current expectations, estimates and
assumptions and because forward-looking statements address future results, events and conditions,
they, by their very nature, involve inherent risks and uncertainties, many of which are
unforeseeable and beyond the company’s control. Such known and unknown risks, uncertainties and
other factors may cause the company’s actual results, performance or other achievements to differ
materially from the anticipated results, performance or achievements expressed, projected or
implied by these forward-looking statements. These factors, some of which are discussed under
“Key Information — Risk Factors” beginning on page 6 of the Form 20-F filed with the US
Securities and Exchange Commission on 30 June 2010, include, but are not limited to: all matters
relating to or arising out of the prior manufacture of products that contained asbestos by
current and former James Hardie subsidiaries; required contributions to the AICF, any shortfall
in the AICF and the effect of currency exchange rate movements on the amount recorded in the
company’s financial statements as an asbestos liability; proposed governmental loan facility to
the AICF; compliance with and changes in tax laws and treatments; competition and product pricing
in the markets in which the company operates; seasonal fluctuations in the demand for our
products; the consequences of product failures or defects; exposure to environmental, asbestos or
other legal proceedings; general economic and market conditions; the supply and cost of raw
materials; the success of research and development efforts; the potential that competitors could
copy our products; reliance on a small number of customers; a customer’s inability to pay;
compliance with and changes in environmental and health and safety laws; risks of conducting
business internationally; compliance with and changes in laws and regulations; the effect of the
company’s transfer of its corporate domicile from The Netherlands to Ireland to become an Irish
SE including employee relations, changes in corporate governance, potential tax benefits and the
effect of any negative publicity; currency exchange risks; the concentration of the company’s
customer base on large format retail customers, distributors and dealers; the effect of natural
disasters; changes in the company’s key management personnel; inherent limitations on internal
controls; use of accounting estimates; and all other risks identified in the company’s reports
filed with Australian, Irish and US securities agencies and exchanges (as appropriate). The
company cautions that the foregoing list of factors is not exhaustive and that other risks and
uncertainties may cause actual results to differ materially from those in forward-looking
statements. Forward-looking statements speak only as of the date they are made and are statements
of the company’s current expectations concerning future results, events and conditions.
