EX-99.1

Investor Presentation

DISCLAIMER

This Investor Presentation contains forward-looking statements. James Hardie may from time to time make forward-looking statements in its periodic reports filed with or

furnished

the

SEC,

Forms

20-F

and

6-K,

its

annual

reports

shareholders,

offering

circulars,

invitation

memoranda

and

prospectuses,

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:

•

statements about the company’s future performance;

•

projections of the company’s results of operations or financial condition;

•

statements regarding the company’s plans, objectives or goals, including those relating to strategies, initiatives, competition, acquisitions, dispositions and/or its

products;

•

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;

•

expectations regarding the extension or renewal of the company’s credit facilities including changes to terms, covenants or ratios;

•

expectations concerning dividend payments and share buy-backs;

•

statements concerning the company’s corporate and tax domiciles and structures 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 the company and certain of its former directors and officers by the Australian

Securities and Investments Commission (ASIC);

•

statements regarding the possible consequences and/or potential outcome of the legal proceedings brought against two of the company’s subsidiaries by the

New Zealand Ministry of Education and the potential product liabilities, if any, associated with such proceedings;

•

expectations about the timing and amount of contributions to Asbestos Injuries Compensation Fund (AICF), a special purpose fund for the compensation of

proven Australian asbestos-related personal injury and death claims;

•

expectations concerning indemnification obligations;

•

expectations concerning the adequacy of the company’s warranty provisions and estimates for future warranty-related costs;

•

statements regarding the company’s ability to manage legal and regulatory matters (including but not limited to product liability, environmental, intellectual

property and competition law matters) and to resolve any such pending legal and regulatory matters within current estimates and in anticipation of certain third-

party recoveries; and

•

statements about economic conditions, such as changes in the US economic or housing recovery or changes in the market conditions in the Asia Pacific region,

the levels of new home construction and home renovations, unemployment levels, changes in consumer income, 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 builder and consumer confidence.

Investor Presentation

DISCLAIMER (CONTINUED)

Words such as “believe,” “anticipate,” “plan,” “expect,” “intend,” “target,” “estimate,” “project,” “predict,” “forecast,” “guideline,” “aim,” “will,” “should,” “likely,”

“continue,” “may,” “objective,” “outlook” 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 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 “Risk Factors” in Section 3 of the Form 20-F filed with the Securities and Exchange Commission on 27 June 2013, 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 AICF, any shortfall in AICF and the effect of currency exchange rate movements on the amount recorded in the company’s financial

statements as an asbestos liability; governmental loan facility to AICF; compliance with and changes in tax laws and treatments; competition and product pricing in

the markets in which the company operates; the consequences of product failures or defects; exposure to environmental, asbestos, putative consumer class action

or other legal proceedings; general economic and market conditions; the supply and cost of raw materials; possible increases in competition and the potential that

competitors could copy the company’s 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

transfer of the company’s corporate domicile from The Netherlands to Ireland, including changes in corporate governance and any potential tax benefits related

thereto; currency exchange risks; dependence on customer preference and the concentration of the company’s customer base on large format retail customers,

distributors and dealers; dependence on residential and commercial construction markets; the effect of adverse changes in climate or weather patterns; possible

inability to renew credit facilities on terms favourable to the company, or at all; acquisition or sale of businesses and business segments; 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 you that the foregoing list of factors is not exhaustive and that

other risks and uncertainties may cause actual results to differ materially from those referenced in our 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. The company

assumes no obligation to update any forward-looking statements or information except as required by law.

Investor Presentation

•

Business Overview

•

USA & Europe Fibre Cement

•

Asia Pacific Fibre Cement

•

Group Outlook

•

Summary

•

Appendix

AGENDA

In this Investor Presentation, James Hardie may present financial measures, sales volume terms, financial ratios, and Non-US GAAP financial measures included in the

Definitions section of this document starting on page 28. The company presents financial measures that it believes are customarily used by its Australian investors.

Specifically, these financial measures, which are equivalent to or derived from certain US GAAP measures as explained in the definitions, include “EBIT”, “EBIT margin”,

“Operating profit before income taxes” and “Net operating profit”. The company may also present other terms for measuring its sales volumes (“million square feet” or

“mmsf” and “thousand square feet” or “msf”); financial ratios (“Gearing ratio”, “Net interest expense cover”, “Net interest paid cover”, “Net debt payback”, “Net debt (cash)”);

and Non-US GAAP financial measures (“EBIT excluding asbestos, ASIC expenses and New Zealand product liability expenses”, “EBIT margin excluding asbestos, ASIC

expenses and New Zealand product liability expenses”, “Net operating profit excluding asbestos, ASIC expenses, New Zealand product liability expenses and tax

adjustments”, “Diluted earnings per share excluding asbestos, ASIC expenses, New Zealand product liability expenses and tax adjustments”, “Operating profit before

income taxes excluding asbestos and New Zealand product liability expenses”, “Effective tax rate on earnings excluding asbestos, New Zealand product liability expenses

and tax adjustments”, “Adjusted EBITDA”, “General corporate costs excluding ASIC expenses, intercompany foreign exchange gain and recovery of RCI legal costs” and

“Selling, general and administrative expenses excluding New Zealand product liability expenses”). Unless otherwise stated, results and comparisons are of the 2

quarter and 1 half of the current fiscal year versus the 2 quarter and 1 half of the prior fiscal year.

Investor Presentation

CAPITAL MANAGEMENT AND DIVIDENDS

•

On 31 July 2013, the company repurchased 221,000 shares of its common stock, at cost of A$2.0

million (US$1.8 million), at an average market price of A$9.02 (US$8.20)

•

In May 2013, the company announced a new share buyback program to acquire up to 5% of its

issued capital during the following 12 months

•

An ordinary dividend of US13.0 cents per security and a special dividend of US24.0 cents per

security were paid on 26 July 2013 from FY13 earnings. Total dividend paid was US$163.6 million

•

Effective from and including FY14, dividend payout ratio increased from between 30% and 50% to

between 50% and 70% of annual NPAT excluding asbestos adjustments

•

On 14 November 2013, the company announced an ordinary dividend of US8.0 cents per security, up

from US5.0 cents per security in the prior corresponding half year. The dividend was declared in US

currency and will be paid on 28 March 2014, with a record date of 19 December 2013

Investor Presentation

CAPITAL MANAGEMENT AND DIVIDENDS (CONT’D)

The company will be undertaking a further review of its capital structure and capital management

objectives and expects to be in a position to make further distributions to shareholders in the near term

as follows:

subject to share price levels, the company intends to repurchase

shares under the existing

share buyback program, which expires in May 2014; and

to the extent the company does not complete the full amount of the current share buyback

during FY2014 the company will consider further distributions by

way of dividends to

shareholders over and above those contemplated under the company’s dividend policy subject

to:

•

an assessment of the current and expected industry conditions in

the group’s major

markets of the US and Australia;

•

an assessment of the group’s capital requirements, especially for funding of expansion

and growth initiatives;

•

global economic conditions and outlook; and

•

total net operating profit (excluding asbestos adjustments) for financial year 2014

USA and Europe Fibre Cement

•

The US operating environment continues to reflect an increasing number of housing starts and

improving house values

•

The company is continuing with its plan to expand capacity through new capital investments

and re-commissioning of idled facilities in future periods

•

FY14 EBIT margin is expected to be above 20%, absent major adverse external factors

Asia Pacific Fibre Cement

•

In Australia, new residential market picking up, but earnings performance expected to be only

slightly improved compared to prior year

•

In New Zealand, the housing market continues to improve, particularly in the Auckland and

Christchurch areas

•

In the Philippines, the business continues to experience steady growth in its core market

segments and is expected to deliver consistent earnings in the remainder of the financial year

GROUP OUTLOOK

Investor Presentation

Investor Presentation

FY09

FY10

FY11

FY12

FY13

Net Sales

US$m

929

828

814

862

951

Sales Volume

mmsf

1,527

1,304

1,248

1,332

1,489

Average Price

US$ per msf

608

632

648

642

627

EBIT US$m

199

209

160

163

EBIT Margin %

USA AND EUROPE FIBRE CEMENT

5 YEAR RESULTS OVERVIEW

Excludes asset impairment charges of US$14.3 million and US$16.9 million in FY12 and FY13, respectively

During the second quarter of FY14, the company refined its methodology for calculating average net sales price in both the USA and Europe and Asia Pacific

Fibre Cement segments to exclude ancillary products that have no impact on fibre cement sales volume, which is measured and reported in million square feet

(“mmsf”). As the revenue contribution of these ancillary products has been increasing, the company believes the refined methodology provides an improved

disclosure of average net sales price, in line with the company’s primary fibre cement business, which is a key segment performance indicator. The company has

restated average net sales price in the prior periods to conform with the current quarter and half year calculation of average net sales price.

Investor Presentation

FY09

FY10

FY11

FY12

FY13

Net Sales

US$m

273

297

353

376

370

Sales Volume

mmsf

391

390

408

392

394

Average Price

US$ per msf

871

886

906

901

EBIT US$m

EBIT Margin %

ASIA PACIFIC FIBRE CEMENT

5 YEAR RESULTS OVERVIEW

Excludes New Zealand product liability expenses of US$5.4 million and US$13.2 million in FY12 and FY13, respectively

During the second quarter of FY14, the company refined its methodology for calculating average net sales price in both the USA and Europe and Asia Pacific

Fibre Cement segments to exclude ancillary products that have no impact on fibre cement sales volume, which is measured and reported in million square feet

(“mmsf”). As the revenue contribution of these ancillary products has been increasing, the company believes the refined methodology provides an improved

disclosure of average net sales price, in line with the company’s primary fibre cement business, which is a key segment performance indicator. The company has

restated average net sales price in the prior periods to conform with the current quarter and half year calculation of average net sales price.

Investor

Presentation

FINANCIAL SUMMARY

Asia Pacific Fibre Cement EBIT excludes New Zealand product liability expenses of US$0.3 million and US$5.7 million in Q2 ‘14 and Q2 ‘13,

respectively and US$4.9 million and US$5.7 million in HY ’14 and HY ‘13, respectively

US$

Millions

% Change

Net Sales

USA and Europe Fibre Cement

298.7

238.1

576.8

490.1

Asia Pacific Fibre Cement

93.3

96.3

(3)

187.4

184.0

Total Net Sales

392.0

334.4

764.2

674.1

EBIT -

US$ Millions

USA and Europe Fibre Cement

67.3

44.0

126.7

94.3

Asia Pacific Fibre Cement

22.1

21.3

43.2

39.0

Research & Development

(5.5)

(6.3)

(11.6)

(12.3)

General corporate costs excluding

asbestos and ASIC expenses

(11.2)

(7.4)

(51)

(18.1)

(11.7)

(55)

Total EBIT excluding asbestos, ASIC

expenses and New Zealand product

liability expenses

72.7

51.6

140.2

109.3

Net interest expense excluding AICF

interest income

(1.1)

(2.1)

(2.0)

(5)

Other income

0.1

0.3

(67)

0.2

0.7

(71)

Income tax expense excluding tax

adjustments

(15.4)

(11.9)

(29)

(30.0)

(25.3)

(19)

Net operating profit excluding

asbestos, ASIC expenses, New

Zealand product liability expenses

and tax adjustments

56.3

38.9

108.3

82.7

Q2 '14

Q2 '13

HY '14

HY '13

ENDNOTES

This Investor Presentation forms part of a package of information about the company’s results. It should be read in conjunction

with the other parts of this package, including the Management’s Analysis of Results, Media Release and Condensed

Consolidated Financial Statements

Definitions

Non-financial Terms

ABS

–

Australian Bureau of Statistics

AFFA

–

Amended and Restated Final Funding Agreement

AICF

–

Asbestos Injuries Compensation Fund Ltd

ASIC

–

Australian Securities and Investments Commission

ATO

–

Australian Taxation Office

NBSK –

Northern Bleached Soft Kraft; the company's benchmark grade of pulp

Legacy

New

Zealand

product

liability

expenses

(“New

Zealand

product

liability

expenses”)

–

Expenses

arising

from

defending and resolving claims in New Zealand that allege poor building design, inadequate certification of plans, inadequate

construction review and compliance certification and deficient work by sub-contractors

Investor

Presentation

ENDNOTES (CONTINUED)

Financial Measures –

US GAAP equivalents

This document contains financial statement line item descriptions that are considered to be non-US GAAP, but are

consistent with those used by Australian companies. Because the company prepares its consolidated financial

statements under US GAAP, the following table cross-references each non-US GAAP line item description, as used in

Management’s Analysis of Results and Media Release, to the equivalent US GAAP financial statement line item

description used in the company’s condensed consolidated financial statements:

Management's Analysis of Results and

Consolidated Statements of Operations

Media Release

and Other Comprehensive Income (Loss)

(US GAAP)

Net sales

Cost of goods sold

Gross profit

Selling, general and administrative expenses

Research and development expenses

Asbestos adjustments

EBIT

Operating income (loss)

Net interest income (expense)*

Sum of interest expense and interest income

Other income (expense)

Operating profit (loss) before income taxes*

Income (loss) before income taxes

Income tax (expense) benefit

Net operating profit (loss)*

Net income (loss)

*- Represents non-U.S. GAAP descriptions used by Australian companies.

Investor

Presentation

ENDNOTES (CONTINUED)

EBIT

margin

–

EBIT

margin

defined

EBIT

percentage

net

sales.

Sales Volumes

mmsf

–

million

square

feet,

where

square

foot

defined

standard

square

foot

5/16”

thickness

msf

–

thousand

square

feet,

where

square

foot

defined

standard

square

foot

5/16”

thickness

Financial Ratios

Gearing

Ratio

–

Net

debt

(cash)

divided

net

debt

(cash)

plus

shareholders’

equity

Net interest expense cover

–

EBIT divided by net interest expense (excluding loan establishment fees)

Net interest paid cover

–

EBIT

divided

cash

paid

during

the

period

for

interest,

net

amounts

capitalised

Net debt payback

–

Net debt (cash) divided by cash flow from operations

Net debt (cash)

–

Short-term and long-term debt less cash and cash equivalents

Return on Capital employed

–

EBIT divided by gross capital employed

Investor

Presentation

EBIT

and

EBIT

margin

excluding

asbestos,

ASIC

expenses

and

New

Zealand

product

liability

expenses

–

EBIT

and

EBIT margin excluding asbestos, ASIC expenses and New Zealand product liability expenses are not measures of

financial performance

under

GAAP

and

should

not

considered

meaningful

than

EBIT

and

EBIT

margin.

Management has included these financial measures to provide investors with an alternative method for assessing its

operating results in a manner that is focussed on the performance of its ongoing operations and provides useful

information regarding its financial condition and results of operations. Management uses these non-US GAAP measures

for the same purposes

Investor

Presentation

NON-US GAAP FINANCIAL MEASURES

US$ Millions

FY 2014

FY 2013

FY 2014

FY 2013

EBIT

$ 67.8

$ 22.8

$ 224.7

$ 105.3

Asbestos:

Asbestos adjustments

4.1

22.4

(90.4)

(2.8)

AICF SG&A expenses

0.5

0.4

1.0

0.7

ASIC expenses

0.3

0.4

New Zealand product liability expenses

0.3

5.7

4.9

5.7

EBIT

excluding

asbestos,

ASIC

expenses

and

New

Zealand product liability expenses

72.7

51.6

140.2

109.3

Net sales

$ 392.0

$ 334.4

$ 764.2

$ 674.1

EBIT margin excluding asbestos, ASIC expenses

and New Zealand product liability expenses

18.5%

15.4%

18.3%

16.2%

NON-US GAAP FINANCIAL MEASURES (CONT’D)

Net

operating

profit

excluding

asbestos,

ASIC

expenses,

New

Zealand

product

liability

expenses

and

tax

adjustments

–

Net

operating

profit

excluding

asbestos,

ASIC

expenses,

New

Zealand

product

liability

expenses

and

tax

adjustments is not a measure of financial performance under US GAAP and should not be considered to be more

meaningful than net operating profit. Management has included this financial measure to provide investors with an

alternative method for assessing its operating results in a manner that is focussed on the performance of its ongoing

operations. Management uses this non-US GAAP measure for the same purposes

Investor

Presentation

US$ Millions

FY 2014

FY 2013

FY 2014

FY 2013

Net operating profit

$ 51.9

$ 15.0

$ 194.1

$ 83.5

Asbestos:

Asbestos adjustments

4.1

22.4

(90.4)

(2.8)

AICF SG&A expenses

0.5

0.4

1.0

0.7

AICF interest income

(0.7)

(1.1)

(1.8)

(2.2)

ASIC expenses

0.3

0.4

New Zealand product liability expenses

0.3

5.7

4.9

5.7

Asbestos and other tax adjustments

0.2

(3.8)

0.5

(2.6)

Net operating profit excluding asbestos, ASIC

expenses, New Zealand product liability

expenses and tax adjustments

$ 56.3

$ 38.9

$ 108.3

$ 82.7

NON-US GAAP FINANCIAL MEASURES (CONT’D)

Diluted

earnings

per

excluding

asbestos,

ASIC

expenses,

New

Zealand

product

liability

expenses

and

tax

adjustments

–

Diluted

earnings

per

excluding

asbestos,

ASIC

expenses,

New

Zealand

product

liability

expenses

and tax adjustments is not a measure of financial performance under US GAAP and should not be considered to be more

meaningful than diluted earnings per share. Management has included this financial measure to provide investors with an

alternative method for assessing its operating results in a manner that is focussed on the performance of its ongoing

operations. Management uses this non-US GAAP measure for the same purposes

US$ Millions

FY 2014

FY 2013

FY 2014

FY 2013

Net operating profit excluding asbestos, ASIC

expenses, New Zealand product liability

expenses and tax adjustments

$ 56.3

$ 38.9

$ 108.3

$ 82.7

Weighted average common shares outstanding -

Diluted (millions)

443.5

439.7

443.2

439.3

Diluted earnings per share excluding asbestos,

ASIC expenses, New Zealand product liability

expenses and tax adjustments (US cents)

12.7

8.8

24.4

18.8

Investor

Presentation

NON-US GAAP FINANCIAL MEASURES (CONT’D)

Effective

tax

rate

excluding

asbestos,

New

Zealand

product

liability

expenses

and

tax

adjustments

–

Effective

tax

rate on earnings excluding asbestos, New Zealand product liability expenses and tax adjustments is not a measure of

financial

performance

under

GAAP

and

should

not

considered

meaningful

than

effective

tax

rate.

Management has included this financial measure to provide investors with an alternative method for assessing its

operating results in a manner that is focussed on the performance of its ongoing operations. Management uses this non-

US GAAP measure for the same purposes

Investor

Presentation

US$ Millions

FY 2014

FY 2013

FY 2014

FY 2013

Operating profit before income taxes

$ 67.5

$ 23.1

$ 224.6

$ 106.2

Asbestos:

Asbestos adjustments

4.1

22.4

(90.4)

(2.8)

AICF SG&A expenses

0.5

0.4

1.0

0.7

AICF interest income

(0.7)

(1.1)

(1.8)

(2.2)

New Zealand product liability expenses

0.3

5.7

4.9

5.7

Operating profit before income taxes excluding asbestos and

New Zealand product liability expenses

$ 71.7

$ 50.5

$ 138.3

$ 107.6

Income tax expense

(15.6)

(8.1)

(30.5)

(22.7)

Asbestos and other tax adjustments

0.2

(3.8)

0.5

(2.6)

Income tax expense excluding tax adjustments

(15.4)

(11.9)

(30.0)

(25.3)

Effective tax rate

23.1%

35.1%

13.6%

21.4%

Effective tax rate excluding asbestos, New Zealand product

liability expenses and tax adjustments

21.5%

23.6%

21.7%

23.5%

NON-US GAAP FINANCIAL MEASURES (CONT’D)

Adjusted

EBITDA

–

not

measure

financial

performance

under

GAAP

and

should

not

considered

alternative

to,

meaningful

than,

income

from

operations,

net

income

cash

flows

defined

GAAP

measure of profitability or liquidity. Not all companies calculate Adjusted EBITDA in the same manner as James Hardie

has

and,

accordingly,

Adjusted

EBITDA

may

not

comparable

with

other

companies.

Management

has

included

information concerning Adjusted EBITDA because it believes that this data is commonly used by investors to evaluate the

ability of a company’s earnings from its core business operations to satisfy its debt, capital expenditure and working

capital requirements

Investor

Presentation

US$ Millions

FY 2014

FY 2013

FY 2014

FY 2013

EBIT

$ 67.8

$ 22.8

$ 224.7

$ 105.3

Depreciation and amortisation

15.2

14.7

30.6

30.1

Adjusted EBITDA

$ 83.0

$ 37.5

$ 255.3

$ 135.4

NON-US GAAP FINANCIAL MEASURES (CONT’D)

General

corporate

costs

excluding

ASIC

expenses,

intercompany

foreign

exchange

gain

and

recovery

RCI

legal

costs

–

General

corporate

costs

excluding

ASIC

expenses,

intercompany

foreign

exchange

gain

and

recovery

RCI legal costs is not a measure of financial performance under US GAAP and should not be considered to be more

meaningful

than

general

corporate

costs.

Management

has

included

these

financial

measures

provide

investors

with

an alternative method for assessing its operating results in a manner that is focussed on the performance of its ongoing

operations and provides useful information regarding its financial condition and results of operations. Management uses

these non-US GAAP measures for the same purposes

Investor

Presentation

US$ Millions

FY 2013

General corporate costs

$ 11.2

$ 7.7

$ 18.1

$ 12.1

Excluding:

ASIC expenses

(0.3)

(0.4)

Intercompany foreign exchange gain

5.5

Recovery of RCI legal costs

2.7

General corporate costs excluding ASIC

expenses, intercompany foreign exchange

gain and recovery of RCI legal costs

$ 11.2

$ 10.1

$ 18.1

$ 19.9

FY 2014

NON-US GAAP FINANCIAL MEASURES (CONT’D)

Selling,

general

and

administrative

expenses

excluding

New

Zealand

product

liability

expenses

–

Selling,

general and administrative expenses excluding New Zealand product liability expenses is not a measure of financial

performance

under

GAAP

and

should

not

considered

meaningful

than

selling,

general

and

administrative

expenses.

Management

has

included

these

financial

measures

provide

investors

with

alternative

method for assessing its operating results in a manner that is focussed on the performance of its ongoing operations

and provides useful information regarding its financial condition and results of operations. Management uses these non-

US GAAP measures for the same purposes

Investor

Presentation

US$ Millions

FY 2013

Selling, general and administrative expenses

$ 53.8

$ 56.6

$ 108.7

$ 100.9

Excluding:

New Zealand product liability expenses

(0.3)

(5.7)

(4.9)

(5.7)

Selling, general and administrative expenses

excluding New Zealand product liability expenses

$ 53.5

$ 50.9

$ 103.8

$ 95.2

Net Sales

$ 392.0

$ 334.4

$ 764.2

$ 674.1

Selling, general and administrative expenses as a

percentage of net sales

13.7%

16.9%

14.2%

15.0%

Selling, general and administrative expenses

excluding New Zealand product liability expenses as

a percentage of net sales

13.6%

15.2%

13.6%

14.1%

FY 2014