| Operating Segments and Geographical Information |
The following are the Company’s operating segments and
geographical information:
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Net Sales to Customers1
Years Ended 31 March
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(Millions of US dollars) |
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2015
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2014 |
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2013 |
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USA & Europe Fiber Cement
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$ |
1,276.5 |
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$ |
1,127.6 |
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$ |
951.4 |
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Asia Pacific Fiber Cement
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380.4 |
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366.2 |
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369.9 |
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Worldwide total
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$ |
1,656.9
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$ |
1,493.8 |
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$ |
1,321.3 |
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Income Before Income Taxes
Years Ended 31 March
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(Millions of US dollars) |
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2015
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2014 |
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2013 |
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USA & Europe Fiber Cement2, 3
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$ |
285.9 |
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$ |
237.0 |
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$ |
145.6 |
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Asia Pacific Fiber Cement2, 8
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94.1 |
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81.1 |
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61.7 |
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Research and Development2
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(26.0 |
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(24.4) |
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(26.0) |
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Segments total
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354.0 |
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293.7 |
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181.3 |
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General Corporate
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(19.0) |
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(240.6) |
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(151.8) |
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Total operating income
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335.0 |
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53.1 |
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29.5 |
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Net interest expense5
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(7.5) |
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(1.1) |
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2.4 |
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Other (expense) income
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(4.9) |
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2.6 |
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1.8 |
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Worldwide total
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$ |
322.6 |
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$ |
54.6 |
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$ |
33.7 |
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Total Identifiable Assets
31 March
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(Millions of US dollars) |
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2015
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2014 |
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USA & Europe Fiber Cement
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$ |
959.3 |
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$ |
782.6 |
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Asia Pacific Fiber Cement
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279.8 |
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235.1 |
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Research and Development
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20.7 |
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19.7 |
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Segments total
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1,259.8 |
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1,037.4 |
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General Corporate6, 7
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784.7 |
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1,066.6 |
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Worldwide total
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$ |
2,044.5 |
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$ |
2,104.0 |
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Net Sales to Customers1
Years Ended 31 March
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(Millions of US dollars) |
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2015
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2014 |
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2013 |
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USA
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$ |
1,238.5 |
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$ |
1,094.6 |
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$ |
923.8 |
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Australia
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267.7 |
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259.2 |
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272.0 |
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New Zealand
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64.7 |
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63.0 |
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56.1 |
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Other Countries
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86.0 |
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77.0 |
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69.4 |
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Worldwide total
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$ |
1,656.9
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$ |
1,493.8 |
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$ |
1,321.3 |
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Total Identifiable Assets
31 March
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(Millions of US dollars) |
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2015
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2014 |
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USA
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$ |
956.4 |
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$ |
785.8 |
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Australia
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223.4 |
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173.8 |
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New Zealand
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25.8 |
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29.4 |
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Other Countries
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54.2 |
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48.4 |
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Segments total
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1,259.8 |
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1,037.4 |
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General Corporate6, 7
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784.7 |
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1,066.6 |
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Worldwide total
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$ |
2,044.5
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$ |
2,104.0 |
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| 1 |
Export sales and inter-segmental
sales are not significant. |
| 2 |
Research and development expenditures
are expensed as incurred and are summarized by segment in the
following table: |
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Research & Development
Years Ending 31 March
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(Millions of US dollars) |
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2015 |
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2014 |
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2013 |
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USA & Europe Fiber Cement
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$ |
6.1 |
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$ |
9.6 |
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$ |
11.9 |
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Asia Pacific Fiber Cement
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1.4 |
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1.3 |
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1.7 |
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Research and Developmenta
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24.2 |
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22.2 |
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23.6 |
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$ |
31.7
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$ |
33.1 |
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$ |
37.2 |
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a The Research and Development
segment also included selling, general and administrative expenses
of US$1.8 million, US$2.2 million and US$2.4 million in fiscal
years 2015, 2014 and 2013, respectively. |
| 3 |
Included in the USA and Europe Fibre
Cement segment for the year ended 31 March 2013 are asset
impairment charges of US$16.9 million. See Note 7 for further
information. |
| 4 |
The principal components of the
General Corporate segment are officer and employee compensation and
related benefits, professional and legal fees, administrative
costs, and rental expense on the Company’s corporate offices.
Also included in the General Corporate segment are the
following: |
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Years Ended
31 March |
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(Millions of US dollars) |
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2015 |
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2014 |
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2013 |
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Asbestos Adjustments
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$ |
33.4 |
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$ |
(195.8 |
) |
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$ |
(117.1 |
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AICF SG&A expenses
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2.5 |
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2.1 |
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1.7 |
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| 5 |
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 net AICF interest income of US$1.4
million, US$2.9 million and US$7.0 million in fiscal years 2015,
2014 and 2013, respectively. |
| 6 |
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 the General
Corporate segment. |
| 7 |
Asbestos-related assets at
31 March 2015 and 2014 are US$657.3 million and US$812.4
million, respectively, and are included in the General Corporate
segment. |
| 8 |
Included in the Asia Pacific Fibre
Cement segment for the years ended 31 March 2015, 2014 and
2013 are adjustments to the provision for New Zealand
weathertightness claims. See Note 14 for more information. |
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Years Ended
31 March |
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(Millions of US dollars) |
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2015 |
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2014 |
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2013 |
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New Zealand weathertightness claims
benefit / (expense)
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$ |
4.3
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$ |
(1.8) |
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$ |
(13.2) |
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