UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)

¨  REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

x  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended31 March 20142015

OR

¨  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

¨  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 plc

Formerly Known As 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 organisation)organization)

Europa House, Second Floor

Harcourt Centre

Harcourt Street, Dublin 2, Ireland

(Address of principal executive offices)

Natasha Mercer

Corporate Secretary

(Contact name)

353 1411 6924(Telephone)                353 1479 1128(Facsimile)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Securities registered or to be registered pursuant to Section 12(g) of the Act.

None.None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

None.None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report. 445,033,502Annual Report:

445,680,673 shares of common stock at 31 March 2014.2015

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.x  Yes  ¨  No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.¨  Yes  x  No

Note –— Checking the box will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.  x  Yes  ¨  No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  x  Yes  ¨  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See the definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

International Financial Reporting Standards as issued by the International Accounting

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:

¨  Item 17  ¨  Item 18

If this is an annual report,Annual Report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

¨  Yes  x  No

2015

ANNUAL REPORT

ONFORM 20-F

TABLE OF CONTENTS

In this annual report, unless the context otherwise indicates, James Hardie Industries plc, a “public limited company,” or a European company incorporated and existing under the laws of Ireland, is referred to as JHI plc. JHI plc. together with its direct and indirect wholly owned subsidiaries as of the time relevant to the applicable reference, are collectively referred to as the James Hardie Group. JHI plc and its current direct and indirect wholly owned subsidiaries are collectively referred to as “we,” “us,” “our,” “JHI plc and its wholly owned subsidiaries,” “James Hardie” or the “Company.”

FORM 20-F CROSS REFERENCE

For certain information about the basis of preparing the financial information in this Annual Report, see Section 2, “Reading this Report.” In addition, this Annual Report contains statements that constitute “forward-looking statements.” For an explanation of forward-looking statements and the risks, uncertainties and assumptions to which they are subject, see Section 2, “Reading this Report.”

A “Glossary of Abbreviations and Definitions” has also been included under Section 4 of this Annual Report.

Information contained in or accessible through the websites mentioned in this Annual Report does not form part of this report unless we specifically state that it is incorporated by reference and forms part of this report. All references in this report to websites are inactive textual references and are for information only.

FORM 20-F CROSS REFERENCE INDEX

FORM 20-F CROSS REFERENCE (continued)

FORM 20-F CROSS REFERENCE INDEX

(Continued)

SECTION 1

INTRODUCTION

The CompanyJames Hardie Industries plc is a world leader in manufacturing fibrethe manufacture of fiber cement siding and backerboard. Our current primary geographic markets include the United States (“US”), Australia, New Zealand, the Philippines, Europe and Canada.

Our fibre cement products are used in a number of markets, including new residential construction (single and multi-family housing), manufactured housing, repair and remodellingremodeling and a variety of commercial and industrial applications.

We manufacture numerous types of fibrefiber cement products with a variety of patterned profiles and surface finishes for a range of applications, including external siding and soffit lining, internal linings, facades and floor and tile underlay. Our current primary geographic markets include the United States of America (“US”, “USA” or the “United States”), Canada, Australia, New Zealand, the Philippines and Europe.

We employ approximately 3,100 peopleJames Hardie Industries plc is a “public limited company,” incorporated and generated net salesexisting under the laws of US$1.5 billionIreland. Except as the context otherwise may require, references in this Annual Report on Form 20-F (this “Annual Report”) to “James Hardie,” the “James Hardie Group,” the “Company,” “JHI plc,” “we,” “our” or “us” refer to James Hardie Industries plc., together with its direct and indirect wholly owned subsidiaries as of the time relevant to the applicable reference.

This Annual Report contains statements that constitute “forward-looking statements.” For an explanation of forward-looking statements and the risks, uncertainties and assumptions to which they are subject, see “Section 2 – Reading this Report.” Further, a “Glossary of Abbreviations and Definitions” has also been included under Section 4 of this Annual Report.

The term “fiscal year” refers to our fiscal year 2014.ended 31 March of such year; the term “dollars,” “US$” or “$” refers to US dollars; and the term “A$” refers to Australian dollars. For the exchange rates used to convert Australian dollar denominated amounts into US dollars, see Note 2 to our consolidated financial statements in Section 2.

Information contained in or accessible through the websites mentioned in this Annual Report does not form part of this Annual Report unless we specifically state that it is incorporated by reference herein. All references in this report to websites are inactive textual references and are for information only.

SELECTED FINANCIAL DATA

We have included in this annual reportAnnual Report the audited consolidated financial statements of the Company, consisting of our consolidated balance sheets as of 31 March 20142015 and 2013,2014, and our consolidated statements of operations and comprehensive income, changes in shareholders’ (deficit) equity and cash flows for each of the years ended 31 March 2015, 2014 2013 and 2012,2013, together with the related notes thereto. The consolidated financial statements included in this annual reportAnnual Report have been prepared in accordance with accounting principles generally accepted in the US or “US GAAP.”(“US GAAP”).

The selected consolidated financial information summarisedsummarized below for the five most recent fiscal years has been derived in part from the Company’s financial statements. You should read the

selected consolidated financial information in conjunction with the Company’s financial statements and related notes contained in Section“Section 2 “Consolidated– Consolidated Financial Statements” and with the information provided in Section“Section 2 “Management’s– Management’s Discussion and Analysis.” Historic financial data is not necessarily indicative of our future results and you should not unduly rely on it.

INFORMATION ON THE COMPANY

History and Development of the Company

The CompanyJames Hardie was established in 1888 as an import business. In 1951, the Company became publicly owned as a listed companybusiness, listing on the Australian Stock Exchange.Securities Exchange (“ASX”) in 1951 to become a publicly owned company in Australia. After becoming a listed company, the Companywe built up a diverse portfolio of building and industrial products including a wide range of asbestos-based products. In the mid-1980s,late-1970s, we pioneered the development of asbestos-free fibrefiber cement technology and in the early-1980’s began designing and manufacturing a wide range of fibrefiber cement building products that made use of the benefits that came from the products’ durability, versatility and strength. Using the technical and manufacturing expertise developed in Australia, we expanded our operations, in particular tointo the United States, opening our first fiber-cement plant at Fontana, California in February 1990.

In September 2001, in order to become a specialised manufacturermaximize the benefit of a wide range of fibre cement building materials.

Our legal name was changedour strong international growth and in order to generate higher returns for shareholders from the James Hardie Industries N.V. from RCI Netherlands Holdings B.V. in July 2001 when our legal form was converted from a “besloten vennootschap met beperkte aansprakelijkheid” (“B.V.”), to a “naamloze vennootschap” ( “N.V.”), or a Dutch public limited liability company whose stock, unlike a private limited liability company, may be transferred without executing a notarial deed if such company is listed on a recognised stock exchange. In February 2001,Group’s continuing international expansion, the shareholders of James Hardie Industries Limited (“JHIL”), then the ultimate parent company of the James Hardie Group and the vehicle with which our shareholding was listed with the ASX, agreed to exchange their shares for shares in

James Hardie Industries N.V. (“JHINV”), whicha Dutch public limited liability company. JHINV retained its primary listing on the Australian Securities Exchange (“ASX”). InASX, and in October 2001, to reflect the new corporate structure, JHIL transferred all of its fibrefiber cement businesses from to James Hardie Industries N.V. JHINV.

In February 2010, our legal name was changed to James Hardie Industries SE when our legal form was converted from a Dutch N.V.public limited liability company to a Dutch Societas Europaea (“SE”) in connection with, a European public limited liability company. This was the implementation of Stage 1first stage of a two-stage re-domicile proposal (together, the “re-domicile”) to change our registered corporate domicile from Thethe Netherlands to Ireland. On 17 June 2010, we implemented Stage 2 of the re-domicile and changed our registered corporate domicile

to Ireland to become an Irish SE, and becamebecoming an Irish tax resident on 29 June 2010. On 15 October 2012, we converted from an Irish SE into our current corporate form, an Irish public limited company (“plc”).

We conduct our operations under legislation in various jurisdictions. As an Irish plc, we are governed by the Irish Companies Acts. In addition,Acts and we operate under the regulatory requirements of numerous jurisdictions and organisations,organizations, including the ASX, ASIC, the New York Stock Exchange (“NYSE”), the United States Securities and Exchange Commission (“SEC”), the Irish Takeover Panel and various other rulemaking bodies.

Our corporate domicile is located in Ireland. The address of our registered office in Ireland is Europa House, Second Floor, Harcourt Centre, Harcourt Street, Dublin 2, Ireland.Ireland (the “Corporate Address”). The telephone number there is +353 1411 6924. Our agent in the United States is CT Corporation. Its office is located at 3 Winners Circle, 3rd Floor, Albany, New York 12205.

Corporate Restructuring

On 17 May 2011, we announced that we had commenced an internal reorganisation involving the simplification The address of our corporate structure, including someregistered office in Australia is Level 3, 22 Pitt Street, Sydney NSW 2000 and the telephone number there is +61 28845 3360. Our share registry is maintained by Computershare Registry Services Pty Ltd. All enquires and correspondence regarding holdings should be directed to: Computershare Investor Services Pty Ltd, Level 5, 115 Grenfell Street, Adelaide, SA 5000; telephone: (61 3) 9415 4000, toll free within Australia: 1 300 855 080 or toll free from the US 1855 298 3404.

Our Agreement with Asbestos Injuries Compensation Fund

Prior to 1987, ABN 60 Pty Limited (formerly JHIL) (“ABN 60”) and two of its former subsidiaries, Amaca Pty Limited (“Amaca”) and Amaba Pty Limited (“Amaba”) (together the arrangements which were previously part of our Netherlands domicile. This internal reorganisation was made to facilitate the ability to access and distribute surplus cash flows and earnings of our operating subsidiaries more efficiently, including“Former James Hardie Companies”), manufactured products in Australia that contained asbestos. These products have resulted in liabilities for the purpose of making periodic contributions to AICF. As part of this restructure, the Company incurred a tax charge of US$32.6 million on undistributed earnings of its US subsidiaries during fiscal year 2011, related to the remittance of US earnings as part of the internal reorganisation.

The following is a simplified diagram of our current corporate structure:

Consolidation of AICFFormer James Hardie Companies in Australia.

In February 2007, our shareholders approved the AFFAAmended and Restated Final Funding Agreement (“AFFA”) entered into on 21 November 2006 to provide long-term funding to AICF. JHI plc owns 100%AICF for the compensation of proven Australian-related personal injury claims for which the Former James Hardie Companies are found liable. AICF, an independent trust, subsequently assumed ownership of the Former James Hardie Companies. We do not own AICF, however, we are entitled to appoint three directors, including the Chairman, and the New South Wales (“NSW”) Government is entitled to appoint two directors.

Under the terms of the AFFA, subject to the operation of an annual cash flow cap, James Hardie 117 Pty Ltd (the “Performing Subsidiary”) that funds AICF subject to the provisions of the AFFA. We appoint three of AICF’s directors and the New South Wales (“NSW”) Government appoints two of AICF’s directors.

Under the terms of the AFFA, the Performing Subsidiary has an obligation towill make annual payments to AICF on an annual basis.AICF. The amount of these annual payments is dependent on several factors, including our free cash flow (as defined in the AFFA), actuarial estimations, actual claims paid, operating expenses of AICF, changes in the AUD/USD exchange rate and the annual cash flow cap. JHI plc owns 100% of the Performing Subsidiary and guarantees the Performing Subsidiary’s obligation. As a result, for purposes of US GAAP, we consider JHI plc to be the primary beneficiary of AICF.

Although we have no legal ownership in AICF, for financial reporting purposes, our interest in AICF is considered variable and we consolidate AICF due to our pecuniary and contractual interests in AICF as a result of the funding arrangements outlined in the AFFA. OurFor additional information on our consolidation of AICF results in a separate recognition of the asbestos liability and certain other asbestos-related assets and liabilities, on our consolidated balance sheet. Among other items, we record a deferred tax asset for the anticipated future tax benefit we believe is available to us that arises from amounts contributed to the asbestos fund by the Performing Subsidiary. Since fiscal year 2007, movements in the asbestos liability arising from changes in foreign currency or actuarial adjustments are classified as asbestosadjustments, and the income tax benefit arising from contributions to AICF is included withinincome tax benefit on our consolidated statements of operations and comprehensive income when realised. Seesee Note 2 to our consolidated financial statements in Section 2.statements.

Corporate Structure

The following diagram summarizes our current corporate structure:

Business Overview

General Overview of ourOur Business

Based on net sales, we believe we are the largest manufacturer of fibrefiber cement products and systems for internal and external building construction applications in the United States, Australia, New Zealand, and the Philippines. We market our fibrefiber cement products and systems under various Hardie brand names, such as HardieBacker^® boards, and other brand names such as Artisan^® Lap siding and Artisan^TM® Accent Trim by James Hardie, Cemplank^® and Prevail^® siding (we also formerly marketed siding under the brand name Sentry^TM siding), and Scyon™Scyon^® advanced lightweight cement composite products such as Scyon™ Stria™Scyon^® Stria^® cladding. We believe that, in certain applications, our fibre cement products and systems provide a combination of distinctive performance, design and cost advantages when compared to other fibre cement products and alternative products and systems that use solid wood, engineered wood, vinyl, brick, stucco or gypsum wallboard. The sale of fibre cement products in the United States accounted for 73%, 70% and 67% of our total net sales in fiscal years 2014, 2013 and 2012, respectively.

Our fibre cement products are used in a number of markets, including new residential construction (single and multi-family housing), manufactured housing (mobile and pre-fabricated homes), repair and remodelling and a variety of commercial and industrial applications (stores, warehouses, offices, hotels, motels, schools, libraries, museums, dormitories, hospitals, detention facilities, religious buildings and gymnasiums). We manufacture numerous types of fibre cement products with a variety of patterned profiles and surface finishes for a range of applications, including external siding and soffit lining, internal linings, facades, and floor and tile underlayments.

In contrast to some other building materials, fibre cement provides durability attributes, such as strong resistance to damage from moisture, fire, impact and termites, requires relatively little maintenance and can be used as a substrate to create a wide variety of architectural effects with textured and coloured finishes.

The breakdown of our net sales by operating segment for each of our last three fiscal years is as follows:

Industry OverviewProducts

US Housing IndustryWe manufacture a wide-range of fiber-cement building materials for both internal and Fibre Cement Industryexternal use across a broad range of applications, including: external siding, internal walls, floors, ceilings, soffits, roofing, lattice, decorative columns, fencing and facades. While there are some market specific products, our core product ranges, being planks, which are used for external siding and

flat sheets, which are used for internal and external wall linings and floor underlayments, are sold across all of the markets in which we operate.

Products Used in External Applications

We developed a proprietary technology platform that enables us to produce thicker yet lighter-weight fiber cement products that are generally easier to handle than most traditional building products. Further, we believe that our products provide certain performance, design and cost advantages, while offering comparable aesthetics to competing products such as wood and vinyl siding.

Performance and design advantages:

We believe the benefits associated with our fiber cement products have enabled us to gain a competitive advantage over competing products.

Products Used in Internal Applications

Compared to natural and engineered wood and wood-based products, we believe our product range for internal applications provide the same general advantages provided by our products for external applications. In addition, our fiber cement products for internal applications exhibit less movement in response to exposure to moisture and impact damage than many competing products, providing a more consistent and durable substrate on which to install tiles. Further, we believe our ceramic tile underlayment products exhibit better handling and installation characteristics compared to fiberglass mesh cement boards.

Significant New Products

In the United States, fibrenew products released over the last three years include a new profile HZ10^® HardiePlank^® siding, HardieTrim^® Mouldings, Artisan^® V-Rustic premium exterior siding and an improved touch up accessory to support products using ColorPlus^® technology.

In Australia and New Zealand, new products released over the last three years include the ARChitectural™ Prefinished panel range for commercial applications, including Invibe^® panels with Chromashield^® Technology and Inraw^® panels.

In Australia only, the HardieBrace^®, a new online calculator tool, offers a way to simplify structural bracing calculations. Modcem^® modular flooring has provided an entry into commercial flooring applications. Additions to the range of building science offerings include HardieEdge^® termite barrier, HardieWrap^® weather barrier, HardieFire^® Insulation, HardieBreak^® Thermal Strip, as well as the HardieSmart^® Boundary, Aged Care and ZeroLot Wall Systems. Due to an evolution of the market in Australia, the Scyon^® range of products has been repositioned under the James Hardie brand as James Hardie^® products including Scyon^® technology.

In New Zealand only, over the same timeframe, Secura^® Interior Flooring, Secura^® Exterior Flooring, Axent™ Fascia, HomeRAB^® 4.5mm Pre Cladding, HardieGlaze^® Listello and Grande lining, Stria^® Cladding, Axon^® 400 and 133 Grain Cladding, Linea^® Oblique™ Cladding and Easy Lap™ Panel have been launched under the repositioned James Hardie brand.

In the Philippines, new products released over the past three years include the extension of the established Hardieflex™ board range with the inclusion of Hardieflex™ Wet Area lining boards and Hardieflex™ Pro primarily for wet area application and HardieFlex^® Flooring.

The European business has launched HardieFloor™ Structural Flooring, and has developed an innovative range of products focused on improving acoustic performance of buildings, including HardieFloor dB™ Structural Acoustic Flooring, and HardieQStrip™ Acoustic Batten.

Principal Markets for Our Products

United States, Canada and Europe

In the US and Canada, the largest application for fiber cement building products is principally used in external siding for the residential building industry. Such usageindustry, which includes options such as vinyl, stucco, fiber cement, natural and engineered wood and brick, with vinyl having the largest share of the US and Canadian siding markets. External siding typically occupies a significant square footage component of the outside of every building. Selection of siding material is based on installed cost, durability, aesthetic appeal, strength, weather resistance, maintenance requirements and cost, insulating properties and other features. Different regions of the US and Canada show a decided preference amongst siding materials according to economic conditions, weather, materials availability and local preference.

Demand for siding in the US and Canada fluctuates based on the level of new home constructionresidential housing starts and the repair and remodellingremodeling activity of existing homes. The level of activity is generally a function of interest rates and the availability of financing to homeowners to purchase a new home or make improvements to their existing homes, inflation, household income and wage growth, unemployment levels, demographic trends, gross domestic product growth and consumer confidence. Demand for buildingThe sale of fiber cement products is also affected by residential housing starts and existing home sales, the age and size of the housing stock and overall home improvement expenditures. According toin the US Census Bureau, single family housing starts, which are oneaccounts for the largest portion of the key driversour net sales, accounting for 75%, 73% and 70% of the Company’s performance, were up 9% to 615,400 forour total net sales in fiscal yearyears 2015, 2014 compared to fiscal year 2013.and 2013, respectively.

In the United States, the largest application for fibre cement products isUS and Canada, competition in the external siding industry. Siding is a component of every building and it usually occupies more square footage than any other external building component,market comes primarily from substitute products, such as windows and doors. Selection of siding material is based on installed cost, durability, aesthetic appeal, strength, weather resistance, maintenance requirements and cost, insulating properties and other features. Different regions of the United States show a decided preference amongst siding materials according to economic conditions, weather, materials availability and local preference. The principal siding materials arenatural or engineered wood, vinyl, stucco fibre cement, solid wood and brick. Vinyl has the largest share of the siding market.

International Fibre Cement Industry

In Australia and New Zealand, fibre cement building products are used in both the residential and commercial building industries with applications in external siding, internal walls, ceilings, floors, soffits and fences. The residential building industry represents the principal market for fibre cement products. We believe the level of activity in this industry is generally a function of interest rates, inflation, unemployment levels, demographic trends, gross domestic product growth and consumer confidence. Demand for fibre cement buildingwe can continue to increase our market share from these competing products is also affected by the level of new housing starts and renovation activity.through targeted marketing

Australia

According to Australian Bureau of Statistics, the total number of dwellings approved for fiscal year 2014 were 186,449, an increase of 21% compared to fiscal year 2013. Further, approvals for detached houses, which are the primary driver of the Asia Pacific business’ sales volume, were 104,394 for fiscal year 2014, an increase of 16%, compared to fiscal year 2013.

Former subsidiaries of ABN 60 Pty Limited (“ABN 60”) developed fibre cement in Australia as a replacement for asbestos cement in the early 1980s. Asbestos cement sheet production ceased in the

early 1980s and asbestos cement pipe production ceased in 1987. Competition for fibre cement has intensified over the past decade in Australia. In addition

programs designed to competition from solid wood, engineered wood, wallboard, masonry and brick, two Australian competitors have established fibre cement manufacturing facilities in Australia and fibre cement imports are also growing.

New Zealand

According to Statistics New Zealand, the total number of new dwelling consents excluding apartments, the primary driver of the New Zealand business’ net sales were 19,768, an increase of 25% compared to fiscal 2013.

Competition continues to intensify in New Zealand as fibre cement imports have become more cost competitive and overseas manufacturers struggling with the global recession look for additional markets to add to their existing ones.

Philippines

In the Philippines and other Asian and Middle Eastern (Israel, Kuwait, Qatareducate customers on our brand and the United Arab Emirates) markets, fibre cement building products are used in both the residentialperformance, design and commercial building industries with applications in ceilings, internal walls and external siding, facades and soffits. The residential building industry represents the principal market for fibre cement products. In general, fibre cement products have, across a range of product applications, gained broader acceptance in these regions over the last decade. In the Philippines, additional imported fibre cement products have entered the market. However, in some of the developing markets, gypsum usage has increased and penetrated into fibre cement applications. Fibre cement and asbestos cement production facilities are located throughout Asia and exporting between countries is common practice. Unlike somecost advantages of our competitors in the Asian market, we do not manufacture fibre cement products containing asbestos. We believe that fibre cement has good long-term growth potential because of the benefits of light-weight and framed construction compared to traditional masonry construction. In addition, we believe the opportunity to replace wood-based products, such as plywood, with more durable fibre cement will be attractive to some consumers in some of these markets.

Europeproducts.

In Europe, fibrefiber cement building products are used in both residential and commercial building applications in external siding, internal walls, floors, soffits and roofing. We compete in most segments, except roofing, and promote the use of fibrefiber cement products against traditional masonry, gypsum-based products and wood-based products. Since we commenced selling our products in Europe in fiscal year 2004, we have continued to work to grow demand for our products by building awareness among distributors, builders and contractors. Management believes that the growth outlook for fibrefiber cement in Europe is favourablefavorable, in light of stricter insulation requirements driving demand for advanced exterior cladding systems, as well as better building practices increasing the use of fibrefiber cement in interior applications.

ProductsAsia Pacific

We manufacture fibre cement products inIn the United States, Australia,Asia Pacific region, we principally sell into the Australian, New Zealand and Philippines markets, with the Philippines. Our total product offering is aimed atresidential building industry representing the building and constructionprincipal market for fiber cement products. The largest applications of fiber cement across our three primary markets including new residential construction, manufactured housing, repair and remodelling and a variety of commercial and industrial building applications.

We offer a wide range of fibre cement products for both exterior and interior applications. In the United States and elsewhere, our products are typically sold as planks or flat sheets with a variety of

patterned profiles and finishes. Planks are used forin external siding, while flat sheets are usedinternal walls, ceilings, floors, soffits, fences and facades. We believe the level of activity in this industry is generally a function of interest rates, inflation, household income and wage growth, unemployment levels, demographic trends, gross domestic product growth and consumer confidence. Demand for internalfiber cement building products is also affected by the level of new housing starts and external wall linings and floor and tile underlayments. Outside the United States,renovation activity.

In Australia, we also manufacture fibre cement products for use in other applications such as building facades, lattice, fencing, decorative columns, flooring, soffit lining and ceiling applications, some of which have not yet been introduced into the United States.

We developed a proprietary technology platform that enables usface competition from two primary competitors with domestic manufacturing facilities, along with increased competition from imports. Additionally, we continue to produce thicker yet lighter-weight fibre cement products that are generally lighter and easier to handle than traditional building products. The first application of this technology in the United States has been our HardieTrim^® board. HardieTrim board is a fibre cement trim product that is used on the exterior of residential and commercial construction to replace traditional woodsee competition from natural and engineered wood, trim. HardieTrim board was launched in fiscal year 1999, with the introduction of HardieTrim HLD board.

We believe that our products provide certain performance, designwallboard, masonry and cost advantages. The principal fibre cement attributes in exterior applications are durability and low maintenance, particularly when compared to competing wood and wood-based products, while offering comparable aesthetics. Our fibre cement products exhibit resistance to the damaging effects of moisture, fire, impact and termites compared to wood and wood-based products, which we believe has enabled us to gain a competitive advantage over competing products. Vinyl siding products generally have better durability characteristics than wood-based products, but typically cannot duplicate fibre cement’s aesthetics and the characteristics necessary for effectively accepting paint applications.

Our fibre cement products provide strength and the ability to imprint patterns that closely resemble patterns and profiles of traditional materials such as wood and stucco. The surface properties provide an effective paint-holding finish, compared to wood and engineered wood products, such that the periods between necessary maintenance and repainting are generally longer. Compared to masonry construction, fibre cement is lightweight, physically flexible and can be cut using readily available tools. This makes fibre cement suitable for lightweight construction across a range of architectural styles. Fibre cement is well suited to both timber and steel-framed construction.

In our interior product range, we believe our ceramic tile underlayment products exhibit better handling and installation characteristics compared to fibreglass mesh cement boards. Compared to wood and wood-based products, our products provide the same general advantages that apply to external applications. In addition, our fibre cement products exhibit less movement in response to exposure to moisture than many alternative competing products, providing a more consistent and durable substrate on which to install tiles. In internal lining applications where exposure to moisture and impact damage are significant concerns, our products provide superior resistance to moisture damage and impact resistance than traditional gypsum wet area wallboard and other competingbrick products.

In the United States, the following new products were released over the last five years:

In Australia and New Zealand, new products released over the past five years in the Scyon™ lightweight advancedwe continue to see competition intensifying as fiber cement composite range include Stria™ Splayed cladding,imports have become more cost competitive and Axent™ trim. In the James Hardie product range; in Australia and New Zealand over the same timeframe, new products include Invibe™ panels and Inraw™ panels; and in New Zealand only, RAB™ PreClad™ Lining and Horizon™ Lining products were released. In both countries, new product launches have been supported by the launch of energy efficiency related accessories such as HardieBreak™ thermal break tape as well as web based initiatives such as the ACCEL™ suite of online product information, calculator and application tools, the LookHome™ and LightHome™ e-zines as well as the SmarterGreen™, SmarterPartner™, SmarterDesign™ and The Smarter Small Home™ initiatives. In New Zealand, The Drawing Board™ online design tool provides an aidoverseas manufacturers look to smart design using James Hardie products.supplement their primary operating environments with additional markets.

In the Philippines, new products released overwe have seen fiber cement gain acceptance across a broader range of product applications in the past five years include Hardieplank™ Siding, Hardiefloor™ Systems and Hardiepattern™ Boards. The established Hardieflex™ board range has been extendedlast decade, leading to include Hardieflex™ Wet Area lining boards and Hardieflex™ Pro primarily for wet area application.

In fiscal year 2004, we commenced our European fibre cement business by distributing our fibreadditional fiber cement products entering the market, along with the increased use of gypsum in fiber cement applications. We see fiber cement having long-term growth potential not only in the United KingdomPhilippines, but across Asia and France. We also manufacture fibre cement pipes in Australiathe Middle East, as the benefits of its light-weight and previously manufactured fibre cement pipes and roofing products in the United States. In May 2008 and April 2006, we ceased operation of our pipes and roofing businesses, respectively, in the United States.durability become more widely recognized.

Seasonality

Our earnings are seasonal and typically follow activity levels in the building and construction industry. In the United States, the calendar quarters ending in December and March generally reflect reduced levels of building activity depending on weather conditions. In Australia and New Zealand, the calendar quarter ending in March is usually the quarter most affected by a slowdown due to summer holidays. In the Philippines, construction activity diminishes during the wet season from June through September and during the last half of December due to the slowdown in

business activity over the holiday period. Also, general industry patterns can be affected by weather, economic conditions, industrial disputes and other factors. See Section“Section 3 “Risk– Risk Factors.”