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James Hardie Announces Adjusted Net Operating Profit of US$73.8 Million for Q4 Fiscal Year 2019 and US$300.5 Million for the Full Year Ended 31 March 2019

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James Hardie announces a fiscal year 2019 second half dividend of US
26.0 cents per security

SYDNEY–(BUSINESS WIRE)–James Hardie today announced results for the fourth quarter of fiscal
year 2019 and the full year ended 31 March 2019:

  • Group Adjusted net operating profit of US$73.8 million for the quarter
    and US$300.5 million for the full year, a decrease of 9% and an
    increase of 3%, respectively, compared to the prior corresponding
    periods (“pcp”);
  • Group Adjusted EBIT of US$100.0 million for the quarter and US$404.6
    million for the full year, a decrease of 3% and an increase of 2%,
    respectively, compared to pcp;
  • Group net sales of US$624.8 million for the quarter and US$2,506.6
    million for the full year, an increase of 19% and 22%, respectively,
    compared to pcp;
  • North America Fiber Cement Segment volume increased 1% for the quarter
    and 3% for the full year, compared to pcp;
  • North America Fiber Cement Segment EBIT margin excluding product line
    discontinuation expenses of 22.5% for the quarter and 23.1% for the
    full year;
  • Asia Pacific Fiber Cement Segment EBIT margin of 20.0% for the quarter
    and 22.3% for the full year;
  • Europe Building Products Segment Adjusted EBIT margin excluding costs
    associated with the acquisition of 11.3% for the quarter and 10.6% for
    the full year; and
  • The Fermacell acquisition closed on 3 April 2018 and is included in
    the financial results for the full year of fiscal year 2019.

CEO Commentary

James Hardie CEO Jack Truong said, “Our North America Fiber Cement
segment delivered solid revenue growth of 3% for the quarter and 6% for
the full year while generating good EBIT margins within our target range
in a challenging input cost environment. The North America housing
market demand was soft across most geographies and customer segments the
last six months of fiscal year 2019. Our exteriors business grew 1%
above our addressable market for fiscal year 2019 compared to negative
2% in fiscal year 2018. It was a good improvement over our fiscal year
2018 performance, albeit below our internal expectations. We have
encouraging signs of early momentum on our recent commercial
transformation and implementation of lean manufacturing in our North
American plants. We are confident these transformations will lead to
marked improvement in our ability to execute and deliver on expected
results.”

He continued, “Our Asia Pacific Fiber Cement segment continued to
deliver excellent top line growth of 7% and 11% in Australian dollars
for the quarter and full year, respectively. Our Australian and
Philippines businesses lead the way in gaining volume growth above their
underlying market growth. This strong growth was achieved despite a
continued, softening Australian housing market throughout the year.
Further, our EBIT margins were significantly impacted by input cost
rapid inflation during most of fiscal year 2019.”

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Dr Truong added, “Our Europe Building Products segment delivered strong
pro-forma revenue growth in Euros of 7% with an Adjusted EBIT margin of
10.6% for the full fiscal year after excluding costs associated with the
acquisition and integration. We are encouraged by the positive first
year results. We are excited about our European business gaining
significant momentum in fiber cement growth in fiscal year 2020 while
continually improving on our fiber gypsum business.”

He concluded, “Our consolidated group results reflected good and
disciplined financial performance in a significant inflationary cost
environment. We enter fiscal year 2020 with our global team aligned on
one global strategy that is centered around delivering growth above the
market in all of our regions with strong financial returns.”

Outlook

We expect to see modest growth in the US housing market in fiscal year
2020. The single family new construction market and repair and remodel
market growth rates in fiscal year 2020 are expected to grow, albeit at
a growth rate lower than that in fiscal year 2019. The Company expects
new construction starts between approximately 1.2 million and 1.3
million.

We expect our North America Fiber Cement segment EBIT margin to be in
the top half of our range of 20% to 25% for fiscal year 2020. This
expectation is based upon the Company continuing to improve operating
performance in our plants, improved net average sales price and mix,
continued inflation for input costs and modest underlying housing growth.

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In Australia, it is anticipated that our addressable underlying market
will decrease in fiscal year 2020 compared to fiscal year 2019. Net
sales from our Australian business are expected to continue to trend
above the average growth of the domestic repair and remodel and single
family detached housing markets in the eastern states of Australia.

We expect our Europe Building Product segment to achieve year on year
net sales and EBIT margin growth.

Further Information

Readers are referred to the Company’s Consolidated Financial Statements
and Management’s Analysis of Results for the fourth quarter and full
year ended 31 March 2019 for additional information regarding the
Company’s results, including information regarding income taxes, the
asbestos liability and contingent liabilities.

As of 30 June 2018, the Company changed its reportable operating
segments. Previously, the Company reported on four operating segments:
(i) North America Fiber Cement, (ii) International Fiber Cement, (iii)
Other Businesses, and (iv) Research and Development. As of 30 June 2018,
the Company began reporting on five operating segments: (i) North
America Fiber Cement, (ii) Asia Pacific Fiber Cement, (iii) Europe
Building Products, (iv) Other Businesses, and (v) Research and
Development. The significant changes to how certain businesses are
reported in the new segment structure are as follows: Our European Fiber
Cement business as well as the newly acquired Fermacell business are now
reported as the Europe Building Products segment, and the remaining
businesses that were historically reported in the International Fiber
Cement segment are now reported in the Asia Pacific Fiber Cement
segment. The Company has revised its historical segment information at
31 March 2018 and for the years ended 31 March 2018 and 2017 to be
consistent with the new reportable segment structure. The change in
reportable segments had no effect on the Company’s financial position,
results of operations or cash flows for the periods presented. Readers
are referred to Note 18 of our consolidated financial statements for
further information on our segments.

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Use of Non-GAAP Financial Information;
Australian Equivalent Terminology

This Media Release includes financial measures that are not considered a
measure of financial performance under generally accepted accounting
principles in the United States (GAAP), such as Adjusted net operating
profit and Adjusted EBIT. These non-GAAP financial measures should not
be considered to be more meaningful than the equivalent GAAP measure.
Management has included such measures to provide investors with an
alternative method for assessing its operating results in a manner that
is focused on the performance of its ongoing operations and excludes the
impact of certain legacy items, such as asbestos adjustments.
Additionally, management uses such non-GAAP financial measures for the
same purposes. However, these non-GAAP financial measures are not
prepared in accordance with US GAAP, may not be reported by all of the
Company’s competitors and may not be directly comparable to similarly
titled measures of the Company’s competitors due to potential
differences in the exact method of calculation. For additional
information regarding the non-GAAP financial measures presented in this
Media Release, including a reconciliation of each non-GAAP financial
measure to the equivalent US GAAP measure, see the section titled
“Non-US GAAP Financial Measures” included in the Company’s Management’s
Analysis of Results for the fourth quarter and full year ended 31 March
2019.

In addition, this Media Release includes financial measures and
descriptions that are considered to not be in accordance with US GAAP,
but which are consistent with financial measures reported by Australian
companies, such as operating profit, EBIT and EBIT margin. Since the
Company prepares its Consolidated Financial Statements in accordance
with US GAAP, the Company provides investors with a table and
definitions presenting cross-references between each US GAAP financial
measure used in the Company’s Consolidated Financial Statements to the
equivalent non-US GAAP financial measure used in this Media Release. See
the sections titled “Non-US GAAP Financial Measures” included in the
Company’s Management’s Analysis of Results for the fourth quarter and
full year ended 31 March 2019.

Forward-Looking Statements

This Media Release contains forward-looking statements and information
that are necessarily subject to risks, uncertainties and assumptions.
Many factors could cause the actual results, performance or achievements
of James Hardie to be materially different from those expressed or
implied in this release, including, among others, the risks and
uncertainties set forth in Section 3 “Risk Factors” in James Hardie’s
Annual Report on Form 20-F for the year ended 31 March 2019; changes in
general economic, political, governmental and business conditions
globally and in the countries in which James Hardie does business;
changes in interest rates; changes in inflation rates; changes in
exchange rates; the level of construction generally; changes in cement
demand and prices; changes in raw material and energy prices; changes in
business strategy and various other factors. Should one or more of these
risks or uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those described
herein. James Hardie assumes no obligation to update or correct the
information contained in this Media Release except as required by law.

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Contacts

Media/Analyst Enquiries:
Jason Miele
Vice President,
Investor and Media Relations
Telephone: +61 2 8845 3352
Email:
[email protected]


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Cannabis

Rodedawg (OTC: RWGI) Launches TikTok Shop to Expand into Global E-Commerce Market

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Billion

Industrial Hemp Market Soars from $6.6 Billion to $25.7 Billion by 2034, Fueled by Sustainable Innovation

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industrial-hemp-market-soars-from-$66-billion-to-$25.7-billion-by-2034,-fueled-by-sustainable-innovation

Industrial Hemp Playing Key Role in Carbon Sequestration and Soil Remediation Aligning with Sustainable Farming Practices

ROCKVILLE, Md., June 12, 2024 /PRNewswire/ — Based on a new research report by Fact.MR, worldwide sales of Industrial Hemp Market are estimated to reach US$ 6.6 billion in 2024. By 2034, this market is anticipated to skyrocket to a staggering US$ 25.7 billion, driven by a steady CAGR of 14.5% from 2024 onward.

Demand for industrial hemp is skyrocketing as more and more industries recognize its versatile and sustainable properties. Once overlooked, this remarkable crop is now being embraced for its myriad uses across various sectors. From textiles and construction materials to biofuels and nutritional supplements, hemp’s applications are seemingly endless.

Environmentally conscious consumers are driving much of this demand, as hemp requires minimal pesticides and herbicides, making it an eco-friendly choice for sustainable farming. Its ability to sequester carbon dioxide and remediate contaminated soil further adds to its appeal. Moreover, hemp’s durability, lightweight nature, and renewable qualities make it an attractive alternative to traditional materials in manufacturing.

Request a Sample of this Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=3989

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As awareness of hemp’s benefits continues to spread, industries are investing in research and development to unlock its full potential. With its multi-faceted applications and sustainable credentials, industrial hemp is poised to become a cornerstone of the green economy, meeting the growing demand for environmentally responsible products and practices.

Key Takeaways from the Market Study:

  • Based on nature, sales of organic hemp are estimated to reach a valuation of $3.2 billion in 2024.
  • The market in Mexico is evaluated to expand at a CAGR of 13.6% from 2024 to 2034.
  • Revenue from sales of industrial hemp in East Asia is projected to reach $5.9 billion by the end of 2034.
  • The South Korean market is evaluated to reach a valuation of $1.4 billion by the end of 2034.
  • North America is analyzed to hold a global market share of 24.3% by 2034.

“Use of industrial hemp in textiles, medicines, and food, coupled with global sustainability trends, is creating opportunities for suppliers. Governments worldwide are collaborating to boost global hemp distribution,” says a Fact.MR analyst.

Increasing Awareness of Therapeutic Potential of Hemp in Medical Applications

Once relegated to the fringes, industrial hemp is rapidly emerging as a sustainable wonder crop, fueling a wave of cutting-edge innovations across diverse industries. As researchers and entrepreneurs unlock its vast potential, hemp is proving to be a versatile and eco-friendly resource, paving the way for exciting new products and applications.

The automotive industry is also exploring the use of hemp fibers as a reinforcement material for lighter, stronger, and more sustainable car parts. These natural fiber composites could reduce vehicle weight, improving fuel efficiency and reducing emissions.

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In the field of biotechnology, scientists are harnessing the unique properties of hemp to develop innovative products. For instance, researchers are exploring the use of hemp-derived compounds, such as cannabidiol (CBD), for their potential therapeutic applications in various medical conditions.

Japan’s Industrial Hemp Market Poised for Rapid Growth

The industrial hemp market in Japan is projected to grow at a compound annual growth rate (CAGR) of 15.1% from 2024 to 2034, with the country expected to hold a 29.4% market share by the end of the period.

Increased investment in research is crucial for unlocking the full potential of industrial hemp. Research efforts may focus on improving hemp genetics for higher yield and quality, optimizing cultivation practices, and exploring innovative applications such as advanced nanomaterials or pharmaceuticals. This investment fosters innovation and establishes a foundation for the hemp industry’s long-term growth and competitiveness in an ever-evolving market.

Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=3989

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Expanding Opportunities in the United States Industrial Hemp Market

The industrial hemp market in the United States offers abundant opportunities for stakeholders to broaden their product portfolios. Beyond traditional uses like textiles and oils, there is significant potential for hemp-based products to evolve into biodegradable polymers, eco-friendly packaging, and even biofuels. This diversification, a prominent trend in the industrial hemp market, not only targets emerging markets but also positions hemp as a versatile and sustainable resource with applications across various industries.

More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the industrial hemp market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on nature (organic, conventional), product type (fiber, seeds), and end use (food & beverages, consumer textiles, personal products, industrial applications, hemp CBD, supplements, other consumer products), across seven major regions of the world (North America, Latin America, Eastern Europe, Western Europe, East Asia, South Asia & Pacific, and MEA).

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Check out More Related Studies Published by Fact.MR Research:

Hemp-Based Products Market is expected to reach $1.8 billion in 2023 and jump to a size of $16.2 billion by 2033.

Cannabis Infused Drinks Market is predicted to race ahead and end up at US$ 8.7 billion by 2032.

Ready-to-use Therapeutic Food Market to surge from $459.9M in 2024 to $800.6M by 2034, driven by 5.7% CAGR, marking substantial growth.

Specialty Fat and Oil Market will hit $85.94 billion by 2034 with a 4.6% Annual Growth Rate.

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Baking Ingredient Market is set to reach $41.48 billion by 2034, Driven by 6.5% Annual Growth Rate.

Infant Milk Formula Market: From Growth Spurts to Baby Boom – Projected Surge to $22.35 Billion by 2034.

About Us:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.

With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape. 

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Contact:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
Sales Team[email protected]
Follow Us: LinkedIn | Twitter | Blog

 

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Innocan

Innocan Pharma Announces Successful Preliminary Safety Evaluation of LPT-CBD in Minipigs

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HERZLIYA, Israel and CALGARY, AB, June 11, 2024 /PRNewswire/ — Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (“Innocan” or the “Company”), a pioneer in the pharmaceutical and biotechnology industries, is pleased to announce the success and conclusion of a preliminary safety evaluation of Innocan’s single injection and sustained-release LPT-CBD conducted on minipigs. The animals demonstrated excellent drug tolerance and did not exhibit any drug-related adverse events.

 

 

Recognized by the FDA as an excellent model for toxicology, small breeds of miniature domestic pigs known as minipigs share strong similarities with humans in crucial aspects such as drug metabolism, skin structure, genetics, and physiological mechanisms. In this preliminary safety study, minipigs received a single subcutaneous injection of LPT-CBD and were closely monitored for pharmacokinetics and basic safety parameters over one month. Encouragingly, the animals all exhibited good drug tolerance and did not manifest any drug-related adverse reactions.

“We are thrilled with these findings, which further underpin the safety profile of LPT-CBD following a single injection,” commented Dr. Eyal Kalo, the R&D Director of Innocan Pharma. “With each new data point collected for LPT-CBD, we make significant strides in our quest to revolutionize patient care through sustained-release therapy. Our efforts to continuously gather data to fully characterize LPT-CBD are paramount in our journey towards its ultimate approval.”

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Professor Chezy Barenholz the CSO of Innocan Pharma added, “These results are immensely gratifying and hold significant promise as they highlight the characteristics of LPT-CBD in a physiological setting similar to humans.”

The study involved administering three ascending doses of LPT-CBD via subcutaneous injection in minipigs, followed by comprehensive monitoring of pharmacokinetics and safety parameters for 28 days. Throughout the study, the minipigs demonstrated excellent drug tolerance, as evidenced by blood clinical parameters whithin normal range, healthy appetite, and normal behavior. These findings are consistent with prior safety evaluations conducted with LPT-CBD on diverse animal models including goats and dogs, affirming the drug’s favorable tolerability profile following both single and repeated use.

Grant of Restricted Share Units                                                                                                 

The Company has granted an aggregate of 290,000 restricted share units (each, an “RSU“) to consultants. Each RSU entitles the recipient to receive one common share of the Company (a “Common Share“) on vesting. A total of 150,000 RSUs vest on May 30, 2024, and 140,000 RSUs vest on September 30, 2024. The RSUs and the underlying Common Shares are subject to a statutory hold period of four months and one day expiring on October 1, 2024.

Innocan also announces that it granted 2,380,000 stock options to employees and consultants to the Company. These options have a strike price of $0.28, with various vesting periods up to 12 months. All options expire on May 30, 2029.

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About Innocan Pharma:

Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies comprises with cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD-loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for two indications: Epilepsy and Pain Management. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment Innocan has established a Joint Venture by the name of BI Sky Global Ltd. that focuses developing on advanced targeted online sales. https://innocanpharma.com/

Contact Information:

For Innocan Pharma Corporation:
Iris Bincovich, CEO
+1 5162104025
+972-54-3012842
+442037699377
[email protected] 

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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Caution Regarding Forward-Looking Information

Certain information set forth in this news release, including, without limitation, the Company’s plans for human trials of its LPT-CBD platform, is forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Innocan’s control. The forward-looking information contained in this news release is based on certain key expectations and assumptions made by Innocan, including expectations and assumptions concerning the anticipated benefits of the products, satisfaction of regulatory requirements in various jurisdictions and satisfactory completion of production and distribution arrangements.

Forward-looking information is subject to various risks and uncertainties that could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include but are not limited to: global and local (national) economic, political, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; and potential disruption of relationships with suppliers, manufacturers, customers, business partners and competitors. There are also risks that are inherent in the nature of product distribution, including import/export matters and the failure to obtain any required regulatory and other approvals (or to do so in a timely manner). The anticipated timeline for entry to markets may change for a number of reasons, including the inability to secure necessary regulatory requirements, or the need for additional time to conclude and/or satisfy the manufacturing and distribution arrangements. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release. A comprehensive discussion of other risks that impact Innocan can be found in Innocan’s public reports and filings which are available under Innocan’s profile at www.sedarplus.ca.

Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Innocan does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.

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