Reliance Worldwide Corporation Limited Annual Report 2017

The 2017 Annual Report of Reliance Worldwide Corporation Limited highlights the company's strong sales and earnings growth, exceeding sales and profit forecasts. The report includes the Chairman's and CEO's reports, financial highlights, operating and financial review, corporate governance statement, financial report, directors' report, remuneration report, auditor's independence declaration, consolidated statement of profit or loss and other comprehensive income, consolidated statement of financial position, consolidated statement of changes in equity, consolidated statement of cash flows, notes to the consolidated financial statements, directors' declaration, independent auditor's report, shareholder information, and corporate directory.

RELIANCE WORLDWIDE CORPORATION LIMITED
ACN 610 855 877
ANNUAL
REPORT
2017

1Annual Report 2017
Contents
Financial Highlights 2
Chairman’s Report 3
Chief Executive Officer’s Report 4
Operating and Financial Review 6
Corporate Governance Statement 10
Financial Report 16
Directors’ Report 16
Remuneration Report 22
Auditor’s Independence Declaration 32
Consolidated Statement of Profit or Loss and Other Comprehensive Income33
Consolidated Statement of Financial Position 34
Consolidated Statement of Changes in Equity 35
Consolidated Statement of Cash Flows 36
Notes to the Consolidated Financial Statements 37
Directors’ Declaration 63
Independent Auditor’s Report 64
Shareholder Information 69
Corporate Directory 72
1Annual Report 2017

2 Reliance Worldwide Corporation Limited
FINANCIAL HIGHLIGHTS
$601.7m
Net sales
FY2017 Net sales, EBITDA and NPAT all ahead of
Prospectus Forecast1
Strong net sales
growth from Americas
+19% growth vs pro forma FY20162
Strong balance sheet
at 30 June 2017
(net leverage of 1.95x)
$120.7m
EBITDA
+22% growth vs pro forma FY20162
$65.6m
NPAT
+26% growth vs pro forma FY20162
82.4%
Free cash flow conversion
of EBITDA
6.0 cents
per share
Total dividend for FY2017 o
NPAT Payout ratio of 48%
1. Prospectus dated 18 April 2016.
2. Pro forma unaudited results for the 12 months ending 30 June 2016 prepared on the same basis as set out in the Prospectus.
+13% growth vs pro forma FY20162

3Annual Report 2017
IMPORTANT NOTICESCHAIRMAN’S REPORT
Dear fellow shareholders,
On behalf of the Board, I am pleased to present
to you the 2017 Annual Report of Reliance
Worldwide Corporation Limited (“RWC”). This is
the first full year report following the successful
listing of the Company’s shares on the Australian
Securities Exchange on 29 April 2016.
The financial results for FY2017 have continued
our track record of delivering strong sales and
earnings growth. Pleasingly, we exceeded
the sales and profit forecasts contained in the
Prospectus issued for the ASX listing.
RWC is a leader in the design, manufacture and
supply of premium branded, high quality water
flow and control products and solutions for the
plumbing industry. We are a global business with
manufacturing and distribution operations in the
USA, Australia, the UK, Canada, New Zealand
and Spain. RWC’s key products and solutions
are primarily used in “Behind the Wall” plumbing
and hot water systems. These products and
solutions include pipe fittings and related pipe,
control valves and thermostatic products and
are used for both residential and commercial
applications, with a principal focus on the
residential repair and renovation end-market.
Key achievements during the past year include:
• Continued strong growth in sales, particularly
for Push-to Connect (“PTC”) fittings in the
Americas;
• Completion of the first phase of the rollout of
SharkBite PTC fittings and accessories into
Lowe’s Home Improvement Centers in the
USA. The second phase of the rollout will
be completed in the first half of FY2018 so
that SharkBite will then be in an additional
1,700+ outlets in the USA;
• Sales of PTC to The Home Depot (“THD”)
continuing to grow. We continued to work on
new projects with THD;
• Acquiring the Holdrite business in June
2017. Holdrite brings complementary
engineered products to RWC. Holdrite is well
established in the residential and commercial
new construction sectors. The acquisition
provides some exciting new products and
will aid our efforts to expand penetration into
those sectors;
• Launch of the EvoPEX PTC system into the
residential new construction sector; and
• We continue to invest in new product
development and technology. Work
continues on developing connected
devices for application within the Internet
of WaterTM platform.
The following report from our Chief Executive
Officer, Heath Sharp, and the accompanying
review of operations provide commentary on
performance and business outlook.
The balance sheet remains strong and we have
significant liquidity available to fund projected
growth. Financing facilities were increased by
$100 million during the year, in part to fund
the Holdrite acquisition, with the maturity date
extended to 30 September 2020.
RWC now has a global workforce of over
1,100 employees who bring a diverse range
of capabilities and skills. On behalf of the
Board, I would like to recognise and thank our
management team and employees for their
efforts and dedication which continue to deliver
strong outcomes.
I also take this opportunity to thank shareholders
for your ongoing support and look forward to
meeting with you at the Annual General Meeting
to be held on 30 October 2017.
Jonathan Munz
Chairman

4 Reliance Worldwide Corporation Limited
Dear shareholders,
I am pleased to report the excellent business
performance of your Company for the year
ended 30 June 2017, with operating and financial
results exceeding sales and profit forecasts1. In
this, our first full-year report since RWC’s shares
were listed on the ASX, the Company can report
outstanding growth in net sales2 and earnings
with strong and sustainable growth expected to
continue in FY2018.
I could not be prouder of
our people
It is a rare opportunity to be part of a team that
delivers the forecasts in a prospectus year. The
entire RWC team deserves credit for delivering
such outstanding financial and operating results.
We have a team that enthusiastically comes
together to collaborate across all our geographic
and market segments – aligning activities,
sharing innovative ideas, raising performance
levels, rising to meet immediate challenges and
adapting to the public company environment –
while making decisions for the long-term growth
of the business.
RWC is fortunate to have a unique culture
that underpins our success. Our long-serving
workforce readily welcomes new talent and
embraces diversity, creating an exciting, dynamic
atmosphere that allows us to attract and retain
the best people. One standout example is our
Cullman, Alabama workforce which comprises a
tremendous group of people, both longstanding
and more recent team members, and is
proudly represented by roughly equal numbers
of men and women, an employment ratio
that is highly unusual in a manufacturing and
distribution operation.
A fundamental tenet of our culture is that
everyone deserves to return home at the end
of the day as healthy as they started. We
commenced implementing wellness programs
in a number of locations with other locations to
follow. To sharpen our focus on shop-floor safety,
we are aligning safety reporting protocols and
metrics across all locations. We look forward to
reporting on the results of these initiatives.
I offer my sincere gratitude to the global RWC
team for their continuing dedication to the
business during the past 12 months. Their efforts
are generating outstanding total shareholder
returns and are positioning us to achieve and
sustain growth.
I would also like to thank the Board for its
continuing support and guidance.
Holdrite: the newest
RWC business
The Holdrite acquisition was completed in June
2017. Holdrite brings to RWC a broad range of
innovative products that are installed immediately
adjacent to SharkBite and Cash Acme products
in residential and commercial buildings and
sold via our existing sales channels. Holdrite is
a product development and commercialisation
engine that belies its size. As we deepen our
understanding of Holdrite, we become even
more delighted with the move to join our
companies. Perhaps the most pleasing aspect
is the tremendous culture, so closely aligned
with RWC’s. The Holdrite team have built a great
business. They are a very welcome addition to
the RWC family.
IMPORTANT NOTICESCHIEF EXECUTIVE OFFICER’S REPORT

5Annual Report 2017
1 This report should be read in conjunction with the Operating and Financial Review commentary on page 6.
2. Net sales after eliminating intercompany sales.
3. Pro forma unaudited results for the 12 months ended 30 June 2016 prepared on the same basis as set out in the Prospectus dated 18 April 2016. Comparis
the Pro Forma FY2016 results as comparison with the FY2016 Statutory Period results is not considered meaningful. The FY2016 Statutory Period covered
incorporation of the Company on 19 February 2016 to 30 June 2016 with Australian trading operations consolidated from 6 April 2016 and non-Australian t
consolidated from 3 May 2016. The FY2016 Statutory Period results are presented in the 30 June 2017 Financial Report.
4. Forecast results presented in the Prospectus dated 18 April 2016.
5. EBITDA and EBIT both before significant items (including non-operating foreign exchange gains and losses) in Pro Forma FY2016.
Products: Innovation drives
our strategy
As a global provider of water control systems and
plumbing solutions for domestic, commercial
and industrial applications, RWC recognises that
meeting demand for market-leading products
requires ongoing investment in research and
development, training, and manufacturing
and distribution facilities. We have long
been known for products that exceed global
industry standards. Creating new products,
smarter products, products that solve real-
world problems, products that improve lives
and living conditions is the vision that drives
RWC’s strategy.
Our flagship line, SharkBite Push-to-Connect
(“PTC”) plumbing fittings and associated
accessories, continues to lead sales growth and
market penetration in the residential repair and
remodel markets, particularly in the Americas,
where our efforts to build brand awareness
and expand retail distribution are proving
quite successful.
The launch of the EvoPEX system, the first PTC
meter-to-fixture solution specifically optimised
for new construction, together with the Holdrite
product range of engineered solutions for the
plumbing and mechanical contractor markets,
are now driving penetration into the residential
and commercial new construction markets in
the USA.
By design, all RWC products are transformative
to traditional plumbing methods. SharkBite led
this concept in the USA starting in 2004. Now
with Holdrite, we expand to converting makeshift
methods into commercialised engineered
solutions, making plumbing installations faster
and easier, performance more reliable and the
tradesman’s tasks more efficient. Our goal is
to be the premier supplier of superior platforms
and product solutions for all “Behind the Wall”
plumbing requirements, from meter to fixture in
sectors that include not only residential repair
and maintenance but also in residential and
commercial new construction. We expect to
continue introducing these sector-changing
innovations as we expand market share
and penetration.
Customers
Of course, without our customers, we have no
business. Our beginnings, more than 60 years
ago in Australia, have seen multiple decade
relationships with world class performers such
as Reece and Rheem Australia. In 2017, we
celebrated the 15th anniversary of the acquisition
of Cash Acme which has seen the building of
relationships with leading names in the North
American plumbing industry, including A.O.
Smith, Bradford White, Ferguson, Ace Hardware
and Wolseley Canada. This year also marked
the 10th anniversary of supplying The Home
Depot, a commercial partnership that created a
powerhouse PTC fitting franchise in the big-box
retail channel. This year we are also delighted
to welcome Lowe’s to the SharkBite PTC family.
We are proud of these relationships and look
forward to developing them further in coming
years. Our long time and ongoing goal is to
always make RWC an easy company with which
to do business.
FY2017 Financial Review:
A continuous record of
strong annual growth1
Our record of strong annual growth continued
in FY2017 with outstanding financial results
achieved. Net sales2 grew by 12.6% compared
with pro forma FY20163, an impressive 2.4%
above Prospectus Forecast4. On a constant
currency basis, net sales2 increased by 17.2%
with local currency growth in all operating
segments. The Compound Annual Growth Rate
in net sales2 over the last 10 financial years
is 12%, an increase principally attributable to
continued expansion of the core SharkBite PTC
business in the Americas operating segment.
EBITDA5, EBIT5 and NPAT showed double digit
growth compared with pro forma FY20163 and
also exceeded Prospectus Forecasts4, reflecting
the combined benefits of strong growth in
net sales, careful procurement initiatives and
improvements in manufacturing efficiencies.
Increased selling, general and administrative
expenses in the second half, including costs to
support retail channel expansion activities in the
Americas and expensing of transaction costs
associated with the Holdrite acquisition, partiall
offset these results.
I look forward to providing shareholders with
further updates on our progress in products
and performance.
Heath Sharp
Chief Executive Officer

6 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESOPERATING AND FINANCIAL REVIEW
This Operating and Financial Review forms part of, and should be read in conjunction with, the statutory Directors’ Report for the year ended
Results for the financial year
Actual
FY2017
($m)
Pro Forma
FY20161
($m)
Variance
(%)
Prospectus
Forecast2
FY2017
($m)
Variance
(%)
Net sales 601.7 534.4 12.6 587.8 2.4
EBITDA3 120.7 99.1 21.8 117.7 2.5
EBIT3 101.3 82.7 22.5 97.8 3.6
Net profit after tax 65.6 52.1 25.9 62.6 4.8
Group Overview
RWC is a leader in the design, manufacture and supply of water flow and control products and solutions for use in “behind the wall” plumbing
clear number one manufacturer in the world of brass PTC plumbing fittings which are sold under our SharkBite brand. PTC replaces the tradit
intensive crimp and expansion PEX systems and copper solder fittings.
The SharkBite PTC business in North America is at the core of the RWC growth story and that business continued to deliver strong double dig
FY2017. RWC has continued its strategic focus on building awareness of SharkBite PTC fittings and associated accessories to drive sales grow
penetration. The majority of SharkBite PTC sales are in the defensive repair and maintenance and renovation end markets.
The launch of the EvoPEX PTC system into target markets late in 2016 began our penetration into the residential new construction sector in N
Penetration into this sector has been expanded following completion of the Holdrite acquisition. Holdrite also provides us with expansion into
construction market. Holdrite’s results have been consolidated from 12 June 2017 and are included in the Americas segment. Revenue and p
from Holdrite in FY2017 was minimal given the short period of inclusion.
RWC has 12 manufacturing facilities across Australia, New Zealand, the USA and Spain. Manufacturing of SharkBite SKUs for the Americas se
to be transitioned to Cullman, Alabama following the successful completion of the installation and commissioning of two new SharkBite PTC fi
cells at that facility during 2016. Holdrite products are manufactured at a facility in Tennessee, USA.
Group Results Review
Net sales for FY2017 of $601.7 million were 12.6% higher than for Pro Forma FY20161 (17.2% higher on a constant currency basis) and 2.4% ahead of
Prospectus Forecast2. The increase was driven principally through continued expansion of SharkBite PTC business in the Americas operating seg
including a sales benefit in the second half from the initial rollout of product to approximately half of Lowe’s 1,700+ stores in the USA. This w
by a decline in the AUD translated value of sales in the EMEA segment that was primarily due to a materially stronger AUD/GBP exchange rat
On a local currency basis, sales in the UK increased 7.5% on the prior year.
EBITDA was $120.7 million, an increase of 21.8% over Pro Forma FY20161 and 2.5% ahead of Prospectus Forecast2. This strong result reflects growth
in net sales combined with benefits of procurement initiatives and improved manufacturing efficiencies achieved during the year. Partially off
was increased SG&A spending in the second half to support retail channel expansion activities in the Americas together with expensing trans
associated with the Holdrite acquisition.
Net profit after tax (“NPAT”) was also ahead of Prospectus Forecast at $65.6 million, an increase of 25.9% over Pro Forma FY20161 and 4.8% ahead of
Prospectus Forecast.
Segment Review
Americas
Actual
FY2017
($m)
Pro Forma
FY20161
($m) Variance
Prospectus
Forecast2
FY2017
($m) Variance
Net sales4 435.3 365.0 19.3% 397.6 9.5%
EBITDA3 74.6 58.4 27.7% 69.3 7.6%
EBITDA margin 17.1% 16.0% +110 bps 17.4% -30 bps

7Annual Report 2017
The Americas segment delivered solid growth in net sales and EBITDA. Net sales for the year were $435.3 million4, an increase of 19.3% over Pro Forma
FY20161 (23.4% increase on a constant currency basis) and 9.5% ahead of Prospectus Forecast2. EBITDA contribution was $74.6 million, an increase of
27.7% over Pro Forma FY20161 and 7.6% ahead of Prospectus Forecast2. The Americas performance was driven by continued market penetration of S
products and execution of the retail channel strategy in the USA. Procurement and other ongoing cost saving initiatives also contributed t
improvement compared with Pro Forma FY2016. The EBITDA margin was slightly lower than Prospectus Forecast mainly as a result of exp
related transaction costs and set up costs incurred for the roll out to Lowe’s.
The segment enjoyed strong growth across all market sectors and product groups with continued investment in building awareness, expa
and educating end users about the efficiency and effectiveness of RWC’s core SharkBite products and solutions.
As noted at the half year result, we benefited from the impact of customers increasing their inventory levels in anticipation of potential fre
during the North American winter. No weather conditions which RWC would classify as a freeze event eventuated and, as a result, custom
their inventory levels during the second half consistent with what occurred in FY2016. Customers have returned to normal buying pattern
Asia Pacific
Actual
FY2017
($m)
Pro Forma
FY20161
($m) Variance
Prospectus
Forecast2
FY2017
($m) Variance
Net sales4 218.1 201.0 8.5% 209.8 4.0%
EBITDA3 47.5 39.3 20.9% 45.6 4.2%
EBITDA margin 21.8% 19.6% +220 bps 21.7% +10 bps
Asia Pacific delivered net sales of $218.1 million4, an increase of 8.5% over Pro Forma FY20161 and 4.0% ahead of Prospectus Forecast2. Growth was mainly
achieved from increased sales to the Americas. External sales saw demand from Wholesale customers partially offset by somewhat lower
channel.
EBITDA for the year was $47.5 million, an increase of 20.9% over the comparative period and 4.2% ahead of Prospectus Forecast2. Asia Pacific also achieved
savings from procurement activities, ongoing manufacturing efficiencies and other cost saving initiatives.
EBITDA margin for the year was 21.8%, up from 19.6% for Pro Forma FY2016 but below the 24.4% achieved in the first half of FY2017. Th
seasonality in the business, with production volumes increasing in the December half year period in preparation for the northern hemisph
the relatively higher cost of copper experienced in the second half. Production for the Lowe’s rollout helped the second half margin for As
EMEA
Actual
FY2017
($m)
Pro Forma
FY20161
($m) Variance
Prospectus
Forecast2
FY2017
($m) Variance
Net sales4 50.1 51.1 (2.0%) 67.2 (25.4%)
EBITDA3 0.5 3.8 (86.8%) 5.2 (90.4%)
EBITDA margin 1.0% 7.4% -640 bps 7.7% -670 bps
Net sales in EMEA were $50.1 million4, down 2.0% on Pro Forma FY20161 sales. Pleasingly, segment sales increased 19% in constant currencies with e
sales in the UK increasing by 7.5% in GBP. Uncertainty following Brexit adversely affected sales in the United Kingdom, particularly in the
the UK improved in the second half of the year. Demand from Wholesale customers, particularly for thermostatic products, remained stro
sales to OEM customers increased. A materially stronger AUD/GBP exchange rate impacted both the cost of goods sold and the translated
Spain continues to supply its PEX pipe product to Australia to meet external demand. Increased production capacity in the second half en
to support higher demand in local markets.
EBITDA in EMEA for the full year of $0.5 million declined slightly from $0.8 million at the half year. This reflects both the higher cost of goo
weakening of the GBP as well as a one-time non-cash expense of $1.0 million in the second half associated with restructuring and busines
initiatives in 2H FY2017 designed to position the UK business to better capitalise on its solutions-oriented value proposition to the market
Dividend
A fully franked final dividend for FY2017 of 3.0 cents per share has been declared. This takes the total dividend for FY2017 to 6.0 cents p
70%, which represents a NPAT payout ratio of 48%, within the targeted payout range of 40% to 60% stated in the Prospectus dated 18 Ap
date for dividend entitlement is 12 September 2017. The payment date is 10 October 2017. At the lower end of the targeted payout rang
dividends to continue to be fully franked for the foreseeable future.

8 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESOPERATING AND FINANCIAL REVIEW
Capital expenditure
Capital expenditure payments during FY2017 totalled $25.5 million, split between maintenance expenditure ($13.3 million) and growth capit
($12.2 million). The latter included acquisition of a property in Cullman, Alabama, which is presently being utilised as a warehouse / distribut
well as the fit out of a previously acquired facility at the site. Both were acquired to support growing demand and the need for additional man
warehousing space.
Following regular review of our capital plans, growth expenditure was also incurred to build additional capacity to meet expected future dem
additional fitting capacity in the USA and Australia and increased PEX production capacity in Spain.
Some growth capital expenditure originally planned for FY2019 has been brought forward to FY2018, driven by sales growth in core SharkBite
in the USA, which has resulted in a requirement to pay equipment deposits during FY2017 given the lead time of up to 12 months required by
manufacturers.
The current program of investment in capacity expansion to meet forecast growth in demand for SharkBite PTC and EvoPEX fittings as well as
expected to be substantially completed during FY2018. Capital expenditure for FY2018 is currently forecast at $35 million.
Cash Flow
Cash flow from Operations for the period was $71.9 million. EBITDA performance, along with continued active management of inventory, trad
trade creditors delivered a strong cash conversion result. This result was achieved despite the increase in inventory levels in 2H FY2017 in pr
second phase of the Lowe’s store rollout, which will take place in 1H FY2018. We expect inventory levels to reduce as that rollout occurs.
Balance Sheet
The balance sheet at 30 June 2017 continued to be in a strong position with liquidity to support further growth.
Net debt at 30 June 2017 was $235.4 million (30 June 2016 - $127.9 million). The increase over 30 June 2016 reflects additional borrowings o
to fund the Holdrite acquisition partially offset by net cash generated from operations during the year being used to reduce borrowings.
Net Debt, including the effect of the Holdrite funding, to EBITDA was 1.95 times as at 30 June 2017 (30 June 2016 - 1.29 times) and EBIT to ne
was 20.2 times (30 June 2016 - 13.1 times). EBITDA and EBIT reflect contributions from Holdrite only for the post-acquisition period from 12 J
30 June 2017.
Health and Safety
RWC places a strong emphasis on the health and safety of our workforce and is committed to providing a safe and healthy workplace for all e
and contractors. We aim for zero harm across the group. A robust health and safety management system is maintained which assists in the id
potential issues and hazards and the development of strategies and initiatives to mitigate the risk of harm. We have a good track record in m
preventing injuries.
Strategy and Business Development Activities
Overview
As noted in the Group Overview, RWC’s core brass PTC fittings have been the primary driver of growth and are likely to remain so over the co
particularly in the Americas. RWC plans to continue its strong focus on building awareness of the SharkBite PTC fittings and associated acces
sales growth and market penetration in the repair and re-model markets. Expansion into the residential and commercial new construction ma
will be driven by the EvoPEX and Holdrite products.
The Company also continues to pursue and invest in other adjacent growth opportunities. These include products and solution systems that h
in both the residential new construction and repair and remodel markets as well as the commercial construction market (to include large mul
developments as well as office, retail, education, hospitality, health care facilities and other institutions). Of particular interest are products o
that support growth in more than one area. These effective “platform enablers” could be ones we develop, acquire or partner to develop. Wh
link them all together is their focus on conveying, regulating, controlling, filtering and monitoring water from the source to the fixture in a reli
manner and increasing the ease and efficiency of installation.
Beyond product and system solutions the Company also continues to explore and evaluate opportunities to expand sales and distribution into
geographic markets. Focus remains on key markets in the UK and continental Europe, developed and developing markets in Asia, and select
Central or South America.
Growth opportunities in new products and/or geographies could be pursued organically, through acquisition or via joint venture partnership. A
or partnerships will need to deliver products complementary to our existing product range or provide access to new distribution channels and
evaluated against RWC’s business strategy and investment criteria.

9Annual Report 2017
New product development and innovation
Product development and innovation remain a key pillar of RWC’s growth strategy. Holdrite, with its strong innovation culture, has added
RWC’s already strong Research and Development team has been enhanced following the Holdrite acquisition and will continue to focus on
innovative engineered product solutions to solve the everyday problems of plumbers and contractors and facilitate professional and time
the residential and commercial new construction markets, while creating value for our distributors.
The team has been undertaking preliminary work on Connected Devices, in the context of application within the Internet of WaterTM (“IoW”TM) platform.
During the year, we acquired intellectual property specifically related to this field which has advanced our capabilities in flow monitoring
IoWTM infrastructure. In the mid-term, this is expected to yield a number of unique water usage monitoring products which are expected to
although these are not expected to deliver significant revenue until after FY2019. Longer term, this area of development raises the possib
advancements, in conjunction with our existing product range, to move towards “smart plumbing” systems.
USA Retail Distribution arrangements
In the second half of FY2017, we successfully completed the rollout of RWC’s full range of SharkBite Plumbing Solutions – PTC fittings, PTC
PEX pipe and crimp fittings – to approximately half of Lowe’s home improvement centres. The rollout added to our revenue for FY2017 alt
contribution also reflects the set up and training costs incurred in the rollout. The final phase of the rollout has commenced and will be co
first half of FY2018.
We continued to work with The Home Depot (“THD”) to deliver growth in their sales. THD’s buying followed the same pattern as prior per
June. During June, THD commenced the process of destocking RWC’s PEX pipe and crimp fittings in all but a small number of its stores wh
entire SharkBite Plumbing Solutions platform. THD continues to stock and support RWC’s SharkBite PTC fittings and accessories across its
stores, excluding a small number of outlets in one region. Implementation of these changes is consistent with our expectations advised at
year results announcement in February.
RWC remains committed to investing in and supporting all our distribution partners with industry leading solutions and service and a broa
for plumbers.
FY2018 Outlook
RWC currently expects FY2018 EBITDA to be in the range of $145 million to $150 million. This compares with EBITDA of $120.7 million in
will be driven by continued strong top line growth expected from ongoing expansion of the PTC business in the Americas, inclusion of a fu
results and ongoing growth and targeted opportunities to gain market share in Asia Pacific and EMEA. The forecast assumes, among other
general economic conditions are maintained, including in the geographies where RWC operates and no significant changes to current fore
exchange rates, particularly USD/AUD and GBP/AUD5. We have also assumed the copper price in FY2018 to be similar to prices experienced during
second half of FY2017 noting that we buy brass bar from our suppliers who in turn mainly use scrap brass in their production cycle (with s
machining being the largest constituent).
1. Pro forma unaudited results for the 12 months ended 30 June 2016 prepared on the same basis as set out in the Prospectus dated 18 April 2016. Compari
the Pro Forma FY2016 results as comparison with the FY2016 Statutory Period results is not considered meaningful. The FY2016 Statutory Period covered
incorporation of the Company on 19 February 2016 to 30 June 2016 with Australian trading operations consolidated from 6 April 2016 and non-Australian t
consolidated from 3 May 2016. The FY2016 Statutory Period results are presented in the 30 June 2017 Financial Report.
2. Forecast results presented in the Prospectus dated 18 April 2016.
3. Before significant items (including non-operating foreign exchange gains and losses) in Pro Forma FY2016.
4. Prior to elimination of inter-segment sales.
5. RWC traditionally does not hedge foreign currency exposures. Unfavourable rate movements may erode the translated value of results in the Americas an

10 Reliance Worldwide Corporation Limited
CORPORATE GOVERNANCE STATEMENT
The Board of Directors is responsible for the overall corporate governance of Reliance Worldwide Corporation Limited (“the Company”) and it
entities (together “the Group”). The Board monitors the operational and financial position and performance of the Group and oversees its bus
including approving the strategic objectives, plans and budgets of the Group. The Board is committed to optimising performance and building
value for shareholders. In conducting business with these objectives, the Board seeks to ensure that the Group is properly managed to protec
shareholder interests and that the Group, its Directors, officers and personnel operate in an appropriate environment of corporate governanc
Board has created a framework for managing the Group, including adopting relevant internal controls, risk management processes and corpo
policies and practices that it believes are appropriate for the Group’s business and that are designed to promote responsible management an
the Group.
The Australian Securities Exchange (“ASX”) Corporate Governance Council has developed and released its Corporate Governance Principles a
Recommendations 3rd edition (“ASX Recommendations”) for entities listed on the ASX in order to promote investor confidence and to assist
meet stakeholder expectations. This Corporate Governance Statement outlines the key aspects of the Company’s governance framework and
practices which are consistent with the ASX Recommendations unless stated otherwise.
Details of the key policies and practices and the charters for the Board and each of its Committees are available on the Company’s website a
This statement has been approved by the Board of Reliance Worldwide Corporation Limited and is current at 28 September 2017.
Board and management
The Board has adopted a written charter to provide a framework for its effective operation. The Board Charter sets out details of the Board’s
role and responsibilities, the expected relationship and interaction between the Board and management, details of the responsibilities and fu
reserved to the Board and those authorities which can be delegated by the Board to management and Board Committees. A copy of the char
viewed on the Company’s website.
The Board’s role is to:
• represent and serve the interests of shareholders by overseeing and appraising the Group’s strategies, policies and performance. This inc
overseeing the financial and human resources the Group has in place to meet its objectives and reviewing management performance;
• protect and optimise Group performance and build sustainable value for shareholders in accordance with any duties and obligations impo
by law and the Company’s Constitution and within a framework of prudent and effective controls that enable risk to be assessed and man
• set, review and ensure compliance with the Company’s values and governance framework (including establishing and observing high ethi
and
• ensure shareholders are kept informed of the Group’s performance and major developments affecting its state of affairs.
The management function is delegated by the Board to the CEO (and to other officers to whom the management function is properly delegate
A delegation of authority document has been approved by the Board. Management must supply the Board with information in a form, timefra
that will enable the Board to discharge its duties effectively. Directors are entitled to request additional information at any time when they co
Appointment of Directors
The Company has a formal agreement in place with each Director setting out the terms of their appointment. Directors have rights of access
Company documents, management and Company advisors to assist in the performance of their duties.
The process for selecting directors for appointment to the Board is overseen by the Nomination and Remuneration Committee. The Nominatio
Remuneration Committee undertakes appropriate checks on any potential candidates before a person is appointed by the Board or put forwa
shareholders as a candidate for election as a director. The Company provides shareholders with all material information in its possession rele
on whether or not to elect or re-elect a director. This information is provided in the notice for the Annual General Meeting. Once appointed, th
and Remuneration Committee oversees processes to support a director’s induction and ongoing professional development and training oppo
Ongoing professional development and training activities for directors may include visits to operational facilities, new product demonstration
development team and management presentations.
The Board collectively and each Director individually has the right to seek independent professional advice at the Company’s expense subjec
of the Chairman or the Board as a whole.
Structure of the Board and Director independence
The composition of the Board at the date of this report is:
Jonathan Munz, Chairman
Heath Sharp, Managing Director and Chief Executive Officer
Russell Chenu, Independent, Non-executive Director
Stuart Crosby, Independent, Non-executive Director
Ross Dobinson, Independent, Non-executive Director

11Annual Report 2017
Details of the experience, qualifications and length of service of each current director are set out in the Directors’ Report.
The Board comprises a majority of independent directors. A director is considered to be independent where he or she is independent of m
free of any business or other relationship which could materially interfere with, or could reasonably be perceived to interfere with, the ex
and independent judgement. The Board Charter sets out guidelines to assist in considering the independence of Directors and the Board h
definition of independence that is based on box 2.3 in the ASX Recommendations. The Board will consider the materiality of any given rel
by-case basis. The Board reviews the independence of each Non-Executive Director in light of information disclosed to it.
The Board considers that each of Russell Chenu, Stuart Crosby and Ross Dobinson are independent for the purposes of the ASX Recomme
Jonathan Munz is not considered to be an independent director as entities associated with the Munz family are substantial holders of the C
ordinary shares. However, the Board considers that Mr. Munz is the most appropriate person to lead the Board as Chairman because of hi
unparalleled knowledge of the Company and its markets, growth prospects and management structure developed from a 30 year involve
Group’s business. Heath Sharp is not independent as he is an executive.
Board skills and experience
The Board seeks to have a mix of skills, personal attributes and experience amongst its members which is appropriate for the requiremen
and to maximise its effectiveness in meeting its responsibilities for corporate governance and oversight. The current Board composition p
necessary experience and skills to meet the Company’s current needs. This includes relevant business and industry experience, financial
and corporate governance knowledge. The skills matrix below sets out the mix of skills and diversity that the Board currently has and is lo
its membership.
Strategic priorities/areas Skills matrix
Industry experience • Industry and market experience
• Workplace health and safety
• Understanding of manufacturing technology
requirements and product development and
innovation
Growth & financial management • Business strategy, including identification of risks
and opportunities
• Global experience relevant to the Group’s
operations and expansion plans
• Financial acumen and reporting
• Debt and equity capital markets
Governance • Board experience, including listed companies
• Corporate governance and regulatory
compliance
• Social responsibility and sustainability
• Remuneration and human resources
• Succession planning
The Board is committed to reviewing the performance of non-executive directors and the Board as a whole. Annually, the Board, with the
the Nomination and Remuneration Committee, undertakes a performance evaluation of individual directors, Board Committees, the CEO a
itself. A formal review was undertaken during June 2017 which took the form of a questionnaire seeking written feedback from each of the
the effectiveness and performance of the Board and its Committees. Analysis of the data indicates that the Board and Committees are co
operating effectively.
Committees of the Board
The Board has established the following Committees to assist in discharging its responsibilities:
• Audit and Risk Committee
• Nomination and Remuneration Committee
Each Committee is governed by a Board approved charter setting out its duties and responsibilities. Copies of each charter can be viewed
Company’s website.
Each Committee is chaired by an independent director, comprises three members all of whom are Non-Executive Directors and comprises
independent directors. Details of the relevant qualifications and experience of the members of each Committee, the number of times eac
throughout the reporting period and the attendance of each Committee member at those meetings are set out in the Directors’ Report.
The members of each Committee at the date of this report are:
Audit and Risk Committee
• Russell Chenu (chair);
• Ross Dobinson; and
• Jonathan Munz.

12 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESCORPORATE GOVERNANCE STATEMENT
Nomination and Remuneration Committee
• Stuart Crosby (chair);
• Ross Dobinson; and
• Jonathan Munz.
The Audit and Risk Committee’s responsibilities include:
• overseeing the Company’s relationship with the external auditor and the external audit function generally;
• overseeing the Company’s internal audit function generally;
• overseeing the preparation of the financial statements and reports;
• overseeing the Company’s financial controls and systems; and
• managing the process of identification and management of risk.
The responsibilities of the Nomination and Remuneration Committee include:
• reviewing and recommending to the Board remuneration and employment arrangements for the CEO and the Non-Executive Directors;
• reviewing and approving remuneration and employment arrangements for the CEO’s direct reports;
• overseeing the operation of the Company’s employee equity incentive plans and recommending to the Board whether offers are to be ma
all of the Company’s employee equity incentive plans in respect of a financial year;
• approving the appointment of remuneration consultants for the purposes of the Corporations Act;
• reviewing and recommending to the Board the Remuneration Report prepared in accordance with the Corporations Act for inclusion in the
Report;
• reviewing and facilitating shareholder and other stakeholder engagement in relation to the Company’s remuneration policies and practice
• assisting the Board in developing a Board skills matrix;
• reviewing and recommending to the Board the size and composition of the Board including reviewing Board succession plans;
• reviewing and recommending to the Board the criteria for nomination as a Director and the membership of the Board more generally;
• assisting the Board in relation to the performance evaluation of the Board, its Committees and individual Directors;
• ensuring that processes are in place to support Director induction and ongoing education and regularly reviewing the effectiveness of the
• in accordance with the Diversity Policy, reviewing the measurable objectives for achieving gender diversity set by the Board o
recommending any changes to the Board; and
• on an annual basis, reviewing the relative proportion of women and men on the Board, in senior executive positions and in the workforce
Group.
Company Secretary
The Company Secretary is accountable directly to the Board, through the Chairman, on all matters to do with the proper functioning of the Bo
Company Secretary is responsible for coordination of all Board and Committee business, including agendas, meeting papers, minutes, comm
regulatory bodies and the ASX, and all statutory and other filings. The Company Secretary also supports the Board and its Committees on gov
in conjunction with senior executives. All Directors have direct access to the Company Secretary.
Diversity
The Company recognises that people are its most important asset and is committed to the maintenance and promotion of workplace diversit
the Company’s ability to attract, retain, motivate and develop the best talent, create an engaged workforce, deliver the highest quality servic
and continue to grow the business. The Board has formally approved a Diversity Policy in order to address the representation of women in se
positions and on the Board and to actively facilitate a more diverse and representative management and leadership structure. The policy set
in which the Company’s diversity strategies will aim to achieve the objectives of the policy. A copy of the policy is available on the Company’
www.rwc.com.
The Diversity Policy includes requirements for the Board to set measurable objectives for achieving gender diversity and to assess annually b
and the Company’s progress in achieving them. The Company’s vision for diversity incorporates a number of different factors, including gend
disability, age and educational experience.
The Board, through the Nomination and Remuneration Committee, continues to have a focus on achieving a balanced representation of wom
roles and on the Board over a reasonable transition period following the Initial Public Offering of the Company in 2016. This includes a proces
assessment and recruitment of female representation on the Board.

13Annual Report 2017
The Company has submitted its Workplace Gender Equality Public Report in respect of its Australian operations in compliance with the W
Equality Act 2012 (Cth). A copy can be viewed at www.wgea.gov.au. The group’s total number of employees at 30 June 2017 was 1,147 o
were women. Women are in professional and support roles across all departments.
Measurable Diversity Objectives
The following table sets out approved diversity objectives for 2017, key plans for achieving those objectives and progress to date towards
plans. These plans and objectives will continue to be pursued during the 2018 financial year.
Objectives Plans Progress to date
Promote a culture of diversity, inclusion
and opportunity
• Continuing focus on increasing female
representation at Board and senior management
level.
• Introduce an annual engagement survey to
give all employees the opportunity to provide
feedback on issues and potential barriers to
diversity.
• Consider documenting a formal workplace level
diversity policy.
• Consider establishing a diversity council to focus
on developing a strong pipeline of diverse talent
• Introduce appropriate education and
development programs to raise knowledge
and understanding of the benefits of diversity
practices.
• A process of active assessment and recruitment
of female representation on the Board has
commenced.
• Pay equity review commenced.
• Researching appropriate online training program
for employees to undertake.
• Considering how best to introduce a survey and
what form it should take.
• Establishment of a diversity council remains
under consideration.
Recruitment and selection processes
to seek out candidates from diverse
backgrounds
• Promote RWC as a diverse employer with an
inclusive culture.
• Develop inclusive recruiting practices.
• A review is expected to commence before the
end of 2017 to determine if any enhancements
are required to the way in which the Group
promotes itself as an employer or to recruitment
practices.
Provide flexible work practices • Review the paid parental leave policies for each
country.
• Track the percentage of females taking parental
leave that return to work.
• Continue developing policies supporting
and implementing defined flexible working
arrangements.
• Reviewing policies in USA and Australia. Other
countries to follow.
• Assessing return to work statistics.
• Policy handbooks are periodically reviewed.
Act ethically and responsibly
The Board recognises the need to observe the highest standards of ethics, integrity and behaviour. Accordingly, the Board has adopted a
Conduct which outlines how the Company expects its senior executives, employees and Directors to behave during the course of their em
with employees, suppliers and customers. Business must be conducted honestly and ethically, applying best skills and judgment, and for
customers, employees, shareholders and the Company alike. The key aspects of this Code are to:
• comply with all Company and Group policies, procedures, rules and regulations;
• be honest and fair in dealings with customers, clients, co-workers, Group management and the general public;
• protect from unauthorised use any information, records or other materials acquired during the course of employment with the Group;
• respect the Group’s ownership of assets and property.
A copy of the Code of Conduct is available on the Company’s website. The key aspects of this code are reflected in policy handbooks prov
employees.
In addition to the Code of Conduct, the Board has approved governance policies to guide expectations for behaviour, actions and commer
These include a Continuous Disclosure Policy, External Audit Policy, Non-Audit Services Policy, Diversity Policy and a Securities Dealing Po

14 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESCORPORATE GOVERNANCE STATEMENT
External Auditor
The Company’s external auditor, KPMG, was appointed in 2016. KPMG is invited to all meetings of the Audit and Risk Committee and receives
each meeting. KPMG attends the Company’s Annual General Meeting and is available to answer questions from shareholders relevant to the
audit and the preparation and content of the auditor’s report.
The Company has an approved External Audit Policy which governs the appointment and assessment of the external auditor, auditor indepen
rotation of the audit partner. The Company has also adopted a policy on non-audit services which may be provided by the external auditor. K
from providing services which would create a real or perceived threat to audit independence. The Audit and Risk Committee monitors compli
policy with delegated authority for approving certain non-audit services up to specified limits given to the Global Chief Financial Officer.
KPMG provides an independence declaration which is included in the Directors’ Report issued with each annual and half year financial report
states KPMG’s view that it has not contravened auditor independence requirements set out in the Corporations Act 2001 or any applicable pr
of conduct in relation to the audit.
Continuous Disclosure obligations
The Company has adopted a Continuous Disclosure Policy which sets out procedures aimed at ensuring the Company fulfils its obligations in
timely disclosure of material price-sensitive information. The Company has an obligation to keep the market fully informed of any information
of concerning the Company which may have a material effect on the price or value of the Company’s securities, subject to certain exceptions
Continuous Disclosure Policy is available on the Company’s website.
A Disclosure Committee has been formed to oversee and monitor compliance with the Continuous Disclosure Policy. The Disclosure Committ
the Chairman, Chief Executive Officer, Global Chief Financial Officer and the Company Secretary. Responsibilities of the Disclosure Committe
• ensuring the Company complies with its continuous disclosure requirements;
• reviewing information which is brought to its attention to determine if there is a disclosable matter and, if so, whether any Listing Rule no
exception applies;
• overseeing and coordinating disclosure of information to the ASX, analysts, brokers, shareholders, the media and the public;
• establishing and maintaining the Company’s disclosure policies and procedures and ensuring that there is an adequate system in place fo
of all material information to the ASX and other authorities in a timely fashion; and
• educating management and staff on the Company’s disclosure policies and procedures.
Communicating with Shareholders
The Company aims to communicate all important information relating to its shareholders in a timely manner. The Company also recognises t
investors and other interested stakeholders may wish to obtain information about the Company from time to time. To achieve this, the Comp
information through a range of forums and publications, including the Company’s corporate website, shareholder meetings, ASX announceme
reports and presentations. The Company also has in place an investor relations program to facilitate two-way communication with investors.
for communicating with shareholders and other parties is documented in the Continuous Disclosure Policy. Shareholders have an option to re
communications electronically by providing relevant details to the Company’s share registry. The website also contains a facility for sharehol
questions to the Company.
The Board encourages the attendance and participation of shareholders at general meetings. Notices of meetings, including proposed resolut
issued in advance of meetings in accordance with legal requirements and allow for shareholders to send written questions to the Company’s
where applicable.
Recognising and managing risk
The Audit and Risk Committee assists the Board with and makes recommendations on matters relating to risk management responsibilities. T
primary role with respect to risk management and compliance is to review and report to the Board that:
• adequate policies and processes have been designed and implemented to manage identified risks;
• a regular program of audits is undertaken to test the adequacy of and compliance with prescribed policies; and
• proper remedial action is undertaken to redress areas of weakness.
The Company’s risk management framework is reviewed at least annually by the Committee to satisfy itself that the framework continues to
Management is responsible for the development and implementation of effective risk management and internal compliance and control syste
risk management policies adopted by the Board. This includes having robust processes in place to identify and then manage key business ris
of the risk framework commenced during 2017 and is continuing with progress reports being presented to the Audit and Risk Committee for c
The Board receives a written declaration from the CEO and CFO prior to approving the Company’s financial statements for a reporting period
includes statements from the CEO and the CFO that, in their opinion, the financial records have been properly maintained and the financial st
with appropriate accounting standards and give a true and fair view of the financial position and performance of the entity and that the opini
formed on the basis of a sound system of risk management and internal control which is operating effectively in all material respects.

15Annual Report 2017
Internal Audit
An internal audit function has been established to evaluate and provide recommendations to improve the effectiveness of the Company’s
internal control and governance processes. Internal audit functions are provided by internal resources with assistance from an independe
appointed provider where considered appropriate. The head of the internal audit function has direct access to the Chairman of the Audit a
and provides reports to the Committee on progress and achievements against an approved internal audit work program.
Economic, environmental and social sustainability risks
Economic sustainability risks
The Group is exposed to economic sustainability risks associated with its business activities. Details of key economic sustainability risks a
managed are discussed in the Material Business Risks section of the Directors’ Report for the year ended 30 June 2017.
Environmental and social sustainability risks
The Group has exposure to environmental and social sustainability risks. Manufacturing operations primarily involve brass forging and ma
extrusion, plastic moulding and product assembly. The manufacture of the Group’s products involve heavy machinery and hazardous pro
be an incident or accident at a facility that results in serious injury or damage to property, which in turn may result in a penalty being imp
authority, an interruption of manufacturing operations, a worker’s compensation claim, a work health and safety claim or a claim for dam
events may not be covered by insurance or may exceed insured limits. They may also adversely impact business reputation. Any such oc
therefore adversely impact the Group’s operations and profitability. The Group seeks to manage and minimise the impact of these risks th
safety initiatives along with operational and product initiatives.
Historically, the environmental impact of these processes has been minimal and the Company believes it meets current environmental st
respects. Manufacturing operations have to date not been significantly affected by environmental laws and regulations.
The Group’s operations and properties are subject to environmental protection laws and regulations, including those regulating air emissi
discharges, waste management and disposal and workplace safety. If the Group were to breach or otherwise fail to comply with any such
the cost of curing a breach or resolving associated enforcement actions initiated by government authorities could be substantial and may
the Group’s profit in a given reporting period. The Group adopts appropriate risk management and internal control processes to minimise
these laws and regulations. The Company believes that it operates its business in compliance with all regulatory and government requirem
environmental, health and safety, workplace and related regulations. The Group carries out required procedures with the aim of ensuring
applicable safety and product performance regulations.
Operational initiatives undertaken by the Group in recent years include:
• working with equipment manufacturers to introduce more efficient production processes into next generation machinery;
• installation of LED lighting at manufacturing facilities and solar panels in some locations;
• focusing on recycling of unused raw materials to reduce wastage. For example, brass swarf is collected and returned to our suppliers t
new bars;
• recycling programs introduced to reduce landfill. These programs include use of shrink-wrapping and cardboard recycling;
• implementing water recycling in assembly applications to reduce energy costs; and
• identifying better ways to ship products to reduce the number of deliveries leading to less transportation requirements and lower gree
From a product perspective, the Group continues to develop and refine products that will mitigate potential water damage and wasted wa
costs and enable more effective and efficient installation and product operation. The Group invests extensively in research and developm
in Australia and the USA to achieve these aims. The new Streamlabs products are being developed specifically to mitigate water damage
Holdrite’s range includes products which save substantial water consumption and reduce noise and acoustics in pipe systems.
The Group also actively participates in local communities and aims to support social issues and causes identified by its employees. Comm
occurs through corporate donations, sponsorships, fund raising and employee participation.
Remuneration
Details of the Company’s key remuneration policies and practices, director and executive remuneration and employment terms of execut
Personnel are discussed in the annual Remuneration Report. Details of the Company’s long term incentive plan, which provides for equity
are also set out in the Remuneration Report. The performance of Key Management Personnel and other senior executives has been subje
evaluation during the 2017 fiscal year. Discussions have been held with the executives.
Dealing in Securities
The Securities Dealing Policy is intended to explain the types of conduct in relation to dealings in securities that are prohibited by law and
for the buying and selling of securities that protect the Company, Directors and employees against the misuse of unpublished information
affect the price or value of the Company’s securities. The policy sets out when and how dealing in the Company’s securities may or may n
received by senior executives under the long term incentive plan cannot be hedged prior to vesting. A copy of the policy is available on th

16 Reliance Worldwide Corporation Limited
For the year ended 30 June 2017
DIRECTORS’ REPORT
The Directors present their report together with the Financial Report comprising Reliance Worldwide Corporation Limited (“the Company” or
controlled entities (together “the Group”) for the financial year ended 30 June 2017 and the Auditor’s report thereon.
The following sections, which are presented separately, form part of and are to be read in conjunction with this Directors’ Report:
• Operating and Financial Review; and
• Remuneration Report.
Directors
The Directors of the Company at any time during or since the end of the financial year were:
Appointed
Jonathan Munz (Chairman) 19 February 2016
Heath Sharp (Chief Executive Officer and Managing Director) 19 February 2016
Russell Chenu 11 April 2016
Stuart Crosby 11 April 2016
Ross Dobinson 11 April 2016
Details of the experience and qualifications of Directors in office at the date of this report are:
Jonathan Munz
Chairman
Member of Audit and Risk Committee
Member of Nomination and Remuneration Committee
Mr. Munz has had an involvement with the Group for almost 30 years, dating back to the acquisition of the original Australian business Relian
Company by his family in 1986. Mr. Munz has strongly supported the management team and its vision to grow the business from a small Aus
to a substantial international business. This includes strategic initiatives, such as the Group’s highly successful entry into the USA market in t
well as the ongoing success of its SharkBite brand and products.
Mr. Munz’s strong commercial and legal background has also enabled him to play a leading role in the various bolt-on acquisitions that have
by the Group over the years. He holds law and economics degrees from Monash University and remains a director of his family corporation, G
retains a large investment in Reliance.
Other listed company directorships in the past 3 years: None
Heath Sharp
Chief Executive Officer and Managing Director
Mr. Sharp joined the Group in 1990 as a Design Engineer in the Brisbane based Product Development team. He has worked in each internatio
the business throughout his career, holding senior management positions in Engineering, Product Management, Sales and Operations. He was
General Manager of the Cash Acme facility in Alabama following its acquisition in 2002. He returned to lead the Australian division in late 200
Group operation at the time. Mr Sharp moved back to the USA in 2007 to re-join the US business and steer its rapid growth in Reliance’s large
Mr. Sharp held the roles of President of the USA business and global Chief Operating Officer prior to his current role as Chief Executive Office
a Bachelor of Mechanical Engineering degree from the University of Southern Queensland.
Other listed company directorships in the past 3 years: None
Russell Chenu
Independent Non-Executive Director
Chairman of Audit and Risk Committee
Mr. Chenu is an experienced corporate and finance executive who has held senior finance and management positions with a number of ASX l
His most recent role was Chief Financial Officer of ASX listed James Hardie Industries plc from 2004 to 2013. He is currently a Director of Jam
Industries plc, CIMIC Group Limited and Metro Performance Glass Limited.
Mr. Chenu holds a Bachelor of Commerce from the University of Melbourne and an MBA from Macquarie Graduate School of Management, Au
Other listed company directorships in the past 3 years:
CIMIC Group Limited (since June 2014)
James Hardie Industries plc (since August 2014)
Metro Performance Glass Limited (since July 2014)

17Annual Report 2017
Stuart Crosby
Independent Non-Executive Director
Chairman of Nomination and Remuneration Committee
Mr. Crosby was the Chief Executive Officer and President of Computershare Limited for nearly eight years until June 2014. Mr. Crosby pre
of senior executive positions across the Computershare business. These included Head of Strategic Business Development in Europe and
the Asia Pacific region and Chief Operating Officer. Prior to joining Computershare, Mr. Crosby worked for the Australian National Compan
Commission, the Hong Kong Securities and Futures Commission and at ASX Limited. Mr. Crosby is Chairman of AMES Australia.
Other listed company directorships in the past 3 years: None
Ross Dobinson
Independent Non-Executive Director
Member of Audit and Risk Committee
Member of Nomination and Remuneration Committee
Mr. Dobinson has a background in venture capital and investment banking and is currently the Managing Director of TSL Group Ltd. He is
CEO and current Non-Executive Chairman of ASX listed Acrux Limited. Mr. Dobinson was previously a director of ASX listed companies St
Limited and Roc Oil Company Limited, a former Chairman of ASX listed TPI Enterprises Limited and a former Director of Racing Victoria Li
Mr. Dobinson holds a Bachelor of Business (Accounting) from the Queensland University of Technology.
Other listed company directorships in the past 3 years:
Acrux Limited (since 1998)
TPI Enterprises Limited (until June 2015)
Company Secretary
David Neufeld
Mr. Neufeld has been the Company Secretary since April 2016. He has worked in chartered accounting and corporate organisations for ov
over 10 years experience as Company Secretary and Chief Financial Officer of ASX listed companies. Mr. Neufeld has extensive experienc
management reporting, corporate compliance, governance and risk management, audit and business acquisitions and divestments. He ho
of Commerce (Honours) degree from The University of Melbourne and is a member of Chartered Accountants - Australia & New Zealand a
Institute of Company Directors.
Director Meetings
The number of Board meetings and meetings of Board Committees held and the number of meetings attended by each of the Directors of
during the financial year are listed below.
Director Board Meetings
Audit and Risk Committee
Meetings
Nomination and
Remuneration Committee
Meetings
Held1 Attended1 Held1 Attended1 Held1 Attended1
Russell Chenu 7 7 6 6 - -
Stuart Crosby 7 7 - - 3 3
Ross Dobinson 7 7 6 6 3 3
Jonathan Munz 7 7 6 6 3 3
Heath Sharp 7 7 - - - -
1. Number of meetings held and attended during the period the Director was a member of the Board or Committee.
Directors who are not members of Board Committees have a standing invitation to attend Committee meetings and do attend from time t
table only reflects attendance at Committee meetings by members of the relevant Committees.
Environmental Regulation and Performance
The Group’s manufacturing operations have to date not been significantly affected by environmental laws and regulations. Environmental
sustainability are core to the Group’s operations and important to its strategy. The Group seeks to minimise the impact of its operations o
through initiatives such as minimising waste by recycling production materials. The Group’s manufacturing operations primarily involve b
machining, PEX extrusion, plastic moulding and product assembly. Historically, the environmental impact of these processes has been mi
believes it meets current environmental standards in all material respects.

18 Reliance Worldwide Corporation Limited
DIRECTORS’ REPORT
For the year ended 30 June 2017
Principal Activities
The principal activities of the Group are the design, manufacture and supply of high quality, reliable and premium branded water flow and co
solutions for the plumbing industry.
Significant Changes in the State of Affairs
The Group acquired all of the issued shares of Securus, Inc. (trading as HOLDRITE) for a purchase consideration of US$92.5 million (subject to
closing adjustments) with completion occurring on 12 June 2017. The acquisition was funded from the Company’s borrowing facilities with ex
The available limits under these facilities were increased in June 2017 by $A100 million to $A350 million. Further details are provided in the O
Financial Review.
There were no other significant changes in the affairs of the Group during the financial period.
Comparative figures in Financial Statements
Comparative figures shown in the Consolidated Statement of Profit or Loss and Other Comprehensive Income, Consolidated Statement of Cha
Consolidated Statement of Cashflows and associated Notes to the Financial Statements are for the period from the date of incorporation of th
(19 February 2016) to 30 June 2016.
Material Business Risks
Set out in the following table is:
• a summary of specific material business risks which could impact upon Reliance’s ability to achieve its business objectives and/or its finan
position; and
• management plans to mitigate against each risk.
The list is provided in no particular order and is not exhaustive.
Risk Description Management plans
Reliance is exposed to changes
in general economic conditions,
legislation and regulation which
may impact activity in Reliance’s
end-markets.
• Reliance’s financial performance is largely
dependent on activity in the residential and
commercial repair and renovation and new
construction end-markets. Activities in these
end-markets are impacted by changes in general
economic conditions and to legislation and
regulation (including plumbing codes). Activities
in the repair end-market may also be impacted by
extreme weather events.
• A prolonged downturn in general economic
conditions either globally or in any geographic region
in which Reliance operates may therefore impact
demand for plumbing services in the residential
and commercial repair and renovation and new
construction end-markets, thereby decreasing
demand for Reliance’s products and services.
• Any such downturn may have a material adverse
impact on Reliance’s operations and financial results.
• Processes in place to be able to respond to
changes in conditions and adjust production,
delivery and raw materials purchasing requirements
as well as manage operating and overhead costs as
considered necessary and appropriate.
Loss of customer risk • There can be no guarantee that key customers will
continue to purchase the same or similar quantities
of Reliance’s products as they have historically.
Competition, including the price of competing
products relative to Reliance’s products, could
impact upon customer orders.
• The loss of any of Reliance’s key customers or
a significant reduction in the volume of products
purchased by one or more key customers may
adversely impact Reliance’s financial performance.
• Continuing focus on differentiated products and
solutions as well as customer service.
• Investment in research and development to provide
innovative products and remain the supplier of
choice.
• Continue business expansion and sales activity to
diversify the customer base.

19Annual Report 2017
Risk Description Management plans
Foreign currency risk • Reliance’s results are impacted by exchange rate
movements.
• Furthermore, as Reliance expands globally, it will
be exposed to additional currencies and a higher
proportion of its net sales, profitability, cash flows and
financial position will be affected by exchange rate
movements.
• Reliance does not typically hedge its foreign
exchange exposures. Reliance currently benefits
from a partial “natural hedge” against key currency
movements as Australia’s sales to the USA are
denominated in US dollars and the majority of raw
materials and components purchased by Australia
for use in production for the USA are denominated in
US dollars.
Events affecting manufacturing or
delivery capability
• The equipment and management systems
necessary for the operation of Reliance’s
manufacturing facilities may break down, perform
poorly, fail, or be impacted by a fire or major weather
event (such as a snow storm, tornado, cyclone or
flood), resulting in manufacturing delays, increased
manufacturing costs or an inability to meet customer
demand.
• Events could also arise which impact upon
Reliance’s ability to ship and deliver product from its
facilities in a timely manner.
• Any significant or sustained interruption to Reliance’s
manufacturing or delivery processes, may adversely
impact Reliance’s net sales and profitability.
• Manufacturing facilities are at various locations
thereby reducing the impact on total production
output if an adverse event occurs at another of the
sites.
• Reliance has established long term machine
maintenance support programs with key suppliers.
• Reliance carries stores of key maintenance spare
parts to support timely R&M.
• Investment in high quality machinery and extensive
operator training to enable machine/operator
substitution in the event of machinery breakdown.
• Safety hazard training undertaken and appropriate
onsite procedures in place.
• Business interruption insurance in place.
Materials supply and price risk • Any adverse change in Reliance’s ability to procure
raw materials, a material increase in the cost of
raw materials or any increase in indirect production
input costs of such raw materials, would result in an
increase in Reliance’s overall costs and if Reliance
is unable to pass on such cost increases to its
customers, could thereby reduce the Company’s
profitability.
• Reliance aims to have appropriate agreements in
place with major suppliers.
• Active management of procurement processes.
• Continuing program to “dual source” key materials
and components to enable price verification and
reduce risk of supplier concentration.
• Reliance periodically benchmarks prices for key
material/product supply.
Impact of product recalls, product
liability claims or claims against
Reliance where a product has not
been correctly installed by a third
party.
• Reliance is exposed to the risk of product recalls and
product liability claims where a defect in a product
sold or supplied by Reliance or incorrectly installed
by a third party contractor could result in, results in
or is alleged to have resulted in, personal injury or
property damage.
• Continuing investment in production technology
and quality control processes to minimise the risk of
product defects.
• Reliance maintains rigorous quality assurance
accreditation in all of its manufacturing/distribution
locations. These quality systems are regularly
audited by external third parties.
• Investment in training of professional contractors on
correct installation and use of products.
• Appropriate insurance policies.
Key personnel risk • Reliance’s success depends on the continued
active participation of its key personnel.
• If Reliance were to lose any of its key personnel or if
it were unable to employ additional or replacement
personnel, its operations and financial results could
be adversely affected.
• Reliance seeks to employ high quality personnel
who are remunerated by market competitive
arrangements.
• Historically, there is a good record of retaining key
staff.
Cyber security • Technological advancements and risks of cyber-
crime can impact the integrity of Reliance’s IT
systems and make them vulnerable to attack if
appropriate security measures are not in place.
• IT security policies and recovery plans in place.
• Ongoing system monitoring and testing, including
review of security protocols.
• Appropriate insurance policies.
• Alerts and reminders sent to employees.

20 Reliance Worldwide Corporation Limited
DIRECTORS’ REPORT
For the year ended 30 June 2017
Dividends
The Company declared an interim dividend of 3.0 cents per share which was paid on 31 March 2017. The interim dividend was franked to 40
Since the end of the financial year, the Directors have resolved to declare a fully franked final dividend for the 2017 financial year of 3.0 cent
to eligible shareholders on 10 October 2017. The record date for entitlement to the dividend is 12 September 2017.
The total dividend for FY2017 is 6.0 cents per share franked to 70%. No dividends for the 2016 financial period were proposed or declared.
The Company does not have a dividend reinvestment plan.
Events subsequent to reporting date
The Directors are not aware of any matter or circumstance that has occurred since the end of the financial year that has significantly affected
affect the operations of the Group, the results of those operations or the state of affairs of the Group in subsequent financial periods which ha
covered in this report or the financial statements.
Likely Developments and Prospects
Details of likely developments for the Group and prospects for future financial periods are contained in the Operating and Financial Review.
Share Options
Details of options granted under the Company’s Equity Incentive Plan are set out in the Remuneration Report. No other share options have be
the Company at the date of this report.
Directors’ interests
Details of Directors’ interests in the Company’s issued securities are set out in the Remuneration Report.
Indemnification and Insurance of Officers
The Company’s Constitution provides that the Company may indemnify any current or former Director, Secretary or executive officer of the C
a subsidiary of the Company out of the property of the Company against every liability incurred by a person in that capacity whether civil or
administrative or investigatory nature in which the person becomes involved because of that capacity.
In accordance with the provisions of the Corporations Act 2001, the Company has a Directors’ and Officers’ Liability policy which covers all p
future Directors, Secretaries and executive officers of the Company and its controlled entities. The terms of the policy specifically prohibit di
of the amount of the insurance cover and the premium paid.
The indemnification and insurances are limited to the extent permitted by law.
Audit and Non-Audit Services
Fees paid or payable by the Group for services provided by KPMG, the Company’s auditor, during the financial year were:
2017
$
KPMG Australia
Audit services 177,000
Other assurance and non-audit services
• Due diligence 22,500
• Tax compliance 79,500
• Other assurance services 25,000
• Other services 15,000
Total remuneration paid to KPMG Australia 319,000
Overseas KPMG offices
• Due diligence 313,159
• Other services 22,722
Total remuneration paid to overseas KPMG offices 335,881
Total remuneration to KPMG 654,881

21Annual Report 2017
The Directors, in accordance with advice from the Audit and Risk Committee which has considered the non-audit services provided by KP
financial year, are satisfied that the provision of those non-audit services is compatible with the general standard of independence for aud
Corporations Act 2001, and did not compromise the auditor independence requirements of the Corporations Act 2001, for the following re
• All non-audit services were subject to the corporate governance procedures adopted by the Company and have been reviewed by the
Committee to ensure they do not impact the integrity and objectivity of the auditor; and
• The non-audit services provided do not undermine the general principles relating to auditor independence as set out in APES110 - Cod
Professional Accountants, as they did not involve reviewing or auditing the auditor’s own work, acting in a management or decision-m
the Company, acting as an advocate for the Company or jointly sharing risks and rewards.
Lead auditor’s independence declaration under Section 307C of the Corporations Act
The lead auditor’s independence declaration set out on page 32 forms part of this Directors’ Report.
Rounding off
In accordance with the Australian Securities and Investments Commission Corporations (Rounding in Financial / Directors’ Reports) Instru
values are rounded to the nearest thousand dollars, unless otherwise stated. Where an amount is $500 or less the amount is rounded to z
otherwise stated.
This report is made in accordance with a resolution of the Directors.
Jonathan Munz Heath Sharp
Chairman Chief Executive Officer and Managing Director
Melbourne
28 August 2017

22 Reliance Worldwide Corporation Limited
IMPORTANT NOTICES
For the year ended 30 June 2017 (audited)
IMPORTANT NOTICESREMUNERATION REPORT
(a) Introduction
The Directors present the Remuneration Report of the Group for the financial year ended 30 June 2017 (“FY2017”). The Remuneration Repor
Directors’ Report and has been audited in accordance with the requirements of the Corporations Act 2001 (Cth).
The Remuneration Report sets out remuneration arrangements for the Key Management Personnel (“KMP”) of the Group for the reporting per
Australian Accounting Standards, the term KMP refers to directors (both non-executive directors and executive directors) and those persons h
authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly.
All KMP held their positions for the entire period covered by this report unless otherwise stated. The KMP for the year ended 30 June 2017 we
Name Executive Position
Non-Executive Directors
Jonathan Munz, Chairman
Russell Chenu
Stuart Crosby
Ross Dobinson
Senior Executives
Heath Sharp Managing Director and Chief Executive Officer (“CEO”)
Gerry Bollman Global Chief Financial Officer (from 5 December 2016)
Terry Scott Global Chief Financial Officer (until 5 December 2016)1
1. Mr. Scott ceased to be Global Chief Financial Officer on 5 December 2016. Mr. Scott continued with the Group in a full time Senior Executive role through to 3
Remuneration details for Mr. Scott have been provided for the entire reporting period as he was still considered to be KMP.
For the remainder of this Remuneration Report, KMP are referred to as either Non–Executive Directors or Senior Executives as set out in the a
Prior period comparative information covers the period from the Company’s listing on the Australian Securities Exchange (“ASX”) on 29 April
30 June 2016.
(b) Remuneration framework and governance
The Board believes that the Company’s success depends upon the performance of all employees and that remuneration policies should be st
deliver positive benefits for employees, the Company and shareholders.
The Nomination and Remuneration Committee is responsible for reviewing and recommending to the Board the remuneration arrangements
CEO’s direct reports, the Chairman and Non-Executive Directors. The Committee also oversees the operation of the Company’s Equity Incent
and makes recommendations to the Board about whether or not offers are to be made under the Plan.
In discharging its responsibilities, the Nomination and Remuneration Committee must have regard to the following policy objectives:
• remuneration structures are to be equitable and aligned with the long term interests of the Company and its shareholders and have regar
Company policies;
• attract and retain skilled executives; and
• structure short term and long term incentives that are challenging and linked to the creation of sustainable shareholder returns.
The Nomination and Remuneration Committee comprises only Non-Executive Directors and is chaired by an independent Director. The Comm
available on the Company’s website at www.rwc.com and further information regarding the Committee is set out in the Corporate Governanc
Remuneration consultants and other advisors
To assist in performing its duties and in making recommendations to the Board, the Nomination and Remuneration Committee from time to t
seek independent advice from remuneration consultants and other advisors on various remuneration related matters. Remuneration consulta
advisors are required to engage directly with the Chairman of the Nomination and Remuneration Committee as the first point of contact. No r
recommendations relating to KMP remuneration were received from remuneration consultants or other advisors during the reporting period.

23Annual Report 2017
Review of remuneration strategy
During the 2017 financial year, the Nomination and Remuneration Committee focused on:
• reviewing the mix of fixed and incentive components applicable to Senior Executive remuneration arrangements and remuneration ar
other executives;
• determining appropriate equity based compensation arrangements with a view to expanding participation by Senior Executives in the
• introducing standard terms into employment agreements for executives across the Group.
In the 2018 financial year, the Nomination and Remuneration Committee intends to:
• continue reviewing remuneration arrangements of executives, including the balance of fixed and incentive components, with the aim o
competitive remuneration packages to attract and retain high calibre executives;
• have a focus on ‘at risk’ incentive arrangements being appropriately aligned with business strategies and outcomes; and
• oversee a project being implemented by management in connection with a review of pay equity.
(c) Principles used to determine the nature and amount of remuneration
Non-Executive Director remuneration
In order to maintain director independence, the remuneration of Non-Executive Directors is not linked to Company performance and is co
Directors’ fees (including applicable superannuation). In addition, any changes to the maximum aggregate amount available to remunera
Directors must be approved by shareholders.
The Company’s remuneration policy for Non-Executive Directors aims to ensure that the Company can attract and retain suitably qualifie
Non-Executive Directors having regard to:
• the level of fees paid to non-executive directors of other major Australian companies;
• the size and complexity of the Company’s operations; and
• the responsibilities and work requirements of Board members.
Senior Executive remuneration
The Board, through the Nomination and Remuneration Committee, is responsible for designing and reviewing remuneration policies which
remuneration of executives with the long term interests of shareholders. Remuneration packages for Senior Executives are set to properly
Executive’s duties and responsibilities and to be competitive in attracting, retaining and motivating appropriately qualified and experienc
managing the Company’s operations and achieving the Company’s business objectives. Remuneration arrangements will be regularly rev
various factors, including key performance objectives, an appraisal process and relevant comparable information.
Senior Executive remuneration packages comprise fixed remuneration, represented by a base salary and contributions to superannuation
as applicable, and may also include cash bonuses awarded at the discretion of the Company as a short term incentive (“STI”) and/or ‘at r
incentives (“LTI”).
During the reporting period, the remuneration mix for Senior Executives was:
Senior Executive Fixed remuneration (%) STI (%) LTI (%)
Heath Sharp 36.3 55.1 8.6
Gerry Bollman 55.9 11.7 32.5
Terry Scott 82.0 18.0 -
The percentage of ‘at risk’ LTI assumes all applicable performance conditions are achieved in full. Details of Senior Executive remuneratio
section (l) below.
Company performance
The following table shows the financial performance of the Group during the financial year ended 30 June 2017. It is not possible to addre
requirement that the Company provides a five-year discussion of the link between performance and reward in this Remuneration Report a
been listed since April 2016.

24 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESREMUNERATION REPORT
For the year ended 30 June 2017 (audited)
Key performance indicators FY2017 FY20161
Sales revenue $601.7 million $98.3 million
Net profit before tax $96.3 million $0.8 million
Net profit (loss) after tax $65.6 million ($1.6) million
Share price at beginning of year $3.09 $2.872
Share price at end of year $3.34 $3.09
Dividends per share 6.0 cents -
Basic earnings (loss) per share 12.5 cents (0.30) cents
Diluted earnings (loss) per share 12.4 cents (0.30) cents
1. Prior period comparative information covers the period from the Company’s IPO on 29 April 2016 through to 30 June 2016.
2. The share price disclosed as being at the beginning of the year in FY2016 was the share price on listing (29 April 2016).
The Company’s share price experienced an increase of 8.1% during FY2017 and an increase of 16.4% from listing to 30 June 2017. Shares iss
the initial public offering had an issue price of $2.50 so that the closing share price at 30 June 2017 represented a 33.6% premium to that iss
(30 June 2016 – 23.6%). A maiden interim dividend of 3.0 cents per share franked to 40% was paid to eligible shareholders on 31 March 2017
has declared a fully franked final dividend for the year ended 30 June 2017 of 3.0 cents per share. The total dividend for FY2017 is 6.0 cents
represents 48% of NPAT and is consistent with the target payout ratio contained in the Prospectus dated 18 April 2016. Senior Executives we
term incentive in recognition of this strong performance and delivering returns to shareholders. Further details are set out in section (e) below
(d) Non-Executive Directors’ fees and arrangements
The Board, in accordance with the terms of the Company’s Constitution, has determined the remuneration to which each Non- Executive Dire
services as a Director. The total aggregate amount provided to all Non-Executive Directors for their services as Directors in any financial year
the amount fixed by the Company in a general meeting. This maximum aggregate amount is presently fixed at $1.0 million.
The annual base Non-Executive Directors’ fees agreed to be paid by the Company to each Non-Executive Director except the Chairman is $1
(including applicable superannuation and committee fees). The fees payable to Non-Executive Directors may be reviewed and amended in fu
Mr. Munz has waived his entitlement to any Non-Executive Director and committee fees for the initial three years following the Company’s lis
Any Non–Executive Director who performs extra services, makes any special exertions for the benefit of the Company or who otherwise perfo
which, in the opinion of the Board, are outside the scope of the ordinary duties of a Non-Executive Director, may, as determined by the Board
for those services out of funds of the Company. No such fees were paid or are payable for the reporting period. Non-Executive Directors may
reimbursed for travel and other expenses incurred in attending to the Company’s affairs, including attending and returning from general mee
Company or meetings of the Board or committees of the Board.
There are no retirement benefit schemes for Non-Executive Directors other than applicable statutory superannuation contributions.
(e) Senior Executive remuneration structure
Fixed Remuneration
The terms of employment for the Senior Executives contain:
• a fixed annual remuneration component comprising base salary and applicable superannuation/pension fund contributions; and
• other approved benefits (which may include items such as motor vehicles, mobile phone, travel allowances and health cover).
Senior Executives are offered competitive fixed remuneration which is reviewed in accordance with the terms of the Senior Executive’s Servi
ensure remuneration is competitive with the market and meets the responsibilities of the position.

25Annual Report 2017
Short term incentive
Under the Company’s STI plan, bonuses may be awarded to Senior Executives at the discretion of the Board. In determining if a cash bon
consideration is given to achievement of agreed key performance objectives, the overall performance of the Group and/or relevant divisio
The Nomination and Remuneration Committee reviews and makes recommendations to the Board as to whether or not a STI entitlement
eligible Senior Executives.
Details of cash bonuses awarded to Senior Executives for FY2017 are set out in the remuneration table in section (l). The bonuses will be
quarter of FY2018. No bonuses were paid or payable to Senior Executives by the Group in respect of the FY2016 reporting period.
The STI bonuses awarded to the Senior Executives recognise their performance in leading the Group during its successful first full year sin
ASX, including the expansion of the retail distribution network for SharkBite PTC in the USA and the acquisition of Holdrite. The Company
performance during FY2017 as reflected in the financial results and positive shareholder returns. With regard to the CEO, the Nomination
Committee also took into account that his existing LTI has a longer vesting period than is usual. The Board, other than Mr. Sharp who abst
himself, agreed with the recommendations of the Nomination and Remuneration Committee.
Long term incentive
The Company established the Equity Incentive Plan to assist in the motivation, retention and reward of eligible employees. The Plan is des
interests of employees with the interests of shareholders by providing an opportunity for eligible employees to receive an equity interest
The Plan provides flexibility for the Company to grant rights, options and/or restricted shares as incentives, subject to the terms of individ
satisfaction of performance conditions determined by the Board from time to time.
Mr. Bollman was the only KMP to receive a grant under the Plan in FY2017. A summary of the terms of the grants made to Mr. Bollman are
As disclosed in the Company’s Prospectus and the 2016 Annual Report, Mr. Sharp was granted 4,000,000 Options as his LTI grant shortly
shares listed on the ASX. Those Options have a performance period commencing on the date of the Company’s listing (29 April 2016) unt
None of those Options will vest unless Mr Sharp remains employed by the Group until 30 June 2022. In addition to the service period hurd
subject to two performance conditions as follows:
• 30% of the Options were subject to a net profit after tax (“NPAT”) performance condition based on the Company meeting or exceedin
forecast for the year ended 30 June 2017 of $62.6 million, as stated in the Prospectus dated 18 April 2016. This condition has now bee
• 70% of the Options are subject to a relative total shareholder return (“TSR”) performance condition, which compares the TSR perform
since listing with the TSR performance of each of the entities in the S&P ASX200 Index (excluding mining and energy companies) over
29 April 2016 to 30 June 2021. The TSR performance conditions are the same as set out in the table below.
Further information and details on the terms of the Options granted to Mr. Sharp can be found in the Company’s FY2016 Remuneration Re
determined that the CEO will not receive an LTI award for FY2017 as he has significant LTI equity arrangements which remain ‘at risk’ and
of vesting conditions until 30 June 2022.
Further details of Options held by Senior Executives are set out in section (i).
LTI Options Grant made to Gerry Bollman, Global Chief Financial Officer (“CFO”) in FY2017
Type of award The CFO’s LTI award was delivered in the form of 1,307,190 options. Each option entitles the CFO to acq
an ordinary share in the Company subject to meeting specific vesting conditions and payment of an exe
price of $3.06 per Option (“Options”). The Options were granted at no cost to the CFO as they form part
remuneration.
Performance Period Five years from the date of commencement of employment (5 December 2016).

26 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESREMUNERATION REPORT
For the year ended 30 June 2017 (audited)
Vesting conditions The Options will vest and become exercisable subject to the satisfaction of a service period hurdle and a pe
condition.
The Board considers these vesting conditions to be an appropriate combination of stretch financial hurdles d
linked to Company performance and reflecting shareholder interests; and as a mechanism which assists in t
retention of the CFO.
1. Service period hurdle
None of the Options will vest unless the CFO remains employed by the Group at the expiration of 5 years fro
date of commencement of employment (5 December 2016).
2. Performance condition
In addition to the service period hurdle, the Options are subject to a relative total shareholder return (“TSR”
performance condition, which compares the TSR performance of the Company since listing with the TSR
performance of each of the entities in the S&P ASX200 Index (excluding mining and energy companies) ove
period from 29 April 2016 to 30 June 2021 (“TSR Hurdle”). The TSR Hurdle measurement period aligns with
granted to other Senior Executives.
The percentage of Options that vest in relation to the TSR Hurdle, if any, will be determined by reference to
following vesting schedule:
Relative TSR Ranking % of Options that vest subject to the TSR Hurdle
Below 50th percentile Nil
50th percentile 50%
Between 50th and 75th percentile Pro rata straight line vesting between 50% to 100%
75th percentile or above 100%
The number of Options that vest and become exercisable (if any) will be determined shortly after the end o
Performance Period. Any Options that remain unvested will lapse immediately.
Relative TSR measures the performance of an ordinary share in the Company (including the value of any ca
dividend and any other shareholder benefits paid during the period) against total shareholder return perform
of constituents of the S&P ASX200 Index (excluding mining and energy companies), over the same period. R
TSR has been chosen because, in the opinion of the Board, it provides the most direct link to shareholder re
No reward is achieved unless the Company’s TSR is higher than the median of this comparator group. The s
point for measuring the Company’s TSR performance is the $2.50 issue price for the shares issued under th
Prospectus.
Process for assessing the
vesting conditions
Relative TSR performance will be independently assessed against a peer group comprising constituents of t
ASX 200 Index (excluding mining and energy companies) in accordance with pre-determined TSR methodol
No retesting is permitted.
The service condition will be satisfied if the CFO remains employed by the Group at the expiration of 5 year
the date of commencement of employment (5 December 2016).
Exercise of Options The Options will vest and become exercisable if the relevant vesting conditions have been met. The CFO ma
exercise any vested Options until 5 December 2024. After 5 December 2024, any unexercised Options will
Voting and dividend rights Options do not carry any voting or dividend rights prior to vesting and exercise.

27Annual Report 2017
Cessation of employment If the CFO ceases employment within the first twelve months of his employment (or is under notice), all
lapse unless the Board determines otherwise.
Where the CFO ceases employment after the first 12 months from the date of commencing employment
• the employer terminates without cause (with notice given after the initial 12 month employment peri
• the CFO terminates for good reason (with notice given after the initial 12 month employment period),
then a pro rata number of unvested Options will vest and become exercisable based on the relevant par
service period hurdle achieved and will apply subject to the TSR Hurdle to the date notice is given havin
Where:
• the employer terminates the CFO’s employment for cause; or
• the CFO terminates without good reason after the first twelve months of his employment but before t
service period hurdle,
the CFO will forfeit all rights to Options unless the Board determines otherwise.
If employment ceases by reason of death or disability then the Board shall at its discretion vest the Opti
in part.
Change of control Where there is likely to be a change of control, the Board has the discretion to accelerate vesting of som
the Options. If an actual change of control occurs before the Board exercises its discretion, a pro-rata po
Options (equal to the portion of the relevant Performance Period that has elapsed up to the change of co
vest. The Board retains a discretion to determine whether the remaining unvested Options will vest or la
(f) Sign-on grant of restricted shares
Mr. Bollman (“CFO”) was appointed the Global Chief Financial Officer on 5 December 2016. On commencement of his employment with th
offered 680,272 restricted shares under the Plan. The offer was made in recognition of incentives forgone from his previous employer, to
with the interest of shareholders and with other executives from a performance and reward perspective.
There is a vesting condition which requires the CFO to remain employed by the Group until the expiration of 5 years from the date of com
employment (5 December 2016). Continued service was chosen as a vesting condition as it reflects the need to retain Mr. Bollman as CFO
period of growth and expansion and to encourage stability at the Senior Executive level. The CFO cannot deal in the restricted shares unt
is satisfied. The CFO does not have any voting or dividend rights prior to vesting. The restricted shares will be awarded at no cost to Mr. B
If the CFO ceases employment within the first twelve months of his employment (or is under notice) the restricted shares will be forfeited
determines otherwise.
If the CFO ceases employment after the first 12 months of his employment and either:
• the employer terminates without cause (with notice given after the initial 12 month employment period); or
• the CFO terminates for good reason (with notice given after the initial 12 month employment period),
the CFO will be entitled to a pro rata portion of the restricted shares based on the length of his period of service and the restrictions attac
shares will cease.
The CFO will forfeit all rights to his restricted shares grant unless the Board determines otherwise where:
• the employer terminates the CFO’s employment for cause; or
• the CFO terminates without good reason after the first twelve months of his employment but before the end of the service period.
The Board has discretion to vest all or some of the restricted shares if the CFO ceases employment due to death or disability.
During FY2017, no restricted shares vested or were forfeited. If the minimum vesting condition is not met, the minimum possible value of
The maximum possible value of the grant is $2.0 million based on a price of $2.94 per share, being the closing share price for the Compa
calculation date (1 November 2016).

28 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESREMUNERATION REPORT
For the year ended 30 June 2017 (audited)
(g) Service Agreements of Senior Executives
Employment and remuneration arrangements of the Senior Executives are formalised in written service agreements between the Senior Exec
member of the Group. The key terms and conditions of the employment contracts of the Senior Executives are set out below. The remunerat
were set after having regard to arrangements for comparable companies considered by size, industry and geography.
Heath Sharp, Managing Director and Chief Executive Officer
Term Mr. Sharp is employed by Reliance Worldwide Corporation (a company in the Group which carries on operat
the USA) for an initial period of four years from the date of listing (29 April 2016). Thereafter, one year rollin
unless either party provides 90 days notice of non-renewal.
Notice Termination by the employer
• Mr. Sharp’s employment may be terminated by the employer without cause (excluding due to death or d
upon giving 90 days’ written notice; and
• may be terminated by the employer for cause at any time.
Termination by Heath Sharp
• Mr. Sharp may terminate his employment with good reason upon giving 90 days written notice and allow
subsequent cure period.
• Where he terminates without good reason, 12 months written notice is required to be provided.
Termination payments • Where Mr Sharp’s employment is terminated by the employer without cause, he is entitled to 24 months
severance pay (inclusive of any notice period), plus accrued entitlements. He is also eligible for a pro ra
for the days he was employed during the fiscal year and payment of health insurance premiums.
• Where the employer provides notice of non-renewal, he is entitled to his accrued entitlements and 12 m
severance pay. He is also eligible for a pro rata bonus for the days he was employed during the fiscal ye
payment of health insurance premiums during the period of severance pay.
• Where Mr. Sharp provides notice of non-renewal, he is entitled to receive his accrued entitlements (excl
any earned but unpaid performance bonus) and continuation of applicable welfare and health benefits
entitlements.
Restraint Mr. Sharp employment agreement contains a restraint of trade, which operates for a maximum period of 24
following cessation of employment.
Gerry Bollman, Global Chief Financial Officer (from 5 December 2016)
Term Mr. Bollman is employed by Reliance Worldwide Corporation (a company in the Group which carries on oper
in the USA). His employment agreement contains no fixed term.
Notice Termination by the employer
• Mr. Bollman’s employment may be terminated by the employer without cause upon giving three months
notice; and
• may be terminated by the employer for cause at any time.
Termination by Gerry Bollman
• Mr. Bollman may terminate his employment with good reason upon giving the employer written notice w
days of an event occurring and allowing a subsequent cure period.
• Where he terminates his employment agreement without good reason, three months written notice need
provided.

29Annual Report 2017
Termination payments • Where Mr. Bollman’s employment is terminated by the employer without cause or by him for good re
entitled to:
• no severance payments if the employment agreement is terminated in the first year of employme
• 6 months severance pay where notice is given after the first year of employment and before the
employment; and
• 12 months severance pay if notice is given after commencement of the fifth year of employment
He will also receive payment of accrued entitlements and remain eligible for a pro rata bonus for the
was employed during the applicable fiscal year, and payment of health insurance premiums.
• Where his employment is terminated due to death or disability, he is entitled to accrued entitlement
any earned but unpaid performance bonus), he remains eligible for a pro rata bonus for the days he
employed during the applicable fiscal year and to a continuation of applicable welfare and health be
entitlements.
• Where the employment agreement is terminated by the employer for cause or by Mr. Bollman withou
reason, then the employer shall have no further payment obligations other than for accrued entitlem
(excluding any earned but unpaid performance bonus) and continuation of applicable welfare and he
benefits entitlements.
Restraint Mr. Bollman’s employment agreement contains a restraint of trade, which operates for a maximum perio
12 months following cessation of employment.
Terry Scott, Senior Global Executive
Mr. Scott ceased to be Global Chief Financial Officer on 5 December 2016. Mr. Scott continued with the Group in a full time Senior Execut
30 June 2017.
Term Two years from 29 April 2016.
Notice Termination by the Company
• Mr. Scott employment may be terminated without cause by the Company upon giving three months
notice; and
• may also be terminated by the Company without notice in certain circumstances including serious m
Termination by Terry Scott
• Mr. Scott agreed not to give notice during the term of his employment agreement.
Termination payments The Company had discretion to make a payment in lieu of part or all of the notice period. No such paym
been made.
Restraint Mr. Scott’s employment agreement contains a restraint of trade, which operates for a maximum period
following cessation of employment.
The Corporations Act restricts the termination benefits that can be provided to KMP on cessation of their employment, unless shareholder
The shareholders of the Company and of Reliance Worldwide Corporation, as applicable, have approved the giving of benefits to all curre
members of KMP in connection with that person ceasing to hold a managerial or executive office (as defined in section 200AA of the Corp
Company or a related body corporate.

30 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESREMUNERATION REPORT
For the year ended 30 June 2017 (audited)
(h) Options granted to Senior Executives during FY2017
Details of the Options granted during the reporting period are set out below.
Senior
Executive
Number
granted Grant date Vesting date Grant price
Fair value
per Option at
Grant date1
Aggregate
fair value of
Options at
Grant date1
Exercise price
per Option Expiry date
Gerry Bollman 1,307,190 12 Dec 2016 5 Dec 2021 $nil $0.74 $967,321 $3.06 5 Dec 2024
1. Based on an independent valuation which used the Black Scholes model.
(i) Movements in Options held by Senior Executives
The following table sets out the movement during the reporting period of Options held by each Senior Executive (including their related partie
Options vested or were forfeited during the reporting period and none of the Options are presently capable of being exercised
Name
Balance
at 1 July
2016
Granted
during the
year number
Granted
during
the year
$ value1
Vested
number
Vested
$ value
Exercised
number
Exercised
$ value
Lapsed
number
Lapsed
$ value
%
Lapsed/
Forfeited
Balance
at
30 June
2017
Heath Sharp 4,000,000 – – – – – – – – – 4,000,000
Gerry Bollman – 1,307,190 967,321 – – – – – – – 1,307,190
Terry Scott – – – – – – – – – – –
1. The value of Options granted is the fair value assessed using the Black Scholes model and prepared as at the relevant Grant date.
(j) KMP shareholdings
Movements in the number of shares held by Non-Executive Directors and Senior Executives directly, indirectly (through personally related en
during the reporting period are set out below.
Name
Held at
1 July 2016
Received as
remuneration
Received on
exercise of Options Other net change1
Held at
30 June 2017
Jonathan Munz 157,500,000 – – – 157,500,000
Russell Chenu 40,000 – – 20,000 60,0002
Stuart Crosby 100,000 – – – 100,0002
Ross Dobinson 20,000 – – – 20,0002
Heath Sharp 800,000 – – – 800,000
Gerry Bollman3 – – – – –
Terry Scott 640,000 – – – 640,000
1. Includes the purchase (sale) of shares during the reporting period.
2. Includes 20,000 shares received in April 2016 under specific arrangements for Non-Executive Directors in connection with the IPO, as stated in the Prospectus
3. Mr. Bollman has been offered 680,272 restricted shares as detailed in section (f).
(k) Other statutory disclosures
Material contracts with Related Parties
The Company and GSA Industries Pty Ltd, a wholly owned subsidiary of GSA Group and an entity associated with Jonathan Munz, have entere
facilities and services agreement dated 3 March 2016 (“Shared Services Agreement”) under which the Company will share premises with GS
Melbourne and be permitted to use certain facilities such as office space and car parking and will have signage rights. The initial term of the S
Agreement is two years (which may be renewed by either party by giving six months notice to the other party). The Company pays an annua
(plus GST) to GSA Industries Pty Ltd for the use of these facilities and services. The Shared Services Agreement came into effect from the dat
Company’s listing on the ASX. The Shared Services Agreement is on terms that are more favorable to the Company than arm’s length terms.
There were no other material contracts between a KMP or a related party and the Company or any of its subsidiaries entered into during the
Loans with KMP
No KMP has entered into a loan made, guaranteed or secured, directly or indirectly, with or by the Company or any of its subsidiaries during t

31Annual Report 2017
(l) KMP remuneration
Details of the remuneration of each member of KMP are set out below. The table includes the statutory disclosures required under the Co
in accordance with Australian Accounting Standards. All figures are in Australian dollars and relate to the period of the year in which the p
Short Term Post-employment
Other
long term
statutory
benefits
Termination
benefits
Share based
payments Total
Cash
salary &
fees
$
STI cash
bonus
$
Non-
monetary
benefits
$
Other
short
term
benefits
$
Super-
annuation
or
pension
plan
benefits
$
Other
Post
employ-
ment $
Long
service
leave
$ $ Shares
$ Options
$ $
Non-Executive
Directors
Jonathan Munz1 FY2017 – – – – – – – – – – –
FY20165 – – – – – – – – – – –
Russell Chenu FY2017 109,590 – – – 10,410 – – – – – 120,000
FY20165 18,265 – – – 1,735 – – – – – 20,000
Stuart Crosby FY2017 109,590 – – – 10,410 – – – – – 120,000
FY20165 18,265 – – – 1,735 – – – – – 20,000
Ross Dobinson FY2017 120,000 – – – – – – – – – 120,000
FY20165 20,000 – – – – – – – – – 20,000
Senior
Executives
Heath Sharp2 FY2017 1,472,944 2,500,000148,877 13,433 14,329 – – – – 390,168 4,539,751
FY20165 235,405 – 39,168 2,328 – – – – – 65,027 341,928
Gerry Bollman3 FY2017 535,818 135,465 97,560 5,677 10,757 – – – 266,667 110,774 1,162,718
FY20165 – – – – – – – – – – –
Terry Scott4 FY2017 800,000 195,100 – 45,957 19,620 – 23,347 – – – 1,084,024
FY20165 145,122 – – – 3,218 – 2,501 – – – 150,841
Total FY2017 3,147,942 2,830,565246,437 65,067 65,526 – 23,347 – 266,667 500,942 7,146,493
FY20165 437,057 – 39,168 2,328 6,688 – 2,501 – – 65,027 552,769
1. Mr. Munz has waived his entitlement to any Non-Executive Director or committee fees for the initial three years following the Company’s listing on the ASX
2. Annual fixed remuneration of US$1,150,000 plus benefits, including pension plan contributions.
3. Annual fixed remuneration of US$700,000 plus benefits, including pension plan contributions. No comparative figures are shown for Gerry Bollman as he c
on 5 December 2016. Mr. Bollman’s annual fixed remuneration will increase to US$800,000 plus benefits by no later than 1 July 2018 under the terms of h
4. Annual fixed remuneration of $800,000, including superannuation and any approved benefits.
5. FY2016 comparative information covers the period from the Company’s listing on the Australian Securities Exchange on 29 April 2016 through to 30 June 2

32 Reliance Worldwide Corporation Limited
IMPORTANT NOTICES
KPMG, an Australian partnership and a member firm of the KPMG
Lead Auditor’s Independence Declara
Section 307C of the Corporations Act
To the Directors of Reliance Worldwide Corporation Limited
I declare that, to the best of my knowledge and belief, in relation to the audit of Reliance Worldwide
Corporation Limited for the financial year ended 30 June 2017 there have been:
i. no contraventions of the auditor independence requirements as set out in the
Corporations Act 2001 in relation to the audit; and
ii. no contraventions of any applicable code of professional conduct in relation to the audit.
KPMG
Paul J McDonald
Partner
Melbourne
28 August 2017
KPM_INI_01
PAR_SIG_01 PAR_NAM_01 PAR_POS_01 PAR_DAT_01 PAR_CIT_01
KPMG, an Australian partnership and a member firm of the KPMG
network of independent member firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss entity.
Liability limited by a scheme approved under
Profession Standards Legislation.
Independent Auditor’s Report
To the shareholders of Reliance Worldwide Corporation Limited
Report on the audit of the Financial Report
Opinion
We have audited the Financial Report of
Reliance Worldwide Corporation Limited
(the Company).
In our opinion, the accompanying Financial
Report of the Group is in accordance with
the Corporations Act 2001, including:
• giving a true and fair view of the
Group’s financial position as at 30
June 2017 and of its financial
performance for the year ended on
that date; and
• complying with Australian Accounting
Standards and the Corporations
Regulations 2001.
The Financial Report comprises:
• Consolidated statement of financial position as at 30
June 2017;
• Consolidated statement of profit or loss and other
comprehensive income, consolidated statement of
changes in equity, andconsolidated statement of
cash flows for the year then ended;
• Notes including a summary of significant accounting
policies; and
• Directors’ Declaration.
The Group consists of Reliance Worldwide Corporation
Limited (the Company) and the entities it controlled at th
year end and from time to time during the financial year.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. We believe that the au
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Our responsibilities under those standards are further described in the Auditor’s responsibilities fo
audit of the Financial Report section of our report.
We are independent of the Group in accordance with the Corporations Act 2001 and the
requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Eth
for Professional Accountants (the Code) that are relevant to our audit of the Financial Report in Au
We have fulfilled our other ethical responsibilities in accordance with the Code.

33Annual Report 2017
IMPORTANT NOTICESCONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the year ended 30 June 2017
Note
2017
$000
20161
$000
Revenue from sale of goods 601,693 98,290
Cost of sales (349,471) (59,411)
Gross profit 252,222 38,879
Other income 353 520
Product development expenses (11,428) (1,990)
Selling, warehouse and marketing expenses (86,597) (14,887)
Administration expenses (52,103) (8,189)
Other expenses 4 (1,149) (12,545)
Operating profit 101,298 1,788
Finance income 5 50 39
Finance costs 5 (5,061) (988)
Net finance costs (5,011) (949)
Profit before tax 96,287 839
Income tax expense 7 (30,675) (2,437)
Profit / (Loss) for the period attributable to the Owners of the Company 65,612 (1,598)
Other Comprehensive profit / (loss)
Items that may be classified to profit or loss:
Foreign currency translation differences (1,509) (3,269)
Total comprehensive profit / (loss) for the period attributable to the Owners
of the Company 64,103 (4,867)
Earnings per share cents cents
Basic earnings / (loss) per share attributable to ordinary equity holders 6 12.5 (0.30)
Diluted earnings / (loss) per share attributable to ordinary equity holders 6 12.4 (0.30)
1. Comparative figures shown in the Consolidated Statement of Profit or Loss and Other Comprehensive Income, Consolidated Statement of Changes in Equi
Statement of Cash Flows and associated Notes to the Financial Statements are for the period from the date of incorporation of the Company (19 February
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanyi

34 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESCONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 June 2017
Note
2017
$000
2016
$000
Assets
Current assets
Cash and cash equivalents 17 34,996 35,648
Trade and other receivables 8 109,727 94,964
Inventories 9 162,422 119,109
Other current assets 6,771 4,655
Total Current Assets 313,916 254,376
Non-Current
Property, plant and equipment 10 111,509 107,835
Deferred tax assets 7 18,292 15,056
Goodwill and unidentified other intangible assets 11 96,284 44,570
Other intangible assets 12 59,786 1,238
Total Non-Current Assets 285,871 168,699
Total Assets 599,787 423,075
Liabilities
Current liabilities
Bank overdraft 14 9,403 –
Trade and other payables 13 97,910 64,762
Borrowings 14 423 446
Current tax liabilities 4,333 169
Employee benefits 15 5,833 4,355
Total Current Liabilities 117,902 69,732
Non-Current Liabilities
Borrowings 14 260,539 163,123
Deferred tax liabilities 7 12,516 18,402
Employee benefits 15 4,084 4,831
Total Non-Current Liabilities 277,139 186,356
Total Liabilities 395,041 256,088
Net Assets 204,746 166,987
Equity
Share capital 18 1,261,371 1,272,732
Reserves 20 (1,104,889) (1,104,147)
Retained earnings / (accumulated losses) 48,264 (1,598)
Total Equity 204,746 166,987
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.

35Annual Report 2017
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2017
Note
Share
Capital
$000
Foreign
Currency
Translation
Reserve
$000
Merger
Reserve
$000
Share based
Payment
Reserve
$000
(Accumulated
Losses)/
Retained
Profits
$000
Total
Equity
$000
Balance at 19 February 2016 – – – – – –
Profit / (loss) for the period – – – – (1,598) (1,598)
Foreign currency translation Reserve 20 – (3,269) – – – (3,269)
Total comprehensive income – (3,269) – – (1,598) (4,867)
Transactions with owners of the
Company
Issue of ordinary shares 18 1,296,700 – – – – 1,296,700
Effect of Restructure 20 – – (1,100,943) – – (1,100,943)
Share based payments 19 – – – 65 – 65
Capital raising costs incurred net of
tax benefit (23,968) – – – – (23,968)
Total transactions with owners
of the Company 1,272,732 – (1,100,943) 65 – 171,854
Balance at 30 June 2016 1,272,732 (3,269) (1,100,943) 65 (1,598) 166,987
Balance at 30 June 2016 1,272,732 (3,269) (1,100,943) 65 (1,598) 166,987
Profit / (loss) for the period – – – – 65,612 65,612
Foreign currency translation Reserve 20 – (1,509) – – – (1,509)
Total comprehensive income – (1,509) – – 65,612 64,103
Transactions with owners of the
Company
Purchase of treasury shares 18 (11,361) – – – – (11,361)
Share based payments 19 – – – 767 – 767
Dividends paid – – – – (15,750) (15,750)
Total transactions with owners of
the Company (11,361) – – 767 (15,750) (26,344)
Balance at 30 June 2017 1,261,371 (4,778) (1,100,943) 832 48,264 204,746
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.

36 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESCONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 30 June 2017
Note
2017
$000
2016
$000
Cash flows from operating activities
Receipts from customers 596,599 107,461
Payments to suppliers and employees and customer rebates (497,111) (81,817)
Income tax payments (27,563) –
Other income – 520
Net cash from operating activities 71,925 26,164
Cash flows from investing activities
Purchase of property, plant and equipment 10 (21,706) (2,514)
Proceeds from sale of property, plant and equipment and development
incentives received 464 992
Purchase of intangibles 12 (3,761) (183)
Net cash outflow upon acquisition of business combinations 3 (122,273) (1,025,880)
Net cash used in investing activities (147,276) (1,027,585)
Cash flows from financing activities
Proceeds from issue of shares – 918,750
Purchase of treasury shares (11,362) –
Proceeds from borrowings 127,417 160,000
Repayment of borrowings (30,000) (446)
Dividends paid (15,750) –
Interest received 50 39
Interest paid - other persons and corporations (5,061) (988)
Capital raising costs paid – (40,282)
Net cash from financing activities 65,294 1,037,073
Net change in cash and cash equivalents (10,057) 35,652
Cash at the start of the year 35,648 –
Effect of movements in exchange rates on cash held 2 (4)
Cash and cash equivalents at the end of the year 25,593 35,648
Represented by:
Cash at bank 34,996 35,648
Bank overdraft 14 (9,403) –
Cash and cash equivalents at the end of the year 17 25,593 35,648
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

37Annual Report 2017
IMPORTANT NOTICES
For the year ended 30 June 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. Significant accounting policies
(a) Reporting Entity
Reliance Worldwide Corporation Limited (the “Company“ or “Reliance”) is a limited liability company which was incorporated on 19 Febru
domiciled in Australia. The Company’s registered office is at Level 54, 525 Collins Street, Melbourne, Victoria.
The principal activities of Reliance and its subsidiaries are the design, manufacture and supply of high quality, reliable and premium bran
control products and solutions for the plumbing industry.
(b) Statement of Compliance
The consolidated financial statements are general purpose financial statements which have been prepared in accordance with Australian
Standards (AASBs) adopted by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001. The consolidated financ
comply with International Financial Reporting Standards (IFRS) and interpretations adopted by the International Accounting Standards Bo
The Company is a for-profit entity for the purpose of preparing the financial statements. The financial statements were authorised for issu
Directors on 28 August 2017.
(c) Basis of preparation
These consolidated financial statements:
• comprise the Company and its subsidiaries, together referred to as the “Group”, for the reporting period ended 30 June 2017;
• have been prepared on a going concern basis using historical cost conventions;
• are presented in accordance with the Australian Securities and Investments Commission Corporations (Rounding in Financial / Directo
2016/191 values are rounded to the nearest thousand dollars, unless otherwise stated. Where an amount is $500 or less the amount i
unless otherwise stated.
• adopt all new and amended AASBs and Interpretations issued by the AASB that are relevant to the operations of the Group and effecti
beginning on or before 1 July 2016; and
• do not early adopt any AASBs and Interpretations that have been issued or amended but are not yet effective.
Financial statements of subsidiaries are prepared using consistent accounting policies.
This note sets out details of accounting policies which aid the understanding of the financial statements as a whole. Accounting policies w
particular income, expense or account balance are described in the note to which that policy relates.
Comparative figures shown in the Consolidated Statement of Profit or Loss and Other Comprehensive Income, Consolidated Statement of
Consolidated Statement of Cash Flows and associated Notes to the Financial Statements are for the period from the date of incorporation
(19 February 2016) to 30 June 2016.
(i) Principles of consolidation
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from
the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are include
financial statements from the date on which control commences until the date on which control ceases.
(ii) Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated.
(d) Foreign Currency
The individual financial statements of each entity comprising the Group are presented in the currency of the primary economic environme
operates (its functional currency). For the purposes of these consolidated financial statements, Australian dollars is the presentation curre
functional currency of the Company. The functional currency of each subsidiary is provided in Note 21.
(i) Foreign currency transactions
In preparing the financial statements of each individual entity, transactions in currencies other than the entity’s functional currency (forei
recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items deno
currencies are translated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign cu
at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost
are translated using the exchange rates at the date of the transaction.
(ii) Foreign Operations
For the purpose of presenting these consolidated financial statements, the assets and liabilities of the Group’s foreign operations are tran
dollars using exchange rates prevailing at the end of the reporting period. Income and expense items are translated at average exchange
differences arising, if any, are recognised in other comprehensive income and accumulated in Net Investment within Foreign Currency Tra
(“FCTR”). The FCTR comprises all foreign currency differences arising from the translation of the financial statements of the foreign opera

38 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2017
1. Significant accounting policies (continued)
(e) Use of estimates and judgements
The preparation of consolidated financial statements in conformity with Australian Accounting Standards requires management to make judg
and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and a
assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the re
form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual r
from these estimates.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the
results.
Information about judgements and estimates made in applying accounting policies that may have a significant effect on amounts recognised
consolidated financial statements is included in the following notes:
• Recognition of deferred tax assets and availability of future taxable profits against which carry forward tax losses and timing differences c
• Recoverability of trade and other receivables (Note 8):
• Estimation of net realisable value and possible obsolescence of inventories (Note 9);
• Recoverability of goodwill and unidentified other intangible assets (Note 11);
• Recoverability of other intangible assets (Note 12); and
• Fair values of assets and liabilities of acquired businesses (Note 3).
(f) Revenue recognition
(i) Sale of goods and services
Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebat
similar allowances.
Revenue from the sale of goods is recognised when title has passed, at which time all the following conditions are satisfied:
• the Group has transferred to the buyer the significant risks and rewards of ownership of the goods;
• the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over th
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Group; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.
(g) Financial Instruments
(i) Recognition, Initial Measurement and De-recognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrum
activities expose it primarily to financial risks of changes in exchange rates and interest rates.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition o
assets and financial liabilities are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on ini
Subsequent to initial recognition, financial assets and liabilities are measured at fair value and changes therein are recognised in the profit or
other receivables are measured as described in Note 8.
Financial assets are derecognised when the contractual rights to cash flows from the financial asset expire or when the financial asset and al
risks and benefits are transferred. Financial liabilities are derecognised when they are extinguished, discharged, cancelled or they expire.
(ii) Derivative financial instruments
The Group may hold derivative financial instruments to hedge its foreign currency risk exposures. Derivative financial assets are classified as
No derivative financial instruments were held at 30 June 2017.
(iii) Non-derivative financial instruments
Non-derivative financial assets are classified into the following categories: (a) cash and cash equivalents and (b) trade and other receivables.
equivalents include cash on hand and in banks net of outstanding bank overdrafts. Non-derivative financial liabilities are classified into the fo
(a) trade and other payables and (b) borrowings.
(h) Operating leases
Operating lease payments for leases of assets where substantially all of the risks and benefits of ownership remain with the lessor are recogn
and loss account on a straight-line basis over the term of the lease. Assets that are subject of operating leases are not recognised in the Grou
Financial Position.

39Annual Report 2017
1. Significant accounting policies (continued)
(i) Goods and services tax - Australia
Revenues, expenses and assets are recognised net of the amount of GST except where the amount of GST incurred is not recoverable fro
Taxation Office. In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of the item of expe
and payables in the statement of financial position are shown inclusive of GST. Cash flows are presented on a gross basis. The GST compo
investing and financing activities are presented as operating activities. Any commitments are disclosed net of GST.
(j) New accounting standards and interpretations
The following relevant Australian Accounting Standards and Interpretations have been issued or amended but are not yet effective and ha
adopted by the Group:
AASB 9: Financial Instruments. Application: Financial periods beginning on or after 1 January 2018. The standard proposes a revised fram
classification and measurement of financial instruments.
The Company is assessing the impact of this standard. Application of the standard is not expected to have a material impact.
AASB 15: Revenue from Contracts with Customers and AASB 2014-5 Amendments to Australian Accounting Standards Arising from AASB
Financial periods beginning on or after 1 January 2018. The standard is based on the principle that revenue is recognised when control of
transfers to a customer.
The Company has reviewed the criteria of recognising revenue provided in the Standard against the Group’s current revenue recognition
differences in revenue recognition are expected.
AASB 16: Leases. Application: Financial periods beginning on or after 1 January 2019. The standard removes the classification of leases as
leases or finance leases for the lessee, effectively treating all leases as finance leases. This will effectively move all off-balance sheet ope
balance sheet that is similar to current finance lease accounting.
The Company has reviewed its current operating leases which are predominately for leases of property and equipment. Details of presen
commitments are disclosed in Note 22. On the application of the Standard the present value of lease commitments at that date will be inc
Plant and Equipment as a Right to Leased Asset which will be amortised as depreciation and interest over the term of the lease. The intro
is not expected to have any material impacts on the Company complying with financial covenants contained in its financing facilities.
2. Segment reporting
Segment information is presented in a manner which is consistent with the internal reporting to the Chief Executive Officer, who is the chi
maker in the allocation of resources and assessing the performance of the operating segments of the Group.
The Group’s regionally based segments are based on geographical operation of the business and comprise:
• Asia Pacific, including Australia and New Zealand
• Americas, including the United States of America and Canada
• EMEA, including the United Kingdom and Spain
Segment revenues, expenses, assets and liabilities are reported on a gross basis.
The major products from which the aforementioned segments derive revenue are:
• Fittings and Pipe - including plumbing fittings, piping and related products for the installation and repair of water reticulation systems
commercial applications, pipe support systems and firestop solutions;
• Control Valves - including temperature and pressure relief valves for domestic and commercial storage hot water systems, non-return
pressure regulation valves, backflow prevention devices and specialist water safety valves;
• Thermostatic Products - including an extensive range of thermostatic mixing valves, tempering valves and thermostatic cartr
commercial applications; and
• Other Products - including underfloor heating components and kit systems, water meters, industrial pneumatic and hydraulic fittings, w
fittings and repair sleeves and fire safety system products.
Revenue by product group for the year ended 30 June 2017 is:
2017
$000
2016
$000
Fittings and pipe 425,032 63,248
Control valves 95,071 18,365
Thermostatics 27,501 5,302
Other Products 54,089 11,375
601,693 98,290
The Group had one significant customer representing greater than 10% of the Group’s revenue in the 2017 financial year. This customer i
segment and contributed $189.4 million of the Group’s revenue in the financial year.

40 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2017
2. Segment reporting (continued)
Asia Pacific Americas EMEA Corporate / Other Elimination Total
2017
$000
2016
$000
2017
$000
2016
$000
2017
$000
2016
$000
2017
$000
2016
$000
2017
$000
2016
$000
2017
$000
2016
$000
Revenue
From external customers 122,552 28,640 433,234 61,734 45,907 7,916 – – – – 601,693 98,290
From other segments 95,553 19,187 2,087 354 4,226 2 – – (101,866) (19,543) – –
Segment revenues 218,105 47,827 435,321 62,088 50,133 7,918 – – (101,866) (19,543) 601,693 98,290
Cost of sales (146,878) (33,087) (265,598) (40,085) (38,861) (5,782) – – 101,866 19,543 (349,471) (59,411)
Gross profit 71,227 14,740 169,723 22,003 11,272 2,136 – – – 252,222 38,879
Other income 22 388 211 69 107 63 13 – – – 353 520
Product development expenses (4,005) (1,100) (5,926) (568) (1,497) (322) – – – – (11,428) (1,990)
Selling and marketing expenses (17,718) (4,529) (63,493) (8,674) (6,605) (1,684) 1,219 – – – (86,597) (14,887)
Administration expenses (10,682) (3,320) (33,153) (3,947) (4,353) (597) (3,915) (325) – – (52,103) (8,189)
Other expenses (264) (135) (745) (222) (31) (104) (109) (12,084) – – (1,149) (12,545)
Segment operating profit 38,580 6,044 66,617 8,661 (1,107) (508) (2,792) (12,409) – – 101,298 1,788
Segment assets 221,178 191,283 373,381 194,058 39,208 34,987 859,643 619,495 (893,623) (616,748) 599,787 423,075
Segment liabilities 54,549 57,722 780,976 620,563 26,202 20,220 426,937 174,331 (893,623) (616,748) 395,041 256,088
EBITDA after significant items 47,451 8,099 74,599 9,878 471 (317) (1,836) (12,409) – – 120,685 5,251
Depreciation of property, plant and
equipment (8,766) (2,010) (7,605) (1,112) (1,577) (191) (297) – – – (18,245) (3,313)
Amortisation of intangible assets (107) (45) (377) (105) – – (658) – – – (1,142) (150)
Employee benefits expense (22,310) (6,802) (37,221) (4,476) (7,193) (1,578) (13,152) – – – (79,876) (12,856)
Interest income 2 – – – 5 3 43 36 – – 50 39
Interest expense (2) – (1) – (62) (26) (4,996) (962) – – (5,061) (988)
Income tax expense (11,282) (1,882) (11,876) (7,028) 329 201 (7,846) 6,272 – – (30,675) (2,437)
Additions to property, plant and
equipment 5,220 1,073 12,434 1,127 3,107 312 945 2 – – 21,706 2,514
Non-current assets excluding other
financial assets and deferred tax assets86,623 89,155 168,535 55,006 10,800 9,480 1,621 2 – – 267,579 153,643
Comparative figures shown in the Segment Note are for the period from the date of incorporation of the Company (19 February 2016) to 30 June 2016.

41Annual Report 2017
3. Business Combinations
The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration t
acquisition is generally measured at fair value as there are identifiable net assets acquired.
Identifiable assets acquired and liabilities and contingent liabilities assumed are, with limited exceptions, initially measured at their fair v
date. When the Group acquires a business, it assesses the financial assets acquired and liabilities assumed for appropriate classification a
in accordance with the contractual terms, economic conditions, the Group’s operating or accounting policies and other pertinent condition
date. Under the acquisition method, the Group has up to 12 months following the acquisition date to finalise the assessment of fair value
and liabilities.
Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in the profit or loss account imm
costs are expensed as incurred except if related to the issue of debt or equity securities.
The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are general
profit or loss account.
Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that mee
financial instrument is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, other conti
is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognise
loss account.
Acquisition of Securus, Inc.
(a) Summary of acquisition
The Group completed the acquisition of all the issued shares in Securus Inc. (trading as HOLDRITE) (“Holdrite”) on 12 June 2017 for a bas
US$92.5 million (subject to customary closing adjustments) ($A122.6 million). Holdrite is a market leader in providing innovative enginee
to solve the everyday problems of plumbers and contractors and facilitate professional and time saving installations. Holdrite sells its pro
and mechanical contractor markets, mainly through wholesale distribution channels, for use in the residential and commercial new constr
the re-model market. More than 98% of Holdrite’s product sales occur in the United States and Canada. The acquisition of Holdrite is cons
Group’s strategy of acquiring businesses which deliver products complementary to our existing product range that will benefit from our e
channels or provide access for our product portfolio to new distribution channels. The acquisition also helps accelerate our penetration of
commercial new construction markets which we believe represents attractive longer term growth opportunities for the Group.
(b) Purchase consideration and summary of cash movement
2017
$000
Base purchase price 122,602
Provisional closing adjustments 4,093
Total purchase consideration 126,695
Reconciliation of cash movement
Cash consideration paid 126,695
Less net cash acquired, net of payables settled immediately after acquisition (4,422)
122,273
No direct costs associated with the transaction were capitalised. Direct costs attributable to the acquisition totalling approximately $1.7 m
directly to the profit or loss account. These expenses were mainly for legal, due diligence and advisory costs.

42 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2017
3. Business Combinations (continued)
(c) Fair value of net assets acquired
Note
Acquiree’s
carrying
amount
$000
Fair value
Adjustments
$000
Fair value1
$000
Identifiable assets
Cash and cash equivalents 9,222 – 9,222
Trade and other receivables2 9,462 – 9,462
Inventories 6,230 – 6,230
Prepayments 956 – 956
Property plant and equipment 10 4.481 – 4,481
Intangible assets 12 130 53,462 53,592
Total identifiable assets acquired 30,481 53,462 83,943
Identifiable liabilities
Trade and other payables 9,589 – 9,589
Employee entitlements 346 – 346
Total liabilities assumed 9,935 – 9,935
Net identifiable assets acquired 74,008
Purchase consideration 126,695
Fair value of net identifiable assets acquired 74,008
Goodwill on acquisition and unidentified other intangible assets 52,687
1. Fair values are provisionally accounted for at 30 June 2017.
2. Trade and other receivables are net of provision for doubtful debts.
Goodwill on acquisition is attributable mainly to the skills and technical talent of Holdrite executives and employees, growth opportunities ex
combining the Holdrite products and distribution channels with those of the Group and the expected benefits of integrating the Holdrite busin
Group’s operations. The Group is still in the process of assessing if any other intangible assets can be identified.
Holdrite contributed operating revenue of $2.9 million for the period from acquisition to 30 June 2017. The net profit before tax contributed fo
$0.4 million. If the Group controlled Holdrite for the entire financial year, the consolidated pro forma revenue is calculated to be $656.5 millio
pro forma profit before tax is calculated to be $108.3 million.
4. Other expenses
2017
$000
2016
$000
IPO capital raising costs booked to profit or loss – 12,084
Loss on sale of assets 245 –
Foreign exchange loss 904 461
1,149 12,545
5. Finance income and finance costs
The Group’s finance income and finance costs include:
• Interest income
• Interest expense
The Group accrues interest income and interest expense for amounts receivable and payable at reporting date. Interest income is recognised
statement on an accruals basis, using the effective interest method.
2017
$000
2016
$000
Interest income from cash and cash equivalents 50 39
Interest and borrowing expenses (5,061) (988)

43Annual Report 2017
6. Earnings per share
(a) Basic earnings per share
The calculation of basic earnings per share has been based on the following profit / (loss) attributable to ordinary shareholders and weigh
of shares.
2017
$000
2016
$000
Profit / (loss) attributable to ordinary shareholders 65,612 (1,598)
Number of shares Number of shares
Weighted average number of ordinary shares at 30 June 2017 (basic)
– Issued ordinary shares 525,000,000 525,000,000
– Treasury shares (weighted average) (254,486) –
524,745,514 525,000,000
cents cents
Basic earnings / (loss) per share 12.5 (0.30)
(b) Diluted earnings per share
The calculation of diluted earnings per share has been based on the following profit attributable to ordinary shareholders and weighted av
shares after adjustment for the effects of all dilutive potential ordinary shares.
2017
$000
2016
$000
Profit / (loss) attributable to ordinary shareholders 65,612 (1,598)
Changes in earnings arising from dilutive potential ordinary shares – –
65,612 (1,598)
Number of shares Number of shares
Weighted average number of ordinary shares at 30 June (diluted)
– Issued ordinary shares 525,000,000 525,000,000
– Effect of share options on issue 5,307,190 4,000,000
– Treasury shares (weighted average) (254,486) –
530,052,704 529,000,000
Cents Cents
Diluted earnings/(loss) per share 12.4 (0.30)
7. Income tax expense
Income tax expense comprises current and deferred tax. It is recognised in the consolidated Statement of Profit or Loss and Other Compr
except to the extent that it relates to a business combination or items recognised directly in equity.
(i) Current tax
The tax currently payable is based on taxable profit for the reporting period. Taxable profit differs from profit before tax as reported in th
of Profit or Loss and Other Comprehensive Income because of items of income or expense that are taxable or deductible in other years an
taxable or deductible. The Group’s current tax is calculated using tax rates that have been enacted or substantively enacted at the end o
(ii) Deferred tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated Financial S
corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable tempora
tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be av
deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference a
(other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting pr

44 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2017
7. Income tax expense (continued)
(ii) Deferred tax (continued)
Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is pro
taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to
no longer probable that the related tax benefit will be realised.
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse using tax rates enacte
enacted at the reporting period.
The measurement of deferred tax reflects the tax consequences that would follow the manner in which the Group expects, at the reporting d
settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities
relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and tax liabilities on a net
(iii) Australian tax consolidated group
The Company and its Australian incorporated wholly owned subsidiaries have formed a tax consolidated group with effect from 3 May 2016 w
members of that group are taxed as a single entity. The head entity of the tax consolidated group is Reliance Worldwide Corporation Limited
and each subsidiary member of the tax consolidated group is party to a Tax Sharing Agreement and a Tax Funding Agreement whereby each
group is only liable for its contribution amount calculated in accordance with the Agreement rather than being jointly and severally liable for
At 30 June 2017, the Australian Tax Consolidated Group has $5.1 million franking credits available for subsequent reporting periods.
(a) Reconciliation of prima facie tax expense to income tax expense recognised in the consolidated
income statement
The major components that reconcile the expected income tax expense based on the Australian statutory rate of tax of the Group at 30% to
income tax expense in the profit and loss are as follows:
2017
$000
2016
$000
Profit before income tax 96,287 839
Prima facie income tax expense at 30% (28,886) (251)
Tax effect of items which increase / (decrease) tax expense:
Effect of tax rates in foreign jurisdictions 1,535 295
Tax effect of amounts which are not deductible / (assessable) in calculating taxable income:
Non–deductible expenses IPO costs – (1,813)
Other non–deductible expenses 1,008 (63)
Assessable step down amounts on tax consolidation – (232)
Non assessable income – 103
Adjustments for prior years (24) 29
Employee share incentive scheme (669) –
Other (61) (505)
Actual income tax expense reported in the consolidated statement of profit or loss (30,675) (2,437)
(b) Components of income tax:
2017
$000
2016
$000
Current tax (21,553) (1,331)
Deferred tax (9,122) (1,106)
(30,675) (2,437)
Average rate of tax 31.9% n/m1
1. Average rate of tax for the 2016 comparative period is not meaningful.

45Annual Report 2017
7. Income tax expense (continued)
(c) Deferred tax balances
2017
Opening
Balance
$000
Acquired in
Restructure
$000
Recognised in
Profit and loss
$000
Closing
Balance
$000
Deferred tax assets
Employee benefits 2,821 – 86 2,907
Other provisions and accruals 5,249 – 1,806 7,055
IPO costs deductible in future periods 6,042 – (2,417) 3,625
Other items giving rise to deferred tax assets 944 – 3,761 4,705
Total 15,056 – 3,236 18,292
Deferred tax liabilities
Property plant and equipment (12,026) – 461 (11,565)
Unrealised foreign exchange movements (6,018) – 5,654 (364)
Difference between State and Federal written down values (USA) (41) – 119 78
Other items giving rise to a deferred tax liability (317) – (348) (665)
Total (18,402) – 5,886 (12,516)
2016
Opening
Balance
$000
Acquired in
Restructure
$000
Recognised in
Profit and loss
$000
Closing
Balance
$000
Deferred tax assets
Employee benefits – 2,533 288 2,821
Other provisions – 4,642 607 5,249
IPO costs deductible in future periods – – 6,042 6,042
Other items giving rise to deferred tax assets – 847 97 944
Total – 8,022 7,034 15,056
Deferred tax liabilities
Property plant and equipment – (8,703) (3,323) (12,026)
Unrealised foreign exchange movements – (74) (5,944) (6,018)
Difference between State and Federal written down values (USA) – (1,273) 1,232 (41)
Other items giving rise to a deferred tax liability – (212) (105) (317)
Total – (10,262) (8,140) (18,402)
8. Trade and other receivables
Trade and other receivables are initially recognised at fair value and subsequently at amortised cost less any provision for doubtful debts
Credit terms are generally between 0 and 30 days depending on the nature of the transaction. Collectability of trade receivables is review
basis. The carrying amount of trade receivables is reduced through the use of an allowance account and the amount of the loss is recogni
Consolidated Statement of Profit or Loss and Other Comprehensive Income.
2017
$000
2016
$000
Trade debtors 107,659 87,389
Less: provision for doubtful debts (191) (45)
107,468 87,344
Other debtors 2,259 7,620
109,727 94,964
Information about the Group’s exposure to credit and market risks for trade and other receivables is included in Note 24.

46 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2017
9. Inventories
Inventories are measured at the lower of cost and net realisable value. Cost includes all expenses directly attributable to the manufacturing p
an appropriate portion of related fixed and variable production overheads, based on normal operating capacity. Costs are assigned on the ba
average costs. Net realisable value is the estimated selling price in the ordinary course of business less estimated costs of completion and an
selling expenses.
2017
$000
2016
$000
At cost
Raw materials and stores 66,688 56,349
Consumables 166 192
Work in progress 15,741 12,643
Finished goods 85,033 55,895
167,628 125,079
Less: provision for diminution (5,206) (5,970)
162,422 119,109
10. Property, plant and equipment
(i) Recognition and measurement
Each class of property, plant and equipment is measured at cost less, where applicable, accumulated depreciation and impairment losses. An
on disposal of an item of property, plant and equipment is included in the Statement of Profit or Loss and Other Comprehensive Income.
(ii) Subsequent expenditure
Subsequent expenditure is only capitalised when it is probable that the future economic benefits associated with the expenditure will flow to
(iii) Depreciation
Depreciation is recognised so as to write off the cost of property, plant and equipment (other than freehold land and properties under constru
residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method ar
end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
The estimated useful lives of property, plant and equipment are as follows:
• Buildings 25 - 40 years
• Leasehold improvements 5 - 40 years
• Plant and equipment 3 - 20 years
Property, plant and equipment are tested for impairment. Any impairment losses are recognised in the statement of profit or loss and other c
income.
2017
$000
2016
$000
Carrying amounts of:
Freehold land 197 203
Buildings 18,362 16,310
Leasehold improvements 3,052 2,465
Plant and equipment 89,898 88,857
111,509 107,835

47Annual Report 2017
10. Property, plant and equipment (continued)
Freehold
Land Buildings
Leasehold
Improvement Plant & Equipment1
Consolidated
Total
2017
$000
2016
$000
2017
$000
2016
$000
2017
$000
2016
$000
2017
$000
2016
$000
2017
$000
2016
$000
Cost
Opening balance 203 – 19,256 – 4,784 – 179,357 – 203,600 –
Transfers – – 442 – (442) – (7,195) – (7,195) –
Acquired – 198 – 18,317 908 4,826 3,573 178,927 4,481 202,268
Additions1 – – 3,420 493 495 2 17,791 2,019 21,706 2,514
Disposals – – – – (74) – (8,568) (2,744) (8,642) (2,744)
Net effect of change in
exchange rates (6) 5 (889) 446 (102) (44) 182 1,155 (815) 1,562
Closing balance at 30 June 197 203 22,229 19,256 5,569 4,784 185,140 179,357 213,135 203,600
Accumulated depreciation
Opening balance – – (2,946) – (2,319) – (90,500) – (95,765) –
Transfers – – (442) – 442 – 3,712 – 3,712 –
Acquired – – – (2,788) – (2,264) – (89,481) – (94,533)
Depreciation expense – – (600) (90) (711) (81) (16,934) (3,142) (18,245) (3,313)
Disposals – – – – 43 – 7,703 2,509 7,746 2,509
Net effect of change in
exchange rates – – 121 (68) 28 26 777 (386) 926 (428)
Closing balance at 30 June – – (3,867) (2,946) (2,517) (2,319) (95,242) (90,500) (101,626) (95,765)
Net carrying value at 30 June 197 203 18,362 16,310 3,052 2,465 89,898 88,857 111,509 107,835
1. The asset category includes capitalised amounts for assets which are under construction or not installed ready for use and are not depreciated. At 30 June
million (2016: $8.7 million).
11. Goodwill and unidentified other intangible assets
Goodwill and unidentified other intangible assets represent the excess of the cost of an acquisition over the fair value of the Group’s shar
assets of the acquired entity at the date of acquisition. Goodwill on acquisition of subsidiaries is included in intangible assets. Goodwill is
Instead, it is tested annually for impairment or more frequently if events or changes in circumstances indicate that it might be impaired, a
less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the
The carrying value of goodwill and unidentified other intangible assets at balance date is $96.3 million. Of this amount, $44.6 million relat
attributable to business acquisitions within the Asia Pacific segment prior to the Restructure in April 2016. The remaining $52.7 million is
unidentified other intangible assets recorded on acquisition of Holdrite in the Americas segment in June 2017. Refer Note 3. The Group is
of assessing if any other intangible assets arising from the Holdrite acquisition can be identified.
Goodwill in respect of the Asia Pacific region has been tested for impairment. The Company has assessed this goodwill and determined it
recoverable amount of this goodwill has been assessed utilising value in use methodologies. The value in use assessment at 30 June 2017
using a discounted cash flow model which included the following key assumptions:
• A 5 year forecast period with cash flow projections based on approved operating budgets.
• After tax discount rates ranging from 7.5% to 9.75%, based on cost of capital and business risk assessments
• Assumed average growth rate of 3.0% revenue based on business assessments.
• Terminal period growth rate of 3.0% based on business assessments.
The value in use calculations are sensitive to changes in the above assumptions. The value in use will vary depending on the assumptions
used in the impairment testing. Management performed sensitivity analysis to examine the effect of a change in assumptions on the good
Asia Pacific segment. Based on current economic conditions and CGU performances there are no reasonably possible changes to key assu
determination of CGU recoverable amounts that would result in a material impairment to the Group.

48 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2017
11. Goodwill and unidentified other intangible assets (continued)
Testing for impairment of the goodwill and unidentified other intangible assets attributable to the Holdrite acquisition was not undertaken at
transaction completed in June 2017.
2017
$000
2016
$000
Opening balance 44,570 –
Acquired – Note 3 52,687 44,348
Foreign currency exchange differences (973) 222
Carrying value 96,284 44,570
12. Other intangible assets
Reliance has intellectual property protection worldwide with over 700 trademark registrations, industrial designs and patents and actively ma
intellectual property rights.
(i) Intellectual property and licence fees
Intellectual property consists of technical drawings and certifications and is recorded at cost less accumulated amortisation and any accumul
losses. License fees relate to the accounting and reporting platform being implemented throughout the Group. Intellectual property and licen
amortised on a straight-line basis over a period of ten years.
(ii) Trade Names and trademarks
Trade names and trademarks are registered names, symbols, words or other devices used in trade to indicate the source of a product and di
other products. Trade names and trademarks do not have finite useful lives and are not amortised.
(iii) Product Technology
Technology based intangible assets relate to innovations or technological advances, such as patented technology. Technology based intangib
amortised on a straight line basis over a period of up to twenty years.
(iv) Research and development
Research costs are charged to the profit or loss account as incurred. Development expenditure is only capitalised if it can be measured reliab
or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resour
development and to use or sell the asset. Otherwise, it is recognised in the profit and loss as incurred. Subsequent to initial recognition, deve
expenditure is measured at cost less accumulated amortisation and any accumulated impairment losses. The amortisation of development e
allocated to other expenses as inventory is sold.
The intangible assets shown below do not include any unidentified other intangible assets.

49Annual Report 2017
12. Other intangible assets (continued)
Intellectual Property, Product
Technology, Trade Names and
Trademarks
Licence
Fees Total
2017
$000
2016
$000
2017
$000
2016
$000
2017
$000
2016
$000
Cost
Opening balance 393 – 1,550 – 1,943 –
Acquired – Note 3 53,592 2,586 – 1,367 53,592 3,953
Transfers 7,195 – – – 7,195 –
Additions 2,125 – 1,636 183 3,761 183
Disposals – (2,307) (1,293) – (1,293) (2,307)
Foreign exchange (1,083) 114 – – (1,083) 114
Closing balance 62,222 393 1,893 1,550 64,115 1,943
Accumulated Amortisation
Opening balance (24) – (681) – (705) –
Acquired (72) (2,124) – – (72) (2,124)
Transfers (3,712) – – – (3,712) –
Additions – – – (636) – (636)
Amortisation (378) (105) (764) (45) (1,142) (150)
Disposals – 2,307 1,292 – 1,292 2,307
Foreign exchange 10 (102) – – 10 (102)
Closing balance (4,176) (24) (153) (681) (4,329) (705)
Carrying Value 58,046 369 1,740 869 59,786 1,238
13. Trade and other payables
2017
$000
2016
$000
Current:
Trade payables 50,584 36,176
Other creditors, accruals and provision for employee bonuses 47,326 28,586
97,910 64,762
14. Borrowings
Current Non-current Total
2017
$’000
2016
$’000
2017
$’000
2016
$’000
2017
$’000
2016
$’000
Secured:
Bank Overdraft 9,403 – – – 9,403 –
Borrowings 423 446 260,539 163,123 260,962 163,569
Total secured borrowings 9,826 446 260,539 163,123 270,365 163,569
The Company has banking facilities of $350 million (30 June 2016 - $250 million) which are available for drawing by way of cash advance
and overdrafts (“Facilities”). Separate sub-limits apply to drawings by way of bank guarantees and overdrafts. The Facilities will mature o
The Facilities contain financial covenants that the Company is in compliance with.

50 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2017
14. Borrowings (continued)
The security provided to support the Facilities is:
• Unlimited cross guarantees from each entity that comprises the Group, other than Reliance Worldwide Corporation (Europe) S.L.U. and Re
operating entities (Reliance Manufacturing Company (NZ) Limited, Titon Limited (both of which are incorporated under the laws of New Ze
Reliance Water Controls Limited (an entity incorporated under the laws of England and Wales) (“Guarantors”);
• General security over all assets (or a specified list of assets) from each of the Guarantors, other than Reliance Worldwide Corporation (UK
certain of the intermediate holding companies;
• Specific share security from Reliance Worldwide Holdings (USA) Corporation over its shares in Reliance Worldwide Corporation (which car
Reliance’s operations in the USA); and
• A real property mortgage from Reliance Worldwide Corporation over a property in Cullman, Alabama, USA.
These Facilities have a variable interest rate which is based on the Bank Bill Swap Rate plus a margin.
The Group also has secured facilities in the United Kingdom (“UK”) totalling £4.0 million including:
• Term loan facility of £2.0 million, with a maturity date of 31 August 2018. The term loan facility was drawn on 19 August 2015 and is repa
instalments (first two instalments of £0.25 million with the final instalment being for the outstanding balance); and
• Revolving credit facility of £2.0 million, with a maturity date of 31 August 2018.
The UK Facilities have a variable interest rate which is based on LIBOR plus a margin.
The UK Facilities contain a number of covenants provided by Reliance Worldwide Corporation (UK) Limited (which carries on the Group’s ope
that are tested annually which Reliance Worldwide Corporation (UK) Limited has complied with.
Security provided to support the UK Facilities includes an unlimited debenture from Reliance Worldwide Corporation (UK) Limited.
15. Employee benefits
Short and long term employee benefits
A liability is recognised for benefits accruing to employees in respect of leave entitlements in the period the related service is rendered. Liab
in respect of short-term employee benefits are measured at their nominal values using the remuneration rate expected to apply at the time o
Liabilities recognised in respect of long term employee benefits are measured as the present value of the estimated future cash outflows to b
Group in respect of services provided by employees up to reporting date.
Current:
Current employee entitlements include benefits for wages, salaries and annual leave that are expected to be settled within twelve months of
The amounts represent present obligations resulting from employees’ services provided to reporting date and are calculated at undiscounted
current remuneration and wage rates including related on-costs such as workers compensation, insurance and payroll tax.
Non-Current:
Non-current employee entitlements include leave benefits that employees have earned in return for their continued service, pursuant to the
Regulations in the relevant jurisdictions. The entitlement is calculated using expected future increases in wage and salary rates including rela
expected settlement dates and is discounted back to present value.
Current Non-current Total
2017
$’000
2016
$’000
2017
$’000
2016
$’000
2017
$’000
2016
$’000
Employee entitlements
Opening balance 4,355 – 4,831 – 9,186 –
Acquired 346 3,178 – 5,076 346 8,254
Charged to profit or loss 4,030 1,038 21 323 4,051 1,361
Paid during the period (3,614) (369) – (79) (3,614) (448)
Foreign currency exchange differences (52) 16 – 3 (52) 19
Reclassification 768 492 (768) (492) – –
Closing balance 5,833 4,355 4,084 4,831 9,917 9,186

51Annual Report 2017
16. Employee benefits expense
(i) Retirement benefits costs
Payments to defined contribution retirement benefit plans are recognised as an expense when employees render the service entitling the
(ii) Termination benefits
A liability for a termination benefit is recognised at the earlier of when the Group can no longer withdraw the offer of the termination bene
recognises any related restructuring costs.
(iii) Share based payments
The fair value of equity settled share based payment awards granted to employees is recognised as an expense with a corresponding inc
the vesting period of the grant.
Employee benefits expenses recognised in the profit or loss account are:
2017
$000
2016
$000
Wages and salaries 81,701 12,030
Employee leave entitlements 4,453 1,612
Workers compensation premiums 661 164
Superannuation contributions 4,786 717
Payroll related taxes 4,509 742
Contract labour 6,452 1,570
Share based payment expense 768 65
Other payroll related expenses 164 343
103,494 17,243
Recovered in costs of goods sold (23,618) (4,387)
79.876 12,856
17. Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits held at call with financial institutions and other investments that are readily co
amounts of cash and which are subject to an insignificant risk of change in value. Bank overdrafts are repayable on demand and any bank
included as a component of cash and cash equivalents in the balance sheet.
(a) Reconciliation of cash
For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents include cash on hand and in banks, net of outst
overdrafts. Cash and cash equivalents at the end of the reporting period as shown in the Consolidated Statement of Cash Flows can be re
related items in the Statement of Financial Position as follows:
2017
$000
2016
$000
Cash on hand and at bank comprises:
AUD 8,441 15,956
USD 19,511 15,722
GBP 2,544 2,288
Euro 1,179 203
NZD 97 339
CAD 3,224 1,140
34,996 35,648
Less: bank overdrafts – AUD (9,403) –
Cash and cash equivalents in the Consolidated Statement of Cash Flows 25,593 35,648

52 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2017
17. Cash and cash equivalents (continued)
(b) Reconciliation of cash flow from operations with profit from operations after income tax
2017
$000
2016
$000
Profit / (loss) from operations after income tax 65,612 (1,598)
Depreciation expense 18,245 3,313
Amortisation expense 1,142 150
(Profit) / loss on disposal of non-current assets (49) 26
Share based payments 767 65
Provision for impairment – trade debtors 146 (13)
Provision for obsolescence – inventory (764) 532
Capital raising costs accounted for as financing cash flows – 12,084
Interest expense accounted for as financing cash flows 5,061 988
Interest income accounted for as financing cash flows (50) (39)
Changes in operating assets and liabilities:
Trade and other receivables (5,447) 4,231
Inventories (36,319) 2,559
Prepayments (1,158) 711
Trade and other payables 29,311 (196)
Tax balances (4,957) (2,437)
Employee entitlements 385 914
Net cash from operating activities 71,925 26,164
18. Share Capital
Number of shares Company
Share capital
2017
Number
2016
Number
2017
$
2016
$
Ordinary shares
Opening balance 525,000,000 – 1,272,732,768 –
Issued during the year – 525,000,000 1,296,700,277
Capital raising costs incurred net of recognised tax benefit – – – (23,967,509)
Treasury shares (Note 19) – – (11,361,779) –
Total 525,000,000 525,000,000 1,261,370,989 1,272,732,768
Redeemable preference shares
Issued on incorporation 2 2 2 2
(a) Ordinary shares
Holders of ordinary shares are entitled to dividends as declared from time to time and are entitled to one vote per share at general meetings
(b) Redeemable preference shares
Redeemable preference shares were issued to incorporate the Company. The shares are non-voting and do not entitle the holder to dividend

53Annual Report 2017
19. Share based payments
The Company has established an Equity Incentive Plan (“Plan”) to assist in the motivation, retention and reward of eligible executives. Th
to align the interests of employees with the interests of shareholders by providing an opportunity for eligible employees to receive an equ
Company. The Plan provides flexibility for the Company to grant rights, options and/or restricted shares as incentives, subject to the term
and the satisfaction of performance conditions determined by the Board from time to time.
Options
The Company has granted 5,307,190 (30 June 2016 – 4,000,000) options under the Plan. Further details on the terms and conditions of th
are provided in the Remuneration Report. Each option provides an entitlement to acquire an ordinary share in Reliance Worldwide Corpor
payment of the exercise price and meeting certain vesting criteria. These options are equity settled. The Company has not granted any ot
Rights to Shares
The Board has approved that nominated, eligible executives and employees be invited to participate in the Plan as a means of attracting,
motivating key employees in the Group. Participants will be granted rights to be awarded fully paid ordinary shares in the Company (“Rig
with the rules of the Plan and subject to the offer terms (“Offer”). An Offer will constitute a long term incentive component of the participa
the grant date until the end of the vesting period.
At the date of this report, the Company had granted 2,849,730 Rights of which 235,730 Rights vest on 12 June 2022 and 2,614,000 Right
2022. Vesting conditions include a continuous service period. No Rights vested during the reporting period or have subsequently vested. T
has established a subsidiary, Reliance Employee Share Investments Pty Ltd (“Trustee”) to act as trustee of the Reliance Employee Share
The Trustee will acquire Reliance shares on-market on behalf of the Trust to meet any obligations to deliver shares to a participant who sa
conditions. During the reporting period the Trustee, on behalf of the Trust, acquired 3,321,402 shares at an average price of $3.42 per sh
rules, the Company is also able to satisfy any obligation to deliver shares to a participant by way of an issue of shares or a payment of ca
the shares acquired is accounted for as Treasury Shares and debited against Share Capital (Note 18).
Restricted Shares
The Company offered 680,272 restricted shares to Gerry Bollman, Global Chief Financial Officer, upon commencement of his employment
Further details on the terms and conditions of the restricted shares are provided in the Remuneration Report.
2017
$000
2016
$000
Share based payment expense recognised in the profit or loss account: 767 65

54 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2017
20. Reserves
Reserves
2017
$000
2016
$000
Foreign currency translation reserve:
Opening balance (3,269) –
Movement resulting from translation of financial statements of foreign subsidiaries net of tax impacts (1,509) (3,269)
(4,778) (3,269)
Merger reserve:
Opening balance (1,100,943) –
Movement as a result of restructure – (1,100,943)
(1,100,943) (1,100,943)
Share based payments reserve:
Opening balance 65 –
Share based payments expense 767 65
832 65
Total reserves (1,104,889) (1,104,147)
(a) Foreign currency translation reserve
The foreign currency translation reserve comprises all foreign currency differences arising from the translation of the financial statements of
(b) Merger reserve
The Company, through a wholly owned subsidiary, acquired the entities that carry on the operations of Reliance Worldwide Corporation in Ap
(“Restructure”). The Directors elected to account for the effect of the Restructure as a common control transaction in accordance with the pr
3: Business Combinations. Consequently, the net assets acquired were recorded at the carrying values that existed at the time of the transac
consideration over book value at acquisition date is recorded in the Merger reserve.
(c) Share based payments reserve
The share based payments reserve is used to record the value of share based payments provided to employees, including Key Management
part of their remuneration.

55Annual Report 2017
21. Group entities
Reliance Worldwide Corporation Limited was incorporated on 19 February 2016 and is the parent, and ultimate controlling entity of the G
consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accoun
described in Note 1.
Name of Entity
Country of
Incorporation Class of Shares
Equity Holding
2017
Equity Holding
2016
Functional
Currency
Reliance Worldwide Group Holdings Pty Ltd Australia Ordinary 100% 100% AUD
Reliance Worldwide Corporation (Aust.) Pty Ltd Australia Ordinary 100% 100% AUD
Reliance Worldwide Pty Ltd Australia Ordinary 100% 100% AUD
Reliance Employee Share Investments Pty Ltd1 Australia Ordinary 100% – AUD
Reliance Worldwide Holdings (NZ) Limited New Zealand Ordinary 100% 100% NZD
Reliance Worldwide Corporation (NZ) Limited New Zealand Ordinary 100% 100% NZD
Reliance Manufacturing Company (NZ) Limited New Zealand Ordinary 100% 100% NZD
Titon Limited New Zealand Ordinary 100% 100% NZD
Reliance Worldwide Corporation (Canada) Inc Canada Ordinary 100% 100% CAD
Reliance Worldwide Holdings (USA) Corporation America Ordinary 100% 100% USD
Reliance Worldwide Corporation America Ordinary 100% 100% USD
Securus, Inc.2 America Ordinary 100% – USD
Reliance Worldwide Corporation (Europe) S.L.U. Spain Ordinary 100% 100% Euro
Reliance Worldwide Holdings (UK) Limited United Kingdom Ordinary 100% 100% GBP
Reliance Worldwide Corporation (UK) Limited United Kingdom Ordinary 100% 100% GBP
Reliance Water Controls Limited United Kingdom Ordinary 100% 100% GBP
1. Incorporated on 29 September 2016.
2. Acquired on 12 June 2017.
22. Expenditure commitments
(a) Non-cancellable operating lease commitments contracted for at balance date but not recognised
liabilities in the financial statements:
2017
$000
2016
$000
Payable not later than one year 7,608 8,095
Payable later than one year and not later than five years 30,048 26,374
Payable later than five years 41,433 18,959
79,089 53,428
(b) Capital expenditure commitments contracted for at balance date but not provided for in respect
plant and equipment:
2017
$000
2016
$000
Payable not later than one year 9,474 8,220
Payable later than one year and not later than five years 146 –
9,620 8,220

56 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2017
23. Contingent liabilities
The Company has agreed to provide guarantees for certain commitments made or entered into by subsidiary entities in the ordinary course o
Company does not consider these guarantees to be material in the context of the Group’s business.
The Group has provided bank guarantees totalling $366,400.
Reliance Worldwide Corporation (“RWC USA”), a member of the Group, has been joined as one of the defendants in a claim for damage and l
been incurred in connection with leakages from modifications to an existing copper pipe plumbing system. The modified system was supplied
third party, which is the principal defendant. At this stage, it is not possible to provide a reasonable or accurate assessment of RWC USA’s po
any event, RWC USA denies any liability and believes the claim is without merit.
The Directors are not aware of any other material contingent liabilities at balance date or arising since the end of the financial period which h
affected or may significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in subsequ
24. Financial risk management
The Group is exposed to a range of financial risks, including market risk (including foreign currency risk, interest rate risk and commodity pric
risk and credit risk arising from its operating activities. The carrying amounts and estimated fair values of the Group’s financial instruments r
financial statements are materially the same.
The Audit and Risk Committee has the primary responsibility of overseeing and reporting to the Board on the Group’s risk management syste
strategies. Various strategies and methods are used to manage different types of market risks that the Group is exposed to, including:
Market risk
Group financial performance is largely dependent on activity in the residential and commercial repair and renovation and new construction e
Activities in these end-markets are impacted by changes in general economic conditions such as movements in inflation and interest rates, th
business spending and consumer confidence and changes to fiscal or monetary policies, legislation and regulation (including plumbing codes
the repair end-market are also impacted by extreme weather events.
The Group operates in different global regions which diversifies these risks.
Foreign exchange risk
Foreign exchange risk relates to the risk that the fair value of future cash flows of a financial instrument or a highly probable transaction will
of changes in foreign exchange rates. The Group is exposed to foreign exchange risk through operating activities (sales and purchases made
currencies other than the functional currency), intercompany financing activities and investment in foreign subsidiaries (which transact in the
The Group does not typically hedge its foreign exchange exposures, but may selectively utilise foreign exchange forward contracts to mitigat
foreign exchange rates.
The Group’s balance sheet exposure of external receivables and payables balances for the major currency exposures at 30 June are set out b
Australian dollar equivalents.
USD CAD NZ GBP EUR
2017 2016 2017 2016 2017 2016 2017 2016 2017 2016
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
Spot exchange rate 0.7676 0.7449 0.9965 0.9641 1.0482 1.0444 0.5907 0.5604 0.6726 0.6708
Cash 13,700 7,534 – – – – – – 703 142
Trade and other receivables 2,209 1,905 – – – – – – 843 528
Trade and other payables (5,672) (229) (3) – – – (43) – (3,873) (1,647)
Interest bearing liabilities – – – – – – – – – –
Net external exposure 10,237 9,210 (3) – – – (43) – (2,327) (977)
The table below shows the effect on profit after income tax expense and total equity from major currency exposures, had the exchange rates
or lower than the year end rate.
Increase / (decrease)
in profit after
income tax
$000
Increase / (decrease)
in equity
$000
2017 2016 2017 2016
At relevant 30 June 2017 rates
If foreign exchange rate - 5% 414 433 414 433
If foreign exchange rate + 5% (374) (392) (374) (392)

57Annual Report 2017
24. Financial risk management (continued)
Interest rate risk
The Group is exposed to interest rate risk as it borrows funds at floating rates and interest is received on cash deposits at floating rates. I
risk that the Group will be adversely affected by movements in floating interest rates that will increase the cost of floating rate debt. If the
was 1% higher the interest expense for the year would have increased by $1.5 million.
The Group’s exposure to interest rate risk on the cash and cash equivalents listed in the Consolidated Statement of Financial Position and
borrowings is disclosed in Note 17 and Note 14.
The Group has determined that if interest rates were to increase or decrease by 5 percent it would have an immaterial impact on the Gro
borrowed funds or interest income on cash deposits.
Commodity price risk
Commodity price risk is the risk the cost of some key raw material inputs required for the Group’s products are correlated with the underl
(with the most material exposure being to the market price of copper, which is used in the production of brass) and, as such, fluctuates ov
seeks to manage changing input prices through price negotiations with customers following changes in the underlying commodity.
Liquidity risk
Liquidity risk arises from the ability of the Group to meet its financial liabilities and obligations as and when they fall due. The Group mon
commitments and intends to maintain sufficient cash reserves and headroom in its banking facilities to meet these objectives on an on-go
The Group prepares regular cash flow forecasts and monitors its liquidity to ensure it will always have sufficient cash to allow it to meet li
In addition to its operating cash at bank the Group has undrawn debt facilities available. Details of the loan facilities in place and their ter
Note 14.
2017
$000
2016
$000
Total facility available 352,962 257,138
Amount drawn at 30 June 260,962 163,569
Available undrawn facility 92,000 93,569
The contractual maturity of the Group’s financial liabilities based on the financing arrangements in place at period end date are shown in
2017
Financial liabilities
Carrying
amount
$000
Less than 1
year
$000
1 to 2 years
$000
2 to 5 years
$000
Total
$000
Trade and other payables 97,910 97,910 – – 97,910
Bank borrowings 260,962 423 2,539 258,000 260,962
Bank overdraft 9,403 9,403 – – 9,403
Total 368,275 107,736 2,539 258,000 368,275
2016
Financial liabilities
Carrying
amount
$000
Less than 1
year
$000
1 to 2 years
$000
2 to 5 years
$000
Total
$000
Trade and other payables 64,762 64,762 – – 64,762
Bank borrowings 163,569 446 446 162,677 163,569
Total 228,331 65,208 446 162,677 228,331
Credit risk
Credit risk relates to the potential failure of the Group’s counterparties (such as customers or financial institutions) to meet their obligatio
time. The maximum exposure at any time is equal to the carrying value of the financial assets. The business seeks to monitor and manag
through internal controls and protocols, including customer credit policies and performing banking and financial activities with financial in
Group does not seek collateral in respect of its trade and other receivables.

58 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2017
24. Financial risk management (continued)
At 30 June, the maximum exposure to credit risk for trade and other receivables by geographic region is as follows:
2017
Carrying amount
$000
2016
Carrying amount
$000
Americas 66,187 49,130
Asia Pacific 33,837 35,188
EMEA 9,703 10,646
Total 109,727 94,964
At 30 June 2017, the Group’s most significant customer accounted for $19.2 million of the trade debtors and receivables amount.
At 30 June, the ageing of trade and other receivables that were not impaired is as follows:
2017
$000
2016
$000
Neither past due nor impaired 100,803 77,919
Past due 1 to 30 days 8,448 16,611
Past due 31 to 90 days 410 434
Over 90 days 66 –
Total 109,727 94,964
25. Key Management Personnel and Related Party Transactions
Under Australian Accounting Standards, the term Key Management Personnel refers to directors (both non-executive directors and executive
and those persons having the authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirec
Management Personnel of the Group during the reporting period until the date of this report are set out below. All Key Management Personne
positions for the entire reporting period unless otherwise noted.
Jonathan Munz Non-executive Chairman
Russell Chenu Independent Non-Executive Director
Stuart Crosby Independent Non-Executive Director
Ross Dobinson Independent Non-Executive Director
Heath Sharp Managing Director and Chief Executive Officer
Gerry Bollman Global Chief Financial Officer (from 5 December 2016)
Terry Scott Global Chief Financial Officer (until 5 December 2016); Global Finance Executive (from 5 December 2016)
(a) Key Management Personnel compensation
Details of the total remuneration of Key Management Personnel of the Group during the reporting period are:
2017
$
2016
$
Short term employee benefits 6,290,011 478,553
Post-employment benefits 65,526 6,688
Other long-term statutory benefits 23,347 2,501
Share based payments 767,609 65,027
Total 7,146,493 552,769

59Annual Report 2017
25. Key Management Personnel and Related Party Transactions (continued)
(b) Key Management Personnel transactions in shares and options
The total direct and indirect interests of Key Management Personnel, including their related parties, in the share capital and options of the
30 June 2017 are:
Shares Options1
2017 2016 2017 2016
Number Number Number Number
Jonathan Munz 157,500,000 157,500,000 – –
Russell Chenu 60,000 40,000 – –
Stuart Crosby 100,000 100,000 – –
Ross Dobinson 20,000 20,000 – –
Heath Sharp 800,000 800,000 4,000,000 4,000,000
Terry Scott 640,000 640,000 – –
Gerry Bollman2 – – 1,307,190 –
Total 159,120,000 159,100,000 5,307,190 4,000,000
1. Details of Options granted to Key Management Personnel are disclosed in the Remuneration Report.
2. Mr. Bollman has been offered 680,272 restricted shares as detailed in the Remuneration Report.
No Key Management Personnel have been offered or hold any rights to be awarded shares.
Details of movements in holdings during the period are disclosed in the Remuneration Report.
(c) Transactions with other related parties
The Company and GSA Industries Pty Ltd, a wholly owned subsidiary of GSA Group and an entity associated with Jonathan Munz, have en
facilities and services agreement dated 3 March 2016 (“Shared Services Agreement”) under which the Company will share premises with
Melbourne and be permitted to use certain facilities such as office space and car parking and will have signage rights. The initial term of t
Agreement is two years (which may be renewed by either party by giving six months’ notice to the other party). The Company pays an an
(plus GST) to GSA Industries Pty Ltd for the use of these facilities and services. The Shared Services Agreement came into effect from the
Company’s listing on the ASX. The Shared Services Agreement is on terms that are more favourable to the Company than arm’s length te
2017
$000
2016
$000
Amounts recognised as an expense during the period
Rent and shared services expense 100 16
26. Audit Services
KPMG are the auditors of the Company. The total remuneration received, or due and receivable by auditors of the Company is as follows
2017
$
2016
$
KPMG Australia
Audit services 177,000 120,000
Other assurance and non-audit services
• Due diligence 22,500 –
• Tax compliance 79,500 65,000
• Other assurance services 25,000 –
• Other services 15,000 –
Total remuneration paid to KPMG Australia 319,000 185,000
Overseas KPMG offices
• Due diligence 313,159 –
• Other services 22,722 –
Total remuneration paid to KPMG overseas 335,881 –
Total remuneration to KPMG 654,881 185,000

60 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2017
27. Deed of cross guarantee
The wholly-owned subsidiaries listed below are relieved from the Corporations Act 2001 requirements for preparation, audit and lodgement o
reports and Directors’ reports following the execution of a Deed of Cross Guarantee (“Deed”) on 29 June 2016. The Deed complies with the re
instrument/class order.
The effect of the Deed is that the Company guarantees to each creditor payment in full of any debt in the event of winding up of any of the su
certain provisions of the Corporations Act 2001. If a winding up occurs under other provisions of the Act, the Company will only be liable in th
six months any creditor has not been paid in full. The subsidiaries have also given similar guarantees in the event the Company is wound up.
The holding entity for the purpose of the Deed is Reliance Worldwide Corporation Limited.
The subsidiaries who are parties to the Deed are:
• Reliance Worldwide Group Holdings Pty Ltd; and
• Reliance Worldwide Corporation (Aust.) Pty Ltd.
A consolidated statement of comprehensive income, comprising the Company and controlled entities which are party to the Deed and after e
transactions between those entities, for the year ended 30 June 2017 and a Statement of Financial Position for the same group for entities at
set out below.
Statement of profit or loss and other comprehensive income
2017
$000
2016
$000
Revenue from sale of goods 212,811 46,934
Cost of sales (143,875) (33,843)
Gross profit 68,936 13,091
Other income 968 451
Product development expenses (4,005) (1,100)
Selling, warehouse and marketing expense (15,367) (4,401)
Administration expense (13,478) (3,450)
Other expenses (388) (12,219)
Operating profit / (loss) 36,666 (7,628)
Finance income 36,227 5,837
Finance costs (4,996) (962)
Net finance costs 31,231 4,875
Profit / (Loss) before tax 67,897 (2,753)
Income tax expense (19,414) (1,381)
Profit / (Loss) for the period 48,483 (4,134)

61Annual Report 2017
27. Deed of cross guarantee (continued)
Statement of financial position at 30 June 2017
2017
$000
2016
$000
Assets
Current assets
Cash and cash equivalents 15,585 23,378
Trade and other receivables 47,172 33,559
Inventories 52,763 44,164
Other current assets 2,145 1,652
Total Current Assets 117,665 102,753
Non-Current
Property, plant and equipment 41,563 43,056
Loans receivable 725,665 603,900
Deferred tax assets 7,912 10,264
Goodwill 39,825 39,825
Investment in subsidiaries 515,654 508,067
Other intangible assets 1,429 868
Total Non-Current Assets 1,332,048 1,205,980
Total Assets 1,449,713 1,308,733
Liabilities
Current liabilities
Bank overdraft 9,400 –
Trade and other payables 40,484 32,068
Current tax liabilities 4,104 1,429
Employee benefits 3,809 2,773
Total Current Liabilities 57,797 36,270
Non-Current Liabilities
Borrowings 258,000 160,000
Deferred tax liabilities 3,239 3,179
Employee benefits 4,084 4,831
Total Non-Current Liabilities 265,323 168,010
Total Liabilities 323,120 204,280
Net Assets 1,126,593 1,104,453
Equity
Share capital 1,261,371 1,272,732
Reserves (163,377) (164,145)
Retained profits/ (Accumulated losses) 28,599 (4,134)
Total Equity 1,126,593 1,104,453

62 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2017
28. Parent entity disclosure
As at, and throughout, the financial year to 30 June 2017 the parent entity of the Group was Reliance Worldwide Corporation Limited.
(a) Result of the parent entity
2017
$000
2016
$000
Profit /(Loss) for the period (4,372) (11,537)
Other comprehensive income – –
Total comprehensive profit / (loss) for the period (4,372) (11,537)
(b) Statement of financial position of the parent entity at 30 June
2017
$000
2016
$000
Assets
Current Assets 1,979 13,230
Non-Current Assets 1,530,641 1,422,472
Total Assets 1,532,620 1,435,702
Liabilities
Current Liabilities 2,628 13,071
Non-Current Liabilities 297,844 161,371
Total Liabilities 300,472 174,442
Net Assets 1,232,148 1,261,260
Equity
Share capital 1,261,371 1,272,732
Reserves 833 65
Accumulated losses (30,056) (11,537)
Total Equity 1,232,148 1,261,260
(c) Parent entity contingent liabilities
The Company has agreed to provide guarantees for certain commitments made or entered into by subsidiary entities in the ordinary course o
Company does not consider these guarantees to be material in the context of the Group’s business.
(d) Parent entity capital commitments for acquisition of property plant and equipment
The Company did not enter into any material contracts to purchase plant and equipment during the year.
(e) Parent entity guarantees in respect of the debts to its subsidiaries
The Company has entered into a Deed of Cross Guarantee with the effect that it guarantees liabilities and obligations in respect of some Aust
in certain circumstances. Refer to Note 27.
29. Subsequent events
On 28 August 2017, the Directors resolved to declare a final dividend for the 2017 financial year of 3.0 cents per share. The dividend is fully
aggregate dividend payment amount is $15.75 million. The dividend will be paid to eligible shareholders on 10 October 2017. The Company d
dividend reinvestment plan.
The Directors are not aware of any other matters or circumstances that have occurred since the end of the financial year that have significan
significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in subsequent financial peri

63Annual Report 2017
IMPORTANT NOTICESDIRECTORS’ DECLARATION
For the year ended to 30 June 2017
In the opinion of the Directors of Reliance Worldwide Corporation Limited (“the Company”):
(1) the consolidated financial statements and notes set out on pages 33 to 62, are in accordance with the Corporations Act 2001, includin
(i) giving a true and fair view of the Group’s financial position as at 30 June 2017 and of its performance for the financial year ended o
(ii) complying with Australian Accounting Standards, other mandatory professional reporting requirements and the Corporations Regu
(2) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
(3) there are reasonable grounds to believe that the Company and the Group entities identified in Note 27 will be able to meet any obliga
which they are or may become subject to by virtue of the Deed of Cross Guarantee described in Note 27.
The Directors draw attention to Note 1 to the consolidated financial statements which includes a statement of compliance with Internation
Standards.
The Directors have been given the declarations by the Chief Executive Officer and Chief Financial Officer as required by Section 295A of t
Act 2001.
Signed in accordance with a resolution of the Directors.
Jonathan Munz Heath Sharp
Chairman Chief Executive Officer and Managing Director
Melbourne
28 August 2017

64 Reliance Worldwide Corporation Limited
KPMG, an Australian partnership and a member firm of the KPMG
network of independent member firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss entity.
Liability limited by a scheme approved under
Profession Standards Legislation.
Independent Auditor’s Report
To the shareholders of Reliance Worldwide Corporation Limited
Report on the audit of the Financial Report
Opinion
We have audited the Financial Report of
Reliance Worldwide Corporation Limited
(the Company).
In our opinion, the accompanying Financial
Report of the Group is in accordance with
the Corporations Act 2001, including:
• giving a true and fair view of the
Group’s financial position as at 30
June 2017 and of its financial
performance for the year ended on
that date; and
• complying with Australian Accounting
Standards and the Corporations
Regulations 2001.
The Financial Report comprises:
• Consolidated statement of financial position as at 30
June 2017;
• Consolidated statement of profit or loss and other
comprehensive income, consolidated statement of
changes in equity, andconsolidated statement of
cash flows for the year then ended;
• Notes including a summary of significant accounting
policies; and
• Directors’ Declaration.
The Group consists of Reliance Worldwide Corporation
Limited (the Company) and the entities it controlled at the
year end and from time to time during the financial year.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Our responsibilities under those standards are further described in the Auditor’s responsibilities for the
audit of the Financial Report section of our report.
We are independent of the Group in accordance with the Corporations Act 2001 and the ethical
requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics
for Professional Accountants (the Code) that are relevant to our audit of the Financial Report in Australia.
We have fulfilled our other ethical responsibilities in accordance with the Code.

65Annual Report 2017
Key Audit Matters
The Key Audit Matters we identified are:
• acquisition of the Holdrite business;
and
• valuation of inventory.
Key Audit Matters are those matters that, in our
professional judgment, were of most significance in our
audit of the Financial Report of the current period.
These matters were addressed in the context of our audit
of the Financial Report as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion
on these matters.
Acquisition of the Holdrite business
Refer to Note 3 Business Combinations of the Financial Report.
The key audit matter How the matter was addressed in our audit
Identification and measurement of
intangible assets acquired as part of the
Holdrite business acquisition is a Key Audit
matter due to:
• the size of the acquisition (base
purchase considerationof US$92.5
million); and
• the level of judgement required in
evaluating the purchase price
allocation (PPA) against accounting
standards.
The Group engaged an independent expert
to advise on the identification and
measurement of intangible assets which
form the PPA. As part of the measurement
process of these intangible assets,
significant judgement was required in
assessing the valuation methodology
applied, forecasted revenues and discount
rates.
In assessing this key audit matter, we
involved senior audit team members,
including valuation specialists, who
collectively understand the Group’s
business and the economic environment it
operates in.
Our audit procedures included:
• reading the sale and purchase agreement to
understand the key terms and conditions of the
transaction relating to the identification and
measurement of assets and liabilities;
• working together with our valuation specialists, we
challenged the valuation methodology and
assumptions used in the provisional PPA to value the
identifiable intangible assets. This included:
o assessing the methodology applied for
consistency with industry practices and criteria in
the accounting standards;
o comparing the inputs used by the independent
expert to underlying documentation sourced from
the Group;
o assessing the discount rate applied by the Group
using our knowledge of the Group, its industry
and comparable entities;
o evaluating forecast revenues based on accessing
historical results of the Holdrite business for
comparison,and published industry trends in
which the Holdrite business operates in;
o assessing the competence, experience and the
scope of the independent expert.
• assessing the Group’s disclosures in respect of the
acquisition in accordance with accounting standards.

66 Reliance Worldwide Corporation Limited
Valuation of inventory
Refer to Note 9 Inventories of the Financial Report.
The key audit matter How the matter was addressed in our audit
The valuation of inventory is a key audit
matter as a result of:
• additional audit effort applied to
address the Group’s inventory
volumes held across multiple product
categories in multiple manufacturing
sites. The high volume of
manufactured product across multiple
regions leads to greater audit effort, as
inventory is tested at a regional level.
• certain products where there are
readily available competitor product in
the market, increasing the risk of
inventory net realisable values falling
below cost due to market demand /
pricing pressures. We focus our audit
effort on assessing products at risk of
these conditions, including those
already identified as slow moving or
obsolete, and the documentation
available for the value ascribed by the
Group.
• the inherent complexities for applying
a standard cost of production /
manufacturing to inventories, requires
additional audit effort.
Our audit procedures included:
• testing of standard costing methodology and
computations, by significant product category, in key
regions. This includes checking inputs into the
standard costing computation, on a sample basis, to
external documentation, such as supplier invoices;
• challenging the Group's approach for allocation of
overheads within the standard costing computation
on a sample basis by 1. examining the construct of
the standard cost, 2. evaluatingthe underlying
documentationof the Group’s methodologyand
discussing with finance and operational personnel in
the Group about the allocation methodology applied
and 3. comparing the allocation methodology to our
understanding of the business and the criteria in the
accounting standards;
• understanding the processes the Group undertakes
to assess the slow moving and obsolete inventory,
including understanding the Group’s consideration of
changes in market conditions, and its implications to
valuation of inventory;
• comparison of a sample of previously identified slow
moving inventories, across various product and site
categories, to sales amounts achieved subsequently,
to evaluate the historical accuracy of the Group’s
expected future sales prices incorporated into
inventory valuation;
• challenging the Group’s identification of inventory at
risk of net realisable value less than standard cost.
We observed the condition of a sample of inventory
at physical inventory counts, challenged the
identification of ‘at risk’ inventory categories using
our understanding of the implications of the changing
market conditions from our industry experience and
comparison against recent sales trends;
• testing the Group’s value ascribed to inventory,
across various product and site categories, where net
realisable value is lower than standard cost. This was
performed by comparing the cost per unit in the
general ledger with the latest selling price per unit
obtained from the approved pricing listor recent
selling prices from transactions subsequent to year
end, on a sample basis;
• testing a sample of the Group’s value ascribed to

67Annual Report 2017
inventory, across all remaining inventory categories,
by comparing the cost per unit in the general ledger
to recent selling prices for consistency; and
• assessing the Group’s inventory valuation
methodologies and disclosures in respect to
inventory valuation, based on the requirements of
relevant accounting standards.
Other Information
Other Information is financial and non-financial information in Reliance Worldwide Corporation Limited’s
annual reporting which is provided in addition to the Financial Report and the Auditor's Report. The
Directors are responsible for the Other Information.
The Other Information we obtained prior to the date of the Auditor’s Report was the Directors Report,
Operating and Financial Review and Chairman’s Report. The CEO Report is expected to be made available
to us after the date of the of the Auditor’s Report
Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not and
will not express an audit opinion or any form of assurance conclusion thereon, with the exception of the
Remuneration Report.
In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In
doing so, we consider whether the Other Information is materially inconsistent with the Financial Report
or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
We are required to report if we conclude that there is a material misstatement of this Other Information,
and based on the work we have performed on the Other Information that we obtained prior to the date of
this Auditor’s Report we have nothing to report.
Responsibilities of the Directors for the Financial Report
The Directors are responsible for:
• preparing the Financial Report that gives a true and fair view in accordance with Australian Accounting
Standards and the Corporations Act 2001
• implementing necessary internal control to enable the preparation of a Financial Report that gives a
true and fair view and is free from material misstatement, whether due to fraud or error
• assessing the Group’s ability to continue as a going concern. This includes disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless they either
intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

68 Reliance Worldwide Corporation Limited
Auditor’s responsibilities for the audit of the Financial Report
Our objective is:
• to obtain reasonable assurance about whether the Financial Report as a whole is free from material
misstatement, whether due to fraud or error; and
• to issue an Auditor’s Report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
accordance with Australian Auditing Standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error. They are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of this Financial Report.
A further description of our responsibilities for the Audit of the Financial Report is located at the Auditing
and Assurance Standards Board website at: http://www.auasb.gov.au/auditors_files/ar2.pdf. This
description forms part of our Auditor’s Report.
Report on the Remuneration Report
Opinion
In our opinion, the Remuneration Report of
Reliance Worldwide Corporation Limited
for the year ended 30 June 2017, complies
with Section 300A of the Corporations Act
2001.
Directors’ responsibilities
The Directors of the Company are responsible for the
preparation and presentation of the Remuneration Report in
accordance with Section 300A of the Corporations Act 2001.
Our responsibilities
We have audited the Remuneration Report included in the
Directors’ report for the year ended 30 June 2017.
Our responsibility is to express an opinion on the
Remuneration Report, based on our Audit conducted in
accordance with Australian Auditing Standards.
KPMG
Paul J McDonald
Partner
Melbourne
28 August 2017

69Annual Report 2017
IMPORTANT NOTICESSHAREHOLDER INFORMATION
Shareholder Information
The information set out below was applicable at 28 August 2017.
Distribution of Equities – Ordinary Shares
Range Total holders Number of shares
% of
issued shares
1 – 1,000 2,832 7,033,310 1.34
1,001 – 5,000 1,400 10,676,873 2.03
5,001 – 10,000 1,207 27,883,021 5.31
10,001 – 100,000 47 13,005,064 2.48
100,001 and over 18 466,401,732 88.84
Total 5,504 525,000,000 100.00
The number of shareholders holding less than a marketable parcel of shares was 35.
Largest Shareholders
The names of the 20 largest registered holders of ordinary shares are listed below.
Name
Number of shares
held
% of
Issued Shares
Jayburn Pty Ltd 131,664,360 25.08
HSBC Custody Nominees (Australia) Limited 102,821,721 19.59
J P Morgan Nominees Australia Limited 61,790,198 11.77
BNP Paribas Nominees Pty Ltd 35,662,829 6.79
National Nominees Limited 34,962,183 6.66
Citicorp Nominees Pty Limited 33,512,326 6.38
GSA International Pty Ltd 25,835,640 4.92
BNP Paribas Noms Pty Ltd 10,405,379 1.98
Bond Street Custodians Limited 9,482,491 1.81
Citicorp Nominees Pty Limited 5,373,095 1.02
Reliance Employee Share Investments Pty Limited 3,321,402 0.63
Australian Foundation Investment Company Limited 2,400,000 0.46
AMP Life Limited 1,825,982 0.35
RBC Investor Services Australia Nominees Pty Ltd 1,624,120 0.31
Gurravembi Investments Pty Ltd 1,500,000 0.29
Bond Street Custodians Ltd 1,459,088 0.28
Nabe Pty Ltd 1,400,000 0.27
RBC Investor Services Australia Nominees Pty Ltd 1,360,918 0.26
Bond Street Custodians Limited 996,655 0.19
BNP Paribas Nominees Pty Ltd HUB24 Custodial Serv Ltd 983,243 0.19

70 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESSHAREHOLDER INFORMATION
Substantial Shareholders
The number of shares held by substantial shareholders at 31 August 2017 as disclosed in substantial shareholder notices received by the Com
Name
Number of
shares held %
Macquarie Group Limited 100,227,804 19.09
Reliance Worldwide Corporation Limited1 53,940,000 10.27
Bennelong Funds Management Group Pty Ltd 53,928,889 10.27
Jayburn Pty Ltd 52,500,000 10.00
Challenger Limited 48,242,391 9.19
BNP Paribas Nominees Pty Ltd (as custodian for UniSuper Limited) 31,501,438 6.00
Commonwealth Bank of Australia 26,460,341 5.04
AMP Limited 26,375,027 5.02
1 The Company has a technical “relevant interest” in its own shares under S608(1) of the Corporations Act 2001 resulting from restrictions on disposal of share
voluntary escrow arrangements. The Company has no rights to acquire these shares or control the voting rights attaching to these shares.
Buy-Back
The Company does not have a current on-market buy-back.
Voting rights
Every shareholder present at a general meeting has one vote on a show of hands and one vote for every fully paid share held if a poll is cond
Shareholders entitled to cast two or more votes may appoint up to two proxies. Where more than one proxy is appointed, each proxy may be
represent a specific number or proportion of the shareholder’s votes. If the appointment does not specify the proportion or number of votes t
may exercise, each proxy may exercise half of the shareholder’s votes.
Shareholder enquiries
Shareholders with enquiries about their shareholding should contact the Company’s share registry:
Computershare Investor Services Pty Limited
Yarra Falls
452 Johnson Street
Abbotsford Vic 3067
T: 1300 850 505 (within Australia)
T: [phone] (international)
Please mail all share registry correspondence to:
Computershare Investor Services Pty Ltd
GPO Box 2975 Melbourne VIC 3001
Please include your Shareholder Reference Number (SRN) or Holder Identification Number (HIN) in all correspondence to the share registry.
Change of address
It is important for shareholders to notify the share registry in writing promptly of any change of address. As an added security measure, plea
Shareholder Reference Number and your old address.
Investor information
The Company maintains a website at www.rwc.com where company information is available and a service for any queries is provided. For fur
please contact the Company on [phone].
Stock Exchange listing
Reliance Worldwide Corporation Limited’s ordinary shares are quoted on the Australian Securities Exchange under the code “RWC”.
Annual General Meeting
Details of the Annual General Meeting of Reliance Worldwide Corporation Limited will be advised in the Notice of Meeting which will be despa
shareholders.

71Annual Report 2017

72 Reliance Worldwide Corporation Limited
IMPORTANT NOTICESCORPORATE DIRECTORY
Board of Directors
Mr. Jonathan Munz (Chairman)
Mr. Heath Sharp
Mr. Russell Chenu
Mr. Stuart Crosby
Mr. Ross Dobinson
Company Secretary
Mr. David Neufeld
Registered Office
Level 54, 525 Collins Street
Melbourne VIC 3000
T: [phone]
F: [phone]
Auditor
KPMG
Tower Two
Collins Square
727 Collins Street
Melbourne Vic 3008
Share Registry
Computershare Investor Services Pty Limited
Yarra Falls
452 Johnson Street
Abbotsford Vic 3067
T: 1300 850 505 (within Australia)
T: [phone] (international)
Please mail all share registry correspondence to:
Computershare Investor Services Pty Ltd
GPO Box 2975 Melbourne VIC 3001
Stock Exchange Listing
Reliance Worldwide Corporation Limited’s shares are quoted on the Australian Securities Exchange.
Website address
www.rwc.com

RELIANCE WORLDWIDE CORPORATION LIMITED
ACN 610 855 877
www.rwc.com