Restatement of 2004 results under IFRS
31 May 2005
CRH plc, the international building materials group, today announces the impact of the transition to International Financial Reporting Standards (IFRS) on its 2004 results previously prepared in accordance with accounting practice generally accepted in the Republic of Ireland (Irish GAAP). The Group's financial statements for the six months ended 30 June 2005 and for the year ended 31 December 2005 will be prepared under IFRS.
The impact on the audited 2004 key financial data is summarised as follows:
| ||Irish |
|IFRS ||% |
|Comments on principal IFRS changes |
|Turnover ||12,820 ||12,755 ||- 1% ||Certain joint ventures reclassified as associates under IFRS - share of sales no longer reported |
|Operating profit (EBITA)* ||1,247 ||1,220 ||- 2% ||Share of associates' EBITA excluded under IFRS |
|Profit before tax ||1,017 ||1,104 ||+ 9% ||Non-amortisation of goodwill |
|Profit after tax ||770 ||872 ||- 6% ||Non-amortisation of goodwill |
|Total equity ||5,300 ||4,979 ||- 6% ||Pension and deferred tax assets and liabilities included under IFRS |
|Net debt ** ||2,441 ||2,758 ||+ 13% ||Inclusion of share of joint ventures' net debt |
| ||euro cent ||euro cent || || |
|Earnings per share ||143.9 ||163.6 ||+ 14% ||Non-amortisation of goodwill |
|Excluding Irish GAAP goodwill amortisation ||163.1 ||163.6 ||- % || |
* Operating profit (EBITA) excludes goodwill amortisation and profit on sale of fixed assets. ** Net debt comprises current and non-current interest-bearing loans and borrowings less cash and cash equivalents and liquid investments.
This announcement, together with a slide presentation and accompanying audio commentary summarising the impact of the transition to IFRS for CRH, has been filed today on the Group's website at www.crh.com. If you have any questions on this announcement or on the presentation, please contact the following at Dublin 404 1000 (+353 1 404 1000)
Contact CRH at Dublin 404 1000 (+353 1 404 1000)
|Liam O’Mahony ||Chief Executive |
|Myles Lee ||Finance Director |
|Maeve Carton ||Group Controller |
Download the entire announcement PDF (PDF, 1.16 MB, opens in a new window).