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CRH plc 2015 Interim Results

27 August 2015

CRH plc, the international building materials group, issues the following Interim Results for the six months ended 30 June 2015.

Key Points

Strong Performance from Continuing Operations

  • Reported sales increased 13% to €9.4 billion; down 1% in Europe and up 26% in the Americas.
  • Sales from continuing operations1 increased 17%; up 3% in Europe and up 32% in the Americas.
  • EBITDA from continuing operations1 up 29%; up 4% in Europe and up 57% in the Americas.
  • Margins up in all six operating divisions.

Portfolio Management

  • Reallocating capital into value-creating opportunities.
  • Over half the multi-year divestment programme of c.€1.5 - €2 billion is now complete.
  • First half divestment/disposal proceeds of €670 million. First half acquisition/investment spend of €113 million.

Acquisition Integration

  • The acquisition of European and American assets from Lafarge and Holcim is now complete; integration underway.
  • Announcement today of $1.3 billion C.R. Laurence acquisition in the US; further progress on balanced portfolio.
  • Near term focus is strongly on integration, to maximise the potential of these acquired assets.

Financial Discipline

  • Incremental cost savings of €28 million to date in 2015 with full-year target of €75 million on track.
  • Net debt of €1.2 billion, €2.5 billion lower than June 2014.

Dividend per share maintained at 18.5c
 

Key Figures

Six months ended 30 June  


2015

2014

Change

  € m  € m 
2014 v.
2015

Continuing Operations1
Sales revenue 9,370 8,324 +13% +17%
EBITDA 555 505 +10% +29%
EBITDA margin 5.9% 6.1% -20bps +60bps
Operating profit 189 171 +€18m
Profit before tax 2 63 61 +€2m
Earnings before interest, tax, depreciation and amortisation (EBITDA) and operating profit exclude profit on disposals and CRH's share of joint ventures’ and associates' profit after tax.

  1. Continuing operations exclude the impact of divested entities and at EBITDA level also exclude one-off items (see table on page 11).
  2. First half 2015 profit before tax includes the impact of a €38m charge relating to early bond redemption (see page 3).

Albert Manifold, Chief Executive, said today:
”We are on track to deliver another year of growth in 2015. Trading in the Americas has been good and, against a mixed macro-economic backdrop, underlying trading in Europe is broadly in line. We have made good progress towards achieving our goal of restoring margins and returns to peak over the cycle, with further margin improvement in each operating division. We have also recycled capital from non-core divestments into value creating acquisitions, while maintaining a disciplined, efficient balance sheet. We are now applying CRH rigour to these new businesses to integrate them efficiently and to drive performance.”

Announced Thursday, 27 August 2015


DISCLAIMER
This document contains certain forward-looking statements as defined under US legislation. By their nature, such statements involve uncertainty; as a consequence, actual results and developments may differ from those expressed in or implied by such statements depending on a variety of factors including the specific factors identified in this presentation and other factors discussed in our Annual Report on Form 20-F filed with the SEC.

CRH will host a webcast and conference call at 8.30 a.m. BST (GMT +1) today, 27 August 2015 to discuss this announcement.   Registration details can be found on the Results Centre section of our website www.crh.com/investors/results-centre.

Contact CRH at Dublin 404 1000 (+353 1 404 1000)

Albert Manifold Chief Executive
Maeve Carton Finance Director
Frank Heisterkamp Head of Investor Relations

 

View the full release (PDF, 547 KB, opens in a new window).

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