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CRH plc 2013 Interim Results - Six months ended 30th June 2013

20 August 2013

Key Points

  • Sales revenue down 3%; this reflects a 6% reduction on a like-for-like basis, comprising a 7% fall in the four months to April moderating to a 3% decline in May/June.
  • Earnings before interest, tax, depreciation, amortisation and impairment charges (EBITDA) amounted to €0.4 billion, in line with AGM guidance. Excluding pension/CO2 gains, EBITDA was 18% below first half 2012.
  • Dividend per share maintained at 18.5c.
  • Incremental cost savings of €111 million in 2013; accelerating initiatives in Europe due to weak markets.
  • Continued focus on working capital management and capital expenditure.
  • First half acquisitions/investments of €470 million; cumulative €0.8 billion in last 12 months.
  • Proceeds of €202 million from disposals.
  • Net debt of €4.2 billion, €0.4 billion higher than June 2012.

Key Figures

  Six months ended 30 June

2013

2012
Restated 1
  € m  € m  Change 
Sales revenue 8,007 8,271 -3%
EBITDA2 397 523 -24%
EBITDA excluding pension curtailment and CO2 gains3
392 479 -18%
Operating profit2 41 162 -€121m
Profit on disposals4 18 196 -€178m
Finance costs, net (146) (151) +€5m
Share of joint venture/associate results, net of impairment5 16  (105) +€121m
(Loss)/profit before tax (71) 102 -€173m
€ cent € cent
Basic (loss)/earnings per share (7.8) 13.4 -21.2c
Dividend per share 18.5 18.5 No change

  1. All 2012 numbers presented in this Report for comparative purposes have been restated to reflect the impact of new accounting rules for joint ventures and for pensions
  2. EBITDA and operating profit exclude profit on disposals and CRH's share of joint ventures' and associates' profit after tax
  3. Pension gains of €2 million included in 2013 (2012: €21m) ; CO2 trading gains of €3 million in 2013 (2012: €23 million)
  4. Profit on disposals in 2012 included gains totalling €183 million on disposal of the Group's 49% stake in the Secil joint venture in Portugal and of Magnetic Autocontrol, our wholly-owned German access control business
  5. Share of profits from equity-accounted entities in 2012 included an impairment charge of €130 million in respect of the Group's 26% associate Uniland in Spain; this investment was divested by the Group in February 2013
Myles Lee, Chief Executive, said today:

”Although recent economic indicators suggest that the Eurozone may be emerging from recession, overall construction activity remains weak and we expect challenging trading conditions in Europe for the remainder of 2013. In the United States, economic growth is estimated to have strengthened over recent quarters and we expect second half EBITDA to be ahead of last year. Overall for CRH, we expect EBITDA for the second half of the year to be in line with last year (restated 2012: €1.04 billion). The Group continues to focus on cost management, operational excellence, value-adding acquisitions and strong cash generation, and is well-positioned to progress as markets recover.”

Announced Tuesday, 20 August 2013


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 document 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 on 20 August 2013 to discuss this announcement. The webcast, and a presentation to accompany this announcement, are available at www.crh.com. To register for the conference call please go to the Results Centre section of our website www.crh.com and follow the links. A recording of this conference call will be available from August 20, 2013 11:45 AM to August 25, 2013 11:59 PM by dialing: +35314364267, +442077696425 or +16306523111 and entering passcode 98897453#

Contact +353 1 404 1000

Myles Lee, Chief Executive
Maeve Carton, Finance Director
Frank Heisterkamp, Head of Investor Relations


View the full release (PDF, 2.7MB, opens in a new window).

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