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CRH plc 2013 results - year ended 31st December 2013

25 February 2014

Year ended 31 December 2013
€ m
% change
Sales revenue 18,031 18,084 -
EBITDA2 1,475
1,563 -6%
Operating profit (EBIT) 2 before impairment
833 -10%
Impairment of subsidiaries (650)
Operating profit (EBIT)2 100
Profit on disposals 26
Finance costs, net (297)
Share of equity accounted investments’ results, net of impairment (44)
(Loss)/profit before tax (215)
€ cent € cent
(Loss)/Earnings per share (40.6)
Earnings per share before impairment charges and related tax 59.5
98.6 -40%
Dividend per share
62.5 Maintained

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 (earnings before interest, tax, depreciation, amortisation and impairment charges) and EBIT (earnings before interest and tax) exclude profit on disposals and CRH's share of equity accounted investments’ results

Albert Manifold, Chief Executive, said today:

“The review of our portfolio announced in November 2013 aims to re-set the Group for growth. While this has resulted in significant non-cash impairment charges, we believe that dynamic allocation and reallocation of resources to optimise the portfolio, together with our traditional tight cost control and capital discipline and our relentless focus on returns, will be key to driving growth and to rebuilding returns and margins over the coming years. We believe that 2013 represents the trough in our profits, and that 2014 will be a year of profit growth. We are encouraged by second- half activity levels in 2013 and by the fact that, while it is still early in the season, trading so far in 2014 has been ahead of last year.”

Financial Highlights

  • Sales of €18 billion, in line with 2012; like-for-like sales down 2%
    6% decline in first half, followed by a 2% increase in the second half
  • EBITDA of €1,475 million; ahead of November guidance
  • Americas like-for-like sales up 2%; improving economic and construction trends
    Like-for-like sales down 1% in the weather-impacted first half; up 5% in the second half
    US Dollar EBITDA up 10%
  • Europe like-for-like sales down 5%; signs of stabilisation as year progressed
    Like-for-like sales down 10% in first half; second half down 1%
    EBITDA for the year down 19%, also impacted by lower (-€29m) once-off gains
  • Year-end net debt of €2.97 billion; better than November guidance
  • Dividend per share maintained at 62.5c

Operational Highlights

  • Acquisitions and investments of €720 million in 2013
  • Initial phase of ongoing portfolio review now complete
  • Business units not meeting returns criteria and identified for disposal account for 3% of 2013 EBITDA; non-cash impairment charges of €755million (including €105 million in respect of JVs and associates)
  • Cost savings of €195 million delivered, in line with November guidance

Announced Tuesday, 25 February 2014

This Statement 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 Statement and other factors discussed on pages 68 and 69 of our 2012 Annual Report and in our Annual Report on Form 20-F filed with the SEC.

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, 512 KB, opens in a new window).

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