CRH plc, the international building materials group, issues the following Interim Results for the six months ended 30 June 2011.
| 2011 € m | 2010 € m | % change | |
| Sales revenue | 8,166 | 7,658 | Up 7% |
| EBITDA* | 574 | 520 | Up 10% |
| EBIT | 184 | 118 | Up 56% |
| Profit before tax | 95 | 25 | Up 280% |
| € cent | € cent | ||
| Earnings per share | 10.7 | 2.6 | Up 312% |
| Cash earnings per share | 67.1 | 59.9 | Up 12% |
| Dividend per share | 18.5 | 18.5 | No change |
| € m | € m | ||
| Net debt at 30 June | 3,942 | 4,762 | Down 17% |
* EBITDA (earnings before interest, tax, depreciation, amortisation and impairment charges) excludes profit on disposals and CRH’s share of associates’ profit after tax.
- Profit increase driven by CRH’s Products and Distribution operations in Europe and the Americas
- First-half EBITDA of €574 million, ahead of 2010 as indicated in the May trading update guidance
- EBIT +56% ahead of 2010; EBITDA and EBIT margins ahead of last year
- Profit before tax of €95 million, €70 million ahead of H1 2010
- Earnings per share well ahead of last year at 10.7c (H1 2010: 2.6c)
- Dividend per share unchanged at 18.5c
- Year-to-date acquisition and investment spend of €380 million, including 7 transactions completed since end-June; cash spend in the first six months amounted to €163 million
- First-half proceeds from disposals amounted to €392 million
- Net debt of €3.9 billion at end-June was €0.8 billion lower than at end-June 2010
- EBITDA/net interest for the 12 months to June improved to 7.0x, compared with 6.5x at both June and December 2010, with net debt/EBITDA of 2.4x (June 2010: 2.8x)
- Balance sheet remains one of the strongest in the sector
Myles Lee, Chief Executive, said today:
“The positive outcome for the first half of 2011 clearly demonstrates the advantages of CRH’s product and sectoral end-use balance and the benefits of the extensive reorganisation and restructuring measures implemented in response to the exceptionally difficult markets of recent years.
Looking to the second half, downward revisions to economic growth estimates over recent months, combined with the extreme turbulence evident in world financial markets over the past few weeks, have added to market risks and uncertainties. Against this background we continue to focus on operational and commercial excellence, on delivering the price increases necessary to recover higher input costs in our businesses and on delivering a year of progress for CRH in 2011.”
Announced Tuesday, 16 August 2011
DISCLAIMER
This Interim Report 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 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 16 August 2011 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 and follow the links. A recording of the conference call will be available from 11.00 a.m. BST on 16 August 2011 by dialing +44 (0)207 769 6425. The security code for the call and the replay is 7826749#.
| Contact +353 1 404 1000 | |
| Myles Lee | Chief Executive |
| Maeve Carton | Finance Director |
| Éimear O’Flynn | Head of Investor Relations |
| Rossa McCann | Head of Group Finance and Treasury |