CRH plc, the international building materials group, issues the following Interim Results for the six months ended 30 June 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 Restated1 | ||
| € m | € m | Change | |
| Sales revenue | 8,007 | 8,271 | -3% |
| EBITDA2 | 397 | 523 | -24% |
| EBITDA excluding pension curtailment and CO2gains3 | 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 |
1All 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
2EBITDA and operating profit exclude profit on disposals and CRH’s share of joint ventures’ and associates’ profit after tax
3Pension gains of €2 million included in 2013 (2012: €21m) ; CO2 trading gains of €3 million in 2013 (2012: €23 million)
4Profit 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
5Share 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 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 |