2017 Full Year Results
01 March 2018
- Another year of profit growth
- Focus on performance improvement and operational delivery
- Margins and returns ahead in all American and European Divisions
- Strong balance sheet with good cash generation supporting active year of development
- Sales of €27.6 billion, 2% ahead of 2016; like-for-like sales up 2%
- EBITDA2 up 6% to €3.3 billion; like-for-like EBITDA up 3%
- EBITDA margin of 12.0%, up from 11.5% in 2016
- Cash inflow of €2.2 billion from operating activities
- Basic EPS of 226.8c was 51% ahead of 2016; excluding certain one-off gains adjusted EPS2 was 166.2c or 11% ahead
- Return on Net Assets (RONA2) 10.6%, up from 9.7% in 2016
- Delivering value through efficient capital management
- Net debt/EBITDA2 at 1.8x after €1.7 billion net development activity
- Full year dividend per share increased by 5% to 68.0c, covered 3.3 times
| || |
| ||Continuing and Discontinued Operations || |
|Year ended 31 December ||2017 |
| ||2017 |
|Sales revenue || 25,220 ||24,789 || ||27,563 ||27,104 ||+2% |
|EBITDA ||3,146 ||2,980 || ||3,310 ||3,130 ||+6% |
|12.0% || ||12.0% |
|11.5% || +50bps |
|Operating profit (EBIT) |
| ||2,238 |
|Profit before tax |
| ||2,013 |
| ||€ cent ||€ cent || ||€ cent ||€ cent || |
|Basic earnings per share ||214.0 |
|140.4 || ||226.8 |
|150.2 || |
|Dividend per share |
|65.0 || ||68.0 |
|65.0 || |
| 2017 EBITDA includes a one-off past service credit of €81 million due to changes in the Group’s pension scheme in Switzerland. |
| 2017 EPS includes the one-off benefit of a €447 million reduction in the Group’s net deferred tax liabilities due to changes in United States tax legislation.
Albert Manifold, Chief Executive, said today:
“2017 was a year of continued profit growth for CRH. We benefited from increases in underlying demand in the Americas and positive momentum in Europe, and with focus on performance improvement and operational delivery, margins and returns were ahead of last year in our American and European Divisions. Supported by strong operational cash generation, we continued to deliver value through efficient capital management. With a balanced portfolio of businesses CRH is well positioned to capitalise on ongoing economic recovery and our focus remains on consolidating and building upon the gains made in 2017. Against this backdrop, we believe that 2018 will be a year of continued growth for the Group.”
Announced Thursday, 1 March 2018
1 For the first three pages of this document all income statement figures refer to combined results from continuing and discontinued operations unless otherwise stated.
2 See pages 31 to 36 for glossary of alternative performance measures (including EBITDA, RONA, net debt/EBITDA and adjusted EPS) used throughout this report.
In order to utilise the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, CRH public limited company (the “Company”), and its subsidiaries (collectively, “CRH” or the “Group”) is providing the following cautionary statement.
This document contains certain forward-looking statements with respect to the financial condition, results of operations, business, viability and future performance of CRH and certain of the plans and objectives of CRH. These forward-looking statements may generally, but not always, be identified by the use of words such as “will”, “anticipates”, “should”, “expects”, “is expected to”, “estimates”, “believes”, “intends” or similar expressions.
By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future and reflect the Company’s current expectations and assumptions as to such future events and circumstances that may not prove accurate.
A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, certain of which are beyond our control, as detailed in the section entitled “Risk Factors” in our 2016 Annual Report on Form 20-F as filed with the US Securities and Exchange Commission.
You should not place undue reliance on any forward-looking statements. These forward-looking statements are made as of the date of this document. The Company expressly disclaims any obligation to update these forward-looking statements other than as required by law.
The forward-looking statements in this document do not constitute reports or statements published in compliance with any of Regulations 6 to 8 of the Transparency (Directive 2004/109/EC) Regulations 2007.
CRH will host a webcast and conference call at 8.30am GMT, 1 March 2018, to discuss this announcement. Registration details can be found on the Results Centre section of the website http://crh.com/investors/results-centre.
|Contact CRH at Dublin 404 1000 (+353 1 404 1000) |
|Albert Manifold ||Chief Executive |
|Senan Murphy ||Finance Director |
|Frank Heisterkamp ||Head of Investor Relations |
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