CRH plc, the global building materials group, issues Full Year Results for the year ended 31 December 2012.
| Year ended 31 December | 2012 € m |
2011 €m |
% change | Sales revenue | 18,659 | 18,081 | Up 3% |
EBITDA* | 1,640 | 1,656 | Down 1% | Operating profit (EBIT)* |
845 | 871 | Down 3% | Profit on disposals | 230 | 55 | Finance costs | (289) | (257) | Associates’ results, net of impairment | (112) | 42 | Profit before tax | 674 | 711 | Down 5% | € cent | € cent | Earnings per share | 76.5 | 82.6 | Down 7% | Cash earnings per share | 206.8 | 194.0 | Up 7% | Dividend per share |
62.5 | 62.5 | Maintained |
*EBIT (earnings before interest and tax) and EBITDA (earnings before interest, tax, depreciation, amortisation and impairment charges) exclude profit on disposals and CRH’s share of associates’ profit after tax.
Myles Lee, Chief Executive, said today:
“Results for 2012 reflect progress from CRH’s Americas operations helped by a strong recovery in residential construction and improving overall economic activity in the United States. In contrast, our European businesses had to contend with weakening consumer and investor confidence within the Eurozone.
Assuming no major financial or energy market dislocations, we expect that ongoing improvements in our businesses in the Americas combined with further profit improvement initiatives throughout our operations will outweigh continuing trading pressures in our European segments, enabling the Group to achieve progress in 2013.”
Financial Highlights
- Sales up 3% to €18.7 billion; EBITDA of €1.64 billion, ahead of November guidance
- Americas sales up 15% and EBITDA up 12% to €0.85 billion
- European sales down 7% and EBITDA down 12% at €0.79 billion
- Continuing tight management of working capital and capital expenditure
- Net debt down €0.5 billion to under €3 billion; net debt to EBITDA cover of 1.8x
- One of the strongest balance sheets in the global building materials sector
- Dividend per share maintained at 62.5c
Operational Highlights
- Continued focus on cost management; cost savings of €166 million delivered in 2012
- Cumulative annualised cost savings of €2.2 billion since 2007, over 40% permanent in nature
- Further cost reductions of approximately €0.3 billion in three-year period to 2015
- Acquisitions/investment activity of €0.65 billion
- Active portfolio management; proceeds of €0.86 billion from disposals
Announced Tuesday, 26 February 2013
This Results Announcement 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.
| Contact CRH at Dublin 404 1000 (+353 1 404 1000) | Myles Lee | Chief Executive | Maeve Carton | Finance Director | |