2019
Summary Financials
|
|||
Sales
revenue
|
€28.3bn
|
|
+6%
|
EBITDA
|
€4.2bn
|
|
+25%
|
EBITDA
margin
|
14.8%
|
|
+230bps
|
|
|
Analysis of change
|
|
||||||
€ million
|
2018
|
Exchange
|
Acquisitions
|
Divestments
|
Leases
|
Organic
|
2019
|
% change
|
|
Sales
revenue
|
8,951
|
+460
|
+657
|
-26
|
-
|
+343
|
10,385
|
+16%
|
|
EBITDA
|
1,493
|
+84
|
+135
|
-5
|
+98
|
+155
|
1,960
|
+31%
|
|
Operating
profit
|
1,009
|
+60
|
+61
|
-4
|
+9
|
+136
|
1,271
|
+26%
|
|
EBITDA/sales
|
16.7%
|
|
|
|
|
|
18.9%
|
|
|
Operating
profit/sales
|
11.3%
|
|
|
|
|
|
12.2%
|
|
|
|
|
Analysis of change
|
|
||||||
€ million
|
2018
|
Exchange
|
Acquisitions
|
Divestments
|
Leases
|
Organic
|
2019
|
% change
|
|
Sales
revenue
|
8,042
|
+70
|
+35
|
-27
|
-
|
+374
|
8,494
|
+6%
|
|
EBITDA
|
936
|
+10
|
+2
|
+1
|
+113
|
+17
|
1,079
|
+15%
|
|
Operating
profit
|
487
|
+6
|
-1
|
+2
|
+16
|
+45
|
555
|
+14%
|
|
EBITDA/sales
|
11.6%
|
|
|
|
|
|
12.7%
|
|
|
Operating
profit/sales
|
6.1%
|
|
|
|
|
|
6.5%
|
|
|
|
|
Analysis of change
|
|
||||||
€ million
|
2018
|
Exchange
|
Acquisitions
|
Divestments
|
Leases
|
Organic
|
2019
|
% change
|
|
Sales
revenue
|
6,248
|
+234
|
+231
|
-576
|
-
|
+113
|
6,250
|
+0%
|
|
EBITDA
|
787
|
+33
|
+27
|
-48
|
+100
|
+62
|
961
|
+22%
|
|
Operating
profit
|
575
|
+25
|
+10
|
-16
|
+15
|
+59
|
668
|
+16%
|
|
EBITDA/sales
|
12.6%
|
|
|
|
|
|
15.4%
|
|
|
Operating
profit/sales
|
9.2%
|
|
|
|
|
|
10.7%
|
|
|
|
|
|
Restated (i)
|
|
2019
|
|
2018
|
|
€m
|
|
€m
|
|
|
|
|
Revenue
|
25,129
|
|
23,241
|
Cost of sales
|
(16,846)
|
|
(15,572)
|
Gross profit
|
8,283
|
|
7,669
|
Operating costs
|
(5,789)
|
|
(5,598)
|
Group operating profit
|
2,494
|
|
2,071
|
Loss on disposals
|
(1)
|
|
(27)
|
Profit before finance costs
|
2,493
|
|
2,044
|
Finance costs
|
(346)
|
|
(339)
|
Finance income
|
20
|
|
34
|
Other financial expense
|
(112)
|
|
(46)
|
Share of equity accounted investments' profit
|
60
|
|
48
|
Profit before tax from continuing operations
|
2,115
|
|
1,741
|
Income tax expense
|
(477)
|
|
(396)
|
Group profit for the financial year from continuing
operations
|
1,638
|
|
1,345
|
Profit after tax for the financial year from discontinued
operations
|
310
|
|
1,176
|
Group profit for the financial year
|
1,948
|
|
2,521
|
|
|
|
|
Profit attributable to:
|
|
|
|
Equity holders of the Company
|
|
|
|
From continuing operations
|
1,620
|
|
1,342
|
From discontinued operations
|
309
|
|
1,175
|
Non-controlling interests
|
|
|
|
From continuing operations
|
18
|
|
3
|
From discontinued operations
|
1
|
|
1
|
Group profit for the financial year
|
1,948
|
|
2,521
|
|
|
|
|
Basic earnings per Ordinary Share
|
240.7c
|
|
302.4c
|
Diluted earnings per Ordinary Share
|
238.8c
|
|
300.9c
|
|
|
|
|
Basic earnings per Ordinary Share from continuing
operations
|
202.2c
|
|
161.2c
|
Diluted earnings per Ordinary Share from continuing
operations
|
200.6c
|
|
160.4c
|
|
2019
|
|
2018
|
|
€m
|
|
€m
|
|
|
|
|
Group profit for the financial year
|
1,948
|
|
2,521
|
Other comprehensive income
|
|||
Items that may be reclassified to profit or loss in subsequent
years:
|
|||
Currency translation effects
|
343
|
|
276
|
Gains/(losses) relating to cash flow hedges
|
24
|
|
(40)
|
Tax relating to cash flow hedges
|
(3)
|
|
5
|
|
364
|
|
241
|
Items that will not be reclassified to profit or loss in subsequent
years:
|
|||
Remeasurement of retirement benefit obligations
|
(17)
|
|
10
|
Tax relating to retirement benefit obligations
|
(3)
|
|
(1)
|
|
(20)
|
|
9
|
|
|
|
|
Total other comprehensive income for the financial
year
|
344
|
|
250
|
Total comprehensive income for the financial year
|
2,292
|
|
2,771
|
|
|
|
|
Attributable to:
|
|
|
|
Equity holders of the Company
|
2,249
|
|
2,768
|
Non-controlling interests
|
43
|
|
3
|
Total comprehensive income for the financial year
|
2,292
|
|
2,771
|
|
2019
|
|
2018
|
|
€m
|
|
€m
|
ASSETS
|
|
|
|
Non-current assets
|
|
|
|
Property, plant and equipment
|
17,424
|
|
15,761
|
Intangible assets
|
8,434
|
|
8,433
|
Investments accounted for using the equity method
|
690
|
|
1,163
|
Other financial assets
|
12
|
|
23
|
Other receivables
|
317
|
|
181
|
Derivative financial instruments
|
76
|
|
30
|
Deferred income tax assets
|
67
|
|
71
|
Total non-current assets
|
27,020
|
|
25,662
|
|
|
|
|
Current assets
|
|
|
|
Inventories
|
2,742
|
|
3,061
|
Trade and other receivables
|
3,767
|
|
4,074
|
Current income tax recoverable
|
20
|
|
15
|
Derivative financial instruments
|
6
|
|
15
|
Cash and cash equivalents
|
3,755
|
|
2,346
|
Total current assets
|
10,290
|
|
9,511
|
|
|
|
|
Total assets
|
37,310
|
|
35,173
|
|
|
|
|
EQUITY
|
|
|
|
Capital and reserves attributable to the Company's equity
holders
|
|
|
|
Equity share capital
|
272
|
|
287
|
Preference share capital
|
1
|
|
1
|
Share premium account
|
6,534
|
|
6,534
|
Treasury Shares and own shares
|
(325)
|
|
(792)
|
Other reserves
|
326
|
|
296
|
Foreign currency translation reserve
|
210
|
|
(109)
|
Retained income
|
9,922
|
|
9,812
|
Capital and reserves attributable to the Company's equity
holders
|
16,940
|
|
16,029
|
Non-controlling interests
|
540
|
|
525
|
Total equity
|
17,480
|
|
16,554
|
|
|
|
|
LIABILITIES
|
|
|
|
Non-current liabilities
|
|
|
|
Lease liabilities
|
1,240
|
|
-
|
Interest-bearing loans and borrowings
|
8,199
|
|
8,698
|
Derivative financial instruments
|
1
|
|
18
|
Deferred income tax liabilities
|
2,338
|
|
2,209
|
Other payables
|
485
|
|
472
|
Retirement benefit obligations
|
427
|
|
424
|
Provisions for liabilities
|
760
|
|
719
|
Total non-current liabilities
|
13,450
|
|
12,540
|
|
|
|
|
Current liabilities
|
|
|
|
Lease liabilities
|
271
|
|
-
|
Trade and other payables
|
4,376
|
|
4,609
|
Current income tax liabilities
|
503
|
|
443
|
Interest-bearing loans and borrowings
|
815
|
|
618
|
Derivative financial instruments
|
16
|
|
41
|
Provisions for liabilities
|
399
|
|
368
|
Total current liabilities
|
6,380
|
|
6,079
|
Total liabilities
|
19,830
|
|
18,619
|
|
|
|
|
Total equity and liabilities
|
37,310
|
|
35,173
|
|
Attributable to the equity holders of the Company
|
|
|
|
||||||||||||
|
|
|
Treasury
|
|
Foreign
|
|
|
|
|
|||||||
|
Issued
|
Share
|
Shares/
|
|
currency
|
|
Non-
|
|
|
|||||||
|
share
|
premium
|
own
|
Other
|
translation
|
Retained
|
controlling
|
Total
|
|
|||||||
|
capital
|
account
|
shares
|
reserves
|
reserve
|
income
|
interests
|
equity
|
|
|||||||
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
At 1 January 2019
|
288
|
6,534
|
(792)
|
296
|
(109)
|
9,812
|
525
|
16,554
|
|
|||||||
Group
profit for the financial year
|
-
|
-
|
-
|
-
|
-
|
1,929
|
19
|
1,948
|
|
|||||||
Other
comprehensive income
|
-
|
-
|
-
|
-
|
319
|
1
|
24
|
344
|
|
|||||||
Total
comprehensive income
|
-
|
-
|
-
|
-
|
319
|
1,930
|
43
|
2,292
|
|
|||||||
Share-based
payment expense
|
-
|
-
|
-
|
77
|
-
|
-
|
-
|
77
|
|
|||||||
Shares
acquired by CRH plc (Treasury Shares)
|
-
|
-
|
(791)
|
-
|
-
|
-
|
-
|
(791)
|
|
|||||||
Treasury
Shares/own shares reissued
|
-
|
-
|
35
|
-
|
-
|
(35)
|
-
|
-
|
|
|||||||
Shares
acquired by the Employee Benefit Trust (own shares)
|
-
|
-
|
(61)
|
-
|
-
|
-
|
-
|
(61)
|
|
|||||||
Shares
distributed under the Performance Share Plan Awards
|
-
|
-
|
62
|
(62)
|
-
|
-
|
-
|
-
|
|
|||||||
Cancellation
of Treasury Shares
|
(15)
|
-
|
1,222
|
15
|
-
|
(1,222)
|
-
|
-
|
|
|||||||
Tax
relating to share-based payment expenses
|
-
|
-
|
-
|
-
|
-
|
9
|
-
|
9
|
|
|||||||
Share
option exercises
|
-
|
-
|
-
|
-
|
-
|
20
|
-
|
20
|
|
|||||||
Dividends
|
-
|
-
|
-
|
-
|
-
|
(584)
|
(10)
|
(594)
|
|
|||||||
Disposal
of non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
(8)
|
(8)
|
|
|||||||
Non-controlling
interests arising on acquisition of subsidiaries
|
-
|
-
|
-
|
-
|
-
|
-
|
1
|
1
|
|
|||||||
Transactions
involving non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
(8)
|
(11)
|
(19)
|
|
|||||||
At 31 December 2019
|
273
|
6,534
|
(325)
|
326
|
210
|
9,922
|
540
|
17,480
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
for the financial year ended 31 December 2018
|
|
|
|
|
|
|
|
|
||||||||
At 1 January 2018
|
287
|
6,417
|
(15)
|
285
|
(386)
|
7,903
|
486
|
14,977
|
|
|||||||
Group
profit for the financial year
|
-
|
-
|
-
|
-
|
-
|
2,517
|
4
|
2,521
|
|
|||||||
Other
comprehensive income
|
-
|
-
|
-
|
-
|
277
|
(26)
|
(1)
|
250
|
|
|||||||
Total
comprehensive income
|
-
|
-
|
-
|
-
|
277
|
2,491
|
3
|
2,771
|
|
|||||||
Issue
of share capital (net of expenses)
|
-
|
62
|
-
|
-
|
-
|
-
|
-
|
62
|
|
|||||||
Share-based
payment expense
|
-
|
-
|
-
|
67
|
-
|
-
|
-
|
67
|
|
|||||||
Shares
acquired by CRH plc (Treasury Shares)
|
-
|
-
|
(789)
|
-
|
-
|
-
|
-
|
(789)
|
|
|||||||
Treasury
Shares/own shares reissued
|
-
|
-
|
15
|
-
|
-
|
(15)
|
-
|
-
|
|
|||||||
Shares
acquired by the Employee Benefit Trust (own shares)
|
-
|
-
|
(3)
|
-
|
-
|
-
|
-
|
(3)
|
|
|||||||
Shares
distributed under the Performance Share Plan Awards
|
1
|
55
|
-
|
(56)
|
-
|
-
|
-
|
-
|
|
|||||||
Tax
relating to share-based payment expense
|
-
|
-
|
-
|
-
|
-
|
(2)
|
-
|
(2)
|
|
|||||||
Share
option exercises
|
-
|
-
|
-
|
-
|
-
|
7
|
-
|
7
|
|
|||||||
Dividends
(including shares issued in lieu of dividends)
|
-
|
-
|
-
|
-
|
-
|
(572)
|
(12)
|
(584)
|
|
|||||||
Non-controlling
interests arising on acquisition of subsidiaries
|
-
|
-
|
-
|
-
|
-
|
-
|
48
|
48
|
|
|||||||
At 31 December 2018
|
288
|
6,534
|
(792)
|
296
|
(109)
|
9,812
|
525
|
16,554
|
|
|
2019
|
|
2018
|
|
€m
|
|
€m
|
Cash flows from operating activities
|
|
|
|
Profit
before tax from continuing operations
|
2,115
|
|
1,741
|
Profit
before tax from discontinued operations
|
333
|
|
1,679
|
Profit
before tax
|
2,448
|
|
3,420
|
Finance
costs (net)
|
445
|
|
351
|
Share
of equity accounted investments' profit
|
(72)
|
|
(60)
|
Profit
on disposals
|
(226)
|
|
(1,539)
|
Group operating profit
|
2,595
|
|
2,172
|
Depreciation
charge
|
1,538
|
|
1,071
|
Amortisation
of intangible assets
|
59
|
|
61
|
Impairment
charge
|
8
|
|
56
|
Share-based
payment expense
|
77
|
|
67
|
Other
(primarily pension payments)
|
(3)
|
|
(67)
|
Net
movement on working capital and provisions
|
(64)
|
|
(463)
|
Cash generated from operations
|
4,210
|
|
2,897
|
Interest
paid (including leases) (i)
|
(419)
|
|
(335)
|
Corporation
tax paid
|
(325)
|
|
(663)
|
Net cash inflow from operating activities
|
3,466
|
|
1,899
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
Proceeds
from disposals (net of cash disposed and deferred
proceeds)
|
2,096
|
|
3,009
|
Interest
received
|
20
|
|
34
|
Dividends
received from equity accounted investments
|
35
|
|
48
|
Purchase
of property, plant and equipment
|
(1,229)
|
|
(1,121)
|
Acquisition
of subsidiaries (net of cash acquired)
|
(650)
|
|
(3,505)
|
Other
investments and advances
|
(29)
|
|
(2)
|
Deferred
and contingent acquisition consideration paid
|
(48)
|
|
(55)
|
Net cash inflow/(outflow) from investing activities
|
195
|
|
(1,592)
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
Proceeds
from issue of shares (net)
|
-
|
|
11
|
Proceeds
from exercise of share options
|
20
|
|
7
|
Transactions
involving non-controlling interests
|
(19)
|
|
-
|
Increase
in interest-bearing loans and borrowings
|
91
|
|
1,434
|
Net
cash flow arising from derivative financial
instruments
|
(36)
|
|
6
|
Repayment
of interest-bearing loans, borrowings and finance leases
(ii)
|
(572)
|
|
(246)
|
Repayment
of lease liabilities (iii)
|
(317)
|
|
-
|
Treasury
Shares/own shares purchased
|
(852)
|
|
(792)
|
Dividends
paid to equity holders of the Company
|
(584)
|
|
(521)
|
Dividends
paid to non-controlling interests
|
(10)
|
|
(12)
|
Net cash outflow from financing activities
|
(2,279)
|
|
(113)
|
Increase in cash and cash equivalents
|
1,382
|
|
194
|
|
|
|
|
Reconciliation of opening to closing cash and cash
equivalents
|
|
|
|
Cash and cash equivalents at 1 January
|
2,346
|
|
2,135
|
Translation
adjustment
|
27
|
|
17
|
Increase
in cash and cash equivalents
|
1,382
|
|
194
|
Cash and cash equivalents at 31 December
|
3,755
|
|
2,346
|
Primary statement line item / financial metric
|
||
|
As at 1 January 2019
€m
|
|
Consolidated Balance Sheet
|
|
|
Property,
plant and equipment (i) (ii)
|
+1,939
|
|
Lease
liabilities; net debt (i) (ii)
|
+ 1,954
|
|
|
|
|
|
For the year ended 31 December 2019
€m
|
|
Consolidated Income Statement
|
|
|
Depreciation
(i)
|
+334
|
|
Finance
costs
|
+69
|
|
EPS (i)
(iii)
|
-3c
|
|
|
|
|
Consolidated Statement of Cash Flows
|
|
|
Net
cash flow from operating activities
|
+317
|
|
Net
cash flow from financing activities
|
-317
|
|
|
|
As at 1 January 2019
€m
|
|
|
|
Operating lease commitment under IAS 17
|
1,911
|
|
Lease
extensions beyond break date
|
632
|
|
Leases
that are cancellable at any time
|
35
|
|
Existing IAS 17
finance leases (i)
|
23
|
|
Other
lease payments not included in discounted lease liability under
IFRS 16 (ii)
|
(108)
|
|
Undiscounted lease liability under IFRS 16
|
2,493
|
|
Less
impact of discounting
|
(516)
|
|
Discounted lease liability under IFRS 16
|
|
1,977
|
|
Average
|
|
Year-end
|
||
euro 1 =
|
2019
|
2018
|
|
2019
|
2018
|
|
|
|
|
|
|
Brazilian
Real
|
4.4134
|
4.3085
|
|
4.5157
|
4.4440
|
Canadian
Dollar
|
1.4855
|
1.5294
|
|
1.4598
|
1.5605
|
Chinese
Renminbi
|
7.7355
|
7.8081
|
|
7.8205
|
7.8751
|
Hungarian
Forint
|
325.2967
|
318.8897
|
|
330.5300
|
320.9800
|
Indian
Rupee
|
78.8361
|
80.7332
|
|
80.1870
|
79.7298
|
Philippine
Peso
|
57.9851
|
62.2101
|
|
56.9000
|
60.1130
|
Polish
Zloty
|
4.2976
|
4.2615
|
|
4.2568
|
4.3014
|
Pound
Sterling
|
0.8778
|
0.8847
|
|
0.8508
|
0.8945
|
Romanian
Leu
|
4.7453
|
4.6540
|
|
4.7830
|
4.6635
|
Serbian
Dinar
|
117.8377
|
118.2302
|
|
117.8237
|
118.3157
|
Swiss
Franc
|
1.1124
|
1.1550
|
|
1.0854
|
1.1269
|
Ukrainian
Hryvnia
|
28.8881
|
32.0987
|
|
26.7377
|
31.6900
|
US
Dollar
|
1.1195
|
1.1810
|
|
1.1234
|
1.1450
|
€ million
|
Sales revenue
|
EBITDA
|
Operating profit
|
Loss on disposals
|
Finance costs (net)
|
Assoc. and JV PAT (i)
|
Pre-tax profit
|
|
|
|
|
|
|
|
|
2018
|
23,241
|
3,216
|
2,071
|
(27)
|
(351)
|
48
|
1,741
|
Exchange
effects
|
764
|
127
|
91
|
1
|
(12)
|
2
|
82
|
2018 at 2019 rates
|
24,005
|
3,343
|
2,162
|
(26)
|
(363)
|
50
|
1,823
|
Incremental impact in 2019 of:
|
|
|
|
|
|
|
|
2018/2019
acquisitions
|
923
|
164
|
70
|
-
|
(44)
|
-
|
26
|
2018/2019
divestments
|
(629)
|
(52)
|
(18)
|
34
|
2
|
-
|
18
|
Leases
(ii)
|
-
|
311
|
40
|
-
|
(62)
|
-
|
(22)
|
Organic
|
830
|
234
|
240
|
(9)
|
29
|
10
|
270
|
2019
|
25,129
|
4,000
|
2,494
|
(1)
|
(438)
|
60
|
2,115
|
|
|
|
|
|
|
|
|
% Total change
|
8%
|
24%
|
20%
|
|
|
|
21%
|
% Organic change
|
3%
|
7%
|
11%
|
|
|
|
15%
|
|
Year end 31 December
|
|||||||||
|
Americas Materials
|
Europe Materials
|
Building Products
|
Total
|
|
Americas
Materials
|
Europe
Materials
|
Building
Products
|
Total
|
|
|
2019
|
2019
|
2019
|
2019
|
|
2018
|
2018
|
2018
|
2018
|
|
|
€m
|
€m
|
€m
|
€m
|
|
€m
|
€m
|
€m
|
€m
|
|
Primary
geographic markets
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
|
|
|
|
|
|
Republic of Ireland
(Country of domicile)
|
-
|
585
|
-
|
585
|
|
-
|
468
|
-
|
468
|
|
United
Kingdom
|
-
|
3,107
|
217
|
3,324
|
|
-
|
3,045
|
223
|
3,268
|
|
Rest of
Europe (i)
|
-
|
4,328
|
1,038
|
5,366
|
|
-
|
4,098
|
1,469
|
5,567
|
|
United
States
|
9,207
|
-
|
4,543
|
13,750
|
|
7,896
|
-
|
4,065
|
11,961
|
|
Rest of
World (ii)
|
1,178
|
474
|
452
|
2,104
|
|
1,055
|
431
|
491
|
1,977
|
|
Total
Group from continuing operations
|
10,385
|
8,494
|
6,250
|
25,129
|
|
8,951
|
8,042
|
6,248
|
23,241
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations
|
|
|
|
|
|
|
|
|
|
|
United
States - Americas Distribution
|
|
|
|
-
|
|
|
|
|
7
|
|
Rest of
Europe (i) - Europe Distribution
|
|
|
|
3,177
|
|
|
|
|
3,549
|
|
Total
Group
|
|
|
|
28,306
|
|
|
|
|
26,797
|
|
|
Year end 31 December
|
||||||||
|
Americas Materials
(iii)
|
Europe Materials
(iii)
|
Building Products
|
Total
|
|
Americas
Materials
(iii)
|
Europe
Materials
(iii)
|
Building
Products
|
Total
|
|
2019
|
2019
|
2019
|
2019
|
|
2018
|
2018
|
2018
|
2018
|
|
€m
|
€m
|
€m
|
€m
|
|
€m
|
€m
|
€m
|
€m
|
Principal activities and products
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
|
|
|
|
|
Cement,
lime and cement products
|
1,222
|
2,646
|
-
|
3,868
|
|
810
|
2,506
|
-
|
3,316
|
Aggregates, asphalt
and readymixed products
|
5,046
|
3,061
|
-
|
8,107
|
|
4,330
|
2,919
|
-
|
7,249
|
Construction
contract activities*
|
4,117
|
1,609
|
165
|
5,891
|
|
3,811
|
1,542
|
240
|
5,593
|
Architectural
products
|
-
|
955
|
2,664
|
3,619
|
|
-
|
903
|
2,597
|
3,500
|
Infrastructure
products
|
-
|
223
|
1,239
|
1,462
|
|
-
|
172
|
1,080
|
1,252
|
Construction
accessories
|
-
|
-
|
590
|
590
|
|
-
|
-
|
593
|
593
|
Architectural glass
and glazing systems and wholesale hardware
distribution
|
-
|
-
|
1,592
|
1,592
|
|
-
|
-
|
1,431
|
1,431
|
DIY
|
-
|
-
|
-
|
-
|
|
-
|
-
|
307
|
307
|
Total
Group from continuing operations
|
10,385
|
8,494
|
6,250
|
25,129
|
|
8,951
|
8,042
|
6,248
|
23,241
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations
|
|
|
|
|
|
|
|
|
|
Exterior and
interior products - Americas Distribution
|
|
|
|
-
|
|
|
|
|
7
|
General
Builders Merchants, DIY Germany and Sanitary, Heating &
Plumbing - Europe Distribution
|
|
|
|
3,177
|
|
|
|
|
3,549
|
Total
Group
|
|
|
|
28,306
|
|
|
|
|
26,797
|
|
2019
|
|
2018
|
||
|
€m
|
%
|
|
€m
|
%
|
Revenue
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
|
Americas
Materials
|
10,385
|
36.7
|
|
8,951
|
33.4
|
Europe
Materials
|
8,494
|
30.0
|
|
8,042
|
30.0
|
Building
Products
|
6,250
|
22.1
|
|
6,248
|
23.3
|
Total
Group from continuing operations
|
25,129
|
88.8
|
|
23,241
|
86.7
|
Discontinued operations
|
|
|
|
|
|
Americas
Distribution
|
-
|
-
|
|
7
|
0.1
|
Europe
Distribution
|
3,177
|
11.2
|
|
3,549
|
13.2
|
Total
Group
|
28,306
|
100.0
|
|
26,797
|
100.0
|
EBITDA
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
|
Americas
Materials
|
1,960
|
46.7
|
|
1,493
|
44.4
|
Europe
Materials
|
1,079
|
25.7
|
|
936
|
27.9
|
Building
Products
|
961
|
22.8
|
|
787
|
23.4
|
Total
Group from continuing operations
|
4,000
|
95.2
|
|
3,216
|
95.7
|
Discontinued operations
|
|
|
|
|
|
Americas
Distribution
|
-
|
-
|
|
(5)
|
(0.1)
|
Europe
Distribution
|
200
|
4.8
|
|
149
|
4.4
|
Total
Group
|
4,200
|
100.0
|
|
3,360
|
100.0
|
Depreciation,
amortisation and impairment
|
|||||
Continuing operations
|
|
|
|
|
|
Americas
Materials
|
689
|
42.9
|
|
484
|
40.8
|
Europe
Materials
|
524
|
32.6
|
|
449
|
37.8
|
Building
Products
|
293
|
18.3
|
|
212
|
17.8
|
Total
Group from continuing operations
|
1,506
|
93.8
|
|
1,145
|
96.4
|
Discontinued operations
|
|
|
|
|
|
Americas
Distribution
|
-
|
-
|
|
-
|
-
|
Europe
Distribution
|
99
|
6.2
|
|
43
|
3.6
|
Total
Group
|
1,605
|
100.0
|
|
1,188
|
100.0
|
Operating
profit
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
|
Americas
Materials
|
1,271
|
49.0
|
|
1,009
|
46.4
|
Europe
Materials
|
555
|
21.4
|
|
487
|
22.5
|
Building
Products
|
668
|
25.7
|
|
575
|
26.5
|
Total
Group from continuing operations
|
2,494
|
96.1
|
|
2,071
|
95.4
|
Discontinued operations
|
|
|
|
|
|
Americas
Distribution
|
-
|
-
|
|
(5)
|
(0.2)
|
Europe
Distribution
|
101
|
3.9
|
|
106
|
4.8
|
Total
Group
|
2,595
|
100.0
|
|
2,172
|
100.0
|
|
2019
|
|
|
2018
|
|
||||
|
€m
|
|
|
€m
|
|
||||
Reconciliation
of Group operating profit to profit before tax
-
continuing operations:
|
|
||||||||
Group
operating profit from continuing operations (analysed on page
21)
|
2,494
|
|
|
2,071
|
|
||||
Loss on
disposals (i)
|
(1)
|
|
|
(27)
|
|
||||
Profit
before finance costs
|
2,493
|
|
|
2,044
|
|
||||
Finance
costs less income
|
(326)
|
|
|
(305)
|
|
||||
Other
financial expense
|
(112)
|
|
|
(46)
|
|
||||
Share
of equity accounted investments' profit
|
60
|
|
|
48
|
|
||||
Profit
before tax from continuing operations
|
2,115
|
|
|
1,741
|
|
||||
|
|
|
|
|
|
||||
(i)
Loss on disposals - continuing operations
|
|
|
|
|
|
||||
Americas
Materials
|
2
|
|
|
44
|
|
||||
Europe
Materials
|
(131)
|
|
|
7
|
|
||||
Building
Products
|
128
|
|
|
(78)
|
|
||||
Total
Group from continuing operations
|
(1)
|
|
|
(27)
|
|
||||
|
|
|
|
|
|
||||
|
2019
|
|
2018
|
||||||
|
€m
|
%
|
|
€m
|
%
|
||||
Total
assets
|
|
|
|
|
|
||||
Americas
Materials
|
14,608
|
44.7
|
|
13,798
|
43.8
|
||||
Europe
Materials
|
11,669
|
35.7
|
|
10,509
|
33.4
|
||||
Building
Products
|
6,407
|
19.6
|
|
7,203
|
22.8
|
||||
Subtotal
|
32,684
|
100.0
|
|
31,510
|
100.0
|
||||
Reconciliation
to total assets as reported in the Consolidated Balance
Sheet:
|
|
||||||||
Investments
accounted for using the equity method
|
690
|
|
|
1,163
|
|
||||
Other
financial assets
|
12
|
|
|
23
|
|
||||
Derivative
financial instruments (current and non-current)
|
82
|
|
|
45
|
|
||||
Income
tax assets (current and deferred)
|
87
|
|
|
86
|
|
||||
Cash
and cash equivalents
|
3,755
|
|
|
2,346
|
|
||||
Total
assets as reported in the Consolidated Balance Sheet
|
37,310
|
|
|
35,173
|
|
||||
|
|
|
|
|
|
||||
Total
liabilities
|
|
|
|
|
|
||||
Americas
Materials
|
2,642
|
33.2
|
|
2,063
|
31.3
|
||||
Europe
Materials
|
3,441
|
43.2
|
|
2,787
|
42.3
|
||||
Building
Products
|
1,875
|
23.6
|
|
1,742
|
26.4
|
||||
Subtotal
|
7,958
|
100.0
|
|
6,592
|
100.0
|
||||
Reconciliation
to total liabilities as reported in the Consolidated Balance
Sheet:
|
|
||||||||
Interest-bearing
loans and borrowings (current and non-current)
|
9,014
|
|
9,316
|
|
|
||||
Derivative
financial instruments (current and non-current)
|
17
|
|
59
|
|
|
||||
Income
tax liabilities (current and deferred)
|
2,841
|
|
2,652
|
|
|
||||
Total
liabilities as reported in the Consolidated Balance
Sheet
|
19,830
|
|
18,619
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|
€m
|
|
€m
|
Group share of:
|
|
|
|
Revenue
|
1,249
|
|
1,206
|
EBITDA
|
138
|
114
|
|
Operating
profit
|
79
|
|
58
|
Profit
after tax (i)
|
60
|
|
48
|
Analysis of Group share of profit after tax:
|
|
|
|
Share
of joint ventures' profit after tax
|
41
|
|
29
|
Share
of associates' profit after tax
|
19
|
19
|
|
Share
of equity accounted investments' profit after tax
|
60
|
48
|
|
2019
|
|
2018
|
|
€m
|
|
€m
|
Numerator computations
|
|
|
|
Group
profit for the financial year
|
1,948
|
|
2,521
|
Profit
attributable to non-controlling interests
|
(19)
|
|
(4)
|
Numerator for basic and diluted earnings per Ordinary
Share
|
1,929
|
|
2,517
|
Profit
after tax for the financial year from discontinued
operations
|
309
|
|
1,175
|
Numerator for basic and diluted earnings per Ordinary Share from
continuing operations
|
1,620
|
|
1,342
|
|
|
|
|
|
Number of
|
|
Number
of
|
|
shares
|
|
shares
|
Denominator computations
|
|
|
|
Weighted
average number of Ordinary Shares (millions) outstanding for the
year
|
801.3
|
|
832.4
|
Effect
of dilutive potential Ordinary Shares (employee share options)
(millions)
|
6.4
|
|
4.2
|
Denominator for diluted earnings per Ordinary Share
|
807.7
|
|
836.6
|
|
|
|
|
Earnings per Ordinary Share
|
|
|
|
-
basic
|
240.7c
|
|
302.4c
|
-
diluted
|
238.8c
|
|
300.9c
|
|
|
|
|
Earnings per Ordinary Share from continuing operations
|
|
|
|
-
basic
|
202.2c
|
|
161.2c
|
-
diluted
|
200.6c
|
|
160.4c
|
|
2019
|
|
2018
|
Net
dividend paid per share
|
72.4c
|
|
68.4c
|
Net
dividend declared for the year
|
83.0c
|
|
72.0c
|
Dividend
cover (Earnings per share/Dividend declared per share) - continuing
and discontinued operations
|
2.9x
|
|
4.2x
|
Dividend
cover - continuing operations
|
2.4x
|
|
2.2x
|
|
2019
|
|
2018
|
|
€m
|
|
€m
|
Assets/(liabilities) disposed of at net carrying
amount:
|
|
|
|
-
non-current assets
|
1,309
|
|
472
|
-
cash and cash equivalents
|
100
|
|
18
|
-
working capital and provisions
|
596
|
|
367
|
-
current tax
|
2
|
|
-
|
-
lease liabilities
|
(367)
|
|
-
|
-
deferred tax
|
(28)
|
|
(14)
|
-
retirement benefit obligations
|
(42)
|
|
-
|
-
non-controlling interest
|
(8)
|
|
-
|
Net assets disposed
|
1,562
|
|
843
|
Reclassification
of currency translation effects on disposal
|
(123)
|
|
(27)
|
Total
|
1,439
|
|
816
|
Proceeds
from disposal (net of disposal costs)
|
1,663
|
|
2,379
|
Profit on disposal from discontinued operations
|
224
|
|
1,563
|
|
|
|
|
Net cash inflow arising on disposal
|
|
|
|
Proceeds
from disposal from discontinued operations
|
1,663
|
|
2,379
|
Less:
cash and cash equivalents disposed
|
(100)
|
|
(18)
|
Total
|
1,563
|
|
2,361
|
|
2019
|
|
2018
|
|
€m
|
|
€m
|
Revenue
|
3,177
|
|
3,556
|
|
|
|
|
EBITDA
|
200
|
|
144
|
Depreciation
|
(96)
|
|
(41)
|
Amortisation
|
(2)
|
|
(2)
|
Impairment
|
(1)
|
|
-
|
Operating profit
|
101
|
|
101
|
Profit on disposals
|
227
|
|
1,566
|
Profit before finance costs
|
328
|
|
1,667
|
Finance costs
|
(7)
|
|
-
|
Share of equity accounted investments' profit
|
12
|
|
12
|
Profit before tax
|
333
|
|
1,679
|
Attributable income tax expense
|
(23)
|
|
(503)
|
Profit after tax for the financial year from discontinued
operations
|
310
|
|
1,176
|
|
|
|
|
Profit attributable to:
|
|
|
|
Equity holders of the Company
|
309
|
|
1,175
|
Non-controlling interests
|
1
|
|
1
|
Profit for the financial year from discontinued
operations
|
310
|
|
1,176
|
|
|
|
|
Basic earnings per Ordinary Share from discontinued
operations
|
38.5c
|
|
141.2c
|
Diluted earnings per Ordinary Share from discontinued
operations
|
38.2c
|
|
140.5c
|
|
|
|
|
Cash flows from discontinued operations
|
|
|
|
Net cash inflow/(outflow) from operating activities
(i)
|
32
|
|
(367)
|
Net cash inflow from investing activities (ii)
|
1,542
|
|
2,339
|
Net cash outflow from financing activities
|
(71)
|
|
(19)
|
Net cash inflow
|
1,503
|
|
1,953
|
|
Business disposals
|
|
Disposal of other non-current assets
|
|
Total
|
|||
|
2019
|
2018
|
|
2019
|
2018
|
|
2019
|
2018
|
Continuing Operations
|
€m
|
€m
|
|
€m
|
€m
|
|
€m
|
€m
|
Net
assets disposed
|
670
|
804
|
|
111
|
56
|
|
781
|
860
|
Reclassification
of currency translation effects on disposal
|
66
|
15
|
|
-
|
-
|
|
66
|
15
|
Total
|
736
|
819
|
|
111
|
56
|
|
847
|
875
|
Proceeds
from disposals (net of disposal costs)
|
699
|
697
|
|
147
|
100
|
|
846
|
797
|
Asset
exchange (note 15)
|
-
|
12
|
|
-
|
-
|
|
-
|
12
|
Profit
on step acquisition (note 15)
|
-
|
39
|
|
-
|
-
|
|
-
|
39
|
(Loss)/profit on disposals from continuing operations
|
(37)
|
(71)
|
|
36
|
44
|
|
(1)
|
(27)
|
|
|
|
|
|
|
|
|
|
Discontinued Operations
|
|
|
|
|
|
|
|
|
Profit
on disposals from discontinued operations (note 9)
|
224
|
1,563
|
|
3
|
3
|
|
227
|
1,566
|
Total Group profit on disposals
|
187
|
1,492
|
|
39
|
47
|
|
226
|
1,539
|
|
|
|
|
|
|
|
|
|
Net cash inflow arising on disposal
|
|
|
|
|
|
|
|
|
Continuing Operations
|
|
|
|
|
|
|
|
|
Proceeds
from disposals from continuing operations
|
699
|
697
|
|
147
|
100
|
|
846
|
797
|
Less:
cash and cash equivalents disposed
|
(45)
|
(60)
|
|
-
|
-
|
|
(45)
|
(60)
|
Less:
deferred proceeds arising on disposal (i)
|
(269)
|
(10)
|
|
-
|
-
|
|
(269)
|
(10)
|
Less:
investment and loan to associate in lieu of cash proceeds
(ii)
|
-
|
(85)
|
|
-
|
-
|
|
-
|
(85)
|
Net cash inflow arising on disposal from continuing
operations
|
385
|
542
|
|
147
|
100
|
|
532
|
642
|
|
|
|
|
|
|
|
|
|
Discontinued Operations
|
|
|
|
|
|
|
|
|
Net
cash inflow arising on disposal from discontinued operations (note
9)
|
1,563
|
2,361
|
|
1
|
6
|
|
1,564
|
2,367
|
Total Group net cash inflow arising on disposal
|
1,948
|
2,903
|
|
148
|
106
|
|
2,096
|
3,009
|
Continuing operations
|
2019
|
|
2018
|
|
€m
|
|
€m
|
|
|
|
|
Finance
costs
|
346
|
|
339
|
Finance
income
|
(20)
|
|
(34)
|
Other
financial expense
|
112
|
|
46
|
Total net finance costs
|
438
|
|
351
|
|
|
|
|
The overall total is analysed as follows:
|
|
|
|
Net
finance costs on interest-bearing loans and borrowings and cash and
cash equivalents
|
327
|
|
308
|
Net
credit re change in fair value of derivatives and fixed rate
debt
|
(1)
|
|
(3)
|
Net
debt-related interest costs
|
326
|
|
305
|
Unwinding
of discount element of lease liabilities (note 14)
|
62
|
|
-
|
Net
pension-related finance cost (note 16)
|
13
|
|
10
|
Unwinding
of discount element of provisions liabilities
|
22
|
|
21
|
Unwinding
of discount applicable to deferred and contingent acquisition
consideration and divestment proceeds
|
15
|
|
15
|
Total net finance costs (i)
|
438
|
|
351
|
|
2019
|
|
2018
|
||
|
Fair
value
|
Book
value
|
|
Fair
value
|
Book
Value
|
|
€m
|
€m
|
|
€m
|
€m
|
Non-current assets
|
|
|
|
|
|
Derivative
financial instruments
|
76
|
76
|
|
30
|
30
|
Current assets
|
|
|
|
|
|
Derivative
financial instruments
|
6
|
6
|
|
15
|
15
|
Cash
and cash equivalents
|
3,755
|
3,755
|
|
2,346
|
2,346
|
Non-current liabilities
|
|
|
|
|
|
Lease
liabilities under IFRS 16 (i)
|
(1,240)
|
(1,240)
|
|
-
|
-
|
Interest-bearing
loans and borrowings (ii)
|
(8,757)
|
(8,199)
|
|
(8,605)
|
(8,698)
|
Derivative
financial instruments
|
(1)
|
(1)
|
|
(18)
|
(18)
|
Current liabilities
|
|
|
|
|
|
Lease
liabilities under IFRS 16 (i)
|
(271)
|
(271)
|
|
-
|
-
|
Interest-bearing
loans and borrowings (ii)
|
(815)
|
(815)
|
|
(618)
|
(618)
|
Derivative
financial instruments
|
(16)
|
(16)
|
|
(41)
|
(41)
|
Group
net debt
|
(7,263)
|
(6,705)
|
|
(6,891)
|
(6,984)
|
|
|
|
|
|
|
Gross
debt, net of derivatives, matures as follows:
|
|
|
|
|
|
|
2019
|
|
2018
|
|
|
€m
|
|
€m
|
|
|
|
|
|
Within
one year
|
|
825
|
|
644
|
Between
one and two years
|
|
956
|
|
748
|
Between
two and five years
|
|
1,731
|
|
2,069
|
After
five years
|
|
5,437
|
|
5,869
|
Total
|
|
8,949
|
|
9,330
|
Reconciliation
of opening to closing net debt:
|
|
|
|
|
|
|
2019
|
|
2018
|
|
|
€m
|
|
€m
|
|
|
|
|
|
At
1 January
|
|
(6,984)
|
|
(5,796)
|
Movement in the year
|
|
|
|
|
Effect
of adopting IFRS 16
|
|
(1,954)
|
|
-
|
Debt,
including lease liabilities, in acquired companies (note
15)
|
|
(73)
|
|
(74)
|
Debt,
including lease liabilities, in disposed companies
|
|
415
|
|
-
|
Increase in
interest-bearing loans and borrowings
|
|
(91)
|
|
(1,434)
|
Net
increase in lease liabilities under IFRS 16 (i)
|
|
(163)
|
|
-
|
Net
cash flow arising from derivative financial
instruments
|
|
36
|
|
(6)
|
Repayment of
interest-bearing loans, borrowings and finance leases
(ii)
|
|
572
|
|
246
|
Repayment of lease
liabilities under IFRS 16 (i)
|
|
317
|
|
-
|
Mark-to-market
adjustment
|
|
25
|
|
2
|
Translation
adjustment on financing activities
|
|
(214)
|
|
(133)
|
Increase
in liabilities from financial activities
|
|
(1,130)
|
|
(1,399)
|
Translation
adjustment on cash and cash equivalents
|
|
27
|
|
17
|
Increase in cash
and cash equivalents
|
|
1,382
|
|
194
|
At
31 December
|
|
(6,705)
|
|
(6,984)
|
|
2019
|
|
2018
|
|
€m
|
|
€m
|
Market
capitalisation at year-end
|
28,166
|
|
18,846
|
|
2019
|
|
2018
|
|
€m
|
|
€m
|
Between
one and two years
|
12
|
|
-
|
Between
two and three years
|
5
|
|
15
|
Between
three and four years
|
50
|
|
50
|
Between
four and five years
|
3,500
|
|
3,500
|
After
five years
|
43
|
|
18
|
Total
|
3,610
|
|
3,583
|
|
|
2019
|
|
2018
|
|
|
|
|
|
EBITDA
net interest cover (EBITDA divided by net interest) - continuing
operations
|
|
12.3x
|
|
10.5x
|
EBIT
net interest cover (EBIT divided by net interest) - continuing
operations
|
|
7.7x
|
|
6.8x
|
|
|
|
|
|
Net
debt as a percentage of market capitalisation
|
24%
|
|
37%
|
|
Net
debt as a percentage of total equity
|
38%
|
|
42%
|
|
|
|
2019
|
|
2018
(i)
|
|
|||
|
|
|
€m
|
|
€m
|
|
|||
|
|
|
|
|
|
|
|||
Contracted
for but not provided in the financial statements
|
373
|
|
449
|
||||||
Authorised
by the Directors but not contracted for
|
355
|
|
366
|
||||||
|
|
|
|
|
|
|
|
|
|
|
Land and buildings
|
Plant and machinery
|
Other
|
Total
|
Leased right-of-use assets
|
€m
|
€m
|
€m
|
€m
|
At 31 December 2019
|
|
|
|
|
Cost
|
1,205
|
453
|
67
|
1,725
|
Accumulated
depreciation
|
(119)
|
(116)
|
(20)
|
(255)
|
Net carrying amount
|
1,086
|
337
|
47
|
1,470
|
|
|
|
|
|
At 1 January 2019, net carrying amount
|
-
|
-
|
-
|
-
|
Effect
of adopting IFRS 16
|
1,478
|
424
|
60
|
1,962
|
Translation
adjustment
|
27
|
12
|
-
|
39
|
Transfer
from/(to) owned assets
|
5
|
(17)
|
-
|
(12)
|
Additions
at cost
|
47
|
87
|
28
|
162
|
Arising
on acquisition (note 15)
|
63
|
3
|
-
|
66
|
Disposals
at net carrying amount
|
(384)
|
(47)
|
(15)
|
(446)
|
Adjustment
as a result of remeasurement of lease liability
|
22
|
8
|
3
|
33
|
Depreciation
charge for year (i)
|
(172)
|
(133)
|
(29)
|
(334)
|
At 31 December 2019, net carrying amount
|
1,086
|
337
|
47
|
1,470
|
|
|
|
|
|
Lease liabilities
|
|
|
|
|
At 1 January 2019
|
-
|
-
|
-
|
-
|
Effect
of adopting IFRS 16
|
1,493
|
425
|
59
|
1,977
|
Translation
adjustment
|
29
|
10
|
-
|
39
|
Addition
of right-of-use assets
|
47
|
87
|
28
|
162
|
Arising
on acquisition (note 15)
|
63
|
1
|
-
|
64
|
Disposals
|
(386)
|
(46)
|
(15)
|
(447)
|
Remeasurements
|
22
|
8
|
3
|
33
|
Payments
|
(198)
|
(157)
|
(31)
|
(386)
|
Discount
unwinding (ii)
|
55
|
12
|
2
|
69
|
At 31 December 2019
|
1,125
|
340
|
46
|
1,511
|
|
As at 31 December 2019
|
|||||
|
Discounted
|
|
Undiscounted
|
|
||
|
€m
|
|
€m
|
|
||
Within
one year
|
271
|
|
275
|
|
||
Between
one and two years
|
219
|
|
231
|
|
||
Between
two and three years
|
174
|
|
193
|
|
||
Between
three and four years
|
136
|
|
158
|
|
||
Between
four and five years
|
112
|
|
135
|
|
||
After
five years
|
599
|
|
1,046
|
|
||
Total
|
1,511
|
|
2,038
|
|
||
|
|
|
|
|
|
|
|
2019
|
Continuing operations
|
€m
|
Short-term leases
|
171
|
Lease of low-value assets
|
7
|
Variable lease payments not included in the lease
liability
|
90
|
Total
|
268
|
|
|
Total cash outflow for lease payments
|
654
|
|
As at
|
|
31 December 2019
|
|
€m
|
Within one year
|
2
|
Between one and two years
|
3
|
Between two and three years
|
4
|
Between three and four years
|
6
|
Between four and five years
|
7
|
After five years
|
483
|
Total
|
505
|
|
|
|
2018
|
Continuing operations
|
|
|
€m
|
Hire of plant and machinery
|
|
|
308
|
Land and buildings
|
|
|
174
|
Other operating leases
|
|
|
51
|
Total
|
|
|
533
|
|
|
|
As at
|
|
|
|
31 December
|
|
|
|
2018
|
|
|
|
€m
|
Within one year
|
|
|
353
|
After one year but not more than five years
|
|
|
769
|
More than five years
|
|
|
789
|
Total
|
|
|
1,911
|
|
|
|
|
|
2019
|
|
2018
|
ASSETS
|
|
|
|
|
€m
|
|
€m
|
Non-current assets
|
|
|
|
|
|
|
|
Property,
plant and equipment
|
|
|
|
|
319
|
|
2,614
|
Intangible
assets
|
|
|
|
|
92
|
|
58
|
Equity
accounted investments
|
|
|
|
|
-
|
|
1
|
Total non-current assets
|
|
|
|
|
411
|
|
2,673
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
Inventories
|
|
|
|
|
58
|
|
255
|
Trade
and other receivables (i)
|
|
|
|
|
66
|
|
318
|
Cash
and cash equivalents
|
|
|
|
|
10
|
|
69
|
Total current assets
|
|
|
|
|
134
|
|
642
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Trade
and other payables
|
|
|
|
|
(73)
|
|
(224)
|
Provisions
for liabilities
|
|
|
|
|
(6)
|
|
(84)
|
Retirement
benefit obligations
|
|
|
|
|
(1)
|
|
(115)
|
Lease
liabilities
|
|
|
|
|
(64)
|
|
-
|
Interest-bearing
loans and borrowings and finance leases*
|
|
|
|
|
(9)
|
|
(74)
|
Current
income tax liabilities
|
|
|
|
|
9
|
|
(15)
|
Deferred
income tax liabilities
|
|
|
|
|
-
|
|
(411)
|
Total liabilities
|
|
|
|
|
(144)
|
|
(923)
|
|
|
|
|
|
|
|
|
Total
identifiable net assets at fair value
|
|
|
|
|
401
|
|
2,392
|
Goodwill
arising on acquisition (ii)
|
|
|
|
|
278
|
|
1,504
|
Joint
ventures becoming subsidiaries
|
|
|
|
|
-
|
|
(120)
|
Non-controlling
interests**
|
|
|
|
|
(1)
|
|
(48)
|
Total consideration
|
|
|
|
|
678
|
|
3,728
|
|
|
|
|
|
|
|
|
Consideration satisfied by:
|
|
|
|
|
|
|
|
Cash
payments
|
|
|
|
|
660
|
|
3,574
|
Asset
exchange
|
|
|
|
|
-
|
|
12
|
Deferred
consideration (stated at net present cost)
|
|
|
|
|
10
|
|
10
|
Contingent
consideration
|
|
|
|
|
8
|
|
93
|
Profit
on step acquisition
|
|
|
|
|
-
|
|
39
|
Total consideration
|
|
|
|
|
678
|
|
3,728
|
|
|
|
|
|
|
|
|
NET CASH OUTFLOW ARISING ON ACQUISITION
|
|
|
|
|
|
|
|
Cash
consideration
|
|
|
|
|
660
|
|
3,574
|
Less:
cash and cash equivalents acquired
|
|
|
|
|
(10)
|
|
(69)
|
Total outflow in the Consolidated Statement of Cash
Flows
|
|
|
|
|
650
|
|
3,505
|
|
|
|
|
|
|
|
|
|
Number of acquisitions
|
|
Goodwill
|
|
Consideration
|
||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Reportable segments
|
|
|
|
|
€m
|
|
€m
|
|
€m
|
|
€m
|
Continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
Americas
Materials
|
27
|
|
24
|
|
31
|
|
1,353
|
|
161
|
|
3,398
|
Europe
Materials
|
15
|
|
10
|
|
3
|
|
46
|
|
64
|
|
86
|
Building
Products
|
15
|
|
8
|
|
228
|
|
74
|
|
450
|
|
211
|
Total
Group from continuing operations
|
57
|
|
42
|
|
262
|
|
1,473
|
|
675
|
|
3,695
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
Europe
Distribution
|
1
|
|
2
|
|
-
|
|
-
|
|
3
|
|
33
|
Total
Group
|
58
|
|
44
|
|
262
|
|
1,473
|
|
678
|
|
3,728
|
Adjustments
to provisional fair values of prior year acquisitions
|
16
|
|
31
|
|
-
|
|
-
|
||||
Total
|
278
|
|
1,504
|
|
678
|
|
3,728
|
|
|
|
|
|
2019
|
|
2018
|
Continuing operations
|
|
|
|
|
€m
|
|
€m
|
Revenue
|
|
|
|
|
204
|
|
1,202
|
Profit
before tax for the financial year
|
|
|
|
|
2
|
|
145
|
|
Pro-forma 2019
|
||||
|
|
|
CRH Group
|
|
CRH Group
|
|
2019
|
|
excluding 2019
|
|
including 2019
|
|
acquisitions
|
|
acquisitions
|
|
acquisitions
|
Continuing operations
|
€m
|
|
€m
|
|
€m
|
Revenue
|
458
|
|
24,925
|
|
25,383
|
Profit
before tax for the financial year
|
18
|
|
2,113
|
|
2,131
|
|
Eurozone
|
|
Switzerland
|
|
United
States
and
Canada
|
|||
|
2019
|
2018
|
|
2019
|
2018
|
|
2019
|
2018
|
|
%
|
%
|
|
%
|
%
|
|
%
|
%
|
Rate of increase in:
|
|
|
|
|
|
|
|
|
- salaries
|
3.37
|
3.50
|
|
1.50
|
1.50
|
|
3.37
|
3.38
|
- pensions in
payment
|
1.46
|
1.62
|
|
-
|
-
|
|
-
|
-
|
Inflation
|
1.50
|
1.65
|
|
1.00
|
1.00
|
|
2.00
|
2.00
|
Discount
rate
|
1.43
|
2.12
|
|
0.30
|
0.85
|
|
3.14
|
4.10
|
Medical
cost trend rate
|
n/a
|
n/a
|
|
n/a
|
n/a
|
|
5.18
|
1.55
|
|
Assets
|
|
Liabilities
|
|
Net liability
|
|||
|
2019
|
2018
|
|
2019
|
2018
|
|
2019
|
2018
|
|
€m
|
€m
|
|
€m
|
€m
|
|
€m
|
€m
|
|
|
|
|
|
|
|
|
|
At 1
January
|
2,913
|
2,622
|
|
(3,337)
|
(2,999)
|
|
(424)
|
(377)
|
Administration
expenses (i)
|
(7)
|
(4)
|
|
-
|
-
|
|
(7)
|
(4)
|
Current
service cost (i)
|
-
|
-
|
|
(60)
|
(64)
|
|
(60)
|
(64)
|
Past
service credit (net)
|
-
|
-
|
|
18
|
17
|
|
18
|
17
|
Interest income on
scheme assets (i)
|
68
|
59
|
|
-
|
-
|
|
68
|
59
|
Interest cost on
scheme liabilities (i)
|
-
|
-
|
|
(81)
|
(69)
|
|
(81)
|
(69)
|
Arising
on acquisition (note 15)
|
3
|
337
|
|
(4)
|
(452)
|
|
(1)
|
(115)
|
Disposals
|
(592)
|
-
|
|
636
|
6
|
|
44
|
6
|
Remeasurement
adjustments:
|
|
|
|
|
|
|
|
|
-return on scheme assets excluding interest income
|
316
|
(137)
|
|
-
|
-
|
|
316
|
(137)
|
-experience variations
|
-
|
-
|
|
33
|
1
|
|
33
|
1
|
-actuarial (loss)/gain from changes in financial
assumptions
|
-
|
-
|
|
(384)
|
120
|
|
(384)
|
120
|
-actuarial gain from changes in demographic
assumptions
|
-
|
-
|
|
18
|
26
|
|
18
|
26
|
Employer
contributions paid
|
52
|
118
|
|
-
|
-
|
|
52
|
118
|
Contributions paid
by plan participants
|
13
|
14
|
|
(13)
|
(14)
|
|
-
|
-
|
Benefit
and settlement payments
|
(139)
|
(130)
|
|
139
|
130
|
|
-
|
-
|
Translation
adjustment
|
55
|
34
|
|
(74)
|
(39)
|
|
(19)
|
(5)
|
At 31
December
|
2,682
|
2,913
|
|
(3,109)
|
(3,337)
|
|
(427)
|
(424)
|
Related
deferred income tax asset
|
|
|
|
|
|
|
91
|
95
|
Net
pension liability
|
|
|
|
|
|
|
(336)
|
(329)
|
|
Joint Ventures
|
|
Associates
|
||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
€m
|
|
€m
|
|
€m
|
|
€m
|
Continuing operations
|
|
|
|
|
|
|
|
Sales
|
118
|
|
107
|
|
37
|
|
40
|
Purchases
|
24
|
|
31
|
|
16
|
|
193
|
|
|
||
|
Continuing
Operations
|
||
|
2019
|
2018
|
|
|
€m
|
€m
|
|
|
|
|
|
Group profit for the financial year
|
1,638
|
1,345
|
|
Income
tax expense
|
477
|
396
|
|
Profit before tax
|
2,115
|
1,741
|
|
Share
of equity accounted investments' profit
|
(60)
|
(48)
|
|
Other
financial expense
|
112
|
46
|
|
Finance
costs less income
|
326
|
305
|
|
Profit before finance costs
|
2,493
|
2,044
|
|
Loss
on disposals
|
1
|
27
|
|
Group operating profit (EBIT) (i)
|
2,494
|
2,071
|
|
Depreciation
charge
|
1,442
|
1,030
|
|
Amortisation of
intangibles
|
57
|
59
|
|
Impairment
charge
|
7
|
56
|
|
EBITDA (ii)
|
4,000
|
3,216
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
2018 (iii)
|
|
|
€m
|
|
€m
|
|
|
|
|
|
Group
operating profit - continuing operations
|
|
2,494
|
|
2,071
|
Group
operating profit - discontinued operations
|
|
101
|
|
106
|
Group
operating profit (numerator for RONA computation)
|
|
2,595
|
|
2,177
|
|
|
|
|
|
Current year
|
|
|
|
|
Segment
assets (i)
|
|
32,684
|
|
31,510
|
Segment
liabilities (i)
|
|
(7,958)
|
|
(6,592)
|
Group
segment net assets
|
|
24,726
|
|
24,918
|
Lease
liabilities (ii)
|
|
1,511
|
|
-
|
Group segment net assets excluding lease liabilities
|
|
26,237
|
|
24,918
|
|
|
|
|
|
Prior year (2018 and 2017)
|
|
|
|
|
Segment
assets (i)
|
|
31,510
|
|
26,809
|
Segment
liabilities (i)
|
|
(6,592)
|
|
(6,201)
|
Group
segment net assets
|
|
24,918
|
|
20,608
|
|
|
|
|
|
Average
net assets (denominator for RONA computation)
|
|
25,578
|
|
22,763
|
RONA
|
|
10.1%
|
|
9.6%
|
|
2019
|
|
2018
|
|
€m
|
|
€m
|
Net debt
|
|
|
|
Lease
liabilities under IFRS 16 (i)
|
(1,511)
|
|
-
|
Interest-bearing
loans and borrowings (i)
|
(9,014)
|
|
(9,316)
|
Derivative
financial instruments (net) (i)
|
65
|
|
(14)
|
Cash
and cash equivalents (i)
|
3,755
|
|
2,346
|
Group net debt
|
(6,705)
|
|
(6,984)
|
|
|
|
|
EBITDA
- from continuing operations
|
4,000
|
|
3,216
|
EBITDA
- from discontinued operations
|
200
|
|
144
|
EBITDA - from continuing and discontinued operations
|
4,200
|
|
3,360
|
|
|
|
|
|
Times
|
|
Times
|
Net debt divided by EBITDA - from continuing operations
(ii)
|
1.7
|
|
|
Net debt divided by EBITDA - from continuing and discontinued
operations (ii)
|
|
|
2.1
|
|
|
2019
|
|
2018
|
|
|
€m
|
|
€m
|
Interest
|
|
|
|
|
Finance
costs (i)
|
|
346
|
|
339
|
Finance
income (i)
|
|
(20)
|
|
(34)
|
Net interest
|
|
326
|
|
305
|
|
|
|
|
|
EBITDA from continuing operations
|
|
4,000
|
|
3,216
|
|
|
|
|
|
|
|
Times
|
|
Times
|
EBITDA net interest cover (EBITDA divided by net interest) -
continuing operations (ii)
|
|
12.3
|
|
10.5
|
|
CRH public limited company
|
|
(Registrant)
|
|
|
Date
28 February
2020
|
|
|
By:___/s/Neil
Colgan___
|
|
N.Colgan
|
|
Company Secretary
|