|
· Good profit growth
|
|
· Enhanced portfolio through M&A
|
|
· Strong cash generation; de-leveraging accelerated
|
|
· Margins and returns ahead
|
|
· Strengthening market positions through focused portfolio management
|
|
· Delivering value through capital allocation and reallocation at attractive multiples
|
|
· Acquisitions and investments of almost €8 billion; transaction/one-off costs of €0.2 billion
|
· Divestment and disposal proceeds of circa €1.0 billion; cumulative proceeds from divestment programme since 2014 of €1.4 billion
|
Year ended 31 December
|
2015
|
2014
|
||
€ m
|
€ m
|
Change
|
||
Sales revenue
|
23,635
|
18,912
|
+25%
|
|
EBITDA
|
2,219
|
1,641
|
+35%
|
|
Operating profit (EBIT)
|
1,277
|
917
|
+39%
|
|
Profit on disposals
|
101
|
77
|
||
Finance costs, net
|
(389)
|
(288)
|
||
Equity accounted investments
|
44
|
55
|
||
Profit before tax
|
1,033
|
761
|
||
€ cent
|
€ cent
|
|||
Basic earnings per share
|
89.1
|
78.9
|
+13%
|
|
Dividend per share
|
62.5
|
62.5
|
No change
|
|
%
|
Total
|
Analysis of change
|
|||||||||||||
€ million
|
Change
|
2015
|
2014
|
Change
|
Organic
|
Acquisitions
|
Divestments
|
Restructuring/
Impairment
|
Pensions/
CO2
|
Exchange
|
|||||
Sales revenue
|
-8%
|
3,607
|
3,929
|
-322
|
-30
|
+5
|
-386
|
-
|
-
|
+89
|
|||||
EBITDA*
|
-12%
|
334
|
380
|
-46
|
+1
|
-
|
-62
|
+9
|
-3
|
+9
|
|||||
Operating profit*
|
-11%
|
135
|
151
|
-16
|
+7
|
-
|
-45
|
+18
|
-3
|
+7
|
|||||
EBITDA/sales
|
9.3%
|
9.7%
|
|||||||||||||
Op. profit/sales
|
3.7%
|
3.8%
|
|||||||||||||
*EBITDA and operating profit exclude profit on disposals
Pension restructuring gains amounted to €4 million (2014: nil)
Gains from CO2 trading amounted to €2 million (2014: €9 million)
|
Restructuring costs amounted to €6 million (2014: €15 million)
Impairment charges of €26 million were incurred (2014: €35 million)
|
%
|
Total
|
Analysis of change
|
||||||||
€ million
|
Change
|
2015
|
2014
|
Change
|
Organic
|
Acquisitions
|
Restructuring
|
Exchange
|
||
Sales revenue
|
+5%
|
961
|
913
|
+48
|
+3
|
+12
|
-
|
+33
|
||
EBITDA*
|
+6%
|
100
|
94
|
+6
|
+2
|
-
|
-
|
+4
|
||
Operating profit*
|
+6%
|
75
|
71
|
+4
|
-
|
-
|
-
|
+4
|
||
EBITDA/sales
|
10.4%
|
10.3%
|
||||||||
Op. profit/sales
|
7.8%
|
7.8%
|
||||||||
*EBITDA and operating profit exclude profit on disposals
|
Restructuring costs amounted to €5 million (2014: €5 million)
|
%
|
Total
|
Analysis of change
|
||||||||
€ million
|
Change
|
2015
|
2014
|
Change
|
Organic
|
Acquisitions
|
Restructuring/
Impairment
|
Swiss
Fine
|
Exchange
|
|
Sales revenue
|
+4%
|
4,158
|
3,999
|
+159
|
-21
|
+27
|
-
|
-
|
+153
|
|
EBITDA*
|
-10%
|
171
|
190
|
-19
|
+4
|
+1
|
-
|
-32
|
+8
|
|
Operating profit*
|
-16%
|
94
|
112
|
-18
|
+10
|
-
|
-1
|
-32
|
+5
|
|
EBITDA/sales
|
4.1%
|
4.8%
|
||||||||
Op. profit/sales
|
2.3%
|
2.8%
|
||||||||
*EBITDA and operating profit exclude profit on disposals
|
Restructuring costs amounted to €4 million (2014: €4 million)
Impairment charges of €1 million were incurred (2014: nil)
|
%
|
Total
|
Analysis of change
|
|||||||||
€ million
|
Change
|
2015
|
2014
|
Change
|
Organic
|
Acquisitions
|
Divestments
|
Restructuring
|
Exchange
|
||
Sales revenue
|
+26%
|
6,400
|
5,070
|
+1,330
|
+342
|
+80
|
-95
|
-
|
+1,003
|
||
EBITDA*
|
+50%
|
912
|
609
|
+303
|
+170
|
+14
|
-7
|
+1
|
+125
|
||
Operating profit*
|
+72%
|
611
|
355
|
+256
|
+176
|
+11
|
-3
|
+1
|
+71
|
||
EBITDA/sales
|
14.3%
|
12.0%
|
|||||||||
Op. profit/sales
|
9.5%
|
7.0%
|
|||||||||
*EBITDA and operating profit exclude profit on disposals
|
Restructuring costs amounted to €8 million (2014: €9 million)
|
%
|
Total
|
Analysis of change
|
|||||||||
€ million
|
Change
|
2015
|
2014
|
Change
|
Organic
|
Acquisitions
|
Divestments
|
Restructuring/ Impairment
|
Exchange
|
||
Sales revenue
|
+20%
|
3,862
|
3,225
|
+637
|
+246
|
+196
|
-374
|
-
|
+569
|
||
EBITDA*
|
+49%
|
391
|
263
|
+128
|
+67
|
+29
|
-31
|
+13
|
+50
|
||
Operating profit*
|
+72%
|
249
|
145
|
+104
|
+68
|
+15
|
-21
|
+10
|
+32
|
||
EBITDA/sales
|
10.1%
|
8.2%
|
|||||||||
Op. profit/sales
|
6.4%
|
4.5%
|
|||||||||
*EBITDA and operating profit exclude profit on disposals
|
Restructuring costs amounted to €5 million (2014: €18 million)
Impairment charges of €17 million were incurred (2014: €14 million)
|
%
|
Total
|
Analysis of change
|
|||||||||
€ million
|
Change
|
2015
|
2014
|
Change
|
Organic
|
Restructuring
|
Exchange
|
||||
Sales revenue
|
+26%
|
2,229
|
1,776
|
+453
|
+102
|
-
|
+351
|
||||
EBITDA*
|
+33%
|
140
|
105
|
+35
|
+14
|
-1
|
+22
|
||||
Operating profit*
|
+34%
|
111
|
83
|
+28
|
+11
|
-1
|
+18
|
||||
EBITDA/sales
|
6.3%
|
5.9%
|
|||||||||
Op. profit/sales
|
5.0%
|
4.7%
|
|||||||||
*EBITDA and operating profit exclude profit on disposals
|
Restructuring costs amounted to €1 million (2014: nil)
|
Analysis by Region
|
||||||||
€ million
|
2015
|
Western
Europe
|
CEE
|
Americas
|
Asia
|
Transaction/ One-off costs
|
||
Sales revenue
|
2,418
|
1,464
|
186
|
617
|
151
|
-
|
||
EBITDA*
|
171
|
183
|
51
|
100
|
34
|
(197)
|
||
Operating profit*
|
2
|
85
|
22
|
67
|
25
|
(197)
|
||
EBITDA/sales
|
7.1%
|
12.5%
|
27.4%
|
16.2%
|
22.5%
|
-
|
||
Op. profit/sales
|
0.1%
|
5.8%
|
11.8%
|
10.9%
|
16.6%
|
-
|
||
*EBITDA and operating profit exclude profit on disposals
|
Transaction costs of €144 million and other one-off costs of €53 million
|
2015
|
2014
|
||
€ m
|
€ m
|
||
Revenue
|
23,635
|
18,912
|
|
Cost of sales
|
(16,394)
|
(13,427)
|
|
Gross profit
|
7,241
|
5,485
|
|
Operating costs
|
(5,964)
|
(4,568)
|
|
Group operating profit
|
1,277
|
917
|
|
Profit on disposals
|
101
|
77
|
|
Profit before finance costs
|
1,378
|
994
|
|
Finance costs
|
(303)
|
(254)
|
|
Finance income
|
8
|
8
|
|
Other financial expense
|
(94)
|
(42)
|
|
Share of equity accounted investments' profit
|
44
|
55
|
|
Profit before tax
|
1,033
|
761
|
|
Income tax expense
|
(304)
|
(177)
|
|
Group profit for the financial year
|
729
|
584
|
|
Profit attributable to:
|
|||
Equity holders of the Company
|
724
|
582
|
|
Non-controlling interests
|
5
|
2
|
|
Group profit for the financial year
|
729
|
584
|
|
Earnings per Ordinary Share
|
|||
Basic
|
89.1c
|
78.9c
|
|
Diluted
|
88.7c
|
78.8c
|
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the financial year ended 31 December 2015
|
|||
Group profit for the financial year
|
729
|
584
|
|
Other comprehensive income
|
|||
Items that may be reclassified to profit or loss in subsequent years:
|
|||
Currency translation effects
|
661
|
599
|
|
Losses relating to cash flow hedges
|
(2)
|
(6)
|
|
659
|
593
|
||
Items that will not be reclassified to profit or loss in subsequent years:
|
|||
Remeasurement of retirement benefit obligations
|
203
|
(414)
|
|
Tax on items recognised directly within other comprehensive income
|
(30)
|
69
|
|
173
|
(345)
|
||
Total other comprehensive income for the financial year
|
832
|
248
|
|
Total comprehensive income for the financial year
|
1,561
|
832
|
|
Attributable to:
|
|||
Equity holders of the Company
|
1,538
|
830
|
|
Non-controlling interests
|
23
|
2
|
|
Total comprehensive income for the financial year
|
1,561
|
832
|
2015
|
2014
|
||
€ m
|
€ m
|
||
ASSETS
|
|||
Non-current assets
|
|||
Property, plant and equipment
|
13,062
|
7,422
|
|
Intangible assets
|
7,820
|
4,173
|
|
Investments accounted for using the equity method
|
1,317
|
1,329
|
|
Other financial assets
|
28
|
23
|
|
Other receivables
|
149
|
85
|
|
Derivative financial instruments
|
85
|
87
|
|
Deferred income tax assets
|
149
|
171
|
|
Total non-current assets
|
22,610
|
13,290
|
|
Current assets
|
|||
Inventories
|
2,873
|
2,260
|
|
Trade and other receivables
|
3,977
|
2,644
|
|
Current income tax recoverable
|
5
|
15
|
|
Derivative financial instruments
|
24
|
15
|
|
Cash and cash equivalents
|
2,518
|
3,262
|
|
Assets held for sale
|
-
|
531
|
|
Total current assets
|
9,397
|
8,727
|
|
Total assets
|
32,007
|
22,017
|
|
EQUITY
|
|||
Capital and reserves attributable to the Company's equity holders
|
|||
Equity share capital
|
281
|
253
|
|
Preference share capital
|
1
|
1
|
|
Share premium account
|
6,021
|
4,324
|
|
Treasury Shares and own shares
|
(28)
|
(76)
|
|
Other reserves
|
240
|
213
|
|
Foreign currency translation reserve
|
700
|
57
|
|
Retained income
|
5,800
|
5,405
|
|
13,015
|
10,177
|
||
Non-controlling interests
|
529
|
21
|
|
Total equity
|
13,544
|
10,198
|
|
LIABILITIES
|
|||
Non-current liabilities
|
|||
Interest-bearing loans and borrowings
|
8,465
|
5,419
|
|
Derivative financial instruments
|
5
|
3
|
|
Deferred income tax liabilities
|
2,023
|
1,305
|
|
Other payables
|
410
|
257
|
|
Retirement benefit obligations
|
588
|
711
|
|
Provisions for liabilities
|
603
|
257
|
|
Total non-current liabilities
|
12,094
|
7,952
|
|
Current liabilities
|
|||
Trade and other payables
|
4,761
|
2,894
|
|
Current income tax liabilities
|
401
|
154
|
|
Interest-bearing loans and borrowings
|
756
|
447
|
|
Derivative financial instruments
|
19
|
20
|
|
Provisions for liabilities
|
432
|
139
|
|
Liabilities associated with assets classified as held for sale
|
-
|
213
|
|
Total current liabilities
|
6,369
|
3,867
|
|
Total liabilities
|
18,463
|
11,819
|
|
Total equity and liabilities
|
32,007
|
22,017
|
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 2015
|
254
|
4,324
|
(76)
|
213
|
57
|
5,405
|
21
|
10,198
|
Group profit for 2015
|
-
|
-
|
-
|
-
|
-
|
724
|
5
|
729
|
Other comprehensive income
|
-
|
-
|
-
|
-
|
643
|
171
|
18
|
832
|
Total comprehensive income
|
-
|
-
|
-
|
-
|
643
|
895
|
23
|
1,561
|
Issue of share capital (net of expenses)
|
28
|
1,697
|
-
|
-
|
-
|
-
|
-
|
1,725
|
Share-based payment expense
|
-
|
-
|
-
|
27
|
-
|
-
|
-
|
27
|
Treasury/own shares reissued
|
-
|
-
|
51
|
-
|
-
|
(51)
|
-
|
-
|
Shares acquired by the Employee Benefit Trust (own shares)
|
-
|
-
|
(3)
|
-
|
-
|
-
|
-
|
(3)
|
Tax relating to share-based payment expense
|
-
|
-
|
-
|
-
|
-
|
5
|
-
|
5
|
Share option exercises
|
-
|
-
|
-
|
-
|
-
|
57
|
-
|
57
|
Dividends (including shares issued in lieu of dividends)
|
-
|
-
|
-
|
-
|
-
|
(511)
|
(4)
|
(515)
|
Non-controlling interest arising on acquisition of subsidiaries
|
-
|
-
|
-
|
-
|
-
|
-
|
489
|
489
|
At 31 December 2015
|
282
|
6,021
|
(28)
|
240
|
700
|
5,800
|
529
|
13,544
|
For the financial year ended 31 December 2014
|
||||||||
At 1 January 2014
|
252
|
4,219
|
(118)
|
197
|
(542)
|
5,654
|
24
|
9,686
|
Group profit for 2014
|
-
|
-
|
-
|
-
|
-
|
582
|
2
|
584
|
Other comprehensive income
|
-
|
-
|
-
|
-
|
599
|
(351)
|
-
|
248
|
Total comprehensive income
|
-
|
-
|
-
|
-
|
599
|
231
|
2
|
832
|
Issue of share capital (net of expenses)
|
2
|
105
|
-
|
-
|
-
|
-
|
-
|
107
|
Share-based payment expense
|
-
|
-
|
-
|
16
|
-
|
-
|
-
|
16
|
Treasury/own shares reissued
|
-
|
-
|
42
|
-
|
-
|
(42)
|
-
|
-
|
Share option exercises
|
-
|
-
|
-
|
-
|
-
|
22
|
-
|
22
|
Dividends (including shares issued in lieu of dividends)
|
-
|
-
|
-
|
-
|
-
|
(460)
|
(4)
|
(464)
|
Acquisition of non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
(1)
|
(1)
|
At 31 December 2014
|
254
|
4,324
|
(76)
|
213
|
57
|
5,405
|
21
|
10,198
|
2015
|
2014
|
||
€ m
|
€ m
|
||
Cash flows from operating activities
|
|||
Profit before tax
|
1,033
|
761
|
|
Finance costs (net)
|
389
|
288
|
|
Share of equity accounted investments' profit after tax
|
(44)
|
(55)
|
|
Profit on disposals
|
(101)
|
(77)
|
|
Group operating profit
|
1,277
|
917
|
|
Depreciation charge
|
843
|
631
|
|
Amortisation of intangible assets
|
55
|
44
|
|
Impairment charge
|
44
|
49
|
|
Share-based payment expense
|
27
|
16
|
|
Other (primarily pension payments)
|
(47)
|
(66)
|
|
Net movement on working capital and provisions
|
585
|
35
|
|
Cash generated from operations
|
2,784
|
1,626
|
|
Interest paid (including finance leases)
|
(302)
|
(262)
|
|
Corporation tax paid
|
(235)
|
(127)
|
|
Net cash inflow from operating activities
|
2,247
|
1,237
|
|
Cash flows from investing activities
|
|||
Proceeds from disposals (net of cash disposed and deferred proceeds)
|
889
|
345
|
|
Interest received
|
8
|
8
|
|
Dividends received from equity accounted investments
|
53
|
30
|
|
Purchase of property, plant and equipment
|
(882)
|
(435)
|
|
Acquisition of subsidiaries (net of cash acquired)
|
(7,296)
|
(151)
|
|
Other investments and advances
|
(19)
|
(3)
|
|
Deferred and contingent acquisition consideration paid
|
(59)
|
(26)
|
|
Net cash outflow from investing activities
|
(7,306)
|
(232)
|
|
Cash flows from financing activities
|
|||
Proceeds from issue of shares (net)
|
1,593
|
-
|
|
Proceeds from exercise of share options
|
57
|
22
|
|
Acquisition of non-controlling interests
|
-
|
(1)
|
|
Increase in interest-bearing loans, borrowings and finance leases
|
5,633
|
901
|
|
Net cash flow arising from derivative financial instruments
|
47
|
(11)
|
|
Premium paid on early redemption
|
(38)
|
-
|
|
Treasury/own shares purchased
|
(3)
|
-
|
|
Repayment of interest-bearing loans, borrowings and finance leases
|
(2,744)
|
(934)
|
|
Dividends paid to equity holders of the Company
|
(379)
|
(353)
|
|
Dividends paid to non-controlling interests
|
(4)
|
(4)
|
|
Net cash inflow/(outflow) from financing activities
|
4,162
|
(380)
|
|
(Decrease)/increase in cash and cash equivalents
|
(897)
|
625
|
|
Reconciliation of opening to closing cash and cash equivalents
|
|||
Cash and cash equivalents at 1 January
|
3,295
|
2,540
|
|
Translation adjustment
|
120
|
130
|
|
(Decrease)/increase in cash and cash equivalents
|
(897)
|
625
|
|
Cash and cash equivalents at 31 December
|
2,518
|
3,295
|
|
Reconciliation of opening to closing net debt
|
|||
Net debt at 1 January
|
(2,492)
|
(2,973)
|
|
Debt in acquired companies
|
(175)
|
(7)
|
|
Debt in disposed companies
|
20
|
-
|
|
Increase in interest-bearing loans, borrowings and finance leases
|
(5,633)
|
(901)
|
|
Net cash flow arising from derivative financial instruments
|
(47)
|
11
|
|
Repayment of interest-bearing loans, borrowings and finance leases
|
2,744
|
934
|
|
(Decrease)/increase in cash and cash equivalents
|
(897)
|
625
|
|
Mark-to-market adjustment
|
(1)
|
(3)
|
|
Translation adjustment
|
(137)
|
(178)
|
|
Net debt at 31 December
|
(6,618)
|
(2,492)
|
|
1. Basis of Preparation and Accounting Policies
|
Average
|
Year ended 31 December
|
||||
euro 1 =
|
2015
|
2014
|
2015
|
2014
|
|
US Dollar
|
1.1095
|
1.3290
|
1.0887
|
1.2141
|
|
Pound Sterling
|
0.7258
|
0.8062
|
0.7340
|
0.7789
|
|
Polish Zloty
|
4.1841
|
4.1839
|
4.2639
|
4.2732
|
|
Ukrainian Hryvnia
|
24.3693
|
15.8908
|
26.1434
|
19.1814
|
|
Swiss Franc
|
1.0679
|
1.2147
|
1.0835
|
1.2024
|
|
Canadian Dollar
|
1.4186
|
1.4664
|
1.5116
|
1.4063
|
|
Argentine Peso
|
10.2803
|
10.7785
|
14.0824
|
10.2645
|
|
Turkish Lira
|
3.0255
|
2.9068
|
3.1765
|
2.8320
|
|
Indian Rupee
|
71.1956
|
81.0576
|
72.0215
|
76.7190
|
|
Chinese Renminbi
|
6.9733
|
8.1883
|
7.0608
|
7.5358
|
|
Brazilian Real
|
3.7004
|
-
|
4.3117
|
-
|
|
Romanian Leu
|
4.4454
|
-
|
4.5240
|
-
|
|
Hungarian Forint
|
309.9956
|
-
|
315.9800
|
-
|
|
Serbian Dinar
|
120.7168
|
-
|
121.5612
|
-
|
|
Philippine Peso
|
50.5217
|
-
|
50.9990
|
-
|
|
2. Key Components of 2015 Performance
|
€ million
|
Sales revenue
|
EBITDA(i)
|
Operating profit
|
Profit on disposals
|
Finance costs (net)
|
Assoc. and JV PAT
|
Pre-tax profit
|
2014
|
18,912
|
1,641
|
917
|
77
|
(288)
|
55
|
761
|
Exchange effects
|
2,198
|
218
|
137
|
6
|
(27)
|
4
|
120
|
2014 at 2015 rates
|
21,110
|
1,859
|
1,054
|
83
|
(315)
|
59
|
881
|
- Incremental impact in 2015 of:
|
|||||||
- 2014/2015 acquisitions
|
2,738
|
215
|
28
|
-
|
(50)
|
1
|
(21)
|
- 2014/2015 divestments
|
(855)
|
(100)
|
(69)
|
20
|
6
|
(10)
|
(53)
|
- Restructuring/impairment (ii)
|
-
|
22
|
27
|
-
|
-
|
-
|
27
|
- Swiss fine/Pension/CO2 (iii)
|
-
|
(35)
|
(35)
|
-
|
-
|
-
|
(35)
|
- Early bond redemption
|
-
|
-
|
-
|
-
|
(38)
|
-
|
(38)
|
- Organic
|
642
|
258
|
272
|
(2)
|
8
|
(6)
|
272
|
2015
|
23,635
|
2,219
|
1,277
|
101
|
(389)
|
44
|
1,033
|
% Total change
|
25%
|
35%
|
39%
|
36%
|
|||
% Organic change
|
3%
|
14%
|
26%
|
31%
|
|
(i) Throughout this report, EBITDA is defined as earnings before interest, tax, depreciation, amortisation, impairment charges, profit on disposals and the Group's share of equity accounted investments' profit after tax.
|
|
(ii) Restructuring costs of €29 million were incurred in 2015 (2014: €51 million). Total impairment charges in 2015 were €44 million (2014: €49 million).
|
|
(iii) In July 2015, the Swiss Competition Commission ("ComCo") announced its decision to impose fines of approximately CHF 80 million on the Association of Swiss Wholesalers of the Sanitary Industry (the "Association") and on major Swiss wholesalers including certain subsidiaries of CRH in Switzerland. The full decision of ComCo, setting out the basis of its findings, is expected to be available in March 2016 at which time CRH has the option to appeal the decision to the Federal Administrative Tribunal, and ultimately to the Federal Supreme Court. While the Group is of the view that the position of ComCo is fundamentally ill-founded and that the fine imposed on CRH is unjustified, a provision of €32 million (CHF 34 million), representing the full amount of the fine attributed to the Group's subsidiaries, has been recorded in the year ended 31 December 2015. In addition, pension gains of €4 million arose in 2015 (2014: nil), and gains from CO2 amounted to €2 million, a reduction of €7 million compared with 2014.
|
|
3. Share of Equity Accounted Investments' Profit
|
2015
|
2014
|
||
€ m
|
€ m
|
||
Group share of:
|
|||
Revenue
|
1,457
|
1,441
|
|
EBITDA
|
163
|
168
|
|
Operating profit
|
81
|
96
|
|
Profit after tax
|
44
|
55
|
Analysis of Group share of profit after tax:
|
|||
Share of joint ventures' profit after tax
|
41
|
26
|
|
Share of associates' profit after tax
|
3
|
29
|
|
Share of equity accounted investments' profit after tax
|
44
|
55
|
|
4. Segmental Analysis of Revenue, EBITDA, Operating Profit and Total Assets
|
2015
|
2014
|
|||||
€ m
|
%
|
€ m
|
%
|
|||
Revenue
|
||||||
Europe Heavyside
|
3,607
|
15.3
|
3,929
|
20.8
|
||
Europe Lightside
|
961
|
4.1
|
913
|
4.8
|
||
Europe Distribution
|
4,158
|
17.6
|
3,999
|
21.1
|
||
Americas Materials
|
6,400
|
27.1
|
5,070
|
26.8
|
||
Americas Products
|
3,862
|
16.3
|
3,225
|
17.1
|
||
Americas Distribution
|
2,229
|
9.4
|
1,776
|
9.4
|
||
LH Assets
|
2,418
|
10.2
|
-
|
-
|
||
23,635
|
100.0
|
18,912
|
100.0
|
|||
EBITDA
|
||||||
Europe Heavyside
|
334
|
15.1
|
380
|
23.2
|
||
Europe Lightside
|
100
|
4.5
|
94
|
5.7
|
||
Europe Distribution
|
171
|
7.7
|
190
|
11.6
|
||
Americas Materials
|
912
|
41.1
|
609
|
37.1
|
||
Americas Products
|
391
|
17.6
|
263
|
16.0
|
||
Americas Distribution
|
140
|
6.3
|
105
|
6.4
|
||
LH Assets*
|
171
|
7.7
|
-
|
-
|
||
2,219
|
100.0
|
1,641
|
100.0
|
|||
Depreciation, amortisation and impairment
|
||||||
Europe Heavyside
|
199
|
21.1
|
229
|
31.6
|
||
Europe Lightside
|
25
|
2.6
|
23
|
3.2
|
||
Europe Distribution
|
77
|
8.2
|
78
|
10.8
|
||
Americas Materials
|
301
|
32.0
|
254
|
35.1
|
||
Americas Products
|
142
|
15.1
|
118
|
16.3
|
||
Americas Distribution
|
29
|
3.1
|
22
|
3.0
|
||
LH Assets
|
169
|
17.9
|
-
|
-
|
||
942
|
100.0
|
724
|
100.0
|
|||
Operating profit
|
||||||
Europe Heavyside
|
135
|
10.6
|
151
|
16.5
|
||
Europe Lightside
|
75
|
5.9
|
71
|
7.7
|
||
Europe Distribution
|
94
|
7.3
|
112
|
12.2
|
||
Americas Materials
|
611
|
47.8
|
355
|
38.7
|
||
Americas Products
|
249
|
19.5
|
145
|
15.8
|
||
Americas Distribution
|
111
|
8.7
|
83
|
9.1
|
||
LH Assets*
|
2
|
0.2
|
-
|
-
|
||
1,277
|
100.0
|
917
|
100.0
|
|||
Profit/(loss) on disposals
|
||||||
Europe Heavyside
|
97
|
38
|
||||
Europe Lightside
|
(23)
|
1
|
||||
Europe Distribution
|
8
|
6
|
||||
Americas Materials
|
24
|
11
|
||||
Americas Products
|
(11)
|
20
|
||||
Americas Distribution
|
2
|
1
|
||||
LH Assets
|
4
|
-
|
||||
101
|
77
|
|
4. Segmental Analysis of Revenue, EBITDA, Operating Profit and Total Assets - continued
|
2015
|
2014
|
||||
€ m
|
%
|
€ m
|
%
|
||
Reconciliation of Group operating profit to profit before tax:
|
|||||
Group operating profit (analysed on page 18)
|
1,277
|
917
|
|||
Profit on disposals
|
101
|
77
|
|||
Profit before finance costs
|
1,378
|
994
|
|||
Finance costs less income
|
(295)
|
(246)
|
|||
Other financial expense
|
(94)
|
(42)
|
|||
Share of equity accounted investments' profit
|
44
|
55
|
|||
Profit before tax
|
1,033
|
761
|
|||
Total assets
|
|||||
Europe Heavyside
|
3,802
|
13.6
|
3,864
|
23.3
|
|
Europe Lightside
|
767
|
2.8
|
761
|
4.6
|
|
Europe Distribution
|
2,238
|
8.0
|
2,221
|
13.4
|
|
Americas Materials
|
6,933
|
24.9
|
6,245
|
37.7
|
|
Americas Products
|
4,146
|
14.9
|
2,542
|
15.3
|
|
Americas Distribution
|
1,095
|
3.9
|
951
|
5.7
|
|
LH Assets
|
8,900
|
31.9
|
-
|
-
|
|
27,881
|
100.0
|
16,584
|
100.0
|
||
Reconciliation to total assets as reported in the
Consolidated Balance Sheet:
|
|||||
Investments accounted for using the equity method
|
1,317
|
1,329
|
|||
Other financial assets
|
28
|
23
|
|||
Derivative financial instruments (current and non-current)
|
109
|
102
|
|||
Income tax assets (current and non-current)
|
154
|
186
|
|||
Cash and cash equivalents
|
2,518
|
3,262
|
|||
Assets held for sale
|
-
|
531
|
|||
Total assets
|
32,007
|
22,017
|
|||
|
5. Seasonality
|
|
6. Net Finance Costs
|
2015
|
2014
|
||
€ m
|
€ m
|
||
Finance costs
|
303
|
254
|
|
Finance income
|
(8)
|
(8)
|
|
Other financial expense
|
94
|
42
|
|
Total net finance costs
|
389
|
288
|
|
Net finance costs on interest-bearing loans and borrowings and cash and cash equivalents
|
294
|
258
|
|
Net cost/(credit) re change in fair value of derivatives
|
1
|
(12)
|
|
Net debt-related interest costs
|
295
|
246
|
|
Premium paid on early debt redemption
|
38
|
-
|
|
Net pension-related finance cost
|
17
|
14
|
|
Charge to unwind discount on provisions/deferred consideration
|
39
|
28
|
|
Total net finance costs
|
389
|
288
|
|
|
7. Net Debt
|
Fair value
|
Book
value
|
Fair value
|
Book
value
|
||||
2015
|
2014
|
||||||
Net debt
|
€ m
|
€ m
|
€ m
|
€ m
|
|||
Non-current assets
|
|||||||
Derivative financial instruments
|
85
|
85
|
87
|
87
|
|||
Current assets
|
|||||||
Derivative financial instruments
|
24
|
24
|
15
|
15
|
|||
Cash and cash equivalents*
|
2,518
|
2,518
|
3,295
|
3,295
|
|||
Non-current liabilities
|
|||||||
Interest-bearing loans and borrowings
|
(8,737)
|
(8,465)
|
(5,845)
|
(5,419)
|
|||
Derivative financial instruments
|
(5)
|
(5)
|
(3)
|
(3)
|
|||
Current liabilities
|
|||||||
Interest-bearing loans and borrowings
|
(789)
|
(756)
|
(457)
|
(447)
|
|||
Derivative financial instruments
|
(19)
|
(19)
|
(20)
|
(20)
|
|||
Group net debt
|
(6,923)
|
(6,618)
|
(2,928)
|
(2,492)
|
|||
Cash at bank and in hand reclassified as held for sale
|
-
|
-
|
(33)
|
(33)
|
|||
Group net debt excluding cash reclassified as held for sale
|
(6,923)
|
(6,618)
|
(2,961)
|
(2,525)
|
|||
* 2014 includes €33 million of cash and cash equivalents reclassified as held for sale.
|
|||||||
Gross debt, net of derivatives, matures as follows:
|
|||||||
Within one year
|
751
|
452
|
|||||
Between one and two years
|
778
|
1,374
|
|||||
Between two and five years
|
2,600
|
1,034
|
|||||
After five years
|
5,007
|
2,927
|
|||||
Total
|
9,136
|
5,787
|
|||||
|
7. Net Debt - continued
|
2015
|
2014
|
||
€ m
|
€ m
|
||
Within one year
|
31
|
22
|
|
Between one and two years
|
220
|
-
|
|
Between two and five years
|
2,837
|
2,641
|
|
After five years
|
-
|
-
|
|
3,088
|
2,663
|
|
(1) Minimum interest cover defined as PBITDA/net interest (all as defined in the relevant agreement) cover at no lower than 4.5 times (2014: 4.5 times). As at 31 December 2015, the ratio was 8.5 times (2014: 7.0 times).
|
|
(2) Minimum net worth defined as total equity plus deferred tax liabilities and capital grants less repayable capital grants being in aggregate no lower than €5.6 billion (2014: €5.0 billion) (such minimum being adjusted for foreign exchange translation impacts). As at 31 December 2015, net worth (as defined in the relevant agreement) was €15.6 billion (2014: €11.5 billion).
|
|
8. Earnings per Ordinary Share
|
2015
|
2014
|
||
Numerator computations
|
€ m
|
€ m
|
|
Group profit for the financial year
|
729
|
584
|
|
Profit attributable to non-controlling interests
|
(5)
|
(2)
|
|
Numerator for basic and diluted earnings per Ordinary Share
|
724
|
582
|
|
Depreciation charge
|
843
|
631
|
|
Amortisation of intangible assets
|
55
|
44
|
|
Impairment charge
|
44
|
49
|
|
Numerator for "cash" earnings per Ordinary Share (i)
|
1,666
|
1,306
|
|
Number of
|
Number of
|
||
Denominator for basic and diluted earnings per Ordinary Share
|
Shares
|
Shares
|
|
Weighted average number of Ordinary Shares (millions) outstanding for the year
|
812.3
|
737.6
|
|
Effect of dilutive potential Ordinary Shares (share options) (millions)
|
3.6
|
0.7
|
|
Denominator for diluted earnings per Ordinary Share (millions)
|
815.9
|
738.3
|
|
Earnings per Ordinary Share
|
€ cent
|
€ cent
|
|
- basic
|
89.1
|
78.9
|
|
- diluted
|
88.7
|
78.8
|
|
"Cash" earnings per Ordinary Share (i)
|
205.1
|
177.1
|
|
9. Summarised Cash Flow
|
2015
|
2014
|
||
€ m
|
€ m
|
||
Inflows
|
|||
Profit before tax
|
1,033
|
761
|
|
Depreciation, amortisation and impairment
|
942
|
724
|
|
1,975
|
1,485
|
||
Outflows
|
|||
Working capital inflow (i)
|
642
|
69
|
|
Tax payments
|
(235)
|
(127)
|
|
Capital expenditure
|
(882)
|
(435)
|
|
Premium payable on debt redemption
|
(38)
|
-
|
|
Other (ii)
|
(133)
|
(90)
|
|
(646)
|
(583)
|
||
Operating cash inflow
|
1,329
|
902
|
|
Pension payments
|
(53)
|
(66)
|
|
Acquisitions and investments (iii)
|
(7,549)
|
(188)
|
|
Proceeds from disposals
|
1,017
|
345
|
|
Share issues (iv)
|
1,779
|
129
|
|
Dividends (before scrip dividend)
|
(511)
|
(460)
|
|
Translation and mark-to-market adjustments
|
(138)
|
(181)
|
|
(Increase)/decrease in net debt
|
(4,126)
|
481
|
|
(i) Working capital inflow includes the difference between net finance costs (included in profit before tax), interest paid and received, and deferred divestment proceeds.
|
|
(ii) Primarily non-cash items included in profit before tax, including profits on disposals/divestments of €101 million (2014: €77 million), share-based payments expense of €27 million (2014: €16 million) and CRH's share of equity accounted investments' profit after tax of €44 million (2014: €55 million profit). Other cash flows included comprise dividends received from equity accounted investments of €53 million (2014: €30 million), cash and cash equivalents in disposed companies of €90 million (2014: nil) and debt in disposed companies of €20 million (2014: nil).
|
|
(iii) Acquisitions and investments spend comprises consideration for acquisition of subsidiaries (including debt acquired), deferred and contingent consideration paid, other investments and advances (see note 11 (iii) on page 25).
|
|
(iv) Proceeds from share issues include scrip dividends of €132 million (2014: €107 million).
|
|
10. Business and Non-Current Asset Disposals
|
Business disposals
|
Disposal of other non - current assets
|
Total
|
||||||
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
|||
€ m
|
€ m
|
€ m
|
€ m
|
€ m
|
€ m
|
|||
Proceeds (i)
|
875
|
224
|
142
|
121
|
1,017
|
345
|
||
Profit
|
62
|
39
|
39
|
38
|
101
|
77
|
|
(i) Proceeds (net of disposal costs) from business and non-current asset disposals amounted to €1,017 million (2014: €345 million); this is the figure reported for proceeds from disposals in the summarised cash flow above. Proceeds from disposals of €889 million (2014: €345 million) as presented in the Consolidated Statement of Cash Flows on page 15, are net of cash and cash equivalents disposed of €90 million (2014: nil) and deferred proceeds of €38 million (2014: nil).
|
|
11. Acquisitions
|
Reportable segments
|
Number of acquisitions
|
Goodwill
|
Consideration
|
||||||||
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
||||||
€ m
|
€ m
|
€ m
|
€ m
|
||||||||
Europe Heavyside
|
1
|
2
|
-
|
2
|
5
|
7
|
|||||
Europe Lightside
|
2
|
-
|
6
|
-
|
12
|
-
|
|||||
Europe Distribution
|
1
|
6
|
-
|
9
|
1
|
20
|
|||||
Europe
|
4
|
8
|
6
|
11
|
18
|
27
|
|||||
Americas Materials
|
10
|
8
|
32
|
5
|
80
|
71
|
|||||
Americas Products
|
3
|
5
|
9
|
17
|
65
|
59
|
|||||
Americas
|
13
|
13
|
41
|
22
|
145
|
130
|
|||||
LH Assets (i)
|
1
|
-
|
2,307
|
-
|
6,561
|
-
|
|||||
CR Laurence (i)
|
1
|
-
|
833
|
-
|
1,169
|
-
|
|||||
Total Group
|
19
|
21
|
3,187
|
33
|
7,893
|
157
|
|||||
Adjustments to provisional fair values of prior year acquisitions
|
-
|
(2)
|
-
|
(2)
|
|||||||
Total
|
3,187
|
31
|
7,893
|
155
|
|
11. Acquisitions - continued
|
LH Assets
|
CR Laurence
|
Other acquisitions
|
Total
|
Total
|
||
2015
|
2015
|
2015
|
2015
|
2014
|
||
Assets
|
€ m
|
€ m
|
€ m
|
€ m
|
€ m
|
|
Non-current assets
|
||||||
Property, plant and equipment
|
5,288
|
26
|
99
|
5,413
|
91
|
|
Intangible assets
|
26
|
252
|
20
|
298
|
16
|
|
Equity accounted investments
|
24
|
-
|
-
|
24
|
-
|
|
Other financial assets
|
5
|
-
|
-
|
5
|
-
|
|
Total non-current assets
|
5,343
|
278
|
119
|
5,740
|
107
|
|
Current assets
|
||||||
Inventories
|
492
|
105
|
24
|
621
|
23
|
|
Trade and other receivables (i)
|
1,445
|
69
|
19
|
1,533
|
20
|
|
Cash and cash equivalents
|
463
|
29
|
2
|
494
|
1
|
|
Total current assets
|
2,400
|
203
|
45
|
2,648
|
44
|
|
Liabilities
|
||||||
Trade and other payables
|
(1,500)
|
(31)
|
(18)
|
(1,549)
|
(17)
|
|
Provisions for liabilities
|
(580)
|
-
|
(1)
|
(581)
|
(1)
|
|
Retirement benefit obligations
|
(87)
|
-
|
-
|
(87)
|
-
|
|
Interest-bearing loans and borrowings and finance leases
|
(169)
|
(6)
|
-
|
(175)
|
(7)
|
|
Current income tax liabilities
|
(147)
|
(2)
|
-
|
(149)
|
-
|
|
Deferred income tax liabilities
|
(520)
|
(106)
|
(1)
|
(627)
|
(2)
|
|
Total liabilities
|
(3,003)
|
(145)
|
(20)
|
(3,168)
|
(27)
|
|
Total identifiable net assets at fair value
|
4,740
|
336
|
144
|
5,220
|
124
|
|
Goodwill arising on acquisition (ii)
|
2,307
|
833
|
47
|
3,187
|
31
|
|
Joint Ventures becoming subsidiaries
|
-
|
-
|
(25)
|
(25)
|
-
|
|
Non-controlling interests*
|
(486)
|
-
|
(3)
|
(489)
|
-
|
|
Total consideration
|
6,561
|
1,169
|
163
|
7,893
|
155
|
|
Consideration satisfied by:
|
||||||
Cash payments
|
6,561
|
1,072
|
157
|
7,790
|
152
|
|
Deferred consideration (stated at net present cost)
|
-
|
97
|
-
|
97
|
1
|
|
Contingent consideration
|
-
|
-
|
-
|
-
|
2
|
|
Profit on step acquisition
|
-
|
-
|
6
|
6
|
-
|
|
Total consideration
|
6,561
|
1,169
|
163
|
7,893
|
155
|
|
Net cash outflow arising on acquisition
|
||||||
Cash consideration
|
6,561
|
1,072
|
157
|
7,790
|
152
|
|
Less: cash and cash equivalents acquired
|
(463)
|
(29)
|
(2)
|
(494)
|
(1)
|
|
Total outflow in Consolidated Statement of Cash Flows (iii)
|
6,098
|
1,043
|
155
|
7,296
|
151
|
|
11. Acquisitions - continued
|
|
(i) Trade and other receivables
|
Gross contractual amounts due
|
Allowance for impairment
|
Fair value
|
||||
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
|
€ m
|
€ m
|
€ m
|
€ m
|
€ m
|
€ m
|
|
LH Assets
|
1,499
|
-
|
(54)
|
-
|
1,445
|
-
|
CR Laurence
|
70
|
-
|
(1)
|
-
|
69
|
-
|
Other acquisitions
|
19
|
22
|
-
|
(2)
|
19
|
20
|
1,588
|
22
|
(55)
|
(2)
|
1,533
|
20
|
|
(ii) The principal factor contributing to the recognition of goodwill on acquisitions entered into by the Group is the realisation of cost savings and other synergies with existing entities in the Group which do not qualify for separate recognition as intangible assets. Due to the asset-intensive nature of operations in the Europe Heavyside and Americas Materials business segments, no significant intangible assets are recognised on business combinations in these segments. €254 million of the goodwill recognised in respect of acquisitions completed in 2015 is expected to be deductible for tax purposes (2014: €18 million).
|
|
(iii) A total cash outflow of €7,296 million arising on acquisitions (2014: €151 million) is reported in the Consolidated Statement of Cash Flows on page 15. In addition, debt arising in acquired companies amounted to €175 million (2014: €7 million), and the Group made other investments and advances of €19 million during the year (2014: €3 million). These amounts, combined with deferred and contingent consideration of €59 million paid in 2015 in respect of acquisitions in prior years (2014: €26 million), and nil paid on acquisition of non-controlling interests (2014: €1 million) result in total acquisition and investment spend for the year of €7,549 million (2014: €188 million); this is the figure reported in the summarised cash flow in note 9 on page 22.
|
2015
|
2014
|
|
€ m
|
€ m
|
|
LH Assets
|
144
|
-
|
CR Laurence
|
6
|
-
|
Other acquisitions
|
2
|
2
|
152
|
2
|
|
11. Acquisitions - continued
|
|
12. Retirement Benefit Obligations
|
Eurozone
|
Britain & NI
|
Switzerland
|
United States & Canada
|
||||||||
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
||||
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
||||
Rate of increase in:
|
|||||||||||
- salaries
|
3.64
|
3.75
|
4.00
|
4.00
|
1.75
|
2.25
|
3.29
|
3.50
|
|||
- pensions in payment
|
1.75
|
1.75
|
3.00-3.20
|
3.00-3.20
|
-
|
-
|
-
|
-
|
|||
Inflation
|
1.75
|
1.75
|
3.00
|
3.00
|
0.75
|
1.25
|
2.00
|
2.00
|
|||
Discount rate
|
2.61
|
2.00
|
3.95
|
3.50
|
0.85
|
1.15
|
4.22
|
3.80
|
|||
Medical cost trend rate
|
n/a
|
n/a
|
n/a
|
n/a
|
n/a
|
n/a
|
6.21
|
16.70
|
|
12. Retirement Benefit Obligations - continued
|
Assets
|
Liabilities
|
Net liability
|
||||||
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
|||
€ m
|
€ m
|
€ m
|
€ m
|
€ m
|
€ m
|
|||
At 1 January
|
2,046
|
2,314
|
(2,757)
|
(2,724)
|
(711)
|
(410)
|
||
Reclassified from / as held for sale
|
633
|
(633)
|
(714)
|
714
|
(81)
|
81
|
||
Arising on acquisition
|
254
|
-
|
(341)
|
-
|
(87)
|
-
|
||
Disposals
|
(744)
|
-
|
828
|
-
|
84
|
-
|
||
Past service costs
|
-
|
-
|
1
|
5
|
1
|
5
|
||
Gain on settlements
|
-
|
-
|
4
|
-
|
4
|
-
|
||
Administration expenses
|
(2)
|
(3)
|
-
|
-
|
(2)
|
(3)
|
||
Current service cost
|
-
|
-
|
(63)
|
(51)
|
(63)
|
(51)
|
||
Interest income on scheme assets
|
50
|
85
|
-
|
-
|
50
|
85
|
||
Interest cost on scheme liabilities
|
-
|
-
|
(67)
|
(99)
|
(67)
|
(99)
|
||
Remeasurement adjustments:
|
||||||||
-return on scheme assets excluding interest income
|
5
|
179
|
-
|
-
|
5
|
179
|
||
-experience variations
|
-
|
-
|
53
|
28
|
53
|
28
|
||
-actuarial gain/(loss) from changes in financial assumptions
|
-
|
-
|
121
|
(604)
|
121
|
(604)
|
||
-actuarial gain/(loss) from changes in demographic assumptions
|
-
|
-
|
24
|
(17)
|
24
|
(17)
|
||
Employer contributions paid
|
113
|
115
|
-
|
-
|
113
|
115
|
||
Contributions paid by plan participants
|
14
|
13
|
(14)
|
(13)
|
-
|
-
|
||
Benefit and settlement payments
|
(122)
|
(114)
|
122
|
114
|
-
|
-
|
||
Translation adjustment
|
152
|
90
|
(184)
|
(110)
|
(32)
|
(20)
|
||
At 31 December
|
2,399
|
2,046
|
(2,987)
|
(2,757)
|
(588)
|
(711)
|
||
Related deferred income tax asset
|
126
|
140
|
||||||
Net retirement benefit obligations
|
(462)
|
(571)
|
|
13. Related Party Transactions
|
|
14. Other
|
2015
|
2014
|
|
Net debt-related interest cover (note 6)
|
||
EBITDA interest cover (times)
|
7.5
|
6.7
|
EBIT* interest cover (times)
|
4.3
|
3.7
|
Average shares in issue (million)
|
812.3
|
737.6
|
Net dividend paid per share (€ cent)
|
62.5
|
62.5
|
Net dividend declared for the year (€ cent)
|
62.5
|
62.5
|
Dividend cover (Earnings per share/Dividend declared per share)
|
1.43x
|
1.26x
|
€ m
|
€ m
|
|
Depreciation charge
|
843
|
631
|
Amortisation of intangibles
|
55
|
44
|
Impairment of property, plant and equipment
|
41
|
49
|
Impairment of intangible assets
|
1
|
-
|
Impairment of financial assets
|
2
|
-
|
Commitments to purchase property, plant and equipment:
|
||
Contracted for but not provided in the financial statements
|
311
|
211
|
Authorised by the Directors but not contracted for
|
118
|
70
|
Market capitalisation at year-end (€ m)
|
21,977
|
14,741
|
Total equity at year-end (€ m)
|
13,544
|
10,198
|
Net debt (€ m)
|
6,618
|
2,492
|
Net debt as a percentage of market capitalisation
|
30%
|
17%
|
Net debt as a percentage of total equity
|
49%
|
24%
|
|
* EBIT is defined as earnings before interest, tax, profit on disposals and the Group's share of equity accounted investments' profit. Cover is based on net debt-related interest.
|
|
15. Statutory Accounts and Audit Opinion
|
|
16. Annual Report and Annual General Meeting (AGM)
|
|
17. Board Approval
|
Full Year Sales -
2014
|
2014
as reported
€ bn
|
Exclude divested
businesses
€ bn
|
Continuing
operations
€ bn
|
||
Europe Heavyside
|
3.9
|
(0.5)
|
3.4
|
||
Europe Lightside
|
0.9
|
-
|
0.9
|
||
Europe Distribution
|
4.0
|
-
|
4.0
|
||
Total Europe
|
8.8
|
(0.5)
|
8.3
|
||
Americas Materials
|
5.1
|
(0.1)
|
5.0
|
||
Americas Products
|
3.2
|
(0.5)
|
2.7
|
||
Americas Distribution
|
1.8
|
-
|
1.8
|
||
Total Americas
|
10.1
|
(0.6)
|
9.5
|
||
Total CRH
|
18.9
|
(1.1)
|
17.8
|
Full Year Sales -
2015
|
2015
as reported
€ bn
|
Exclude divested
businesses
€ bn
|
Continuing
operations
€ bn
|
% change
continuing
operations
|
|
Europe Heavyside
|
3.6
|
(0.1)
|
3.5
|
1%
|
|
Europe Lightside
|
1.0
|
-
|
1.0
|
5%
|
|
Europe Distribution
|
4.1
|
-
|
4.1
|
4%
|
|
Total Europe
|
8.7
|
(0.1)
|
8.6
|
3%
|
|
Americas Materials
|
6.4
|
-
|
6.4
|
29%
|
|
Americas Products
|
3.9
|
(0.2)
|
3.7
|
35%
|
|
Americas Distribution
|
2.2
|
-
|
2.2
|
26%
|
|
Total Americas
|
12.5
|
(0.2)
|
12.3
|
30%
|
|
Total
|
21.2
|
(0.3)
|
20.9
|
17%
|
|
LH Assets
|
2.4
|
||||
Total CRH
|
23.6
|
Full year EBITDA -
2014
|
2014
as reported
€ m
|
Exclude divested
businesses
€ m
|
Exclude
One-offs
€ m
|
Continuing
operations
€ m
|
|
Europe Heavyside
|
380
|
(70)
|
6
|
316
|
|
Europe Lightside
|
94
|
-
|
5
|
99
|
|
Europe Distribution
|
190
|
-
|
4
|
194
|
|
Total Europe
|
664
|
(70)
|
15
|
609
|
|
Americas Materials
|
609
|
(5)
|
9
|
613
|
|
Americas Products
|
263
|
(33)
|
18
|
248
|
|
Americas Distribution
|
105
|
-
|
-
|
105
|
|
Total Americas
|
977
|
(38)
|
27
|
966
|
|
Total CRH
|
1,641
|
(108)
|
42
|
1,575
|
Full year EBITDA -
2015
|
2015
as reported
€ m
|
Exclude divested
businesses
€ m
|
Exclude
One-offs
€ m
|
Continuing
operations
€ m
|
% change
continuing
operations
|
Europe Heavyside
|
334
|
(11)
|
-
|
323
|
2%
|
Europe Lightside
|
100
|
-
|
5
|
105
|
6%
|
Europe Distribution
|
171
|
-
|
36
|
207
|
7%
|
Total Europe
|
605
|
(11)
|
41
|
635
|
4%
|
Americas Materials
|
912
|
3
|
8
|
923
|
50%
|
Americas Products
|
391
|
(4)
|
5
|
392
|
58%
|
Americas Distribution
|
140
|
-
|
1
|
141
|
34%
|
Total Americas
|
1,443
|
(1)
|
14
|
1,456
|
51%
|
Total
|
2,048
|
(12)
|
55
|
2,091
|
33%
|
LH Assets
|
171
|
||||
Total CRH
|
2,219
|