|
|
|
|
|
||
Six months ended 30 June
|
2018
|
2017
(i)
|
|
|
|
|
|
€m
|
€m
|
Change
|
|
|
|
Sales
revenue
|
11,944
|
11,850
|
+1%
|
|
|
|
EBITDA
|
1,130
|
1,120
|
+1%
|
|
|
|
EBITDA
margin
|
9.5%
|
9.5%
|
-
|
|
|
|
|
|
|
|
|
|
|
Profit before tax from continuing operations
|
497
|
475
|
+5%
|
|
|
|
|
|
|
|
|
|
|
Profit
after tax from continuing operations
|
378
|
346
|
+9%
|
|
|
|
Profit
after tax from discontinued operations
|
1,083
|
26
|
|
|
|
|
Group
profit for the financial period
|
1,461
|
372
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share (€ cent)
|
174.0
|
43.5
|
|
|
|
|
Basic
earnings per share from continuing operations (€
cent)
|
45.0
|
40.4
|
+11%
|
|
|
|
|
|
|
|
|
|
|
Dividend
per share (€ cent)
|
19.6
|
19.2
|
+2%
|
|
|
|
|
|
|
|
|
|
|
(i) Restated to show the results of our Americas
Distribution segment in discontinued operations.
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis
of change
|
|||||||
€ million
|
2017
|
Exchange
|
Acquisitions
|
Divestments
|
Organic
|
2018
|
%
change
|
Sales
revenue
|
3,353
|
-51
|
+263
|
-25
|
+81
|
3,621
|
+8%
|
EBITDA
|
351
|
-7
|
+34
|
-
|
+6
|
384
|
+9%
|
Operating
profit
|
178
|
-4
|
+18
|
-
|
+8
|
200
|
+12%
|
EBITDA/sales
|
10.5%
|
|
|
|
|
10.6%
|
|
Operating
profit/sales
|
5.3%
|
|
|
|
|
5.5%
|
|
Analysis
of change
|
||||||
€ million
|
2017
|
Exchange
|
Acquisitions
|
Organic
|
2018
|
%
change
|
Sales
revenue
|
721
|
-9
|
+5
|
+35
|
752
|
+4%
|
EBITDA
|
59
|
-1
|
+1
|
+4
|
63
|
+7%
|
Operating
profit
|
39
|
-1
|
-
|
+5
|
43
|
+10%
|
EBITDA/sales
|
8.2%
|
|
|
|
8.4%
|
|
Operating
profit/sales
|
5.4%
|
|
|
|
5.7%
|
|
Analysis
of change
|
||||||
€ million
|
2017
|
Exchange
|
Acquisitions
|
Organic
|
2018
|
%
change
|
Sales
revenue*
|
2,011
|
-39
|
+51
|
-52
|
1,971
|
-2%
|
EBITDA
|
93
|
-1
|
+1
|
-4
|
89
|
-4%
|
Operating
profit
|
62
|
-
|
-
|
-19
|
43
|
-31%
|
EBITDA/sales
|
4.6%
|
|
|
|
4.5%
|
|
Operating
profit/sales
|
3.1%
|
|
|
|
2.2%
|
|
Analysis
of change
|
||||||
€ million
|
2017
|
Exchange
|
Acquisitions
|
Organic
|
2018
|
%
change
|
Sales
revenue
|
3,166
|
-320
|
+211
|
+121
|
3,178
|
0%
|
EBITDA
|
288
|
-33
|
+39
|
+3
|
297
|
+3%
|
Operating
profit
|
87
|
-13
|
+21
|
-1
|
94
|
+8%
|
EBITDA/sales
|
9.1%
|
|
|
|
9.3%
|
|
Operating
profit/sales
|
2.7%
|
|
|
|
3.0%
|
|
Analysis
of change
|
|||||||
€ million
|
2017
|
Exchange
|
Acquisitions
|
Divestments
|
Organic
|
2018
|
%
change
|
Sales
revenue
|
2,355
|
-238
|
+72
|
-2
|
+29
|
2,216
|
-6%
|
EBITDA
|
295
|
-33
|
+8
|
+1
|
+15
|
286
|
-3%
|
Operating
profit
|
225
|
-27
|
+4
|
+1
|
+15
|
218
|
-3%
|
EBITDA/sales
|
12.5%
|
|
|
|
|
12.9%
|
|
Operating
profit/sales
|
9.6%
|
|
|
|
|
9.8%
|
|
Analysis
of change
|
|||||
€ million
|
2017
|
Exchange
|
Organic
|
2018
|
%
change
|
Sales
revenue
|
244
|
-34
|
-4
|
206
|
-16%
|
EBITDA
|
34
|
-7
|
-16
|
11
|
-68%
|
Operating
profit/(loss)
|
16
|
-4
|
-18
|
-6
|
-138%
|
EBITDA/sales
|
13.9%
|
|
|
5.3%
|
|
Operating
profit/sales
|
6.6%
|
|
|
-2.9%
|
|
|
|
|
|
|
Year ended
|
|
Six months ended 30 June
|
|
31 December
|
||
|
|
|
Restated1
|
|
|
|
2018
|
|
2017
|
|
2017
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
€m
|
|
€m
|
|
€m
|
|
|
|
|
|
|
Revenue
|
11,944
|
|
11,850
|
|
25,220
|
Cost of sales
|
(8,236)
|
|
(8,090)
|
|
(16,903)
|
Gross profit
|
3,708
|
|
3,760
|
|
8,317
|
Operating costs
|
(3,116)
|
|
(3,153)
|
|
(6,222)
|
Group operating profit
|
592
|
|
607
|
|
2,095
|
Profit on disposals
|
46
|
|
43
|
|
56
|
Profit before finance costs
|
638
|
|
650
|
|
2,151
|
Finance costs
|
(167)
|
|
(155)
|
|
(301)
|
Finance income
|
23
|
|
5
|
|
12
|
Other financial expense
|
(16)
|
|
(39)
|
|
(60)
|
Share of equity accounted investments' profit
|
19
|
|
14
|
|
65
|
Profit before tax from continuing operations
|
497
|
|
475
|
|
1,867
|
Income tax expense - estimated at
interim
|
(119)
|
|
(129)
|
|
(55)
|
Group profit for the financial period from continuing
operations
|
378
|
|
346
|
|
1,812
|
Profit after tax for the financial period from discontinued
operations
|
1,083
|
|
26
|
|
107
|
Group profit for the financial period
|
1,461
|
|
372
|
|
1,919
|
|
|
|
|
|
|
Profit attributable to:
|
|
|
|
|
|
Equity holders of the Company
|
|
|
|
|
|
From
continuing operations
|
378
|
|
337
|
|
1,788
|
From
discontinued operations
|
1,083
|
|
26
|
|
107
|
Non-controlling interests
|
|
|
|
|
|
From
continuing operations
|
-
|
|
9
|
|
24
|
Group profit for the financial period
|
1,461
|
|
372
|
|
1,919
|
|
|
|
|
|
|
Basic earnings per Ordinary Share
|
174.0c
|
|
43.5c
|
|
226.8c
|
Diluted earnings per Ordinary Share
|
173.1c
|
|
43.3c
|
|
225.4c
|
|
|
|
|
|
|
Basic earnings per Ordinary Share from continuing
operations
|
45.0c
|
|
40.4c
|
|
214.0c
|
Diluted earnings per Ordinary Share from continuing
operations
|
44.8c
|
|
40.2c
|
|
212.7c
|
|
|
|
|
|
|
1 Restated to
show the results of our Americas Distribution segment in
discontinued operations. See note 9 for further
details.
|
Condensed Consolidated Statement of Comprehensive
Income
|
|||||
|
|
|
|
|
Year ended
|
|
Six months ended 30 June
|
|
31 December
|
||
|
2018
|
|
2017
|
|
2017
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
€m
|
|
€m
|
|
€m
|
Group profit for the financial period
|
1,461
|
|
372
|
|
1,919
|
|
|||||
Other comprehensive income
|
|||||
Items that may be reclassified to profit or loss in subsequent
periods:
|
|||||
Currency translation effects
|
124
|
|
(650)
|
|
(1,076)
|
Gains/(losses) relating to cash flow hedges
|
8
|
|
(2)
|
|
8
|
|
132
|
|
(652)
|
|
(1,068)
|
Items that will not be reclassified to profit or loss in subsequent
periods:
|
|||||
Remeasurement of retirement benefit obligations
|
58
|
|
91
|
|
114
|
Tax on items recognised directly within other comprehensive
income
|
(12)
|
|
(15)
|
|
(33)
|
|
46
|
|
76
|
|
81
|
|
|
|
|
|
|
Total other comprehensive income for the financial
period
|
178
|
|
(576)
|
|
(987)
|
Total comprehensive income for the financial period
|
1,639
|
|
(204)
|
|
932
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
Equity holders of the Company
|
1,654
|
|
(168)
|
|
969
|
Non-controlling interests
|
(15)
|
|
(36)
|
|
(37)
|
Total comprehensive income for the financial period
|
1,639
|
|
(204)
|
|
932
|
|
As at 30
|
|
As at 30
|
|
As at 31
|
|
June 2018
|
|
June 2017
|
|
December 2017
|
|
Unaudited
€m
|
|
Unaudited
€m
|
|
Audited
€m
|
ASSETS
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
Property, plant and equipment
|
15,607
|
|
12,409
|
|
13,094
|
Intangible assets
|
8,615
|
|
7,548
|
|
7,214
|
Investments accounted for using the equity method
|
1,111
|
|
1,247
|
|
1,248
|
Other financial assets
|
24
|
|
25
|
|
25
|
Other receivables
|
164
|
|
210
|
|
156
|
Derivative financial instruments
|
30
|
|
46
|
|
30
|
Deferred income tax assets
|
84
|
|
135
|
|
95
|
Total non-current assets
|
25,635
|
|
21,620
|
|
21,862
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
Inventories
|
3,151
|
|
3,115
|
|
2,715
|
Trade and other receivables
|
5,084
|
|
4,865
|
|
3,630
|
Current income tax recoverable
|
7
|
|
7
|
|
165
|
Derivative financial instruments
|
31
|
|
60
|
|
34
|
Cash and cash equivalents
|
1,848
|
|
1,930
|
|
2,115
|
Assets held for sale
|
-
|
|
-
|
|
1,112
|
Total current assets
|
10,121
|
|
9,977
|
|
9,771
|
|
|
|
|
|
|
Total assets
|
35,756
|
|
31,597
|
|
31,633
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
Capital and reserves attributable to the Company's equity
holders
|
|
|
|
|
|
Equity share capital
|
287
|
|
285
|
|
286
|
Preference share capital
|
1
|
|
1
|
|
1
|
Share premium account
|
6,534
|
|
6,346
|
|
6,417
|
Treasury Shares and own shares
|
(224)
|
|
(17)
|
|
(15)
|
Other reserves
|
264
|
|
256
|
|
285
|
Foreign currency translation reserve
|
(247)
|
|
24
|
|
(386)
|
Retained income
|
8,862
|
|
6,515
|
|
7,903
|
Capital and reserves attributable to the Company's equity
holders
|
15,477
|
|
13,410
|
|
14,491
|
Non-controlling interests
|
494
|
|
506
|
|
486
|
Total equity
|
15,971
|
|
13,916
|
|
14,977
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
Interest-bearing loans and borrowings
|
8,557
|
|
7,980
|
|
7,660
|
Derivative financial instruments
|
37
|
|
-
|
|
3
|
Deferred income tax liabilities
|
2,059
|
|
1,890
|
|
1,666
|
Other payables
|
435
|
|
416
|
|
226
|
Retirement benefit obligations
|
454
|
|
500
|
|
377
|
Provisions for liabilities
|
748
|
|
666
|
|
693
|
Total non-current liabilities
|
12,290
|
|
11,452
|
|
10,625
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Trade and other payables
|
5,155
|
|
5,000
|
|
4,534
|
Current income tax liabilities
|
564
|
|
441
|
|
458
|
Interest-bearing loans and borrowings
|
1,356
|
|
418
|
|
316
|
Derivative financial instruments
|
14
|
|
6
|
|
11
|
Provisions for liabilities
|
406
|
|
364
|
|
371
|
Liabilities associated with assets classified as held for
sale
|
-
|
|
-
|
|
341
|
Total current liabilities
|
7,495
|
|
6,229
|
|
6,031
|
Total liabilities
|
19,785
|
|
17,681
|
|
16,656
|
|
|
|
|
|
|
Total equity and liabilities
|
35,756
|
|
31,597
|
|
31,633
|
|
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
|
For the financial period ended 30 June 2018
(unaudited)
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
At 1 January 2018
|
287
|
6,417
|
(15)
|
285
|
(386)
|
7,903
|
486
|
14,977
|
Group
profit for the period
|
-
|
-
|
-
|
-
|
-
|
1,461
|
-
|
1,461
|
Other
comprehensive income
|
-
|
-
|
-
|
-
|
139
|
54
|
(15)
|
178
|
Total
comprehensive income
|
-
|
-
|
-
|
-
|
139
|
1,515
|
(15)
|
1,639
|
Issue
of share capital (net of expenses)
|
-
|
62
|
-
|
-
|
-
|
-
|
-
|
62
|
Share-based
payment expense
|
-
|
-
|
-
|
35
|
-
|
-
|
-
|
35
|
Shares
acquired by CRH plc (Treasury Shares)
|
-
|
-
|
(214)
|
-
|
-
|
(136)
|
-
|
(350)
|
Treasury/own
shares reissued
|
-
|
-
|
8
|
-
|
-
|
(8)
|
-
|
-
|
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
|
-
|
-
|
-
|
-
|
-
|
(5)
|
-
|
(5)
|
Share
option exercises
|
-
|
-
|
-
|
-
|
-
|
2
|
-
|
2
|
Dividends
(including shares issued in lieu of dividends)
|
-
|
-
|
-
|
-
|
-
|
(409)
|
(9)
|
(418)
|
Non-controlling
interests arising on acquisition of subsidiaries
|
-
|
-
|
-
|
-
|
-
|
-
|
31
|
31
|
Transactions
involving non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
1
|
1
|
At 30 June 2018
|
288
|
6,534
|
(224)
|
264
|
(247)
|
8,862
|
494
|
15,971
|
|
|
|
|
|
|
|
|
|
For the financial period ended 30 June 2017
(unaudited)
|
||||||||
|
|
|
|
|
|
|
|
|
At 1
January 2017
|
285
|
6,237
|
(14)
|
286
|
629
|
6,472
|
548
|
14,443
|
Group
profit for the period
|
-
|
-
|
-
|
-
|
-
|
363
|
9
|
372
|
Other
comprehensive income
|
-
|
-
|
-
|
-
|
(605)
|
74
|
(45)
|
(576)
|
Total
comprehensive income
|
-
|
-
|
-
|
-
|
(605)
|
437
|
(36)
|
(204)
|
Issue
of share capital (net of expenses)
|
-
|
47
|
-
|
-
|
-
|
-
|
-
|
47
|
Share-based
payment expense
|
-
|
-
|
-
|
33
|
-
|
-
|
-
|
33
|
Shares
acquired by the Employee Benefit Trust (own shares)
|
-
|
-
|
(3)
|
-
|
-
|
-
|
-
|
(3)
|
Shares
distributed under the Performance Share Plan Awards
|
1
|
62
|
-
|
(63)
|
-
|
-
|
-
|
-
|
Tax
relating to share-based payment expense
|
-
|
-
|
-
|
-
|
-
|
(8)
|
-
|
(8)
|
Dividends
(including shares issued in lieu of dividends)
|
-
|
-
|
-
|
-
|
-
|
(386)
|
(7)
|
(393)
|
Transactions
involving non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
1
|
1
|
At 30
June 2017
|
286
|
6,346
|
(17)
|
256
|
24
|
6,515
|
506
|
13,916
|
|
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
|
For the financial year ended 31 December 2017
(audited)
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
At 1
January 2017
|
285
|
6,237
|
(14)
|
286
|
629
|
6,472
|
548
|
14,443
|
Group
profit for the financial year
|
-
|
-
|
-
|
-
|
-
|
1,895
|
24
|
1,919
|
Other
comprehensive income
|
-
|
-
|
-
|
-
|
(1,015)
|
89
|
(61)
|
(987)
|
Total
comprehensive income
|
-
|
-
|
-
|
-
|
(1,015)
|
1,984
|
(37)
|
932
|
Issue
of share capital (net of expenses)
|
1
|
118
|
-
|
-
|
-
|
-
|
-
|
119
|
Share-based
payment expense
|
-
|
-
|
-
|
62
|
-
|
-
|
-
|
62
|
Treasury/own
shares reissued
|
-
|
-
|
2
|
-
|
-
|
(2)
|
-
|
-
|
Shares
acquired by the Employee Benefit Trust (own shares)
|
-
|
-
|
(3)
|
-
|
-
|
-
|
-
|
(3)
|
Shares
distributed under the Performance Share Plan Awards
|
1
|
62
|
-
|
(63)
|
-
|
-
|
-
|
-
|
Tax
relating to share-based payment expense
|
-
|
-
|
-
|
-
|
-
|
(5)
|
-
|
(5)
|
Dividends
(including shares issued in lieu of dividends)
|
-
|
-
|
-
|
-
|
-
|
(546)
|
(8)
|
(554)
|
Non-controlling
interests arising on acquisition of subsidiaries
|
-
|
-
|
-
|
-
|
-
|
-
|
20
|
20
|
Transactions
involving non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
(37)
|
(37)
|
At 31
December 2017
|
287
|
6,417
|
(15)
|
285
|
(386)
|
7,903
|
486
|
14,977
|
|
|
|
|
|
Year
ended
|
|
Six months ended 30 June
|
|
31
December
|
||
|
2018
|
|
2017
|
|
2017
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
€m
|
|
€m
|
|
€m
|
Cash flows from operating activities
|
|
|
|
|
|
Profit
before tax from continuing operations
|
497
|
|
475
|
|
1,867
|
Profit
before tax from discontinued operations
|
1,415
|
|
42
|
|
146
|
Profit
before tax
|
1,912
|
|
517
|
|
2,013
|
Finance
costs (net)
|
160
|
|
189
|
|
349
|
Share
of equity accounted investments' profit
|
(19)
|
|
(14)
|
|
(65)
|
Profit
on disposals
|
(1,466)
|
|
(45)
|
|
(59)
|
Group
operating profit
|
587
|
|
647
|
|
2,238
|
Depreciation
charge
|
488
|
|
494
|
|
1,006
|
Amortisation
of intangible assets
|
30
|
|
34
|
|
66
|
Impairment
charge
|
20
|
|
-
|
|
-
|
Share-based
payment expense
|
35
|
|
33
|
|
65
|
Other
(primarily pension payments)
|
10
|
|
11
|
|
(186)
|
Net
movement on working capital and provisions
|
(1,108)
|
|
(1,021)
|
|
(209)
|
Cash
generated from operations
|
62
|
|
198
|
|
2,980
|
Interest
paid (including finance leases)
|
(158)
|
|
(145)
|
|
(317)
|
Corporation
tax paid
|
(215)
|
|
(102)
|
|
(474)
|
Net cash (outflow)/inflow from operating activities
|
(311)
|
|
(49)
|
|
2,189
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
Proceeds
from disposals (net of cash disposed and deferred
proceeds)
|
2,386
|
|
145
|
|
222
|
Interest
received
|
23
|
|
5
|
|
11
|
Dividends
received from equity accounted investments
|
22
|
|
15
|
|
31
|
Purchase
of property, plant and equipment
|
(509)
|
|
(513)
|
|
(1,044)
|
Acquisition
of subsidiaries (net of cash acquired)
|
(3,214)
|
|
(591)
|
|
(1,841)
|
Other
investments and advances
|
(1)
|
|
(8)
|
|
(11)
|
Deferred
and contingent acquisition consideration paid
|
(28)
|
|
(33)
|
|
(53)
|
Net cash outflow from investing activities
|
(1,321)
|
|
(980)
|
|
(2,685)
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
Proceeds
from issue of shares (net)
|
11
|
|
33
|
|
42
|
Proceeds
from exercise of share options
|
2
|
|
-
|
|
-
|
Transactions
involving non-controlling interests
|
1
|
|
-
|
|
(37)
|
Increase
in interest-bearing loans, borrowings and finance
leases
|
2,138
|
|
1,282
|
|
1,010
|
Net
cash flow arising from derivative financial
instruments
|
19
|
|
33
|
|
169
|
Premium
paid on early debt redemption
|
-
|
|
(19)
|
|
(18)
|
Treasury/own
shares purchased
|
(217)
|
|
(3)
|
|
(3)
|
Repayment
of interest-bearing loans, borrowings and finance
leases
|
(250)
|
|
(344)
|
|
(343)
|
Dividends
paid to equity holders of the Company
|
(358)
|
|
(372)
|
|
(469)
|
Dividends
paid to non-controlling interests
|
(9)
|
|
(7)
|
|
(8)
|
Net cash inflow from financing activities
|
1,337
|
|
603
|
|
343
|
Decrease in cash and cash equivalents
|
(295)
|
|
(426)
|
|
(153)
|
|
|
|
|
|
|
Reconciliation of opening to closing cash and cash
equivalents
|
|
|
|
|
|
Cash and cash equivalents at 1 January
|
2,135
|
|
2,449
|
|
2,449
|
Translation
adjustment
|
8
|
|
(93)
|
|
(161)
|
Decrease
in cash and cash equivalents
|
(295)
|
|
(426)
|
|
(153)
|
Cash and cash equivalents at 30 June
|
1,848
|
|
1,930
|
|
2,135
|
Financial
asset category
|
Classification and measurement under IAS 39
|
Classification and measurement under IFRS 9
|
Classification test outcomes
|
Cash
and cash equivalents
|
Loans
and receivables at fair value (initial recognition) followed by
amortised cost (subsequent measurement)
|
Financial
assets at fair value (initial recognition) followed by amortised
cost net of impairments (subsequent measurement)
|
Business
model test result: hold to collect contractual cash
flows
Cash
flow characteristics test result: solely payments of principal and
interest
|
Trade
receivables
|
|||
Other
receivables
|
|||
Other
financial assets
|
|||
Deferred
proceeds
|
|||
Contingent
proceeds
|
Fair
value through profit or loss
|
Fair
value through profit or loss
|
Business
model test result: hold to collect contractual cash
flows
Cash
flow characteristics test result: potential variability in future
payments results in changes to fair value
|
|
Average
|
|
Period end
|
||||
|
Six months ended
|
Year ended
|
|
Six months ended
|
Year ended
|
||
|
30
June
|
31 December
|
|
30 June
|
31 December
|
||
euro 1 =
|
2018
|
2017
|
2017
|
|
2018
|
2017
|
2017
|
|
|
|
|
|
|
|
|
Brazilian
Real
|
4.1415
|
3.4431
|
3.6054
|
|
4.4876
|
3.7600
|
3.9729
|
Canadian
Dollar
|
1.5457
|
1.4453
|
1.4647
|
|
1.5442
|
1.4785
|
1.5039
|
Chinese
Renminbi
|
7.7086
|
7.4448
|
7.6290
|
|
7.7170
|
7.7385
|
7.8044
|
Hungarian
Forint
|
314.1128
|
309.4213
|
309.1933
|
|
329.7700
|
308.9700
|
310.3300
|
Indian
Rupee
|
79.4903
|
71.1760
|
73.5324
|
|
79.8130
|
73.7445
|
76.6055
|
Philippine
Peso
|
62.9356
|
54.0769
|
56.9734
|
|
62.1740
|
57.5750
|
59.7950
|
Polish
Zloty
|
4.2207
|
4.2690
|
4.2570
|
|
4.3732
|
4.2259
|
4.1770
|
Pound
Sterling
|
0.8798
|
0.8606
|
0.8767
|
|
0.8861
|
0.8793
|
0.8872
|
Romanian
Leu
|
4.6543
|
4.5370
|
4.5688
|
|
4.6631
|
4.5523
|
4.6585
|
Serbian
Dinar
|
118.3134
|
123.3140
|
121.3232
|
|
118.8546
|
120.5000
|
118.3086
|
Swiss
Franc
|
1.1697
|
1.0766
|
1.1117
|
|
1.1569
|
1.0930
|
1.1702
|
Ukrainian
Hryvnia
|
32.3560
|
28.9707
|
30.0341
|
|
30.6845
|
29.7331
|
33.6769
|
US
Dollar
|
1.2104
|
1.0830
|
1.1297
|
|
1.1658
|
1.1412
|
1.1993
|
€
million
|
Sales revenue
|
EBITDA
|
Operating profit
|
Profit on disposals
|
Finance costs (net)
|
Assoc. and JV PAT
|
Pre-tax profit
|
|
|
|
|
|
|
|
|
First
half 2017
|
11,850
|
1,120
|
607
|
43
|
(189)
|
14
|
475
|
Exchange
effects
|
(691)
|
(82)
|
(49)
|
(2)
|
12
|
(1)
|
(40)
|
2017
at 2018 rates
|
11,159
|
1,038
|
558
|
41
|
(177)
|
13
|
435
|
Incremental impact
in 2018 of:
|
|
|
|
|
|
|
|
- 2017/2018
acquisitions
|
602
|
83
|
43
|
-
|
(10)
|
1
|
34
|
- 2017/2018
divestments
|
(27)
|
1
|
1
|
1
|
-
|
-
|
2
|
- Early bond
redemption
|
-
|
-
|
-
|
-
|
17
|
-
|
17
|
-
Organic
|
210
|
8
|
(10)
|
4
|
10
|
5
|
9
|
First
half 2018
|
11,944
|
1,130
|
592
|
46
|
(160)
|
19
|
497
|
|
|
|
|
|
|
|
|
%
Total change
|
1%
|
1%
|
(2%)
|
|
|
|
5%
|
%
Organic change
|
2%
|
1%
|
(2%)
|
|
|
|
2%
|
|
Six months ended 30 June 2018 - Unaudited
|
|
|||||||
|
Europe Heavyside
|
Europe Lightside
|
Europe Distribution
|
Americas Materials
|
Americas Products
|
Asia
|
Total
|
||
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
||
Primary
geographic market
|
|
|
|
|
|
|
|
||
Continuing operations
|
|
|
|
|
|
|
|
||
Republic of Ireland
(Country of domicile)
|
202
|
-
|
-
|
-
|
-
|
-
|
202
|
||
Benelux
(mainly the Netherlands)
|
290
|
188
|
862
|
-
|
-
|
-
|
1,340
|
||
United
Kingdom
|
1,479
|
112
|
-
|
-
|
-
|
-
|
1,591
|
||
Rest of
Europe (i)
|
1,650
|
391
|
1,109
|
-
|
-
|
-
|
3,150
|
||
United
States
|
-
|
-
|
-
|
2,775
|
2,029
|
-
|
4,804
|
||
Rest of
World (ii)
|
-
|
61
|
-
|
403
|
187
|
206
|
857
|
||
Total
Group from continuing operations
|
3,621
|
752
|
1,971
|
3,178
|
2,216
|
206
|
11,944
|
||
|
|
|
|
|
|
|
|
||
Discontinued operations
|
|
|
|
|
|
|
|
||
United
States - Americas Distribution
|
|
|
|
|
|
|
6
|
||
Total
Group
|
|
|
|
|
|
|
11,950
|
||
|
|
|
|
|
|
|
|
|
|
|
Six months ended 30 June 2018 - Unaudited
|
||||||
|
Europe Heavyside (iii)
|
Europe Lightside
|
Europe Distribution
|
Americas Materials (iii)
|
Americas Products
|
Asia
|
Total
|
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
Principal activities and products
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
|
|
|
Cement,
lime and cement products
|
978
|
-
|
-
|
198
|
-
|
206
|
1,382
|
Aggregates, asphalt
and readymixed products
|
1,386
|
-
|
-
|
1,686
|
-
|
-
|
3,072
|
Construction
contract activities*
|
727
|
30
|
-
|
1,294
|
75
|
-
|
2,126
|
Construction
accessories
|
-
|
238
|
-
|
-
|
-
|
-
|
238
|
Perimeter
protection, shutters & awnings and network access
products
|
-
|
247
|
-
|
-
|
-
|
-
|
247
|
Architectural and
precast products
|
530
|
237
|
-
|
-
|
1,472
|
-
|
2,239
|
Architectural glass
and glazing systems and wholesale hardware
distribution
|
-
|
-
|
-
|
-
|
669
|
-
|
669
|
General
Builders Merchants, DIY and Sanitary, Heating &
Plumbing
|
-
|
-
|
1,971
|
-
|
-
|
-
|
1,971
|
Total
Group from continuing operations
|
3,621
|
752
|
1,971
|
3,178
|
2,216
|
206
|
11,944
|
Discontinued operations
|
|
|
|
|
|
|
|
Americas
Distribution - Exterior and interior products
|
|
|
|
|
|
|
6
|
Total
Group
|
|
|
|
|
|
|
11,950
|
|
Six months ended 30 June
|
|
Year ended 31
|
||||||||
|
Unaudited
|
|
Unaudited
|
|
December - Audited
|
||||||
|
2018
|
|
2017
|
|
2017
|
||||||
|
€m
|
%
|
|
€m
|
%
|
|
€m
|
%
|
|||
Revenue
|
|
|
|
|
|
|
|
|
|||
Continuing operations
|
|
|
|
|
|
|
|
|
|||
Europe
Heavyside
|
3,621
|
30.3
|
|
3,353
|
25.8
|
|
6,902
|
25.1
|
|||
Europe
Lightside
|
752
|
6.3
|
|
721
|
5.5
|
|
1,440
|
5.2
|
|||
Europe
Distribution
|
1,971
|
16.5
|
|
2,011
|
15.5
|
|
4,145
|
15.0
|
|||
Americas
Materials
|
3,178
|
26.6
|
|
3,166
|
24.4
|
|
7,970
|
28.9
|
|||
Americas
Products
|
2,216
|
18.5
|
|
2,355
|
18.1
|
|
4,327
|
15.7
|
|||
Asia
|
206
|
1.7
|
|
244
|
1.9
|
|
436
|
1.6
|
|||
Total
Group from continuing operations
|
11,944
|
99.9
|
|
11,850
|
91.2
|
|
25,220
|
91.5
|
|||
Discontinued
operations - Americas Distribution
|
6
|
0.1
|
|
1,147
|
8.8
|
|
2,343
|
8.5
|
|||
Total
Group
|
11,950
|
100.0
|
|
12,977
|
100.0
|
|
27,563
|
100.0
|
|||
|
|
|
|
|
|
|
|
|
|||
Group
EBITDA
|
|
|
|
|
|
|
|
|
|||
Continuing operations
|
|
|
|
|
|
|
|
|
|||
Europe
Heavyside
|
384
|
34.1
|
|
351
|
29.9
|
|
839
|
25.4
|
|||
Europe
Lightside
|
63
|
5.6
|
|
59
|
5.0
|
|
143
|
4.3
|
|||
Europe
Distribution
|
89
|
7.9
|
|
93
|
7.9
|
|
269
|
8.1
|
|||
Americas
Materials
|
297
|
26.4
|
|
288
|
24.5
|
|
1,270
|
38.4
|
|||
Americas
Products
|
286
|
25.4
|
|
295
|
25.1
|
|
573
|
17.3
|
|||
Asia
|
11
|
1.0
|
|
34
|
2.9
|
|
52
|
1.6
|
|||
Total
Group from continuing operations
|
1,130
|
100.4
|
|
1,120
|
95.3
|
|
3,146
|
95.1
|
|||
Discontinued
operations - Americas Distribution
|
(5)
|
(0.4)
|
|
55
|
4.7
|
|
164
|
4.9
|
|||
Total
Group
|
1,125
|
100.0
|
|
1,175
|
100.0
|
|
3,310
|
100.0
|
|||
|
|
|
|
|
|
|
|
|
|||
Depreciation,
amortisation and impairment
|
|
|
|
|
|
|
|
|
|||
Continuing operations
|
|
|
|
|
|
|
|
|
|||
Europe
Heavyside
|
184
|
34.2
|
|
173
|
32.8
|
|
361
|
33.7
|
|||
Europe
Lightside
|
20
|
3.7
|
|
20
|
3.8
|
|
41
|
3.8
|
|||
Europe
Distribution
|
46
|
8.6
|
|
31
|
5.9
|
|
62
|
5.8
|
|||
Americas
Materials
|
203
|
37.7
|
|
201
|
38.1
|
|
412
|
38.4
|
|||
Americas
Products
|
68
|
12.6
|
|
70
|
13.2
|
|
138
|
12.9
|
|||
Asia
|
17
|
3.2
|
|
18
|
3.4
|
|
37
|
3.4
|
|||
Total
Group from continuing operations
|
538
|
100.0
|
|
513
|
97.2
|
|
1,051
|
98.0
|
|||
Discontinued
operations - Americas Distribution
|
-
|
-
|
|
15
|
2.8
|
|
21
|
2.0
|
|||
Total
Group
|
538
|
100.0
|
|
528
|
100.0
|
|
1,072
|
100.0
|
|||
|
|
|
|
|
|
|
|
|
|||
Group
operating profit
|
|
|
|
|
|
|
|
|
|||
Continuing operations
|
|
|
|
|
|
|
|
|
|||
Europe
Heavyside
|
200
|
34.1
|
|
178
|
27.5
|
|
478
|
21.4
|
|||
Europe
Lightside
|
43
|
7.3
|
|
39
|
6.0
|
|
102
|
4.6
|
|||
Europe
Distribution
|
43
|
7.3
|
|
62
|
9.6
|
|
207
|
9.2
|
|||
Americas
Materials
|
94
|
16.0
|
|
87
|
13.4
|
|
858
|
38.3
|
|||
Americas
Products
|
218
|
37.1
|
|
225
|
34.8
|
|
435
|
19.4
|
|||
Asia
|
(6)
|
(1.0)
|
|
16
|
2.5
|
|
15
|
0.7
|
|||
Total
Group from continuing operations
|
592
|
100.8
|
|
607
|
93.8
|
|
2,095
|
93.6
|
|||
Discontinued
operations - Americas Distribution
|
(5)
|
(0.8)
|
|
40
|
6.2
|
|
143
|
6.4
|
|||
Total
Group
|
587
|
100.0
|
|
647
|
100.0
|
|
2,238
|
100.0
|
|||
|
|
|
|
|
|
|
|
|
|||
Profit
on disposals - continuing operations
|
|
|
|
|
|
|
|
|
|||
Europe
Heavyside
|
13
|
|
|
26
|
|
|
19
|
|
|||
Europe
Lightside
|
2
|
|
|
-
|
|
|
-
|
|
|||
Europe
Distribution
|
-
|
|
|
1
|
|
|
4
|
|
|||
Americas
Materials
|
30
|
|
|
11
|
|
|
29
|
|
|||
Americas
Products
|
-
|
|
|
5
|
|
|
4
|
|
|||
Asia
|
1
|
|
|
-
|
|
|
-
|
|
|||
Total
Group
|
46
|
|
|
43
|
|
|
56
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
|
|
|||||||||
|
Six months ended 30 June
|
|
31 December
|
|
|||||||||||||
|
Unaudited
|
|
Audited
|
|
|||||||||||||
|
2018
|
|
|
2017
|
|
|
2017
|
||||||||||
|
€m
|
|
|
€m
|
|
|
€m
|
|
|||||||||
Reconciliation
of Group operating profit to profit before tax:
|
|
|
|
|
|
|
|
|
|||||||||
Group
operating profit from continuing operations (analysed on page
23)
|
592
|
|
|
607
|
|
|
2,095
|
|
|
||||||||
Profit
on disposals
|
46
|
|
|
43
|
|
|
56
|
|
|
||||||||
Profit
before finance costs
|
638
|
|
|
650
|
|
|
2,151
|
|
|
||||||||
Finance
costs less income
|
(144)
|
|
|
(150)
|
|
|
(289)
|
|
|
||||||||
Other
financial expense
|
(16)
|
|
|
(39)
|
|
|
(60)
|
|
|
||||||||
Share
of equity accounted investments' profit
|
19
|
|
|
14
|
|
|
65
|
|
|
||||||||
Profit
before tax from continuing operations
|
497
|
|
|
475
|
|
|
1,867
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
Year ended
|
|
|||||||||
|
Six months ended 30 June
|
|
31 December
|
|
|||||||||||||
Unaudited
|
|
Unaudited
|
Audited
|
|
|||||||||||||
|
2018
|
|
2017
|
|
2017
|
|
|||||||||||
|
€m
|
%
|
|
€m
|
%
|
|
€m
|
%
|
|
||||||||
Total
assets
|
|
|
|
|
|
|
|
|
|
||||||||
Europe
Heavyside
|
9,304
|
28.5
|
|
8,441
|
30.0
|
|
8,932
|
33.3
|
|
||||||||
Europe
Lightside
|
1,219
|
3.8
|
|
1,158
|
4.1
|
|
1,100
|
4.1
|
|
||||||||
Europe
Distribution
|
2,286
|
7.0
|
|
2,267
|
8.1
|
|
2,178
|
8.1
|
|
||||||||
Americas
Materials
|
14,003
|
42.9
|
|
9,384
|
33.3
|
|
9,180
|
34.3
|
|
||||||||
Americas
Products
|
4,438
|
13.6
|
|
4,251
|
15.1
|
|
4,017
|
15.0
|
|
||||||||
Americas
Distribution (i)
|
-
|
-
|
|
1,198
|
4.3
|
|
-
|
-
|
|
||||||||
Asia
|
1,371
|
4.2
|
|
1,448
|
5.1
|
|
1,402
|
5.2
|
|
||||||||
Total
Group
|
32,621
|
100.0
|
|
28,147
|
100.0
|
|
26,809
|
100.0
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation
to total assets as reported in the Condensed Consolidated Balance
Sheet:
|
|
|
|
|
|
|
|
|
|||||||||
Investments
accounted for using the equity method
|
1,111
|
|
|
1,247
|
|
|
1,248
|
|
|||||||||
Other
financial assets
|
24
|
|
|
25
|
|
|
25
|
|
|||||||||
Derivative
financial instruments (current and non-current)
|
61
|
|
|
106
|
|
|
64
|
|
|||||||||
Income
tax assets (current and deferred)
|
91
|
|
|
142
|
|
|
260
|
|
|||||||||
Cash
and cash equivalents
|
1,848
|
|
|
1,930
|
|
|
2,115
|
|
|||||||||
Assets
held for sale
|
-
|
|
|
-
|
|
|
1,112
|
|
|||||||||
Total
assets
|
35,756
|
|
|
31,597
|
|
|
31,633
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
ended
|
|
Six months ended 30 June
|
|
31
December
|
||
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
2018
|
|
2017
|
|
2017
|
|
€m
|
|
€m
|
|
€m
|
Numerator computations
|
|
|
|
|
|
Group
profit for the financial period
|
1,461
|
|
372
|
|
1,919
|
Profit
attributable to non-controlling interests
|
-
|
|
(9)
|
|
(24)
|
Profit attributable to ordinary equity holders of the Company -
numerator for basic/diluted earnings per Ordinary
Share
|
1,461
|
|
363
|
|
1,895
|
Profit
after tax for the financial period from discontinued
operations
|
1,083
|
|
26
|
|
107
|
Profit attributable to ordinary equity holders of the Company -
numerator for basic/diluted earnings per Ordinary Share from
continuing operations
|
378
|
|
337
|
|
1,788
|
|
|
|
|
|
|
|
Number of
|
|
Number
of
|
|
Number
of
|
|
Shares
|
|
Shares
|
|
Shares
|
Denominator computations
|
|
|
|
|
|
Weighted
average number of Ordinary Shares (millions) outstanding for the
financial period
|
839.6
|
|
834.4
|
|
835.6
|
Effect
of dilutive potential Ordinary Shares (employee share options)
(millions)
|
4.3
|
|
4.3
|
|
5.2
|
Denominator for diluted earnings per Ordinary Share
|
843.9
|
|
838.7
|
|
840.8
|
|
|
|
|
|
|
Earnings per Ordinary Share
|
|
|
|
|
|
-
basic
|
174.0c
|
|
43.5c
|
|
226.8c
|
-
diluted
|
173.1c
|
|
43.3c
|
|
225.4c
|
|
|
|
|
|
|
Earnings per Ordinary Share from continuing operations
|
|
|
|
|
|
-
basic
|
45.0c
|
|
40.4c
|
|
214.0c
|
-
diluted
|
44.8c
|
|
40.2c
|
|
212.7c
|
|
|
|
|
|
|
|
|
|
|
|
Year
ended
|
|
Six months ended 30 June
|
|
31
December
|
||
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
2018
|
|
2017
|
|
2017
|
Net
dividend paid per share
|
48.8c
|
|
46.2c
|
|
65.4c
|
Net
dividend declared for the period
|
19.6c
|
|
19.2c
|
|
68.0c
|
Dividend
cover (Earnings per share/Dividend declared per share) - continuing
and discontinued operations
|
8.9x
|
|
2.3x
|
|
3.3x
|
Dividend
cover - continuing operations
|
2.3x
|
|
2.1x
|
|
3.1x
|
|
|
|
|
|
Year
ended
|
|
Six months ended 30 June
|
|
31
December
|
||
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
2018
|
|
2017
|
|
2017
|
|
€m
|
|
€m
|
|
€m
|
Group share of:
|
|
|
|
|
|
Revenue
|
696
|
|
632
|
|
1,398
|
EBITDA
|
58
|
|
58
|
|
154
|
Operating
profit
|
26
|
|
24
|
|
87
|
Profit
after tax
|
19
|
|
14
|
|
65
|
Analysis of Group share of profit after tax:
|
|
|
|
|
|
Share
of joint ventures' profit after tax
|
13
|
|
14
|
|
43
|
Share
of associates' profit after tax
|
6
|
|
-
|
|
22
|
Share
of equity accounted investments' profit after tax
|
19
|
|
14
|
|
65
|
|
|
Six months ended 30 June
|
|
|
|
|
Unaudited
|
|
|
|
2018
|
|
|
|
€m
|
Net assets disposed
|
|
|
843
|
Reclassification of currency translation effects on
disposal
|
|
|
(27)
|
Total
|
|
|
816
|
Proceeds from disposal (net of disposal costs)
|
|
|
2,236
|
Profit on disposal of discontinued operations
|
|
|
1,420
|
|
|
|
|
Net cash inflow arising on disposal
|
|
|
|
Proceeds from disposal of discontinued operations
|
|
|
2,236
|
Less: cash and cash equivalents disposed
|
|
|
(18)
|
Total
|
|
|
2,218
|
|
Six months ended 30 June
|
|
|
Unaudited
|
|
|
2018
|
2017
|
|
€m
|
€m
|
Revenue
|
6
|
1,147
|
|
|
|
EBITDA
|
(5)
|
55
|
Depreciation
|
-
|
(11)
|
Amortisation
|
-
|
(4)
|
Operating profit
|
(5)
|
40
|
Profit
on disposals
|
1,420
|
2
|
Profit before tax
|
1,415
|
42
|
Attributable
income tax expense
|
(332)
|
(16)
|
Profit after tax
|
1,083
|
26
|
|
|
|
Cash flows from discontinued operations
|
|
|
Net
cash outflow from operating activities
|
(71)
|
(11)
|
Net
cash inflow/(outflow) from investing activities (i)
|
2,218
|
(16)
|
Net
cash (outflow)/inflow from financing activities
|
(5)
|
10
|
Net cash inflow/(outflow)
|
2,142
|
(17)
|
Continuing operations
|
|
|
|
|
|
|
|
|
|
|
Year
ended
|
|
Six months ended 30 June
|
|
31
December
|
||
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
2018
|
|
2017
|
|
2017
|
|
€m
|
|
€m
|
|
€m
|
Finance
costs
|
167
|
|
155
|
|
301
|
Finance
income
|
(23)
|
|
(5)
|
|
(12)
|
Other
financial expense
|
16
|
|
39
|
|
60
|
Total net finance costs
|
160
|
|
189
|
|
349
|
|
|
|
|
|
|
The overall total is analysed as follows:
|
|
|
|
|
|
Net
finance costs on interest-bearing loans and borrowings and cash and
cash equivalents
|
143
|
|
152
|
|
290
|
Net
cost/(credit) re change in fair value of derivatives and fixed rate
debt
|
1
|
|
(2)
|
|
(1)
|
Net
debt-related interest costs
|
144
|
|
150
|
|
289
|
Premium
paid on early debt redemption
|
-
|
|
19
|
|
18
|
Net
pension-related finance cost
|
4
|
|
5
|
|
11
|
Charge
to unwind discount on provisions/deferred and contingent
consideration
|
12
|
|
15
|
|
31
|
Total net finance costs
|
160
|
|
189
|
|
349
|
|
|
|
|
|
|
|
As at 30 June
|
|
As at
30 June
|
|
As at
31 December
|
|||
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|||
|
Fair value
|
Book
value
|
|
Fair
value
|
Book
value
|
|
Fair
value
|
Book
value
|
|
2018
|
|
2017
|
|
2017
|
|||
Net
debt
|
€m
|
€m
|
|
€m
|
€m
|
|
€m
|
€m
|
Non-current assets
|
|
|
|
|
|
|
|
|
Derivative
financial instruments
|
30
|
30
|
|
46
|
46
|
|
30
|
30
|
Current assets
|
|
|
|
|
|
|
|
|
Derivative
financial instruments
|
31
|
31
|
|
60
|
60
|
|
34
|
34
|
Cash
and cash equivalents
|
1,848
|
1,848
|
|
1,930
|
1,930
|
|
2,135
|
2,135
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
Interest-bearing
loans and borrowings
|
(8,688)
|
(8,557)
|
|
(8,453)
|
(7,980)
|
|
(8,100)
|
(7,660)
|
Derivative
financial instruments
|
(37)
|
(37)
|
|
-
|
-
|
|
(3)
|
(3)
|
Current liabilities
|
|
|
|
|
|
|
|
|
Interest-bearing
loans and borrowings
|
(1,356)
|
(1,356)
|
|
(418)
|
(418)
|
|
(321)
|
(321)
|
Derivative
financial instruments
|
(14)
|
(14)
|
|
(6)
|
(6)
|
|
(11)
|
(11)
|
Group
net debt
|
(8,186)
|
(8,055)
|
|
(6,841)
|
(6,368)
|
|
(6,236)
|
(5,796)
|
|
As at 30 June
|
|
As at
30 June
|
|
As at
31 December
|
|||
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|||
|
2018
|
|
2017
|
|
2017
|
|||
Gross
debt, net of derivatives, matures as follows:
|
|
€m
|
|
|
€m
|
|
|
€m
|
Within
one year
|
|
1,339
|
|
|
364
|
|
|
298
|
Between
one and two years
|
|
(5)
|
|
|
740
|
|
|
494
|
Between
two and three years
|
|
1,089
|
|
|
-
|
|
|
746
|
Between
three and four years
|
|
599
|
|
|
1,091
|
|
|
930
|
Between
four and five years
|
|
1,112
|
|
|
597
|
|
|
359
|
After
five years
|
|
5,769
|
|
|
5,506
|
|
|
5,104
|
Total
|
|
9,903
|
|
|
8,298
|
|
|
7,931
|
|
|
|
|
|
|
|||
|
As at 30 June
|
|
As at
30 June
|
|
As at
31 December
|
|||
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|||
|
2018
|
|
2017
|
|
2017
|
|||
Reconciliation
of opening to closing net debt:
|
|
€m
|
|
|
€m
|
|
|
€m
|
At
1 January
|
|
(5,796)
|
|
|
(5,297)
|
|
|
(5,297)
|
Debt in
acquired companies
|
|
(56)
|
|
|
(2)
|
|
|
(12)
|
Increase in
interest-bearing loans, borrowings and finance leases
|
|
(2,138)
|
|
|
(1,282)
|
|
|
(1,010)
|
Net
cash flow arising from derivative financial
instruments
|
|
(19)
|
|
|
(33)
|
|
|
(169)
|
Repayment of
interest-bearing loans, borrowings and finance leases
|
|
250
|
|
|
344
|
|
|
343
|
Decrease in cash
and cash equivalents
|
|
(295)
|
|
|
(426)
|
|
|
(153)
|
Mark-to-market
adjustment
|
|
5
|
|
|
-
|
|
|
9
|
Translation
adjustment
|
|
(6)
|
|
|
328
|
|
|
493
|
At
30 June
|
|
(8,055)
|
|
|
(6,368)
|
|
|
(5,796)
|
|
As at 30 June
|
|
As at
30 June
|
|
As at
31 December
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
2018
|
|
2017
|
|
2017
|
|
€m
|
|
€m
|
|
€m
|
Market
capitalisation at period-end
|
25,392
|
|
25,906
|
|
25,129
|
|
As at 30 June
|
|
As at
30 June
|
|
As at
31 December
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
2018
|
|
2017
|
|
2017
|
|
€m
|
|
€m
|
|
€m
|
Within
one year
|
-
|
|
63
|
|
-
|
Between
three and four years
|
50
|
|
-
|
|
-
|
Between
four and five years
|
3,500
|
|
3,550
|
|
3,554
|
After
five years
|
39
|
|
40
|
|
-
|
Total
|
3,589
|
|
3,653
|
|
3,554
|
|
|
|
|
|
Year
ended
|
||
|
Six months ended 30 June
|
|
31
December
|
||||
|
Unaudited
|
|
Unaudited
|
|
Audited
|
||
|
2018
|
|
2017
|
|
2017
|
||
EBITDA
net interest cover (times) - continuing operations
|
- six months to 30 June
|
7.8
|
|
7.5
|
|
-
|
|
|
- rolling 12 months
|
11.2
|
|
10.5
|
|
10.9
|
|
EBIT
net interest cover (times) - continuing operations
|
- six months to 30 June
|
4.1
|
|
4.0
|
|
-
|
|
|
- rolling 12 months
|
7.3
|
|
6.8
|
|
7.2
|
|
|
|
|
|
|
|
|
|
Net
debt as a percentage of market capitalisation
|
32%
|
|
25%
|
|
23%
|
||
Net
debt as a percentage of total equity
|
50%
|
|
46%
|
|
39%
|
|
Level 2 (i)
|
|
Level 3 (i)
|
||||||||
|
As at 30 June
|
As at
31 December
|
|
As at 30 June
|
As at
31 December
|
||||||
|
Unaudited
|
Audited
|
|
Unaudited
|
Audited
|
||||||
|
2018
|
|
2017
|
|
2017
|
|
2018
|
|
2017
|
|
2017
|
|
€m
|
|
€m
|
|
€m
|
|
€m
|
|
€m
|
|
€m
|
Assets measured at fair value
|
|
|
|
|
|
|
|
|
|
|
|
Fair
value hedges - cross-currency
and
interest rate swaps
|
25
|
|
45
|
|
28
|
|
-
|
|
-
|
|
-
|
Cash
flow hedges - cross-currency, interest rate swaps and commodity
forwards
|
19
|
|
3
|
|
12
|
|
-
|
|
-
|
|
-
|
Net
investment hedges - cross-currency swaps
|
15
|
|
58
|
|
19
|
|
-
|
|
-
|
|
-
|
Not
designated as hedges (held for trading) - interest rate
swaps
|
2
|
|
-
|
|
5
|
|
-
|
|
-
|
|
-
|
Total
|
61
|
|
106
|
|
64
|
|
-
|
|
-
|
|
-
|
Liabilities measured at fair value
|
|
|
|
|
|
|
|
|
|
|
|
Fair
value hedges - cross-currency
and
interest rate swaps
|
(37)
|
|
-
|
|
(3)
|
|
-
|
|
-
|
|
-
|
Cash
flow hedges - cross-currency, interest rate swaps and commodity
forwards
|
-
|
|
(1)
|
|
(1)
|
|
-
|
|
-
|
|
-
|
Net
investment hedges - cross-currency swaps
|
(14)
|
|
(4)
|
|
(10)
|
|
-
|
|
-
|
|
-
|
Not
designated as hedges (held for trading) - interest rate
swaps
|
-
|
|
(1)
|
|
-
|
|
-
|
|
-
|
|
-
|
Contingent
consideration
|
-
|
|
-
|
|
-
|
|
(228)
|
|
(122)
|
|
(118)
|
Total
|
(51)
|
|
(6)
|
|
(14)
|
|
(228)
|
|
(122)
|
|
(118)
|
|
|
|
|
|
Year
ended
|
|
Six months ended 30 June
|
|
31
December
|
||
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
2018
|
|
2017
|
|
2017
|
|
€m
|
|
€m
|
|
€m
|
Hire
of plant and machinery
|
133
|
|
135
|
|
292
|
Land
and buildings
|
124
|
|
134
|
|
258
|
Other
operating leases
|
26
|
|
27
|
|
56
|
Total
|
283
|
|
296
|
|
606
|
|
|
|
|
|
Year
ended
|
|
Six months ended 30 June
|
|
31
December
|
||
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
2018
|
|
2017
|
|
2017
|
|
€m
|
|
€m
|
|
€m
|
|
|
|
|
|
|
Within
one year
|
371
|
|
406
|
|
419
|
After
one year but not more than five years
|
891
|
|
1,000
|
|
962
|
More
than five years
|
766
|
|
814
|
|
810
|
Total
|
2,028
|
|
2,220
|
|
2,191
|
|
|
|
|
|
Year
ended
|
|
Six months ended 30 June
|
|
31
December
|
||
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
2018
|
|
2017
|
|
2017
|
|
€m
|
|
€m
|
|
€m
|
|
|
|
|
|
|
Contracted
for but not provided in these Condensed Consolidated Interim
Financial Statements
|
475
|
|
371
|
|
346
|
|
Six months ended 30 June - unaudited
|
||||||||||
Reportable segments
|
Number of acquisitions
|
|
Goodwill
|
|
Consideration
|
||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
€m
|
|
€m
|
|
€m
|
|
€m
|
Europe
Heavyside
|
2
|
|
1
|
|
37
|
|
1
|
|
60
|
|
11
|
Europe
Lightside
|
2
|
|
-
|
|
14
|
|
-
|
|
34
|
|
-
|
Europe
|
4
|
|
1
|
|
51
|
|
1
|
|
94
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
Materials
|
15
|
|
8
|
|
146
|
|
144
|
|
403
|
|
514
|
Americas
Products
|
2
|
|
2
|
|
11
|
|
56
|
|
38
|
|
102
|
Americas
|
17
|
|
10
|
|
157
|
|
200
|
|
441
|
|
616
|
|
|
|
|
|
|
|
|
|
|
|
|
Ash
Grove
|
1
|
|
-
|
|
1,217
|
|
-
|
|
2,899
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Group
|
22
|
|
11
|
|
1,425
|
|
201
|
|
3,434
|
|
627
|
Adjustments
to provisional fair values of prior period
acquisitions
|
21
|
|
-
|
|
1
|
|
(1)
|
||||
Total
|
1,446
|
|
201
|
|
3,435
|
|
626
|
|
Six months ended 30 June - Unaudited
|
|
Year
ended 31 December
|
|||
Audited
|
||||||
|
Ash Grove
|
Other acquisitions
|
Total
|
Total
|
|
Total
|
|
2018
|
2018
|
2018
|
2017
|
|
2017
|
ASSETS
|
€m
|
€m
|
€m
|
€m
|
|
€m
|
Non-current assets
|
|
|
|
|
|
|
Property,
plant and equipment
|
2,034
|
416
|
2,450
|
355
|
|
1,536
|
Intangible
assets
|
-
|
35
|
35
|
21
|
|
56
|
Equity
accounted investments
|
1
|
-
|
1
|
-
|
|
-
|
Retirement
benefit obligations
|
-
|
-
|
-
|
2
|
|
-
|
Total non-current assets
|
2,035
|
451
|
2,486
|
378
|
|
1,592
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
Inventories
|
184
|
37
|
221
|
52
|
|
114
|
Trade
and other receivables (i)
|
184
|
80
|
264
|
40
|
|
129
|
Cash
and cash equivalents
|
48
|
19
|
67
|
3
|
|
174
|
Total current assets
|
416
|
136
|
552
|
95
|
|
417
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Trade
and other payables
|
(144)
|
(86)
|
(230)
|
(43)
|
|
(149)
|
Provisions
for liabilities
|
(90)
|
(2)
|
(92)
|
-
|
|
(49)
|
Retirement
benefit obligations
|
(122)
|
-
|
(122)
|
-
|
|
(52)
|
Interest-bearing
loans and borrowings and finance leases
|
(32)
|
(24)
|
(56)
|
(2)
|
|
(12)
|
Current
income tax liabilities
|
(19)
|
(1)
|
(20)
|
-
|
|
(22)
|
Deferred
income tax liabilities
|
(331)
|
(47)
|
(378)
|
(3)
|
|
(132)
|
Total liabilities
|
(738)
|
(160)
|
(898)
|
(48)
|
|
(416)
|
|
|
|
|
|
|
|
Total
identifiable net assets at fair value
|
1,713
|
427
|
2,140
|
425
|
|
1,593
|
Goodwill
arising on acquisition (ii)
|
1,217
|
229
|
1,446
|
201
|
|
487
|
Joint
venture becoming a subsidiary
|
-
|
(120)
|
(120)
|
-
|
|
-
|
Non-controlling
interests*
|
(31)
|
-
|
(31)
|
-
|
|
(20)
|
Total consideration
|
2,899
|
536
|
3,435
|
626
|
|
2,060
|
|
|
|
|
|
|
|
Consideration satisfied by:
|
|
|
|
|
|
|
Cash
payments
|
2,899
|
382
|
3,281
|
594
|
|
2,015
|
Deferred
consideration (stated at net present cost)
|
-
|
5
|
5
|
33
|
|
45
|
Contingent
consideration (iii)
|
-
|
110
|
110
|
(1)
|
|
-
|
Profit
on step acquisition (iv)
|
-
|
39
|
39
|
-
|
|
-
|
Total consideration
|
2,899
|
536
|
3,435
|
626
|
|
2,060
|
|
|
|
|
|
|
|
Net cash outflow arising on acquisition
|
|
|
|
|
|
|
Cash
consideration
|
2,899
|
382
|
3,281
|
594
|
|
2,015
|
Less:
cash and cash equivalents acquired
|
(48)
|
(19)
|
(67)
|
(3)
|
|
(174)
|
Total outflow in the Condensed Consolidated Statement of Cash
Flows
|
2,851
|
363
|
3,214
|
591
|
|
1,841
|
|
Six months ended 30 June- Unaudited
|
|||
|
Ash Grove
|
Other acquisitions
|
Total
|
Total
|
|
2018
|
2018
|
2018
|
2017
|
|
€m
|
€m
|
€m
|
€m
|
Revenue
|
39
|
182
|
221
|
128
|
Profit/(loss)
before tax for the financial period
|
8
|
6
|
14
|
(6)
|
|
Pro-forma 2018
|
||
|
|
CRH Group
|
Pro-forma
|
|
2018
|
excluding 2018
|
consolidated
|
|
acquisitions
|
acquisitions
|
Group
|
|
€m
|
€m
|
€m
|
Revenue
|
810
|
11,723
|
12,533
|
Profit
before tax for the financial period
|
61
|
1,898
|
1,959
|
|
Six months ended 30
June
|
|
|
Unaudited
|
|
|
2018
|
2017
|
|
€m
|
€m
|
Ash
Grove
|
8
|
-
|
Other
acquisitions
|
4
|
5
|
Total
Group
|
12
|
5
|
|
Gross contractual
|
|
|
||||
|
amounts due
|
Loss allowance
|
Fair value
|
||||
|
2018
|
2017
|
2018
|
2017
|
2018
|
2017
|
|
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
|
Ash
Grove
|
187
|
-
|
(3)
|
-
|
184
|
-
|
|
Other
acquisitions
|
81
|
41
|
(1)
|
(1)
|
80
|
40
|
|
Total
Group
|
268
|
41
|
(4)
|
(1)
|
264
|
40
|
|
|
|
|
|
Year
ended
|
|
Six months ended 30 June
|
|
31
December
|
||
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
2018
|
|
2017
|
|
2017
|
|
%
|
|
%
|
|
%
|
Eurozone
|
2.11
|
|
2.09
|
|
2.05
|
Switzerland
|
0.85
|
|
0.74
|
|
0.70
|
United
States and Canada
|
4.02
|
|
3.65
|
|
3.52
|
|
Six months ended 30 June - unaudited
|
|||||||
|
Assets
|
|
Liabilities
|
|
Net liability
|
|||
|
2018
|
2017
|
|
2018
|
2017
|
|
2018
|
2017
|
|
€m
|
€m
|
|
€m
|
€m
|
|
€m
|
€m
|
At
1 January
|
2,622
|
2,556
|
|
(2,999)
|
(3,147)
|
|
(377)
|
(591)
|
Administration
expenses
|
(1)
|
(1)
|
|
-
|
-
|
|
(1)
|
(1)
|
Current
service cost
|
-
|
-
|
|
(31)
|
(32)
|
|
(31)
|
(32)
|
Past
service costs
|
-
|
-
|
|
-
|
(3)
|
|
-
|
(3)
|
Interest income on
scheme assets
|
26
|
25
|
|
-
|
-
|
|
26
|
25
|
Interest cost on
scheme liabilities
|
-
|
-
|
|
(30)
|
(30)
|
|
(30)
|
(30)
|
Arising
on acquisition
|
334
|
2
|
|
(456)
|
-
|
|
(122)
|
2
|
Remeasurement
adjustments:
|
|
|
|
|
|
|
|
|
-return on scheme assets excluding interest income
|
(15)
|
41
|
|
-
|
-
|
|
(15)
|
41
|
-actuarial gain from changes in financial assumptions
|
-
|
-
|
|
73
|
50
|
|
73
|
50
|
Employer
contributions paid
|
22
|
25
|
|
-
|
-
|
|
22
|
25
|
Contributions paid
by plan participants
|
7
|
7
|
|
(7)
|
(7)
|
|
-
|
-
|
Benefit
and settlement payments
|
(50)
|
(51)
|
|
50
|
51
|
|
-
|
-
|
Translation
adjustment
|
9
|
(47)
|
|
(8)
|
61
|
|
1
|
14
|
At
30 June
|
2,954
|
2,557
|
|
(3,408)
|
(3,057)
|
|
(454)
|
(500)
|
Related
deferred income tax asset
|
|
|
|
|
|
|
65
|
108
|
Net
pension liability
|
|
|
|
|
|
|
(389)
|
(392)
|
|
Continuing Operations
|
||
|
Six months ended 30 June
|
Year
ended
31
December
|
|
|
Unaudited
|
Audited
|
|
|
2018
|
2017
|
2017
|
|
€m
|
€m
|
€m
|
Group profit for the financial period
|
378
|
346
|
1,812
|
Income
tax expense
|
119
|
129
|
55
|
Profit before tax
|
497
|
475
|
1,867
|
Share of equity accounted investments' profit
|
(19)
|
(14)
|
(65)
|
Other financial expense
|
16
|
39
|
60
|
Finance costs less income
|
144
|
150
|
289
|
Profit before finance costs
|
638
|
650
|
2,151
|
Profit on disposals
|
(46)
|
(43)
|
(56)
|
Group operating
profit
|
592
|
607
|
2,095
|
Depreciation
charge
|
488
|
483
|
990
|
Amortisation
of intangibles
|
30
|
30
|
61
|
Impairment charge
|
20
|
-
|
-
|
EBITDA
|
1,130
|
1,120
|
3,146
|
|
|
|
|
|
Year
ended
|
|
Six months ended 30 June
|
|
31
December
|
||
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
2018
|
|
2017
|
|
2017
|
|
€m
|
|
€m
|
|
€m
|
Interest
|
|
|
|
|
|
Finance
costs (i)
|
167
|
|
155
|
|
301
|
Finance
income (i)
|
(23)
|
|
(5)
|
|
(12)
|
Net interest
|
144
|
|
150
|
|
289
|
EBITDA - continuing and discontinued operations
|
1,125
|
|
1,175
|
|
3,310
|
EBITDA - continuing operations
|
1,130
|
|
1,120
|
|
3,146
|
|
|
|
|
|
|
|
Times
|
|
Times
|
|
Times
|
EBITDA net interest cover (EBITDA divided by net interest) -
continuing and discontinued operations
|
7.8
|
|
7.8
|
|
11.5
|
EBITDA net interest cover (EBITDA divided by net interest) -
continuing operations
|
7.8
|
|
7.5
|
|
10.9
|
|
Rolling 12 months ended 30 June
|
|
|
||
|
Unaudited
|
|
Unaudited
|
|
|
|
2018
|
|
2017
|
|
|
|
€m
|
|
€m
|
|
|
Interest - continuing operations
|
|
|
|
|
|
Net
interest - full year prior year (2017 and 2016)
|
289
|
|
317
|
|
|
Net
interest - H1 prior year (2017 and 2016)
|
150
|
|
178
|
|
|
Net
interest - H2 prior year (2017 and 2016)
|
139
|
|
139
|
|
|
Net
interest - H1 current year (2018 and 2017)
|
144
|
|
150
|
|
|
Net interest - rolling 12 months to 30 June
|
283
|
|
289
|
|
|
|
|
|
|
|
|
EBITDA - continuing operations
|
|
|
|
|
|
EBITDA
- full year prior year (2017 and 2016)
|
3,146
|
|
2,980
|
|
|
EBITDA
- H1 prior year (2017 and 2016)
|
1,120
|
|
1,072
|
|
|
EBITDA
- H2 prior year (2017 and 2016)
|
2,026
|
|
1,908
|
|
|
EBITDA
- H1 current year (2018 and 2017)
|
1,130
|
|
1,120
|
|
|
EBITDA - rolling 12 months to 30 June
|
3,156
|
|
3,028
|
|
|
|
|
|
|
|
|
|
Times
|
|
Times
|
|
|
EBITDA net interest cover (EBITDA divided by net
interest)
|
11.2
|
|
10.5
|
|
|
Albert Manifold
|
Chief Executive
|
|
|
Senan Murphy
|
Finance Director
|
|
CRH public limited company
|
|
(Registrant)
|
|
|
Date
23 August 2018
|
|
|
By:___/s/Neil
Colgan___
|
|
N.Colgan
|
|
Company Secretary
|