Quarterly financial information is now available at Appendix 1 and at www.crh.com.
About CRH
CRH (NYSE: CRH, LSE: CRH) is a leading provider of building materials solutions that build, connect and improve our world. Employing approximately 78,500 people at approximately 3,390 operating locations in 29 countries, CRH has market leadership positions in both
Registered Office: No 12965. Registered Office:
Appendix 1 - Quarterly Financial Information
The following financial information represents a quarterly breakdown of the Company’s Consolidated Financial Statements prepared in accordance with
Consolidated Statements of Income (In $ millions, except share and per share data)
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Unaudited, for the three months ended |
Audited, for the year ended |
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|
2023 |
2023 |
2023 |
2023 |
2023 |
Product revenues |
5,338 |
7,431 |
7,157 |
6,230 |
26,156 |
Service revenues |
1,089 |
2,278 |
2,971 |
2,455 |
8,793 |
Total revenues |
6,427 |
9,709 |
10,128 |
8,685 |
34,949 |
Cost of product revenues |
(3,744) |
(3,932) |
(3,609) |
(3,456) |
(14,741) |
Cost of service revenues |
(1,064) |
(2,147) |
(2,756) |
(2,278) |
(8,245) |
Total cost of revenues |
(4,808) |
(6,079) |
(6,365) |
(5,734) |
(22,986) |
Gross profit |
1,619 |
3,630 |
3,763 |
2,951 |
11,963 |
Selling, general and administrative expenses |
(1,622) |
(2,035) |
(1,990) |
(1,839) |
(7,486) |
Gain on disposal of long-lived assets |
5 |
18 |
15 |
28 |
66 |
Loss on impairments |
– |
– |
– |
(357) |
(357) |
Operating income |
2 |
1,613 |
1,788 |
783 |
4,186 |
Interest income |
40 |
36 |
62 |
68 |
206 |
Interest expense |
(81) |
(73) |
(131) |
(91) |
(376) |
Other nonoperating income (expense), net |
– |
2 |
1 |
(5) |
(2) |
(Loss) income before income tax expense and income from equity method investments |
(39) |
1,578 |
1,720 |
755 |
4,014 |
Income tax benefit (expense) |
14 |
(379) |
(416) |
(144) |
(925) |
(Loss) income from equity method investments |
(6) |
13 |
14 |
(38) |
(17) |
Net (loss) income |
(31) |
1,212 |
1,318 |
573 |
3,072 |
|
|
|
|
|
|
Net (income) attributable to redeemable noncontrolling interests |
(2) |
(10) |
(9) |
(7) |
(28) |
Net loss (income) attributable to noncontrolling interests |
5 |
(3) |
(3) |
135 |
134 |
Net (loss) income attributable to |
(28) |
1,199 |
1,306 |
701 |
3,178 |
|
|
|
|
|
|
(Loss) earnings per share attributable to |
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|
|
|
Basic |
( |
|
|
|
|
Diluted |
( |
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
|
|
|
|
Basic |
742.9 |
734.7 |
718.2 |
700.5 |
723.9 |
Diluted |
742.9 |
738.2 |
722.1 |
705.3 |
729.2 |
Consolidated Balance Sheets (In $ millions, except share data)
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Unaudited, as at |
Audited, as at |
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|
2023 |
2 023 |
2023 |
2023 |
Assets |
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Current assets: |
|
|
|
|
Cash and cash equivalents |
4,650 |
4,275 |
5,722 |
6,341 |
Accounts receivable, net |
4,706 |
6,119 |
5,972 |
4,507 |
Inventories |
4,458 |
4,276 |
4,191 |
4,291 |
Assets held for sale |
– |
– |
– |
1,268 |
Other current assets |
416 |
404 |
430 |
478 |
Total current assets |
14,230 |
15,074 |
16,315 |
16,885 |
Property, plant and equipment, net |
17,997 |
18,155 |
18,103 |
17,841 |
Equity method investments |
655 |
672 |
665 |
620 |
|
9,308 |
9,338 |
9,545 |
9,158 |
Intangible assets, net |
1,094 |
1,061 |
1,074 |
1,041 |
Operating lease right-of-use assets, net |
1,192 |
1,187 |
1,237 |
1,292 |
Other noncurrent assets |
631 |
655 |
692 |
632 |
Total assets |
45,107 |
46,142 |
47,631 |
47,469 |
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Liabilities, redeemable noncontrolling interests and shareholders’ equity |
||||
Current liabilities: |
|
|
|
|
Accounts payable |
2,627 |
3,553 |
2,954 |
3,149 |
Accrued expenses |
2,079 |
2,335 |
2,457 |
2,296 |
Current portion of long-term debt |
2,251 |
2,185 |
1,860 |
1,866 |
Operating lease liabilities |
235 |
240 |
245 |
255 |
Liabilities held for sale |
– |
– |
– |
375 |
Other current liabilities |
2,063 |
1,358 |
1,675 |
2,072 |
Total current liabilities |
9,255 |
9,671 |
9,191 |
10,013 |
Long-term debt |
7,583 |
7,563 |
9,535 |
9,776 |
Deferred income tax liabilities |
2,972 |
3,010 |
3,050 |
2,738 |
Noncurrent operating lease liabilities |
1,021 |
1,016 |
1,065 |
1,125 |
Other noncurrent liabilities |
2,132 |
2,173 |
2,142 |
2,196 |
Total liabilities |
22,963 |
23,433 |
24,983 |
25,848 |
Commitments and contingencies |
|
|
|
|
Redeemable noncontrolling interests |
307 |
313 |
320 |
333 |
Shareholders’ equity |
|
|
|
|
Preferred stock, €1.27 par value, 150,000 shares authorized and 50,000 shares issued and outstanding for 5% preferred stock and 872,000 shares authorized, issued and outstanding for 7% 'A' preferred stock, as of |
1 |
1 |
1 |
1 |
Common stock, €0.32 par value, 1,250,000,000 shares authorized, as of |
302 |
302 |
302 |
296 |
|
(487) |
(1,140) |
(2,132) |
(2,199) |
Additional paid-in capital |
420 |
391 |
423 |
454 |
Accumulated other comprehensive loss |
(673) |
(625) |
(763) |
(616) |
Retained earnings |
21,692 |
22,892 |
23,936 |
22,918 |
Total shareholders’ equity attributable to |
21,255 |
21,821 |
21,767 |
20,854 |
Noncontrolling interests |
582 |
575 |
561 |
434 |
Total equity |
21,837 |
22,396 |
22,328 |
21,288 |
Total liabilities, redeemable noncontrolling interests and equity |
45,107 |
46,142 |
47,631 |
47,469 |
Consolidated Statements of Cash Flows (In $ millions)
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Unaudited |
Audited |
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|
Three months ended
2023 |
Six months ended
2023 |
Nine months ended
2023 |
Year ended
2 023 |
Cash Flows from Operating Activities: |
|
|
|
|
Net (loss) income |
(31) |
1,181 |
2,499 |
3,072 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
Depreciation, depletion and amortization |
384 |
785 |
1,187 |
1,633 |
Loss on impairments |
– |
– |
– |
357 |
Share-based compensation |
31 |
60 |
92 |
123 |
Gains on disposals from long-lived assets, net |
(5) |
(23) |
(38) |
(66) |
Deferred tax expense (benefit) |
49 |
95 |
108 |
(64) |
Loss (income) from equity method investments |
6 |
(7) |
(21) |
17 |
Pension and other postretirement benefits net periodic benefit cost |
8 |
14 |
22 |
31 |
Non-cash operating lease costs |
69 |
138 |
212 |
293 |
Other items, net |
(3) |
35 |
33 |
68 |
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: |
|
|
|
|
Accounts receivable, net |
(356) |
(1,758) |
(1,643) |
(164) |
Inventories |
(217) |
(22) |
62 |
(60) |
Accounts payable |
(339) |
558 |
(30) |
144 |
Operating lease liabilities |
(70) |
(137) |
(204) |
(276) |
Other assets |
(21) |
(2) |
(5) |
25 |
Other liabilities |
(164) |
69 |
354 |
(72) |
Pension and other postretirement benefits contributions |
(12) |
(23) |
(34) |
(44) |
Net cash (used in) provided by operating activities |
(671) |
963 |
2,594 |
5,017 |
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|
|
|
Cash Flows from Investing Activities: |
|
|
|
|
Purchases of property, plant and equipment |
(332) |
(771) |
(1,175) |
(1,817) |
Acquisitions, net of cash acquired |
(155) |
(198) |
(561) |
(640) |
Proceeds from divestitures and disposals of long-lived assets |
6 |
42 |
64 |
104 |
Dividends received from equity method investments |
8 |
12 |
23 |
44 |
Settlements of derivatives |
(2) |
7 |
3 |
(1) |
Deferred divestiture consideration received |
– |
– |
5 |
6 |
Other investing activities, net |
(17) |
(62) |
(88) |
(87) |
Net cash used in investing activities |
(492) |
(970) |
(1,729) |
(2,391) |
Consolidated Statements of Cash Flows (In $ millions)
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Unaudited |
Audited |
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|
Three months ended
2023 |
Six months ended
2023 |
Nine months ended
2023 |
Year ended
2 023 |
Cash Flows from Financing Activities: |
|
|
|
|
Proceeds from debt issuances |
71 |
855 |
2,687 |
3,163 |
Payments on debt |
– |
(849) |
(940) |
(1,462) |
Settlements of derivatives |
6 |
4 |
5 |
7 |
Payments of finance lease obligations |
(6) |
(12) |
(18) |
(26) |
Deferred and contingent acquisition consideration paid |
(4) |
(4) |
(8) |
(22) |
Dividends paid |
– |
(761) |
(761) |
(940) |
Distributions to noncontrolling and redeemable noncontrolling interests |
(13) |
(23) |
(35) |
(35) |
Transactions involving noncontrolling interests |
– |
– |
– |
(2) |
Repurchases of common stock |
(246) |
(959) |
(2,031) |
(3,067) |
Proceeds from exercise of stock options |
1 |
3 |
4 |
4 |
Net cash used in financing activities |
(191) |
(1,746) |
(1,097) |
(2,380) |
|
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|
|
|
Effect of exchange rate changes on cash and cash equivalents |
68 |
92 |
18 |
208 |
(Decrease) increase in cash and cash equivalents |
(1,286) |
(1,661) |
(214) |
454 |
Cash and cash equivalents at the beginning of period |
5,936 |
5,936 |
5,936 |
5,936 |
Cash and cash equivalents at the end of period |
4,650 |
4,275 |
5,722 |
6,390 |
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|
Supplemental cash flow information: |
|
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|
|
Cash paid for interest (including finance leases) |
54 |
201 |
244 |
418 |
Cash paid for income taxes |
104 |
277 |
620 |
959 |
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|
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|
Reconciliation of cash and cash equivalents |
|
|
|
|
Cash and cash equivalents presented in the Consolidated Balance Sheets |
4,650 |
4,275 |
5,722 |
6,341 |
Cash and cash equivalents included in assets held for sale |
– |
– |
– |
49 |
Total cash and cash equivalents presented on the Consolidated Statements of Cash Flows |
4,650 |
4,275 |
5,722 |
6,390 |
Segment Information (In $ millions)
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Unaudited, for the three months ended |
Audited, for the year ended |
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|
2023 |
2 023 |
2023 |
2023 |
2023 |
Revenues |
|
|
|
|
|
Americas Materials Solutions |
1,895 |
4,164 |
5,080 |
4,296 |
15,435 |
Americas |
1,661 |
2,148 |
1,738 |
1,470 |
7,017 |
Europe Materials Solutions |
2,178 |
2,614 |
2,617 |
2,281 |
9,690 |
Europe |
693 |
783 |
693 |
638 |
2,807 |
Total revenues |
6,427 |
9,709 |
10,128 |
8,685 |
34,949 |
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Adjusted EBITDA* |
|
|
|
|
|
Americas Materials Solutions |
(35) |
935 |
1,284 |
875 |
3,059 |
Americas |
301 |
474 |
391 |
276 |
1,442 |
Europe Materials Solutions |
68 |
515 |
446 |
366 |
1,395 |
Europe |
52 |
90 |
69 |
69 |
280 |
Total Adjusted EBITDA* |
386 |
2,014 |
2,190 |
1,586 |
6,176 |
|
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|
|
|
|
Depreciation, depletion and amortization |
|
|
|
|
|
Americas Materials Solutions |
186 |
195 |
195 |
205 |
781 |
Americas |
75 |
73 |
73 |
78 |
299 |
Europe Materials Solutions |
101 |
111 |
112 |
140 |
464 |
Europe |
22 |
22 |
22 |
23 |
89 |
Total depreciation, depletion and amortization |
384 |
401 |
402 |
446 |
1,633 |
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For the three months ended |
For the year ended |
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Non-GAAP reconciliation (unaudited) |
2023 |
2 023 |
2023 |
2023 |
2023 |
Net (loss) income |
(31) |
1,212 |
1,318 |
573 |
3,072 |
Loss (income) from equity method investments |
6 |
(13) |
(14) |
38 |
17 |
Income tax (benefit) expense |
(14) |
379 |
416 |
144 |
925 |
Pension income excluding current service cost component (i) |
– |
(2) |
(1) |
– |
(3) |
Other interest, net (i) |
– |
– |
– |
5 |
5 |
Interest expense |
81 |
73 |
131 |
91 |
376 |
Interest income |
(40) |
(36) |
(62) |
(68) |
(206) |
Depreciation, depletion and amortization |
384 |
401 |
402 |
446 |
1,633 |
Loss on impairments (ii) |
– |
– |
– |
357 |
357 |
Adjusted EBITDA* |
386 |
2,014 |
2,190 |
1,586 |
6,176 |
(i) Pension income excluding current service cost component and other interest, net have been included in Other nonoperating income (expense), net in the Consolidated Statements of Income. |
(ii) For the year ended |
|
*Adjusted EBITDA is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, loss on impairments, gain/loss on divestitures, income/loss from equity method investments, substantial acquisition-related costs and pension expense/income excluding current service cost component. It is quoted by management in conjunction with other GAAP and non-GAAP financial measures to aid investors in their analysis of the performance of the Company. Adjusted EBITDA by segment is monitored by management in order to allocate resources between segments and to assess performance. Reconciliation to its nearest GAAP measure is presented above. |
Earnings Per Share (EPS) (In $ millions, except share and per share data)
|
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Unaudited, for the three months ended |
Audited, for the year ended |
|||
|
2023 |
2 023 |
2023 |
2023 |
2023 |
Numerator |
|
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Net (loss) income |
(31) |
1,212 |
1,318 |
573 |
3,072 |
Net (income) attributable to redeemable noncontrolling interests |
(2) |
(10) |
(9) |
(7) |
(28) |
Net loss (income) attributable to noncontrolling interests |
5 |
(3) |
(3) |
135 |
134 |
Adjustment of redeemable noncontrolling interests to redemption value |
(10) |
(2) |
(6) |
(6) |
(24) |
Net (loss) income attributable to |
(38) |
1,197 |
1,300 |
695 |
3,154 |
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|
Denominator |
|
|
|
|
|
Weighted average common shares outstanding – Basic (i) |
742.9 |
734.7 |
718.2 |
700.5 |
723.9 |
Effect of dilutive employee share awards (ii) |
- |
3.5 |
3.9 |
4.8 |
5.3 |
Weighted average common shares outstanding – Diluted |
742.9 |
738.2 |
722.1 |
705.3 |
729.2 |
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|
(Loss) earnings per share attributable to |
|
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|
|
|
Basic |
( |
|
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Diluted |
( |
|
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(i) The weighted average number of common shares included in the computation of basic and diluted earnings per share has been adjusted to exclude shares repurchased and held by the Company as Treasury Stock given that these shares do not rank for dividend. |
(ii) Common shares that would only be issued contingent on certain conditions totaling 6,928,751, 5,700,540, 5,336,581 and 4,677,404 at |
Appendix 2 - Disclaimer
The financial information presented in this document does not constitute statutory financial statements for the purposes of Chapter 4 of Part 6 of the Companies Act 2014. The Company’s statutory financial statements for the year ended
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Contact CRH at +353 1 404 1000
Source: