EX-99.1 2 crhpublishesquarterlyusgaa.htm EX-99.1 Document
Exhibit 99.1

crh-logoxfullcolourxrgba.jpg
Press Release
CRH publishes quarterly U.S. GAAP information for 2023


CRH plc, a leading provider of building materials solutions, today provides quarterly information under U.S. GAAP for the financial year ended December 31, 2023.

Quarterly financial information is now available at Appendix 1 and at www.crh.com.

***

Contact CRH at +353 1 404 1000
Albert ManifoldChief Executive
Jim MinternChief Financial Officer
Frank HeisterkampDirector of Capital Markets & ESG
Tom HolmesHead of Investor Relations

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 North America and Europe. As the essential partner for transportation and critical utility infrastructure projects, complex non-residential construction and outdoor living solutions, CRH’s unique offering of materials, products and value-added services helps to deliver a more resilient and sustainable built environment. The company is ranked among sector leaders by Environmental, Social and Governance (ESG) rating agencies. A Fortune 500 company, CRH’s shares are listed on the NYSE and LSE.


Registered Office: No 12965. Registered Office: 42 Fitzwilliam Square, Dublin 2, D02 R279, Ireland


CRH Quarterly Information 2023 1


Appendix 1 - Quarterly Financial Information

The following financial information represents a quarterly breakdown of the Company’s Consolidated Financial Statements prepared in accordance with U.S. GAAP for the year ended December 31, 2023. The full audited Consolidated Financial Statements prepared in accordance with U.S. GAAP for the year ended December 31, 2023, including notes thereto, are included as a part of the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC).

Consolidated Statements of Income
(In $ millions, except share and per share data)

Unaudited, for the three months endedAudited, for the year ended
March 31, 2023June 30,
2023
September 30, 2023December 31, 2023December 31, 2023
Product revenues5,3387,4317,1576,23026,156
Service revenues1,0892,2782,9712,4558,793
Total revenues6,4279,70910,1288,68534,949
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 profit1,6193,6303,7632,95111,963
Selling, general and administrative expenses(1,622)(2,035)(1,990)(1,839)(7,486)
Gain on disposal of long-lived assets518152866
Loss on impairments(357)(357)
Operating income21,6131,7887834,186
Interest income40366268206
Interest expense(81)(73)(131)(91)(376)
Other nonoperating income (expense), net21(5)(2)
(Loss) income before income tax expense and income from equity method investments(39)1,5781,7207554,014
Income tax benefit (expense)14(379)(416)(144)(925)
(Loss) income from equity method investments(6)1314(38)(17)
Net (loss) income(31)1,2121,3185733,072
Net (income) attributable to redeemable noncontrolling interests(2)(10)(9)(7)(28)
Net loss (income) attributable to noncontrolling interests5(3)(3)135134
Net (loss) income attributable to CRH plc(28)1,1991,3067013,178
(Loss) earnings per share attributable to CRH plc
Basic($0.05)$1.63 $1.81 $0.99 $4.36 
Diluted($0.05)$1.62 $1.80 $0.99 $4.33 
Weighted average common shares outstanding
Basic742.9 734.7 718.2 700.5 723.9 
Diluted742.9 738.2 722.1 705.3 729.2 


CRH Quarterly Information 2023 2


Consolidated Balance Sheets
(In $ millions, except share data)

Unaudited, as atAudited, as at
March 31, 2023June 30,
2023
September 30, 2023December 31, 2023
Assets
Current assets:
Cash and cash equivalents4,6504,2755,7226,341
Accounts receivable, net4,7066,1195,9724,507
Inventories4,4584,2764,1914,291
Assets held for sale1,268
Other current assets416404430478
Total current assets14,23015,07416,31516,885
Property, plant and equipment, net17,99718,15518,10317,841
Equity method investments655672665620
Goodwill9,3089,3389,5459,158
Intangible assets, net1,0941,0611,0741,041
Operating lease right-of-use assets, net1,1921,1871,2371,292
Other noncurrent assets631655692632
Total assets45,10746,14247,63147,469
Liabilities, redeemable noncontrolling interests and shareholders’ equity
Current liabilities:
Accounts payable2,6273,5532,9543,149
Accrued expenses2,0792,3352,4572,296
Current portion of long-term debt2,2512,1851,8601,866
Operating lease liabilities235240245255
Liabilities held for sale375
Other current liabilities2,0631,3581,6752,072
Total current liabilities9,2559,6719,19110,013
Long-term debt7,5837,5639,5359,776
Deferred income tax liabilities2,9723,0103,0502,738
Noncurrent operating lease liabilities1,0211,0161,0651,125
Other noncurrent liabilities2,1322,1732,1422,196
Total liabilities22,96323,43324,98325,848
Commitments and contingencies
Redeemable noncontrolling interests307313320333
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 March 31, June 30, September 30 and December 31, 20231111
Common stock, €0.32 par value, 1,250,000,000 shares authorized, as of March 31, June 30, September 30 and December 31, 2023; 752,140,338 shares issued and outstanding, as of March 31 and June 30 and 750,725,468 and 734,519,598 shares issued and outstanding, as of September 30 and December 31, 2023, respectively302302302296
Treasury stock, at cost (11,596,581, 24,158,408, 41,554,960 and 42,419,281 shares as of March 31, June 30, September 30 and December 31, 2023, respectively)(487)(1,140)(2,132)(2,199)
Additional paid-in capital420391423454
Accumulated other comprehensive loss(673)(625)(763)(616)
Retained earnings21,69222,89223,93622,918
Total shareholders’ equity attributable to CRH plc shareholders21,25521,82121,76720,854
Noncontrolling interests582575561434
Total equity21,83722,39622,32821,288
Total liabilities, redeemable noncontrolling interests and equity45,10746,14247,63147,469

CRH Quarterly Information 2023 3


Consolidated Statements of Cash Flows
(In $ millions)

UnauditedAudited
Three months ended March 31, 2023Six months
ended June 30, 2023
Nine months ended September 30, 2023Year ended December 31,
 2023
Cash Flows from Operating Activities:
Net (loss) income(31)1,1812,4993,072
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization3847851,1871,633
Loss on impairments357
Share-based compensation316092123
Gains on disposals from long-lived assets, net(5)(23)(38)(66)
Deferred tax expense (benefit)4995108(64)
Loss (income) from equity method investments6(7)(21)17
Pension and other postretirement benefits net periodic benefit cost8142231
Non-cash operating lease costs69138212293
Other items, net(3)353368
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)69354(72)
Pension and other postretirement benefits contributions(12)(23)(34)(44)
Net cash (used in) provided by operating activities(671)9632,5945,017
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 assets64264104
Dividends received from equity method investments8122344
Settlements of derivatives(2)73(1)
Deferred divestiture consideration received56
Other investing activities, net(17)(62)(88)(87)
Net cash used in investing activities(492)(970)(1,729)(2,391)

CRH Quarterly Information 2023 4


Consolidated Statements of Cash Flows
(In $ millions)

UnauditedAudited
Three months ended March 31, 2023Six months
ended June 30, 2023
Nine months ended September 30, 2023Year ended December 31,
 2023
Cash Flows from Financing Activities:
Proceeds from debt issuances718552,6873,163
Payments on debt(849)(940)(1,462)
Settlements of derivatives6457
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 options1344
Net cash used in financing activities(191)(1,746)(1,097)(2,380)
Effect of exchange rate changes on cash and cash equivalents689218208
(Decrease) increase in cash and cash equivalents(1,286)(1,661)(214)454
Cash and cash equivalents at the beginning of period5,9365,9365,9365,936
Cash and cash equivalents at the end of period4,6504,2755,7226,390
Supplemental cash flow information:
Cash paid for interest (including finance leases)54201244418
Cash paid for income taxes104277620959
Reconciliation of cash and cash equivalents
Cash and cash equivalents presented in the Consolidated Balance Sheets4,6504,2755,7226,341
Cash and cash equivalents included in assets held for sale49
Total cash and cash equivalents presented on the Consolidated Statements of Cash Flows4,6504,2755,7226,390


CRH Quarterly Information 2023 5


Segment Information
(In $ millions)

Unaudited, for the three months endedAudited, for the year ended
March 31, 2023June 30,
 2023
September 30, 2023December 31, 2023December 31, 2023
Revenues
Americas Materials Solutions1,8954,1645,0804,29615,435
Americas Building Solutions1,6612,1481,7381,4707,017
Europe Materials Solutions2,1782,6142,6172,2819,690
Europe Building Solutions6937836936382,807
Total revenues6,4279,70910,1288,68534,949
Adjusted EBITDA*
Americas Materials Solutions(35)9351,2848753,059
Americas Building Solutions3014743912761,442
Europe Materials Solutions685154463661,395
Europe Building Solutions52906969280
Total Adjusted EBITDA*3862,0142,1901,5866,176
Depreciation, depletion and amortization
Americas Materials Solutions186195195205781
Americas Building Solutions75737378299
Europe Materials Solutions101111112140464
Europe Building Solutions2222222389
Total depreciation, depletion and amortization3844014024461,633
For the three months endedFor the year ended
Non-GAAP reconciliation (unaudited)March 31, 2023June 30,
 2023
September 30, 2023December 31, 2023December 31, 2023
Net (loss) income(31)1,2121,3185733,072
Loss (income) from equity method investments6(13)(14)3817
Income tax (benefit) expense(14)379416144925
Pension income excluding current service cost component (i)(2)(1)(3)
Other interest, net (i)55
Interest expense817313191376
Interest income(40)(36)(62)(68)(206)
Depreciation, depletion and amortization3844014024461,633
Loss on impairments (ii)357357
Adjusted EBITDA*3862,0142,1901,5866,176

(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 December 31, 2023, the total loss on impairments comprised of $62 million within Americas Materials Solutions and $295 million within Europe Materials Solutions.

*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.

CRH Quarterly Information 2023 6


Earnings Per Share (EPS)
(In $ millions, except share and per share data)

Unaudited, for the three months endedAudited, for the year ended
March 31, 2023June 30,
 2023
September 30, 2023December 31, 2023December 31, 2023
Numerator
Net (loss) income(31)1,2121,3185733,072
Net (income) attributable to redeemable noncontrolling interests(2)(10)(9)(7)(28)
Net loss (income) attributable to noncontrolling interests5(3)(3)135134
Adjustment of redeemable noncontrolling interests to redemption value(10)(2)(6)(6)(24)
Net (loss) income attributable to CRH plc for EPS - basic and diluted(38)1,1971,3006953,154
Denominator
Weighted average common shares outstanding – Basic (i)742.9734.7718.2700.5723.9
Effect of dilutive employee share awards (ii)-3.53.94.85.3
Weighted average common shares outstanding – Diluted742.9738.2722.1705.3729.2
(Loss) earnings per share attributable to CRH plc
Basic($0.05)$1.63$1.81$0.99$4.36
Diluted($0.05)$1.62$1.80$0.99$4.33

(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 March 31, June 30, September 30 and December 31, 2023, respectively, are excluded from the computation of diluted earnings per share where the conditions governing exercisability have not been satisfied as of the end of the reporting period or they are antidilutive for the periods presented. In periods of loss, shares that otherwise would have been included in our diluted weighted average common shares outstanding computation have been excluded.


CRH Quarterly Information 2023 7


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 December 31, 2023 prepared in accordance with IFRS, upon which the auditors expressed an unqualified opinion, were published on March 15, 2024 and are expected to be delivered to the Registrar of Companies of Ireland within 56 days of the annual return date in 2024.
CRH Quarterly Information 2023 8