|
|
|
|
|
||
Six months ended 30 June
|
2019
|
2018
|
|
|
|
|
|
€m
|
€m
|
Change
|
|
|
|
Sales
revenue
|
13,217
|
11,944
|
+11%
|
|
|
|
EBITDA
|
1,540
|
1,130
|
+36%
|
|
|
|
EBITDA
margin
|
11.7%
|
9.5%
|
+220bps
|
|
|
|
|
|
|
|
|
|
|
EPS
from continuing operations (€ cent)
|
67.8
|
45.0
|
+51%
|
|
|
|
|
|
|
|
Analysis of change
|
|
|
|||||
€ million
|
2018
|
Exchange
|
Acquisitions
|
Divestments
|
IFRS
16
|
Organic
|
2019
|
%
change
|
||
Sales
revenue
|
3,178
|
+205
|
+597
|
-19
|
-
|
+51
|
4,012
|
+26%
|
||
EBITDA
|
297
|
+24
|
+126
|
-4
|
+49
|
+10
|
502
|
+69%
|
||
Operating
profit
|
94
|
+12
|
+56
|
-3
|
+4
|
+4
|
167
|
+78%
|
||
EBITDA/sales
|
9.3%
|
|
|
|
|
|
12.5%
|
|
||
Operating
profit/sales
|
3.0%
|
|
|
|
|
|
4.2%
|
|
|
|
|
|
Analysis of change
|
|||||||
€ million
|
2018
|
Exchange
|
Acquisitions
|
Divestments
|
IFRS
16
|
Organic
|
2019
|
%
change
|
|||
Sales
revenue
|
3,827
|
+26
|
+25
|
-23
|
-
|
+230
|
4,085
|
+7%
|
|||
EBITDA
|
395
|
+4
|
+1
|
-
|
+54
|
+7
|
461
|
+17%
|
|||
Operating
profit
|
194
|
+2
|
-
|
+2
|
+4
|
+7
|
209
|
+8%
|
|||
EBITDA/sales
|
10.3%
|
|
|
|
|
|
11.3%
|
|
|||
Operating
profit/sales
|
5.1%
|
|
|
|
|
|
5.1%
|
|
|
|
|
Analysis of change
|
|
||||||
€ million
|
2018
|
Exchange
|
Acquisitions
|
Divestments
|
IFRS
16
|
Organic
|
2019
|
%
change
|
||
Sales
revenue
|
4,939
|
+163
|
+197
|
-326
|
-
|
+147
|
5,120
|
+4%
|
||
EBITDA
|
438
|
+22
|
+17
|
-29
|
+90
|
+39
|
577
|
+32%
|
||
Operating
profit
|
304
|
+17
|
+8
|
-2
|
+9
|
+39
|
375
|
+23%
|
||
EBITDA/sales
|
8.9%
|
|
|
|
|
|
11.3%
|
|
||
Operating
profit/sales
|
6.2%
|
|
|
|
|
|
7.3%
|
|
|
|
|
|
|
Year ended
|
|
Six months ended 30 June
|
|
31 December
|
||
|
2019
|
|
2018
|
|
2018
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
€m
|
|
€m
|
|
€m
|
|
|
|
|
|
|
Revenue
|
13,217
|
|
11,944
|
|
26,790
|
Cost of sales
|
(9,067)
|
|
(8,236)
|
|
(18,152)
|
Gross profit
|
4,150
|
|
3,708
|
|
8,638
|
Operating costs
|
(3,399)
|
|
(3,116)
|
|
(6,461)
|
Group operating profit
|
751
|
|
592
|
|
2,177
|
Profit/(loss) on disposals
|
171
|
|
46
|
|
(24)
|
Profit before finance costs
|
922
|
|
638
|
|
2,153
|
Finance costs
|
(183)
|
|
(167)
|
|
(339)
|
Finance income
|
7
|
|
23
|
|
34
|
Other financial expense
|
(59)
|
|
(16)
|
|
(46)
|
Share of equity accounted investments’ profit
|
20
|
|
19
|
|
60
|
Profit before tax from continuing operations
|
707
|
|
497
|
|
1,862
|
Income tax expense – estimated at
interim
|
(152)
|
|
(119)
|
|
(426)
|
Group profit for the financial period from continuing
operations
|
555
|
|
378
|
|
1,436
|
Profit after tax for the financial period from discontinued
operations
|
-
|
|
1,083
|
|
1,085
|
Group profit for the financial period
|
555
|
|
1,461
|
|
2,521
|
|
|
|
|
|
|
Profit attributable to:
|
|
|
|
|
|
Equity holders of the Company
|
|
|
|
|
|
From
continuing operations
|
548
|
|
378
|
|
1,432
|
From
discontinued operations
|
-
|
|
1,083
|
|
1,085
|
Non-controlling interests
|
|
|
|
|
|
From
continuing operations
|
7
|
|
-
|
|
4
|
Group profit for the financial period
|
555
|
|
1,461
|
|
2,521
|
|
|
|
|
|
|
Basic earnings per Ordinary Share
|
67.8c
|
|
174.0c
|
|
302.4c
|
Diluted earnings per Ordinary Share
|
67.4c
|
|
173.1c
|
|
300.9c
|
|
|
|
|
|
|
Basic earnings per Ordinary Share from continuing
operations
|
67.8c
|
|
45.0c
|
|
172.0c
|
Diluted earnings per Ordinary Share from continuing
operations
|
67.4c
|
|
44.8c
|
|
171.2c
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Comprehensive
Income
|
|||||
|
|
|
|
|
Year ended
|
|
Six months ended 30 June
|
|
31 December
|
||
|
2019
|
|
2018
|
|
2018
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
€m
|
|
€m
|
|
€m
|
Group profit for the financial period
|
555
|
|
1,461
|
|
2,521
|
|
|||||
Other comprehensive income
|
|||||
Items that may be reclassified to profit or loss in subsequent
periods:
|
|||||
Currency translation effects
|
142
|
|
124
|
|
276
|
Gains/(losses) relating to cash flow hedges
|
29
|
|
8
|
|
(40)
|
Tax relating to cash flow hedges
|
(4)
|
|
(1)
|
|
5
|
|
167
|
|
131
|
|
241
|
Items that will not be reclassified to profit or loss in subsequent
periods:
|
|||||
Remeasurement of retirement benefit obligations
|
(131)
|
|
58
|
|
10
|
Tax relating to retirement benefit obligations
|
15
|
|
(11)
|
|
(1)
|
|
(116)
|
|
47
|
|
9
|
|
|
|
|
|
|
Total other comprehensive income for the financial
period
|
51
|
|
178
|
|
250
|
Total comprehensive income for the financial period
|
606
|
|
1,639
|
|
2,771
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
Equity holders of the Company
|
587
|
|
1,654
|
|
2,768
|
Non-controlling interests
|
19
|
|
(15)
|
|
3
|
Total comprehensive income for the financial period
|
606
|
|
1,639
|
|
2,771
|
|
As at 30
|
|
As at 30
|
|
As at 31
|
|
June 2019
|
|
June 2018
|
|
December 2018
|
|
Unaudited
€m
|
|
Unaudited
€m
|
|
Audited
€m
|
ASSETS
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
Property, plant and equipment*
|
17,845
|
|
15,607
|
|
15,761
|
Intangible assets
|
8,525
|
|
8,615
|
|
8,433
|
Investments accounted for using the equity method
|
1,181
|
|
1,111
|
|
1,163
|
Other financial assets
|
23
|
|
24
|
|
23
|
Other receivables
|
180
|
|
164
|
|
181
|
Derivative financial instruments
|
78
|
|
30
|
|
30
|
Deferred income tax assets
|
68
|
|
84
|
|
71
|
Total non-current assets
|
27,900
|
|
25,635
|
|
25,662
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
Inventories
|
3,228
|
|
3,151
|
|
3,061
|
Trade and other receivables
|
5,258
|
|
5,084
|
|
4,074
|
Current income tax recoverable
|
21
|
|
7
|
|
15
|
Derivative financial instruments
|
9
|
|
31
|
|
15
|
Cash and cash equivalents
|
1,399
|
|
1,848
|
|
2,346
|
Total current assets
|
9,915
|
|
10,121
|
|
9,511
|
|
|
|
|
|
|
Total assets
|
37,815
|
|
35,756
|
|
35,173
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
Capital and reserves attributable to
the Company’s
equity holders
|
|
|
|
|
|
Equity share capital
|
287
|
|
287
|
|
287
|
Preference share capital
|
1
|
|
1
|
|
1
|
Share premium account
|
6,534
|
|
6,534
|
|
6,534
|
Treasury Shares and own shares
|
(1,200)
|
|
(224)
|
|
(792)
|
Other reserves
|
272
|
|
264
|
|
296
|
Foreign currency translation reserve
|
21
|
|
(247)
|
|
(109)
|
Retained income
|
9,719
|
|
8,862
|
|
9,812
|
Capital and reserves attributable to the Company’s equity
holders
|
15,634
|
|
15,477
|
|
16,029
|
Non-controlling interests
|
544
|
|
494
|
|
525
|
Total equity
|
16,178
|
|
15,971
|
|
16,554
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
Lease liabilities
|
1,502
|
|
-
|
|
-
|
Interest-bearing loans and borrowings
|
8,806
|
|
8,557
|
|
8,698
|
Derivative financial instruments
|
-
|
|
37
|
|
18
|
Deferred income tax liabilities
|
2,213
|
|
2,059
|
|
2,209
|
Other payables
|
475
|
|
435
|
|
472
|
Retirement benefit obligations
|
573
|
|
454
|
|
424
|
Provisions for liabilities
|
731
|
|
748
|
|
719
|
Total non-current liabilities
|
14,300
|
|
12,290
|
|
12,540
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Lease liabilities
|
358
|
|
-
|
|
-
|
Trade and other payables
|
5,073
|
|
5,155
|
|
4,609
|
Current income tax liabilities
|
492
|
|
564
|
|
443
|
Interest-bearing loans and borrowings
|
1,023
|
|
1,356
|
|
618
|
Derivative financial instruments
|
22
|
|
14
|
|
41
|
Provisions for liabilities
|
369
|
|
406
|
|
368
|
Total current liabilities
|
7,337
|
|
7,495
|
|
6,079
|
Total liabilities
|
21,637
|
|
19,785
|
|
18,619
|
|
|
|
|
|
|
Total equity and liabilities
|
37,815
|
|
35,756
|
|
35,173
|
Includes leased right-of-use assets with net carrying amount of
€1,829 million (see note 13).
|
|
|
|
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 2019
(unaudited)
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
At 1
January 2019
|
288
|
6,534
|
(792)
|
296
|
(109)
|
9,812
|
525
|
16,554
|
Group
profit for the period
|
-
|
-
|
-
|
-
|
-
|
548
|
7
|
555
|
Other
comprehensive income
|
-
|
-
|
-
|
-
|
130
|
(91)
|
12
|
51
|
Total
comprehensive income
|
-
|
-
|
-
|
-
|
130
|
457
|
19
|
606
|
Share-based
payment expense
|
-
|
-
|
-
|
38
|
-
|
-
|
-
|
38
|
Shares
acquired by CRH plc (Treasury Shares)
|
-
|
-
|
(436)
|
-
|
-
|
(114)
|
-
|
(550)
|
Treasury/own
shares reissued
|
-
|
-
|
27
|
-
|
-
|
(27)
|
-
|
-
|
Shares
acquired by the Employee Benefit Trust (own shares)
|
-
|
-
|
(61)
|
-
|
-
|
-
|
-
|
(61)
|
Shares
distributed under the Performance Share Plan Awards
|
-
|
-
|
62
|
(62)
|
-
|
-
|
-
|
-
|
Tax
relating to share-based payment expense
|
-
|
-
|
-
|
-
|
-
|
1
|
-
|
1
|
Share
option exercises
|
-
|
-
|
-
|
-
|
-
|
15
|
-
|
15
|
Dividends
(including shares issued in lieu of dividends)
|
-
|
-
|
-
|
-
|
-
|
(425)
|
(5)
|
(430)
|
Non-controlling
interests arising on acquisition of subsidiaries
|
-
|
-
|
-
|
-
|
-
|
-
|
1
|
1
|
Transactions
involving non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
4
|
4
|
At 30
June 2019
|
288
|
6,534
|
(1,200)
|
272
|
21
|
9,719
|
544
|
16,178
|
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
|
|
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 2018
(audited)
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
At 1
January 2018
|
287
|
6,417
|
(15)
|
285
|
(386)
|
7,903
|
486
|
14,977
|
Group
profit for the financial year
|
-
|
-
|
-
|
-
|
-
|
2,517
|
4
|
2,521
|
Other
comprehensive income
|
-
|
-
|
-
|
-
|
277
|
(26)
|
(1)
|
250
|
Total
comprehensive income
|
-
|
-
|
-
|
-
|
277
|
2,491
|
3
|
2,771
|
Issue
of share capital (net of expenses)
|
-
|
62
|
-
|
-
|
-
|
-
|
-
|
62
|
Share-based
payment expense
|
-
|
-
|
-
|
67
|
-
|
-
|
-
|
67
|
Shares
acquired by CRH plc (Treasury Shares)
|
-
|
-
|
(789)
|
-
|
-
|
-
|
-
|
(789)
|
Treasury/own
shares reissued
|
-
|
-
|
15
|
-
|
-
|
(15)
|
-
|
-
|
Shares
acquired by the Employee Benefit Trust (own shares)
|
-
|
-
|
(3)
|
-
|
-
|
-
|
-
|
(3)
|
Shares
distributed under the Performance Share Plan Awards
|
1
|
55
|
-
|
(56)
|
-
|
-
|
-
|
-
|
Tax
relating to share-based payment expense
|
-
|
-
|
-
|
-
|
-
|
(2)
|
-
|
(2)
|
Share
option exercises
|
-
|
-
|
-
|
-
|
-
|
7
|
-
|
7
|
Dividends
(including shares issued in lieu of dividends)
|
-
|
-
|
-
|
-
|
-
|
(572)
|
(12)
|
(584)
|
Non-controlling
interests arising on acquisition of subsidiaries
|
-
|
-
|
-
|
-
|
-
|
-
|
48
|
48
|
At 31
December 2018
|
288
|
6,534
|
(792)
|
296
|
(109)
|
9,812
|
525
|
16,554
|
|
|
|
|
|
Year
ended
|
|
Six months ended 30 June
|
|
31
December
|
||
|
2019
|
|
2018
|
|
2018
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
€m
|
|
€m
|
|
€m
|
Cash flows from operating activities
|
|
|
|
|
|
Profit
before tax from continuing operations
|
707
|
|
497
|
|
1,862
|
Profit
before tax from discontinued operations
|
-
|
|
1,415
|
|
1,558
|
Profit
before tax
|
707
|
|
1,912
|
|
3,420
|
Finance
costs (net)
|
235
|
|
160
|
|
351
|
Share
of equity accounted investments’ profit
|
(20)
|
|
(19)
|
|
(60)
|
Profit
on disposals
|
(171)
|
|
(1,466)
|
|
(1,539)
|
Group
operating profit
|
751
|
|
587
|
|
2,172
|
Depreciation
charge
|
760
|
|
488
|
|
1,071
|
Amortisation
of intangible assets
|
29
|
|
30
|
|
61
|
Impairment
charge
|
-
|
|
20
|
|
56
|
Share-based
payment expense
|
38
|
|
35
|
|
67
|
Other
(primarily pension payments)
|
7
|
|
10
|
|
(67)
|
Net
movement on working capital and provisions
|
(1,002)
|
|
(1,108)
|
|
(463)
|
Cash
generated from operations
|
583
|
|
62
|
|
2,897
|
Interest
paid (including leases)*
|
(202)
|
|
(158)
|
|
(335)
|
Corporation
tax paid
|
(111)
|
|
(215)
|
|
(663)
|
Net cash inflow/(outflow) from operating activities
|
270
|
|
(311)
|
|
1,899
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
Proceeds
from disposals (net of cash disposed and deferred
proceeds)
|
367
|
|
2,386
|
|
3,009
|
Interest
received
|
7
|
|
23
|
|
34
|
Dividends
received from equity accounted investments
|
14
|
|
22
|
|
48
|
Purchase
of property, plant and equipment
|
(635)
|
|
(509)
|
|
(1,121)
|
Acquisition
of subsidiaries (net of cash acquired)
|
(285)
|
|
(3,214)
|
|
(3,505)
|
Other
investments and advances
|
(8)
|
|
(1)
|
|
(2)
|
Deferred
and contingent acquisition consideration paid
|
(26)
|
|
(28)
|
|
(55)
|
Net cash outflow from investing activities
|
(566)
|
|
(1,321)
|
|
(1,592)
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
Proceeds
from issue of shares (net)
|
-
|
|
11
|
|
11
|
Proceeds
from exercise of share options
|
15
|
|
2
|
|
7
|
Transactions
involving non-controlling interests
|
4
|
|
1
|
|
-
|
Increase
in interest-bearing loans, borrowings and finance
leases**
|
955
|
|
2,138
|
|
1,434
|
Net
cash flow arising from derivative financial
instruments
|
(11)
|
|
19
|
|
6
|
Treasury/own
shares purchased
|
(497)
|
|
(217)
|
|
(792)
|
Repayment
of interest-bearing loans, borrowings and finance
leases**
|
(524)
|
|
(250)
|
|
(246)
|
Repayment
of lease liabilities***
|
(169)
|
|
-
|
|
-
|
Dividends
paid to equity holders of the Company
|
(425)
|
|
(358)
|
|
(521)
|
Dividends
paid to non-controlling interests
|
(5)
|
|
(9)
|
|
(12)
|
Net cash (outflow)/inflow from financing activities
|
(657)
|
|
1,337
|
|
(113)
|
(Decrease)/increase in cash and cash equivalents
|
(953)
|
|
(295)
|
|
194
|
|
|
|
|
|
|
Reconciliation of opening to closing cash and cash
equivalents
|
|
|
|
|
|
Cash and cash equivalents at 1 January
|
2,346
|
|
2,135
|
|
2,135
|
Translation
adjustment
|
6
|
|
8
|
|
17
|
(Decrease)/increase
in cash and cash equivalents
|
(953)
|
|
(295)
|
|
194
|
Cash and cash equivalents at 30 June
|
1,399
|
|
1,848
|
|
2,346
|
Primary statement line item / financial metric / alternative
performance measure
|
|
|
|
|
Six months ended 30 June 2019
€m
|
Condensed
Consolidated Income Statement
|
EBITDA
|
+ 193
|
|
Depreciation
|
+ 176
|
|
Finance
costs
|
+ 35
|
|
Profit
before tax; Group profit for the financial period
|
- 18
|
|
EPS
|
- 2.2c
|
|
|
|
|
|
As at 1 January 2019
€m
|
Condensed
Consolidated Balance Sheet
|
Property,
plant and equipment (i)
|
+1,939
|
|
Lease
liabilities; net debt (i)
|
+ 1,954
|
|
|
|
|
|
Six months ended 30 June 2019
€m
|
Condensed
Consolidated Statement of Cash Flows
|
Operating
cash flow
|
+ 158
|
|
|
As at 1 January 2019
€m
|
|
|
|
Operating lease commitment under IAS 17
|
1,911
|
|
Lease
extensions beyond break date
|
632
|
|
Leases
that are cancellable at any time
|
35
|
|
Existing IAS 17
finance leases (i)
|
23
|
|
Other
lease payments not included in discounted lease liability under
IFRS 16 (ii)
|
(108)
|
|
Undiscounted lease liability under IFRS 16
|
2,493
|
|
Less
impact of discounting
|
(516)
|
|
Discounted lease liability under IFRS 16
|
|
1,977
|
|
Average
|
|
Period end
|
||||
|
Six months
ended
|
Year ended
|
|
Six
months ended
|
Year ended
|
||
|
30 June
|
31 December
|
|
30 June
|
31 December
|
||
euro 1 =
|
2019
|
2018
|
2018
|
|
2019
|
2018
|
2018
|
|
|
|
|
|
|
|
|
Brazilian
Real
|
4.3417
|
4.1415
|
4.3085
|
|
4.3511
|
4.4876
|
4.4440
|
Canadian
Dollar
|
1.5069
|
1.5457
|
1.5294
|
|
1.4893
|
1.5442
|
1.5605
|
Chinese
Renminbi
|
7.6678
|
7.7086
|
7.8081
|
|
7.8185
|
7.7170
|
7.8751
|
Hungarian
Forint
|
320.4198
|
314.1128
|
318.8897
|
|
323.3900
|
329.7700
|
320.9800
|
Indian
Rupee
|
79.1240
|
79.4903
|
80.7332
|
|
78.5240
|
79.8130
|
79.7298
|
Philippine
Peso
|
58.9809
|
62.9356
|
62.2101
|
|
58.3350
|
62.1740
|
60.1130
|
Polish
Zloty
|
4.2920
|
4.2207
|
4.2615
|
|
4.2496
|
4.3732
|
4.3014
|
Pound
Sterling
|
0.8736
|
0.8798
|
0.8847
|
|
0.8966
|
0.8861
|
0.8945
|
Romanian
Leu
|
4.7418
|
4.6543
|
4.6540
|
|
4.7343
|
4.6631
|
4.6635
|
Serbian
Dinar
|
118.0807
|
118.3134
|
118.2302
|
|
117.9355
|
118.8546
|
118.3157
|
Swiss
Franc
|
1.1295
|
1.1697
|
1.1550
|
|
1.1105
|
1.1569
|
1.1269
|
Ukrainian
Hryvnia
|
30.3931
|
32.3560
|
32.0987
|
|
29.7730
|
30.6845
|
31.6900
|
US
Dollar
|
1.1298
|
1.2104
|
1.1810
|
|
1.1380
|
1.1658
|
1.1450
|
€
million
|
Sales revenue
|
EBITDA
|
Operating profit
|
Profit on disposals
|
Finance costs (net)
|
Assoc. and JV PAT (i)
|
Pre-tax profit
|
|
|
|
|
|
|
|
|
First
half 2018
|
11,944
|
1,130
|
592
|
46
|
(160)
|
19
|
497
|
Exchange
effects
|
394
|
50
|
31
|
4
|
(6)
|
-
|
29
|
2018
at 2019 rates
|
12,338
|
1,180
|
623
|
50
|
(166)
|
19
|
526
|
Incremental impact in 2019 of:
|
|
|
|
|
|
|
|
2018/2019
acquisitions
|
819
|
144
|
64
|
-
|
(29)
|
-
|
35
|
2018/2019
divestments
|
(368)
|
(33)
|
(3)
|
115
|
1
|
-
|
113
|
IFRS 16
impact
|
-
|
193
|
17
|
-
|
(35)
|
-
|
(18)
|
Organic
|
428
|
56
|
50
|
6
|
(6)
|
1
|
51
|
First
half 2019
|
13,217
|
1,540
|
751
|
171
|
(235)
|
20
|
707
|
|
|
|
|
|
|
|
|
%
Total change
|
11%
|
36%
|
27%
|
|
|
|
42%
|
%
Organic change
|
3%
|
5%
|
8%
|
|
|
|
10%
|
|
Six months ended 30 June 2019 - Unaudited
|
|
Six
months ended 30 June 2018 - Unaudited
|
||||||
|
Europe
Materials
|
Americas
Materials
|
Building
Products
|
Total
|
|
Europe
Materials
|
Americas
Materials
|
Building
Products
|
Total
|
|
€m
|
€m
|
€m
|
€m
|
|
€m
|
€m
|
€m
|
€m
|
Primary
geographic market
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
|
|
|
|
|
Republic of Ireland
(Country of domicile)
|
283
|
-
|
-
|
283
|
|
202
|
-
|
-
|
202
|
Benelux
(mainly the Netherlands)
|
285
|
-
|
814
|
1,099
|
|
290
|
-
|
1,050
|
1,340
|
United
Kingdom
|
1,511
|
-
|
122
|
1,633
|
|
1,479
|
-
|
112
|
1,591
|
Rest of
Europe (i)
|
1,760
|
-
|
1,617
|
3,377
|
|
1,650
|
-
|
1,500
|
3,150
|
United
States
|
-
|
3,585
|
2,357
|
5,942
|
|
-
|
2,775
|
2,029
|
4,804
|
Rest of
World (ii)
|
246
|
427
|
210
|
883
|
|
206
|
403
|
248
|
857
|
Total
Group from continuing operations
|
4,085
|
4,012
|
5,120
|
13,217
|
|
3,827
|
3,178
|
4,939
|
11,944
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations
|
|
|
|
|
|
|
|
|
|
United
States – Americas Distribution
|
|
|
|
-
|
|
|
|
|
6
|
Total
Group
|
|
|
|
13,217
|
|
|
|
|
11,950
|
|
Six months ended 30 June 2019 - Unaudited
|
|
Six
months ended 30 June 2018 - Unaudited
|
||||||
|
Europe
Materials
(iii)
|
Americas
Materials
(iii)
|
Building
Products
|
Total
|
|
Europe
Materials
(iii)
|
Americas
Materials
(iii)
|
Building
Products
|
Total
|
|
€m
|
€m
|
€m
|
€m
|
|
€m
|
€m
|
€m
|
€m
|
Principal activities and products
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
|
|
|
|
|
Cement,
lime and cement products
|
1,279
|
538
|
-
|
1,817
|
|
1,184
|
198
|
-
|
1,382
|
Aggregates, asphalt
and readymixed products
|
1,493
|
2,081
|
-
|
3,574
|
|
1,386
|
1,686
|
-
|
3,072
|
Construction
contract activities*
|
757
|
1,393
|
92
|
2,242
|
|
727
|
1,294
|
105
|
2,126
|
Architectural
products
|
467
|
-
|
1,507
|
1,974
|
|
436
|
-
|
1,394
|
1,830
|
Infrastructure
products
|
89
|
-
|
890
|
979
|
|
94
|
-
|
800
|
894
|
Architectural glass
and glazing systems and wholesale hardware
distribution
|
-
|
-
|
785
|
785
|
|
-
|
-
|
669
|
669
|
General
Builders Merchants, DIY and Sanitary, Heating &
Plumbing
|
-
|
-
|
1,846
|
1,846
|
|
-
|
-
|
1,971
|
1,971
|
Total
Group from continuing operations
|
4,085
|
4,012
|
5,120
|
13,217
|
|
3,827
|
3,178
|
4,939
|
11,944
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations
|
|
|
|
|
|
|
|
|
|
Exterior and
interior products - Americas Distribution
|
|
|
|
-
|
|
|
|
|
6
|
Total
Group
|
|
|
|
13,217
|
|
|
|
|
11,950
|
|
Six months ended 30 June
|
|
Year ended 31
|
||||||||
|
Unaudited
|
|
Unaudited
|
|
December - Audited
|
||||||
|
2019
|
|
2018
|
|
2018
|
||||||
|
€m
|
%
|
|
€m
|
%
|
|
€m
|
%
|
|||
Revenue
|
|
|
|
|
|
|
|
|
|||
Continuing operations
|
|
|
|
|
|
|
|
|
|||
Europe
Materials
|
4,085
|
30.9
|
|
3,827
|
32.0
|
|
8,042
|
30.0
|
|||
Americas
Materials
|
4,012
|
30.4
|
|
3,178
|
26.6
|
|
8,951
|
33.4
|
|||
Building
Products
|
5,120
|
38.7
|
|
4,939
|
41.3
|
|
9,797
|
36.5
|
|||
Total
Group from continuing operations
|
13,217
|
100.0
|
|
11,944
|
99.9
|
|
26,790
|
99.9
|
|||
Discontinued
operations - Americas Distribution
|
-
|
-
|
|
6
|
0.1
|
|
7
|
0.1
|
|||
Total
Group
|
13,217
|
100.0
|
|
11,950
|
100.0
|
|
26,797
|
100.0
|
|||
|
|
|
|
|
|
|
|
|
|||
Group
EBITDA
|
|
|
|
|
|
|
|
|
|||
Continuing operations
|
|
|
|
|
|
|
|
|
|||
Europe
Materials
|
461
|
29.9
|
|
395
|
35.1
|
|
936
|
27.8
|
|||
Americas
Materials
|
502
|
32.6
|
|
297
|
26.4
|
|
1,493
|
44.4
|
|||
Building
Products
|
577
|
37.5
|
|
438
|
38.9
|
|
936
|
27.9
|
|||
Total
Group from continuing operations
|
1,540
|
100.0
|
|
1,130
|
100.4
|
|
3,365
|
100.1
|
|||
Discontinued
operations - Americas Distribution
|
-
|
-
|
|
(5)
|
(0.4)
|
|
(5)
|
(0.1)
|
|||
Total
Group
|
1,540
|
100.0
|
|
1,125
|
100.0
|
|
3,360
|
100.0
|
|||
|
|
|
|
|
|
|
|
|
|||
Depreciation,
amortisation and impairment
|
|
|
|
|
|
|
|
|
|||
Continuing operations
|
|
|
|
|
|
|
|
|
|||
Europe
Materials
|
252
|
31.9
|
|
201
|
37.4
|
|
449
|
37.8
|
|||
Americas
Materials
|
335
|
42.5
|
|
203
|
37.7
|
|
484
|
40.7
|
|||
Building
Products
|
202
|
25.6
|
|
134
|
24.9
|
|
255
|
21.5
|
|||
Total
Group from continuing operations
|
789
|
100.0
|
|
538
|
100.0
|
|
1,188
|
100.0
|
|||
Discontinued
operations - Americas Distribution
|
-
|
-
|
|
-
|
-
|
|
-
|
-
|
|||
Total
Group
|
789
|
100.0
|
|
538
|
100.0
|
|
1,188
|
100.0
|
|||
|
|
|
|
|
|
|
|
|
|||
Group
operating profit
|
|
|
|
|
|
|
|
|
|||
Continuing operations
|
|
|
|
|
|
|
|
|
|||
Europe
Materials
|
209
|
27.8
|
|
194
|
33.0
|
|
487
|
22.4
|
|||
Americas
Materials
|
167
|
22.3
|
|
94
|
16.0
|
|
1,009
|
46.5
|
|||
Building
Products
|
375
|
49.9
|
|
304
|
51.8
|
|
681
|
31.3
|
|||
Total
Group from continuing operations
|
751
|
100.0
|
|
592
|
100.8
|
|
2,177
|
100.2
|
|||
Discontinued
operations - Americas Distribution
|
-
|
-
|
|
(5)
|
(0.8)
|
|
(5)
|
(0.2)
|
|||
Total
Group
|
751
|
100.0
|
|
587
|
100.0
|
|
2,172
|
100.0
|
|||
|
|
|
|
|
|
|
|
|
|||
Profit/(loss)
on disposals – continuing operations
|
|
|
|
|
|
|
|
|
|||
Europe
Materials
|
16
|
|
|
14
|
|
|
7
|
|
|||
Americas
Materials
|
8
|
|
|
30
|
|
|
44
|
|
|||
Building
Products
|
147
|
|
|
2
|
|
|
(75)
|
|
|||
Total
Group
|
171
|
|
|
46
|
|
|
(24)
|
|
|
|
|
|
|
|
|
Year
ended
|
|
|||||||||
|
Six months ended 30 June
|
|
31
December
|
|
|||||||||||||
|
Unaudited
|
|
Audited
|
|
|||||||||||||
|
2019
|
|
|
2018
|
|
|
2018
|
||||||||||
|
€m
|
|
|
€m
|
|
|
€m
|
|
|||||||||
Reconciliation
of Group operating profit to profit before tax:
|
|
|
|
|
|
|
|
|
|||||||||
Group
operating profit from continuing operations (analysed on page
21)
|
751
|
|
|
592
|
|
|
2,177
|
|
|
||||||||
Profit/(loss) on
disposals
|
171
|
|
|
46
|
|
|
(24)
|
|
|
||||||||
Profit
before finance costs
|
922
|
|
|
638
|
|
|
2,153
|
|
|
||||||||
Finance
costs less income
|
(176)
|
|
|
(144)
|
|
|
(305)
|
|
|
||||||||
Other
financial expense
|
(59)
|
|
|
(16)
|
|
|
(46)
|
|
|
||||||||
Share
of equity accounted investments’ profit
|
20
|
|
|
19
|
|
|
60
|
|
|
||||||||
Profit
before tax from continuing operations
|
707
|
|
|
497
|
|
|
1,862
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
Year ended
|
|
|||||||||
|
Six months ended 30 June
|
|
31 December
|
|
|||||||||||||
Unaudited
|
|
Unaudited
|
Audited
|
|
|||||||||||||
|
2019
|
|
2018
|
|
2018
|
|
|||||||||||
|
€m
|
%
|
|
€m
|
%
|
|
€m
|
%
|
|
||||||||
Total
assets
|
|
|
|
|
|
|
|
|
|
||||||||
Europe
Materials
|
11,400
|
32.5
|
|
10,675
|
32.7
|
|
10,509
|
33.3
|
|
||||||||
Americas
Materials
|
15,031
|
42.9
|
|
14,003
|
42.9
|
|
13,798
|
43.8
|
|
||||||||
Building
Products
|
8,605
|
24.6
|
|
7,943
|
24.4
|
|
7,203
|
22.9
|
|
||||||||
Total
Group
|
35,036
|
100.0
|
|
32,621
|
100.0
|
|
31,510
|
100.0
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation
to total assets as reported in the Condensed Consolidated Balance
Sheet:
|
|
|
|
|
|
|
|
|
|
|
|||||||
Investments
accounted for using the equity method
|
1,181
|
|
|
1,111
|
|
|
1,163
|
|
|||||||||
Other
financial assets
|
23
|
|
|
24
|
|
|
23
|
|
|||||||||
Derivative
financial instruments (current and non-current)
|
87
|
|
|
61
|
|
|
45
|
|
|||||||||
Income
tax assets (current and deferred)
|
89
|
|
|
91
|
|
|
86
|
|
|||||||||
Cash
and cash equivalents
|
1,399
|
|
|
1,848
|
|
|
2,346
|
|
|||||||||
Total
assets
|
37,815
|
|
|
35,756
|
|
|
35,173
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
ended
|
|
Six months ended 30 June
|
|
31
December
|
||
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
2019
|
|
2018
|
|
2018
|
|
€m
|
|
€m
|
|
€m
|
Numerator computations
|
|
|
|
|
|
Group
profit for the financial period
|
555
|
|
1,461
|
|
2,521
|
Profit
attributable to non-controlling interests
|
(7)
|
|
-
|
|
(4)
|
Profit attributable to ordinary equity holders of the Company -
numerator for basic/diluted earnings per Ordinary
Share
|
548
|
|
1,461
|
|
2,517
|
Profit
after tax for the financial period from discontinued
operations
|
-
|
|
1,083
|
|
1,085
|
Profit attributable to ordinary equity holders of the Company -
numerator for basic/diluted earnings per Ordinary Share from
continuing operations
|
548
|
|
378
|
|
1,432
|
|
|
|
|
|
|
|
Number of
|
|
Number
of
|
|
Number
of
|
|
Shares
|
|
Shares
|
|
Shares
|
Denominator computations
|
|
|
|
|
|
Weighted
average number of Ordinary Shares (millions) outstanding for the
financial period
|
808.7
|
|
839.6
|
|
832.4
|
Effect
of dilutive potential Ordinary Shares (employee share options)
(millions)
|
4.4
|
|
4.3
|
|
4.2
|
Denominator for diluted earnings per Ordinary Share
|
813.1
|
|
843.9
|
|
836.6
|
|
|
|
|
|
|
Earnings per Ordinary Share
|
|
|
|
|
|
-
basic
|
67.8c
|
|
174.0c
|
|
302.4c
|
-
diluted
|
67.4c
|
|
173.1c
|
|
300.9c
|
|
|
|
|
|
|
Earnings per Ordinary Share from continuing operations
|
|
|
|
|
|
-
basic
|
67.8c
|
|
45.0c
|
|
172.0c
|
-
diluted
|
67.4c
|
|
44.8c
|
|
171.2c
|
|
|
|
|
|
Year
ended
|
|
Six months ended 30 June
|
|
31
December
|
||
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
2019
|
|
2018
|
|
2018
|
Net
dividend paid per share
|
52.4c
|
|
48.8c
|
|
68.4c
|
Net
dividend declared for the period
|
20.0c
|
|
19.6c
|
|
72.0c
|
Dividend
cover (Earnings per share/Dividend declared per share) –
continuing and discontinued operations
|
3.4x
|
|
8.9x
|
|
4.2c
|
Dividend
cover – continuing operations
|
3.4x
|
|
2.3x
|
|
2.4c
|
|
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
|
|
|
|
€m
|
|
Revenue
|
|
6
|
|
|
|
|
|
EBITDA
|
|
(5)
|
|
Depreciation
|
|
-
|
|
Amortisation
|
|
-
|
|
Operating loss
|
|
(5)
|
|
Profit
on disposals
|
|
1,420
|
|
Profit before tax
|
|
1,415
|
|
Attributable
income tax expense
|
|
(332)
|
|
Profit after tax
|
|
1,083
|
|
|
|
|
|
Cash flows from discontinued operations
|
|
|
|
Net
cash outflow from operating activities
|
|
(71)
|
|
Net
cash inflow from investing activities (i)
|
|
2,218
|
|
Net
cash outflow from financing activities
|
|
(5)
|
|
Net cash inflow
|
|
2,142
|
|
|
|
|
|
Year
ended
|
|
Six months ended 30 June
|
|
31
December
|
||
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
2019
|
|
2018
|
|
2018
|
|
€m
|
|
€m
|
|
€m
|
Group share of:
|
|
|
|
|
|
Revenue
|
714
|
|
696
|
|
1,575
|
EBITDA
|
65
|
|
58
|
|
138
|
Operating
profit
|
33
|
|
26
|
|
74
|
Profit
after tax
|
20
|
|
19
|
|
60
|
Analysis of Group share of profit after tax:
|
|
|
|
|
|
Share
of joint ventures’ profit after tax
|
16
|
|
13
|
|
33
|
Share
of associates’ profit after tax
|
4
|
|
6
|
|
27
|
Share
of equity accounted investments’ profit after
tax
|
20
|
|
19
|
|
60
|
Continuing operations
|
|
|
|
|
|
|
|
|
|
|
Year
ended
|
|
Six months ended 30 June
|
|
31
December
|
||
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
2019
|
|
2018
|
|
2018
|
|
€m
|
|
€m
|
|
€m
|
Finance
costs
|
183
|
|
167
|
|
339
|
Finance
income
|
(7)
|
|
(23)
|
|
(34)
|
Other
financial expense
|
59
|
|
16
|
|
46
|
Total net finance costs
|
235
|
|
160
|
|
351
|
|
|
|
|
|
|
The overall total is analysed as follows:
|
|
|
|
|
|
Net
finance costs on interest-bearing loans and borrowings and cash and
cash equivalents
|
174
|
|
143
|
|
308
|
Net
cost/(credit) re change in fair value of derivatives and fixed rate
debt
|
2
|
|
1
|
|
(3)
|
Net
debt-related interest costs
|
176
|
|
144
|
|
305
|
Unwinding
of discount element of lease liabilities
|
35
|
|
-
|
|
-
|
Net
pension-related finance cost
|
7
|
|
4
|
|
10
|
Charge
to unwind discount on provisions/deferred and contingent
acquisition consideration
|
17
|
|
12
|
|
36
|
Total net finance costs
|
235
|
|
160
|
|
351
|
|
|
|
|
|
|
|
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
|
|
2019
|
|
2018
|
|
2018
|
|||
Net
debt
|
€m
|
€m
|
|
€m
|
€m
|
|
€m
|
€m
|
Non-current assets
|
|
|
|
|
|
|
|
|
Derivative
financial instruments
|
78
|
78
|
|
30
|
30
|
|
30
|
30
|
Current assets
|
|
|
|
|
|
|
|
|
Derivative
financial instruments
|
9
|
9
|
|
31
|
31
|
|
15
|
15
|
Cash
and cash equivalents
|
1,399
|
1,399
|
|
1,848
|
1,848
|
|
2,346
|
2,346
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
Interest-bearing
loans and borrowings*
|
(9,117)
|
(8,806)
|
|
(8,688)
|
(8,557)
|
|
(8,605)
|
(8,698)
|
Derivative
financial instruments
|
-
|
-
|
|
(37)
|
(37)
|
|
(18)
|
(18)
|
Lease
liabilities under IFRS 16**
|
(1,502)
|
(1,502)
|
|
-
|
-
|
|
-
|
-
|
Current liabilities
|
|
|
|
|
|
|
|
|
Interest-bearing
loans and borrowings*
|
(1,023)
|
(1,023)
|
|
(1,356)
|
(1,356)
|
|
(618)
|
(618)
|
Derivative
financial instruments
|
(22)
|
(22)
|
|
(14)
|
(14)
|
|
(41)
|
(41)
|
Lease
liabilities under IFRS 16**
|
(358)
|
(358)
|
|
-
|
-
|
|
-
|
-
|
Group
net debt
|
(10,536)
|
(10,225)
|
|
(8,186)
|
(8,055)
|
|
(6,891)
|
(6,984)
|
|
As at 30 June
|
|
As at
30 June
|
|
As at
31 December
|
|||
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|||
|
2019*
|
|
2018
|
|
2018
|
|||
Gross
debt, net of derivatives, matures as follows:
|
|
€m
|
|
|
€m
|
|
|
€m
|
Within
one year
|
|
1,394
|
|
|
1,339
|
|
|
644
|
Between
one and two years
|
|
1,376
|
|
|
(5)
|
|
|
748
|
Between
two and three years
|
|
826
|
|
|
1,089
|
|
|
947
|
Between
three and four years
|
|
1,303
|
|
|
599
|
|
|
370
|
Between
four and five years
|
|
744
|
|
|
1,112
|
|
|
752
|
After
five years
|
|
5,981
|
|
|
5,769
|
|
|
5,869
|
Total
|
|
11,624
|
|
|
9,903
|
|
|
9,330
|
|
|
|
|
|
|
|||
|
As at 30 June
|
|
As at
30 June
|
|
As at
31 December
|
|||
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|||
|
2019
|
|
2018
|
|
2018
|
|||
Reconciliation
of opening to closing net debt:
|
|
€m
|
|
|
€m
|
|
|
€m
|
At
1 January
|
|
(6,984)
|
|
|
(5,796)
|
|
|
(5,796)
|
Effect
of adopting IFRS 16
|
|
(1,954)
|
|
|
-
|
|
|
-
|
Debt,
including lease liabilities, in acquired companies
|
|
(28)
|
|
|
(56)
|
|
|
(74)
|
Debt,
including lease liabilities, in disposed companies
|
|
38
|
|
|
-
|
|
|
-
|
Increase in
interest-bearing loans, borrowings and finance
leases**
|
|
(955)
|
|
|
(2,138)
|
|
|
(1,434)
|
Increase in lease
liabilities under IFRS 16*
|
|
(54)
|
|
|
-
|
|
|
-
|
Net
cash flow arising from derivative financial
instruments
|
|
11
|
|
|
(19)
|
|
|
(6)
|
Repayment of
interest-bearing loans, borrowings and finance
leases**
|
|
524
|
|
|
250
|
|
|
246
|
Repayment of lease
liabilities under IFRS 16*
|
|
169
|
|
|
-
|
|
|
-
|
(Decrease)/increase
in cash and cash equivalents
|
|
(953)
|
|
|
(295)
|
|
|
194
|
Mark-to-market
adjustment
|
|
27
|
|
|
5
|
|
|
2
|
Translation
adjustment
|
|
(66)
|
|
|
(6)
|
|
|
(116)
|
At
30 June
|
|
(10,225)
|
|
|
(8,055)
|
|
|
(6,984)
|
|
As at 30 June
|
|
As at
30 June
|
|
As at
31 December
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
2019
|
|
2018
|
|
2018
|
|
€m
|
|
€m
|
|
€m
|
Market
capitalisation at period-end
|
22,977
|
|
25,392
|
|
18,846
|
|
As at 30 June
|
|
As at
30 June
|
|
As at
31 December
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
2019
|
|
2018
|
|
2018
|
|
€m
|
|
€m
|
|
€m
|
Between
two and three years
|
13
|
|
-
|
|
15
|
Between
three and four years
|
54
|
|
50
|
|
50
|
Between
four and five years
|
3,500
|
|
3,500
|
|
3,500
|
After
five years
|
-
|
|
39
|
|
18
|
Total
|
3,567
|
|
3,589
|
|
3,583
|
|
|
|
|
|
Year
ended
|
|
|
Six months ended 30 June
|
|
31
December
|
|||
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
|
2019
|
|
2018
|
|
2018
|
|
EBITDA
net interest cover (times) – continuing
operations
|
- six months to 30 June
|
8.8
|
|
7.8
|
|
-
|
- rolling 12
months
|
11.2
|
|
11.2
|
|
11.0
|
|
EBIT
net interest cover (times) – continuing
operations
|
- six months to 30 June
|
4.3
|
|
4.1
|
|
-
|
- rolling 12
months
|
6.9
|
|
7.3
|
|
7.1
|
|
|
|
|
|
|
|
|
Net
debt as a percentage of market capitalisation
|
45%
|
|
32%
|
|
37%
|
|
Net
debt as a percentage of total equity
|
63%
|
|
50%
|
|
42%
|
|
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
|
||||||
|
2019
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
|
2018
|
|
€m
|
|
€m
|
|
€m
|
|
€m
|
|
€m
|
|
€m
|
Assets measured at fair value
|
|
|
|
|
|
|
|
|
|
|
|
Fair
value hedges - interest rate swaps
|
77
|
|
25
|
|
27
|
|
-
|
|
-
|
|
-
|
Cash
flow hedges - cross-currency and commodity forwards
|
8
|
|
19
|
|
6
|
|
-
|
|
-
|
|
-
|
Net
investment hedges - cross-currency swaps
|
2
|
|
15
|
|
10
|
|
-
|
|
-
|
|
-
|
Not
designated as hedges (held for trading) - interest rate swaps and
cross-currency swaps
|
-
|
|
2
|
|
2
|
|
-
|
|
-
|
|
-
|
Total
|
87
|
|
61
|
|
45
|
|
-
|
|
-
|
|
-
|
Liabilities measured at fair value
|
|
|
|
|
|
|
|
|
|
|
|
Fair
value hedges - interest rate swaps
|
-
|
|
(37)
|
|
(16)
|
|
-
|
|
-
|
|
-
|
Cash
flow hedges - cross-currency and commodity forwards
|
(8)
|
|
-
|
|
(34)
|
|
-
|
|
-
|
|
-
|
Net
investment hedges - cross-currency swaps
|
(11)
|
|
(14)
|
|
(2)
|
|
-
|
|
-
|
|
-
|
Not
designated as hedges (held for trading) - cross-currency
swaps
|
(3)
|
|
-
|
|
(7)
|
|
-
|
|
-
|
|
-
|
Contingent
consideration
|
-
|
|
-
|
|
-
|
|
(232)
|
|
(228)
|
|
(220)
|
Total
|
(22)
|
|
(51)
|
|
(59)
|
|
(232)
|
|
(228)
|
|
(220)
|
|
Land and Buildings
|
Plant and Machinery
|
Other
|
Total
|
Leased right-of-use assets
|
€m
|
€m
|
€m
|
€m
|
At 30 June 2019 (unaudited)
|
|
|
|
|
Cost
|
1,491
|
446
|
70
|
2,007
|
Accumulated
depreciation
|
(95)
|
(70)
|
(13)
|
(178)
|
Net
carrying amount
|
1,396
|
376
|
57
|
1,829
|
|
|
|
|
|
At
1 January 2019, net carrying amount
|
-
|
-
|
-
|
-
|
Effect
of adopting IFRS 16
|
1,478
|
424
|
60
|
1,962
|
Translation
adjustment
|
8
|
4
|
-
|
12
|
Transfer
to owned assets
|
-
|
(9)
|
-
|
(9)
|
Additions
at cost
|
11
|
29
|
13
|
53
|
Arising
on acquisition
|
24
|
-
|
-
|
24
|
Disposals
at net carrying amount
|
(44)
|
(6)
|
(2)
|
(52)
|
Adjustment
as a result of remeasurement of lease liability
|
11
|
3
|
1
|
15
|
Depreciation
charge for period
|
(92)
|
(69)
|
(15)
|
(176)
|
At
30 June 2019, net carrying amount (unaudited)
|
1,396
|
376
|
57
|
1,829
|
|
|
|
|
|
Lease liabilities
|
|
|
|
|
At
1 January 2019
|
-
|
-
|
-
|
-
|
Effect
of adopting IFRS 16
|
1,493
|
425
|
59
|
1,977
|
Translation
adjustment
|
8
|
4
|
-
|
12
|
Addition
of right-of-use assets
|
11
|
29
|
13
|
53
|
Arising
on acquisition
|
24
|
-
|
-
|
24
|
Disposals
|
(44)
|
(6)
|
(2)
|
(52)
|
Remeasurements
|
11
|
3
|
1
|
15
|
Payments
|
(106)
|
(82)
|
(16)
|
(204)
|
Discount
unwinding
|
28
|
6
|
1
|
35
|
At
30 June 2019 (unaudited)
|
1,425
|
379
|
56
|
1,860
|
|
As at 30 June
|
|
Unaudited
|
|
2019
|
Undiscounted lease liabilities
|
€m
|
Within
one year
|
360
|
Between
one and two years
|
297
|
Between
two and three years
|
247
|
Between
three and four years
|
201
|
Between
four and five years
|
167
|
After
five years
|
1,086
|
Total
|
2,358
|
|
Six months ended 30 June
|
|
Unaudited
|
|
2019
|
|
€m
|
Short-term
leases
|
74
|
Lease
of low-value assets
|
4
|
Variable
lease payments not included in the lease liability
|
10
|
Total
|
88
|
|
|
Total
cash outflow for lease payments
|
292
|
|
|
|
Year
ended
|
|
Six
months ended 30 June
|
|
31
December
|
|
Unaudited
|
|
Audited
|
|
2018
|
|
2018
|
Operating lease rentals
|
€m
|
|
€m
|
Hire
of plant and machinery
|
133
|
|
324
|
Land
and buildings
|
124
|
|
243
|
Other
operating leases
|
26
|
|
61
|
Total
|
283
|
|
628
|
|
As at 30 June
|
|
As at 31 December
|
|
Unaudited
|
|
Audited
|
|
2018
|
|
2018
|
|
€m
|
|
€m
|
Within
one year
|
371
|
|
353
|
After
one year but not more than five years
|
891
|
|
769
|
More
than five years
|
766
|
|
789
|
Total
|
2,028
|
|
1,911
|
|
|
|
|
|
Year
ended
|
|
Six months ended 30 June
|
|
31
December
|
||
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
2019
|
|
2018
|
|
2018
|
|
€m
|
|
€m
|
|
€m
|
|
|
|
|
|
|
Contracted
for but not provided in these Condensed Consolidated Interim
Financial Statements
|
499
|
|
475
|
|
449
|
|
Six
months ended 30 June
Unaudited
|
|
Year
ended 31 December
|
||
Audited
|
|||||
|
2019
|
|
2018
|
|
2018
|
ASSETS
|
€m
|
|
€m
|
|
€m
|
Non-current assets
|
|
|
|
|
|
Property,
plant and equipment
|
151
|
|
2,450
|
|
2,614
|
Intangible
assets
|
34
|
|
35
|
|
58
|
Equity
accounted investments
|
-
|
|
1
|
|
1
|
Total non-current assets
|
185
|
|
2,486
|
|
2,673
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
Inventories
|
24
|
|
221
|
|
255
|
Trade
and other receivables (i)
|
28
|
|
264
|
|
318
|
Cash
and cash equivalents
|
2
|
|
67
|
|
69
|
Total current assets
|
54
|
|
552
|
|
642
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Trade
and other payables
|
(30)
|
|
(230)
|
|
(224)
|
Provisions
for liabilities
|
-
|
|
(92)
|
|
(84)
|
Retirement
benefit obligations
|
(1)
|
|
(122)
|
|
(115)
|
Lease
liabilities
|
(24)
|
|
-
|
|
-
|
Interest-bearing
loans and borrowings and finance leases*
|
(4)
|
|
(56)
|
|
(74)
|
Current
income tax liabilities
|
-
|
|
(20)
|
|
(15)
|
Deferred
income tax liabilities
|
(5)
|
|
(378)
|
|
(411)
|
Total liabilities
|
(64)
|
|
(898)
|
|
(923)
|
|
|
|
|
|
|
Total
identifiable net assets at fair value
|
175
|
|
2,140
|
|
2,392
|
Goodwill
arising on acquisition (ii)
|
124
|
|
1,446
|
|
1,504
|
Joint
venture becoming a subsidiary
|
-
|
|
(120)
|
|
(120)
|
Non-controlling
interests**
|
(1)
|
|
(31)
|
|
(48)
|
Total consideration
|
298
|
|
3,435
|
|
3,728
|
|
|
|
|
|
|
Consideration satisfied by:
|
|
|
|
|
|
Cash
payments
|
287
|
|
3,281
|
|
3,574
|
Asset
exchange
|
-
|
|
-
|
|
12
|
Deferred
consideration (stated at net present cost)
|
7
|
|
5
|
|
10
|
Contingent
consideration
|
4
|
|
110
|
|
93
|
Profit
on step acquisition
|
-
|
|
39
|
|
39
|
Total consideration
|
298
|
|
3,435
|
|
3,728
|
|
|
|
|
|
|
Net cash outflow arising on acquisition
|
|
|
|
|
|
Cash
consideration
|
287
|
|
3,281
|
|
3,574
|
Less:
cash and cash equivalents acquired
|
(2)
|
|
(67)
|
|
(69)
|
Total outflow in the Condensed Consolidated Statement of Cash
Flows
|
285
|
|
3,214
|
|
3,505
|
|
Six months ended 30 June - unaudited
|
||||||||||
|
Number of acquisitions
|
|
Goodwill
|
|
Consideration
|
||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Reportable segments
|
|
|
|
|
€m
|
|
€m
|
|
€m
|
|
€m
|
Europe
Materials
|
1
|
|
2
|
|
-
|
|
37
|
|
5
|
|
60
|
Americas
Materials
|
16
|
|
16
|
|
31
|
|
1,363
|
|
136
|
|
3,270
|
Building
Products
|
8
|
|
4
|
|
73
|
|
25
|
|
157
|
|
104
|
Total
Group
|
25
|
|
22
|
|
104
|
|
1,425
|
|
298
|
|
3,434
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments
to provisional fair values of prior period
acquisitions
|
|
20
|
|
21
|
|
-
|
|
1
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
124
|
|
1,446
|
|
298
|
|
3,435
|
|
|
Six months ended 30 June
|
|||
Unaudited
|
|||||
|
|
|
2019
|
2018
|
|
|
|
|
€m
|
€m
|
|
Revenue
|
|
|
52
|
221
|
|
Profit
before tax for the financial period
|
|
|
2
|
14
|
|
Pro-forma 2019
|
||
|
|
CRH Group
|
Pro-forma
|
|
2019
|
excluding 2019
|
consolidated
|
|
acquisitions
|
acquisitions
|
Group
|
|
€m
|
€m
|
€m
|
Revenue
|
111
|
13,165
|
13,276
|
Profit
before tax for the financial period
|
6
|
705
|
711
|
|
|
|
|
|
Year
ended
|
|
Six months ended 30 June
|
|
31
December
|
||
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
2019
|
|
2018
|
|
2018
|
|
%
|
|
%
|
|
%
|
Eurozone
|
1.46
|
|
2.11
|
|
2.12
|
Switzerland
|
0.40
|
|
0.85
|
|
0.85
|
United
States and Canada
|
3.30
|
|
4.02
|
|
4.10
|
|
Six months ended 30 June - unaudited
|
|||||||
|
Assets
|
|
Liabilities
|
|
Net liability
|
|||
|
2019
|
2018
|
|
2019
|
2018
|
|
2019
|
2018
|
|
€m
|
€m
|
|
€m
|
€m
|
|
€m
|
€m
|
At
1 January
|
2,913
|
2,622
|
|
(3,337)
|
(2,999)
|
|
(424)
|
(377)
|
Administration
expenses
|
(2)
|
(1)
|
|
-
|
-
|
|
(2)
|
(1)
|
Current
service cost
|
-
|
-
|
|
(31)
|
(31)
|
|
(31)
|
(31)
|
Interest income on
scheme assets
|
34
|
26
|
|
-
|
-
|
|
34
|
26
|
Interest cost on
scheme liabilities
|
-
|
-
|
|
(41)
|
(30)
|
|
(41)
|
(30)
|
Arising
on acquisition
|
-
|
334
|
|
(1)
|
(456)
|
|
(1)
|
(122)
|
Remeasurement
adjustments:
|
|
|
|
|
|
|
|
|
-return on scheme assets excluding interest income
|
218
|
(15)
|
|
-
|
-
|
|
218
|
(15)
|
-actuarial (loss)/gain from changes in financial
assumptions
|
-
|
-
|
|
(349)
|
73
|
|
(349)
|
73
|
Employer
contributions paid
|
26
|
22
|
|
-
|
-
|
|
26
|
22
|
Contributions paid
by plan participants
|
7
|
7
|
|
(7)
|
(7)
|
|
-
|
-
|
Benefit
and settlement payments
|
(65)
|
(50)
|
|
65
|
50
|
|
-
|
-
|
Translation
adjustment
|
27
|
9
|
|
(30)
|
(8)
|
|
(3)
|
1
|
At
30 June
|
3,158
|
2,954
|
|
3,731
|
(3,408)
|
|
(573)
|
(454)
|
Related
deferred income tax asset
|
|
|
|
|
|
|
112
|
65
|
Net
pension liability
|
|
|
|
|
|
|
(461)
|
(389)
|
|
Continuing
Operations
|
|||||
|
Six months ended 30 June
|
|
Year
ended
31
December
|
|||
|
Unaudited
|
|
Audited
|
|||
|
2019
|
|
2018
|
|
2018
|
|
|
€m
|
|
€m
|
|
€m
|
|
Group profit for the financial period
|
555
|
|
378
|
|
1,436
|
|
Income
tax expense
|
152
|
|
119
|
|
426
|
|
Profit before tax
|
707
|
|
497
|
|
1,862
|
|
Share of equity accounted investments’ profit
|
(20)
|
|
(19)
|
|
(60)
|
|
Other financial expense
|
59
|
|
16
|
|
46
|
|
Finance costs less income
|
176
|
|
144
|
|
305
|
|
Profit before finance costs
|
922
|
|
638
|
|
2,153
|
|
(Profit)/loss on disposals
|
(171)
|
|
(46)
|
|
24
|
|
Group operating
profit
|
751
|
|
592
|
|
2,177
|
|
Depreciation
charge
|
760
|
|
488
|
|
1,071
|
|
Amortisation
of intangibles
|
29
|
|
30
|
|
61
|
|
Impairment charge
|
-
|
|
20
|
|
56
|
|
EBITDA
|
1,540
|
|
1,130
|
|
3,365
|
|
|
|
|
|
|
|
|
EBITDA impact from adoption of IFRS 16 (note 1)
|
(193)
|
|
-
|
|
-
|
|
EBITDA excluding impact of IFRS 16
|
1,347
|
|
1,130
|
|
3,365
|
|
|
|
|
|
Year
ended
|
|
Six months ended 30 June
|
|
31
December
|
||
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
2019
|
|
2018
|
|
2018
|
|
€m
|
|
€m
|
|
€m
|
Interest
|
|
|
|
|
|
Finance
costs (i)
|
183
|
|
167
|
|
339
|
Finance
income (i)
|
(7)
|
|
(23)
|
|
(34)
|
Net interest
|
176
|
|
144
|
|
305
|
|
|
|
|
|
|
EBITDA – continuing operations
|
1,540
|
|
1,130
|
|
3,365
|
|
|
|
|
|
|
|
Times
|
|
Times
|
|
Times
|
EBITDA net interest cover (EBITDA divided by net interest) –
continuing operations (ii)
|
8.8
|
|
7.8
|
|
11.0
|
|
Rolling 12 months ended 30 June
|
|
|
||
|
Unaudited
|
|
Unaudited
|
|
|
|
2019
|
|
2018
|
|
|
|
€m
|
|
€m
|
|
|
Interest - continuing operations
|
|
|
|
|
|
Net
interest – full year prior year (2018 and 2017)
|
305
|
|
289
|
|
|
Net
interest – H1 prior year (2018 and 2017)
|
144
|
|
150
|
|
|
Net
interest – H2 prior year (2018 and 2017)
|
161
|
|
139
|
|
|
Net
interest – H1 current year (2019 and 2018)
|
176
|
|
144
|
|
|
Net interest – rolling 12 months to 30 June
|
337
|
|
283
|
|
|
|
|
|
|
|
|
EBITDA - continuing operations
|
|
|
|
|
|
EBITDA
– full year prior year (2018 and 2017)
|
3,365
|
|
3,146
|
|
|
EBITDA
– H1 prior year (2018 and 2017)
|
1,130
|
|
1,120
|
|
|
EBITDA
– H2 prior year (2018 and 2017)
|
2,235
|
|
2,026
|
|
|
EBITDA
– H1 current year (2019 and 2018)
|
1,540
|
|
1,130
|
|
|
EBITDA – rolling 12 months to 30 June
|
3,775
|
|
3,156
|
|
|
|
|
|
|
|
|
|
Times
|
|
Times
|
|
|
EBITDA net interest cover (EBITDA divided by net
interest)
|
11.2
|
|
11.2
|
|
|
Albert Manifold
|
Chief Executive
|
|
|
Senan Murphy
|
Finance Director
|
|
CRH public limited company
|
|
(Registrant)
|
|
|
Date
22 August 2019
|
|
|
By:___/s/Neil
Colgan___
|
|
N.Colgan
|
|
Company Secretary
|