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CRH released 2015 full year results

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World Cement,

CRH released their 2015 full year results on 3 March 2015.

Albert Manifold, Chief Executive, said today:

“As a result of good performance from our heritage businesses and contributions from acquisitions, 2015 was a year of significant profit growth for CRH. Strong cash generation resulted in our year-end debt metrics being ahead of target, and we are well on track to restoring these metrics to normalised levels during 2016. Recently there has been some uncertainty about the pace of global growth. Our focus remains on consolidating and building upon the gains made in 2015, and against this backdrop we believe 2016 will be a year of continued growth for the Group.”

Key Points

  • Good profit growth.
  • Enhanced portfolio through M&A.
  • Strong cash generation; de-leveraging accelerated.
  • Margins and returns ahead.

Financial Highlights

  • Sales of €23.6 billion, 25% ahead of 2014; continuing operations (see page 29) up 17%.
  • EBITDA up 35% to €2.2 billion, ahead of November guidance; continuing operations up 33%.
  • Cash inflow from operations up 47% to €1.3 billion; year-end net debt of €6.6 billion.
  • Dividend per share maintained at 62.5c, covered 1.4 times.

Strategic Highlights

  • Strengthening market positions through focused portfolio management.
  • Delivering value through capital allocation and reallocation at attractive multiples.
  • Acquisitions and investments of almost €8 billion; transaction/one-off costs of €0.2 billion.
  • Divestment and disposal proceeds of circa €1.0 billion; cumulative proceeds from divestment programme since 2014 of €1.4 billion.

Adapted from press release by Joseph Green

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