CRH PLC Announces 2018 Full Year Results

DUBLIN / ACCESSWIRE / February 28, 2019 / CRH PLC (LSE: CRH)

Key Points

· Record EBITDA¹ delivery at €3.37 billion

· Continued profit growth and margin improvement amid weather disruption and an inflationary cost environment

· Strong financial discipline maintained with €2.4 billion operating cash flows from continuing operations and year-end net debt/EBITDA of <2.1x

· Share buyback programme continues; €0.8 billion returned to shareholders in 2018

· Dividend per share increased 6% to 72.0c

· Profit improvement programme progressing well

Trading Highlights

· Sales of €26.8 billion, 6% ahead of 2017

· Like-for-like sales ahead 3%; up 2% in Europe, 4% in the Americas and 8% in Asia

· EBITDA of €3.37 billion, 7% ahead of 2017

· Like-for-like EBITDA ahead 3%; up 3% in Europe and the Americas and down 44% in Asia

· EBITDA margin of 12.6% (2017: 12.5%)

· EPS from continuing operations of 172.0c per share, 11% ahead of 2017 adjusted EPS (excluding 2017 one-off gains)

Year ended 31 December		2018			2017
		€m			€m		Change
Sales revenue		26,790			25,220		+6%
EBITDA		3,365			3,146		+7%
EBITDA margin		12.6%			12.5%		+10bps
Operating Profit (EBIT) from continuing operations		2,177			2,095		+4%
Profit after tax from continuing operations		1,436			1,812
Profit after tax from discontinued operations		1,085			107
Group profit for the financial year		2,521			1,919		+31%
Basic earnings per share (€ cent)		302.4			226.8		+33%
Basic/adjusted* earnings per share from continuing operations (€ cent)		172.0			154.3		+11%
Dividend per share (€ cent)		72.0			68.0		+6%
*2017 basic earnings per share from continuing operations of 214.0c is adjusted to exclude the one-off impact of changes in corporate tax rates in the United States and a Swiss pension plan past service credit.

Albert Manifold, Chief Executive, said today:

"2018 was another year of record profit delivery for CRH. We benefited from good demand and continued favourable market fundamentals in the Americas coupled with positive underlying momentum in Europe. Both were experienced against a backdrop of energy-related input cost inflation and significant weather disruption throughout the year but with a continued focus on performance improvement and operational delivery, margins were ahead of last year. Supported by strong cash generation, we continued to deliver value through efficient capital management, completing €3.6 billion of acquisitions and €3.0 billion of disposals, while returning €0.8 billion to shareholders in the year through our share buyback programme. CRH remains well positioned to build upon the gains made in 2018. With a relentless focus on continuous business improvement, margin expansion, cash generation and returns for shareholders, together with continued strong financial discipline and efficient allocation of capital, we believe 2019 will be a year of progress and further growth for the Group."

Announced Thursday, 28 February 2019

^[1] See pages 34 to 39 for glossary of alternative performance measures (including EBITDA, net debt/EBITDA, EBITDA net interest cover, adjusted EPS and like-for-like) used throughout this report.

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CONTACT: CRH PLC

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