Myles Lee, Chief Executive, said today:
"Results for 2012 reflect progress from CRH's Americas operations helped by a strong recovery in residential construction and improving overall economic activity in the United States. In contrast, our European businesses had to contend with weakening consumer and investor confidence within the Eurozone.
Assuming no major financial or energy market dislocations, we expect that ongoing improvements in our businesses in the Americas combined with further profit improvement initiatives throughout our operations will outweigh continuing trading pressures in our European segments, enabling the Group to achieve progress in 2013."
Financial Highlights
Sales up 3% to €18.7 billion; EBITDA of €1.64 billion, ahead of November guidance
Americas sales up 15% and EBITDA up 12% to €0.85 billion
European sales down 7% and EBITDA down 12% at €0.79 billion
Continuing tight management of working capital and capital expenditure
Net debt down €0.5 billion to under €3 billion; net debt to EBITDA cover of 1.8x
One of the strongest balance sheets in the global building materials sector
Dividend per share maintained at 62.5c
Operational Highlights
Continued focus on cost management; cost savings of €166 million delivered in 2012
Cumulative annualised cost savings of €2.2 billion since 2007, over 40% permanent in nature
Further cost reductions of approximately €0.3 billion in three-year period to 2015
Acquisitions/investment activity of €0.65 billion
Active portfolio management; proceeds of €0.86 billion from disposals
