CRH - February 2014
CRH's turnover eased by an underlying 0.3 per cent in 2013 to EUR18,031m while the EBITDA declined by 5.6 per cent to EUR1475m. The trading profit before charging EUR650m of impairments was down by 10 per cent to EUR750m, with European building products accounting for nearly two thirds of this charge. The net interest charge declined by 2.6 per cent to EUR297m and a EUR26m gain on disposals, compared with EUR230m in 2012, gave rise to a pretax loss of EUR215 compared with a EUR646m profit. Ignoring the impairment charge, the underlying pretax profit would have been 32.7 per cent lower at EUR435m. The net attributable result swung from a EUR538m profit to a loss of EUR296m. Net debt at the end of December was two per cent lower at EUR3bn with the gearing level rising from 29 per cent to 31 per cent, as shareholder's funds declined by 8.5 per cent to EUR9662m as a result of the impairments charged. Capital expenditure was reduced by 8.6 per cent to EUR497m and is expected to remain in the region of EUR500m for 2014. European turnover, which includes the still relatively modest contribution from the Asian operations, declined by 2.7 per cent to EUR8578m, while in the Americas turnover increased by two per cent to EUR9453m. In terms of EBITDA, the European contribution again declined by double digits, or by a further 19.2 per cent to EUR583m, while the American contribution improved by 8.8 per cent to EUR892m.