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CRH publishes quarterly U.S. GAAP information for 2023

CRH

CRH plc, a leading provider of building materials solutions, today provides quarterly information under U.S. GAAP for the financial year ended December 31, 2023.

Quarterly financial information is now available at Appendix 1 and at www.crh.com.

About CRH

CRH (NYSE: CRH, LSE: CRH) is a leading provider of building materials solutions that build, connect and improve our world. Employing approximately 78,500 people at approximately 3,390 operating locations in 29 countries, CRH has market leadership positions in both North America and Europe. As the essential partner for transportation and critical utility infrastructure projects, complex non-residential construction and outdoor living solutions, CRH’s unique offering of materials, products and value-added services helps to deliver a more resilient and sustainable built environment. The company is ranked among sector leaders by Environmental, Social and Governance (ESG) rating agencies. A Fortune 500 company, CRH’s shares are listed on the NYSE and LSE.

Registered Office: No 12965. Registered Office: 42 Fitzwilliam Square, Dublin 2, D02 R279, Ireland

Appendix 1 - Quarterly Financial Information

The following financial information represents a quarterly breakdown of the Company’s Consolidated Financial Statements prepared in accordance with U.S. GAAP for the year ended December 31, 2023. The full audited Consolidated Financial Statements prepared in accordance with U.S. GAAP for the year ended December 31, 2023, including notes thereto, are included as a part of the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC).

Consolidated Statements of Income

(In $ millions, except share and per share data)

Unaudited, for the three months ended

Audited, for the

year ended

March 31,

2023

June 30,

2023

September 30,

2023

December 31,

2023

December 31,

2023

Product revenues

5,338

7,431

7,157

6,230

26,156

Service revenues

1,089

2,278

2,971

2,455

8,793

Total revenues

6,427

9,709

10,128

8,685

34,949

Cost of product revenues

(3,744)

(3,932)

(3,609)

(3,456)

(14,741)

Cost of service revenues

(1,064)

(2,147)

(2,756)

(2,278)

(8,245)

Total cost of revenues

(4,808)

(6,079)

(6,365)

(5,734)

(22,986)

Gross profit

1,619

3,630

3,763

2,951

11,963

Selling, general and administrative expenses

(1,622)

(2,035)

(1,990)

(1,839)

(7,486)

Gain on disposal of long-lived assets

5

18

15

28

66

Loss on impairments

(357)

(357)

Operating income

2

1,613

1,788

783

4,186

Interest income

40

36

62

68

206

Interest expense

(81)

(73)

(131)

(91)

(376)

Other nonoperating income (expense), net

2

1

(5)

(2)

(Loss) income before income tax expense and income from equity method investments

(39)

1,578

1,720

755

4,014

Income tax benefit (expense)

14

(379)

(416)

(144)

(925)

(Loss) income from equity method investments

(6)

13

14

(38)

(17)

Net (loss) income

(31)

1,212

1,318

573

3,072

Net (income) attributable to redeemable noncontrolling interests

(2)

(10)

(9)

(7)

(28)

Net loss (income) attributable to noncontrolling interests

5

(3)

(3)

135

134

Net (loss) income attributable to CRH plc

(28)

1,199

1,306

701

3,178

(Loss) earnings per share attributable to CRH plc

Basic

($0.05)

$1.63

$1.81

$0.99

$4.36

Diluted

($0.05)

$1.62

$1.80

$0.99

$4.33

Weighted average common shares outstanding

Basic

742.9

734.7

718.2

700.5

723.9

Diluted

742.9

738.2

722.1

705.3

729.2

Consolidated Balance Sheets

(In $ millions, except share data)

Unaudited, as at

Audited, as at

March 31,

2023

June 30,

2023

September 30,

2023

December 31,

2023

Assets

Current assets:

Cash and cash equivalents

4,650

4,275

5,722

6,341

Accounts receivable, net

4,706

6,119

5,972

4,507

Inventories

4,458

4,276

4,191

4,291

Assets held for sale

1,268

Other current assets

416

404

430

478

Total current assets

14,230

15,074

16,315

16,885

Property, plant and equipment, net

17,997

18,155

18,103

17,841

Equity method investments

655

672

665

620

Goodwill

9,308

9,338

9,545

9,158

Intangible assets, net

1,094

1,061

1,074

1,041

Operating lease right-of-use assets, net

1,192

1,187

1,237

1,292

Other noncurrent assets

631

655

692

632

Total assets

45,107

46,142

47,631

47,469

Liabilities, redeemable noncontrolling interests and shareholders’ equity

Current liabilities:

Accounts payable

2,627

3,553

2,954

3,149

Accrued expenses

2,079

2,335

2,457

2,296

Current portion of long-term debt

2,251

2,185

1,860

1,866

Operating lease liabilities

235

240

245

255

Liabilities held for sale

375

Other current liabilities

2,063

1,358

1,675

2,072

Total current liabilities

9,255

9,671

9,191

10,013

Long-term debt

7,583

7,563

9,535

9,776

Deferred income tax liabilities

2,972

3,010

3,050

2,738

Noncurrent operating lease liabilities

1,021

1,016

1,065

1,125

Other noncurrent liabilities

2,132

2,173

2,142

2,196

Total liabilities

22,963

23,433

24,983

25,848

Commitments and contingencies

Redeemable noncontrolling interests

307

313

320

333

Shareholders’ equity

Preferred stock, €1.27 par value, 150,000 shares authorized and 50,000 shares issued and outstanding for 5% preferred stock and 872,000 shares authorized, issued and outstanding for 7% 'A' preferred stock, as of March 31, June 30, September 30 and December 31, 2023

1

1

1

1

Common stock, €0.32 par value, 1,250,000,000 shares authorized, as of March 31, June 30, September 30 and December 31, 2023; 752,140,338 shares issued and outstanding, as of March 31 and June 30 and 750,725,468 and 734,519,598 shares issued and outstanding, as of September 30 and December 31, 2023, respectively

302

302

302

296

Treasury stock, at cost (11,596,581, 24,158,408, 41,554,960 and 42,419,281 shares as of March 31, June 30, September 30 and December 31, 2023, respectively)

(487)

(1,140)

(2,132)

(2,199)

Additional paid-in capital

420

391

423

454

Accumulated other comprehensive loss

(673)

(625)

(763)

(616)

Retained earnings

21,692

22,892

23,936

22,918

Total shareholders’ equity attributable to CRH plc shareholders

21,255

21,821

21,767

20,854

Noncontrolling interests

582

575

561

434

Total equity

21,837

22,396

22,328

21,288

Total liabilities, redeemable noncontrolling interests and equity

45,107

46,142

47,631

47,469

Consolidated Statements of Cash Flows

(In $ millions)

Unaudited

Audited

Three months ended

March 31,

2023

Six months ended

June 30,

2023

Nine months ended

September 30,

2023

Year ended

December 31,

2023

Cash Flows from Operating Activities:

Net (loss) income

(31)

1,181

2,499

3,072

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, depletion and amortization

384

785

1,187

1,633

Loss on impairments

357

Share-based compensation

31

60

92

123

Gains on disposals from long-lived assets, net

(5)

(23)

(38)

(66)

Deferred tax expense (benefit)

49

95

108

(64)

Loss (income) from equity method investments

6

(7)

(21)

17

Pension and other postretirement benefits net periodic benefit cost

8

14

22

31

Non-cash operating lease costs

69

138

212

293

Other items, net

(3)

35

33

68

Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:

Accounts receivable, net

(356)

(1,758)

(1,643)

(164)

Inventories

(217)

(22)

62

(60)

Accounts payable

(339)

558

(30)

144

Operating lease liabilities

(70)

(137)

(204)

(276)

Other assets

(21)

(2)

(5)

25

Other liabilities

(164)

69

354

(72)

Pension and other postretirement benefits contributions

(12)

(23)

(34)

(44)

Net cash (used in) provided by operating activities

(671)

963

2,594

5,017

Cash Flows from Investing Activities:

Purchases of property, plant and equipment

(332)

(771)

(1,175)

(1,817)

Acquisitions, net of cash acquired

(155)

(198)

(561)

(640)

Proceeds from divestitures and disposals of long-lived assets

6

42

64

104

Dividends received from equity method investments

8

12

23

44

Settlements of derivatives

(2)

7

3

(1)

Deferred divestiture consideration received

5

6

Other investing activities, net

(17)

(62)

(88)

(87)

Net cash used in investing activities

(492)

(970)

(1,729)

(2,391)

Consolidated Statements of Cash Flows

(In $ millions)

Unaudited

Audited

Three months ended

March 31,

2023

Six months ended

June 30,

2023

Nine months ended

September 30,

2023

Year ended

December 31,

2023

Cash Flows from Financing Activities:

Proceeds from debt issuances

71

855

2,687

3,163

Payments on debt

(849)

(940)

(1,462)

Settlements of derivatives

6

4

5

7

Payments of finance lease obligations

(6)

(12)

(18)

(26)

Deferred and contingent acquisition consideration paid

(4)

(4)

(8)

(22)

Dividends paid

(761)

(761)

(940)

Distributions to noncontrolling and redeemable noncontrolling interests

(13)

(23)

(35)

(35)

Transactions involving noncontrolling interests

(2)

Repurchases of common stock

(246)

(959)

(2,031)

(3,067)

Proceeds from exercise of stock options

1

3

4

4

Net cash used in financing activities

(191)

(1,746)

(1,097)

(2,380)

Effect of exchange rate changes on cash and cash equivalents

68

92

18

208

(Decrease) increase in cash and cash equivalents

(1,286)

(1,661)

(214)

454

Cash and cash equivalents at the beginning of period

5,936

5,936

5,936

5,936

Cash and cash equivalents at the end of period

4,650

4,275

5,722

6,390

Supplemental cash flow information:

Cash paid for interest (including finance leases)

54

201

244

418

Cash paid for income taxes

104

277

620

959

Reconciliation of cash and cash equivalents

Cash and cash equivalents presented in the Consolidated Balance Sheets

4,650

4,275

5,722

6,341

Cash and cash equivalents included in assets held for sale

49

Total cash and cash equivalents presented on the Consolidated Statements of Cash Flows

4,650

4,275

5,722

6,390

Segment Information

(In $ millions)

Unaudited, for the three months ended

Audited, for the

year ended

March 31,

2023

June 30,

2023

September 30,

2023

December 31,

2023

December 31,

2023

Revenues

Americas Materials Solutions

1,895

4,164

5,080

4,296

15,435

Americas Building Solutions

1,661

2,148

1,738

1,470

7,017

Europe Materials Solutions

2,178

2,614

2,617

2,281

9,690

Europe Building Solutions

693

783

693

638

2,807

Total revenues

6,427

9,709

10,128

8,685

34,949

Adjusted EBITDA*

Americas Materials Solutions

(35)

935

1,284

875

3,059

Americas Building Solutions

301

474

391

276

1,442

Europe Materials Solutions

68

515

446

366

1,395

Europe Building Solutions

52

90

69

69

280

Total Adjusted EBITDA*

386

2,014

2,190

1,586

6,176

Depreciation, depletion and amortization

Americas Materials Solutions

186

195

195

205

781

Americas Building Solutions

75

73

73

78

299

Europe Materials Solutions

101

111

112

140

464

Europe Building Solutions

22

22

22

23

89

Total depreciation, depletion and amortization

384

401

402

446

1,633

For the three months ended

For the year

ended

Non-GAAP reconciliation (unaudited)

March 31,

2023

June 30,

2023

September 30,

2023

December 31,

2023

December 31,

2023

Net (loss) income

(31)

1,212

1,318

573

3,072

Loss (income) from equity method investments

6

(13)

(14)

38

17

Income tax (benefit) expense

(14)

379

416

144

925

Pension income excluding current service cost component (i)

(2)

(1)

(3)

Other interest, net (i)

5

5

Interest expense

81

73

131

91

376

Interest income

(40)

(36)

(62)

(68)

(206)

Depreciation, depletion and amortization

384

401

402

446

1,633

Loss on impairments (ii)

357

357

Adjusted EBITDA*

386

2,014

2,190

1,586

6,176

(i) Pension income excluding current service cost component and other interest, net have been included in Other nonoperating income (expense), net in the Consolidated Statements of Income.

(ii) For the year ended December 31, 2023, the total loss on impairments comprised of $62 million within Americas Materials Solutions and $295 million within Europe Materials Solutions.

*Adjusted EBITDA is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, loss on impairments, gain/loss on divestitures, income/loss from equity method investments, substantial acquisition-related costs and pension expense/income excluding current service cost component. It is quoted by management in conjunction with other GAAP and non-GAAP financial measures to aid investors in their analysis of the performance of the Company. Adjusted EBITDA by segment is monitored by management in order to allocate resources between segments and to assess performance. Reconciliation to its nearest GAAP measure is presented above.

Earnings Per Share (EPS)

(In $ millions, except share and per share data)

Unaudited, for the three months ended

Audited, for the

year ended

March 31,

2023

June 30,

2023

September 30,

2023

December 31,

2023

December 31,

2023

Numerator

Net (loss) income

(31)

1,212

1,318

573

3,072

Net (income) attributable to redeemable noncontrolling interests

(2)

(10)

(9)

(7)

(28)

Net loss (income) attributable to noncontrolling interests

5

(3)

(3)

135

134

Adjustment of redeemable noncontrolling interests to redemption value

(10)

(2)

(6)

(6)

(24)

Net (loss) income attributable to CRH plc for EPS - basic and diluted

(38)

1,197

1,300

695

3,154

Denominator

Weighted average common shares outstanding – Basic (i)

742.9

734.7

718.2

700.5

723.9

Effect of dilutive employee share awards (ii)

-

3.5

3.9

4.8

5.3

Weighted average common shares outstanding – Diluted

742.9

738.2

722.1

705.3

729.2

(Loss) earnings per share attributable to CRH plc

Basic

($0.05)

$1.63

$1.81

$0.99

$4.36

Diluted

($0.05)

$1.62

$1.80

$0.99

$4.33

(i) The weighted average number of common shares included in the computation of basic and diluted earnings per share has been adjusted to exclude shares repurchased and held by the Company as Treasury Stock given that these shares do not rank for dividend.

(ii) Common shares that would only be issued contingent on certain conditions totaling 6,928,751, 5,700,540, 5,336,581 and 4,677,404 at March 31, June 30, September 30 and December 31, 2023, respectively, are excluded from the computation of diluted earnings per share where the conditions governing exercisability have not been satisfied as of the end of the reporting period or they are antidilutive for the periods presented. In periods of loss, shares that otherwise would have been included in our diluted weighted average common shares outstanding computation have been excluded.

Appendix 2 - Disclaimer

The financial information presented in this document does not constitute statutory financial statements for the purposes of Chapter 4 of Part 6 of the Companies Act 2014. The Company’s statutory financial statements for the year ended December 31, 2023 prepared in accordance with IFRS, upon which the auditors expressed an unqualified opinion, were published on March 15, 2024 and are expected to be delivered to the Registrar of Companies of Ireland within 56 days of the annual return date in 2024.



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