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2018 Annual Report and Form 20-F

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2018 Annual Report and Form 20-F Overview Strategy Review Business Performance Governance Financial Statements Supplementary 20-F Disclosures Shareholder Information Index 2018 Annual Report and Form 20-F Overview Strategy Review Business Performance Governance Financial Statements Supplementary 20-F Disclosures Shareholder Information Index CRH Annual Report and Form 20-F I 2018 CRH Annual Report and Form 20-F I 2018 Contents 2018 How our Performance Overview Business Performance Financial Statements Our Global Business in 2018 ....................2 Business Overview .................................26 Independent Auditor’s Reports .............112 Why Invest in Us .......................................4 Finance Director’s Review .......................27 Consolidated Financial Statements .......123 Highlights Chairman’s Introduction ............................5 Segmental Reviews ................................32 Accounting Policies ..............................128 Notes on Consolidated Strategy Review Governance Financial Statements ............................139 €26.8bn Chief Executive’s Review ..........................8 Board of Directors ..................................54 global Sales €25.2bn Strategy ..................................................10 Corporate Governance Report ...............58 Supplementary 20-F Disclosures ......214 Business Model ......................................12 Directors’ Remuneration Report..............68 Shareholder Information ....................238 Measuring Performance ..........................14 Directors’ Report ....................................98 billion Other Information ...............................250 €26.8 Sustainability ..........................................16 Principal Risks and Uncertainties ..........104 Cross Reference to Form 20-F Risk Governance ....................................22 +6% Requirements .......................................261 2017 2018 Index ....................................................262 business €3.4bn EBITDA (as defined)* €3.1bn CRH manufactures and distributes a diverse range of superior building materials and products for the built environment. From foundations, to frame and roofing, to performed €3.4 billion +7% fitting out the interior space and improving the exterior aesthetic, to on-site works 2017 2018 and infrastructural projects including roads and bridges, our materials and products are used extensively in construction projects of all sizes, all across the world. in 2018... Operating Profit €2.1bn €2.2bn €2.2 billion MATERIALS PRODUCTS DISTRIBUTION +4% • Aggregates • Architectural Products • General Builders Merchants 2017 2018 • Lime • Glass and Glazing Systems • Sanitary, Heating and Plumbing • Cement • Infrastructure Products • DIY • Readymixed Concrete • Construction Accessories €2.5bn • Paving & Construction • Shutters & Awnings Profit After Tax • Asphalt • Network Access Products €1.9bn & Perimeter Protection €2.5 billion +31% 2017 2018 Earnings Per Share 302.4c 226.8c 302.4 cent +33% 2017 2018 This document constitutes the Annual Report and Financial Statements in accordance pages 207 to 212) do not form part of CRH’s Annual Report on Form 20-F as filed with the with Irish and UK requirements and the Annual Report on Form 20-F in accordance with Securities and Exchange Commission (SEC). the US Securities Exchange Act of 1934, for CRH plc for the year ended 31 December 2018. A cross reference to Form 20-F requirements is included on page 261. Forward-Looking Statements This document contains forward-looking statements, which by their nature involve risk Dividend Per Share The Directors’ Statements (comprising the Statement of Directors’ Responsibilities, the and uncertainty. Please see Disclaimer/Forward-Looking Statements on page 99 for 68.0c 72.0c Viability Statement and the Directors’ Compliance Statement on pages 100 to 103), the more information about these statements and certain factors that may cause them to Principal Risks and Uncertainties (on pages 104 to 109), the Independent Auditor’s Report prove inaccurate. (on pages 112 to 120) and the Parent Company financial statements of CRH plc (on cent Ash Grove Cement Company’s Midlothian Plant in Texas produces approximately 861,000 tonnes of clinker per 72.0 year and employs 120 people. +6% 2017 2018 View the Report on our website: * EBITDA is defined as earnings before interest, taxes, depreciation, amortisation, asset impairment charges, profit on disposals and the Group’s share of equity accounted investments’ profit after tax. ii www.crh.com/reports/2018-annual-report-20-f.pdf Details of how non-GAAP measures are calculated are set out on pages 217 to 220. 1 OverviewOverview Strategy Review Business Performance Governance Financial Statements Supplementary 20-F Disclosures Shareholder Information Index CRH Annual Report and Form 20-F I 2018 CRH Annual Report and Form 20-F I 2018 Our Global Business in 2018 Regional Scale CRH’s global footprint spans 32 countries and over 3,700 operating locations, serving customers across the entire building materials spectrum, on five continents, worldwide. Americas Building Materials Sales c. 45,100 €13.4 billion employees 2017: €12.3 billion c. 1,820 operating locations Growth +9% Operations in 46 US states, seven Canadian provinces and Southeast Brazil Europe Heavyside Materials Sales c. 43,400 €13.0 billion employees 2017: €12.5 billion c. 1,870 operating locations Growth +4% Our Balanced Portfolio Operations in 24 countries Building a balanced portfolio is a core constituent of our strategy and a key determinant of value creation for CRH. Asia Cement Producer Sales By Geography By Division By End-Use New Build vs RMI 2 in Philippines c. 1,300 €0.4 billion 68% 69% 35% 55% employees Americas Materials Residential New Build 2017: €0.4 billion 30% 33% 26% Non- 45% 12 operating locations Products Repair, Decline -1% Europe Residential Maintenance -1% 5% 35% & Improvement Asia Distribution Infrastructure (RMI) Regional leadership positions Percentages based on 2018 Operating Profit Percentages based on 2018 Operating Profit Percentages based on 2018 Group Sales Percentages based on 2018 Group Sales 2 3 OverviewOverview Strategy Review Business Performance Governance Financial Statements Supplementary 20-F Disclosures Shareholder Information Index CRH Annual Report and Form 20-F I 2018 CRH Annual Report and Form 20-F I 2018 Why Invest in Us Chairman’s Introduction1 Against a backdrop of international economic we have set up a new Safety, Environment uncertainty, 2018 has been another year of & Social Responsibility (SESR) Committee. €26.8bn €24.8bn €25.2bn Scale in attractive markets Industry Leading progress for CRH with EBITDA (as defined)* for Under its terms of reference, this Committee CRH is the largest building materials company in 32 the year of €3.4 billion (2017: €3.1 billion), profit will work with management in areas such as after tax of €2.5 billion (2017: €1.9 billion) and fatality elimination, emission targets, inclusion North America and the largest heavyside materials Countries Globally Value & Returns business in Europe. Net Debt at year end being 2.1x EBITDA (as and diversity, employee engagement and 2 defined)* (2017: 1.8x) after net development sustainability reporting. Revenue activity of €553 million and the completion Since 1970 CRH has Following completion of two terms of three 2016 2017 2018 of €789 million of the €1 billion buyback years on the Board, Don McGovern will retire Balanced portfolio delivered an industry-leading programme announced in April 2018. 35% 30% as a non-executive Director at the conclusion Our businesses are diversified across a range Residential Non-Residential compound Total Shareholder of products, geographies and end-uses. Based on performance in 2018, the of the AGM on 25 April 2019. During his time Return (TSR) of 14.8%. Board is recommending a final dividend of on the Board, Don has held the roles of Senior 35% 52.4c per share, which, if approved at the Active portfolio Infrastructure €100 invested in CRH “ 2019 Annual General Meeting (AGM), will result shares in 1970, with in an increase in the full-year dividend of 6% to management is part Unique acquisition model dividends reinvested, 72.0c per share. of CRH’s strategy We are focused on adding small to mid-sized €3.6bn would now be Active portfolio management is part of CRH’s to deliver improved companies that complement our existing portfolio, Development Spend in 2018 worth €76,000. strategy to deliver improved margins and together with occasional large acquisitions where we returns. During 2018, the Group invested margins and returns. see compelling value. c. €3.6 billion on 46 transactions including the acquisition of Ash Grove Cement Company (Ash Grove) for c. €2.9 billion, which received Long-term growth opportunity regulatory approval in June 2018. We also ” Population and economic growth along with a good +64% completed the divestment of our Americas balance of New Build and RMI demand are long-term Revenue Growth Distribution business in January 2018 for drivers of construction growth in our main markets. since 2013 €2.4 billion and we divested our Benelux DIY business, together with certain related property assets, for a total consideration of c. €0.5 billion. Total business and asset Continuously improving disposal proceeds in 2018 amounted to CRH is relentlessly focused on operational and 409bps €3.0 billion. commercial excellence, coordinated and driven EBITDA (as defined)* Margin Independent Director and Remuneration
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