2022 Full Year Results
DUBLIN, IRELAND / ACCESSWIRE / March 2, 2023 / This document contains inside information
Key Highlights
· Strong performance underpinned by our integrated solutions strategy
· Further growth in sales, EBITDA, margin & EPS despite significant cost inflation
· Efficient & disciplined approach to capital allocation
· FY dividend +5%, significantly increasing share buyback to $3bn over next 12 months
· $3.3bn invested in solutions-focused acquisitions; strong pipeline of opportunities
· Strong & flexible balance sheet; significant optionality for future value creation
· Raising sustainability ambitions; updated 1.5°C decarbonisation targets
· New organisational structure; aligning with integrated solutions strategy
· Recommending transition to US primary listing in 2023
Summary Financials1 2022 Change
Sales $32.7bn +12%
EBITDA $5.6bn +13%
EBITDA Margin 17.2% +10bps
EPS $3.50 +14%
Albert Manifold, Chief Executive, said today:
"Our 2022 performance reflects the outstanding commitment of our people, the underlying strength and resilience of our business and the continued delivery of our integrated, solutions-focused strategy. Despite significant cost pressures throughout the year, we delivered further improvements in profits, margins and returns. Our strong cash generation together with our relentless focus on disciplined capital allocation has also delivered the strongest balance sheet in our history, providing us with significant opportunities for further growth and value creation going forward."
Announced Thursday, 2 March 2023
1 Current and prior year trading information is presented on a continuing operations basis, excluding the results of the Building Envelope business which was divested in April 2022 and has been classified within discontinued operations.
2022 Full Year Results
Trading Overview
CRH delivered a strong performance in 2022 underpinned by our integrated solutions strategy along with resilient demand and commercial progress in North America and Europe. Group sales of $32.7 billion (2021: $29.2 billion) were 12% ahead of 2021 on both a total and like-for-like basis2. Group EBITDA of $5.6 billion (2021: $5.0 billion) was 13% ahead as good commercial management and further operational efficiencies offset significant cost inflation, overall Group margin was also ahead of prior year. Like-for-like EBITDA was 8% ahead of 2021.
· Americas Materials delivered a strong performance with total sales 15% above 2021 levels and like-for-like sales 12% ahead driven primarily by solid price progression across all lines of business. EBITDA was 6% ahead, or 5% ahead on a like-for-like basis, as good commercial management partially offset the impact of higher input costs and lower volumes resulting from unfavourable weather.
· Building Products maintained good activity levels as demand for critical utility infrastructure and outdoor living solutions remained resilient. This, together with strong performances from recent acquisitions, delivered total sales 26% ahead of 2021, or 11% ahead on a like-for-like basis. Total EBITDA was 52% ahead, 18% ahead on a like-for-like basis, as a result of continued progress on pricing, cost control and production efficiencies.
· Europe Materials like-for-like sales were 11% ahead reflecting continued strong pricing progress which offset the impact of lower activity levels. Like-for-like EBITDA was 8% ahead, driven by commercial excellence measures across all countries along with a continued focus on cost savings, partly offset by significant cost inflation and the impact of the conflict in Ukraine. Total sales were in line with 2021 and EBITDA was 4% behind due to the impact of adverse currency translation effects.
Profit after tax from continuing operations was 10% ahead of 2021 at $2.7 billion (2021: $2.4 billion) driven primarily by the strong trading performance.
Earnings per share (EPS) from continuing operations was 14% higher than 2021 at $3.50 (2021: $3.06). Including the trading contribution and profit on disposal of our discontinued operations, total EPS was $5.07 (2021: $3.29).
Note 2 on page 15 analyses the key components of the 2022 performance.
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SOURCE: CRH PLC
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