CRH PLC · NYSE:CRH
CRH — FY2004 Earnings Presentation
16 slides from CRH's earnings presentation, May 31, 2005
Slide 1: Restatement of 2004 Results under International Financial Reporting Standards
Restatement of 2004 Results under International Financial Reporting Standards Myles Lee, Finance Director 31 May 2005 0
Slide 2: IFRS Transition - Overview
IFRS Transition - Overview z Standards of particular relevance to CRH: Î Adoption of IFRS (IFRS 1) - provides some exemptions to retrospective restatement Î Share-based Payment (IFRS 2)- expensing of share-based payments at fair value Î Business Combinations (IFRS 3) - non-amortisation of goodwill/i
Slide 3: IFRS Transition - Exemptions Availed of by CRH
IFRS Transition - Exemptions Availed of by CRH z IFRS 1 transition exemptions selected by CRH Î No restatement of business combinations prior to 1 January 2004 Î Previous fixed asset revaluations regarded as deemed cost Î Cumulative actuarial gains and losses for DB pension schemes recognised in ful
Slide 4: IFRS Restatement of Key 2004 P&L Captions
IFRS Restatement of Key 2004 P&L Captions Full Year Interim Irish Irish €m IFRS GAAP Change IFRS GAAP Change Turnover 12,755 12,820 (65) 5,608 5,670 (62) EBITA 1,220 1,247 (27) 370 385 (15) EBIT 1,231 1,157 74 376 342 34 Interest (146) (140) (6) (64) (67) 3 Associates’ PAT 19 - 19 7 - 7 PBT 1,104 1,
Slide 5: IFRS Restatement of 2004 Turnover
IFRS Restatement of 2004 Turnover €m Full Year Interim Turnover - Irish GAAP 12,820 5,670 JVs Re-classified as Associates (65) (62) Turnover - IFRS 12,755 5,608 Change in Turnover (65) (62) 4
Slide 6: Restatement of Operating Profit (EBITA)
Restatement of Operating Profit (EBITA) €m Full Year Interim Operating Profit - Irish GAAP 1,247 385 Expensing of Share Options (10) (4) Business Combinations 8 (1) Amortisation of Intangibles (4) (2) Associates included at PAT level (22) (3) JVs Re-classified as Associates (5) (8) Sundry 6 3 Operat
Slide 7: Restatement of Profit Before Interest (EBIT)
Restatement of Profit Before Interest (EBIT) €m Full Year Interim Profit before Interest - Irish GAAP 1,157 342 EBITA Adjustments (slide 5) (27) (15) Elimination of 2004 Goodwill Amortisation 101 49 Profit before Interest - IFRS 1,231 376 Change in EBIT 74 34 6
Slide 8: IFRS Restatement of Net Interest
IFRS Restatement of Net Interest €m Full Year Interim Net Interest - Irish GAAP (140) (67) Net Pension Interest Income 9 4 Unwinding of Discounts (11) (5) Derivatives (4) 4 Minority Interest Re-classification (2) (1) Associates included at PAT level 2 1 Net Interest - IFRS (146) (64) Change in Net I
Slide 9: IFRS Restatement of Profit Before Tax (PBT)
IFRS Restatement of Profit Before Tax (PBT) €m Full Year Interim Profit before Tax - Irish GAAP 1,017 275 EBIT adjustments (slide 6) 74 34 Interest adjustments (slide 7) (6) 3 Associates’ PAT 19 7 Profit before Tax - IFRS 1,104 319 Change in Profit before Tax 87 44 8
Slide 10: IFRS Restatement of Attributable Profit
IFRS Restatement of Attributable Profit Full Year Interim Irish Irish €m IFRS GAAP Change IFRS GAAP Change PBT 1,104 1,017 87 319 275 44 Taxation (232) (247) 15 (63) (69) 6 Minorities (6) (8) 2 (4) (5) 1 Attributable 866 762 104 252 201 51 Tax rate % 21.0% 24.3% 19.9% 25.1% 9
Slide 11: IFRS Restatement of Earnings Per Share
IFRS Restatement of Earnings Per Share Full Year Interim Irish Irish IFRS GAAP IFRS GAAP Attributable Profit (€m) 866 762 252 201 Avg shares (m) 529.5 529.5 528.3 528.3 Basic EPS (c) 163.6 143.9 47.7 38.1 EPS pre Goodwill (c) 163.1 47.3 z Basic EPS under IFRS very similar to previously reported Iris
Slide 12: IFRS 1/1/2004 Transition Balance Sheet
IFRS 1/1/2004 Transition Balance Sheet Total Total Total Net €m Assets Liabilities Equity Debt Irish GAAP 11,065 (6,216) 4,849 (2,308) Consolidation of JVs (IAS 31) 302 (301) 1 (178) Deferred Tax (IAS 12) 36 (403) (367) - Net Pension Liabilities (IAS 19) 78 (210) (132) - Minority Interest (IAS 32) -
Slide 13: IFRS Restatement of 2004 Equity
IFRS Restatement of 2004 Equity €m Year End Interim Total Equity - Irish GAAP 5,300 5,166 Deferred Tax (IAS 12) (342) (376) Net Pension Liabilities (IAS 19) (211) (137) Minority Interest Re-classification (IAS 32) (54) (65) Discounting of Provisions (IAS 37) 46 48 Derivatives (IAS 39) (6) 2 Proposed
Slide 14: IFRS Restatement of 2004 Net Debt
IFRS Restatement of 2004 Net Debt €m Year End Interim Net Debt - Irish GAAP 2,441 3,175 Consolidation of Joint Ventures (IAS 31) 257 258 Minority Interest Re-classification (IAS 32) 54 65 Derivatives (IAS 39) 6 (5) Net Debt - IFRS 2,758 3,493 Change in Net Debt 317 318 13
Slide 15: IFRS Restatement - Summary
IFRS Restatement - Summary z Full Year 2004 PBT 9% higher under IFRS mainly due to non-amortisation of goodwill z 2004 PAT 13% higher reflecting PBT increase and lower IFRS tax charge z 2004 Basic EPS 14% higher under IFRS z Year End 2004 Equity c. €300m lower under IFRS mainly due to inclusion of d
Slide 16: Contact Us
Contact Us CRH plc Investor Relations Belgard Castle Clondalkin Dublin 22 Ireland Phone: + 353 1 404 1000 Fax: + 353 1 404 1007 Email: ir@crh.com or look up our Website - www.crh.com This presentation contains certain forward-looking statements as defined under US legislation. By their nature, such