CRH plc 2010 results - year ended 31st December 2010

Year ended 31 December	2010 € m	2009 € m	% change
Sales revenue	17,173	17,373	-1 %
EBITDA*	1,615	1,803	- 10%
Impairment charges **	(124)	(41)
Profit on disposals	55	26
Profit before tax and impairment charges	658	773	-15%
Profit before tax	534	732	-27%
	€ cent	€ cent
Earnings per share	61.3	88.3	-31%
Cash earnings per share	194.6	214.7	-9%
Dividend	62.5	62.5	-

* EBITDA (earnings before interest, tax, depreciation, amortisation and impairment charges) excludes profit on disposals and CRH's share of associates' profit after tax.
** 2010 impairment charges include €22 million related to associates

• EBITDA of €1,615 million, in line with November trading update guidance
  
• Profit before tax and impairment charges of €658 million; November update indicated €620 to €650 million
  
• Profit before tax of €534 million; November update indicated €520 to €550 million
  
• Earnings per share of 61.3c (2009: 88.3c)
  
• Dividend per share maintained at 62.5c
  
• Operating cash flow of €665 million; strong working capital inflows and restraint on capital expenditure
  
• Total acquisition spend of €567 million
  
• Successful US$750 million bond issue in November
  
• Year-end net debt down €0.25 billion to €3.5 billion; net debt/EBITDA at 2.2x; EBITDA/net interest at 6.5x
  
• One of the strongest balance sheets in the sector
  

Myles Lee, Chief Executive, said :

"Overall demand across the Group appears to have stabilised in the past three months and, assuming no major market dislocations, we believe that it is reasonable to look forward to like-for-like revenue growth for 2011 as a whole. The level of price progress achieved in 2011 will be key to revenue growth and to the recovery of higher input costs. Acquisitions completed over the last eight months are expected to add to the Group’s performance in 2011 and with a strong balance sheet we have the capacity, where we see value, to capitalise on a growing pipeline of opportunities. With significant adjustments to our cost and operational base over the past three difficult years, we look to a year of progress in 2011 and to stronger upward momentum thereafter."

Source CRH