01—Abstract
Summary
Summary of the 20-F filed March 10, 2023. Cited figures are marked; the original filing is the authoritative source.
CRH plc reported a strong financial performance for the fiscal year ended December 30, 2022, showcasing resilience and strategic execution despite a challenging global economic environment.
The company achieved record sales of $32.7 billiona, a 12% increase year-over-year, driven by solid commercial progress and robust demand across its segments, particularly in North America. Profitability also saw significant improvement, with EBITDA increasing by 13% to $5.6 billion and operating profit up 17% to $3.9 billion. This strong performance was supported by the company's integrated solutions strategy, which focuses on providing value-added materials, products, and services across the construction lifecycle.
CRH continues to prioritize sustainability, reinforcing its commitment with an industry-leading target to reduce absolute carbon emissions by 30% by 2030. The company is actively investing in innovation and sustainable solutions, evidenced by $12.6 billionb in revenue from products with enhanced sustainability attributes and an $250 million venturing and innovation fund.
The company also returned $2.1 billionc to shareholders through dividends and share buybacks, demonstrating a commitment to shareholder value creation, while maintaining a strong balance sheet with net debt to EBITDA at 0.9x. The strategic repositioning towards more resilient sectors and disciplined capital allocation underpins CRH's positive outlook for continued progress in 2023.
02—Key points
Key Highlights
- Achieved record sales of $32.7 billion, a 12% increase year-over-year, driven by strong commercial progress and resilient demand.
- Reported a 13% increase in EBITDA to $5.6 billion and a 17% increase in operating profit to $3.9 billion, reflecting the effectiveness of the integrated solutions strategy.
- Maintained a strong balance sheet with Net Debt/EBITDA at 0.9x, supported by robust cash generation.
- Returned $2.1 billion to shareholders through dividends ($0.9 billion) and share buybacks ($1.2 billion).
- Generated $12.6 billion in revenue from products with enhanced sustainability attributes, demonstrating a commitment to sustainability.
- Invested $3.3 billion in acquisitions and strategic investments, including the significant acquisition of Barrette Outdoor Living for $1.9 billion, strengthening its integrated solutions offering.
- Announced an industry-leading target to reduce absolute carbon emissions by 30% by 2030, aligned with its net-zero ambition by 2050.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2022, CRH Public Ltd Co kept $0.12.
- Revenue$32.72B100.0%
- Cost of revenue−$21.91B66.9%
- Gross profit$10.81B33.1%
- Operating costs−$7.01B21.4%
- Operating income$3.81B11.6%
- Interest, other & tax$53.0M0.2%
- Net income$3.86B11.8%
Where FY2022 revenue went
$32.72B- Cost of revenue: $21.91B, 67% of revenue
- SG&A: $7.06B, 22% of revenue
- Operating income: $3.81B, 12% of revenue
Kept 12% as operating income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2022filed March 10, 2023Financial Statements
FY2022 against FY2021
| Line item | FY2022FY2021 | Change |
|---|---|---|
| Revenue | $32.72B$29.21B | +12.0% |
| Cost of Revenue | $21.91B$19.38B | +13.1% |
| Gross Profit | $10.81B$9.83B | +10.1% |
| SG&A Expenses | $7.06B$6.54B | +7.9% |
| Operating Income | $3.81B$3.33B | +14.5% |
| Interest Expense | $344.00M$315.00M | +9.2% |
| Net Income | $3.86B$2.63B | +46.8% |
| EPS (Basic) | $5.15$3.35 | +53.7% |
| EPS (Diluted) | $5.11$3.32 | +53.9% |
| Shares Outstanding (Basic) | 758.30M780.20M | −2.8% |
| Shares Outstanding (Diluted) | 764.10M786.80M | −2.9% |
05—Questions
Frequently Asked Questions
What was CRH's financial performance in 2022?
CRH reported record sales of $32.7 billion, a 12% increase year-over-year. EBITDA rose by 13% to $5.6 billion, and operating profit increased by 17% to $3.9 billion. Profit after tax from continuing operations was $2.7 billion. This strong performance was attributed to the company's integrated solutions strategy, resilient demand, and effective commercial management despite inflationary pressures.
How is CRH addressing sustainability and climate change?
CRH is strongly committed to sustainability, with an industry-leading target to reduce absolute carbon emissions by 30% by 2030 (from a 2021 baseline), aligned with its net-zero ambition by 2050. The company is investing in innovation and sustainable solutions, as evidenced by $12.6 billion in revenue from products with enhanced sustainability attributes and a $250 million venturing and innovation fund. Key focus areas include decarbonisation, waste reduction, and water management.
What is CRH's capital allocation strategy?
CRH employs a disciplined capital allocation strategy focused on delivering value-added, integrated solutions, supporting organic growth, and returning capital to shareholders. In 2022, the company invested $3.3 billion in strategic acquisitions and returned $2.1 billion to shareholders through dividends and share buybacks. The company maintains a strong balance sheet with a Net Debt/EBITDA ratio of 0.9x.
How did the acquisition of Barrette Outdoor Living impact CRH?
The acquisition of Barrette Outdoor Living for $1.9 billion was a significant event in 2022, particularly for the Building Products division. It is expected to enhance CRH's offering of sustainable outdoor living solutions in North America and is progressing well with trading in line with expectations and delivering good synergy delivery.
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