2009 Annual Report - CRH

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23. Interest-bearing Loans and Borrowings continued Borrowing facilities The Group manages its borrowing ability by entering into committed borrowing agreements. Revolving committed bank facilities are generally available to the Group for periods of up to five years from the date of inception. The undrawn committed facilities available as at 31st December 2009 and 31st December 2008, in respect of which all conditions precedent had been met, mature as follows: 96 CRH 2009 2008 €m €m Within one year 203 589 Between one and two years 391 519 Between two and three years 782 160 Between three and four years 164 196 Between four and five years 3 53 After five years 26 49 1,569 1,566 Included in the figures above is an amount of €189 million in respect of the Group’s share of facilities available to joint ventures (2008: €304 million). Guarantees The Company has given letters of guarantee to secure obligations of subsidiary undertakings as follows: €5,098 million in respect of loans, bank advances, derivative obligations and future lease obligations (2008: €7,051 million), €6 million in respect of deferred and contingent acquisition consideration (2008: €7 million), €319 million in respect of letters of credit (2008: €419 million) and €43 million in respect of other obligations (2008: €43 million). Pursuant to the provisions of Section 17, Companies (Amendment) Act, 1986, the Company has guaranteed the liabilities of its wholly-owned subsidiary undertakings and the Oldcastle Finance Company and Oldcastle North America Funding Company general partnerships in the Republic of Ireland for the financial year ended 31st December 2009 and, as a result, such subsidiary undertakings and the general partnerships have been exempted from the filing provisions of Section 7, Companies (Amendment) Act, 1986 and Regulation 20 of the European Communities (Accounts Regulations), 1993 respectively. The Company has not guaranteed any debt or other obligations of joint ventures or associates. Lender covenants The Group’s major bank facilities and debt issued pursuant to Note Purchase Agreements in private placements require the Group to maintain certain financial covenants. Non-compliance with financial covenants would give the relevant lenders the right to terminate facilities and demand early repayment of any sums drawn thereunder thus altering the maturity profile of the Group’s debt and the Group’s liquidity. Calculations for financial covenants are completed for twelve-month periods ending quarterly on 31st March, 30th June, 30th September and 31st December. CRH was in full compliance with its financial covenants throughout each of the periods presented. The Group is not aware of any stated events of default. The financial covenants are: (1) Minimum interest cover (excluding share of joint ventures) defined as EBITDA/net interest cover at no lower than 4.5 times. As at 31st December 2009 the ratio was 6.1 times (2008: 7.4 times); (2) Minimum interest cover (excluding share of joint ventures) defined as EBITDA plus rentals/net interest plus rentals at no lower than 3.0 times. As at 31st December 2009 the ratio was 3.8 times (2008: 4.8 times); (3) Maximum debt cover (excluding share of joint ventures) defined as consolidated total net debt/EBITDA (taking into account proforma adjustments for acquisitions and disposals) at no higher than 3.5 times. As at 31st December 2009 the ratio was 2.2 times (2008: 2.4 times).
24. Derivative Financial Instruments The fair values of derivative financial instruments are analysed by year of maturity and by accounting designation as follows: At 31st December 2009 Between Between Between Between Within 1 and 2 2 and 3 3 and 4 4 and 5 After Total 1 year years years years years 5 years €m €m €m €m €m €m €m Assets Fair value hedges 186 - 18 71 36 27 34 Net investment hedges 4 4 - - - - - Not designated as hedges (held-for-trading) 59 1 1 - - - 57 249 5 19 71 36 27 91 Analysed as: Non-current assets 244 Current assets 5 Total 249 Liabilities Fair value hedges (30) - - - (30) - - Cash flow hedges (51) (3) (2) - (1) - (45) Net investment hedges (5) (5) - - - - - (86) (8) (2) - (31) - (45) Analysed as: Non-current liabilities (78) Current liabilities (8) Total (86) Net asset arising on derivative financial instruments 163 The equivalent disclosure for the prior year is as follows: At 31st December 2008 Assets Fair value hedges 301 - - 26 100 57 118 Cash flow hedges 2 2 - - - - - Net investment hedges 7 7 - - - - - Not designated as hedges (held-for-trading) 116 1 - 1 - - 114 426 10 - 27 100 57 232 Analysed as: Non-current assets 416 Current assets 10 Total 426 Liabilities Fair value hedges (40) (26) - - - (14) - Cash flow hedges (81) (13) (4) (3) (1) - (60) Net investment hedges (23) (23) - - - - - Not designated as hedges (held-for-trading) (2) - - - - - (2) (146) (62) (4) (3) (1) (14) (62) Analysed as: Non-current liabilities (84) Current liabilities (62) Total (146) Net asset arising on derivative financial instruments 280 CRH 97
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Annual Report 2009 PERFORMANCE AND
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Contents inside cover CRH at a Glan
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Key Financial Figures 2009 €m 2,8
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Americas Materials - 37% of Group T
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CRH is an international group with
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. . Emerging Regions - Strategy in
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. . . . . . Diverse Portfolio - Str
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CRH is committed to ethically and r
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as well as adding to our presence i
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Chief Executive’s Review Overview
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Responding to the evolving market e
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Group Operations The global economi
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Europe Materials Europe Materials e
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operating adjustments were implemen
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Europe Products & Distribution Thro
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Building Envelope Products These op
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Mark Towe Chief Executive Officer T
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asphalt plants and paving operation
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Mark Towe Chief Executive Officer T
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Glass The Glass group is the market
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offset by the decline in the averag
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which mature after more than one ye
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W.I. O’Mahony* BE, BL, MBA, FIEI
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issues confronting the Group; that
Page 49 and 50: # assists management, at their requ
Page 51 and 52: accounting period and up to the dat
Page 53 and 54: # CRH’s business may be affected
Page 55 and 56: Report on Directors’ Remuneration
Page 57 and 58: Directors’ Remuneration Notes Exe
Page 59 and 60: Pension entitlements - defined bene
Page 61 and 62: Directors’ interests The Company
Page 63 and 64: Directors’ Interests in Share Cap
Page 65 and 66: Independent Auditors’ Report to t
Page 67 and 68: Consolidated Balance Sheet as at 31
Page 69 and 70: Consolidated Statement of Cash Flow
Page 71 and 72: the Group and one or more other ven
Page 73 and 74: indicate that the carrying values m
Page 75 and 76: floating rates (using interest rate
Page 77 and 78: 1. Segment Information continued A.
Page 79 and 80: 2. Proportionate Consolidation of J
Page 81 and 82: 5. Directors’ Emoluments and Inte
Page 83 and 84: 7. Share-based Payment Expense cont
Page 85 and 86: 8. Finance Costs and Finance Revenu
Page 87 and 88: 10. Income Tax Expense continued Fa
Page 89 and 90: 13. Property, Plant and Equipment L
Page 91 and 92: 14. Intangible Assets continued Goo
Page 93 and 94: 17. Inventories 2009 2008 €m €m
Page 95 and 96: 21. Capital and Financial Risk Mana
Page 97 and 98: 21. Capital and Financial Risk Mana
Page 99: 23. Interest-bearing Loans and Borr
Page 103 and 104: 25. Analysis of Net Debt Components
Page 105 and 106: 25. Analysis of Net Debt continued
Page 107 and 108: 27. Deferred Income Tax The deducti
Page 109 and 110: 28. Retirement Benefit Obligations
Page 111 and 112: 28. Retirement Benefit Obligations
Page 113 and 114: 29. Capital Grants 2009 2008 €m
Page 115 and 116: 30. Share Capital and Reserves cont
Page 117 and 118: 32. Acquisition of Subsidiaries and
Page 119 and 120: 33. Related Party Transactions The
Page 121 and 122: Notes to the Company Balance Sheet
Page 123 and 124: 7. Movement in Shareholders’ Fund
Page 125 and 126: CREST Transfer of the Company’s s
Page 127 and 128: John Parson President & Chief Opera
Page 129 and 130: Incorporated and operating in % hel
Page 131 and 132: Incorporated and operating in % hel
Page 133 and 134: Principal Joint Venture Undertaking
Page 135 and 136: Group Financial Summary (Figures pr
Page 137 and 138: G Geographic leadership positions 2
Page 139 and 140: Notes
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2009 Annual Report - CRH

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