2009 Annual Report - CRH

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31. Commitments under Operating and Finance Leases Operating leases Future minimum rentals payable under non-cancellable operating leases at 31st December are as follows: 112 CRH 2009 2008 €m €m Within one year 230 240 After one year but not more than five years 506 548 More than five years 358 396 1,094 1,184 Finance leases Future minimum lease payments under finance leases together with the present value of the net minimum lease payments are as follows: 2009 Present 2008 Minimum value of Minimum payments payments payments Present value of payments €m €m €m €m Within one year 5 4 8 6 After one year but not more than five years 8 6 10 8 More than five years 4 3 5 5 Total minimum lease payments 17 23 Less: amounts allocated to future finance costs (4) (4) Present value of minimum lease payments 13 13 19 19 32. Acquisition of Subsidiaries and Joint Ventures The principal acquisitions completed during the year ended 31st December 2009 by reportable segment, together with the completion dates, are detailed below; these transactions entailed the acquisition of a 100% stake where not indicated to the contrary: Europe Materials Poland: Increased stake in Grupa Silikaty to 73.2% (27th August); Portugal: Quimipedra quarry (23rd April). Europe Distribution Belgium: Creyns N.V. (8th January). Americas Materials Kansas: Holland Corporation (11th May); Kentucky: Cat Daddy (29th July); Missouri: Hilty Quarries (2nd November), selected assets of Lafarge (30th December); New Hampshire: Interstate 93 (26th March); New York: Cleason (30th July); Texas: Wheeler Companies (11th December); Utah: Backus Pit (10th July); Burdick Paving Corporation (24th December); West Virginia: certain assets of Appalachian Paving Products (5th March). Americas Distribution Utah: Warburton Acoustical Products (11th March).
32. Acquisition of Subsidiaries and Joint Ventures continued The identifiable net assets acquired excluding net debt assumed and including adjustments to provisional fair values were as follows: 2009 2008 €m €m Assets Non-current assets Property, plant and equipment 110 429 Intangible assets: - goodwill 64 366 - excess of fair value of identifiable net assets over consideration paid - (6) - other intangible assets 2 52 Investments in associates - 1 Other financial assets - 2 Deferred income tax assets 4 1 Total non-current assets 180 845 Current assets Inventories 11 66 Trade and other receivables 22 126 Total current assets 33 192 Equity Minority interest (4) 4 Total equity (4) 4 Liabilities Non-current liabilities Deferred income tax liabilities (2) (82) Retirement benefit obligations - (8) Provisions for liabilities (stated at net present cost) (1) - Capital grants - (2) Total non-current liabilities (3) (92) Current liabilities Trade and other payables (14) (89) Current income tax liabilities - (12) Provisions for liabilities (stated at net present cost) - (4) Total current liabilities (14) (105) Total consideration (enterprise value) 192 844 Consideration satisfied by Cash payments 178 837 Professional fees incurred on business combinations - 8 Cash and cash equivalents acquired on acquisition (4) (68) Net cash outflow Net debt (other than cash and cash equivalents) assumed on acquisition: 174 777 - non-current interest-bearing loans and borrowings and finance leases 2 9 - current interest-bearing loans and borrowings and finance leases 1 46 Deferred and contingent acquisition consideration (stated at net present cost) 8 12 Associate becoming a subsidiary (note 15) 7 - Total consideration (enterprise value) 192 844 None of the acquisitions completed during the financial year was considered sufficiently material to warrant separate disclosure of the attributable fair values. No contingent liabilities were recognised on the acquisitions completed during the financial year or the prior financial year. The principal factor contributing to the recognition of goodwill on acquisitions entered into by the Group is the realisation of cost savings and synergies with existing entities in the Group. CRH 113
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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
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# assists management, at their requ
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accounting period and up to the dat
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# CRH’s business may be affected
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Report on Directors’ Remuneration
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Directors’ Remuneration Notes Exe
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Pension entitlements - defined bene
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Directors’ interests The Company
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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 and 100: 23. Interest-bearing Loans and Borr
Page 101 and 102: 24. Derivative Financial Instrument
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: 30. Share Capital and Reserves cont
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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