2009 Annual Report - CRH

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Strategy CRH strategy is to sustain and grow a geographically diversified business with exposure to all segments of construction demand, enabling CRH to achieve its strategic vision to “be a responsible international leader in building materials delivering superior performance and growth”. In delivering this strategy, CRH excels in its business operations, develops its people, builds regional market leadership positions, reinvests in its existing assets and acquires well-run, value-creating businesses while seeking exposure to new development opportunities and creating horizons for future growth. This approach has enabled CRH to build a sustainable business model that can deliver superior performance and growth through the business cycle. In 2009, CRH had operations in 35 countries worldwide; 17 developed-world economies in Western Europe and North America which together delivered approximately 85% of Group EBITDA; and 18 developing economies in Central and Eastern Europe, the Mediterranean Basin, South America and Asia which together delivered approximately 15% of Group EBITDA. In the developed-world economies, CRH’s strategic focus is to continue to reinvest in its established platforms for operational efficiency, product quality and customer service, and to develop these businesses further through bolt-on acquisitions which achieve vertical integration, bolster our strong long-term permitted reserves positions and fill-out regional and product level positions. In Western Europe and North America CRH has, over time, built a balanced portfolio of businesses which can service the breadth of building materials demand from the fundamentals of heavy materials and elements to construct the frame, through value-added exterior products that complete the building envelope, to distribution channels which service construction fit-out and renewal. In many of its regions, CRH’s diverse business base is uniquely positioned to provide a broad product offering to the construction industry. In the developing economies of emerging regions, CRH’s strategy is clear: to target premium assets as an initial footprint, usually in cement and often in partnership with strong local established businesses. We identify entry platforms that have well-located quality operations and good regional market positions with the potential to develop into integrated building materials businesses over time. In the mid-1990s, CRH applied this approach to its entry into the Polish market and today is the leading integrated building materials company in Poland. In 2008 and 2009, CRH established two new platforms in India and China and looks forward to developing further in these high growth regions in the future. 4 CRH * Basis annualised EBITDA Developed Regions 85%*
CRH is an international group with strong regional, national and international leadership positions. With operations in 35 countries, CRH employed approximately 80,000 people at over 3,700 locations in 2009. From a strong developed-world base, CRH is growing its presence in emerging economic regions. Emerging Regions 15%* CRH 5
Page 1 and 2: Annual Report 2009 PERFORMANCE AND
Page 3 and 4: Contents inside cover CRH at a Glan
Page 5 and 6: Key Financial Figures 2009 €m 2,8
Page 7: Americas Materials - 37% of Group T
Page 11 and 12: . . Emerging Regions - Strategy in
Page 13 and 14: . . . . . . Diverse Portfolio - Str
Page 15 and 16: CRH is committed to ethically and r
Page 17 and 18: as well as adding to our presence i
Page 19 and 20: Chief Executive’s Review Overview
Page 21 and 22: Responding to the evolving market e
Page 23 and 24: Group Operations The global economi
Page 25 and 26: Europe Materials Europe Materials e
Page 27 and 28: operating adjustments were implemen
Page 29 and 30: Europe Products & Distribution Thro
Page 31 and 32: Building Envelope Products These op
Page 33 and 34: Mark Towe Chief Executive Officer T
Page 35 and 36: asphalt plants and paving operation
Page 37 and 38: Mark Towe Chief Executive Officer T
Page 39 and 40: Glass The Glass group is the market
Page 41 and 42: offset by the decline in the averag
Page 43 and 44: which mature after more than one ye
Page 45 and 46: W.I. O’Mahony* BE, BL, MBA, FIEI
Page 47 and 48: 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 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 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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