Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | CRH PUBLIC LTD CO |
Entity Central Index Key | 0000849395 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
No Trading Symbol Flag | true |
Entity Voluntary Filers | No |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Entity Common Stock, Shares Outstanding | 799,640,338 |
Document Accounting Standard | International Financial Reporting Standards |
Entity Well-known Seasoned Issuer | Yes |
Entity Incorporation, State or Country Code | L2 |
Document Annual Report | true |
Entity Address, Country | IE |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Entity Current Reporting Status | Yes |
Title of 12(b) Security | Ordinary Shares |
Security Exchange Name | NYSE |
American Depositary Shares [Member] | |
Document Information [Line Items] | |
Trading Symbol | CRH |
Title of 12(b) Security | American Depositary Shares, each representing the right to receive one |
Security Exchange Name | NYSE |
CRH America Inc. [Member] | |
Document Information [Line Items] | |
Trading Symbol | CRH/21 |
Title of 12(b) Security | 5.750% Notes due 2021 guaranteed by CRH plc |
Security Exchange Name | NYSE |
Consolidated Income Statement
Consolidated Income Statement - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | [1] | |
Profit or loss [abstract] | |||||
Revenue | € 25,129 | € 23,241 | € 21,653 | ||
Cost of sales | (16,846) | (15,572) | (14,275) | ||
Gross profit | 8,283 | 7,669 | 7,378 | ||
Operating costs | (5,789) | (5,598) | (5,451) | ||
Group operating profit | 2,494 | 2,071 | 1,927 | ||
(Loss)/profit on disposals | (1) | (27) | 54 | ||
Profit before finance costs | 2,493 | 2,044 | 1,981 | ||
Finance costs | (346) | (339) | (301) | ||
Finance income | 20 | 34 | 12 | ||
Other financial expense | (112) | (46) | (59) | ||
Share of equity accounted investments' profit | 60 | 48 | 52 | ||
Profit before tax from continuing operations | 2,115 | 1,741 | 1,685 | ||
Income tax expense | (477) | (396) | (12) | ||
Group profit for the financial year from continuing operations | 1,638 | 1,345 | 1,673 | ||
Profit after tax for the financial year from discontinued operations | 310 | 1,176 | 246 | ||
Group profit for the financial year | 1,948 | 2,521 | 1,919 | ||
Equity holders of the Company | |||||
From continuing operations | 1,620 | 1,342 | 1,650 | ||
From discontinued operations | 309 | 1,175 | 245 | ||
Non-controlling interests | |||||
From continuing operations | 18 | 3 | 23 | ||
From discontinued operations | 1 | 1 | 1 | ||
Group profit for the financial year | € 1,948 | € 2,521 | € 1,919 | ||
Basic earnings per Ordinary Share | € 2.407 | € 3.024 | € 2.268 | ||
Diluted earnings per Ordinary Share | 2.388 | 3.009 | 2.254 | ||
Basic earnings per Ordinary Share from continuing operations | 2.022 | 1.612 | 1.974 | ||
Diluted earnings per Ordinary Share from continuing operations | € 2.006 | € 1.604 | € 1.962 | ||
[1] | Restated to show the results of our former Europe Distribution segment in discontinued operations. See note 3 for further details. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Statement of comprehensive income [abstract] | |||||
Group profit for the financial year | € 1,948 | € 2,521 | [1] | € 1,919 | [1] |
Items that may be reclassified to profit or loss in subsequent years: | |||||
Currency translation effects | 343 | 276 | (1,076) | ||
Gains/(losses) relating to cash flow hedges | 24 | (40) | 8 | ||
Tax relating to cash flow hedges | (3) | 5 | |||
Other comprehensive income that will be reclassified to profit or loss net of tax | 364 | 241 | (1,068) | ||
Items that will not be reclassified to profit or loss in subsequent years: | |||||
Remeasurement of retirement benefit obligations | (17) | 10 | 114 | ||
Tax relating to retirement benefit obligations | (3) | (1) | (33) | ||
Other comprehensive income that will not be reclassified to profit or loss net of tax | (20) | 9 | 81 | ||
Total other comprehensive income for the financial year | 344 | 250 | (987) | ||
Total comprehensive income for the financial year | 2,292 | 2,771 | 932 | ||
Attributable to: | |||||
Equity holders of the Company | 2,249 | 2,768 | 969 | ||
Non-controlling interests | 43 | 3 | (37) | ||
Total comprehensive income for the financial year | € 2,292 | € 2,771 | € 932 | ||
[1] | Restated to show the results of our former Europe Distribution segment in discontinued operations. See note 3 for further details. |
Consolidated Balance Sheet
Consolidated Balance Sheet - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Non-current assets | ||
Property, plant and equipment | € 17,424 | € 15,761 |
Intangible assets | 8,434 | 8,433 |
Investments accounted for using the equity method | 690 | 1,163 |
Other financial assets | 12 | 23 |
Other receivables | 317 | 181 |
Derivative financial instruments | 76 | 30 |
Deferred income tax assets | 67 | 71 |
Total non-current assets | 27,020 | 25,662 |
Current assets | ||
Inventories | 2,742 | 3,061 |
Trade and other receivables | 3,767 | 4,074 |
Current income tax recoverable | 20 | 15 |
Derivative financial instruments | 6 | 15 |
Cash and cash equivalents | 3,755 | 2,346 |
Total current assets | 10,290 | 9,511 |
Total assets | 37,310 | 35,173 |
Capital and reserves attributable to the Company's equity holders | ||
Equity share capital | 272 | 287 |
Preference share capital | 1 | 1 |
Share premium account | 6,534 | 6,534 |
Treasury Shares and own shares | (325) | (792) |
Other reserves | 326 | 296 |
Foreign currency translation reserve | 210 | (109) |
Retained income | 9,922 | 9,812 |
Capital and reserves attributable to the Company's equity holders | 16,940 | 16,029 |
Non-controlling interests | 540 | 525 |
Total equity | 17,480 | 16,554 |
Non-current liabilities | ||
Lease liabilities | 1,240 | 0 |
Interest-bearing loans and borrowings | 8,199 | 8,698 |
Derivative financial instruments | 1 | 18 |
Deferred income tax liabilities | 2,338 | 2,209 |
Other payables | 485 | 472 |
Retirement benefit obligations | 427 | 424 |
Provisions for liabilities | 760 | 719 |
Total non-current liabilities | 13,450 | 12,540 |
Current liabilities | ||
Lease liabilities | 271 | 0 |
Trade and other payables | 4,376 | 4,609 |
Current income tax liabilities | 503 | 443 |
Interest-bearing loans and borrowings | 815 | 618 |
Derivative financial instruments | 16 | 41 |
Provisions for liabilities | 399 | 368 |
Total current liabilities | 6,380 | 6,079 |
Total liabilities | 19,830 | 18,619 |
Total equity and liabilities | € 37,310 | € 35,173 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - EUR (€) € in Millions | Total | Issued share capital [member] | Share premium account [member] | Treasury Shares/Own Shares [member] | Other reserves [member] | Foreign currency translation reserve [member] | Retained earnings [member] | Non-controlling interests [member] | |
Beginning balance at Dec. 31, 2016 | € 14,443 | € 285 | € 6,237 | € (14) | € 286 | € 629 | € 6,472 | € 548 | |
Group profit for the financial year | 1,919 | [1] | 1,895 | 24 | |||||
Other comprehensive income | (987) | (1,015) | 89 | (61) | |||||
Total comprehensive income | 932 | (1,015) | 1,984 | (37) | |||||
Issue of share capital (net of expenses) | 119 | 1 | 118 | ||||||
Share-based payment expense | 62 | 62 | |||||||
Treasury Shares/own shares reissued | 2 | (2) | |||||||
Shares acquired by Employee Benefit Trust (own shares) | (3) | (3) | |||||||
Shares distributed under the Performance Share Plan Awards | 1 | 62 | (63) | ||||||
Tax relating to share-based payment expense | (5) | (5) | |||||||
Dividends | (554) | (546) | (8) | ||||||
Non-controlling interests arising on acquisition of subsidiaries | 20 | 20 | |||||||
Transactions involving non-controlling interests | (37) | (37) | |||||||
Ending balance at Dec. 31, 2017 | 14,977 | 287 | 6,417 | (15) | 285 | (386) | 7,903 | 486 | |
Group profit for the financial year | 2,521 | [1] | 2,517 | 4 | |||||
Other comprehensive income | 250 | 277 | (26) | (1) | |||||
Total comprehensive income | 2,771 | 277 | 2,491 | 3 | |||||
Issue of share capital (net of expenses) | 62 | 62 | |||||||
Share-based payment expense | 67 | 67 | |||||||
Shares acquired by CRH plc (Treasury Shares) | (789) | (789) | |||||||
Treasury Shares/own shares reissued | 15 | (15) | |||||||
Shares acquired by Employee Benefit Trust (own shares) | (3) | (3) | |||||||
Shares distributed under the Performance Share Plan Awards | 1 | 55 | (56) | ||||||
Tax relating to share-based payment expense | (2) | (2) | |||||||
Share option exercises | 7 | 7 | |||||||
Dividends | (584) | (572) | (12) | ||||||
Non-controlling interests arising on acquisition of subsidiaries | 48 | 48 | |||||||
Ending balance at Dec. 31, 2018 | 16,554 | 288 | 6,534 | (792) | 296 | (109) | 9,812 | 525 | |
Group profit for the financial year | 1,948 | 1,929 | 19 | ||||||
Other comprehensive income | 344 | 319 | 1 | 24 | |||||
Total comprehensive income | 2,292 | 319 | 1,930 | 43 | |||||
Share-based payment expense | 77 | 77 | |||||||
Shares acquired by CRH plc (Treasury Shares) | (791) | (791) | |||||||
Treasury Shares/own shares reissued | 35 | (35) | |||||||
Shares acquired by Employee Benefit Trust (own shares) | (61) | (61) | |||||||
Shares distributed under the Performance Share Plan Awards | 62 | (62) | |||||||
Cancellation of Treasury Shares | (15) | 1,222 | 15 | (1,222) | |||||
Tax relating to share-based payment expense | 9 | 9 | |||||||
Share option exercises | 20 | 20 | |||||||
Dividends | (594) | (584) | (10) | ||||||
Disposal of non-controlling interests | (8) | (8) | |||||||
Non-controlling interests arising on acquisition of subsidiaries | 1 | 1 | |||||||
Transactions involving non-controlling interests | (19) | (8) | (11) | ||||||
Ending balance at Dec. 31, 2019 | € 17,480 | € 273 | € 6,534 | € (325) | € 326 | € 210 | € 9,922 | € 540 | |
[1] | Restated to show the results of our former Europe Distribution segment in discontinued operations. See note 3 for further details. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Cash flows from operating activities | ||||||
Profit before tax from continuing operations | € 2,115 | € 1,741 | [1] | € 1,685 | [1] | |
Profit before tax from discontinued operations | 333 | 1,679 | 328 | |||
Profit before tax | 2,448 | 3,420 | 2,013 | |||
Finance costs (net) | 445 | 351 | 349 | |||
Share of equity accounted investments' profit | (72) | (60) | (65) | |||
Profit on disposals | (226) | (1,539) | (59) | |||
Group operating profit | 2,595 | 2,172 | 2,238 | |||
Depreciation charge | 1,538 | 1,071 | 1,006 | |||
Amortisation of intangible assets | 59 | 61 | 66 | |||
Impairment charge | 8 | 56 | ||||
Share-based payment expense | 77 | 67 | 65 | |||
Other (primarily pension payments) | (3) | (67) | (186) | |||
Net movement on working capital and provisions | (64) | (463) | (209) | |||
Cash generated from operations | 4,210 | 2,897 | 2,980 | |||
Interest paid (including leases) | [2] | (419) | (335) | (317) | ||
Corporation tax paid | (325) | (663) | (474) | |||
Net cash inflow from operating activities | 3,466 | 1,899 | 2,189 | |||
Cash flows from investing activities | ||||||
Proceeds from disposals (net of cash disposed and deferred proceeds) | 2,096 | 3,009 | 222 | |||
Interest received | 20 | 34 | 11 | |||
Dividends received from equity accounted investments | 35 | 48 | 31 | |||
Purchase of property, plant and equipment | (1,229) | (1,121) | (1,044) | |||
Acquisition of subsidiaries (net of cash acquired) | (650) | (3,505) | (1,841) | |||
Other investments and advances | (29) | (2) | (11) | |||
Deferred and contingent acquisition consideration paid | (48) | (55) | (53) | |||
Net cash inflow/(outflow) from investing activities | 195 | (1,592) | (2,685) | |||
Cash flows from financing activities | ||||||
Proceeds from issue of shares (net) | 11 | 42 | ||||
Proceeds from exercise of share options | 20 | 7 | ||||
Transactions involving non-controlling interests | (19) | (37) | ||||
Increase in interest-bearing loans and borrowings | [3] | 91 | 1,434 | 1,010 | ||
Net cash flow arising from derivative financial instruments | (36) | 6 | 169 | |||
Premium paid on early debt redemption | (18) | |||||
Repayment of interest-bearing loans, borrowings and finance leases | [3] | (572) | (246) | (343) | ||
Repayment of lease liabilities | [4] | (317) | ||||
Treasury Shares/own shares purchased | (852) | (792) | (3) | |||
Dividends paid to equity holders of the Company | (584) | (521) | (469) | |||
Dividends paid to non-controlling interests | (10) | (12) | (8) | |||
Net cash (outflow)/inflow from financing activities | (2,279) | (113) | 343 | |||
Increase/(decrease) in cash and cash equivalents | 1,382 | 194 | (153) | |||
Reconciliation of opening to closing cash and cash equivalents | ||||||
Cash and cash equivalents at 1 January | 2,346 | 2,135 | 2,449 | |||
Translation adjustment | 27 | 17 | (161) | |||
Increase/(decrease) in cash and cash equivalents | 1,382 | 194 | (153) | |||
Cash and cash equivalents at 31 December | € 3,755 | € 2,346 | € 2,135 | |||
[1] | Restated to show the results of our former Europe Distribution segment in discontinued operations. See note 3 for further details. | |||||
[2] | Leases include finance leases previously capitalised under IAS 17 Leases in 2018 and 2017 and all capitalised leases included as lease liabilities under IFRS 16 Leases in 2019. | |||||
[3] | Finance leases as previously capitalised under IAS 17 in 2018 and 2017. | |||||
[4] | Repayment of lease liabilities capitalised under IFRS 16 in 2019 amounted to €386 million, of which €69 million related to interest paid which is presented in cash flows from operating activities. |
Consolidated Statement of Cas_2
Consolidated Statement of Cash Flows (Parenthetical) - IFRS 16 [member] € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Statement [line items] | |
Repayment of lease liabilities | € 386 |
Interest paid | € 69 |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Accounting Policies | Accounting Policies (including key accounting estimates and assumptions) This document constitutes both the Annual Report and the Financial Statements in accordance with the Irish and UK requirements, and the Annual Report on Form 20-F Basis of Preparation The Consolidated Financial Statements of CRH plc have been prepared in accordance with I n CRH plc, the Parent Company, is a publicly traded limited company incorporated and domiciled in the Republic of Ireland. The Consolidated Financial Statements, which are presented in euro millions, have been prepared under the historical cost convention as modified by the measurement at fair value of share-based payments, retirement benefit obligations and certain financial assets and liabilities including derivative financial instruments. The accounting policies set out below have been applied consistently by all of the Group’s subsidiaries, joint ventures and associates to all periods presented in the Consolidated Financial Statements. In accordance with Section 304 of the Companies Act 2014, the Company is availing of the exemption from presenting its individual profit and loss account to the Annual General Meeting and from filing it with the Registrar of Companies. Adoption of IFRS and International Financial Reporting Interpretations Committee (IFRIC) interpretations The following new standards, interpretations and standard amendments became effective for the Group as of 1 January 2019: • IFRS 16 Leases • IFRIC 23 Uncertainty over Income Tax Treatments • Amendments to IFRS 9 Financial Instruments • Amendments to IAS 19 Employee Benefits • Amendments to IAS 28 Investments in Associates and Joint Ventures • Annual Improvements 2015 – 2017 Cycle The new standards, interpretations and standard amendments did not result in a material impact on the Group’s results, with the exception of IFRS 16 which is detailed below. IFRS 16 Leases IFRS 16 replaces IAS 17 Leases low-value non-lease right-of-use Provisions, Contingent Liabilities and Contingent Assets The adoption of IFRS 16 had a material impact on the Group’s Consolidated Financial Statements and certain key financial metrics, which is quantified and further explained in the table overleaf. Primary statement line item / financial metric As at 1 January 2019 € Consolidated Balance Sheet Property, plant and equipment (i) (ii) +1,939 Lease liabilities; net debt (i) (ii) +1,954 For the year ended € Consolidated Income Statement Depreciation (i) +334 Finance costs +69 EPS (i) (iii) -3c Consolidated Statement of Cash Flows Net cash flow from operating activities +317 Net cash flow from financing activities -317 (i) The operating profit and depreciation impact of IFRS 16 on discontinued operations included above are + € € right-of-use € (ii) The impact of the adoption of IFRS 16 on property, plant and equipment and net debt is net of existing finance leases ( € right-of-use (iii) The impact of the adoption of IFRS 16 on operating profit for the year ended 31 December 2019 is € Income Statement Cost of sales and operating costs (excluding depreciation) have decreased, as the Group previously recognised operating lease expenses in either cost of sales or operating costs (depending on the nature of the relevant operations and of the lease). The Group’s operating lease expense for the year ended 31 December 2018 from continuing operations was € € Depreciation and finance costs have increased due to the capitalisation of a right-of-use Balance Sheet The Group has identified the minimum lease payments outstanding (including payments for renewal options which are reasonably certain to be exercised) and has applied the appropriate discount rate to calculate the present value of the lease liability and right-of-use A reconciliation of the operating lease commitment previously reported under IAS 17 to the discounted lease liability as at 1 January 2019 under IFRS 16 is as follows: As at 1 January 2019 € Operating lease commitment under IAS 17 1,911 Lease extensions beyond break date 632 Leases that are cancellable at any time 35 Existing IAS 17 finance leases (i) 23 Other lease payments not included in discounted lease liability under IFRS 16 (ii) (108) Undiscounted lease liability under IFRS 16 2,493 Less impact of discounting (516) Discounted lease liability under IFRS 16 1,977 (i) Existing IAS 17 finance leases are presented at discounted amounts as the impact of discounting on these leases is not considered material. (ii) Other lease payments not included in the discounted lease liability under IFRS 16 include payments related to short-term and low-value IFRS and IFRIC interpretations being adopted in subsequent years IFRS 17 Insurance Contracts In May 2017, the IASB issued IFRS 17. It is expected to be effective for reporting periods beginning on or after 1 January 2022, with presentation of comparative figures required. The Group is currently evaluating the impact of this standard on future periods. IFRS 3 Business Combinations In October 2018, the IASB issued amendments to IFRS 3, regarding the definition of a business. The amendments clarify that the process required to meet the definition of a business (together with inputs to create outputs) must be substantive; and, that the inputs and process must together significantly contribute to creating outputs. The definition of outputs has been narrowed to focus on goods and services provided to customers and other income from ordinary activities. In addition, the amendments indicate that an acquisition of primarily a single asset or group of similar assets is unlikely to meet the definition of a business. The amendments will be applied prospectively for business combinations and asset acquisitions occurring on or after 1 January 2020. The Group is finalising its review of the impact of this amendment, but does not expect the clarification to have a material impact on the value of acquisitions or additions to property, plant and equipment. Disclosure Initiative – Definition of Material (Amendments to IAS 1 and IAS 8) In October 2018, the IASB issued Definition of Material (Amendments to IAS 1 Presentation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors Interest Rate Benchmark Reform – Amendments to IFRS 9, IAS 39 and IFRS 7 In September 2019, the IASB issued amendments to IFRS 9, IAS 39 Financial Instruments: Recognition and Measurement Financial Instruments: Disclosures The amendments provide mandatory temporary reliefs which enable hedge accounting to continue during the period of uncertainty before the replacement of an existing interest rate benchmark with an alternative nearly risk-free interest rate (an RFR). To the extent that a hedging instrument is altered so that its cash flows are based on an RFR, but the hedged item is still based on IBOR (or vice versa), there is no relief from measuring and recording any ineffectiveness that arises due to differences in their changes in fair value. The amendments are effective from 1 January 2020 and must be applied retrospectively. However, any hedge relationships that have previously been de-designated cannot be reinstated upon application, nor can any hedge relationships be designated with the benefit of hindsight. The Group is currently evaluating the impact of this amendment, but does not expect the amendment to have a material impact. There are no other IFRS or IFRIC interpretations that are effective subsequent to the CRH 2019 financial year-end Key Accounting Policies which involve Estimates, Assumptions and Judgements The preparation of the Consolidated Financial Statements in accordance with IFRS requires management to make certain estimates, assumptions and judgements that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Management believes that the estimates, assumptions and judgements upon which it relies are reasonable based on the information available to it at the time that those estimates, assumptions and judgements are made. In some cases, the accounting treatment of a particular transaction is specifically dictated by IFRS and does not require management’s judgement in its application. Management considers that their use of estimates, assumptions and judgements in the application of the Group’s accounting policies are inter-related and therefore discuss them together below. Estimates and underlying assumptions are reviewed on an ongoing basis. Changes in accounting estimates may be necessary if there are changes in the circumstances or experiences on which the estimate was based or as a result of new information. The critical accounting policies which involve significant estimates, assumptions or judgements, the actual outcome of which could have a material impact on the Group’s results and financial position outlined below, are as follows: Impairment of goodwill – Note 16 In the year in which a business combination is effected and where some or all of the goodwill allocated to a particular cash-generating unit arose in respect of that combination, the cash-generating unit is tested for impairment prior to the end of the relevant annual period. Goodwill is subject to impairment testing on an annual basis and at any time during the year if an indicator of impairment is considered to exist. Where the carrying value exceeds the estimated recoverable amount (being the greater of fair value less costs of disposal and value-in-use), value-in-use, pre-tax Goodwill relating to associates and joint ventures is included in the carrying amount of the investment and is neither amortised nor individually tested for impairment. Where indicators of impairment of an investment arise in accordance with the requirements of IFRS 9, the carrying amount is tested for impairment by comparing its recoverable amount with its carrying amount. The impairment testing process requires management to make significant judgements and estimates regarding the future cash flows expected to be generated by cash-generating units to which goodwill has been allocated. Future cash flows relating to the eventual disposal of these cash-generating units and other factors may also be relevant to determine the fair value of goodwill. Management periodically evaluates and updates the estimates based on the conditions which influence these variables. A detailed discussion of the impairment methodology applied and key assumptions used by the Group in the context of goodwill is provided in note 16 to the Consolidated Financial Statements. The assumptions and conditions for determining impairments of goodwill reflect management’s best assumptions and estimates, but these items involve inherent uncertainties described above, many of which are not under management’s control. As a result, the accounting for such items could result in different estimates or amounts if management used different assumptions or if different conditions occur in future accounting periods. Retirement benefit obligations – Note 30 Costs arising in respect of the Group’s defined contribution pension schemes are charged to the Consolidated Income Statement in the period in which they are incurred. The Group has no legal or constructive obligation to pay further contributions in the event that the fund does not hold sufficient assets to meet its benefit commitments. The liabilities and costs associated with the Group’s defined benefit pension schemes (both funded and unfunded) are assessed either on the basis of the attained age, the projected unit credit, the current unit credit or the aggregate cost methods by professionally qualified actuaries and are arrived at using actuarial assumptions based on market expectations at the balance sheet date. The discount rates employed in determining the present value of the schemes’ liabilities are determined by reference to market yields at the balance sheet date on high-quality corporate bonds of a currency and term consistent with the currency and term of the associated post-employment benefit obligations. The net surplus or deficit arising on the Group’s defined benefit pension schemes, together with the liabilities associated with the unfunded schemes, are shown either within non-current non-current The defined benefit pension asset or liability in the Consolidated Balance Sheet comprises the total for each plan of the present value of the defined benefit obligation less the fair value of plan assets out of which the obligations are to be settled directly. Plan assets are assets that are held by a long-term employee benefit fund or qualifying insurance policies. Fair value is based on market price information and, in the case of published quoted securities; it is the published bid price. The value of any defined benefit asset is limited to the present value of any economic benefits available in the form of refunds from the plan and reductions in the future contributions to the plan. The Group’s obligation in respect of post-employment healthcare and life assurance benefits represents the amount of future benefit that employees have earned in return for service in the current and prior periods. The obligation is computed on the basis of the projected unit credit method and is discounted to present value using a discount rate equating to the market yield at the balance sheet date on high-quality corporate bonds of a currency and term consistent with the currency and estimated term of the post-employment obligations. Assumptions The assumptions underlying the actuarial valuations (including discount rates, rates of increase in future compensation levels, mortality rates and healthcare cost trends), from which the amounts recognised in the Consolidated Financial Statements are determined, are updated annually based on current economic conditions and for any relevant changes to the terms and conditions of the pension and post-retirement plans. These assumptions can be affected by (i) for the discount rate, changes in the rates of return on high-quality corporate bonds; (ii) for future compensation levels, future labour market conditions and (iii) for healthcare cost trend rates, the rate of medical cost inflation in the relevant regions. The weighted average actuarial assumptions used and sensitivity analysis in relation to the significant assumptions employed in the determination of pension and other post-retirement liabilities are contained in note 30 to the Consolidated Financial Statements. Whilst management believes that the assumptions used are appropriate, differences in actual experience or changes in assumptions may affect the obligations and expenses recognised in future accounting periods. The assets and liabilities of defined benefit pension schemes may exhibit significant period-on-period Provisions for liabilities – Note 28 A provision is recognised when the Group has a present obligation (either legal or constructive) as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Group anticipates that a provision will be reimbursed, the reimbursement is recognised as a separate asset only when it is virtually certain that the reimbursement will arise. The expense relating to any provision is presented in the Consolidated Income Statement net of any reimbursement. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation. The increase in the provision due to the passage of time is recognised as an interest expense. Contingent liabilities arising on business combinations are recognised as provisions if the contingent liability can be reliably measured at its acquisition date fair value. Provisions are not recognised for future operating losses. Management is not aware of any potential changes to key assumptions that have a significant risk of causing a material adjustment to the carrying value of provisions within the next financial year; however due to the nature of some of our provisions, estimates may depend on the outcome of future events and need to be revised as circumstances change in future accounting periods. Refer to note 28 for the expected timing of outflows by provisions category. Environmental and remediation provisions The measurement of environmental and remediation provisions is based on an evaluation of currently available facts with respect to each individual site and considers factors such as existing technology, currently enacted laws and regulations and prior experience in remediation of sites. Inherent uncertainties exist in such evaluations primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, the protracted length of the clean-up Legal contingencies The status of each significant claim and legal proceeding in which the Group is involved is reviewed by management on a periodic basis and the Group’s potential financial exposure is assessed. If the potential loss from any claim or legal proceeding is considered probable, and the amount can be reliably estimated, a liability is recognised for the estimated loss. Because of the uncertainties inherent in such matters, the related provisions are based on the best information available at the time; the issues taken into account by management and factored into the assessment of legal contingencies include, as applicable, the status of settlement negotiations, interpretations of contractual obligations, prior experience with similar contingencies/claims, the availability of insurance to protect against the downside exposure and advice obtained from legal counsel and other third parties. As additional information becomes available on pending claims, the potential liability is reassessed and revisions are made to the amounts accrued where appropriate. Such revisions in the judgements and estimates of the potential liabilities could have an impact on the results of operations and financial position of the Group in future accounting periods. Insurance provisions Insurance provisions are subject to actuarial valuation and are based on actuarial triangulations which are extrapolated from historical claims experience. These provisions include claims which are classified as “incurred but not reported”, the status of which are reviewed periodically by management, in conjunction with appropriately qualified advisors. Changes in actuarial methodologies and assumptions, along with the receipt of new information, could have an impact on the financial position of the Group through recognition of additional, or release of, provisions in future accounting periods. Taxation – current and deferred – Notes 12 and 29 Current tax represents the expected tax payable (or recoverable) on the taxable profit for the year using tax rates enacted for the period. Any interest or penalties arising are included within current tax. Where items are accounted for outside of profit or loss, the related income tax is recognised either in other comprehensive income or directly in equity as appropriate. Deferred tax is recognised using the liability method on temporary differences arising at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. In addition, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. For the most part, no provision has been made for temporary differences applicable to investments in subsidiaries and joint ventures as the Group is in a position to control the timing of reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. However, a temporary difference has been recognised to the extent that specific assets have been identified for sale or where there is a specific intention to unwind the temporary difference in the foreseeable future. Due to the absence of control in the context of associates (significant influence only), deferred tax liabilities are recognised where appropriate in respect of CRH’s investments in these entities on the basis that the exercise of significant influence would not necessarily prevent earnings being remitted by other shareholders in the undertaking. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred tax assets and liabilities are not subject to discounting. Deferred tax assets are recognised in respect of all deductible temporary differences, carry-forward of unused tax credits and unused tax losses to the extent that it is probable that taxable profits will be available against which the temporary differences can be utilised. The carrying amounts of deferred tax assets are subject to review at each balance sheet date and are reduced to the extent that future taxable profits are considered to be inadequate to allow all or part of any deferred tax asset to be utilised. The Group’s income tax charge is based on reported profit and enacted statutory tax rates, which reflect various allowances and reliefs and tax planning opportunities available to the Group in the multiple tax jurisdictions in which it operates. The determination of the Group’s provision for income tax requires certain judgements and estimates in relation to matters where the ultimate tax outcome may not be certain. The recognition or non-recognition year-end, Other Significant Accounting Policies Basis of consolidation The Consolidated Financial Statements include the financial statements of the Parent Company and all subsidiaries, joint ventures and associates, drawn up to 31 December each year. The financial year-ends of the Group’s subsidiaries, joint ventures and associates are co-terminous. Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. A change in the ownership interest of a subsidiary without a change in control is accounted for as an equity transaction. When the Group holds less than the majority of voting rights, other facts and circumstances including contractual arrangements that give the Group power over the investee may result in the Group controlling the investee. The Group reassesses whether it controls an investee if, and when, facts and circumstances indicate that there are changes to the elements evidencing control. Non-controlling non-controlling non-controlling non-controlling Investments in associates and joint ventures – Notes 11 and 17 An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of an entity, but is not control or joint control over those policies. A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of the arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The Group’s investments in its associates and joint ventures are accounted for using the equity method from the date significant influence/joint control is deemed to arise until the date on which significant influence/joint control ceases to exist or when the interest becomes classified as an asset held for sale. The Consolidated Income Statement reflects the Group’s share of profit after tax of the related associates and joint ventures. Investments in associates and joint ventures are carried in the Consolidated Balance Sheet at cost adjusted in respect of post-acquisition changes in the Group’s share of net assets, less any impairment in value. Loans advanced to equity accounted investments that have the characteristics of equity financing are also included in the investment held on the Consolidated Balance Sheet. If necessary, impairment losses on the carrying amount of an investment are reported within the Group’s share of equity accounted investments’ results in the Consolidated Income Statement. If the Group’s share of losses exceeds the carrying amount of an associate or joint venture, the carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred obligations in respect of the associate or joint venture. Joint operations A joint operation is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. The Group’s investments in its joint operations are accounted for by recognising its assets and its liabilities, including its share of any assets or liabilities held jointly; its share of the revenue from the sale of the output by the joint operation; and its expenses, including its share of any expenses incurred jointly. Revenue recognition – Note 1 The Group recognises revenue in the amount of the price expected to be received for goods and services supplied at a point in time or over time, as contractual performance obligations are fulfilled and control of goods and services passes to the customer. It excludes trade discounts and value-added tax/sales tax. Revenue derived from sale of goods (sources other than construction contracts) The Group manufactures and distributes a diverse range of building materials and products. Whilst there are a number of different activities across the Group; recognition of revenue from the sale of goods is similar; being at the point in time when control is deemed to pass to the customer upon leaving a CRH premises or upon delivery to a customer depending on the terms of the sale. Contracts do not contain multiple performance obligations (as defined by IFRS 15 Revenue from Contracts with Customers Across the Group, goods are often sold with discounts or rebates based on cumulative sales over a period. This variable consideration is only recognised when it is highly probable that it will not be subsequently reversed and is recognised using the most likely amount or expected value methods, depending on the individual contract terms. In the application of appropriate revenue recognition, judgement is exercised by management in the determination of the likelihood and quantum of such items based on experience and historical trading patterns. The Group is deemed to be a principal to an arrangement when it controls a promised good or service before transferring them to a customer; and accordingly recognises revenue on a gross basis. Where the Group is determined to be an agent to a transaction, based on the principal of control; the net amount retained after the deduction of any costs to the principal is recognised as revenue. Within the non-construction Revenue derived from construction contracts The Group enters into a number of construction contracts, to complete large construction projects. Contracts usually commence and complete within one financial period and are generally fixed price. The Group typically recognises revenue within its construction contract businesses over time, as it performs its obligations. Management believe this best reflects the transfer of control to the customer by providing a faithful depiction of primarily the enhancement of a customer controlled asset or the construction of an asset with no alternative use. The percentage-of-completion percentage-of-completion Some of the Group’s construction contracts may contain forms of variable consideration that can either increase or decrease the transaction price. Variable consideration is estimated based on the most likely amount or expected value methods (depending on the contract terms) and the transaction price is adjusted to the extent it is probable that a significant reversal of revenue recognised will not occur. In some instances a customer can be billed and revenue recognised in the period subsequent to the contracted work being completed when items such as variable consideration are agreed with the customer. Recognition of contract assets and liabilities In our construction contract businesses, amounts are billed as work progresses in accordance with pre-agreed When consideration is received in advance of work being performed, or we have billed an amount to a customer that is in excess of revenue recognised on the contract; this is recognised as a contract liability within Trade and Other Payables (note 20); and the revenue is generally recognised in the subsequent period when the right to recognise revenue has been determined. As a result, advance payments received for construction contract arrangements are not considered a significant form of financing. Cumulative costs incurred, net of amounts transferred to cost of sales, after deducting onerous provisions, provisions for contingencies and payments on account not matched with revenue, are included as construction contract balances in inventories (note 18). Cost includes all expenditure directly related to specific projects and an allocation of fixed and variable overheads incurred in the Group’s contract activities based on normal operating capacity. The Group’s contracts generally are for a duration of less than one year and therefore the Group does not capitalise incremental contract costs; instead expensing as incurred, as permitted by the practical expedient under IFRS 15. Onerous contracts and warranties When a contract is identified as being onerous (i.e. its unavoidable cost exceeds the economic benefit of the contract), a provision is created; being the lower of costs to complete the contract and the cost of exiting the contract. The Group recognises a provision for assurance-type (standard) warranties offered across the Group under its terms and conditions in accordance with IAS 37. The Group provides assurance-type warranties for general repairs and does not typically provide service-type (extended) warranties. Segment reporting – Note 2 Operating segments are reported in a manner consistent with the internal organisational and management structure and the internal reporting information provided to the Chief Operating Decision Maker who is responsible for allocating resources and assessing performance of the operating segments. Assets and liabilities held for sale – Note 3 Non-current Non-current Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. The Group ceases to use the equity method of accounting from the date on which an interest in a joint venture or associate becomes held for sale. Non-current Discontinued operations – Note 3 Discontinued operations are reported when a component of the Group, that represents a separate major line of business or geographical area of operation, has been disposed of, or when a sale is highly probable; and its operations and cash flows can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Group and is classified as held for sale or has been disposed of. The Group classifies a non-current In the Consolidated Income Statement, discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations. Corresponding notes to the Consolidated Income Statement exclude amounts for discontinued operations, unless stated otherwise. Share-based payments – Note 9 The Group operates a number of equity-settled share-based payment plans. Its policy in relation to the granting of share options and awards under these plans, together with the nature of the underlying market and non-market Awards under the Performance Share Plans 25% of the awards under |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
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Revenue | 1. Revenue CRH is a leading global diversified building materials group which manufactures and supplies a diverse range of superior building materials and products for use in the construction and maintenance of infrastructure, housing and commercial products. Our materials and products are used extensively, in construction projects of all sizes, all across the world. As discussed in more detail in note 2, the Group has three operating segments (as identified under IFRS 8 Operating Segments Americas Materials Europe Materials Our Building Products The divestment of our Europe Distribution business (excluding DIY Benelux), formerly part of the Building Products segment, was completed in 2019. As a result, it has been classified as discontinued operations in the current year; its performance in this year and comparative years is therefore part of discontinued operations. As referenced above, DIY Benelux was separately divested in 2018 and therefore its performance up to the date of divestment is shown as part of continuing operations in 2018 and 2017. As a result of the more simplified operating structure implemented on 1 January 2019, the classification of reported revenue into the principal activities and products below has been amended to better reflect the basis on which management now reviews its businesses. Accordingly, the revenue formerly disaggregated across perimeter protection, shutters & awnings, network access products, architectural and precast products has now been reorganised and presented in two new categories: architectural products and infrastructure products. Comparative amounts for 2018 have been restated where necessary to reflect the new format for disaggregation of revenue. A. Disaggregated revenue In the following tables, revenue is disaggregated by primary geographic market and by principal activities and products. Due to the diversified nature of the Group, the basis on which management reviews its businesses varies across the Group. Geography is the primary basis for the Americas Materials and Europe Materials businesses; while activities and products are used for the Building Products businesses. Revenue from external customers (as defined in IFRS 8) attributable to the country of domicile and all foreign countries of operation greater than 10% are included below. Further operating segment disclosures are set out in note 2. Year ended 31 December Americas Europe Building Total Americas Europe Building Total Total Primary geographic markets € € € € € € € € € Continuing operations Republic of Ireland (country of domicile) - 585 - 585 - 468 - 468 435 United Kingdom - 3,107 217 3,324 - 3,045 223 3,268 3,023 Rest of Europe (i) - 4,328 1,038 5,366 - 4,098 1,469 5,567 5,370 United States 9,207 - 4,543 13,750 7,896 - 4,065 11,961 10,844 Rest of World (ii) 1,178 474 452 2,104 1,055 431 491 1,977 1,981 Total Group from continuing operations 10,385 8,494 6,250 25,129 8,951 8,042 6,248 23,241 21,653 Discontinued operations United States - Americas Distribution - 7 2,343 Rest of Europe (i) - Europe Distribution 3,177 3,549 3,567 Total Group 28,306 26,797 27,563 (i) The Rest of Europe principally includes Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Hungary, Luxembourg, Netherlands, Poland, Romania, Serbia, Slovakia, Spain, Sweden, Switzerland and Ukraine. (ii) The Rest of World principally includes Australia, Brazil, Canada and the Philippines. Year ended 31 December Americas Europe Building Total Americas Europe Building Total Principal activities and products € € € € € € € € Continuing operations Cement, lime and cement products 1,222 2,646 - 3,868 810 2,506 - 3,316 Aggregates, asphalt and readymixed products 5,046 3,061 - 8,107 4,330 2,919 - 7,249 Construction contract activities* 4,117 1,609 165 5,891 3,811 1,542 240 5,593 Architectural products - 955 2,664 3,619 - 903 2,597 3,500 Infrastructure products - 223 1,239 1,462 - 172 1,080 1,252 Construction accessories - - 590 590 - - 593 593 Architectural glass and glazing systems and wholesale hardware distribution - - 1,592 1,592 - - 1,431 1,431 DIY - - - - - - 307 307 Total Group from continuing operations 10,385 8,494 6,250 25,129 8,951 8,042 6,248 23,241 Discontinued operations Exterior and interior products - Americas Distribution - 7 General Builders Merchants, DIY Germany and Sanitary, Heating & Plumbing - Europe Distribution 3,177 3,549 Total Group 28,306 26,797 (iii) Americas Materials and Europe Materials both operate vertically integrated businesses, which are founded in resource-backed cement and aggregates assets and which support the manufacture and supply of aggregates, asphalt, cement, readymixed and precast concrete and landscaping products. Accordingly, for the purpose of disaggregation of revenue we have included certain products together, as this is how management review and evaluate this business line. There are no material dependencies or concentrations of individual customers which would warrant disclosure under IFRS 8. The individual entities within the Group have a large number of customers spread across various activities, end-uses Revenue derived through the supply of services and intersegment revenue are not material to the Group. The transfer pricing policy implemented by the Group between operating segments and across its constituent entities is described in note 34. In addition, due to the nature of building materials, which have a low value-to-weight B. Contract balances For information on the Group’s construction contract balances refer to notes 18, 19 and 20. Movements in our net contract balances are not considered significant and are primarily driven by the timing of billing work-in-progress C. Unsatisfied long-term construction contracts and other performance obligations Revenue yet to be recognised from fixed-price long-term construction contracts, primarily within our Americas Materials and Europe Materials businesses, amounted to € € Revenue from Contracts with Customers |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
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Segment Information | 2. Segment Information Effective 1 January 2019 the Group implemented a simplified new structure reducing its operating segments from six to three: Americas Materials, Europe Materials (formerly Europe Heavyside and Asia), and a new Building Products segment. The Building Products segment brings together our former Americas Products, Europe Lightside and, up to its disposal, Europe Distribution segments. Comparative segment amounts for 2018 and 2017 have been restated where necessary to reflect the new format for segmentation. The segments reflect the Group’s organisational structure and the nature of the financial information reported to and assessed by the Group Chief Executive and Finance Director, who are together determined to fulfil the role of Chief Operating Decision Maker (as defined in IFRS 8). No operating segments have been aggregated to form these reportable segments. The principal factors employed in the identification of the three segments reflected in this note include: • the Group’s organisational structure in 2019 (during 2019 each divisional President fulfilled the role of “segment manager” as outlined in IFRS 8); • the nature of the reporting lines to the Chief Operating Decision Maker (as defined in IFRS 8); • the structure of internal reporting documentation such as management accounts and budgets; and • the degree of homogeneity of products and services within each of the segments from which revenue is derived The Chief Operating Decision Maker monitors the operating results of segments separately in order to allocate resources between segments and to assess performance. Segment performance is predominantly evaluated based on operating profit. As performance is also evaluated using operating profit before depreciation, amortisation and impairment (EBITDA (as defined)*), supplemental information based on EBITDA (as defined)* is provided overleaf. Given that net finance costs and income tax are managed on a centralised basis, these items are not allocated between operating segments for the purposes of the information presented to the Chief Operating Decision Maker and are accordingly omitted from the detailed segmental analysis overleaf. There are no asymmetrical allocations to reporting segments which would require disclosure. * EBITDA is defined as earnings before interest, taxes, depreciation, amortisation, asset impairment charges, profit on disposals and the Group’s share of equity accounted investments’ profit after tax. A. Operating segments disclosures - Consolidated Income Statement data Year ended 31 December Revenue Group EBITDA Depreciation, Group 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € Continuing operations Americas Materials 10,385 8,951 7,970 1,960 1,493 1,270 689 484 412 1,271 1,009 858 Europe Materials 8,494 8,042 7,338 1,079 936 891 524 449 398 555 487 493 Building Products 6,250 6,248 6,345 961 787 769 293 212 193 668 575 576 Total Group from continuing operations 25,129 23,241 21,653 4,000 3,216 2,930 1,506 1,145 1,003 2,494 2,071 1,927 Discontinued operations Americas Distribution - 7 2,343 - (5) 164 - - 21 - (5) 143 Europe Distribution 3,177 3,549 3,567 200 149 216 99 43 48 101 106 168 Total Group 28,306 26,797 27,563 4,200 3,360 3,310 1,605 1,188 1,072 2,595 2,172 2,238 Group operating profit from continuing operations 2,494 2,071 1,927 (Loss)/profit on disposals (i) (1) (27) 54 Finance costs less income (326) (305) (289) Other financial expense (112) (46) (59) Share of equity accounted investments’ profit (ii) 60 48 52 Profit before tax from continuing operations 2,115 1,741 1,685 (i) (Loss)/profit on (ii) Share of equity Americas Materials 2 44 29 38 25 32 Europe Materials (131) 7 19 13 18 18 Building Products 128 (78) 6 9 5 2 Total Group from continuing operations (1) (27) 54 60 48 52 B. Operating segments disclosures - Consolidated Balance Sheet data As at 31 December Total assets Total liabilities 2019 € 2018 € 2019 € 2018 € Americas Materials 14,608 13,798 2,642 2,063 Europe Materials 11,669 10,509 3,441 2,787 Building Products 6,407 7,203 1,875 1,742 Total Group 32,684 31,510 7,958 6,592 Reconciliation to total assets as reported in the Consolidated Balance Sheet: Investments accounted for using the equity method 690 1,163 Other financial assets 12 23 Derivative financial instruments (current and non-current) 82 45 Income tax assets (current and deferred) 87 86 Cash and cash equivalents 3,755 2,346 Total assets as reported in the Consolidated Balance Sheet 37,310 35,173 Reconciliation to total liabilities as reported in the Consolidated Balance Sheet: Interest-bearing loans and borrowings (current and non-current) 9,014 9,316 Derivative financial instruments (current and non-current) 17 59 Income tax liabilities (current and deferred) 2,841 2,652 Total liabilities as reported in the Consolidated Balance Sheet 19,830 18,619 C. Operating segments disclosures - other items Additions to non-current Year ended 31 December Property, plant and equipment (note 15, 22) Financial assets (note 17) Total Group 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € Continuing operations Americas Materials (i) 671 429 375 27 2 5 698 431 380 Europe Materials 491 453 404 1 - - 492 453 404 Building Products 315 209 207 - - 6 315 209 213 Total Group from continuing operations 1,477 1,091 986 28 2 11 1,505 1,093 997 Discontinued operations Americas Distribution - - 29 - - - - - 29 Europe Distribution - 30 29 1 - - 1 30 29 Total Group 1,477 1,121 1,044 29 2 11 1,506 1,123 1,055 (i) Additions to property, plant and equipment include € D. Information about geographical areas The non-current As at 31 December Non-current 2019 2018 € € Republic of Ireland (country of domicile) 506 495 United Kingdom 2,772 2,461 United States 14,259 12,925 Other 9,011 9,476 Total Group 26,548 25,357 |
Assets Held for Sale and Discon
Assets Held for Sale and Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
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Assets Held for Sale and Discontinued Operations | 3. Assets Held for Sale and Discontinued Operations A. Profit on disposal of discontinued operations In October 2019, the Group completed the divestment of its Europe Distribution business, formerly part of our Building Products segment. With the exception of our Europe Distribution business, no other businesses divested in 2019 are considered to be either separate major lines of business or geographical areas of operation and therefore do not constitute discontinued operations as defined in IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations In January 2018, the Group completed the divestment of its 100% holding in Allied Building Products, the trading name of our former Americas Distribution segment, which was considered a discontinued operation in 2018 and was classified accordingly. Assets and liabilities that met the IFRS 5 criteria at 31 December 2019 have not been separately disclosed as held for sale as they were not considered material in the context of the Group. The table overleaf sets out the proceeds and related profit recognised on divestment which is included in profit after tax for the financial year from discontinued operations. 2019 € 2018 € Assets/(liabilities) disposed of at net carrying amount: - non-current 1,309 472 - cash and cash equivalents 100 18 - working capital and provisions 596 367 - current tax 2 - - lease liabilities (367) - - deferred tax (28) (14) - retirement benefit obligations (42) - - non-controlling (8) - Net assets disposed 1,562 843 Reclassification of currency translation effects on disposal (123) (27) Total 1,439 816 Proceeds from disposal (net of disposal costs) 1,663 2,379 Profit on disposal from discontinued operations 224 1,563 Net cash inflow arising on disposal Proceeds from disposal from discontinued operations 1,663 2,379 Less: cash and cash equivalents disposed (100) (18) Total 1,563 2,361 B. Results of discontinued operations The results of the discontinued operations included in the Group profit for the financial year are set out as follows: 2019 € 2018 € 2017 € Revenue 3,177 3,556 5,910 EBITDA (as defined)* 200 144 380 Depreciation (96) (41) (55) Amortisation (2) (2) (14) Impairment (1) - - Operating profit 101 101 311 Profit on disposals 227 1,566 5 Profit before finance costs 328 1,667 316 Finance costs (7) - (1) Share of equity accounted investments’ profit 12 12 13 Profit before tax 333 1,679 328 Attributable income tax expense (23) (503) (82) Profit after tax for the financial year from discontinued operations 310 1,176 246 Profit attributable to: Equity holders of the Company 309 1,175 245 Non-controlling 1 1 1 Profit for the financial year from discontinued operations 310 1,176 246 Basic earnings per Ordinary Share from discontinued operations 38.5c 141.2c 29.4c Diluted earnings per Ordinary Share from discontinued operations 38.2c 140.5c 29.2c Cash flows from discontinued operations Net cash inflow/(outflow) from operating activities (i) 32 (367) 204 Net cash inflow/(outflow) from investing activities (ii) 1,542 2,339 (75) Net cash outflow from financing activities (71) (19) (13) Net cash inflow 1,503 1,953 116 (i) Includes the corporation tax paid on the sale of discontinued operations. (ii) Includes the proceeds from the sale of discontinued operations. |
Cost Analysis
Cost Analysis | 12 Months Ended |
Dec. 31, 2019 | |
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Cost Analysis | 4. Cost Analysis Continuing operations 2019 € 2018 € 2017 € Cost of sales analysis Raw materials and goods for resale 5,216 5,058 4,785 Employment costs (note 7) 3,467 3,155 2,869 Energy conversion costs 1,307 1,222 1,004 Repairs and maintenance 980 882 811 Depreciation, amortisation and impairment (i) 1,225 939 830 Change in inventory (62) (179) (117) Other production expenses (primarily sub-contractor 4,713 4,495 4,093 Total 16,846 15,572 14,275 Operating costs analysis Selling and distribution costs 4,062 3,822 3,561 Administrative expenses 1,727 1,776 1,890 Total 5,789 5,598 5,451 (i) Depreciation, amortisation and impairment analysis Cost of sales Operating costs Total 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € Depreciation and depletion (note 15, 22) 1,219 903 830 223 127 121 1,442 1,030 951 Amortisation of intangible assets (note 16) - - - 57 59 52 57 59 52 Impairment of property, plant and equipment (note 15) 6 36 - 1 - - 7 36 - Impairment of intangible assets (note 16) - - - - 20 - - 20 - Total 1,225 939 830 281 206 173 1,506 1,145 1,003 |
Auditor's Remuneration
Auditor's Remuneration | 12 Months Ended |
Dec. 31, 2019 | |
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Auditor's Remuneration | 5. Auditor’s Remuneration Continuing operations In accordance with statutory requirements in Ireland, fees for professional services provided by the Group’s independent auditor in respect of each of the following categories were: EY Ireland (statutory auditor) EY (network firms) Total 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € Audit fees (i) (ii) 4 4 4 14 14 14 18 18 18 Other audit-related assurance fees (iii) (iv) - - - - 1 1 - 1 1 Tax advisory services (iv) - - - 1 - 1 1 - 1 Total 4 4 4 15 15 16 19 19 20 (i) Audit of the Group accounts includes audit of internal controls over financial reporting and parent and subsidiary statutory audit fees, but excludes € € € (ii) Audit fees including discontinued operations amounted to € € € (iii) Other assurance services includes attestation and due diligence services that are closely related to the performance of the audit. (iv) Other audit-related assurance fees and tax advisory services including discontinued operations amounted to € € € € € € There were no other fees for services provided by the Group’s independent auditor (2018: € € |
Business and Non-Current Asset
Business and Non-Current Asset Disposals | 12 Months Ended |
Dec. 31, 2019 | |
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Business and Non-Current Asset Disposals | 6. Business and Non-Current Business disposals Disposal of other non-current 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € Continuing operations Assets/(liabilities) disposed of at net carrying amount: - non-current 596 622 47 140 56 78 736 678 125 - cash and cash equivalents 45 60 11 - - - 45 60 11 - working capital and provisions 83 132 29 - - - 83 132 29 - current tax (1) (2) - - - - (1) (2) - - lease liabilities (48) - - (29) - - (77) - - - deferred tax (3) (2) 2 - - - (3) (2) 2 - retirement benefit obligations (2) (6) - - - - (2) (6) - Net assets disposed 670 804 89 111 56 78 781 860 167 Reclassification of currency translation effects on disposal 66 15 9 - - - 66 15 9 Total 736 819 98 111 56 78 847 875 176 Proceeds from disposals (net of disposal costs) 699 697 99 147 100 131 846 797 230 Asset exchange (note 32) - 12 - - - - - 12 - Profit on step acquisition (note 32) - 39 - - - - - 39 - (Loss)/profit on disposals from continuing operations (37) (71) 1 36 44 53 (1) (27) 54 Discontinued operations Profit on disposals from discontinued operations (note 3) 224 1,563 - 3 3 5 227 1,566 5 Total Group profit on disposals 187 1,492 1 39 47 58 226 1,539 59 Net cash inflow arising on disposal Continuing operations Proceeds from disposals from continuing operations 699 697 99 147 100 131 846 797 230 Less: cash and cash equivalents disposed (45) (60) (11) - - - (45) (60) (11) Less: deferred proceeds arising on disposal (note 21) (i) (269) (10) (3) - - - (269) (10) (3) Less: investment and loan to associate in lieu of cash proceeds (note 17) (ii) - (85) - - - - - (85) - Net cash inflow arising on disposal from continuing operations 385 542 85 147 100 131 532 642 216 Discontinued operations Net cash inflow arising on disposal from discontinued operations (note 3) 1,563 2,361 - 1 6 6 1,564 2,367 6 Total Group net cash inflow arising on disposal 1,948 2,903 85 148 106 137 2,096 3,009 222 (i) On 31 December, CRH completed the sale of the Group’s 50% stake in its joint venture in India, MHIL for deferred proceeds of € For the purposes of compliance with Indian law requirements, CRH is obliged to retain a minority shareholding and associated minority board representation in MHIL both of which will further reduce as the tranches are completed. The Group no longer has any rights to share in the profit/loss of MHIL or to receive any dividends. CRH has determined that MHIL has ceased to be a joint venture or an associate as the Group is no longer exposed to variability of returns from the performance of MHIL and does not have significant influence (as defined under IAS 28 Interests in Associates and Joint Ventures (ii) In 2018, as part of the divestment of our DIY business in Belgium and the Netherlands (see note 16 and note 17 for further details) we acquired an equity stake of 22.78% in, and advanced a loan of € |
Employment
Employment | 12 Months Ended |
Dec. 31, 2019 | |
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Employment | 7. Employment Continuing operations The average number of employees is as follows: Year ended 31 December 2019 2018 2017 Americas Materials 28,576 27,272 24,077 Europe Materials 27,238 27,218 25,832 Building Products 24,437 26,399 26,927 Total Group 80,251 80,889 76,836 The average number of employees including discontinued operations was 86,951 (2018: 89,831; 2017: 89,213). Employment costs charged in the Consolidated Income Statement are analysed as follows: 2019 € 2018 € 2017 € Wages and salaries 4,112 3,841 3,629 Social welfare costs 423 407 397 Redundancy, healthcare and other employment benefit costs 584 540 506 Share-based payment expense (note 9) 74 65 58 Total retirement benefits expense (note 30) 304 268 264 Total (i) 5,497 5,121 4,854 Total charge analysed between: Cost of sales 3,467 3,155 2,869 Operating costs 2,017 1,956 1,975 Finance costs (net) - applicable to retirement benefit obligations (note 10) 13 10 10 Total (i) 5,497 5,121 4,854 (i) Employment costs including discontinued operations are analysed as follows: Wages and salaries 4,455 4,226 4,221 Social welfare costs 486 478 483 Redundancy, healthcare and other employment benefit costs 605 581 576 Share-based payment expense (note 9) 77 67 65 Total retirement benefits expense (note 30) 329 296 243 Total 5,952 5,648 5,588 |
Directors' Emoluments and Inter
Directors' Emoluments and Interests | 12 Months Ended |
Dec. 31, 2019 | |
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Directors' Emoluments and Interests | 8. Directors’ Emoluments and Interests Directors’ emoluments (which are included in administrative expenses in note 4) and interests are presented in the Directors’ Remuneration Report on pages 74 to 100. |
Share-based Payment Expense
Share-based Payment Expense | 12 Months Ended |
Dec. 31, 2019 | |
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Share-based Payment Expense | 9. Share-based Payment Expense Continuing operations 2019 € 2018 € 2017 € Performance Share Plans and Restricted Share Plan expense 71 62 55 Share option expense 3 3 3 Total share-based payment expense (i) 74 65 58 (i) The total share-based payment expense including discontinued operations amounted to € € € Share-based payment expense relates primarily to awards granted under the 2014 Performance Share Plan and the Group’s Savings-related 2014 Performance Share Plan The structure of the 2014 Performance Share Plan is set out in the Directors’ Remuneration Report on page 90. An expense of € € € Details of awards granted under the 2014 Performance Share Plan Number of shares Share price at Period to earliest release date Initial award (i) Net outstanding at Granted in 2019 € 3 years 3,688,027 3,578,105 Granted in 2018 € 3 years 3,863,433 3,610,323 Granted in 2017 € 3 years 3,342,900 2,818,931 (i) Numbers represent the initial awards including those granted to employees of Europe Distribution in 2019, 2018 and 2017 and Allied Building Products in 2017. The Remuneration Committee has determined that dividend equivalents will accrue on awards under the 2014 Performance Share Plan. Subject to satisfaction of the applicable performance criteria, such dividend equivalents will be released to participants in the form of additional shares on vesting. 25% of each award made in 2019 is subject to TSR performance measured against a tailored peer group; 25% is subject to a new RONA metric introduced in 2019; with the remaining 50% subject to a cumulative cashflow metric (2018 and 2017: 50% of each award is subject to a TSR measure, with 25% being measured against a tailored sector peer group and 25% against the FTSE All-World The fair values assigned to the portion of awards which are subject to TSR performance against peers and, in the case of 2018 and 2017, the index, was € € € € € 2019 2018 2017 Risk-free interest rate (%) (0.37) (0.43) (0.40) Expected volatility (%) 23.2 27.4 30.1 The expected volatility was determined using a historical sample of daily CRH share prices. The fair value of (i) the portion of awards subject to cash flow performance; (ii) from 2019, the portion of awards subject to a RONA metric; and (iii) the awards with no performance conditions (which are subject to a one or three-year service period) was € € € Share Option Schemes The 2010 Share Option Scheme was replaced in 2014 by the 2014 Performance Share Plan, and accordingly no options have been granted since 2013. Details of movement and options outstanding under Share Option Schemes (excluding Savings-related Share Option Schemes) Weighted average Number of Weighted average Number of Weighted average Number of 2019 2018 2017 Outstanding at beginning of year € 800,770 € 1,441,779 € 2,997,495 Exercised (i) € (520,115) € (634,994) € (1,462,863) Lapsed € (2,306) € (6,015) € (92,853) Outstanding at end of year (ii) € 278,349 € 800,770 € 1,441,779 Exercisable at end of year € 278,349 € 800,770 € 1,441,779 (i) The weighted average share price at the date of exercise of these options was € € € (ii) All options granted have a life of ten years. 2019 2018 2017 Weighted average remaining contractual life for the share options outstanding at 31 December (years) 3.30 2.57 2.53 euro-denominated options outstanding at end of year (number) 278,349 796,850 1,436,115 Range of exercise prices ( € 16.19 16.19-17.30 16.19-21.52 Pound Sterling-denominated options outstanding at end of year (number) - 3,920 5,664 Range of exercise prices (Stg£) - 15.30 15.30-17.19 2010 Savings-related Share Option Schemes The Group operates Savings-related Share Option Schemes. Participants may save up to € Details of options granted under the Savings-related Share Option Schemes Weighted average Number of Weighted average Number of Weighted average Number of 2019 2018 2017 Outstanding at beginning of year € 1,686,176 € 1,556,299 € 1,402,174 Exercised (i) € (627,034) € (161,950) € (126,472) Lapsed € (207,070) € (209,264) € (123,455) Granted (ii) € 656,790 € 501,091 € 404,052 Outstanding at end of year € 1,508,862 € 1,686,176 € 1,556,299 Exercisable at end of year € 13,065 € 14,059 € 15,890 (i) The weighted average share price at the date of exercise of these options was € € € (ii) Pursuant to the 2010 Savings-related Share Option Schemes operated by the Group, employees were granted options over 656,790 of CRH plc’s Ordinary Shares (556,493 options granted in April 2019 and 100,297 options in May 2019) (2018: 501,091 share options in April 2018; 2017: 404,052 share options in March 2017). This figure comprises options over 518,944 (2018: 379,253; 2017: 304,492) shares and 137,846 (2018: 121,838; 2017: 99,560) shares which are normally exercisable within a period of six months after the third or the fifth anniversary of the contract, whichever is applicable. The exercise price at which the options are granted under the scheme represents a discount of 15% to the market price on the date of invitation of each savings contract. Continuing operations 2019 2018 2017 Weighted average remaining contractual life for the share options outstanding at 31 December (years) 1.87 1.50 1.90 euro-denominated options outstanding at end of year (number) 290,627 304,713 304,963 Range of exercise prices ( € 17.67-27.86 14.15-27.86 13.64-27.86 Pound Sterling-denominated options outstanding at end of year (number) 1,218,235 1,381,463 1,251,336 Range of exercise prices (Stg£) 14.94-24.51 14.94-24.51 12.22-24.51 The weighted fair values assigned to options issued under the Savings-related Share Option Schemes, which were computed in accordance with the trinomial valuation methodology, were as follows: 3-year 5-year Granted in 2019 (April) € € 7.98 Granted in 2019 (May) € € 7.19 Granted in 2018 € € Granted in 2017 € € 6.49 The fair value of these options were determined using the following assumptions: 2019 2018 2017 3-year 5-year 3-year 5-year 3-year 5-year April May April May April April March March Weighted average exercise price ( € 23.30 24.24 23.30 24.24 23.39 23.39 27.86 27.86 Risk free interest rate (%) (0.56) (0.58) (0.40) (0.41) (0.44) (0.06) (0.72) (0.45) Expected dividend payments over the expected life ( € 2.34 2.34 4.06 4.06 2.21 3.83 2.07 3.55 Expected volatility (%) 19.6 20.0 21.1 21.3 20.0 20.5 20.9 20.6 Expected life in years 3 3 5 5 3 5 3 5 The expected volatility was determined using a historical sample of 37 month-end CRH share prices in respect of the three-year savings-related share options and 61 month-end Other than the assumptions listed above, no other features of options grants were factored into the determination of fair value. The terms of the options issued under the Savings-related Share Option Schemes do not contain any market conditions within the meaning of IFRS 2 Share-based |
Finance Costs and Finance Incom
Finance Costs and Finance Income | 12 Months Ended |
Dec. 31, 2019 | |
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Finance Costs and Finance Income | 10. Finance Costs and Finance Income Continuing operations 2019 €m 2018 €m 2017 €m Finance costs Interest payable on borrowings 333 335 300 Net cost on interest rate and currency swaps 14 7 2 Mark-to-market of derivatives and related fixed rate debt: - interest rate swaps (i) (64) 12 16 - currency swaps and forward contracts 2 (4) - - fixed rate debt (i) 61 (16) (23) Net loss on interest rate swaps not designated as hedges - 5 6 Net finance cost on gross debt including related derivatives 346 339 301 Finance income Interest receivable on loans to joint ventures and associates (5) (4) (5) Interest receivable on cash and cash equivalents and other (15) (30) (7) Finance income (20) (34) (12) Finance costs less income 326 305 289 Other financial expense Premium paid on early debt redemption - - 18 Unwinding of discount element of lease liabilities (note 22) 62 - - Unwinding of discount element of provisions for liabilities (note 28) 22 21 24 Unwinding of discount applicable to deferred and contingent acquisition 15 15 7 Pension-related finance cost (net) (note 30) 13 10 10 Total 112 46 59 Total net finance costs (ii) 438 351 348 (i) The Group uses interest rate swaps to convert fixed rate debt to floating rate. Fixed rate debt, which has been converted to floating rate through the use of interest rate swaps, is stated in the Consolidated Balance Sheet at adjusted value to reflect movements in underlying fixed rates. The movement on this adjustment, together with the offsetting movement in the fair value of the related interest rate swaps, is included in finance costs in each repo r (ii) Net finance costs for 2019 including discontinued operations amounted to € € € |
Share of Equity Accounted Inves
Share of Equity Accounted Investments' Profit | 12 Months Ended |
Dec. 31, 2019 | |
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Share of Equity Accounted Investments' Profit | 11. Share of Equity Accounted Investments’ Profit Continuing operations The Group’s share of joint ventures’ and associates’ profit after tax is equity accounted and is presented as a single line item in the Consolidated Income Statement; it is analysed as follows between the principal Consolidated Income Statement captions: Joint Ventures Associates Total 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € Group share of: Revenue 634 603 517 615 603 534 1,249 1,206 1,051 EBITDA (as defined)* 70 51 71 68 63 58 138 114 129 Depreciation and amortisation (24) (22) (27) (35) (34) (33) (59) (56) (60) Operating profit 46 29 44 33 29 25 79 58 69 Profit on disposals - - - - 3 - - 3 - Profit before finance costs 46 29 44 33 32 25 79 61 69 Finance costs (net) - 1 (1) (12) (9) (9) (12) (8) (10) Profit before tax 46 30 43 21 23 16 67 53 59 Income tax expense (5) (1) (4) (2) (4) (3) (7) (5) (7) Profit after tax (i) 41 29 39 19 19 13 60 48 52 An analysis of the profit after tax by operating segment is presented in note 2. The aggregated balance sheet data (analysed between current and non-current (i) Share of profit after tax for 2019 including discontinued operations amounted to € € € |
Income Tax Expense
Income Tax Expense | 12 Months Ended |
Dec. 31, 2019 | |
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Income Tax Expense | 12. Income Tax Expense Continuing operations Recognised within the Consolidated Income Statement 2019 € 2018 € 2017 € (a) Current tax Republic of Ireland 17 10 9 Overseas 345 279 275 Total current tax expense 362 289 284 (b) Deferred tax Origination and reversal of temporary differences: Retirement benefit obligations (1) 4 6 Share-based payment expense (5) 4 (4) Derivative financial instruments 2 (1) 2 Other items (2017 includes deferred tax credit associated with the 119 100 (276) Total deferred tax expense/(income) 115 107 (272) Income tax reported in the Consolidated Income Statement 477 396 12 Recognised outside the Consolidated Income Statement (a) Within the Consolidated Statement of Comprehensive Income: Deferred tax - retirement benefit obligations (3) (1) (33) Deferred tax - cash flow hedges (3) 5 - (6) 4 (33) (b) Within the Consolidated Statement of Changes in Equity: Current tax Current tax - share option exercises 4 2 2 Deferred tax Deferred tax - share-based payment expense 5 (4) (7) 9 (2) (5) Income tax recognised outside the Consolidated Income Statement 3 2 (38) Reconciliation of applicable tax rate to effective tax rate Profit before tax ( € 2,115 1,741 1,685 Tax charge expressed as a percentage of profit before tax (effective tax rate): - current tax expense only 17.1% 16.6% 16.9% - total income tax expense (current and deferred) 22.6% 22.7% 0.7% The following table reconciles the applicable Republic of Ireland statutory tax rate to the effective tax rate (current and deferred) of the Group: % of profit before tax Irish corporation tax rate 12.5 12.5 12.5 Higher tax rates on overseas earnings 12.1 11.6 16.3 Deferred tax credit relating to the enactment of the “Tax Cuts and Jobs Act” - - (26.1) Other items (primarily comprising items not chargeable to tax/expenses not deductible for tax) (2.0) (1.4) (2.0) Total effective tax rate 22.6 22.7 0.7 Other disclosures Effective tax rate The 2019 effective tax rate is 22.6% (2018: 22.7%; 2017: 0.7%). The 2017 reported tax charge included a non-cash deferred tax credit of € The tax charge associated with discontinued operations is recognised separately in “Profit after tax for the financial year from discontinued operations”. See note 3 for further details. Changes in tax rates The total tax charge in future periods will be affected by any changes to the tax rates in force in the countries in which the Group operates. Excess of capital allowances over depreciation The current tax charge will also be impacted by changes in the excess of tax depreciation (capital allowances) over accounting depreciation. Based on current capital investment plans, the Group expects to continue to be in a position to claim capital allowances in excess of depreciation in future years. Investments in subsidiaries Given management’s intention not to unwind temporary differences in respect of its investment in subsidiaries or tax exemptions and credits being available in the majority of jurisdictions in which the Group operates, the aggregate amount of deferred tax liabilities on temporary differences which have not been recognised would be immaterial. Proposed dividends There are no income tax consequences for the Company in respect of dividends proposed prior to issuance of the Consolidated Financial Statements and for which a liability has not been recognised. |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2019 | |
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Dividends | 13. Dividends The dividends paid and proposed in respect of each class of share capital are as follows: 2019 € 2018 € 2017 € Dividends to shareholders Preference 5% Cumulative Preference Shares € € € - - - 7% ‘A’ Cumulative Preference Shares € € € - - - Equity Final - paid 52.40c per Ordinary Share (2018: 48.80c; 2017: 46.20c) 425 409 386 Interim - paid 20.00c per Ordinary Share (2018: 19.60c; 2017: 19.20c) 159 163 160 Total 584 572 546 Reconciliation to Consolidated Statement of Cash Flows Dividends to shareholders 584 572 546 Less: issue of scrip shares in lieu of cash dividends (note 31) - (51) (77) Dividends paid to equity holders of the Company 584 521 469 Dividends paid by subsidiaries to non-controlling 10 12 8 Total dividends paid 594 533 477 Dividends proposed (memorandum disclosure) Equity Final 2019 - proposed 63.00c per Ordinary Share (2018: 52.40c; 2017: 48.80c) 495 425 409 |
Earnings per Ordinary Share
Earnings per Ordinary Share | 12 Months Ended |
Dec. 31, 2019 | |
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Earnings per Ordinary Share | 14. Earnings per Ordinary Share The computation of basic and diluted earnings per Ordinary Share is set out below: 2019 € 2018 € 2017 € Numerator computations Group profit for the financial year 1,948 2,521 1,919 Profit attributable to non-controlling (19) (4) (24) Profit attributable to equity holders of the Company 1,929 2,517 1,895 Preference dividends - - - Profit attributable to ordinary equity holders of the Company - numerator for basic/diluted 1,929 2,517 1,895 Profit after tax for the financial year from discontinued operations - attributable to equity holders 309 1,175 245 Profit attributable to ordinary equity holders of the Company - numerator for basic/diluted 1,620 1,342 1,650 Denominator computations Weighted average number of Ordinary Shares (millions) outstanding for the year (i) 801.3 832.4 835.6 Effect of dilutive potential Ordinary Shares (employee share options) (millions) (i) (ii) 6.4 4.2 5.2 Denominator for diluted earnings per Ordinary Share 807.7 836.6 840.8 Basic earnings per Ordinary Share 240.7c 302.4c 226.8c Diluted earnings per Ordinary Share 238.8c 300.9c 225.4c Basic earnings per Ordinary Share from continuing operations 202.2c 161.2c 197.4c Diluted earnings per Ordinary Share from continuing operations 200.6c 160.4c 196.2c (i) The weighted average number of Ordinary Shares included in the computation of basic and diluted earnings per Ordinary Share has been adjusted to exclude shares held by the Employee Benefit Trust and Ordinary Shares repurchased and held by the Company (CRH plc) as Treasury Shares given that these shares do not rank for dividend. The number of Ordinary Shares so held at the balance sheet date is detailed in note 31. (ii) Contingently issuable Ordinary Shares (totalling 3,618,278 at 31 December 2019, 7,274,916 at 31 December 2018 and 5,710,247 at 31 December 2017) are excluded from the computation of diluted earnings per Ordinary Share where the conditions governing exercisability have not been satisfied as at the end of the reporting period or they are antidilutive for the periods presented. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
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Property, Plant and Equipment | 15. Property, Plant and Equipment Land and buildings (i) € Plant and machinery € Assets in course of construction € Total € At 31 December 2019 Cost/deemed cost 9,189 16,283 674 26,146 Accumulated depreciation (and impairment charges) (2,322) (7,835) (35) (10,192) Net carrying amount 6,867 8,448 639 15,954 At 1 January 2019, net carrying amount 6,972 8,196 593 15,761 Effect of adopting IFRS 16 (7) (20) 4 (23) Translation adjustment 155 203 19 377 Reclassifications 101 446 (547) - Transfer (to)/from leased assets (note 22) (5) 17 - 12 Additions at cost 72 590 567 1,229 Additions to leased mineral reserves (note 21) (ii) 86 - - 86 Arising on acquisition (note 32) 152 94 7 253 Disposals at net carrying amount (405) (120) (4) (529) Depreciation charge for year (iii) (251) (953) - (1,204) Impairment charge for year (iv) (3) (5) - (8) At 31 December 2019, net carrying amount 6,867 8,448 639 15,954 Land and buildings € Plant and machinery € Other € Leased right-of-use At 31 December 2019, net carrying amount (note 22) 1,086 337 47 1,470 Total property, plant and equipment 17,424 The equivalent disclosure for the prior year is as follows: Land and buildings (i) € Plant and machinery € Assets in course of construction € Total € At 31 December 2018 Cost/deemed cost 9,335 15,535 629 25,499 Accumulated depreciation (and impairment charges) (2,363) (7,339) (36) (9,738) Net carrying amount 6,972 8,196 593 15,761 At 1 January 2018, net carrying amount 6,224 6,319 551 13,094 Reclassified from held for sale 22 79 3 104 Translation adjustment 139 112 8 259 Reclassifications 71 386 (457) - Additions at cost 74 541 506 1,121 Arising on acquisition (note 32) 832 1,759 23 2,614 Disposals at net carrying amount (158) (161) (5) (324) Depreciation charge for year (iii) (232) (839) - (1,071) Impairment charge for year (iv) - - (36) (36) At 31 December 2018, net carrying amount 6,972 8,196 593 15,761 At 1 January 2018 Cost/deemed cost 8,472 13,157 551 22,180 Accumulated depreciation (and impairment charges) (2,248) (6,838) - (9,086) Net carrying amount 6,224 6,319 551 13,094 (i) The carrying value of mineral-bearing land included in the land and buildings category on page 164 amounted to € € (ii) Relates to leased mineral reserves which fall outside the scope of IFRS 16. (iii) The depreciation charge for the year includes € € € (iv) The impairment charge of € € € € € € (v) See note 22 for more detailed information on right-of-use Future purchase commitm e 2019 € 2018 (vi) € Contracted for but not provided in the financial statements 373 449 Authorised by the Directors but not contracted for 355 366 (vi) Includes contracted for but not provided for and authorised but not contracted for commitments of € € |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
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Intangible Assets | 16. Intangible Assets Other intangible assets Goodwill € Marketing- € Customer- € Contract- based € Total € At 31 December 2019 Cost/deemed cost 8,378 148 512 77 9,115 Accumulated amortisation (and impairment charges) (284) (64) (276) (57) (681) Net carrying amount 8,094 84 236 20 8,434 At 1 January 2019, net carrying amount 8,116 76 217 24 8,433 Translation adjustment 203 1 4 1 209 Arising on acquisition (note 32) 278 17 75 - 370 Disposals (503) (1) (15) - (519) Amortisation charge for year (ii) - (9) (45) (5) (59) At 31 December 2019, net carrying amount 8,094 84 236 20 8,434 The equivalent disclosure for the prior year is as follows: At 31 December 2018 Cost/deemed cost 8,400 138 592 79 9,209 Accumulated amortisation (and impairment charges) (284) (62) (375) (55) (776) Net carrying amount 8,116 76 217 24 8,433 At 1 January 2018, net carrying amount 6,905 75 204 30 7,214 Reclassified from held for sale 363 - 8 1 372 Translation adjustment 137 3 8 1 149 Reclassifications - - (2) 2 - Arising on acquisition (note 32) 1,504 6 51 1 1,562 Disposals (773) - (9) (1) (783) Amortisation charge for year (ii) - (8) (43) (10) (61) Impairment charge for year (iii) (20) - - - (20) At 31 December 2018, net carrying amount 8,116 76 217 24 8,433 At 1 January 2018 Cost/deemed cost 7,198 129 535 80 7,942 Accumulated amortisation (and impairment charges) (293) (54) (331) (50) (728) Net carrying amount 6,905 75 204 30 7,214 (i) The customer-related intangible assets relate predominantly to non-contractual (ii) The amortisation charge for the year includes € € € (iii) In July 2018, the Group divested of its DIY business in the Netherlands and Belgium, together with certain related property assets, which formed part of the former Europe Distribution segment, for total consideration of € € Annual goodwill testing The net book value of goodwill capitalised under previous GAAP (Irish GAAP) as at the transition date to IFRS (1 January 2004) has been treated as deemed cost. Goodwill arising on acquisition since that date is capitalised at cost. Cash-generating units Goodwill acquired through business combination activity has been allocated to cash-generating determined in accordance with IFRS 8. A total of 25 (2018: 26) CGUs have been identified and these are analysed between the three business segments below. All businesses within the various CGUs exhibit similar and/or consistent profit margin and asset intensity characteristics. Assets, liabilities, deferred tax and goodwill have been assigned to the CGUs on a reasonable and consistent basis. Cash-generating units Goodwill 2019 2018 2019 € 2018 € Americas Materials 7 7 3,558 3,441 Europe Materials 16 16 2,354 2,280 Building Products 2 3 2,182 2,395 Total Group 25 26 8,094 8,116 Impairment testing methodology and results Goodwill is subject to impairment testing on an annual basis. The recoverable amount of 25 CGUs is determined based on a value-in-use The cash flow forecasts are primarily based on a five-year strategic plan document formally approved by the Board of Directors and specifically exclude the impact of future development activity. These cash flows are projected forward for an additional five years to determine the basis for an annuity-based terminal value, calculated on the same basis as the Group’s acquisition modelling methodology. As in prior years, the terminal value is based on a 20-year 30-year value-in-use pre-tax The 2019 annual goodwill impairment testing process has resulted in no intangible asset impairments. The 2018 annual goodwill impairment testing process resulted in an impairment of € Key sources of estimation uncertainty The cash flows have been arrived at taking account of the Group’s strong financial position, its established history of earnings and cash flow generation and the nature of the building materials industry, where product obsolescence is very low. However, expected future cash flows are inherently uncertain and are therefore liable to material change over time. The key assumptions employed in arriving at the estimates of future cash flows factored into impairment testing are subjective and include projected EBITDA (as defined)* margins, net cash flows, discount rates used and the duration of the discounted cash flow model. Significant under-performance in any of CRH’s major CGUs may give rise to a material write-down Significant goodwill amounts The goodwill allocated to the Americas Cement (Americas Materials segment) and the Americas Building Products (Building Products segment) CGUs account for between 18% and 23% of the total carrying amount shown on page 166. The goodwill allocated to each of the remaining CGUs is less than 10% of the total carrying value in all other cases. The additional disclosures required for the two CGUs with significant goodwill are as follows: Americas Americas 2019 2018 2019 2018 Goodwill allocated to the cash-generating unit at balance sheet date € € € € Discount rate applied to the cash flow projections (real pre-tax) 7.6% 8.2% 8.4% 9.1% Average EBITDA (as defined)* margin over the initial 5-year 39.1% 37.9% 18.3% 15.3% Value-in-use € € € € Excess of value-in-use € € € € The key assumptions and methodology used in respect of these two CGUs are consistent with those described above. The values applied to each of the key estimates and assumptions are specific to the individual CGUs and were derived from a combination of internal and external factors based on historical experience and took into account the cash flows specifically associated with these businesses. The cash flows and annuity-based terminal value were projected in line with the methodology disclosed above. The Americas Cement and Americas Building Products CGUs are not included in the CGUs referred to in the ‘Sensitivity analysis’ section below. Given the magnitude of the excess of value-in-use value-in-use. value-in-use Sensitivity analysis Sensitivity analysis has been performed and results in additional disclosures in respect of one of the total 25 CGUs. The key assumptions, methodology used and values applied to each of the key assumptions for this CGU are in line with those outlined above (a 30-year € One cash-generating unit Reduction in EBITDA (as defined)* margin 2.2 percentage points Reduction in profit before tax 15.7% Reduction in net cash flow 14.4% Increase in pre-tax 1.3 percentage points The average EBITDA (as defined)* margin for this CGU over the initial five-year period was 20.2%. The value-in-use (being the present value of the future net cash flows) was € € € |
Financial Assets
Financial Assets | 12 Months Ended |
Dec. 31, 2019 | |
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Financial Assets | 17. Financial Assets Investments accounted for Share of net € Loans € Total € Other € At 1 January 2019 1,102 61 1,163 23 Translation adjustment 3 - 3 1 Investments and advances 12 15 27 2 Disposals and repayments (489) (51) (540) (14) Share of profit after tax (i) 72 - 72 - Dividends received (35) - (35) - At 31 December 2019 665 25 690 12 The equivalent disclosure for the prior year is as follows: At 1 January 2018 1,123 125 1,248 25 Translation adjustment (18) (3) (21) - Investments and advances 1 1 2 - Investment and loan to associate in lieu of cash proceeds 35 50 85 - Joint ventures becoming subsidiaries (note 32) (13) (107) (120) - Disposals and repayments (39) (5) (44) (2) Arising on acquisition (note 32) 1 - 1 - Share of profit after tax (i) 60 - 60 - Dividends received (48) - (48) - At 31 December 2018 1,102 61 1,163 23 (i) Share of profit after tax includes € € Summarised financial information for the Group’s investment in joint ventures and associates which are accounted for using the equity method is as follows: Joint Ventures Associates Total 2019 € 2018 € 2019 € 2018 € 2019 € 2018 € Non-current 246 711 686 775 932 1,486 Current assets 276 220 389 468 665 688 Non-current (164) (331) (91) (115) (255) (446) Current liabilities (254) (140) (423) (486) (677) (626) Net assets 104 460 561 642 665 1,102 A listing of the principal equity accounted investments is contained on page 264. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
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Inventories | 18. Inventories 2019 € 2018 € Raw materials 1,142 1,149 Work-in-progress 128 109 Finished goods 1,472 1,803 Total inventories at the lower of cost and net realisable value 2,742 3,061 (i) Work-in-progress € € percentage-of-completion An analysis of the Group’s cost of sales expense is provided in note 4 to the financial statements. Write-downs of inventories recognised as an expense within cost of sales for continuing operations amounted to € € € |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Dec. 31, 2019 | |
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Trade and Other Receivables | 19. Trade and Other Receivables 2019 € 2018 € Current Trade receivables 2,387 2,761 Amounts receivable in respect of construction contracts (i) 914 878 Total trade receivables, gross 3,301 3,639 Loss allowance (118) (133) Total trade receivables, net 3,183 3,506 Amounts receivable from equity accounted investments 8 9 Prepayments and other receivables 576 559 Total 3,767 4,074 Non-current Other receivables 317 181 (i) Includes unbilled revenue and retentions held by customers in respect of construction contracts at the balance sheet date amounting to € € € € Trade and other receivables are measured at amortised cost (less any loss allowance) as the Group’s business model is to “hold to collect” contractual cash flows, and the cash flows arising from trade and other receivables are solely payments of principal and interest. Valuation and qualifying accounts (loss allowance) The movements in the loss allowance for receivables during the financial year were as follows: 2019 € 2018 € 2017 € At 1 January 133 131 152 Reclassified from/(as) held for sale - 6 (6) Translation adjustment 2 - (7) Provided during year 45 35 32 Disposed of during year (30) (3) - Written off during year (26) (30) (36) Arising on acquisition (note 32) 1 6 3 Recovered during year (7) (12) (7) At 31 December 118 133 131 Given the common profile of CRH’s customers, how customer credit risk is managed at appropriate group locations, and the breadth and scale of its international operations, a disclosure of concentrations of credit risk by segment best enables users of financial statements to assess CRH’s credit risk exposure. The following table sets out the gross carrying value of trade receivables and loss allowance by segment: Gross carrying value of trade receivables Loss allowance 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € Americas Materials 1,353 1,322 1,054 27 19 17 Europe Materials 1,228 1,168 1,105 70 64 70 Building Products (i) 720 1,149 1,070 21 50 44 Total Group 3,301 3,639 3,229 118 133 131 (i) Analysis of Building Products segment by geographic location: 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € Americas 589 566 495 16 15 10 Europe 131 583 575 5 35 34 Total 720 1,149 1,070 21 50 44 Customer credit risk is managed according to established policies, procedures and controls. Customer credit quality is assessed in line with strict credit rating criteria and credit limits are established where appropriate. Outstanding customer balances are regularly monitored and a review for indicators of impairment (evidence of financial difficulty of the customer, payment default, breach of contract etc.) is carried out at each reporting date. Significant balances are reviewed individually while smaller balances are grouped and assessed collectively. Receivables balances are in general unsecured and non-interest-bearing. The Group applies the simplified approach to providing for expected credit losses (ECL) permitted by IFRS 9 Financial Instruments Trade receivables are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the company. Where recoveries are made, these are recognised in the Consolidated Income Statement. Aged analysis The aged analysis of trade receivables and amounts receivable in respect of construction contracts at the balance sheet date was as follows: 2019 € 2018 € Neither past due nor impaired 2,140 2,319 Past due but not impaired: - less than 60 days 770 922 - 60 days or greater but less than 120 days 186 169 - 120 days or greater 87 96 Impaired (partial or full provision) 118 133 Total 3,301 3,639 Trade receivables and amounts receivable in respect of construction contracts are in general receivable within 90 days of the balance sheet date. |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Dec. 31, 2019 | |
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Trade and Other Payables | 20. Trade and Other Payables 2019 € 2018 € Current Trade payables 2,202 2,453 Construction contract-related payables (i) 229 218 Deferred and contingent acquisition consideration (ii) 45 48 Accruals and other payables 1,897 1,887 Amounts payable to equity accounted investments 3 3 Total 4,376 4,609 Non-current Other payables 195 181 Deferred and contingent acquisition consideration (ii) 290 291 Total 485 472 (i) Construction contract-related payables include billings in excess of revenue, together with advances received from customers in respect of work to be performed under construction contracts and foreseeable losses thereon. € Other than deferred a n (ii) The fair value of total contingent consideration is € € € € € € 2019 € 2018 € At 1 January 339 265 Reclassified from held for sale - 2 Translation adjustment 6 19 Arising on acquisitions and investments during year (note 32) 18 103 Changes in estimate 5 (8) Disposals (4) (2) Paid during year (48) (55) Discount unwinding 19 15 At 31 December 335 339 |
Movement in Working Capital and
Movement in Working Capital and Provisions for Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
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Movement in Working Capital and Provisions for Liabilities | 21. Movement in Working Capital and Provisions for Liabilities Inventories € Trade and other € Trade and € Provisions € Total € At 1 January 2019 3,061 4,255 (5,081) (1,087) 1,148 Effect of adopting IFRS 16 - 3 11 1 15 Translation adjustment 64 94 (107) (17) 34 Arising on acquisition (note 32) 58 66 (73) (6) 45 Disposals (520) (669) 510 - (679) Deferred and contingent acquisition consideration: - arising on acquisitions during year (note 32) - - (18) - (18) - paid during year - - 48 - 48 Deferred proceeds arising on disposals during year - 269 - - 269 Interest accruals and discount unwinding - (11) (1) (22) (34) Additions to leased mineral reserves - - (86) - (86) Increase/(decrease) in working capital and provisions for liabilities 79 77 (64) (28) 64 At 31 December 2019 2,742 4,084 (4,861) (1,159) 806 The equivalent disclosure for the prior years is as follows: At 1 January 2018 2,715 3,786 (4,760) (1,064) 677 Reclassified from held for sale 266 334 (306) - 294 Translation adjustment 52 57 (71) (10) 28 Arising on acquisition (note 32) 255 318 (224) (84) 265 Disposals (405) (390) 293 3 (499) Deferred and contingent acquisition consideration: - arising on acquisitions during year (note 32) - - (103) - (103) - paid during year - - 55 - 55 Deferred proceeds arising on disposals during year - 10 - - 10 Interest accruals and discount unwinding - - (21) (21) (42) Increase in working capital and provisions for liabilities 178 140 56 89 463 At 31 December 2018 3,061 4,255 (5,081) (1,087) 1,148 At 1 January 2017 2,939 4,191 (5,276) (1,060) 794 Translation adjustment (218) (286) 348 72 (84) Arising on acquisition (note 32) 114 129 (149) (49) 45 Disposals (34) (16) 20 1 (29) Deferred and contingent acquisition consideration: - arising on acquisitions during year (note 32) - - (45) - (45) - paid during year - - 53 - 53 Deferred proceeds arising on disposals during year - 3 - - 3 Interest accruals and discount unwinding - 1 - (24) (23) Reclassification (3) (14) 65 - 48 Increase/(decrease) in working capital and provisions for liabilities 183 112 (82) (4) 209 Reclassified as held for sale (266) (334) 306 - (294) At 31 December 2017 2,715 3,786 (4,760) (1,064) 677 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
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Disclosure of leases [text block] | 22. Leases A. IFRS 16 Leases Leased right-of-use Land and € Plant and € Other € Total € At 31 December 2019 Cost 1,205 453 67 1,725 Accumulated depreciation (119) (116) (20) (255) Net carrying amount 1,086 337 47 1,470 At 1 January 2019, net carrying amount - - - - Effect of adopting IFRS 16 1,478 424 60 1,962 Translation adjustment 27 12 - 39 Transfer from/(to) owned assets 5 (17) - (12) Additions at cost 47 87 28 162 Arising on acquisition (note 32) 63 3 - 66 Disposals at net carrying amount (384) (47) (15) (446) Adjustment as a result of remeasurement of lease liability 22 8 3 33 Depreciation charge for year (i) (172) (133) (29) (334) At 31 December 2019, net carrying amount 1,086 337 47 1,470 Lease liabilities At 1 January 2019 - - - - Effect of adopting IFRS 16 1,493 425 59 1,977 Translation adjustment 29 10 - 39 Addition of right-of-use 47 87 28 162 Arising on acquisition (note 32) 63 1 - 64 Disposals (386) (46) (15) (447) Remeasurements 22 8 3 33 Payments (198) (157) (31) (386) Discount unwinding (ii) 55 12 2 69 At 31 December 2019 1,125 340 46 1,511 (i) The depreciation charge for the year includes € (ii) Includes € The table below shows a maturity analysis of the discounted and undiscounted lease liability arising from the Group’s leasing activities. The projections are based on the foreign exchange rates applying at the end of the relevant financial year and on interest rates (discounted projections only) applicable to the lease portfolio. As at 31 December 2019 Discounted € Undiscounted € Within one year 271 275 Between one and two years 219 231 Between two and three years 174 193 Between three and four years 136 158 Between four and five years 112 135 After five years 599 1,046 Total 1,511 2,038 The Group avails of the exemption from capitalising lease costs for short-term leases and low-value Continuing operations 2019 € Short-term leases 171 Lease of low-value 7 Variable lease payments not included in the lease liability 90 Total 268 Total cash outflow for lease payments 654 Lease commitments for short-term leases are similar to the portfolio of short-term leases for which the costs, as above, were expensed to the Consolidated Income Statement. The effect of excluding future cash outflows arising from variable lease payments, termination options, residual value guarantees and leases not yet commenced from lease liabilities was not material for the Group. The potential undiscounted future cash outflows arising from the exercise of renewal options that are not expected to be exercised (and are therefore not included in the lease term) are as follows: As at € Within one year 2 Between one and two years 3 Between two and three years 4 Between three and four years 6 Between four and five years 7 After five years 483 Total 505 Income from subleasing and gains/losses on sale and leaseback transactions were not material for the Group. B. IAS 17 Leases Operating lease rentals charged to the Consolidated Income Statement for the years ended 31 December 2018 and 31 December 2017 under IAS 17 2018 € 2017 € Continuing operations Hire of plant and machinery 308 279 Land and buildings 174 188 Other operating leases 51 46 Total 533 513 Lease commitments were provided for up to the earliest break clause in the lease. As at € Within one year 353 After one year but not more than five years 769 More than five years 789 Total 1,911 The commitments above include € |
Analysis of Net Debt
Analysis of Net Debt | 12 Months Ended |
Dec. 31, 2019 | |
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Analysis of Net Debt | 23. Analysis of Net Debt Components of net debt Net debt is a non-GAAP As at 31 December 2019 As at 31 December 2018 Fair value* € Book value € Fair value* € Book value € Lease liabilities under IFRS 16 (note 22) (i) (1,511) (1,511) - - Interest-bearing loans and borrowings (note 26) (ii) (9,572) (9,014) (9,223) (9,316) Derivative financial instruments (net) (note 27) 65 65 (14) (14) Cash and cash equivalents (note 25) 3,755 3,755 2,346 2,346 Group net debt (7,263) (6,705) (6,891) (6,984) Reconciliation of opening to closing net debt 2019 € 2018 € 2017 € At 1 January (6,984) (5,796) (5,297) Movement in year Effect of adopting IFRS 16 (1,954) - - Debt, including lease liabilities, in acquired companies (note 32) (73) (74) (12) Debt, including lease liabilities, in disposed companies 415 - - Increase in interest-bearing loans and borrowings (91) (1,434) (1,010) Net increase in lease liabilities under IFRS 16 (i) (163) - - Net cash flow arising from derivative financial instruments 36 (6) (169) Repayment of interest-bearing loans, borrowings and finance leases (ii) 572 246 343 Repayment of lease liabilities under IFRS 16 (i) 317 - - Mark-to-market 25 2 9 Translation adjustment on financing activities (214) (133) 654 Increase in liabilities from financing activities (1,130) (1,399 ) (185 ) Translation adjustment on cash and cash equivalents 27 17 (161 ) Increase/(decrease) in cash and cash equivalents 1,382 194 (153 ) At 31 December (6,705) (6,984) (5,796) Notes (i) and (ii) are set out overleaf. The following table shows the effective interest rates on period-end As at 31 December 2019 As at 31 December 2018 € Interest Weighted average fixed period Years € Interest Weighted average fixed period Years Interest-bearing loans and borrowings nominal - fixed rate (iii) (8,743) (9,107) Derivative financial instruments - fixed rate 1,599 1,726 Net fixed rate debt including derivatives (7,144) 3.4% 9.2 (7,381) 3.5% 9.8 Interest-bearing loans and borrowings nominal - floating rate (iv) (158) (157) Adjustment of debt from nominal to book value (iii) (113) (52) Derivative financial instruments - currency floating rate (1,534) (1,740) Gross debt including derivative financial instruments, excluding lease liabilities (8,949) 3.3% (9,330) 3.6% Lease liabilities - fixed rate (1,511) - Gross debt including derivative financial instruments, including lease liabilities (10,460) (9,330) Cash and cash equivalents - floating rate (note 25) 3,755 2,346 Group net debt (6,705) (6,984) (i) All leases capitalised under IFRS 16 have been included as lease liabilities in 2019. (ii) Interest-bearing loans and borrowings in 2018 include finance leases previously capitalised under IAS 17. (iii) Of the Group’s nominal fixed rate debt at 31 December 2019, € € (iv) Floating rate debt comprises bank borrowings bearing interest at rates set in advance for periods ranging from overnight to less than one year largely by reference to inter-bank interest rates. Currency profile The currency profile of the Group’s net debt and net worth (capital and reserves attributable to the Company’s equity holders) as at 31 December 2019 and 31 December 2018 is as follows: euro € US € Pound € Canadian Dollar € Philippine Peso € Polish € Swiss € Other (i) € Total € Lease liabilities under IFRS 16 (note 22) (ii) (255) (752) (223) (151) (11) (27) (48) (44) (1,511) Cash and cash equivalents (note 25) 1,935 863 238 175 34 105 168 237 3,755 Interest-bearing loans and borrowings (note 26) (3,310) (4,444) (469) (9) (439) - (303) (40) (9,014) Derivative financial instruments (net) (note 27) 1,438 93 (391) (676) (38) (150) - (211) 65 Net debt by major currency including derivative financial instruments (192) (4,240) (845) (661) (454) (72) (183) (58) (6,705) Non-debt Non-current 4,242 14,340 2,783 1,741 1,507 331 459 1,541 26,944 Current assets 1,256 3,315 788 499 150 138 71 312 6,529 Non-current (672) (2,417) (314) (205) (150) (19) (121) (112) (4,010) Current liabilities (1,442) (1,995) (837) (320) (183) (147) (77) (277) (5,278) Non-controlling (48) (50) - - (414) - (6) (22) (540) Capital and reserves attributable to the Company’s equity holders 3,144 8,953 1,575 1,054 456 231 143 1,384 16,940 The equivalent disclosure for the prior year is as follows: Cash and cash equivalents (note 25) 1,077 646 214 69 13 90 81 156 2,346 Interest-bearing loans and borrowings (note 26) (3,824) (4,332) (495) (2) (354) - (302) (7) (9,316) Derivative financial instruments (net) (note 27) 1,826 (399) (340) (440) (60) (198) (299) (104) (14) Net debt by major currency including derivative financial instruments (921) (4,085) (621) (373) (401) (108) (520) 45 (6,984) Non-debt Non-current 4,650 13,007 2,461 1,375 1,352 283 741 1,763 25,632 Current assets 1,884 3,222 746 458 117 142 297 284 7,150 Non-current (669) (2,275) (276) (203) (137) (5) (164) (95) (3,824) Current liabilities (1,696) (1,820) (836) (309) (156) (136) (182) (285) (5,420) Non-controlling (51) (61) - - (384) - (11) (18) (525) Capital and reserves attributable to the Company’s equity holders 3,197 7,988 1,474 948 391 176 161 1,694 16,029 (i) The principal currencies included in this category are the Chinese Renminbi, the Romanian Leu, the Indian Rupee, the Ukrainian Hryvnia and the Serbian Dinar. (ii) All leases capitalised under IFRS 16 have been included as lease liabilities in 2019. Liquidity and capital resources The following table provides certain information related to our cash generation and cha n 2019 € 2018 € 2017 € Net cash inflow from operating activities 3,466 1,899 2,189 Net cash inflow/(outflow) from investing activities 195 (1,592) (2,685) Net cash (outflow)/inflow from financing activities (2,279) (113) 343 Increase/(decrease) in cash and cash equivalents 1,382 194 (153) Cash and cash equivalents at beginning of year, excluding overdrafts (note 25) 2,346 2,135 2,449 Effect of exchange rate changes 27 17 (161) Cash and cash equivalents at end of year, excluding overdrafts (note 25) 3,755 2,346 2,135 Lease liabilities under IFRS 16 (1,511) - - Bank overdrafts (41) (113) (71) Borrowings (8,973) (9,203) (7,910) Derivative financial instruments 65 (14) 50 Total liabilities from financing activities (10,460) (9,330) (7,931) Net debt at end of year (6,705) (6,984) (5,796) Cash at bank and in hand reclassified as held for sale - - (20) Bank overdrafts reclassified as held for sale - - 5 Group net debt excluding net debt reclassified as held for sale (6,705) (6,984) (5,811) The Group believes that its financial resources (operating cash together with cash and cash equivalents of € € At 31 December 2019, euro and US Dollar denominated cash and cash equivalents represented 52% (2018: 46%) and 23% (2018: 27%) of total cash and cash equivalents respectively. Significant borrowings The main sources of Group debt funding are public bond markets in Europe and North America. The following external bonds were outstanding as at 31 December 2019: Annual Outstanding Final euro bonds 2.750% € 2020 US Dollar bonds 5.750% US$400 2021 euro bonds 1.750% € 2021 Swiss Franc bonds 1.375% CHF330 2022 euro bonds 3.125% € 2023 euro bonds 1.875% € 2024 US Dollar bonds 3.875% US$1,250 2025 US Dollar bonds 3.400% US$600 2027 US Dollar bonds 3.950% US$900 2028 euro bonds 1.375% € 2028 Pound Sterling bonds 4.125% £400 2029 US Dollar bonds (i) 6.400% US$213 2033 US Dollar bonds 5.125% US$500 2045 US Dollar bonds 4.400% US$400 2047 US Dollar bonds 4.500% US$600 2048 (i) The US$300 million bond was issued in September 2003, and at time of issuance the bond was partially swapped to floating interest rates. In August 2009 and December 2010, US$87.445 million of the issued notes were acquired by CRH plc as part of liability management exercises undertaken and the interest rate hedge was closed out. At 31 December 2019, the remaining fair value on the hedged item on the Consolidated Balance Sheet was US$42 millon (2018: US$45 million). |
Capital and Financial Risk Mana
Capital and Financial Risk Management | 12 Months Ended |
Dec. 31, 2019 | |
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Capital and Financial Risk Management | 24. Capital and Financial Risk Management Capital management Overall summary The primary objectives of CRH’s capital management strategy are to ensure that the Group maintains a strong credit rating to support its business and to create shareholder value by managing the debt and equity balance and the cost of capital. The Group is committed to optimising the use of its balance sheet within the confines of the overall objective to maintain an investment grade credit rating. The capital structure of the Group, which comprises net debt and capital and reserves attributable to the Company’s equity holders, may be summarised as follows: 2019 € 2018 € Capital and reserves attributable to the Company’s equity holders 16,940 16,029 Net debt 6,705 6,984 Capital and net debt 23,645 23,013 The Board periodically reviews the capital structure of the Group, including the cost of capital and the risks associated with each class of capital. The Group manages and, if necessary, adjusts its capital structure taking account of underlying economic conditions; any material adjustments to the Group’s capital structure in terms of the relative proportions of debt and equity are approved by the Board. In order to maintain or adjust the capital structure, the Group may issue new shares, dispose of assets, amend investment plans, alter dividend policy or return capital to shareholders. Dividend cover for the year ended 31 December 2019 amounted to 2.90x (2018: 4.20x). No changes were made in the objectives or policies during 2019. Financial risk management objectives and policies The Group uses financial instruments throughout its businesses: interest-bearing loans and borrowings, cash and cash equivalents and leases are used to finance the Group’s operations; trade receivables and trade payables arise directly from operations; and derivatives, principally interest rate and currency swaps and forward foreign exchange contracts, are used to manage interest rate risks and currency exposures and to achieve the desired profile of borrowings. With respect to interest-bearing loans and borrowings and interest rate swaps, the Group is aware of plans to phase out the current benchmark for lending rates (Inter-bank Offered Rates - IBOR), and replace it with alternative benchmarks or reference rates. The Group is currently performing an assessment of the impact of the benchmark switch. The Group does not trade in financial instruments nor does it enter into any leveraged derivative transactions. The Group’s corporate treasury function provides services to the business units, co-ordinates The Group’s hedging activity is based on observable economic relationships, when there is confidence that such relationships will continue for the foreseeable future. Matching critical terms such as notional amount, tenor, timing and currency, the Group establishes relationships between a hedge item and hedge instrument where directional response to changes in fair value, driven by underlying economic conditions, are opposing and proportional in equal measure being an economic relationship under IFRS 9. Hedging ratios of one to one are used throughout all hedging activity as the hedge item and hedge instrument are of the same type and currency. The hedges employed mitigate identified risks and have consistently demonstrated close economic relationships. Ineffectiveness between the hedge item and hedge instrument are immaterial in the overall context of the Group. The main risks attaching to the Group’s financial instruments are interest rate risk, foreign currency risk, credit risk, liquidity risk and commodity price risk. The Board reviews and agrees policies for the prudent management of each of these risks as documented below. Interest rate risk The Group’s exposure to market risk for changes in interest rates stems predominantly from its long-term debt obligations. Interest cost is managed using a mix of fixed and floating rate debt. With the objective of managing this mix in a cost-efficient manner, the Group enters into interest rate swaps, under which the Group contracts to exchange, at predetermined intervals, the difference between fixed and variable interest amounts calculated by reference to a pre-agreed The majority of these swaps are designated under IFRS 9 to hedge underlying debt obligations and qualify for hedge accounting treatment; undesignated financial instruments are termed “not designated as hedges” in the analysis of derivative financial instruments presented in note 27. The Group’s interest rate hedging strategy and activity employs the premise that changes in macro-economic factors are reflected in current interest rates. In the economic relationship the relative value of the fixed rate at which a bond was issued will change in line with market interest rates and a floating rate swap will counterbalance changes in the bond’s fair value. A hypothetical derivative is used to replicate the impact that changes in market interest rates could have on the fixed rate bond (hedged item) which is measured against the interest rate swap (hedge instrument). A hedge ratio of one to one is established. Potential sources of ineffectiveness comprise the timing of floating rate resets and counterparty credit adjustments to the interest rate swap. Past observations on interest rate movements provide evidence that such relationships will continue for the foreseeable future. The notional amount of interest rate swaps is set out in note 23. The following table demonstrates the impact on profit before tax and total equity of a range of possible changes in the interest rates applicable to net floating rate borrowings, with all other variables held constant. These impacts are calculated based on the closing balance sheet for the relevant period and assume all floating interest rates and interest curves change by the same amount. For profit before tax, the impact shown is the impact on closing balance sheet floating rate net debt for a full year while for total equity the impact shown is the impact on the value of financial instruments. Percentage change in cost of +/- Impact on profit before tax 2019 +/- € 2018 +/- € 2017 +/- € Impact on total equity 2019 -/+ € 2018 -/+ € 2017 -/+ € (i) Sensitivity analysis for cost of borrowing has been presented for continuing operations only. Foreign currency risk Due to the nature of building materials, which in general have a low value-to-weight Given the Group’s presence in 30 countries worldwide, the principal foreign exchange risk arises from fluctuations in the euro value of the Group’s net investment in a wide basket of currencies other than the euro; such changes are reported separately within the Consolidated Statement of Comprehensive Income. A currency profile of the Group’s net debt and net worth is presented in note 23. The Group’s established policy is to spread its net worth across the currencies of its various operations with the objective of limiting its exposure to individual currencies and thus promoting consistency with the geographical balance of its operations. In order to achieve this objective, the Group manages its borrowings, where practicable and cost effective, to hedge a portion of its foreign currency assets. Hedging is done using currency borrowings in the same currency as the assets being hedged or through the use of other hedging methods such as currency swaps. The Group’s foreign exchange hedging strategy and activity is based on the assumption that changes in international economic factors are reflected in current foreign exchange rates and impacts the translation of the Group’s non-euro net assets. The economic relationship, being the translation impact of the Group’s net investment in non-euro subsidiaries (hedge item) is hedged against a foreign currency swap (hedge instrument) to counterbalance movements in foreign currency rates. The Group identifies certain portions of foreign currency net investments where foreign currency translation movements can be mitigated through the use of currency swaps in the same currency pairing. A hedge ratio of one to one is established. As at 31 December 2019, the notional amount of hedged net investments was € € The following table demonstrates the sensitivity of profit before tax and equity to selected movements in the relevant euro/US Dollar exchange rate (with all other variables held constant); the US Dollar has been selected as the appropriate currency for this analysis given the materiality of the Group’s activities in the US. The impact on profit before tax is based on changing the euro/US Dollar exchange rate used in calculating profit before tax for the period. The impact on total equity and financial instruments is calculated by changing the euro/US Dollar exchange rate used in measuring the closing balance sheet. Percentage change in relevant € +/- 5% Impact on profit before tax 2019 -/+ € 2018 -/+ € 2017 -/+ € Impact on total equity* 2019 -/+ € 2018 -/+ € 2017 -/+ € * Includes the impact on financial instruments which is as follows: 2019 +/- € 2018 +/- € 2017 +/- € (i) Sensitivity analysis for exchange rates has been presented for continuing operations only. Financial instruments include deposits, money market funds, commercial papers, bank loans, medium-term notes and other fixed term debt, interest rate swaps, commodity swaps and foreign exchange contracts. They exclude trade receivables and trade payables. Credit/counterparty risk In addition to cash at bank and in hand, the Group holds significant cash balances which are invested on a short-term basis and are classified as cash equivalents (see note 25). These deposits and other financial instruments (principally certain derivatives and loans and receivables included within financial assets) give rise to credit risk on amounts due from counterparty financial institutions (stemming from their insolvency or a downgrade in their credit ratings). Credit risk is managed by limiting the aggregate amount and duration of exposure to any one counterparty primarily depending on its credit rating and by regular review of these ratings. Acceptable credit ratings are high investment-grade ratings - in general - counterparties have ratings of A3/A- In its worldwide insurance programme, the Group carries appropriate levels of insurance for typical business risks (including product liability) with various leading insurance companies. However, in the event of the failure of one or more of its insurance counterparties, the Group could be impacted by losses where recovery from such counterparties is not possible. Credit risk arising in the context of the Group’s operations is not significant with the total loss allowance at the balance sheet date amounting to 3.6% of gross trade receivables (2018: 3.7%). Information in relation to the Group’s credit risk management of trade receivables is provided in note 19. Amounts receivable from related parties (notes 19 and 34) are immaterial. Factoring and credit guarantee arrangements are employed in certain of the Group’s operations where deemed to be of benefit by operational management. Liquidity risk The principal liquidity risks faced by the Group stem from the maturation of debt obligations and derivative transactions. A downgrade of CRH’s credit ratings may give rise to increases in funding costs in respect of future debt and may impair the Group’s ability to raise funds on acceptable terms. The Group’s corporate treasury function ensures that sufficient resources are available to meet such liabilities as they fall due through a combination of cash and cash equivalents, cash flows and undrawn committed bank facilities. Flexibility in funding sources is achieved through a variety of means including (i) maintaining cash and cash equivalents only with a diverse group of highly-rated The undrawn committed facilities available to the Group as at the balance sheet date are quantified in note 26; these facilities span a wide number of highly-rated financial institutions thus minimising any potential exposure arising from concentrations in borrowing sources. The repayment schedule (analysed by maturity date) applicable to the Group’s outstanding interest-bearing loans and borrowings as at the balance sheet date is also presented in note 26. The Group’s € Commodity price risk The principal commodity price risks are identified in a variety of highly probable and active commodity contracts where a significant part of the price to be paid relies on a reference to specific floating price indices (usually US Dollar) for a specific period. Programmes are in place to hedge the quantities and qualities of commodity products, including coal, high sulphur fuel oil, diesel, electricity and carbon credits. The aim of the programmes is to neutralise the variability in the Consolidated Income Statement as a result of changes in associated commodity indices over a timeframe of approximately five years (2018: three years). A hedge ratio of one to one is established. Fixed price swap contracts in the entity’s operating currency are used to hedge the same specific floating index risk and currency risk where it is determined that those risks are better managed at a fixed price rather than being exposed to uncontrollable price fluctuations due to the floating price index element of the contract. Sources of ineffectiveness can relate to timing of cash flows and counterparty credit risk adjustments. The derivative contracts qualify for cash flow hedge accounting under IFRS 9 and the fair values by maturity are set out in note 27. The notional and fair values in respect of derivative contracts as at 31 December 2019 and 31 December 2018 were as follows: Profile of commodity products As at 31 December 2019 As at 31 December 2018 Notional value € Fair value € Notional value € Fair value € Commodity contracts 105 - 162 - Derivative liability - - - (27) The tables below show the projected contractual undiscounted total cash outflows (principal and interest) arising from the Group’s trade and other payables, gross debt and derivative financial instruments. The tables also include the gross cash inflows projected to arise from derivative financial instruments. These projections are based on the interest and foreign exchange rates applying at the end of the relevant financial year. Within € Between € Between € Between € Between € After 5 years € Total € At 31 December 2019 Financial liabilities - cash outflows Trade and other payables 4,376 139 40 24 165 212 4,956 Lease liabilities under IFRS 16 (i) 275 231 193 158 135 1,046 2,038 Other interest-bearing loans and borrowings 824 962 391 754 602 5,429 8,962 Interest payments on other interest-bearing loans and borrowings (ii) 307 275 258 233 227 1,856 3,156 Cross-currency swaps - gross cash outflows 1,615 13 - - - - 1,628 Other derivative financial instruments 4 1 - - - - 5 Gross projected cash outflows 7,401 1,621 882 1,169 1,129 8,543 20,745 Derivative financial instruments - cash inflows Interest rate swaps - net cash inflows (iii) (13) (13) (13) (8) (6) (12) (65) Cross-currency swaps - gross cash inflows (1,605) (13) - - - - (1,618) Other derivative financial instruments (4) (1) - - - - (5) Gross projected cash inflows (1,622) (27) (13) (8) (6) (12) (1,688) The equivalent disclosure for the prior year is as follows: At 31 December 2018 Financial liabilities - cash outflows Trade and other payables 4,609 160 30 18 11 348 5,176 Finance leases (i) 5 3 3 2 2 6 21 Other interest-bearing loans and borrowings 620 752 953 375 753 5,856 9,309 Interest payments on finance leases (i) - - - - - 2 2 Interest payments on other interest-bearing loans and borrowings (ii) 328 297 265 248 224 2,022 3,384 Cross-currency swaps - gross cash outflows 2,320 2 - - - - 2,322 Other derivative financial instruments 30 2 - - - - 32 Gross projected cash outflows 7,912 1,216 1,251 643 990 8,234 20,246 Derivative financial instruments - cash inflows Interest rate swaps - net cash inflows (iii) (11) (9) (9) (9) (4) (1) (43) Cross-currency swaps - gross cash inflows (2,346) (2) - - - - (2,348) Other derivative financial instruments (3) (2) (1) - - - (6) Gross projected cash inflows (2,360) (13) (10) (9) (4) (1) (2,397) (i) Finance leases in 2018 relate to leases previously capitalised under IAS 17. All leases capitalised under IFRS 16 have been included as lease liabilities in 2019. (ii) At 31 December 2019 and 31 December 2018, a portion of the Group’s long-term debt carried variable interest rates. The Group uses the interest rates in effect on 31 December to calculate the interest payments on the long-term debt for the periods indicated. (iii) The Group uses interest rate swaps to help manage its interest cost. Under these contracts the Group has agreed to exchange at predetermined intervals, the difference between fixed and variable interest amounts calculated by reference to a pre-agreed Commodity price risk The principal commodity price risks are identified in a variety of highly probable and active commodity contracts where a significant part of the price to be paid relies on a reference to specific floating price indices (usually US Dollar) for a specific period. Programmes are in place to hedge the quantities and qualities of commodity products, including coal, high sulphur fuel oil, diesel, electricity and carbon credits. The aim of the programmes is to neutralise the variability in the Consolidated Income Statement as a result of changes in associated commodity indices over a timeframe of approximately five years (2018: three years). A hedge ratio of one to one is established. Fixed price swap contracts in the entity’s operating currency are used to hedge the same specific floating index risk and currency risk where it is determined that those risks are better managed at a fixed price rather than being exposed to uncontrollable price fluctuations due to the floating price index element of the contract. Sources of ineffectiveness can relate to timing of cash flows and counterparty credit risk adjustments. The derivative contracts qualify for cash flow hedge accounting under IFRS 9 and the fair values by maturity are set out in note 27. The notional and fair values in respect of derivative contracts as at 31 December 2019 and 31 December 2018 were as follows: Profile of commodity products As at 31 December 2019 As at 31 December 2018 Notional value € Fair value € Notional value € Fair value € Commodity contracts 105 - 162 - Derivative liability - - - (27) The tables below show the projected contractual undiscounted total cash outflows (principal and interest) arising from the Group’s trade and other payables, gross debt and derivative financial instruments. The tables also include the gross cash inflows projected to arise from derivative financial instruments. These projections are based on the interest and foreign exchange rates applying at the end of the relevant financial year. Within € Between € Between € Between € Between € After 5 years € Total € At 31 December 2019 Financial liabilities - cash outflows Trade and other payables 4,376 139 40 24 165 212 4,956 Lease liabilities under IFRS 16 (i) 275 231 193 158 135 1,046 2,038 Other interest-bearing loans and borrowings 824 962 391 754 602 5,429 8,962 Interest payments on other interest-bearing loans and borrowings (ii) 307 275 258 233 227 1,856 3,156 Cross-currency swaps - gross cash outflows 1,615 13 - - - - 1,628 Other derivative financial instruments 4 1 - - - - 5 Gross projected cash outflows 7,401 1,621 882 1,169 1,129 8,543 20,745 Derivative financial instruments - cash inflows Interest rate swaps - net cash inflows (iii) (13) (13) (13) (8) (6) (12) (65) Cross-currency swaps - gross cash inflows (1,605) (13) - - - - (1,618) Other derivative financial instruments (4) (1) - - - - (5) Gross projected cash inflows (1,622) (27) (13) (8) (6) (12) (1,688) The equivalent disclosure for the prior year is as follows: At 31 December 2018 Financial liabilities - cash outflows Trade and other payables 4,609 160 30 18 11 348 5,176 Finance leases (i) 5 3 3 2 2 6 21 Other interest-bearing loans and borrowings 620 752 953 375 753 5,856 9,309 Interest payments on finance leases (i) - - - - - 2 2 Interest payments on other interest-bearing loans and borrowings (ii) 328 297 265 248 224 2,022 3,384 Cross-currency swaps - gross cash outflows 2,320 2 - - - - 2,322 Other derivative financial instruments 30 2 - - - - 32 Gross projected cash outflows 7,912 1,216 1,251 643 990 8,234 20,246 Derivative financial instruments - cash inflows Interest rate swaps - net cash inflows (iii) (11) (9) (9) (9) (4) (1) (43) Cross-currency swaps - gross cash inflows (2,346) (2) - - - - (2,348) Other derivative financial instruments (3) (2) (1) - - - (6) Gross projected cash inflows (2,360) (13) (10) (9) (4) (1) (2,397) (i) Finance leases in 2018 relate to leases previously capitalised under IAS 17. All leases capitalised under IFRS 16 have been included as lease liabilities in 2019. (ii) At 31 December 2019 and 31 December 2018, a portion of the Group’s long-term debt carried variable interest rates. The Group uses the interest rates in effect on 31 December to calculate the interest payments on the long-term debt for the periods indicated. (iii) The Group uses interest rate swaps to help manage its interest cost. Under these contracts the Group has agreed to exchange at predetermined intervals, the difference between fixed and variable interest amounts calculated by reference to a pre-agreed |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2019 | |
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Cash and Cash Equivalents | 25. Cash and Cash Equivalents Cash and cash equivalents balances are spread across a wide number of highly-rated financial institutions. The credit risk attaching to these items is documented in note 24. Cash and cash equivalents are included in the Consolidated Balance Sheet at amortised cost and are analysed as follows: 2019 € 2018 € Cash at bank and in hand 1,005 814 Investments (short-term deposits) 2,750 1,532 Total 3,755 2,346 Cash at bank earns interest at floating rates based on daily deposit bank rates. Short-term deposits, which include bank and money market deposits, are made for varying periods of between one day and three months depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates. |
Interest-bearing Loans and Borr
Interest-bearing Loans and Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
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Interest-bearing Loans and Borrowings | 26. Interest-bearing Loans and Borrowings 2019 € 2018 € Bank overdrafts 41 113 Bank loans 465 356 Bonds 8,508 8,825 Finance leases (i) - 21 Other - 1 Interest-bearing loans and borrowings 9,014 9,316 Interest-bearing loans and borrowings include loans of € € (i) Finance leases in 2018 relate to leases previously capitalised under IAS 17. Refer to note 22 for all leases capitalised under IFRS 16 in 2019. Maturity profile of loans and borrowings and undrawn committed facilities As at 31 December 2019 As at 31 December 2018 Loans and borrowings € Undrawn committed facilities € Loans and borrowings € Undrawn committed facilities € Within one year 815 - 618 - Between one and two years 956 12 748 - Between two and three years 385 5 948 15 Between three and four years 771 50 370 50 Between four and five years 598 3,500 776 3,500 After five years 5,489 43 5,856 18 Total 9,014 3,610 9,316 3,583 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 figures shown in the table above represent the facilities available to be drawn by the Group at 31 December 2019. In April 2019, the Group successfully extended its € Guarantees The Company has given letters of guarantee to secure obligations of subsidiary undertakings as follows: € € € € Any Irish registered wholly-owned subsidiary of the Company may avail of the exemption from filing its statutory financial statements for the year ended 31 December 2019 as permitted by section 357 of the Companies Act 2014 and if an Irish registered wholly-owned subsidiary of the Company elects to avail of this exemption, there will be in force an irrevocable guarantee from the Company in respect of all commitments entered into by such wholly-owned |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
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Derivative Financial Instruments | 27. Derivative Financial Instruments The fair values of derivative financial instruments are analysed by year of maturity and by accounting designation as follows: Fair value € Cash flow € Net € Not € Total € At 31 December 2019 Derivative assets Within one year - current assets - 3 2 1 6 Between one and two years - 1 - - 1 Between three and four years 23 - - - 23 After five years 52 - - - 52 Non-current 75 1 - - 76 Total derivative assets 75 4 2 1 82 Derivative liabilities Within one year - current liabilities - (8) (4) (4) (16) Between one and two years - non-current - (1) - - (1) Total derivative liabilities - (9) (4) (4) (17) Net asset/(liability) arising on derivative financial instruments 75 (5) (2) (3) 65 The equivalent disclosure for the prior year is as follows: At 31 December 2018 Derivative assets Within one year - current assets - 3 10 2 15 Between one and two years - 2 - - 2 Between two and three years - 1 - - 1 Between four and five years 24 - - - 24 After five years 3 - - - 3 Non-current 27 3 - - 30 Total derivative assets 27 6 10 2 45 Derivative liabilities Within one year - current liabilities - (32) (2) (7) (41) Between one and two years - (2) - - (2) After five years (16) - - - (16) Non-current (16) (2) - - (18) Total derivative liabilities (16) (34) (2) (7) (59) Net asset/(liability) arising on derivative financial instruments 11 (28) 8 (5) (14) At 31 December 2019 and 2018, the Group had no master netting or similar arrangements, collateral posting requirements, or enforceable right of set-off Fair value hedges consist of interest rate swaps. These instruments hedge risks arising from changes in asset/liability fair values due to interest rate movements. Cash flow hedges consist of forward foreign exchange and commodity contracts and currency swaps. These instruments hedge risks arising to future cash flows from movements in foreign exchange rates and commodity prices. Cash flow hedges are expected to affect profit and loss over the period to maturity. Net investment hedges comprise cross-currency swaps and hedge changes in the value of net investments due to currency movements. The profit/(loss) arising on fair value, cash flow, net investment hedges and related hedged items reflected in the Consolidated Income Statement is shown below: 2019 € 2018 € 2017 € Fair value of hedge instruments 64 (12) (16) Fair value of the hedged items (64) 11 18 Components of other comprehensive income - cash flow hedges Gains/(losses) arising during the year: - commodity forward contracts 27 (38) 9 - currency forward contracts (3) (2) (1) Total 24 (40) 8 Fair v a 2019 € 2018 Level 2 € Assets measured at fair value Fair value hedges - interest rate swaps 75 27 Cash flow hedges - cross-currency and commodity forwards 4 6 Net investment hedges - cross-currency swaps 2 10 Not designated as hedges (held for trading) - cross-currency swaps and forward foreign exchange contracts 1 2 Total 82 45 Liabilities measured at fair value Fair value hedges - interest rate swaps - (16) Cash flow hedges - cross-currency and commodity forwards (9) (34) Net investment hedges - cross-currency swaps (4) (2) Not designated as hedges (held for trading) - cross-currency swaps and forward foreign exchange contracts (4) (7) Total (17) (59) At 31 December 2019 and 2018 there were no derivatives valued using Level 1 or Level 3 fair value techniques. |
Provisions for Liabilities
Provisions for Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
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Provisions for Liabilities | 28. Provisions for Liabilities At 1 € Effect of € Translation € Arising on € Provided € Utilised € Disposed € Reversed € Discount € At 31 € 31 December 2019 Insurance (i) 279 - 5 - 114 (88) - (24) 8 294 Environment and remediation (ii) 484 - 13 6 41 (26) - (8) 11 521 Rationalisation and redundancy (iii) 23 - - - 29 (35) - (3) - 14 Other (iv) 301 (1) (1) - 108 (34) - (46) 3 330 Total 1,087 (1) 17 6 292 (183) - (81) 22 1,159 Analysed as: Non-current 719 760 Current liabilities 368 399 Total 1,087 1,159 The equivalent disclosure for the prior year is as follows: 31 December 2018 Insurance (i) 292 - 10 7 95 (71) - (61) 7 279 Environment and remediation (ii) 441 - - 75 28 (26) (2) (43) 11 484 Rationalisation and redundancy (iii) 25 - - - 30 (31) - (1) - 23 Other (iv) 306 - - 2 75 (32) (1) (52) 3 301 Total 1,064 - 10 84 228 (160) (3) (157) 21 1,087 Analysed as: Non-current 693 719 Current liabilities 371 368 Total 1,064 1,087 (i) This provision relates to obligations arising under the self-insurance components of the Group’s insurance arrangements which comprise employers’ liability (workers’ compensation in the US), public and products liability (general liability in the US), automobile liability, property damage, business interruption and various other insurances; a substantial proportion of the total provision pertains to claims which are classified as “incurred but not reported”. Due to the extended timeframe associated with many of the insurances, a significant proportion of the total provision is subject to periodic actuarial valuation. The projected cash flows underlying the discounting process are established through the application of actuarial triangulations, which are extrapolated from historical claims experience. The triangulations applied in the discounting process indicate that the Group’s insurance provisions have an average life of five years (2018: five years). (ii) This provision comprises obligations governing site remediation, restoration and environmental works to be incurred in compliance with either local or national environmental regulations together with constructive obligations stemming from established best practice. Whilst a significant element of the total provision will reverse in the medium-term (two to ten years), those legal and constructive obligations applicable to long-lived assets (principally mineral-bearing 30-year (iii) These provisions relate to irrevocable commitments under various rationalisation and redundancy programmes, none of which are individually material to the Group. In 2019, € € € (iv) Other provisions primarily relate to legal claims, onerous contracts, guarantees and warranties and employee related provisions. The Group expects the majority of these provisions will be utilised within two to five years of the balance sheet date (2018: two to five years); however due to the nature of the legal provisions there is a level of uncertainty in the timing of settlement as the Group generally cannot determine the extent and duration of the legal process. |
Deferred Income Tax
Deferred Income Tax | 12 Months Ended |
Dec. 31, 2019 | |
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Deferred Income Tax | 29. Deferred Income Tax The deductible and taxable temporary differences in respect of which deferred tax has been recognised are as follows: 2019 € 2018 € Reported in balance sheet after offset Deferred tax liabilities 2,338 2,209 Deferred tax assets (67) (71) Net deferred income tax liability 2,271 2,138 Deferred income tax assets (deductible temporary differences) Deficits on Group retirement benefit obligations (note 30) 91 95 Revaluation of derivative financial instruments to fair value 7 13 Tax loss carryforwards 152 153 Share-based payment expense 32 21 Provisions for liabilities and working capital-related items 257 266 Lease liabilities 283 - Other deductible temporary differences 23 39 Total 845 587 Deferred income tax assets have been recognised in respect of all deductible temporary differences, with the exception of some tax loss carryforwards. The amount of tax losses where recovery is not probable and is therefore not recognised in the Consolidated Balance Sheet is € € Deferred income tax liabilities (taxable temporary differences) Taxable temporary differences principally attributable to accelerated tax depreciation and fair value adjustments arising on acquisition (i) 2,819 2,701 Leased right-of-use assets 273 - Revaluation of derivative financial instruments to fair value 11 11 Rolled-over capital gains 13 13 Total 3,116 2,725 Movement in net deferred income tax liability At 1 January 2,138 1,571 Reclassified from held for sale - 14 Translation adjustment 51 47 Net expense for the year (ii) 112 111 Arising on acquisition (note 32) - 411 Disposal (31) (16) Movement in deferred tax recognised in the Consolidated Statement of Comprehensive Income 6 (4) Movement in deferred tax recognised in the Consolidated Statement of Changes in Equity (5) 4 At 31 December 2,271 2,138 (i) Fair value adjustments arising on acquisition principally relate to property, plant and equipment. (ii) The net expense for the year includes income of € € |
Retirement Benefit Obligations
Retirement Benefit Obligations | 12 Months Ended |
Dec. 31, 2019 | |
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Retirement Benefit Obligations | 30. Retirement Benefit Obligations The Group operates either defined benefit or defined contribution pension schemes in all of its principal operating areas. The disclosures included below relate to all pension schemes in the Group. The Group operates defined benefit pension schemes in Belgium, Brazil, Canada, France, Germany, Italy, the Netherlands, the Philippines, the Republic of Ireland, Romania, Serbia, Slovakia, Switzerland, the UK and the US. The Group has a mixture of funded and unfunded defined benefit pension schemes. The net liability of the funded schemes is € € € € € € Funded defined benefit schemes in the Republic of Ireland, Switzerland and the UK are administered by separate funds that are legally distinct from the Group under the jurisdiction of Trustees. The Trustees of these pension funds are required by law and by their Articles of Association to act in the best interests of the scheme participants and are responsible for the definition of investment strategy and for scheme administration. Other schemes are also administered in line with the local regulatory environment. The level of benefits available to most members depends on length of service and either their average salary over their period of employment or their salary in the final years leading up to retirement. The Group’s pension schemes in Switzerland are contribution-based schemes with guarantees to provide further contributions in the event that certain targets are not met, largely in relation to investment return and the annuity conversion factor on retirement. Defined benefit pension schemes - principal risks Through its defined benefit pension and jubilee schemes, long-term service commitments and post-retirement healthcare plans, the Group is exposed to a number of risks, the most significant of which are detailed below: Asset volatility: Employee Benefits Given the maturity of certain of the Group’s funded defined benefit pension schemes, de-risking Discount rates: Inflation risk: Longevity risk: Aggregation For the purposes of the disclosures which follow; the schemes in Belgium, France, Germany, Italy, the Netherlands, the Republic of Ireland and Slovakia have been aggregated into a “Eurozone” category on the basis of common currency and financial assumptions; schemes in Brazil, the Philippines, Romania, Serbia and the UK have been aggregated into an “Other” category. Financial assumptions—scheme liabilities The major long-term assumptions used by the Group’s actuaries in the computation of scheme liabilities and post-retirement healthcare obligations are as follows: Eurozone Switzerland United States and Canada 2019 % 2018 % 2017 % 2019 % 2018 % 2017 % 2019 % 2018 % 2017 % Rate of increase in: - salaries 3.37 3.50 3.59 1.50 1.50 1.25 3.37 3.38 3.27 - pensions in payment 1.46 1.62 1.70 - - - - - - Inflation 1.50 1.65 1.75 1.00 1.00 0.75 2.00 2.00 2.00 Discount rate 1.43 2.12 2.05 0.30 0.85 0.70 3.14 4.10 3.52 Medical cost trend rate n/a n/a n/a n/a n/a n/a 5.18 1.55 6.33 The mortality assumptions employed in determining the present value of scheme liabilities under IAS 19 represent actuarial best practice in the relevant jurisdictions, taking account of mortality experience and industry circumstances. For schemes in the Republic of Ireland and the UK, the mortality assumptions used are in accordance with the underlying funding valuations. For the Group’s most material schemes, the future life expectations factored into the relevant valuations, based on retirement at 65 years of age for current and future retirees, are as follows: Republic of Ireland Switzerland United States and Canada 2019 2018 2017 2019 2018 2017 2019 2018 2017 Current retirees - male 23.0 22.4 22.7 22.6 22.5 22.4 20.2 20.1 20.6 - female 24.5 24.1 24.4 24.7 24.5 24.4 22.3 22.6 23.1 Future retirees - male 25.4 24.9 25.5 24.8 24.7 24.6 22.1 22.0 22.3 - female 26.8 26.4 27.0 26.8 26.7 26.6 24.2 24.5 24.7 The above data allows for future improvements in life expectancy. Impact on Consolidated Income Statement The total retirement benefit expense from continuing operations in the Consolidated Income Statement is as follows: 2019 € 2018 € 2017 € Total defined contribution expense (i) 259 225 228 Total defined benefit expense 45 43 36 Total expense in Consolidated Income Statement 304 268 264 At 31 December 2019, € € Analysis of defined benefit expense Charged in arriving at Group profit before finance costs: Current service cost 43 43 40 Administration expenses 7 3 3 Past service credit (net) (iii) (18) (13) (17) Subtotal 32 33 26 Included in finance income and finance costs respectively: Interest income on scheme assets (64) (55) (45) Interest cost on scheme liabilities 77 65 55 Net interest expense 13 10 10 Net expense to Consolidated Income Statement 45 43 36 The composition of the net expense/(credit) to the Consolidated Income Statement is as follows: Eurozone 25 23 24 Switzerland 7 7 (11) United States and Canada 5 6 14 Other 8 7 9 Total 45 43 36 Notes (i), (ii) and (iii) are set out on page 195. Reconciliation of scheme assets (bid value) 2019 € 2018 € At 1 January 2,913 2,622 Movement in year Interest income on scheme assets (ii) 68 59 Arising on acquisition (note 32) 3 337 Disposals (592) - Remeasurement adjustments - return on scheme assets excluding interest income 316 (137) Employer contributions paid 52 118 Contributions paid by plan participants 13 14 Benefit and settlement payments (139) (130) Administration expenses (ii) (7) (4) Translation adjustment 55 34 At 31 December 2,682 2,913 The composition of scheme assets is as follows: Eurozone 1,283 1,181 Switzerland 344 808 United States and Canada 845 728 Other 210 196 Total 2,682 2,913 Reconciliation of actuarial value of liabilities At 1 January (3,337) (2,999) Movement in year Current service cost (ii) (60) (64) Past service credit (net) (ii) 18 17 Interest cost on scheme liabilities (ii) (81) (69) Arising on acquisition (note 32) (4) (452) Disposals 636 6 Remeasurement adjustments - experience variations 33 1 - actuarial (loss)/gain from changes in financial assumptions (384) 120 - actuarial gain from changes in demographic assumptions 18 26 Contributions paid by plan participants (13) (14) Benefit and settlement payments 139 130 Translation adjustment (74) (39) At 31 December (3,109) (3,337) The composition of the actuarial value of liabilities is as follows: Eurozone (1,425) (1,318) Switzerland (341) (829) United States and Canada (1,058) (946) Other (285) (244) Total (3,109) (3,337) Recoverable deficit in schemes (427) (424) Related deferred income tax asset 91 95 Net pension liability (336) (329) The composition of the net pension liability is as follows: Eurozone (119) (113) Switzerland 3 (17) United States and Canada (160) (162) Other (60) (37) Total (336) (329) (i) The total defined contribution expense including discontinued operations amounted to € € € (ii) The net defined benefit expense/(credit) includes the following relating to discontinued operations: Charged in arriving at Group profit before finance costs: 2019 € 2018 € 2017 € Current service cost 17 21 22 Administration expenses - 1 1 Past service credit (net) (iii) - (4) (61) Subtotal 17 18 (38) Included in finance income and finance costs respectively: Interest income on scheme assets (4) (4) (4) Interest cost on scheme liabilities 4 4 5 Net interest expense - - 1 Net expense/(credit) to Consolidated Income Statement 17 18 (37) (iii) Past service credit in 2017 includes a gain of € € € A UK High Court ruling in October 2018 relating to the equalisation of guaranteed minimum pensions for men and women did not materially impact the liability associated with the Group’s UK defined benefit pension schemes. Sensitivity analysis The revised liabilities due to the impact of a movement (as indicated below) in the principal actuarial assumptions would be as follows: Eurozone € Switzerland € United States € Other € Total Group € Scheme liabilities at 31 December (1,425 ) (341 ) (1,058 ) (285 ) (3,109 ) Revised liabilities Discount rate Increase by 0.25% (1,362 ) (326 ) (1,026 ) (273 ) (2,987 ) Decrease by 0.25% (1,491 ) (357 ) (1,092 ) (298 ) (3,238 ) Inflation rate Increase by 0.25% (1,487 ) (342 ) (1,063 ) (294 ) (3,186 ) Decrease by 0.25% (1,367 ) (340 ) (1,054 ) (276 ) (3,037 ) Mortality assumption Increase by 1 year (1,371 ) (330 ) (1,026 ) (278 ) (3,005 ) Decrease by 1 year (1,479 ) (352 ) (1,089 ) (292 ) (3,212 ) The above sensitivity analysis are derived through changing the individual assumption while holding all other assumptions constant. Split of scheme assets 2019 € 2018 € Investments quoted in active markets Equity instruments (i) 746 862 Debt instruments (ii) 1,594 1,596 Property 93 109 Cash and cash equivalents 27 34 Investment funds 128 9 Assets held by insurance company - 123 Unquoted investments Equity instruments 2 2 Debt instruments (iii) 9 9 Property 52 112 Cash and cash equivalents 18 40 Assets held by insurance company 13 17 Total assets 2,682 2,913 (i) Equity instruments primarily relate to developed markets. (ii) Quoted debt instruments are made up of € € € € non-government (iii) Unquoted debt instruments primarily relate to government debt instruments. Actuarial valuations - funding requirements and future cash flows In accordance with statutory requirements in the Republic of Ireland and minimum funding requirements in the UK, additional annual contributions and lump-sum payments are required to certain of the schemes in place in those jurisdictions. The funding requirements in relation to the Group’s defined benefit schemes are assessed in accordance with the advice of independent and qualified actuaries and valuations are prepared in this regard either annually, where local requirements mandate that this be done, or at triennial intervals at a maximum in all other cases. In the Republic of Ireland and the UK, either the attained age or projected unit credit methods are used in the valuations. In the Netherlands and Switzerland, the actuarial valuations reflect the current unit method, while the valuations are performed in accordance with the projected unit credit methodology in Germany. In the US, valuations are performed using a variety of actuarial cost methodologies - current unit, projected unit and aggregate cost. In Canada, the projected unit credit method is used in valuations. The dates of the funding valuations range from March 2016 to January 2019. In general, funding valuations are not available for public inspection; however, the results of valuations are advised to the members of the various schemes on request. The Group has contracted payments (presented on a discounted basis) to certain schemes in the following countries: 2019 € 2018 € 2017 € Republic of Ireland - - 18 United Kingdom 19 14 16 Total 19 14 34 The maturity profile of the Group’s contracted payments (on a discounted basis) is as follows: 2019 € 2018 € 2017 € Within one year 2 2 19 Between one and two years 2 2 2 Between two and three years 2 2 2 Between three and four years 2 1 2 Between four and five years 2 1 1 After five years 9 6 8 Total 19 14 34 Employer contributions payable in the 2020 financial year including minimum funding payments (expressed using year-end € Average duration and scheme composition Eurozone Switzerland United States and Canada 2019 2018 2017 2019 2018 2017 2019 2018 2017 Average duration of defined benefit obligation (years) 18.1 17.1 17.8 17.8 16.4 17.2 12.5 12.1 12.2 Allocation of defined benefit obligation by participant: Active plan participants 74% 71% 72% 74% 83% 84% 44% 46% 40% Deferred plan participants 8% 9% 9% - - - 12% 18% 16% Retirees 18% 20% 19% 26% 17% 16% 44% 36% 44% |
Share Capital and Reserves
Share Capital and Reserves | 12 Months Ended |
Dec. 31, 2019 | |
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Share Capital and Reserves | 31. Share Capital and Reserves Equity share capital 2019 2018 Ordinary € Income € Ordinary € Income € Authorised At 1 January and 31 December ( € 400 25 400 25 Number of Shares at 1 January and 31 December (millions) 1,250 1,250 1,250 1,250 Allotted, called-up At 1 January ( € 272 15 271 15 Cancellation of Treasury Shares (iii) (14 ) (1 ) - - Performance Share Plan Awards - - 1 - At 31 December ( € 258 14 272 15 The movement in the number of shares (expressed in millions) during the financial year was as follows: At 1 January 843 843 839 839 Cancellation of Treasury Shares (iii) (44 ) (44 ) - - Performance Share Plan Awards - - 2 2 Issue of scrip shares in lieu of cash dividends (iv) - - 2 2 At 31 December 799 799 843 843 (i) The Ordinary Shares represent 93.71% of the total issued share capital. (ii) The Income Shares, which represent 5.86% of the total issued share capital, were created on 29 August 1988 for the express purpose of giving shareholders the choice of receiving dividends on either their Ordinary Shares or on their Income Shares (by notice of election to the Company). The Income Shares carried a different tax credit to the Ordinary Shares. The creation of the Income Shares was achieved by the allotment of fully paid Income Shares to each shareholder equal to his/her holding of Ordinary Shares but the shareholder is not entitled to an Income Share certificate, as a certificate for Ordinary Shares is deemed to include an equal number of Income Shares and a shareholder may only sell, transfer or transmit Income Shares with an equivalent number of Ordinary Shares. Income Shares carry no voting rights. Due to changes in Irish tax legislation since the creation of the Income Shares, dividends on the Company’s shares no longer carry a tax credit. As elections made by shareholders to receive dividends on their holding of Income Shares were no longer relevant, the Articles of Association were amended on 8 May 2002 to cancel such elections. (iii) During 2019 43,750,000 Ordinary Shares (including Income Shares) were cancelled. The amount paid to repurchase these shares was initially recognised in Treasury Shares/own shares and was transferred to retained income on cancellation. (iv) Issue of scrip shares in lieu of cash dividends: Number of shares Price per share 2018 2017 2018 2017 May 2018: Final 2017 dividend (2017: Final 2016 dividend) 1,841,430 433,046 € 27.47 € 33.08 September 2018: Interim 2018 dividend (2017: Interim 2017 dividend) - 2,130,496 - € 29.24 Total 1,841,430 2,563,542 In 2019, the Final 2018 and Interim 2019 dividends were paid wholly in cash in May and September respectively. The Interim 2018 dividends were also paid wholly in cash in September 2018. Share schemes The aggregate number of shares which may be committed for issue in respect of any share option scheme, savings-related share option scheme, share participation scheme, performance share plan or any subsequent option scheme or share plan, may not exceed 10% of the issued ordinary share capital from time to time. Share option schemes Details of share options granted under the Company’s Share Option Schemes and the terms attaching thereto are provided in note 9 to the financial statements. Under these schemes, options over a total of 1,147,149 Ordinary Shares were exercised during the financial year (2018: 796,944; 2017: 1,589,335). Number of shares 2019 2018 2017 Options exercised during the year (satisfied by the issue of new shares) - 496,661 1,589,335 Options exercised during the year (satisfied by the reissue of Treasury Shares) 1,147,149 300,283 - Total 1,147,149 796,944 1,589,335 Share participation schemes As at 31 December 2019, 8,174,578 (2018: 8,025,732) Ordinary Shares had been appropriated to participation schemes. In 2019, the appropriation was satisfied by the purchase of 148,846 shares (2018: 59,666 satisfied by the issue of new shares; 103,650 by the re-issue of Treasury Shares). The Ordinary Shares appropriated pursuant to these schemes were issued at market value on the dates of appropriation). The shares issued pursuant to these schemes are excluded from the scope of IFRS 2 and are hence not factored into the expense computation and the associated disclosures in note 9. Preference share capital 5% Cumulative € 7% ‘A’ Cumulative € Number of Shares € Number of Shares € Authorised At 1 January 2019 and 31 December 2019 150 - 872 1 Allotted, called-up At 1 January 2019 and 31 December 2019 50 - 872 1 There was no movement in the number of cumulative preference shares in either the current or the prior year. The holders of the 5% Cumulative Preference Shares are entitled to a fixed cumulative preference dividend at a rate of 5% per annum and priority in a winding-up The holders of the 7% ‘A’ Cumulative Preference Shares are entitled to a fixed cumulative preference dividend at a rate of 7% per annum, and subject to the rights of the holders of the 5% Cumulative Preference Shares, priority in a winding-up Treasury Shares/own shares 2019 € 2018 € At 1 January (792) (15) New Shares allotted to the Employee Benefit Trust (own shares) - (56) Own Shares released by the Employee Benefit Trust under the 2014 Performance Share Plan 62 56 Shares acquired by CRH plc (Treasury Shares) (i) (791) (789) Shares acquired by Employee Benefit Trust (own shares) (61) (3) Treasury Shares/own shares reissued (ii) 35 15 Cancellation of Treasury Shares 1,222 - At 31 December (325) (792) Notes (i) to (ii) are set out overleaf. The movement in the number of Treasury Shares/own shares during the financial year was as follows: Number of shares 2019 2018 At 1 January 27,843,927 391,757 New Shares allotted to the Employee Benefit Trust (own shares) - 2,034,112 Own Shares released by the Employee Benefit Trust under the 2014 Performance Share Plan (2,256,986) (2,034,112) Shares acquired by CRH plc (Treasury Shares) (i) 27,357,116 27,901,471 Shares acquired by Employee Benefit Trust (own shares) 2,189,448 108,377 Treasury Shares/own shares reissued (ii) (1,147,149) (557,678) Cancellation of Treasury Shares (43,750,000) - At 31 December 10,236,356 27,843,927 Split of Treasury Shares/own shares (iii) Treasury Shares 10,011,353 27,551,386 Own shares 225,003 292,541 10,236,356 27,843,927 (i) In April 2018, CRH announced its intention to introduce a share repurchase programme (the ‘Programme’) to repurchase Ordinary Shares (including Income Shares) of up to € € € € On 7 January 2020, CRH announced a further extension of the Programme for an additional € (ii) These reissued Treasury Shares were previously purchased at an average price of € € (iii) As at the balance sheet date, the nominal value of the Treasury Shares and own shares was € € € € Reconciliation of shares issued to net proceeds 2018 € 2017 € Shares issued at nominal amount: - Performance Share Plan Awards 1 1 - scrip shares issued in lieu of cash dividends - 1 Premium on shares issued 117 180 Total value of shares issued 118 182 Issue of scrip shares in lieu of cash dividends (note 13) (51) (77) Shares allotted to the Employee Benefit Trust (vi) (56) (63) Net proceeds from issue of shares 11 42 (vi) In 2018 and 2017, shares were allotted/re-issued € € Share premium 2019 € 2018 € At 1 January 6,534 6,417 Premium arising on shares issued - 117 At 31 December 6,534 6,534 |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2019 | |
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Business Combinations | 32. Business Combinations The acquisitions completed during the year ended 31 December 2019 by reportable segment, together with the completion dates, are detailed below; these transactions entailed the acquisition of an effective 100% stake except where indicated to the contrary: Americas Materials: Canada: Colorado: Connecticut: Florida: Idaho: Iowa: Kentucky: Michigan: Nebraska: New York: North Carolina: Ohio: Oregon: Ready-Mix Texas: Utah: Washington: Europe Materials: Denmark: Finland: France: Poland: Romania: UK: Building Products: Americas Canada: Arizona: Florida: Ohio: Texas: Virginia: Washington: Other Australia: Germany: Netherlands: Poland: UK: The identifiable net assets acquired, including adjustments to provisional fair values, were as follows: 2019 € 2018 € 2017 € ASSETS Non-current Property, plant and equipment 319 2,614 1,536 Intangible assets 92 58 56 Equity accounted investments - 1 - Total non-current 411 2,673 1,592 Current assets Inventories 58 255 114 Trade and other receivables (i) 66 318 129 Cash and cash equivalents 10 69 174 Total current assets 134 642 417 LIABILITIES Trade and other payables (73) (224) (149) Provisions for liabilities (6) (84) (49) Retirement benefit obligations (1) (115) (52) Lease liabilities (64) - - Interest-bearing loans and borrowings and finance leases* (9) (74) (12) Current income tax liabilities 9 (15) (22) Deferred income tax liabilities - (411) (132) Total liabilities (144) (923) (416) Total identifiable net assets at fair value 401 2,392 1,593 Goodwill arising on acquisition (ii) 278 1,504 487 Joint ventures becoming subsidiaries - (120) - Non-controlling (1) (48) (20) Total consideration 678 3,728 2,060 Consideration satisfied by: Cash payments 660 3,574 2,015 Asset exchange - 12 - Deferred consideration (stated at net present cost) 10 10 45 Contingent consideration 8 93 - Profit on step acquisition - 39 - Total consideration 678 3,728 2,060 Net cash outflow arising on acquisition Cash consideration 660 3,574 2,015 Less: cash and cash equivalents acquired (10) (69) (174) Total outflow in the Consolidated Statement of Cash Flows 650 3,505 1,841 Notes (i) to (ii) are set out overleaf. The acquisition balance sheet presented on the previous page reflects the identifiable net assets acquired in respect of acquisitions completed during 2019, together with adjustments to provisional fair values in respect of acquisitions completed during 2018. The measurement period for a number of acquisitions completed in 2018, including Ash Grove Cement Company, closed in 2019 with no material adjustments identified. CRH performs a detailed quantitative and qualitative assessment of each acquisition in order to determine whether it is material for the purposes of separate disclosure under IFRS 3 Business Combinations (i) The gross contractual value of trade and other receivables as at the respective dates of acquisition amounted to € € € € € € (ii) The principal factor contributing to the recognition of goodwill on acquisitions entered into by the Group is the realisation of cost savings and other synergies with existing entities in the Group which do not qualify for separate recognition as intangible assets. Due to the asset-intensive nature of operations in the Europe Materials and Americas Materials business segments, no significant separately identifiable intangible assets are recognised on business combinations in these segments. € € € Acquisition-related costs for continuing operations, which exclude post-acquisition integration costs, amounting to € € € The following table analyses the 58 acquisitions completed in 2019 (2018: 44 acquisitions; 2017: 31 acquisitions) by reportable segment and provides details of the goodwill and consideration figures arising in each of those segments: Number of acquisitions Goodwill Consideration Reportable segments 2019 2018 2017 2019 2018 2017 2019 2018 2017 Continuing operations € € € € € € Americas Materials 27 24 13 31 1,353 239 161 3,398 1,171 Europe Materials 15 10 8 3 46 155 64 86 698 Building Products 15 8 8 228 74 76 450 211 162 Total Group from continuing operations 57 42 29 262 1,473 470 675 3,695 2,031 Discontinued operations Europe Distribution 1 2 2 - - 17 3 33 30 Total Group 58 44 31 262 1,473 487 678 3,728 2,061 Adjustments to provisional fair values of prior year acquisitions 16 31 - - - (1) Total 278 1,504 487 678 3,728 2,060 The post-acquisition impact of acquisitions completed during the year on the Group’s profit for the financial year was as follows: 2019 2018 2017 Continuing operations € € € Revenue 204 1,202 505 Profit/(loss) before tax for the financial year 2 145 (1) The revenue and profit of the Group for the financial year determined in accordance with IFRS as though the acquisitions effected during the year had been at the beginning of the year would have been as follows: 2019 acquisitions CRH Group excluding 2019 acquisitions Pro-forma consolidated Group Continuing operations € € € Revenue 458 24,925 25,383 Profit before tax for the financial year 18 2,113 2,131 There have been no acquisitions completed subsequent to the balance sheet date which would be individually material to the Group, thereby requiring disclosure under either IFRS 3 or IAS 10 Events after the Balance Sheet Date |
Non-controlling Interests
Non-controlling Interests | 12 Months Ended |
Dec. 31, 2019 | |
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Non-controlling Interests | 33. Non-controlling The total non-controlling € € € € non-controlling Name Principal activity Country of incorporation Economic ownership interest held by non-controlling interest Republic Cement & Building Materials, Inc. Manufacture, development and Philippines 45% and Republic Cement Land & Resources Inc. sale of cement and building materials The following is summarised financial information for RCBM and RCLR prepared in accordance with IFRS 12 Disclosure of Interests in Other Entities Summarised financial information 2019 € 2018 € Profit/(loss) for the year 19 (11) Current assets 190 153 Non-current 1,504 1,351 Current liabilities (186) (160) Non-current (822) (712) Net assets 686 632 Cash flows from operating activities 60 36 There were no dividends paid to non-controlling CRH holds 40% of the equity share capital in RCBM and RCLR and has an economic interest of 55% of the combined Philippines business. Non-controlling Consolidated Financial Statements |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
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Related Party Transactions | 34. Related Party Transactions The principal related party relationships requiring disclosure in the Consolidated Financial Statements of the Group under IAS 24 Related Party Disclosures Subsidiaries, joint ventures and associates The Consolidated Financial Statements include the financial statements of the Company (CRH plc, the ultimate parent) and its subsidiaries, joint ventures and associates as documented in the accounting policies on pages 133 to 144. The Group’s principal subsidiaries, joint ventures and associates are disclosed on pages 260 to 264. Sales to and purchases from joint ventures and associates are as follows: Joint ventures Associates Continuing operations 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € Sales 118 107 111 37 40 51 Purchases 24 31 55 16 193 400 Loans extended by the Group to joint ventures and associates (see note 17) are included in financial assets. Amounts receivable from and payable to equity accounted investments (arising from the aforementioned sales and purchases transactions) as at the balance sheet date are included as separate line items in notes 19 and 20 to the Consolidated Financial Statements. Terms and conditions of transactions with subsidiaries, joint ventures and associates In general, the transfer pricing policy implemented by the Group across its subsidiaries is market-based. Sales to and purchases from joint ventures and associates are conducted in the ordinary course of business and on terms equivalent to those that prevail in arms-length transactions. The outstanding balances included in receivables and payables as at the balance sheet date in respect of transactions with joint ventures and associates are unsecured and settlement arises in cash. No guarantees have been either requested or provided in relation to related party receivables and payables. Loans to joint ventures and associates (as disclosed in note 17) are extended on normal commercial terms in the ordinary course of business with interest accruing and, in general, paid to the Group at predetermined intervals. Key management personnel For the purposes of the disclosure requirements of IAS 24, the term “key management personnel” (i.e. those persons having authority and responsibility for planning, directing and controlling the activities of the Company) comprises the Board of Directors which manages the business and affairs of the Company. Key management remuneration amounted to: 2019 € 2018 € 2017 € Short-term benefits 8 8 9 Post-employment benefits 1 1 1 Share-based payments - calculated in accordance with the principles disclosed in note 9 5 4 3 Total 14 13 13 Other than these compensation entitlements, there were no other transactions involving key management personnel. Lease arrangements CRH has a number of lease arrangements in place with related parties across the Group, which have been negotiated on an arms-length basis at market rates. We do not consider these arrangements to be material either individually or collectively in the context of the 2019, 2018 and 2017 Consolidated Financial Statements. |
Events after the Balance Sheet
Events after the Balance Sheet Date | 12 Months Ended |
Dec. 31, 2019 | |
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Events after the Balance Sheet Date | 35. Events after the Balance Sheet Date With effect from 1 January 2020, the Group’s reporting currency changed from euro to US Dollar to reduce the potential for foreign exchange volatility in our future reported earnings. |
Board Approval
Board Approval | 12 Months Ended |
Dec. 31, 2019 | |
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Board Approval | 36. Board Approval The Board of Directors approved and authorised for issue the financial statements on pages 128 to 215 in respect of the year ended 31 December 2019 on 27 February 2020. |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 12 Months Ended |
Dec. 31, 2019 | |
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Supplemental Guarantor Information | 37. Supplemental Guarantor Information The following consolidating information presents Condensed Consolidated Balance Sheets as at 31 December 2019 and 2018 and Condensed Consolidated Income Statements and Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statements of Cash Flow for the years ended 31 December 2019, 2018 and 2017 of the Company and CRH America, Inc. as required by Article 3-10(c) S-X. CRH plc also fully and unconditionally guarantees securities issued by CRH America Finance, Inc., which is a 100% owned finance subsidiary of CRH plc. CRH America, Inc. (the ‘Issuer’) has the following notes which are fully and unconditionally guaranteed by CRH plc (the ‘Guarantor’): US$400 million 5.750% Notes due 2021 – listed on the NYSE US$1,250 million 3.875% Notes due 2025 – listed on Euronext Dublin US$300 million 6.40% Notes due 2033 – listed on Euronext Dublin (i) US$500 million 5.125% Notes due 2045 – listed on Euronext Dublin (i) Originally issued as a US$300 million bond in September 2003. Subsequently in August 2009 and December 2010, US$87.445 million of the issued notes were acquired by CRH plc as part of liability management exercises undertaken. Supplemental Condensed Consolidated Balance Sheet as at 31 December 2019 Guarantor € Issuer € Non-Guarantor subsidiaries € Eliminate and reclassify € CRH and subsidiaries € ASSETS Non-current Property, plant and equipment - - 17,424 - 17,424 Intangible assets - - 8,434 - 8,434 Subsidiaries 15,621 709 1,682 (18,012) - Investments accounted for using the equity method - - 690 - 690 Advances to subsidiaries and parent undertakings - 3,549 - (3,549) - Other financial assets - - 12 - 12 Other receivables - - 317 - 317 Derivative financial instruments - 20 56 - 76 Deferred income tax assets - - 67 - 67 Total non-current 15,621 4,278 28,682 (21,561) 27,020 Current assets Inventories - - 2,742 - 2,742 Trade and other receivables - - 3,767 - 3,767 Advances to subsidiaries and parent undertakings 967 - 106 (1,073) - Current income tax recoverable - - 20 - 20 Derivative financial instruments - - 6 - 6 Cash and cash equivalents 458 - 3,297 - 3,755 Total current assets 1,425 - 9,938 (1,073) 10,290 Total assets 17,046 4,278 38,620 (22,634) 37,310 EQUITY Capital and reserves attributable to the Company’s equity holders 16,940 2,087 15,925 (18,012) 16,940 Non-controlling - - 540 - 540 Total equity 16,940 2,087 16,465 (18,012) 17,480 LIABILITIES Non-current Lease liabilities - - 1,240 - 1,240 Interest-bearing loans and borrowings - 2,171 6,028 - 8,199 Derivative financial instruments - - 1 - 1 Deferred income tax liabilities - - 2,338 - 2,338 Other payables - - 485 - 485 Advances from subsidiary and parent undertakings - - 3,549 (3,549) - Retirement benefit obligations - - 427 - 427 Provisions for liabilities - - 760 - 760 Total non-current - 2,171 14,828 (3,549) 13,450 Current liabilities Lease liabilities - - 271 - 271 Trade and other payables - 20 4,356 - 4,376 Advances from subsidiary and parent undertakings 106 - 967 (1,073) - Current income tax liabilities - - 503 - 503 Interest-bearing loans and borrowings - - 815 - 815 Derivative financial instruments - - 16 - 16 Provisions for liabilities - - 399 - 399 Total current liabilities 106 20 7,327 (1,073) 6,380 Total liabilities 106 2,191 22,155 (4,622) 19,830 Total equity and liabilities 17,046 4,278 38,620 (22,634) 37,310 Supplemental Condensed Consolidated Balance Sheet as at 31 December 2018 Guarantor € Issuer € Non-Guarantor subsidiaries € Eliminate and € CRH and € ASSETS Non-current Property, plant and equipment - - 15,761 - 15,761 Intangible assets - - 8,433 - 8,433 Subsidiaries 14,892 572 1,682 (17,146) - Investments accounted for using the equity method - - 1,163 - 1,163 Advances to subsidiaries and parent undertakings - 3,550 - (3,550) - Other financial assets - - 23 - 23 Other receivables - - 181 - 181 Derivative financial instruments - - 30 - 30 Deferred income tax assets - - 71 - 71 Total non-current 14,892 4,122 27,344 (20,696) 25,662 Current assets Inventories - - 3,061 - 3,061 Trade and other receivables - - 4,074 - 4,074 Advances to subsidiaries and parent undertakings 1,233 - 507 (1,740) - Current income tax recoverable - - 15 - 15 Derivative financial instruments - - 15 - 15 Cash and cash equivalents 411 - 1,935 - 2,346 Total current assets 1,644 - 9,607 (1,740) 9,511 Total assets 16,536 4,122 36,951 (22,436) 35,173 EQUITY Capital and reserves attributable to the Company’s equity holders 16,029 1,950 15,196 (17,146) 16,029 Non-controlling - - 525 - 525 Total equity 16,029 1,950 15,721 (17,146) 16,554 LIABILITIES Non-current Interest-bearing loans and borrowings - 2,098 6,600 - 8,698 Derivative financial instruments - 16 2 - 18 Deferred income tax liabilities - - 2,209 - 2,209 Other payables - - 472 - 472 Advances from subsidiary and parent undertakings - - 3,550 (3,550) - Retirement benefit obligations - - 424 - 424 Provisions for liabilities - - 719 - 719 Total non-current - 2,114 13,976 (3,550) 12,540 Current liabilities Trade and other payables - 21 4,588 - 4,609 Advances from subsidiary and parent undertakings 507 - 1,233 (1,740) - Current income tax liabilities - - 443 - 443 Interest-bearing loans and borrowings - 37 581 - 618 Derivative financial instruments - - 41 - 41 Provisions for liabilities - - 368 - 368 Total current liabilities 507 58 7,254 (1,740) 6,079 Total liabilities 507 2,172 21,230 (5,290) 18,619 Total equity and liabilities 16,536 4,122 36,951 (22,436) 35,173 Supplemental Condensed Consolidated Income Statement Year ended 31 December 2019 Guarantor € Issuer € Non-Guarantor € Eliminate and reclassify € CRH and subsidiaries € Revenue - - 25,129 - 25,129 Cost of sales - - (16,846) - (16,846) Gross profit - - 8,283 - 8,283 Operating income/(costs) 1,531 - (7,320) - (5,789) Group operating profit 1,531 - 963 - 2,494 (Loss)/profit on disposals (13) - 12 - (1) Profit before finance costs 1,518 - 975 - 2,493 Finance costs (3) (280) (353) 290 (346) Finance income - 290 20 (290) 20 Other financial expense - - (112) - (112) Share of subsidiaries’ profit before tax 522 136 - (658) - Share of equity accounted investments’ profit 60 - 60 (60) 60 Profit before tax from continuing operations 2,097 146 590 (718) 2,115 Income tax expense (477) (36) (441) 477 (477) Group profit for the financial year from continuing operations 1,620 110 149 (241) 1,638 Profit after tax for the financial year from discontinued operations 309 - 310 (309) 310 Group profit for the financial year 1,929 110 459 (550) 1,948 Profit attributable to: Equity holders of the Company From continuing operations 1,620 110 131 (241) 1,620 From discontinued operations 309 - 309 (309) 309 Non-controlling From continuing operations - - 18 - 18 From discontinued operations - - 1 - 1 Group profit for the financial year 1,929 110 459 (550) 1,948 Supplemental Condensed Consolidated Statement of Comprehensive Income Group profit for the financial year 1,929 110 459 (550) 1,948 Other comprehensive income Items that may be reclassified to profit or loss in subsequent years: Currency translation effects 319 27 316 (319) 343 Gains relating to cash flow hedges 24 - 24 (24) 24 Tax relating to cash flow hedges (3) - (3) 3 (3) 340 27 337 (340) 364 Items that will not be reclassified to profit or loss in subsequent years: Remeasurement of retirement benefit obligations (17) - (17) 17 (17) Tax relating to retirement benefit obligations (3) - (3) 3 (3) (20) - (20) 20 (20) Total other comprehensive income for the financial year 320 27 317 (320) 344 Total comprehensive income for the financial year 2,249 137 776 (870) 2,292 Attributable to: Equity holders of the Company 2,249 137 733 (870) 2,249 Non-controlling - - 43 - 43 Total comprehensive income for the financial year 2,249 137 776 (870) 2,292 Supplemental Condensed Consolidated Income Statement Year ended 31 December 2018 Restated (i) Guarantor € Issuer € Non-Guarantor subsidiaries € Eliminate and € CRH and subsidiaries € Revenue - - 23,241 - 23,241 Cost of sales - - (15,572) - (15,572) Gross profit - - 7,669 - 7,669 Operating income/(costs) 1,741 - (7,339) - (5,598) Group operating profit 1,741 - 330 - 2,071 Loss on disposals (15) - (12) - (27) Profit before finance costs 1,726 - 318 - 2,044 Finance costs - (224) (346) 231 (339) Finance income 1 231 33 (231) 34 Other financial expense - - (46) - (46) Share of subsidiaries’ (loss)/profit before tax (37) 115 - (78) - Share of equity accounted investments’ profit 48 - 48 (48) 48 Profit before tax from continuing operations 1,738 122 7 (126) 1,741 Income tax expense (396) (32) (364) 396 (396) Group profit for the financial year from continuing operations 1,342 90 (357) 270 1,345 Profit after tax for the financial year from discontinued operations 1,175 - 1,176 (1,175) 1,176 Group profit for the financial year 2,517 90 819 (905) 2,521 Profit attributable to: Equity holders of the Company From continuing operations 1,342 90 (360) 270 1,342 From discontinued operations 1,175 - 1,175 (1,175) 1,175 Non-controlling From continuing operations - - 3 - 3 From discontinued operations - - 1 - 1 Group profit for the financial year 2,517 90 819 (905) 2,521 (i) Restated to show the results of our former Europe Distribution segment in discontinued operations. Supplemental Condensed Consolidated Statement of Comprehensive Income Group profit for the financial year 2,517 90 819 (905) 2,521 Other comprehensive income Items that may be reclassified to profit or loss in subsequent years: Currency translation effects 277 63 213 (277) 276 Losses relating to cash flow hedges (40) - (40) 40 (40) Tax relating to cash flow hedges 5 - 5 (5) 5 242 63 178 (242) 241 Items that will not be reclassified to profit or loss in subsequent years: Remeasurement of retirement benefit obligations 10 - 10 (10) 10 Tax relating to retirement benefit obligations (1) - (1) 1 (1) 9 - 9 (9) 9 Total other comprehensive income for the financial year 251 63 187 (251) 250 Total comprehensive income for the financial year 2,768 153 1,006 (1,156) 2,771 Attributable to: Equity holders of the Company 2,768 153 1,003 (1,156) 2,768 Non-controlling - - 3 - 3 Total comprehensive income for the financial year 2,768 153 1,006 (1,156) 2,771 Supplemental Condensed Consolidated Income Statement Year ended 31 December 2017 Restated (i) Guarantor € Issuer € Non-Guarantor subsidiaries € Eliminate and reclassify € CRH and subsidiaries € Revenue - - 21,653 - 21,653 Cost of sales - - (14,275) - (14,275) Gross profit - - 7,378 - 7,378 Operating income/(costs) 22 - (5,473) - (5,451) Group operating profit 22 - 1,905 - 1,927 Profit on disposals - - 54 - 54 Profit before finance costs 22 - 1,959 - 1,981 Finance costs - (235) (308) 242 (301) Finance income 2 242 10 (242) 12 Other financial expense - - (59) - (59) Share of subsidiaries’ profit before tax 1,586 83 - (1,669) - Share of equity accounted investments’ profit 52 - 52 (52) 52 Profit before tax from continuing operations 1,662 90 1,654 (1,721) 1,685 Income tax expense (12) (29) 17 12 (12) Group profit for the financial year from continuing operations 1,650 61 1,671 (1,709) 1,673 Profit after tax for the financial year from discontinued operations 245 - 246 (245) 246 Group profit for the financial year 1,895 61 1,917 (1,954) 1,919 Profit attributable to: Equity holders of the Company From continuing operations 1,650 61 1,648 (1,709) 1,650 From discontinued operations 245 - 245 (245) 245 Non-controlling From continuing operations - - 23 - 23 From discontinued operations - - 1 - 1 Group profit for the financial year 1,895 61 1,917 (1,954) 1,919 (i) Restated to show the results of our former Europe Distribution segment in discontinued operations. Supplemental Condensed Consolidated Statement of Comprehensive Income Group profit for the financial year 1,895 61 1,917 (1,954) 1,919 Other comprehensive income Items that may be reclassified to profit or loss in subsequent years: Currency translation effects (1,015) (186) (890) 1,015 (1,076) Gains relating to cash flow hedges 8 - 8 (8) 8 (1,007) (186) (882) 1,007 (1,068) Items that will not be reclassified to profit or loss in subsequent years: Remeasurement of retirement benefit obligations 114 - 114 (114) 114 Tax on items recognised directly within other comprehensive income (33) - (33) 33 (33) 81 - 81 (81) 81 Total other comprehensive income for the financial year (926) (186) (801) 926 (987) Total comprehensive income for the financial year 969 (125) 1,116 (1,028) 932 Attributable to: Equity holders of the Company 969 (125) 1,153 (1,028) 969 Non-controlling - - (37) - (37) Total comprehensive income for the financial year 969 (125) 1,116 (1,028) 932 Supplemental Condensed Consolidated Statement of Cash Flow Year ended 31 December 2019 Guarantor € Issuer € Non-Guarantor subsidiaries € Eliminate and € CRH and € Cash flows from operating activities Profit before tax from continuing operations 2,097 146 590 (718) 2,115 Profit before tax from discontinued operations 332 - 333 (332) 333 Profit before tax 2,429 146 923 (1,050) 2,448 Finance costs (net) 3 (10) 452 - 445 Share of subsidiaries’ profit before tax (842) (136) - 978 - Share of equity accounted investments’ profit (72) - (72) 72 (72) Loss/(profit) on disposals 13 - (239) - (226) Group operating profit 1,531 - 1,064 - 2,595 Depreciation charge - - 1,538 - 1,538 Amortisation of intangible assets - - 59 - 59 Impairment charge - - 8 - 8 Share-based payment (income)/expense (26) - 103 - 77 Other (primarily pension payments) - - (3) - (3) Net movement on working capital and provisions - (1) (63) - (64) Cash generated from operations 1,505 (1) 2,706 - 4,210 Interest paid (including leases) (3) (280) (426) 290 (419) Corporation tax paid - (36) (289) - (325) Net cash inflow/(outflow) from operating activities 1,502 (317) 1,991 290 3,466 Cash flows from investing activities Proceeds from disposals (net of cash disposed and deferred proceeds) - - 2,096 - 2,096 Interest received - 290 20 (290) 20 Dividends received from equity accounted investments - - 35 - 35 Purchase of property, plant and equipment - - (1,229) - (1,229) Advances from subsidiary and parent undertakings (375) 70 (336) 641 - Acquisition of subsidiaries (net of cash acquired) - - (650) - (650) Other investments and advances - - (29) - (29) Deferred and contingent acquisition consideration paid - - (48) - (48) Net cash (outflow)/inflow from investing activities (375) 360 (141) 351 195 Cash flows from financing activities Proceeds from exercise of share options 20 - - - 20 Transactions involving non-controlling - - (19 ) - (19 ) Advances to subsidiary and parent undertakings 336 - 305 (641) - Increase in interest-bearing loans and borrowings - - 91 - 91 Net cash flow arising from derivative financial instruments - - (36) - (36) Repayment of interest-bearing loans, borrowings and finance leases - (43) (529) - (572) Repayment of lease liabilities - - (317) - (317) Treasury Shares/own shares purchased (852) - - - (852) Dividends paid to equity holders of the Company (584) - - - (584) Dividends paid to non-controlling - - (10) - (10) Net cash (outflow)/inflow from financing activities (1,080) (43) (515) (641) (2,279) Increase in cash and cash equivalents 47 - 1,335 - 1,382 Reconciliation of opening to closing cash and cash equivalents Cash and cash equivalents at 1 January 411 - 1,935 - 2,346 Translation adjustment - - 27 - 27 Increase in cash and cash equivalents 47 - 1,335 - 1,382 Cash and cash equivalents at 31 December 458 - 3,297 - 3,755 Supplemental Condensed Consolidated Statement of Cash Flow Year ended 31 December 2018 Guarantor € Issuer € Non-Guarantor € Eliminate and € CRH and € Cash flows from operating activities Profit before tax from continuing operations 1,738 122 7 (126) 1,741 Profit before tax from discontinued operations 1,678 - 1,679 (1,678) 1,679 Profit before tax 3,416 122 1,686 (1,804) 3,420 Finance costs (net) (1) (7) 359 - 351 Share of subsidiaries’ profit before tax (1,629) (115) - 1,744 - Share of equity accounted investments’ profit (60) - (60) 60 (60) Loss/(profit) on disposals 15 - (1,554) - (1,539) Group operating profit 1,741 - 431 - 2,172 Depreciation charge - - 1,071 - 1,071 Amortisation of intangible assets - - 61 - 61 Impairment charge - - 56 - 56 Share-based payment (income)/expense (13) - 80 - 67 Other (primarily pension payments) - - (67) - (67) Net movement on working capital and provisions - (4) (459) - (463) Cash generated from operations 1,728 (4) 1,173 - 2,897 Interest paid (including leases) - (224) (342) 231 (335) Corporation tax paid - (32) (631) - (663) Net cash inflow/(outflow) from operating activities 1,728 (260) 200 231 1,899 Cash flows from investing activities Proceeds from disposals (net of cash disposed and deferred proceeds) - - 3,009 - 3,009 Interest received 1 231 33 (231) 34 Dividends received from equity accounted investments - - 48 - 48 Purchase of property, plant and equipment - - (1,121) - (1,121) Advances from subsidiary and parent undertakings (184) 241 238 (295) - Acquisition of subsidiaries (net of cash acquired) - - (3,505) - (3,505) Other investments and advances - - (2) - (2) Deferred and contingent acquisition consideration paid - - (55) - (55) Net cash (outflow)/inflow from investing activities (183) 472 (1,355) (526) (1,592) Cash flows from financing activities Proceeds from issue of shares (net) 11 - - - 11 Proceeds from exercise of share options 7 - - - 7 Advances to subsidiary and parent undertakings (238) - (57) 295 - Increase in interest-bearing loans and borrowings - 31 1,403 - 1,434 Net cash flow arising from derivative financial instruments - - 6 - 6 Repayment of interest-bearing loans, borrowings and finance leases (2) (243) (1) - (246) Treasury Shares/own shares purchased (792) - - - (792) Dividends paid to equity holders of the Company (521) - - - (521) Dividends paid to non-controlling - - (12) - (12) Net cash (outflow)/inflow from financing activities (1,535) (212) 1,339 295 (113) Increase in cash and cash equivalents 10 - 184 - 194 Reconciliation of opening to closing cash and cash equivalents Cash and cash equivalents at 1 January 401 - 1,734 - 2,135 Translation adjustment - - 17 - 17 Increase in cash and cash equivalents 10 - 184 - 194 Cash and cash equivalents at 31 December 411 - 1,935 - 2,346 Supplemental Condensed Consolidated Statement of Cash Flow Year ended 31 December 2017 Guarantor € Issuer € Non-Guarantor € Eliminate and € CRH and € Cash flows from operating activities Profit before tax from continuing operations 1,662 90 1,654 (1,721) 1,685 Profit before tax from discontinued operations 327 - 328 (327) 328 Profit before tax 1,989 90 1,982 (2,048) 2,013 Finance costs (net) (2) (7) 358 - 349 Share of subsidiaries’ profit before tax (1,900) (83) - 1,983 - Share of equity accounted investments’ profit (65) - (65) 65 (65) Profit on disposals - - (59) - (59) Group operating profit 22 - 2,216 - 2,238 Depreciation charge - - 1,006 - 1,006 Amortisation of intangible assets - - 66 - 66 Share-based payment (income)/expense (1) - 66 - 65 Other (primarily pension payments) - - (186) - (186) Net movement on working capital and provisions - (11) (198) - (209) Cash generated from operations 21 (11) 2,970 - 2,980 Interest paid (including leases) - (236) (323) 242 (317) Corporation tax paid - (29) (445) - (474) Net cash inflow/(outflow) from operating activities 21 (276) 2,202 242 2,189 Cash flows from investing activities Proceeds from disposals (net of cash disposed and deferred proceeds) - - 222 - 222 Interest received 2 242 9 (242) 11 Dividends received from equity accounted investments - - 31 - 31 Purchase of property, plant and equipment - - (1,044) - (1,044) Advances from subsidiary and parent undertakings 407 356 - (763) - Acquisition of subsidiaries (net of cash acquired) - - (1,841) - (1,841) Other investments and advances - - (11) - (11) Deferred and contingent acquisition consideration paid - - (53) - (53) Net cash inflow/(outflow) from investing activities 409 598 (2,687) (1,005) (2,685) Cash flows from financing activities Proceeds from issue of shares (net) 42 - - - 42 Transactions involving non-controlling - - (37) - (37) Advances to subsidiary and parent undertakings - - (763) 763 - Increase in interest-bearing loans and borrowings - 6 1,004 - 1,010 Net cash flow arising from derivative financial instruments - 11 158 - 169 Premium paid on early debt redemption - (18) - - (18) Repayment of interest-bearing loans, borrowings and finance leases - (321) (22) - (343) Treasury Shares/own shares purchased (3) - - - (3) Dividends paid to equity holders of the Company (469) - - - (469) Dividends paid to non-controlling - - (8) - (8) Net cash (outflow)/inflow from financing activities (430) (322) 332 763 343 Decrease in cash and cash equivalents - - (153) - (153) Reconciliation of opening to closing cash and cash equivalents Cash and cash equivalents at 1 January 401 - 2,048 - 2,449 Translation adjustment - - (161) - (161) Decrease in cash and cash equivalents - - (153) - (153) Cash and cash equivalents at 31 December 401 - 1,734 - 2,135 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Basis of Preparation | Basis of Preparation The Consolidated Financial Statements of CRH plc have been prepared in accordance with I n CRH plc, the Parent Company, is a publicly traded limited company incorporated and domiciled in the Republic of Ireland. The Consolidated Financial Statements, which are presented in euro millions, have been prepared under the historical cost convention as modified by the measurement at fair value of share-based payments, retirement benefit obligations and certain financial assets and liabilities including derivative financial instruments. The accounting policies set out below have been applied consistently by all of the Group’s subsidiaries, joint ventures and associates to all periods presented in the Consolidated Financial Statements. In accordance with Section 304 of the Companies Act 2014, the Company is availing of the exemption from presenting its individual profit and loss account to the Annual General Meeting and from filing it with the Registrar of Companies. |
Adoption of IFRS and International Financial Reporting Interpretations Committee (IFRIC) interpretations | Adoption of IFRS and International Financial Reporting Interpretations Committee (IFRIC) interpretations The following new standards, interpretations and standard amendments became effective for the Group as of 1 January 2019: • IFRS 16 Leases • IFRIC 23 Uncertainty over Income Tax Treatments • Amendments to IFRS 9 Financial Instruments • Amendments to IAS 19 Employee Benefits • Amendments to IAS 28 Investments in Associates and Joint Ventures • Annual Improvements 2015 – 2017 Cycle The new standards, interpretations and standard amendments did not result in a material impact on the Group’s results, with the exception of IFRS 16 which is detailed below. IFRS 16 Leases IFRS 16 replaces IAS 17 Leases low-value non-lease right-of-use Provisions, Contingent Liabilities and Contingent Assets The adoption of IFRS 16 had a material impact on the Group’s Consolidated Financial Statements and certain key financial metrics, which is quantified and further explained in the table overleaf. Primary statement line item / financial metric As at 1 January 2019 € Consolidated Balance Sheet Property, plant and equipment (i) (ii) +1,939 Lease liabilities; net debt (i) (ii) +1,954 For the year ended € Consolidated Income Statement Depreciation (i) +334 Finance costs +69 EPS (i) (iii) -3c Consolidated Statement of Cash Flows Net cash flow from operating activities +317 Net cash flow from financing activities -317 (i) The operating profit and depreciation impact of IFRS 16 on discontinued operations included above are + € € right-of-use € (ii) The impact of the adoption of IFRS 16 on property, plant and equipment and net debt is net of existing finance leases ( € right-of-use (iii) The impact of the adoption of IFRS 16 on operating profit for the year ended 31 December 2019 is € Income Statement Cost of sales and operating costs (excluding depreciation) have decreased, as the Group previously recognised operating lease expenses in either cost of sales or operating costs (depending on the nature of the relevant operations and of the lease). The Group’s operating lease expense for the year ended 31 December 2018 from continuing operations was € € Depreciation and finance costs have increased due to the capitalisation of a right-of-use Balance Sheet The Group has identified the minimum lease payments outstanding (including payments for renewal options which are reasonably certain to be exercised) and has applied the appropriate discount rate to calculate the present value of the lease liability and right-of-use A reconciliation of the operating lease commitment previously reported under IAS 17 to the discounted lease liability as at 1 January 2019 under IFRS 16 is as follows: As at 1 January 2019 € Operating lease commitment under IAS 17 1,911 Lease extensions beyond break date 632 Leases that are cancellable at any time 35 Existing IAS 17 finance leases (i) 23 Other lease payments not included in discounted lease liability under IFRS 16 (ii) (108) Undiscounted lease liability under IFRS 16 2,493 Less impact of discounting (516) Discounted lease liability under IFRS 16 1,977 (i) Existing IAS 17 finance leases are presented at discounted amounts as the impact of discounting on these leases is not considered material. (ii) Other lease payments not included in the discounted lease liability under IFRS 16 include payments related to short-term and low-value IFRS and IFRIC interpretations being adopted in subsequent years IFRS 17 Insurance Contracts In May 2017, the IASB issued IFRS 17. It is expected to be effective for reporting periods beginning on or after 1 January 2022, with presentation of comparative figures required. The Group is currently evaluating the impact of this standard on future periods. IFRS 3 Business Combinations In October 2018, the IASB issued amendments to IFRS 3, regarding the definition of a business. The amendments clarify that the process required to meet the definition of a business (together with inputs to create outputs) must be substantive; and, that the inputs and process must together significantly contribute to creating outputs. The definition of outputs has been narrowed to focus on goods and services provided to customers and other income from ordinary activities. In addition, the amendments indicate that an acquisition of primarily a single asset or group of similar assets is unlikely to meet the definition of a business. The amendments will be applied prospectively for business combinations and asset acquisitions occurring on or after 1 January 2020. The Group is finalising its review of the impact of this amendment, but does not expect the clarification to have a material impact on the value of acquisitions or additions to property, plant and equipment. Disclosure Initiative – Definition of Material (Amendments to IAS 1 and IAS 8) In October 2018, the IASB issued Definition of Material (Amendments to IAS 1 Presentation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors Interest Rate Benchmark Reform – Amendments to IFRS 9, IAS 39 and IFRS 7 In September 2019, the IASB issued amendments to IFRS 9, IAS 39 Financial Instruments: Recognition and Measurement Financial Instruments: Disclosures The amendments provide mandatory temporary reliefs which enable hedge accounting to continue during the period of uncertainty before the replacement of an existing interest rate benchmark with an alternative nearly risk-free interest rate (an RFR). To the extent that a hedging instrument is altered so that its cash flows are based on an RFR, but the hedged item is still based on IBOR (or vice versa), there is no relief from measuring and recording any ineffectiveness that arises due to differences in their changes in fair value. The amendments are effective from 1 January 2020 and must be applied retrospectively. However, any hedge relationships that have previously been de-designated cannot be reinstated upon application, nor can any hedge relationships be designated with the benefit of hindsight. The Group is currently evaluating the impact of this amendment, but does not expect the amendment to have a material impact. There are no other IFRS or IFRIC interpretations that are effective subsequent to the CRH 2019 financial year-end |
Key Accounting Policies which involve Estimates, Assumptions and Judgements | Key Accounting Policies which involve Estimates, Assumptions and Judgements The preparation of the Consolidated Financial Statements in accordance with IFRS requires management to make certain estimates, assumptions and judgements that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Management believes that the estimates, assumptions and judgements upon which it relies are reasonable based on the information available to it at the time that those estimates, assumptions and judgements are made. In some cases, the accounting treatment of a particular transaction is specifically dictated by IFRS and does not require management’s judgement in its application. Management considers that their use of estimates, assumptions and judgements in the application of the Group’s accounting policies are inter-related and therefore discuss them together below. Estimates and underlying assumptions are reviewed on an ongoing basis. Changes in accounting estimates may be necessary if there are changes in the circumstances or experiences on which the estimate was based or as a result of new information. The critical accounting policies which involve significant estimates, assumptions or judgements, the actual outcome of which could have a material impact on the Group’s results and financial position outlined below, are as follows: Impairment of goodwill – Note 16 In the year in which a business combination is effected and where some or all of the goodwill allocated to a particular cash-generating unit arose in respect of that combination, the cash-generating unit is tested for impairment prior to the end of the relevant annual period. Goodwill is subject to impairment testing on an annual basis and at any time during the year if an indicator of impairment is considered to exist. Where the carrying value exceeds the estimated recoverable amount (being the greater of fair value less costs of disposal and value-in-use), value-in-use, pre-tax Goodwill relating to associates and joint ventures is included in the carrying amount of the investment and is neither amortised nor individually tested for impairment. Where indicators of impairment of an investment arise in accordance with the requirements of IFRS 9, the carrying amount is tested for impairment by comparing its recoverable amount with its carrying amount. The impairment testing process requires management to make significant judgements and estimates regarding the future cash flows expected to be generated by cash-generating units to which goodwill has been allocated. Future cash flows relating to the eventual disposal of these cash-generating units and other factors may also be relevant to determine the fair value of goodwill. Management periodically evaluates and updates the estimates based on the conditions which influence these variables. A detailed discussion of the impairment methodology applied and key assumptions used by the Group in the context of goodwill is provided in note 16 to the Consolidated Financial Statements. The assumptions and conditions for determining impairments of goodwill reflect management’s best assumptions and estimates, but these items involve inherent uncertainties described above, many of which are not under management’s control. As a result, the accounting for such items could result in different estimates or amounts if management used different assumptions or if different conditions occur in future accounting periods. Retirement benefit obligations – Note 30 Costs arising in respect of the Group’s defined contribution pension schemes are charged to the Consolidated Income Statement in the period in which they are incurred. The Group has no legal or constructive obligation to pay further contributions in the event that the fund does not hold sufficient assets to meet its benefit commitments. The liabilities and costs associated with the Group’s defined benefit pension schemes (both funded and unfunded) are assessed either on the basis of the attained age, the projected unit credit, the current unit credit or the aggregate cost methods by professionally qualified actuaries and are arrived at using actuarial assumptions based on market expectations at the balance sheet date. The discount rates employed in determining the present value of the schemes’ liabilities are determined by reference to market yields at the balance sheet date on high-quality corporate bonds of a currency and term consistent with the currency and term of the associated post-employment benefit obligations. The net surplus or deficit arising on the Group’s defined benefit pension schemes, together with the liabilities associated with the unfunded schemes, are shown either within non-current non-current The defined benefit pension asset or liability in the Consolidated Balance Sheet comprises the total for each plan of the present value of the defined benefit obligation less the fair value of plan assets out of which the obligations are to be settled directly. Plan assets are assets that are held by a long-term employee benefit fund or qualifying insurance policies. Fair value is based on market price information and, in the case of published quoted securities; it is the published bid price. The value of any defined benefit asset is limited to the present value of any economic benefits available in the form of refunds from the plan and reductions in the future contributions to the plan. The Group’s obligation in respect of post-employment healthcare and life assurance benefits represents the amount of future benefit that employees have earned in return for service in the current and prior periods. The obligation is computed on the basis of the projected unit credit method and is discounted to present value using a discount rate equating to the market yield at the balance sheet date on high-quality corporate bonds of a currency and term consistent with the currency and estimated term of the post-employment obligations. Assumptions The assumptions underlying the actuarial valuations (including discount rates, rates of increase in future compensation levels, mortality rates and healthcare cost trends), from which the amounts recognised in the Consolidated Financial Statements are determined, are updated annually based on current economic conditions and for any relevant changes to the terms and conditions of the pension and post-retirement plans. These assumptions can be affected by (i) for the discount rate, changes in the rates of return on high-quality corporate bonds; (ii) for future compensation levels, future labour market conditions and (iii) for healthcare cost trend rates, the rate of medical cost inflation in the relevant regions. The weighted average actuarial assumptions used and sensitivity analysis in relation to the significant assumptions employed in the determination of pension and other post-retirement liabilities are contained in note 30 to the Consolidated Financial Statements. Whilst management believes that the assumptions used are appropriate, differences in actual experience or changes in assumptions may affect the obligations and expenses recognised in future accounting periods. The assets and liabilities of defined benefit pension schemes may exhibit significant period-on-period Provisions for liabilities – Note 28 A provision is recognised when the Group has a present obligation (either legal or constructive) as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Group anticipates that a provision will be reimbursed, the reimbursement is recognised as a separate asset only when it is virtually certain that the reimbursement will arise. The expense relating to any provision is presented in the Consolidated Income Statement net of any reimbursement. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation. The increase in the provision due to the passage of time is recognised as an interest expense. Contingent liabilities arising on business combinations are recognised as provisions if the contingent liability can be reliably measured at its acquisition date fair value. Provisions are not recognised for future operating losses. Management is not aware of any potential changes to key assumptions that have a significant risk of causing a material adjustment to the carrying value of provisions within the next financial year; however due to the nature of some of our provisions, estimates may depend on the outcome of future events and need to be revised as circumstances change in future accounting periods. Refer to note 28 for the expected timing of outflows by provisions category. Environmental and remediation provisions The measurement of environmental and remediation provisions is based on an evaluation of currently available facts with respect to each individual site and considers factors such as existing technology, currently enacted laws and regulations and prior experience in remediation of sites. Inherent uncertainties exist in such evaluations primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, the protracted length of the clean-up Legal contingencies The status of each significant claim and legal proceeding in which the Group is involved is reviewed by management on a periodic basis and the Group’s potential financial exposure is assessed. If the potential loss from any claim or legal proceeding is considered probable, and the amount can be reliably estimated, a liability is recognised for the estimated loss. Because of the uncertainties inherent in such matters, the related provisions are based on the best information available at the time; the issues taken into account by management and factored into the assessment of legal contingencies include, as applicable, the status of settlement negotiations, interpretations of contractual obligations, prior experience with similar contingencies/claims, the availability of insurance to protect against the downside exposure and advice obtained from legal counsel and other third parties. As additional information becomes available on pending claims, the potential liability is reassessed and revisions are made to the amounts accrued where appropriate. Such revisions in the judgements and estimates of the potential liabilities could have an impact on the results of operations and financial position of the Group in future accounting periods. Insurance provisions Insurance provisions are subject to actuarial valuation and are based on actuarial triangulations which are extrapolated from historical claims experience. These provisions include claims which are classified as “incurred but not reported”, the status of which are reviewed periodically by management, in conjunction with appropriately qualified advisors. Changes in actuarial methodologies and assumptions, along with the receipt of new information, could have an impact on the financial position of the Group through recognition of additional, or release of, provisions in future accounting periods. Taxation – current and deferred – Notes 12 and 29 Current tax represents the expected tax payable (or recoverable) on the taxable profit for the year using tax rates enacted for the period. Any interest or penalties arising are included within current tax. Where items are accounted for outside of profit or loss, the related income tax is recognised either in other comprehensive income or directly in equity as appropriate. Deferred tax is recognised using the liability method on temporary differences arising at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. In addition, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. For the most part, no provision has been made for temporary differences applicable to investments in subsidiaries and joint ventures as the Group is in a position to control the timing of reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. However, a temporary difference has been recognised to the extent that specific assets have been identified for sale or where there is a specific intention to unwind the temporary difference in the foreseeable future. Due to the absence of control in the context of associates (significant influence only), deferred tax liabilities are recognised where appropriate in respect of CRH’s investments in these entities on the basis that the exercise of significant influence would not necessarily prevent earnings being remitted by other shareholders in the undertaking. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred tax assets and liabilities are not subject to discounting. Deferred tax assets are recognised in respect of all deductible temporary differences, carry-forward of unused tax credits and unused tax losses to the extent that it is probable that taxable profits will be available against which the temporary differences can be utilised. The carrying amounts of deferred tax assets are subject to review at each balance sheet date and are reduced to the extent that future taxable profits are considered to be inadequate to allow all or part of any deferred tax asset to be utilised. The Group’s income tax charge is based on reported profit and enacted statutory tax rates, which reflect various allowances and reliefs and tax planning opportunities available to the Group in the multiple tax jurisdictions in which it operates. The determination of the Group’s provision for income tax requires certain judgements and estimates in relation to matters where the ultimate tax outcome may not be certain. The recognition or non-recognition year-end, |
Basis of consolidation | Basis of consolidation The Consolidated Financial Statements include the financial statements of the Parent Company and all subsidiaries, joint ventures and associates, drawn up to 31 December each year. The financial year-ends of the Group’s subsidiaries, joint ventures and associates are co-terminous. Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. A change in the ownership interest of a subsidiary without a change in control is accounted for as an equity transaction. When the Group holds less than the majority of voting rights, other facts and circumstances including contractual arrangements that give the Group power over the investee may result in the Group controlling the investee. The Group reassesses whether it controls an investee if, and when, facts and circumstances indicate that there are changes to the elements evidencing control. Non-controlling non-controlling non-controlling non-controlling Investments in associates and joint ventures – Notes 11 and 17 An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of an entity, but is not control or joint control over those policies. A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of the arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The Group’s investments in its associates and joint ventures are accounted for using the equity method from the date significant influence/joint control is deemed to arise until the date on which significant influence/joint control ceases to exist or when the interest becomes classified as an asset held for sale. The Consolidated Income Statement reflects the Group’s share of profit after tax of the related associates and joint ventures. Investments in associates and joint ventures are carried in the Consolidated Balance Sheet at cost adjusted in respect of post-acquisition changes in the Group’s share of net assets, less any impairment in value. Loans advanced to equity accounted investments that have the characteristics of equity financing are also included in the investment held on the Consolidated Balance Sheet. If necessary, impairment losses on the carrying amount of an investment are reported within the Group’s share of equity accounted investments’ results in the Consolidated Income Statement. If the Group’s share of losses exceeds the carrying amount of an associate or joint venture, the carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred obligations in respect of the associate or joint venture. Joint operations A joint operation is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. The Group’s investments in its joint operations are accounted for by recognising its assets and its liabilities, including its share of any assets or liabilities held jointly; its share of the revenue from the sale of the output by the joint operation; and its expenses, including its share of any expenses incurred jointly. |
Revenue recognition | Revenue recognition – Note 1 The Group recognises revenue in the amount of the price expected to be received for goods and services supplied at a point in time or over time, as contractual performance obligations are fulfilled and control of goods and services passes to the customer. It excludes trade discounts and value-added tax/sales tax. Revenue derived from sale of goods (sources other than construction contracts) The Group manufactures and distributes a diverse range of building materials and products. Whilst there are a number of different activities across the Group; recognition of revenue from the sale of goods is similar; being at the point in time when control is deemed to pass to the customer upon leaving a CRH premises or upon delivery to a customer depending on the terms of the sale. Contracts do not contain multiple performance obligations (as defined by IFRS 15 Revenue from Contracts with Customers Across the Group, goods are often sold with discounts or rebates based on cumulative sales over a period. This variable consideration is only recognised when it is highly probable that it will not be subsequently reversed and is recognised using the most likely amount or expected value methods, depending on the individual contract terms. In the application of appropriate revenue recognition, judgement is exercised by management in the determination of the likelihood and quantum of such items based on experience and historical trading patterns. The Group is deemed to be a principal to an arrangement when it controls a promised good or service before transferring them to a customer; and accordingly recognises revenue on a gross basis. Where the Group is determined to be an agent to a transaction, based on the principal of control; the net amount retained after the deduction of any costs to the principal is recognised as revenue. Within the non-construction Revenue derived from construction contracts The Group enters into a number of construction contracts, to complete large construction projects. Contracts usually commence and complete within one financial period and are generally fixed price. The Group typically recognises revenue within its construction contract businesses over time, as it performs its obligations. Management believe this best reflects the transfer of control to the customer by providing a faithful depiction of primarily the enhancement of a customer controlled asset or the construction of an asset with no alternative use. The percentage-of-completion percentage-of-completion Some of the Group’s construction contracts may contain forms of variable consideration that can either increase or decrease the transaction price. Variable consideration is estimated based on the most likely amount or expected value methods (depending on the contract terms) and the transaction price is adjusted to the extent it is probable that a significant reversal of revenue recognised will not occur. In some instances a customer can be billed and revenue recognised in the period subsequent to the contracted work being completed when items such as variable consideration are agreed with the customer. Recognition of contract assets and liabilities In our construction contract businesses, amounts are billed as work progresses in accordance with pre-agreed When consideration is received in advance of work being performed, or we have billed an amount to a customer that is in excess of revenue recognised on the contract; this is recognised as a contract liability within Trade and Other Payables (note 20); and the revenue is generally recognised in the subsequent period when the right to recognise revenue has been determined. As a result, advance payments received for construction contract arrangements are not considered a significant form of financing. Cumulative costs incurred, net of amounts transferred to cost of sales, after deducting onerous provisions, provisions for contingencies and payments on account not matched with revenue, are included as construction contract balances in inventories (note 18). Cost includes all expenditure directly related to specific projects and an allocation of fixed and variable overheads incurred in the Group’s contract activities based on normal operating capacity. The Group’s contracts generally are for a duration of less than one year and therefore the Group does not capitalise incremental contract costs; instead expensing as incurred, as permitted by the practical expedient under IFRS 15. Onerous contracts and warranties When a contract is identified as being onerous (i.e. its unavoidable cost exceeds the economic benefit of the contract), a provision is created; being the lower of costs to complete the contract and the cost of exiting the contract. The Group recognises a provision for assurance-type (standard) warranties offered across the Group under its terms and conditions in accordance with IAS 37. The Group provides assurance-type warranties for general repairs and does not typically provide service-type (extended) warranties. |
Segment reporting | Segment reporting – Note 2 Operating segments are reported in a manner consistent with the internal organisational and management structure and the internal reporting information provided to the Chief Operating Decision Maker who is responsible for allocating resources and assessing performance of the operating segments. |
Assets and liabilities held for sale | Assets and liabilities held for sale – Note 3 Non-current Non-current Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. The Group ceases to use the equity method of accounting from the date on which an interest in a joint venture or associate becomes held for sale. Non-current |
Discontinued operations | Discontinued operations – Note 3 Discontinued operations are reported when a component of the Group, that represents a separate major line of business or geographical area of operation, has been disposed of, or when a sale is highly probable; and its operations and cash flows can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Group and is classified as held for sale or has been disposed of. The Group classifies a non-current In the Consolidated Income Statement, discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations. Corresponding notes to the Consolidated Income Statement exclude amounts for discontinued operations, unless stated otherwise. |
Share-based payments | Share-based payments – Note 9 The Group operates a number of equity-settled share-based payment plans. Its policy in relation to the granting of share options and awards under these plans, together with the nature of the underlying market and non-market Awards under the Performance Share Plans 25% of the awards under the 2014 Performance Share Plan are subject to a TSR (and hence market-based) vesting condition measured against a tailored sector peer group (2018 and 2017: 50%; with 25% being measured against a tailored sector peer group and 25% against the FTSE All-World non-market-based In 2019 a new RONA metric of 25% was introduced for awards made in 2019. The remaining 50% of awards granted under the 2014 Performance Share Plan are subject to a cumulative cash flow target (non-market-based) If awards which vest under the 2014 Performance Share Plan are allotted to an Employee Benefit Trust, an increase in nominal share capital and share premium are recognised accordingly on allotment. Savings-related Share Option Scheme The fair values assigned to options under the Savings-related Share Option Scheme are derived in accordance with the trinomial valuation methodology on the basis that the services to be rendered by employees as consideration for the granting of share options will be received over the vesting period, which is assessed as at the grant date. The cost is recognised, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled. The cumulative expense recognised at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The Consolidated Income Statement expense/credit for a period represents the movement in cumulative expense recognised at the beginning and end of that period. The cumulative charge to the Consolidated Income Statement is reversed only where an employee in receipt of share options leaves service prior to completion of the expected vesting period and those options forfeit in consequence. Where an award is cancelled, it is treated as if it is vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. This includes any award where non-vesting The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. The dilutive effect of outstanding options is reflected as additional share dilution in the determination of diluted earnings per share. |
Property, plant and equipment | Property, plant and equipment – Note 15 The carrying value of property, plant and equipment (excluding leased right-of-use assets) of € Repair and maintenance expenditure is included in an asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repair and maintenance expenditure is charged to the Consolidated Income Statement during the financial period in which it is incurred. Borrowing costs incurred in the construction of major assets which take a substantial period of time to complete are capitalised in the financial period in which they are incurred. In the application of the Group’s accounting policy, judgement is exercised by management in the determination of residual values and useful lives. Depreciation and depletion is calculated to write off the book value of each item of property, plant and equipment over its useful economic life on a straight-line basis at the following rates: Land and buildings The book value of mineral-bearing land, less an estimate of its residual value, is depleted over the period of the mineral extraction in the proportion which production for the year bears to the latest estimates of proven and probable mineral reserves. Land, other than mineral-bearing land, is not depreciated. In general, buildings are depreciated at 2.5% per annum (p.a.). Plant and machinery These are depreciated at rates ranging from 3.3% p.a. to 20% p.a. depending on the type of asset. Plant and machinery includes transport which is, on average, depreciated at 20% p.a. Depreciation methods, useful lives and residual values are reviewed at each financial year-end. Impairment of property, plant and equipment The carrying values of items of property, plant and equipment are reviewed for indicators of impairment at each reporting date and are subject to impairment testing when events or changes in circumstances indicate that the carrying values may not be recoverable. Property, plant and equipment assets are reviewed for potential impairment by applying a series of external and internal indicators specific to the assets under consideration; these indicators encompass macroeconomic issues including the inherent cyclicality of the building materials sector, actual obsolescence or physical damage, a deterioration in forecast performance in the internal reporting cycle and restructuring and rationalisation programmes. Similar to the process for goodwill, where the carrying value exceeds the estimated recoverable amount (being the greater of fair value less costs of disposal and value-in-use), value-in-use, pre-tax |
Business combinations | Business combinations – Note 32 The Group applies the acquisition method in accounting for business combinations. The cost of an acquisition is measured as the aggregate of the consideration transferred (excluding amounts relating to the settlement of pre-existing non-controlling To the extent that settlement of all or any part of consideration for a business combination is deferred, the fair value of the deferred component is determined through discounting the amounts payable to their present value at the date of exchange. The discount component is unwound as an interest charge in the Consolidated Income Statement over the life of the obligation. Any contingent consideration is recognised at fair value at the acquisition date and included in the cost of the acquisition. The fair value of contingent consideration at acquisition date is arrived at through discounting the expected payment (based on scenario modelling) to present value. In general, in order for contingent consideration to become payable, pre-defined The assets and liabilities arising on business combination activity are measured at their acquisition-date fair values. Contingent liabilities assumed in business combination activity are recognised as of the acquisition date, where such contingent liabilities are present obligations arising from past events and their fair value can be measured reliably. In the case of a business combination achieved in stages, the acquisition-date fair value of the acquirer’s previously-held equity interest in the acquiree is remeasured to fair value as at the acquisition date through profit or loss. When the initial accounting for a business combination is determined provisionally, any adjustments to the provisional values allocated to the consideration, identifiable assets or liabilities (and contingent liabilities, if relevant) are made within the measurement period, a period of no more than one year from the acquisition date. |
Goodwill | Goodwill – Note 16 Goodwill arising on a business combination is initially measured at cost, being the excess of the cost of an acquisition over the fair value of the net identifiable assets and liabilities assumed at the date of acquisition and relates to the future economic benefits arising from assets which are not capable of being individually identified and separately recognised. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. If the cost of the acquisition is lower than the fair value of the net assets of the subsidiary acquired, the identification and measurement of the related assets and liabilities and contingent liabilities are revisited and the cost is reassessed with any remaining balance recognised immediately in the Consolidated Income Statement. The carrying amount of goodwill in respect of associates and joint ventures is included in investments accounted for using the equity method (i.e. within financial assets) in the Consolidated Balance Sheet. Where a subsidiary is disposed of or terminated through closure, the carrying value of any goodwill of that subsidiary is included in the determination of the net profit or loss on disposal/termination. |
Intangible assets (other than goodwill) arising on business combinations | Intangible assets (other than goodwill) arising on business combinations – Note 16 An intangible asset is capitalised separately from goodwill as part of a business combination at cost (fair value at date of acquisition). Subsequent to initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. The carrying values of definite-lived intangible assets (the Group does not currently have any indefinite-lived intangible assets other than goodwill) are reviewed for indicators of impairment at each reporting date and are subject to impairment testing when events or changes in circumstances indicate that the carrying values may not be recoverable. Intangible assets are amortised on a straight-line basis. In general, definite-lived intangible assets are amortised over periods ranging from one to ten years, depending on the nature of the intangible asset. Amortisation periods, useful lives, expected patterns of consumption and residual values are reviewed at each financial year-end. |
Leases | Leases – Notes 15 and 22 The Group enters into leases for a range of assets, principally relating to property. These property leases have varying terms, renewal rights and escalation clauses, including periodic rent reviews linked with a consumer price index and/or other indices. The Group also leases plant and machinery, vehicles and equipment. The terms and conditions of these leases do not impose significant financial restrictions on the Group. A contract contains a lease if it is enforceable and conveys the right to control the use of a specified asset for a period of time in exchange for consideration, which is assessed at inception. A right-of-use The lease liability is initially measured at the present value of the future minimum lease payments, discounted using the incremental borrowing rate or the interest rate implicit in the lease, if this is readily determinable, over the remaining lease term. Lease payments include fixed payments less any lease incentives receivable, variable payments that are dependent on a rate or index known at the commencement date, amounts expected to be paid under residual value guarantees and any payments for an optional renewal period and purchase and termination option payments, if the Group is reasonably certain to exercise those options. The lease term is the non-cancellable Incremental borrowing rates are calculated using a portfolio approach, based on the risk profile of the entity holding the lease and the term and currency of the lease. After initial recognition, the lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future minimum lease payments or when the Group changes its assessment of whether it is reasonably certain to exercise an option within the contract. A corresponding adjustment is made to the carrying amount of the right-of-use The right-of-use right-of-use right-of-use Non-lease Regarding the comparatives, leases where the lessor retains substantially all the risks and rewards of ownership are classified as operating leases. Operating lease rentals are charged to the Consolidated Income Statement on a straight-line basis over the lease term. |
Inventories | Inventories – Note 18 Inventories are stated at the lower of cost and net realisable value. Cost is based on the first-in/first-out first-in/first-out work-in-progress, Net realisable value is the estimated proceeds of sale less all further costs to completion, and less all costs to be incurred in marketing, selling and distribution. Estimates of net realisable value are based on the most reliable evidence available at the time the estimates are made, taking into consideration fluctuations of price or cost directly relating to events occurring after the end of the period, the likelihood of short-term changes in buyer preferences, product obsolescence or perishability (all of which are generally low given the nature of the Group’s products) and the purpose for which the inventory is held. Materials and other supplies held for use in the production of inventories are not written down below cost if the finished goods, in which they will be incorporated, are expected to be sold at or above cost. |
Cash and cash equivalents | Cash and cash equivalents – Note 25 Cash and cash equivalents comprise cash balances held for the purpose of meeting short-term cash commitments and investments which are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Bank overdrafts are included within current interest-bearing loans and borrowings in the Consolidated Balance Sheet. Where the overdrafts are repayable on demand and form an integral part of cash management, they are netted against cash and cash equivalents for the purposes of the Consolidated Statement of Cash Flows. |
Interest-bearing loans and borrowings | Interest-bearing loans and borrowings – Note 26 All loans and borrowings are initially recorded at the fair value of the consideration received net of directly attributable transaction costs. Subsequent to initial recognition, current and non-current Gains and losses are recognised in the Consolidated Income Statement through amortisation on the basis of the period of the loans and borrowings. Borrowing costs arising on financial instruments are recognised as an expense in the period in which they are incurred (unless capitalised as part of the cost of property, plant and equipment). |
Derivative financial instruments and hedging practices | Derivative financial instruments and hedging practices – Note 27 In order to manage interest rate, foreign currency and commodity risks and to realise the desired currency profile of borrowings, the Group employs derivative financial instruments (principally interest rate swaps, currency swaps and forward foreign exchange contracts). Derivative financial instruments are recognised initially at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. The carrying value of derivatives is fair value based on discounted future cash flows and adjusted for counterparty risk. Future floating rate cash flows are estimated based on future interest rates (from observable yield curves at the end of the reporting period). Fixed and floating rate cash flows are discounted at future interest rates and translated at period-end At the inception of a derivative transaction, the Group documents the relationship between the hedged item and the hedging instrument together with its risk management objective and the strategy underlying the proposed transaction. The Group also documents its assessment, both at the inception of the hedging relationship and subsequently on an ongoing basis, of the effectiveness of the hedging instrument in offsetting movements in the fair values or cash flows of the hedged items. Where derivatives do not fulfil the criteria for hedge accounting, changes in fair values are reported in the Consolidated Income Statement and Consolidated Balance Sheet. Fair value and cash flow hedges The Group uses fair value hedges and cash flow hedges in its treasury activities. For the purposes of hedge accounting, hedges are classified either as fair value hedges (which entail hedging the exposure to movements in the fair value of a recognised asset or liability or an unrecognised firm commitment that could affect profit or loss) or cash flow hedges (which hedge exposure to fluctuations in future cash flows derived from a particular risk associated with a recognised asset or liability, or a highly probable forecast transaction that could affect profit or loss). Where the conditions for hedge accounting are satisfied and the hedging instrument concerned is classified as a fair value hedge, any gain or loss stemming from the remeasurement of the hedging instrument to fair value is reported in the Consolidated Income Statement. In addition, any gain or loss on the hedged item which is attributable to the hedged risk is adjusted against the carrying amount of the hedged item and reflected in the Consolidated Income Statement. Where the adjustment is to the carrying amount of a hedged interest-bearing financial instrument, the adjustment is amortised to the Consolidated Income Statement with the objective of achieving full amortisation by maturity. Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective part of any gain or loss on the derivative financial instrument is recognised as other comprehensive income, net of the income tax effect, with the ineffective portion being reported in the Consolidated Income Statement. The associated gains or losses that had previously been recognised as other comprehensive income are transferred to the Consolidated Income Statement contemporaneously with the materialisation of the hedged transaction. Any gain or loss arising in respect of changes in the time value of the derivative financial instrument is excluded from the measurement of hedge effectiveness and is recognised immediately in the Consolidated Income Statement. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At that point in time, any cumulative gain or loss on the hedging instrument recognised as other comprehensive income remains there until the forecast transaction occurs. If a hedged transaction is no longer anticipated to occur, the net cumulative gain or loss previously recognised as other comprehensive income is transferred to the Consolidated Income Statement in the period. Net investment hedges Where foreign currency borrowings provide a hedge against a net investment in a foreign operation, and the hedge is deemed to be effective, foreign exchange differences are taken directly to a foreign currency translation reserve. The ineffective portion of any gain or loss on the hedging instrument is recognised immediately in the Consolidated Income Statement. Cumulative gains and losses remain in equity until disposal of the net investment in the foreign operation at which point the related differences are transferred to the Consolidated Income Statement as part of the overall gain or loss on sale. |
Share capital and dividends | Share capital and dividends – Notes 31 and 13 Treasury Shares and own shares Ordinary Shares acquired by the Parent Company or purchased by the Employee Benefit Trust on behalf of the Parent Company under the terms of the Performance Share Plans and the Restricted Share Plan are deducted from equity and presented on the face of the Consolidated Balance Sheet. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Parent Company’s Ordinary Shares. Dividends Dividends on Ordinary Shares are recognised as a liability in the Consolidated Financial Statements in the period in which they are declared by the Parent Company. |
Foreign currency translation | Foreign currency translation Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The Consolidated Financial Statements are presented in euro, which is the presentation currency of the Group and the functional currency of the Parent Company. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All currency translation differences are taken to the Consolidated Income Statement with the exception of all monetary items that provide an effective hedge for a net investment in a foreign operation. These are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the Consolidated Income Statement. Results and cash flows of subsidiaries, joint ventures and associates with non-euro non-euro The principal exchange rates used for the translation of results, cash flows and balance sheets into euro were as follows: Average Year-end euro 1 = 2019 2018 2017 2019 2018 Brazilian Real 4.4134 4.3085 3.6054 4.5157 4.4440 Canadian Dollar 1.4855 1.5294 1.4647 1.4598 1.5605 Chinese Renminbi 7.7355 7.8081 7.6290 7.8205 7.8751 Hungarian Forint 325.2967 318.8897 309.1933 330.5300 320.9800 Indian Rupee 78.8361 80.7332 73.5324 80.1870 79.7298 Philippine Peso 57.9851 62.2101 56.9734 56.9000 60.1130 Polish Zloty 4.2976 4.2615 4.2570 4.2568 4.3014 Pound Sterling 0.8778 0.8847 0.8767 0.8508 0.8945 Romanian Leu 4.7453 4.6540 4.5688 4.7830 4.6635 Serbian Dinar 117.8377 118.2302 121.3232 117.8237 118.3157 Swiss Franc 1.1124 1.1550 1.1117 1.0854 1.1269 Ukrainian Hryvnia 28.8881 32.0987 30.0341 26.7377 31.6900 US Dollar 1.1195 1.1810 1.1297 1.1234 1.1450 |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of impact on the Financial Statements on adoption of IFRS 16 | The adoption of IFRS 16 had a material impact on the Group’s Consolidated Financial Statements and certain key financial metrics, which is quantified and further explained in the table overleaf. Primary statement line item / financial metric As at 1 January 2019 € Consolidated Balance Sheet Property, plant and equipment (i) (ii) +1,939 Lease liabilities; net debt (i) (ii) +1,954 For the year ended € Consolidated Income Statement Depreciation (i) +334 Finance costs +69 EPS (i) (iii) -3c Consolidated Statement of Cash Flows Net cash flow from operating activities +317 Net cash flow from financing activities -317 (i) The operating profit and depreciation impact of IFRS 16 on discontinued operations included above are + € € right-of-use € (ii) The impact of the adoption of IFRS 16 on property, plant and equipment and net debt is net of existing finance leases ( € right-of-use (iii) The impact of the adoption of IFRS 16 on operating profit for the year ended 31 December 2019 is € |
Summary of difference between operating lease commitments and lease liabilities under IFRS 16 | A reconciliation of the operating lease commitment previously reported under IAS 17 to the discounted lease liability as at 1 January 2019 under IFRS 16 is as follows: As at 1 January 2019 € Operating lease commitment under IAS 17 1,911 Lease extensions beyond break date 632 Leases that are cancellable at any time 35 Existing IAS 17 finance leases (i) 23 Other lease payments not included in discounted lease liability under IFRS 16 (ii) (108) Undiscounted lease liability under IFRS 16 2,493 Less impact of discounting (516) Discounted lease liability under IFRS 16 1,977 (i) Existing IAS 17 finance leases are presented at discounted amounts as the impact of discounting on these leases is not considered material. (ii) Other lease payments not included in the discounted lease liability under IFRS 16 include payments related to short-term and low-value |
Schedule of foreign exchange rates | The principal exchange rates used for the translation of results, cash flows and balance sheets into euro were as follows: Average Year-end euro 1 = 2019 2018 2017 2019 2018 Brazilian Real 4.4134 4.3085 3.6054 4.5157 4.4440 Canadian Dollar 1.4855 1.5294 1.4647 1.4598 1.5605 Chinese Renminbi 7.7355 7.8081 7.6290 7.8205 7.8751 Hungarian Forint 325.2967 318.8897 309.1933 330.5300 320.9800 Indian Rupee 78.8361 80.7332 73.5324 80.1870 79.7298 Philippine Peso 57.9851 62.2101 56.9734 56.9000 60.1130 Polish Zloty 4.2976 4.2615 4.2570 4.2568 4.3014 Pound Sterling 0.8778 0.8847 0.8767 0.8508 0.8945 Romanian Leu 4.7453 4.6540 4.5688 4.7830 4.6635 Serbian Dinar 117.8377 118.2302 121.3232 117.8237 118.3157 Swiss Franc 1.1124 1.1550 1.1117 1.0854 1.1269 Ukrainian Hryvnia 28.8881 32.0987 30.0341 26.7377 31.6900 US Dollar 1.1195 1.1810 1.1297 1.1234 1.1450 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Disaggregated Revenue by Primary Geographic | In the following tables, revenue is disaggregated by primary geographic market and by principal activities and products. Due to the diversified nature of the Group, the basis on which management reviews its businesses varies across the Group. Geography is the primary basis for the Americas Materials and Europe Materials businesses; while activities and products are used for the Building Products businesses. Revenue from external customers (as defined in IFRS 8) attributable to the country of domicile and all foreign countries of operation greater than 10% are included below. Further operating segment disclosures are set out in note 2. Year ended 31 December Americas Europe Building Total Americas Europe Building Total Total Primary geographic markets € € € € € € € € € Continuing operations Republic of Ireland (country of domicile) - 585 - 585 - 468 - 468 435 United Kingdom - 3,107 217 3,324 - 3,045 223 3,268 3,023 Rest of Europe (i) - 4,328 1,038 5,366 - 4,098 1,469 5,567 5,370 United States 9,207 - 4,543 13,750 7,896 - 4,065 11,961 10,844 Rest of World (ii) 1,178 474 452 2,104 1,055 431 491 1,977 1,981 Total Group from continuing operations 10,385 8,494 6,250 25,129 8,951 8,042 6,248 23,241 21,653 Discontinued operations United States - Americas Distribution - 7 2,343 Rest of Europe (i) - Europe Distribution 3,177 3,549 3,567 Total Group 28,306 26,797 27,563 (i) The Rest of Europe principally includes Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Hungary, Luxembourg, Netherlands, Poland, Romania, Serbia, Slovakia, Spain, Sweden, Switzerland and Ukraine. (ii) The Rest of World principally includes Australia, Brazil, Canada and the Philippines. |
Schedule of Disaggregated Revenue by Principal Activities and Products | Year ended 31 December Americas Europe Building Total Americas Europe Building Total Principal activities and products € € € € € € € € Continuing operations Cement, lime and cement products 1,222 2,646 - 3,868 810 2,506 - 3,316 Aggregates, asphalt and readymixed products 5,046 3,061 - 8,107 4,330 2,919 - 7,249 Construction contract activities* 4,117 1,609 165 5,891 3,811 1,542 240 5,593 Architectural products - 955 2,664 3,619 - 903 2,597 3,500 Infrastructure products - 223 1,239 1,462 - 172 1,080 1,252 Construction accessories - - 590 590 - - 593 593 Architectural glass and glazing systems and wholesale hardware distribution - - 1,592 1,592 - - 1,431 1,431 DIY - - - - - - 307 307 Total Group from continuing operations 10,385 8,494 6,250 25,129 8,951 8,042 6,248 23,241 Discontinued operations Exterior and interior products - Americas Distribution - 7 General Builders Merchants, DIY Germany and Sanitary, Heating & Plumbing - Europe Distribution 3,177 3,549 Total Group 28,306 26,797 (iii) Americas Materials and Europe Materials both operate vertically integrated businesses, which are founded in resource-backed cement and aggregates assets and which support the manufacture and supply of aggregates, asphalt, cement, readymixed and precast concrete and landscaping products. Accordingly, for the purpose of disaggregation of revenue we have included certain products together, as this is how management review and evaluate this business line. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Operating Segments Disclosures | A. Operating segments disclosures - Consolidated Income Statement data Year ended 31 December Revenue Group EBITDA Depreciation, Group 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € Continuing operations Americas Materials 10,385 8,951 7,970 1,960 1,493 1,270 689 484 412 1,271 1,009 858 Europe Materials 8,494 8,042 7,338 1,079 936 891 524 449 398 555 487 493 Building Products 6,250 6,248 6,345 961 787 769 293 212 193 668 575 576 Total Group from continuing operations 25,129 23,241 21,653 4,000 3,216 2,930 1,506 1,145 1,003 2,494 2,071 1,927 Discontinued operations Americas Distribution - 7 2,343 - (5) 164 - - 21 - (5) 143 Europe Distribution 3,177 3,549 3,567 200 149 216 99 43 48 101 106 168 Total Group 28,306 26,797 27,563 4,200 3,360 3,310 1,605 1,188 1,072 2,595 2,172 2,238 Group operating profit from continuing operations 2,494 2,071 1,927 (Loss)/profit on disposals (i) (1) (27) 54 Finance costs less income (326) (305) (289) Other financial expense (112) (46) (59) Share of equity accounted investments’ profit (ii) 60 48 52 Profit before tax from continuing operations 2,115 1,741 1,685 (i) (Loss)/profit on (ii) Share of equity Americas Materials 2 44 29 38 25 32 Europe Materials (131) 7 19 13 18 18 Building Products 128 (78) 6 9 5 2 Total Group from continuing operations (1) (27) 54 60 48 52 B. Operating segments disclosures - Consolidated Balance Sheet data As at 31 December Total assets Total liabilities 2019 € 2018 € 2019 € 2018 € Americas Materials 14,608 13,798 2,642 2,063 Europe Materials 11,669 10,509 3,441 2,787 Building Products 6,407 7,203 1,875 1,742 Total Group 32,684 31,510 7,958 6,592 Reconciliation to total assets as reported in the Consolidated Balance Sheet: Investments accounted for using the equity method 690 1,163 Other financial assets 12 23 Derivative financial instruments (current and non-current) 82 45 Income tax assets (current and deferred) 87 86 Cash and cash equivalents 3,755 2,346 Total assets as reported in the Consolidated Balance Sheet 37,310 35,173 Reconciliation to total liabilities as reported in the Consolidated Balance Sheet: Interest-bearing loans and borrowings (current and non-current) 9,014 9,316 Derivative financial instruments (current and non-current) 17 59 Income tax liabilities (current and deferred) 2,841 2,652 Total liabilities as reported in the Consolidated Balance Sheet 19,830 18,619 C. Operating segments disclosures - other items Additions to non-current Year ended 31 December Property, plant and equipment (note 15, 22) Financial assets (note 17) Total Group 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € Continuing operations Americas Materials (i) 671 429 375 27 2 5 698 431 380 Europe Materials 491 453 404 1 - - 492 453 404 Building Products 315 209 207 - - 6 315 209 213 Total Group from continuing operations 1,477 1,091 986 28 2 11 1,505 1,093 997 Discontinued operations Americas Distribution - - 29 - - - - - 29 Europe Distribution - 30 29 1 - - 1 30 29 Total Group 1,477 1,121 1,044 29 2 11 1,506 1,123 1,055 (i) Additions to property, plant and equipment include € |
Summary of Information About Geographical Areas | The non-current As at 31 December Non-current 2019 2018 € € Republic of Ireland (country of domicile) 506 495 United Kingdom 2,772 2,461 United States 14,259 12,925 Other 9,011 9,476 Total Group 26,548 25,357 |
Assets Held for Sale and Disc_2
Assets Held for Sale and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Profit on Disposal of Discontinued Operations | The table overleaf sets out the proceeds and related profit recognised on divestment which is included in profit after tax for the financial year from discontinued operations. 2019 € 2018 € Assets/(liabilities) disposed of at net carrying amount: - non-current 1,309 472 - cash and cash equivalents 100 18 - working capital and provisions 596 367 - current tax 2 - - lease liabilities (367) - - deferred tax (28) (14) - retirement benefit obligations (42) - - non-controlling (8) - Net assets disposed 1,562 843 Reclassification of currency translation effects on disposal (123) (27) Total 1,439 816 Proceeds from disposal (net of disposal costs) 1,663 2,379 Profit on disposal from discontinued operations 224 1,563 Net cash inflow arising on disposal Proceeds from disposal from discontinued operations 1,663 2,379 Less: cash and cash equivalents disposed (100) (18) Total 1,563 2,361 |
Summary of Discontinued Operations | B. Results of discontinued operations The results of the discontinued operations included in the Group profit for the financial year are set out as follows: 2019 € 2018 € 2017 € Revenue 3,177 3,556 5,910 EBITDA (as defined)* 200 144 380 Depreciation (96) (41) (55) Amortisation (2) (2) (14) Impairment (1) - - Operating profit 101 101 311 Profit on disposals 227 1,566 5 Profit before finance costs 328 1,667 316 Finance costs (7) - (1) Share of equity accounted investments’ profit 12 12 13 Profit before tax 333 1,679 328 Attributable income tax expense (23) (503) (82) Profit after tax for the financial year from discontinued operations 310 1,176 246 Profit attributable to: Equity holders of the Company 309 1,175 245 Non-controlling 1 1 1 Profit for the financial year from discontinued operations 310 1,176 246 Basic earnings per Ordinary Share from discontinued operations 38.5c 141.2c 29.4c Diluted earnings per Ordinary Share from discontinued operations 38.2c 140.5c 29.2c Cash flows from discontinued operations Net cash inflow/(outflow) from operating activities (i) 32 (367) 204 Net cash inflow/(outflow) from investing activities (ii) 1,542 2,339 (75) Net cash outflow from financing activities (71) (19) (13) Net cash inflow 1,503 1,953 116 (i) Includes the corporation tax paid on the sale of discontinued operations. (ii) Includes the proceeds from the sale of discontinued operations. |
Cost Analysis (Tables)
Cost Analysis (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Cost of Sales and Operating Costs Analysis | 2019 € 2018 € 2017 € Cost of sales analysis Raw materials and goods for resale 5,216 5,058 4,785 Employment costs (note 7) 3,467 3,155 2,869 Energy conversion costs 1,307 1,222 1,004 Repairs and maintenance 980 882 811 Depreciation, amortisation and impairment (i) 1,225 939 830 Change in inventory (62) (179) (117) Other production expenses (primarily sub-contractor 4,713 4,495 4,093 Total 16,846 15,572 14,275 Operating costs analysis Selling and distribution costs 4,062 3,822 3,561 Administrative expenses 1,727 1,776 1,890 Total 5,789 5,598 5,451 (i) Depreciation, amortisation and impairment analysis |
Summary of Depreciation, Amortisation and Impairment Analysis | Cost of sales Operating costs Total 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € Depreciation and depletion (note 15, 22) 1,219 903 830 223 127 121 1,442 1,030 951 Amortisation of intangible assets (note 16) - - - 57 59 52 57 59 52 Impairment of property, plant and equipment (note 15) 6 36 - 1 - - 7 36 - Impairment of intangible assets (note 16) - - - - 20 - - 20 - Total 1,225 939 830 281 206 173 1,506 1,145 1,003 |
Auditor's Remuneration (Tables)
Auditor's Remuneration (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Auditor's Remuneration | In accordance with statutory requirements in Ireland, fees for professional services provided by the Group’s independent auditor in respect of each of the following categories were: EY Ireland (statutory auditor) EY (network firms) Total 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € Audit fees (i) (ii) 4 4 4 14 14 14 18 18 18 Other audit-related assurance fees (iii) (iv) - - - - 1 1 - 1 1 Tax advisory services (iv) - - - 1 - 1 1 - 1 Total 4 4 4 15 15 16 19 19 20 (i) Audit of the Group accounts includes audit of internal controls over financial reporting and parent and subsidiary statutory audit fees, but excludes € € € (ii) Audit fees including discontinued operations amounted to € € € (iii) Other assurance services includes attestation and due diligence services that are closely related to the performance of the audit. (iv) Other audit-related assurance fees and tax advisory services including discontinued operations amounted to € € € € € € |
Business and Non-Current Asse_2
Business and Non-Current Asset Disposals (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Business and Non-Current Asset Disposals | Business disposals Disposal of other non-current 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € Continuing operations Assets/(liabilities) disposed of at net carrying amount: - non-current 596 622 47 140 56 78 736 678 125 - cash and cash equivalents 45 60 11 - - - 45 60 11 - working capital and provisions 83 132 29 - - - 83 132 29 - current tax (1) (2) - - - - (1) (2) - - lease liabilities (48) - - (29) - - (77) - - - deferred tax (3) (2) 2 - - - (3) (2) 2 - retirement benefit obligations (2) (6) - - - - (2) (6) - Net assets disposed 670 804 89 111 56 78 781 860 167 Reclassification of currency translation effects on disposal 66 15 9 - - - 66 15 9 Total 736 819 98 111 56 78 847 875 176 Proceeds from disposals (net of disposal costs) 699 697 99 147 100 131 846 797 230 Asset exchange (note 32) - 12 - - - - - 12 - Profit on step acquisition (note 32) - 39 - - - - - 39 - (Loss)/profit on disposals from continuing operations (37) (71) 1 36 44 53 (1) (27) 54 Discontinued operations Profit on disposals from discontinued operations (note 3) 224 1,563 - 3 3 5 227 1,566 5 Total Group profit on disposals 187 1,492 1 39 47 58 226 1,539 59 Net cash inflow arising on disposal Continuing operations Proceeds from disposals from continuing operations 699 697 99 147 100 131 846 797 230 Less: cash and cash equivalents disposed (45) (60) (11) - - - (45) (60) (11) Less: deferred proceeds arising on disposal (note 21) (i) (269) (10) (3) - - - (269) (10) (3) Less: investment and loan to associate in lieu of cash proceeds (note 17) (ii) - (85) - - - - - (85) - Net cash inflow arising on disposal from continuing operations 385 542 85 147 100 131 532 642 216 Discontinued operations Net cash inflow arising on disposal from discontinued operations (note 3) 1,563 2,361 - 1 6 6 1,564 2,367 6 Total Group net cash inflow arising on disposal 1,948 2,903 85 148 106 137 2,096 3,009 222 (i) On 31 December, CRH completed the sale of the Group’s 50% stake in its joint venture in India, MHIL for deferred proceeds of € For the purposes of compliance with Indian law requirements, CRH is obliged to retain a minority shareholding and associated minority board representation in MHIL both of which will further reduce as the tranches are completed. The Group no longer has any rights to share in the profit/loss of MHIL or to receive any dividends. CRH has determined that MHIL has ceased to be a joint venture or an associate as the Group is no longer exposed to variability of returns from the performance of MHIL and does not have significant influence (as defined under IAS 28 Interests in Associates and Joint Ventures (ii) In 2018, as part of the divestment of our DIY business in Belgium and the Netherlands (see note 16 and note 17 for further details) we acquired an equity stake of 22.78% in, and advanced a loan of € |
Employment (Tables)
Employment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Average Number of Employees | The average number of employees is as follows: Year ended 31 December 2019 2018 2017 Americas Materials 28,576 27,272 24,077 Europe Materials 27,238 27,218 25,832 Building Products 24,437 26,399 26,927 Total Group 80,251 80,889 76,836 |
Summary of Employment Costs | Employment costs charged in the Consolidated Income Statement are analysed as follows: 2019 € 2018 € 2017 € Wages and salaries 4,112 3,841 3,629 Social welfare costs 423 407 397 Redundancy, healthcare and other employment benefit costs 584 540 506 Share-based payment expense (note 9) 74 65 58 Total retirement benefits expense (note 30) 304 268 264 Total (i) 5,497 5,121 4,854 Total charge analysed between: Cost of sales 3,467 3,155 2,869 Operating costs 2,017 1,956 1,975 Finance costs (net) - applicable to retirement benefit obligations (note 10) 13 10 10 Total (i) 5,497 5,121 4,854 (i) Employment costs including discontinued operations are analysed as follows: Wages and salaries 4,455 4,226 4,221 Social welfare costs 486 478 483 Redundancy, healthcare and other employment benefit costs 605 581 576 Share-based payment expense (note 9) 77 67 65 Total retirement benefits expense (note 30) 329 296 243 Total 5,952 5,648 5,588 |
Share-based Payment Expense (Ta
Share-based Payment Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [line items] | |
Summary of Share-based Payment Expense | 2019 € 2018 € 2017 € Performance Share Plans and Restricted Share Plan expense 71 62 55 Share option expense 3 3 3 Total share-based payment expense (i) 74 65 58 (i) The total share-based payment expense including discontinued operations amounted to € € € |
Summary of Assumptions of Fair Value Options | Details of awards granted under the 2014 Performance Share Plan Number of shares Share price at Period to earliest release date Initial award (i) Net outstanding at Granted in 2019 € 3 years 3,688,027 3,578,105 Granted in 2018 € 3 years 3,863,433 3,610,323 Granted in 2017 € 3 years 3,342,900 2,818,931 (i) Numbers represent the initial awards including those granted to employees of Europe Distribution in 2019, 2018 and 2017 and Allied Building Products in 2017. The Remuneration Committee has determined that dividend equivalents will accrue on awards under the 2014 Performance Share Plan. Subject to satisfaction of the applicable performance criteria, such dividend equivalents will be released to participants in the form of additional shares on vesting. |
Summary of Movement and Options Outstanding Under Share Option Schemes | Details of options granted under the Savings-related Share Option Schemes Weighted average Number of Weighted average Number of Weighted average Number of 2019 2018 2017 Outstanding at beginning of year € 1,686,176 € 1,556,299 € 1,402,174 Exercised (i) € (627,034) € (161,950) € (126,472) Lapsed € (207,070) € (209,264) € (123,455) Granted (ii) € 656,790 € 501,091 € 404,052 Outstanding at end of year € 1,508,862 € 1,686,176 € 1,556,299 Exercisable at end of year € 13,065 € 14,059 € 15,890 (i) The weighted average share price at the date of exercise of these options was € € € (ii) Pursuant to the 2010 Savings-related Share Option Schemes operated by the Group, employees were granted options over 656,790 of CRH plc’s Ordinary Shares (556,493 options granted in April 2019 and 100,297 options in May 2019) (2018: 501,091 share options in April 2018; 2017: 404,052 share options in March 2017). This figure comprises options over 518,944 (2018: 379,253; 2017: 304,492) shares and 137,846 (2018: 121,838; 2017: 99,560) shares which are normally exercisable within a period of six months after the third or the fifth anniversary of the contract, whichever is applicable. The exercise price at which the options are granted under the scheme represents a discount of 15% to the market price on the date of invitation of each savings contract. |
Summary of Weighted Average Remaining Contractual Life for Share Options Outstanding | 2019 2018 2017 Weighted average remaining contractual life for the share options outstanding at 31 December (years) 3.30 2.57 2.53 euro-denominated options outstanding at end of year (number) 278,349 796,850 1,436,115 Range of exercise prices ( € 16.19 16.19-17.30 16.19-21.52 Pound Sterling-denominated options outstanding at end of year (number) - 3,920 5,664 Range of exercise prices (Stg£) - 15.30 15.30-17.19 |
Summary of Weighted Fair Values Assigned to Options Issued Under the Savings-Related Share Option Schemes | The weighted fair values assigned to options issued under the Savings-related Share Option Schemes, which were computed in accordance with the trinomial valuation methodology, were as follows: 3-year 5-year Granted in 2019 (April) € € 7.98 Granted in 2019 (May) € € 7.19 Granted in 2018 € € Granted in 2017 € € 6.49 |
2014 Performance Share Plan [member] | |
Statement [line items] | |
Summary of Assumptions of Fair Value Options | The fair value of these awards was calculated using a TSR pricing model taking account of peer group TSR, volatilities and correlations together with the following assumptions: 2019 2018 2017 Risk-free interest rate (%) (0.37) (0.43) (0.40) Expected volatility (%) 23.2 27.4 30.1 |
2010 Savings Related Share Option Schemes [member] | |
Statement [line items] | |
Summary of Assumptions of Fair Value Options | The fair value of these options were determined using the following assumptions: 2019 2018 2017 3-year 5-year 3-year 5-year 3-year 5-year April May April May April April March March Weighted average exercise price ( € 23.30 24.24 23.30 24.24 23.39 23.39 27.86 27.86 Risk free interest rate (%) (0.56) (0.58) (0.40) (0.41) (0.44) (0.06) (0.72) (0.45) Expected dividend payments over the expected life ( € 2.34 2.34 4.06 4.06 2.21 3.83 2.07 3.55 Expected volatility (%) 19.6 20.0 21.1 21.3 20.0 20.5 20.9 20.6 Expected life in years 3 3 5 5 3 5 3 5 |
Summary of Movement and Options Outstanding Under Share Option Schemes | Details of movement and options outstanding under Share Option Schemes (excluding Savings-related Share Option Schemes) Weighted average Number of Weighted average Number of Weighted average Number of 2019 2018 2017 Outstanding at beginning of year € 800,770 € 1,441,779 € 2,997,495 Exercised (i) € (520,115) € (634,994) € (1,462,863) Lapsed € (2,306) € (6,015) € (92,853) Outstanding at end of year (ii) € 278,349 € 800,770 € 1,441,779 Exercisable at end of year € 278,349 € 800,770 € 1,441,779 (i) The weighted average share price at the date of exercise of these options was € € € (ii) All options granted have a life of ten years. |
Summary of Weighted Average Remaining Contractual Life for Share Options Outstanding | 2019 2018 2017 Weighted average remaining contractual life for the share options outstanding at 31 December (years) 1.87 1.50 1.90 euro-denominated options outstanding at end of year (number) 290,627 304,713 304,963 Range of exercise prices ( € 17.67-27.86 14.15-27.86 13.64-27.86 Pound Sterling-denominated options outstanding at end of year (number) 1,218,235 1,381,463 1,251,336 Range of exercise prices (Stg£) 14.94-24.51 14.94-24.51 12.22-24.51 |
Finance Costs and Finance Inc_2
Finance Costs and Finance Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Finance Costs and Finance Income | 2019 €m 2018 €m 2017 €m Finance costs Interest payable on borrowings 333 335 300 Net cost on interest rate and currency swaps 14 7 2 Mark-to-market of derivatives and related fixed rate debt: - interest rate swaps (i) (64) 12 16 - currency swaps and forward contracts 2 (4) - - fixed rate debt (i) 61 (16) (23) Net loss on interest rate swaps not designated as hedges - 5 6 Net finance cost on gross debt including related derivatives 346 339 301 Finance income Interest receivable on loans to joint ventures and associates (5) (4) (5) Interest receivable on cash and cash equivalents and other (15) (30) (7) Finance income (20) (34) (12) Finance costs less income 326 305 289 Other financial expense Premium paid on early debt redemption - - 18 Unwinding of discount element of lease liabilities (note 22) 62 - - Unwinding of discount element of provisions for liabilities (note 28) 22 21 24 Unwinding of discount applicable to deferred and contingent acquisition 15 15 7 Pension-related finance cost (net) (note 30) 13 10 10 Total 112 46 59 Total net finance costs (ii) 438 351 348 (i) The Group uses interest rate swaps to convert fixed rate debt to floating rate. Fixed rate debt, which has been converted to floating rate through the use of interest rate swaps, is stated in the Consolidated Balance Sheet at adjusted value to reflect movements in underlying fixed rates. The movement on this adjustment, together with the offsetting movement in the fair value of the related interest rate swaps, is included in finance costs in each repo r (ii) Net finance costs for 2019 including discontinued operations amounted to € € € |
Share of Equity Accounted Inv_2
Share of Equity Accounted Investments' Profit (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Analysis of Share of Joint Ventures' and Associates' Profit After Tax | The Group’s share of joint ventures’ and associates’ profit after tax is equity accounted and is presented as a single line item in the Consolidated Income Statement; it is analysed as follows between the principal Consolidated Income Statement captions: Joint Ventures Associates Total 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € Group share of: Revenue 634 603 517 615 603 534 1,249 1,206 1,051 EBITDA (as defined)* 70 51 71 68 63 58 138 114 129 Depreciation and amortisation (24) (22) (27) (35) (34) (33) (59) (56) (60) Operating profit 46 29 44 33 29 25 79 58 69 Profit on disposals - - - - 3 - - 3 - Profit before finance costs 46 29 44 33 32 25 79 61 69 Finance costs (net) - 1 (1) (12) (9) (9) (12) (8) (10) Profit before tax 46 30 43 21 23 16 67 53 59 Income tax expense (5) (1) (4) (2) (4) (3) (7) (5) (7) Profit after tax (i) 41 29 39 19 19 13 60 48 52 (i) Share of profit after tax for 2019 including discontinued operations amounted to € € € |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Current and Deferred Tax (Income)/Expense | Recognised within the Consolidated Income Statement 2019 € 2018 € 2017 € (a) Current tax Republic of Ireland 17 10 9 Overseas 345 279 275 Total current tax expense 362 289 284 (b) Deferred tax Origination and reversal of temporary differences: Retirement benefit obligations (1) 4 6 Share-based payment expense (5) 4 (4) Derivative financial instruments 2 (1) 2 Other items (2017 includes deferred tax credit associated with the 119 100 (276) Total deferred tax expense/(income) 115 107 (272) Income tax reported in the Consolidated Income Statement 477 396 12 |
Schedule of Income Tax Recognised Outside Consolidated Income Statement | Recognised outside the Consolidated Income Statement (a) Within the Consolidated Statement of Comprehensive Income: Deferred tax - retirement benefit obligations (3) (1) (33) Deferred tax - cash flow hedges (3) 5 - (6) 4 (33) (b) Within the Consolidated Statement of Changes in Equity: Current tax Current tax - share option exercises 4 2 2 Deferred tax Deferred tax - share-based payment expense 5 (4) (7) 9 (2) (5) Income tax recognised outside the Consolidated Income Statement 3 2 (38) Reconciliation of applicable tax rate to effective tax rate Profit before tax ( € 2,115 1,741 1,685 Tax charge expressed as a percentage of profit before tax (effective tax rate): - current tax expense only 17.1% 16.6% 16.9% - total income tax expense (current and deferred) 22.6% 22.7% 0.7% |
Reconciliation of Applicable Tax Rate to Effective Tax Rate | The following table reconciles the applicable Republic of Ireland statutory tax rate to the effective tax rate (current and deferred) of the Group: % of profit before tax Irish corporation tax rate 12.5 12.5 12.5 Higher tax rates on overseas earnings 12.1 11.6 16.3 Deferred tax credit relating to the enactment of the “Tax Cuts and Jobs Act” - - (26.1) Other items (primarily comprising items not chargeable to tax/expenses not deductible for tax) (2.0) (1.4) (2.0) Total effective tax rate 22.6 22.7 0.7 |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Dividends Paid and Proposed | The dividends paid and proposed in respect of each class of share capital are as follows: 2019 € 2018 € 2017 € Dividends to shareholders Preference 5% Cumulative Preference Shares € € € - - - 7% ‘A’ Cumulative Preference Shares € € € - - - Equity Final - paid 52.40c per Ordinary Share (2018: 48.80c; 2017: 46.20c) 425 409 386 Interim - paid 20.00c per Ordinary Share (2018: 19.60c; 2017: 19.20c) 159 163 160 Total 584 572 546 Reconciliation to Consolidated Statement of Cash Flows Dividends to shareholders 584 572 546 Less: issue of scrip shares in lieu of cash dividends (note 31) - (51) (77) Dividends paid to equity holders of the Company 584 521 469 Dividends paid by subsidiaries to non-controlling 10 12 8 Total dividends paid 594 533 477 Dividends proposed (memorandum disclosure) Equity Final 2019 - proposed 63.00c per Ordinary Share (2018: 52.40c; 2017: 48.80c) 495 425 409 |
Earnings per Ordinary Share (Ta
Earnings per Ordinary Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Computation of Basic and Diluted Earnings Per Share | The computation of basic and diluted earnings per Ordinary Share is set out below: 2019 € 2018 € 2017 € Numerator computations Group profit for the financial year 1,948 2,521 1,919 Profit attributable to non-controlling (19) (4) (24) Profit attributable to equity holders of the Company 1,929 2,517 1,895 Preference dividends - - - Profit attributable to ordinary equity holders of the Company - numerator for basic/diluted 1,929 2,517 1,895 Profit after tax for the financial year from discontinued operations - attributable to equity holders 309 1,175 245 Profit attributable to ordinary equity holders of the Company - numerator for basic/diluted 1,620 1,342 1,650 Denominator computations Weighted average number of Ordinary Shares (millions) outstanding for the year (i) 801.3 832.4 835.6 Effect of dilutive potential Ordinary Shares (employee share options) (millions) (i) (ii) 6.4 4.2 5.2 Denominator for diluted earnings per Ordinary Share 807.7 836.6 840.8 Basic earnings per Ordinary Share 240.7c 302.4c 226.8c Diluted earnings per Ordinary Share 238.8c 300.9c 225.4c Basic earnings per Ordinary Share from continuing operations 202.2c 161.2c 197.4c Diluted earnings per Ordinary Share from continuing operations 200.6c 160.4c 196.2c (i) The weighted average number of Ordinary Shares included in the computation of basic and diluted earnings per Ordinary Share has been adjusted to exclude shares held by the Employee Benefit Trust and Ordinary Shares repurchased and held by the Company (CRH plc) as Treasury Shares given that these shares do not rank for dividend. The number of Ordinary Shares so held at the balance sheet date is detailed in note 31. (ii) Contingently issuable Ordinary Shares (totalling 3,618,278 at 31 December 2019, 7,274,916 at 31 December 2018 and 5,710,247 at 31 December 2017) are excluded from the computation of diluted earnings per Ordinary Share where the conditions governing exercisability have not been satisfied as at the end of the reporting period or they are antidilutive for the periods presented. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Property Plant and Equipment | Land and buildings (i) € Plant and machinery € Assets in course of construction € Total € At 31 December 2019 Cost/deemed cost 9,189 16,283 674 26,146 Accumulated depreciation (and impairment charges) (2,322) (7,835) (35) (10,192) Net carrying amount 6,867 8,448 639 15,954 At 1 January 2019, net carrying amount 6,972 8,196 593 15,761 Effect of adopting IFRS 16 (7) (20) 4 (23) Translation adjustment 155 203 19 377 Reclassifications 101 446 (547) - Transfer (to)/from leased assets (note 22) (5) 17 - 12 Additions at cost 72 590 567 1,229 Additions to leased mineral reserves (note 21) (ii) 86 - - 86 Arising on acquisition (note 32) 152 94 7 253 Disposals at net carrying amount (405) (120) (4) (529) Depreciation charge for year (iii) (251) (953) - (1,204) Impairment charge for year (iv) (3) (5) - (8) At 31 December 2019, net carrying amount 6,867 8,448 639 15,954 Land and buildings € Plant and machinery € Other € Leased right-of-use At 31 December 2019, net carrying amount (note 22) 1,086 337 47 1,470 Total property, plant and equipment 17,424 The equivalent disclosure for the prior year is as follows: Land and buildings (i) € Plant and machinery € Assets in course of construction € Total € At 31 December 2018 Cost/deemed cost 9,335 15,535 629 25,499 Accumulated depreciation (and impairment charges) (2,363) (7,339) (36) (9,738) Net carrying amount 6,972 8,196 593 15,761 At 1 January 2018, net carrying amount 6,224 6,319 551 13,094 Reclassified from held for sale 22 79 3 104 Translation adjustment 139 112 8 259 Reclassifications 71 386 (457) - Additions at cost 74 541 506 1,121 Arising on acquisition (note 32) 832 1,759 23 2,614 Disposals at net carrying amount (158) (161) (5) (324) Depreciation charge for year (iii) (232) (839) - (1,071) Impairment charge for year (iv) - - (36) (36) At 31 December 2018, net carrying amount 6,972 8,196 593 15,761 At 1 January 2018 Cost/deemed cost 8,472 13,157 551 22,180 Accumulated depreciation (and impairment charges) (2,248) (6,838) - (9,086) Net carrying amount 6,224 6,319 551 13,094 (i) The carrying value of mineral-bearing land included in the land and buildings category on page 164 amounted to € € (ii) Relates to leased mineral reserves which fall outside the scope of IFRS 16. (iii) The depreciation charge for the year includes € € € (iv) The impairment charge of € € € € € € (v) See note 22 for more detailed information on right-of-use |
Schedule of Future Purchase Commitments for Property, Plant and Equipment | Future purchase commitm e 2019 € 2018 (vi) € Contracted for but not provided in the financial statements 373 449 Authorised by the Directors but not contracted for 355 366 (vi) Includes contracted for but not provided for and authorised but not contracted for commitments of € € |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Intangible Assets | Other intangible assets Goodwill € Marketing- € Customer- € Contract- based € Total € At 31 December 2019 Cost/deemed cost 8,378 148 512 77 9,115 Accumulated amortisation (and impairment charges) (284) (64) (276) (57) (681) Net carrying amount 8,094 84 236 20 8,434 At 1 January 2019, net carrying amount 8,116 76 217 24 8,433 Translation adjustment 203 1 4 1 209 Arising on acquisition (note 32) 278 17 75 - 370 Disposals (503) (1) (15) - (519) Amortisation charge for year (ii) - (9) (45) (5) (59) At 31 December 2019, net carrying amount 8,094 84 236 20 8,434 The equivalent disclosure for the prior year is as follows: At 31 December 2018 Cost/deemed cost 8,400 138 592 79 9,209 Accumulated amortisation (and impairment charges) (284) (62) (375) (55) (776) Net carrying amount 8,116 76 217 24 8,433 At 1 January 2018, net carrying amount 6,905 75 204 30 7,214 Reclassified from held for sale 363 - 8 1 372 Translation adjustment 137 3 8 1 149 Reclassifications - - (2) 2 - Arising on acquisition (note 32) 1,504 6 51 1 1,562 Disposals (773) - (9) (1) (783) Amortisation charge for year (ii) - (8) (43) (10) (61) Impairment charge for year (iii) (20) - - - (20) At 31 December 2018, net carrying amount 8,116 76 217 24 8,433 At 1 January 2018 Cost/deemed cost 7,198 129 535 80 7,942 Accumulated amortisation (and impairment charges) (293) (54) (331) (50) (728) Net carrying amount 6,905 75 204 30 7,214 (i) The customer-related intangible assets relate predominantly to non-contractual (ii) The amortisation charge for the year includes € € € (iii) In July 2018, the Group divested of its DIY business in the Netherlands and Belgium, together with certain related property assets, which formed part of the former Europe Distribution segment, for total consideration of € € |
Summary of Goodwill by Cash Generating Units | All businesses within the various CGUs exhibit similar and/or consistent profit margin and asset intensity characteristics. Assets, liabilities, deferred tax and goodwill have been assigned to the CGUs on a reasonable and consistent basis. Cash-generating units Goodwill 2019 2018 2019 € 2018 € Americas Materials 7 7 3,558 3,441 Europe Materials 16 16 2,354 2,280 Building Products 2 3 2,182 2,395 Total Group 25 26 8,094 8,116 |
Summary of Significant Goodwill Amounts | The additional disclosures required for the two CGUs with significant goodwill are as follows: Americas Americas 2019 2018 2019 2018 Goodwill allocated to the cash-generating unit at balance sheet date € € € € Discount rate applied to the cash flow projections (real pre-tax) 7.6% 8.2% 8.4% 9.1% Average EBITDA (as defined)* margin over the initial 5-year 39.1% 37.9% 18.3% 15.3% Value-in-use € € € € Excess of value-in-use € € € € |
Summary of Key Assumptions and Sensitivity Analysis Relating to Cash Generating Units Explanatory | The table below identifies the amounts by which each of the following assumptions may either decline or increase to arrive at a zero excess of the present value of future cash flows over the book value of net assets in the CGU selected for sensitivity analysis disclosures: One cash-generating unit Reduction in EBITDA (as defined)* margin 2.2 percentage points Reduction in profit before tax 15.7% Reduction in net cash flow 14.4% Increase in pre-tax 1.3 percentage points |
Financial Assets (Tables)
Financial Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Financial Assets | Investments accounted for Share of net € Loans € Total € Other € At 1 January 2019 1,102 61 1,163 23 Translation adjustment 3 - 3 1 Investments and advances 12 15 27 2 Disposals and repayments (489) (51) (540) (14) Share of profit after tax (i) 72 - 72 - Dividends received (35) - (35) - At 31 December 2019 665 25 690 12 The equivalent disclosure for the prior year is as follows: At 1 January 2018 1,123 125 1,248 25 Translation adjustment (18) (3) (21) - Investments and advances 1 1 2 - Investment and loan to associate in lieu of cash proceeds 35 50 85 - Joint ventures becoming subsidiaries (note 32) (13) (107) (120) - Disposals and repayments (39) (5) (44) (2) Arising on acquisition (note 32) 1 - 1 - Share of profit after tax (i) 60 - 60 - Dividends received (48) - (48) - At 31 December 2018 1,102 61 1,163 23 (i) Share of profit after tax includes € € |
Summary of Financial Information for Group's Investment in Joint Ventures and Associates | Summarised financial information for the Group’s investment in joint ventures and associates which are accounted for using the equity method is as follows: Joint Ventures Associates Total 2019 € 2018 € 2019 € 2018 € 2019 € 2018 € Non-current 246 711 686 775 932 1,486 Current assets 276 220 389 468 665 688 Non-current (164) (331) (91) (115) (255) (446) Current liabilities (254) (140) (423) (486) (677) (626) Net assets 104 460 561 642 665 1,102 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Inventories | 2019 € 2018 € Raw materials 1,142 1,149 Work-in-progress 128 109 Finished goods 1,472 1,803 Total inventories at the lower of cost and net realisable value 2,742 3,061 (i) Work-in-progress € € percentage-of-completion |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Trade and Other Receivables | 2019 € 2018 € Current Trade receivables 2,387 2,761 Amounts receivable in respect of construction contracts (i) 914 878 Total trade receivables, gross 3,301 3,639 Loss allowance (118) (133) Total trade receivables, net 3,183 3,506 Amounts receivable from equity accounted investments 8 9 Prepayments and other receivables 576 559 Total 3,767 4,074 Non-current Other receivables 317 181 (i) Includes unbilled revenue and retentions held by customers in respect of construction contracts at the balance sheet date amounting to € € € € |
Summary of Loss Allowance for Receivables | The movements in the loss allowance for receivables during the financial year were as follows: 2019 € 2018 € 2017 € At 1 January 133 131 152 Reclassified from/(as) held for sale - 6 (6) Translation adjustment 2 - (7) Provided during year 45 35 32 Disposed of during year (30) (3) - Written off during year (26) (30) (36) Arising on acquisition (note 32) 1 6 3 Recovered during year (7) (12) (7) At 31 December 118 133 131 |
Summary of Gross Carrying Value Trade Receivables and Loss Allowance by Segment | The following table sets out the gross carrying value of trade receivables and loss allowance by segment: Gross carrying value of trade receivables Loss allowance 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € Americas Materials 1,353 1,322 1,054 27 19 17 Europe Materials 1,228 1,168 1,105 70 64 70 Building Products (i) 720 1,149 1,070 21 50 44 Total Group 3,301 3,639 3,229 118 133 131 |
Summary of Information About Building Products Segment By Geographic Location | (i) Analysis of Building Products segment by geographic location: 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € Americas 589 566 495 16 15 10 Europe 131 583 575 5 35 34 Total 720 1,149 1,070 21 50 44 |
Schedule of Aged Analysis of Trade Receivables and Amounts Receivable in Respect of Construction Contracts at Balance Sheet Date | Aged analysis The aged analysis of trade receivables and amounts receivable in respect of construction contracts at the balance sheet date was as follows: 2019 € 2018 € Neither past due nor impaired 2,140 2,319 Past due but not impaired: - less than 60 days 770 922 - 60 days or greater but less than 120 days 186 169 - 120 days or greater 87 96 Impaired (partial or full provision) 118 133 Total 3,301 3,639 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Trade and Other Payables | 2019 € 2018 € Current Trade payables 2,202 2,453 Construction contract-related payables (i) 229 218 Deferred and contingent acquisition consideration (ii) 45 48 Accruals and other payables 1,897 1,887 Amounts payable to equity accounted investments 3 3 Total 4,376 4,609 Non-current Other payables 195 181 Deferred and contingent acquisition consideration (ii) 290 291 Total 485 472 (i) Construction contract-related payables include billings in excess of revenue, together with advances received from customers in respect of work to be performed under construction contracts and foreseeable losses thereon. € Other than deferred a n |
Summary of Movement in Deferred and Contingent Consideration | (ii) The fair value of total contingent consideration is € € € € € € 2019 € 2018 € At 1 January 339 265 Reclassified from held for sale - 2 Translation adjustment 6 19 Arising on acquisitions and investments during year (note 32) 18 103 Changes in estimate 5 (8) Disposals (4) (2) Paid during year (48) (55) Discount unwinding 19 15 At 31 December 335 339 |
Movement in Working Capital a_2
Movement in Working Capital and Provisions for Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Movement in Working Capital and Provisions for Liabilities | Inventories € Trade and other € Trade and € Provisions € Total € At 1 January 2019 3,061 4,255 (5,081) (1,087) 1,148 Effect of adopting IFRS 16 - 3 11 1 15 Translation adjustment 64 94 (107) (17) 34 Arising on acquisition (note 32) 58 66 (73) (6) 45 Disposals (520) (669) 510 - (679) Deferred and contingent acquisition consideration: - arising on acquisitions during year (note 32) - - (18) - (18) - paid during year - - 48 - 48 Deferred proceeds arising on disposals during year - 269 - - 269 Interest accruals and discount unwinding - (11) (1) (22) (34) Additions to leased mineral reserves - - (86) - (86) Increase/(decrease) in working capital and provisions for liabilities 79 77 (64) (28) 64 At 31 December 2019 2,742 4,084 (4,861) (1,159) 806 The equivalent disclosure for the prior years is as follows: At 1 January 2018 2,715 3,786 (4,760) (1,064) 677 Reclassified from held for sale 266 334 (306) - 294 Translation adjustment 52 57 (71) (10) 28 Arising on acquisition (note 32) 255 318 (224) (84) 265 Disposals (405) (390) 293 3 (499) Deferred and contingent acquisition consideration: - arising on acquisitions during year (note 32) - - (103) - (103) - paid during year - - 55 - 55 Deferred proceeds arising on disposals during year - 10 - - 10 Interest accruals and discount unwinding - - (21) (21) (42) Increase in working capital and provisions for liabilities 178 140 56 89 463 At 31 December 2018 3,061 4,255 (5,081) (1,087) 1,148 At 1 January 2017 2,939 4,191 (5,276) (1,060) 794 Translation adjustment (218) (286) 348 72 (84) Arising on acquisition (note 32) 114 129 (149) (49) 45 Disposals (34) (16) 20 1 (29) Deferred and contingent acquisition consideration: - arising on acquisitions during year (note 32) - - (45) - (45) - paid during year - - 53 - 53 Deferred proceeds arising on disposals during year - 3 - - 3 Interest accruals and discount unwinding - 1 - (24) (23) Reclassification (3) (14) 65 - 48 Increase/(decrease) in working capital and provisions for liabilities 183 112 (82) (4) 209 Reclassified as held for sale (266) (334) 306 - (294) At 31 December 2017 2,715 3,786 (4,760) (1,064) 677 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Lease Disclosure [Abstract] | |
Summary of Detailed Information About Right Of Use Assets And Lease Liabilities Explanatory | Leased right-of-use Land and € Plant and € Other € Total € At 31 December 2019 Cost 1,205 453 67 1,725 Accumulated depreciation (119) (116) (20) (255) Net carrying amount 1,086 337 47 1,470 At 1 January 2019, net carrying amount - - - - Effect of adopting IFRS 16 1,478 424 60 1,962 Translation adjustment 27 12 - 39 Transfer from/(to) owned assets 5 (17) - (12) Additions at cost 47 87 28 162 Arising on acquisition (note 32) 63 3 - 66 Disposals at net carrying amount (384) (47) (15) (446) Adjustment as a result of remeasurement of lease liability 22 8 3 33 Depreciation charge for year (i) (172) (133) (29) (334) At 31 December 2019, net carrying amount 1,086 337 47 1,470 Lease liabilities At 1 January 2019 - - - - Effect of adopting IFRS 16 1,493 425 59 1,977 Translation adjustment 29 10 - 39 Addition of right-of-use 47 87 28 162 Arising on acquisition (note 32) 63 1 - 64 Disposals (386) (46) (15) (447) Remeasurements 22 8 3 33 Payments (198) (157) (31) (386) Discount unwinding (ii) 55 12 2 69 At 31 December 2019 1,125 340 46 1,511 (i) The depreciation charge for the year includes € (ii) Includes € |
Summary of Detailed Information About Maturity Analysis Of Lease Liability | The table below shows a maturity analysis of the discounted and undiscounted lease liability arising from the Group’s leasing activities. The projections are based on the foreign exchange rates applying at the end of the relevant financial year and on interest rates (discounted projections only) applicable to the lease portfolio. As at 31 December 2019 Discounted € Undiscounted € Within one year 271 275 Between one and two years 219 231 Between two and three years 174 193 Between three and four years 136 158 Between four and five years 112 135 After five years 599 1,046 Total 1,511 2,038 |
Summary of Lease Costs and Disclosures in Income Statement | The Group avails of the exemption from capitalising lease costs for short-term leases and low-value Continuing operations 2019 € Short-term leases 171 Lease of low-value 7 Variable lease payments not included in the lease liability 90 Total 268 Total cash outflow for lease payments 654 |
Summary of Detailed Information About Maturity Analysis Of Lease Payments | The potential undiscounted future cash outflows arising from the exercise of renewal options that are not expected to be exercised (and are therefore not included in the lease term) are as follows: As at € Within one year 2 Between one and two years 3 Between two and three years 4 Between three and four years 6 Between four and five years 7 After five years 483 Total 505 |
Summary of Operating Lease Rentals | Operating lease rentals charged to the Consolidated Income Statement for the years ended 31 December 2018 and 31 December 2017 under IAS 17 2018 € 2017 € Continuing operations Hire of plant and machinery 308 279 Land and buildings 174 188 Other operating leases 51 46 Total 533 513 |
Summary of Commitments under Operating Leases | Lease commitments were provided for up to the earliest break clause in the lease. As at € Within one year 353 After one year but not more than five years 769 More than five years 789 Total 1,911 |
Analysis of Net Debt (Tables)
Analysis of Net Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Component of Net Debt | As at 31 December 2019 As at 31 December 2018 Fair value* € Book value € Fair value* € Book value € Lease liabilities under IFRS 16 (note 22) (i) (1,511) (1,511) - - Interest-bearing loans and borrowings (note 26) (ii) (9,572) (9,014) (9,223) (9,316) Derivative financial instruments (net) (note 27) 65 65 (14) (14) Cash and cash equivalents (note 25) 3,755 3,755 2,346 2,346 Group net debt (7,263) (6,705) (6,891) (6,984) |
Reconciliation of Opening to Closing Net Debt | Reconciliation of opening to closing net debt 2019 € 2018 € 2017 € At 1 January (6,984) (5,796) (5,297) Movement in year Effect of adopting IFRS 16 (1,954) - - Debt, including lease liabilities, in acquired companies (note 32) (73) (74) (12) Debt, including lease liabilities, in disposed companies 415 - - Increase in interest-bearing loans and borrowings (91) (1,434) (1,010) Net increase in lease liabilities under IFRS 16 (i) (163) - - Net cash flow arising from derivative financial instruments 36 (6) (169) Repayment of interest-bearing loans, borrowings and finance leases (ii) 572 246 343 Repayment of lease liabilities under IFRS 16 (i) 317 - - Mark-to-market 25 2 9 Translation adjustment on financing activities (214) (133) 654 Increase in liabilities from financing activities (1,130) (1,399 ) (185 ) Translation adjustment on cash and cash equivalents 27 17 (161 ) Increase/(decrease) in cash and cash equivalents 1,382 194 (153 ) At 31 December (6,705) (6,984) (5,796) |
Schedule of Effective Interest Rates on Period-End Fixed, Gross and Net Debt | As at 31 December 2019 As at 31 December 2018 € Interest Weighted average fixed period Years € Interest Weighted average fixed period Years Interest-bearing loans and borrowings nominal - fixed rate (iii) (8,743) (9,107) Derivative financial instruments - fixed rate 1,599 1,726 Net fixed rate debt including derivatives (7,144) 3.4% 9.2 (7,381) 3.5% 9.8 Interest-bearing loans and borrowings nominal - floating rate (iv) (158) (157) Adjustment of debt from nominal to book value (iii) (113) (52) Derivative financial instruments - currency floating rate (1,534) (1,740) Gross debt including derivative financial instruments, excluding lease liabilities (8,949) 3.3% (9,330) 3.6% Lease liabilities - fixed rate (1,511) - Gross debt including derivative financial instruments, including lease liabilities (10,460) (9,330) Cash and cash equivalents - floating rate (note 25) 3,755 2,346 Group net debt (6,705) (6,984) (i) All leases capitalised under IFRS 16 have been included as lease liabilities in 2019. (ii) Interest-bearing loans and borrowings in 2018 include finance leases previously capitalised under IAS 17. (iii) Of the Group’s nominal fixed rate debt at 31 December 2019, € € (iv) Floating rate debt comprises bank borrowings bearing interest at rates set in advance for periods ranging from overnight to less than one year largely by reference to inter-bank interest rates. |
Schedule of Currency Profile of Net Debt and Net Worth Capital and Reserves Attributable to Company's Equity Holders | The currency profile of the Group’s net debt and net worth (capital and reserves attributable to the Company’s equity holders) as at 31 December 2019 and 31 December 2018 is as follows: euro € US € Pound € Canadian Dollar € Philippine Peso € Polish € Swiss € Other (i) € Total € Lease liabilities under IFRS 16 (note 22) (ii) (255) (752) (223) (151) (11) (27) (48) (44) (1,511) Cash and cash equivalents (note 25) 1,935 863 238 175 34 105 168 237 3,755 Interest-bearing loans and borrowings (note 26) (3,310) (4,444) (469) (9) (439) - (303) (40) (9,014) Derivative financial instruments (net) (note 27) 1,438 93 (391) (676) (38) (150) - (211) 65 Net debt by major currency including derivative financial instruments (192) (4,240) (845) (661) (454) (72) (183) (58) (6,705) Non-debt Non-current 4,242 14,340 2,783 1,741 1,507 331 459 1,541 26,944 Current assets 1,256 3,315 788 499 150 138 71 312 6,529 Non-current (672) (2,417) (314) (205) (150) (19) (121) (112) (4,010) Current liabilities (1,442) (1,995) (837) (320) (183) (147) (77) (277) (5,278) Non-controlling (48) (50) - - (414) - (6) (22) (540) Capital and reserves attributable to the Company’s equity holders 3,144 8,953 1,575 1,054 456 231 143 1,384 16,940 The equivalent disclosure for the prior year is as follows: Cash and cash equivalents (note 25) 1,077 646 214 69 13 90 81 156 2,346 Interest-bearing loans and borrowings (note 26) (3,824) (4,332) (495) (2) (354) - (302) (7) (9,316) Derivative financial instruments (net) (note 27) 1,826 (399) (340) (440) (60) (198) (299) (104) (14) Net debt by major currency including derivative financial instruments (921) (4,085) (621) (373) (401) (108) (520) 45 (6,984) Non-debt Non-current 4,650 13,007 2,461 1,375 1,352 283 741 1,763 25,632 Current assets 1,884 3,222 746 458 117 142 297 284 7,150 Non-current (669) (2,275) (276) (203) (137) (5) (164) (95) (3,824) Current liabilities (1,696) (1,820) (836) (309) (156) (136) (182) (285) (5,420) Non-controlling (51) (61) - - (384) - (11) (18) (525) Capital and reserves attributable to the Company’s equity holders 3,197 7,988 1,474 948 391 176 161 1,694 16,029 (i) The principal currencies included in this category are the Chinese Renminbi, the Romanian Leu, the Indian Rupee, the Ukrainian Hryvnia and the Serbian Dinar. (ii) All leases capitalised under IFRS 16 have been included as lease liabilities in 2019. |
Schedule of Liquidity and Capital Resources Related to Cash Generation and Changes in Our Cash and Cash Equivalents Position | The following table provides certain information related to our cash generation and cha n 2019 € 2018 € 2017 € Net cash inflow from operating activities 3,466 1,899 2,189 Net cash inflow/(outflow) from investing activities 195 (1,592) (2,685) Net cash (outflow)/inflow from financing activities (2,279) (113) 343 Increase/(decrease) in cash and cash equivalents 1,382 194 (153) Cash and cash equivalents at beginning of year, excluding overdrafts (note 25) 2,346 2,135 2,449 Effect of exchange rate changes 27 17 (161) Cash and cash equivalents at end of year, excluding overdrafts (note 25) 3,755 2,346 2,135 Lease liabilities under IFRS 16 (1,511) - - Bank overdrafts (41) (113) (71) Borrowings (8,973) (9,203) (7,910) Derivative financial instruments 65 (14) 50 Total liabilities from financing activities (10,460) (9,330) (7,931) Net debt at end of year (6,705) (6,984) (5,796) Cash at bank and in hand reclassified as held for sale - - (20) Bank overdrafts reclassified as held for sale - - 5 Group net debt excluding net debt reclassified as held for sale (6,705) (6,984) (5,811) |
Schedule of Significant Borrowings | The main sources of Group debt funding are public bond markets in Europe and North America. The following external bonds were outstanding as at 31 December 2019: Annual Outstanding Final euro bonds 2.750% € 2020 US Dollar bonds 5.750% US$400 2021 euro bonds 1.750% € 2021 Swiss Franc bonds 1.375% CHF330 2022 euro bonds 3.125% € 2023 euro bonds 1.875% € 2024 US Dollar bonds 3.875% US$1,250 2025 US Dollar bonds 3.400% US$600 2027 US Dollar bonds 3.950% US$900 2028 euro bonds 1.375% € 2028 Pound Sterling bonds 4.125% £400 2029 US Dollar bonds (i) 6.400% US$213 2033 US Dollar bonds 5.125% US$500 2045 US Dollar bonds 4.400% US$400 2047 US Dollar bonds 4.500% US$600 2048 (i) The US$300 million bond was issued in September 2003, and at time of issuance the bond was partially swapped to floating interest rates. In August 2009 and December 2010, US$87.445 million of the issued notes were acquired by CRH plc as part of liability management exercises undertaken and the interest rate hedge was closed out. At 31 December 2019, the remaining fair value on the hedged item on the Consolidated Balance Sheet was US$42 millon (2018: US$45 million). |
Capital and Financial Risk Ma_2
Capital and Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Capital and Net Debt | The capital structure of the Group, which comprises net debt and capital and reserves attributable to the Company’s equity holders, may be summarised as follows: 2019 € 2018 € Capital and reserves attributable to the Company’s equity holders 16,940 16,029 Net debt 6,705 6,984 Capital and net debt 23,645 23,013 |
Summary of Interest Rate Risk | The following table demonstrates the impact on profit before tax and total equity of a range of possible changes in the interest rates applicable to net floating rate borrowings, with all other variables held constant. These impacts are calculated based on the closing balance sheet for the relevant period and assume all floating interest rates and interest curves change by the same amount. For profit before tax, the impact shown is the impact on closing balance sheet floating rate net debt for a full year while for total equity the impact shown is the impact on the value of financial instruments. Percentage change in cost of +/- Impact on profit before tax 2019 +/- € 2018 +/- € 2017 +/- € Impact on total equity 2019 -/+ € 2018 -/+ € 2017 -/+ € (i) Sensitivity analysis for cost of borrowing has been presented for continuing operations only. |
Summary of Foreign Currency Risk | The following table demonstrates the sensitivity of profit before tax and equity to selected movements in the relevant euro/US Dollar exchange rate (with all other variables held constant); the US Dollar has been selected as the appropriate currency for this analysis given the materiality of the Group’s activities in the US. The impact on profit before tax is based on changing the euro/US Dollar exchange rate used in calculating profit before tax for the period. The impact on total equity and financial instruments is calculated by changing the euro/US Dollar exchange rate used in measuring the closing balance sheet. Percentage change in relevant € +/- 5% Impact on profit before tax 2019 -/+ € 2018 -/+ € 2017 -/+ € Impact on total equity* 2019 -/+ € 2018 -/+ € 2017 -/+ € * Includes the impact on financial instruments which is as follows: 2019 +/- € 2018 +/- € 2017 +/- € (i) Sensitivity analysis for exchange rates has been presented for continuing operations only. |
Summary of Notional and Fair Values in Respect of Derivative Contracts | The notional and fair values in respect of derivative contracts as at 31 December 2019 and 31 December 2018 were as follows: Profile of commodity products As at 31 December 2019 As at 31 December 2018 Notional value € Fair value € Notional value € Fair value € Commodity contracts 105 - 162 - Derivative liability - - - (27) |
Disclosure of projected contractual undiscounted cash outflows (principal and interest) arising from Group's trade and other payables, gross debt and derivative financial instruments. | The tables below show the projected contractual undiscounted total cash outflows (principal and interest) arising from the Group’s trade and other payables, gross debt and derivative financial instruments. The tables also include the gross cash inflows projected to arise from derivative financial instruments. These projections are based on the interest and foreign exchange rates applying at the end of the relevant financial year. Within € Between € Between € Between € Between € After 5 years € Total € At 31 December 2019 Financial liabilities - cash outflows Trade and other payables 4,376 139 40 24 165 212 4,956 Lease liabilities under IFRS 16 (i) 275 231 193 158 135 1,046 2,038 Other interest-bearing loans and borrowings 824 962 391 754 602 5,429 8,962 Interest payments on other interest-bearing loans and borrowings (ii) 307 275 258 233 227 1,856 3,156 Cross-currency swaps - gross cash outflows 1,615 13 - - - - 1,628 Other derivative financial instruments 4 1 - - - - 5 Gross projected cash outflows 7,401 1,621 882 1,169 1,129 8,543 20,745 Derivative financial instruments - cash inflows Interest rate swaps - net cash inflows (iii) (13) (13) (13) (8) (6) (12) (65) Cross-currency swaps - gross cash inflows (1,605) (13) - - - - (1,618) Other derivative financial instruments (4) (1) - - - - (5) Gross projected cash inflows (1,622) (27) (13) (8) (6) (12) (1,688) The equivalent disclosure for the prior year is as follows: At 31 December 2018 Financial liabilities - cash outflows Trade and other payables 4,609 160 30 18 11 348 5,176 Finance leases (i) 5 3 3 2 2 6 21 Other interest-bearing loans and borrowings 620 752 953 375 753 5,856 9,309 Interest payments on finance leases (i) - - - - - 2 2 Interest payments on other interest-bearing loans and borrowings (ii) 328 297 265 248 224 2,022 3,384 Cross-currency swaps - gross cash outflows 2,320 2 - - - - 2,322 Other derivative financial instruments 30 2 - - - - 32 Gross projected cash outflows 7,912 1,216 1,251 643 990 8,234 20,246 Derivative financial instruments - cash inflows Interest rate swaps - net cash inflows (iii) (11) (9) (9) (9) (4) (1) (43) Cross-currency swaps - gross cash inflows (2,346) (2) - - - - (2,348) Other derivative financial instruments (3) (2) (1) - - - (6) Gross projected cash inflows (2,360) (13) (10) (9) (4) (1) (2,397) (i) Finance leases in 2018 relate to leases previously capitalised under IAS 17. All leases capitalised under IFRS 16 have been included as lease liabilities in 2019. (ii) At 31 December 2019 and 31 December 2018, a portion of the Group’s long-term debt carried variable interest rates. The Group uses the interest rates in effect on 31 December to calculate the interest payments on the long-term debt for the periods indicated. (iii) The Group uses interest rate swaps to help manage its interest cost. Under these contracts the Group has agreed to exchange at predetermined intervals, the difference between fixed and variable interest amounts calculated by reference to a pre-agreed |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Cash and Cash Equivalents | Cash and cash equivalents are included in the Consolidated Balance Sheet at amortised cost and are analysed as follows: 2019 € 2018 € Cash at bank and in hand 1,005 814 Investments (short-term deposits) 2,750 1,532 Total 3,755 2,346 |
Interest-bearing Loans and Bo_2
Interest-bearing Loans and Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Loans and Borrowings Outstanding | 2019 € 2018 € Bank overdrafts 41 113 Bank loans 465 356 Bonds 8,508 8,825 Finance leases (i) - 21 Other - 1 Interest-bearing loans and borrowings 9,014 9,316 Interest-bearing loans and borrowings include loans of € € (i) Finance leases in 2018 relate to leases previously capitalised under IAS 17. Refer to note 22 for all leases capitalised under IFRS 16 in 2019. |
Summary of Maturity Profile for Loans, Borrowings and Undrawn Committed Facilities | Maturity profile of loans and borrowings and undrawn committed facilities As at 31 December 2019 As at 31 December 2018 Loans and borrowings € Undrawn committed facilities € Loans and borrowings € Undrawn committed facilities € Within one year 815 - 618 - Between one and two years 956 12 748 - Between two and three years 385 5 948 15 Between three and four years 771 50 370 50 Between four and five years 598 3,500 776 3,500 After five years 5,489 43 5,856 18 Total 9,014 3,610 9,316 3,583 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Derivative Financial Instruments Analysed by Year of Maturity and Accounting Designation | The fair values of derivative financial instruments are analysed by year of maturity and by accounting designation as follows: Fair value € Cash flow € Net € Not € Total € At 31 December 2019 Derivative assets Within one year - current assets - 3 2 1 6 Between one and two years - 1 - - 1 Between three and four years 23 - - - 23 After five years 52 - - - 52 Non-current 75 1 - - 76 Total derivative assets 75 4 2 1 82 Derivative liabilities Within one year - current liabilities - (8) (4) (4) (16) Between one and two years - non-current - (1) - - (1) Total derivative liabilities - (9) (4) (4) (17) Net asset/(liability) arising on derivative financial instruments 75 (5) (2) (3) 65 The equivalent disclosure for the prior year is as follows: At 31 December 2018 Derivative assets Within one year - current assets - 3 10 2 15 Between one and two years - 2 - - 2 Between two and three years - 1 - - 1 Between four and five years 24 - - - 24 After five years 3 - - - 3 Non-current 27 3 - - 30 Total derivative assets 27 6 10 2 45 Derivative liabilities Within one year - current liabilities - (32) (2) (7) (41) Between one and two years - (2) - - (2) After five years (16) - - - (16) Non-current (16) (2) - - (18) Total derivative liabilities (16) (34) (2) (7) (59) Net asset/(liability) arising on derivative financial instruments 11 (28) 8 (5) (14) |
Summary of Loss/Profit Arising on Fair Value, Cash Flow, Net Investment Hedges and Related Hedged Items Reflected in Income Statement | The profit/(loss) arising on fair value, cash flow, net investment hedges and related hedged items reflected in the Consolidated Income Statement is shown below: 2019 € 2018 € 2017 € Fair value of hedge instruments 64 (12) (16) Fair value of the hedged items (64) 11 18 Components of other comprehensive income - cash flow hedges Gains/(losses) arising during the year: - commodity forward contracts 27 (38) 9 - currency forward contracts (3) (2) (1) Total 24 (40) 8 |
Summary of Assets and Liabilities Measured at Fair Value | Fair v a 2019 € 2018 Level 2 € Assets measured at fair value Fair value hedges - interest rate swaps 75 27 Cash flow hedges - cross-currency and commodity forwards 4 6 Net investment hedges - cross-currency swaps 2 10 Not designated as hedges (held for trading) - cross-currency swaps and forward foreign exchange contracts 1 2 Total 82 45 Liabilities measured at fair value Fair value hedges - interest rate swaps - (16) Cash flow hedges - cross-currency and commodity forwards (9) (34) Net investment hedges - cross-currency swaps (4) (2) Not designated as hedges (held for trading) - cross-currency swaps and forward foreign exchange contracts (4) (7) Total (17) (59) |
Provisions for Liabilities (Tab
Provisions for Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Provisions for Liabilities | At 1 € Effect of € Translation € Arising on € Provided € Utilised € Disposed € Reversed € Discount € At 31 € 31 December 2019 Insurance (i) 279 - 5 - 114 (88) - (24) 8 294 Environment and remediation (ii) 484 - 13 6 41 (26) - (8) 11 521 Rationalisation and redundancy (iii) 23 - - - 29 (35) - (3) - 14 Other (iv) 301 (1) (1) - 108 (34) - (46) 3 330 Total 1,087 (1) 17 6 292 (183) - (81) 22 1,159 Analysed as: Non-current 719 760 Current liabilities 368 399 Total 1,087 1,159 The equivalent disclosure for the prior year is as follows: 31 December 2018 Insurance (i) 292 - 10 7 95 (71) - (61) 7 279 Environment and remediation (ii) 441 - - 75 28 (26) (2) (43) 11 484 Rationalisation and redundancy (iii) 25 - - - 30 (31) - (1) - 23 Other (iv) 306 - - 2 75 (32) (1) (52) 3 301 Total 1,064 - 10 84 228 (160) (3) (157) 21 1,087 Analysed as: Non-current 693 719 Current liabilities 371 368 Total 1,064 1,087 (i) This provision relates to obligations arising under the self-insurance components of the Group’s insurance arrangements which comprise employers’ liability (workers’ compensation in the US), public and products liability (general liability in the US), automobile liability, property damage, business interruption and various other insurances; a substantial proportion of the total provision pertains to claims which are classified as “incurred but not reported”. Due to the extended timeframe associated with many of the insurances, a significant proportion of the total provision is subject to periodic actuarial valuation. The projected cash flows underlying the discounting process are established through the application of actuarial triangulations, which are extrapolated from historical claims experience. The triangulations applied in the discounting process indicate that the Group’s insurance provisions have an average life of five years (2018: five years). (ii) This provision comprises obligations governing site remediation, restoration and environmental works to be incurred in compliance with either local or national environmental regulations together with constructive obligations stemming from established best practice. Whilst a significant element of the total provision will reverse in the medium-term (two to ten years), those legal and constructive obligations applicable to long-lived assets (principally mineral-bearing 30-year (iii) These provisions relate to irrevocable commitments under various rationalisation and redundancy programmes, none of which are individually material to the Group. In 2019, € € € (iv) Other provisions primarily relate to legal claims, onerous contracts, guarantees and warranties and employee related provisions. The Group expects the majority of these provisions will be utilised within two to five years of the balance sheet date (2018: two to five years); however due to the nature of the legal provisions there is a level of uncertainty in the timing of settlement as the Group generally cannot determine the extent and duration of the legal process. |
Deferred Income Tax (Tables)
Deferred Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Deductible and Taxable Temporary Differences in Deferred Tax | The deductible and taxable temporary differences in respect of which deferred tax has been recognised are as follows: 2019 € 2018 € Reported in balance sheet after offset Deferred tax liabilities 2,338 2,209 Deferred tax assets (67) (71) Net deferred income tax liability 2,271 2,138 Deferred income tax assets (deductible temporary differences) Deficits on Group retirement benefit obligations (note 30) 91 95 Revaluation of derivative financial instruments to fair value 7 13 Tax loss carryforwards 152 153 Share-based payment expense 32 21 Provisions for liabilities and working capital-related items 257 266 Lease liabilities 283 - Other deductible temporary differences 23 39 Total 845 587 |
Summary of Deferred Income Tax Liabilities (Taxable Temporary Differences) | Deferred income tax liabilities (taxable temporary differences) Taxable temporary differences principally attributable to accelerated tax depreciation and fair value adjustments arising on acquisition (i) 2,819 2,701 Leased right-of-use assets 273 - Revaluation of derivative financial instruments to fair value 11 11 Rolled-over capital gains 13 13 Total 3,116 2,725 |
Summary of Movement in Net Deferred Income Tax Liability | Movement in net deferred income tax liability At 1 January 2,138 1,571 Reclassified from held for sale - 14 Translation adjustment 51 47 Net expense for the year (ii) 112 111 Arising on acquisition (note 32) - 411 Disposal (31) (16) Movement in deferred tax recognised in the Consolidated Statement of Comprehensive Income 6 (4) Movement in deferred tax recognised in the Consolidated Statement of Changes in Equity (5) 4 At 31 December 2,271 2,138 (i) Fair value adjustments arising on acquisition principally relate to property, plant and equipment. (ii) The net expense for the year includes income of € € |
Retirement Benefit Obligations
Retirement Benefit Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Major Long-Term Assumptions Used By Actuaries in the Computation of Scheme Liabilities and Post-Retirement Obligations | The major long-term assumptions used by the Group’s actuaries in the computation of scheme liabilities and post-retirement healthcare obligations are as follows: Eurozone Switzerland United States and Canada 2019 % 2018 % 2017 % 2019 % 2018 % 2017 % 2019 % 2018 % 2017 % Rate of increase in: - salaries 3.37 3.50 3.59 1.50 1.50 1.25 3.37 3.38 3.27 - pensions in payment 1.46 1.62 1.70 - - - - - - Inflation 1.50 1.65 1.75 1.00 1.00 0.75 2.00 2.00 2.00 Discount rate 1.43 2.12 2.05 0.30 0.85 0.70 3.14 4.10 3.52 Medical cost trend rate n/a n/a n/a n/a n/a n/a 5.18 1.55 6.33 |
Summary of Future Life Expectations Based on Retirement at 65 years of Age for Current and Future Retirees | For the Group’s most material schemes, the future life expectations factored into the relevant valuations, based on retirement at 65 years of age for current and future retirees, are as follows: Republic of Ireland Switzerland United States and Canada 2019 2018 2017 2019 2018 2017 2019 2018 2017 Current retirees - male 23.0 22.4 22.7 22.6 22.5 22.4 20.2 20.1 20.6 - female 24.5 24.1 24.4 24.7 24.5 24.4 22.3 22.6 23.1 Future retirees - male 25.4 24.9 25.5 24.8 24.7 24.6 22.1 22.0 22.3 - female 26.8 26.4 27.0 26.8 26.7 26.6 24.2 24.5 24.7 |
Summary of Retirement Benefit Expense in Consolidated Income Statement | The total retirement benefit expense from continuing operations in the Consolidated Income Statement is as follows: 2019 € 2018 € 2017 € Total defined contribution expense (i) 259 225 228 Total defined benefit expense 45 43 36 Total expense in Consolidated Income Statement 304 268 264 |
Analysis of Defined Benefit Expense/(Credit) | Analysis of defined benefit expense Charged in arriving at Group profit before finance costs: Current service cost 43 43 40 Administration expenses 7 3 3 Past service credit (net) (iii) (18) (13) (17) Subtotal 32 33 26 Included in finance income and finance costs respectively: Interest income on scheme assets (64) (55) (45) Interest cost on scheme liabilities 77 65 55 Net interest expense 13 10 10 Net expense to Consolidated Income Statement 45 43 36 |
Summary of Net Charge to Consolidated Income Statement | The composition of the net expense/(credit) to the Consolidated Income Statement is as follows: Eurozone 25 23 24 Switzerland 7 7 (11) United States and Canada 5 6 14 Other 8 7 9 Total 45 43 36 |
Summary of Reconciliation of Assets and Liabilities | Reconciliation of scheme assets (bid value) 2019 € 2018 € At 1 January 2,913 2,622 Movement in year Interest income on scheme assets (ii) 68 59 Arising on acquisition (note 32) 3 337 Disposals (592) - Remeasurement adjustments - return on scheme assets excluding interest income 316 (137) Employer contributions paid 52 118 Contributions paid by plan participants 13 14 Benefit and settlement payments (139) (130) Administration expenses (ii) (7) (4) Translation adjustment 55 34 At 31 December 2,682 2,913 |
Summary of Scheme Assets | The composition of scheme assets is as follows: Eurozone 1,283 1,181 Switzerland 344 808 United States and Canada 845 728 Other 210 196 Total 2,682 2,913 |
Summary of Actuarial Value of Liabilities | The composition of the actuarial value of liabilities is as follows: Eurozone (1,425) (1,318) Switzerland (341) (829) United States and Canada (1,058) (946) Other (285) (244) Total (3,109) (3,337) Recoverable deficit in schemes (427) (424) Related deferred income tax asset 91 95 Net pension liability (336) (329) |
Summary of Composition of Net Pension Liabilities | The composition of the net pension liability is as follows: Eurozone (119) (113) Switzerland 3 (17) United States and Canada (160) (162) Other (60) (37) Total (336) (329) |
Summary of Net Expense/(Credit) to the Consolidated Income Statement from Discontinued Operations | Charged in arriving at Group profit before finance costs: 2019 € 2018 € 2017 € Current service cost 17 21 22 Administration expenses - 1 1 Past service credit (net) (iii) - (4) (61) Subtotal 17 18 (38) Included in finance income and finance costs respectively: Interest income on scheme assets (4) (4) (4) Interest cost on scheme liabilities 4 4 5 Net interest expense - - 1 Net expense/(credit) to Consolidated Income Statement 17 18 (37) |
Summary of Impact of Movement in Principal Actuarial Assumptions | The revised liabilities due to the impact of a movement (as indicated below) in the principal actuarial assumptions would be as follows: Eurozone € Switzerland € United States € Other € Total Group € Scheme liabilities at 31 December (1,425 ) (341 ) (1,058 ) (285 ) (3,109 ) Revised liabilities Discount rate Increase by 0.25% (1,362 ) (326 ) (1,026 ) (273 ) (2,987 ) Decrease by 0.25% (1,491 ) (357 ) (1,092 ) (298 ) (3,238 ) Inflation rate Increase by 0.25% (1,487 ) (342 ) (1,063 ) (294 ) (3,186 ) Decrease by 0.25% (1,367 ) (340 ) (1,054 ) (276 ) (3,037 ) Mortality assumption Increase by 1 year (1,371 ) (330 ) (1,026 ) (278 ) (3,005 ) Decrease by 1 year (1,479 ) (352 ) (1,089 ) (292 ) (3,212 ) |
Summary of Split of Scheme Assets by Asset Type | The above sensitivity analysis are derived through changing the individual assumption while holding all other assumptions constant. Split of scheme assets 2019 € 2018 € Investments quoted in active markets Equity instruments (i) 746 862 Debt instruments (ii) 1,594 1,596 Property 93 109 Cash and cash equivalents 27 34 Investment funds 128 9 Assets held by insurance company - 123 Unquoted investments Equity instruments 2 2 Debt instruments (iii) 9 9 Property 52 112 Cash and cash equivalents 18 40 Assets held by insurance company 13 17 Total assets 2,682 2,913 (i) Equity instruments primarily relate to developed markets. (ii) Quoted debt instruments are made up of € € € € non-government (iii) Unquoted debt instruments primarily relate to government debt instruments. |
Information On Detailed Information About Contractual Payments To Defined Benefit Scheme | The Group has contracted payments (presented on a discounted basis) to certain schemes in the following countries: 2019 € 2018 € 2017 € Republic of Ireland - - 18 United Kingdom 19 14 16 Total 19 14 34 |
Summary of Maturity Profile of the Group's Contracted Payments (On a Discounted Basis) | The maturity profile of the Group’s contracted payments (on a discounted basis) is as follows: 2019 € 2018 € 2017 € Within one year 2 2 19 Between one and two years 2 2 2 Between two and three years 2 2 2 Between three and four years 2 1 2 Between four and five years 2 1 1 After five years 9 6 8 Total 19 14 34 |
Summary of Average Duration and Scheme Composition | Average duration and scheme composition Eurozone Switzerland United States and Canada 2019 2018 2017 2019 2018 2017 2019 2018 2017 Average duration of defined benefit obligation (years) 18.1 17.1 17.8 17.8 16.4 17.2 12.5 12.1 12.2 Allocation of defined benefit obligation by participant: Active plan participants 74% 71% 72% 74% 83% 84% 44% 46% 40% Deferred plan participants 8% 9% 9% - - - 12% 18% 16% Retirees 18% 20% 19% 26% 17% 16% 44% 36% 44% |
Share Capital and Reserves (Tab
Share Capital and Reserves (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Share Capital | Equity share capital 2019 2018 Ordinary € Income € Ordinary € Income € Authorised At 1 January and 31 December ( € 400 25 400 25 Number of Shares at 1 January and 31 December (millions) 1,250 1,250 1,250 1,250 Allotted, called-up At 1 January ( € 272 15 271 15 Cancellation of Treasury Shares (iii) (14 ) (1 ) - - Performance Share Plan Awards - - 1 - At 31 December ( € 258 14 272 15 The movement in the number of shares (expressed in millions) during the financial year was as follows: At 1 January 843 843 839 839 Cancellation of Treasury Shares (iii) (44 ) (44 ) - - Performance Share Plan Awards - - 2 2 Issue of scrip shares in lieu of cash dividends (iv) - - 2 2 At 31 December 799 799 843 843 (i) The Ordinary Shares represent 93.71% of the total issued share capital. (ii) The Income Shares, which represent 5.86% of the total issued share capital, were created on 29 August 1988 for the express purpose of giving shareholders the choice of receiving dividends on either their Ordinary Shares or on their Income Shares (by notice of election to the Company). The Income Shares carried a different tax credit to the Ordinary Shares. The creation of the Income Shares was achieved by the allotment of fully paid Income Shares to each shareholder equal to his/her holding of Ordinary Shares but the shareholder is not entitled to an Income Share certificate, as a certificate for Ordinary Shares is deemed to include an equal number of Income Shares and a shareholder may only sell, transfer or transmit Income Shares with an equivalent number of Ordinary Shares. Income Shares carry no voting rights. Due to changes in Irish tax legislation since the creation of the Income Shares, dividends on the Company’s shares no longer carry a tax credit. As elections made by shareholders to receive dividends on their holding of Income Shares were no longer relevant, the Articles of Association were amended on 8 May 2002 to cancel such elections. (iii) During 2019 43,750,000 Ordinary Shares (including Income Shares) were cancelled. The amount paid to repurchase these shares was initially recognised in Treasury Shares/own shares and was transferred to retained income on cancellation. (iv) Issue of scrip shares in lieu of cash dividends: |
Summary of Issue of Scrip Shares in Lieu of Cash Dividends | Number of shares Price per share 2018 2017 2018 2017 May 2018: Final 2017 dividend (2017: Final 2016 dividend) 1,841,430 433,046 € 27.47 € 33.08 September 2018: Interim 2018 dividend (2017: Interim 2017 dividend) - 2,130,496 - € 29.24 Total 1,841,430 2,563,542 |
Summary of Number of Share Options Exercised | options over a total of 1,147,149 Ordinary Shares were exercised during the financial year (2018: 796,944; 2017: 1,589,335). Number of shares 2019 2018 2017 Options exercised during the year (satisfied by the issue of new shares) - 496,661 1,589,335 Options exercised during the year (satisfied by the reissue of Treasury Shares) 1,147,149 300,283 - Total 1,147,149 796,944 1,589,335 |
Summary of Preference Share Capital | Preference share capital 5% Cumulative € 7% ‘A’ Cumulative € Number of Shares € Number of Shares € Authorised At 1 January 2019 and 31 December 2019 150 - 872 1 Allotted, called-up At 1 January 2019 and 31 December 2019 50 - 872 1 |
Summary of Treasury Shares/Own Shares | Treasury Shares/own shares 2019 € 2018 € At 1 January (792) (15) New Shares allotted to the Employee Benefit Trust (own shares) - (56) Own Shares released by the Employee Benefit Trust under the 2014 Performance Share Plan 62 56 Shares acquired by CRH plc (Treasury Shares) (i) (791) (789) Shares acquired by Employee Benefit Trust (own shares) (61) (3) Treasury Shares/own shares reissued (ii) 35 15 Cancellation of Treasury Shares 1,222 - At 31 December (325) (792) |
Summary of Treasury Shares | The movement in the number of Treasury Shares/own shares during the financial year was as follows: Number of shares 2019 2018 At 1 January 27,843,927 391,757 New Shares allotted to the Employee Benefit Trust (own shares) - 2,034,112 Own Shares released by the Employee Benefit Trust under the 2014 Performance Share Plan (2,256,986) (2,034,112) Shares acquired by CRH plc (Treasury Shares) (i) 27,357,116 27,901,471 Shares acquired by Employee Benefit Trust (own shares) 2,189,448 108,377 Treasury Shares/own shares reissued (ii) (1,147,149) (557,678) Cancellation of Treasury Shares (43,750,000) - At 31 December 10,236,356 27,843,927 Split of Treasury Shares/own shares (iii) Treasury Shares 10,011,353 27,551,386 Own shares 225,003 292,541 10,236,356 27,843,927 (i) In April 2018, CRH announced its intention to introduce a share repurchase programme (the ‘Programme’) to repurchase Ordinary Shares (including Income Shares) of up to € € € € On 7 January 2020, CRH announced a further extension of the Programme for an additional € (ii) These reissued Treasury Shares were previously purchased at an average price of € € (iii) As at the balance sheet date, the nominal value of the Treasury Shares and own shares was € € € € |
Summary of Reconciliation of Shares Issued to Net Proceeds | Reconciliation of shares issued to net proceeds 2018 € 2017 € Shares issued at nominal amount: - Performance Share Plan Awards 1 1 - scrip shares issued in lieu of cash dividends - 1 Premium on shares issued 117 180 Total value of shares issued 118 182 Issue of scrip shares in lieu of cash dividends (note 13) (51) (77) Shares allotted to the Employee Benefit Trust (vi) (56) (63) Net proceeds from issue of shares 11 42 (vi) In 2018 and 2017, shares were allotted/re-issued € € |
Summary of Share Premium | Share premium 2019 € 2018 € At 1 January 6,534 6,417 Premium arising on shares issued - 117 At 31 December 6,534 6,534 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Identifiable Net Assets Acquired, Including Adjustments to Provisional Fair Values | The identifiable net assets acquired, including adjustments to provisional fair values, were as follows: 2019 € 2018 € 2017 € ASSETS Non-current Property, plant and equipment 319 2,614 1,536 Intangible assets 92 58 56 Equity accounted investments - 1 - Total non-current 411 2,673 1,592 Current assets Inventories 58 255 114 Trade and other receivables (i) 66 318 129 Cash and cash equivalents 10 69 174 Total current assets 134 642 417 LIABILITIES Trade and other payables (73) (224) (149) Provisions for liabilities (6) (84) (49) Retirement benefit obligations (1) (115) (52) Lease liabilities (64) - - Interest-bearing loans and borrowings and finance leases* (9) (74) (12) Current income tax liabilities 9 (15) (22) Deferred income tax liabilities - (411) (132) Total liabilities (144) (923) (416) Total identifiable net assets at fair value 401 2,392 1,593 Goodwill arising on acquisition (ii) 278 1,504 487 Joint ventures becoming subsidiaries - (120) - Non-controlling (1) (48) (20) Total consideration 678 3,728 2,060 Consideration satisfied by: Cash payments 660 3,574 2,015 Asset exchange - 12 - Deferred consideration (stated at net present cost) 10 10 45 Contingent consideration 8 93 - Profit on step acquisition - 39 - Total consideration 678 3,728 2,060 Net cash outflow arising on acquisition Cash consideration 660 3,574 2,015 Less: cash and cash equivalents acquired (10) (69) (174) Total outflow in the Consolidated Statement of Cash Flows 650 3,505 1,841 |
Summary of Number of Acquisitions Completed and Details of Goodwill and Consideration | The following table analyses the 58 acquisitions completed in 2019 (2018: 44 acquisitions; 2017: 31 acquisitions) by reportable segment and provides details of the goodwill and consideration figures arising in each of those segments: Number of acquisitions Goodwill Consideration Reportable segments 2019 2018 2017 2019 2018 2017 2019 2018 2017 Continuing operations € € € € € € Americas Materials 27 24 13 31 1,353 239 161 3,398 1,171 Europe Materials 15 10 8 3 46 155 64 86 698 Building Products 15 8 8 228 74 76 450 211 162 Total Group from continuing operations 57 42 29 262 1,473 470 675 3,695 2,031 Discontinued operations Europe Distribution 1 2 2 - - 17 3 33 30 Total Group 58 44 31 262 1,473 487 678 3,728 2,061 Adjustments to provisional fair values of prior year acquisitions 16 31 - - - (1) Total 278 1,504 487 678 3,728 2,060 |
Summary of Post Acquisition Impact | The post-acquisition impact of acquisitions completed during the year on the Group’s profit for the financial year was as follows: 2019 2018 2017 Continuing operations € € € Revenue 204 1,202 505 Profit/(loss) before tax for the financial year 2 145 (1) |
Summary of Revenue and Profit Determined as Though Acquisitions Effected During the Year had been at the Beginning of the Year | The revenue and profit of the Group for the financial year determined in accordance with IFRS as though the acquisitions effected during the year had been at the beginning of the year would have been as follows: 2019 acquisitions CRH Group excluding 2019 acquisitions Pro-forma consolidated Group Continuing operations € € € Revenue 458 24,925 25,383 Profit before tax for the financial year 18 2,113 2,131 |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Non-Controlling Interest in Subsidiaries | Name Principal activity Country of incorporation Economic ownership interest held by non-controlling interest Republic Cement & Building Materials, Inc. Manufacture, development and Philippines 45% and Republic Cement Land & Resources Inc. sale of cement and building materials |
Schedule of Summarized Financial Information of Non Controlling Interest | The following is summarised financial information for RCBM and RCLR prepared in accordance with IFRS 12 Disclosure of Interests in Other Entities Summarised financial information 2019 € 2018 € Profit/(loss) for the year 19 (11) Current assets 190 153 Non-current 1,504 1,351 Current liabilities (186) (160) Non-current (822) (712) Net assets 686 632 Cash flows from operating activities 60 36 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Sales to and Purchases From Associates and Joint Ventures | Sales to and purchases from joint ventures and associates are as follows: Joint ventures Associates Continuing operations 2019 € 2018 € 2017 € 2019 € 2018 € 2017 € Sales 118 107 111 37 40 51 Purchases 24 31 55 16 193 400 |
Summary of Key Management Remuneration | Key management remuneration amounted to: 2019 € 2018 € 2017 € Short-term benefits 8 8 9 Post-employment benefits 1 1 1 Share-based payments - calculated in accordance with the principles disclosed in note 9 5 4 3 Total 14 13 13 |
Supplemental Guarantor Inform_2
Supplemental Guarantor Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Schedule of Supplemental Condensed Consolidated Balance Sheet | Supplemental Condensed Consolidated Balance Sheet as at 31 December 2019 Guarantor € Issuer € Non-Guarantor subsidiaries € Eliminate and reclassify € CRH and subsidiaries € ASSETS Non-current Property, plant and equipment - - 17,424 - 17,424 Intangible assets - - 8,434 - 8,434 Subsidiaries 15,621 709 1,682 (18,012) - Investments accounted for using the equity method - - 690 - 690 Advances to subsidiaries and parent undertakings - 3,549 - (3,549) - Other financial assets - - 12 - 12 Other receivables - - 317 - 317 Derivative financial instruments - 20 56 - 76 Deferred income tax assets - - 67 - 67 Total non-current 15,621 4,278 28,682 (21,561) 27,020 Current assets Inventories - - 2,742 - 2,742 Trade and other receivables - - 3,767 - 3,767 Advances to subsidiaries and parent undertakings 967 - 106 (1,073) - Current income tax recoverable - - 20 - 20 Derivative financial instruments - - 6 - 6 Cash and cash equivalents 458 - 3,297 - 3,755 Total current assets 1,425 - 9,938 (1,073) 10,290 Total assets 17,046 4,278 38,620 (22,634) 37,310 EQUITY Capital and reserves attributable to the Company’s equity holders 16,940 2,087 15,925 (18,012) 16,940 Non-controlling - - 540 - 540 Total equity 16,940 2,087 16,465 (18,012) 17,480 LIABILITIES Non-current Lease liabilities - - 1,240 - 1,240 Interest-bearing loans and borrowings - 2,171 6,028 - 8,199 Derivative financial instruments - - 1 - 1 Deferred income tax liabilities - - 2,338 - 2,338 Other payables - - 485 - 485 Advances from subsidiary and parent undertakings - - 3,549 (3,549) - Retirement benefit obligations - - 427 - 427 Provisions for liabilities - - 760 - 760 Total non-current - 2,171 14,828 (3,549) 13,450 Current liabilities Lease liabilities - - 271 - 271 Trade and other payables - 20 4,356 - 4,376 Advances from subsidiary and parent undertakings 106 - 967 (1,073) - Current income tax liabilities - - 503 - 503 Interest-bearing loans and borrowings - - 815 - 815 Derivative financial instruments - - 16 - 16 Provisions for liabilities - - 399 - 399 Total current liabilities 106 20 7,327 (1,073) 6,380 Total liabilities 106 2,191 22,155 (4,622) 19,830 Total equity and liabilities 17,046 4,278 38,620 (22,634) 37,310 Supplemental Condensed Consolidated Balance Sheet as at 31 December 2018 Guarantor € Issuer € Non-Guarantor subsidiaries € Eliminate and € CRH and € ASSETS Non-current Property, plant and equipment - - 15,761 - 15,761 Intangible assets - - 8,433 - 8,433 Subsidiaries 14,892 572 1,682 (17,146) - Investments accounted for using the equity method - - 1,163 - 1,163 Advances to subsidiaries and parent undertakings - 3,550 - (3,550) - Other financial assets - - 23 - 23 Other receivables - - 181 - 181 Derivative financial instruments - - 30 - 30 Deferred income tax assets - - 71 - 71 Total non-current 14,892 4,122 27,344 (20,696) 25,662 Current assets Inventories - - 3,061 - 3,061 Trade and other receivables - - 4,074 - 4,074 Advances to subsidiaries and parent undertakings 1,233 - 507 (1,740) - Current income tax recoverable - - 15 - 15 Derivative financial instruments - - 15 - 15 Cash and cash equivalents 411 - 1,935 - 2,346 Total current assets 1,644 - 9,607 (1,740) 9,511 Total assets 16,536 4,122 36,951 (22,436) 35,173 EQUITY Capital and reserves attributable to the Company’s equity holders 16,029 1,950 15,196 (17,146) 16,029 Non-controlling - - 525 - 525 Total equity 16,029 1,950 15,721 (17,146) 16,554 LIABILITIES Non-current Interest-bearing loans and borrowings - 2,098 6,600 - 8,698 Derivative financial instruments - 16 2 - 18 Deferred income tax liabilities - - 2,209 - 2,209 Other payables - - 472 - 472 Advances from subsidiary and parent undertakings - - 3,550 (3,550) - Retirement benefit obligations - - 424 - 424 Provisions for liabilities - - 719 - 719 Total non-current - 2,114 13,976 (3,550) 12,540 Current liabilities Trade and other payables - 21 4,588 - 4,609 Advances from subsidiary and parent undertakings 507 - 1,233 (1,740) - Current income tax liabilities - - 443 - 443 Interest-bearing loans and borrowings - 37 581 - 618 Derivative financial instruments - - 41 - 41 Provisions for liabilities - - 368 - 368 Total current liabilities 507 58 7,254 (1,740) 6,079 Total liabilities 507 2,172 21,230 (5,290) 18,619 Total equity and liabilities 16,536 4,122 36,951 (22,436) 35,173 |
Schedule of Supplemental Condensed Consolidated Income Statement | Supplemental Condensed Consolidated Income Statement Year ended 31 December 2019 Guarantor € Issuer € Non-Guarantor € Eliminate and reclassify € CRH and subsidiaries € Revenue - - 25,129 - 25,129 Cost of sales - - (16,846) - (16,846) Gross profit - - 8,283 - 8,283 Operating income/(costs) 1,531 - (7,320) - (5,789) Group operating profit 1,531 - 963 - 2,494 (Loss)/profit on disposals (13) - 12 - (1) Profit before finance costs 1,518 - 975 - 2,493 Finance costs (3) (280) (353) 290 (346) Finance income - 290 20 (290) 20 Other financial expense - - (112) - (112) Share of subsidiaries’ profit before tax 522 136 - (658) - Share of equity accounted investments’ profit 60 - 60 (60) 60 Profit before tax from continuing operations 2,097 146 590 (718) 2,115 Income tax expense (477) (36) (441) 477 (477) Group profit for the financial year from continuing operations 1,620 110 149 (241) 1,638 Profit after tax for the financial year from discontinued operations 309 - 310 (309) 310 Group profit for the financial year 1,929 110 459 (550) 1,948 Profit attributable to: Equity holders of the Company From continuing operations 1,620 110 131 (241) 1,620 From discontinued operations 309 - 309 (309) 309 Non-controlling From continuing operations - - 18 - 18 From discontinued operations - - 1 - 1 Group profit for the financial year 1,929 110 459 (550) 1,948 Supplemental Condensed Consolidated Income Statement Year ended 31 December 2018 Restated (i) Guarantor € Issuer € Non-Guarantor subsidiaries € Eliminate and € CRH and subsidiaries € Revenue - - 23,241 - 23,241 Cost of sales - - (15,572) - (15,572) Gross profit - - 7,669 - 7,669 Operating income/(costs) 1,741 - (7,339) - (5,598) Group operating profit 1,741 - 330 - 2,071 Loss on disposals (15) - (12) - (27) Profit before finance costs 1,726 - 318 - 2,044 Finance costs - (224) (346) 231 (339) Finance income 1 231 33 (231) 34 Other financial expense - - (46) - (46) Share of subsidiaries’ (loss)/profit before tax (37) 115 - (78) - Share of equity accounted investments’ profit 48 - 48 (48) 48 Profit before tax from continuing operations 1,738 122 7 (126) 1,741 Income tax expense (396) (32) (364) 396 (396) Group profit for the financial year from continuing operations 1,342 90 (357) 270 1,345 Profit after tax for the financial year from discontinued operations 1,175 - 1,176 (1,175) 1,176 Group profit for the financial year 2,517 90 819 (905) 2,521 Profit attributable to: Equity holders of the Company From continuing operations 1,342 90 (360) 270 1,342 From discontinued operations 1,175 - 1,175 (1,175) 1,175 Non-controlling From continuing operations - - 3 - 3 From discontinued operations - - 1 - 1 Group profit for the financial year 2,517 90 819 (905) 2,521 (i) Restated to show the results of our former Europe Distribution segment in discontinued operations. Supplemental Condensed Consolidated Income Statement Year ended 31 December 2017 Restated (i) Guarantor € Issuer € Non-Guarantor subsidiaries € Eliminate and reclassify € CRH and subsidiaries € Revenue - - 21,653 - 21,653 Cost of sales - - (14,275) - (14,275) Gross profit - - 7,378 - 7,378 Operating income/(costs) 22 - (5,473) - (5,451) Group operating profit 22 - 1,905 - 1,927 Profit on disposals - - 54 - 54 Profit before finance costs 22 - 1,959 - 1,981 Finance costs - (235) (308) 242 (301) Finance income 2 242 10 (242) 12 Other financial expense - - (59) - (59) Share of subsidiaries’ profit before tax 1,586 83 - (1,669) - Share of equity accounted investments’ profit 52 - 52 (52) 52 Profit before tax from continuing operations 1,662 90 1,654 (1,721) 1,685 Income tax expense (12) (29) 17 12 (12) Group profit for the financial year from continuing operations 1,650 61 1,671 (1,709) 1,673 Profit after tax for the financial year from discontinued operations 245 - 246 (245) 246 Group profit for the financial year 1,895 61 1,917 (1,954) 1,919 Profit attributable to: Equity holders of the Company From continuing operations 1,650 61 1,648 (1,709) 1,650 From discontinued operations 245 - 245 (245) 245 Non-controlling From continuing operations - - 23 - 23 From discontinued operations - - 1 - 1 Group profit for the financial year 1,895 61 1,917 (1,954) 1,919 (i) Restated to show the results of our former Europe Distribution segment in discontinued operations. |
Schedule of Supplemental Condensed Consolidated Statement of Comprehensive Income | Supplemental Condensed Consolidated Statement of Comprehensive Income Group profit for the financial year 1,929 110 459 (550) 1,948 Other comprehensive income Items that may be reclassified to profit or loss in subsequent years: Currency translation effects 319 27 316 (319) 343 Gains relating to cash flow hedges 24 - 24 (24) 24 Tax relating to cash flow hedges (3) - (3) 3 (3) 340 27 337 (340) 364 Items that will not be reclassified to profit or loss in subsequent years: Remeasurement of retirement benefit obligations (17) - (17) 17 (17) Tax relating to retirement benefit obligations (3) - (3) 3 (3) (20) - (20) 20 (20) Total other comprehensive income for the financial year 320 27 317 (320) 344 Total comprehensive income for the financial year 2,249 137 776 (870) 2,292 Attributable to: Equity holders of the Company 2,249 137 733 (870) 2,249 Non-controlling - - 43 - 43 Total comprehensive income for the financial year 2,249 137 776 (870) 2,292 Supplemental Condensed Consolidated Statement of Comprehensive Income Group profit for the financial year 2,517 90 819 (905) 2,521 Other comprehensive income Items that may be reclassified to profit or loss in subsequent years: Currency translation effects 277 63 213 (277) 276 Losses relating to cash flow hedges (40) - (40) 40 (40) Tax relating to cash flow hedges 5 - 5 (5) 5 242 63 178 (242) 241 Items that will not be reclassified to profit or loss in subsequent years: Remeasurement of retirement benefit obligations 10 - 10 (10) 10 Tax relating to retirement benefit obligations (1) - (1) 1 (1) 9 - 9 (9) 9 Total other comprehensive income for the financial year 251 63 187 (251) 250 Total comprehensive income for the financial year 2,768 153 1,006 (1,156) 2,771 Attributable to: Equity holders of the Company 2,768 153 1,003 (1,156) 2,768 Non-controlling - - 3 - 3 Total comprehensive income for the financial year 2,768 153 1,006 (1,156) 2,771 Supplemental Condensed Consolidated Statement of Comprehensive Income Group profit for the financial year 1,895 61 1,917 (1,954) 1,919 Other comprehensive income Items that may be reclassified to profit or loss in subsequent years: Currency translation effects (1,015) (186) (890) 1,015 (1,076) Gains relating to cash flow hedges 8 - 8 (8) 8 (1,007) (186) (882) 1,007 (1,068) Items that will not be reclassified to profit or loss in subsequent years: Remeasurement of retirement benefit obligations 114 - 114 (114) 114 Tax on items recognised directly within other comprehensive income (33) - (33) 33 (33) 81 - 81 (81) 81 Total other comprehensive income for the financial year (926) (186) (801) 926 (987) Total comprehensive income for the financial year 969 (125) 1,116 (1,028) 932 Attributable to: Equity holders of the Company 969 (125) 1,153 (1,028) 969 Non-controlling - - (37) - (37) Total comprehensive income for the financial year 969 (125) 1,116 (1,028) 932 |
Schedule of Supplemental Condensed Consolidated Statement of Cash Flow | Supplemental Condensed Consolidated Statement of Cash Flow Year ended 31 December 2019 Guarantor € Issuer € Non-Guarantor subsidiaries € Eliminate and € CRH and € Cash flows from operating activities Profit before tax from continuing operations 2,097 146 590 (718) 2,115 Profit before tax from discontinued operations 332 - 333 (332) 333 Profit before tax 2,429 146 923 (1,050) 2,448 Finance costs (net) 3 (10) 452 - 445 Share of subsidiaries’ profit before tax (842) (136) - 978 - Share of equity accounted investments’ profit (72) - (72) 72 (72) Loss/(profit) on disposals 13 - (239) - (226) Group operating profit 1,531 - 1,064 - 2,595 Depreciation charge - - 1,538 - 1,538 Amortisation of intangible assets - - 59 - 59 Impairment charge - - 8 - 8 Share-based payment (income)/expense (26) - 103 - 77 Other (primarily pension payments) - - (3) - (3) Net movement on working capital and provisions - (1) (63) - (64) Cash generated from operations 1,505 (1) 2,706 - 4,210 Interest paid (including leases) (3) (280) (426) 290 (419) Corporation tax paid - (36) (289) - (325) Net cash inflow/(outflow) from operating activities 1,502 (317) 1,991 290 3,466 Cash flows from investing activities Proceeds from disposals (net of cash disposed and deferred proceeds) - - 2,096 - 2,096 Interest received - 290 20 (290) 20 Dividends received from equity accounted investments - - 35 - 35 Purchase of property, plant and equipment - - (1,229) - (1,229) Advances from subsidiary and parent undertakings (375) 70 (336) 641 - Acquisition of subsidiaries (net of cash acquired) - - (650) - (650) Other investments and advances - - (29) - (29) Deferred and contingent acquisition consideration paid - - (48) - (48) Net cash (outflow)/inflow from investing activities (375) 360 (141) 351 195 Cash flows from financing activities Proceeds from exercise of share options 20 - - - 20 Transactions involving non-controlling - - (19 ) - (19 ) Advances to subsidiary and parent undertakings 336 - 305 (641) - Increase in interest-bearing loans and borrowings - - 91 - 91 Net cash flow arising from derivative financial instruments - - (36) - (36) Repayment of interest-bearing loans, borrowings and finance leases - (43) (529) - (572) Repayment of lease liabilities - - (317) - (317) Treasury Shares/own shares purchased (852) - - - (852) Dividends paid to equity holders of the Company (584) - - - (584) Dividends paid to non-controlling - - (10) - (10) Net cash (outflow)/inflow from financing activities (1,080) (43) (515) (641) (2,279) Increase in cash and cash equivalents 47 - 1,335 - 1,382 Reconciliation of opening to closing cash and cash equivalents Cash and cash equivalents at 1 January 411 - 1,935 - 2,346 Translation adjustment - - 27 - 27 Increase in cash and cash equivalents 47 - 1,335 - 1,382 Cash and cash equivalents at 31 December 458 - 3,297 - 3,755 Supplemental Condensed Consolidated Statement of Cash Flow Year ended 31 December 2018 Guarantor € Issuer € Non-Guarantor € Eliminate and € CRH and € Cash flows from operating activities Profit before tax from continuing operations 1,738 122 7 (126) 1,741 Profit before tax from discontinued operations 1,678 - 1,679 (1,678) 1,679 Profit before tax 3,416 122 1,686 (1,804) 3,420 Finance costs (net) (1) (7) 359 - 351 Share of subsidiaries’ profit before tax (1,629) (115) - 1,744 - Share of equity accounted investments’ profit (60) - (60) 60 (60) Loss/(profit) on disposals 15 - (1,554) - (1,539) Group operating profit 1,741 - 431 - 2,172 Depreciation charge - - 1,071 - 1,071 Amortisation of intangible assets - - 61 - 61 Impairment charge - - 56 - 56 Share-based payment (income)/expense (13) - 80 - 67 Other (primarily pension payments) - - (67) - (67) Net movement on working capital and provisions - (4) (459) - (463) Cash generated from operations 1,728 (4) 1,173 - 2,897 Interest paid (including leases) - (224) (342) 231 (335) Corporation tax paid - (32) (631) - (663) Net cash inflow/(outflow) from operating activities 1,728 (260) 200 231 1,899 Cash flows from investing activities Proceeds from disposals (net of cash disposed and deferred proceeds) - - 3,009 - 3,009 Interest received 1 231 33 (231) 34 Dividends received from equity accounted investments - - 48 - 48 Purchase of property, plant and equipment - - (1,121) - (1,121) Advances from subsidiary and parent undertakings (184) 241 238 (295) - Acquisition of subsidiaries (net of cash acquired) - - (3,505) - (3,505) Other investments and advances - - (2) - (2) Deferred and contingent acquisition consideration paid - - (55) - (55) Net cash (outflow)/inflow from investing activities (183) 472 (1,355) (526) (1,592) Cash flows from financing activities Proceeds from issue of shares (net) 11 - - - 11 Proceeds from exercise of share options 7 - - - 7 Advances to subsidiary and parent undertakings (238) - (57) 295 - Increase in interest-bearing loans and borrowings - 31 1,403 - 1,434 Net cash flow arising from derivative financial instruments - - 6 - 6 Repayment of interest-bearing loans, borrowings and finance leases (2) (243) (1) - (246) Treasury Shares/own shares purchased (792) - - - (792) Dividends paid to equity holders of the Company (521) - - - (521) Dividends paid to non-controlling - - (12) - (12) Net cash (outflow)/inflow from financing activities (1,535) (212) 1,339 295 (113) Increase in cash and cash equivalents 10 - 184 - 194 Reconciliation of opening to closing cash and cash equivalents Cash and cash equivalents at 1 January 401 - 1,734 - 2,135 Translation adjustment - - 17 - 17 Increase in cash and cash equivalents 10 - 184 - 194 Cash and cash equivalents at 31 December 411 - 1,935 - 2,346 Supplemental Condensed Consolidated Statement of Cash Flow Year ended 31 December 2017 Guarantor € Issuer € Non-Guarantor € Eliminate and € CRH and € Cash flows from operating activities Profit before tax from continuing operations 1,662 90 1,654 (1,721) 1,685 Profit before tax from discontinued operations 327 - 328 (327) 328 Profit before tax 1,989 90 1,982 (2,048) 2,013 Finance costs (net) (2) (7) 358 - 349 Share of subsidiaries’ profit before tax (1,900) (83) - 1,983 - Share of equity accounted investments’ profit (65) - (65) 65 (65) Profit on disposals - - (59) - (59) Group operating profit 22 - 2,216 - 2,238 Depreciation charge - - 1,006 - 1,006 Amortisation of intangible assets - - 66 - 66 Share-based payment (income)/expense (1) - 66 - 65 Other (primarily pension payments) - - (186) - (186) Net movement on working capital and provisions - (11) (198) - (209) Cash generated from operations 21 (11) 2,970 - 2,980 Interest paid (including leases) - (236) (323) 242 (317) Corporation tax paid - (29) (445) - (474) Net cash inflow/(outflow) from operating activities 21 (276) 2,202 242 2,189 Cash flows from investing activities Proceeds from disposals (net of cash disposed and deferred proceeds) - - 222 - 222 Interest received 2 242 9 (242) 11 Dividends received from equity accounted investments - - 31 - 31 Purchase of property, plant and equipment - - (1,044) - (1,044) Advances from subsidiary and parent undertakings 407 356 - (763) - Acquisition of subsidiaries (net of cash acquired) - - (1,841) - (1,841) Other investments and advances - - (11) - (11) Deferred and contingent acquisition consideration paid - - (53) - (53) Net cash inflow/(outflow) from investing activities 409 598 (2,687) (1,005) (2,685) Cash flows from financing activities Proceeds from issue of shares (net) 42 - - - 42 Transactions involving non-controlling - - (37) - (37) Advances to subsidiary and parent undertakings - - (763) 763 - Increase in interest-bearing loans and borrowings - 6 1,004 - 1,010 Net cash flow arising from derivative financial instruments - 11 158 - 169 Premium paid on early debt redemption - (18) - - (18) Repayment of interest-bearing loans, borrowings and finance leases - (321) (22) - (343) Treasury Shares/own shares purchased (3) - - - (3) Dividends paid to equity holders of the Company (469) - - - (469) Dividends paid to non-controlling - - (8) - (8) Net cash (outflow)/inflow from financing activities (430) (322) 332 763 343 Decrease in cash and cash equivalents - - (153) - (153) Reconciliation of opening to closing cash and cash equivalents Cash and cash equivalents at 1 January 401 - 2,048 - 2,449 Translation adjustment - - (161) - (161) Decrease in cash and cash equivalents - - (153) - (153) Cash and cash equivalents at 31 December 401 - 1,734 - 2,135 |
Accounting Policies - Summary o
Accounting Policies - Summary of Impact on the Financial Statements on Adoption of IFRS 16 (Detail) - EUR (€) € / shares in Units, € in Millions | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | ||||
Consolidated Income Statement | |||||||
Finance costs | € 346 | € 339 | [1] | € 301 | [1] | ||
Consolidated Balance Sheet | |||||||
Property, plant and equipment | 17,424 | 15,761 | |||||
Lease liabilities; net debt | 1,511 | € 1,977 | |||||
Consolidated Statement of Cash Flows | |||||||
Net cash flow from operating activities | 3,466 | 1,899 | 2,189 | ||||
Net cash (outflow)/inflow from financing activities | (2,279) | € (113) | € 343 | ||||
IFRS 16 [Member] | |||||||
Consolidated Income Statement | |||||||
Depreciation | [2] | 334 | |||||
Finance costs | € 69 | ||||||
EPS | [2],[3] | € 0.03 | |||||
Consolidated Balance Sheet | |||||||
Property, plant and equipment | [2],[4] | 1,939 | |||||
Lease liabilities; net debt | [2],[4] | € 1,954 | |||||
Consolidated Statement of Cash Flows | |||||||
Net cash flow from operating activities | € 317 | ||||||
Net cash (outflow)/inflow from financing activities | € (317) | ||||||
[1] | Restated to show the results of our former Europe Distribution segment in discontinued operations. See note 3 for further details. | ||||||
[2] | The operating profit and depreciation impact of IFRS 16 on discontinued operations included above are +€4 million and +€63 million respectively for the year ended 31 December 2019. The right-of-use asset and discounted lease liability related to discontinued operations are €398 million as at 1 January 2019. | ||||||
[3] | The impact of the adoption of IFRS 16 on operating profit for the year ended 31 December 2019 is €0.05 billion and has been calculated based only on the portfolio of leases which existed at 1 January 2019. | ||||||
[4] | The impact of the adoption of IFRS 16 on property, plant and equipment and net debt is net of existing finance leases (€23 million at 31 December 2018) which have been recorded as part of the right-of-use assets and lease liabilities at their previous carrying amounts on 1 January 2019. |
Accounting Policies - Summary_2
Accounting Policies - Summary of Impact on the Financial Statements on Adoption of IFRS 16 (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Statement [line items] | |||
Material Impact On Adoption Of IFRS 16 In Operating Profit | € 50 | ||
Discontinued operations [member] | |||
Statement [line items] | |||
Right of use of asset | € 398 | ||
Material Impact On Adoption Of IFRS 16 In Property, Plant And Equipment And Net Debt - impact of net finance leases | € 23 | ||
Material Impact On Adoption Of IFRS 16 - operating profit | 4 | ||
Material impact on adoption of ifrs 16 - depreciation | € 63 |
Accounting policies - Additiona
Accounting policies - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Accounting policies [line items] | ||||
Operating lease rentals | € 533 | € 513 | ||
Weighted average incremental borrowing rate | 3.95% | |||
Property, plant and equipment excluding leased right-of-use assets | € 15,954 | |||
Property, plant and equipment as a % of assets | 43.00% | |||
Cumulative Cash Flow Target [member] | ||||
Accounting policies [line items] | ||||
Percentage of awards granted | 50.00% | |||
TSR measure [member] | ||||
Accounting policies [line items] | ||||
Percentage of awards granted | 25.00% | 50.00% | 50.00% | |
TSR measure [member] | Tailored sector peer group [member] | ||||
Accounting policies [line items] | ||||
Percentage of awards granted | 25.00% | |||
TSR measure [member] | FTSE All-World Construction & Materials index [member] | ||||
Accounting policies [line items] | ||||
Percentage of awards granted | 25.00% | |||
New RONA measure [Member] | ||||
Accounting policies [line items] | ||||
Percentage of awards granted | 25.00% | |||
Plant and machinery [member] | Minimum [member] | ||||
Accounting policies [line items] | ||||
Rate of depreciation | 3.30% | |||
Plant and machinery [member] | Maximum [member] | ||||
Accounting policies [line items] | ||||
Rate of depreciation | 20.00% | |||
Transport [member] | Average [member] | ||||
Accounting policies [line items] | ||||
Rate of depreciation | 20.00% | |||
Buildings [member] | ||||
Accounting policies [line items] | ||||
Rate of depreciation | 2.50% |
Accounting Policies - Summary_3
Accounting Policies - Summary Of Difference Between Operating Lease Commitments and Lease Liabilities Under IFRS 16 (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Jan. 01, 2019 | |
Difference Between Operating Lease Commitments Applying IAS 17 And Lease Liabilities Recognized Under IFRS 16 [Abstract] | |||
Operating lease commitment under IAS 17 | € 1,911 | ||
Lease extensions beyond break date | 632 | ||
Leases that are cancellable at any time | 35 | ||
Existing IAS 17 finance leases | [1] | 23 | |
Other lease payments not included in discounted lease liability under IFRS 16 | [2] | (108) | |
Undiscounted lease liability under IFRS 16 | 2,493 | ||
Less impact of discounting | (516) | ||
Discounted lease liability under IFRS 16 | € 1,511 | € 1,977 | |
[1] | Existing IAS 17 finance leases are presented at discounted amounts as the impact of discounting on these leases is not considered material. | ||
[2] | Other lease payments not included in the discounted lease liability under IFRS 16 include payments related to short-term and low-value leases which were included in the operating lease commitment under IAS 17 but are exempt from capitalisation under IFRS 16. |
Accounting Policies - Summary_4
Accounting Policies - Summary of Foreign Currency Translation (Detail) - Rate | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Brazilian Real [member] | |||
Disclosure of exchange rates [line items] | |||
Description of exchange rate | Brazilian Real | ||
Average foreign exchange rate | 4.4134 | 4.3085 | 3.6054 |
Year-end foreign exchange rate | 4.5157 | 4.4440 | |
Canadian Dollar [member] | |||
Disclosure of exchange rates [line items] | |||
Description of exchange rate | Canadian Dollar | ||
Average foreign exchange rate | 1.4855 | 1.5294 | 1.4647 |
Year-end foreign exchange rate | 1.4598 | 1.5605 | |
Chinese Renminbi [member] | |||
Disclosure of exchange rates [line items] | |||
Description of exchange rate | Chinese Renminbi | ||
Average foreign exchange rate | 7.7355 | 7.8081 | 7.6290 |
Year-end foreign exchange rate | 7.8205 | 7.8751 | |
Hungarian Forint [member] | |||
Disclosure of exchange rates [line items] | |||
Description of exchange rate | Hungarian Forint | ||
Average foreign exchange rate | 325.2967 | 318.8897 | 309.1933 |
Year-end foreign exchange rate | 330.5300 | 320.9800 | |
Indian Rupee [member] | |||
Disclosure of exchange rates [line items] | |||
Description of exchange rate | Indian Rupee | ||
Average foreign exchange rate | 78.8361 | 80.7332 | 73.5324 |
Year-end foreign exchange rate | 80.1870 | 79.7298 | |
Philippine Peso [member] | |||
Disclosure of exchange rates [line items] | |||
Description of exchange rate | Philippine Peso | ||
Average foreign exchange rate | 57.9851 | 62.2101 | 56.9734 |
Year-end foreign exchange rate | 56.9000 | 60.1130 | |
Polish Zloty [member] | |||
Disclosure of exchange rates [line items] | |||
Description of exchange rate | Polish Zloty | ||
Average foreign exchange rate | 4.2976 | 4.2615 | 4.2570 |
Year-end foreign exchange rate | 4.2568 | 4.3014 | |
Pound Sterling [member] | |||
Disclosure of exchange rates [line items] | |||
Description of exchange rate | Pound Sterling | ||
Average foreign exchange rate | 0.8778 | 0.8847 | 0.8767 |
Year-end foreign exchange rate | 0.8508 | 0.8945 | |
Romanian Leu [member] | |||
Disclosure of exchange rates [line items] | |||
Description of exchange rate | Romanian Leu | ||
Average foreign exchange rate | 4.7453 | 4.6540 | 4.5688 |
Year-end foreign exchange rate | 4.7830 | 4.6635 | |
Serbian Dinar [member] | |||
Disclosure of exchange rates [line items] | |||
Description of exchange rate | Serbian Dinar | ||
Average foreign exchange rate | 117.8377 | 118.2302 | 121.3232 |
Year-end foreign exchange rate | 117.8237 | 118.3157 | |
Swiss Franc [member] | |||
Disclosure of exchange rates [line items] | |||
Description of exchange rate | Swiss Franc | ||
Average foreign exchange rate | 1.1124 | 1.1550 | 1.1117 |
Year-end foreign exchange rate | 1.0854 | 1.1269 | |
Ukrainian Hryvnia [member] | |||
Disclosure of exchange rates [line items] | |||
Description of exchange rate | Ukrainian Hryvnia | ||
Average foreign exchange rate | 28.8881 | 32.0987 | 30.0341 |
Year-end foreign exchange rate | 26.7377 | 31.6900 | |
US Dollar [member] | |||
Disclosure of exchange rates [line items] | |||
Description of exchange rate | US Dollar | ||
Average foreign exchange rate | 1.1195 | 1.1810 | 1.1297 |
Year-end foreign exchange rate | 1.1234 | 1.1450 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) € in Millions | 12 Months Ended | |
Dec. 31, 2019EUR (€)Segments | Dec. 31, 2018EUR (€) | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Number of operating segments | Segments | 3 | |
Foreign countries [member] | Minimum [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Percentage of limit of external group revenue | 10.00% | |
Americas Materials and Europe Materials [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue yet to be recognised from fixed-price long term construction contracts | € | € 1,867 | € 1,848 |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregated Revenue by Primary Geographic Areas (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disaggregated revenue by principal geographic areas [line items] | ||||
Revenue | € 28,306 | € 26,797 | € 27,563 | |
Continuing operations [member] | ||||
Disaggregated revenue by principal geographic areas [line items] | ||||
Revenue | 25,129 | 23,241 | 21,653 | |
Continuing operations [member] | Republic of Ireland [member] | ||||
Disaggregated revenue by principal geographic areas [line items] | ||||
Revenue | 585 | 468 | 435 | |
Continuing operations [member] | United Kingdom [member] | ||||
Disaggregated revenue by principal geographic areas [line items] | ||||
Revenue | 3,324 | 3,268 | 3,023 | |
Continuing operations [member] | Rest of Europe [member] | ||||
Disaggregated revenue by principal geographic areas [line items] | ||||
Revenue | [1] | 5,366 | 5,567 | 5,370 |
Continuing operations [member] | United States [member] | ||||
Disaggregated revenue by principal geographic areas [line items] | ||||
Revenue | 13,750 | 11,961 | 10,844 | |
Continuing operations [member] | Rest of World [member] | ||||
Disaggregated revenue by principal geographic areas [line items] | ||||
Revenue | [2] | 2,104 | 1,977 | 1,981 |
Discontinued operations [member] | Rest of Europe [member] | ||||
Disaggregated revenue by principal geographic areas [line items] | ||||
Revenue | 3,177 | 3,549 | 3,567 | |
Discontinued operations [member] | United States [member] | ||||
Disaggregated revenue by principal geographic areas [line items] | ||||
Revenue | 7 | € 2,343 | ||
Europe Materials [Member] | Continuing operations [member] | ||||
Disaggregated revenue by principal geographic areas [line items] | ||||
Revenue | 8,494 | 8,042 | ||
Europe Materials [Member] | Continuing operations [member] | Republic of Ireland [member] | ||||
Disaggregated revenue by principal geographic areas [line items] | ||||
Revenue | 585 | 468 | ||
Europe Materials [Member] | Continuing operations [member] | United Kingdom [member] | ||||
Disaggregated revenue by principal geographic areas [line items] | ||||
Revenue | 3,107 | 3,045 | ||
Europe Materials [Member] | Continuing operations [member] | Rest of Europe [member] | ||||
Disaggregated revenue by principal geographic areas [line items] | ||||
Revenue | [1] | 4,328 | 4,098 | |
Europe Materials [Member] | Continuing operations [member] | Rest of World [member] | ||||
Disaggregated revenue by principal geographic areas [line items] | ||||
Revenue | [2] | 474 | 431 | |
Americas Materials [member] | Continuing operations [member] | ||||
Disaggregated revenue by principal geographic areas [line items] | ||||
Revenue | 10,385 | 8,951 | ||
Americas Materials [member] | Continuing operations [member] | United States [member] | ||||
Disaggregated revenue by principal geographic areas [line items] | ||||
Revenue | 9,207 | 7,896 | ||
Americas Materials [member] | Continuing operations [member] | Rest of World [member] | ||||
Disaggregated revenue by principal geographic areas [line items] | ||||
Revenue | [2] | 1,178 | 1,055 | |
Building Products [Member] | Continuing operations [member] | ||||
Disaggregated revenue by principal geographic areas [line items] | ||||
Revenue | 6,250 | 6,248 | ||
Building Products [Member] | Continuing operations [member] | United Kingdom [member] | ||||
Disaggregated revenue by principal geographic areas [line items] | ||||
Revenue | 217 | 223 | ||
Building Products [Member] | Continuing operations [member] | Rest of Europe [member] | ||||
Disaggregated revenue by principal geographic areas [line items] | ||||
Revenue | [1] | 1,038 | 1,469 | |
Building Products [Member] | Continuing operations [member] | United States [member] | ||||
Disaggregated revenue by principal geographic areas [line items] | ||||
Revenue | 4,543 | 4,065 | ||
Building Products [Member] | Continuing operations [member] | Rest of World [member] | ||||
Disaggregated revenue by principal geographic areas [line items] | ||||
Revenue | [2] | € 452 | € 491 | |
[1] | The Rest of Europe principally includes Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Hungary, Luxembourg, Netherlands, Poland, Romania, Serbia, Slovakia, Spain, Sweden, Switzerland and Ukraine. | |||
[2] | The Rest of World principally includes Australia, Brazil, Canada and the Philippines. |
Revenue - Schedule of Disaggr_2
Revenue - Schedule of Disaggregated Revenue by Principal Activities and Products (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | € 28,306 | € 26,797 | € 27,563 |
Continuing operations [member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 25,129 | 23,241 | € 21,653 |
Continuing operations [member] | Cement, lime and cement products [member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 3,868 | 3,316 | |
Continuing operations [member] | Aggregates, asphalt and readymixed products [member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 8,107 | 7,249 | |
Continuing operations [member] | Construction contract activities [member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 5,891 | 5,593 | |
Continuing operations [member] | Architectural products [Member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 3,619 | 3,500 | |
Continuing operations [member] | Infrastructure products [Member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 1,462 | 1,252 | |
Continuing operations [member] | Construction accessories [Member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 590 | 593 | |
Continuing operations [member] | Architectural glass and glazing systems and wholesale hardware distribution [member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 1,592 | 1,431 | |
Continuing operations [member] | DIY [Member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 307 | ||
Discontinued operations [member] | Exterior and interior products - Americas Distribution [member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 7 | ||
Discontinued operations [member] | General Builders Merchants, DIY and Sanitary, Heating & Plumbing - Europe Distribution [member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 3,177 | 3,549 | |
Americas Materials [member] | Continuing operations [member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 10,385 | 8,951 | |
Americas Materials [member] | Continuing operations [member] | Cement, lime and cement products [member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 1,222 | 810 | |
Americas Materials [member] | Continuing operations [member] | Aggregates, asphalt and readymixed products [member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 5,046 | 4,330 | |
Americas Materials [member] | Continuing operations [member] | Construction contract activities [member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 4,117 | 3,811 | |
Europe Materials [Member] | Continuing operations [member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 8,494 | 8,042 | |
Europe Materials [Member] | Continuing operations [member] | Cement, lime and cement products [member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 2,646 | 2,506 | |
Europe Materials [Member] | Continuing operations [member] | Aggregates, asphalt and readymixed products [member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 3,061 | 2,919 | |
Europe Materials [Member] | Continuing operations [member] | Construction contract activities [member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 1,609 | 1,542 | |
Europe Materials [Member] | Continuing operations [member] | Architectural products [Member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 955 | 903 | |
Europe Materials [Member] | Continuing operations [member] | Infrastructure products [Member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 223 | 172 | |
Building Products [Member] | Continuing operations [member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 6,250 | 6,248 | |
Building Products [Member] | Continuing operations [member] | Construction contract activities [member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 165 | 240 | |
Building Products [Member] | Continuing operations [member] | Architectural products [Member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 2,664 | 2,597 | |
Building Products [Member] | Continuing operations [member] | Infrastructure products [Member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 1,239 | 1,080 | |
Building Products [Member] | Continuing operations [member] | Construction accessories [Member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | 590 | 593 | |
Building Products [Member] | Continuing operations [member] | Architectural glass and glazing systems and wholesale hardware distribution [member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | € 1,592 | 1,431 | |
Building Products [Member] | Continuing operations [member] | DIY [Member] | |||
Disaggregated revenue by principal activities and products [line items] | |||
Revenue | € 307 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019Segments | |
Disclosure of operating segments [line items] | |
Number of operating segments | 3 |
Overseas [member] | Minimum [member] | |
Disclosure of operating segments [line items] | |
Percentage of limit of external group revenue | 10.00% |
Segment Information - Summary o
Segment Information - Summary of Operating Segments Disclosures - Consolidated Income Statement Data (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure of operating segments [line items] | |||||
Revenue | € 25,129 | € 23,241 | [1] | € 21,653 | [1] |
Group operating profit | 2,494 | 2,071 | [1] | 1,927 | [1] |
(Loss)/profit on disposals | (1) | (27) | 54 | ||
Finance costs less income | (326) | (305) | (289) | ||
Other financial expense | (112) | (46) | [1] | (59) | [1] |
Share of equity accounted investments' profit | 60 | 48 | [1] | 52 | [1] |
Profit before tax from continuing operations | 2,115 | 1,741 | [1] | 1,685 | [1] |
Continuing operations [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 25,129 | 23,241 | 21,653 | ||
Group EBITDA | 4,000 | 3,216 | 2,930 | ||
Depreciation, amortisation and impairment | 1,506 | 1,145 | 1,003 | ||
Group operating profit | 2,494 | 2,071 | 1,927 | ||
Other financial expense | (112) | (46) | (59) | ||
Continuing and Discontinued Operations [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 28,306 | 26,797 | 27,563 | ||
Group EBITDA | 4,200 | 3,360 | 3,310 | ||
Depreciation, amortisation and impairment | 1,605 | 1,188 | 1,072 | ||
Group operating profit | 2,595 | 2,172 | 2,238 | ||
Europe [member] | Continuing operations [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 8,494 | 8,042 | 7,338 | ||
Group EBITDA | 1,079 | 936 | 891 | ||
Depreciation, amortisation and impairment | 524 | 449 | 398 | ||
Group operating profit | 555 | 487 | 493 | ||
Europe [member] | Discontinued operations [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 3,177 | 3,549 | 3,567 | ||
Group EBITDA | 200 | 149 | 216 | ||
Depreciation, amortisation and impairment | 99 | 43 | 48 | ||
Group operating profit | 101 | 106 | 168 | ||
Americas [member] | Continuing operations [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 10,385 | 8,951 | 7,970 | ||
Group EBITDA | 1,960 | 1,493 | 1,270 | ||
Depreciation, amortisation and impairment | 689 | 484 | 412 | ||
Group operating profit | 1,271 | 1,009 | 858 | ||
Europe materials [member] | |||||
Disclosure of operating segments [line items] | |||||
(Loss)/profit on disposals | (131) | 7 | 19 | ||
Share of equity accounted investments' profit | 13 | 18 | 18 | ||
Americas Materials [member] | |||||
Disclosure of operating segments [line items] | |||||
(Loss)/profit on disposals | 2 | 44 | 29 | ||
Share of equity accounted investments' profit | 38 | 25 | 32 | ||
Building Products [member] | |||||
Disclosure of operating segments [line items] | |||||
(Loss)/profit on disposals | 128 | (78) | 6 | ||
Share of equity accounted investments' profit | 9 | 5 | 2 | ||
Building Products [member] | Continuing operations [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 6,250 | 6,248 | 6,345 | ||
Group EBITDA | 961 | 787 | 769 | ||
Depreciation, amortisation and impairment | 293 | 212 | 193 | ||
Group operating profit | € 668 | 575 | 576 | ||
Americas Distribution [member] | Discontinued operations [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 7 | 2,343 | |||
Group EBITDA | (5) | 164 | |||
Depreciation, amortisation and impairment | 0 | 21 | |||
Group operating profit | € (5) | € 143 | |||
[1] | Restated to show the results of our former Europe Distribution segment in discontinued operations. See note 3 for further details. |
Segment Information - Summary_2
Segment Information - Summary of Operating Segments Disclosures - Other Items (Parenthetical) (Detail) € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Disclosure of operating segments [abstract] | |
Additions to leased mineral reserves | € 86 |
Segment Information - Summary_3
Segment Information - Summary of Operating Segments Disclosures - Consolidated Balance Sheet Data (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Reconciliation to total assets as reported in the Consolidated Balance Sheet: | |||
Investments accounted for using the equity method | € 690 | € 1,163 | € 1,248 |
Derivative financial instruments (current and non-current) | 82 | 45 | |
Cash and cash equivalents | 3,755 | 2,346 | |
Assets | 37,310 | 35,173 | |
Reconciliation to total liabilities as reported in the Consolidated Balance Sheet: | |||
Interest-bearing loans and borrowings (current and non-current) | 9,014 | 9,316 | |
Derivative financial instruments (current and non-current) | 17 | 59 | |
Liabilities | 19,830 | 18,619 | |
Operating segments [member] | |||
Reconciliation to total assets as reported in the Consolidated Balance Sheet: | |||
Assets | 32,684 | 31,510 | |
Reconciliation to total liabilities as reported in the Consolidated Balance Sheet: | |||
Liabilities | 7,958 | 6,592 | |
Operating segments [member] | Americas Materials [member] | |||
Reconciliation to total assets as reported in the Consolidated Balance Sheet: | |||
Assets | 14,608 | 13,798 | |
Reconciliation to total liabilities as reported in the Consolidated Balance Sheet: | |||
Liabilities | 2,642 | 2,063 | |
Operating segments [member] | Europe materials [member] | |||
Reconciliation to total assets as reported in the Consolidated Balance Sheet: | |||
Assets | 11,669 | 10,509 | |
Reconciliation to total liabilities as reported in the Consolidated Balance Sheet: | |||
Liabilities | 3,441 | 2,787 | |
Operating segments [member] | Building Products [member] | |||
Reconciliation to total assets as reported in the Consolidated Balance Sheet: | |||
Assets | 6,407 | 7,203 | |
Reconciliation to total liabilities as reported in the Consolidated Balance Sheet: | |||
Liabilities | 1,875 | 1,742 | |
Material reconciling items [member] | |||
Reconciliation to total assets as reported in the Consolidated Balance Sheet: | |||
Investments accounted for using the equity method | 690 | 1,163 | |
Other financial assets | 12 | 23 | |
Derivative financial instruments (current and non-current) | 82 | 45 | |
Income tax assets (current and deferred) | 87 | 86 | |
Cash and cash equivalents | 3,755 | 2,346 | |
Assets | 37,310 | 35,173 | |
Reconciliation to total liabilities as reported in the Consolidated Balance Sheet: | |||
Interest-bearing loans and borrowings (current and non-current) | 9,014 | 9,316 | |
Derivative financial instruments (current and non-current) | 17 | 59 | |
Income tax liabilities (current and deferred) | 2,841 | 2,652 | |
Liabilities | € 19,830 | € 18,619 |
Segment Information - Summary_4
Segment Information - Summary of Operating Segments Disclosures - Other Items (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of operating segments [line items] | ||||
Property, plant and equipment | € 1,229 | € 1,121 | ||
Financial assets | 27 | 2 | ||
Continuing operations [member] | ||||
Disclosure of operating segments [line items] | ||||
Property, plant and equipment | 1,477 | 1,091 | € 986 | |
Financial assets | 28 | 2 | 11 | |
Additions to non-current assets | 1,505 | 1,093 | 997 | |
Discontinued operations [member] | ||||
Disclosure of operating segments [line items] | ||||
Property, plant and equipment | 1,477 | 1,121 | 1,044 | |
Financial assets | 29 | 2 | 11 | |
Additions to non-current assets | 1,506 | 1,123 | 1,055 | |
Americas Materials [member] | Continuing operations [member] | ||||
Disclosure of operating segments [line items] | ||||
Property, plant and equipment | [1] | 671 | 429 | 375 |
Financial assets | [1] | 27 | 2 | 5 |
Additions to non-current assets | [1] | 698 | 431 | 380 |
Europe materials [member] | Continuing operations [member] | ||||
Disclosure of operating segments [line items] | ||||
Property, plant and equipment | 491 | 453 | 404 | |
Financial assets | 1 | |||
Additions to non-current assets | 492 | 453 | 404 | |
Building Products [member] | Continuing operations [member] | ||||
Disclosure of operating segments [line items] | ||||
Property, plant and equipment | 315 | 209 | 207 | |
Financial assets | 6 | |||
Additions to non-current assets | 315 | 209 | 213 | |
Europe Distribution [member] | Discontinued operations [member] | ||||
Disclosure of operating segments [line items] | ||||
Property, plant and equipment | 30 | 29 | ||
Financial assets | 1 | |||
Additions to non-current assets | € 1 | 30 | 29 | |
Americas Distribution [member] | Discontinued operations [member] | ||||
Disclosure of operating segments [line items] | ||||
Property, plant and equipment | 29 | |||
Financial assets | ||||
Additions to non-current assets | € 29 | |||
[1] | Additions to property, plant and equipment includes €86 million relating to leased mineral reserves which fall outside the scope of IFRS 16. |
Segment Information - Summary_5
Segment Information - Summary of Information About Geographical Areas (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of geographical areas [line items] | ||
Non-current assets | € 26,548 | € 25,357 |
Republic of Ireland [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 506 | 495 |
United Kingdom [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 2,772 | 2,461 |
United States [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 14,259 | 12,925 |
Other [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | € 9,011 | € 9,476 |
Assets Held For Sale and Disc_3
Assets Held For Sale and Discontinued Operations - Additional Information (Detail) | Jan. 02, 2018 |
Disclosure Of Assets Held For Sale And Discontinued Operations [abstract] | |
Disposal percentage | 100.00% |
Assets Held for Sale and Disc_4
Assets Held for Sale and Discontinued Operations - Summary of Profit on Disposal of Discontinued Operations (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Assets/(liabilities) disposed of at net carrying amount: | |||
- non-current assets | € 736 | € 678 | € 125 |
- working capital and provisions | 83 | 132 | 29 |
Net assets disposed | 781 | 860 | 167 |
Reclassification of currency translation effects on disposal | 66 | 15 | 9 |
Total | 847 | 875 | 176 |
Net cash inflow arising on disposal | |||
Less: cash and cash equivalents disposed | (45) | (60) | (11) |
Total Group net cash inflow arising on disposal | 2,096 | 3,009 | € 222 |
Discontinued operations [member] | |||
Assets/(liabilities) disposed of at net carrying amount: | |||
- non-current assets | 1,309 | 472 | |
- cash and cash equivalents | 100 | 18 | |
- working capital and provisions | 596 | 367 | |
- current tax | 2 | ||
- lease liabilities | (367) | ||
- deferred tax | (28) | (14) | |
- retirement benefit obligations | (42) | ||
- non-controlling interests | (8) | ||
Net assets disposed | 1,562 | 843 | |
Reclassification of currency translation effects on disposal | (123) | (27) | |
Total | 1,439 | 816 | |
Proceeds from disposal (net of disposal costs) | 1,663 | 2,379 | |
Profit on disposal from discontinued operations | 224 | 1,563 | |
Net cash inflow arising on disposal | |||
Proceeds from disposal from discontinued operations | 1,663 | 2,379 | |
Less: cash and cash equivalents disposed | (100) | (18) | |
Total Group net cash inflow arising on disposal | € 1,563 | € 2,361 |
Assets Held For Sale and Disc_5
Assets Held For Sale and Discontinued Operations - Summary of Discontinued Operations (Detail) - EUR (€) € / shares in Units, € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Disclosure of discontinued operations [abstract] | ||||||
Revenue | € 3,177 | € 3,556 | € 5,910 | |||
EBITDA (as defined)* | 200 | 144 | 380 | |||
Depreciation | (96) | (41) | (55) | |||
Amortisation | (2) | (2) | (14) | |||
Impairment | (1) | |||||
Operating profit | 101 | 101 | 311 | |||
Profit on disposals | 227 | 1,566 | 5 | |||
Profit before finance costs | 328 | 1,667 | 316 | |||
Finance costs | (7) | (1) | ||||
Share of equity accounted investments' profit | 12 | 12 | 13 | |||
Profit before tax | 333 | 1,679 | 328 | |||
Attributable income tax expense | (23) | (503) | (82) | |||
Profit after tax for the financial year from discontinued operations | 310 | 1,176 | [1] | 246 | [1] | |
Profit attributable to: | ||||||
Equity holders of the Company | 309 | 1,175 | 245 | |||
Non-controlling interests | 1 | 1 | [1] | 1 | [1] | |
Profit after tax for the financial year from discontinued operations | € 310 | € 1,176 | [1] | € 246 | [1] | |
Basic earnings per Ordinary Share from discontinued operations | € 0.385 | € 1.412 | € 0.294 | |||
Diluted earnings per Ordinary Share from discontinued operations | € 0.382 | € 1.405 | € 0.292 | |||
Cash flows from discontinued operations | ||||||
Net cash inflow/(outflow) from operating activities | [2] | € 32 | € (367) | € 204 | ||
Net cash inflow/(outflow) from investing activities | [3] | 1,542 | 2,339 | (75) | ||
Net cash outflow from financing activities | (71) | (19) | (13) | |||
Net cash inflow | € 1,503 | € 1,953 | € 116 | |||
[1] | Restated to show the results of our former Europe Distribution segment in discontinued operations. See note 3 for further details. | |||||
[2] | Includes the corporation tax paid on the sale of discontinued operations. | |||||
[3] | Includes the proceeds from the sale of discontinued operations. |
Cost Analysis - Summary of Cost
Cost Analysis - Summary of Cost of Sales and Operating Costs Analysis (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Cost of sales and operating cost analysis [line items] | |||||
Total | € 16,846 | € 15,572 | [1] | € 14,275 | [1] |
Total | 5,789 | 5,598 | [1] | 5,451 | [1] |
Cost of sales [member] | |||||
Cost of sales and operating cost analysis [line items] | |||||
Depreciation, amortisation and impairment (i) | 1,225 | 939 | 830 | ||
Operating costs [member] | |||||
Cost of sales and operating cost analysis [line items] | |||||
Depreciation, amortisation and impairment (i) | 281 | 206 | 173 | ||
Continuing operations [member] | |||||
Cost of sales and operating cost analysis [line items] | |||||
Depreciation, amortisation and impairment (i) | 1,506 | 1,145 | 1,003 | ||
Continuing operations [member] | Cost of sales [member] | |||||
Cost of sales and operating cost analysis [line items] | |||||
Raw materials and goods for resale | 5,216 | 5,058 | 4,785 | ||
Employment costs (note 7) | 3,467 | 3,155 | 2,869 | ||
Energy conversion costs | 1,307 | 1,222 | 1,004 | ||
Repairs and maintenance | 980 | 882 | 811 | ||
Depreciation, amortisation and impairment (i) | 1,225 | 939 | 830 | ||
Change in inventory | (62) | (179) | (117) | ||
Other production expenses (primarily sub-contractor costs) | 4,713 | 4,495 | 4,093 | ||
Total | 16,846 | 15,572 | 14,275 | ||
Continuing operations [member] | Operating costs [member] | |||||
Cost of sales and operating cost analysis [line items] | |||||
Selling and distribution costs | 4,062 | 3,822 | 3,561 | ||
Administrative expenses | 1,727 | 1,776 | 1,890 | ||
Total | € 5,789 | € 5,598 | € 5,451 | ||
[1] | Restated to show the results of our former Europe Distribution segment in discontinued operations. See note 3 for further details. |
Cost Analysis - Summary of Depr
Cost Analysis - Summary of Depreciation, Amortisation and Impairment Analysis (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Cost of sales and operating cost analysis [line items] | ||||
Impairment of property, plant and equipment | [1] | € 8 | € 36 | |
Continuing operations [member] | ||||
Cost of sales and operating cost analysis [line items] | ||||
Depreciation and depletion | 1,442 | 1,030 | € 951 | |
Amortisation of intangible assets | 57 | 59 | 52 | |
Impairment of property, plant and equipment | 7 | 36 | ||
Impairment of intangible assets | 20 | |||
Total | 1,506 | 1,145 | 1,003 | |
Cost of sales [member] | ||||
Cost of sales and operating cost analysis [line items] | ||||
Depreciation and depletion | 1,219 | 903 | 830 | |
Impairment of property, plant and equipment | 6 | 36 | ||
Total | 1,225 | 939 | 830 | |
Cost of sales [member] | Continuing operations [member] | ||||
Cost of sales and operating cost analysis [line items] | ||||
Total | 1,225 | 939 | 830 | |
Operating costs [member] | ||||
Cost of sales and operating cost analysis [line items] | ||||
Depreciation and depletion | 223 | 127 | 121 | |
Amortisation of intangible assets | 57 | 59 | 52 | |
Impairment of property, plant and equipment | 1 | |||
Impairment of intangible assets | 20 | |||
Total | € 281 | € 206 | € 173 | |
[1] | The impairment charge of €8 million (2018: €36 million; 2017: €nil million) principally relates to the write-down of property, plant and equipment in Americas Materials and Europe Materials. The charge includes €1 million (2018: €nil million; 2017: €nil million) relating to discontinued operations. |
Auditor's Remuneration - Summar
Auditor's Remuneration - Summary of Auditor's Remuneration (Detail) - Continuing Operations [member] - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
EY Ireland (statutory auditor) [member] | ||||
Auditor's remuneration [abstract] | ||||
Audit fees | [1],[2] | € 4 | € 4 | € 4 |
Total | 4 | 4 | 4 | |
EY (network firms) [member] | ||||
Auditor's remuneration [abstract] | ||||
Audit fees | [1],[2] | 14 | 14 | 14 |
Other audit-related assurance fees | [3],[4] | 1 | 1 | |
Tax advisory services | [4] | 1 | 1 | |
Total | 15 | 15 | 16 | |
Auditor's Remuneration from Continuing Operations [member] | ||||
Auditor's remuneration [abstract] | ||||
Audit fees | [1],[2] | 18 | 18 | 18 |
Other audit-related assurance fees | [3],[4] | 1 | 1 | |
Tax advisory services | [4] | 1 | 1 | |
Total | € 19 | € 19 | € 20 | |
[1] | Audit fees including discontinued operations amounted to €18 million (2018: €19 million; 2017: €20 million). | |||
[2] | Audit of the Group accounts includes audit of internal controls over financial reporting and parent and subsidiary statutory audit fees, but excludes €2 million (2018: €2 million; 2017: €2 million) paid to auditors other than EY. | |||
[3] | Other assurance services includes attestation and due diligence services that are closely related to the performance of the audit. | |||
[4] | Other audit-related assurance fees and tax advisory services including discontinued operations amounted to €nil million and €1 million respectively (2018: €1 million and €nil million respectively; 2017: €1 million and €1 million respectively). |
Auditor's Remuneration - Summ_2
Auditor's Remuneration - Summary of Auditor's Remuneration (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Continuing and Discontinued Operations [Member] | |||
Auditor's remuneration [abstract] | |||
Auditors Remuneration | € 18 | € 19 | € 20 |
Auditor's remuneration for other services | 0 | 1 | 1 |
Auditor's remuneration for tax services | 1 | 0 | 1 |
Other than EY [Member] | |||
Auditor's remuneration [abstract] | |||
Auditors Remuneration | € 2 | € 2 | € 2 |
Auditor's Remuneration - Additi
Auditor's Remuneration - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Ernst & Young [member] | |||
Auditor's remuneration [abstract] | |||
Auditors Remuneration | € 0 | € 0 | € 0 |
Business and Non-Current Asse_3
Business and Non-Current Asset Disposals - Summary of Business and Non-Current Asset Disposals (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Assets/(liabilities) disposed of at net carrying amount: | ||||
- non-current assets | € 736 | € 678 | € 125 | |
- cash and cash equivalents | 45 | 60 | 11 | |
- working capital and provisions | 83 | 132 | 29 | |
- current tax | (1) | (2) | ||
- lease liabilities | (77) | |||
- deferred tax | (3) | (2) | 2 | |
- retirement benefit obligations | (2) | (6) | ||
Net assets disposed | 781 | 860 | 167 | |
Reclassification of currency translation effects on disposal | 66 | 15 | 9 | |
Total | 847 | 875 | 176 | |
Proceeds from disposals (net of disposal costs) | 846 | 797 | 230 | |
Asset exchange (note 32) | 12 | |||
Profit on step acquisition (note 32) | 39 | |||
(Loss)/profit on disposals from continuing operations | (1) | (27) | 54 | |
Profit on disposals from discontinued operations (note 3) | 227 | 1,566 | 5 | |
Total Group profit on disposals | 226 | 1,539 | 59 | |
Proceeds from disposals from continuing operations | 846 | 797 | 230 | |
Less: cash and cash equivalents disposed | (45) | (60) | (11) | |
Less: deferred proceeds arising on disposal (note 21) | [1] | (269) | (10) | (3) |
Less: investment and loan to associate in lieu of cash proceeds (i) (note 17) | [2] | (85) | ||
Net cash inflow arising on disposal from continuing operations | 532 | 642 | 216 | |
Net cash inflow arising on disposal from discontinued operations (note 3) | 1,564 | 2,367 | 6 | |
Total Group net cash inflow arising on disposal | 2,096 | 3,009 | 222 | |
Business Disposal [member] | ||||
Assets/(liabilities) disposed of at net carrying amount: | ||||
- non-current assets | 596 | 622 | 47 | |
- cash and cash equivalents | 45 | 60 | 11 | |
- working capital and provisions | 83 | 132 | 29 | |
- current tax | (1) | (2) | ||
- lease liabilities | (48) | |||
- deferred tax | (3) | (2) | 2 | |
- retirement benefit obligations | (2) | (6) | ||
Net assets disposed | 670 | 804 | 89 | |
Reclassification of currency translation effects on disposal | 66 | 15 | 9 | |
Total | 736 | 819 | 98 | |
Proceeds from disposals (net of disposal costs) | 699 | 697 | 99 | |
Asset exchange (note 32) | 12 | |||
Profit on step acquisition (note 32) | 39 | |||
(Loss)/profit on disposals from continuing operations | (37) | (71) | 1 | |
Profit on disposals from discontinued operations (note 3) | 224 | 1,563 | ||
Total Group profit on disposals | 187 | 1,492 | 1 | |
Proceeds from disposals from continuing operations | 699 | 697 | 99 | |
Less: cash and cash equivalents disposed | (45) | (60) | (11) | |
Less: deferred proceeds arising on disposal (note 21) | [1] | (269) | (10) | (3) |
Less: investment and loan to associate in lieu of cash proceeds (i) (note 17) | [2] | (85) | ||
Net cash inflow arising on disposal from continuing operations | 385 | 542 | 85 | |
Net cash inflow arising on disposal from discontinued operations (note 3) | 1,563 | 2,361 | ||
Total Group net cash inflow arising on disposal | 1,948 | 2,903 | 85 | |
Disposal of other non-current assets [member] | ||||
Assets/(liabilities) disposed of at net carrying amount: | ||||
- non-current assets | 140 | 56 | 78 | |
- cash and cash equivalents | ||||
- working capital and provisions | ||||
- current tax | ||||
- lease liabilities | (29) | |||
- deferred tax | ||||
- retirement benefit obligations | ||||
Net assets disposed | 111 | 56 | 78 | |
Total | 111 | 56 | 78 | |
Proceeds from disposals (net of disposal costs) | 147 | 100 | 131 | |
Asset exchange (note 32) | ||||
Profit on step acquisition (note 32) | ||||
(Loss)/profit on disposals from continuing operations | 36 | 44 | 53 | |
Profit on disposals from discontinued operations (note 3) | 3 | 3 | 5 | |
Total Group profit on disposals | 39 | 47 | 58 | |
Proceeds from disposals from continuing operations | 147 | 100 | 131 | |
Less: cash and cash equivalents disposed | ||||
Less: deferred proceeds arising on disposal (note 21) | [1] | |||
Less: investment and loan to associate in lieu of cash proceeds (i) (note 17) | [2] | |||
Net cash inflow arising on disposal from continuing operations | 147 | 100 | 131 | |
Net cash inflow arising on disposal from discontinued operations (note 3) | 1 | 6 | 6 | |
Total Group net cash inflow arising on disposal | € 148 | € 106 | € 137 | |
[1] | On 31 December, CRH completed the sale of the Group’s 50% stake in its joint venture in India, My Home Industries Limited (“MHIL”) for deferred proceeds of €0.3 billion which will be received in several agreed tranches. For the purposes of compliance with Indian law requirements, CRH is obliged to retain a minority shareholding and associated minority board representation in MHIL both of which will further reduce as the tranches are completed. The Group no longer has any rights to share in the profit/loss of MHIL or to receive any dividends. CRH has determined that MHIL has ceased to be a joint venture or an associate as the Group is no longer exposed to variability of returns from the performance of MHIL and does not have significant influence (as defined under IAS 28 Interests in Associates and Joint Ventures) over MHIL. With the other partners acting in concert to exercise control, CRH effectively retains only protective voting rights in defined limited circumstances. Accordingly, the Group has discontinued the use of the equity method of accounting for its interest in MHIL from 31 December 2019. The fair value of the retained interest in MHIL is recorded as a financial asset within Other Receivables (see note 21) as it represents a contractual right to receive cash | |||
[2] | In 2018, as part of the divestment of our DIY business in Belgium and the Netherlands (see note 16 and note 17 for further details) we acquired an equity stake of 22.78% in, and advanced a loan of €50 million to the purchaser, Intergamma, which was repaid in 2019. |
Business and Non-Current Asse_4
Business and Non-Current Asset Disposals - Summary of Business and Non-Current Asset Disposals (Parenthetical) (Detail) € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
CRH [Member] | |
Disclosure of Joint Venture Divestment [Abstract] | |
Percentage Sale of Group | 50.00% |
MHIL [Member] | |
Disclosure of Joint Venture Divestment [Abstract] | |
Deferred Proceeds Arising From Divestment | € 300 |
DIY business in Belgium and Netherlands [member] | |
Disclosure of associate [line items] | |
Proportion of interest in associate due to divestment of DIY business | 22.78% |
Loan advance and made to Intergamma | € 50 |
Employment - Summary of Average
Employment - Summary of Average Number of Employees (Detail) - Continuing operations [member] - Employees | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of average number of employees [line items] | |||
Average number of employees | 80,251 | 80,889 | 76,836 |
Americas Materials [member] | |||
Disclosure of average number of employees [line items] | |||
Average number of employees | 28,576 | 27,272 | 24,077 |
Europe materials [member] | |||
Disclosure of average number of employees [line items] | |||
Average number of employees | 27,238 | 27,218 | 25,832 |
Building Products [member] | |||
Disclosure of average number of employees [line items] | |||
Average number of employees | 24,437 | 26,399 | 26,927 |
Employment - Summary of Employm
Employment - Summary of Employment Costs (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of employment expenses [line items] | ||||
Share-based payment expense (note 9) | [1] | € 74 | € 65 | € 58 |
Total retirement benefits expense (note 30) | 304 | 268 | 264 | |
Finance costs (net) - applicable to retirement benefit obligations (note 10) | (13) | (10) | (10) | |
Continuing operations [member] | ||||
Disclosure of employment expenses [line items] | ||||
Wages and salaries | 4,112 | 3,841 | 3,629 | |
Social welfare costs | 423 | 407 | 397 | |
Redundancy, healthcare and other employment benefit costs | 584 | 540 | 506 | |
Share-based payment expense (note 9) | 74 | 65 | 58 | |
Total retirement benefits expense (note 30) | 304 | 268 | 264 | |
Total | 5,497 | 5,121 | 4,854 | |
Cost of sales | 3,467 | 3,155 | 2,869 | |
Operating costs | 2,017 | 1,956 | 1,975 | |
Finance costs (net) - applicable to retirement benefit obligations (note 10) | 13 | 10 | 10 | |
Total | 5,497 | 5,121 | 4,854 | |
Continuing and Discontinued operations [member] | ||||
Disclosure of employment expenses [line items] | ||||
Wages and salaries | 4,455 | 4,226 | 4,221 | |
Social welfare costs | 486 | 478 | 483 | |
Redundancy, healthcare and other employment benefit costs | 605 | 581 | 576 | |
Share-based payment expense (note 9) | 77 | 67 | 65 | |
Total retirement benefits expense (note 30) | 329 | 296 | 243 | |
Total | 5,952 | 5,648 | 5,588 | |
Total | € 5,952 | € 5,648 | € 5,588 | |
[1] | The total share-based payment expense including discontinued operations amounted to €77 million (2018: €67 million; 2017: €65 million). |
Employment - Additional Informa
Employment - Additional Information (Detail) - Employees | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Continuing and Discontinued Operations [member] | |||
Disclosure of employment expenses [line items] | |||
Average number of employees | 86,951 | 89,831 | 89,213 |
Share-based Payment Expense - S
Share-based Payment Expense - Summary of Share-based Payment Expense, Continuing Operations (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure Of Share Based Compensation Expense [line items] | ||||
Share-based payment expense | [1] | € 74 | € 65 | € 58 |
Performance Share Plans and Restricted Share Plan expense [member] | ||||
Disclosure Of Share Based Compensation Expense [line items] | ||||
Share-based payment expense | 71 | 62 | 55 | |
Share option expense [member] | ||||
Disclosure Of Share Based Compensation Expense [line items] | ||||
Share-based payment expense | € 3 | € 3 | € 3 | |
[1] | The total share-based payment expense including discontinued operations amounted to €77 million (2018: €67 million; 2017: €65 million). |
Share-based Payment Expense - A
Share-based Payment Expense - Additional Information (Detail) | 12 Months Ended | |||||
Dec. 31, 2019EUR (€)yrmo | Dec. 31, 2019GBP (£)yrmo | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2019USD ($) | ||
Disclosure Of Share Based Compensation Expense [line items] | ||||||
Share-based payment expense | [1] | € 74,000,000 | € 65,000,000 | € 58,000,000 | ||
Continuing and Discontinued Operations [Member] | ||||||
Disclosure Of Share Based Compensation Expense [line items] | ||||||
Share-based payment expense | 77,000,000 | 67,000,000 | 65,000,000 | |||
2014 Performance Share Plan [member] | ||||||
Disclosure Of Share Based Compensation Expense [line items] | ||||||
Share-based payment expense | € 70,000,000 | € 61,000,000 | € 54,000,000 | |||
Percentage of awards subject to TSR measure | 25.00% | 25.00% | 50.00% | 50.00% | ||
Percentage of awards measured against a tailored sector peer group | 25.00% | 25.00% | 25.00% | 25.00% | ||
Percentage of awards measured against the FTSE All-World Construction & Materials index | 25.00% | 25.00% | ||||
Percentage of awards subject to cashflow measure | 50.00% | 50.00% | 50.00% | |||
Fair value portion of awards subject to total share holder return against peer group | € 18.59 | € 13.52 | € 17.43 | |||
Fair value portion of awards subject to total share holder return against index | 13.18 | 14.99 | ||||
Fair value portion of awards subject to cash flow performance and awards with no performance conditions | € 29.44 | € 28.32 | € 33.21 | |||
Service period | one or three-year | one or three-year | ||||
2010 Savings-Related Share Option Exercisable Within Six Months After Third Anniversary of Contract [member] | ||||||
Disclosure Of Share Based Compensation Expense [line items] | ||||||
Sample period for determining expected volatility of share prices | mo | 37 | 37 | ||||
2010 Savings Related Share Option Exercisable Within Six Months After Fifth Anniversary of Contract [member] | ||||||
Disclosure Of Share Based Compensation Expense [line items] | ||||||
Sample period for determining expected volatility of share prices | mo | 61 | 61 | ||||
2010 Savings Related Share Option Schemes [member] | Maximum [member] | ||||||
Disclosure Of Share Based Compensation Expense [line items] | ||||||
Participants monthly savings from net salaries | € 500 | £ 500 | ||||
Fixed period of monthly savings | yr | 5 | 5 | ||||
Discount rate percentage of market price on date of invitation of each savings contract | 15.00% | 15.00% | ||||
2010 Savings Related Share Option Schemes [member] | Minimum [member] | ||||||
Disclosure Of Share Based Compensation Expense [line items] | ||||||
Fixed period of monthly savings | yr | 3 | 3 | ||||
[1] | The total share-based payment expense including discontinued operations amounted to €77 million (2018: €67 million; 2017: €65 million). |
Share-based Payment Expense -_2
Share-based Payment Expense - Summary of Awards Granted Under Performance Share Plan (Detail) | 1 Months Ended | 12 Months Ended | ||||||
May 31, 2019EUR (€)yr | Apr. 30, 2019EUR (€)yr | Apr. 30, 2018yr | Mar. 31, 2017yr | Dec. 31, 2019EUR (€)yr | Dec. 31, 2018EUR (€)yr | Dec. 31, 2017EUR (€)yr | ||
2014 Performance Share Plan [member] | ||||||||
Disclosure Of Share Based Compensation Expense [line items] | ||||||||
Share price at date of award | € | € 29.44 | € 28.32 | € 33.21 | |||||
Period to earliest release date | 3 | 3 | 3 | |||||
Number of shares, Initial award | [1] | 3,688,027 | 3,863,433 | 3,342,900 | ||||
Number of shares, Net outstanding at 31 December 2019 | 3,578,105 | 3,610,323 | 2,818,931 | |||||
2010 Savings-Related Share Option Exercisable Within Six Months After Third Anniversary of Contract [member] | ||||||||
Disclosure Of Share Based Compensation Expense [line items] | ||||||||
Description of option Life share options granted | 3 | 3 | 3 | 3 | ||||
2010 Savings-Related Share Option Exercisable Within Six Months After Third Anniversary of Contract [member] | Trinomial valuation methodology [member] | ||||||||
Disclosure Of Share Based Compensation Expense [line items] | ||||||||
Description of option Life share options granted | 3 | |||||||
Weighted fair value assigned to options | € | € 6.67 | € 7.55 | € 5.38 | € 5.97 | ||||
2010 Savings Related Share Option Exercisable Within Six Months After Fifth Anniversary of Contract [member] | ||||||||
Disclosure Of Share Based Compensation Expense [line items] | ||||||||
Description of option Life share options granted | 5 | 5 | 5 | 5 | ||||
2010 Savings Related Share Option Exercisable Within Six Months After Fifth Anniversary of Contract [member] | Trinomial valuation methodology [member] | ||||||||
Disclosure Of Share Based Compensation Expense [line items] | ||||||||
Description of option Life share options granted | 5 | |||||||
Weighted fair value assigned to options | € | € 7.19 | € 7.98 | € 5.88 | € 6.49 | ||||
[1] | Numbers represent the initial awards including those granted to employees of Europe Distribution in 2019, 2018 and 2017 and Allied Building Products in 2017. The Remuneration Committee has determined that dividend equivalents will accrue on awards under the 2014 Performance Share Plan. Subject to satisfaction of the applicable performance criteria, such dividend equivalents will be released to participants in the form of additional shares on vesting. |
Share-based Payment Expense -_3
Share-based Payment Expense - Summary of Fair Value Assumptions (Detail) - 2014 Performance Share Plan [member] | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Share Based Compensation Expense [line items] | |||
Risk-free interest rate | (0.37%) | (0.43%) | (0.40%) |
Expected volatility | 23.20% | 27.40% | 30.10% |
Share-based Payment Expense -_4
Share-based Payment Expense - Summary of Movement and Options Outstanding Under Share Option Schemes (Detail) | 12 Months Ended | |||||
Dec. 31, 2019sharesOptions€ / shares | Dec. 31, 2018sharesOptions€ / shares | Dec. 31, 2017sharesOptions€ / shares | ||||
Disclosure Of Share Based Compensation Expense [line items] | ||||||
Number of options, Exercised | Options | (1,147,149) | (796,944) | (1,589,335) | |||
Share Option Schemes Excluding Savings Related Share Option Schemes [member] | ||||||
Disclosure Of Share Based Compensation Expense [line items] | ||||||
Number of options, Outstanding at beginning of year | shares | 800,770 | [1] | 1,441,779 | [1] | 2,997,495 | |
Number of options, Exercised | shares | [2] | (520,115) | (634,994) | (1,462,863) | ||
Number of options, Lapsed | shares | (2,306) | (6,015) | (92,853) | |||
Number of options, Outstanding at end of year | shares | [1] | 278,349 | 800,770 | 1,441,779 | ||
Number of options, Exercisable at end of year | shares | 278,349 | 800,770 | 1,441,779 | |||
Weighted average exercise price, Outstanding at beginning of year | € / shares | € 16.48 | [1] | € 17.96 | [1] | € 21.51 | |
Weighted average exercise price, Exercised | € / shares | [2] | 16.65 | 19.82 | 24.85 | ||
Lapsed | € / shares | 16.19 | 17.36 | 24.14 | |||
Weighted average exercise price, Outstanding at end of year | € / shares | [1] | 16.19 | 16.48 | 17.96 | ||
Weighted average exercise price, Exercisable at end of year | € / shares | € 16.19 | € 16.48 | € 17.96 | |||
[1] | All options granted have a life of ten years. | |||||
[2] | The weighted average share price at the date of exercise of these options was €29.10 (2018: €27.90; 2017: €32.24). |
Share-based Payment Expense -_5
Share-based Payment Expense - Summary of Movement and Options Outstanding Under Share Option Schemes (Parenthetical) (Detail) - Share Option Schemes Excluding Savings Related Share Option Schemes [member] | 12 Months Ended | ||
Dec. 31, 2019yr€ / shares | Dec. 31, 2018€ / shares | Dec. 31, 2017€ / shares | |
Disclosure Of Share Based Compensation Expense [line items] | |||
Weighted average share price | € / shares | € 29.10 | € 27.90 | € 32.24 |
Description of option Life share options granted | yr | 10 |
Share-based Payment Expense -_6
Share-based Payment Expense - Share Option Schemes - Summary of Weighted Average Remaining Contractual Life for Share Options Outstanding (Detail) - Share option schemes [member] | 12 Months Ended | ||||
Dec. 31, 2019shares€ / shares | Dec. 31, 2018shares€ / shares | Dec. 31, 2017shares€ / shares | Dec. 31, 2018shares£ / shares | Dec. 31, 2017shares£ / shares | |
Disclosure Of Share Based Compensation Expense [line items] | |||||
Range of exercise prices | (per share) | € 16.19 | £ 15.30 | |||
Weighted average remaining contractual life for the share options outstanding at 31 December (years) | 3 years 3 months 18 days | 2 years 6 months 25 days | 2 years 6 months 10 days | ||
Euro [member] | |||||
Disclosure Of Share Based Compensation Expense [line items] | |||||
Currency denominated options outstanding at end of year (number) | 278,349 | 796,850 | 1,436,115 | 796,850 | 1,436,115 |
Pound Sterling [member] | |||||
Disclosure Of Share Based Compensation Expense [line items] | |||||
Currency denominated options outstanding at end of year (number) | 3,920 | 5,664 | 3,920 | 5,664 | |
Minimum [member] | |||||
Disclosure Of Share Based Compensation Expense [line items] | |||||
Range of exercise prices | (per share) | € 16.19 | € 16.19 | £ 15.30 | ||
Maximum [member] | |||||
Disclosure Of Share Based Compensation Expense [line items] | |||||
Range of exercise prices | (per share) | € 17.30 | € 21.52 | £ 17.19 |
Share-based Payment Expense -_7
Share-based Payment Expense - Summary of Options Granted Under 2010 Savings-Related Share Option Schemes (Detail) | 1 Months Ended | 12 Months Ended | |||||||||||||||
May 31, 2019shares | Apr. 30, 2019shares | Dec. 31, 2019sharesOptions€ / shares | Dec. 31, 2019sharesOptions€ / shares£ / shares | Dec. 31, 2018sharesOptions€ / shares | Dec. 31, 2018sharesOptions€ / shares£ / shares | Dec. 31, 2017sharesOptions€ / shares | Dec. 31, 2017sharesOptions€ / shares£ / shares | Dec. 31, 2019shares£ / shares | Dec. 31, 2018shares£ / shares | ||||||||
Disclosure Of Share Based Compensation Expense [line items] | |||||||||||||||||
Number of options, Exercised | Options | (1,147,149) | (1,147,149) | (796,944) | (796,944) | (1,589,335) | (1,589,335) | |||||||||||
2010 Savings Related Share Option Schemes [member] | |||||||||||||||||
Disclosure Of Share Based Compensation Expense [line items] | |||||||||||||||||
Weighted average exercise price, Outstanding at beginning of year | (per share) | € 22.15 | £ 18.74 | € 21.50 | £ 18.05 | € 18.63 | £ 15.92 | |||||||||||
Weighted average exercise price, Exercised | (per share) | [1] | 19.09 | 16.20 | 19 | 15.26 | 15.73 | 14.27 | ||||||||||
Weighted average exercise price, Lapsed | (per share) | 23.49 | 20.85 | 24.62 | 20.75 | 21.42 | 18.22 | |||||||||||
Weighted average exercise price, Granted | (per share) | [2] | 24.24 | 20.11 | 23.39 | 20.83 | 27.86 | 24.51 | ||||||||||
Weighted average exercise price, Outstanding at end of year | (per share) | 23.67 | £ 20.17 | 22.15 | £ 18.74 | 21.50 | £ 18.05 | |||||||||||
Weighted average exercise price, Exercisable at end of year | (per share) | € 18.88 | £ 18.88 | € 18.75 | £ 18.75 | € 15.89 | £ 15.89 | £ 15.89 | £ 15.54 | |||||||||
Number of options, Outstanding at beginning of year | 1,686,176 | 1,686,176 | 1,556,299 | 1,556,299 | 1,402,174 | 1,402,174 | |||||||||||
Number of options, Exercised | [1] | (627,034) | (627,034) | (161,950) | (161,950) | (126,472) | (126,472) | ||||||||||
Number of options, Lapsed | (207,070) | (207,070) | (209,264) | (209,264) | (123,455) | (123,455) | |||||||||||
Number of options, Granted | 100,297 | 556,493 | 656,790 | [2] | 656,790 | [2] | 501,091 | [2] | 501,091 | [2] | 404,052 | [2] | 404,052 | [2] | |||
Number of options, Outstanding at end of year | 1,508,862 | 1,508,862 | 1,686,176 | 1,686,176 | 1,556,299 | 1,556,299 | |||||||||||
Number of options, Exercisable at end of year | 13,065 | 13,065 | 14,059 | 14,059 | 15,890 | 15,890 | 13,065 | 14,059 | |||||||||
[1] | The weighted average share price at the date of exercise of these options was €28.52 (2018: €29.54; 2017: €31.14). | ||||||||||||||||
[2] | Pursuant to the 2010 Savings-related Share Option Schemes operated by the Group, employees were granted options over 656,790 of CRH plc’s Ordinary Shares (556,493 options granted in April 2019 and 100,297 options in May 2019) (2018: 501,091 share options in April 2018; 2017: 404,052 share options in March 2017). This figure comprises options over 518,944 (2018: 379,253; 2017: 304,492) shares and 137,846 (2018: 121,838; 2017: 99,560) shares which are normally exercisable within a period of six months after the third or the fifth anniversary of the contract, whichever is applicable. The exercise price at which the options are granted under the scheme represents a discount of 15% to the market price on the date of invitation of each savings contract. |
Share-based Payment Expense -_8
Share-based Payment Expense - Summary of Options Granted Under 2010 Savings-Related Share Option Schemes (Parenthetical) (Detail) | 1 Months Ended | 12 Months Ended | ||||||
May 31, 2019shares | Apr. 30, 2019shares | Dec. 31, 2019shares€ / shares | Dec. 31, 2018shares€ / shares | Dec. 31, 2017shares€ / shares | ||||
2010 Savings Related Share Option Schemes [member] | ||||||||
Disclosure Of Share Based Compensation Expense [line items] | ||||||||
Weighted average share price | € / shares | € 28.52 | € 29.54 | € 31.14 | |||||
Number of options granted | 100,297 | 556,493 | 656,790 | [1] | 501,091 | [1] | 404,052 | [1] |
Exercisable period of share options granted | Shares which are normally exercisable within a period of six months after the third or the fifth anniversary of the contract, whichever is applicable. | |||||||
Discount rate on exercise price at which options are granted | 15.00% | |||||||
2010 Savings-Related Share Option Exercisable Within Six Months After Third Anniversary of Contract [member] | ||||||||
Disclosure Of Share Based Compensation Expense [line items] | ||||||||
Number of options granted | 518,944 | 379,253 | 304,492 | |||||
2010 Savings Related Share Option Exercisable Within Six Months After Fifth Anniversary of Contract [member] | ||||||||
Disclosure Of Share Based Compensation Expense [line items] | ||||||||
Number of options granted | 137,846 | 121,838 | 99,560 | |||||
[1] | Pursuant to the 2010 Savings-related Share Option Schemes operated by the Group, employees were granted options over 656,790 of CRH plc’s Ordinary Shares (556,493 options granted in April 2019 and 100,297 options in May 2019) (2018: 501,091 share options in April 2018; 2017: 404,052 share options in March 2017). This figure comprises options over 518,944 (2018: 379,253; 2017: 304,492) shares and 137,846 (2018: 121,838; 2017: 99,560) shares which are normally exercisable within a period of six months after the third or the fifth anniversary of the contract, whichever is applicable. The exercise price at which the options are granted under the scheme represents a discount of 15% to the market price on the date of invitation of each savings contract. |
Share-based Payment Expense -_9
Share-based Payment Expense - Summary of Weighted Average Remaining Contractual Life for Savings_related Share Option Schemes (Detail) - 2010 Savings Related Share Option Schemes [member] | 12 Months Ended | ||||||
Dec. 31, 2019shares€ / shares | Dec. 31, 2018shares€ / shares | Dec. 31, 2017shares€ / shares | Dec. 31, 2019shares£ / shares | Dec. 31, 2018shares£ / shares | Dec. 31, 2017shares£ / shares | Dec. 31, 2016shares | |
Disclosure Of Share Based Compensation Expense [line items] | |||||||
Weighted average remaining contractual life for the share options outstanding at 31 December (years) | 1 year 10 months 13 days | 1 year 6 months | 1 year 10 months 24 days | ||||
Currency denominated options outstanding at end of year (number) | 1,508,862 | 1,686,176 | 1,556,299 | 1,508,862 | 1,686,176 | 1,556,299 | 1,402,174 |
Pound Sterling [member] | |||||||
Disclosure Of Share Based Compensation Expense [line items] | |||||||
Currency denominated options outstanding at end of year (number) | 1,218,235 | 1,381,463 | 1,251,336 | 1,218,235 | 1,381,463 | 1,251,336 | |
Euro [member] | |||||||
Disclosure Of Share Based Compensation Expense [line items] | |||||||
Currency denominated options outstanding at end of year (number) | 290,627 | 304,713 | 304,963 | 290,627 | 304,713 | 304,963 | |
Minimum [member] | |||||||
Disclosure Of Share Based Compensation Expense [line items] | |||||||
Range of exercise prices | (per share) | € 17.67 | € 14.15 | € 13.64 | £ 14.94 | £ 14.94 | £ 12.22 | |
Maximum [member] | |||||||
Disclosure Of Share Based Compensation Expense [line items] | |||||||
Range of exercise prices | (per share) | € 27.86 | € 27.86 | € 27.86 | £ 24.51 | £ 24.51 | £ 24.51 |
Share-based Payment Expense _10
Share-based Payment Expense - Summary of Assumptions of Fair Value Options (Detail) | 1 Months Ended | |||
May 31, 2019EUR (€)yr€ / shares | Apr. 30, 2019EUR (€)yr€ / shares | Apr. 30, 2018EUR (€)yr€ / shares | Mar. 31, 2017EUR (€)yr€ / shares | |
2010 Savings-Related Share Option Exercisable Within Six Months After Third Anniversary of Contract [member] | ||||
Disclosure Of Share Based Compensation Expense [line items] | ||||
Weighted average exercise price (€) | € / shares | € 24.24 | € 23.30 | € 23.39 | € 27.86 |
Risk free interest rate (%) | (0.58%) | (0.56%) | (0.44%) | (0.72%) |
Expected dividend payments over the expected life (€) | € | € 2.34 | € 2.34 | € 2.21 | € 2.07 |
Expected volatility (%) | 20.00% | 19.60% | 20.00% | 20.90% |
Expected life in years | yr | 3 | 3 | 3 | 3 |
2010 Savings Related Share Option Exercisable Within Six Months After Fifth Anniversary of Contract [member] | ||||
Disclosure Of Share Based Compensation Expense [line items] | ||||
Weighted average exercise price (€) | € / shares | € 24.24 | € 23.30 | € 23.39 | € 27.86 |
Risk free interest rate (%) | (0.41%) | (0.40%) | (0.06%) | (0.45%) |
Expected dividend payments over the expected life (€) | € | € 4.06 | € 4.06 | € 3.83 | € 3.55 |
Expected volatility (%) | 21.30% | 21.10% | 20.50% | 20.60% |
Expected life in years | yr | 5 | 5 | 5 | 5 |
Finance Costs and Finance Inc_3
Finance Costs and Finance Income - Summary of Finance Costs and Finance Income (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Mark-to-market of derivatives and related fixed rate debt: | ||||||
Net finance cost on gross debt including related derivatives | € 346 | € 339 | [1] | € 301 | [1] | |
Finance income | ||||||
Finance income | (20) | (34) | [1] | (12) | [1] | |
Other financial expense | ||||||
Total | 112 | 46 | [1] | 59 | [1] | |
Continuing operation [Member] | ||||||
Finance costs | ||||||
Interest payable on borrowings | 333 | 335 | 300 | |||
Net cost on interest rate and currency swaps | 14 | 7 | 2 | |||
Mark-to-market of derivatives and related fixed rate debt: | ||||||
- interest rate swaps (i) | [2] | (64) | 12 | 16 | ||
- currency swaps and forward contracts | 2 | (4) | ||||
- fixed rate debt (i) | [2] | 61 | (16) | (23) | ||
Net loss on interest rate swaps not designated as hedges | 5 | 6 | ||||
Net finance cost on gross debt including related derivatives | 346 | 339 | 301 | |||
Finance income | ||||||
Interest receivable on loans to joint ventures and associates | (5) | (4) | (5) | |||
Interest receivable on cash and cash equivalents and other | (15) | (30) | (7) | |||
Finance income | (20) | (34) | (12) | |||
Finance costs less income | 326 | 305 | 289 | |||
Other financial expense | ||||||
Premium paid on early debt redemption | 18 | |||||
Unwinding of discount element of lease liabilities (note 22) | 62 | |||||
Unwinding of discount element of provisions for liabilities (note 28) | 22 | 21 | 24 | |||
Unwinding of discount applicable to deferred and contingent acquisition consideration and divestment proceeds | 15 | 15 | 7 | |||
Pension-related finance cost (net) (note 30) | 13 | 10 | 10 | |||
Total | 112 | 46 | 59 | |||
Total net finance costs | [3] | € 438 | € 351 | € 348 | ||
[1] | Restated to show the results of our former Europe Distribution segment in discontinued operations. See note 3 for further details. | |||||
[2] | The Group uses interest rate swaps to convert fixed rate debt to floating rate. Fixed rate debt, which has been converted to floating rate through the use of interest rate swaps, is stated in the Consolidated Balance Sheet at adjusted value to reflect movements in underlying fixed rates. The movement on this adjustment, together with the offsetting movement in the fair value of the related interest rate swaps, is included in finance costs in each reporting period. | |||||
[3] | Net finance costs for 2019 including discontinued operations amounted to €445 million (2018: €351 million; 2017: €349 million). |
Finance Costs and Finance Inc_4
Finance Costs and Finance Income - Summary of Finance Costs and Finance Income (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Continuing and Discontinued Operations [member] | |||
Statement [Line Items] | |||
Net finance cost | € 445 | € 351 | € 349 |
Share of Equity Accounted Inv_3
Share of Equity Accounted Investments' Profit - Summary of Analysis of Share of Joint Ventures' and Associates' Profit After Tax (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Group share of: | ||||||
Revenue | € 25,129 | € 23,241 | [1] | € 21,653 | [1] | |
Group operating profit | 2,494 | 2,071 | [1] | 1,927 | [1] | |
Profit on disposals | (1) | (27) | 54 | |||
Profit before finance costs | 2,493 | 2,044 | [1] | 1,981 | [1] | |
Profit before tax from continuing operations | 2,115 | 1,741 | [1] | 1,685 | [1] | |
Income tax expense | (477) | (396) | [1] | (12) | [1] | |
Group profit for the financial year | 1,948 | 2,521 | [1] | 1,919 | [1] | |
Continuing operation [Member] | ||||||
Group share of: | ||||||
Revenue | 25,129 | 23,241 | 21,653 | |||
Group operating profit | 2,494 | 2,071 | 1,927 | |||
Associates [member] | Continuing operation [Member] | ||||||
Group share of: | ||||||
Revenue | 615 | 603 | 534 | |||
EBITDA (as defined) | [2] | 68 | 63 | 58 | ||
Depreciation and amortisation | (35) | (34) | (33) | |||
Group operating profit | 33 | 29 | 25 | |||
Profit on disposals | 3 | |||||
Profit before finance costs | 33 | 32 | 25 | |||
Finance costs (net) | (12) | (9) | (9) | |||
Profit before tax from continuing operations | 21 | 23 | 16 | |||
Income tax expense | (2) | (4) | (3) | |||
Group profit for the financial year | 19 | 19 | 13 | |||
Joint ventures [member] | Continuing operation [Member] | ||||||
Group share of: | ||||||
Revenue | 634 | 603 | 517 | |||
EBITDA (as defined) | [2] | 70 | 51 | 71 | ||
Depreciation and amortisation | (24) | (22) | (27) | |||
Group operating profit | 46 | 29 | 44 | |||
Profit on disposals | ||||||
Profit before finance costs | 46 | 29 | 44 | |||
Finance costs (net) | 1 | (1) | ||||
Profit before tax from continuing operations | 46 | 30 | 43 | |||
Income tax expense | (5) | (1) | (4) | |||
Group profit for the financial year | 41 | 29 | 39 | |||
Joint ventures and associates [member] | Continuing operation [Member] | ||||||
Group share of: | ||||||
Revenue | 1,249 | 1,206 | 1,051 | |||
EBITDA (as defined) | [2] | 138 | 114 | 129 | ||
Depreciation and amortisation | (59) | (56) | (60) | |||
Group operating profit | 79 | 58 | 69 | |||
Profit on disposals | 3 | |||||
Profit before finance costs | 79 | 61 | 69 | |||
Finance costs (net) | (12) | (8) | (10) | |||
Profit before tax from continuing operations | 67 | 53 | 59 | |||
Income tax expense | (7) | (5) | (7) | |||
Group profit for the financial year | € 60 | € 48 | € 52 | |||
[1] | Restated to show the results of our former Europe Distribution segment in discontinued operations. See note 3 for further details. | |||||
[2] | EBITDA is defined as earnings before interest, taxes, depreciation, amortisation, asset impairment charges and profit on disposals. |
Share of Equity Accounted Inv_4
Share of Equity Accounted Investments' Profit - Summary of Analysis of Share of Joint Ventures' and Associates' Profit After Tax (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Share Of Equity Investment [abstract] | |||
Share of ProfitLoss from Continuing and Discontined Operations of Associates and Joint Ventures accounted for using equity method | € 72 | € 60 | € 65 |
Income Tax Expense - Summary of
Income Tax Expense - Summary of Deferred Tax (Income)/Expense (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Current tax | |||||
Total current tax expense | € 362 | € 289 | € 284 | ||
Deferred tax | |||||
Total deferred tax (income)/expense | 115 | 107 | (272) | ||
Income tax reported in the Consolidated Income Statement | 477 | 396 | [1] | 12 | [1] |
Derivative financial instruments [member] | |||||
Deferred tax | |||||
Total deferred tax (income)/expense | 2 | (1) | 2 | ||
Retirement Benefit Obligations [member] | |||||
Deferred tax | |||||
Total deferred tax (income)/expense | (1) | 4 | 6 | ||
Share-based payment expense [member] | |||||
Deferred tax | |||||
Total deferred tax (income)/expense | (5) | 4 | (4) | ||
Other items [member] | |||||
Deferred tax | |||||
Total deferred tax (income)/expense | 119 | 100 | (276) | ||
Republic of Ireland [member] | |||||
Current tax | |||||
Total current tax expense | 17 | 10 | 9 | ||
Overseas [member] | |||||
Current tax | |||||
Total current tax expense | € 345 | € 279 | € 275 | ||
[1] | Restated to show the results of our former Europe Distribution segment in discontinued operations. See note 3 for further details. |
Income Tax Expense - Schedule o
Income Tax Expense - Schedule of Changes in Consolidated Deferred Income Taxes (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
(a) Within the Consolidated Statement of Comprehensive Income: | |||
Deferred tax - retirement benefit obligations | € (3) | € (1) | € (33) |
Tax on items recognised directly within other comprehensive income | (6) | 4 | (33) |
(b) Within the Consolidated Statement of Changes in Equity: | |||
Deferred tax - share-based payment expense | (5) | 4 | |
Curent And Deferred Tax Relating To Items Charged Or Credited Directly To Equity, Total | 9 | (2) | (5) |
Income tax recognised outside the Consolidated Income Statement | 3 | 2 | (38) |
Retirement Benefit Obligations [member] | |||
(a) Within the Consolidated Statement of Comprehensive Income: | |||
Deferred tax - retirement benefit obligations | (3) | (1) | (33) |
Cash Flow Hedges [member] | |||
(a) Within the Consolidated Statement of Comprehensive Income: | |||
Deferred tax - cash flow hedges | (3) | 5 | |
Share option exercise [member] | |||
(b) Within the Consolidated Statement of Changes in Equity: | |||
Current tax - share option exercises | 4 | 2 | 2 |
Share-based payment expense [member] | |||
(b) Within the Consolidated Statement of Changes in Equity: | |||
Deferred tax - share-based payment expense | € 5 | € (4) | € (7) |
Income Tax Expense - Reconcilia
Income Tax Expense - Reconciliation of Applicable Tax Rate to Effective Tax Rate (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Reconciliation of average effective tax rate and applicable tax rate [abstract] | |||||
Profit before tax from continuing operations | € 2,115 | € 1,741 | [1] | € 1,685 | [1] |
Tax charge expressed as a percentage of profit before tax (effective tax rate): | |||||
- current tax expense only | 17.10% | 16.60% | 16.90% | ||
- total income tax expense (current and deferred) | 22.60% | 22.70% | 0.70% | ||
Irish corporation tax rate | 12.50% | 12.50% | 12.50% | ||
Higher tax rates on overseas earnings | 12.10% | 11.60% | 16.30% | ||
Deferred tax credit relating to the enactment of the "Tax Cuts and Jobs Act" | (26.10%) | ||||
Other items (primarily comprising items not chargeable to tax/expenses not deductible for tax) | (2.00%) | (1.40%) | (2.00%) | ||
Total effective tax rate | 22.60% | 22.70% | 0.70% | ||
[1] | Restated to show the results of our former Europe Distribution segment in discontinued operations. See note 3 for further details. |
Income Tax Expense Continuing O
Income Tax Expense Continuing Operations - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Income Taxes [line items] | |||
Effective tax rate | 22.60% | 22.70% | 0.70% |
Tax Cuts and Jobs Act [member] | |||
Disclosure Of Income Taxes [line items] | |||
Non-cash deferred tax credit related to the enactment of the "Tax Cuts and Jobs Act Included in reported tax charge | € 440 | ||
Effective tax rate excluding impact of exceptional deferred tax credit | 26.80% |
Dividends - Summary of Dividend
Dividends - Summary of Dividends Paid and Proposed (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Dividends [line items] | |||
Dividends paid | € 594 | € 584 | € 554 |
Less: issue of scrip shares in lieu of cash dividends (note 31) | 0 | (51) | (77) |
Dividends paid to equity holders of the Company | 584 | 521 | 469 |
Dividends paid by subsidiaries to non-controllinginterests | 10 | 12 | 8 |
Total dividends paid | 594 | 533 | 477 |
Final 2019 - proposed 63.00c per Ordinary Share (2018: 52.40c; 2017: 48.80c) | 495 | 425 | 409 |
5% Cumulative preference shares [member] | |||
Disclosure of Dividends [line items] | |||
Dividends paid | |||
7% 'A' cumulative preference shares [member] | |||
Disclosure of Dividends [line items] | |||
Dividends paid | |||
Final Dividends [member] | |||
Disclosure of Dividends [line items] | |||
Dividends paid | 425 | 409 | 386 |
Interim Dividends [member] | |||
Disclosure of Dividends [line items] | |||
Dividends paid | 159 | 163 | 160 |
Retained earnings [member] | |||
Disclosure of Dividends [line items] | |||
Dividends paid | € 584 | € 572 | € 546 |
Dividends - Summary of Divide_2
Dividends - Summary of Dividends Paid and Proposed (Parenthetical) (Detail) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Dividends [line items] | |||
Dividends proposed per ordinary share | € 0.6300 | € 0.5240 | € 0.4880 |
5% Cumulative preference shares [member] | |||
Disclosure of Dividends [line items] | |||
Preference dividends | € 3,175 | € 3,175 | € 3,175 |
Cumulative preference shares percentage | 5.00% | 5.00% | 5.00% |
7% 'A' cumulative preference shares [member] | |||
Disclosure of Dividends [line items] | |||
Preference dividends | € 77,521 | € 77,521 | € 77,521 |
Cumulative preference shares percentage | 7.00% | 7.00% | 7.00% |
Final Dividends [member] | |||
Disclosure of Dividends [line items] | |||
Equity dividends paid per ordinary share | € 0.5240 | € 0.4880 | € 0.4620 |
Interim Dividends [member] | |||
Disclosure of Dividends [line items] | |||
Equity dividends paid per ordinary share | € 0.2000 | € 0.1960 | € 0.1920 |
Earning Per Ordinary Share - Su
Earning Per Ordinary Share - Summary of Computation of Basic and Diluted Earnings Per Share (Detail) - EUR (€) € / shares in Units, € in Millions, shares in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Numerator computations | ||||||
Group profit for the financial year | € 1,948 | € 2,521 | [1] | € 1,919 | [1] | |
Profit attributable to non-controlling interests | (19) | (4) | (24) | |||
Profit attributable to equity holders of the Company | 1,929 | 2,517 | 1,895 | |||
Preference dividends | 0 | 0 | 0 | |||
Profit attributable to ordinary equity holders of the Company - numerator for basic/diluted earnings per Ordinary Share | 1,929 | 2,517 | 1,895 | |||
Profit after tax for the financial year from discontinued operations - attributable to equity holders of the Company | 309 | 1,175 | 245 | |||
Profit attributable to ordinary equity holders of the Company - numerator for basic/diluted earnings per Ordinary Share from continuing operations | € 1,620 | € 1,342 | € 1,650 | |||
Denominator computations | ||||||
Weighted average number of Ordinary Shares outstanding for the year | [2] | 801.3 | 832.4 | 835.6 | ||
Effect of dilutive potential Ordinary Shares (employee share options) | [2],[3] | 6.4 | 4.2 | 5.2 | ||
Denominator for diluted earnings per Ordinary Share | 807.7 | 836.6 | 840.8 | |||
Basic earnings per Ordinary Share | € 2.407 | € 3.024 | [1] | € 2.268 | [1] | |
Diluted earnings per Ordinary Share | 2.388 | 3.009 | [1] | 2.254 | [1] | |
Basic earnings per Ordinary Share from continuing operations | 2.022 | 1.612 | [1] | 1.974 | [1] | |
Diluted earnings per Ordinary Share from continuing operations | € 2.006 | € 1.604 | [1] | € 1.962 | [1] | |
[1] | Restated to show the results of our former Europe Distribution segment in discontinued operations. See note 3 for further details. | |||||
[2] | The weighted average number of Ordinary Shares included in the computation of basic and diluted earnings per Ordinary Share has been adjusted to exclude shares held by the Employee Benefit Trust and Ordinary Shares repurchased and held by the Company (CRH plc) as Treasury Shares given that these shares do not rank for dividend. The number of Ordinary Shares so held at the balance sheet date is detailed in note 31. | |||||
[3] | Contingently issuable Ordinary Shares (totalling X at 31 December 2019, 7,274,916 at 31 December 2018 and 5,710,247 at 31 December 2017) are excluded from the computation of diluted earnings per Ordinary Share where the conditions governing exercisability have not been satisfied as at the end of the reporting period or they are antidilutive for the periods presented. |
Earning Per Ordinary Share - _2
Earning Per Ordinary Share - Summary of Computation of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings per share [abstract] | |||
Contingently issuable ordinary shares excluded from the computation of diluted earnings per ordinary share | 3,618,278 | 7,274,916 | 5,710,247 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property Plant and Equipment (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | € 15,761 | € 13,094 | ||
Effect of adopting IFRS 16 | (23) | |||
Reclassified from held for sale | 104 | |||
Translation adjustment | 377 | 259 | ||
Reclassifications | 0 | |||
Transfer (to)/from leased assets (note 22) | 12 | |||
Additions at cost | 1,229 | 1,121 | ||
Additions to leased mineral reserves (note 21) (ii) | [1] | 86 | ||
Arising on acquisition (note 32) | 253 | 2,614 | ||
Disposals at net carrying amount | (529) | (324) | ||
Depreciation charge for year (iii) | [2] | (1,204) | (1,071) | |
Impairment charge for year (iv) | [3] | (8) | (36) | |
Ending Balance | 15,954 | 15,761 | ||
Total property, plant and equipment | 17,424 | |||
Property, plant and equipment leased as right of use assets [member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Leased right-of-use assets (v) | [4] | 1,470 | ||
Carrying amount [member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | 15,761 | 13,094 | ||
Ending Balance | 15,954 | 15,761 | ||
Cost/deemed cost [member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | 25,499 | 22,180 | ||
Ending Balance | 26,146 | 25,499 | ||
Accumulated depreciation (and impairment charges) [member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | (9,738) | (9,086) | ||
Ending Balance | (10,192) | (9,738) | ||
Land and buildings [member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | [5] | 6,972 | 6,224 | |
Effect of adopting IFRS 16 | [5] | (7) | ||
Reclassified from held for sale | [5] | 22 | ||
Translation adjustment | [5] | 155 | 139 | |
Reclassifications | [5] | 101 | 71 | |
Transfer (to)/from leased assets (note 22) | [5] | (5) | ||
Additions at cost | [5] | 72 | 74 | |
Additions to leased mineral reserves (note 21) (ii) | [1],[5] | 86 | ||
Arising on acquisition (note 32) | [5] | 152 | 832 | |
Disposals at net carrying amount | [5] | (405) | (158) | |
Depreciation charge for year (iii) | [2] | (251) | [5] | (232) |
Impairment charge for year (iv) | [3],[5] | (3) | ||
Ending Balance | [5] | 6,867 | 6,972 | |
Land and buildings [member] | Property, plant and equipment leased as right of use assets [member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Leased right-of-use assets (v) | [4],[5] | 1,086 | ||
Land and buildings [member] | Carrying amount [member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | [5] | 6,972 | 6,224 | |
Ending Balance | [5] | 6,867 | 6,972 | |
Land and buildings [member] | Cost/deemed cost [member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | [5] | 9,335 | 8,472 | |
Ending Balance | [5] | 9,189 | 9,335 | |
Land and buildings [member] | Accumulated depreciation (and impairment charges) [member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | [5] | (2,363) | (2,248) | |
Ending Balance | [5] | (2,322) | (2,363) | |
Plant and machinery [member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | 8,196 | 6,319 | ||
Effect of adopting IFRS 16 | (20) | |||
Reclassified from held for sale | 79 | |||
Translation adjustment | 203 | 112 | ||
Reclassifications | 446 | 386 | ||
Transfer (to)/from leased assets (note 22) | 17 | |||
Additions at cost | 590 | 541 | ||
Arising on acquisition (note 32) | 94 | 1,759 | ||
Disposals at net carrying amount | (120) | (161) | ||
Depreciation charge for year (iii) | [2] | (953) | (839) | |
Impairment charge for year (iv) | [3] | (5) | ||
Ending Balance | 8,448 | 8,196 | ||
Plant and machinery [member] | Property, plant and equipment leased as right of use assets [member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Leased right-of-use assets (v) | [4] | 337 | ||
Plant and machinery [member] | Carrying amount [member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | 8,196 | 6,319 | ||
Ending Balance | 8,448 | 8,196 | ||
Plant and machinery [member] | Cost/deemed cost [member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | 15,535 | 13,157 | ||
Ending Balance | 16,283 | 15,535 | ||
Plant and machinery [member] | Accumulated depreciation (and impairment charges) [member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | (7,339) | (6,838) | ||
Ending Balance | (7,835) | (7,339) | ||
Assets in course of construction [member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | 593 | 551 | ||
Effect of adopting IFRS 16 | 4 | |||
Reclassified from held for sale | 3 | |||
Translation adjustment | 19 | 8 | ||
Reclassifications | (547) | (457) | ||
Transfer (to)/from leased assets (note 22) | 0 | |||
Additions at cost | 567 | 506 | ||
Arising on acquisition (note 32) | 7 | 23 | ||
Disposals at net carrying amount | (4) | (5) | ||
Depreciation charge for year (iii) | [2] | 0 | ||
Impairment charge for year (iv) | [3] | 0 | (36) | |
Ending Balance | 639 | 593 | ||
Assets in course of construction [member] | Property, plant and equipment leased as right of use assets [member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Leased right-of-use assets (v) | [4] | 47 | ||
Assets in course of construction [member] | Carrying amount [member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | 593 | 551 | ||
Ending Balance | 639 | 593 | ||
Assets in course of construction [member] | Cost/deemed cost [member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | 629 | 551 | ||
Ending Balance | 674 | 629 | ||
Assets in course of construction [member] | Accumulated depreciation (and impairment charges) [member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Beginning balance | (36) | |||
Ending Balance | € (35) | € (36) | ||
[1] | Relates to leased mineral reserves which fall outside the scope of IFRS 16. | |||
[2] | The depreciation charge for the year includes €33 million (2018: €41 million; 2017: €55 million) relating to discontinued operations. | |||
[3] | The impairment charge of €8 million (2018: €36 million; 2017: €nil million) principally relates to the write-down of property, plant and equipment in Americas Materials and Europe Materials. The charge includes €1 million (2018: €nil million; 2017: €nil million) relating to discontinued operations. | |||
[4] | See note 22 for more detailed information on right-of-use assets and lease liabilities of the Group under IFRS 16. | |||
[5] | The carrying value of mineral-bearing land included in the land and buildings category above amounted to €2,880 million at the balance sheet date (2018: €3,112 million). |
Property, Plant and Equipment_2
Property, Plant and Equipment - Schedule of Property Plant and Equipment (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Carrying value | € 17,424 | € 15,761 | ||
Depreciation charge for year | [1] | 1,204 | 1,071 | |
Impairment charge | [2] | 8 | 36 | |
Americas and Europe Materials [member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Impairment charge | 8 | 36 | € 0 | |
Discontinued operations [member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Depreciation charge for year | 33 | 41 | 55 | |
Discontinued operations [member] | Americas and Europe Materials [member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Impairment charge | 1 | 0 | € 0 | |
Mineral bearing land [member] | ||||
Disclosure of Detailed Information about Property, Plant and Equipment [Line Items] | ||||
Carrying value | € 3,272 | € 3,112 | ||
[1] | The depreciation charge for the year includes €33 million (2018: €41 million; 2017: €55 million) relating to discontinued operations. | |||
[2] | The impairment charge of €8 million (2018: €36 million; 2017: €nil million) principally relates to the write-down of property, plant and equipment in Americas Materials and Europe Materials. The charge includes €1 million (2018: €nil million; 2017: €nil million) relating to discontinued operations. |
Property, Plant and Equipment_3
Property, Plant and Equipment - Schedule of Future Purchase Commitments for Property, Plant and Equipment (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about property, plant and equipment [abstract] | ||
Contracted for but not provided in the financial statements | € 373 | € 449 |
Authorised by the Directors but not contracted for | € 355 | € 366 |
Property, Plant and Equipment_4
Property, Plant and Equipment - Schedule of Future Purchase Commitments for Property, Plant and Equipment (Parenthetical) (Detail) € in Millions | Dec. 31, 2018EUR (€) |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Contractual Commitments Include Not Provided For Discountinued Operations | € 22 |
Contractual Commitments Authorised But Not Contracts To Discontinued Operations | € 6 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | € 8,433 | € 7,214 | |
Reclassified from held for sale | 372 | ||
Translation adjustment | 209 | 149 | |
Arising on acquisition (note 32) | 370 | 1,562 | |
Disposals | (519) | (783) | |
Amortisation charge for year (ii) | [1] | (59) | (61) |
Impairment charge for year | [2] | (20) | |
Ending balance | 8,434 | 8,433 | |
Cost/deemed cost [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 9,209 | 7,942 | |
Ending balance | 9,115 | 9,209 | |
Accumulated amortisation (and impairment charges) [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | (776) | (728) | |
Ending balance | (681) | (776) | |
Goodwill [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 8,116 | 6,905 | |
Reclassified from held for sale | 363 | ||
Translation adjustment | 203 | 137 | |
Arising on acquisition (note 32) | 278 | 1,504 | |
Disposals | (503) | (773) | |
Impairment charge for year | [2] | (20) | |
Ending balance | 8,094 | 8,116 | |
Goodwill [member] | Cost/deemed cost [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 8,400 | 7,198 | |
Ending balance | 8,378 | 8,400 | |
Goodwill [member] | Accumulated amortisation (and impairment charges) [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | (284) | (293) | |
Ending balance | (284) | (284) | |
Marketing related intangibles [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 76 | 75 | |
Translation adjustment | 1 | 3 | |
Arising on acquisition (note 32) | 17 | 6 | |
Disposals | (1) | ||
Amortisation charge for year (ii) | [1] | (9) | (8) |
Ending balance | 84 | 76 | |
Marketing related intangibles [member] | Cost/deemed cost [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 138 | 129 | |
Ending balance | 148 | 138 | |
Marketing related intangibles [member] | Accumulated amortisation (and impairment charges) [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | (62) | (54) | |
Ending balance | (64) | (62) | |
Customer-related intangible assets [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | [3] | 217 | 204 |
Reclassified from held for sale | [3] | 8 | |
Translation adjustment | [3] | 4 | 8 |
Reclassifications | [3] | (2) | |
Arising on acquisition (note 32) | [3] | 75 | 51 |
Disposals | [3] | (15) | (9) |
Amortisation charge for year (ii) | [1],[3] | (45) | (43) |
Ending balance | [3] | 236 | 217 |
Customer-related intangible assets [member] | Cost/deemed cost [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | [3] | 592 | 535 |
Ending balance | [3] | 512 | 592 |
Customer-related intangible assets [member] | Accumulated amortisation (and impairment charges) [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | [3] | (375) | (331) |
Ending balance | [3] | (276) | (375) |
Contract based intangible assets [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 24 | 30 | |
Reclassified from held for sale | 1 | ||
Translation adjustment | 1 | 1 | |
Reclassifications | 2 | ||
Arising on acquisition (note 32) | 1 | ||
Disposals | (1) | ||
Amortisation charge for year (ii) | [1] | (5) | (10) |
Ending balance | 20 | 24 | |
Contract based intangible assets [member] | Cost/deemed cost [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 79 | 80 | |
Ending balance | 77 | 79 | |
Contract based intangible assets [member] | Accumulated amortisation (and impairment charges) [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | (55) | (50) | |
Ending balance | € (57) | € (55) | |
[1] | The amortisation charge for the year includes €X million (2018: €2 million; 2017: €14 million) in respect of discontinued operations, which primarily relates to customer-related intangible assets. | ||
[2] | In July 2018, the Group divested of its DIY business in the Netherlands and Belgium, together with certain related property assets, which formed part of the former Europe Distribution segment for total consideration of €0.5 billion. The decision to divest resulted in the recognition of an impairment charge of €20 million. The recoverable amount, at the date of impairment, was based on fair value less costs of disposal. The fair value was determined using Level 2 inputs in accordance with the fair value hierarchy, as a market price was agreed and paid. | ||
[3] | The customer-related intangible assets relate predominantly to non-contractual customer relationships. |
Intangible Assets - Summary o_2
Intangible Assets - Summary of Intangible Assets (Parenthetical) (Detail) - EUR (€) € in Millions | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Consideration | € 500 | |||
Impairment charge | € 0 | € 20 | ||
DIY business in Belgium and Netherlands [member] | Europe Distribution [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Impairment charge | € 20 | |||
Customer-related intangible assets [member] | Discontinued operations [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Amortisation charge for year | € 2 | € 2 | € 14 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) € in Millions | 12 Months Ended | |
Dec. 31, 2019EUR (€)Cash_Generating_UnitsBusinessSegments | Dec. 31, 2018EUR (€)Cash_Generating_Units | |
Disclosure of detailed information about intangible assets [line items] | ||
Number of cash generating units identified | Cash_Generating_Units | 25 | 26 |
Number of business segments analysed for cash generating units | BusinessSegments | 3 | |
Cash flow forecasts projection period description | The cash flow forecasts are primarily based on a five-year strategic plan document formally approved by the Board of Directors and specifically exclude the impact of future development activity. These cash flows are projected forward for an additional five years to determine the basis for an annuity-based terminal value, calculated on the same basis as the Group’s acquisition modelling methodology. | |
Terminal value assumption annuity period | 20 years | |
Impairment charge | € 0 | € 20 |
Goodwill at date of testing | € 0 | |
Minimum [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rate applied to the cash flow projections (real pre-tax) | 6.60% | 7.00% |
Maximum [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rate applied to the cash flow projections (real pre-tax) | 8.70% | 9.20% |
Maximum [member] | Each of remaining cash generating units [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Percentage of goodwill allocated to CGUs | 10.00% | |
Long lived cement assets [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Terminal value assumption annuity period | 30 years | |
Individual assets or cash-generating units [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Sensitivity analysis description | Sensitivity analysis has been performed and results in additional disclosures in respect of one of the total 25 CGUs. The key assumptions, methodology used and values applied to each of the key assumptions for this CGU are in line with those outlined above (a 30-year annuity period has been used). The CGU had goodwill of €459 million at the date of testing. | |
Goodwill at date of testing | € 459 | |
Average EBITDA margin for CGU over initial five-year period | 20.20% | |
Value-in-use (being the present value of future net cash flows) | ||
Carrying amount | ||
Excess of value-in-use over carrying amount | ||
Level 3 of fair value hierarchy [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Description of level of fair value hierarchy within which fair value measurement is categorised for goodwill | The recoverable amount of 25 CGUs is determined based on a value-in-use computation, using Level 3 inputs in accordance with the fair value hierarchy. | |
Number of CGUs subject to impairment testing for goodwill | Cash_Generating_Units | 0 | 26 |
Europe [member] | Minimum [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Growth rate used to extrapolate cash flow projections | 0.70% | |
Europe [member] | Maximum [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Growth rate used to extrapolate cash flow projections | 2.00% | |
Americas [member] | Minimum [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Growth rate used to extrapolate cash flow projections | 1.30% | |
Americas [member] | Maximum [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Growth rate used to extrapolate cash flow projections | 1.80% | |
Asia [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Growth rate used to extrapolate cash flow projections | 3.10% |
Intangible Assets - Summary o_3
Intangible Assets - Summary of Goodwill by Cash Generating Units (Detail) € in Millions | 12 Months Ended | |
Dec. 31, 2019EUR (€)Cash_Generating_Units | Dec. 31, 2018EUR (€)Cash_Generating_Units | |
Disclosure of information for cash-generating units [line items] | ||
Cash-generating units | 25 | 26 |
Goodwill | € | € 8,094 | € 8,116 |
Europe Materials [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | € | 2,354 | 2,280 |
Americas Materials [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | € | 3,558 | 3,441 |
Building Products [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | € | € 2,182 | € 2,395 |
Cash generating unit [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Cash-generating units | 25 | 26 |
Cash generating unit [member] | Europe Materials [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Cash-generating units | 16 | 16 |
Cash generating unit [member] | Americas Materials [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Cash-generating units | 7 | 7 |
Cash generating unit [member] | Building Products [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Cash-generating units | 2 | 3 |
Intangible Assets - Summary o_4
Intangible Assets - Summary of Significant Goodwill Amounts (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of information for cash-generating units [line items] | ||
Goodwill allocated to the cash-generating unit at balance sheet date | € 8,094 | € 8,116 |
Americas Cement [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill allocated to the cash-generating unit at balance sheet date | € 1,450 | € 1,412 |
Discount rate applied to the cash flow projections (real pre-tax) | 7.60% | 8.20% |
Average EBITDA (as defined)* margin over the initial 5-year period | 39.10% | 37.90% |
Value-in-use (present value of future cash flows) | € 7,031 | € 5,579 |
Excess of value-in-use over carrying amount | 3,529 | 2,594 |
Americas Building Products [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill allocated to the cash-generating unit at balance sheet date | € 1,883 | € 1,655 |
Discount rate applied to the cash flow projections (real pre-tax) | 8.40% | 9.10% |
Average EBITDA (as defined)* margin over the initial 5-year period | 18.30% | 15.30% |
Value-in-use (present value of future cash flows) | € 8,560 | € 6,753 |
Excess of value-in-use over carrying amount | € 4,938 | € 3,412 |
Intangible Assets - Summary o_5
Intangible Assets - Summary of Key Assumptions and Sensitivity Analysis Relating to Cash Generating Units (Detail) - One cash generating unit [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of information for cash-generating units [line items] | |
Reduction in EBITDA (as defined) margin | 2.2 percentage points |
Reduction in profit before tax | 15.70% |
Reduction in net cash flow | 14.40% |
Increase in pre-tax discount rate | 1.3 percentage points |
Financial Assets - Summary of I
Financial Assets - Summary of Investments Accounted for Using Equity Method (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of financial assets [line items] | |||
Beginning balance | € 1,163 | € 1,248 | |
Translation adjustment | 3 | (21) | |
Investments and advances | 27 | 2 | |
Investment and loan to associate in lieu of cash proceeds | 85 | ||
Joint ventures becoming subsidiaries (note 32) | (120) | ||
Disposals and repayments | (540) | (44) | |
Arising on acquisition (note 32) | 1 | ||
Share of profit after tax | [1] | 72 | 60 |
Dividends received | (35) | (48) | |
Ending balance | 690 | 1,163 | |
Other [Member] | |||
Disclosure of financial assets [line items] | |||
Beginning balance | 23 | 25 | |
Translation adjustment | 1 | ||
Investments and advances | 2 | ||
Disposals and repayments | (14) | (2) | |
Ending balance | 12 | 23 | |
Share of net assets [Member] | |||
Disclosure of financial assets [line items] | |||
Beginning balance | 1,102 | 1,123 | |
Translation adjustment | 3 | (18) | |
Investments and advances | 12 | 1 | |
Investment and loan to associate in lieu of cash proceeds | 35 | ||
Joint ventures becoming subsidiaries (note 32) | (13) | ||
Disposals and repayments | (489) | (39) | |
Arising on acquisition (note 32) | 1 | ||
Share of profit after tax | [1] | 72 | 60 |
Dividends received | (35) | (48) | |
Ending balance | 665 | 1,102 | |
Loans1 [member] | |||
Disclosure of financial assets [line items] | |||
Beginning balance | 61 | 125 | |
Translation adjustment | (3) | ||
Investments and advances | 15 | 1 | |
Investment and loan to associate in lieu of cash proceeds | 50 | ||
Joint ventures becoming subsidiaries (note 32) | (107) | ||
Disposals and repayments | (51) | (5) | |
Ending balance | € 25 | € 61 | |
[1] | Share of profit after tax includes €12 million (2018: €12 million) relating to discontinued operations. |
Financial Assets - Summary of_2
Financial Assets - Summary of Investments Accounted for Using Equity Method (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Discontinued operations [member] | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Share of profit after tax | € 12 | € 12 |
Financial Assets - Summary of F
Financial Assets - Summary of Financial Information for Group's Investment in Joint Ventures and Associates (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of associates and joint ventures [line items] | ||
Non-current assets | € 27,020 | € 25,662 |
Current assets | 10,290 | 9,511 |
Non-current liabilities | (13,450) | (12,540) |
Current liabilities | (6,380) | (6,079) |
Associates and joint ventures [member] | ||
Disclosure of associates and joint ventures [line items] | ||
Non-current assets | 932 | 1,486 |
Current assets | 665 | 688 |
Non-current liabilities | (255) | (446) |
Current liabilities | (677) | (626) |
Net assets | 665 | 1,102 |
Associates [member] | ||
Disclosure of associates and joint ventures [line items] | ||
Non-current assets | 686 | 775 |
Current assets | 389 | 468 |
Non-current liabilities | (91) | (115) |
Current liabilities | (423) | (486) |
Net assets | 561 | 642 |
Joint ventures [member] | ||
Disclosure of associates and joint ventures [line items] | ||
Non-current assets | 246 | 711 |
Current assets | 276 | 220 |
Non-current liabilities | (164) | (331) |
Current liabilities | (254) | (140) |
Net assets | € 104 | € 460 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Current raw materials and current production supplies [abstract] | |||
Raw materials | € 1,142 | € 1,149 | |
Work-in-progress | [1] | 128 | 109 |
Finished goods | 1,472 | 1,803 | |
Total inventories at the lower of cost and net realisable value | € 2,742 | € 3,061 | |
[1] | Work-in-progress includes €2 million (2018: €3 million) in respect of the cumulative costs incurred, net of amounts transferred to cost of sales under percentage-of-completion accounting, for construction contracts in progress at the balance sheet date. |
Inventories - Summary of Inve_2
Inventories - Summary of Inventories (Parenthetical) (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Classes of inventories [line items] | |||
Work-in-progress | [1] | € 128 | € 109 |
Construction contracts [member] | |||
Classes of inventories [line items] | |||
Work-in-progress | € 2 | € 3 | |
[1] | Work-in-progress includes €2 million (2018: €3 million) in respect of the cumulative costs incurred, net of amounts transferred to cost of sales under percentage-of-completion accounting, for construction contracts in progress at the balance sheet date. |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Continuing operations [member] | |||
Statement [line items] | |||
Inventories write-down | € 8 | € 10 | € 23 |
Trade and Other Receivables - S
Trade and Other Receivables - Summary of Trade and Other Receivables (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current | ||||
Trade receivables | € 2,387 | € 2,761 | ||
Amounts receivable in respect of construction contracts | [1] | 914 | 878 | |
Total trade receivables, gross | 3,301 | 3,639 | € 3,229 | |
Loss allowance | (118) | (133) | ||
Total trade receivables, net | 3,183 | 3,506 | ||
Amounts receivable from equity accounted investments | 8 | 9 | ||
Prepayments and other receivables | 576 | 559 | ||
Total | 3,767 | 4,074 | ||
Non-current | ||||
Other receivables | € 317 | € 181 | ||
[1] | Includes unbilled revenue and retentions held by customers in respect of construction contracts at the balance sheet date amounting to €247 million and €183 million respectively (2018: €245 million and €168 million respectively). |
Trade and Other Receivables -_2
Trade and Other Receivables - Summary of Trade and Other Receivables (Parenthetical) (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other receivables [abstract] | ||
Unbilled revenue from construction contracts | € 247 | € 245 |
Retentions held by customers in respect of construction contracts | € 183 | € 168 |
Trade and Other Receivables -_3
Trade and Other Receivables - Summary of Loss Allowance for Receivables (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||
At 1 January | € 133 | € 131 | € 152 |
Reclassified from/(as) held for sale | 6 | (6) | |
Translation adjustment | 2 | (7) | |
Provided during year | 45 | 35 | 32 |
Disposed of during year | (30) | (3) | |
Written off during year | (26) | (30) | (36) |
Arising on acquisition (note 32) | 1 | 6 | 3 |
Recovered during year | (7) | (12) | (7) |
At 31 December | € 118 | € 133 | € 131 |
Trade and Other Receivables -_4
Trade and Other Receivables - Summary of Loss Allowance by Segment (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Provision For Impairment Of Receivable [line items] | |||
Loss allowance | € 118 | € 133 | € 131 |
Americas Materials [member] | |||
Disclosure Of Provision For Impairment Of Receivable [line items] | |||
Loss allowance | 27 | 19 | 17 |
Europe Materials [member] | |||
Disclosure Of Provision For Impairment Of Receivable [line items] | |||
Loss allowance | 70 | 64 | 70 |
Building Products [Member] | |||
Disclosure Of Provision For Impairment Of Receivable [line items] | |||
Loss allowance | € 21 | € 50 | € 44 |
Trade and Other Receivables -_5
Trade and Other Receivables - Summary of Gross Carrying Value Trade Receivables by Segment (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Provision For Impairment Of Receivable [line items] | |||
Gross carrying value of trade receivables | € 3,301 | € 3,639 | € 3,229 |
Americas Materials [member] | |||
Disclosure Of Provision For Impairment Of Receivable [line items] | |||
Gross carrying value of trade receivables | 1,353 | 1,322 | 1,054 |
Europe Materials [Member] | |||
Disclosure Of Provision For Impairment Of Receivable [line items] | |||
Gross carrying value of trade receivables | 1,228 | 1,168 | 1,105 |
Building Products [Member] | |||
Disclosure Of Provision For Impairment Of Receivable [line items] | |||
Gross carrying value of trade receivables | € 720 | € 1,149 | € 1,070 |
Trade and Other Receivables -_6
Trade and Other Receivables - Summary of Information About Products Segment For Geographies (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Provision For Impairment Of Receivable [line items] | |||
Gross carrying value of trade receivables | € 3,301 | € 3,639 | € 3,229 |
Loss allowance | 118 | 133 | 131 |
Building Products gross carrying value of trade receivables and loss allowance [Member] | |||
Disclosure Of Provision For Impairment Of Receivable [line items] | |||
Gross carrying value of trade receivables | 720 | 1,149 | 1,070 |
Loss allowance | 21 | 50 | 44 |
Building Products gross carrying value of trade receivables and loss allowance [Member] | Americas [member] | |||
Disclosure Of Provision For Impairment Of Receivable [line items] | |||
Gross carrying value of trade receivables | 589 | 566 | 495 |
Loss allowance | 16 | 15 | 10 |
Building Products gross carrying value of trade receivables and loss allowance [Member] | Europe [member] | |||
Disclosure Of Provision For Impairment Of Receivable [line items] | |||
Gross carrying value of trade receivables | 131 | 583 | 575 |
Loss allowance | € 5 | € 35 | € 34 |
Trade and Other Receivables - A
Trade and Other Receivables - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Trade and other receivables [abstract] | ||
Trade receivables percentage | 65.00% | 64.00% |
Trade and amount receivables | 90 days |
Trade and Other Receivables -_7
Trade and Other Receivables - Summary of Aged Analysis of Trade Receivables and Amounts Receivable in Respect of Construction Contracts at Balance Sheet Date (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Aging Analysis Of Trade And Amounts Receivable In Respect Of Construction Contracts [line items] | |||
Total trade receivables, gross | € 3,301 | € 3,639 | € 3,229 |
Neither Past Due Nor Impaired [member] | |||
Disclosure Of Aging Analysis Of Trade And Amounts Receivable In Respect Of Construction Contracts [line items] | |||
Total trade receivables, gross | 2,140 | 2,319 | |
Less Than 60 Days [member] | |||
Disclosure Of Aging Analysis Of Trade And Amounts Receivable In Respect Of Construction Contracts [line items] | |||
Total trade receivables, gross | 770 | 922 | |
60 Days or Greater but Less than 120 Days [member] | |||
Disclosure Of Aging Analysis Of Trade And Amounts Receivable In Respect Of Construction Contracts [line items] | |||
Total trade receivables, gross | 186 | 169 | |
120 Days or Greater [member] | |||
Disclosure Of Aging Analysis Of Trade And Amounts Receivable In Respect Of Construction Contracts [line items] | |||
Total trade receivables, gross | 87 | 96 | |
Impaired (partial or full provision) [member] | |||
Disclosure Of Aging Analysis Of Trade And Amounts Receivable In Respect Of Construction Contracts [line items] | |||
Total trade receivables, gross | € 118 | € 133 |
Trade and Other Payables - Summ
Trade and Other Payables - Summary of Trade and Other Payables (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Current | |||
Trade payables | € 2,202 | € 2,453 | |
Construction contract-related payables | [1] | 229 | 218 |
Deferred and contingent acquisition consideration | [2] | 45 | 48 |
Accruals and other payables | 1,897 | 1,887 | |
Amounts payable to equity accounted investments | 3 | 3 | |
Total | 4,376 | 4,609 | |
Non-current | |||
Other payables | 195 | 181 | |
Deferred and contingent acquisition consideration | 290 | 291 | |
Total | € 485 | € 472 | |
[1] | Construction contract-related payables include billings in excess of revenue, together with advances received from customers in respect of work to be performed under construction contracts and foreseeable losses thereon. €174 million was recognised in the Consolidated Income Statement during 2019 which was included in the contract-related payables balance at 31 December 2018. | ||
[2] | The fair value of total contingent consideration is €248 million (2018: €220 million) (Level 3 input in the fair value hierarchy), and deferred consideration is €87 million (2018: €119 million). On an undiscounted basis, the corresponding future payments relating to contingent consideration, for which the Group may be liable, ranges from €267 million to €410 million. This is based on a range of estimated potential outcomes of the expected payment amounts. |
Trade and Other Payables - Su_2
Trade and Other Payables - Summary of Trade and Other Payables (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of trade and other payables [line items] | ||
Construction contract-related payables | € 174 | |
Deferred consideration | 87 | € 119 |
Minimum [member] | ||
Disclosure of trade and other payables [line items] | ||
Contingent consideration liability on undiscounted basis | 267 | |
Maximum [member] | ||
Disclosure of trade and other payables [line items] | ||
Contingent consideration liability on undiscounted basis | 410 | |
Level 3 of fair value hierarchy [member] | ||
Disclosure of trade and other payables [line items] | ||
Fair value of total contingent consideration | € 248 | € 220 |
Trade and Other Payables - Su_3
Trade and Other Payables - Summary of Movement in Deferred and Contingent Consideration (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of contingent liabilities [abstract] | ||
At 1 January | € 339 | € 265 |
Reclassified from held for sale | 2 | |
Translation adjustment | 6 | 19 |
Arising on acquisitions and investments during year (note 32) | 18 | 103 |
Changes in estimate | 5 | (8) |
Disposals | (4) | (2) |
Paid during year | (48) | (55) |
Discount unwinding | 19 | 15 |
At 31 December | € 335 | € 339 |
Movement in Working Capital a_3
Movement in Working Capital and Provisions for Liabilities - Summary of Movement in Working Capital and Provisions for Liabilities (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Movement in Working Capital and Provisions for Liabilities [Line Items] | |||
Beginning balance | € 1,148 | € 677 | € 794 |
Effect of adopting IFRS 16 | 15 | ||
Reclassified from held for sale | 294 | ||
Translation adjustment | 34 | 28 | (84) |
Arising on acquisition (note 32) | 45 | 265 | 45 |
Disposals | (679) | (499) | (29) |
- arising on acquisitions during year (note 32) | (18) | (103) | (45) |
- paid during year | 48 | 55 | 53 |
Deferred proceeds arising on disposals during year | 269 | 10 | 3 |
Interest accruals and discount unwinding | (34) | (42) | (23) |
Additions to leased mineral reserves | (86) | ||
Reclassification | 48 | ||
Increase/(decrease) in working capital and provisions for liabilities | 64 | 463 | 209 |
Reclassified as held for sale | (294) | ||
Ending balance | 806 | 1,148 | 677 |
Inventories [member] | |||
Disclosure of Movement in Working Capital and Provisions for Liabilities [Line Items] | |||
Beginning balance | 3,061 | 2,715 | 2,939 |
Reclassified from held for sale | 266 | ||
Translation adjustment | 64 | 52 | (218) |
Arising on acquisition (note 32) | 58 | 255 | 114 |
Disposals | (520) | (405) | (34) |
Reclassification | (3) | ||
Increase/(decrease) in working capital and provisions for liabilities | 79 | 178 | 183 |
Reclassified as held for sale | (266) | ||
Ending balance | 2,742 | 3,061 | 2,715 |
Trade and other receivables [member] | |||
Disclosure of Movement in Working Capital and Provisions for Liabilities [Line Items] | |||
Beginning balance | 4,255 | 3,786 | 4,191 |
Effect of adopting IFRS 16 | 3 | ||
Reclassified from held for sale | 334 | ||
Translation adjustment | 94 | 57 | (286) |
Arising on acquisition (note 32) | 66 | 318 | 129 |
Disposals | (669) | (390) | (16) |
Deferred proceeds arising on disposals during year | 269 | 10 | 3 |
Interest accruals and discount unwinding | (11) | 1 | |
Reclassification | (14) | ||
Increase/(decrease) in working capital and provisions for liabilities | 77 | 140 | 112 |
Reclassified as held for sale | (334) | ||
Ending balance | 4,084 | 4,255 | 3,786 |
Trade and other payables [member] | |||
Disclosure of Movement in Working Capital and Provisions for Liabilities [Line Items] | |||
Beginning balance | (5,081) | (4,760) | (5,276) |
Effect of adopting IFRS 16 | 11 | ||
Reclassified from held for sale | (306) | ||
Translation adjustment | (107) | (71) | 348 |
Arising on acquisition (note 32) | (73) | (224) | (149) |
Disposals | 510 | 293 | 20 |
- arising on acquisitions during year (note 32) | (18) | (103) | (45) |
- paid during year | 48 | 55 | 53 |
Interest accruals and discount unwinding | (1) | (21) | |
Additions to leased mineral reserves | (86) | ||
Reclassification | 65 | ||
Increase/(decrease) in working capital and provisions for liabilities | (64) | 56 | (82) |
Reclassified as held for sale | 306 | ||
Ending balance | (4,861) | (5,081) | (4,760) |
Provisions for liabilities [member] | |||
Disclosure of Movement in Working Capital and Provisions for Liabilities [Line Items] | |||
Beginning balance | (1,087) | (1,064) | (1,060) |
Effect of adopting IFRS 16 | 1 | ||
Translation adjustment | (17) | (10) | 72 |
Arising on acquisition (note 32) | (6) | (84) | (49) |
Disposals | 0 | 3 | 1 |
Interest accruals and discount unwinding | (22) | (21) | (24) |
Increase/(decrease) in working capital and provisions for liabilities | (28) | 89 | (4) |
Ending balance | € (1,159) | € (1,087) | € (1,064) |
Leases - Summary of Detailed I
Leases - Summary of Detailed Information About Right Of Use Assets Explanatory (Detail) € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Lease liabilities | |
At 31 December 2019 | € 1,511 |
Lease liabilities [member] | |
Lease liabilities | |
At 1 January 2019 | |
Effect of adopting IFRS 16 | 1,977 |
Translation adjustment | 39 |
Addition of right-of-use assets | 162 |
Arising on acquisition (note 29) | 64 |
Disposals | (447) |
Remeasurements | 33 |
Payments | (386) |
Discount unwinding | 69 |
At 31 December 2019 | 1,511 |
Leased right-of-use assets [member] | |
Leased right-of-use assets | |
At 1 January 2019, net carrying amount | |
Effect of adopting IFRS 16 | 1,962 |
Translation adjustment | 39 |
Transfer from/(to) owned assets | (12) |
Additions at cost | 162 |
Arising on acquisition (note 29) | 66 |
Disposals at net carrying amount | (446) |
Adjustment as a result of remeasurement of lease liability | 33 |
Depreciation charge for period | (334) |
At 31 December 2019, net carrying amount | 1,470 |
Land and buildings [member] | Lease liabilities [member] | |
Lease liabilities | |
At 1 January 2019 | |
Effect of adopting IFRS 16 | 1,493 |
Translation adjustment | 29 |
Addition of right-of-use assets | 47 |
Arising on acquisition (note 29) | 63 |
Disposals | (386) |
Remeasurements | 22 |
Payments | (198) |
Discount unwinding | 55 |
At 31 December 2019 | 1,125 |
Land and buildings [member] | Leased right-of-use assets [member] | |
Leased right-of-use assets | |
At 1 January 2019, net carrying amount | |
Effect of adopting IFRS 16 | 1,478 |
Translation adjustment | 27 |
Transfer from/(to) owned assets | 5 |
Additions at cost | 47 |
Arising on acquisition (note 29) | 63 |
Disposals at net carrying amount | (384) |
Adjustment as a result of remeasurement of lease liability | 22 |
Depreciation charge for period | (172) |
At 31 December 2019, net carrying amount | 1,086 |
Plant and machinery [member] | Lease liabilities [member] | |
Lease liabilities | |
At 1 January 2019 | |
Effect of adopting IFRS 16 | 425 |
Translation adjustment | 10 |
Addition of right-of-use assets | 87 |
Arising on acquisition (note 29) | 1 |
Disposals | (46) |
Remeasurements | 8 |
Payments | (157) |
Discount unwinding | 12 |
At 31 December 2019 | 340 |
Plant and machinery [member] | Leased right-of-use assets [member] | |
Leased right-of-use assets | |
At 1 January 2019, net carrying amount | |
Effect of adopting IFRS 16 | 424 |
Translation adjustment | 12 |
Transfer from/(to) owned assets | (17) |
Additions at cost | 87 |
Arising on acquisition (note 29) | 3 |
Disposals at net carrying amount | (47) |
Adjustment as a result of remeasurement of lease liability | 8 |
Depreciation charge for period | (133) |
At 31 December 2019, net carrying amount | 337 |
Other [member] | Lease liabilities [member] | |
Lease liabilities | |
At 1 January 2019 | |
Effect of adopting IFRS 16 | 59 |
Translation adjustment | |
Addition of right-of-use assets | 28 |
Arising on acquisition (note 29) | |
Disposals | (15) |
Remeasurements | 3 |
Payments | (31) |
Discount unwinding | 2 |
At 31 December 2019 | 46 |
Other [member] | Leased right-of-use assets [member] | |
Leased right-of-use assets | |
At 1 January 2019, net carrying amount | |
Effect of adopting IFRS 16 | 60 |
Translation adjustment | |
Transfer from/(to) owned assets | |
Additions at cost | 28 |
Arising on acquisition (note 29) | |
Disposals at net carrying amount | (15) |
Adjustment as a result of remeasurement of lease liability | 3 |
Depreciation charge for period | (29) |
At 31 December 2019, net carrying amount | € 47 |
Leases - Summary of Detailed_2
Leases - Summary of Detailed Information About Right Of Use Assets Explanatory (Parenthetical) (Detail) € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Lease Disclosure [Abstract] | |
Depreciation on right of use assets for discontinued operations | € 63 |
Discount unwinding on lease liabilities for discontinued operations | € 7 |
Leases - Summary of Detailed In
Leases - Summary of Detailed Information About Maturity Analysis Of Lease Liability (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Jan. 01, 2019 |
Statement [line items] | ||
Lease liabilities | € 1,511 | € 1,977 |
Discounted [Member] | ||
Statement [line items] | ||
Lease liabilities | 1,511 | |
Discounted [Member] | Within one year [member] | ||
Statement [line items] | ||
Lease liabilities | 271 | |
Discounted [Member] | Between one and two years [member] | ||
Statement [line items] | ||
Lease liabilities | 219 | |
Discounted [Member] | Between two and three years [member] | ||
Statement [line items] | ||
Lease liabilities | 174 | |
Discounted [Member] | Between three and four years [member] | ||
Statement [line items] | ||
Lease liabilities | 136 | |
Discounted [Member] | Between four and five years [member] | ||
Statement [line items] | ||
Lease liabilities | 112 | |
Discounted [Member] | After five years [member] | ||
Statement [line items] | ||
Lease liabilities | 599 | |
Undiscounted [Member] | ||
Statement [line items] | ||
Lease liabilities | 2,038 | |
Undiscounted [Member] | Within one year [member] | ||
Statement [line items] | ||
Lease liabilities | 275 | |
Undiscounted [Member] | Between one and two years [member] | ||
Statement [line items] | ||
Lease liabilities | 231 | |
Undiscounted [Member] | Between two and three years [member] | ||
Statement [line items] | ||
Lease liabilities | 193 | |
Undiscounted [Member] | Between three and four years [member] | ||
Statement [line items] | ||
Lease liabilities | 158 | |
Undiscounted [Member] | Between four and five years [member] | ||
Statement [line items] | ||
Lease liabilities | 135 | |
Undiscounted [Member] | After five years [member] | ||
Statement [line items] | ||
Lease liabilities | € 1,046 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Costs and Disclosures in Income Statement (Detail) € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Statement [Line Items] | |
Short-term leases | € 171 |
Lease of low-value assets | 7 |
Variable lease payments not included in the lease liability | 90 |
Total | 268 |
Total cash outflow for lease payments | € 654 |
Leases - Summary of Detailed _2
Leases - Summary of Detailed Information About Maturity Analysis Of Lease Payments (Detail) - IFRS 16 [Member] € in Millions | Dec. 31, 2019EUR (€) |
Statement [line items] | |
Undiscounted future cash flows - renewal options | € 505 |
Within one year [member] | |
Statement [line items] | |
Undiscounted future cash flows - renewal options | 2 |
Between one and two years [member] | |
Statement [line items] | |
Undiscounted future cash flows - renewal options | 3 |
Between two and three years [member] | |
Statement [line items] | |
Undiscounted future cash flows - renewal options | 4 |
Between three and four years [member] | |
Statement [line items] | |
Undiscounted future cash flows - renewal options | 6 |
Between four and five years [member] | |
Statement [line items] | |
Undiscounted future cash flows - renewal options | 7 |
After five years [member] | |
Statement [line items] | |
Undiscounted future cash flows - renewal options | € 483 |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Rentals (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement [line items] | ||
Operating lease rentals | € 533 | € 513 |
Continuing operations [member] | ||
Statement [line items] | ||
Operating lease rentals | 533 | 513 |
Hire of plant and machinery [member] | Continuing operations [member] | ||
Statement [line items] | ||
Operating lease rentals | 308 | 279 |
Land and buildings [member] | Continuing operations [member] | ||
Statement [line items] | ||
Operating lease rentals | 174 | 188 |
Other operating lease [member] | Continuing operations [member] | ||
Statement [line items] | ||
Operating lease rentals | € 51 | € 46 |
Leases - Summary of Commitments
Leases - Summary of Commitments under Operating Leases (Detail) € in Millions | Dec. 31, 2018EUR (€) |
Continuing and Discontinued operations [member] | |
Statement [line items] | |
Operating Lease Commitments | € 1,911 |
Discontinued operations [member] | |
Statement [line items] | |
Operating Lease Commitments | 408 |
Within 1 year [member] | Continuing and Discontinued operations [member] | |
Statement [line items] | |
Operating Lease Commitments | 353 |
After one year but not more than five years [member] | Continuing and Discontinued operations [member] | |
Statement [line items] | |
Operating Lease Commitments | 769 |
After 5 years [member] | Continuing and Discontinued operations [member] | |
Statement [line items] | |
Operating Lease Commitments | € 789 |
Analysis of Net Debt - Componen
Analysis of Net Debt - Component of Net Debt (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of Financial Assets and Liabilities [line items] | |||||
Lease liabilities under IFRS 16 (note 22) | € (1,511) | € (1,977) | |||
Interest-bearing loans and borrowings (note 26) | (9,014) | € (9,316) | |||
Derivative financial instruments (net) (note 27) | 65 | (14) | € 50 | ||
Cash and cash equivalents (note 25) | 3,755 | 2,346 | |||
Group net debt | (6,705) | (6,984) | € (5,796) | € (5,297) | |
Book Value [Member] | |||||
Disclosure of Financial Assets and Liabilities [line items] | |||||
Lease liabilities under IFRS 16 (note 22) | (1,511) | ||||
Interest-bearing loans and borrowings (note 26) | (9,014) | (9,316) | |||
Derivative financial instruments (net) (note 27) | 65 | (14) | |||
Cash and cash equivalents (note 25) | 3,755 | 2,346 | |||
Group net debt | (6,705) | (6,984) | |||
Fair Value [Member] | |||||
Disclosure of Financial Assets and Liabilities [line items] | |||||
Lease liabilities under IFRS 16 (note 22) | (1,511) | ||||
Interest-bearing loans and borrowings (note 26) | (9,572) | (9,223) | |||
Derivative financial instruments (net) (note 27) | 65 | (14) | |||
Cash and cash equivalents (note 25) | 3,755 | 2,346 | |||
Group net debt | € (7,263) | € (6,891) |
Analysis of Net Debt - Reconcil
Analysis of Net Debt - Reconciliation of Opening to Closing Net Debt (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure Of Reconciliation Of Opening To Closing Net Debt [abstract] | ||||
Beginning Balance | € (6,984) | € (5,796) | € (5,297) | |
Effect of adopting IFRS 16 | (1,954) | |||
Debt, including lease liabilities, in acquired companies (note 32) | (73) | (74) | (12) | |
Debt, including lease liabilities, in disposed companies | 415 | |||
Increase in interest-bearing loans and borrowings | (91) | (1,434) | (1,010) | |
Net increase in lease liabilities under IFRS 16 | [1] | (163) | ||
Net cash flow arising from derivative financial instruments | 36 | (6) | (169) | |
Repayment of interest-bearing loans, borrowings and finance leases | [2] | 572 | 246 | 343 |
Repayment of lease liabilities under IFRS 16 | [1] | 317 | ||
Mark-to-market adjustment | 25 | 2 | 9 | |
Translation adjustment on financing activities | (214) | (133) | 654 | |
Increase in liabilities from financing activities | (1,130) | (1,399) | (185) | |
Translation adjustment on cash and cash equivalents | 27 | 17 | (161) | |
Increase/(decrease) in cash and cash equivalents | 1,382 | 194 | (153) | |
Ending balance | € (6,705) | € (6,984) | € (5,796) | |
[1] | All leases capitalised under IFRS 16 have been included as lease liabilities in 2019. | |||
[2] | Interest-bearing loans and borrowings in 2018 include finance leases previously capitalised under IAS 17. |
Analysis of Net Debt - Schedule
Analysis of Net Debt - Schedule of Effective Interest Rates on Period-End Fixed, Gross and Net Debt (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of components of net debt [abstract] | ||||
Interest-bearing loans and borrowings nominal - fixed rate | [1] | € (8,743) | € (9,107) | |
Derivative financial instruments - fixed rate | 1,599 | 1,726 | ||
Net fixed rate debt including derivatives | (7,144) | (7,381) | ||
Interest-bearing loans and borrowings nominal - floating rate | [2] | (158) | (157) | |
Adjustment of debt from nominal to book value | [1] | (113) | (52) | |
Derivative financial instruments - currency floating rate | (1,534) | (1,740) | ||
Gross debt including derivative financial instruments, excluding lease liabilities | (8,949) | (9,330) | ||
Lease liabilities - fixed rate | (1,511) | 0 | ||
Gross debt including derivative financial instruments, including lease liabilities | (10,460) | (9,330) | ||
Cash and cash equivalents - floating rate (note 25) | 3,755 | 2,346 | ||
Group net debt excluding net debt reclassified as held for sale | € (6,705) | € (6,984) | € (5,811) | |
Net fixed rate debt including derivatives | 3.40% | 3.50% | ||
Gross debt including derivative financial instruments, excluding lease liabilities | 3.30% | 3.60% | ||
Net fixed rate debt including derivatives | 9 years 2 months 12 days | 9 years 9 months 18 days | ||
[1] | Of the Group’s nominal fixed rate debt at 31 December 2019, €1,599 million (2018: €1,726 million) is hedged to floating rate using interest rate swaps. | |||
[2] | Floating rate debt comprises bank borrowings bearing interest at rates set in advance for periods ranging from overnight to less than one year largely by reference to inter-bank interest rates. |
Analysis of Net Debt - Schedu_2
Analysis of Net Debt - Schedule of Effective Interest Rates on Period-End Fixed, Gross and Net Debt (Parenthetical) (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Effective Interest Rates On Period End Fixed Gross And Net Debt [abstract] | ||
Nominal fixed rate debt hedged to floating rate using interest rate swaps | € 1,599 | € 1,726 |
Analysis of Net Debt - Schedu_3
Analysis of Net Debt - Schedule of Currency Profile of Net Debt and Net Worth Capital and Reserves Attributable to Company's Equity Holders (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Net Debt and Net Worth (Capital and Reserves Attributable to Company's Equity Holders) [line items] | |||||
Lease liabilities under IFRS 16 (note 22) | € (1,511) | € (1,977) | |||
Cash and cash equivalents | 3,755 | € 2,346 | |||
Interest-bearing loans and borrowings | (9,014) | (9,316) | |||
Derivative financial instruments (net) | 65 | (14) | € 50 | ||
Group net debt excluding net debt reclassified as held for sale | (6,705) | (6,984) | € (5,811) | ||
Non-debt assets and liabilities (including cash and bank overdrafts reclassified as held for sale) analysed as follows: | |||||
Non-controlling interests | (540) | (525) | |||
Capital and reserves attributable to the Company's equity holders | 16,940 | 16,029 | |||
Currency profile [member] | |||||
Disclosure of Net Debt and Net Worth (Capital and Reserves Attributable to Company's Equity Holders) [line items] | |||||
Lease liabilities under IFRS 16 (note 22) | [1] | (1,511) | |||
Cash and cash equivalents | 3,755 | 2,346 | |||
Interest-bearing loans and borrowings | (9,014) | (9,316) | |||
Derivative financial instruments (net) | 65 | (14) | |||
Group net debt excluding net debt reclassified as held for sale | (6,705) | (6,984) | |||
Non-debt assets and liabilities (including cash and bank overdrafts reclassified as held for sale) analysed as follows: | |||||
Non-current assets | 26,944 | 25,632 | |||
Current assets | 6,529 | 7,150 | |||
Non-current liabilities | (4,010) | (3,824) | |||
Current liabilities | (5,278) | (5,420) | |||
Non-controlling interests | (540) | (525) | |||
Capital and reserves attributable to the Company's equity holders | 16,940 | 16,029 | |||
Euro [member] | Currency profile [member] | |||||
Disclosure of Net Debt and Net Worth (Capital and Reserves Attributable to Company's Equity Holders) [line items] | |||||
Lease liabilities under IFRS 16 (note 22) | [1] | (255) | |||
Cash and cash equivalents | 1,935 | 1,077 | |||
Interest-bearing loans and borrowings | (3,310) | (3,824) | |||
Derivative financial instruments (net) | 1,438 | 1,826 | |||
Group net debt excluding net debt reclassified as held for sale | (192) | (921) | |||
Non-debt assets and liabilities (including cash and bank overdrafts reclassified as held for sale) analysed as follows: | |||||
Non-current assets | 4,242 | 4,650 | |||
Current assets | 1,256 | 1,884 | |||
Non-current liabilities | (672) | (669) | |||
Current liabilities | (1,442) | (1,696) | |||
Non-controlling interests | (48) | (51) | |||
Capital and reserves attributable to the Company's equity holders | 3,144 | 3,197 | |||
US Dollar [member] | Currency profile [member] | |||||
Disclosure of Net Debt and Net Worth (Capital and Reserves Attributable to Company's Equity Holders) [line items] | |||||
Lease liabilities under IFRS 16 (note 22) | [1] | (752) | |||
Cash and cash equivalents | 863 | 646 | |||
Interest-bearing loans and borrowings | (4,444) | (4,332) | |||
Derivative financial instruments (net) | 93 | (399) | |||
Group net debt excluding net debt reclassified as held for sale | (4,240) | (4,085) | |||
Non-debt assets and liabilities (including cash and bank overdrafts reclassified as held for sale) analysed as follows: | |||||
Non-current assets | 14,340 | 13,007 | |||
Current assets | 3,315 | 3,222 | |||
Non-current liabilities | (2,417) | (2,275) | |||
Current liabilities | (1,995) | (1,820) | |||
Non-controlling interests | (50) | (61) | |||
Capital and reserves attributable to the Company's equity holders | 8,953 | 7,988 | |||
Pound Sterling [member] | Currency profile [member] | |||||
Disclosure of Net Debt and Net Worth (Capital and Reserves Attributable to Company's Equity Holders) [line items] | |||||
Lease liabilities under IFRS 16 (note 22) | [1] | (223) | |||
Cash and cash equivalents | 238 | 214 | |||
Interest-bearing loans and borrowings | (469) | (495) | |||
Derivative financial instruments (net) | (391) | (340) | |||
Group net debt excluding net debt reclassified as held for sale | (845) | (621) | |||
Non-debt assets and liabilities (including cash and bank overdrafts reclassified as held for sale) analysed as follows: | |||||
Non-current assets | 2,783 | 2,461 | |||
Current assets | 788 | 746 | |||
Non-current liabilities | (314) | (276) | |||
Current liabilities | (837) | (836) | |||
Capital and reserves attributable to the Company's equity holders | 1,575 | 1,474 | |||
Canadian Dollar [member] | Currency profile [member] | |||||
Disclosure of Net Debt and Net Worth (Capital and Reserves Attributable to Company's Equity Holders) [line items] | |||||
Lease liabilities under IFRS 16 (note 22) | [1] | (151) | |||
Cash and cash equivalents | 175 | 69 | |||
Interest-bearing loans and borrowings | (9) | (2) | |||
Derivative financial instruments (net) | (676) | (440) | |||
Group net debt excluding net debt reclassified as held for sale | (661) | (373) | |||
Non-debt assets and liabilities (including cash and bank overdrafts reclassified as held for sale) analysed as follows: | |||||
Non-current assets | 1,741 | 1,375 | |||
Current assets | 499 | 458 | |||
Non-current liabilities | (205) | (203) | |||
Current liabilities | (320) | (309) | |||
Capital and reserves attributable to the Company's equity holders | 1,054 | 948 | |||
Philippine Peso [member] | Currency profile [member] | |||||
Disclosure of Net Debt and Net Worth (Capital and Reserves Attributable to Company's Equity Holders) [line items] | |||||
Lease liabilities under IFRS 16 (note 22) | [1] | (11) | |||
Cash and cash equivalents | 34 | 13 | |||
Interest-bearing loans and borrowings | (439) | (354) | |||
Derivative financial instruments (net) | (38) | (60) | |||
Group net debt excluding net debt reclassified as held for sale | (454) | (401) | |||
Non-debt assets and liabilities (including cash and bank overdrafts reclassified as held for sale) analysed as follows: | |||||
Non-current assets | 1,507 | 1,352 | |||
Current assets | 150 | 117 | |||
Non-current liabilities | (150) | (137) | |||
Current liabilities | (183) | (156) | |||
Non-controlling interests | (414) | (384) | |||
Capital and reserves attributable to the Company's equity holders | 456 | 391 | |||
Polish Zloty [member] | Currency profile [member] | |||||
Disclosure of Net Debt and Net Worth (Capital and Reserves Attributable to Company's Equity Holders) [line items] | |||||
Lease liabilities under IFRS 16 (note 22) | [1] | (27) | |||
Cash and cash equivalents | 105 | 90 | |||
Derivative financial instruments (net) | (150) | (198) | |||
Group net debt excluding net debt reclassified as held for sale | (72) | (108) | |||
Non-debt assets and liabilities (including cash and bank overdrafts reclassified as held for sale) analysed as follows: | |||||
Non-current assets | 331 | 283 | |||
Current assets | 138 | 142 | |||
Non-current liabilities | (19) | (5) | |||
Current liabilities | (147) | (136) | |||
Capital and reserves attributable to the Company's equity holders | 231 | 176 | |||
Swiss Franc [Member] | Currency profile [member] | |||||
Disclosure of Net Debt and Net Worth (Capital and Reserves Attributable to Company's Equity Holders) [line items] | |||||
Lease liabilities under IFRS 16 (note 22) | [1] | (48) | |||
Cash and cash equivalents | 168 | 81 | |||
Interest-bearing loans and borrowings | (303) | (302) | |||
Derivative financial instruments (net) | (299) | ||||
Group net debt excluding net debt reclassified as held for sale | (183) | (520) | |||
Non-debt assets and liabilities (including cash and bank overdrafts reclassified as held for sale) analysed as follows: | |||||
Non-current assets | 459 | 741 | |||
Current assets | 71 | 297 | |||
Non-current liabilities | (121) | (164) | |||
Current liabilities | (77) | (182) | |||
Non-controlling interests | (6) | (11) | |||
Capital and reserves attributable to the Company's equity holders | 143 | 161 | |||
Other currencies [Member] | Currency profile [member] | |||||
Disclosure of Net Debt and Net Worth (Capital and Reserves Attributable to Company's Equity Holders) [line items] | |||||
Lease liabilities under IFRS 16 (note 22) | [1],[2] | (44) | |||
Cash and cash equivalents | [2] | 237 | 156 | ||
Interest-bearing loans and borrowings | [2] | (40) | (7) | ||
Derivative financial instruments (net) | [2] | (211) | (104) | ||
Group net debt excluding net debt reclassified as held for sale | [2] | (58) | 45 | ||
Non-debt assets and liabilities (including cash and bank overdrafts reclassified as held for sale) analysed as follows: | |||||
Non-current assets | [2] | 1,541 | 1,763 | ||
Current assets | [2] | 312 | 284 | ||
Non-current liabilities | [2] | (112) | (95) | ||
Current liabilities | [2] | (277) | (285) | ||
Non-controlling interests | [2] | (22) | (18) | ||
Capital and reserves attributable to the Company's equity holders | [2] | € 1,384 | € 1,694 | ||
[1] | All leases capitalised under IFRS 16 have been included as lease liabilities in 2019. | ||||
[2] | The principal currencies included in this category are the Chinese Renminbi, the Romanian Leu, the Indian Rupee, the Ukrainian Hryvnia and the Serbian Dinar. |
Analysis of Net Debt - Schedu_4
Analysis of Net Debt - Schedule of Liquidity and Capital Resources Related to Cash Generation and Changes in Our Cash and Cash Equivalents Position (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Dec. 31, 2016 | |
Disclosure Of Cash Generation And Changes In Our Cash And Cash Equivalents Position [abstract] | |||||
Net cash inflow from operating activities | € 3,466 | € 1,899 | € 2,189 | ||
Net cash inflow/(outflow) from investing activities | 195 | (1,592) | (2,685) | ||
Net cash (outflow)/inflow from financing activities | (2,279) | (113) | 343 | ||
Increase/(decrease) in cash and cash equivalents | 1,382 | 194 | (153) | ||
Cash and cash equivalents at 1 January | 2,346 | 2,135 | 2,449 | ||
Effect of exchange rate changes | 27 | 17 | (161) | ||
Cash and cash equivalents at 31 December | 3,755 | 2,346 | 2,135 | ||
Lease liabilities under IFRS 16 | (1,511) | € (1,977) | |||
Bank overdrafts | (41) | (113) | (71) | ||
Borrowings | (8,973) | (9,203) | (7,910) | ||
Derivative financial instruments | 65 | (14) | 50 | ||
Total liabilities from financing activities | (10,460) | (9,330) | (7,931) | ||
Group net debt | (6,705) | (6,984) | (5,796) | € (5,297) | |
Cash at bank and in hand reclassified as held for sale | (20) | ||||
Bank overdrafts reclassified as held for sale | 5 | ||||
Net debt excluding cash and debt reclassified as held for sale | € (6,705) | € (6,984) | € (5,811) |
Analysis of Net Debt - Addition
Analysis of Net Debt - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2019 | |
Disclosure of Financial Assets and Liabilities [line items] | |||
Cash and cash equivalents | € 3,755 | € 2,346 | |
Undrawn committed loan facilities | € 3,610 | € 3,583 | € 3,500 |
Euro [member] | |||
Disclosure of Financial Assets and Liabilities [line items] | |||
Percentage of total cash and cash equivalents | 52.00% | 46.00% | |
US Dollar [member] | |||
Disclosure of Financial Assets and Liabilities [line items] | |||
Percentage of total cash and cash equivalents | 23.00% | 27.00% |
Analysis of Net Debt - Schedu_5
Analysis of Net Debt - Schedule of Significant Borrowings (Detail) - 12 months ended Dec. 31, 2019 € in Millions, £ in Millions, SFr in Millions, $ in Millions | EUR (€) | USD ($) | GBP (£) | CHF (SFr) | |
Pound Sterling bonds [member] | |||||
Disclosure of Significant Borrowings [line items] | |||||
Annual coupons | 4.125% | ||||
Outstanding | £ | £ 400 | ||||
Final maturity | 2029 | ||||
Swiss Franc Bonds [member] | |||||
Disclosure of Significant Borrowings [line items] | |||||
Annual coupons | 1.375% | ||||
Outstanding | SFr | SFr 330 | ||||
Final maturity | 2022 | ||||
Euro Bonds [member] | Maturity year 2020 [member] | |||||
Disclosure of Significant Borrowings [line items] | |||||
Annual coupons | 2.75% | ||||
Outstanding | € | € 750 | ||||
Final maturity | 2020 | ||||
Euro Bonds [member] | Maturity year 2021 [member] | |||||
Disclosure of Significant Borrowings [line items] | |||||
Annual coupons | 1.75% | ||||
Outstanding | € | € 600 | ||||
Final maturity | 2021 | ||||
Euro Bonds [member] | Maturity year 2023 [member] | |||||
Disclosure of Significant Borrowings [line items] | |||||
Annual coupons | 3.125% | ||||
Outstanding | € | € 750 | ||||
Final maturity | 2023 | ||||
Euro Bonds [member] | Maturity year 2024 [member] | |||||
Disclosure of Significant Borrowings [line items] | |||||
Annual coupons | 1.875% | ||||
Outstanding | € | € 600 | ||||
Final maturity | 2024 | ||||
Euro Bonds [member] | Maturity year 2028 [member] | |||||
Disclosure of Significant Borrowings [line items] | |||||
Annual coupons | 1.375% | ||||
Outstanding | € | € 600 | ||||
Final maturity | 2028 | ||||
US Dollar Bonds [member] | Maturity year 2021 [member] | |||||
Disclosure of Significant Borrowings [line items] | |||||
Annual coupons | 5.75% | ||||
Outstanding | $ 400 | ||||
Final maturity | 2021 | ||||
US Dollar Bonds [member] | Maturity year 2028 [member] | |||||
Disclosure of Significant Borrowings [line items] | |||||
Annual coupons | 3.95% | ||||
Outstanding | 900 | ||||
Final maturity | 2028 | ||||
US Dollar Bonds [member] | Maturity year 2025 [member] | |||||
Disclosure of Significant Borrowings [line items] | |||||
Annual coupons | 3.875% | ||||
Outstanding | 1,250 | ||||
Final maturity | 2025 | ||||
US Dollar Bonds [member] | Maturity year 2027 [member] | |||||
Disclosure of Significant Borrowings [line items] | |||||
Annual coupons | 3.40% | ||||
Outstanding | 600 | ||||
Final maturity | 2027 | ||||
US Dollar Bonds [member] | Maturity year 2033 [member] | |||||
Disclosure of Significant Borrowings [line items] | |||||
Annual coupons | [1] | 6.40% | |||
Outstanding | 213 | ||||
Final maturity | [1] | 2033 | |||
US Dollar Bonds [member] | Maturity year 2045 [member] | |||||
Disclosure of Significant Borrowings [line items] | |||||
Annual coupons | 5.125% | ||||
Outstanding | [1] | 500 | |||
Final maturity | 2045 | ||||
US Dollar Bonds [member] | Maturity year 2047 [member] | |||||
Disclosure of Significant Borrowings [line items] | |||||
Annual coupons | 4.40% | ||||
Outstanding | 400 | ||||
Final maturity | 2047 | ||||
US Dollar Bonds [member] | Maturity year 2048 [member] | |||||
Disclosure of Significant Borrowings [line items] | |||||
Annual coupons | 4.50% | ||||
Outstanding | $ 600 | ||||
Final maturity | 2048 | ||||
[1] | The US$300 million bond was issued in September 2003, and at time of issuance the bond was partially swapped to floating interest rates. In August 2009 and December 2010, US$87.445 million of the issued notes were acquired by CRH plc as part of liability management exercises undertaken and the interest rate hedge was closed out. At 31 December 2019, the remaining fair value on the hedged item on the Consolidated Balance Sheet was US$42 millon (2018: US$45 million). |
Analysis of Net Debt - Schedu_6
Analysis of Net Debt - Schedule of Significant Borrowings (Parenthetical) (Detail) $ in Thousands, € in Millions | 12 Months Ended | |||||
Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2010USD ($) | Sep. 30, 2003USD ($) | |
Disclosure Of Significant Borrowings [abstract] | ||||||
Bonds issued | € 8,508 | € 8,825 | $ 300,000 | |||
Bonds acquired | $ 87,445 | |||||
Bonds acquired description | In August 2009 and December 2010, US$87.445 million of the issued notes were acquired by CRH plc | |||||
Remaining fair value of hedged item on consolidated balance sheet | $ 42,000 | $ 45,000 |
Capital and Financial Risk Ma_3
Capital and Financial Risk Management - Summary of Net Debt and Capital Reserves (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Capital And Net Debt [abstract] | ||||
Capital and reserves attributable to the Company's equity holders | € 16,940 | € 16,029 | ||
Net debt | 6,705 | 6,984 | € 5,796 | € 5,297 |
Capital and net debt | € 23,645 | € 23,013 |
Capital and Financial Risk Ma_4
Capital and Financial Risk Management - Additional Information (Detail) € in Millions, $ in Billions | 12 Months Ended | ||
Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2019USD ($) | |
Disclosure of credit risk exposure [line items] | |||
Dividend coverage | 2.90 | 4.20 | |
Net Investment Hedges [member] | |||
Disclosure of credit risk exposure [line items] | |||
Notional amount | € 939 | € 942 | |
Credit risk [member] | Trade receivables [member] | |||
Disclosure of credit risk exposure [line items] | |||
Bad debt provision as percentage of gross trade receivables | 3.60% | 3.70% | 3.60% |
Commodity price risk [Member] | |||
Disclosure of credit risk exposure [line items] | |||
Hedge ratio | 100.00% | ||
Liquidity risk [member] | Euro and USD commercial paper programme [member] | |||
Disclosure of credit risk exposure [line items] | |||
Euro Medium-Term Notes Programme | € 1,500 | ||
Commercial paper programme in place which is available for issue | $ | $ 2 | ||
Interest rate risk [member] | |||
Disclosure of credit risk exposure [line items] | |||
Hedge ratio | 100.00% | ||
Foreign currency risk [Member] | |||
Disclosure of credit risk exposure [line items] | |||
Hedge ratio | 100.00% |
Capital and Financial Risk Ma_5
Capital and Financial Risk Management - Summary of Interest Rate Risk (Detail) - Interest rate risk [member] - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of interest rate risk [Line Items] | |||
Impact on profit before tax (+1%) | € 6 | € 4 | € 6 |
Impact on profit before tax (-1%) | 6 | 4 | 6 |
Impact on total equity ( 1%) | 2.5 | 6.7 | 0.4 |
Impact on total equity (-1%) | € 2.5 | € 6.7 | € 0.4 |
Capital and Financial Risk Ma_6
Capital and Financial Risk Management - Summary of Foreign Currency Risk (Detail) - Foreign currency risk [Member] - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of foreign currency risk [Line Items] | |||
Impact on profit before tax (+5 %) | € 83 | € 149 | € 52 |
Impact on profit before tax (-5 %) | 83 | 149 | 52 |
Impact on total equity (+5 %) | 448 | 399 | 291 |
Impact on total equity (-5 %) | 448 | 399 | 291 |
Impact on financial instruments (+5%) | 212 | 204 | 165 |
Impact on financial instruments (-5%) | € 212 | € 204 | € 165 |
Capital and Financial Risk Ma_7
Capital and Financial Risk Management - Summary of Notional and Fair Values in Respect of Derivative Contracts (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Commodity contracts [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional value | € 105 | € 162 |
Derivative Financial Liabilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Fair value | € (27) |
Capital and Financial Risk Ma_8
Capital and Financial Risk Management - Summary of Maturity Analysis for Derivative Financial Instruments (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Financial liabilities - cash outflows | |||
Trade and other payables | € 4,956 | € 5,176 | |
Lease liabilities under IFRS 16 | [1] | 2,038 | |
Finance leases | [1] | 21 | |
Other interest-bearing loans and borrowings | 8,962 | 9,309 | |
Interest payments on finance leases | [1] | 2 | |
Interest payments on other interest-bearing loans and borrowings | [2] | 3,156 | 3,384 |
Cross-currency swaps - gross cash outflows | 1,628 | 2,322 | |
Other derivative financial instruments | 5 | 32 | |
Gross projected cash outflows | 20,745 | 20,246 | |
Derivative financial instruments - cash inflows | |||
Interest rate swaps - net cash inflows | [3] | (65) | (43) |
Cross-currency swaps - gross cash inflows | (1,618) | (2,348) | |
Other derivative financial instruments | (5) | (6) | |
Gross projected cash inflows | (1,688) | (2,397) | |
Within 1 year [member] | |||
Financial liabilities - cash outflows | |||
Trade and other payables | 4,376 | 4,609 | |
Lease liabilities under IFRS 16 | [1] | 275 | |
Finance leases | [1] | 5 | |
Other interest-bearing loans and borrowings | 824 | 620 | |
Interest payments on other interest-bearing loans and borrowings | [2] | 307 | 328 |
Cross-currency swaps - gross cash outflows | 1,615 | 2,320 | |
Other derivative financial instruments | 4 | 30 | |
Gross projected cash outflows | 7,401 | 7,912 | |
Derivative financial instruments - cash inflows | |||
Interest rate swaps - net cash inflows | [3] | (13) | (11) |
Cross-currency swaps - gross cash inflows | (1,605) | (2,346) | |
Other derivative financial instruments | (4) | (3) | |
Gross projected cash inflows | (1,622) | (2,360) | |
Between1 and 2 years [member] | |||
Financial liabilities - cash outflows | |||
Trade and other payables | 139 | 160 | |
Lease liabilities under IFRS 16 | [1] | 231 | |
Finance leases | [1] | 3 | |
Other interest-bearing loans and borrowings | 962 | 752 | |
Interest payments on other interest-bearing loans and borrowings | [2] | 275 | 297 |
Cross-currency swaps - gross cash outflows | 13 | 2 | |
Other derivative financial instruments | 1 | 2 | |
Gross projected cash outflows | 1,621 | 1,216 | |
Derivative financial instruments - cash inflows | |||
Interest rate swaps - net cash inflows | [3] | (13) | (9) |
Cross-currency swaps - gross cash inflows | (13) | (2) | |
Other derivative financial instruments | (1) | (2) | |
Gross projected cash inflows | (27) | (13) | |
Between 2 and 3 years [member] | |||
Financial liabilities - cash outflows | |||
Trade and other payables | 40 | 30 | |
Lease liabilities under IFRS 16 | [1] | 193 | |
Finance leases | [1] | 3 | |
Other interest-bearing loans and borrowings | 391 | 953 | |
Interest payments on other interest-bearing loans and borrowings | [2] | 258 | 265 |
Gross projected cash outflows | 882 | 1,251 | |
Derivative financial instruments - cash inflows | |||
Interest rate swaps - net cash inflows | [3] | (13) | (9) |
Other derivative financial instruments | (1) | ||
Gross projected cash inflows | (13) | (10) | |
Between 3 and 4 years [member] | |||
Financial liabilities - cash outflows | |||
Trade and other payables | 24 | 18 | |
Lease liabilities under IFRS 16 | [1] | 158 | |
Finance leases | [1] | 2 | |
Other interest-bearing loans and borrowings | 754 | 375 | |
Interest payments on other interest-bearing loans and borrowings | [2] | 233 | 248 |
Gross projected cash outflows | 1,169 | 643 | |
Derivative financial instruments - cash inflows | |||
Interest rate swaps - net cash inflows | [3] | (8) | (9) |
Gross projected cash inflows | (8) | (9) | |
Between 4 and 5 years [member] | |||
Financial liabilities - cash outflows | |||
Trade and other payables | 165 | 11 | |
Lease liabilities under IFRS 16 | [1] | 135 | |
Finance leases | [1] | 2 | |
Other interest-bearing loans and borrowings | 602 | 753 | |
Interest payments on other interest-bearing loans and borrowings | [2] | 227 | 224 |
Gross projected cash outflows | 1,129 | 990 | |
Derivative financial instruments - cash inflows | |||
Interest rate swaps - net cash inflows | [3] | (6) | (4) |
Gross projected cash inflows | (6) | (4) | |
After 5 years [member] | |||
Financial liabilities - cash outflows | |||
Trade and other payables | 212 | 348 | |
Lease liabilities under IFRS 16 | [1] | 1,046 | |
Finance leases | [1] | 6 | |
Other interest-bearing loans and borrowings | 5,429 | 5,856 | |
Interest payments on finance leases | [1] | 2 | |
Interest payments on other interest-bearing loans and borrowings | [2] | 1,856 | 2,022 |
Gross projected cash outflows | 8,543 | 8,234 | |
Derivative financial instruments - cash inflows | |||
Interest rate swaps - net cash inflows | [3] | (12) | (1) |
Gross projected cash inflows | € (12) | € (1) | |
[1] | Finance leases in 2018 relate to leases previously capitalised under IAS 17. All leases capitalised under IFRS 16 have been included as lease liabilities in 2019. | ||
[2] | At 31 December 2019 and 31 December 2018, a portion of the Group’s long-term debt carried variable interest rates. The Group uses the interest rates in effect on 31 December to calculate the interest payments on the long-term debt for the periods indicated. | ||
[3] | The Group uses interest rate swaps to help manage its interest cost. Under these contracts the Group has agreed to exchange at predetermined intervals, the difference between fixed and variable interest amounts calculated by reference to a pre-agreed notional principal. The Group uses the interest rates in effect on 31 December to calculate the net interest receipts or payments on these contracts. |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents [abstract] | ||
Cash at bank and in hand | € 1,005 | € 814 |
Investments (short-term deposits) | 2,750 | 1,532 |
Total | € 3,755 | € 2,346 |
Interest-bearing Loans and Bo_3
Interest-bearing Loans and Borrowings - Summary of Loans and Borrowings Outstanding (Detail) € in Millions, $ in Millions | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Sep. 30, 2003USD ($) | |
Disclosure of detailed information about borrowings [abstract] | ||||
Bank overdrafts | € 41 | € 113 | ||
Bank loans | 465 | 356 | ||
Bonds | 8,508 | 8,825 | $ 300 | |
Finance leases | [1] | 21 | ||
Other | 1 | |||
Interest-bearing loans and borrowings | € 9,014 | € 9,316 | ||
[1] | Finance leases in 2018 relate to leases previously capitalised under IAS 17. Refer to note 22 for all leases capitalised under IFRS 16 in 2019. |
Interest Bearing Loans and Borr
Interest Bearing Loans and Borrowings - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Apr. 30, 2019 | Dec. 31, 2018 | |
Disclosure of Detailed Information about Borrowings [Line Items] | |||
Loans received | € 465 | € 356 | |
Borrowings | € 9,014 | 9,316 | |
Period revolving committed bank facilities be available | 5 years | ||
Undrawn committed facilities | € 3,610 | € 3,500 | 3,583 |
Interest bearing loans and borrowings [member] | Property, plant and equipment [member] | |||
Disclosure of Detailed Information about Borrowings [Line Items] | |||
Loans received | 0 | 5 | |
Letters of guarantee [member] | Loans bank advances derivative obligations and future lease obligations [member] | |||
Disclosure of Detailed Information about Borrowings [Line Items] | |||
Borrowings | 8,500 | 8,900 | |
Letters of guarantee [member] | Letters of credit [member] | |||
Disclosure of Detailed Information about Borrowings [Line Items] | |||
Borrowings | € 400 | € 300 |
Interest-bearing Loans and Bo_4
Interest-bearing Loans and Borrowings - Summary of Maturity Profile for Loans, Borrowings and Undrawn Committed Facilities (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Apr. 30, 2019 | Dec. 31, 2018 |
Disclosure of Detailed Information about Borrowings [Line Items] | |||
Loans and borrowings | € 9,014 | € 9,316 | |
Undrawn committed facilities | 3,610 | € 3,500 | 3,583 |
Within 1 year [member] | |||
Disclosure of Detailed Information about Borrowings [Line Items] | |||
Loans and borrowings | 815 | 618 | |
Between1 and 2 years [member] | |||
Disclosure of Detailed Information about Borrowings [Line Items] | |||
Loans and borrowings | 956 | 748 | |
Undrawn committed facilities | 12 | ||
Between 2 and 3 years [member] | |||
Disclosure of Detailed Information about Borrowings [Line Items] | |||
Loans and borrowings | 385 | 948 | |
Undrawn committed facilities | 5 | 15 | |
Between 3 and 4 years [member] | |||
Disclosure of Detailed Information about Borrowings [Line Items] | |||
Loans and borrowings | 771 | 370 | |
Undrawn committed facilities | 50 | 50 | |
Between 4 and 5 years [member] | |||
Disclosure of Detailed Information about Borrowings [Line Items] | |||
Loans and borrowings | 598 | 776 | |
Undrawn committed facilities | 3,500 | 3,500 | |
After 5 years [member] | |||
Disclosure of Detailed Information about Borrowings [Line Items] | |||
Loans and borrowings | 5,489 | 5,856 | |
Undrawn committed facilities | € 43 | € 18 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Summary of Derivative Financial Instruments Analysed by Year of Maturity and Accounting Designation (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of Detailed Information about Hedging Instruments [Line Items] | |||
Within one year - current assets | € 6 | € 15 | |
Non-current assets | 76 | 30 | |
Total derivative assets | 82 | 45 | |
Within one year - current liabilities | (16) | (41) | |
Non-current liabilities | (1) | (18) | |
Total derivative liabilities | (17) | (59) | |
Net asset/(liability) arising on derivative financial instruments | 65 | (14) | € 50 |
Derivatives Not Designated as Hedges [member] | |||
Disclosure of Detailed Information about Hedging Instruments [Line Items] | |||
Total derivative assets | 1 | 2 | |
Total derivative liabilities | (4) | (7) | |
Net asset/(liability) arising on derivative financial instruments | (3) | (5) | |
Fair Value Hedges [member] | |||
Disclosure of Detailed Information about Hedging Instruments [Line Items] | |||
Non-current assets | 75 | 27 | |
Total derivative assets | 75 | 27 | |
Non-current liabilities | (16) | ||
Total derivative liabilities | (16) | ||
Net asset/(liability) arising on derivative financial instruments | 75 | 11 | |
Cash Flow Hedges [member] | |||
Disclosure of Detailed Information about Hedging Instruments [Line Items] | |||
Non-current assets | 1 | 3 | |
Total derivative assets | 4 | 6 | |
Non-current liabilities | (2) | ||
Total derivative liabilities | (9) | (34) | |
Net asset/(liability) arising on derivative financial instruments | (5) | (28) | |
Net Investment Hedges [member] | |||
Disclosure of Detailed Information about Hedging Instruments [Line Items] | |||
Total derivative assets | 2 | 10 | |
Total derivative liabilities | (4) | (2) | |
Net asset/(liability) arising on derivative financial instruments | (2) | 8 | |
Within 1 year [member] | |||
Disclosure of Detailed Information about Hedging Instruments [Line Items] | |||
Within one year - current assets | 6 | 15 | |
Within one year - current liabilities | (16) | (41) | |
Within 1 year [member] | Derivatives Not Designated as Hedges [member] | |||
Disclosure of Detailed Information about Hedging Instruments [Line Items] | |||
Within one year - current assets | 1 | 2 | |
Within one year - current liabilities | (4) | (7) | |
Within 1 year [member] | Cash Flow Hedges [member] | |||
Disclosure of Detailed Information about Hedging Instruments [Line Items] | |||
Within one year - current assets | 3 | 3 | |
Within one year - current liabilities | (8) | (32) | |
Within 1 year [member] | Net Investment Hedges [member] | |||
Disclosure of Detailed Information about Hedging Instruments [Line Items] | |||
Within one year - current assets | 2 | 10 | |
Within one year - current liabilities | (4) | (2) | |
Between1 and 2 years [member] | |||
Disclosure of Detailed Information about Hedging Instruments [Line Items] | |||
Non-current assets | 1 | 2 | |
Non-current liabilities | (1) | (2) | |
Between1 and 2 years [member] | Cash Flow Hedges [member] | |||
Disclosure of Detailed Information about Hedging Instruments [Line Items] | |||
Non-current assets | 1 | 2 | |
Non-current liabilities | (1) | (2) | |
Between 2 and 3 years [member] | |||
Disclosure of Detailed Information about Hedging Instruments [Line Items] | |||
Non-current assets | 1 | ||
Between 2 and 3 years [member] | Cash Flow Hedges [member] | |||
Disclosure of Detailed Information about Hedging Instruments [Line Items] | |||
Non-current assets | 1 | ||
Between 3 and 4 years [member] | |||
Disclosure of Detailed Information about Hedging Instruments [Line Items] | |||
Non-current assets | 23 | ||
Between 3 and 4 years [member] | Fair Value Hedges [member] | |||
Disclosure of Detailed Information about Hedging Instruments [Line Items] | |||
Non-current assets | 23 | ||
Between 4 and 5 years [member] | |||
Disclosure of Detailed Information about Hedging Instruments [Line Items] | |||
Non-current assets | 24 | ||
Between 4 and 5 years [member] | Fair Value Hedges [member] | |||
Disclosure of Detailed Information about Hedging Instruments [Line Items] | |||
Non-current assets | 24 | ||
After 5 years [member] | |||
Disclosure of Detailed Information about Hedging Instruments [Line Items] | |||
Non-current assets | 52 | 3 | |
Non-current liabilities | (16) | ||
After 5 years [member] | Fair Value Hedges [member] | |||
Disclosure of Detailed Information about Hedging Instruments [Line Items] | |||
Non-current assets | € 52 | 3 | |
Non-current liabilities | € (16) |
Derivative Financial Instrume_4
Derivative Financial Instruments - Additional Information (Detail) - EUR (€) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of Detailed Information about Hedging Instruments [Line Items] | ||
Master netting or similar arrangements, collateral posting requirements, or enforceable right of set off agreements | € 0 | € 0 |
Level 1 of fair value hierarchy [member] | ||
Disclosure of Detailed Information about Hedging Instruments [Line Items] | ||
Derivative at fair value | 0 | 0 |
Level 3 of fair value hierarchy [member] | ||
Disclosure of Detailed Information about Hedging Instruments [Line Items] | ||
Derivative at fair value | € 0 | € 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Loss/Profit Arising on Fair Value, Cash Flow, Net Investment Hedges and Related Hedged Items Reflected in Income Statement (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Detailed Information about Hedges [Line Items] | |||
Fair value of hedge instruments | € 64 | € (12) | € (16) |
Fair value of the hedged items | (64) | 11 | 18 |
Gains/(Losses) arising during year | 24 | (40) | 8 |
Level 2 [member] | |||
Disclosure of Detailed Information about Hedges [Line Items] | |||
Financial assets fair value | 82 | 45 | |
Financial liabilities fair value | (17) | (59) | |
commodity Forward Contracts [member] | |||
Disclosure of Detailed Information about Hedges [Line Items] | |||
Gains/(Losses) arising during year | 27 | (38) | 9 |
currency Forward Contracts [member] | |||
Disclosure of Detailed Information about Hedges [Line Items] | |||
Gains/(Losses) arising during year | (3) | (2) | € (1) |
interest rate swaps [member] | Fair Value Hedges [member] | Level 2 [member] | |||
Disclosure of Detailed Information about Hedges [Line Items] | |||
Financial assets fair value | 75 | 27 | |
Financial liabilities fair value | (16) | ||
cross currency and commodity forwards [member] | Cash Flow Hedges [member] | Level 2 [member] | |||
Disclosure of Detailed Information about Hedges [Line Items] | |||
Financial assets fair value | 4 | 6 | |
Financial liabilities fair value | (9) | (34) | |
cross-currency swaps [member] | Derivatives Not Designated as Hedges [member] | Level 2 [member] | |||
Disclosure of Detailed Information about Hedges [Line Items] | |||
Financial assets fair value | 1 | 2 | |
Financial liabilities fair value | (4) | (7) | |
cross-currency swaps [member] | Net Investment Hedges [member] | Level 2 [member] | |||
Disclosure of Detailed Information about Hedges [Line Items] | |||
Financial assets fair value | 2 | 10 | |
Financial liabilities fair value | € (4) | € (2) |
Provisions for Liabilities - Su
Provisions for Liabilities - Summary of Provisions for Liabilities (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Disclosure of other provisions [line items] | ||||||
Beginning balance | € 1,087 | € 1,064 | ||||
Increase Decrease in Provisions due to effect of adopting IFRS 16 | (1) | |||||
Translation adjustment | 17 | 10 | ||||
Arising on acquisition | 6 | 84 | ||||
Provided during year | 292 | 228 | ||||
Utilised during year | (183) | (160) | ||||
Disposed during year | (3) | |||||
Reversed unused | (81) | (157) | ||||
Discount unwinding | 22 | 21 | ||||
Ending balance | 1,159 | 1,087 | € 1,064 | |||
Non-current liabilities | 760 | 719 | 693 | |||
Current liabilities | 399 | 368 | 371 | |||
Environment and Remediation [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Beginning balance | [1] | 484 | 441 | |||
Increase Decrease in Provisions due to effect of adopting IFRS 16 | [2] | |||||
Translation adjustment | [1] | 13 | ||||
Arising on acquisition | [1] | 6 | 75 | |||
Provided during year | [1] | 41 | 28 | |||
Utilised during year | [1] | (26) | (26) | |||
Disposed during year | [1] | (2) | ||||
Reversed unused | [1] | (8) | (43) | |||
Discount unwinding | [1] | 11 | 11 | |||
Ending balance | [1] | 521 | 484 | 441 | ||
Insurance [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Beginning balance | [2] | 279 | 292 | |||
Increase Decrease in Provisions due to effect of adopting IFRS 16 | [1] | |||||
Translation adjustment | [2] | 5 | 10 | |||
Arising on acquisition | [2] | 7 | ||||
Provided during year | [2] | 114 | 95 | |||
Utilised during year | [2] | (88) | (71) | |||
Disposed during year | [2] | |||||
Reversed unused | [2] | (24) | (61) | |||
Discount unwinding | [2] | 8 | 7 | |||
Ending balance | [2] | 294 | 279 | 292 | ||
Rationalisation and Redundancy [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Beginning balance | [3] | 23 | 25 | |||
Increase Decrease in Provisions due to effect of adopting IFRS 16 | [3] | |||||
Translation adjustment | [3] | |||||
Arising on acquisition | [3] | |||||
Provided during year | 29 | [3] | 30 | [3] | 32 | |
Utilised during year | [3] | (35) | (31) | |||
Disposed during year | [3] | |||||
Reversed unused | [3] | (3) | (1) | |||
Discount unwinding | [3] | |||||
Ending balance | [3] | 14 | 23 | 25 | ||
Other Provision [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Beginning balance | [4] | 301 | 306 | |||
Increase Decrease in Provisions due to effect of adopting IFRS 16 | [4] | (1) | ||||
Translation adjustment | [4] | (1) | ||||
Arising on acquisition | [4] | 2 | ||||
Provided during year | [4] | 108 | 75 | |||
Utilised during year | [4] | (34) | (32) | |||
Disposed during year | [4] | (1) | ||||
Reversed unused | [4] | (46) | (52) | |||
Discount unwinding | [4] | 3 | 3 | |||
Ending balance | [4] | € 330 | € 301 | € 306 | ||
[1] | This provision comprises obligations governing site remediation, restoration and environmental works to be incurred in compliance with either local or national environmental regulations together with constructive obligations stemming from established best practice. Whilst a significant element of the total provision will reverse in the medium-term (two to ten years), those legal and constructive obligations applicable to long-lived assets (principally mineral-bearing land) will unwind over a 30-year timeframe. In discounting the related obligations, expected future cash outflows have been determined with due regard to extraction status and anticipated remaining life. | |||||
[2] | This provision relates to obligations arising under the self-insurance components of the Group’s insurance arrangements which comprise employers’ liability (workers’ compensation in the US), public and products liability (general liability in the US), automobile liability, property damage, business interruption and various other insurances; a substantial proportion of the total provision pertains to claims which are classified as “incurred but not reported”. Due to the extended timeframe associated with many of the insurances, a significant proportion of the total provision is subject to periodic actuarial valuation. The projected cash flows underlying the discounting process are established through the application of actuarial triangulations, which are extrapolated from historical claims experience. The triangulations applied in the discounting process indicate that the Group’s insurance provisions have an average life of five years (2018: five years). | |||||
[3] | These provisions relate to irrevocable commitments under various rationalisation and redundancy programmes, none of which are individually material to the Group. In 2019, €29 million (2018: €30 million; 2017: €32 million) was provided in respect of rationalisation and redundancy activities as a consequence of undertaking various cost reduction initiatives across all operations. These initiatives included removing excess capacity from manufacturing and distribution networks and scaling operations to match market supply; back office rationalisation; and the consolidation of certain regional support functions into central and more coordinated hubs. The Group expects that these provisions will primarily be utilised within one to two years of the balance sheet date (2018: one to two years). | |||||
[4] | Other provisions primarily relate to legal claims, onerous contracts, guarantees and warranties and employee related provisions. The Group expects the majority of these provisions will be utilised within two to five years of the balance sheet date (2018: two to five years); however due to the nature of the legal provisions there is a level of uncertainty in the timing of settlement as the Group generally cannot determine the extent and duration of the legal process. |
Provisions for Liabilities - _2
Provisions for Liabilities - Summary of Provisions for Liabilities (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Disclosure of other provisions [line items] | ||||||
Additional provision | € 292 | € 228 | ||||
Environment and Remediation [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Long-lived assets, unwind period for legal and constructive obligations | 30 years | |||||
Additional provision | [1] | € 41 | € 28 | |||
Environment and Remediation [member] | Minimum [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Provision reverse term | 2 years | |||||
Environment and Remediation [member] | Maximum [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Provision reverse term | 10 years | |||||
Insurance [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Insurance provisions average life | 5 years | 5 years | ||||
Additional provision | [2] | € 114 | € 95 | |||
Rationalisation and Redundancy [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Additional provision | € 29 | [3] | € 30 | [3] | € 32 | |
Rationalisation and Redundancy [member] | Minimum [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Provision reverse term | 1 year | 1 year | ||||
Rationalisation and Redundancy [member] | Maximum [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Provision reverse term | 2 years | 2 years | ||||
Legal Related Provision [member] | Minimum [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Provision reverse term | 2 years | 2 years | ||||
Legal Related Provision [member] | Maximum [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Provision reverse term | 5 years | 5 years | ||||
[1] | This provision comprises obligations governing site remediation, restoration and environmental works to be incurred in compliance with either local or national environmental regulations together with constructive obligations stemming from established best practice. Whilst a significant element of the total provision will reverse in the medium-term (two to ten years), those legal and constructive obligations applicable to long-lived assets (principally mineral-bearing land) will unwind over a 30-year timeframe. In discounting the related obligations, expected future cash outflows have been determined with due regard to extraction status and anticipated remaining life. | |||||
[2] | This provision relates to obligations arising under the self-insurance components of the Group’s insurance arrangements which comprise employers’ liability (workers’ compensation in the US), public and products liability (general liability in the US), automobile liability, property damage, business interruption and various other insurances; a substantial proportion of the total provision pertains to claims which are classified as “incurred but not reported”. Due to the extended timeframe associated with many of the insurances, a significant proportion of the total provision is subject to periodic actuarial valuation. The projected cash flows underlying the discounting process are established through the application of actuarial triangulations, which are extrapolated from historical claims experience. The triangulations applied in the discounting process indicate that the Group’s insurance provisions have an average life of five years (2018: five years). | |||||
[3] | These provisions relate to irrevocable commitments under various rationalisation and redundancy programmes, none of which are individually material to the Group. In 2019, €29 million (2018: €30 million; 2017: €32 million) was provided in respect of rationalisation and redundancy activities as a consequence of undertaking various cost reduction initiatives across all operations. These initiatives included removing excess capacity from manufacturing and distribution networks and scaling operations to match market supply; back office rationalisation; and the consolidation of certain regional support functions into central and more coordinated hubs. The Group expects that these provisions will primarily be utilised within one to two years of the balance sheet date (2018: one to two years). |
Deferred Income Tax - Summary o
Deferred Income Tax - Summary of Deductible and Taxable Temporary Differences in Deferred Tax (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract] | |||
Deferred tax liabilities | € 2,338 | € 2,209 | |
Deferred tax assets | (67) | (71) | |
Net deferred income tax liability | 2,271 | 2,138 | € 1,571 |
Deferred income tax assets (deductible temporary differences) | |||
Deficits on Group retirement benefit obligations (note 29) | 91 | 95 | |
Revaluation of derivative financial instruments to fair value | 7 | 13 | |
Tax loss carryforwards | 152 | 153 | |
Share-based payment expense | 32 | 21 | |
Provisions for liabilities and working capital-related items | 257 | 266 | |
Lease liabilities | 283 | ||
Other deductible temporary differences | 23 | 39 | |
Total | € 845 | € 587 |
Deferred Income Tax - Additiona
Deferred Income Tax - Additional Information (Detail) - EUR (€) € in Billions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement [line items] | ||
Amount of tax losses | € 1.5 | € 1.5 |
Deferred tax assets expiration year | 2024 | 2023 |
Deferred Income Tax - Summary_2
Deferred Income Tax - Summary of Deferred Income Tax Liabilities (Taxable Temporary Differences) (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract] | ||
Taxable temporary differences principally attributable to accelerated tax depreciation and fair value adjustments arising on acquisition | € 2,819 | € 2,701 |
Leased right-of-use assets | 273 | |
Revaluation of derivative financial instruments to fair value | 11 | 11 |
Rolled-over capital gains | 13 | 13 |
Total | € 3,116 | € 2,725 |
Deferred Income Tax - Summary_3
Deferred Income Tax - Summary of Movement in Net Deferred Income Tax Liability (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | € 2,138 | € 1,571 | |
Reclassified from/(as) held for sale | 0 | 14 | |
Translation adjustment | 51 | 47 | |
Net expense/(income) for the year | [1] | 112 | 111 |
Arising on acquisition (note 32) | 0 | 411 | |
Disposal | (31) | (16) | |
Movement in deferred tax recognised in the Consolidated Statement of Comprehensive Income | 6 | (4) | |
Movement in deferred tax recognised in the Consolidated Statement of Changes in Equity | (5) | 4 | |
Ending balance | € 2,271 | € 2,138 | |
[1] | The net expense for the year includes income of €3 million (2018: expense of €4 million) relating to discontinued operations. |
Deferred Income Tax - Summary_4
Deferred Income Tax - Summary of Movement in Net Deferred Income Tax Liability (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in deferred tax liability (asset) [abstract] | ||
Expense relating to discontinued operations | € 3 | € 4 |
Retirement Benefit Obligation_2
Retirement Benefit Obligations - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of defined benefit plans [Line Items] | |||
Other payable | € 485 | € 472 | |
Gains losses arising from past service credit net defined benefit liability asset | (18) | (13) | € (17) |
Employer contributions payable including estimated minimum funding payments | 45 | ||
Surplus (deficit) in plan | 67 | 51 | |
Switzerland [member] | Aggregate continuing and discontinued operations [member] | |||
Disclosure of defined benefit plans [Line Items] | |||
Gains losses arising from past service credit net defined benefit liability asset | € 81 | ||
Percentage before reduction conversion factor on retirement accumulated savings | 6.40% | ||
Percentage after reduction conversion factor on retirement accumulated savings | 5.00% | ||
Switzerland [member] | Discontinued operations [member] | |||
Disclosure of defined benefit plans [Line Items] | |||
Gains losses arising from past service credit net defined benefit liability asset | € 61 | ||
Switzerland [member] | Continuing operation [Member] | |||
Disclosure of defined benefit plans [Line Items] | |||
Gains losses arising from past service credit net defined benefit liability asset | € 20 | ||
Defined contribution pension liabilities [member] | |||
Disclosure of defined benefit plans [Line Items] | |||
Other payable | 96 | 90 | |
Funded defined benefit obligation [member] | |||
Disclosure of defined benefit plans [Line Items] | |||
Net liability of defined benefit pension schemes | 98 | 113 | |
Unfunded defined benefit obligation [member] | |||
Disclosure of defined benefit plans [Line Items] | |||
Net liability of defined benefit pension schemes | € 329 | € 311 |
Retirement Benefit Obligation_3
Retirement Benefit Obligations - Summary of Major Long-Term Assumptions Used By Actuaries in the Computation of Scheme Liabilities and Post-Retirement Obligations (Detail) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Eurozone [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |||
Salaries | 3.37% | 3.50% | 3.59% |
Pensions in payment | 1.46% | 1.62% | 1.70% |
Inflation | 1.50% | 1.65% | 1.75% |
Discount rate | 1.43% | 2.12% | 2.05% |
Switzerland [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |||
Salaries | 1.50% | 1.50% | 1.25% |
Pensions in payment | |||
Inflation | 1.00% | 1.00% | 0.75% |
Discount rate | 0.30% | 0.85% | 0.70% |
United States and Canada [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |||
Salaries | 3.37% | 3.38% | 3.27% |
Pensions in payment | |||
Inflation | 2.00% | 2.00% | 2.00% |
Discount rate | 3.14% | 4.10% | 3.52% |
Medical cost trend rate | 5.18% | 1.55% | 6.33% |
Retirement Benefit Obligation_4
Retirement Benefit Obligations - Summary of Future Life Expectations Based on Retirement at 65 years of Age for Current and Future Retirees (Detail) - yr | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Republic of Ireland [member] | Current Retirees Male [member] | |||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | |||
Future life expectations on retirement at 65 years of age | 23 | 22.4 | 22.7 |
Republic of Ireland [member] | Current Retirees Female [member] | |||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | |||
Future life expectations on retirement at 65 years of age | 24.5 | 24.1 | 24.4 |
Republic of Ireland [member] | Future Retirees Male [member] | |||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | |||
Future life expectations on retirement at 65 years of age | 25.4 | 24.9 | 25.5 |
Republic of Ireland [member] | Future Retirees Female [member] | |||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | |||
Future life expectations on retirement at 65 years of age | 26.8 | 26.4 | 27 |
Switzerland [member] | Current Retirees Male [member] | |||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | |||
Future life expectations on retirement at 65 years of age | 22.6 | 22.5 | 22.4 |
Switzerland [member] | Current Retirees Female [member] | |||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | |||
Future life expectations on retirement at 65 years of age | 24.7 | 24.5 | 24.4 |
Switzerland [member] | Future Retirees Male [member] | |||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | |||
Future life expectations on retirement at 65 years of age | 24.8 | 24.7 | 24.6 |
Switzerland [member] | Future Retirees Female [member] | |||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | |||
Future life expectations on retirement at 65 years of age | 26.8 | 26.7 | 26.6 |
United States and Canada [member] | Current Retirees Male [member] | |||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | |||
Future life expectations on retirement at 65 years of age | 20.2 | 20.1 | 20.6 |
United States and Canada [member] | Current Retirees Female [member] | |||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | |||
Future life expectations on retirement at 65 years of age | 22.3 | 22.6 | 23.1 |
United States and Canada [member] | Future Retirees Male [member] | |||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | |||
Future life expectations on retirement at 65 years of age | 22.1 | 22 | 22.3 |
United States and Canada [member] | Future Retirees Female [member] | |||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | |||
Future life expectations on retirement at 65 years of age | 24.2 | 24.5 | 24.7 |
Retirement Benefit Obligation_5
Retirement Benefit Obligations - Summary of Retirement Benefit Expense in Consolidated Income Statement (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Defined Benefit Plans And Defined Contribution Expenses Recognized In Income Statement [abstract] | |||
Total defined contribution expense | € 259 | € 225 | € 228 |
Total defined benefit expense/(credit) | 45 | 43 | 36 |
Total expense in Consolidated Income Statement | € 304 | € 268 | € 264 |
Retirement Benefit Obligation_6
Retirement Benefit Obligations - Summary of Analysis of Defined Benefit Expense/(Credit) (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of defined benefit plans [abstract] | |||
Current service cost | € 43 | € 43 | € 40 |
Administration expenses | 7 | 3 | 3 |
Past service credit (net) | (18) | (13) | (17) |
Subtotal | 32 | 33 | 26 |
Interest income on scheme assets | (64) | (55) | (45) |
Interest cost on scheme liabilities | 77 | 65 | 55 |
Net interest expense | 13 | 10 | 10 |
Net expense/(credit) to Consolidated Income Statement | € 45 | € 43 | € 36 |
Retirement Benefit Obligation_7
Retirement Benefit Obligations - Summary of Net Charge to Consolidated Income Statement (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | |||
Total expense in Consolidated Income Statement | € 45 | € 43 | € 36 |
Eurozone [member] | |||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | |||
Total expense in Consolidated Income Statement | 25 | 23 | 24 |
Switzerland [member] | |||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | |||
Total expense in Consolidated Income Statement | 7 | 7 | (11) |
United States and Canada [member] | |||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | |||
Total expense in Consolidated Income Statement | 5 | 6 | 14 |
Other [member] | |||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | |||
Total expense in Consolidated Income Statement | € 8 | € 7 | € 9 |
Retirement Benefit Obligation_8
Retirement Benefit Obligations - Summary of Reconciliation of Scheme Asset (Detail) - Plan assets [member] - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of defined benefit plans [Line Items] | ||
Beginning balance | € 2,913 | € 2,622 |
Interest income on scheme assets | 68 | 59 |
Arising on acquisition (note 32) | 3 | 337 |
Disposals | (592) | |
Remeasurement adjustments - return on scheme assets excluding interest income | 316 | (137) |
Employer contributions paid | 52 | 118 |
Contributions paid by plan participants | 13 | 14 |
Benefit and settlement payments | (139) | (130) |
Administration expenses | (7) | (4) |
Translation adjustment | 55 | 34 |
Ending balance | € 2,682 | € 2,913 |
Retirement Benefit Obligation_9
Retirement Benefit Obligations - Summary of Reconciliation of Scheme Asset (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of defined benefit plans [line items] | |||
Defined contribution expense | € 259 | € 225 | € 228 |
Continuing and Discontinued operations [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined contribution expense | € 267 | € 235 | € 244 |
Retirement Benefit Obligatio_10
Retirement Benefit Obligations - Summary of Scheme Assets (Detail) - Plan assets [member] - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | |||
Scheme assets | € 2,682 | € 2,913 | € 2,622 |
Eurozone [member] | |||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | |||
Scheme assets | 1,283 | 1,181 | |
Switzerland [member] | |||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | |||
Scheme assets | 344 | 808 | |
United States and Canada [member] | |||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | |||
Scheme assets | 845 | 728 | |
Other [member] | |||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | |||
Scheme assets | € 210 | € 196 |
Retirement Benefit Obligatio_11
Retirement Benefit Obligations - Summary of Reconciliation of Actuarial Value of Liabilities (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of defined benefit plans [Line Items] | |||
Current service cost | € (43) | € (43) | € (40) |
Past service credit (net) | (18) | (13) | (17) |
Interest cost on scheme liabilities | (77) | (65) | (55) |
Defined pension liabilities [member] | |||
Disclosure of defined benefit plans [Line Items] | |||
Beginning balance | (3,337) | (2,999) | |
Current service cost | (60) | (64) | |
Past service credit (net) | 18 | 17 | |
Interest cost on scheme liabilities | (81) | (69) | |
Arising on acquisition (note 32) | (4) | (452) | |
Disposals | 636 | 6 | |
Remeasurement adjustments - experience variations | 33 | 1 | |
Remeasurement adjustments - actuarial (loss)/gain from changes in financial assumptions | (384) | 120 | |
Remeasurement adjustments - actuarial (loss)/gain from changes in demographic assumptions | 18 | 26 | |
Contributions paid by plan participants | (13) | (14) | |
Benefit and settlement payments | 139 | 130 | |
Translation adjustment | (74) | (39) | |
Ending balance | € (3,109) | € (3,337) | € (2,999) |
Retirement Benefit Obligatio_12
Retirement Benefit Obligations - Summary of Net Expense to Consolidated Income Statement (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of defined benefit plans [Line Items] | |||
Current service cost | € 43 | € 43 | € 40 |
Administration expenses | 7 | 3 | 3 |
Past service credit (net) | (18) | (13) | (17) |
Subtotal | 32 | 33 | 26 |
Interest income on scheme assets | (64) | (55) | (45) |
Interest cost on scheme liabilities | 77 | 65 | 55 |
Net interest expense | 13 | 10 | 10 |
Net expense/(credit) to Consolidated Income Statement | (45) | (43) | (36) |
Discontinued Operations [member] | |||
Disclosure of defined benefit plans [Line Items] | |||
Current service cost | 17 | 21 | 22 |
Administration expenses | 1 | 1 | |
Past service credit (net) | (4) | (61) | |
Subtotal | 17 | 18 | (38) |
Interest income on scheme assets | (4) | (4) | (4) |
Interest cost on scheme liabilities | 4 | 4 | 5 |
Net interest expense | 1 | ||
Net expense/(credit) to Consolidated Income Statement | € 17 | € 18 | € (37) |
Retirement Benefit Obligatio_13
Retirement Benefit Obligations - Summary of Actuarial Value of Liabilities (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | ||
Recoverable deficit in schemes | € (427) | € (424) |
Related deferred income tax asset | 91 | 95 |
Net pension liability | (336) | (329) |
Eurozone [member] | ||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | ||
Net pension liability | (119) | (113) |
Switzerland [member] | ||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | ||
Net pension liability | 3 | (17) |
United States and Canada [member] | ||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | ||
Net pension liability | (160) | (162) |
Other [member] | ||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | ||
Net pension liability | (60) | (37) |
Defined pension liabilities [member] | ||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | ||
Actuarial value of liabilities | (3,109) | (3,337) |
Defined pension liabilities [member] | Eurozone [member] | ||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | ||
Actuarial value of liabilities | (1,425) | (1,318) |
Defined pension liabilities [member] | Switzerland [member] | ||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | ||
Actuarial value of liabilities | (341) | (829) |
Defined pension liabilities [member] | United States and Canada [member] | ||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | ||
Actuarial value of liabilities | (1,058) | (946) |
Defined pension liabilities [member] | Other [member] | ||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | ||
Actuarial value of liabilities | € (285) | € (244) |
Retirement Benefit Obligatio_14
Retirement Benefit Obligations - Summary of Composition of Net Pension Liabilities (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | ||
Net pension liability | € (336) | € (329) |
Eurozone [member] | ||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | ||
Net pension liability | (119) | (113) |
Switzerland [member] | ||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | ||
Net pension liability | 3 | (17) |
United States and Canada [member] | ||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | ||
Net pension liability | (160) | (162) |
Other [member] | ||
Disclosure of Net Defined Benefit Liability (Asset) [Line Items] | ||
Net pension liability | € (60) | € (37) |
Retirement Benefit Obligatio_15
Retirement Benefit Obligations - Summary of Sensitivity Analysis (Detail) - Retirement Benefit Obligations [member] € in Millions | Dec. 31, 2019EUR (€) |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | € (3,109) |
Actuarial Assumption of Discount Rates, Increase by 0.25% [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (2,987) |
Actuarial Assumption of Discount Rates, Decrease by 0.25% [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (3,238) |
Actuarial Assumption of Expected Rates of Inflation, Increase by 0.25% [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (3,186) |
Actuarial Assumption of Expected Rates of Inflation, Decrease by 0.25% [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (3,037) |
Acturial assumption of mortality rate Increase by 1 year [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (3,005) |
Acturial assumption of mortality rate Decrease by 1 year [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (3,212) |
Eurozone [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (1,425) |
Eurozone [member] | Actuarial Assumption of Discount Rates, Increase by 0.25% [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (1,362) |
Eurozone [member] | Actuarial Assumption of Discount Rates, Decrease by 0.25% [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (1,491) |
Eurozone [member] | Actuarial Assumption of Expected Rates of Inflation, Increase by 0.25% [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (1,487) |
Eurozone [member] | Actuarial Assumption of Expected Rates of Inflation, Decrease by 0.25% [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (1,367) |
Eurozone [member] | Acturial assumption of mortality rate Increase by 1 year [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (1,371) |
Eurozone [member] | Acturial assumption of mortality rate Decrease by 1 year [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (1,479) |
Switzerland [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (341) |
Switzerland [member] | Actuarial Assumption of Discount Rates, Increase by 0.25% [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (326) |
Switzerland [member] | Actuarial Assumption of Discount Rates, Decrease by 0.25% [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (357) |
Switzerland [member] | Actuarial Assumption of Expected Rates of Inflation, Increase by 0.25% [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (342) |
Switzerland [member] | Actuarial Assumption of Expected Rates of Inflation, Decrease by 0.25% [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (340) |
Switzerland [member] | Acturial assumption of mortality rate Increase by 1 year [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (330) |
Switzerland [member] | Acturial assumption of mortality rate Decrease by 1 year [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (352) |
United States and Canada [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (1,058) |
United States and Canada [member] | Actuarial Assumption of Discount Rates, Increase by 0.25% [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (1,026) |
United States and Canada [member] | Actuarial Assumption of Discount Rates, Decrease by 0.25% [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (1,092) |
United States and Canada [member] | Actuarial Assumption of Expected Rates of Inflation, Increase by 0.25% [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (1,063) |
United States and Canada [member] | Actuarial Assumption of Expected Rates of Inflation, Decrease by 0.25% [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (1,054) |
United States and Canada [member] | Acturial assumption of mortality rate Increase by 1 year [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (1,026) |
United States and Canada [member] | Acturial assumption of mortality rate Decrease by 1 year [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (1,089) |
Other [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (285) |
Other [member] | Actuarial Assumption of Discount Rates, Increase by 0.25% [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (273) |
Other [member] | Actuarial Assumption of Discount Rates, Decrease by 0.25% [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (298) |
Other [member] | Actuarial Assumption of Expected Rates of Inflation, Increase by 0.25% [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (294) |
Other [member] | Actuarial Assumption of Expected Rates of Inflation, Decrease by 0.25% [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (276) |
Other [member] | Acturial assumption of mortality rate Increase by 1 year [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | (278) |
Other [member] | Acturial assumption of mortality rate Decrease by 1 year [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Scheme liabilities | € (292) |
Retirement Benefit Obligatio_16
Retirement Benefit Obligations - Summary of Sensitivity Analysis (Parenthetical) (Detail) - Retirement Benefit Obligations [member] | 12 Months Ended |
Dec. 31, 2019 | |
Actuarial Assumption of Discount Rates, Increase by 0.25% [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Actuarial assumption rate, increase | 0.25% |
Actuarial Assumption of Discount Rates, Decrease by 0.25% [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Actuarial assumption rate, decrease | 0.25% |
Actuarial Assumption of Expected Rates of Inflation, Increase by 0.25% [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Actuarial assumption rate, increase | 0.25% |
Actuarial Assumption of Expected Rates of Inflation, Decrease by 0.25% [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Actuarial assumption rate, decrease | 0.25% |
Acturial assumption of mortality rate Increase by 1 year [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Mortality assumption | Increase by 1 year |
Acturial assumption of mortality rate Decrease by 1 year [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |
Mortality assumption | Decrease by 1 year |
Retirement Benefit Obligatio_17
Retirement Benefit Obligations - Summary of Impact of Movement in Principal Actuarial Assumptions (Detail) - Plan assets [member] - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Split of scheme assets [line items] | ||||
Total assets | € 2,682 | € 2,913 | € 2,622 | |
Investments quoted in active markets [member] | Equity instruments [member] | ||||
Split of scheme assets [line items] | ||||
Total assets | [1] | 746 | 862 | |
Investments quoted in active markets [member] | Debt Instruments [member] | ||||
Split of scheme assets [line items] | ||||
Total assets | [2] | 1,594 | 1,596 | |
Investments quoted in active markets [member] | Property [member] | ||||
Split of scheme assets [line items] | ||||
Total assets | 93 | 109 | ||
Investments quoted in active markets [member] | Cash and cash equivalents [member] | ||||
Split of scheme assets [line items] | ||||
Total assets | 27 | 34 | ||
Investments quoted in active markets [member] | Investment fund [member] | ||||
Split of scheme assets [line items] | ||||
Total assets | 128 | 9 | ||
Investments quoted in active markets [member] | Assets held by insurance company [member] | ||||
Split of scheme assets [line items] | ||||
Total assets | 123 | |||
Unquoted investments [member] | Equity instruments [member] | ||||
Split of scheme assets [line items] | ||||
Total assets | 2 | 2 | ||
Unquoted investments [member] | Debt Instruments [member] | ||||
Split of scheme assets [line items] | ||||
Total assets | [3] | 9 | 9 | |
Unquoted investments [member] | Property [member] | ||||
Split of scheme assets [line items] | ||||
Total assets | 52 | 112 | ||
Unquoted investments [member] | Cash and cash equivalents [member] | ||||
Split of scheme assets [line items] | ||||
Total assets | 18 | 40 | ||
Unquoted investments [member] | Assets held by insurance company [member] | ||||
Split of scheme assets [line items] | ||||
Total assets | € 13 | € 17 | ||
[1] | Equity instruments primarily relate to developed markets. | |||
[2] | Quoted debt instruments are made up of €1,101 million (2018: €845 million) and €493 million (2018: €751 million) of non-government and government instruments respectively. | |||
[3] | Unquoted debt instruments primarily relate to government debt instruments. |
Retirement Benefit Obligatio_18
Retirement Benefit Obligations - Summary of Impact of Movement in Principal Actuarial Assumptions (Parenthetical) (Detail) - Investments quoted in active markets [member] - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Non-Government debt instruments [member] | ||
Split of scheme assets [line items] | ||
Scheme assets | € 1,101 | € 845 |
Government debt instruments [member] | ||
Split of scheme assets [line items] | ||
Scheme assets | € 493 | € 751 |
Retirement Benefit Obligatio_19
Retirement Benefit Obligations - Information On Detailed Information About Contractual Payments To Defined Benefit Scheme (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of fair value of plan assets [line items] | |||
Contractual Payments To Defined Benefit Scheme | € 19 | € 14 | € 34 |
Republic of Ireland [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Contractual Payments To Defined Benefit Scheme | 18 | ||
United Kingdom [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Contractual Payments To Defined Benefit Scheme | € 19 | € 14 | € 16 |
Retirement Benefit Obligatio_20
Retirement Benefit Obligations - Summary of Maturity Profile of the Group's Contracted Payments (On a Discounted Basis) (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of Information About Maturity Profile of Group's Contracted Payments [line items] | |||
Contractual payments to defined benefit scheme | € 19 | € 14 | € 34 |
Contractual Payments (on a discounted basis) [member] | |||
Disclosure of Information About Maturity Profile of Group's Contracted Payments [line items] | |||
Contractual payments to defined benefit scheme | 19 | 14 | 34 |
Contractual Payments (on a discounted basis) [member] | Within 1 year [member] | |||
Disclosure of Information About Maturity Profile of Group's Contracted Payments [line items] | |||
Contractual payments to defined benefit scheme | 2 | 2 | 19 |
Contractual Payments (on a discounted basis) [member] | Between1 and 2 years [member] | |||
Disclosure of Information About Maturity Profile of Group's Contracted Payments [line items] | |||
Contractual payments to defined benefit scheme | 2 | 2 | 2 |
Contractual Payments (on a discounted basis) [member] | Between 2 and 3 years [member] | |||
Disclosure of Information About Maturity Profile of Group's Contracted Payments [line items] | |||
Contractual payments to defined benefit scheme | 2 | 2 | 2 |
Contractual Payments (on a discounted basis) [member] | Between 3 and 4 years [member] | |||
Disclosure of Information About Maturity Profile of Group's Contracted Payments [line items] | |||
Contractual payments to defined benefit scheme | 2 | 1 | 2 |
Contractual Payments (on a discounted basis) [member] | Between 4 and 5 years [member] | |||
Disclosure of Information About Maturity Profile of Group's Contracted Payments [line items] | |||
Contractual payments to defined benefit scheme | 2 | 1 | 1 |
Contractual Payments (on a discounted basis) [member] | After 5 years [member] | |||
Disclosure of Information About Maturity Profile of Group's Contracted Payments [line items] | |||
Contractual payments to defined benefit scheme | € 9 | € 6 | € 8 |
Retirement Benefit Obligatio_21
Retirement Benefit Obligations - Summary of Average Duration and Scheme Composition (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Eurozone [member] | |||
Disclosure of defined benefit plans [Line Items] | |||
Average duration of defined benefit obligation (years) | 18 years 1 month 6 days | 17 years 1 month 6 days | 17 years 9 months 18 days |
Active plan participants | 74.00% | 71.00% | 72.00% |
Deferred plan participants | 8.00% | 9.00% | 9.00% |
Retirees | 18.00% | 20.00% | 19.00% |
Switzerland [member] | |||
Disclosure of defined benefit plans [Line Items] | |||
Average duration of defined benefit obligation (years) | 17 years 9 months 18 days | 16 years 4 months 24 days | 17 years 2 months 12 days |
Active plan participants | 74.00% | 83.00% | 84.00% |
Deferred plan participants | |||
Retirees | 26.00% | 17.00% | 16.00% |
United States and Canada [member] | |||
Disclosure of defined benefit plans [Line Items] | |||
Average duration of defined benefit obligation (years) | 12 years 6 months | 12 years 1 month 6 days | 12 years 2 months 12 days |
Active plan participants | 44.00% | 46.00% | 40.00% |
Deferred plan participants | 12.00% | 18.00% | 16.00% |
Retirees | 44.00% | 36.00% | 44.00% |
Share Capital and Reserves - Su
Share Capital and Reserves - Summary of Share Capital (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
Disclosure of classes of share capital [line items] | |||||||
Issue of scrip shares in lieu of cash dividends | 1,841,430 | 2,563,542 | |||||
Ordinary shares [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Authorised equity capital, ending balance | € 400 | [1] | € 400 | [2] | |||
Number of shares authorised, ending balance | 1,250,000,000 | [1] | 1,250,000,000 | [2] | |||
Allotted, called-up and fully paid, beginning balance | € 272 | [1] | € 271 | [2] | |||
Cancellation of Treasury Shares | [3] | (14) | |||||
Performance Share Plan Awards | [2] | 1 | |||||
Allotted, called-up and fully paid, ending balance | € 258 | [1] | € 272 | [1] | € 271 | [2] | |
Shares outstanding, beginning balance | 843,000,000 | [1] | 839,000,000 | [2] | |||
Cancellation of Treasury Shares | [3] | (44,000,000) | |||||
Performance Share Plan Awards | [2] | 2,000,000 | |||||
Issue of scrip shares in lieu of cash dividends | [4] | 2,000,000 | |||||
Shares outstanding, ending balance | 799,000,000 | [1] | 843,000,000 | [1] | 839,000,000 | [2] | |
Income Shares [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Authorised equity capital, ending balance | € 25 | [2] | € 25 | ||||
Number of shares authorised, ending balance | 1,250,000,000 | [2] | 1,250,000,000 | ||||
Allotted, called-up and fully paid, beginning balance | € 15 | [2] | € 15 | ||||
Cancellation of Treasury Shares | [3] | (1) | |||||
Allotted, called-up and fully paid, ending balance | € 14 | [2] | € 15 | [2] | € 15 | ||
Shares outstanding, beginning balance | 843,000,000 | [2] | 839,000,000 | ||||
Cancellation of Treasury Shares | [3] | (44,000,000) | |||||
Performance Share Plan Awards | 2,000,000 | ||||||
Issue of scrip shares in lieu of cash dividends | [4] | 2,000,000 | |||||
Shares outstanding, ending balance | 799,000,000 | [2] | 843,000,000 | [2] | 839,000,000 | ||
[1] | The Ordinary Shares represent 93.71% of the total issued share capital. | ||||||
[2] | The Income Shares, which represent 5.86% of the total issued share capital, were created on 29 August 1988 for the express purpose of giving shareholders the choice of receiving dividends on either their Ordinary Shares or on their Income Shares (by notice of election to the Company). The Income Shares carried a different tax credit to the Ordinary Shares. The creation of the Income Shares was achieved by the allotment of fully paid Income Shares to each shareholder equal to his/her holding of Ordinary Shares but the shareholder is not entitled to an Income Share certificate, as a certificate for Ordinary Shares is deemed to include an equal number of Income Shares and a shareholder may only sell, transfer or transmit Income Shares with an equivalent number of Ordinary Shares. Income Shares carry no voting rights. Due to changes in Irish tax legislation since the creation of the Income Shares, dividends on the Company’s shares no longer carry a tax credit. As elections made by shareholders to receive dividends on their holding of Income Shares were no longer relevant, the Articles of Association were amended on 8 May 2002 to cancel such elections. | ||||||
[3] | During 2019 43,750,000 Ordinary Shares (including Income Shares) were cancelled. The amount paid to repurchase these shares was initially recognised in Treasury Shares/own shares and was transferred to retained income on cancellation. | ||||||
[4] | Issue of scrip shares in lieu of cash dividends: |
Share Capital and Reserves - _2
Share Capital and Reserves - Summary of Share Capital (Parenthetical) (Detail) - € / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Ordinary shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Par value per share | € 0.32 | € 0.32 | |
Percentage of shares representing in total issued share capital | 93.71% | 93.71% | |
Cancellation of treasury shares | [1] | (44) | |
Income Shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Par value per share | € 0.02 | € 0.02 | |
Percentage of shares representing in total issued share capital | 5.86% | 5.86% | |
Description of voting rights | Income Shares carry no voting rights. | ||
Date of issued share capital created | Aug. 29, 1988 | ||
Cancellation of treasury shares | [1] | (44) | |
[1] | During 2019 43,750,000 Ordinary Shares (including Income Shares) were cancelled. The amount paid to repurchase these shares was initially recognised in Treasury Shares/own shares and was transferred to retained income on cancellation. |
Share Capital and Reserves - _3
Share Capital and Reserves - Summary of Final and Interim Dividend (Detail) - € / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of classes of share capital [line items] | ||
Number of shares | 1,841,430 | 2,563,542 |
Final Dividends [member] | ||
Disclosure of classes of share capital [line items] | ||
Number of shares | 1,841,430 | 433,046 |
Price per share | € 27.47 | € 33.08 |
Interim Dividends [member] | ||
Disclosure of classes of share capital [line items] | ||
Number of shares | 2,130,496 | |
Price per share | € 29.24 |
Share Capital and Reserves - Ad
Share Capital and Reserves - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019Optionsshares | Dec. 31, 2018Optionsshares | Dec. 31, 2017Options | |
Disclosure of classes of share capital [line items] | |||
Number of options,ordinary share exercised | Options | 1,147,149 | 796,944 | 1,589,335 |
Number of shares appropriated to participation schemes | 8,174,578 | 8,025,732 | |
Number of shares satisfied by issue of new shares | 59,666 | ||
Number of shares satisfied by reissue of treasury shares | 103,650 | ||
Number of appropriated ordinary shares satisfied by the purchase of shares | 148,846 | ||
Ordinary shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Percentage of shares representing in total issued share capital | 93.71% | 93.71% | |
5% Cumulative preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Fixed cumulative preference dividend rate | 5.00% | ||
Percentage of shares representing in total issued share capital | 0.02% | ||
Cumulative preference shares dividend payable, description | half-yearly on 15 April and 15 October in each year | ||
7% 'A' cumulative preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Fixed cumulative preference dividend rate | 7.00% | ||
Percentage of shares representing in total issued share capital | 0.41% | ||
Cumulative preference shares dividend payable, description | half-yearly on 5 April and 5 October in each year | ||
Maximum [member] | Ordinary shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Percentage of issued share capital | 10.00% |
Share Capital and Reserves - _4
Share Capital and Reserves - Summary of Number of Shares (Detail) - Options | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of classes of share capital [line items] | |||
Options exercised during the year | 1,147,149 | 796,944 | 1,589,335 |
Satisfied by reissue of treasury shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Options exercised during the year | 1,147,149 | 300,283 | |
Satisfied by issue of new shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Options exercised during the year | 496,661 | 1,589,335 |
Share Capital and Reserves - _5
Share Capital and Reserves - Summary of Preference Share Capital (Detail) shares in Thousands, € in Millions | Dec. 31, 2019EUR (€)shares |
5% Cumulative preference shares [member] | |
Authorised | |
Number of shares authorised, beginning balance | shares | 150 |
Number of shares authorised, ending balance | shares | 150 |
Authorised preference share capital, beginning balance | € | € 0 |
Authorised preference share capital, ending balance | € | € 0 |
Allotted, called-up and fully paid | |
Allotted, called-up and fully paid shares, beginning balance | shares | 50 |
Allotted, called-up and fully paid shares, ending balance | shares | 50 |
Allotted, called-up and fully paid, beginning balance | € | € 0 |
Allotted, called-up and fully paid, ending balance | € | € 0 |
7% 'A' cumulative preference shares [member] | |
Authorised | |
Number of shares authorised, beginning balance | shares | 872 |
Number of shares authorised, ending balance | shares | 872 |
Authorised preference share capital, beginning balance | € | € 1 |
Authorised preference share capital, ending balance | € | € 1 |
Allotted, called-up and fully paid | |
Allotted, called-up and fully paid shares, beginning balance | shares | 872 |
Allotted, called-up and fully paid shares, ending balance | shares | 872 |
Allotted, called-up and fully paid, beginning balance | € | € 1 |
Allotted, called-up and fully paid, ending balance | € | € 1 |
Share Capital and Reserves - _6
Share Capital and Reserves - Summary of Preference Share Capital (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2019€ / shares | |
5% Cumulative preference shares [member] | |
Disclosure of classes of share capital [line items] | |
Par value per share | € 1.27 |
Interest rate of cumulative preference shares | 5.00% |
7% 'A' cumulative preference shares [member] | |
Disclosure of classes of share capital [line items] | |
Par value per share | € 1.27 |
Interest rate of cumulative preference shares | 7.00% |
Share Capital and Reserves - _7
Share Capital and Reserves - Summary of Treasury Shares (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of Treasury Shares and Own Shares [Line Items] | ||||
Beginning balance | € (792) | |||
Ending balance | (325) | € (792) | ||
Treasury Shares/Own Shares [member] | ||||
Disclosure of Treasury Shares and Own Shares [Line Items] | ||||
Beginning balance | (792) | (15) | ||
New Shares allotted to the Employee Benefit Trust (own shares) | (56) | |||
Own Shares released by the Employee Benefit Trust under the 2014 Performance Share Plan | 62 | 56 | ||
Shares acquired by CRH plc (Treasury Shares) (i)(ii) | [1] | (791) | (789) | |
Shares acquired by Employee Benefit Trust (own shares) | (61) | (3) | ||
Treasury Shares/own shares reissued | [2] | 35 | 15 | |
Cancellation of treasury shares | 1,222 | |||
Ending balance | € (325) | € (792) | ||
Shares outstanding, beginning balance | 27,843,927 | [3] | 391,757 | |
New Shares allotted to the Employee Benefit Trust (own shares) | 2,034,112 | |||
Own Shares released by the Employee Benefit Trust under the 2014 Performance Share Plan | (2,256,986) | (2,034,112) | ||
Shares acquired by CRH plc (Treasury Shares) (i) (ii) | [1] | 27,357,116 | 27,901,471 | |
Shares acquired by Employee Benefit Trust (own shares) | 2,189,448 | 108,377 | ||
Treasury Shares/own shares reissued (iii) | [2] | (1,147,149) | (557,678) | |
Shares outstanding, ending balance | [3] | 10,236,356 | 27,843,927 | |
Cancellation of treasury shares | (43,750,000) | |||
Treasury Shares | [3] | 10,011,353 | 27,551,386 | |
Own shares | [3] | 225,003 | 292,541 | |
[1] | In April 2018, CRH announced its intention to introduce a share repurchase programme (the ‘Programme’) to repurchase Ordinary Shares (including Income Shares) of up to €1 billion. During 2018, CRH repurchased a total of 27,901,471 Ordinary Shares under the Programme, returning a total of €0.8 billion in cash to shareholders. The Programme was extended in 2019, with CRH repurchasing a total of 27,357,116 Ordinary Shares in 2019 and returning a further €0.8 billion to shareholders. As at 31 December 2019, a total of €1.6 billion cash has been returned to shareholders under the Programme. | |||
[2] | These reissued Treasury Shares were previously purchased at an average price of €30.56 (2018: €27.96). | |||
[3] | As at the balance sheet date, the nominal value of the Treasury Shares and own shares was €3.4 million and €0.1 million respectively (2018: €9.4 million and €0.1 million respectively). Dividends have been waived by the Trustees of the own shares. |
Share Capital and Reserves - _8
Share Capital and Reserves - Summary of Treasury Shares (Parenthetical) (Detail) - EUR (€) € / shares in Units, € in Millions | Jan. 07, 2020 | Apr. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of Treasury Shares and Own Shares [Line Items] | |||||
Share repurchase programme, cash returned to shareholders for share repurchased during period | € 852 | € 792 | € 3 | ||
Average price of the treasury shares reissued | € 30.56 | € 27.96 | |||
Total number of own shares held, nominal value | € 0.1 | € 0.1 | |||
Total number of Treasury Shares held, nominal value | € 3.4 | € 9.4 | |||
Tresury shares repurchased | 27,357,116 | 27,901,471 | |||
Events after reporting period [member] | |||||
Disclosure of Treasury Shares and Own Shares [Line Items] | |||||
CRH announced a further extension of the programme - cost of additional shares to be repurchased under this phase of the programme | € 200 | ||||
Share repurchase programme [member] | |||||
Disclosure of Treasury Shares and Own Shares [Line Items] | |||||
Share repurchase programme aggregated cash returned to shareholders for share repurchase | € 1,600 | ||||
Share repurchase programme, cash returned to shareholders for share repurchased during period | € 800 | € 800 | |||
Share repurchase programme [member] | Maximum [member] | |||||
Disclosure of Treasury Shares and Own Shares [Line Items] | |||||
Amount under share repurchase programme | € 1,000 |
Share Capital and Reserves - _9
Share Capital and Reserves - Summary of Reconciliation of Shares Issued to Net Proceeds (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shares issued at nominal amount: | |||
- Performance Share Plan Awards | € 1 | € 1 | |
- scrip shares issued in lieu of cash dividends | 1 | ||
Premium on shares issued | 117 | 180 | |
Total value of shares issued | 118 | 182 | |
Issue of scrip shares in lieu of cash dividends (note 13) | € 0 | (51) | (77) |
Shares allotted to the Employee Benefit Trust | (56) | (63) | |
Net proceeds from issue of shares | € 11 | € 42 |
Share Capital and Reserves -_10
Share Capital and Reserves - Summary of Reconciliation of Shares Issued to Net Proceeds (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
2014 Performance Share Plan [member] | |||
Reconciliation of Shares Issued to Net Proceeds [line items] | |||
Increase in nominal share capital and share premium | € 0 | € 56 | € 63 |
Share Capital and Reserves -_11
Share Capital and Reserves - Summary of Share Premium (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share Premium [abstract] | ||
At 1 January | € 6,534 | € 6,417 |
Premium arising on shares issued | 117 | |
At 31 December | € 6,534 | € 6,534 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about business combination [line items] | |||
Stakeholder's percentage in the entity | 100.00% | ||
Operating Cost [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Acquisition-related costs recognised as expense for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination | € 6 | € 18 | € 10 |
Business Combinations - Summary
Business Combinations - Summary of Identifiable Net Assets Acquired, Including Adjustments to Provisional Fair Values (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
LIABILITIES | |||
Goodwill arising on acquisition (ii) | € 8,094 | € 8,116 | |
Net cash outflow arising on acquisition | |||
Total outflow in the Consolidated Statement of Cash Flows | 650 | 3,505 | € 1,841 |
Business combinations [member] | |||
Non-current assets | |||
Property, plant and equipment | 319 | 2,614 | 1,536 |
Intangible assets | 92 | 58 | 56 |
Equity accounted investments | 1 | ||
Total non-current assets | 411 | 2,673 | 1,592 |
Current assets | |||
Inventories | 58 | 255 | 114 |
Trade and other receivables (i) | 66 | 318 | 129 |
Cash and cash equivalents | 10 | 69 | 174 |
Total current assets | 134 | 642 | 417 |
LIABILITIES | |||
Trade and other payables | (73) | (224) | (149) |
Provisions for liabilities | (6) | (84) | (49) |
Retirement benefit obligations | (1) | (115) | (52) |
Lease liabilities | (64) | ||
Interest-bearing loans and borrowings and finance leases | (9) | (74) | (12) |
Current income tax liabilities | 9 | (15) | (22) |
Deferred income tax liabilities | (411) | (132) | |
Total liabilities | (144) | (923) | (416) |
Total identifiable net assets at fair value | 401 | 2,392 | 1,593 |
Goodwill arising on acquisition (ii) | 278 | 1,504 | 487 |
Joint ventures becoming subsidiaries | (120) | ||
Non-controlling interests* | (1) | (48) | (20) |
Total consideration | 678 | 3,728 | 2,060 |
Consideration satisfied by: | |||
Cash payments | 660 | 3,574 | 2,015 |
Asset exchange | 12 | ||
Deferred consideration (stated at net present cost) | 10 | 10 | 45 |
Contingent consideration (iii) | 8 | 93 | |
Profit on step acquisition (iv) | 39 | ||
Total consideration | 678 | 3,728 | 2,060 |
Net cash outflow arising on acquisition | |||
Cash consideration | 660 | 3,574 | 2,015 |
Less: cash and cash equivalents acquired | (10) | (69) | (174) |
Total outflow in the Consolidated Statement of Cash Flows | € 650 | € 3,505 | € 1,841 |
Business Combinations - Summa_2
Business Combinations - Summary of Identifiable Net Assets Acquired, Including Adjustments to Provisional Fair Values (Parenthetical) (Detail) - Business combinations [member] - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about business combination [line items] | |||
Goodwill expected to be deducted for tax purposes | € 164 | € 277 | € 260 |
Gross contractual value of trade and other receivables | 67 | 324 | 132 |
Fair value of trade and other receivables | € 66 | € 318 | € 129 |
Business Combinations - Summa_3
Business Combinations - Summary of Number of Acquisitions Completed and Details of Goodwill and Consideration (Detail) € in Millions | 12 Months Ended | ||
Dec. 31, 2019EUR (€)Acquisition | Dec. 31, 2018EUR (€)Acquisition | Dec. 31, 2017EUR (€)Acquisition | |
Disclosure of detailed information about business combination [line items] | |||
Goodwill | € 8,094 | € 8,116 | |
Business combinations [member] | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | 278 | 1,504 | € 487 |
Consideration | € 678 | € 3,728 | € 2,060 |
Business combinations [member] | Continuing operations [member] | |||
Disclosure of detailed information about business combination [line items] | |||
Number of acquisitions | Acquisition | 57 | 42 | 29 |
Goodwill | € 262 | € 1,473 | € 470 |
Consideration | € 675 | € 3,695 | € 2,031 |
Business combinations [member] | Continuing And Discontinued Operations [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Number of acquisitions | Acquisition | 58 | 44 | 31 |
Goodwill | € 262 | € 1,473 | € 487 |
Consideration | 678 | 3,728 | 2,061 |
Business combinations [member] | Adjustments to Provisional Prior Year Acquisitions [member] | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | € 16 | € 31 | |
Consideration | € (1) | ||
Business combinations [member] | Europe [member] | Discontinued Operations [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Number of acquisitions | Acquisition | 1 | 2 | 2 |
Goodwill | € 17 | ||
Consideration | € 3 | € 33 | € 30 |
Business combinations [member] | Europe Materials [member] | Continuing operations [member] | |||
Disclosure of detailed information about business combination [line items] | |||
Number of acquisitions | Acquisition | 15 | 10 | 8 |
Goodwill | € 3 | € 46 | € 155 |
Consideration | € 64 | € 86 | € 698 |
Business combinations [member] | Americas Materials [member] | Continuing operations [member] | |||
Disclosure of detailed information about business combination [line items] | |||
Number of acquisitions | Acquisition | 27 | 24 | 13 |
Goodwill | € 31 | € 1,353 | € 239 |
Consideration | € 161 | € 3,398 | € 1,171 |
Business combinations [member] | Building Products [member] | Continuing operations [member] | |||
Disclosure of detailed information about business combination [line items] | |||
Number of acquisitions | Acquisition | 15 | 8 | 8 |
Goodwill | € 228 | € 74 | € 76 |
Consideration | € 450 | € 211 | € 162 |
Business Combinations - Summa_4
Business Combinations - Summary of Post Acquisition Impact (Detail) - Post acquisition impact [member] - Continuing operations [member] - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about business combination [line items] | |||
Revenue | € 204 | € 1,202 | € 505 |
Profit/(loss) before tax for the financial year | € 2 | € 145 | € (1) |
Business Combinations - Summa_5
Business Combinations - Summary of Revenue and Profit Effected During the Year had Been at Beginning of the Year (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure of detailed information about business combination [line items] | |||||
Revenue | € 25,129 | € 23,241 | [1] | € 21,653 | [1] |
Continuing operations [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Revenue | 25,129 | € 23,241 | € 21,653 | ||
Acquisitions [member] | Continuing operations [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Revenue | 458 | ||||
Profit before tax for the financial year | 18 | ||||
CRH Group excluding acquisitions [member] | Continuing operations [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Revenue | 24,925 | ||||
Profit before tax for the financial year | 2,113 | ||||
Pro-forma consolidated Group | Continuing operations [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Revenue | 25,383 | ||||
Profit before tax for the financial year | € 2,131 | ||||
[1] | Restated to show the results of our former Europe Distribution segment in discontinued operations. See note 3 for further details. |
Non-controlling Interests - Add
Non-controlling Interests - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of noncontrolling interests [line items] | ||
Total Non-controlling interest | € 540 | € 525 |
Republic Cement & Building Materials, Inc. and Republic Cement Land & Resources, Inc. [member] | ||
Disclosure of noncontrolling interests [line items] | ||
Total Non-controlling interest | € 414 | € 384 |
Republic Cement and Building Materials Inc and Republic Cement Land & Resources, Inc [member] | ||
Disclosure of noncontrolling interests [line items] | ||
Percentage of equity share capital interest | 40.00% | |
Percentage of equity share capital interest held by another party | 60.00% | |
Combined Philippines Business [member] | ||
Disclosure of noncontrolling interests [line items] | ||
Percentage of economic interest | 55.00% | |
Percentage of economic interest held by another party | 45.00% |
Non-controlling Interests - Sum
Non-controlling Interests - Summary of Non-Controlling Interest in Subsidiaries (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Republic Cement & Building Materials, Inc. and Republic Cement Land & Resources, Inc. [member] | |
Disclosure of noncontrolling interests [line items] | |
Economic ownership interest held by non-controlling interest | 45.00% |
Non-controlling Interests - Sch
Non-controlling Interests - Schedule of Summarized Financial Information of Non Controlling Interest (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of noncontrolling interests [line items] | |||
Profit/(loss) for the year | € (19) | € (4) | € (24) |
Current assets | 10,290 | 9,511 | |
Non-current assets | 27,020 | 25,662 | |
Current liabilities | (6,380) | (6,079) | |
Non-current liabilities | (13,450) | (12,540) | |
Cash flows from operating activities | 3,466 | 1,899 | € 2,189 |
Republic Cement and Building Materials Inc and Republic Cement Land & Resources, Inc [member] | |||
Disclosure of noncontrolling interests [line items] | |||
Profit/(loss) for the year | 19 | (11) | |
Current assets | 190 | 153 | |
Non-current assets | 1,504 | 1,351 | |
Current liabilities | (186) | (160) | |
Non-current liabilities | (822) | (712) | |
Net assets | 686 | 632 | |
Cash flows from operating activities | € 60 | € 36 |
Related Party Transactions - Sa
Related Party Transactions - Sales to and Purchases From Associates and Joint Ventures (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Joint ventures where entity is venturer [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | € 118 | € 107 | € 111 |
Purchases | 24 | 31 | 55 |
Associates [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 37 | 40 | 51 |
Purchases | € 16 | € 193 | € 400 |
Related Party Transactions - Su
Related Party Transactions - Summary of Key Management Remuneration (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related party transactions [abstract] | |||
Short-term benefits | € 8 | € 8 | € 9 |
Post-employment benefits | 1 | 1 | 1 |
Share-based payments - calculated in accordance with the principles disclosed in note 9 | 5 | 4 | 3 |
Total | € 14 | € 13 | € 13 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Key management personnel of entity or parent [member] | |
Disclosure of transactions between related parties [line items] | |
Transactions involving key management personnel | € 0 |
Supplemental Guarantor Inform_3
Supplemental Guarantor Information - Additional Information (Detail) $ in Thousands, € in Millions | 12 Months Ended | ||||
Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2010USD ($) | Sep. 30, 2003USD ($) | |
Disclosure of supplemental guarantor information [line items] | |||||
Percentage of ownership interest | 100.00% | ||||
Notes | € | € 9,014 | € 9,316 | |||
Bonds acquired | $ 87,445 | ||||
CRH America Finance Inc [member] | |||||
Disclosure of supplemental guarantor information [line items] | |||||
Percentage of ownership interest | 100.00% | ||||
CRH America, Inc [member] | 5.750% Notes Due 2021 [member] | |||||
Disclosure of supplemental guarantor information [line items] | |||||
Notes | $ 400,000 | ||||
Notes interest rate | 5.75% | 5.75% | |||
Notes maturity year | 2021 | ||||
Notes listing description | NYSE | ||||
CRH America, Inc [member] | 3.875% Notes Due 2025 [member] | |||||
Disclosure of supplemental guarantor information [line items] | |||||
Notes | $ 1,250,000 | ||||
Notes interest rate | 3.875% | 3.875% | |||
Notes maturity year | 2025 | ||||
Notes listing description | Euronext Dublin | ||||
CRH America, Inc [member] | 6.40% Notes Due 2033 [member] | |||||
Disclosure of supplemental guarantor information [line items] | |||||
Notes | $ 300,000 | $ 300,000 | |||
Notes interest rate | 6.40% | 6.40% | |||
Notes maturity year | 2033 | ||||
Notes listing description | Euronext Dublin | ||||
Bonds acquired | $ 87,445 | ||||
CRH America, Inc [member] | 5.125 Notes Due 2045 [member] | |||||
Disclosure of supplemental guarantor information [line items] | |||||
Notes | $ 500,000 | ||||
Notes interest rate | 5.125% | 5.125% | |||
Notes maturity year | 2045 | ||||
Notes listing description | Euronext Dublin |
Supplemental Guarantor Inform_4
Supplemental Guarantor Information - Schedule of Supplemental Condensed Consolidated Balance Sheet (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Non-current assets | ||||
Property, plant and equipment | € 17,424 | € 15,761 | ||
Intangible assets | 8,434 | 8,433 | € 7,214 | |
Investments accounted for using the equity method | 690 | 1,163 | 1,248 | |
Other financial assets | 12 | 23 | ||
Other receivables | 317 | 181 | ||
Derivative financial instruments | 76 | 30 | ||
Deferred income tax assets | 67 | 71 | ||
Total non-current assets | 27,020 | 25,662 | ||
Current assets | ||||
Inventories | 2,742 | 3,061 | ||
Trade and other receivables | 3,767 | 4,074 | ||
Current income tax recoverable | 20 | 15 | ||
Derivative financial instruments | 6 | 15 | ||
Cash and cash equivalents | 3,755 | 2,346 | ||
Total current assets | 10,290 | 9,511 | ||
Total assets | 37,310 | 35,173 | ||
EQUITY | ||||
Capital and reserves attributable to the Company's equity holders | 16,940 | 16,029 | ||
Non-controlling interests | 540 | 525 | ||
Total equity | 17,480 | 16,554 | 14,977 | € 14,443 |
Non-current liabilities | ||||
Lease liabilities | 1,240 | 0 | ||
Interest-bearing loans and borrowings | 8,199 | 8,698 | ||
Derivative financial instruments | 1 | 18 | ||
Deferred income tax liabilities | 2,338 | 2,209 | ||
Other payables | 485 | 472 | ||
Retirement benefit obligations | 427 | 424 | ||
Provisions for liabilities | 760 | 719 | 693 | |
Total non-current liabilities | 13,450 | 12,540 | ||
Current liabilities | ||||
Lease liabilities | 271 | 0 | ||
Trade and other payables | 4,376 | 4,609 | ||
Current income tax liabilities | 503 | 443 | ||
Interest-bearing loans and borrowings | 815 | 618 | ||
Derivative financial instruments | 16 | 41 | ||
Provisions for liabilities | 399 | 368 | € 371 | |
Total current liabilities | 6,380 | 6,079 | ||
Total liabilities | 19,830 | 18,619 | ||
Total equity and liabilities | 37,310 | 35,173 | ||
Guarantor [member] | ||||
Non-current assets | ||||
Subsidiaries | 15,621 | 14,892 | ||
Total non-current assets | 15,621 | 14,892 | ||
Current assets | ||||
Advances to subsidiaries and parent undertakings | 967 | 1,233 | ||
Cash and cash equivalents | 458 | 411 | ||
Total current assets | 1,425 | 1,644 | ||
Total assets | 17,046 | 16,536 | ||
EQUITY | ||||
Capital and reserves attributable to the Company's equity holders | 16,940 | 16,029 | ||
Total equity | 16,940 | 16,029 | ||
Current liabilities | ||||
Advances from subsidiary and parent undertakings | 106 | 507 | ||
Total current liabilities | 106 | 507 | ||
Total liabilities | 106 | 507 | ||
Total equity and liabilities | 17,046 | 16,536 | ||
CRH America, Inc [member] | ||||
Non-current assets | ||||
Subsidiaries | 709 | 572 | ||
Advances to subsidiaries and parent undertakings | 3,549 | 3,550 | ||
Derivative financial instruments | 20 | |||
Total non-current assets | 4,278 | 4,122 | ||
Current assets | ||||
Total assets | 4,278 | 4,122 | ||
EQUITY | ||||
Capital and reserves attributable to the Company's equity holders | 2,087 | 1,950 | ||
Total equity | 2,087 | 1,950 | ||
Non-current liabilities | ||||
Interest-bearing loans and borrowings | 2,171 | 2,098 | ||
Derivative financial instruments | 16 | |||
Total non-current liabilities | 2,171 | 2,114 | ||
Current liabilities | ||||
Trade and other payables | 20 | 21 | ||
Interest-bearing loans and borrowings | 37 | |||
Total current liabilities | 20 | 58 | ||
Total liabilities | 2,191 | 2,172 | ||
Total equity and liabilities | 4,278 | 4,122 | ||
Non-Guarantor subsidiaries [member] | ||||
Non-current assets | ||||
Property, plant and equipment | 17,424 | 15,761 | ||
Intangible assets | 8,434 | 8,433 | ||
Subsidiaries | 1,682 | 1,682 | ||
Investments accounted for using the equity method | 690 | 1,163 | ||
Other financial assets | 12 | 23 | ||
Other receivables | 317 | 181 | ||
Derivative financial instruments | 56 | 30 | ||
Deferred income tax assets | 67 | 71 | ||
Total non-current assets | 28,682 | 27,344 | ||
Current assets | ||||
Inventories | 2,742 | 3,061 | ||
Trade and other receivables | 3,767 | 4,074 | ||
Advances to subsidiaries and parent undertakings | 106 | 507 | ||
Current income tax recoverable | 20 | 15 | ||
Derivative financial instruments | 6 | 15 | ||
Cash and cash equivalents | 3,297 | 1,935 | ||
Total current assets | 9,938 | 9,607 | ||
Total assets | 38,620 | 36,951 | ||
EQUITY | ||||
Capital and reserves attributable to the Company's equity holders | 15,925 | 15,196 | ||
Non-controlling interests | 540 | 525 | ||
Total equity | 16,465 | 15,721 | ||
Non-current liabilities | ||||
Lease liabilities | 1,240 | |||
Interest-bearing loans and borrowings | 6,028 | 6,600 | ||
Derivative financial instruments | 1 | 2 | ||
Deferred income tax liabilities | 2,338 | 2,209 | ||
Other payables | 485 | 472 | ||
Advances from subsidiary and parent undertakings | 3,549 | 3,550 | ||
Retirement benefit obligations | 427 | 424 | ||
Provisions for liabilities | 760 | 719 | ||
Total non-current liabilities | 14,828 | 13,976 | ||
Current liabilities | ||||
Lease liabilities | 271 | |||
Trade and other payables | 4,356 | 4,588 | ||
Advances from subsidiary and parent undertakings | 967 | 1,233 | ||
Current income tax liabilities | 503 | 443 | ||
Interest-bearing loans and borrowings | 815 | 581 | ||
Derivative financial instruments | 16 | 41 | ||
Provisions for liabilities | 399 | 368 | ||
Total current liabilities | 7,327 | 7,254 | ||
Total liabilities | 22,155 | 21,230 | ||
Total equity and liabilities | 38,620 | 36,951 | ||
Eliminate and reclassify [member] | ||||
Non-current assets | ||||
Subsidiaries | (18,012) | (17,146) | ||
Advances to subsidiaries and parent undertakings | (3,549) | (3,550) | ||
Total non-current assets | (21,561) | (20,696) | ||
Current assets | ||||
Advances to subsidiaries and parent undertakings | (1,073) | (1,740) | ||
Total current assets | (1,073) | (1,740) | ||
Total assets | (22,634) | (22,436) | ||
EQUITY | ||||
Capital and reserves attributable to the Company's equity holders | (18,012) | (17,146) | ||
Total equity | (18,012) | (17,146) | ||
Non-current liabilities | ||||
Advances from subsidiary and parent undertakings | (3,549) | (3,550) | ||
Total non-current liabilities | (3,549) | (3,550) | ||
Current liabilities | ||||
Advances from subsidiary and parent undertakings | (1,073) | (1,740) | ||
Total current liabilities | (1,073) | (1,740) | ||
Total liabilities | (4,622) | (5,290) | ||
Total equity and liabilities | (22,634) | (22,436) | ||
CRH and subsidiaries [member] | ||||
Non-current assets | ||||
Property, plant and equipment | 17,424 | 15,761 | ||
Intangible assets | 8,434 | 8,433 | ||
Investments accounted for using the equity method | 690 | 1,163 | ||
Other financial assets | 12 | 23 | ||
Other receivables | 317 | 181 | ||
Derivative financial instruments | 76 | 30 | ||
Deferred income tax assets | 67 | 71 | ||
Total non-current assets | 27,020 | 25,662 | ||
Current assets | ||||
Inventories | 2,742 | 3,061 | ||
Trade and other receivables | 3,767 | 4,074 | ||
Current income tax recoverable | 20 | 15 | ||
Derivative financial instruments | 6 | 15 | ||
Cash and cash equivalents | 3,755 | 2,346 | ||
Total current assets | 10,290 | 9,511 | ||
Total assets | 37,310 | 35,173 | ||
EQUITY | ||||
Capital and reserves attributable to the Company's equity holders | 16,940 | 16,029 | ||
Non-controlling interests | 540 | 525 | ||
Total equity | 17,480 | 16,554 | ||
Non-current liabilities | ||||
Lease liabilities | 1,240 | |||
Interest-bearing loans and borrowings | 8,199 | 8,698 | ||
Derivative financial instruments | 1 | 18 | ||
Deferred income tax liabilities | 2,338 | 2,209 | ||
Other payables | 485 | 472 | ||
Retirement benefit obligations | 427 | 424 | ||
Provisions for liabilities | 760 | 719 | ||
Total non-current liabilities | 13,450 | 12,540 | ||
Current liabilities | ||||
Lease liabilities | 271 | |||
Trade and other payables | 4,376 | 4,609 | ||
Current income tax liabilities | 503 | 443 | ||
Interest-bearing loans and borrowings | 815 | 618 | ||
Derivative financial instruments | 16 | 41 | ||
Provisions for liabilities | 399 | 368 | ||
Total current liabilities | 6,380 | 6,079 | ||
Total liabilities | 19,830 | 18,619 | ||
Total equity and liabilities | € 37,310 | € 35,173 |
Supplemental Guarantor Inform_5
Supplemental Guarantor Information - Schedule of Supplemental Condensed Consolidated Income Statement (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure of supplemental guarantor information [line items] | |||||
Revenue | € 25,129 | € 23,241 | [1] | € 21,653 | [1] |
Cost of sales | (16,846) | (15,572) | [1] | (14,275) | [1] |
Gross profit | 8,283 | 7,669 | [1] | 7,378 | [1] |
Group operating profit | 2,494 | 2,071 | [1] | 1,927 | [1] |
(Loss)/profit on disposals | (1) | (27) | 54 | ||
Finance costs | (346) | (339) | [1] | (301) | [1] |
Finance income | 20 | 34 | [1] | 12 | [1] |
Other financial expense | (112) | (46) | [1] | (59) | [1] |
Share of equity accounted investments' profit | 60 | 48 | [1] | 52 | [1] |
Profit before tax from continuing operations | 2,115 | 1,741 | [1] | 1,685 | [1] |
Income tax expense | (477) | (396) | [1] | (12) | [1] |
Group profit for the financial year from continuing operations | 1,638 | 1,345 | [1] | 1,673 | [1] |
Profit after tax for the financial year from discontinued operations | 310 | 1,176 | [1] | 246 | [1] |
Group profit for the financial year | 1,948 | 2,521 | [1] | 1,919 | [1] |
Profit attributable to: | |||||
From continuing operations | 1,620 | 1,342 | [1] | 1,650 | [1] |
From discontinued operations | 309 | 1,175 | [1] | 245 | [1] |
From continuing operations | 18 | 3 | [1] | 23 | [1] |
From discontinued operations | 1 | 1 | [1] | 1 | [1] |
Group profit for the financial year | 1,948 | 2,521 | [1] | 1,919 | [1] |
Guarantor [member] | |||||
Disclosure of supplemental guarantor information [line items] | |||||
Operating income/(costs) | 1,531 | 1,741 | 22 | ||
Group operating profit | 1,531 | 1,741 | 22 | ||
(Loss)/profit on disposals | (13) | (15) | |||
Profit before finance costs | 1,518 | 1,726 | 22 | ||
Finance costs | (3) | ||||
Finance income | 1 | 2 | |||
Share of subsidiaries' (loss)/profit before tax | 522 | (37) | 1,586 | ||
Share of equity accounted investments' profit | 60 | 48 | 52 | ||
Profit before tax from continuing operations | 2,097 | 1,738 | 1,662 | ||
Income tax expense | (477) | (396) | (12) | ||
Group profit for the financial year from continuing operations | 1,620 | 1,342 | 1,650 | ||
Profit after tax for the financial year from discontinued operations | 309 | 1,175 | 245 | ||
Group profit for the financial year | 1,929 | 2,517 | 1,895 | ||
Profit attributable to: | |||||
From continuing operations | 1,620 | 1,342 | 1,650 | ||
From discontinued operations | 309 | 1,175 | 245 | ||
Group profit for the financial year | 1,929 | 2,517 | 1,895 | ||
CRH America, Inc [member] | |||||
Disclosure of supplemental guarantor information [line items] | |||||
Finance costs | (280) | (224) | (235) | ||
Finance income | 290 | 231 | 242 | ||
Share of subsidiaries' (loss)/profit before tax | 136 | 115 | 83 | ||
Share of equity accounted investments' profit | 0 | ||||
Profit before tax from continuing operations | 146 | 122 | 90 | ||
Income tax expense | (36) | (32) | (29) | ||
Group profit for the financial year from continuing operations | 110 | 90 | 61 | ||
Group profit for the financial year | 110 | 90 | 61 | ||
Profit attributable to: | |||||
From continuing operations | 110 | 90 | 61 | ||
Group profit for the financial year | 110 | 90 | 61 | ||
Non-Guarantor subsidiaries [member] | |||||
Disclosure of supplemental guarantor information [line items] | |||||
Revenue | 25,129 | 23,241 | 21,653 | ||
Cost of sales | (16,846) | (15,572) | (14,275) | ||
Gross profit | 8,283 | 7,669 | 7,378 | ||
Operating income/(costs) | (7,320) | (7,339) | (5,473) | ||
Group operating profit | 963 | 330 | 1,905 | ||
(Loss)/profit on disposals | 12 | (12) | 54 | ||
Profit before finance costs | 975 | 318 | 1,959 | ||
Finance costs | (353) | (346) | (308) | ||
Finance income | 20 | 33 | 10 | ||
Other financial expense | (112) | (46) | (59) | ||
Share of equity accounted investments' profit | 60 | 48 | 52 | ||
Profit before tax from continuing operations | 590 | 7 | 1,654 | ||
Income tax expense | (441) | (364) | 17 | ||
Group profit for the financial year from continuing operations | 149 | (357) | 1,671 | ||
Profit after tax for the financial year from discontinued operations | 310 | 1,176 | 246 | ||
Group profit for the financial year | 459 | 819 | 1,917 | ||
Profit attributable to: | |||||
From continuing operations | 131 | (360) | 1,648 | ||
From discontinued operations | 309 | 1,175 | 245 | ||
From continuing operations | 18 | 3 | 23 | ||
From discontinued operations | 1 | 1 | 1 | ||
Group profit for the financial year | 459 | 819 | 1,917 | ||
Eliminate and reclassify [member] | |||||
Disclosure of supplemental guarantor information [line items] | |||||
Finance costs | 290 | 231 | 242 | ||
Finance income | (290) | (231) | (242) | ||
Share of subsidiaries' (loss)/profit before tax | (658) | (78) | (1,669) | ||
Share of equity accounted investments' profit | (60) | (48) | (52) | ||
Profit before tax from continuing operations | (718) | (126) | (1,721) | ||
Income tax expense | 477 | 396 | 12 | ||
Group profit for the financial year from continuing operations | (241) | 270 | (1,709) | ||
Profit after tax for the financial year from discontinued operations | (309) | (1,175) | (245) | ||
Group profit for the financial year | (550) | (905) | (1,954) | ||
Profit attributable to: | |||||
From continuing operations | (241) | 270 | (1,709) | ||
From discontinued operations | (309) | (1,175) | (245) | ||
Group profit for the financial year | (550) | (905) | (1,954) | ||
CRH and subsidiaries [member] | |||||
Disclosure of supplemental guarantor information [line items] | |||||
Revenue | 25,129 | 23,241 | 21,653 | ||
Cost of sales | (16,846) | (15,572) | (14,275) | ||
Gross profit | 8,283 | 7,669 | 7,378 | ||
Operating income/(costs) | (5,789) | (5,598) | (5,451) | ||
Group operating profit | 2,494 | 2,071 | 1,927 | ||
(Loss)/profit on disposals | (1) | (27) | 54 | ||
Profit before finance costs | 2,493 | 2,044 | 1,981 | ||
Finance costs | (346) | (339) | (301) | ||
Finance income | 20 | 34 | 12 | ||
Other financial expense | (112) | (46) | (59) | ||
Share of equity accounted investments' profit | 60 | 48 | 52 | ||
Profit before tax from continuing operations | 2,115 | 1,741 | 1,685 | ||
Income tax expense | (477) | (396) | (12) | ||
Group profit for the financial year from continuing operations | 1,638 | 1,345 | 1,673 | ||
Profit after tax for the financial year from discontinued operations | 310 | 1,176 | 246 | ||
Group profit for the financial year | 1,948 | 2,521 | 1,919 | ||
Profit attributable to: | |||||
From continuing operations | 1,620 | 1,342 | 1,650 | ||
From discontinued operations | 309 | 1,175 | 245 | ||
From continuing operations | 18 | 3 | 23 | ||
From discontinued operations | 1 | 1 | 1 | ||
Group profit for the financial year | € 1,948 | € 2,521 | € 1,919 | ||
[1] | Restated to show the results of our former Europe Distribution segment in discontinued operations. See note 3 for further details. |
Supplemental Guarantor Inform_6
Supplemental Guarantor Information - Schedule of Supplemental Condensed Consolidated Statement of Comprehensive Income (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure of supplemental guarantor information [line items] | |||||
Group profit for the financial year | € 1,948 | € 2,521 | [1] | € 1,919 | [1] |
Items that may be reclassified to profit or loss in subsequent years: | |||||
Currency translation effects | 343 | 276 | (1,076) | ||
Gains (Losses) relating to cash flow hedges | 24 | (40) | 8 | ||
Tax relating to cash flow hedges | (3) | 5 | |||
Other comprehensive income that will be reclassified to profit or loss net of tax | 364 | 241 | (1,068) | ||
Items that will not be reclassified to profit or loss in subsequent years: | |||||
Remeasurement of retirement benefit obligations | (17) | 10 | 114 | ||
Tax relating to retirement benefit obligations | (3) | (1) | (33) | ||
Other comprehensive income that will not be reclassified to profit or loss net of tax | (20) | 9 | 81 | ||
Total other comprehensive income for the financial year | 344 | 250 | (987) | ||
Total comprehensive income for the financial year | 2,292 | 2,771 | 932 | ||
Attributable to: | |||||
Equity holders of the Company | 2,249 | 2,768 | 969 | ||
Non-controlling interests | 43 | 3 | (37) | ||
Total comprehensive income for the financial year | 2,292 | 2,771 | 932 | ||
Guarantor [member] | |||||
Disclosure of supplemental guarantor information [line items] | |||||
Group profit for the financial year | 1,929 | 2,517 | 1,895 | ||
Items that may be reclassified to profit or loss in subsequent years: | |||||
Currency translation effects | 319 | 277 | (1,015) | ||
Gains (Losses) relating to cash flow hedges | 24 | (40) | 8 | ||
Tax relating to cash flow hedges | (3) | 5 | |||
Other comprehensive income that will be reclassified to profit or loss net of tax | 340 | 242 | (1,007) | ||
Items that will not be reclassified to profit or loss in subsequent years: | |||||
Remeasurement of retirement benefit obligations | (17) | 10 | 114 | ||
Tax relating to retirement benefit obligations | (3) | (1) | (33) | ||
Other comprehensive income that will not be reclassified to profit or loss net of tax | (20) | 9 | 81 | ||
Total other comprehensive income for the financial year | 320 | 251 | (926) | ||
Total comprehensive income for the financial year | 2,249 | 2,768 | 969 | ||
Attributable to: | |||||
Equity holders of the Company | 2,249 | 2,768 | 969 | ||
Total comprehensive income for the financial year | 2,249 | 2,768 | 969 | ||
CRH America, Inc [member] | |||||
Disclosure of supplemental guarantor information [line items] | |||||
Group profit for the financial year | 110 | 90 | 61 | ||
Items that may be reclassified to profit or loss in subsequent years: | |||||
Currency translation effects | 27 | 63 | (186) | ||
Other comprehensive income that will be reclassified to profit or loss net of tax | 27 | 63 | (186) | ||
Items that will not be reclassified to profit or loss in subsequent years: | |||||
Total other comprehensive income for the financial year | 27 | 63 | (186) | ||
Total comprehensive income for the financial year | 137 | 153 | (125) | ||
Attributable to: | |||||
Equity holders of the Company | 137 | 153 | (125) | ||
Total comprehensive income for the financial year | 137 | 153 | (125) | ||
Non-Guarantor subsidiaries [member] | |||||
Disclosure of supplemental guarantor information [line items] | |||||
Group profit for the financial year | 459 | 819 | 1,917 | ||
Items that may be reclassified to profit or loss in subsequent years: | |||||
Currency translation effects | 316 | 213 | (890) | ||
Gains (Losses) relating to cash flow hedges | 24 | (40) | 8 | ||
Tax relating to cash flow hedges | (3) | 5 | |||
Other comprehensive income that will be reclassified to profit or loss net of tax | 337 | 178 | (882) | ||
Items that will not be reclassified to profit or loss in subsequent years: | |||||
Remeasurement of retirement benefit obligations | (17) | 10 | 114 | ||
Tax relating to retirement benefit obligations | (3) | (1) | (33) | ||
Other comprehensive income that will not be reclassified to profit or loss net of tax | (20) | 9 | 81 | ||
Total other comprehensive income for the financial year | 317 | 187 | (801) | ||
Total comprehensive income for the financial year | 776 | 1,006 | 1,116 | ||
Attributable to: | |||||
Equity holders of the Company | 733 | 1,003 | 1,153 | ||
Non-controlling interests | 43 | 3 | (37) | ||
Total comprehensive income for the financial year | 776 | 1,006 | 1,116 | ||
Eliminate and reclassify [member] | |||||
Disclosure of supplemental guarantor information [line items] | |||||
Group profit for the financial year | (550) | (905) | (1,954) | ||
Items that may be reclassified to profit or loss in subsequent years: | |||||
Currency translation effects | (319) | (277) | 1,015 | ||
Gains (Losses) relating to cash flow hedges | (24) | 40 | (8) | ||
Tax relating to cash flow hedges | 3 | (5) | |||
Other comprehensive income that will be reclassified to profit or loss net of tax | (340) | (242) | 1,007 | ||
Items that will not be reclassified to profit or loss in subsequent years: | |||||
Remeasurement of retirement benefit obligations | 17 | (10) | (114) | ||
Tax relating to retirement benefit obligations | 3 | 1 | 33 | ||
Other comprehensive income that will not be reclassified to profit or loss net of tax | 20 | (9) | (81) | ||
Total other comprehensive income for the financial year | (320) | (251) | 926 | ||
Total comprehensive income for the financial year | (870) | (1,156) | (1,028) | ||
Attributable to: | |||||
Equity holders of the Company | (870) | (1,156) | (1,028) | ||
Total comprehensive income for the financial year | (870) | (1,156) | (1,028) | ||
CRH and subsidiaries [member] | |||||
Disclosure of supplemental guarantor information [line items] | |||||
Group profit for the financial year | 1,948 | 2,521 | 1,919 | ||
Items that may be reclassified to profit or loss in subsequent years: | |||||
Currency translation effects | 343 | 276 | (1,076) | ||
Gains (Losses) relating to cash flow hedges | 24 | (40) | 8 | ||
Tax relating to cash flow hedges | (3) | 5 | |||
Other comprehensive income that will be reclassified to profit or loss net of tax | 364 | 241 | (1,068) | ||
Items that will not be reclassified to profit or loss in subsequent years: | |||||
Remeasurement of retirement benefit obligations | (17) | 10 | 114 | ||
Tax relating to retirement benefit obligations | (3) | (1) | (33) | ||
Other comprehensive income that will not be reclassified to profit or loss net of tax | (20) | 9 | 81 | ||
Total other comprehensive income for the financial year | 344 | 250 | (987) | ||
Total comprehensive income for the financial year | 2,292 | 2,771 | 932 | ||
Attributable to: | |||||
Equity holders of the Company | 2,249 | 2,768 | 969 | ||
Non-controlling interests | 43 | 3 | (37) | ||
Total comprehensive income for the financial year | € 2,292 | € 2,771 | € 932 | ||
[1] | Restated to show the results of our former Europe Distribution segment in discontinued operations. See note 3 for further details. |
Supplemental Guarantor Inform_7
Supplemental Guarantor Information - Schedule of Supplemental Condensed Consolidated Statement of Cash Flow (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Cash flows from operating activities | ||||||
Profit before tax from continuing operations | € 2,115 | € 1,741 | [1] | € 1,685 | [1] | |
Profit before tax from discontinued operations | 333 | 1,679 | 328 | |||
Profit before tax | 2,448 | 3,420 | 2,013 | |||
Finance costs (net) | 445 | 351 | 349 | |||
Share of equity accounted investments' profit | (72) | (60) | (65) | |||
Loss/(profit) on disposals | (226) | (1,539) | (59) | |||
Group operating profit | 2,595 | 2,172 | 2,238 | |||
Depreciation charge | 1,538 | 1,071 | 1,006 | |||
Amortisation of intangible assets | 59 | 61 | 66 | |||
Impairment charge | 8 | 56 | ||||
Share-based payment (income)/expense | 77 | 67 | 65 | |||
Other (primarily pension payments) | (3) | (67) | (186) | |||
Net movement on working capital and provisions | (64) | (463) | (209) | |||
Cash generated from operations | 4,210 | 2,897 | 2,980 | |||
Interest paid (including leases) | [2] | (419) | (335) | (317) | ||
Corporation tax paid | (325) | (663) | (474) | |||
Net cash inflow/(outflow) from operating activities | 3,466 | 1,899 | 2,189 | |||
Cash flows from investing activities | ||||||
Proceeds from disposals (net of cash disposed and deferred proceeds) | 2,096 | 3,009 | 222 | |||
Interest received | 20 | 34 | 11 | |||
Dividends received from equity accounted investments | 35 | 48 | 31 | |||
Purchase of property, plant and equipment | (1,229) | (1,121) | (1,044) | |||
Acquisition of subsidiaries (net of cash acquired) | (650) | (3,505) | (1,841) | |||
Deferred and contingent acquisition consideration paid | (48) | (55) | (53) | |||
Net cash inflow/(outflow) from investing activities | 195 | (1,592) | (2,685) | |||
Cash flows from financing activities | ||||||
Proceeds from issue of shares (net) | 11 | 42 | ||||
Proceeds from exercise of share options | 20 | 7 | ||||
Transactions involving non-controlling interests | (19) | (37) | ||||
Increase in interest-bearing loans and borrowings | [3] | 91 | 1,434 | 1,010 | ||
Net cash flow arising from derivative financial instruments | (36) | 6 | 169 | |||
Premium paid on early debt redemption | (18) | |||||
Repayment of interest-bearing loans, borrowings and finance leases | [3] | (572) | (246) | (343) | ||
Repayment of lease liabilities | [4] | (317) | ||||
Treasury Shares/own shares purchased | (852) | (792) | (3) | |||
Dividends paid to equity holders of the Company | (584) | (521) | (469) | |||
Dividends paid to non-controlling interests | (10) | (12) | (8) | |||
Net cash (outflow)/inflow from financing activities | (2,279) | (113) | 343 | |||
Increase/(decrease) in cash and cash equivalents | 1,382 | 194 | (153) | |||
Reconciliation of opening to closing cash and cash equivalents | ||||||
Cash and cash equivalents at 1 January | 2,346 | 2,135 | 2,449 | |||
Translation adjustment | 27 | 17 | (161) | |||
Increase/(decrease) in cash and cash equivalents | 1,382 | 194 | (153) | |||
Cash and cash equivalents at 31 December | 3,755 | 2,346 | 2,135 | |||
Guarantor [member] | ||||||
Cash flows from operating activities | ||||||
Profit before tax from continuing operations | 2,097 | 1,738 | 1,662 | |||
Profit before tax from discontinued operations | 332 | 1,678 | 327 | |||
Profit before tax | 2,429 | 3,416 | 1,989 | |||
Finance costs (net) | 3 | (1) | (2) | |||
Share of subsidiaries' profit before tax | (842) | (1,629) | (1,900) | |||
Share of equity accounted investments' profit | (72) | (60) | (65) | |||
Loss/(profit) on disposals | 13 | 15 | ||||
Group operating profit | 1,531 | 1,741 | 22 | |||
Share-based payment (income)/expense | (26) | (13) | (1) | |||
Cash generated from operations | 1,505 | 1,728 | 21 | |||
Interest paid (including leases) | (3) | |||||
Net cash inflow/(outflow) from operating activities | 1,502 | 1,728 | 21 | |||
Cash flows from investing activities | ||||||
Interest received | 1 | 2 | ||||
Advances from subsidiary and parent undertakings | (375) | (184) | 407 | |||
Net cash inflow/(outflow) from investing activities | (375) | (183) | 409 | |||
Cash flows from financing activities | ||||||
Proceeds from issue of shares (net) | 11 | 42 | ||||
Proceeds from exercise of share options | 20 | 7 | ||||
Advances to subsidiary and parent undertakings | 336 | (238) | ||||
Repayment of interest-bearing loans, borrowings and finance leases | (2) | |||||
Treasury Shares/own shares purchased | (852) | (792) | (3) | |||
Dividends paid to equity holders of the Company | (584) | (521) | (469) | |||
Net cash (outflow)/inflow from financing activities | (1,080) | (1,535) | (430) | |||
Increase/(decrease) in cash and cash equivalents | 47 | 10 | ||||
Reconciliation of opening to closing cash and cash equivalents | ||||||
Cash and cash equivalents at 1 January | 411 | 401 | 401 | |||
Increase/(decrease) in cash and cash equivalents | 47 | 10 | ||||
Cash and cash equivalents at 31 December | 458 | 411 | 401 | |||
CRH America, Inc [member] | ||||||
Cash flows from operating activities | ||||||
Profit before tax from continuing operations | 146 | 122 | 90 | |||
Profit before tax | 146 | 122 | 90 | |||
Finance costs (net) | (10) | (7) | (7) | |||
Share of subsidiaries' profit before tax | (136) | (115) | (83) | |||
Net movement on working capital and provisions | (1) | (4) | (11) | |||
Cash generated from operations | (1) | (4) | (11) | |||
Interest paid (including leases) | (280) | (224) | (236) | |||
Corporation tax paid | (36) | (32) | (29) | |||
Net cash inflow/(outflow) from operating activities | (317) | (260) | (276) | |||
Cash flows from investing activities | ||||||
Interest received | 290 | 231 | 242 | |||
Advances from subsidiary and parent undertakings | 70 | 241 | 356 | |||
Net cash inflow/(outflow) from investing activities | 360 | 472 | 598 | |||
Cash flows from financing activities | ||||||
Increase in interest-bearing loans and borrowings | 31 | 6 | ||||
Net cash flow arising from derivative financial instruments | 0 | 11 | ||||
Premium paid on early debt redemption | (18) | |||||
Repayment of interest-bearing loans, borrowings and finance leases | (43) | (243) | (321) | |||
Dividends paid to equity holders of the Company | 0 | |||||
Dividends paid to non-controlling interests | 0 | |||||
Net cash (outflow)/inflow from financing activities | (43) | (212) | (322) | |||
Non-Guarantor subsidiaries [member] | ||||||
Cash flows from operating activities | ||||||
Profit before tax from continuing operations | 590 | 7 | 1,654 | |||
Profit before tax from discontinued operations | 333 | 1,679 | 328 | |||
Profit before tax | 923 | 1,686 | 1,982 | |||
Finance costs (net) | 452 | 359 | 358 | |||
Share of equity accounted investments' profit | (72) | (60) | (65) | |||
Loss/(profit) on disposals | (239) | (1,554) | (59) | |||
Group operating profit | 1,064 | 431 | 2,216 | |||
Depreciation charge | 1,538 | 1,071 | 1,006 | |||
Amortisation of intangible assets | 59 | 61 | 66 | |||
Impairment charge | 8 | 56 | ||||
Share-based payment (income)/expense | 103 | 80 | 66 | |||
Other (primarily pension payments) | (3) | (67) | (186) | |||
Net movement on working capital and provisions | (63) | (459) | (198) | |||
Cash generated from operations | 2,706 | 1,173 | 2,970 | |||
Interest paid (including leases) | (426) | (342) | (323) | |||
Corporation tax paid | (289) | (631) | (445) | |||
Net cash inflow/(outflow) from operating activities | 1,991 | 200 | 2,202 | |||
Cash flows from investing activities | ||||||
Proceeds from disposals (net of cash disposed and deferred proceeds) | 2,096 | 3,009 | 222 | |||
Interest received | 20 | 33 | 9 | |||
Dividends received from equity accounted investments | 35 | 48 | 31 | |||
Purchase of property, plant and equipment | (1,229) | (1,121) | (1,044) | |||
Advances from subsidiary and parent undertakings | (336) | 238 | ||||
Acquisition of subsidiaries (net of cash acquired) | (650) | (3,505) | (1,841) | |||
Other investments and advances | (29) | (2) | (11) | |||
Deferred and contingent acquisition consideration paid | (48) | (55) | (53) | |||
Net cash inflow/(outflow) from investing activities | (141) | (1,355) | (2,687) | |||
Cash flows from financing activities | ||||||
Transactions involving non-controlling interests | (19) | (37) | ||||
Advances to subsidiary and parent undertakings | 305 | (57) | (763) | |||
Increase in interest-bearing loans and borrowings | 91 | 1,403 | 1,004 | |||
Net cash flow arising from derivative financial instruments | (36) | 6 | 158 | |||
Repayment of interest-bearing loans, borrowings and finance leases | (529) | (1) | (22) | |||
Repayment of lease liabilities | (317) | |||||
Dividends paid to non-controlling interests | (10) | (12) | (8) | |||
Net cash (outflow)/inflow from financing activities | (515) | 1,339 | 332 | |||
Increase/(decrease) in cash and cash equivalents | 1,335 | 184 | (153) | |||
Reconciliation of opening to closing cash and cash equivalents | ||||||
Cash and cash equivalents at 1 January | 1,935 | 1,734 | 2,048 | |||
Translation adjustment | 27 | 17 | (161) | |||
Increase/(decrease) in cash and cash equivalents | 1,335 | 184 | (153) | |||
Cash and cash equivalents at 31 December | 3,297 | 1,935 | 1,734 | |||
Eliminate and reclassify [member] | ||||||
Cash flows from operating activities | ||||||
Profit before tax from continuing operations | (718) | (126) | (1,721) | |||
Profit before tax from discontinued operations | (332) | (1,678) | (327) | |||
Profit before tax | (1,050) | (1,804) | (2,048) | |||
Share of subsidiaries' profit before tax | 978 | 1,744 | 1,983 | |||
Share of equity accounted investments' profit | 72 | 60 | 65 | |||
Interest paid (including leases) | 290 | 231 | 242 | |||
Net cash inflow/(outflow) from operating activities | 290 | 231 | 242 | |||
Cash flows from investing activities | ||||||
Interest received | (290) | (231) | (242) | |||
Advances from subsidiary and parent undertakings | 641 | (295) | (763) | |||
Net cash inflow/(outflow) from investing activities | 351 | (526) | (1,005) | |||
Cash flows from financing activities | ||||||
Advances to subsidiary and parent undertakings | (641) | 295 | 763 | |||
Net cash (outflow)/inflow from financing activities | (641) | 295 | 763 | |||
CRH and subsidiaries [member] | ||||||
Cash flows from operating activities | ||||||
Profit before tax from continuing operations | 2,115 | 1,741 | 1,685 | |||
Profit before tax from discontinued operations | 333 | 1,679 | 328 | |||
Profit before tax | 2,448 | 3,420 | 2,013 | |||
Finance costs (net) | 445 | 351 | 349 | |||
Share of equity accounted investments' profit | (72) | (60) | (65) | |||
Loss/(profit) on disposals | (226) | (1,539) | (59) | |||
Group operating profit | 2,595 | 2,172 | 2,238 | |||
Depreciation charge | 1,538 | 1,071 | 1,006 | |||
Amortisation of intangible assets | 59 | 61 | 66 | |||
Impairment charge | 8 | 56 | ||||
Share-based payment (income)/expense | 77 | 67 | 65 | |||
Other (primarily pension payments) | (3) | (67) | (186) | |||
Net movement on working capital and provisions | (64) | (463) | (209) | |||
Cash generated from operations | 4,210 | 2,897 | 2,980 | |||
Interest paid (including leases) | (419) | (335) | (317) | |||
Corporation tax paid | (325) | (663) | (474) | |||
Net cash inflow/(outflow) from operating activities | 3,466 | 1,899 | 2,189 | |||
Cash flows from investing activities | ||||||
Proceeds from disposals (net of cash disposed and deferred proceeds) | 2,096 | 3,009 | 222 | |||
Interest received | 20 | 34 | 11 | |||
Dividends received from equity accounted investments | 35 | 48 | 31 | |||
Purchase of property, plant and equipment | (1,229) | (1,121) | (1,044) | |||
Acquisition of subsidiaries (net of cash acquired) | (650) | (3,505) | (1,841) | |||
Other investments and advances | (29) | (2) | (11) | |||
Deferred and contingent acquisition consideration paid | (48) | (55) | (53) | |||
Net cash inflow/(outflow) from investing activities | 195 | (1,592) | (2,685) | |||
Cash flows from financing activities | ||||||
Proceeds from issue of shares (net) | 11 | 42 | ||||
Proceeds from exercise of share options | 20 | 7 | ||||
Transactions involving non-controlling interests | (19) | (37) | ||||
Increase in interest-bearing loans and borrowings | 91 | 1,434 | 1,010 | |||
Net cash flow arising from derivative financial instruments | (36) | 6 | 169 | |||
Premium paid on early debt redemption | (18) | |||||
Repayment of interest-bearing loans, borrowings and finance leases | (572) | (246) | (343) | |||
Repayment of lease liabilities | (317) | |||||
Treasury Shares/own shares purchased | (852) | (792) | ||||
Dividends paid to equity holders of the Company | (584) | (521) | (469) | |||
Dividends paid to non-controlling interests | (10) | (12) | (8) | |||
Net cash (outflow)/inflow from financing activities | (2,279) | (113) | 343 | |||
Increase/(decrease) in cash and cash equivalents | 1,382 | 194 | (153) | |||
Reconciliation of opening to closing cash and cash equivalents | ||||||
Cash and cash equivalents at 1 January | 2,346 | 2,135 | 2,449 | |||
Translation adjustment | 27 | 17 | (161) | |||
Increase/(decrease) in cash and cash equivalents | 1,382 | 194 | (153) | |||
Cash and cash equivalents at 31 December | € 3,755 | € 2,346 | € 2,135 | |||
[1] | Restated to show the results of our former Europe Distribution segment in discontinued operations. See note 3 for further details. | |||||
[2] | Leases include finance leases previously capitalised under IAS 17 Leases in 2018 and 2017 and all capitalised leases included as lease liabilities under IFRS 16 Leases in 2019. | |||||
[3] | Finance leases as previously capitalised under IAS 17 in 2018 and 2017. | |||||
[4] | Repayment of lease liabilities capitalised under IFRS 16 in 2019 amounted to €386 million, of which €69 million related to interest paid which is presented in cash flows from operating activities. |