Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
CRH GAAP | 2006 | 2005 | 2005 | 2004 | ||||||
GAAP: | H1 IFRS | H1 IFRS | FY IFRS | FY IFRS | ||||||
Earnings: | ||||||||||
Pre-tax income pre-Minority Interests | euro'm | 526.4 | 383.3 | 1,278.9 | 1,104.0 | |||||
Add back Share of Equity Investee Interest JVs | euro'm | 7.2 | 6.6 | 13.6 | 11.7 | |||||
Add back Share of Equity Investee Interest Associates | euro'm | 1.4 | 1.3 | 2.8 | 2.3 | |||||
Deduct Share of Equity Investee PBIT - JVs | euro'm | -38.4 | -35.1 | -81.4 | -62.4 | |||||
Deduct Share of Equity Investee PBIT - Associates | euro'm | -14.6 | -11.7 | -37.6 | -27.6 | |||||
Deduct Share of Equity Investee Profit on Asset Sale | euro'm | -2.4 | -0.1 | -0.8 | -1.5 | |||||
Add Share of Equity Investee Goodwill Amortisation | euro'm | 0.0 | 0.0 | |||||||
Add back Fixed Charges | euro'm | 156.2 | 124.4 | 265.2 | 211.0 | |||||
Add Back Amortised Capitalised Interest | euro'm | |||||||||
Distributed Income of Equity Investees JVs | euro'm | 12.6 | 2.1 | 22.3 | 22.1 | |||||
Distributed Income of Equity Investees Associates | euro'm | 8.3 | 8.5 | 14.2 | 8.0 | |||||
Deduct Interest Capitalised | euro'm | |||||||||
Preference dividends of consolidated Subsidiaries | euro'm | |||||||||
Minority Interest in subsidiaries not incurring fixed charges | euro'm | |||||||||
euro'm | 656.7 | 479.3 | 1,477.3 | 1,267.6 | ||||||
Fixed charges: | ||||||||||
Interest expensed | euro'm | 124.2 | 92.5 | 201.4 | 154.6 | |||||
Interest capitalised | euro'm | |||||||||
Amortised premiums and discounts related to indebtedness | euro'm | |||||||||
Amortised expenses related to indebtedness | euro'm | 0.2 | 0.2 | 0.3 | 0.1 | |||||
Estimated Interest element rental expense | euro'm | 31.8 | 31.7 | 63.5 | 56.3 | |||||
Preference dividends of consolidated Subsidiaries | euro'm | 0.0 | 0.0 | 0.0 | 0.0 | |||||
euro'm | 156.2 | 124.4 | 265.2 | 211.0 | ||||||
Ratio of earnings to fixed charges | IFRS | 4.2 | 3.9 | 5.6 | 6.0 | |||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||
GAAP: | IFRS FY | Irish FY | Irish FY | Irish FY | Irish FY | |||||||||||
Pre-tax income under CRH GAAP | euro'm | 1,278.9 | 1,017.0 | 864.2 | 855.7 | 802.9 | ||||||||||
US GAAP Adjustments | ||||||||||||||||
Stock-based employee compensation | euro'm | -51.6 | -25.2 | -5.1 | 19.4 | -19.6 | ||||||||||
Goodwill Amortisation | euro'm | -28.3 | 60.6 | 45.7 | 41.4 | -8.3 | ||||||||||
Asset Retirement Obligations | euro'm | -4.0 | -0.7 | |||||||||||||
Provisions | euro'm | -0.1 | ||||||||||||||
Cumulative FAS133 Adjustment | euro'm | -16.9 | ||||||||||||||
Adjustment to profit on disposal of Vebofoam | euro'm | 0.8 | ||||||||||||||
Gains/(losses) on hedging instruments | euro'm | 3.9 | -16.1 | -20.0 | 11.5 | -8.2 | ||||||||||
Adjustment to eliminate Revaluation Surplus: | ||||||||||||||||
-depreciation | euro'm | 0.8 | 0.4 | 3.0 | 0.4 | 0.4 | ||||||||||
-profit on disposal | euro'm | 0.0 | 0.0 | 0.0 | 0.0 | 0.8 | ||||||||||
Pensions | euro'm | -18.8 | -14.0 | -15.7 | 15.5 | 22.1 | ||||||||||
Debt Issue Expenses Incurred and written-off | euro'm | 0.0 | 0.0 | 0.0 | 0.0 | 0.6 | ||||||||||
Amortisation of Issue Expenses | euro'm | -0.3 | -0.3 | -0.3 | -0.4 | -0.5 | ||||||||||
Pre-tax income under US GAAP | euro'm | 1,184.5 | 1,018.4 | 871.1 | 943.5 | 774.1 | ||||||||||
US GAAP | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||
FY | FY | FY | FY | FY | ||||||||||||
Earnings: | ||||||||||||||||
Pre-tax income pre-Minority Interests | euro'm | 1,184.5 | 1,018.4 | 871.1 | 943.5 | 774.1 | ||||||||||
Add back Share of Equity Investee Interest | euro'm | 16.4 | 13.9 | 5.2 | 7.1 | 3.6 | ||||||||||
Deduct Share of Equity Investee PBIT | euro'm | -81.4 | -67.4 | -39.5 | -33.5 | -25.5 | ||||||||||
Deduct Share of Equity Investee Profit on Asset Sale | euro'm | -0.8 | -2.0 | -1.1 | -1.2 | |||||||||||
Add Share of Equity Investee Goodwill Amortisation | euro'm | 0.0 | 8.3 | 1.5 | 2.0 | |||||||||||
Add back Fixed Charges | euro'm | 265.5 | 215.1 | 198.7 | 235.0 | 282.6 | ||||||||||
Add Back Amortised Capitalised Interest | euro'm | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||
Distributed Income of Equity Investees | euro'm | 36.6 | 30.1 | 19.4 | 23.5 | 11.3 | ||||||||||
Deduct Interest Capitalised | euro'm | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||
Preference dividends of consolidated Subsidiaries | euro'm | 0.0 | -8.3 | -9.0 | -10.5 | 0.0 | ||||||||||
Minority Interest in subsidiaries not incurring fixed charges | euro'm | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||
euro'm | 1,420.8 | 1,208.1 | 1,046.3 | 1,165.9 | 1,046.1 | |||||||||||
Fixed charges: | ||||||||||||||||
Interest expensed | euro'm | 201.4 | 152.5 | 141.1 | 175.9 | 233.5 | ||||||||||
Interest capitalised | euro'm | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||
Amortised premiums and discounts related to indebtedness | euro'm | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||
Amortised expenses related to debt | euro'm | 0.3 | 0.1 | 0.1 | 0.1 | |||||||||||
Amortised expenses related to indebtedness | euro'm | 0.3 | 0.3 | 0.3 | 0.4 | 0.5 | ||||||||||
Estimated Interest element within rental expense | euro'm | 63.5 | 53.9 | 48.2 | 48.1 | 48.6 | ||||||||||
Preference dividends of consolidated Subsidiaries | euro'm | 0.0 | 8.3 | 9.0 | 10.5 | 0.0 | ||||||||||
euro'm | 265.5 | 215.1 | 198.7 | 235.0 | 282.6 | |||||||||||
Ratio of earnings to fixed charges | US GAAP | 5.4 | 5.6 | 5.3 | 5.0 | 3.7 | ||||||||||