CRH PLC (CRH) 2023 Q4 法說會逐字稿

Good morning all, and welcome to the CRH 2023 Full Year Results Presentation. My name is Lydia, and I will be your operator today. (Operator Instructions) I'll now hand you over to Albert Manifold, CRH Chief Executive, to begin the conference.

大家早安，歡迎來到 CRH 2023 全年業績發表會。我叫莉迪亞，今天我將成為你們的接線生。 （操作員指示）我現在將您交給 CRH 執行長 Albert Manifold，開始會議。

Hello, everyone. Albert Manifold here, CRH Group Chief Executive. And you're all very welcome to our 2023 full year results presentation and conference call. Joining me is Jim Mintern, our Group CFO; Randy Lake, Chief Operating Officer; and Tom Holmes, Head of Investor Relations. Now before we get started, I'll hand you over to Tom for some brief opening remarks.

大家好。阿爾伯特·馬尼福德 (Albert Manifold)，CRH 集團執行長。非常歡迎大家參加我們的 2023 年全年業績演示和電話會議。與我一起的是我們集團財務長吉姆‧明特恩 (Jim Mintern)；蘭迪·萊克，營運長；和投資者關係主管湯姆霍姆斯。現在，在我們開始之前，我將把您交給湯姆做一些簡短的開場白。

Thanks, Albert. Hello, everyone. Before we begin today's proceedings, I'd like to draw your attention to Slide 1 shown here on the screen. During today's presentation, we'll be making some forward-looking statements relating to our future plans and expectations. These are subject to certain risks and uncertainties, and actual results and outcomes could differ materially due to the factors outlined on this slide. For more details, please refer to this slide, our annual report and other SEC filings, which are available on our website.

謝謝，艾伯特。大家好。在我們開始今天的會議之前，我想請您注意螢幕上顯示的幻燈片 1。在今天的演講中，我們將做出一些與我們未來計劃和期望相關的前瞻性陳述。這些都受到某些風險和不確定性的影響，並且由於本投影片中概述的因素，實際結果和成果可能會存在重大差異。欲了解更多詳細信息，請參閱此幻燈片、我們的年度報告和其他 SEC 文件，這些文件可在我們的網站上找到。

I'll now hand over to Albert, Jim and Randy, to deliver some prepared remarks. After that, we'll open the line for a question-and-answer session.

現在我將請阿爾伯特、吉姆和蘭迪發表一些準備好的演講。之後，我們將開通問答環節。

Thanks, Tom. Over the next 30 minutes or so, we'll take you through a brief presentation of the results we've published this morning, highlighting the key drivers of our operating performance over the course of 2023, as well as providing you with an early indication of our expectations for our business in the year ahead. We're also going to spend some time discussing our capital allocation priorities going forward and how we're positioning our business for the next phase of performance and growth to deliver further value for our shareholders. After that, as usual, we'll have plenty of time for Q&A. And overall, we should be done in about an hour or so.

謝謝，湯姆。在接下來的 30 分鐘左右的時間裡，我們將向您簡要介紹今天早上發布的結果，重點介紹 2023 年運營業績的關鍵驅動因素，並為您提供早期跡像我們對未來一年業務的期望。我們還將花一些時間討論我們未來的資本配置優先事項，以及我們如何為下一階段的業績和成長定位我們的業務，以便為我們的股東帶來更多價值。之後，像往常一樣，我們將有充足的時間進行問答。總的來說，我們應該在大約一個小時左右的時間內完成。

So first to Slide 3, some key messages from today's results. I'm pleased to report another year of record financial delivery for CRH, with strong growth across all key metrics and adjusted EBITDA ahead of our previous guidance. Despite contending with some continued inflationary cost pressures across our markets, we've delivered further improvement in our profitability, represented the tenth consecutive year of margin expansion for the group.

首先來看投影片 3，今天的結果傳達了一些關鍵訊息。我很高興地向大家報告，CRH 的財務交付又創歷史新高，所有關鍵指標均實現強勁增長，調整後的 EBITDA 也超出了我們之前的指導。儘管我們的市場面臨一些持續的通膨成本壓力，但我們的獲利能力進一步提高，這代表著該集團的利潤率連續第十年增長。

We ended the year with our strongest balance sheet in our history, supported by our relentless focus on cash generation and the disciplined approach to capitalization that you've come to expect from CRH over many years. The capacity we have on our balance sheet represents the rewards of all our efforts, providing us with tremendous optionality to create further growth and value for you, our shareholders. All of this financial delivery reflects the continued benefits of our differentiated customer-focused strategy, providing integrated solutions to solve the increasingly complex challenges of our customers and generates higher growth for our business.

我們以歷史上最強勁的資產負債表結束了這一年，這得益於我們對現金生成的不懈關注以及您多年來對 CRH 的期望的嚴格資本化方法。我們資產負債表上的容量代表了我們所有努力的回報，為我們提供了巨大的選擇權，為您（我們的股東）創造進一步的成長和價值。所有這些財務交付都體現了我們以客戶為中心的差異化策略的持續優勢，提供整合解決方案來解決客戶日益複雜的挑戰，並為我們的業務帶來更高的成長。

So it's clear that our strategy is delivering, and we're now focused on accelerating the development of that strategy. We've been very active on the acquisition front, increasing our exposure to attractive high-growth markets and further developing our solutions capabilities in materials, road and utility infrastructure and outdoor living.

很明顯，我們的策略正在實現，我們現在的重點是加速該策略的發展。我們在收購方面一直非常積極，增加了對有吸引力的高成長市場的接觸，並進一步發展了我們在材料、道路和公用設施基礎設施以及戶外生活方面的解決方案能力。

We also announced a proposal to acquire a majority stake in Adbri, a leading provider of building materials in Australia, and I'll expand on all of this in more detail a little later.

我們也宣布了一項收購澳洲領先建築材料供應商 Adbri 多數股權的提案，稍後我將更詳細地闡述所有這些內容。

In 2023, we reached an agreement to divest of our European lime operations for a total consideration of $1.1 billion, demonstrating the clear execution of our strategy of active portfolio management and reallocation of capital to maximize value for our shareholders. In advance of our transition to quarterly dividend payments last November, we announced an accelerated payment of our 2023 dividend, representing a 5% increase compared to the prior year and our 40th consecutive year of dividend growth and stability.

2023 年，我們達成協議，以總價 11 億美元剝離歐洲石灰業務，這表明我們明確執行了積極的投資組合管理和資本重新分配策略，以實現股東價值最大化。在去年 11 月過渡到季度股息支付之前，我們宣布加快支付 2023 年股息，較上年增長 5%，也是我們連續 40 年股息成長和穩定。

Today, we're announcing our first quarterly dividend, representing an annualized increase of 5% on the prior year, in line with our strong financial position and policy of delivering consistent long-term dividend growth. In March of last year, we announced a significant step up in our ongoing share buyback program, returning $3 billion over the following 12 months. That program is now complete. And today, we are announcing a further quarterly tranche of $300 million, representing an annual run rate of approximately $1.2 billion.

今天，我們宣布首次派發季度股息，年化股息比上年增長 5%，這符合我們強勁的財務狀況和實現持續長期股息增長的政策。去年 3 月，我們宣布大幅推動正在進行的股票回購計劃，在接下來的 12 個月內返還 30 億美元。該計劃現已完成。今天，我們宣布每季再撥款 3 億美元，相當於每年約 12 億美元。

So overall, our business is in a good place. And looking forward, we are well positioned to deliver another year of performance and growth in 2024, supported by the continued benefits of our differentiated strategy, good underlying demand across our key end-use markets and further commercial progress.

所以總的來說，我們的業務處於一個良好的位置。展望未來，在我們差異化策略的持續優勢、關鍵最終用途市場良好的潛在需求以及進一步的商業進展的支持下，我們有能力在 2024 年實現又一個業績和成長。

Assuming normal seasonal weather patterns and no major dislocations in the macroeconomic environment, we expect full year group adjusted EBITDA to be between $6.55 billion and $6.85 billion, which would represent another strong year of delivery for CRH.

假設季節性天氣模式正常且宏觀經濟環境沒有重大混亂，我們預計全年集團調整後 EBITDA 將在 65.5 億美元至 68.5 億美元之間，這將代表 CRH 又一個強勁的交付年。

Set out here on Slide 4 are some of the financial highlights for 2023, and I think this slide really speaks for itself. Overall, a strong performance. Total revenues of just under $35 billion, 7% ahead of 2022, reflecting good underlying demand across our key end-use markets in North America and Europe as well as further commercial progress across our businesses. This growth, combined with the continued benefits of our strategy, enabled us to deliver $6.2 billion of adjusted EBITDA, 15% ahead of the prior year.

第 4 張投影片列出了 2023 年的一些財務亮點，我認為這張投影片確實說明了一切。整體而言，表現強勁。總營收略低於 350 億美元，比 2022 年成長 7%，反映出北美和歐洲主要最終用途市場良好的潛在需求以及我們業務的進一步商業進展。這種成長，加上我們策略的持續效益，使我們能夠實現 62 億美元的調整後 EBITDA，比上一年增長 15%。

We delivered a further 120 basis points improvement in our margin, a good performance in the context of some inflationary cost pressures. As you can see, all of this translates into strong growth in our earnings per share, up 30% on the prior year. I'm also pleased to report another year of delivering $5 billion of cash from our operations, highlighting the quality of our earnings and our relentless focus on cash conversion and of course, returns, a key performance metric across all our businesses, 15.3% in 2023, up 200 basis points compared to 2022.

我們的利潤率進一步提高了 120 個基點，在一些通膨成本壓力的背景下表現良好。正如您所看到的，所有這些都轉化為我們每股收益的強勁增長，比上一年增長 30%。我還很高興地報告，我們又一年從營運中交付了50 億美元的現金，突顯了我們的盈利品質以及我們對現金轉換的不懈關注，當然還有回報，這是我們所有業務的關鍵績效指標，在2023年，比2022年上漲200個基點。

A good performance that builds on the progress we've made in recent years, but there's plenty of room for further improvement. So as you can see, we're a growing business, and we're growing profitably. We're also becoming more efficient, demonstrated by the further improvements in margins and returns that we are generating for you, our shareholders.

良好的表現建立在我們近年來取得的進步的基礎上，但還有很大的進一步改進的空間。正如您所看到的，我們是一家不斷發展的企業，而且我們正在獲利。我們也變得更加高效，我們為您（我們的股東）創造的利潤和回報的進一步改善證明了這一點。

Now at this point, I'm going to hand you over to Randy to take you through the performance of each of our businesses. Randy?

現在，我將把您交給蘭迪，帶您了解我們每項業務的績效。蘭迪？

Thanks, Albert. Hello, everyone. Turning to Slide 6 and beginning with Americas Materials Solutions, which delivered a strong operating performance in 2023.

謝謝，艾伯特。大家好。轉向幻燈片 6，從 Americas Materials Solutions 開始，該公司在 2023 年實現了強勁的營運表現。

Total sales and adjusted EBITDA were 8% and 16% ahead of the prior year, despite contending with some weather disruption, which impacted our operations in parts of the United States. We also demonstrated strong commercial discipline to manage some of the inflationary cost pressures we faced throughout the year. Our teams on the ground secured double-digit price increases across aggregate, cement, ready-mix concrete and together with strong cost control, this enabled us to deliver further improvement in our underlying margin performance, 150 basis points ahead of the prior year.

儘管受到天氣影響，影響了我們在美國部分地區的業務，但總銷售額和調整後 EBITDA 分別比上年增長 8% 和 16%。我們也展現了強大的商業紀律來應對我們全年面臨的一些通膨成本壓力。我們的現場團隊確保了骨材、水泥、預拌混凝土的兩位數價格上漲，再加上強有力的成本控制，這使我們能夠進一步改善我們的基本利潤表現，比前一年提前150 個基點。

All this really reflects the benefits of our integrated strategy by combining the breadth of our materials, products and services with our capabilities in design, innovation and engineering, we're able to provide a complete solution for our customers for their specific project needs, from designing and manufacturing products right through their installation, maintenance and recycling. This removes a significant amount of complexity for them and allows us to price based on a value-added full service offering.

所有這一切都真正體現了我們綜合策略的優勢，透過將我們的材料、產品和服務的廣度與我們在設計、創新和工程方面的能力相結合，我們能夠為客戶的特定專案需求提供完整的解決方案，從透過安裝、維護和回收來設計和製造產品。這為他們消除了大量的複雜性，並使我們能夠根據增值的全方位服務產品進行定價。

Infrastructure represents our largest end market in North America. And in the United States, the funding backdrop is robust with demand underpinned by the historic increase in federal funding through the IIJA. State budgets are also strong. And here, we continue to see good momentum in transportation funding initiatives, which supports further investment in the U.S. infrastructure network.

基礎設施是我們在北美最大的終端市場。在美國，資金背景強勁，需求受到 IIJA 聯邦資金歷史性成長的支撐。國家預算也很強。在這裡，我們繼續看到交通融資計劃的良好勢頭，這支持了對美國基礎設施網路的進一步投資。

In nonresidential, we continue to experience good demand in our key segments, particularly in new build industrial and manufacturing facilities, supported by significant federal funding and increased on-shoring activity. These are typically large complex construction projects, which fit very well with our integrated strategy.

在非住宅領域，在大量聯邦資金和增加的岸上活動的支持下，我們的關鍵領域繼續經歷良好的需求，特別是新建工業和製造設施。這些通常是大型複雜的建設項目，非常適合我們的綜合策略。

As we look ahead, I'm also encouraged by the positive momentum in our backlogs, both in terms of bidding activity as well as margin. We're now seeing the benefits of the IIJA funding that I mentioned earlier.

展望未來，我也對我們的積壓訂單的積極勢頭感到鼓舞，無論是在投標活動還是利潤方面。我們現在看到了我之前提到的 IIJA 資金的好處。

Next to Americas Building Solutions on Slide 7, which has also delivered strong profit growth and margin expansion in 2023, supported by further organic progress and good contributions from recent acquisitions. Our Building and Infrastructure Solutions business continues to benefit from significant public investment in Water and energy utility infrastructure, as well as higher levels of on-shoring activity in the manufacturing sector.

緊接著幻燈片 7 上的美洲建築解決方案之後，在進一步的有機進展和近期收購的良好貢獻的支持下，該公司在 2023 年也實現了強勁的利潤增長和利潤率擴張。我們的建築和基礎設施解決方案業務繼續受益於對水和能源公用事業基礎設施的大量公共投資，以及製造業更高水準的岸上活動。

Despite new build residential demand being impacted by affordability constraints, our outdoor living solutions business also continues to perform well, supported by a more resilient and less cyclical residential repair, remodel demand, good pricing momentum as well as the contribution from our acquisition of Barrette Outdoor Living in 2022.

儘管新建住宅需求受到負擔能力限制的影響，我們的戶外生活解決方案業務也繼續表現良好，這得益於更具彈性和周期性較小的住宅維修、改造需求、良好的定價勢頭以及我們收購Barrette Outdoor 的貢獻生活在2022年。

So for Americas, Building Solutions overall, total revenue growth of 13% translated into an 18% increase in adjusted EBITDA and a further 90 basis point improvement in margins.

因此，對於美洲地區的建築解決方案整體而言，總收入成長 13%，調整後 EBITDA 成長 18%，利潤率進一步提高 90 個基點。

Moving across to Europe now on Slide 8 and first to the performance of our European Materials Solutions business. Notwithstanding the impact of some unfavorable weather in several markets, our business delivered a strong performance with adjusted EBITDA 17% ahead of the prior year. Infrastructure demand continues to be underpinned by government and EU funding programs, particularly in the U.K., France and Poland, really big important markets for us in this region.

現在轉到歐洲，第 8 張投影片首先介紹我們歐洲材料解決方案業務的表現。儘管多個市場受到不利天氣的影響，我們的業務仍表現強勁，調整後 EBITDA 比上年增長 17%。基礎設施需求繼續受到政府和歐盟資助計畫的支撐，特別是在英國、法國和波蘭，這對我們在該地區來說是非常重要的市場。

2023 also represented the sixth consecutive year of positive pricing in Europe with pricing ahead across all product categories. This, together with disciplined cost control, delivered further margin improvement, 160 basis points ahead of the prior year, reflecting good operating leverage across our businesses.

2023 年也是歐洲連續第六年實現積極定價，所有產品類別的定價都領先。再加上嚴格的成本控制，利潤率進一步提高，比前一年提高了 160 個基點，反映出我們各業務部門良好的營運槓桿。

Next to the performance of Europe Building Solutions on Slide 9. This is our smallest business, representing less than 5% of group adjusted EBITDA, and it's much more exposed to residential new build construction than the rest of our businesses. Overall, a challenging year, as you can see by the numbers on the slide, impacted by subdued residential activity across many of our markets. However, demand in infrastructure and key nonres segments remained resilient, supported by good levels of public funding and higher on-shoring activity.

接下來是幻燈片 9 上歐洲建築解決方案的業績。這是我們最小的業務，佔集團調整後 EBITDA 的不到 5%，而且它比我們的其他業務更多地接觸住宅新建建築。總體而言，正如您從幻燈片上的數字所看到的那樣，這是充滿挑戰的一年，受到許多市場住宅活動低迷的影響。然而，在良好的公共資金水準和較高的在岸活動的支持下，基礎設施和關鍵非雷斯產業的需求仍然保持彈性。

Looking ahead, we continue to focus on good commercial management, price progression and cost-saving actions to mitigate the impact of lower activity levels and to protect our profitability. So overall, good delivery from our businesses in 2023.

展望未來，我們將繼續專注於良好的商業管理、價格進展和成本節約行動，以減輕活動水平下降的影響並保護我們的盈利能力。總體而言，我們的業務在 2023 年交付良好。

At this point, I'll hand you over to Jim to take you through our financial performance for the year in further detail.

現在，我將把您交給吉姆，讓您更詳細地了解我們今年的財務表現。

Thanks, Randy, and hello, everyone. Before I take you through our financial performance, I would just like to briefly update you on our transition to U.S. GAAP on Slide 11.

謝謝蘭迪，大家好。在向您介紹我們的財務表現之前，我想在投影片 11 上簡要介紹我們向美國公認會計準則過渡的最新情況。

Following the successful transition of our primary listing to the New York Stock Exchange last year, we have transitioned from IFRS to U.S. GAAP reporting. And this morning, we filed our full year 2023 results on Form 10-K. For further detail on the transition from IFRS to U.S. GAAP, full reconciliations are available on our website.

繼去年成功在紐約證券交易所進行主要上市之後，我們已從 IFRS 過渡到美國 GAAP 報告。今天早上，我們以 10-K 表格提交了 2023 年全年業績。有關從 IFRS 過渡到 U.S. GAAP 的更多詳細信息，請訪問我們的網站，以獲取完整的調節表。

There are some areas of differences between the 2 accounting standards. But overall, there is no material net impact on our earnings per share and clearly no underlying impact on the cash generation capabilities of CRH. Going forward, we will be reporting on a quarterly basis, starting with our Q1 2024 results, which will be published in early May.

兩種會計準則之間存在一些差異。但總體而言，這對我們的每股盈餘沒有重大淨影響，顯然對 CRH 的現金產生能力也沒有潛在影響。展望未來，我們將從 2024 年第一季業績開始按季發布報告，該業績將於 5 月初發布。

Now turning to Slide 12 and the key components of our adjusted EBITDA delivery for 2023. For me, the real highlight of our performance is $573 million of organic growth. That's a 10% increase compared to the prior year, reflecting good underlying demand, further price progress and the continued benefit of our differentiated strategy. Acquisitions, net of divestitures, delivered a further $287 million of adjusted EBITDA, reflecting strong contributions from recent acquisitions as we continue to build out our solutions-focused strategy.

現在轉向幻燈片 12 以及我們 2023 年調整後 EBITDA 交付的關鍵組成部分。對我來說，我們業績的真正亮點是 5.73 億美元的有機成長。與前一年相比成長了 10%，反映出良好的潛在需求、進一步的價格進步以及我們差異化策略的持續效益。在扣除資產剝離後，收購帶來了 2.87 億美元的調整後 EBITDA，這反映出隨著我們繼續制定以解決方案為中心的策略，近期收購的強勁貢獻。

Turning to the impact of currency translation on our business. It was a small tailwind for the year, primarily the result of a slightly weaker U.S. dollar relative to our other currency exposures. And finally, here, you can also see the impact of the group's transition from IFRS to U.S. GAAP, which is primarily a result of the reclassification of operating lease expenses. So overall, a strong performance with total adjusted EBITDA of approximately $6.2 billion, equivalent to $6.5 billion under IFRS, which is ahead of the guidance we provided to the market back in November. Next move to Slide 13.

談到貨幣換算對我們業務的影響。這是今年的一個小推動因素，主要是由於美元相對於我們的其他貨幣敞口略有疲軟。最後，在這裡，您還可以看到該集團從國際財務報告準則過渡到美國公認會計原則的影響，這主要是經營租賃費用重新分類的結果。總體而言，調整後 EBITDA 總額約為 62 億美元，相當於 IFRS 下的 65 億美元，表現強勁，這超出了我們 11 月向市場提供的指導。接下來轉到投影片 13。

And here, you can see how our continued focus on cash generation and financial discipline enabled us to maintain our strong balance sheet position in 2023. Looking at the key components of this performance.

在這裡，您可以看到我們對現金產生和財務紀律的持續關注如何使我們能夠在 2023 年保持強勁的資產負債表狀況。看看這一業績的關鍵組成部分。

Firstly, on the left-hand side of the slide, you can see we reported 2022 net debt of $5.1 billion under IFRS. From an M&A perspective, we invested in '22 strategic bolt-on acquisitions during the year. The largest of these was the acquisition of Hydro International a leading provider of storm water and wastewater solutions and an excellent strategic fit with our existing utility infrastructure businesses in North America and Europe.

首先，在投影片的左側，您可以看到我們根據 IFRS 報告的 2022 年淨債務為 51 億美元。從併購的角度來看，我們在這一年中投資了『22 項策略性補強收購。其中最大的一項是收購了 Hydro International，該公司是雨水和廢水解決方案的領先供應商，並且與我們在北美和歐洲現有的公用事業基礎設施業務具有出色的策略契合度。

Acquisitions net of divestitures and other items resulted in a total outflow of approximately $700 million. We also invested $1.8 billion in capital expenditure to support further growth in our existing businesses, and we returned $4 billion in the form of dividends and share buybacks, demonstrating our commitment to returning cash to our shareholders. All of this is enabled by the strong level of cash we are generating, $5 billion in 2023, which represents an 80% conversion from adjusted EBITDA.

扣除資產剝離和其他項目後的收購導致總資金流出約 7 億美元。我們還投資了 18 億美元的資本支出，以支持現有業務的進一步成長，並以股息和股票回購的形式返還 40 億美元，體現了我們向股東返還現金的承諾。所有這一切都得益於我們產生的強勁現金水平，到 2023 年將達到 50 億美元，這意味著調整後 EBITDA 的 80% 已轉化為現金。

Taking all of this into account and together with the impact of the group's transition to U.S. GAAP, we are reporting year-end net debt of $5.4 billion, representing net debt to adjusted EBITDA ratio of 0.9x. And I'll hand over to Albert.

考慮到所有這些因素，再加上集團向美國公認會計原則過渡的影響，我們報告的年終淨債務為 54 億美元，相當於淨債務與調整後 EBITDA 的比率為 0.9 倍。我將把工作交給艾伯特。

Thanks, Jim. A really good update there highlighting the financial strength and discipline of the group. Now at this stage, I'd like to turn our attention to capital allocation and the opportunities we have in front of us to create further growth and value for our shareholders.

謝謝，吉姆。這是一個非常好的更新，突顯了該集團的財務實力和紀律。現在，在這個階段，我想將我們的注意力轉向資本配置以及我們面前的機會，為我們的股東創造進一步的成長和價值。

Turning to Slide 15. Capital allocation has been a real strength of CRH over many years. Every dollar we deploy, whether it's an acquisition, CapEx investment, dividend or buyback, is analyzed and assessed through the lens of maximizing value for you, our shareholders. It's core to what we do.

轉向幻燈片 15。多年來，資本配置一直是 CRH 的真正優勢。我們投入的每一美元，無論是收購、資本支出投資、股利或回購，都會透過為您（我們的股東）實現價值最大化的角度進行分析和評估。這是我們工作的核心。

When we look at the strength of our business today, our growth profile, the level of cash we're generating and the strength of our balance sheet, we believe that we will have at our disposal financial capacity in the order of $35 billion over the next 5 years. And here, we've set out some of the opportunities to allocate that capital over that time frame.

當我們審視我們今天的業務實力、我們的成長狀況、我們產生的現金水平以及我們的資產負債表的實力時，我們相信我們將擁有大約 350 億美元的財務能力。未來5年。在這裡，我們列出了在該時間範圍內分配資本的一些機會。

First and foremost, we are a growth company. We want to continue to grow this business for the benefit of our shareholders. We have a strong and active pipeline of acquisition opportunities. Our industry is still very fragmented, and we have multiple avenues for further growth and value creation, thanks to our integrated strategy. We also have a strong pipeline of expansionary CapEx opportunities to accelerate organic growth in our existing businesses, expanding capacity in markets where we see attractive future growth prospects. These are high-returning low-risk investments, which will deliver value in the years ahead.

首先，我們是一家成長型公司。我們希望繼續發展這項業務，為股東謀取利益。我們擁有強大且活躍的收購機會。我們的行業仍然非常分散，由於我們的一體化策略，我們有多種進一步成長和創造價值的途徑。我們也擁有強大的擴張性資本支出機會，可以加速現有業務的有機成長，擴大我們認為未來成長前景誘人的市場的產能。這些是高回報、低風險的投資，將在未來幾年創造價值。

Of course, we will remain disciplined and value-focused applying strict performance and returns criteria to every investment we make. Overall, we expect to have the capacity to allocate up to $24 billion or approximately 70% towards acquisitions and growth CapEx, investments that will support future growth and value creation for years to come. We also expect to have to return significant amounts of cash to shareholders. We have a proud track record of consistent long-term dividend growth, and our current dividend run rate returns approximately $1 billion on an annualized basis.

當然，我們將保持紀律和注重價值，對我們所做的每項投資應用嚴格的績效和回報標準。總體而言，我們預計有能力分配高達 240 億美元或約 70% 用於收購和成長資本支出，這些投資將支持未來幾年的成長和價值創造。我們也預計必須向股東返還大量現金。我們在長期股息持續成長方面擁有令人自豪的記錄，目前的股息運行率按年化計算回報率約為 10 億美元。

We also view share buybacks as an efficient means of returning cash to shareholders. And similar to our dividend, our ongoing share buyback program is currently running at an annualized rate of approximately $1.2 billion. So as I said, we have tremendous opportunities for future value creation. And I can assure you that we will remain disciplined and value focused in the allocation of that capital.

我們也認為股票回購是向股東返還現金的有效手段。與我們的股息類似，我們正在進行的股票回購計畫目前的年化利率約為 12 億美元。正如我所說，我們擁有巨大的未來價值創造機會。我可以向您保證，我們將在資本配置中保持紀律並專注於價值。

We will either invest it for future growth or we'll return to you, our shareholders. But as I said, we're here for growth. And now let's take a brief moment to discuss our growth investments in further detail.

我們要么將其投資用於未來的成長，要么將回報給您，我們的股東。但正如我所說，我們來這裡是為了成長。現在，讓我們花一點時間來更詳細地討論我們的成長投資。

Turning first to M&A on Slide 16, where we have a proven track record of value creation over many years. Active portfolio management is a continuous process in CRH. We're constantly allocating and reallocating our capital to create value for our shareholders. In fact, over the last decade, we've significantly reshaped and repositioned our business divesting $13 billion of businesses and acquiring $24 billion of business. In doing so, we've built a structurally better business, a simpler, leaner and more focused business that's less cyclical and less capital intensive, generating higher margins, cash and returns for you, our shareholders.

首先轉向幻燈片 16 上的併購，我們多年來在價值創造方面擁有良好的記錄。主動投資組合管理是 CRH 中的一個持續過程。我們不斷分配和重新分配我們的資本，為股東創造價值。事實上，在過去十年中，我們對我們的業務進行了重大重塑和重新定位，剝離了 130 億美元的業務並收購了 240 億美元的業務。透過這樣做，我們建立了一個結構更好的業務，一個更簡單、更精簡、更專注的業務，週期更少，資本密集度更低，為您，我們的股東創造更高的利潤、現金和回報。

We remain focused on reallocating capital into attractive high-growth markets and areas where we can further develop our integrated solutions strategy. We've had another active year on the portfolio front. I referred earlier to the divestiture of our lime operations in Europe and our 22 strategic bolt-on acquisitions.

我們仍然專注於將資本重新分配到有吸引力的高成長市場和領域，以便我們可以進一步製定我們的綜合解決方案策略。我們在投資組合方面又度過了活躍的一年。我之前提到了我們在歐洲的石灰業務的剝離以及我們的 22 項策略性補充收購。

But here on Slide 17, let me take you through 2 of the larger transactions that we recently announced. First, to our $2.1 billion acquisition of an attractive portfolio of cement and reading with concrete assets in Texas, a significant investment, which will further strengthen our position as the #1 building materials business in the fastest-growing state in the United States.

但在投影片 17 上，讓我帶您了解我們最近宣布的兩筆較大交易。首先，我們以21 億美元收購了德州極具吸引力的水泥和混凝土資產組合，這是一項重大投資，這將進一步鞏固我們作為美國成長最快的州排名第一的建築材料企業的地位。

The assets are primarily located in the high-growth markets of San Antonio and Austin, 2 of the fastest-growing cities in Texas, and will really complement our existing network of businesses across Central Texas. Of course, Texas is a highly attractive market from a construction standpoint. Strong population and GDP growth continue to drive newbuild activity, and it will also be the largest recipient of federal highway funding. As a result, the demand outlook is robust, underpinned a strong pipeline of large multiyear infrastructure and nonresidential projects.

這些資產主要位於聖安東尼奧和奧斯汀這兩個德克薩斯州發展最快的城市的高成長市場，將真正補充我們在德克薩斯州中部的現有業務網絡。當然，從建築角度來看，德州是一個極具吸引力的市場。強勁的人口和國內生產總值成長繼續推動新建活動，並且它也將成為聯邦高速公路資金的最大接受者。因此，需求前景強勁，支撐了大型多年期基礎設施和非住宅項目的強勁儲備。

By integrating it into CRH, we believe we can create a tremendous amount of value under our ownership. We've also recently announced a proposal to acquire a majority stake in Adbri, a leading provider of building materials in Australia. We've held a long-term interest in the Australian construction market, which are stable market dynamics and robust growth prospects similar in many ways to the southern region of the United States and Central and Eastern Europe. We are delighted that this opportunity has presented itself to us and it represents the next logical step to expand our existing presence in this market, where we've been operating for 15 years.

透過將其整合到 CRH，我們相信我們可以在我們的所有權下創造巨大的價值。我們最近也宣布了一項收購澳洲領先建築材料供應商 Adbri 多數股權的提案。我們對澳洲建築市場抱持長期興趣，該市場具有穩定的市場動態和強勁的成長前景，在許多方面與美國南部地區以及中歐和東歐相似。我們很高興這個機會出現在我們面前，它代表了擴大我們在這個市場現有業務的下一個合乎邏輯的步驟，我們已經在這個市場運作了 15 年。

Adbri is an attractive business with high-quality assets, complementing our core competencies in aggregates, concrete and cement. There are significant opportunities to enhance the performance of the business, leveraging our scale, industry knowledge and technical expertise to improve long-term growth and operating performance. The acquisition would also enhance our existing Australian businesses and create a new platform to expand our existing solution strategy in this attractive market.

Adbri 是一家有吸引力的企業，擁有優質資產，補充了我們在骨料、混凝土和水泥方面的核心競爭力。利用我們的規模、行業知識和技術專長來提高長期成長和營運績效，有很大的機會來提高業務績效。此次收購也將增強我們現有的澳洲業務，並創建一個新平台，以在這個有吸引力的市場上擴展我們現有的解決方案策略。

Active portfolio management is about buying and selling businesses. I'm now going to hand you back to Jim, who will expand on how we intend to allocate our capital internally through growth CapEx investments. Jim?

積極的投資組合管理是關於購買和出售業務。我現在將把您交給吉姆，他將詳細介紹我們打算如何透過成長資本支出投資在內部分配我們的資本。吉姆？

We are entering a golden age for construction with unprecedented investment in critical infrastructure and reindustrialization across our markets. And through our integrated strategy, we are uniquely positioned to capitalize on this significant growth phase for our industry. This presents tremendous opportunities for us to accelerate growth and value creation in our existing business, expanding capacity to meet growing demand, strengthening our market-leading positions in high-growth markets as well as further developing our footprint and solution strategy.

我們正在進入建築業的黃金時代，對關鍵基礎設施和整個市場的再工業化進行了前所未有的投資。透過我們的綜合策略，我們處於獨特的地位，可以利用我們行業的這一重要成長階段。這為我們提供了巨大的機會，可以加快現有業務的成長和價值創造，擴大產能以滿足不斷增長的需求，加強我們在高成長市場的市場領先地位，並進一步發展我們的足跡和解決方案策略。

Albert mentioned our track record in M&A. And here on Slide 19, we have outlined our track record of value creation in internal growth CapEx. Investments that we make in our business to accelerate organic growth and further improve our profits, margins, cash flow and our returns. We have a long history of successful execution in this area.

艾伯特提到了我們在併購方面的記錄。在投影片 19 上，我們概述了我們在內部成長資本支出中創造價值的記錄。我們對業務的投資是為了加速有機成長並進一步提高我們的利潤、利潤、現金流和回報。我們在這一領域擁有成功執行的悠久歷史。

In fact, over the last 3 years, we've invested approximately $2 billion in growth CapEx, generating an average return on net assets of over 20%, an excellent use of capital.

事實上，在過去 3 年裡，我們在成長資本支出上投資了約 20 億美元，平均淨資產回報率超過 20%，這是對資本的出色利用。

Turning now to Slide 20. And going forward, we intend to significantly increase our allocation to grow CapEx investments to enable us to fully capitalize on the growth opportunities that lie ahead. We are investing in our largest, most profitable and fastest-growing markets, markets such as the Southern and Western regions of the United States and Central and Eastern Europe, leveraging our footprint, size and scale to maximize growth. We have a strong pipeline of opportunities.

現在轉向投影片 20。展望未來，我們打算大幅增加用於增加資本支出投資的分配，使我們能夠充分利用未來的成長機會。我們正在投資我們最大、利潤最高和成長最快的市場，例如美國南部和西部地區以及中歐和東歐市場，利用我們的足跡、規模和規模來實現最大成長。我們擁有大量的機會。

And on the right-hand side of the slide, you can see some examples of the types of investments we have in the pipeline. We are expanding our production capacity to meet demand in high-growth markets, and we are investing in an innovation and product development to remain at the forefront of our industry. We are continuing to improve our efficiency and sustainability performance, investing in increased automation in our manufacturing facilities which will reduce costs, enhance operating performance and improve lead times.

在投影片的右側，您可以看到我們正在進行的投資類型的一些範例。我們正在擴大生產能力，以滿足高成長市場的需求，並且我們正在投資於創新和產品開發，以保持行業領先地位。我們正在繼續提高效率和永續發展績效，投資提高製造設施的自動化程度，這將降低成本、提高營運績效並縮短交貨時間。

And the investments we're making in energy optimization will increase our use of nonfossil fuels such as recycled waste, biomass and renewable energy sources. They will also increase our contribution to circularity as well as reducing emissions. These are the right long-term investments to make for our business and our shareholders. They are low risk, high-returning investments that enable us to accelerate our growth, margins and returns.

我們在能源優化方面的投資將增加對非化石燃料的使用，例如回收廢棄物、生物質和再生能源。它們還將增加我們對循環利用和減少排放的貢獻。這些都是對我們的業務和股東而言正確的長期投資。它們是低風險、高回報的投資，使我們能夠加速成長、提高利潤和回報。

Thanks, Jim. That's a really compelling pipeline of growth opportunities ahead of us. Now before I discuss our expectations for the year ahead, let me share our thoughts on the outlook across our markets.

謝謝，吉姆。我們面前有一條非常引人注目的成長機會。現在，在討論我們對未來一年的預期之前，讓我先分享一下我們對市場前景的看法。

Turning to Slide 22. North America represents approximately 75% of our adjusted EBITDA with the remaining 25% in Europe. First to infrastructure, which represents the largest exposure for our business. Here, the outlook is robust with demand in the United States underpinned by the continued rollout of once in a generation federal and state investment.

轉向投影片 22。北美約占我們調整後 EBITDA 的 75%，其餘 25% 在歐洲。首先是基礎設施，這是我們業務面臨的最大風險。在美國持續推出千載難逢的聯邦和州投資的支撐下，前景強勁。

Certainly in Europe, we expect robust demand in infrastructure activity to continue, supported by significant investments from government and EU funding programs. In nonresidential, we expect key segments to continue to benefit from the increased reindustrialization and on-shoring activity.

當然，在歐洲，我們預計在政府和歐盟資助計畫的大量投資的支持下，基礎設施活動的強勁需求將持續下去。在非住宅領域，我們預計關鍵領域將繼續受益於再工業化和本土活動的增加。

In the United States, this is supported by $650 billion of federal funding for increased investment in clean energy, critical utilities and high-tech manufacturing following the passing of the Inflation Reduction Act and the CHIPs and Science Act.

在美國，隨著《通貨膨脹減少法案》和《晶片與科學法案》的通過，這得到了 6,500 億美元聯邦資金的支持，用於增加對清潔能源、關鍵公用事業和高科技製造業的投資。

Europe is also benefiting from increased on-shoring activity well over $200 billion of high-tech manufacturing projects in the pipeline. In the residential segment, we expect newbuild activity in the U.S. and Europe to remain subdued due to the affordability challenges caused by the current interest rate environment. Now this is not a demand issue, and we believe the long-term fundamentals for residential construction to remain very attractive, supported by favorable demographics and significant levels of underbuilt.

歐洲也受惠於越來越多的在岸活動，價值超過 2000 億美元的高科技製造項目正在醞釀中。在住宅領域，由於當前利率環境造成的負擔能力挑戰，我們預計美國和歐洲的新建活動將保持低迷。現在這不是一個需求問題，我們相信，在有利的人口結構和大量未建住宅的支持下，住宅建設的長期基本面仍然非常有吸引力。

So in summary, the overall trend is positive for our business, supported by robust demand in infrastructure and key nonresidential segments, while new build residential construction is expected to remain subdued. Regarding the pricing environment, we expect positive momentum to continue across our markets, supported by disciplined commercial management as well as the benefits of our integrated and value-focused solutions strategy.

總而言之，在基礎設施和關鍵非住宅領域強勁需求的支持下，整體趨勢對我們的業務有利，而新建住宅建設預計將保持低迷。關於定價環境，我們預計在嚴格的商業管理以及我​​們的整合和以價值為中心的解決方案策略的支持下，我們的市場將繼續保持積極的勢頭。

Turning to Slide 23, and against that backdrop, Here, we've set out our financial guidance for 2024. Assuming normal weather patterns for the remainder of the year and no major dislocations in the macroeconomic environment, we expect full year group adjusted EBITDA to be between $6.55 billion and $6.85 billion. We also expect net income to be between $3.55 billion and $3.8 billion, and earnings per share to be between $5.15 and $545, all representing another strong year of delivery for CRH.

轉向幻燈片 23，在此背景下，我們列出了 2024 年的財務指引。假設今年剩餘時間天氣模式正常，宏觀經濟環境沒有重大混亂，我們預計全年集團調整後 EBITDA 為介於65.5 億至68.5億美元之間。我們還預計淨利潤將在 35.5 億美元至 38 億美元之間，每股收益將在 5.15 美元至 545 美元之間，所有這些都代表著 CRH 又一個強勁的交付年。

Now it's still very early in the year, and we will, of course, update you on our expectations as the year unfolds and the construction season gets fully underway. This now concludes our prepared remarks for today. Thank you for joining us, and we're now happy to take your questions.

現在還為時過早，隨著這一年的展開和施工季節的全面展開，我們當然會向您通報我們的最新期望。我們今天準備好的演講到此結束。感謝您加入我們，我們現在很樂意回答您的問題。

(Operator Instructions) Our first question comes from Anthony Pettinari of Citi.

（操作員說明）我們的第一個問題來自花旗銀行的 Anthony Pettinari。

I'm wondering if you can talk about the volume and price assumptions that underline your '24 guidance across the businesses?

我想知道您是否可以談談強調您的 24 年各業務指導的數量和價格假設？

Okay. We seem to lost Anthony there. I heard the first part of his question, which was volume and price assumptions. So sorry, Anthony, you're back with us. Go ahead, please. Go ahead.

好的。我們似乎在那裡失去了安東尼。我聽到了他問題的第一部分，即成交量和價格假設。很抱歉，安東尼，你又回到我們身邊了。請繼續。前進。

Yes. Sorry, I don't know if you're hearing an echo. Apologies for that. But just price and volume assumptions for the guide.

是的。抱歉，我不知道您是否聽到迴聲。對此表示歉意。但僅作為指南的價格和數量假設。

Yes. So look, I'm just going to repeat the question, because the quality of Anthony's line in was quite poor. So the question was with regarding what our volume and price assumptions, I guess, across our major markets for 2024. What I'll do is I'll pass this to Randy to talk with the U.S. and Jim to talk about Europe as well.

是的。所以你看，我只是想重複這個問題，因為安東尼的台詞品質很差。所以問題是我們對 2024 年主要市場的銷售和價格假設是什麼。我要做的就是將其傳遞給蘭迪，讓他與美國交談，讓吉姆也談論歐洲。

Look, clearly, we had a strong end to the full year. Hence, our outperformance against our previously year guidance. Quarter 4 exit volumes were good. The underlying trends in all markets, we got the fundamentals are quite good. But maybe Randy, I might pass it to you first, the exit volumes are good. Pricing is good. But maybe talk specifically about the U.S. and our expectations for 2024. And then Jim, I'll ask you to talk to us a little bit about Europe, please.

顯然，我們全年的收官表現強勁。因此，我們的表現優於前一年的指導。第四季退出量良好。從所有市場的基本趨勢來看，我們的基本面都相當不錯。但也許蘭迪，我可能會先把它傳給你，退出量很好。定價很好。但也許可以具體談談美國和我們對 2024 年的期望。然後吉姆，我請你跟我們談談歐洲。

Yes. So when we think about the U.S. in particular, to Albert's point, we came out of Q4 relatively strong. So good pricing momentum as well as volume momentum as we finished up the season. When we look at the key market segments in the States, certainly infra and non-res kind of moving forward in a positive manner, residential being relatively subdued.

是的。因此，當我們特別考慮美國時，就阿爾伯特的觀點而言，我們在第四季度表現相對強勁。當我們結束這個季節時，定價動能和銷售動能都非常好。當我們審視美國的主要細分市場時，基礎設施和非資源領域肯定會以積極的方式向前發展，而住宅市場則相對疲軟。

But when we think about the pricing and volume opportunities, we look at our backlogs. Backlogs are up in dollar terms and margin terms. So the underlying assumption, as we can call it today, looks to be volumes relatively flat but double-digit pricing in our essential materials business. So a positive backdrop overall.

但當我們考慮定價和銷售機會時，我們會關注我們的積壓訂單。以美元和保證金計算，積壓訂單增加。因此，我們今天所稱的基本假設是，我們的基本材料業務的銷售相對平穩，但定價為兩位數。總體而言，這是一個積極的背景。

And in terms of Europe, yes, if you look at the end-use markets for us in Europe, we're seeing, particularly in our key markets across Europe, we're seeing good, strong, robust infrastructure and also on the nonresidential side, kind of high-tech manufacturing costs or key markets.

就歐洲而言，是的，如果你看看我們在歐洲的最終用途市場，我們會看到，特別是在歐洲的關鍵市場，我們看到良好、強大、穩健的基礎設施以及非住宅基礎設施一方面，高科技製造成本或關鍵市場。

Residential remains subdued across Europe. And as we look into '24, we're looking at kind of flattish volumes in Europe. We think it kind of trough in '23. So for '24 kind of flattish volume outlook, but for another year of positive pricing. We had a good strong pricing in '22 and '23, and we're looking forward to another year of positive pricing in '24 as well.

整個歐洲的住宅市場依然低迷。當我們展望 24 年時，我們看到歐洲的銷售量持平。我們認為 23 年是一個低谷。因此，24 年銷售前景平淡，但定價又是積極的一年。我們在 22 年和 23 年的定價非常強勁，我們也期待在 24 年再次實現積極的定價。

Yes. Anthony, it's Albert here again. I know your question was related to volumes and prices. But against that backdrop, as Randy, Jim have outlined of relatively flat volumes, but good pricing. I think you've also got to look at the performance of last year, which we hope will continue into next year, which is really the solutions model that's delivering sort of higher margins within our businesses and more profitable businesses across the whole group and indeed stronger cash generation. So that is an important dynamic when you factor in the outlook for the full year for 2024.

是的。安東尼，阿爾伯特又來了。我知道您的問題與數量和價格有關。但在這種背景下，蘭迪·吉姆概述了銷量相對平穩，但定價良好的情況。我認為你還必須看看去年的業績，我們希望這種業績能夠持續到明年，這實際上是一種解決方案模型，可以在我們的業務中帶來更高的利潤，並為整個集團的業務帶來更多的利潤，事實上更強勁的現金產生能力。因此，當您考慮 2024 年全年前景時，這是一個重要的動態。

And I don't know if you can talk about the M&A pipeline. Hopefully, you don't hear this echo again, but I don't know if you can comment on M&A?

我不知道你是否可以談談併購管道。希望您不要再聽到這樣的迴聲，但不知道您是否可以對併購發表評論？

Anthony, I'll just repeat the question again. I'm not too sure well people I can hear you okay. But as we just as a follow-up question, was the M&A pipeline like within our businesses.

安東尼，我再重複這個問題。我不太確定我能聽到你的聲音嗎？但作為我們的一個後續問題，併購管道是否像我們業務內部的那樣。

Look, CRH, we have a long track record of creating value through acquisitions and not just by buying the businesses we buy, but it's also how we create value through those businesses in terms of improving those businesses and the synergies that we create within those businesses. There's a strong pipeline of opportunities out there. The U.S. and European markets that we play in our major markets, they're very fragmented.

看，CRH，我們在透過收購創造價值方面有著長期的記錄，不僅僅是透過收購我們購買的企業，而且還透過這些企業創造價值，改善這些企業以及我們在這些企業內創造的協同效應。那裡有大量的機會。我們的主要市場是美國和歐洲市場，它們非常分散。

And of course, our differentiated solution strategy provides us with much more optionality. I mean, quite frankly, uniquely in our industry. Our sandbox is just much bigger than everybody else. That allows us to be more selective in terms of the business we buy in terms of the value we buy, but also in terms of fitting into our model.

當然，我們差異化的解決方案策略為我們提供了更多的選擇。坦白說，我的意思是，這在我們這個行業中是獨一無二的。我們的沙箱比其他人大得多。這使我們能夠在購買的業務、購買的價值以及與我們的模型的契合度方面更具選擇性。

Of course, we'll continue to maintain the discipline in patients that you would expect from CRH. But as I said to you, I think when you combine our track record, a unique model that we have, our proven capabilities in terms of generating value from our acquisitions. And also the highlight, the cash generation within our ability, it's a very powerful model we have where we've got unique acquisition capabilities, strong cash, and we're very strong and fearless allocators of capital to acquisitions has been the fundamental part of our growth and we'll be going forward.

當然，我們將繼續維持您對 CRH 所期望的患者紀律。但正如我對你所說的，我認為當你將我們的業績記錄、我們擁有的獨特模式、我們在透過收購創造價值方面經過驗證的能力結合起來時。還有一個亮點，我們能力範圍內的現金生成，這是我們擁有的一個非常強大的模式，我們擁有獨特的收購能力、雄厚的現金，而且我們是非常強大和無所畏懼的收購資本配置者，這是我們的基本部分我們的成長，我們將繼續前進。

And no change to the model. No change toward outlook. No big deals on the outlook, but a strong pipeline of deals. I think as we've demonstrated over the last 18 months and hopefully, over the next 12 to 24 months, that will continue.

且模型沒有改變。前景沒有變化。前景方面沒有大交易，但交易管道強勁。我認為，正如我們在過去 18 個月中所展示的那樣，希望在未來 12 到 24 個月中，這種情況將繼續下去。

Our next question comes from Ross Harvey of Davy.

我們的下一個問題來自戴維的羅斯哈維。

So my questions both relate to capital allocation. Firstly, can you elaborate on growth CapEx. I guess, why step it up now and where will it go? Secondly, can you describe the share buyback strategy? Should we assume a $1.2 billion run rate moving forward?

所以我的問題都跟資本配置有關。首先，您能詳細說明一下成長資本支出嗎？我想，為什麼現在要加強？它會去哪裡？其次，您能描述一下股票回購策略嗎？我們是否應該假設未來運作率為 12 億美元？

Ross, 2 questions there. One about our capital expenditure. And obviously, as we outlined looking at a step-up in that the second one on share buyback. Perhaps I might just take the start of the question in terms of growth CapEx and then maybe I'll ask Jim and indeed Randy to comment on that, and then maybe I'll ask you Jim to carry on with regard to share buyback.

羅斯，有兩個問題。一是關於我們的資本支出。顯然，正如我們概述的那樣，我們正在考慮加強第二個股票回購。也許我可以從成長資本支出開始這個問題，然後也許我會請吉姆和蘭迪對此發表評論，然後也許我會請吉姆繼續討論股票回購問題。

And why the step-up at this particular time, Ross? We've often talked about this being the golden age of construction. Well, what is the evidence of that? Well, across our 2 major markets in Europe and the United States, we are seeing unprecedented government support for infrastructure, which is 50% of total construction in our largest market in the United States. It's over 1/3 of construction in Europe, and that's going to continue on regardless for the rest of this decade.

羅斯，為什麼要在這個特定時間採取行動？我們經常談論這是建築的黃金時代。那麼，這有什麼證據呢？那麼，在我們歐洲和美國這兩個主要市場中，我們看到政府對基礎設施的支持是史無前例的，占我們最大市場美國總建設量的50%。它佔歐洲建築總量的 1/3 以上，而且無論在本十年餘下的時間裡，這種情況都將繼續下去。

Secondly, when I look at the nonresidential sector, which makes up 25% of the market here in the United States and 1/3 back in Europe. That also we're seeing a very significant shift to more and more high-quality activity in the area of the reshoring and the on-shoring of critical manufacturing activities but some of the largest private companies, public companies in the world in terms of biotech, pharmaceuticals, semiconductors, chip manufacturers, electric vehicles, batteries, the list is endless. And there is a significant amount of high-quality work that plays right into our sweet spot of solutions. So those 2 areas are what's driving construction at the moment.

其次，當我觀察非住宅領域時，該領域在美國佔市場的 25%，在歐洲佔 1/3。我們也看到，在關鍵製造活動的回流和本土化領域，越來越多的高品質活動發生了非常重大的轉變，但在生物技術方面，世界上一些最大的私人公司、上市公司、製藥、半導體、晶片製造商、電動車、電池，這樣的例子不勝枚舉。並且有大量高品質的工作正好適合我們的解決方案。所以這兩個領域是目前推動建設的因素。

And of course, we know that the long-term fundamentals of residential are there and strong across both our major markets, but it's just a question timing and interest. So that's why we talk about the gold native construction. So with that unprecedented level of support for construction as we go forward and us having the #1 market position, both in Europe and the United States, it makes sense for us to double down and improve our footprint and really express our power cost of footprint.

當然，我們知道住宅的長期基本面在我們的兩個主要市場中都存在並且強勁，但這只是一個時機和興趣的問題。這就是我們談論黃金原生建築的原因。因此，隨著我們不斷前進，我們對建築的支持達到了前所未有的水平，並且我們在歐洲和美國都擁有第一的市場地位，因此我們有必要加倍努力並改善我們的足跡，並真正表達我們足跡的電力成本。

And remember, as we say, our internal investments, our capital expenditure are consistently the highest returning investments we make across CRH. You can talk about the 20% returns over the years on our CapEx. But maybe I'll turn it to Jim first in terms of maybe just your sense in terms of where that money might be spent in the area, specifically within a business where it might be spending, Randy, you might just give us some specific examples of what's on the slate for 2024?

請記住，正如我們所說，我們的內部投資、我們的資本支出始終是我們在 CRH 中回報率最高的投資。您可以談論我們的資本支出多年來 20% 的回報率。但也許我會先把它交給吉姆，也許只是你對這筆錢可能花在該領域的地方的感覺，特別是在可能花的企業內，蘭迪，你可能只是給我們一些具體的例子2024年的日程安排是什麼？

Sure, absolutely. Ross. Yes, I think regionally, it depends on the opportunities we see ahead of us. But today, our footprint, as you know, Ross, is kind of 75% U.S., 25% Europe. So that will give you some sense of where we'll allocate that capital. As for the product split, we are uniquely placed to invest across both our materials and our solutions platform, which really reflecting our differentiated strategy. We're not just selling rocks as a business.

當然，絕對。羅斯.是的，我認為從地區角度來看，這取決於我們看到的機會。但今天，如你所知，羅斯，我們的足跡75% 位於美國，25% 位於歐洲。這樣您就會了解我們將在哪裡分配資金。至於產品分割，我們在材料和解決方案平台上都進行了獨特的投資，這真正反映了我們的差異化策略。我們不僅僅是將銷售岩石作為一項業務。

And if you look back over the last number of years, in fact, we've acquired some fantastic material platforms, the like large hold some assets in Central and Eastern Europe, the Ash Grove assets we acquired in the U.S. and most recently, the new material assets we've acquired in Texas. These upstream acquisitions enable us to further develop our downstream solutions businesses. And a really good example of this is what we did in 2022 with the Rinker acquisition in Texas, where immediately, we were able to start pulling through our ags from Austin and indeed our cement from Dallas into that particular business, that downstream business.

如果你回顧過去幾年，事實上，我們已經收購了一些出色的物質平台，例如在中歐和東歐的大型資產，我們在美國收購的阿什格羅夫資產以及最近收購的我們在德克薩斯州收購的新材料資產。這些上游收購使我們能夠進一步發展下游解決方案業務。一個很好的例子就是我們在 2022 年在德克薩斯州收購 Rinker 所做的事情，我們立即能夠開始將奧斯汀的農產品和達拉斯的水泥轉移到特定的下游業務。

Another good example is kind of the national pipe and hydro deals, where we're expanding our water management capabilities across the business. And that's why our integrated solutions strategy will always pull through and sell more aggregates than having a pure-play equivalent. And as we look out, we're going to continue to build out our solutions offering going forward across both our essential materials, our roles in critical utility infrastructure and also our outdoor living. And what that is doing is really reflecting the strong growth we see ahead in the years, ahead of us in our key markets.

另一個很好的例子是國家管道和水力交易，我們正在整個業務範圍內擴展我們的水管理能力。這就是為什麼我們的整合解決方案策略始終會比純粹的同類解決方案成功並銷售更多的產品。展望未來，我們將繼續建立我們的解決方案，涵蓋我們的基本材料、我們在關鍵公用設施基礎設施中的角色以及我們的戶外生活。這確實反映了我們在未來幾年看到的主要市場的強勁成長。

Maybe just building on that, Jim, just some tangible examples. Certainly, be well familiar with the acquisition of Ash Grove. We have a very nice position, I'll call it the Mountain West, to the Pacific Northwestern part of the United States.

也許只是在此基礎上，吉姆，只是一些具體的例子。當然，我們對 Ash Grove 的收購非常熟悉。我們有一個非常好的位置，我將其稱為“西部山區”，位於美國太平洋西北地區。

We're expanding capacity in our Lemington plant in Utah, all the way up to Durkee, Oregon really to get ahead of the underlying demand dynamics that we're seeing in those particular markets. not only capacity but also improving underlying efficiency, which is tremendous.

我們正在擴大猶他州萊明頓工廠的產能，一直到俄勒岡州德基，以真正領先我們在這些特定市場中看到的潛在需求動態。不僅是容量，而且還提高了根本效率，這是巨大的。

In our critical infrastructure business, underground utility, North and South Carolina expanding the product range, the capacity for our Water Solutions offering. We talk a lot about roads and highways, but certainly, the underlying demand for telecom, energy and water movement is strong, population growth is significant in North and South Carolina, so investing in capacity expansion there has been critical.

在我們的關鍵基礎設施業務、地下公用事業中，北卡羅來納州和南卡羅來納州擴大了產品範圍，擴大了我們水解決方案產品的容量。我們談論了很多關於道路和高速公路的問題，但可以肯定的是，電信、能源和水運的潛在需求強勁，北卡羅來納州和南卡羅來納州的人口增長顯著，因此投資於那裡的產能擴張至關重要。

And I think one of the things we talk about as well is that Eastern European market, and I'll call out Romania in particular, we're investing in underlying efficiencies of Medgidia, one of our cement plants in Romania, driving kind of underlying energy consumption with renewable energy. So it's investments like that, that put us in a position for not only growth, as Jim talked about, but underlying performance.

我認為我們談論的一件事是東歐市場，我會特別提到羅馬尼亞，我們正在投資 Medgidia（我們在羅馬尼亞的水泥廠之一）的基本效率，推動了某種基本效率的提高。可再生能源的能源消耗。因此，正是這樣的投資，使我們不僅能夠實現吉姆所說的成長，而且能夠實現基本績效。

And Ross, just coming back on the share buyback. Yes, we have a buyback strategy, but it's not our strategy. I mean, as Albert said, we're a growth company, right? But the buyback is an important part of our capital allocation framework and it's an ongoing program.

羅斯剛回來進行股票回購。是的，我們有回購策略，但這不是我們的策略。我的意思是，正如艾伯特所說，我們是一家成長型公司，對嗎？但回購是我們資本配置架構的重要組成部分，並且是持續的計畫。

Since we started, in fact, back in 2018, at this stage, we've returned just over $7 billion, which is actually we've retired 20% of our equity stock. But when you look at it, we're -- ultimately, we're a highly cash-generative business with very significant optionality and capacity, how we deploy capital both organically through the kind of organic CapEx we're talking, but also inorganically to our M&A whilst also continuing to reward our shareholders.

事實上，自 2018 年開始以來，現階段我們的回報已超過 70 億美元，這實際上意味著我們已經退出了 20% 的股票。但當你審視它時，我們最終會發現，我們是一家高度產生現金的企業，具有非常重要的選擇性和能力，我們如何透過我們正在討論的有機資本支出有機地部署資本，同時也以無機方式部署資本我們的併購，同時也持續回報我們的股東。

However, going forward, as we just set out, we're really prioritizing our growth investments, capitalizing on that significant growth opportunities we see in our markets. But we're not going to lose our financial discipline and our value-focused attention to creating shareholder value.

然而，正如我們剛剛指出的那樣，展望未來，我們確實會優先考慮我們的成長投資，並利用我們在市場上看到的重大成長機會。但我們不會失去我們的財務紀律和我們對創造股東價值的價值關注。

We announced this morning a quarterly share buyback of $300 million. That's an annualized run rate of about $1.2 billion for the year. And when you take that together with the dividend outlook, we also stepped out a quarterly dividend of 5% increase this morning. That means that in total, we expect to return up to just under $3 billion in dividends and buyback again in 2024, which is a very strong return of capital to shareholders.

今天早上我們宣布季度回購 3 億美元的股票。也就是說，今年的年化運作費用約為 12 億美元。當你將其與股息前景結合時，我們今天早上也宣布將季度股息增加 5%。這意味著，我們預計 2024 年將再次獲得略低於 30 億美元的股息和回購回報，這對股東來說是非常強勁的資本回報。

Our next question comes from Brent Thielman of D.A. Davidson.

我們的下一個問題來自 D.A. 的 Brent Thielman。戴維森。

Great. Albert, could you just talk about the underlying trends you're seeing and expecting within Americas Building Solutions? I guess, especially outdoor living solutions on an organic basis? And I presume they are, but can you talk about whether these high teens, low 20s EBITDA margins are sustainable into 2024 as a group or segment overall? And are there upside levers to that?

偉大的。 Albert，您能談談您在美洲建築解決方案中看到和期望的基本趨勢嗎？我想，尤其是有機的戶外生活解決方案？我認為是的，但您能否談談這些十幾歲左右、二十幾歲左右的 EBITDA 利潤率作為一個整體或整個細分市場是否可持續到 2024 年？這樣有什麼好處嗎？

Brent, I mean, the dynamic of our outdoor living solutions is that it supplies products, a whole range of products to the outdoor living sector. And it's mainly a people that repair and renovation business to existing homes.

布倫特，我的意思是，我們戶外生活解決方案的動力在於它為戶外生活領域提供產品，全系列的產品。主要是對現有房屋進行維修和改造業務的人。

At times, when you find a slowdown in new build residential construction, people tend to spend more money on their existing homes and improving and enhancing the existing homes. Now the flip side to the slowdown of the subdued nature of residential construction in the United States that people are not buying and selling as many homes. And therefore, they are spending more money on their existing homes. And outdoor living is an area, as we all know, anybody spends time here in the U.S. It's a big part of what people do It's part of the American culture and psyche, particularly as our footprint head South and West, where one gets better weather for longer through the year.

有時，當你發現新建住宅建設放緩時，人們往往會花更多的錢購買現有房屋以及改善和增強現有房屋。現在，美國住宅建設放緩的另一面是，人們買賣的房屋數量減少。因此，他們在現有房屋上花了更多的錢。眾所周知，戶外生活是一個領域，任何人在美國都會在這裡度過一段時間。這是人們所做的事情的重要組成部分，也是美國文化和心理的一部分，特別是當我們的足跡向南和向當西移動時，那裡的天氣會更好全年更長的時間。

The other dynamic within that is that we have been, over the years, expanding our footprint of products that we sell. I mean the Barrette deal was a very significant step-up for us in terms of filling out our product line with the major big box stores here in the U.S. and also the pro channel. So there's 2 dynamics happening there. In this current environment, there is a strong push and continued drive on the repair and maintenance and improvement market, which is where over 80% of the Outdoor Solutions business is focused.

其中的另一個動力是，多年來我們一直在擴大我們銷售的產品的足跡。我的意思是，Barrette 交易對我們來說是一個非常重要的進步，我們透過美國主要的大型賣場和專業管道充實了我們的產品線。所以那裡發生了兩種動態。在當前環境下，維修、保養和改進市場得到大力推動和持續推動，超過 80% 的戶外解決方案業務都集中在這一領域。

And in addition to that, we're starting to get really full leverage from some of the deals, the fill out deals that we've done in terms of the overall package that we deliver into that sector. It's one of our fastest-growing businesses. It's one of our highest returning businesses. It has got great cash generation. And when I look at the dynamics behind that, I look on that to continue ahead into 2024, yes.

除此之外，我們開始從一些交易中獲得真正的充分槓桿作用，這些交易是我們在向該行業提供的整體方案方面所做的填充交易。這是我們成長最快的業務之一。這是我們回報率最高的業務之一。它產生了大量現金。當我審視背後的動態時，我認為這種情況將持續到 2024 年，是的。

Very good. And then, Randy, I believe you had mentioned. Just any additional color you can offer around the margin improvement you're currently seeing within U.S. backlogs in Americas Materials. And it would seem that with inflationary trends at least somewhat tame here, there should be some good opportunities for margin expansion in that business group in '24. If you could just expand on that prospect.

非常好。然後，蘭迪，我相信你已經提到過。您可以提供任何額外的顏色，以提高您目前在美洲材料的美國積壓訂單中看到的利潤率。看來，由於這裡的通貨膨脹趨勢至少有些溫和，該業務部門在 24 年應該有一些利潤擴張的好機會。如果你能擴展這個前景的話。

I think in most regard, it has to do with the offering that we provide. When you think about our Road solutions business, we're talking about not just the hard product of aggregate and asphalt. It's really the beginning of that construction value chain. So it's the engineering, design capabilities, the manufacturing, the installation, the maintenance and ultimately recycling of that product back into new products.

我認為在大多數方面，這與我們提供的產品有關。當您想到我們的道路解決方案業務時，我們談論的不僅僅是骨材和瀝青的硬產品。這確實是建築價值鏈的開始。因此，關鍵在於工程、設計能力、製造、安裝、維護以及最終將該產品回收成新產品。

So it's a unique position that we have in terms of the engagement with the customers, which the customer in this particular case are federal and state government. So that allows us to really price based upon value versus an individual component part.

因此，我們在與客戶的互動方面擁有獨特的地位，在這種特殊情況下，客戶是聯邦和州政府。因此，這使我們能夠真正根據價值與單個組件進行定價。

I see that continuing on as we move into the year. You talked about inflation. Inflation is still there, the rate has just slowed a bit. And so there's a bit of catch-up to do, and that's why we talk about our expectations on pricing. But the demand environment is strong and the desire from customers to have one point of contact to offer that solution really puts us in a unique position to continue to drive margins.

我認為隨著今年的到來，這種情況還會持續下去。你談到了通貨膨脹。通貨膨脹仍然存在，只是速度有所放緩。因此，還有一些工作要做，這就是我們談論我們對定價的預期的原因。但需求環境強勁，而且客戶希望透過一個聯繫點提供解決方案，這確實使我們處於獨特的地位，可以繼續提高利潤。

And Brent, just to backup what Randy is saying there. I know we're talking here to you today and one day, it's a snapshot in time. But if you look -- go back over the last 2 or 3 years at the American Materials business specifically, as you asked the question, we have seen. This has been an unprecedented period of cost inflation, and yet we've managed to improve margins in that business across that backdrop, which, as Randy says, it's more about the differentiated solution and offering we have to customers rather than I can do a price of. And that's really the story of what we're doing across areas and in particular, Americas Materials Solutions.

布倫特，只是為了支持蘭迪在那裡所說的話。我知道我們今天在這裡和你們談話，有一天，這是一個及時的快照。但如果你回顧過去兩三年的美國材料業務，正如你所問的問題，我們已經看到了。這是一個前所未有的成本膨脹時期，但在這種背景下，我們成功地提高了該業務的利潤率，正如蘭迪所說，這更多的是我們為客戶提供的差異化解決方案和產品，而不是我能做的價格。這確實是我們跨領域所做的事情，特別是美洲材料解決方案。

Our next question comes from Paul Roger of BNP Paribas.

我們的下一個問題來自法國巴黎銀行的保羅·羅傑。

Congratulations on the results. Maybe just 2 questions. And the first one is on guidance. I wonder if you can talk a bit about the key variables that you think will determine when you end the year at the top or the bottom end of the range? Are there any big sweet factors? And then maybe secondly, one for Jim. Can you also give a bit more detail on the various scope impacts that you're included in the guidance? And specifically, does it include Adelaide Brighton?

祝賀結果。也許只有 2 個問題。第一個是指導。我想知道您是否可以談談您認為在年底時將決定該範圍的頂部或底部的關鍵變數？有什麼大甜蜜因素嗎？也許還有第二件事，是給吉姆的。您能否更詳細地說明指南中包含的各種範圍影響？具體來說，它包括阿德萊德布萊頓嗎？

I'm going to repeat those 2 questions, Paul, because the audio quality was not sound. So the first question -- and correct me if I have this wrong, Paul, was, could you just give us the guidance on the key variables around the top and bottom part of the range that we guided for 2024? And secondly, it was a second question to Jim, which prior phrase, which really was what are we including for acquisitions that we made last year in the current year guidance and also doesn't include anything for Adbri that we announced a couple of days ago. I'll pass -- Yes. Thanks, Paul. I'll pass both of those to Jim in just one second.

保羅，我要重複這兩個問題，因為音訊品質不好。所以第一個問題——如果我有錯請糾正我，保羅，你能給我們關於 2024 年指導範圍頂部和底部的關鍵變數的指導嗎？其次，這是吉姆的第二個問題，之前的那句話，實際上是我們在今年的指導中包括我們去年進行的收購的內容，也不包括我們幾天前宣布的 Adbri 的任何內容。我會過去——是的。謝謝，保羅。我將在一秒鐘內將這兩個訊息傳遞給吉姆。

I mean with regard to the guidance, it's very early in the year at this moment in time, Paul. So obviously, it's our best guesstimate as what we think is going to happen within the marketplaces. However, we do have visibility on backlogs. We do have visibility in demand and the business that we're in is construction. So it's not a week ahead or a month ahead, it works at times several months ahead.

我的意思是，就指導而言，現在還處於今年年初，保羅。顯然，這是我們對市場中將發生的情況的最佳猜測。然而，我們確實了解積壓的情況。我們確實了解需求，而我們從事的業務是建築業。所以它不是提前一周或提前一個月，有時會提前幾個月。

So -- and also, in particular, here in the United States, where the government support we're seeing for infrastructure and indeed some of the large nonres, these are multiyear programs that we're delivering against. So we have pretty good visibility across that, which is why the range is quite tight actually. And there are the variables within there, I would suspect will be more macro than micro. But I'll pass it to Jim just in terms of looking at the things the sensitivities we have across those businesses in terms of volumes, price and particular markets.

因此，特別是在美國，我們看到政府對基礎設施以及一些大型非政府計畫的支持，這些都是我們正在實施的多年計畫。所以我們對此有很好的可見性，這就是為什麼範圍實際上非常窄。我懷疑其中的變數更多是宏觀的而不是微觀的。但我將把它傳遞給吉姆，只是要考慮我們在這些業務中在數量、價格和特定市場方面的敏感度。

Yes. Yes, in terms of what we're assuming on the midpoint, actually, on the guidance is that we said that earlier in terms of the U.S. first, is kind of flattish volumes across the business with good and use in terms of infrastructure and nonres, but residential remaining subdued. But looking for another year of double-digit pricing across our essential materials, in particular, our Aggregates and Cement business in 2024, and that kind of gets you towards our midpoint.

是的。是的，就我們對中點的假設而言，實際上，在指導方面，我們早些時候說過，就美國而言，整個業務的交易量基本上持平，在基礎設施和非資源方面的良好和使用，但住宅市場依然低迷。但預計 2024 年我們的基本材料（特別是骨材和水泥業務）的定價將再次達到兩位數，這會讓您接近我們的中點。

In terms of Europe, again, flattish volumes and another year of positive pricing. Very strong pricing in '21 and '22. -- sorry, '22 and '23 rather, and that won't be at that level of strength, but another year of positive pricing.

就歐洲而言，銷量再次持平，但又迎來了積極的定價一年。 '21 和 '22 的定價非常強勁。 ——抱歉，是 22 年和 23 年，這不會達到那種強度，但又是積極定價的一年。

I think that the kind of questions are related when you take the midpoint guidance is about 8.5%. When you take out the scope impact of that, which is kind of consistent to what we said in November, which is around $80 million to $90 million. So what's in that is that the recent acquisition in Texas, which closed in the first week, the 9th of February is in that guidance.

我認為，當你採取中點指導時，這類問題是相關的，大約是8.5%。當你除去其範圍影響時，這與我們在 11 月所說的一致，約為 8000 萬至 9000 萬美元。因此，最近在德州完成的收購，即 2 月 9 日第一週完成的收購，就屬於該指引。

The disposal of the Lion business, which will happen in phases. Phase 1 is complete, and then there's 2 more phases to complete throughout 2024 is in, but Adelaide Brighton is not in that guidance. So the scope impact will be in the range of about EUR 80 million to EUR 90 million. And what that means on the midpoint, which is about 8.5%, is that most of the growth that we're guiding at the midpoint is actually organic growth coming through strongly in 2024.

獅子業務的出售將分階段進行。第一階段已完成，然後還有 2 個階段需要在 2024 年完成，但阿德萊德布萊頓不在該指導範圍內。因此，影響範圍將約為 8,000 萬歐元至 9,000 萬歐元。這意味著我們在中點指導的大部分成長實際上是 2024 年強勁的有機成長，即 8.5% 左右。

Our next question comes from Keith Hughes of Truist.

我們的下一個問題來自 Truist 的 Keith Hughes。

It is a little bit of a continuation of the last question, but if we look at that 8.5% growth by segment. Which segments do you think will be a little bit above that average, which could potentially be a little bit below in the guidance framework.

這是上一個問題的延續，但如果我們按細分市場來看 8.5% 的成長。您認為哪些細分市場會略高於該平均水平，哪些部分可能會略低於指導框架中的平均水平。

Keith, it's Albert here. I'm going to repeat that question again, the audio may be a little bit difficult. Keith's question was looking at the 8.5% growth at the midpoint, what parts of our business do we think will be ahead and which points of business will be behind that. Maybe all 3 of us can come in here. But I think, obviously, we're seeing a strong dynamic across U.S. infrastructure here.

基思，我是艾伯特。我將再次重複這個問題，音訊可能有點困難。 Keith 的問題是觀察中點 8.5% 的成長，我們認為我們業務的哪些部分將領先，哪些業務部分將落後。也許我們三個人都可以來這裡。但我認為，顯然，我們在這裡看到美國基礎設施的強勁活力。

And you've seen from our peers in terms of what they've talked about with regard to overall revenue growth in this year, and we pretty much endorsed that number and see that's where it would be.

你已經從我們的同行那裡看到了他們談論的有關今年整體收入成長的內容，我們非常認可這個數字，並看到它會是這樣。

Non-res, we think will be strong across North America again, probably at the top end of that range in terms of deliverability. And again, that's made a slightly a little bit of a difference from what you've heard elsewhere. But then again, we play at the higher quality. And the less we don't really focus on the lower end of commercial and large warehousing.

我們認為，非資源在整個北美地區將再次表現強勁，就交付能力而言可能處於該範圍的頂端。再說一遍，這與您在其他地方聽到的略有不同。但話又說回來，我們的比賽品質更高。而且我們並不真正關注低端的商業和大型倉儲。

We're very much at the top end, the more involved project work there of the non-res work where it goes. And we're seeing that. So the U.S. is broadly stronger than Europe with regard to in and around that range. Randy, you might just comment in terms of the U.S. business and what you're seeing particular as of strength of particular regions maybe as well?

我們非常處於高端，那裡的專案工作比非資源工作更複雜。我們也看到了這一點。因此，在該範圍內及附近，美國總體上強於歐洲。蘭迪，您可能只是就美國業務以及您所看到的特定地區的實力發表評論？

Yes. Well, I'd say one infrastructure, you called it out, so the support of IIJA in the states, obviously, I think everybody is well familiar with that. But I do think it's worth calling out in the nonres segment. You talked a little bit about it, which was this move we've certainly seen from in the U.S. kind of distribution and logistics centers, less of those to a shift over to that more bespoke type projects in and around manufacturing at onshoring and reshoring.

是的。嗯，我想說的是基礎設施，你提到了這一點，所以 IIJA 在各州的支持，顯然，我認為每個人都對此很熟悉。但我確實認為在非RES領域值得一提。您談到了這一點，這就是我們在美國的分銷和物流中心看到的這一舉措，而不是轉向在岸和回流製造業及其周圍的更定制類型的項目。

So chip manufacturing plants, battery plants, pharmaceuticals, high-end projects that tend to be unique in nature. And so we play very early on in terms of the engineering and the design segment of that all the way through the manufacturing and then in the installation. So it gives us a really unique perspective there in nonres. But I'd say that's the biggest shift in the U.S. in terms of underlying demand.

所以晶片製造廠、電池廠、製藥廠、高階專案往往具有獨特性。因此，我們很早就開始了工程和設計部分，一直到製造，然後是安裝。因此，它為我們提供了非資源方面真正獨特的視角。但我想說，就潛在需求而言，這是美國最大的轉變。

Maybe if Jim and I can maybe (inaudible) in Europe. Maybe, Jim, you might just comment on Central and Eastern Europe in a moment. If I just talk about Western Europe, I would say, at the lower end of that range, you see countries such as Finland, Switzerland and France still showing overall revenue growth, but at the lower end. Quite pleased, by the way, with our -- with the U.K. and Ireland, actually, and shown fairly resilient performance across our businesses there, primarily on the back of strong infrastructure spend, which again goes out a number of years and a great performance in my own country in Ireland as well, strong performance across Ireland as well. But with regard to the central and eastern in Europe, Jim?

也許如果吉姆和我可以（聽不清楚）在歐洲。吉姆，也許您稍後可以評論中歐和東歐。如果我只談論西歐，我會說，在該範圍的下限，芬蘭、瑞士和法國等國家仍然顯示出整體收入成長，但處於較低水平。順便說一句，實際上，我們對英國和愛爾蘭感到非常滿意，並且我們在那裡的業務表現出相當有彈性的表現，這主要是在強勁的基礎設施支出的支持下，這些支出再次持續了很多年並且表現出色在我自己的國家愛爾蘭也是如此，整個愛爾蘭的表現也很強勁。但對於歐洲中部和東部地區，吉姆？

Yes. Looking in '24, the outlook is good. I mean, again, it's very heavily underpinned with a lot of very significant EU infrastructural funds into the main countries, which for us are obviously Poland and Romania and Hungary and Slovakia. So strong infrastructure underpinning. That region as well has also seen some strong investment in the number as high tech sector, particularly around EV plants, again, but also data centers.

是的。展望24年，前景良好。我的意思是，這再次得到了歐盟向主要國家提供的大量非常重要的基礎設施資金的大力支持，對我們來說，這些國家顯然是波蘭、羅馬尼亞、匈牙利和斯洛伐克。如此強大的基礎設施支撐。該地區在高科技領域也出現了一些強勁的投資，特別是在電動車工廠以及資料中心方面。

And actually, we're already beginning to see some kind of early green shoots on the residential side out in some of those bigger markets as well in Eastern Europe, which have been led by some government stimulus packages to try on the residential side. So looking for a good year in terms of activities in Central and Eastern Europe and also another year of positive pricing in that region.

事實上，我們已經開始在一些較大的市場以及東歐看到住宅方面的某種早期萌芽，這些市場是由政府在住宅方面嘗試的一些刺激計劃帶動的。因此，中歐和東歐的活動預計將迎來豐收的一年，並且該地區的定價也將迎來積極的一年。

Just one comment I'll come back with Keith here is that we're seeing a slightly unusual dynamic across our 2 major markets than I've been around a long time. But we're seeing now at the moment, our business has been reshaped and repositioned over the last decade to focus on the less cyclical parts of construction.

我要和基斯一起回來的一個評論是，我們在兩個主要市場上看到了一種與我很長時間以來所經歷的稍微不同尋常的動態。但我們現在看到，我們的業務在過去十年中已經進行了重塑和重新定位，並專注於建築業週期性較小的部分。

So if you look at what we talk about all the time, we like large-scale complex infrastructure. We like it because it plays to our solution strategy, where we get extra value and (inaudible) we sell for value, we get higher margin and higher cash. But crucially, crucially, we get government support, which is less cyclical than other parts of construction. So if we look at the United States, our biggest market, we pretty much get underpinned at the end of this decade, strong construction growth in infrastructure.

因此，如果你看看我們一直在談論的內容，你會發現我們喜歡大規模的複雜基礎設施。我們喜歡它，因為它符合我們的解決方案策略，我們獲得額外的價值並且（聽不清楚）我們以價值出售，我們獲得更高的利潤和更高的現金。但至關重要的是，我們得到了政府的支持，這比建設的其他部分的周期性要小。因此，如果我們看看我們最大的市場美國，我們在本十年末幾乎得到了基礎設施建設強勁成長的支撐。

Secondly, again, we reshaped and repositioned our business through solutions to focus very much on the higher end of nonresidential construction. This on-shoring and reshoring of these critical utilities and high-spec manufacturing. Again, some of the largest companies in the world, they're working 10-year multiyear projects to build out large production facilities, again, reducing the cyclicality.

其次，我們再次透過解決方案重塑和重新定位我們的業務，以專注於高端非住宅建築。這些關鍵公用事業和高規格製造的回流和回流。同樣，世界上一些最大的公司正在進行為期 10 年的多年項目，以建造大型生產設施，從而減少週期性。

And that's why we can talk with pretty strong confidence about 2024 and indeed beyond. The part of cost, which is most cyclical, of course, is residential. And over the years, that has reduced as a level of importance. We're very happy to be a supplier to that market, but we don't depend upon it. What delivers the books for us year-on-year is infrastructure and nonres, and long may that continue.

這就是為什麼我們可以對 2024 年甚至更遠的未來充滿信心。當然，成本中最具週期性的部分是住宅。多年來，這一點的重要性已經降低。我們很高興成為該市場的供應商，但我們並不依賴它。為我們逐年提供書籍的是基礎設施和非資源，希望這種情況能長期持續下去。

Okay. And Just one quick follow-up. Can you talk about subdued housing activity in the United States. I was a little surprised that I comment, given we have starts moving up pretty nicely here to end the year. And are you -- is there something specific there that you see that would not cause some level of growth in your new U.S. housing?

好的。只需一個快速跟進。能談談美國房地產活動低迷的情況嗎？我對我的評論感到有點驚訝，因為我們已經開始在今年年底取得很好的進展。您認為有什麼具體的事情不會導致您的美國新住房出現一定程度的成長嗎？

I'm right to mine with you. The housing issue, both in the United States and Europe, has nothing to do with an underlying fundamental problem. It's just an affordability issue. I mean interest rates just for those listening on the line here, I mean, 30-year rates here at the moment are over 7%. They were 4% 2, 3, 4 years ago. So people are keeping their hands in their pockets.

我和你一起開採是對的。美國和歐洲的住房問題與根本問題無關。這只是一個負擔能力的問題。我指的是那些在線收聽的人的利率，我的意思是，目前這裡的 30 年期利率超過 7%。 2、3、4 年前，這個比例是 4%。所以人們都把手插在口袋裡。

The same way across Europe. It's an affordability issue. And -- but what we're seeing is a continued buildup of the backlog of housing. It's actually a societal question as much as it is a question for people like ourselves involved in the industry. And when interest rates come down and when affordability eases, we expect to see strong continued growth in residential construction here in the United States and indeed in Europe.

整個歐洲也是如此。這是一個負擔能力的問題。而且——但我們看到的是住房積壓的情況持續增加。這其實是一個社會問題，也是像我們這樣參與這個行業的人的問題。當利率下降和負擔能力下降時，我們預計美國乃至歐洲的住宅建設將持續強勁成長。

And in fact, that will be the third cylinder for us to fire our engine on because the industry, our company is firing 2 cylinders at the moment, being infrastructure and nonres, residential pretty much is very subdued. When that comes back that will give us great confidence in growth in the years ahead.

事實上，這將是我們啟動引擎的第三個氣缸，因為我們公司的行業目前正在啟動兩個氣缸，作為基礎設施和非資源，住宅區幾乎非常低迷。當這種情況回來時，我們將對未來幾年的成長充滿信心。

Our next question comes from Gregor Kuglitsch of UBS.

我們的下一個問題來自瑞銀集團的格雷戈爾·庫格利奇。

I've got 2 questions, please. The first one is on CapEx. So you flagged your returns, which look pretty attractive. The level has gone up. I guess I wanted to sort of check whether that new $2.2 billion, $2.4 billion is sort of the new run rate in your view, or whether there's anything specific in '24 that you want to call out?

我有 2 個問題請教。第一個是資本支出。所以你標記了你的回報，這看起來很有吸引力。水平已經上升了。我想我想檢查一下新的 22 億美元、24 億美元是否是您認為的新運行率，或者您想在 24 年中提出什麼具體內容？

And then second question is on margins. So you had a nice 100bps odd, 120 bps improvement in margin, you're now close to 18%. I guess the bigger picture question is what's sort of your view, what this business should and could generate on a sort of medium-term view in terms of margin level?

第二個問題是關於利潤率的。所以你的利潤率提高了 100 個基點，120 個基點，現在接近 18%。我想更大的問題是您的觀點是什麼，就利潤水平而言，該業務應該並且可以在中期觀點上產生什麼？

Yes. Maybe Jim will come in just maybe at the back end, maybe with regard to the CapEx. Of course, the CapEx number we're recording that. That's growth CapEx. That's not just CapEx. That's growth CapEx. It's investment in terms of going forward.

是的。也許吉姆會在後端介入，也許是在資本支出方面。當然，我們正在記錄的資本支出數字。這就是成長資本支出。這不僅僅是資本支出。這就是成長資本支出。這是對未來的投資。

As we said earlier on, Gregor, I don't know if you heard the commentary. This really investing in the future of our business. It's the highest returning investments we make. And given our footprint is the largest building materials player in Europe and the United States, we should use that strength. So we're building out our capacity, building out our capability, filling in very much the jigsaw for us to sell more and more products to our customers, which is the solution story. And that's what our CapEx story is all about.

正如我們之前所說，格雷戈爾，我不知道你是否聽到了評論。這確實是對我們業務未來的投資。這是我們所做的回報率最高的投資。鑑於我們是歐洲和美國最大的建築材料生產商，我們應該利用這一優勢。因此，我們正在增強我們的能力，增強我們的能力，為我們向客戶銷售越來越多的產品填補了很大的空白，這就是解決方案的故事。這就是我們的資本支出故事的全部內容。

I'll ask Jim to comment on the end. But maybe if I'll just come back and talk about in terms of where margins are as well. You've been a long-term follower of the stock and of our business. Over the last decade, we have sold $13 billion of business, and we bought $24 billion, $25 billion worth of businesses.

我會請吉姆對最後發表評論。但也許我也能回來談談利潤率。您一直是我們股票和我們業務的長期關注者。在過去的十年裡，我們出售了 130 億美元的企業，我們購買了 240 億美元、價值 250 億美元的企業。

I mean the business has been completely reshaped and repositioned. That means it's a different business with a different margin profile. And we have talked about -- I talked about during the presentation, how active portfolio management is a key part of what we do. That will continue. And we will continue to adapt and shape our business for the future needs of our industry and for the future needs of our shareholders, which is to improve and increase shareholder value.

我的意思是，該業務已經徹底重塑和重新定位。這意味著這是一項不同的業務，具有不同的利潤狀況。我們在演講中談到了積極的投資組合管理如何成為我們工作的關鍵部分。這將繼續下去。我們將繼續調整和塑造我們的業務，以滿足行業的未來需求和股東的未來需求，即改善和增加股東價值。

So I don't know where we are on that margin journey. I know the direction we're on. I don't think we're capped out or anywhere near it. I think the best years for CRH are ahead of us, not behind us because I can see the demand in our industry, I can see the demand for the solution story and that just gives me encouragement in terms of where we can take this business.

所以我不知道我們在利潤之旅中處於什麼位置。我知道我們前進的方向。我不認為我們已經達到上限或接近上限。我認為CRH 最好的幾年就在我們前面，而不是在我們身後，因為我可以看到我們行業的需求，我可以看到對解決方案故事的需求，這給了我對我們可以將這項業務發展到哪裡的鼓勵。

Crucially, it's not just about the margins, it's also about cash and returns. And for me, the story of CRH is not just about the really strong performance we had in 2023. It's the cash generation, that $5 billion in cash. And as I talked about in the presentation, the $35 billion of cash we're going to generate over the next 5 years.

至關重要的是，這不僅與利潤有關，還與現金和回報有關。對我來說，CRH 的故事不僅在於我們在 2023 年的強勁表現。還在於現金的產生，即 50 億美元的現金。正如我在演講中談到的，我們將在未來 5 年內產生 350 億美元的現金。

Now you know me well. Firstly, Jim, Randy, you know all of our senior team here, not everybody on the call knows us, but we are very focused and disciplined allocators of capital. That's our brand. That's what we do. And we've set out our focus on that $35 billion is going to be firmly focused on disciplined, value-focused growth across our business. And I think that's what's going to be a key driver of our business going forward, not only just with CapEx, but also with regard to acquisitions, and that's going to have a significant impact upon solutions. Jim, I don't know if you want to just maybe think about it in terms of how that timing of that CapEx might roll out, CapEx.

現在你很了解我了。首先，吉姆、蘭迪，你們認識我們所有的高階團隊，並不是每個參加電話會議的人都認識我們，但我們是非常專注和紀律嚴明的資本分配者。這就是我們的品牌。這就是我們所做的。我們已經確定，350 億美元的重點將堅定地集中在我們整個業務的紀律嚴明、以價值為中心的成長上。我認為這將成為我們業務未來發展的關鍵驅動力，不僅在資本支出方面，而且在收購方面也是如此，這將對解決方案產生重大影響。吉姆，我不知道你是否想考慮資本支出的時間安排，資本支出。

Sure, absolutely. Firstly, Gregor, I mean, we called it out in the presentation, go back over the last 3 years that it was up to about $2 billion on that development growth CapEx with returns of over 20%.

當然，絕對。首先，Gregor，我的意思是，我們在演示中指出，過去 3 年開發成長資本支出高達約 20 億美元，回報率超過 20%。

What we guided for this year is a CapEx number of $2.2 billion to $2.4 billion. And at the moment, that kind of looks like it's going to split 50-50 between kind of maintenance CapEx and development CapEx, right? And then when you kind of project that out, we see a runway on growth development CapEx alone of up to $8 billion over the next 5 years, right? Now again, from my perspective as CFO, as we said, they are some of the highest returning and lowest-risk projects that we have and we tend to get really good visibility and transparency in terms of the returns profiles on those projects. So we won't be losing our financial control and discipline as we work our way through those growth CapEx projects.

我們今年的資本支出指引值為 22 億美元至 24 億美元。目前，維護資本支出和開發資本支出之間的比例似乎為 50-50，對吧？然後，當你對此進行預測時，我們會看到未來 5 年內僅成長開發資本支出就高達 80 億美元，對吧？現在，從我作為財務長的角度來看，正如我們所說，它們是我們擁有的一些回報率最高和風險最低的項目，而且我們往往在這些項目的回報率方面獲得真正良好的可見性和透明度。因此，當我們努力完成這些成長資本支出項目時，我們不會失去財務控制和紀律。

But for 2024 specifically, it is a step-up from the rate we've seen over the last 3 years and it's kind of -- in the kind of $1.2 billion range in terms of development CapEx for '24.

但具體到 2024 年，這比我們過去 3 年看到的速度有所提高，就 24 年的開發資本支出而言，在 12 億美元的範圍內。

And our final question today comes from Kathryn Thompson of Thompson Research.

今天我們的最後一個問題來自湯普森研究中心的凱瑟琳湯普森。

And congratulations on solid results this year. As we look into '24, it's been a big year since you shifted from the LSE to the NYSE. And one thought that's on many investors' minds are when is CRH going to be included in the U.S. index? So could you give your thoughts on the U.S. index inclusion and the rerating potential as we see as a result of this.

祝賀今年取得的豐碩成果。當我們回顧 24 年時，自從你們從倫敦證券交易所轉向紐約證券交易所以來，這是重要的一年。許多投資人心中的一個想法是，CRH 何時會被納入美國指數？那麼您能否談談對美國指數納入以及我們由此看到的重新評級潛力的看法。

Maybe I'll come back at the end. I'll come back at the end to Jim just to talk about in terms of what we see our timing was and all that, but maybe just come from myself.

也許我會在最後回來。最後我會回到吉姆那裡，談談我們所看到的時間安排以及所有這些，但也許只是來自我自己。

Look, it's been an interesting 6 months for us for sure in terms of leaving the Euronext and leaving the LSE, and we get lots of questions on index inclusion and indeed rerating. But index inclusion in itself doesn't mean anything. It has to be matched with highly performing business within any index.

看，就離開泛歐交易所和倫敦證券交易所而言，這對我們來說無疑是有趣的 6 個月，我們收到了很多關於指數納入和重新評級的問題。但納入指數本身並沒有任何意義。它必須與任何指數中表現出色的業務相匹配。

And our focus today, as you will have heard this morning, is very much on the continued performance and growth of our business. I mean, 2023 was our tenth consecutive year of profit and margin improvement. We've had a really strong performance over the past few years. And yet we're only filing, as I said earlier, on 2 of the 3 cylinders being infrastructure and need nonresidential, residential sale hasn't come back.

正如您今天早上所聽到的，我們今天的重點主要是我們業務的持續表現和成長。我的意思是，2023 年是我們利潤和利潤率連續第十年改善。過去幾年我們的表現非常強勁。然而，正如我之前所說，我們只是對 3 個氣缸中的 2 個進行了歸檔，這些氣缸是基礎設施，需要非住宅，住宅銷售還沒有回來。

When I look at our position as the #1 player in building materials in Europe, #1 player in our most important market in the United States and actually, we're the #1 player in the top 10 fastest-growing states here in the U.S. combining that with the solutions model and our ability to deliver profits and returns and cash. And if I talk about cash, I can think it's one that I want to keep coming back to, that $35 billion that we talk about, how we will generate cash for our shareholders, and we're focused on growth.

當我審視我們作為歐洲建築材料領域第一名、美國最重要市場第一名的地位時，實際上，我們是美國成長最快的 10 個州中的第一名。美國將其與解決方案模型以及我們提供利潤、回報和現金的能力結合。如果我談論現金，我認為這是我想繼續討論的問題，我們談論的 350 億美元，我們將如何為股東創造現金，我們專注於成長。

And I think that we have a very good reputation of being fearless allocators of that capital. I think all of that against the backdrop and the strong outlook for our markets for the next few years, I think, really positions us very well. And I think we will be the #1 beneficiary of this growth over the next prolonged period of time.

我認為我們作為無畏的資本分配者享有盛譽。我認為，在未來幾年我們市場的強勁前景和背景下，所有這些確實使我們處於非常有利的位置。我認為，在接下來的很長一段時間內，我們將成為這種成長的第一個受益者。

So I think against that backdrop, I think index inclusion is a very interesting question. From our point of view, we're actually index orphan at this moment in time. You're right, we left the Euronext and we stepped down in the LSE. So there's no access to passive funds in Europe or the U.S. for us at this moment in time.

所以我認為在這種背景下，我認為納入指數是一個非常有趣的問題。從我們的角度來看，我們目前實際上是索引孤兒。你是對的，我們離開了泛歐交易所，並退出了倫敦證券交易所。因此，我們目前無法在歐洲或美國獲得被動基金。

we had significant flowback, when we left the Euronext and when we stepped down the LSE, it was about 12% of our stock flow batters over those 2 days when we left those indices. We expect, as we step up into Indices across in the United States. We expect to experience good flow forward. You can work out the math as much as I do, but it should be about 2x the flowback coming to us and flow forward, and that will, in time, increase demand for the stock, which should be strong for the stock, and there would be as that dynamic control should be a positive for us. But Maybe, Jim, I might ask you just to comment on the timing and where we are in that whole process.

當我們離​​開泛歐交易所時，以及當我們退出倫敦證券交易所時，我們的股票流量回流率在我們離開這些指數的兩天內約為 12%。我們預計，隨著我們進入美國各地的指數。我們預計會經歷良好的發展。你可以像我一樣進行數學計算，但它應該是我們回流並向前流動的大約兩倍，這將及時增加對股票的需求，這對股票來說應該是強勁的，並且有因為動態控制對我們來說應該是正面的。但也許，吉姆，我可能會請你評論一下時間安排以及我們在整個過程中所處的位置。

Sure, absolutely. Yes, I mean, today is an important day, obviously, in filing our first U.S. GAAP accounts on our first 10-K. So that's an important milestone for us.

當然，絕對。是的，我的意思是，今天顯然是重要的一天，因為我們在第一個 10-K 上提交了第一個美國 GAAP 帳戶。所以這對我們來說是一個重要的里程碑。

And if you look at some of the key indices in the U.S. in terms of S&P, Russell, Chris and MSCI, they all have different eligibility criteria. And ultimately, inclusion is at the discretion of the index providers, but we're confident when we look at all those admission requirements that we're going to meet all the criteria. And after today's (inaudible), we'll be seeking inclusion as soon as possible across the various indices.

如果你看看美國的一些關鍵指數，像是標準普爾、羅素、克里斯和摩根士丹利資本國際，它們都有不同的資格標準。最終，是否納入由指數提供者自行決定，但當我們考慮所有這些准入要求時，我們相信我們將滿足所有標準。在今天（聽不清楚）之後，我們將盡快尋求將各種指數納入其中。

And thank you for everybody who dialed into the call, and that's all...

感謝所有撥打電話的人，僅此而已......

That concludes the Q&A session. Mr. Manifold, I turn the call back over to you.

問答環節到此結束。 Manifold 先生，我將電話轉回給您。

Thank you. Look, as I was saying that that's all we have time for today, and I want to thank you for your participation and your time. I hope we've managed to answer all of your questions. But as always, if you have any follow-up questions, please feel free to get in touch or our Investor Relations team, and we look forward to talking to you again in May when we report our results for the first quarter of 2024. Thank you, and have a good day.

謝謝。看，正如我所說，這就是我們今天的全部時間，我要感謝您的參與和您的時間。我希望我們能夠回答您的所有問題。但與往常一樣，如果您有任何後續問題，請隨時聯繫我們的投資者關係團隊，我們期待在 5 月份報告 2024 年第一季業績時再次與您交談。謝謝你，祝你有美好的一天。