CRH PLC (CRH) 2024 Q1 法說會逐字稿

Good day, and welcome to the CRH plc First Quarter 2024 Results Presentation. My name is Christa, and I will be your operator today. (Operator Instructions)

美好的一天，歡迎來到 CRH plc 2024 年第一季業績發表會。我叫克里斯塔，今天我將成為您的接線生。 （操作員說明）

At this time, I'd like to turn the conference over to Albert Manifold, CRH Chief Executive Officer, to begin the conference. Please go ahead, sir.

現在，我想將會議交給 CRH 執行長 Albert Manifold 來開始。請繼續，先生。

Hello, everyone. Albert Manifold here, CRH Group Chief Executive, and you're all very welcome to our quarter 1 2024 results presentation and conference call.

大家好。 CRH 集團執行長 Albert Manifold，非常歡迎大家參加我們的 2024 年第一季業績發表會和電話會議。

Joining me on the call is Jim Mintern, our Group CFO; Randy Lake, Chief Operating Officer; and Tom Holmes, Head of Investor Relations.

與我一起參加電話會議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。

Before we get started, I'll hand you over to Tom for some brief opening remarks.

在我們開始之前，我將請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.

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。

During today's presentation, we will 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.

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。

For more details, please refer to this slide, our annual report and other SEC filings, which are available on our website.

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 will now hand over to Albert, Jim and Randy to deliver some prepared remarks. After that, we will open the line for a Q&A 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 20 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 for the first 3 months of the year, our recent capital allocation and development activities as well as providing you with an update on our expectations for the year as a whole.

謝謝，湯姆。在接下來的 20 分鐘左右的時間裡，我們將向您簡要介紹今天早上發布的業績，重點介紹今年前 3 個月經營業績的關鍵驅動因素、我們最近的資本配置和開發活動並向您提供我們對全年預期的最新資訊。

Afterwards, we'll be available to take any questions that you may have, and all told, we should be done in about 40 minutes or so.

之後，我們將回答您可能提出的任何問題，總而言之，我們應該會在大約 40 分鐘左右完成。

First, on Slide 3, some key messages from today's results. Overall, it's been a good start to the year in what is the seasonally least significant quarter for our business. Further growth in revenues, adjusted EBITDA and margin compared to the prior year period continues to be underpinned by the benefits of our integrated solutions strategy as well as positive pricing momentum, early season project activity and benign weather conditions in some key markets.

首先，在投影片 3 上，展示了今天結果的一些關鍵資訊。總體而言，在我們業務季節性最不重要的季度，這是今年的良好開端。與去年同期相比，收入、調整後 EBITDA 和利潤率的進一步增長繼續得益於我們的綜合解決方案策略的優勢以及積極的定價勢頭、早期項目活動和一些關鍵市場的良好天氣條件。

Notwithstanding the good start to the year, it's still very early in the construction season and we're pleased to reaffirm our previous guidance to the market for 2024. 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 will represent another strong year of delivery for CRH.

儘管今年開局良好，但施工季節仍處於早期階段，我們很高興重申我們先前對 2024 年市場的指導。調整為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。

As most of you know, we've been very active on the acquisition front in recent months, increasing our exposure to attractive high-growth markets and strategically developing our solutions capabilities to deliver further value for our customers and our shareholders.

正如你們大多數人所知，近幾個月來我們在收購方面非常活躍，增加了我們對有吸引力的高成長市場的接觸，並策略性地發展我們的解決方案能力，為我們的客戶和股東提供更多價值。

In February, we completed the $2.1 billion acquisition of our portfolio of cement and readymixed concrete assets and operations 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. So far, we've identified run rate synergies of approximately $60 million, and Randy will take you through that in more detail a little later.

2 月份，我們完成了德克薩斯州水泥和預拌混凝土資產及業務組合的21 億美元收購，這是一項重大投資，這將進一步鞏固我們作為美國增長最快的州排名第一的建築材料企業的地位。到目前為止，我們已經確定了大約 6000 萬美元的運行率協同效應，蘭迪稍後將向您詳細介紹這一點。

In April, we acquired a materials business in Northern California, representing an attractive entry point into this market for our Americas Materials Solutions business due to a substantial aggs reserves and virtually integrated asphalt and readymixed concrete operations.

4 月份，我們收購了北加州的一家材料業務，由於擁有大量骨料儲備以及幾乎一體化的瀝青和預拌混凝土業務，這對我們的美洲材料解決方案業務來說是進入該市場的一個有吸引力的切入點。

We recently announced a proposal to acquire a majority stake in Adbri, a leading provider of building materials in Australia. And we expect that transaction to close in 2024, subject to regulatory and Adbri independent shareholder approval.

我們最近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。我們預計交易將於 2024 年完成，但須經監管機構和 Adbri 獨立股東批准。

The strength of our balance sheet also enables us to continue to return significant amounts of cash to our shareholders. Our ongoing share buyback program has returned approximately $600 million so far this year. And today, we're announcing a further quarterly tranche of $300 million, representing an annual run rate of approximately $1.2 billion.

我們的資產負債表實力也使我們能夠繼續向股東返還大量現金。今年迄今為止，我們正在進行的股票回購計畫已返還約 6 億美元。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。

Following our transition to quarterly dividend payments, the Board has declared a new quarterly dividend of $0.35 per share, representing an annualized increase of 5% on the prior year, in line with our strong financial position and policy of consistent long-term dividend growth.

在我們過渡到季度股息支付後，董事會宣布新的季度股息為每股 0.35 美元，年化增長率比上一年增加 5%，這符合我們強勁的財務狀況和持續長期股息增長的政策。

Turning to Slide 4 and our financial highlights for the first 3 months of the year. Overall, a good performance across all key metrics with revenues, adjusted EBITDA, margin and EPS all ahead of the prior year period.

轉向幻燈片 4 和我們今年前 3 個月的財務亮點。整體而言，所有關鍵指標均表現良好，營收、調整後 EBITDA、利潤率和每股盈餘均領先去年同期。

Total revenues of $6.5 billion were 2% ahead. This translated into adjusted EBITDA of $445 million, 15% ahead and a further 80 basis points of margin improvement, reflecting the continued benefits of our integrated solutions strategy, disciplined cost control and further operational efficiencies.

總收入為 65 億美元，領先 2%。這意味著調整後的 EBITDA 為 4.45 億美元，年成長 15%，利潤率進一步提高 80 個基點，反映了我們的整合解決方案策略、嚴格的成本控制和進一步提高營運效率的持續效益。

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

現在，我將把您交給蘭迪，帶您了解我們每項業務的營運績效。

Thanks, Albert. Hello, everyone. Turning to Slide 6 and start with the America Materials Solutions, which had a good start to the year, supported by positive pricing across all lines of business, favorable weather in certain key markets and contributions from acquisitions. All of this resulted in total revenue 16% ahead of the prior year period.

謝謝，艾伯特。大家好。轉向幻燈片 6，從 America Materials Solutions 開始，該公司今年開局良好，這得益於所有業務線的積極定價、某些關鍵市場的有利天氣以及收購的貢獻。所有這些導致總收入比上年同期增加 16%。

In Essential Materials, first quarter revenues were 12% ahead the prior year with good activity levels in the West and Great Lake region of the United States. Our aggregates pricing increased by 8% despite being adversely impacted by geographic mix while our cement pricing increased by 9%.

在基本材料領域，第一季營收比去年同期成長 12%，美國西部和大湖地區的活動水準良好。儘管受到地理結構的不利影響，我們的骨材價格仍上漲了 8%，而水泥價格則上漲了 9%。

In Road Solutions, good demand, together with further price progression in asphalt and readymixed concrete, resulted in Q1 revenue 19% ahead of the prior year period.

在道路解決方案領域，良好的需求加上瀝青和預拌混凝土價格的進一步上漲，導致第一季營收比去年同期成長 19%。

Of course, it's worth noting that Americas Material Solutions is particularly seasonal, and the first quarter typically only accounts for between 10% and 15% of our annual volumes. Combined with the timing of our annual maintenance program, you can also see how seasonally insignificant this period is from an adjusted EBITDA and margin perspective.

當然，值得注意的是，美洲材料解決方案的季節性特別強，第一季的銷售通常只占我們全年銷售量的 10% 到 15%。結合我們年度維護計劃的時間安排，您還可以從調整後的 EBITDA 和利潤率角度看出，這段時期在季節性上是多麼微不足道。

As Albert mentioned, we recently completed our acquisition of a portfolio of cement and readymixed concrete assets in Texas. Our focus now is on integrating these assets into our existing business and delivering on the synergies and growth opportunities that we've identified. And I'm pleased to report that the early integration is progressing well and in line with our expectations.

正如阿爾伯特所提到的，我們最近完成了對德州水泥和預拌混凝土資產組合的收購。我們現在的重點是將這些資產整合到我們現有的業務中，並實現我們已經確定的協同效應和成長機會。我很高興地報告，早期整合進展順利，符合我們的預期。

Turning to our end markets and first to infrastructure, which represents our largest exposure in North America. Here, the funding backdrop is robust with demand underpinned by the significant increase in U.S. federal funding through the IIJA as well as positive momentum in transportation funding initiatives at the state level.

轉向我們的終端市場，首先是基礎設施，這是我們在北美最大的業務。在這裡，資金背景強勁，美國聯邦資金透過 IIJA 大幅增加以及州一級交通融資措施的積極勢頭支撐了需求。

We also continued to experience good demand in the industrial and manufacturing sectors, which are also supported by significant federal funding and increased onshoring activity.

我們也繼續經歷工業和製造業的良好需求，這也得到了大量聯邦​​資金和增加的本土活動的支持。

Looking ahead, as the construction season gets fully underway across many of our markets, I'm encouraged by the momentum we're seeing in our bidding activity and our backlogs, which reflects the significant increase in U.S. infrastructure funds that are now coming through.

展望未來，隨著我們許多市場的建設季節全面展開，我對我們在投標活動和積壓訂單中看到的勢頭感到鼓舞，這反映出美國基礎設施基金目前正在大幅增加。

Next, to Americas Building Solutions on Slide 7, which has also experienced a good start to the year benefiting from positive pricing, cost control and good delivery from recent acquisitions. Notwithstanding some unfavorable weather conditions and subdued new build residential demand impacting activity levels during the first quarter, our Building & Infrastructure Solutions business continues to benefit from significant public investment and critical utility infrastructure.

接下來是幻燈片 7 上的美洲建築解決方案，受益於積極的定價、成本控制和最近收購的良好交付，該公司今年也取得了良好的開局。儘管一些不利的天氣條件和新建住宅需求低迷影響了第一季的活動水平，但我們的建築和基礎設施解決方案業務繼續受益於大量公共投資和關鍵公用基礎設施。

Outdoor Living Solutions had a good start to the year with first quarter revenues 5% ahead driven by good early season demand in both the retail and professional channels and resilient residential repair and remodel activity.

Outdoor Living Solutions 今年開局良好，在零售和專業管道的旺季早期需求以及富有彈性的住宅維修和改造活動的推動下，第一季收入增長了 5%。

For Americas Building Solutions overall, total revenue growth of 2% translated into a 2% increase in adjusted EBITDA and a further 10 basis points of margin improvement.

就美洲建築解決方案整體而言，總營收成長 2%，調整後 EBITDA 成長 2%，利潤率進一步提高 10 個基點。

Moving across to Europe now on Slide 8, and first to the performance of Europe Materials Solutions. Despite record rainfall impacting activity levels across several key markets in Western Europe during the first quarter, our business delivered a strong performance with adjusted EBITDA 32% ahead of the prior year. This was driven by further growth in our Central and Eastern European markets, good commercial management, lower energy costs and our ongoing focus on cost management and operational efficiencies.

現在轉到歐洲，第 8 張投影片，首先介紹歐洲材料解決方案的表現。儘管第一季創紀錄的降雨量影響了西歐幾個主要市場的活動水平，但我們的業務表現強勁，調整後的 EBITDA 比去年同期增長了 32%。這是由於我們中歐和東歐市場的進一步成長、良好的商業管理、較低的能源成本以及我們對成本管理和營運效率的持續關注所推動的。

While residential demand remained subdued, infrastructure and nonresidential segments continue to be underpinned by government and EU funding programs.

儘管住宅需求仍然低迷，但基礎設施和非住宅領域繼續得到政府和歐盟融資計劃的支撐。

Our first quarter results also reflect the divestiture of Phase 1 and 2 of our European Lime operations. The final phase, consisting of our lime operations in Poland, is expected to complete in the second half of 2024.

我們第一季的業績也反映了我們歐洲石灰業務第一階段和第二階段的剝離。最後階段包括我們在波蘭的石灰業務，預計將於 2024 年下半年完成。

Next to the performance of Europe Building Solutions on Slide 9. This is our smallest business, representing less than 5% of group adjusted EBITDA in 2023 and it's much more exposed to residential new build construction than the rest of our businesses. Overall, a challenging start to the year, impacted by subdued residential activity and compounded by adverse weather conditions across our markets.

接下來是幻燈片 9 上歐洲建築解決方案的業績。總體而言，受住宅活動低迷以及整個市場惡劣天氣條件的影響，今年的開局充滿挑戰。

We continue to focus on cost management and operational efficiencies to mitigate the impact of lower activity levels as well as maintaining positive pricing momentum to protect our profitability.

我們繼續專注於成本管理和營運效率，以減輕活動水平較低的影響，並保持積極的定價動能以保護我們的獲利能力。

So at this point, I'll hand you over to Jim to take you through our financial performance in further detail.

因此，現在，我將把您交給吉姆，讓您更詳細地了解我們的財務表現。

Thanks, Randy, and hello, everyone. As you heard from Albert earlier, we've had a good start to the year and this is reflected in our financial performance outlined on Slide 11. Let me briefly take you through the main drivers of our adjusted EBITDA performance, moving from left to right on the slide.

謝謝蘭迪，大家好。正如您之前從Albert 那裡聽到的，我們今年有一個良好的開端，這反映在幻燈片11 中概述的我們的財務業績中。因素在幻燈片上。

Starting with organic growth of $47 million, a 12% ahead on a like-for-like basis reflecting good underlying demand in our key markets, further pricing progress amid an inflationary input cost environment and the continued benefits of our differentiated strategy.

首先有機成長 4,700 萬美元，年成長 12%，反映出我們主要市場良好的潛在需求、通膨投入成本環境下的進一步定價進展以及我們差異化策略的持續效益。

Acquisitions, net of divestitures, delivered a further $11 million of adjusted EBITDA primarily reflecting the contribution from our acquisition of materials assets in Texas and the impact of the divestiture of Phases 1 and 2 of our European Lime operations.

扣除資產剝離後，收購帶來了 1,100 萬美元的調整後 EBITDA，主要反映了我們收購德州材料資產的貢獻以及剝離歐洲石灰業務第一階段和第二階段的影響。

Overall, we delivered $445 million of adjusted EBITDA, 15% ahead of the prior year period and representing a good start to the year in what is our seasonally least significant period.

總體而言，我們實現了 4.45 億美元的調整後 EBITDA，比上年同期增長 15%，在季節性最不重要的時期為今年開了個好頭。

Next, to Slide 12, where I will just take a moment to highlight some of the key components of our net debt movements and our strong and flexible balance sheet.

接下來，在投影片 12 上，我將花一點時間強調我們的淨債務變動以及我們強大且靈活的資產負債表的一些關鍵組成部分。

Firstly, on the left-hand side, you can see we ended 2023 with a net debt position of $5.4 billion.

首先，在左側，您可以看到 2023 年末我們的淨債務部位為 54 億美元。

Turning to our cash flow performance. We reported a net cash flow outflow of approximately $700 million in the first quarter. An outflow at this stage of the year is to be expected given the seasonal nature of our business as it reflects the buildup in working capital in advance of second and third quarter trading, which are seasonally our most important trading periods.

轉向我們的現金流表現。我們報告第一季現金流淨流出約為 7 億美元。鑑於我們業務的季節性性質，今年這個階段的資金流出是可以預料的，因為它反映了第二季度和第三季度交易之前營運資金的積累，而這兩個季度是我們最重要的季節性交易週期。

Acquisitions, net of divestitures and other items resulted in an outflow of approximately $1.9 billion during the first 3 months of 2024, primarily reflecting the acquisition of materials assets in Texas and the proceeds from the divestiture of the initial phases of our European Lime operations.

在扣除資產剝離和其他項目後，收購導致 2024 年前 3 個月流出約 19 億美元，主要反映了收購德克薩斯州的材料資產以及剝離歐洲石灰業務初始階段的收益。

We also invested $500 million in capital expenditure to support further growth in our existing business.

我們也投資了 5 億美元的資本支出，以支持現有業務的進一步成長。

And we returned $1.1 billion in the form of dividends and share buybacks, demonstrating our commitment to returning cash to our shareholders.

我們以股利和股票回購的形式返還了 11 億美元，體現了我們向股東返還現金的承諾。

Taking all of this into account results in a net debt position of $9.6 billion at the end of the first quarter, representing a net debt-to-adjusted EBITDA ratio of approximately 1.5x on a trailing 12-month basis.

考慮到所有這些因素，第一季末的淨債務部位為 96 億美元，相當於過去 12 個月的淨債務與調整後 EBITDA 的比率約為 1.5 倍。

Now at this stage, we would like to briefly update you on a few other items from today's announcement. Active portfolio management is a continuous process in CRH, and we are constantly allocating and reallocating our capital to create value for our shareholders.

在此階段，我們想向您簡要介紹今天公告中的其他一些內容。積極的投資組合管理是CRH的一個持續過程，我​​們不斷地分配和重新分配我們的資本，為股東創造價值。

As you can see here on Slide 14, we have been very active in this regard so far this year. In addition to the divestiture of the initial phases of our European Lime operations, in April, we also completed the divestiture of certain cement and materials assets in Canada.

正如您在幻燈片 14 中看到的，今年到目前為止，我們在這方面一直非常積極。除了剝離初期階段的歐洲石灰業務外，我們還在 4 月完成了加拿大某些水泥和材料資產的剝離。

On the acquisition front, in addition to the completion of the materials asset acquisitions in Texas in February, we entered into a binding agreement to acquire a majority stake in Adbri, a leading provider of building materials in Australia. Adbri has high-quality assets and leading market positions that complement our core competencies in cement, concrete and aggregates while creating additional opportunities for growth and development for our existing Australian businesses.

在收購方面，除了2月完成德州材料資產收購外，我們還簽訂了具有約束力的協議，收購澳洲領先的建築材料供應商Adbri的多數股權。 Adbri 擁有優質資產和領先的市場地位，補充了我們在水泥、混凝土和骨料方面的核心能力，同時為我們現有的澳洲業務創造了額外的成長和發展機會。

The proposed transaction is subject to regulatory and Adbri shareholder approval and is expected to complete in 2024.

擬議交易尚需監管機構和 Adbri 股東批准，預計將於 2024 年完成。

In April, we acquired BoDean, a materials solutions business, including two hard rock quarries in California. This represents an attractive first entry point into California for our Americas Materials Solutions business, particularly due to a substantial hard rock reserves and vertically integrated asphalt and readymixed concrete operations.

4 月，我們收購了材料解決方案公司 BoDean，其中包括位於加州的兩個硬岩採石場。對於我們的美洲材料解決方案業務來說，這是進入加州的一個有吸引力的第一個切入點，特別是由於大量的硬岩儲量以及垂直整合的瀝青和預拌混凝土業務。

We also invested approximately $100 million on seven strategic bolt-on acquisitions, further developing our integrated solutions strategy in the areas of road infrastructure, critical utility infrastructure and outdoor living.

我們也投資了約 1 億美元進行七項策略性補充收購，進一步發展我們在道路基礎設施、關鍵公用設施基礎設施和戶外生活領域的綜合解決方案策略。

All of this activity represents our commitment to allocating and reallocating capital into attractive high-growth markets and areas where we can further develop our integrated solutions strategy.

所有這些活動都體現了我們將資本分配和重新分配到有吸引力的高成長市場和領域的承諾，在這些市場和領域我們可以進一步製定我們的綜合解決方案策略。

Now at this point, I'll hand over to Randy to update you on the synergies we have identified following the completion of our $2.1 billion acquisition of materials assets in Texas.

現在，我將請蘭迪向您介紹我們在完成 21 億美元收購德克薩斯州材料資產後所確定的協同效應的最新情況。

Thanks, Jim. I'm pleased to report that we've identified approximately $60 million of run rate synergies, which we expect to be achieved by year 3. And on the right-hand side of Slide 15, we've outlined the expected phasing with approximately $15 million anticipated in the first year.

謝謝，吉姆。我很高興地報告，我們已經確定了大約 6000 萬美元的運行率協同效應，我們預計將在第 3 年實現。預計達100 萬元。

There are significant benefits that arise from integrating assets into CRH. They're an excellent strategic fit with our existing operations in Texas, and as a result, there are significant opportunities to self-supply our own downstream solutions businesses.

將資產整合到 CRH 中可以帶來顯著的好處。它們與我們在德克薩斯州的現有業務非常契合，因此，我們有很大的機會自行供應自己的下游解決方案業務。

It will also be very beneficial from a network optimization point of view. It will allow us to be much more efficient in how we manage our materials flow, our logistics and how we service our customers across our wider regional footprint.

從網路優化的角度來看，這也將非常有益。這將使我們能夠更有效地管理我們的物料流、物流以及我們在更廣泛的區域足跡中為客戶提供服務的方式。

We've also identified significant synergies from operational improvements, leveraging our expertise and technical capabilities from our wider North America cement platform and Europe Materials businesses to optimize plant performance and improve production efficiencies through increased usage of alternative fuels and raw materials.

我們還發現營運改善帶來了顯著的協同效應，利用我們更廣泛的北美水泥平台和歐洲材料業務的專業知識和技術能力，透過增加替代燃料和原材料的使用來優化工廠績效並提高生產效率。

There are also savings to be generated by integrating these assets into our global procurement network, leveraging our scale, purchasing power and supply arrangements for materials, equipment and services.

透過將這些資產整合到我們的全球採購網路中，利用我們的規模、購買力以及材料、設備和服務的供應安排，還可以節省成本。

So in summary, the early integration is progressing well and we look forward to updating you on our progress.

總而言之，早期整合進展順利，我們期待向您通報我們的最新進展。

Thanks, Randy. Great examples there of some of the real and tangible benefits and value-creation opportunities that we see under our ownership.

謝謝，蘭迪。這些都是我們在所有權下看到的一些真實、有形的利益和價值創造機會的好例子。

Now before I provide you with an update on our expectations for the full year, let me share our thoughts on the outlook across our markets.

現在，在向您提供我們對全年預期的最新資訊之前，讓我先分享一下我們對市場前景的看法。

Turning to Slide 17. North America represents 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.

轉投投影片 17。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。

Similarly in Europe, we expect robust demand in infrastructure activity to continue, supported by significant investment from government and EU funding programs.

同樣，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。

In nonresidential, we expect key segments to continue to benefit from increased reindustrialization and onshoring activity.

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《CHIPS 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 on increased onshore activity with over $200 billion of high-tech manufacturing projects in the pipeline.

歐洲也受惠於陸上活動的增加，價值超過 2000 億美元的高科技製造項目正在醞釀中。

In the residential segment, we expect new build activity in the U.S. and Europe to remain subdued due to the affordability challenges caused by the current interest rate environment. This is not a demand issue, and we believe long-term fundamentals for residential construction remain very attractive in these markets supported by favorable demographics and significant levels of underbuild.

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。這不是需求問題，我們認為，在有利的人口結構和嚴重的建設不足水準的支持下，住宅建設的長期基本面在這些市場中仍然非常有吸引力。

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.

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，我們的業務總體趨勢是積極的，而新建住宅建設預計將保持低迷。

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.

關於定價環境，我們預計在嚴格的商業管理以及我​​們整合和以價值為中心的解決方案策略的優勢的支持下，我們的市場將繼續保持積極的勢頭。

Turning to Slide 18. And against that backdrop, this morning we have reaffirmed 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, net income to be between $3.55 billion and $3.8 billion and earnings per share to between $5.15 and $5.45, representing another strong year of delivery for CRH.

轉向幻燈片 18。 68.5 億美元，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5.45 美元之間，這標誌著CRH 又一個強勁的一年。

It's still very early in the construction season, but we will, of course, update you on our expectations as the year unfolds and the season gets fully underway across our markets.

現在還處於施工季節的早期階段，但隨著時間的推移以及整個市場的施工季節的全面展開，我們當然會向您通報我們的最新預期。

So that concludes our presentation today and we're now happy to take your questions. (Operator Instructions). I'll now hand you back to the moderator to coordinate the Q&A session of our call.

我們今天的演講到此結束，我們很高興回答您的問題。 （操作員說明）。現在，我將把您交還給主持人，以協調我們電話會議的問答環節。

(Operator Instructions) Your first question comes from the line of Anthony Pettinari from Citi.

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

I was wondering if you could talk about pricing dynamics and price cost in Americas Materials, and are you still or guiding to double digits for the year on pricing?

我想知道您是否可以談談美洲材料的定價動態和價格成本，您今年的定價是否仍保持或指導兩位數？

Yes, Anthony, thanks for the question. Q1, in terms of aggregate pricing, was up 8%. I think a bit impacted by the geographic mix and seasonality that's associated just with the platform of businesses we have, so good progress there.

是的，安東尼，謝謝你的提問。第一季總價格上漲 8%。我認為有點受到地理組合和季節性的影響，這與我們擁有的業務平台有關，所以那裡取得了良好的進展。

If you look on a mix-adjusted basis, pricing was up double digits, which is really consistent with what we indicated at the beginning of the year. So there's really strong support, good momentum in terms of underlying pricing in agg and cement as well. So we're happy with the progress we've seen in terms of cement, up 9% across the group, again, supported by a good underlying demand.

如果你從混合調整的角度來看，價格上漲了兩位數，這與我們年初表示的情況非常一致。因此，骨材和水泥的基本定價也有非常強大的支持和良好的勢頭。因此，我們對水泥方面的進展感到滿意，在良好的潛在需求的支持下，整個集團再次成長了 9%。

Okay. That's helpful. And then just with Hunter, can you talk about maybe the current kind of state of cement pricing in Texas? And are you seeing any weakness there, maybe in the southern part of the state that see some imports? Or how would you characterize the Texas cement?

好的。這很有幫助。然後，您能和亨特談談德州目前的水泥定價狀況嗎？您是否發現那裡有任何弱點，也許是在該州南部有一些進口？或者您如何描述德州水泥的特徵？

I guess I would characterize it very similar to what we're seeing across the nation, so good support for pricing. We're really seeing no concerns in Texas. First quarter certainly was impacted by weather, so we take that into consideration. But we expect positive pricing as we go throughout 2024.

我想我會認為它與我們在全國各地看到的情況非常相似，因此對定價有很好的支持。我們在德克薩斯州確實沒有看到任何擔憂。第一季肯定受到天氣的影響，所以我們考慮到了這一點。但我們預計整個 2024 年定價都會呈現正值。

But I'd call out Texas, not just cement. I think it's aggs, it's asphalt, it's readymixed concrete, it's really all the downstream businesses as well. So we see good support and expect progress in 2024.

但我會提到德克薩斯州，而不僅僅是水泥。我認為是骨材、瀝青、預拌混凝土，以及所有下游業務。因此，我們看到了良好的支持，並預計 2024 年會取得進展。

Your next question comes from the line of Kathryn Thompson with Thompson Research Group.

您的下一個問題來自湯普森研究小組的凱瑟琳湯普森。

First is just on the outlook. You had stronger-than-expected volumes in the U.S. market. Could you give a little bit more color in terms of how much of that is fundamental demand versus favorable weather or other factors?

首先是前景。美國市場的銷售量強於預期。能否進一步說明基本需求與有利天氣或其他因素的比例？

And then along with that, backlog trends for the year and color on that.

除此之外，還有今年的積壓趨勢和顏色。

Yes. Appreciate that question. I guess it's probably a mix of both. Certainly, weather for us was favorable in, I think we've called out the Great Lakes region, kind of the Michigan, Ohio area. So good demand there, probably helped by weather, but also some significant projects that we've had in our backlog and able to execute on. Out West, specifically kind of Utah and Idaho, again, pretty favorable weather.

是的。感謝這個問題。我想這可能是兩者的混合。當然，天氣對我們有利，我想我們已經提到了五大湖地區，例如密西根州、俄亥俄州地區。那裡的需求如此之大，可能是由於天氣的原因，但也有我們積壓的一些重要項目以及能夠執行的項目。在西部，特別是猶他州和愛達荷州，天氣非常好。

I think it's important to remember kind of in total terms, the absolute volume shift are pretty low in terms of overall percentages for the year. It's less than 10% of our total material -- or aggregate shipments. But again it's supported though, and I guess, to your question on backlogs, it's good to have that early momentum and it reflects what we have in our backlogs today.

我認為重要的是要記住，就總體百分比而言，絕對數量變化相當低。它不到我們材料總量（或總發貨量）的 10%。但它再次得到支持，我想，對於你關於積壓的問題，早期的勢頭很好，它反映了我們今天的積壓。

So you see both federal and state funding initiatives coming through in terms of underlying bid activities. We're getting our share of those businesses and actually margins are up in all lines of business, which is good to see.

因此，您會看到聯邦和州的資助計劃都在基礎投標活動中得到落實。我們正在獲得這些業務的份額，而且實際上所有業務線的利潤率都在上升，這是很好的結果。

I would call out both the Roads business but the also the critical infrastructure, we often don't talk about kind of the underground utility work that's associated with roads. And both our businesses, the backlogs there, would reflect good underlying demand.

我會提到道路業務，但也會提到關鍵的基礎設施，我們通常不談論與道路相關的地下公用事業工作。我們的兩個業務以及那裡的積壓訂單都將反映出良好的潛在需求。

Okay. Great. And one follow-up question related to Texas and cement. Some of our primary research has pointed to a shortage of fly ash due to issues with a supplier recently, which conversely could be a net positive for your cement business.

好的。偉大的。還有一個與德克薩斯州和水泥有關的後續問題。我們的一些初步研究表明，由於最近與供應商的問題導致粉煤灰短缺，這反過來可能對您的水泥業務產生淨正面影響。

Stepping back and looking at the bigger picture, as you have coal-fired plants in the U.S. phased out and tightening the supply of fly ash, what does this mean for CRH's business, not just for this year but when you look a few years out?

退後一步，放眼大局，隨著美國逐步淘汰燃煤電廠並收緊粉煤灰供應，這對 CRH 的業務意味著什麼，不僅是今年，而且是幾年後的業務？

We've been -- it's a good question. We've been proactive in terms of the use of and introduction SCMs in our individual markets. So I think I'd broaden it to say not just fly ash, but looking at alternative materials, pozzolans and so forth.

我們一直在——這是一個很好的問題。我們一直積極主動地在各自的市場中使用和引入 SCM。所以我想我應該擴大它的範圍，不只指粉煤灰，還要考慮替代材料、火山灰等。

And we have the capabilities, one, to blend; two, to integrate for our customers; but three, more importantly, the access to it. So whether those reports, the ability to kind of consume and then transport to our major markets, I think we're well positioned to deal with what is certainly a shortage in fly ash, but good alternatives in terms of overall product mix.

我們有能力，第一，融合；第二，融合。二、為我們的客戶進行整合；但更重要的是三，獲得它的機會。因此，無論是這些報告，還是消費然後運輸到我們主要市場的能力，我認為我們都處於有利地位，可以應對飛灰的短缺，但就整體產品組合而言，這是很好的替代品。

I should say as well, Randy, of course, we have a decade of capability in our European business in dealing with this issue here in terms of blending and technology as well. So that's a big advantage to us as it rolls out here in the U.S. at the current time.

我還應該說，蘭迪，當然，我們的歐洲業務在混合和技術方面也有十年的能力來處理這個問題。因此，當它目前在美國推出時，這對我們來說是一個很大的優勢。

Your next question comes from Ross Harvey with Davy.

您的下一個問題來自羅斯哈維和戴維。

I'm hoping you can elaborate on the guidance, maybe the pluses and minuses that you see in relation to the '24 guidance. I know you've reaffirmed it today just a good strong Q1 performance in there, new synergies, further M&A. Can you just elaborate on that?

我希望您能詳細說明該指南，也許您認為與 24 小時指南相關的優點和缺點。我知道您今天重申了第一季的強勁表現、新的綜效以及進一步的併購。能詳細說明一下嗎？

Jim here. It's been a good start to the year, but it's still very early in the season for us, Ross. And since we issued the guidance at the end of February, we've been active on M&A. We've had eight bolt-ons here to date, including the attractive entry into the California material with the BoDean acquisition.

吉姆在這裡。這是今年的一個好開端，但對我們來說，賽季還很早，羅斯。自從我們在二月底發布指導意見以來，我們一直在積極開展併購活動。迄今為止，我們已經在這裡進行了八次補充，包括透過收購 BoDean 進入加州材料領域。

We've also announced this morning the Texas synergies. So that's $60 million synergies by year 3 and $15 million in the current year 2024.

今天早上我們也宣布了德克薩斯州的協同效應。因此，到第 3 年，綜效將達到 6,000 萬美元，到 2024 年將達到 1,500 萬美元。

However, the contributions from the bolt-ons and the Texas synergies are largely offset by the divestment of the cement and materials assets that we announced in Quebec, which closed on the 1st of April.

然而，來自補充和德克薩斯州協同效應的貢獻在很大程度上被我們宣布的魁北克水泥和材料資產剝離所抵消，該資產於 4 月 1 日關閉。

So overall, when you put them together, the kind of plus and minuses, there's not that much of a difference from the kind of $70 million to $80 million we set out on the end of February in terms of the contribution from bolt-ons in '24. But just to confirm, that doesn't include any contribution potentially from the closure of the Adbri acquisition in Australia.

因此，總體而言，當你把它們放在一起時，從優點和缺點來看，就螺栓固定裝置的貢獻而言，與我們在2 月底設定的7000 萬美元到8000 萬美元沒有太大區別。但需要確認的是，這並不包括澳洲 Adbri 收購完成後可能帶來的任何貢獻。

So overall, pluses and minuses. It's a good start to the year and we're happy to be able to reaffirm this morning our guidance for the full year.

總的來說，優點和缺點。這是今年的良好開端，我們很高興今天早上能夠重申我們對全年的指導。

Ross, it's Albert here. Look, I know there's an incredible focus on the first 3 months of the year. But it literally is a short snapshot.

羅斯，我是艾伯特。聽著，我知道今年的前三個月受到了令人難以置信的關注。但這實際上只是一個簡短的快照。

And let's just take a step back here. Look, for sure, we've had a good start to the year. And as we look here, as Randy mentioned, backlogs look -- take us through the first half of the year, look strong and continues to be strong. So we're in a good place and happy to be that.

讓我們退後一步。可以肯定的是，我們今年有了一個好的開始。正如蘭迪所提到的，我們在這裡看到，積壓訂單看起來——帶領我們度過了今年上半年，看起來很強勁，並將繼續保持強勁。所以我們處於一個很好的位置，並且很高興能夠做到這一點。

But let's just take a step back here. Like we are at the early stages of a major growth cycle for our industry, backed by unprecedented government support for both infrastructure spend both in the United States and indeed in Europe. On top of that, we're seeing, again, very significant levels of reshoring and onshoring investment that's going to drive demand in the commercial sector.

但讓我們退後一步。就像我們正處於行業主要成長週期的早期階段一樣，在政府對美國和歐洲基礎設施支出的前所未有的支持的支持下。最重要的是，我們再次看到非常大量的回流和在岸投資，這將推動商業領域的需求。

So honestly, as I look forward in the next 5, 6, 7 years, I know we're talking about 1 quarter results today, we're looking pretty good as an industry all the way to the end of the decade. So the short term, the medium term and the long term, all look very positive for CRH.

老實說，當我展望未來 5 年、6 年、7 年時，我知道我們今天討論的是 1 季度的業績，作為一個行業，我們在整個十年結束時看起來都相當不錯。因此，從短期、中期和長期來看，CRH 看起來都非常積極。

Now against that backdrop, I know you want to talk about the first 3 months of the year, but our focus in this business is on three main areas. Of course, number one, it's an execution of our operational performance. Every day we work at that delivering the performance in terms of profitability cash.

在這種背景下，我知道您想談論今年前三個月，但我們在這項業務上的重點是三個主要領域。當然，第一，這是我們營運績效的執行。我們每天都致力於實現獲利現金方面的業績。

Number two, I think it's crucially important now at the start of this major growth cycle is to invest in our businesses, investing for the next growth cycle.

第二，我認為在這個主要成長週期開始時至關重要的是投資我們的業務，投資下一個成長週期。

And number three, as you would expect from CRH, to continue to be disciplined stewards of capital. We talk about how over the next 5 years, we will generate $35 billion of free cash flow. And this year, you're starting to see what we're doing with that.

第三，正如您對 CRH 的期望一樣，它將繼續成為紀律嚴明的資本管理者。我們討論如何在未來 5 年內創造 350 億美元的自由現金流。今年，您開始看到我們正在做什麼。

I expect us to spend close to $4 billion on M&A in this year with deals announced or deals already in the pipeline. On top of that, we're going to spend about another $1 billion in growth CapEx. That's $5 billion investing in the growth of our business for 2030 and beyond.

我預計今年我們將在併購上花費近 40 億美元，其中包括已宣布的交易或已在醞釀的交易。除此之外，我們還將花費約 10 億美元用於成長資本支出。這相當於 50 億美元用於 2030 年及以後業務成長的投資。

In addition to that, with buybacks announced, the run rate we're looking at and dividends, it's likely we will distribute a further $3 billion back to our shareholders in dividends and share buybacks.

除此之外，隨著宣布的回購、我們正在考慮的運行率和股息，我們可能會透過股息和股票回購進一步向股東分配 30 億美元。

So a very significant investment in the business in the first year of that $35 billion that we're seeing there.

因此，在我們看到的 350 億美元的第一年，這是一項非常重大的業務投資。

The industry backdrop is good. We are #1 player in the United States and Europe. Therefore, we will be the major beneficiary in this growth cycle. And no one else can touch our cash generation and particularly when we use that cash to drive performance for further growth and rewarding our shareholders.

產業背景良好。我們是美國和歐洲排名第一的玩家。因此，我們將是這個成長週期的主要受益者。沒有其他人可以影響我們的現金生成，特別是當我們利用這些現金來推動業績以實現進一步成長並回報股東時。

And again, we talked about the first quarter, but let's just take a step back and look at the short- and medium-term growth cycle and see where we are and I think CRH positions itself very well for that.

我們再次討論了第一季度，但讓我們退後一步，看看短期和中期成長週期，看看我們所處的位置，我認為 CRH 在這方面的定位非常好。

Your next question comes from the line of Michael Dudas with Vertical Research.

您的下一個問題來自垂直研究公司的 Michael Dudas。

Hello? Can you hear me?

你好？你聽得到我嗎？

Yes. We're here, Mike. Go ahead, please. Go ahead.

是的。我們在這裡，麥克。請繼續。前進。

Okay. Great. Sorry about that. First, just quick, I know you gave a lot of details on the Texas acquisition. Relative to what you saw going into negotiations and what you've seen early on and relative to your playbook, are you, behind or ahead of schedule relative to some -- obviously you put out some pretty interesting synergy targets. Maybe you can just share some thoughts on that first.

好的。偉大的。對於那個很抱歉。首先，請快點，我知道您提供了有關德克薩斯州收購的許多細節。相對於你在談判中所看到的以及你早期所看到的以及相對於你的劇本，你是落後於還是提前於一些計劃——顯然你提出了一些非常有趣的協同目標。也許你可以先分享一些想法。

Yes, happy to. Well, I think we're satisfied so far. We've identified $60 million at this point in time. We'll continue to dig in. But I think there's a couple of things maybe to call out and we did a bit in the presentation. We are the largest building materials supplier in the state of Texas. We have a really unique portfolio of businesses downstream, consumers of cement, whether that's the readymixed business or critical infrastructure or the Outdoor Living. So just the internal consumption is a big value creator for us.

是的，很高興。嗯，我想到目前為止我們還是很滿意的。目前我們已經確定了 6000 萬美元。我們將繼續深入研究。我們是德州最大的建築材料供應商。我們擁有真正獨特的下游業務組合、水泥消費者，無論是預拌業務、關鍵基礎設施或戶外生活。因此，內部消費對我們來說就是一個巨大的價值創造者。

But when you look at the context of that plant, along with our other plant in Midlothian, Texas, our assets in Arkansas as well as Kansas, kind of that network optimization is a huge benefit from a transportation standpoint and the ability to serve that market in the way it needs to be served as it continues to grow. So those are -- that's a nice pool of opportunity for us.

但是，當您查看該工廠的背景以及我們在德克薩斯州中洛錫安的其他工廠、我們在阿肯色州和堪薩斯州的資產時，從運輸角度和服務該市場的能力來看，這種網路優化是一個巨大的好處隨著它的不斷增長，它需要提供服務的方式。所以這些對我們來說是一個很好的機會。

I think the other bit, which we have called out in the past, I think, is important to say is that it's a great example of Ash Grove. It's probably the best, most tangible example. In 2018, acquired that business and have doubled the profitability in 6 years. That was driven by the usage of internal resources to drive operational performance.

我認為我們過去指出的另一點很重要，那就是它是 Ash Grove 的一個很好的例子。這可能是最好、最具體的例子。 2018年，收購了該業務，6年內獲利能力翻了一番。這是透過使用內部資源來提高營運績效所驅動的。

So being a leading producer of cement and 40-plus plants around the world, optimizing, taking our best practices, applying those in terms of the plant in Hunter is another large pool of opportunity. And so we've clearly identified opportunity there.

因此，作為領先的水泥生產商和全球 40 多家工廠，優化、採用我們的最佳實踐並將這些實踐應用於亨特工廠是另一個巨大的機會。所以我們已經清楚地發現了那裡的機會。

And then the last just kind of the housekeeping you would expect us to do in and around procurement and kind of weaving them into our underlying platform in terms of leveraging our size and scale.

然後，您希望我們在採購中和採購周圍做最後一種內務處理，並利用我們的規模和規模將它們編織到我們的底層平台中。

So as I said, it's a good look at it, and as of today, $60 million of opportunity so far.

正如我所說，這是一個很好的研究，截至今天，迄今為止已經有 6000 萬美元的機會。

I should say, Mike, just to add to what Randy just said. I mean Randy just talked $60 million at this point in time. Our feet are just under the table there, we'll see how it goes. But again, it's worthwhile asking how do we do this?

我應該說，麥克，只是為了補充蘭迪剛才所說的話。我的意思是蘭迪此時剛剛談到了 6000 萬美元。我們的腳就在桌子下面，我們會看看情況如何。但同樣值得問的是我們如何做到這一點？

Well, CRH, the new owner of this business, brings technical capabilities and it brings a solutions model, and that's what delivers the extra profitability. So as compared to previous owners, we're going to increase the profitability of this business by over 30%. And it's done because we have technical capability, but we integrated it into our solutions model, a model that now shows you versus previous owners who are dedicated, focused materials players, the solution model, it delivers higher profitability.

那麼，CRH，該業務的新所有者，帶來了技術能力，帶來了解決方案模型，這就是帶來額外盈利能力的原因。因此，與先前的所有者相比，我們將把該業務的盈利能力提高 30% 以上。這樣做是因為我們擁有技術能力，但我們將其整合到我們的解決方案模型中，該模型現在向您展示與以前的所有者相比，他們是專注的、專注的材料參與者，解決方案模型可以提供更高的獲利能力。

It will deliver -- those profits will translate into higher cash and better returns. That's the advantage of investing and working with CRH and companies like this.

它將帶來——這些利潤將轉化為更高的現金和更好的回報。這就是投資 CRH 和這類公司並與之合作的優勢。

And again, it must be seen against the backdrop of our constant portfolio management. During the course of the last 12 months, we disposed of maybe slow-growth business, Lime business in Europe. We disposed of the business in Quebec. That money has been reinvested into the faster-growing regions of Western Texas in and around this plant here. And again, that's what you should expect to see as efficient, disciplined stewards of capital.

再說一遍，必須在我們持續的投資組合管理的背景下看待這一點。在過去 12 個月中，我們出售了可能成長緩慢的業務，即歐洲的 Lime 業務。我們出售了魁北克的業務。這筆資金已被重新投資到該工廠及其周圍德克薩斯州西部增長較快的地區。再說一次，這就是你所期望看到的高效率、紀律嚴明的資本管理者。

That's a great segue to my follow-up is, maybe Albert, or gentlemen, you can elaborate on your current visibility on the M&A pipeline and some of the valuations you're experiencing in your negotiations?

這是我的後續行動的一個很好的延續，也許阿爾伯特，或者先生們，您可以詳細說明您目前對併購管道的了解以及您在談判中遇到的一些估值嗎？

Look, valuations have always been too high in my 25-some years in CRH and they continue to be too high except what we do is -- but when we deliver synergies like we deliver for synergies, that's how we pay those high prices and we deliver shareholder returns. .

聽著，在我從事CRH 的25 多年裡，估值一直太高，而且仍然太高，除非我們所做的是——但是當我們像我們提供協同效應那樣提供協同效應時，這就是我們支付高價的方式，我們交付股東回報。 。

Our pipeline is strong. I already said earlier in this call that I expect us to do about $4 billion worth of deals this year, between what's announced and what's coming. We will digest those deals. We'll obviously integrate them, create those synergies and move on to next year after that.

我們的管道很強大。我早些時候已經在這次電話會議中說過，我預計今年我們將完成價值約 40 億美元的交易，其中包括已宣布的交易和即將發生的交易。我們將消化這些交易。顯然，我們將整合它們，創造協同效應，然後進入明年。

So the pipeline is good and strong, happy that it's continued to build out our footprint. And I think the portfolio management will continue as we continue to reallocate capital back into the higher growth parts of our solutions model.

因此，管道良好且強大，很高興它繼續擴大我們的足跡。我認為，隨著我們繼續將資本重新分配回我們解決方案模型的高成長部分，投資組合管理將繼續下去。

Your next question comes from the line of Brent Thielman with D.A. Davidson.

你的下一個問題來自 Brent Thielman 和 D.A.戴維森。

I guess my first question would just be if you could provide an update on the timing of U.S. index inclusion?

我想我的第一個問題是您是否可以提供有關美國指數納入時間的最新資訊？

Yes. Firstly, there are several key equity indices in the U.S., right? You have S&P, Russell, CRSP, MSCI and they all have different eligibility criteria and rebalancing timelines.

是的。首先，美國有幾個主要的股票指數，對嗎？有標普、羅素、CRSP、MSCI，它們都有不同的資格標準和重新平衡時間表。

Since the relisting last September, we're very pleased with the progress we've made to date. In fact, today, the NYSE represents over 80% of our daily trading volumes. And also today, the majority of our shareholders are now based in the U.S.

自去年九月重新上市以來，我們對迄今為止的進展感到非常滿意。事實上，如今，紐約證券交易所的交易量占我們每日交易量的 80% 以上。今天，我們的大多數股東現在都在美國。

For us, the filing of our 10-K and our U.S. GAAP financials in February was also a key kind of important milestone for us.

對我們來說，二月提交的 10-K 和美國公認會計原則財務報表也是我們的一個重要里程碑。

But ultimately, inclusion is at the discretion of the individual index providers, but we're confident that we're eligible for consideration. And of course, we'll be seeking inclusion as soon as possible.

但最終，是否納入由各個指數提供者自行決定，但我們相信我們有資格被考慮。當然，我們會盡快尋求包容。

Okay. I appreciate that. And then my follow-up would just be on Americas Building Solutions. You mentioned good early season demand trends in Outdoor Living. And wondering how that might inform your view for the first half or rest of there for that group, in particular, just in terms of organic growth potential this year?

好的。我很感激。然後我的後續行動將是美洲建築解決方案。您提到戶外生活的早季需求趨勢良好。想知道這將如何影響您對該群體上半年或其餘時間的看法，特別是今年的有機成長潛力？

I have to say, I think there's one particular division within our Americas Building Solutions, which for me has always been the canary in the coal mine, which is our Outdoor Living business because it's the early season sell-in, the spring season sell-in for our Outdoor Living business. And it gives you a good sense of what the underlying demand is for the small jobbing contractors across the United States, which is a good bedrock.

我必須說，我認為我們的美洲建築解決方案中有一個特殊的部門，對我來說一直是煤礦裡的金絲雀，這是我們的戶外生活業務，因為它是早期銷售、春季銷售——參與我們的戶外生活業務。它可以讓您很好地了解美國各地小型勞務承包商的潛在需求是什麼，這是一個很好的基石。

And I have to say the seasonal demand has been better than we expected. Volume levels are ahead. Activity levels are strong. Sell-through numbers are still strong. I saw the numbers for last week again, continue to be strong and the order books are good. So I'm positively pleased with the development there, and it's a good sign as we start to ramp up for the busy part of our season now.

我不得不說季節性需求比我們預期的要好。成交量水準領先。活動水平很強。銷售量仍然強勁。我再次看到上週的數據，繼續強勁，訂單量也不錯。所以我對那裡的發展感到非常滿意，這是一個好兆頭，因為我們現在開始為賽季的繁忙部分做好準備。

Your next question comes from the line of Keith Hughes with Truist.

你的下一個問題來自 Keith Hughes 和 Truist 的對話。

I agree with your comment, Albert, about being a canary in the coal mine. Can you just speak a little more on specifically what products in Americas outdoors that are doing well and leading the charge here?

艾伯特，我同意你關於成為煤礦裡的金絲雀的評論。您能否具體談談哪些產品在美洲戶外市場表現良好並處於領先地位？

The question was, I used the term canary in the coal mine for Outdoor Living and what products am I specifically talking about.

問題是，我在戶外生活中使用了「煤礦中的金絲雀」一詞，以及我具體談論的產品是什麼。

Actually, it's a wide range, but it's mainly our hardscapes and paving products that are used in building at the backyard. Usually what happens as we come out of the winter season, early spring season, people are prepared to spend time, effort and energy preparing their outdoor living areas for the summer season. So it tends to be those hardscape areas, concrete pavers, bricks, hardscapes, all of that, walls, capstones, all of that.

實際上，它的範圍很廣，但主要是我們後院建築中使用的硬景觀和鋪路產品。通常，當我們走出冬季、早春時節，人們準備花時間、精力和精力為夏季準備他們的戶外生活區。所以它往往是那些硬景觀區域、混凝土攤舖機、磚塊、硬景觀，所有這些，牆壁、頂石，所有這些。

That's where the demand comes from as people prepare for the season, and it really indicates the level of activity that people are prepared to invest in their homes.

這就是人們為季節做準備時需求的來源，它確實表明了人們準備投資房屋的活動水平。

So we have always found that a good indication of the underlying demand and confidence for people to spend in this environment and that's what we're calling it from. And we haven't been proved wrong yet in the 25 years. We've really had a strong business in this area.

因此，我們總是發現，這很好地表明了人們在這種環境下消費的潛在需求和信心，這就是我們所說的。 25 年來我們還沒有被證明是錯的。我們在這一領域確實擁有強大的業務。

Your next question comes from the line of Will Jones from Redburn Atlantic.

您的下一個問題來自 Redburn Atlantic 的 Will Jones。

Can I just ask around the asphalt and paving elements of Americas Materials, please. Perhaps you could just update us on the winter fill program as you come out of that now and how that went and how you feel it leaves you with regard to what you need on price over the summer season.

我可以詢問一下 Americas Materials 的瀝青和鋪路材料嗎？也許您可以向我們介紹冬季補貨計劃的最新情況，以及該計劃的進展情況以及您對夏季價格需求的感受。

And then linked to that, I guess, the paving revenues, I think 20%-or-so growth. I appreciate it's a small quarter, but can you help us understand that? And whether that solutions approach is helping you maybe gain share in that area?

我想，與此相關的是鋪路收入，我認為成長了 20% 左右。我很高興這是一個小季度，但你能幫助我們理解這一點嗎？該解決方案方法是否可以幫助您在該領域獲得份額？

Yes. Thanks for the question. I think just as a reminder, on the liquid asphalt side and asphalt, in particular, we run that business on a margin basis. So it's important for us certainly to have the quantum of liquid asphalt in the tanks in the off-season because of availability and surety of supply. So that's the primary reason that we have and utilize kind of our storage capabilities.

是的。謝謝你的提問。我想提醒一下，在液體瀝青方面，特別是在瀝青方面，我們是在保證金的基礎上經營這項業務的。因此，由於供應的可用性和保證性，在淡季時在儲罐中儲存一定量的液體瀝青對我們來說當然很重要。這就是我們擁有並利用我們的儲存能力的主要原因。

I think in broad terms, we're, from a quantum standpoint and a pricing standpoint, very similar to where we were last year. Again, there's various ways that we grow and protect that margin with State Indexes being one, contractual obligations to our third-party customers. And then there's a bit of it that's kind of floating in the market. So it's almost 1/3, 1/3, 1/3. But again, we manage that on a margin basis.

我認為從廣義上講，從量子角度和定價角度來看，我們與去年的情況非常相似。同樣，我們可以透過多種方式來增加和保護利潤，其中之一就是對第三方客戶的合約義務。然後有一部分在市場上流通。所以幾乎是1/3、1/3、1/3。但同樣，我們是在保證金的基礎上進行管理的。

And the backlogs that are associated with that, i.e., your question on paving continue to improve, both in quantum of dollars but in margins. So it gives us a good indication of where we are. The first quarter is a relatively insignificant time period for us. And paving, the season, really kicks off mid-April through to Thanksgiving, but we're seeing that continued momentum even a month after the first quarter ended.

與此相關的積壓工作，即您關於鋪路的問題繼續改善，無論是在美元數量上還是在利潤率上。因此，它可以很好地表明我們所處的位置。第一季對我們來說是一個相對無關緊要的時期。這個季節的鋪路確實從四月中旬開始，一直到感恩節，但我們甚至在第一季結束一個月後就看到了這種持續的勢頭。

And perhaps just to wrap up on Americas, I think you talked before about a flattish volume view for the whole year back at the Q4 stage. Does that still apply?

也許只是為了總結美洲，我想您之前談到第四季度全年銷量持平的觀點。這仍然適用嗎？

I would say our thoughts at that time are reflected in what we're seeing in terms of backlog and the output for the year. So yes, and that backlog is really a 6- to 9-month window in terms of demand.

我想說，我們當時的想法反映在我們所看到的積壓訂單和今年的產出。是的，就需求而言，積壓確實是 6 到 9 個月的窗口。

Your next question comes from the line of Gregor Kuglitsch with UBS.

您的下一個問題來自瑞銀集團的 Gregor Kuglitsch。

So two questions, please. So firstly, maybe a little bit on Europe. Could you sort of give us a bit of an update what you're seeing there in terms of activity trends maybe a little bit into sort of the second quarter, some weather in Q1 and the pricing trends?

那麼有兩個問題請教。首先，也許了解歐洲。您能否向我們介紹一下您在活動趨勢方面所看到的最新情況，可能是第二季度的情況、第一季的一些天氣狀況以及定價趨勢？

And then maybe -- a second question, maybe a slightly longer-term piece, and there's a slide on sustainability and carbon and so on in the pack. I guess I wanted to sort of get an update what you're thinking on carbon capture. We've seen some announcements from both sides of the pond also in the U.S. You talked a bit about SCMs already, but your thoughts on those sort of things, please.

然後也許是第二個問題，也許是一個稍微長期的問題，其中有一張關於可持續性和碳等的幻燈片。我想我想了解一下您對碳捕獲的最新想法。我們在美國也看到了來自美國兩岸的一些公告。

Jim here. Yes, in terms of Europe, first, in terms of activity level, it's still very early in the season for us. But to date, it's really been a story of two regions.

吉姆在這裡。是的，就歐洲而言，首先，就活動水平而言，對我們來說，賽季還處於早期階段。但迄今為止，這確實是兩個地區的故事。

Firstly, in Europe East, a very strong start to the year and that's really been underpinned by kind of the -- firstly, on the infrastructure side, where we're still kind of in the early stages of a multiyear EU funding on that infrastructure across East Europe.

首先，在東歐，今年有一個非常強勁的開局，這確實是基於——首先，在基礎設施方面，我們仍處於歐盟對該基礎設施的多年資助的早期階段橫跨東歐。

Also very good activity levels on the nonres, particularly into that kind of high-spec industrial nonres, which is also strong in the region.

非再生能源的活動水準也非常好，特別是那種高規格工業非再生能源，這在該地區也很強勁。

And we also benefited in Q1 from some favorable weather out Europe East.

第一季我們也受益於歐洲東部的一些有利天氣。

Looking to Europe West, very different in terms of weather pattern. In our main markets, which is U.K., France and Ireland, really record levels of rainfall that we incurred in Q1. But now that we've moved past that into April and May, certainly, we've kind of moved past that period of wet weather, we're certainly seeing a good recovery in activity levels in those key markets.

看看歐洲西部，天氣模式非常不同。在我們的主要市場，即英國、法國和愛爾蘭，我們第一季的降雨量確實創下了歷史新高。但現在我們已經度過了四月和五月，當然，我們已經度過了潮濕天氣的時期，我們肯定會看到這些關鍵市場的活動水平出現了良好的復甦。

In terms of pricing in Europe, we're getting good momentum. This will be our seventh consecutive year of pushing pricing on across Europe. Quarter 1 is ahead, but has been impacted pretty significantly by the kind of geographic mix of the business and particularly that strong performance in Europe East in the first quarter. In fact, when you kind of mix adjust the underlying pricing activity in Europe, it's kind of mid-single digits positive year-to-date.

就歐洲的定價而言，我們的勢頭良好。這將是我們連續第七年在整個歐洲推行定價。第一季即將到來，但受到業務地理組合的影響相當大，尤其是第一季歐洲東部地區的強勁表現。事實上，當你對歐洲的基本定價活動進行混合調整時，今年迄今的價格是中個位數的正值。

And on the question around the sustainability, which I think it's a broader question than just decarbonization, but in terms of our plans, maybe just to reiterate our 2030 ambition to reduce absolute emissions by 30% at Scope 1, 2 and 3.

關於永續性問題，我認為這是一個比脫碳更廣泛的問題，但就我們的計劃而言，也許只是重申我們到2030 年在範圍1、範圍2 和範圍3 中將絕對排放量減少30 % 的目標。

We made really good progress in 2023, an 8% decline in underlying emissions. We continue to be on the path, a glide path, to meet that objective at 2030, and then ultimately, net zero in 2050.

2023 年，我們取得了非常好的進展，基本排放量下降了 8%。我們將繼續走在 2030 年實現這一目標的道路上，並最終在 2050 年實現淨零排放。

As you would expect, we stay in the loop in terms of a variety of different technologies. That's a changing world that will continue to evolve, but you would expect us to stay on top of that in terms of execution in that area. But I think it is a broader conversation than just sustainability.

正如您所期望的，我們始終了解各種不同技術的最新動態。這是一個不斷變化的世界，並將繼續發展，但您會期望我們在該領域的執行方面保持領先地位。但我認為這是一個比永續發展更廣泛的對話。

And as you say the broader conversation, Randy, let's talk about circularity within CRH. Remember, Gregor, CRH is the largest recycler of any product in the United States. And again, our recycling percentage will go up again this year over last year.

正如您所說的更廣泛的對話，Randy，讓我們談談 CRH 內的循環性。請記住，Gregor，CRH 是美國最大的產品回收商。再說一遍，今年我們的回收率將比去年再次上升。

So sustainability is not just about CO2, it's about circularity as well. And again, we continue to make progress in that area there. It's a key focus for our business going forward. And everything we do is about reducing our carbon footprint, and indeed, preserving the natural scarce resources of our world.

因此，可持續性不僅與二氧化碳有關，還與循環有關。我們再次在該領域繼續取得進展。這是我們業務未來發展的重點。我們所做的一切都是為了減少碳足跡，實際上是為了保護世界上稀缺的自然資源。

We have time for one more question and that question comes from Arnaud Lehmann with Bank of America.

我們還有時間再問一個問題，這個問題來自美國銀行的阿諾‧萊曼 (Arnaud Lehmann)。

I have two questions, if I may. Firstly, on U.S. cement. Could you comment about the possibility of the second round of price increase later in the year, considering the positive momentum you've had so far?

如果可以的話，我有兩個問題。首先是美國水泥。考慮到迄今為止的積極勢頭，您能否評論一下今年稍後第二輪提價的可能性？

And secondly, I just wanted to come back on maybe a technicality, but on Slide 12 when you talk about net debt, you talk about the net M&A contribution of -- or outflow of $1.9 billion. And I appreciate you had Texas, which was, I think, about $2 billion. But you are expected to get some proceeds from the European Lime disposal, which I believe in total should be about $1 billion.

其次，我只是想回到可能的技術細節，但在幻燈片 12 上，當您談論淨債務時，您談論的是淨併購貢獻 - 或 19 億美元的流出。我很感激德州，我認為該州的產值約為 20 億美元。但預計您將從歐洲石灰處置中獲得一些收益，我認為總計應約為 10 億美元。

I know there are three phases and maybe you don't get all of it, but is there -- are there more outflows related to bolt-ons in this number?

我知道有三個階段，也許你沒有完全了解，但是這個數字中是否有更多與螺栓相關的資金流出？

In relationship to the question on cement, 9% ahead in Q1, I think if you look over the last several years really on a market-by-market basis, we evaluate where those opportunities are. Underlying demand is good, it's expected to be good. I think you would expect for us to be able to look at targeted opportunities as well for a second price increase in '24.

關於水泥問題，第一季領先 9%，我認為如果你真正逐一回顧過去幾年，我們會評估這些機會在哪裡。潛在需求良好，預計也會良好。我認為您會期望我們能夠尋找有針對性的機會以及 24 年第二次漲價。

Yes, Arnaud, just in terms of the net movement on the M&A, the $1.9 billion, yes, that's just a makeup of the outflow on the Texas acquisition, also the inflow from Phase 1 and 2 of the European Lime divestiture and then are just regular bolt-ons as well, which we reported out in Q1. So it's just the net of the three numbers.

是的，Arnaud，就併購的淨變動而言，19 億美元，是的，這只是德克薩斯州收購的流出的組成，還有歐洲石灰剝離第一階段和第二階段的流入，然後只是以及常規的螺栓固定裝置，我們在第一季報告過。所以這只是三個數字的淨值。

Thanks, Arnaud. Look, I'm afraid that's all we have time for this morning. I want to thank you for your attention. And as always, if you have any follow-up questions, please feel free to contact our Investor Relations team.

謝謝，阿諾。聽著，恐怕這就是我們今天早上的全部時間了。我想感謝您的關注。一如既往，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。

We look forward to talking to you again in August when we report our results for the second quarter of 2024. Thank you, and have a good day.

我們期待在 8 月報告 2024 年第二季的業績時再次與您交談。

Thank you. Your conference call has now ended. You may disconnect.

謝謝。您的電話會議現已結束。您可以斷開連線。

Good day.

再會。