Quantitative and Qualitative Disclosures About Market Risk
−Removed: CRH is exposed to market risks relating to fluctuations in foreign exchange risks, interest rates, and commodity prices.
+Added: CRH is exposed to market risks relating to fluctuations in foreign exchange rates, interest rates, and commodity prices.
Changes in those factors could impact the Company’s results of operations and financial condition.
14 unchanged sentences
At December 31, 2023, the Company had fixed rate debt of $9.1 billion and floating rate debt of $2.7 billion, representing 77% and 23%, respectively, of total debt, including overdrafts, finance leases and the impact of derivatives.
−Removed: The Company’s interest rate swaps at December 31, 2023 was $1.4 billion, compared to $1.8 billion as of December 31, 2022.
−Removed: Cash and cash equivalents at December 31, 2023 were $6.4 billion, compared to $5.9 billion at December 31, 2022, which was all held on short-term deposits and investments.
+Added: The Company’s interest rate swaps at December 31, 2024, whereby the Company swaps from fixed interest rates to floating interest rates, were $1.4 billion, compared to $1.4 billion as of December 31, 2023.
+Added: The Company’s interest rate swaps at December 31, 2024, whereby the Company swaps from floating interest rates to fixed interest rates, were $0.2 billion, compared to $nil billion as at December 2023.
+Added: Cash and cash equivalents and restricted cash at December 31, 2024, were $3.8 billion, compared to $6.4 billion at December 31, 2023, which was all held on short-term deposits and investments.
Sensitivity to interest rate moves
4 unchanged sentences
(ii) the translation of foreign currency earnings and (iii) the cash flows related to foreign currency denominated transactions.
−Removed: Where economically feasible, the Company maintains Net Debt* in the same relative ratio as capital employed to act as an economic hedge of the underlying currency assets.
+Added: Where economically feasible, the Company maintains Net Debt* in the same relative currency ratio as capital employed to act as an economic hedge of the underlying currency assets.
Where it is not feasible to do so, the Company may enter into foreign exchange forward contracts to hedge a portion of the net investment against the effect of exchange rate fluctuations.
5 unchanged sentences
Holding all other variables constant, if there were a 10% weakening in foreign currency exchange rates versus U.S.
−Removed: Dollar for the portfolio, the fair market value of foreign currency contracts outstanding at December 31, 2023 would increase by approximately $2 million (at December 31, 2022 would increase by approximately $6 million), which would be largely offset by a loss on the foreign currency fluctuation of the underlying exposure being hedged.
+Added: Dollar for the portfolio, the fair market value of foreign currency contracts outstanding at December 31, 2024, would decrease by approximately $86 million (at December 31, 2023, would increase by approximately $2 million), which would be largely offset by a loss on the foreign currency fluctuation of the underlying exposure being hedged.
Commodity Price Risk
−Removed: Some of the Company’s products contain significant amounts of commodity-priced materials, predominantly fuel oil, carbon credits, coal and electricity, which are subject to price changes based upon fluctuations in the commodities market.
+Added: Some of the Company’s products use significant amounts of commodity-priced materials, predominantly fuel and principal energy-related raw materials such as oil, electricity, coal and carbon credits, which are subject to price changes based upon fluctuations in the commodities market.
This price volatility could potentially have a material impact on our financial condition and/or our results of operations.
7 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.