Final Results

CRH PLC
6 March 2001



2000 RESULTS

Year ended 31st December, 2000
  * Sales - euro                              8,870 m up 32%

                                  Before goodwill          After goodwill
                                   amortisation             amortisation
  * Trading profit - euro           931 m   up 36%*          888 m   up 34%*

  * Profit before tax -             740 m   up 25%*          697 m   up 22%*
    euro

  * Earnings per share -          135.77c   up 22%*       124.92 c   up 17%*
    cent

  * Cash earnings per share                  223.94 c up 27%*
    - cent

  * Dividend per share -                      22.80 c up 14%
    cent

  * Trading profit in the Republic of Ireland increased by 21% to euro 138.5
    million driven by continued good economic and construction activity.
  * In Britain and Northern Ireland, trading profits from continuing
    operations rose by 15% to euro 56.1 million against a background of a flat
    UK housing market.
  * Overall results from Mainland Europe increased significantly during
    2000, aided by the impact of 1999/2000 acquisitions. Underlying operations
    experienced mixed conditions. Trading profit rose to euro 159.6 million,
    up 54%.
  * Trading profit in The Americas increased by 39% to euro 533.4 million.
    Positive translation and acquisition effects, combined with a strong
    performance from the Products & Distribution Division, were partly offset
    by higher oil-related product prices and unusually wet weather which
    impacted profitability in the Materials Division.
  * Development activity continued with euro 1.6 billion spent on over 60
    acquisitions.


    * The percentage changes quoted are based on prior year numbers which
    exclude the net profit of euro 64.2 m (euro 38.5 m after tax) arising on
    exceptional items in 1999.

Liam O'Mahony, Chief Executive, said today:

'We had a good year in 2000. We expect improvements in 2001 from our existing
businesses and, together with the full year impact of businesses acquired
during 2000, we look forward to continued progress in the year ahead.'

Announced Tuesday, 6th March, 2001



RESULTS

Highlights

The results highlights for 2000 are set out below.

Throughout this Statement, percentage changes versus 1999 are based on the
numbers for 1999 excluding the net profit of euro 64.2 million (euro 38.5
million after tax) arising on exceptional items in 1999 (see note 2 on page
13).

  * Sales: euro 8,870 million, up 32%
  * Trading profit before goodwill amortisation: euro 931 million, up 36%
  * Basic earnings per share before goodwill amortisation: 135.77 cent, up
    22%
  * Cash earnings per share: 223.94 cent, up 27%

Translation effects in 2000 arising from the strengthening of Sterling and the
US Dollar versus the euro had a positive impact of euro 54 million on profit
before tax compared with 1999. In addition, shareholders' funds were enhanced
by euro 91 million due to translation effects.

Goodwill amortisation amounted to euro 43.3 million (1999: euro 19.6 million).
Spending on acquisitions and investments in 2000 amounted to euro 1.6 billion,
exceeding the previous record spend of euro 1.4 billion in 1999. The Group
profit and loss account on page 10 separately discloses the impact of
acquisitions made during 2000.

Dividends

The Board is recommending a final dividend of 16.10 cent per share, an
increase of 14% on the 1999 final dividend of 14.10 cent. This makes a total
dividend for the year of 22.80 cent (1999: 20.00 cent), an increase of 14%.

It is proposed to pay the final dividend on 14th May, 2001 to shareholders
registered at close of business on 16th March, 2001. A scrip dividend
alternative is being offered to shareholders.

Development

2000 has been a record year for development activity for CRH, with a total
spend of euro 1.6 billion on over 60 separate deals. The two major
acquisitions during the year were The Shelly Company in February and the Jura
Group in November. Shelly is a leading vertically integrated materials company
in Ohio and West Virginia and together with the Thompson-McCully group in
Michigan which was acquired in July 1999, it consolidates the Group's position
as a major player in the fragmented Midwest materials market. The acquisition
of Jura, a major integrated cement, aggregates and readymixed concrete
producer in Switzerland with a regional building materials distribution
business, extends the geographical reach of CRH's existing operations in
Europe bringing strong market positions in core CRH business sectors.

Republic of Ireland To meet the increasing market demand, our Irish companies
continued with their programme of investment in material reserves, plant and
machinery. In addition to a number of strategic investments in raw material
reserves during the year, three new blacktop plants, two readymixed concrete
plants, a new rooftile facility and a concrete pipe factory were commissioned,
and crushing equipment was upgraded at various aggregates locations. Ballintra
Concrete, a block and concrete manufacturer in Donegal, was acquired in April.
Irish Cement completed a number of efficiency improvement projects and
commissioned its deepwater import terminal in Dublin Port. The construction of
a new exhaust gas treatment system at Premier Periclase's seawater magnesia
facility is underway and is expected to be commissioned in the first quarter
of 2001.

Britain and Northern Ireland Springvale Insulation, with factories in England
and Northern Ireland, was acquired in May 2000, consolidating the Group's
position in the expanded polystyrene (EPS) insulation market in the UK. During
the year, Ibstock Brick invested in robotic handling at South Holmwood,
Stourbridge and Roughdales and in fast firing at Cattybrock in order to reduce
costs and energy usage.

Mainland Europe The acquisition of the Jura Group of Switzerland in November
was CRH's largest acquisition in Europe in 2000. Jura's integrated cement,
aggregates and readymixed concrete businesses, which have access to
significant raw material reserves, operate as a stand-alone unit within the
Materials Division, adding an important new geographic dimension to the
Division's vertically integrated operations in Ireland, Spain, Finland and
Poland. Jura's 43-outlet merchanting business joined the distribution group of
the Products & Distribution Division.

The distribution group also expanded its existing branch network in the
Netherlands during the year with the acquisition of a specialist roofing
materials distributor in March and of an eight-branch DIY chain in October. In
France, the remaining 50% of Materiaux Service was bought out during the year
and a single branch builders merchant in the Ile-de-France region was
acquired. These developments, combined with the inclusion of Jura's network of
branches in Switzerland, result in a significantly enlarged distribution group
with sales approaching euro 1 billion and offer opportunities for synergies
and best practice exchanges in the areas of purchasing, logistics and IT.

The rooflights business which was acquired from Yule Catto & Co plc in May has
now been fully integrated into the existing daylight & ventilation group to
form a new European leader in the sector with operations in Germany, Benelux,
the UK and Ireland.

The concrete products group strengthened and expanded its operations in
Belgium with the acquisition of Omnidal, Schelfhout and Van Welkenhuysen and
the buyout of the remaining 50% shareholding in Remacle. The group also
acquired Zwaans and Monoliet in The Netherlands.

During the year, significant expansion and development of the Group's
materials activities in Poland was achieved through a number of acquisitions
and the successful commissioning of Cementownia Ozarow's 8,000 tonne/day kiln.
The clay products group acquired brick businesses at Gliwice in Upper Silesia
and in Gozdnica in western Poland close to the German border. The insulation
group also expanded into Poland during the year with the acquisition in
February of Termo-Organika, one of the leading Polish producers of EPS
insulation.

The Materials Division extended its product range in Finland by entering the
blacktop business through a total of six small acquisitions, primarily in the
greater Helsinki area.

The Americas The Materials Division acquired 15 new companies in 2000,
including The Shelly Company in Ohio and West Virginia. This acquisition was
followed by four add-on acquisitions in the region later in the year: Northern
Ohio Paving, Bluestone Paving, Waco Stone & Paving and Van Wey Sand & Gravel.
In the West region (including Washington, Utah, Wyoming, Montana, Colorado and
New Mexico), the Materials Division acquired England Construction, Owen
Excavation, Basalt Construction, Telluride Gravel, Jensen Paving, Acme
Materials and Construction, Larry's and Reeves. Two strategic bolt-on
acquisitions, Soneco in Connecticut and Port Dock and Stone in New York City,
expanded and strengthened the Division's operations in the Northeast region.

The Architectural Products Group (APG) acquired masonry producer Domine in New
York and paving producer Gollin in Michigan, improving its regional positions
in these geographic areas. American Stone Mix (ASM) was acquired at mid-year
and, with existing dry mix operations, forms the foundation for a potential
national development platform in this sector augmenting sales to APG's
existing customer base in the important DIY channel. CCI, a supplier of
architectural concrete and stone with locations in the principal cities of
Texas, was acquired in July. Four greenfield, state-of-the-art, large pallet
paver plants have been brought on-line in Tennessee, Massachusetts, California
and Pennsylvania, the latter two with complementary block facilities.
Superlite also added a new block and dry mix production complex near Phoenix.

The Glass Group strengthened its Midwest presence in September when it
acquired Hoffer's, which has eight glass fabrication operations located in
five states. In December, the group acquired Laminated Glass Corporation, a
specialist laminator located in Telford, Pennsylvania serving the important
Northeast and Middle Atlantic markets.

The Precast Group completed nine acquisitions in 2000 adding 16 production
locations. Sabatini and New Jersey Concrete Pipe when combined with the
existing Kerr/Cayuga pipe operations, result in a significant position in
concrete pipe in eastern Pennsylvania and New Jersey. Strescon, with three
wall and floor plank plants in Pennsylvania and Maryland, was a major addition
that complements the Spancrete operations in New York. Chase Precast in
Massachusetts expanded the Rotondo operations in New England. In the
Southeast, Thorn-Orwick's precast plants in Kentucky and southern Indiana
strengthen our presence in these areas. In Utah and Nevada, we acquired WR
White, a concrete pipe manufacturer which is also a distributor of waterworks
supplies. In California, the assets of New Basis' concrete vault plants in San
Diego, Santa Paula and Livermore were acquired, giving added strength to
Utility Vault Company's presence in California. The ConVault above-ground fuel
tank franchises in California and Florida were added to extend our national
position in this product category.

Three small add-on acquisitions were completed by the Distribution Group
during 2000.

Finance

The strong cash generation characteristics of the Group, combined with the net
proceeds of euro 345 million from a 5% share placing in September 2000,
enabled us to spend a total of over euro 2 billion during 2000 on
acquisitions, investments and capital projects while increasing debt by euro
951 million. This inevitably had an impact on our EBITDA interest cover which
has reduced from 10.1 times in 1999 to 6.7 times in 2000. We enter 2001 with a
balanced mix of fixed and floating rate debt and currency net worth.

Regional review

REPUBLIC OF IRELAND
Sales                                 euro 670.7 million         up 11.8%
Trading profit*                        euro 138.5 million        up 20.7%

* Trading profit after including:             2000                 1999
- Goodwill amortisation charge                 nil                  nil
- Profit on disposal of fixed assets    euro 5.0 million     euro 0.9 million

Construction activity in Ireland recorded its seventh year of strong growth
with sales up 10% although activity towards the year-end was affected by poor
weather conditions. Residential construction increased by 7% nationally;
however land and planning constraints in Dublin limited regional growth to 2%.
Road construction works were up 25% despite delays on commencement of some
planned projects. The commercial, industrial and public sectors were all
buoyant. Overall, while the market remained very competitive and although
operating costs were higher in the second half of the year following sharp
increases in energy costs combined with significant wage inflation, profit
progress was satisfactory in line with the strong increase in sales.

Premier Periclase had an improved performance in the refractory materials
market with strong volumes in an extremely competitive market.

BRITAIN AND NORTHERN IRELAND
Sales                                 euro 697.8 million        down 17.7%
Trading profit *                        euro 56.1 million        down 5.9%

* Trading profit after including:             2000                 1999
- Goodwill amortisation charge           euro 5.1million     euro 4.3 million
- Profit on disposal of fixed assets           nil           euro 2.8 million

Reported 1999 performance included the results of Keyline Builders Merchants
for the five months to May 1999 (Keyline was sold on 4th June, 1999), ten
months' trading for the Farrans Plant and Engineering division which was sold
on 29th October, 1999 as well as a full year's trading from Ibstock's Price &
Pierce timber trading activity which was wound- down during 2000. Adjusting
for these activities, which contributed combined 1999 trading profits,
including profits on disposal of fixed assets, of euro 11 million, underlying
trading profit grew by 15% in 2000.

UK clay brick deliveries were 4% lower than in the previous year. At
half-year, volumes had been slightly ahead, so the shortfall was concentrated
in the second half. Against this background, Ibstock Brick performed
satisfactorily and profits were similar to 1999. As part of the ongoing need
to reduce capacity in line with market demand, production lines at Belton and
Ravenshead were closed during the year.

Forticrete continued its growth in the concrete masonry and roof tile sectors,
and despite poor weather in the last quarter, showed an excellent improvement
in profits. The newly enlarged and integrated Springvale-Combat insulation
business experienced significant raw material price increases which were not
fully recovered in higher selling prices.

The UK operations acquired as part of the May 2000 purchase of Yule Catto & Co
plc's European rooflights operations were reorganised and rationalised
post-acquisition and results were in line with expectations.

In Northern Ireland, construction activity was marginally up on last year in a
very competitive market. Turnover in our Farrans Construction Division was
well ahead due to a number of Private Finance Initiative (PFI) contracts
coming on-stream.

MAINLAND EUROPE
Sales                                 euro 2,031.2 million        up 28.5%
Trading profit *                      euro 159.6 million          up 53.5%

* Trading profit after including:              2000                 1999
- Goodwill amortisation charge        euro 19.1 million       euro 7.6 million
- Profit on disposal of fixed assets  euro 4.9 million        euro 2.1 million

Overall results from Mainland Europe increased significantly during 2000,
aided by the impact of acquisitions (both the full year impact of deals
completed during 1999 and inclusion of the post-acquisition results of 2000
acquisitions). Underlying operations experienced mixed conditions during the
year.

Results for the clay products group were down on last year, reflecting
primarily a significant deterioration in market conditions in Germany,
together with the impact of continued over-capacity in the Dutch market. The
group undertook a number of rationalisation measures during the year including
the closure of one factory in the Netherlands and one in Germany. The small
brick operation in Poland performed well producing higher sales and profits.

Overall profits for the concrete products group were ahead of last year due to
the impact of acquisitions, although sales and profits from the underlying
businesses in the Netherlands were lower than 1999 in an oversupplied market.
In Belgium, Marlux had a difficult year but total profits increased following
the acquisition in March of Omnidal which performed ahead of expectations. The
precast concrete telecom vault and drainage systems business in France which
had performed poorly in 1999 was turned around and returned to satisfactory
profit levels.

The building products group had a most successful year both operationally and
on the development front. The daylight & ventilation group, greatly expanded
following the successful integration of the rooflights business acquired
during the year, met our best expectations. The insulation operations faced
significant raw material cost increases throughout 2000 with selling prices
only beginning to improve towards year-end. Heras Fencing had a year of strong
sales and profit growth.

Our distribution businesses recorded good advances in sales and profits; in
the Netherlands, DIY superstore profits, while satisfactory, were slightly
lower due to intense price competition, but our other Dutch distribution
businesses showed improved profits. Materiaux Service and Raboni in France
again recorded double-digit sales and profit gains. The Max* Mat joint venture
in Portugal, which operates nine outlets, improved its performance.

In the Europe Materials Division, sales in Spain grew by 7%. Catalonia, our
most important regional market, saw increased infrastructural investment and
continuing high levels of new residential construction. In this positive
environment, satisfactory margin and profit improvements were achieved.

In Poland, although construction growth at 2% was significantly lower than in
1999, our cement operations benefited from both higher volumes and increased
prices in a stable market. The new kiln at Ozarow outperformed expectations in
its first full year of operation with a good run factor and high energy
efficiency.

In Finland, economic and construction growth in excess of 5% provided a
favourable background for Finnsementti and Lohja Rudus in their first full
year as part of the CRH Group. With strong demand for cement, aggregates and
readymixed concrete, performance exceeded expectations.

THE AMERICAS
Sales                                 euro 5,470.1 million        up 47.6%
Trading profit *                      euro 533.4 million          up 38.5%

* Trading profit after including:              2000                 1999
- Goodwill amortisation charge        euro 19.1 million      euro 7.7 million
- Profit on disposal of fixed assets  euro 2.9 million       euro 1.0 million

2000 was a year of modest construction growth in the US economy. In an overall
economy which featured frequent interest rate rises, instability in the equity
markets and substantial increases in oil-related costs, the construction
market continued to grow albeit at a modest level of circa 1%. South American
economies had a difficult year especially in Argentina where deflationary
conditions existed and construction activity declined substantially.

The Materials Division recorded another year of strong growth fuelled by
record development activity. Oil-related product prices increased
significantly during the year and negatively impacted profitability throughout
the Division. Prices for bitumen, a major component of asphalt, increased by
50% and the cost of natural gas, the primary energy source in asphalt
manufacturing, increased threefold in this period. Although we succeeded in
recovering much of these additional costs through higher selling prices and a
strong focus on group purchasing, we could not fully mitigate the effects and
suffered lower margins in most areas. Extremely poor weather throughout the
year also had a further negative impact on profitability. The Transportation
Equity Act for the 21st Century (TEA 21), under which Federal funding from
1998 to 2003 will show an average increase of 45% over the previous six years,
helped to underpin the highway construction market, our primary end-use. These
funds are supplemented at the state level through additional gas taxes,
borrowings and general tax receipts. In 2000, TEA 21 funding was in general up
to our expectations but some reduction of state funding in the New York market
and the diversion of maintenance monies to large projects in several other
states offset some of the benefits of the Act.

Materials Northeast Our Pike operations in Vermont, New Hampshire and Maine
had a good year though bitumen and energy cost increases reduced overall
profits. The Massachusetts road maintenance market continued to suffer from
the diversion of highway monies into Boston's ongoing 'Big Dig' project. While
the Tilcon operations in Connecticut, New York City and New Jersey had another
solid year, helped by robust markets and recent acquisitions, the Dell and
Millington operations in New Jersey, acquired in mid-1999, were especially
impacted by rising costs and wet spring and early winter weather. Despite poor
weather throughout the year and a lacklustre market in which reductions in
state funding offset most of the increase in Federal spending from TEA 21, our
businesses in upstate New York had a satisfactory year. The Mid-Atlantic Group
in Pennsylvania and Delaware performed well due to strong highway programmes
and the successful integration of recent acquisitions.

Materials West Rising bitumen and energy costs, intense competition and a
declining residential sector resulted in a disappointing year in Utah. Our
Colorado operations were mixed while the New Mexico and Wyoming operations
both performed well. CPM in eastern Washington and northern Idaho enjoyed
strong markets in highways and private construction and performed well. Acme,
acquired in mid-2000, was successfully integrated this year. Segale (now Icon
Materials), located near Seattle, Washington, recovered well following a poor
1999. Hills Materials in South Dakota also had a good year.

Materials Midwest In a difficult Michigan market, results for Thompson-McCully
were below expectations in its first full year with the Group due to increased
competition from concrete paving and an overall competitive market. In
addition, Ohio's paving programme, the major market for the newly-acquired
Shelly group, was reduced as highway money was diverted into several large new
highway construction jobs. Higher bitumen and energy prices impacted both
Thompson and Shelly, which together account for over 40% of the Group's
asphalt production, as they were unable to recover these higher costs fully in
increased selling prices.

The Architectural Products Group achieved significant increases in sales and
operating profits in 2000, aided by strong growth in the lawn and garden
programme directed towards the larger DIY chains and the hardscapes product
line aimed at the professional landscape market. Groupe Permacon in Canada had
another exceptional year while many operations across the United States
reported record sales and profits despite some evidence of slowing in
construction activity in the southwest and midwest. The Glen-Gery clay brick
business performed very well and was comfortably ahead of a record 1999. Our
lightweight aggregates operations in Alabama and Louisiana reported record
sales and profits while Westile, our concrete rooftile business which was
expanded by acquisition in 1999, showed progress.

The Glass Group had another excellent year with substantial growth in sales
and operating profits in spite of higher raw glass and delivery costs.
Exceptional performances were achieved in the Central and Pacific regions, and
strong results were attained in Canada. However, the two specialty glass
businesses in California and North Carolina, which supply glass to OEM
customers such as furniture manufacturers, disappointed.

The Precast Group had yet another excellent year achieving record sales and
profits both in total and for ongoing operations. Solid improvement was
achieved in all regions of the country with operations in Arizona, Pacific
Northwest, Florida and New York performing particularly well. The Modular
division, which supplies precast structures to the correctional and
educational markets, also had an excellent year.

The Distribution Group reported similar results in 2000 despite challenging
trading conditions. The group's markets are predominantly replacement, and its
activities are mainly in the northern tier states of the US. Four successive
mild winters in the northern states reduced the rate of roof replacement. Same
branch sales were down over 3% following the national trend in roofing and
siding demand. This sales decline was offset by an improvement in gross profit
margins, overhead reduction and by small add-on acquisitions.

South America The economic recession and political uncertainty in Argentina
resulted in a sharp decline in construction activity. Profits at clay products
group Canteras Cerro Negro were down versus 1999. Superglass, the leading
glass temperer in Argentina which was acquired in late 1999, performed well,
while profits at our joint venture Vidrios Dell Orto, the leading glass
fabricator in Chile, were affected by low consumer confidence.

Outlook

In Ireland, the outlook suggests further growth albeit at more moderate levels
than in recent years. Activity in the UK is likely to remain relatively flat.
In our principal Mainland European countries we see reasonable growth in 2001.
Although US markets look likely to slow somewhat from recent high levels, we
do not expect a major downturn and investment in infrastructure should be
underpinned by an increasing impetus from the strong Federal TEA 21 highway
funding. Since 31st December, 2000, trading has been satisfactory and in line
with our expectations.

Overall, we expect improvements from our existing businesses and, together
with the full year impact of businesses acquired during 2000, we look forward
to continued progress in the year ahead.



Financial results and supplementary information

Group profit and loss account

for the year ended 31st December, 2000
                                    Continuing
                                    operations
                                         Acquisitions    Total
                                          2000   2000     2000     1999
                                        euro m euro m   euro m   euro m       %
                                                                         Change
Sales, including share of joint        7,830.9 1,038.9  8,869.8  6,733.8   +31.7
ventures
Less: share of joint ventures           (127.1)  (40.9)  (168.0)  (134.4)
Group sales                            7,703.8   998.0  8,701.8  6,599.4   +31.9
Cost of sales                         (5,225.6) (719.8)(5,945.4)(4,496.0)
Exceptional impairment cost                  -      -        -     (15.3)
Gross profit                           2,478.2   278.2  2,756.4  2,088.1
Operating costs                       (1,685.4) (169.4)(1,854.8)(1,439.0)
Goodwill amortisation                    (32.8)  (10.5)   (43.3)   (19.6)
Group operating profit                   760.0    98.3    858.3    629.5
Share of joint ventures' operating        14.6     1.9     16.5     11.8
profit
Operating profit, including share of     774.6   100.2    874.8    641.3
joint ventures
Profit on disposal of fixed assets        12.8       -     12.8      6.8
Exceptional profit on disposal of            -       -        -     79.5
subsidiary
Trading profit, including share of       787.4   100.2    887.6    727.6   +22.0
joint ventures
Group interest payable (net)                            (190.0)    (91.8)
Share of joint ventures' net interest                     (0.9)     (0.9)
Profit on ordinary activities before taxation            696.7     634.9    +9.7
Taxation on profit on ordinary activities               (193.7)   (152.0)
Taxation on exceptional items                                -     (25.7)
Profit on ordinary activities after                       503.0    457.2
taxation
Profit applicable to equity minority                      (4.6)    (3.1)
interests
Preference dividends                                      (0.1)    (0.1)
Profit for the year attributable to ordinary             498.3    454.0    +9.8
shareholders
Dividends paid                                          (26.7)   (23.3)
Dividends proposed                                      (66.7)   (55.2)
Profit retained for the financial year                   404.9    375.5
Earnings per Ordinary Share
Basic
- Including 1999 exceptional items                     124.92c  116.38c    +7.3
- Excluding 1999 exceptional items                     124.92c  106.51c   +17.3
- Excluding goodwill amortisation and 1999             135.77c  111.54c   +21.7
exceptional items
Diluted
- Including 1999 exceptional items                     122.98c  114.82c    +7.1
- Excluding 1999 exceptional items                     122.98c  105.08c   +17.0
Cash earnings per share                                223.94c  177.00c   +26.5
Dividend per share                                      22.80c   20.00c   +14.0

Movements on profit and loss account

for the year ended 31st December, 2000
                                                                   2000    1999
                                                                 euro m  euro m
At 1st January                                                  1,496.4   887.8
Profit retained for the financial year                            404.9   375.5
Currency translation effects on results for the year              (4.5)    22.4
Currency translation effects on foreign currency net               95.4   156.9
investments
Re-denomination and re-nominalisation of Ordinary / Income            -   (3.8)
Shares
Goodwill written-back on disposal of subsidiary                       -    57.6
At 31st December                                                1,992.2 1,496.4



Statement of total recognised gains and losses
for the year ended 31st December, 2000
                                                                    2000   1999
                                                                  euro m euro m

Profit for the year attributable to ordinary shareholders          498.3  454.0
Currency translation effects on results for the year               (4.5)   22.4
Currency translation effects on foreign currency net investments    95.4  156.9
Total recognised gains and losses for the financial year           589.2  633.3



Group balance sheet as at 31st December, 2000
                                                     2000            1999
                                                 euro m  euro m  euro m  euro m
Fixed assets
Intangible asset - goodwill                               954.6           629.2
Tangible assets                                         4,550.9         3,225.8
Financial assets
Investment in joint ventures
- share of gross assets                           116.3           106.3
- share of gross liabilities                     (59.3)          (62.6)
- loans to joint ventures                          15.0            14.2
Other investments                                  32.0             8.7
Total financial assets                                    104.0            66.6
Total fixed assets                                      5,609.5         3,921.6
Current assets
Stocks                                            903.0           662.3
Debtors                                         1,535.7         1,082.5
Cash, short-term deposits and liquid resources  1,361.9           972.2
Total current assets                            3,800.6         2,717.0
Creditors (amounts falling due within one year)
Bank loans and overdrafts                       1,071.5           260.0
Trade and other creditors                       1,422.3         1,042.0
Corporation tax                                    34.5            39.7
Dividends                                          66.8            55.2
Total current liabilities                       2,595.1         1,396.9
Net current assets                                      1,205.5         1,320.1
Total assets less current liabilities                   6,815.0         5,241.7
Creditors (amounts falling due after more than one
year)
Loans                                           2,910.2         2,381.5
Deferred acquisition consideration                213.6           205.5
Corporation tax                                    41.3            32.2
Total creditors due after more than one year            3,165.1         2,619.2
Capital grants                                             17.3            18.8
Provisions for liabilities and charges                    521.8           365.0
Capital and reserves
Called-up share capital
Equity share capital                              140.9           133.1
Non-equity share capital                            1.2             1.2
Equity reserves
Share premium account                             930.9           561.1
Other reserves                                      9.9             9.9
Profit and loss account                         1,992.2         1,496.4
Shareholders' funds                                     3,075.1         2,201.7
Minority shareholders' equity interest                     35.7            37.0
                                                        6,815.0         5,241.7

Supplementary information

1 Translation of foreign currencies

    These financial statements are presented in euro. Results and cash flows
    of subsidiary and joint venture undertakings based in non-euro countries
    have been translated into euro at average exchange rates for the year, and
    the related balance sheets have been translated at the rates of exchange
    ruling at the balance sheet date. Adjustments arising on translation of
    the results of non-euro subsidiary and joint venture undertakings at
    average rates, and on restatement of the opening net assets at closing
    rates, are dealt with in retained profits net of differences on related
    currency borrowings. Any other translation differences are included in
    arriving at trading profit.

    Rates used for translation of results and balance sheets into euro were as
    follows:

                                       Average                  Year-end
euro 1 =                              2000           1999       2000       1999

U.S. Dollar                         0.9236         1.0658     0.9305     1.0046
Pound Sterling                      0.6095         0.6587     0.6241     0.6217
Polish Zloty                        4.0082         4.2274     3.8498     4.1587
Swiss Franc                         1.5137            n/a     1.5232        n/a

2 Exceptional items in 1999

    (a) An impairment review of the fixed assets of Premier Periclase carried
    out during 1999 indicated that the current carrying value at that time was
    not supported and a write-down of euro 15.3 million was accordingly
    reflected in the 1999 results. The taxation impact of this write-down was
    euro 1.6 million.

    (b) In June 1999, the Group sold its UK subsidiary Keyline Builders
    Merchants Limited. A profit of euro 79.5 million, net of goodwill of euro
    57.6 million previously written-off against reserves, was reflected in the
    1999 results. Taxation on this profit amounted to euro 27.3 million.

3 Geographical analysis
Analysis by destination                                 2000           1999
                                                     euro m      % euro m     %
Sales, including share of joint ventures
Republic of Ireland                                   670.7    7.5  599.8   8.9
Britain and Northern Ireland                          697.8    7.9  847.6  12.6
Mainland Europe                                     2,031.2   22.9 1,580.9  23.5
The Americas                                        5,470.1   61.7 3,705.5  55.0
Total sales including share of joint ventures       8,869.8    100 6,733.8   100
Less: share of joint ventures                       (168.0)        (134.4)
Group sales                                         8,701.8        6,599.4
Trading profit, including share of joint ventures
Republic of Ireland                                   138.5   15.6  114.7  17.3
Britain and Northern Ireland                           56.1    6.3   59.6   9.0
Mainland Europe                                       159.6   18.0  104.0  15.7
The Americas                                          533.4   60.1  385.1  58.0
Trading profit excluding exceptional items            887.6    100  663.4   100
Exceptional items, net                                    -          64.2
Trading profit including exceptional items            887.6         727.6


Analysis by origin                                      2000           1999
                                                     euro m      % euro m     %
Sales, including share of joint ventures
Republic of Ireland                                   707.3    8.0  626.0   9.3
Britain and Northern Ireland                          679.0    7.6  843.6  12.5
Mainland Europe                                     2,014.0   22.7 1,557.3  23.1
The Americas                                        5,469.5   61.7 3,706.9  55.1
Total sales including share of joint ventures       8,869.8    100 6,733.8   100
Less: share of joint ventures                       (168.0)        (134.4)
Group sales                                         8,701.8        6,599.4
Trading profit, including share of joint ventures
Republic of Ireland                                   144.1   16.2  119.6  18.0
Britain and Northern Ireland                           50.8    5.7   54.2   8.2
Mainland Europe                                       159.3   18.0  104.5  15.8
The Americas                                          533.4   60.1  385.1  58.0
Trading profit excluding exceptional items            887.6    100  663.4   100
Exceptional items, net                                    -          64.2
Trading profit including exceptional items            887.6         727.6

4 Movements in shareholders' funds
                                                                2000      1999
                                                              euro m    euro m
At 1st January                                               2,201.7   1,554.0
Profit retained for the financial year                         404.9     375.5
Currency translation effects                                    90.9     179.3
Issue of ordinary share capital (net of expenses)              377.6      35.3
Goodwill written-back on disposal of subsidiary                    -      57.6
At 31st December                                             3,075.1   2,201.7



5 Summarised cash flow

This following table summarises the Group's cash flows for 2000 and 1999.
                                                                 2000      1999
                                                               euro m    euro m
Inflows
Profit before tax (excluding 1999 exceptional items)              697       571
Depreciation and goodwill amortisation                            395       275
Disposals                                                          41       331
Share issues (net of expenses)                                    378        35
Total inflows                                                   1,511     1,212
Outflows
Working capital movement                                         (75)      (47)
Capital expenditure                                             (430)     (360)
Acquisitions and investments                                  (1,605)   (1,421)
Dividends                                                        (82)      (71)
Tax paid                                                        (140)     (160)
Other                                                            (23)      (14)
Total outflows                                                (2,355)   (2,073)

Net outflow                                                     (844)     (861)
Translation adjustment                                          (107)      (79)
Increase in net debt                                            (951)     (940)



6 Other
                                                               2000       1999
EBITDA interest cover (times) *                                 6.7       10.1
EBIT interest cover (times) *                                   4.6        7.2
* including share of joint ventures; 1999 comparatives exclude exceptional
items

EBITDA = earnings before interest, tax, depreciation and goodwill amortisation

EBIT = earnings before interest and tax
Average shares in issue (millions)                            398.9      390.1
Net dividend per share (cent) **                             22.80c     20.00c
Dividend cover (times) *                                       5.34       5.29
* 1999 comparative excludes exceptional items

** dividend payments made on or after 6th April, 1999 do not carry a tax
credit
Depreciation charge - euro million                            351.7      255.4
Goodwill amortisation charge - euro million                    43.3       19.6
Net debt - euro million                                     2,619.8    1,669.3
Debt ratio                                                      84%        74%
Debt to year-end market capitalisation                          32%        20%



7 Abbreviated accounts

The results disclosed herein do not represent full accounts. Full accounts for
the year ended 31st December, 2000, upon which the Auditors have given an
unqualified audit report, have not yet been filed with the Registrar of
Companies. Full accounts for the year ended 31st December, 1999 containing an
unqualified audit report from the Auditors have been delivered to the
Registrar of Companies.



8 Annual Report post-out and Annual General Meeting (AGM)

The 2000 Annual Report is expected to be posted to shareholders on Wednesday,
4th April, 2001 together with details of the Scrip Dividend Offer in respect
of the final 2000 dividend. The 2000 Annual Report is available to the public
from Thursday, 5th April, 2001 at the Company's registered office. The Group's
AGM is scheduled to be held in Jurys Hotel, Ballsbridge, Dublin on Wednesday,
9th May, 2001.



END
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