Good morning. My name is Albert Manifold. I am the chief executive of CRH. I'm talking to you this morning from our office here in Atlanta. I'm joined here this morning, joins us there, and he too is joined by Frank Heisterkamp, who's director of capital markets. He want to say a short few words to my colleagues in CRH, the almost 100,000 people that worked through the course of last year, a very challenging and difficult year for us personally and professionally, and to thank you all most sincerely for the hard work and dedication, and indeed sacrifices you made to help deliver for us, which were record results. Of course, we're not through the pandemic yet. We hopefully will see the relief coming to us during the course of this year as science comes to help us. However, all I can ask is that all of us respect the protocols, try and stay safe, and look after each other until this situation unwinds as best it can. Over the next 40 minutes or so, we're going to go through a presentation which takes you through the background to the performance of our business in 2020, how we've delivered those numbers, what was behind it, and indeed, setting out for you some sense of what 2021 looks like, even though it is very early on in the year. We'd also like to take a little bit of time to explain to you some of the changes that have been happening in our business over the last 10 years and see how that has changed the face of CRH and also sets us up for the next stage of growth in our company. As usual, at the end, we'll have questions and answers, a little bit different to before because we're not in a live room anymore. In the current climate, of course, everything is remote, we'll talk about that later on. First and foremost, if I can go on to the first slide, just to set out, as I said to you, some of the key messages that we're talking with regard to CRH on slide two. A very challenging year for us across CRH. What we've seen is a slowdown in our businesses, not necessarily because of a slowdown in volumes, but what's actually happened is we've seen that significant restrictions in our life and in our business and our ability to get to work, principally in Western Europe. Of course, there were lockdowns for several weeks and indeed a couple of months in some of our main markets. We also saw it in Central and Eastern Europe as well, although not as much, where it was quite resilient. Here in North America, particularly in the United States, where construction was deemed to be a necessary activity. It still slowed down activity levels, and it meant that our top-line revenues were back by about 2%, but only 2%. Of course, we worked within our businesses this year to try and deliver the best result we possibly could. In 2020, I'm happy to report, yet again, it was another year of advancements both in profits, margins, and cash, where all three were ahead again against a backdrop of a declining top line, which was a really strong and robust performance. Of course, higher profitability for us converts into higher cash, and that strong cash is utilized, and you can see it in the strength of our balance sheet. Our balance sheet now is at the strongest it's ever been. Net debt- to- EBITDA is at 1.3 x, and that sets us up very well, particularly so when measured up against the significant pipeline of opportunities we see going out ahead of us in the years ahead. We'll talk more about that later in the presentation. Also, that cash being put to good use for our shareholders, returning cash to our shareholders. We've announced this morning an increase in our full-year dividend to $ 1.15, a 25% increase in dividend, recognizing not only the strength of our cash flow last year, but also really attesting to the confidence we feel about the repeatability of the performance in the years ahead and the strength of how we feel our cash in our business and the cash generation of our business will support all aspects of our cash allocation as we go forward. We'll talk about that during the course of the presentation. We've announced a continuation of our buyback program, a recommencement, I should say, where we're announcing our ambition to spend up to about $300 million buying back our stock between now and the end of June. All of the performance this year has been a result of the hard work during 2020. Of course, we've been working for a number of years in the reshaping and repositioning of our businesses. That also has helped to deliver, and we're going to talk about that. We've also been working on the continuous business improvement within our business. That has been a huge part of how we deliver within our businesses and nudging on margins and performance on a year-to-year basis. Also, there have been some crucial changes in terms of the position of our businesses. We used to just produce base materials. We've now evolved our business over the last decade to be one that focuses very much on integrated building solutions, providing better options and solutions for our customers, and I want to expand upon that at the back end of the presentation. For the moment, I'm going to pass you back to Senan in Dublin, who's going to take you through some of the key highlights of our financial performance in 2020. Senan? Thanks, Albert. I'm turning now to slide three. As you can see set out on this slide, we have set out our financial highlights from the results announcement this morning. I guess in summary, for me, it's been a very robust performance against what has been a very challenging trading environment over the last 12 months. You can see that we're reporting a sales number of $ 27.6 billion, which is a decline of 2% over last year. That really reflects the negative impact that COVID has had on activity levels in many of our markets, but particularly during the second quarter. Despite that decline in top line, we're reporting record profits today, $ 4.6 billion of EBITDA, which is a 5% increase over what was already a very strong performance in 2019. That earning performance really is a testament to the real focus and quick attention to preserving our profits over the course of the last 12 months. That strong profit performance shows up as well in our margin. Another year of margin improvement, 120 basis points of organic growth in our margins over the last 12 months. That strong profit performance also helps us to significantly increase our earnings per share with an almost 20% increase on a pre-impairment basis over last year. I'm pleased to say that we have had another very strong year of cash generation, $3.9 billion of cash from our operations all across the group. Again, we'll talk about that in more detail later. That strong cash generation has further strengthened or underpins the capability within our balance sheet. We've now got a year-end position where the net debt to EBITDA ratio is at 1.3 x. That leverage level is the lowest that we've seen, certainly within the last decade across the organization, and it gives us capacity to be able to create more value as we go forward. At this point, I'd like to hand back over to Randy, who's going to share with you a backdrop on the North American market, maybe also update you on the trading performance in our materials business in North America. Keith will pick up and update you on the trading performance in our Building Products business, and Albert will then update on Europe. Thanks, Senan. If you turn to slide five, I guess if I had to use one word to describe construction demand in 2020, I'd say resilient. Construction activity in the northeastern and northwestern portion of the U.S., along with Canada, were the regions that were primarily impacted by the pandemic restrictions that were put in place, particularly in the first half of the year. Our businesses in the central, western, and southern part of the U.S. were far less affected. As you know, about 50% of our materials business is exposed to infrastructure, and we're pleased with the momentum we continue to see there. Although activity levels were slightly below 2019, that funding is underpinned by a strong bipartisan support at the federal, state, and local level. Moving to residential construction, new build construction was robust in the U.S. Demand for new housing is really at multi-year high, supported by low interest rates, low inventory levels, and a continuation of the migration pattern we've seen to the western and southern portions of the U.S. Remodeling activity was strong as well, as we saw households and individuals redirect discretionary income to the improvement of their homes. More importantly for us, improvement and building out outdoor living spaces. Really not a surprise to anybody that the non-res market was the particular market that was most heavily impacted. Lower levels of activity in the retail office and hospitality space were partially offset by good demand in warehouse, data centers, health, and communications. Despite that lower level of activity, and I would call it really a benign input cost environment, we saw good commercial discipline across all of our markets and product lines. Now turning to slide six to talk a little bit about materials performance. Really happy with and proud of the work the team did in 2020. Our production volumes in aggregate asphalt and ready-mix concrete were below 2019 levels, primarily due to the restrictions I talked about on slide five. Our cement volumes remained intact and strong, roughly in line with 2019 levels, really driven by an exceptional demand environment out west, offset a bit by lower levels of activity in Canada. Again, despite those lower levels of activities, our teams did a tremendous job in around commercial discipline, and that translated into margin improvement in each of the lines of business across our platform. For me, when I look at 2020 and stand back, what really to me highlights the great performance has been the resilience of our business model and our operational agility. The ability for us to leverage our scale and our vertically integrated business model to adapt to the volatile demand levels that we saw on a micro-market basis, and then to be able to flex our cost base accordingly, that's really what delivered the results you see today. A 10% improvement in underlying EBITDA versus 2019 levels and a strong margin improvement of 260 basis points. Now, certainly part of that margin improvement was a result of lower energy environment. Really the majority of those gains just came from better execution from our teams in the markets that we serve. With that, I'll turn the presentation over to Keith to take you through Building Products. Thanks, Randy. Looking now at slide seven, it sets out the performance of Building Products last year, 2020. That was certainly a difficult and challenging year for us. We do business in 15 different countries around the world, and that's kind of 15 different ways to handle the crisis. Against that backdrop, our teams delivered continued progress in our business. By having a long-term focus on continuous business improvement, as well as developing integrated products and solutions for our customers, we were able to grow our sales, grow our profits, and improve our margins last year despite all the challenges. When you look inside our portfolio of businesses, there were ups and downs. Our Building Envelope business, which is primarily North America and Europe and primarily focused on non-residential, had its challenges, and activity levels did decline in that business last year. We had good cost controls to preserve our profitability, though. In our infrastructure products business, we saw stable demand. Against that stable backdrop, we were able to continue to grow our profits and our margins in North America and indeed in Europe. The biggest business in our division is architectural products, and they had a record performance in 2020. That's because of the focus that they have on residential markets, and especially RMI within residential. Starting around the beginning of Q2, we saw a significant increase in demand for residential RMI products, especially outdoor living products, which are the core of what we do in our architectural products business. That carried on through the year. Against that positive demand backdrop and our focus on operating efficiency and serving our customers with passion, we're able to deliver record sales, record profits, and record margins in that business last year. You know, it's not just about last year. There's been a significant amount of change and transformation and improvement in Building Products over the last number of years. We've got a simpler, more focused portfolio of businesses. We've demonstrated consistent growth and consistent improvement in our margins and our returns. We're now 25% of group EBITDA. It's a very strong foundation from which CRH can build for in the future. Albert, over to you. Thanks, guys. Look, a really strong performance by both our businesses in North America, a really great delivery which underpinned the delivery for CRH in 2020. If I can move on to the next slide, just to give you a sense of the backdrop that we saw in our European markets. Europe was much more impacted by the pandemic than it was here in the United States, particularly Western Europe. In our big markets of Ireland, U.K., and France, very significant closures and restrictions on activity levels for several months in some cases. In fact, it was well into the second half of the year, excuse me, before we saw activity levels recovering back to where they should be. Central and Eastern Europe was a little bit more resilient. It was back upon normalized levels, but at least it was a little bit more resilient, and we had really good delivery in our markets there. Of course, we saw in the second half of the year, which we will talk about later on, we saw a rebound, and that was what brought the strength, particularly in Europe in the second half of the year, was the fact there was so much catch-up work from the first half of the year. Delighted to see again, for the third year in a row, strong price increase coming through our major businesses in Europe. If I can specifically turn to Europe Materials now and look at the performance of that division on the next slide. Again, a very solid performance in what was an extremely challenging environment. I mean, almost two or three cycles in one year. Trying to manage different businesses in different ways was very challenging. I'd have to say we did a good job and was delighted to see in that very busy second half of the year, both profits and margins were ahead in the second half of the year across Europe. As I said, the third consecutive year of price increases, particularly coming through our big cement businesses, we had a very strong performance in Poland and Romania on the basis of that. I think really what we're seeing there is prices getting back to where they should be. Prices in Europe dislocated from the rest of the world sometime around 2010, 2012, in the global financial crisis. Significant investments have been made by all the major cement producers across Europe and will continue to be made in a changing regulatory environment. These investments need to be paid back, therefore we need to get proper pricing or more normalized pricing. I think we will continue that on in the years ahead. Very happy to see, although it doesn't show on the face of the profit and loss account you're looking at there, the progress and work we've done on margin. Although we took a step back on margin in Europe this year, really it was as a result of the pandemic. In fact, the worst part of our business in terms of the pandemic closures was the United Kingdom, where we were pretty much closed for five to six months. If I'd taken the U.K. out of the numbers there, you can see our margin would have progressed by about 100 basis points, which attests to the resilience of our businesses across Europe. Look, that's a very brief overview of our businesses and kind of brings you to a conclusion with regard to what was behind the trading numbers that were actually there. I think a really good, robust performance in a very, very challenging environment, something we've never seen before, and a testament to the strength not only of the business model that we have, but the years of work that we have done to get us to this particular place. We have a lot more work to do. What I'd like now to do is to hand it back to Senan in Dublin, who'll take you through the financial performance that was delivered by those operations. Senan? Turning now to slide 11, you can see here the components of our profit performance over the last 12 months. The highlight on this slide for me really is the $230 million of organic growth. A 5% increase on last year in terms of our performance there. That's a tremendous performance across all of our businesses, particularly when you take into account the fact that our top line has actually reduced by over $500 million in the same period. I think that strong organic growth is a testament to the commitment of our people. It's also obviously as a result of the strength and the resilience of our business model. It also reflects the ongoing relentless focus on continuous business improvement across all of our operations around the group. We can see here that the contribution from acquisitions net of divestments over the last 12 months is an incremental $32 million of profit. By CRH standards, we've had a very quiet year on the acquisition front. We made a conscious decision during the course of the year to step back on M&A activity given the lack of clarity in many of our markets. Currency translation is a small tailwind this year. Our decision to change our reporting currency earlier in the year has had a positive result in reducing the volatility and the variation associated with translating our performance into profits. We've had one-off costs during the year associated with COVID, mostly related to restructuring activities that were required in some of our markets as a result of the impact of the pandemic on our business. If you turn now to slide 12, what you can see here is further detail around our strong cash performance over the last year. $3.9 billion of cash generated across all of our operations. Said another way, 85% of our EBITDA converted into cash. This is the third year in a row where we've actually had above 80% conversion of EBITDA into cash. The highlight for me over the last 12 months in our cash performance is actually working capital. We've managed to generate another $200 million of positive cash out of our working capital base. That, again, is a testament to the real focus that all of our operations have had around continuing to, again, improve the performance around working capital, looking after our receivables, payables, inventory levels, and managing it day to day, week to week, month to month throughout the year. Now what that strong cash generation does, obviously, is it further bolsters or strengthens or underpins our balance sheet as we look forward. It gives us options in terms of how we can create value for shareholders going forward. We've got choices in terms of how we spend this cash, whether we spend that cash on the healthy pipeline of deals that we have in our business today, whether we continue to invest in organic growth in our business, or actually, if we increase the cash that we return to our shareholders, or we can do all of the above. It's in that context that we're increasing our dividends this year to 25% when you look at our full-year number, and it's also behind our thought process around recommencing our buyback program with the next phase of that being up to $300 million returned between now and the end of June. If you move on now to slide number 13, looking at our net debt movement over the course of 2020. Again, the highlight here is the strong cash generation from our operations. As I said, what that has done, it has significantly strengthened our balance sheet through the course of 2020. We've also invested $400 million in 17 value-accretive bolt-on deals that will add profits and returns and cash into our businesses going forward. Despite the fact that we scaled back on our CapEx activity in the first half of the year, given the uncertainties and some of the disruptions in our businesses, we still spent or invested $1 billion in organic growth over the last year. Some of that in maintaining our businesses, but also some of that in expanding capacity for parts of our business where we actually had record demands. We returned $900 million of cash to our shareholders, mostly in dividends, but also some buybacks in the first quarter of 2020. All of that does then is it means that we've ended the year with a net debt position of $5.9 billion and a net debt to EBITDA at just below 1.3 x. As I said, this is a balance sheet now that looks as strong as we have ever had in the past. With that financial strength or with that balance sheet strength, we've got the firepower to be able to continue to think about further growth opportunities in our business going forward. If you turn now to slide 14, and we'll talk about our performance through the cycle. As you know, I'm retiring this year, so these are the last set of financial results that I'm going to present for CRH. I thought it'd be useful, or maybe you would humor me to allow you to listen to the fact that we've not just what we've done in the last 12 months, but also what we've done through the current cycle. If you look at our performance since 2013, what you can see here is good growth in our top line, very strong growth in our profitability. The standout metrics on this slide for me are our cash, our margins, and our returns. We've more than doubled the cash from our operations over this period. We've increased our margins by over 800 basis points, and we've increased our returns by over 400 basis points. Yes, we've had some macro tailwinds to help us along the way. Both our North American and European businesses have shown market growth and improvement over that period. Our performance has been well above what the market entitles us to do, and that's really down to the careful repositioning and restructuring of our business, and it's also down to the relentless focus on the need to continue to improve our performance across all of our businesses. What this slide really demonstrates for me is that CRH has the ability to be able to deliver superior performance through the cycle. If you move now to slide 15, we'll talk about 2020's performance against that backdrop. It's an opportunity to talk about the performance within the cycle as well as the performance through the cycle. As Albert mentioned earlier, 2020 has been a year where we've actually had, in effect, three cycles. We had a very strong performance and strong start to the year in the first quarter. We had significant disruption to many parts of our business during the second quarter. Then in the second half of the year, we saw a gradual recovery in activity levels across most of our markets. 2020 has been a particularly difficult year. Despite that, we've had another really strong performance. I think when you want to understand and get behind that performance, part of it absolutely is about the proactive and decisive actions that we've taken during 2020 to protect our profits. A lot of it has to do with the hard work and effort that's been put in in previous years to make our business more resilient, to make it more agile, to make it more adaptable, to allow it to be better able to cope with the type of stresses that we've seen over the last 12 months on both sides of the Atlantic, both North America and in Europe. For me, the takeaway on this slide is that CRH has got the ability to not just deliver superior performance through the cycle, but also to be able to deliver superior performance within the cycle. At this point, I'd like to hand back to Albert to update you on our group strategy. Thank you, Senan. Look, significant progress there over the last number of years, and indeed significant progress in 2020. We have revenues come back by over $ 500 million, and yet EBITDA increasing by over $ 230 million. That doesn't normally happen. What I'd like to spend a moment doing on the next slide is explaining what we actually did in 2020, and explain how that has leading to some changes in our business that we've seen develop over the last number of years come to fruition during 2020, and also set us up for the strategic evolution of our business to avail the future opportunities in the course of the next growth cycle. What actually happened in 2020 that we are able to deliver a $ 230 million EBITDA increase against a falling top line of over $ 500 million? First of all, actually, if we had managed our business in a different way, actually, I think the top line could have fallen by more. Over the last decade or so, we have made a conscious decision to move our business more and more towards the publicly funded construction area. We've done so because it's more resilient in the down cycle, and it's largely infrastructure. Governments tend to fund construction and infrastructure through the cycle and within cycles. They support the economy. Our movements to that over the last 10 years, where it's a much higher percentage of our business now, definitely helped us last year. In addition to that, particularly in our products business, but also in our materials business, we have a shift more towards repair and maintenance. In repair and maintenance, you don't have a choice. You must repair broken things. You must repair broken roofs. You must repair broken walls, broken roads. They have to be attended to. You can defer new construction, RMI is more resilient, particularly again, in the downside. Those two items were very significant contributors to protecting our revenues. Crucially, over the last number of years, we have moved away from being solely a supplier and producer of base materials. More and more, we are taking those base materials and converting them into value-added products and supplying services with those products to provide integrated building solutions with our customers. We are more and more becoming an important and integral part of how they do business. That embeds us with our customers, and again, increases the resilience we have within our customers. I'm going to talk more about that in a moment. That protected the top line. Of course, within our profit and loss accounts, well, what would you expect from CRH? Practically every one of the senior team that are here last year were around during the last global financial crisis. Gray hair and the wrinkles count for something. It's called experience. We knew what to do when January and February started to unwind, and we got to work very quickly. We had been working over the last number of years to create a much more flexible cost base. We were able to get on that cost base very quickly, and we flexed that cost base to the changing volume activities. Also, of course, we have got a very significant network of production around the world, and we were able to move production to optimize the network to the lowest per unit cost when compared with logistics. We kept the market supplied, but at the lowest possible cost. We had a very strong focus on commercial management and margin-focused commercial management. I'm not talking about price, I'm talking about selectively looking at the mix of our products and choosing how to serve our markets and where to serve our markets and when to serve the markets. That was a big part of what we did. Of course, lastly, the single most important thing we do in CRH, that focus, that rigor, where we got the continuous business improvement across our businesses, the relentless focus across thousands of initiatives that we have across all of our businesses to eke out and make our business better every single day. There's no silver bullet in any of that stuff. It's all inch by inch, yard by yard, but all of them contributed by the hard work of all of our colleagues to the performance we saw in 2020. If I can move to the next slide, Senan referred to our performance through the cycle. Now, that relentless focus on continuous business improvement, which is an embedded part of what we do now, actually has continued again to drive profitability and margins and cash and returns. Long may it continue. As you well know, we have been reshaping our portfolio over the last number of years. We've become a much leaner, more focused business that has allowed us focus on improving our business, the quality, the profitability, and the cash. We have been moving our business to better markets where there's higher growth levels and better fundamentals for our businesses going forward. I'll talk about that in a moment. As I said to you, that ability to move our business to more cyclically resilient businesses, the public infrastructure markets, the public construction markets, and the repair, maintenance, and improvement market, which now represents 50% of our sales, protected our top line, and that significant shift, again, to integrated building solutions that we'll talk about in a moment. If I can go to the next slide, just to explain to you the shift that's taken place in our geography, particularly in North America, and also in terms of end use. North America, United States, they are the largest construction markets in terms of profitability in the world, and we are the number one player in these markets. Historically, we've had a very good position in the Northeast, the Mid-Atlantic, and indeed the Midwest. The highest density of population in this part of the world and the highest density of roads in the world. What that allows us to, of course, is there's not maybe not so much new construction here, although some new construction. Primarily, it's a repair and maintenance market, and we've a very strong market position here, a really strong business that continues to deliver there for us. However, with migration and immigration into the United States, there's a significant shift in the demographics and the population here over the last 20 years, and that is going to continue. That shift is down south and out west. What we have been doing over the last decade is positioning our business to avail of those opportunities. Now we find ourselves with a greater and greater emphasis on the higher growth, new construction markets down south and out west, and that will continue on for decades. Not only does it build new construction, bring new construction with it. In time, it will build infrastructure and of course, the maintenance that goes with that, which is the bread and butter of our business. Not only have we got a focus in terms of improving the geography, the balance we have now within our business in terms of infrastructure, residential and non-residential is very strong and actually positions CRH for superior growth in North America for the years ahead. If I can go on to the next slide and talk about Europe. Again, here we are the largest building materials player in all of Europe. Again, a very good mix of what we have in Western Europe, which are established markets, who are principally the markets that are strong new build markets, particularly in residential. As we all know, there's been an under-build in residential across the developed world for many years, and the demand will continue on, and we are well-positioned in those markets to enjoy that. Particularly also in the area of retrofit and refurbishment of some of the major urban areas, which will continue to drive demand in our business going forward. Of course, crucially important, our business in Central and Eastern Europe, from the Baltics all the way down to the Black Sea. We've got really strong positions. We're the number one in Central and Eastern Europe. Here you will see growth across infrastructure, which of course will be funded by the EU, and of course, new residential and non-residential as the economies build back. As we’ve seen in both parts of the world, both in North America and in Europe, we should be a beneficiary of significant government stimulus packages in a post-COVID world. If I can move on to the next slide. They have been a big part of what we’ve done, the geographic repositioning of our businesses. We all want to fish where the fish are. You’ve seen the reshaping of our business, making it a leaner, more focused business, which allows us improve the profitability and the performance of our business. The movement of our business more towards publicly funded infrastructure, the movements towards more repair and maintenance, which is now 40% of our total sales. Of course, that exposure to what is the longer-term growth of new residential building in the two major developed economic blocks we spoke about. Of course, that relentless focus on continuous business improvement. All of that has been fundamental in delivering the results that we delivered last year. Much more has changed in CRH during the course of the last cycle, and I'd just like to take a moment to explain what that is, what those changes have been, and why we've made those changes. The next slide, please. We're changing because our world is changing. We talk about it within construction, but by the way, the world is changing for the automobile industry, it's changing for the aviation industry, it's changing for those who produce food. It's changing how we produce energy. In all parts of our life, we have to reduce the impact of all of these industries, all of the way we live our lives on the world we live in. The same goes with construction. We must reduce the impact of construction on our world. At the turn of the last century, 2.8 billion people lived in urban environments in our world. Today, 5.8 billion people live in urban environments. In 30 years' time, it'll be over 8 billion people. We cannot continue to build our world of tomorrow the way we're building it today. It's just not sustainable. We are going to have to reduce the impact of construction on our world. A lot of people talk about this within the narrow focus of reducing harmful emissions, reducing CO2 emissions. We absolutely support that, and we have programs in place to do that. I want to live in a lower carbon world. I've got kids too. I want to live in a zero carbon world. We must broaden the argument out beyond just the narrow focus of carbon. We must have a much broader ambition. That ambition has to be to look at the resilience of the buildings that we build to increase the life cycle of those buildings, to ensure that we construct in a cleaner way that's less intrusive on the communities and localities where we are building. We must do so in a way that we speed up, we quicken the construction process. Rather than taking up parts of our cities or urban environments for two or three months as we do major intersections or major buildings, we have to become quicker at doing that. We also have to do it safer, not just in terms of the construction process, but the buildings that we build must last longer and must be safer. We must do it better. We have to improve the efficiency of the buildings we're building from a thermal efficiency, from a sound point of view, or indeed from light. In every way possible, we must be less intrusive on our world and how we construct, and it can be done. In construction, we use scarce natural resources. They are limited and they are finite, and we must be much more thoughtful about how we use those. We have got to use less waste of how we do things. We must, as a company, we must as an industry, contribute more and more to the circular economy, looking at how we do that. Construction itself has to be a greater contributor to the circular economy. If I can go to the next slide, please. If you look at the urban trends that are happening here, it's not just about the built environment and the numbers, the staggering numbers of population growth we're going to be faced with. The cities that we currently have, we're going to have to improve them as living spaces so that we can live within them. We're going to have to improve the air quality, have more green spaces, deal with the fact that we're going to have to move people around those cities in a safe and sustainable way. Crucially, we're going to have to move people, goods, services, vital utilities, scarce resources such as water, the whole issue of water management, sewage, has to be dealt with not only within those urban environments but between those urban environments. All of this has to be done against the existential challenge of climate change. Next slide, please. CRH has been changing and we will continue to change. How will we be doing this? First of all, let me just say there, CRH is the largest recycler in North America. We're not the largest recycler of building materials in North America. We are the largest recycler in North America. The products that we produce, cement, aggregates, asphalt, and concrete, which make up 70% of our revenues, are all 100% recyclable. They don't only have one life, they have many lives. This is not future thinking or pie in the sky. Today, we, the largest road builder in North America, 25% of every mile of road we build uses recycled materials. We're already a significant contributor to the circular economy, and that is going to continue to grow in the years ahead. If I move on to the next slide, please. It's not just CRH are changing. Of course, we see it in the world we live in, but we interact with our customers every single day, and our customers are changing, too. They talk to us and tell us what their needs are. They want a simpler supply chain. They want improved reliability and quality and security of supply. Crucially, they want collaborative partnerships with the suppliers of the materials so that they can create the materials necessary to build the world of tomorrow. Innovative solutions, value-add solutions that combine more and more not only the product, but develop the product and the services to help them deal with the challenges that they are faced with. End-to-end solutions. If we don't do this, if corporates don't do this, who is going to do this? We're sitting here right in the middle of this industry. We manufacture the base materials, and we deal with the end customer. If not us, who? We can't leave it to governments or regulators because we are the ones who have the experience. We have the entrepreneurial spirit within our businesses. We have the imagination. We have the knowledge. We have the experience. We have the creativity. We have the connections both to the back end of the business and the customers. We are the ones who can capitalize on the opportunities in a climate-focused environment that we live in today. Quite simply, it is not enough any longer for any company to dig materials out of the ground and sell it by the ton. We must do more. Our customers demand more, and our markets demand more. Next slide, please. We've been going to work for the last decade, and we've been developing a range of value-added integrated solutions that build quicker and that build cleaner and that build better and more reliably. We are reducing construction times, and we are reducing the impact of construction on our overall environment. In fact, last year, 65% of the revenues we generated last year came through integrated building solutions and value-added products. A lot of talk there. Let me translate some of this into reality. If I go on to the next slide, I'll take you through some specific examples of businesses that we currently have and what they do. Our single largest business in CRH is our Americas Materials business. It produces more than half our profitability, actually. A decade or so ago, this was a business that made big rocks into small rocks. We just broke rock, largely speaking. Talking to our customers over the last number of years, we could see they were having problems. What they did with those stones and that rock, they turned it into asphalt with other suppliers, and there was problems with the quality or problems with delivery. They contracted the contractors. They had problems laying the asphalt, and then they had problems maintaining it. They were dealing with five or six individual people. No one was connecting the dots. Slowly but surely, we started to work with our customers, and we then started manufacturing the asphalt ourselves. In fact, today, we're the largest manufacturer of asphalt in North America. In fact, 60% of all the asphalt in North America, we lay the road itself. We didn't just manufacture the asphalt, we actually lay and manufacture the road itself. Then having laid the road itself, our customer said, "Well, we need piping for water systems, for sewage. Can you supply that?" Yes, we can. We need the culverts and the water drainage systems. Can you supply that? Yes, we can. We turn our aggregates and cement into value-added concrete products. We don't just supply the base materials. We supply the full road from the rock all the way to the finished road. Then we maintain that road for five or seven years. In maintaining that road, we know we have a high probability of getting the contract to relay that road because with the freeze-thaw winters we have here in North America, a road probably needs to be relayed about every seven or eight years. That whole integrated solution has driven for CRH an extra $1 billion of EBITDA per annum over a pure-play business. Now, that's just ever margin because the previous year was the highest ever margin. It just keeps getting better and better. This was, again, a business which we conceived maybe 20 years ago where we sold, developing a relationship with our customers. The two big retail outlets here in the United States, homes, different patterns, different finishes. Slowly but surely with them, we contributed to owning the whole outdoor space, the whole backyard. Retail space here in North America. Again, a range of integrated products providing solution here, which we do in collaboration. It's really the software of this business, not the hardware. That's a building envelope business a decade or so ago provided tempered glass. Again, listening to our customers was what we do every day of our lives. They told us, "Well, we've got to go to this glazing specialist to get the glazing systems. We have to go to this person to get the curtain wall, here to get the hardware." Slowly but surely, we started under our own brands to pull together a one-stop shop solution for the glazing customer. Now we have a fully integrated service we provide where we provide every single product for the glazer. In fact, if the glazier orders his product today, everything will be on a pallet in his construction site tomorrow morning. He doesn't need to do anything. We do it all for him. Mostly it's all done online. Again, providing integrated solutions for our customers. That has driven a 12-fold increase in profitability over the last decade, again at record margins. If I can go to the next slide. The performance that Senan showed earlier on over the last seven or eight years, it absolutely has been driven by a geographic repositioning of our business to more attractive growth markets. It's absolutely been helped by a refocus and repositioning of the portfolio and long may it continue that continuous allocation and reallocation of capital back within our portfolio to maximize value for our shareholders. The continuous business improvement that is within our business and is embedded in our DNA will continue on, driving our margins and driving our profitability. Make no mistake about it, the integrated building solutions, the value-added products focused on a more sustainable construction have been a key part in delivering the increased margins, the increased returns, and the increased cash that has delivered 2020 for CRH. How does that set it up for the outlook and the next few years ahead? If I could just go on to the next slide, please. If we look at the next growth cycle, I think we're well-positioned. We think there will be bounce-back growth. Of course, as everybody knows, governments, both in the U.S. and in Canada, and indeed in Europe, are setting up to have significant stimulus packages to rebuild economies in a post-COVID world. It will be necessary. We believe our businesses, we are very well-placed to enjoy the benefit of those stimulus growths. We have a stronger repositioned business. We are now focused in the areas where we see the growth's going to be, both by geography, by sector, and by end use. The range of products that produces 65%-70% of our revenues now, it comprises a range of integrated building solutions focused on sustainability and sustainable construction. We are more focused on our customers than we've ever been before, creating with them value-added solutions for the changing needs of construction that they have to deal with. We do so with the strongest balance sheet we've ever had in our history. Make no doubt about it, discipline will be maintained. Our appetite is strong for M&A, and our pipeline is good. If I can go on to the last slide, talk specifically about 2021. Look, with regard to COVID, we're not out of the woods yet. The health crisis has to be resolved before we see a normalization of markets, and there are near-term uncertainties. The long-term demand fundamentals are very good. We do expect in time to see significant government support, and indeed private support, going forward for construction. We have no doubt about it, we are focused on the continued execution of our strategy and on what we delivered last year, continuing to focus on delivering higher margins, higher returns, and higher cash. That ends the formal part of the presentation today. A little bit different because of the technology involved and the fact that some of us are in different locations. The Q&A part of the session is going to be moderated by my colleagues, Frank Heisterkamp and Tom Holmes back in Dublin, and they have been receiving your questions during the course of the morning. I'll pass you back to them now, who will take the next part of the presentation. Thank you, Albert. Moving to the Q&A part of our presentation today. As you will have heard from the webcast moderator, because we're in two locations on two different continents, we can't take your questions over the phone today. Instead, we would ask you to please submit them by email over the web link facility that we have provided. Don't forget to mention your name and the institution that you represent. Tom and I will gather your questions here and present them to management. Experience says that there are usually more questions than our time schedule will allow us to deal with here live. Please be assured, should any of your questions not be addressed today directly, the IR team will follow up with you individual afterwards. With that, maybe Tom, as we have already received some early questions this morning, maybe you can start the first question for the team. Thank you, Frank. Albert, the first two questions come from Robert Gardiner in Davy. The first question is, can you please provide an update on your Americas Materials backlog and outlook? Are you seeing any infrastructure project delays or cancellations? The second question is, how should we think about the split of capital allocation between the shareholder returns and acquisitions? Can we assume the buyback will continue beyond the initial tranche, or is it dependent on acquisition opportunities that come your way? Thanks, Tom. Two specific questions there. I'll go lastly to Randy to ask him about his views on terms of the materials market here with regard to backlog. Look, it's very early in the season yet, let's not just call anything yet. Randy will take you through his views on that. Firstly, what I might do is ask Senan to have his comments. If I can just pass my own comments before I pass it through to Senan. I think you only need to look back at CRH over the last two to three to four years to see how we have allocated capital and how we have successfully allocated capital to drive the performance of our business and the returns and value for our shareholders. That has been a mixture of strong mixture of M&A, careful buybacks within our businesses, and also increasing dividends. I think that's what we're going to see and expect going forward, particularly as we start entering the growth cycle. Senan, maybe that's what we've done over the last three years. Maybe your views in terms of how you see the next couple of years rolling out. Sure, yeah. Bob, how are you? You probably won't be surprised with this answer because I know you've asked these questions before, and maybe the good news is the answer isn't changing. I think when we look at capital allocation and we think about our priorities, the first place we always start is really investing in the organic growth in our business because that's the one that gives us the highest returns and probably the lowest risk attached to it in terms of where we go. That's clearly a part. As you know, we spent a billion last year in terms of organic growth. That was about 75% depreciation. That's lower than you would normally expect. What I'd be guiding is that, as you look into 2021 and beyond, that would be more in line with depreciation. Running at about 100% depreciation is what you should expect to see in terms of organic investment. The second area clearly is dividend. We continue to have a progressive mindset to dividend. We've got, what, 37 years of either maintaining or progressing dividends. This year, again, is another year where we're showing progressive dividend coming through. We've a 20% growth in earnings per share, and we've got a 25% increase in dividends. That is an ongoing priority for us in terms of making sure we maintain that at healthy levels, with healthy cover, obviously. The buyback program, it's good to be relaunching that at this point in time. For me, what that does is it shows discipline. That when we've got excess cash, that we're actually able to deploy that in a positive way and buy back shares, and effectively use an efficient way of giving back money back to our shareholders. Clearly, there is obviously capacity to be able to invest that into the acquisition pipeline. Be that bolt-on deals, as we've done in the past and will continue to do in the future. You've heard this morning a couple of mentions of the fact that that pipeline looks healthy going into 2021. Also in terms of medium opportunities when they come along. Hopefully going forward, maybe it's a challenge to the team, is that we'll continue to be really disciplined and diligent in terms of how we allocate capital. Just like we've done over the last decade. Thanks very much, Senan. What I can do is maybe pass over to Randy the other part of the question, was about the backlogs and activity levels in 2021 here in our materials business. Randy? Well, as you said, Albert, it's early days. I guess I look at two things in particular, kind of overall bid activity, then actually our backlogs. I'd say overall bid activity across North America is roughly at the same pace and same quantum that we saw around this time of the year. Our backlogs, we're getting our equivalent shares roughly in line with last year, pretty stable. I think one of the things, maybe a little bit of color on that, is that we are seeing more multi-year projects as part of that backlog, which would give you a sense in terms of the confidence that states have, in particular because the FAST Act has been extended till September. States, I think, as well as the federal government, understand the underlying need for an improvement and expansion of infrastructure in general. You'd be well aware of what's happening in the U.S. now in terms of some of the stimulus activities taking place, and the Senate is actually debating that today. Maybe a bit that falls out of that package for infrastructure. I think more importantly is that once that's done, all eyes and attention, because it is a bipartisan issue, will then shift to what would be the new version of the FAST Act. I would expect progress to exist there. As far as today, Bob, everything that we see is roughly stable and flat to where we were last year. Thanks very much, Randy. Thanks, Senan. Back to you in Dublin for the next question. Albert, the next question comes from Gregor Kuglitsch in UBS. First question is, can you improve underlying margins in 2021? And what are your expectations for cost inflation and pricing in your main markets that underpin your outlook? The second question is regarding M&A. What kind of transactions are in your M&A pipeline? Is there more to be done on the divestment front for CRH? Okay. Hi, Gregor. Three questions there. Maybe just firstly myself on margins. I'll ask my colleagues, Randy and Keith in particular, can talk about pricing here in North America. I'll talk about pricing within Europe. Indeed, I'll also come back and talk about M&A as well. Look, of course, we can improve our margins. I've just talked about continuous business improvement. That continues. That business improvement should translate in higher margins. I would never seek to cap the margins or the returns cash for CRH. Why would we? We always have an ambition to grow. The answer to that question is yes, we should continue to grow. We see so much more to be done within our business, and we will continue to work on that. When it comes to the individual pricing, maybe I might turn to my two colleagues first. Maybe Keith, you might just talk about pricing in terms of what happens or what you see happening here in North America in terms of residential and non-residential. Randy, you might look at the infrastructure, and I'll take Europe at the end of that. Yeah, sure, Albert. Hi, Gregor. The pricing environment, it was good in 2020 for sure. We saw pricing improvements across most, if not all, of our businesses. I think those same factors are at play in the res and non-res markets here in North America. Demand remains strong in residential, as Randy talked about earlier when he gave the overview. While we are seeing some challenges in the non-residential sector, it's still a good level of activity. When I look across our businesses and talk with our teams, we're seeing good expectations for pricing and price recovery of any cost that we might incur as we go forward in 2021. Randy? Yeah, in terms of pricing in the, call it, the material space, I would expect kind of a continuation of what we saw last year. It was real, I would say, strong discipline in all lines of business, in all markets. I'd say there's a general recognition, in particular to aggregate pricing, of the finite availability of those resources and the value then that's placed with that. You can even look back to the financial crisis where we saw prices escalate in aggregates. My expectation is that we will continue to see that as we progress through this year. Same for our cement business as well. Part of that is you're going to see an improvement on underlying demand just because of the pandemic restrictions that won't be in place as we get into 2021. I think when it comes to other lines of business, I've said this before, kind of whether it's in the asphalt line of business or the ready-mix line of business, it's about margin management. It's about managing those input costs. Our teams have been very effective in executing our commercial strategy there. I would expect that to continue in 2021. Thanks, guys. Within a European perspective, I spoke about pricing during the former part of the presentation. Really what we're seeing is a continuation of the recovery, the necessary recovery in pricing that will continue on for a number of years. If in a year like 2020, we can keep pricing moving ahead, that'll tell you how robust and how necessary pricing actually is. I think that will filter all the way down through the chain. In particular, we know there's going to be stimulus growth across Europe here, and the European Union has indicated a relief package of about EUR 750 million in terms of recovery. That's going to drip back into our real economy. That kind of increased volume activity and the backdrop of pricing should continue to maintain support for pricing across Europe as we go forward. I think a fairly robust and optimistic outlook for pricing, both in the Americas and in Europe for the next few years ahead. With regard to M&A, nothing radical with regard to what CRH is doing, progressive. Of course, look, the bolt-on deals that we do every day in CRH, we do them for reasons because largely speaking, 75% of our industry here in North America actually is not owned by the big majors. They're fragmented, small mom-and-pop businesses. The sheer nature of our industry is that it's a multiplicity of local businesses. What we do is, of course, our network buys those businesses and pulls them in and gets the advantage of scale through procurement and process and network advantages, and that's how we create value. Long may it continue. In addition to that, of course, we will continue to step out into platforms. Look at the Ash Grove deal we did two and a half, three years ago at this stage. A $3.5 billion deal, a massive deal that stepped up our cement footprint here in North America, and will beget additional add-on acquisitions for the next decade. Same with C.R. Laurence in our products business, same with the LafargeHolcim transaction. I would expect to see platform deals as well. Also I would expect to see within our product space, what we're seeing, we spoke about, the idea of taking our base materials and the companies that turn those base materials into value-added products that provide solutions for our customers, providing services with them. That's where I expect to see a big push in our businesses as we adapt to the changing needs of our marketplace. More of the same, but continuing to evolve around the more solutions-type approach as we integrate with our existing businesses, which have provided for us so well in 2020. Hope that answers your questions, Gregor. Back to you in Dublin, Frank. Thank you, Albert. The next two questions come from Arnaud Lehmann from Bank of America. First question is, what is the exposure of your Building Products division to the U.S. residential market, and could it support strong top-line growth again this year? Second question is, what were the key drivers of the performance of your Americas Materials division in the second half of 2020, and how sustainable is that in 2021 in the context of inflationary cost pressures? Okay. Well, I'm the right man in the right place, sandwiched by the two oracles of knowledge on these two topics. First of all, with regard to your comment on Building Products and the residential market, Keith, obviously, over to you. Yep. Thanks, Arnaud, for the question. Look, U.S. residential for our Building Products division. Well, residential in total is about 45% of our demand, and the U.S. is obviously our biggest market. It's a significant component of what we do in Building Products is driven by the residential markets here in the U.S. As noted earlier, they are robust. I think there was about a million and three starts last year, and I think we'd see kind of stable demand for that going forward. That will support our business. Anything around new residential is good for our business. What I think is important for CRH is new residential, I kind of think about as like the icing on the cake. Because for every new home that's built in the U.S., there's 100 homes that are already here. Our business is really driven by the maintenance and improvement of the existing housing stock. As incomes go up, as neighborhoods develop, as communities develop, and they want nicer homes to live in, that feeds the demand in our business. A strong residential market could lead for growth for us in 2021. I think the important thing is the strong foundation that we have within the residential space and that constant year-over-year maintenance and improvement of the housing stock with the big partners that Albert talked about in the retail space and in the professional space. Thanks, Keith. Very clear and again, very significant, as Keith adds that 100 homes currently on the ground here as for every new home that's built. They need to be maintained, and money needs to be spent on them, not only in the houses, but in the backyards and all of that. Again, the increasing focus we have on RMI is paying dividends for us here in doing that. Randy, we had a strong second half performance in our materials business in North America, and in particular, quarter four. Maybe you might just interpret what that meant for us in terms of rolling forward as well. Yeah. I'd say on top of the residential comment, maybe those 100 homes need a new asphalt driveway as well. To your point, we did have a successful Q4. I'd really call out two things there. One, I've been doing this for a long time, and difference between a really good year and a great year can be the weather impact in the fourth quarter. This year in particular, it was very mild conditions, and so we were able to execute all the way up to the holidays, which was terrific. I think going back to my comments earlier in regards to the pandemic restrictions that were in place, particularly in the Northeast, and Albert talked about the significant platform that we have in the Northeast and the Northwestern part of the United States as well as Canada. A lot of that work had been restricted into the middle part of the second quarter. There's a bit of a pent-up demand that occurred, and we were able to actually get to that work and carry that work through the balance of 2020. We look into this year, I would say momentum continues much along the reasons I mentioned around infrastructure in particular, kind of the broad bipartisan support, fed, state, local. We're seeing legislative officials engage and really lay out plans to continue that momentum, as well as the other portions of the economy that seem to be moving along as res and even the remodeling aspect of res. While the momentum may not be kind of peaky that we saw in Q4, we will continue to see momentum, though, in terms of underlying demand. Thanks, Randy. In fact, maybe, Arnaud, I can add a further point from a European perspective. We had a strong second half in Europe. Again, remember, the significant restrictions we had in the first half of the year meant, as Randy indicated, there was catch-up demand within that. You need to interpret what the second half of the year really happened. Of course, momentum is good, but it was particularly strong because people couldn't get to work in the first half of the year, and particularly in some of the most restricted markets. Back to you in Dublin, Frank. Thank you, Albert. Next question comes from Paul Roger from Exane. What will the cost headwind be this year if energy prices stay where they are? Will pricing be sufficient in the business to offset these pressures? Okay. Well, thank you, Paul. Two questions there, obviously related to margin and a continuation of margin. Senan, I might turn to you in terms of your own interpretation of how we would think about cost headwinds across our businesses this year, and then come back here, and again, we will talk about pricing ambitions for this current year again. Sure. Yeah. Paul, when you look at our cost headwinds, I think a lot of them you know well in terms of our labor costs, our material energy costs through the course of 2020. That obviously has helped us. Headwinds in that space is the conversation we had earlier about margin and our focus on margin t hat we are looking at in terms of input costs that we're looking to, I think we talk about is that's certainly the way we think about it. I think as we look ahead. If I can just paraphrase what my colleagues have been saying this morning with regard to pricing here in North America. Yes, things can go wrong, but broadly speaking, we would anticipate a good pricing in plan. Much of this has been delivered to date, and are you confident of further delivery? Over the last three years, we have made good progress on margin. We're not indifferent, of course, to make within that. Of course, we would be dependent upon other factors, but it will continue to grow. U.K. In the past, you've given a sense of the U.K. performance versus the rest of U.K.- Shut downs for several months, actually. It was only in the back half of the year. Residential had a tough year last year. You would have seen the house builder's report, but you would have also seen the one that probably gives the greatest cause for concern and the uncertainty around that. Base has been significantly impacted by COVID, and indeed, probably by Brexit, which was the Southeast in around London, whereby new projects are very slow to start, but that's lower margin, lower value work for us. We're very happy to have the volumes, but the specifications in London. That's a shift that's taking place. The volumes have been replaced, but they're lower profit impact of the pandemic in 2020. 2021 should be a year of improvement, but it'll depend on the next. [audio distortion] Back to you, Frank. Thank you. I'm actually aware of the advanced time of the session here today. Maybe Tom, I can ask you to present the last two questions to the team, and we can follow up with the IR team later on. Any other questions that have been sent in? Questions here coming through. I think a lot of them have been addressed and covered already today. Maybe just two final ones, as Frank said, if we can squeeze them in. One here on, could you please provide an update on the trends you're seeing in the U.S. non-residential market and the outlook there for 2021? Another, could you please elaborate on the benefits of your integrated business model and how this strategy, particularly within your products business, gives you an advantage in the area of sustainability? Okay. Two questions there. Two good questions. Maybe Keith, I might ask you to talk about the non-residential market here in the U.S. and the trends there, and come back to me at the very end to talk about the benefits we see of integrated building solutions in terms of sustainability. Yeah. Certainly, Albert. As we talked about earlier, the non-residential market is the one that's most challenged coming out of the COVID health crisis, and it's understandable, right? Offices, retail, things like that, hospitality, are kind of the crux of where the impacts of the virus are. There are challenges, and there will continue to be challenges in that space. I think as Albert alluded to earlier, even in respect to the U.K., non-residential isn't just about those types of construction. It's also around e-commerce, telecommunications, data centers, warehouses, logistics, which are thriving at the moment. As the economy changes, construction has to change to where the world is going. When we look kind of in the short term at non-residential in the U.S., I think 2021 will continue to be a challenging year. I think our view broadly is that it's probably going to be the bottom of whatever down cycle this is in non-residential, and that from 2022 onward, we'll see growth. It has to be, and it will be an important part of our business going forward. It's driven, I think as we talked about earlier, by just basic fundamentals of business, GDP growth, employment growth, and the long term looks very good for this. We will adapt and change as we need to and position our businesses to where that growth is. Thanks, Keith. Specifically with regard to integrated building solutions, because actually integrated building solutions is all about sustainability. I said something earlier on in the presentation, which is really important. We cannot continue to construct in the future the way we're constructing today. It is just not sustainable. There's going to be more people on the planet, and we just cannot continue to do what we're doing. We must change. Who's going to make that change? Well, CRH is the most diverse and broadest building materials company in the world. One of the biggest, if not the biggest building materials company in the world. Who else, if not us, is going to be in a position to look at the base materials we have and how we can adapt and change those base materials to create value out of product and have the connections to our customers and the regulators to interpret what they want, the societal needs that they need. We are the link in that particular chain between the manufacturers and the customers. As we build out those products, build out those services, and build out those integrated solutions, that's where sustainability comes to the fore. Because this is not just about creating financial value for a company. More and more, we have to create societal value in everything that we do. That's what's driving this part of growth with integrated building solutions for CRH going forward. We're very confident about that and very excited about the opportunities that a climate-focused environment will present for companies like CRH in the years ahead. Look, I'm very conscious we've come to the end of our time here. I'm sorry we had such a short time with regards to the Q&A, and it was a little bit different to other times, but that's the world that we live in. Every day is a little bit different. I want to thank you for your time this morning. Thank you for your attention, and thank you for those of you who sent in questions. I hope you found it informative. Again, if there's some questions that we didn't get to, of course, our IR team, or indeed ourselves, will be on the road talking to you face to face and happy to deal with those questions if and when we get the opportunity to do so. We're next going to talk to you when we update the market on April 28th with regard to a trading statement, and we'll update you in terms of the performance of our business for the first quarter, and indeed, how we see the first half of the year evolving. For the moment, I want to thank you for your attention, and most of all, I want you all to stay safe, mind yourselves, and I look forward to seeing you at the end of April. Thank you, and have a good day.