Holcim's 2011 turnover eased by 4.2% to CHF20,744m, but in euro terms there was a 7% increase to €16,790m and in US$ terms there was an 11.9% advance. The operating EBITDA declined by 12.3% to CHF3958m, but measured in euros the reduction was just 2% to €3230m and in US dollars there was a 2.5% increase. The trading profit fell by 26.2% to CHF1933m (€1565m), while the net attributable profit dropped by 76.7% to CHF275m (€222m). The proceeds from the sale of emission rights fell to CHF63m, compared with CHF95m 2010 and CHF90m 2010 in 2009. Net debt at the end of December was 1.6% higher at CHF11,549m (€9484m), giving a gearing level of 58.8%, compared with 53.8% a year earlier. Capital investment recovered by 2.9% last year to CHF1638m (€1328m). The reduction was entirely in expansion capital investment, which declined by 25% to CHF886m (€717m), but maintenance expenditure was boosted by 83.5% to CHF752m (€607m).