Lafarge's underlying turnover, adjusting for the elimination of the gypsum business that has largely been sold, increased by 3% in 2011 to €15,284, but the EBITDA declined by 7.8% to €3217m. The trading profit came down by 8.9% to €2179m and net financial charges jumped by 40.3% to €999m. Other charges, principally a €285m reduction in the value of assets in Greece and in the UAE and €61m of restructuring costs elsewhere, amounted to €541m, an increase of 78%. As a result, the pre-tax profit dropped by 51.7% to €676m and, after a 41.6% jump in the tax charge to €432m, the net attributable profit from continuing activities collapsed by 77.7% to just 244m. However, adding the profit from discontinued operations of €492m, the net attributable profit was down by a more modest 28.3% to €593m. Net debt at the end of December was 14.4% lower at €11,974m, giving a gearing level of 65.8%, down from 76.8% a year earlier. Capital expenditure was reduced yet again in 2011, and this time by 15.8% to €1071m, with capital commitments for 2012 being just €800m, half of which is replacement expenditure.

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