CRH - February 2013

CRH's turnover improved by 3.2 per cent last year to EUR18,659m while the EBITDA was off by one per cent to EUR1640m. There were 36 acquisitions during the year, and the outlook for acquisition opportunities is deemed positive. The trading profit declined by three per cent to EUR840m and after other charges, including a net interest charge 12.7 per cent higher at EUR258m and a EUR230m gain on disposals, compared with EUR55m in 2011, the pre-tax profit declined by 5.2 per cent to EUR674m. Excluding exceptional items, the underlying pre-tax profit was 7.7 per cent lower at EUR661m. The net attributable profit was off by 6.4 per cent to EUR552m. Net debt at the end of December was 14.9 per cent lower at EUR2964m and the gearing level came down from 32.9 per cent to 28 per cent, as shareholder's funds were a marginal 0.1 per cent lower at EUR10,573m. Capital expenditure was virtually unchanged at EUR575m. European turnover, which includes the still relatively modest contribution from the Asian operations, declined by 6.7 per cent to EUR9306m, while in the Americas turnover rose by 15.4 per cent to EUR9353m. In terms of EBITDA, the European contribution declined by 15.3 per cent to EUR787m, while the American contribution rose by 12.8 per cent to EUR853m.

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