Turnover improved by 25.5% in 2011 to €2265.5m, but the profitability declined, mainly because of Egypt and to a lesser extent the United States, and the EBITDA came off by 2.6% to €490.9m, while the trading profit declined by 8.1% to €309.5m.

Primarily as a result of the expansion in Asia, the a net interest charge jumped by 60.5% to €43.9m and with a lower contribution from associates, the pre-tax profit came down by 16.0% to €259.5m and the net attributable fell by 19.3% to €163.6m. 

The net debt of 1,097.1m compares with total shareholders' funds of €2460.8m to give a gearing of 44.6%. Capital investment last year was reduced by 18.9% to €280.9m, while and net spending on acquisitions was more than halved to €10.7m. 

In terms of activity split, turnover in cement increased by 10.7% to €1,356m, as cement shipments rose by 11.5% to 18.04Mt but the EBITDA declined by 8% to €380m. The concrete and aggregates operations produced a turnover 13.5% higher at €854m and the EBITDA advanced by 24.6% to €78m, with volumes increasing by 7% in aggregates to 22.22Mt and by 2.8% to 7.97Mm³ in ready-mixed concrete.  Other products and services produced a 17.3% advance in turnover to €391m and an EBITDA 14.8% higher at €33m.