While our businesses delivered price increases in cement, aggregates and  readymixed concrete, operating profit was lower than in 2011. In the Benelux,  our readymixed concrete and aggregates business in the Netherlands was  impacted by a 7% decline in construction activity levels and operating profit  was lower than in 2011. In Belgium the cement grinding business acquired in mid-2011 performed somewhat behind expectations. Construction activity in Ireland continued to fall with domestic cement volumes  17% lower than in 2011. Our cost and capacity reduction programmes  continued during the year and with this lower cost base, operating losses  reduced. In Spain, while construction activity fell by a further 30% with declines  across all sectors, with the benefit of the significant cost reduction initiatives  implemented in prior years our results were in line with 2011.  In Turkey, while domestic volumes for our 50% joint venture in the Aegean region  were in line with 2011, export volumes increased resulting in a total volume  increase of 3%; however, operating profit was lower due mainly to domestic  pricing pressure in the second half. Cement volumes in our 50% joint venture  in Southern India increased as the business continued to broaden its market  scope; while selling prices also improved, higher input and transport costs  resulted in an operating profit similar to 2011. In China a general slowdown in  residential, non-residential and infrastructure construction saw a year-on-year  decline of 21% in cement demand across the northeast region consequently  profits were lower.  The 2012 decline in Polish cement volumes is expected to moderate with  some potential for improvement as the affected road contracts, currently being re-tendered, should add to construction materials volumes in the second half  of 2013. We anticipate flat demand in Ukraine but expect further improvements  in margin through cost efficiencies from our new cement plant. In Switzerland  we expect an improvement in construction spend in 2013. While a slight  decline is expected in Finland, our business will benefit from rationalisation of  our readymixed concrete, paving and precast concrete operations following  the concrete products acquisition in September 2012. The outlook remains  challenging for Ireland and Spain with further volume declines expected in 2013;  however, ongoing capacity reduction, cost efficiencies and increased use of  alternative fuels should help our businesses to maintain margins. In Southern  India relatively flat demand is anticipated in our main Andhra Pradesh market  while cement demand in northeast China is expected to pick up in the second  half of the year as government spending on infrastructure projects recommences. Overall construction spend in Switzerland was up slightly in 2012. The  downstream businesses of aggregates and readymixed concrete remained  strong; however, cement volumes were down 8% due mainly to poor weather  in the early part of the year. Sales prices, particularly in cement, remained  under pressure due to the strong Swiss Franc, and operating profit was  lower than in 2011. In Finland, construction output declined in 2012 mainly  due to lower residential starts, and our cement volumes declined by 6%.  Construction activity in Poland contracted during 2012, reflecting completion  of projects associated with the June 2012 European football championship  and a sharp decline in infrastructure road projects as a number of contractors  experienced financial difficulties. Notwithstanding this, construction activity in  infrastructure remained at a level consistent with 2011. The residential market  continued to be sluggish with the tightening of mortgage lending criteria and  some weakening in residential prices. While national cement volumes for the  year were down 17%, our volumes declined by 11%. Pricing remained under  pressure throughout the year in most of our product lines and overall operating  profit declined. In Ukraine the strong increase in cement volumes in the first  half was reversed in the second half of the year, affected by the completion  of European football championship projects and the national cement market  finished down 5% compared with 2011. However, with the benefit of our new  cement plant and the acquisition in Odessa that was completed in 2011, our  volumes increased by 32% and operating profit improved significantly due to  better pricing and our low cost producer advantage.  Development spend of €103 million comprised four acquisitions/investments,  the more significant of which were the acquisition of a readymixed concrete  and concrete products business in Finland together with further investment in  our associate Yatai Building Materials as it continued to expand its presence  in northeastern China. The divestment of the Group’s 49% holding in Secil in  Portugal was completed in May. The results reported above include gains from pension curtailments and  CO ² trading. Despite lower volumes, margins excluding these gains, which are also  excluded from the regional comments below, were similar to 2011 reflecting the  benefit of our continued focus on cost containment and efficiency measures.  A slowdown in construction activity in central Europe together with continuing  declines in western and southwestern Europe resulted in a reduction of 7%  in like-for-like sales. The impact of divestments during the year exceeded  contributions from acquisitions, and both EBITDA and operating profit were  lower than last year.  Analysis of change Organic Acquisitions  Divestments Restructuring Exchange -222 +78 -182 - +26 -11 +14 -40 +6 - -8 +9 -24 +6 -1 Ireland, Spain (5% of EBITDA) Central and Eastern Europe (40% of EBITDA) Eastern Mediterranean, Asia (10% of EBITDA) Outlook Switzerland, Finland, Benelux (45% of EBITDA) 26 CRH  Restructuring costs amounted to €13 million (2011: €19 million)  No impairment charges were incurred (2011: nil) EBITDA and operating profit exclude profit on disposals Gains from CO ²  trading were €31 million (2011: €38 million)  Pension curtailment gains were €30 million (2011: €12 milllion) Results € million % Change 2012 2011 Total Change Sales revenue  -10% 2,685 2,985 -300 EBITDA -7% 405 436 -31 Operating profit -7% 246 264 -18 EBITDA/sales 15.1% 14.6% Op.profit/sales 9.2% 8.8% Europe Materials