31. Business Combinations and Acquisitions of Joint Ventures  | continued The revenue and profit of the Group for the financial year determined in accordance with IFRS as though the acquisitions effected during the year had been at the  beginning of the year would have been as follows: There have been no acquisitions completed subsequent to the balance sheet date which would be individually material to the Group, thereby requiring disclosure  under either IFRS 3 or IAS 10  Events after the Balance Sheet Date . Development updates, giving details of acquisitions which do not require separate disclosure  on the grounds of materiality, are published in January and July each year. The principal related party relationships requiring disclosure in the Consolidated Financial Statements of the Group under IAS 24  Related Party Disclosures  pertain to: the existence of  subsidiaries, joint ventures and associates; transactions with these entities entered into by the Group; and the identification and compensation of key management personnel. The Consolidated Financial Statements include the financial statements of the Company (CRH plc, the ultimate parent) and its subsidiaries, joint ventures and associates as  documented in the accounting policies on pages 76 to 82. The Group’s principal subsidiaries, joint ventures and associates are disclosed on pages 128 to 135. Sales to and purchases from joint ventures are immaterial in 2012 and 2011. Loans extended by the Group to joint ventures and associates (see note 16) are included in financial assets  (whilst the Group’s share of the corresponding loans payable by joint ventures is included in interest-bearing loans and borrowings due to the application of proportionate consolidation  in accounting for the Group’s interests in these entities). Sales to and purchases from associates during the financial year ended 31 December 2012 amounted to €21 million (2011:  €25 million) and €452 million (2011: €488 million) respectively. Amounts receivable from and payable to associates (arising from the aforementioned sales and purchases transactions)  as at the balance sheet date are included as separate line items in notes 18 and 19 to the Consolidated Financial Statements. In general, the transfer pricing policy implemented by the Group across its subsidiaries is market-based. Sales to and purchases from joint ventures and associates are conducted  in the ordinary course of business and on terms equivalent to those that prevail in arm’s-length transactions. The outstanding balances included in receivables and payables as at  the balance sheet date in respect of transactions with associates are unsecured and settlement arises in cash. No guarantees have been either requested or provided in relation to  related party receivables and payables. Loans to joint ventures and associates (the respective amounts being disclosed in note 16) are extended on normal commercial terms in  the ordinary course of business with interest accruing and, in general, paid to the Group at predetermined intervals.  For the purposes of the disclosure requirements of IAS 24, the term “key management personnel” (i.e. those persons having authority and responsibility for planning, directing and  controlling the activities of the Company) comprises the Board of Directors which manages the business and affairs of the Company. Other than these compensation entitlements, there were no other transactions involving key management personnel. The Board of Directors approved and authorised for issue the financial statements on pages 72 to 117 in respect of the year ended 31 December 2012 on  25 February 2013. CRH 117 Key management remuneration amounted to: 2012 2011 €m €m Short-term benefits  6   6  Post-employment benefits  2   2  Share-based payments - calculated in accordance with the principles disclosed in note 8.  2   2  Total  10  10 Pro-forma 2012 2012 acquisitions CRH Group excluding  2012 acquisitions Pro-forma  consolidated   Group Pro-forma  2011 €m €m €m €m Revenue  676   18,385   19,061  18,389 Group profit for the financial year  26   546   572  600 2012 2011 €m €m Revenue  274   157  Cost of sales (203) (111) Gross profit  71   46  Operating costs (57) (30) Group operating profit  14   16  Loss on disposals  - (1) Profit before finance costs  14   15  Finance costs (net) (2) (4) Profit before tax  12   11  Income tax expense (4) (3) Group profit for the financial year  8   8  The post-acquisition impact of acquisitions completed during the year on Group profit for the financial year was as follows: 32. Related Party Transactions Subsidiaries, joint ventures and associates Terms and conditions of transactions with subsidiaries, joint ventures and associates Key management personnel 33. Board Approval