Chief Executive’s Review Key Aspects of 2012 Results Reported sales at €18.7 billion showed an increase of 3%. Underlying  like-for-like sales fell 2% comprising a 3% increase in the Americas  outweighed by a 6% decline for European operations. EBITDA amounted to €1,640 million, a 1% decline compared with the  €1,656 million reported for 2011. EBITDA is stated after charging costs of €60 million (2011: €61 million) associated with the Group’s ongoing  restructuring efforts. Operating profit fell 3% to €845 million (2011: €871 million) after combined  restructuring and impairment charges of €88 million (2011: €82 million). A €175 million increase in profit on disposals was outweighed by a  €32 million increase in finance costs and a €154 million reduction in our share  of associates’ results due primarily to impairment charges in our Spanish  associate, Uniland. These movements combined with the €26 million decline  at operating profit level resulted in a €37 million, or 5%, fall in reported PBT to  €674 million (2011: €711 million). Reported earnings per share were 7% lower at 76.5c (2011: 82.6c). Although earnings per share fell back, strong cash generation and a  robust balance sheet saw the dividend unchanged at 62.5 cent; over the  past 29 years CRH has delivered compound growth in dividend of 11.8%  annually, with no dividend reduction over that extended period. Dividend  cover amounted to 1.2 times (2011: 1.3 times); before impairment charges  dividend cover was 1.6 times (2011: 1.4 times). Year-end net debt at just under €3 billion was lower than the end-2011  level of €3.5 billion, while year-end net debt to EBITDA was also lower at 1.8 times (2011: 2.1 times).  Results for 2012 reflect progress from our Americas operations helped by a  strong recovery in residential construction and improving overall economic  activity in the United States. Like-for-like sales grew by 3% while, with the  benefit of acquisitions and a stronger US Dollar exchange rate, reported  sales for our Americas activities rose by 15% and reported EBITDA of  €0.85 billion was 12% higher (2011: €0.76 billion). Americas Materials  reported a 7% increase in EBITDA at €0.57 billion;  while underlying volumes were slightly behind 2011 levels, acquisition  effects resulted in flat overall volumes in aggregates and a modest increase  in asphalt and readymixed concrete volumes. With the subdued volume  backdrop, markets remained competitive and margins declined somewhat.  Americas Products  reported a 24% increase in EBITDA to €0.20 billion  as private markets outpaced infrastructure while EBITDA in  Americas  Distribution  moved ahead by 28% to €0.08 billion; both of these segments  saw improvements in margins in 2012. In contrast to the trading experience in the Americas, our European businesses  had to contend with weakening consumer and investor confidence within the  Eurozone. Like-for-like sales for these Divisions fell by 6%. Reported sales,  including the impact of acquisitions and divestments, fell by 7% and reported  EBITDA of €0.79 billion was 12% lower (2011: €0.90 billion). 2012 Operations CRH 13 “The Group has built, and  continues to develop, a  portfolio that is balanced by  geography, by product and  by end-use sector – across  residential, non-residential and  infrastructure – with a good  equilibrium between new build  and RMI segments.” Myles Lee