The company posted EBITDA of E1.62 billion for the full year of 2010, compared to E1.8 billion for the same period in 2009. Profit before tax was E534m, compared to E732m for the same period in 2009.

Depreciation and amortization charges amounted to E917m (2009: E848m) including impairment charges of E102m (2009: E41m) relating to subsidiaries and joint ventures. In addition, impairment charges of E22m relating to associates are included in the group's reported E28m share of associates' profit after tax, bringing total impairment charges to E124m (compared with guidance of E100m in November 2010 update).

Operating profit decreased 27 percent to E698m. Earnings per share decreased by 31 percent to 61.3c (2009: 88.3c).

Myles Lee, CEO of the company, said: “Overall demand across the Group appears to have stabilised in the past three months and, assuming no major market dislocations, we believe that it is reasonable to look forward to like-for-like revenue growth for 2011 as a whole. The level of price progress achieved in 2011 will be key to revenue growth and to the recovery of higher input costs.

“Acquisitions completed over the last eight months are expected to add to the Group’s performance in 2011 and with a strong balance sheet we have the capacity, where we see value, to capitalise on a growing pipeline of opportunities. With significant adjustments to our cost and operational base over the past three difficult years, we look to a year of progress in 2011 and to stronger upward momentum thereafter.”

Will the firm post better sales revenue in 2011?

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