CRH Annual Report 2007 PERFORMANCE AND GROWTH

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30. Reserves continued(i) Shares acquired by Employee Benefit TrustPursuant to the terms of the Performance Share Plan (see note 7), which was approved by shareholders at the 2006 Annual General Meeting, 310,000Ordinary Shares were purchased by the Trustees of the Plan in the financial year ended 31st December 2007 at a cost of €10 million (2006: 627,750 OrdinaryShares at a cost of €15 million). The nominal value of these shares, on which dividends have been waived by the Trustees of the Plan, amounted to €0.3million at 31st December 2007 (2006: €0.2 million). These shares are included in the balance sheet at cost of €25 million (2006: €15 million), and are statednet of the accumulated income statement charge of €5 million (2006: €1 million) in respect of the Performance Share Plan.In addition, a further 1,226,356 Ordinary Shares were purchased by the Trustees at a cost of €41 million (2006: nil) in order to satisfy the exercise during theperiod of options over the same number of shares.Reconciliation of shares issued to proceeds shown in Group Cash Flow Statement2007 2006€m €mShares issued at nominal amount (note 29):- share options and share participation schemes 2 2Premium on shares issued 102 110Total value of shares issued 104 112Shares issued in lieu of dividends (note 11) (68) (25)Proceeds from issue of shares - Group Cash Flow Statement 36 8731. Minority Interest2007 2006€m €mAt 1st January 41 39Translation adjustment (3) (3)Profit after tax (less attributable to associates) 8 14Dividends paid by subsidiaries to minority interests (5) (12)Arising on acquisition (note 33) 25 -Shares issued to minority interests - 3At 31st December 66 4132. Commitments under Operating and Finance LeasesOperating leasesFuture minimum rentals payable under non-cancellable operating leases at 31st December are as follows:2007 2006€m €mWithin one year 230 199After one year but not more than five years 498 426More than five years 320 286Finance leasesFuture minimum lease payments under finance leases together with the present value of the net minimum lease payments are as follows:1,048 9112007 2006PresentPresentMinimum value of Minimum value ofpayments payments payments payments€m €m €m €mWithin one year 16 14 20 17After one year but not more than five years 14 11 36 30More than five years 6 5 8 7Total minimum lease payments 36 64Less: amounts allocated to future finance costs (6) (10)Present value of minimum lease payments 30 30 54 54CRH 107
Notes on Financial Statements33. Acquisition of Subsidiaries and Joint VenturesThe principal business combinations completed during the year ended 31st December 2007 by reporting segment,together with the completion dates, were as follows; these transactions entailed the acquisition of a 100% stakewhere not indicated to the contrary:Europe MaterialsChina: Harbin Sanling Cement (8th February); Finland: Murskauskolmio Oy (1st November); Lebanon: Ciment deSibline - additional 21.9% (1st January); the Netherlands: remaining 55% of Cementbouw bv (30th August); Ireland:T.O’Connell & Sons (17th September); Poland: Gniewkow (30th May) and readymixed concrete assets of Schwenk(13th June); Slovakia: Jablonica quarry (31st August); Portugal (49% joint venture): increased interest in SecilMartinganca (1st January), additional 42.9% of Cimentos Madeira (5th June) and Minerbetao (1st June); Turkey:50% of Denizli Cimento (14th April); Ukraine: Shchyrets readymixed concrete plant (3rd October) and Belotserkovskyconcrete plant (10th December).Europe ProductsBelgium: Olivier (1st October) and MBI Beton (31st October); Denmark: Dalton (29th March) and Expan (31st August);France: Cinor (2nd January), OREP (4th May) and Sodeco (11th June); Italy: Plastybeton (29th March); Norway:Halfen-Frimeda (15th May); Poland: remaining 75% of Ergon (26th April) and Cerabud (29th November); Romania:Elpreco (17th December); Sweden: Tuvan Stangsel (7th March); United Kingdom: Anderton Concrete (24th April),West Midland Fencing (2nd July) and Forsite Construction Accessories (4th July).Europe DistributionFrance: LDP (3rd January); Germany: acquisitions by CRH’s 48% joint venture BauKing - Mobau (22nd February),Kapella Baustoffe (17th July) and Moller & Forster Baustoffe (31st August); the Netherlands: Vlutters (3rd March),Bouweijden Almere (7th September) and Haringsma (5th October); Spain: Jelf Brico-House (24th May); Switzerland:Gétaz Romang (25th May) and G. von Gunten (14th December).Americas MaterialsArizona: Hancock Materials (16th November); Florida: Conrad Yelvington Distributors (4th September) and selectedCemex Rinker assets (30th November); Idaho: International Stone (23rd August) and HK Contractors (5th November);Iowa: Cessford Construction (10th August); New York: Madden Concrete (30th July); Ohio: Kenmore ConstructionCompany (2nd April); Oklahoma: Bellco Materials (31st December); Oregon: Eugene Sand & Gravel (3rd August);Pennsylvania: McMinn’s Asphalt & Prospect Aggregates (31st August); South Carolina: Southeast Asphalt (22ndAugust); Tennessee: selected assets of US Concrete (9th November); Texas: Matthews Construction & Jasper Asphalt(2nd November); Utah: Kaneco Products (13th June) and Hales Sand & Gravel (2nd December); Vermont: BurgessBrothers (24th September); Virginia: Rock It Stone (11th January); and Wyoming: Big Sky Asphalt (10th April).Americas ProductsCalifornia: Carson Industries (20th July; also including operations in Kentucky, Ohio and Ireland) and Inland ConcreteEnterprises (17th December); Florida: remaining 50% of Paver Systems (January 3rd), Ruck Brothers (13th August),Amerimix and Cementec Industries (17th August), Coloroc Materials (23rd February) and Harwood Brick (11th June);Georgia: remaining 20% of Custom Surfaces (29th June; also South Carolina), selected block assets of Lafarge NorthAmerica (30th November; Georgia and New Mexico); Illinois: Valley Block (3rd January) and River City LandscapeSupply (21st December; also Alabama); New Jersey: Pre-Blend Products (31st May); New Mexico: Rinker Block (23rdJuly); Texas: Vistawall (29th June) and Headwaters Mortar and Stucco Group (20th December).Americas DistributionCalifornia: Spartan Supply (11th April), John Ray Company (13th April) and Acoustical Materials Services (16thNovember; also Nevada, Hawaii, Arizona and Mexico); and Florida: Florida Waterproofing Supply (7th September).108 CRH
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CRH Annual Report 2007PERFORMANCE A
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CRH’s broad geographic, sectoral
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Products: Completing the EnvelopeCl
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Products: Completing the EnvelopeCR
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Western EuropeCentral Eastern Europ
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Health & SafetyCRH continues to com
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Chairman’s StatementKieran McGowa
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14 CRHConrad Yelvington Distributor
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Chief Executive’s Review continue
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Chief Executive’s Review continue
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Europe Materials2007 OverviewEurope
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Europe Materials continuedof econom
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Europe Products & Distribution cont
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The Products & Distribution Divisio
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Americas Materials2007 OverviewAmer
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The Americas Materials Divisionoper
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Americas Products & Distribution co
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The Americas Products & Distributio
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Finance Review continuedin Cementbo
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Finance Review continuedCash Genera
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Board of DirectorsBoard CommitteesA
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Corporate GovernanceCRH has primary
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Corporate Governance continued• r
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Directors’ ReportThe Directors su
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Report on Directors’ Remuneration
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Page 67 and 68: Accounting Policies continuedAwards
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Page 117 and 118: Notes to the Company Balance Sheet1
Page 119 and 120: Shareholder InformationDividend pay
Page 121 and 122: ManagementSenior Group StaffLiam O
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Page 131 and 132: IndexAAccounting policies 61Acquisi
Page 134 and 135: Notice of MeetingThe Annual General
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CRH Annual Report 2007 PERFORMANCE AND GROWTH

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