...CRH posted record-high results in 2022, and we expect a resilient performance in 2023. The group reported sales of $32.7 billion, which represents growth of 12% on a like-for-like basis. CRH also posted record-high EBITDA of about $5.6 billion, and improved its margin to about 17.2% despite macroeconomic headwinds and inflationary pressures. The strong performance continues to reflect the success of CRH's vertically integrated solutions strategy. CRH also generated S&P Global Ratings-adjusted free operating cash flow in excess of $2.5 billion, which is slightly lower than in the previous year, mainly due to higher tax payments and working capital needs. In 2023, we expect that CRH will benefit from an increase in funding for the North American infrastructure market. In Europe, the group believes that positive price momentum could offset lower volumes. The residential new-build sector could weaken slightly due to increases in interest rates. We anticipate that CRH will maintain comfortable...
