Titan S.A.

Interim / Quarterly Report • Jul 31, 2019

TITAN CEMENT COMPANY S.A.

22A Halkidos Street - 111 43 Athens

Condensed financial information for the period of 1 January 2019 until 30 June 2019

Company's web address: www.titan-cement.com Board of Directors approval date: July 31, 2019 Name of the auditor: Auditing firm: PricewaterhouseCoopers S.A. Type of Auditor's Review Report: Conclusion without qualification

CONDENSED STATEMENT OF FINANCIAL POSITION					CONDENSED CASH FLOW STATEMENT
(Amounts in € thousand)					(Amounts in € thousand)
		GROUP	COMPANY			GROUP		COMPANY
ASSETS	30/6/2019	31/12/2018	30/6/2019	31/12/2018		1/1- 30/6/2019	1/1- 30/6/2018	1/1- 30/6/2019	1/1- 30/6/2018
					Profit/(loss) before taxes	16,246	35,217	-6,715	-10,883
Tangible assets	1,695,566	1,647,892	246,264	249,294	Depreciation, amortization and impairment of tangible, intangible
Investment properties	12,048	12,202	8,743	8,743	and right-of-use assets	67,843	55,361	8,142	8,018
Intangible assets	411,597	405,221	15,470		11,107 Interest expense/(income)	30,805	31,486	9,239	7,299
Other non current assets	148,299	143,694	626,317		709,132 Other non-cash adjustments	10,262	344	-3,168	-586
Inventories	287,570	286,561	64,227	67,674		125,156	122,408	7,498	3,848
Trade receivables	138,264	120,199	34,088		37,826 Decrease/(increase) in inventories	3,790	-14,340	4,517	-3,279
Other current assets	128,487	123,495	57,061		19,563 Increase in trade and other receivables	-20,499	-38,111	-1,841	-10,861
Cash and cash equivalents TOTAL ASSETS	224,070	171,000	8,684	13,710	(Decrease)/increase in trade and other
	3,045,901		2,910,264 1,060,854	1,117,049	payables (excluding banks)	-1,380	14,591	6,509	-7,679
					Cash generated from/(used in) operations	107,067	84,548	16,683	-17,971
					Income tax paid Net cash flows from/(used in) operating activities (a)	-4,915 102,152	-4,514 80,034	-2,666 14,017	-774 -18,745
SHΑREHOLDERS EQUITY AND LIABILITIES
					(Payments)/proceeds for share capital increase/decrease in
Share Capital 84,632,528 shares of €3.45	291,982	291,982	291,982		subsidiaries, joint ventures and associates 291,982 Payments for tangible and intangible assets	- -53,278	-14,206 -55,101	51,698 -8,039	75,618 -6,239
Share Premium	22,826	22,826	22,826		22,826 Other proceeds from investing activities	3,747	2,515	1,940	4,769
Share stock options	3,935	3,742	3,935		3,742 Net cash flows (used in)/from investing activities (b)	-49,531	-66,792	45,599	74,148
Treasury Shares	-116,984	-112,884	-116,984		-112,884 Dividends paid	-12,873	-754	-12,597	-500
Retained earnings and other reserves	1,189,365	1,188,467	495,613		513,996 Net proceeds/(payments) due to changes in share capital	1	-1,173	-2	-96
Total share capital and reserves (a)	1,391,124	1,394,133	697,372		719,662 Net payments related to treasury shares transactions	-5,054	-4,085	-5,054	-4,085
Non-controlling interests (b)	77,140	77,157	-		- Interest paid	-28,126	-22,045	-6,647	-6,840
Total Equity (c)=(a)+(b)	1,468,264	1,471,290	697,372		719,662 Net proceeds/(payments) of borrowings	44,533	47,356	-40,392	9,973
					Net cash flows (used in)/from financing activities (c)	-1,519	19,299	-64,692	-1,548
Long-term borrowings	800,143	745,222	255,101	292,385	Net increase/(decrease) in cash and cash equivalents
Long-term lease liabilities	48,081	-	714	-	(a)+(b)+(c)	51,102	32,541	-5,076	53,855
Provisions and other long-term liabilities	175,265	165,437	32,603		35,987 Cash and cash equivalents at beginning of the period	171,000	154,247	13,710	29,323
Short-term borrowings	197,837	197,637	4		3 Effects of exchange rate changes	1,968	2,642	50	-58
Short-term lease liabilities	17,282	-	548		- Cash and cash equivalents at end of period	224,070	189,430	8,684	83,120
Other short-term liabilities	339,029	330,678	74,512	69,012			-		-
Total liabilities (d)	1,577,637	1,438,974	363,482	397,387
	3,045,901		2,910,264 1,060,854	1,117,049
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES (c)+(d)
CONDENSED STATEMENT OF COMPREHENSIVE INCOME					CONDENSED STATEMENT OF COMPREHENSIVE INCOME
	(Amounts in € thousand) GROUP COMPANY					(Amounts in € thousand) GROUP COMPANY
	1/4-	1/4-	1/4-	1/4-		1/1-	1/1-	1/1-	1/1-
	30/6/2019	30/6/2018	30/6/2019	30/6/2018		30/6/2019	30/6/2018	30/6/2019	30/6/2018
Revenue	422,735	390,036	69,697		62,692 Revenue	785,439	712,505	124,298	109,696
Cost of sales	-306,067	-275,730	-53,905		-52,719 Cost of sales	-586,995	-520,451	-104,429	-92,700
Gross profit before depreciation,amortization and					Gross profit before depreciation,amortization and
impairment	116,668	114,306	15,792	9,973	impairment	198,444	192,054	19,869	16,996
Other operating income/(expenses)	711	2,980	5,088		4,047 Other operating income/(expenses)	1,547	3,720	9,418	8,542
Administrative expenses	-32,595	-32,642	-9,008		-10,784 Administrative expenses	-64,475	-62,319	-20,358	-21,308
Selling and marketing expenses	-6,948	-5,942	-116		-97 Selling and marketing expenses	-13,337	-11,238	-147	-173
Profit before interest, taxes, depreciation, amortization and					Profit before interest, taxes, depreciation, amortization and
impairment	77,836	78,702	11,756	3,139	impairment	122,179	122,217	8,782	4,057
Depreciation, amortization and impairment Profit/(loss) before interest and taxes	-34,352	-28,426	-4,122		-3,993 Depreciation, amortization and impairment -854 Profit/(loss) before interest and taxes	-67,843	-55,361	-8,142	-8,018
(Expenses)/income from participations and investments	43,484 -	50,276 -123	7,634 1,888		-123 (Expenses)/income from participations and investments	54,336 -	66,856 -123	640 2,295	-3,961 -123
Finance costs	-18,186	-15,376	-6,428		-2,558 Finance costs	-36,317	-27,375	-9,650	-6,799
Share of loss of associates and joint ventures	-344	-2,166	-		- Share of loss of associates and joint ventures	-1,773	-4,141	-	-
Profit/(loss) before taxes	24,954	32,611	3,094		-3,535 Profit/(loss) before taxes	16,246	35,217	-6,715	-10,883
Income tax	-4,476	-8,102	-770		81 Income tax	-3,108	-9,565	1,329	1,977
Profit/(loss) after taxes (a)	20,478	24,509	2,324		-3,454 Profit/(loss) after taxes (a)	13,138	25,652	-5,386	-8,906
Attributable to:					Attributable to:
Equity holders of the parent	19,490	23,899	2,324		-3,454 Equity holders of the parent	13,339	24,843	-5,386	-8,906
Non-controlling interests	988	610	-		- Non-controlling interests	-201	809	-	-
Other comprehensive (loss)/income net of tax (b)	-5,032	19,715	-		- Other comprehensive income/(loss) net of tax (b)	9,578	-4,796	-	-

Total comprehensive income/(loss) net of tax (a)+(b) 15,446 44,224 2,324 -3,454 Total comprehensive income/(loss) net of tax (a)+(b) 22,716 20,856 -5,386 -8,906

Attributable to: Equity holders of the parent Non-controlling interests	13,569 1,877	41,929 2,295	2,324	Attributable to: -3,454 Equity holders of the parent Non-controlling interests	22,686 30	18,863 1,993	-5,386	-8,906
Basic earnings per share (in €)	0.2441	0.2974		Basic earnings per share (in €)	0.1671	0.3091

The following financial data provide summary information about the financial position and the results of operations of Titan Cement Co. S.A. (the Company) and, its subsidiaries (collectively the Group). We advise the reader, before making any investment decision or other transaction with the Group or the Company, to visit the Company's web site where the consolidated and separate financial statements, according to the IFRS, together with the review report of the external auditor are presented.

Konstantinos Michalatos (SOEL R.N. 17701)

Company's Number in the General Electronic Commercial Registry: 224301000

(former Company's Number in the Register of Societes Anonymes: 6013/06/Β/86/90)