Titan S.A.

Annual / Quarterly Financial Statement • Mar 21, 2019

TITAN CEMENT COMPANY S.A.

22A Halkidos Street - 111 43 Athens

Condensed financial information for the period of 1 January 2018 until 31 December 2018

Company's web address:	www.titan-cement.com
Board of Directors approval date:	March 20, 2019
Name of the auditor:
Auditing firm:	PricewaterhouseCoopers S.A.
Type of Auditor's Review Report:	Without qualification

CONDENSED STATEMENT OF FINANCIAL POSITION (Amounts in € thousand)				CONDENSED STATEMENT OF CHANGES IN EQUITY (Amounts in € thousand)
	GROUP COMPANY			GROUP		COMPANY
ASSETS	31/12/2018	31/12/2017	31/12/2018	31/12/2017		31/12/2018	31/12/2017	31/12/2018	31/12/2017
Tangible assets	1,647,892	1,466,046	249,294	252,944	Equity balance at beginning of the year (1/1/2018 and 1/1/2017
Investment properties	12,202	12,130	8,743	8,937	respectively)	1,369,672	1,552,816	744,132	827,269
Intangible assets Other non current assets	405,221	345,971	11,107		8,093 Change in accounting policy	-468	-	-946	-
Inventories	139,472 286,561	177,223 258,204	709,132 67,674		782,302 Restated balance at 1 January 2018 65,410 Total comprehensive income/(loss)	1,369,204 72,655	1,552,816 -73,413	743,186 32,386	827,269 13,079
Trade receivables	120,199	115,429	37,826		37,883 Share capital decrease	-42,315	-84,633	-42,315	-84,633
Other current assets	87,383	66,217	19,563		29,966 Dividends distributed to ordinary and preferred shares	-4,231	-8,463	-4,231	-8,463
Cash and cash equivalents	171,000	154,247	13,710		29,323 Dividends distributed to non-controlling interests	-3,936	-3,867	-	-
TOTAL ASSETS	2,869,930	2,595,467	1,117,049		1,214,858 Purchase of treasury shares	-8,614	-4,951	-8,614	-4,951
							398	439	398
					Sale - disposal of treasury shares for option plan	439
					Non-controlling interest's participation in share capital increase of
SHΑREHOLDERS EQUITY AND LIABILITIES					subsidiary	2,183	807	-	-
					Share based payment transactions	1,755	1,433	1,755	1,433
Share Capital 84,632,528 shares of €3.45 (2017: €3.00)	291,982	253,897	291,982		253,897 Non-controlling interest's put option recognition	-444	-2,396	-	-
Share Premium	22,826	22,826	22,826		22,826 Acquisition of non-controlling interest	-	-7,578	-	-
Share stock options Treasury Shares	3,742	3,003	3,742		3,003 Costs for share capital increase in subsidiaries	-1,100	-481	-	-
Retained earnings and other reserves	-112,884 1,188,467	-105,384 1,132,871	-112,884 513,996		-105,384 Acquisition of join venture 569,790 Taxes and expenses relevant to share capital increase	88,638 -2,944	- -	- -2,944	- -
Total share capital and reserves (a)	1,394,133	1,307,213	719,662	744,132
Non-controlling interests (b)	77,157	62,459	-	-	Equity balance at year end (31/12/2018 and 31/12/2017 respectively)	1,471,290	1,369,672	719,662	744,132
Total Equity (c)=(a)+(b)	1,471,290	1,369,672	719,662	744,132
Long-term borrowings	745,222	820,382	292,385	379,218
Provisions and other long-term liabilities	161,215	108,967	35,987	32,227
Short-term borrowings	197,637	56,825	3	32
Other short-term liabilities	294,566	239,621	69,012	59,249	CONDENSED CASH FLOW STATEMENT
Total liabilities (d)	1,398,640	1,225,795	397,387	470,726	(Amounts in € thousand)
						GROUP		COMPANY
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES (c)+(d)	2,869,930	2,595,467	1,117,049	1,214,858		1/1-31/12/2018	1/1-31/12/2017	1/1-31/12/2018	1/1-31/12/2017
					Profit before taxes	82,562	63,226	35,061	11,881
					Adjustments for:
					Depreciation	114,509	112,294	16,052	15,717
					Impairment of tangible and intangible assets	1,288	4,135	-	2,150
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
	(Amounts in € thousand)				Impairment of inventories Provisions	- 3,439	- 14,274	117 -1,768	1,549 2,204
	GROUP 1/1-31/12/2018	1/1-31/12/2017	COMPANY 1/1-31/12/2018	1/1-31/12/2017	Dividend income Exchange differences	-55 -34,926	-162 55,907	-38,490 -564	-34,377 1,869
Revenue	1,490,097	1,505,803	229,038		233,805 Interest (income)/expense	62,876	63,414	14,401	15,881
Cost of sales	-1,089,489	-1,070,349	-192,728		-182,851 Other adjustments	34,688	-23,478	-15,332	1,470
Gross profit before depreciation,amortization and						264,381	289,610	9,477	18,344
impairment	400,608	435,454	36,310	50,954	Increase in inventories	-14,248	-28,520	-2,382	-9,192
Other operating income/(expenses)	6,395	-13,984	32,574		8,629 (Increase)/decrease in trade and other receivables	-2,836	-5,687	12,068	10,758
Administrative expenses
Selling and marketing expenses	-124,975 -22,287	-125,459 -22,570	-41,395 -256		-44,526 Increase/(decrease) in trade and other payables (excluding banks) -253 Cash generated from operations	23,181 270,478	-14,950 240,453	3,880 23,043	9,349 29,259
Profit before interest, taxes, depreciation, amortization					Income tax paid	-9,198	-14,359	-1,289	-3,422
and impairment	259,741	273,441	27,233	14,804	Net cash flows from operating activities (a)	261,280	226,094	21,754	25,837
Depreciation, amortization and impairment of tangibles/					Payments for acquisition of subsidiaries and joint ventures, net of cash
intangibles assets	-115,797	-116,429	-16,052	-17,867	acquired	-24,037	-21,106	-	-
Profit/(loss) before interest and taxes	143,944	157,012	11,181		-3,063 Net cash acquired with the subsidiaries	7,369	-	-	-
(Expenses)/income from participations and investments	-3,143	162	37,329		34,199 Proceeds from dividends	2,649	4,686	38,490	30,458
Finance costs	-54,498	-86,460	-13,449		-19,255 Share capital decrease in subsidiaries	-	-	77,485	84,133
Share of loss of associates and joint ventures	-3,741	-7,488	-		- Proceeds from the sale of tangible/intangible and investment properties	1,850	1,467	18,709	95
Profit before taxes	82,562	63,226	35,061		11,881 Share capital increase in associates and joint ventures	-15,015	-28,678	-	-
Income tax	-26,578	-18,929	-1,714		1,510 Payments for tangible and intangible assets	-118,512	-122,518	-16,279	-30,854
Profit after taxes (a)	55,984	44,297	33,347		13,391 Other proceeds from investing activities	6,465	825	241	2
					Net cash flows (used in)/from investing activities (b)	-139,231	-165,324	118,646	83,834
Attributable to:					Dividends paid	-8,152	-12,329	-4,225	-8,461
Equity holders of the parent	53,847	42,680	33,347		13,391 Net payments due to changes in share capital	-40,078	-83,329	-42,138	-84,136
Non-controlling interests	2,137	1,617	-		- Net (payments)/proceeds related to treasury shares transactions	-8,175	-4,553	-8,175	-4,553
					Proceeds from government grants	276	209	276	208
Other comprehensive income/(loss) net of tax (b)	16,671	-117,710	-961		-312 Interest paid	-61,620	-60,183	-12,989	-22,591
					Net proceeds/(payments) of borrowings	9,362	77,621	-88,925	28,379
Total comprehensive income/(loss) net of tax (a)+(b)	72,655	-73,413	32,386	13,079	Net cash flows used in financing activities (c)	-108,387	-82,564	-156,176	-91,154
					Net increase/(decrease) in cash and cash equivalents (a)+(b)+(c)	13,662	-21,794	-15,776	18,517
Attributable to:					Cash and cash equivalents at beginning of the period	154,247	179,710	29,323	11,218
Equity holders of the parent	62,686	-70,161	32,386		13,079 Effects of exchange rate changes	3,091	-3,669	163	-412
Non-controlling interests	9,969	-3,252	-		- Cash and cash equivalents at end of the year	171,000	154,247	13,710	29,323
Basic earnings per share (in €)	0.6706	0.5292

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.

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)

Konstantinos Michalatos (SOEL R.N. 17701) Without qualification