Titan S.A.

Quarterly Report • May 12, 2016

Interim Condensed Financial Statements for the period 1 January – 31 March 2016 of the Group and Titan Cement Company S.A.

These financial statements have been translated from the original Greek version. In the event that differences exist between this translation and the original Greek language financial statements, the Greek language financial statements will prevail over this document.

Index

	Pages
1. Interim Condensed Financial Statements	3
2. Notes to the Interim Condensed Financial Statements	9

The Interim Condensed Financial Statements presented through pages 3 to 23 both for the Group and the Parent Company, have been approved by the Board of Directors on 12th of May 2016.

Chairman of the Board of Directors

ANDREAS L. CANELLOPOULOS ID No AB500997

DIMITRIOS TH. PAPALEXOPOULOS

Chief Executive Officer

ID No ΑΚ031353

Chief Financial Officer

Finance Director Greece

Financial Consolidation Senior Manager

MICHAEL H. COLAKIDES Passport No K00215552

ID No ΑΒ291692 GRIGORIOS D. DIKAIOS ATHANASIOS S. DANAS

ID No ΑΒ006812

Interim Condensed Income Statement

(all amounts in Euro thousands)	Group		Company
		For the three months ended 31/3		For the three months ended 31/3
	Note	2016	2015	2016	2015
Sales of goods	5	337.790	283.823	63.287	65.132
Cost of sales		-258.572	-229.716	-48.515	-48.801
Gross profit before depreciation and amortization		79.218	54.107	14.772	16.331
Other income		2.238	2.970	3.628	1.757
Administrative expenses		-29.549	-25.240	-9.021	-7.719
Selling and marketing expenses		-5.292	-4.718	-55	-22
Other expenses		-3.291	-3.873	-267	-1.916
Profit before interest, taxes, depreciation and
amortization (EBITDA)		43.324	23.246	9.057	8.431
Depreciation and amortization related to cost of sales Depreciation and amortization related to	8,9	-26.720	-26.725	-3.147	-3.069
administrative and selling expenses	8,9	-1.570	-1.602	-285	-335
Reversal of impairment/(impairment) of tangible and
intangible assets related to cost of sales	8,9	9	-175	-	-
Profit/(loss) before interest and taxes		15.043	-5.256	5.625	5.027
Income from participations and investments		-	-	20.625	-
Finance income		514	556	1	27
Finance costs		-15.897	-14.773	-5.268	-6.312
(Losses)/gains from foreign exchange differences	24	-25.112	27.034	-1.480	2.035
Share of profit of associates and joint ventures	10	487	29	-	-
(Loss)/profit before taxes		-24.965	7.590	19.503	777
Income tax	7	4.052	-529	52	-474
(Loss)/profit for the period		-20.913	7.061	19.555	303
Attributable to:
Equity holders of the parent		-18.594	6.647
Non-controlling interests		-2.319	414
		-20.913	7.061
Basic (losses)/earnings per share (in €)	18	-0,2271	0,0814
Diluted (losses)/earnings per share (in €)	18	-0,2262	0,0810

Interim Condensed Statement of Comprehensive Income

(all amounts in Euro thousands)		Group		Company
		31/3	For the three months ended	For the three months ended 31/3
	Note	2016	2015	2016	2015
(Loss)/profit for the period		-20.913	7.061	19.555	303
Other comprehensive (loss)/income: Other comprehensive (loss)/income to be reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign operations	17	-85.312	73.957	-	-
Net losses on available-for-sale financial assets		-469	-3	-469	-
Income tax effect	7	136	-	136	-
Net other comprehensive (loss)/income to be		-333	-3	-333	-
reclassified to profit or loss in subsequent periods:		-85.645	73.954	-333	-
Items not to be reclassified to profit or loss in subsequent periods: Re-measurement losses on defined benefit plans Income tax effect	7	- -	-5 2	- -	- -
		-	-3	-	-
Net other comprehensive loss not being reclassified to profit or loss in subsequent periods:		-	-3	-	-
Other comprehensive (loss)/income for the period, net of tax		-85.645	73.951	-333	-
Total comprehensive (loss)/income for the period net of tax		-106.558	81.012	19.222	303
Attributable to:
Equity holders of the parent		-92.988	76.709
Non-controlling interests		-13.570	4.303
		-106.558	81.012

Interim Condensed Statement of Financial Position

(all amounts in Euro thousands)		Group		Company
Assets	Note	31/3/2016	31/12/2015	31/3/2016	31/12/2015
Property, plant & equipment	8	1.691.322	1.807.709	240.266	239.413
Investment properties	14	9.545	9.548	9.461	9.461
Intangible assets and goodwill	9	419.870	454.584	1.728	1.854
Investments in subsidiaries	11	-	-	859.802	844.762
Investments in associates & joint ventures	10	81.595	82.508	-	-
Derivative financial instruments	14	4.114	-	-	-
Available-for-sale financial assets	14	1.209	1.209	172	172
Other non-current assets	14,15	13.589	14.830	3.063	3.063
Deferred tax asset	7	1.134	806	-	-
Non-current assets		2.222.378	2.371.194	1.114.492	1.098.725
Inventories	22	264.231	286.793	68.057	70.682
Trade receivables	23	114.443	101.956	53.159	45.056
Other receivables and prepayments		69.491	65.689	24.929	23.828
Available-for-sale financial assets	14	1.641	2.110	1.640	2.109
Cash and cash equivalents		78.776	121.733	6.225	8.626
Current assets		528.582	578.281	154.010	150.301
Total Assets		2.750.960	2.949.475	1.268.502	1.249.026
Equity and Liabilities
Share Capital (84,632,528 shares of €4.00)	16	338.530	338.530	338.530	338.530
Share premium	16	22.826	22.826	22.826	22.826
Share options	16	2.113	1.807	2.113	1.807
Treasury shares	16	-79.077	-79.077	-79.077	-79.077
Other Reserves	17	940.095	1.017.304	519.417	519.750
Retained earnings		268.733	285.504	76.263	56.708
Equity attributable to equity holders of the parent		1.493.220	1.586.894	880.072	860.544
Non-controlling interests		105.211	118.391	-	-
Total equity (a)		1.598.431	1.705.285	880.072	860.544
Long-term borrowings	14	470.490	716.766	211.499	300.712
Derivative financial instruments	14	-	924	-	-
Deferred tax liability	7	142.520	163.786	7.330	7.518
Retirement benefit obligations		29.687	31.018	13.196	13.087
Provisions	13	22.272	21.481	3.171	2.221
Other non-current liabilities	14	6.867	6.803	4.170	4.236
Non-current liabilities		671.836	940.778	239.366	327.774
Short-term borrowings	14	213.050	26.313	96.363	9.324
Trade and other payables		257.726	265.805	46.971	45.701
Current income tax payable		3.541	4.959	-	-
Provisions	13	6.376	6.335	5.730	5.683
Current liabilities		480.693	303.412	149.064	60.708
Total liabilities (b)		1.152.529	1.244.190	388.430	388.482
Total Equity and Liabilities (a+b)		2.750.960	2.949.475	1.268.502	1.249.026

Interim Condensed Statement of Changes in Equity

(all amounts in Euro thousands)

				Attributable to equity holders of the parent
Group	Ordinary shares	Share premium	Preferred ordinary shares	Share options	Ordinary treasury shares	Preferred treasury shares	Other reserves (note 17)	Retained earnings	Total	Non controlling interests	Total equity
Balance at 1 January 2015	308.254	22.826	30.276	1.620	-83.516	-117	939.525	288.137	1.507.005	120.590	1.627.595
Profit for the period	-	-	-	-	-	-	-	6.647	6.647	414	7.061
Other comprehensive income	-	-	-	-	-	-	70.062	-	70.062	3.889	73.951
Total comprehensive income for the period	-	-	-	-	-	-	70.062	6.647	76.709	4.303	81.012
Acquisition of non-controlling interests (notes 21)	-	-	-	-	-	-	4.422	-3.552	870	551	1.421
Non-controlling interest's put option recognition	-	-	-	-	-	-	694	-	694	-82	612
Share based payment transactions	-	-	-	187	-	-	-	-	187	-	187
Transfer between reserves	-	-	-	-	-	-	-486	526	40	-40	-
Balance at 31 March 2015	308.254	22.826	30.276	1.807	-83.516	-117	1.014.217	291.758	1.585.505	125.322	1.710.827
Balance at 1 January 2016	308.254	22.826	30.276	1.807	-78.960	-117	1.017.304	285.504	1.586.894	118.391	1.705.285
Loss for the period	-	-	-	-	-	-	-	-18.594	-18.594	-2.319	-20.913
Other comprehensive loss	-	-	-	-	-	-	-74.394	-	-74.394	-11.251	-85.645
Total comprehensive loss for the period	-	-	-	-	-	-	-74.394	-18.594	-92.988	-13.570	-106.558
Non-controlling interest's put option recognition (note 21)	-	-	-	-	-	-	-992	-	-992	390	-602
Share based payment transactions	-	-	-	306	-	-	-	-	306	-	306
Transfer between reserves	-	-	-	-	-	-	-1.823	1.823	-	-	-
Balance at 31 March 2016	308.254	22.826	30.276	2.113	-78.960	-117	940.095	268.733	1.493.220	105.211	1.598.431

Interim Condensed Statement of Changes in Equity (continued)

(all amounts in Euro thousands)

Company	Ordinary shares	Share premium	Preferred ordinary shares	Share options	Ordinary treasury shares	Preferred treasury shares	Other reserves (note 17)	Retained earnings	Total equity
Balance at 1 January 2015	308.254	22.826	30.276	1.620	-83.516	-117	496.236	47.722	823.301
Profit for the period	-	-	-	-	-	-	-	303	303
Other comprehensive income	-	-	-	-	-	-	-	-	-
Total comprehensive income for the period	-	-	-	-	-	-	-	303	303
Share based payment transactions	-	-	-	187	-	-	-	-	187
Balance at 31 March 2015	308.254	22.826	30.276	1.807	-83.516	-117	496.236	48.025	823.791
Balance at 1 January 2016	308.254	22.826	30.276	1.807	-78.960	-117	519.750	56.708	860.544
Profit for the period	-	-	-	-	-	-	-	19.555	19.555
Other comprehensive loss	-	-	-	-	-	-	-333		-333
Total comprehensive (loss)/income for the period	-	-	-	-	-	-	-333	19.555	19.222
Share based payment transactions	-	-	-	306	-	-	-	-	306
Balance at 31 March 2016	308.254	22.826	30.276	2.113	-78.960	-117	519.417	76.263	880.072

Interim Condensed Cash Flow Statement

(all amounts in Euro thousands)

(all amounts in Euro thousands)	Group		Company
	For the three months ended 31/3		For the three months ended 31/3
Note	2016	2015	2016	2015
Cash flows from operating activities
(Loss)/profit before taxes	-24.965	7.590	19.503	777
Adjustments for:
Depreciation/amortization & impairment of tangible and intangible
assets 8,9	28.281	28.502	3.432	3.404
Provisions	2.654	1.566	1.135	1.241
Exchange differences	25.112	-27.034	926	-2.035
Income from participations & investments	-	-	-20.625	-
Interest (income)/expense	15.208	14.044	5.195	6.225
Other adjustments	125	273	263	141
Adjusted profit before changes in working capital	46.415	24.941	9.829	9.753
Decrease/(increase) in inventories	5.975	-15.854	2.626	-5.926
(Increase)/decrease trade and other receivables	-23.878	-19.498	-7.671	4.584
Increase in operating long-term payables/receivables	3.613	2.403	-	5
Increase/(decrease) in trade and other payables (excluding banks)	18.547	-11.125	-3.668	-7.491
Cash generated from/(used in) operations	50.672	-19.133	1.116	925
Income tax paid	-1.717	-3.460	-78	48
Net cash flows from/(used in) operating activities	48.955	-22.593	1.038	973
Cash flows from investing activities
Share capital increase in subsidiaries, associates and joint ventures	-	-	-6.760	-
Purchase of tangible assets and investment properties 8	-27.073	-35.416	-4.283	-2.325
Purchase of intangible assets	-220	-66	-12	-48
Proceeds from sale of tangible and intangible assets 8,9	201	131	83	31
Proceeds from dividends	367	391	18.190	-
Interest received	162	413	1	27
Net cash flows (used in)/from investing activities	-26.563	-34.547	7.219	-2.315
Cash flows from financing activities
Interest paid	-23.259	-22.092	-7.955	-9.158
Dividends paid to non-controlling interests	-3.418	-37	-	-
Acquisition of non-controlling interests	-	-10.500	-	-
Proceeds from borrowings	80.297	140.478	32.707	3.175
Repayment of borrowings	-113.587	-59.802	-35.305	-2.500
Net cash flows (used in)/from financing activities	-59.967	48.047	-10.553	-8.483
Net decrease in cash and cash equivalents	-37.575	-9.093	-2.296	-9.825
Cash and cash equivalents at start of period	121.733	142.946	8.626	16.971
Effects of exchange rate changes	-5.382	3.806	-105	332
Cash and cash equivalents at end of period	78.776	137.659	6.225	7.478

8

Contents of the notes to the interim condensed financial statements

1. General information	10
2. Basis of preparation and summary of significant accounting policies	10
3. Estimates	11
4. Seasonality of operations	11
5. Segment information	12
6. Number of employees	13
7. Income tax	13
8. Property, plant and equipment	13
9. Intangible assets	14
10. Group composition	14
11. Principal subsidiaries, associates and joint ventures	15
12. Fiscal years unaudited by the tax authorities	15
13. Provisions	15
14. Fair value measurement	16
15. Other non-current assets	17
16. Share capital and premium	18
17. Other reserves	19
18. (Losses)/earnings per share	20
19. Dividend proposed and distributed	20
20. Related party transactions	20
21. Contingencies and commitments	22
22. Inventories	23
23. Trade receivables	23
24. Foreign exchange differences	23
25. Events after the reporting period	23
26. Principal exchange rates	23

1.General information

Titan Cement Co. S.A. (the Company) and, its subsidiaries (collectively the Group) are engaged in the production, trade and distribution of a wide range of construction materials, including cement, concrete, aggregates, cement blocks, dry mortars and fly ash. The Group operates primarily in Greece, the Balkans, Egypt, Turkey and the USA.

Information on the Group's structure is provided in note 11. Information on other related party relationships of the Group and the Company is provided in note 20.

The Company is a limited liability company incorporated and domiciled in Greece at 22^A Halkidos Street - 111 43 Athens with the registration number in the General Electronic Commercial Registry: 224301000 (formerly the Register of Sociétés Anonymes Number: 6013/06/Β/86/90) and is listed on the Athens Stock Exchange.

These interim condensed financial statements (the financial statements) were approved for issue by the Board of Directors on 12 May 2016.

2.Basis of preparation and summary of significant accounting policies

These financial statements for the three-month period ended 31 March 2016 have been prepared by management in accordance with International Accounting Standard (IAS) 34 "Interim Financial Reporting".

The financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements as at 31 December 2015.

However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual group financial statements.

The accounting policies adopted in the preparation of the interim condensed financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2015, except for the new or revised standards, amendments and/or interpretations that are mandatory for the periods beginning on or after 1 January 2016.

2.1. Standards and Interpretations effective for the current financial year that have no significant impact on the financial statements of the Group and the Company

• IAS 19R (Amendment) "Employee Benefits"
• IFRS 11 (Amendment) "Joint Arrangements"
• IAS 16 and IAS 38 (Amendments) "Clarification of Acceptable Methods of Depreciation and Amortisation
• IAS 27 (Amendment) "Separate financial statements"
• IAS 1 (Amendments) "Disclosure initiative"
• Annual Improvements to IFRSs (2012)
• Annual Improvements to IFRSs (2014)

2.2.New Standards and Interpretations issued but not yet effective and not early adopted by the Group and the Company. The Group and the Company are currently investigating their impact on the financial statements.

• IFRS 9 "Financial Instruments" and subsequent amendments to IFRS 9 and IFRS 7 (effective for annual periods beginning on or after 1 January 2018)
• IFRS 15 "Revenue from Contracts with Customers" (effective for annual periods beginning on or after 1 January 2018)

IFRS 16 "Leases" (effective for annual periods beginning on or after 1 January 2019)

• IFRS 10, IFRS 12 and IAS 28 (Amendments) "Investment entities: Applying the consolidation exception" (effective for annual periods beginning on or after 1 January 2016)
• IAS 12 (Amendments) "Recognition of Deferred Tax Assets for Unrealised Losses" (effective for annual periods beginning on or after 1 January 2017)
• IAS 7 (Amendments) "Disclosure initiative" (effective for annual periods beginning on or after 1 January 2017)

3.Estimates

The preparation of the interim condensed financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

In preparing these interim condensed financial statements, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the financial statements for the year ended 31 December 2015.

4.Seasonality of operations

The Group is a supplier of cement, concrete, aggregates and other building materials. The demand for these products is seasonal in temperate countries such as in Europe and North America. Therefore, the Group generally records lower revenues and operating profits during the first and fourth quarters when adverse weather conditions are present in the northern hemisphere. In contrast, sales and profitability tend to be higher during the second and third quarters, as favorable weather conditions support construction activity.

5. Segment information

For management information purposes, the Group is structured in four operating (geographic) segments: Greece and Western Europe, North America, Southeastern Europe and Eastern Mediterranean. Each operating segment is a set of countries. The aggregation of countries is based on geographic position.

Each region has a regional Chief Executive Officer (CEO) who reports to the Group's CEO. In addition, the Group's finance department is organized by geographic region for effective financial control and performance monitoring.

Management monitors the operating results of its business units separately for the purpose of making decisions, allocating resources and assessing performance. Segment performance is evaluated based on Earnings before Interest, Taxes, Depreciations & Amortization (EBITDA).

(all amounts in Euro thousands)	Greece and Western Europe		North America		Europe	Southeastern	Mediterranean	Eastern	Total
Period from 1/1-31/3	2016	2015	2016	2015	2016	2015	2016	2015	2016	2015
Gross revenue	76.729	79.569	174.434	130.289	35.800	33.475	65.222	60.227	352.185	303.560
Inter-segment revenue	-14.339	-14.267	-56	-55	-	-5.415	-	-	-14.395	-19.737
Revenue from external customers	62.390	65.302	174.378	130.234	35.800	28.060	65.222	60.227	337.790	283.823
Profit before interest, taxes, depreciation, amortization and impairment	8.330	9.206	17.882	5.819	6.330	4.229	10.782	3.992	43.324	23.246
Depreciation, amortization and impairment of tangible and intangible assets	-4.657	-4.670	-12.924	-13.377	-5.509	-5.349	-5.191	-5.106	-28.281	-28.502
Profit/(loss) before interest and taxes	3.673	4.536	4.958	-7.558	821	-1.120	5.591	-1.114	15.043	-5.256

	Greece and Western					Southeastern		Eastern
(all amounts in Euro thousands)	Europe		North America		Europe		Mediterranean		Total
	31/3/2016	31/12/2015	31/3/2016	31/12/2015	31/3/2016	31/12/2015	31/3/2016	31/12/2015	31/3/2016	31/12/2015
Total assets	538.004	558.598	967.935	1.006.276	485.340	495.351	759.681	889.250	2.750.960	2.949.475
Total liabilities	159.805	186.310	519.669	526.260	140.674	148.233	332.381	383.387	1.152.529	1.244.190

In the second quarter of 2015, Group decided to amend its allocation policy and implement the Organization for Economic Co-operation and Development (OECD) guidelines for allocation of certain Head Office corporate expenses from Greece to business segments. If these changes were recorded in the same reporting period of 2015, then the "profit before interest, taxes, depreciation, amortization and impairment" would have been as follows:

(all amounts in Euro thousands)

Period from 1/1-31/3/2015	Greece and Western Europe	North America	Southeastern Europe	Eastern Mediterranean	Total
Published	9.206	5.819	4.229	3.992	23.246
Adjusted	10.717	4.977	3.885	3.667	23.246

Reconciliation of profit

Finance income and costs, and fair value gains and losses on financial assets are not allocated to indicidual segments as the underlying instruments are managed on a Group basis.

	Group For the three months ended 31/3
	2016	2015
Profit/(loss) before interest and taxes	15.043	-5.256
Finance income	514	556
Finance costs	-15.897	-14.773
(Losses)/gains from foreign exchange differences	-25.112	27.034
Share of profit of associates and joint ventures	487	29
(Loss)/profit before taxes	-24.965	7.590

6. Number of employees

Number of employees as at the end of the reporting period: Group 5,264 (31.3.2015: 5,259), Company 837 (31.3.2015: 819).

7. Income tax

The Group and the Company calculate the period income tax using the tax rate that would be applicable to the expected total annual earnings.

The major components of income tax in the interim consolidated income statement and the interim statement of comprehensive income are:

	Group		Company
	For the three months ended 31/3		For the three months ended 31/3
(all amounts in Euro thousands)	2016	2015	2016	2015
Current income tax expense	-903	-1.823	-	-153
Deferred tax	4.955	1.294	52	-321
Income tax recognised in interim income statement	4.052	-529	52	-474
Income tax recognised in other comprehensive income	136	2	136	-
Total income taxes	4.188	-527	188	-474

The movement of the net deferred tax liabilities is analyzed as follows:

	Group		Company
(all amounts in Euro thousands)	2016	2015	2016	2015
Opening balance 1/1	162.980	181.568	7.518	3.365
Tax (income)/expense during the period recognised in the
income statement	-4.955	-1.294	-52	321
Tax income during the period recognised in the other
comprehensive income	-136	-2	-136	-
Exchange differences	-16.503	13.042	-	-
Ending balance 31/3	141.386	193.314	7.330	3.686

Deferred income taxes are calculated in full on temporary differences under the liability method using the principal tax rates that apply to the countries in which the companies of the Group operate.

On 31 March 2016, the net ending balance of deferred liabilities is €141.4 mil. and it consists mainly of: a) €247.8 mil. deferred tax liabilities mainly from property, plant & equipment and intangible assets and b) deferred tax assets, comprising from tax loss carried forward (€64.3 mil.), interest expense tax carried forward (€11.6 mil.), from provisions and accrual expenses (€12.4 mil.), from receivables and prepayments (€7.7 mil.) and from post-employment and termination benefits (€8.8 mil.).

8. Property, plant and equipment

	Group		Company
(all amounts in Euro thousands)	2016	2015	2016	2015
Opening balance 1/1	1.807.709	1.677.282	239.413	236.468
Additions/capitalizations	27.073	35.416	4.283	2.325
Disposals (net book value)	-239	-410	-	-10
Depreciation charge & impairments	-26.873	-26.235	-3.430	-3.352
Exchange differences	-116.475	99.092	-	-
Other	127	77	-	-
Ending balance 31/3	1.691.322	1.785.222	240.266	235.431
	-	-	-	-

There are no pledges on the Group and Company assets.

Assets with a net book value of €239 thousand were disposed of by the Group during the three months ended 31 March 2016 (1.1- 31.3.2015: €410 thousand) resulting in a net loss of €38 thousand (1.1-31.3.2015: net loss €279 thousand).

9. Intangible assets

(all amounts in Euro thousands)

Group

	Goodwill	Other intangible assets	Total
Opening balance 1/1/2016	376.406	78.178	454.584
Additions	-	220	220
Disposals		-80	-80
Depreciation charge & impairments	-	-1.843	-1.843
Exchange differences	-25.716	-7.295	-33.011
Ending balance 31/3/2016	350.690	69.180	419.870
	Goodwill	Other intangible assets	Total
Opening balance 1/1/2015	357.508	84.300	441.808
Additions	-	66	66
Depreciation charge & impairments	-	-2.348	-2.348
Exchange differences	29.043	4.250	33.293
Ending balance 31/3/2015	386.551	86.268	472.819

Goodwill is tested for impairment at the end of each fiscal year and when circumstances indicate that the carrying value may be impaired. The Group's impairment test for goodwill and intangible assets with indefinite lives is based on value-in-use calculations. The key assumptions used to determine the recoverable amount for the different cash generating units were disclosed in the annual consolidated financial statements for the year ended 31 December 2015.

Company		Intangible assets
	2016	2015
Opening balance 1/1	1.854	1.973
Additions	11	48
Disposals (net book value)	-80	-
Depreciation charge & impairments	-57	-108
Ending balance 31/3	1.728	1.913

10. Investments in associates and joint ventures

The Group interim financial statements incorporate the following companies with the equity method of consolidation:

a) Karieri AD with ownership percentage 48.711% (31.12.2014: 48.711%), Karierni Materiali AD with ownership percentage 48.764% (31.12.2014: 48.764%), Vris OOD with ownership percentage 48.764% (31.12.2014: 48.764%). The aforementioned companies are based in Bulgaria and operate in the aggregates business.

b) Adocim Cimento Beton Sanayi ve Ticaret A.S. with ownership percentage 50% (31.12.2015: 50%). The Group has joint control over the joint venture and therefore applies the equity method of consolidation. The Adocim Cimento Beton Sanayi ve Ticaret A.S. is based in Turkey, operates in the production of cement. c) ASH Venture LLC with ownership percentage 33% (31.12.2015: 33%) which beneficiates, markets and sells fly ash. ASH Venture LLC is based in USA.

d) Ecorecovery S.A. with ownership percentage 40% (31.12.2015: 40%) that processing, managing and trading solid waste for the production of alternative fuels. The company is based in Greece.

None of the aforementioned companies is listed on a public exchange market.

The movement of the Group's participation in associates and joint ventures is analysed as follows:

(all amounts in Euro thousands)	31/3/2016	31/12/2015
Opening balance 1/1	82.508	86.533
Share of profit of associates and joint ventures	487	5.815
Dividends received	-367	-2.217
Investment in associate	-	400
Exchange differences	-1.033	-8.007
Other comprehensive losses	-	-16
Ending balance	81.595	82.508

11. Group composition

Group ownership percentages to subsidiaries, associates and joint ventures have not been changed during the first quarter of 2016.

The movement of the Company's investments in subsidiaries, is analyzed as follows:

(all amounts in Euro thousands)	31/3/2016	31/12/2015
Participation in subsidiaries on 1 January	844.762	845.807
Share capital increase/(decrease) in
subsidiaries	15.000	-1.180
Other	40	135
Participation in subsidiaries	859.802	844.762

12. Fiscal years unaudited by the tax authorities

		2010-2015
-	Aeas Netherlands B.V.	2010-2015
		2015
		2011-2015
		2014-2015
		2008-2015
2010-2015	Cementara Kosjeric DOO	2006-2015
2010-2015	TCK Montenegro DOO	2007-2015
2010-2015	Double W & Co OOD	2007-2015
2010-2015	Granitoid AD	2007-2015
2010-2015	Gravel & Sand PIT AD	2008-2015
2010-2015	Zlatna Panega Beton EOOD	2008-2015
2010-2015	Zlatna Panega Cement AD	2010-2015
2012-2015	Cement Plus LTD	2014-2015
2010-2015	Rudmark DOOEL	2006-2015
2008-2015	Usje Cementarnica AD	2009-2015
2010-2015	Titan Cement Netherlands BV	2010-2015
2008, 2010-2015	Alba Cemento Italia, SHPK	2012-2015
2007-2015	Antea Cement SHA	2015
2008-2015	Sharr Beteiligungs GmbH	2011-2015
2007-2015	Kosovo Construction Materials L.L.C.	2011-2015
2006,2008-2015	SharrCem Sh.P.K	2011-2015
2007-2015	Alexandria Development Co.Ltd	-
2006-2015	Alexandria Portland Cement Co. S.A.E	2010-2015
2010-2015	(2) GAEA Green Alternative Energy Assets Ltd	2007-2015
2010-2015	Beni Suef Cement Co.S.A.E.	2009-2015
2007-2015	East Cement Trade Ltd	2006-2015
2009-2015	Titan Beton & Aggregate Egypt LLC	2010-2015
2010-2015	Titan Egyptian Inv. Ltd	-
2007-2015	Green Alternative Energy Assets EAD	2012-2015
2007-2015	(2) GAEA Zelena Alternative Enerjia DOOEL	2013-2015
2011-2015	GAEA Enerjia Alternative e Gjelber Sh.p.k.	2014-2015
2011-2015	GAEA -Green Alternative Energy Assets	2015
2010-2015	Ecorecovery SA	2015
2010-2015	MILLCO-PCM DOOEL	2015
	2010-2015 2012-2015 2010-2015 2007-2015 2008-2015 (1) Titan Atlantic Cement Industrial and Commercial S.A.	Holtitan BV Titan Cement U.K. Ltd (2) Τitan Αmerica LLC (2) Separation Technologies Canada Ltd (5) Stari Silo Copmany DOO

(1) For the fiscal years 2011-2013 the above companies were tax audited by their Certified Auditors Accountants, according to the terms of article 82, par. 5 of the Law 2238/1994. The tax audit for the fiscal year 2014 was conducted by the Certified Auditors Accountants according to the article 65A, par. 1 of L. 4174/2013 that has been accordingly revised by L. 4262/2014.

(2) Under special tax status.

(3) Fiscal year of 2009 has been audited.

(4) Fiscal year of 2007 has been audited.

(5) Companies operating in the U.S.A., are incorporated in the Titan America LLC subgroup (note 14 of the annual financial statements of 2015).

13. Provisions

Group

Group provisions presented in short and long term liabilities as at 31 March 2016 amounted to €28.6 mil. (31.12.2015: €27.8 mil.).

The above amount includes among others, the provision for the rehabilitation of quarries amounting to €16.5 mil. (31.12.2015: €16.2 mil.), the provision for staff costs of €6.5 mil. (31.12.2015: €5.5 mil.) and other provisions for risks none of which are individually material to the Group.

Company

Company provisions presented in short and long term liabilities as at 31 March 2016 amounted to €8.9 mil. (31.12.2015: €7.9 mil.). The above amount includes among others, the provision for the rehabilitation of quarries amounting to €2.1 mil. (31.12.2015: €2.1 mil.) and the provision for staff costs of €6.5 mil. (31.12.2015: €5.5 mil.).

14. Fair value measurement

Set out below is a comparison by category of carrying amounts and fair values of the Group's and the Company's financial instruments, that are carried in the statement of the financial position:

Group					Company
(all amounts in Euro thousands)	Carrying amount			Fair value		Carrying amount		Fair value
	31/3/2016	31/12/2015	31/3/2016	31/12/2015	31/3/2016	31/12/2015	31/3/2016	31/12/2015
Financial assets
Available for-sale financial assets	2.850	3.319	2.850	3.319	1.812	2.281	1.812	2.281
Other non-current assets	9.287	10.252	9.287	10.252	3.063	3.063	3.063	3.063
Derivative financial instruments	4.114	-	4.114	-	-	-	-	-
Financial liabilities
Long term borrowings	470.490	716.766	468.423	725.075	211.499	300.712	210.715	305.087
Short term borrowings	213.050	26.313	218.586	26.313	96.363	9.324	99.079	9.324
Derivative financial instruments	-	924	-	924	-	-	-	-
Other non-current liabilities	1.138	964	1.138	964	137	146	137	146
Put option (note 21)	8.917	8.315	8.917	8.315	-	-	-	-

Note: Derivative financial instruments consist of cross currency interest rate swaps (CCS) and commodity swaps.

The management assessed that the cash and short-term deposits, trade receivables, trade payables, bank overdrafts and other current liabilities (excluding the put option) approximate their carrying amounts largely due to the short-term maturities of these instruments.

Fair value hierarchy

The Group and the Company use the following hierarchy for determining and disclosing the fair value of the assets and liabilities by valuation method:

Level 1: based on quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: based on valuation techniques whereby all inputs having a significant effect on the fair value are observable, either directly or indirectly and includes quoted prices for identical or similar assets or liabilities in markets that are not so much actively traded.

Level 3: based on valuation techniques whereby all inputs having a significant effect on the fair value are not observable market data.

The following table provides the fair value measurement hierarchy of the Group's and the Company's assets and liabilities at 31 March 2016.

		Group	Company	Fair value
(all amounts in Euro thousands)		Fair value	Fair value
	31/3/2016	31/12/2015	31/3/2016	31/12/2015	hierarchy
Assets
Investment property	9.545	9.548	9.461	9.461	Level 3
Available for-sale financial assets
Quoted equity shares	1.641	2.110	1.640	2.109	Level 1
Other available-for-sale financial assets	1.209	1.209	172	172	Level 3
Derivative financial instruments	4.114	-	-	-	Level 2
Liabilities
Long-term borrowings	468.423	725.075	210.715	305.087	Level 2
Short-term borrowings	218.586	26.313	99.079	9.324	Level 2
Derivative financial instruments	-	924	-	-	Level 2
Put option (note 21)	8.917	8.315	-	-	Level 3

There were no transfers between level 1 and 2 fair value measurements during the period and no transfers into or out of level 3 fair value measurements during the three-month period ended 31 March 2016.

The fair value of level 3 investment property is estimated by the Group and the Company by external, independent, certified valuators. The fair value of investment property that is located in urban areas is estimated in accordance with the current market values of similar properties. The fair value of land located in rural areas as well as quarries is estimated based on local valuations.

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than a forced liquidation or sale. The following methods and assumptions were used to estimate the fair values:

Level 1

Level 1 available-for-sale financial assets ared Banks' listed securities acquired by the Company through the Greek Banks Recapitalization.

14. Fair value measurement (continued)

Level 2

Level 2 long and short term borrowings are evaluated by the Group and the Company based on parameters such as interest rates, specific country risk factors, or price quotations at the reporting date. Especially for long-term borrowings, quoted market prices or dealer quotes for the specific or similar instruments are used.

Level 2 derivative financial instruments comprise cross currency interest rate swaps and oil swaps. Τhe Group and the Company use a variety of methods and make assumptions that are based on market conditions existing at each reporting date. The aforementioned contracts have been fair valued using: a) forward exchange rates that are quoted in the active market, b) forward interest rates extracted from observable yield curves and c) oil prices extracted from observable yield curves, which are quoted in the active market.

Level 3

Level 3 available-for-sale financial assets refer mainly to investments in foreign property funds in which the Group owns an insignificant percentage. Their valuation is made based on their financial statements, which present the assets at fair value.

Level 3 put option consists of the put option that the Group has granted to non-controlling interest shareholder of its subsidiary in Albania, ANTEA Cement SHA. The put option is valued using a discounted cash flow model. The valuation requires management to make certain assumptions about unobservable inputs to the model. Certain significant unobservable inputs are disclosed in the table below:

	31/3/2016	31/12/2015
Gross margin growth rate	35,4%	35,4%
Discount rate	10,6%	10,6%

In addition to the above, forecast cash flows for the first five years are a significant unobservable input. The management regularly assesses a range of reasonably possible alternatives for those significant unobservable inputs and determines their impact on the total fair value.

An increase in the forecast cash flows or in the gross margin growth rate for cash flows in the subsequent periods would lead to an increase in the fair value of the put option. On the other hand, an increase in the discount rate used to discount the forecast cash flows would lead to a decrease in the fair value of the put option.

The significant unobservable inputs are not interrelated. The fair value of the put option is not significantly sensitive to a reasonable change in the forecast cash flows or the discount rate; however it is sensitive to a reasonable change in the gross margin growth rate, as described in the following table:

Sensitivity analysis of Group's gross margin growth changes

(all amounts in Euro thousand)

	Effect on the fair value
Increase by 5 percentage points in the gross margin growth rate:	+609
Decrease by 5 percentage points in the gross margin growth rate:	-553

15. Other non-current assets

		Group	Company
(all amounts in Euro thousand)	31/3/2016	31/12/2015	31/3/2016	31/12/2015
Utility deposits	3.208	3.218	2.643	2.640
Excess benefit plan assets	4.302	4.578	-	-
Notes receivable - trade	501	630	-	-
Other non-current assets	5.578	6.404	420	423
	13.589	14.830	3.063	3.063

16. Share capital and premium

(all amounts are shown in Euro thousands unless otherwise stated)

	Ordinary shares		Preference shares			Total
Shares issued and fully paid					Share premium
	Number of shares	€'000	Number of shares	€'000	€'000	Number of shares	€'000
Balance at 1 January 2015	77.063.568	308.254	7.568.960	30.276	22.826	84.632.528	361.356
Balance at 31 March 2015	77.063.568	308.254	7.568.960	30.276	22.826	84.632.528	361.356
Balance at 1 January 2016	77.063.568	308.254	7.568.960	30.276	22.826	84.632.528	361.356
Balance at 31 March 2016	77.063.568	308.254	7.568.960	30.276	22.826	84.632.528	361.356

	Ordinary shares			Preference shares	Total
Treasury shares	Number of shares	€'000	Number of shares	€'000	Number of shares	€'000
Balance at 1 January 2015	3.061.415	87.563	5.919	117	3.067.334	87.680
Balance at 31 March 2015	3.061.415	87.563	5.919	117	3.067.334	87.680
Balance at 1 January 2016	2.760.593	78.960	5.919	117	2.766.512	79.077
Balance at 31 March 2016	2.760.593	78.960	5.919	117	2.766.512	79.077

In the first three months of 2016, the average price of Titan Cement Company S.A. ordinary shares was €17.42 (1.1.-31.3.2015: €21.20) and the trading price of the ordinary shares as at 31 March 2016 was €18.89 (31.3.2015: €21.37).

17. Other reserves

(all amounts in Euro thousands)

Group	Legal reserve	Special reserve	Contingency reserve	Tax exempt reserves under special laws	Revaluation reserve	Actuarial differences reserve	Ηedging reserves	Foreign currency translation reserve	Total other reserves
Balance at 1 January 2015	92.587	593.523	266.525	118.875	26.504	-657	41.115	-198.947	939.525
Other comprehensive income/ (loss)	-	-	-	-	-3	-3	-	70.068	70.062
Acquisition of non-controlling interests (notes 21)	20	52	-	-	5.657	-	-	-1.307	4.422
Non-controlling interest's put option recognition	-	-	-	-	694	-	-	-	694
Transfer from/to reserves	1.219	-	-	-	-1.705	-	-	-	-486
Balance at 31 March 2015	93.826	593.575	266.525	118.875	31.147	-660	41.115	-130.186	1.014.217
Balance at 1 January 2016	93.112	569.227	301.075	117.563	50.386	1.001	41.115	-156.175	1.017.304
Other comprehensive loss	-	-	-	-	-333	-	-	-74.061	-74.394
Non-controlling interest's put option recognition	-	-	-	-	-992	-	-	-	-992
Transfer to reserves & retained earnings	-	-	-	-	-1.823	-	-	-	-1.823
Balance at 31 March 2016	93.112	569.227	301.075	117.563	47.238	1.001	41.115	-230.236	940.095

`

Company	Legal reserve	Special reserve	Contingency reserve	Tax exempt reserves under special laws	Revaluation reserve	Actuarial differences reserve	Ηedging reserves	Total other reserves
Balance at 1 January 2015	68.650	16.245	254.632	105.865	2.662	-165	48.347	496.236
Balance at 31 March 2015	68.650	16.245	254.632	105.865	2.662	-165	48.347	496.236
Balance at 1 January 2016	69.952	3.550	289.182	105.379	2.508	832	48.347	519.750
Other comprehensive loss	-	-	-	-	-333		- -	-333
Balance at 31 March 2016	69.952	3.550	289.182	105.379	2.175	832	48.347	519.417

17. Other reserves (continued)

In the statement of other comprehensive income, the exchange differences resulting from the translation of foreign operations in the first three months of 2016 amounted to a loss of €85.3 mil., of which €74.0 mil. are attributable to the shareholders of the Parent Company and €11.3 mil. to the non-controlling interests. The equivalent amount in the first three months of 2015, was a gain of €74.0 mil.. The difference of €159.3 mil. between the two corresponding periods consists mainly of €85.1. mil. related to the Egyptian pound,and €70.9 mil. to the US dollar.

18. (Losses)/earnings per share

Basic (losses)/earnings per share have been calculated on the total weighted average number of common and preferred shares, excluding the average number of treasury shares. The diluted (losses)/earnings per share are calculated adjusting the weighted average number of ordinary shares outstanding to assume conversion of share options. No adjustment is made to net (loss)/profit (numerator).

19. Dividend proposed and distributed

For the year ended 31.12.2015

The Annual General Meeting of Shareholders of the Titan Cement Company S.A., which was held on 19th June 2015, approved:

a) the distribution of dividend from the profits of the financial year 2014 of a total amount of €12,695, amounting to €0.15 per share (ordinary or preference). This amount was proportionally increased by the dividend corresponding to the treasury stock held by the Company and became €0.15509 per share. From this amount the Company withheld on behalf of the Shareholder a 10% tax and, therefore, the net amount paid was €0.13958 per share,

b) the distribution of special reserves from previous financial years of a total amount of €12,695, amounting to €0.15 per share (ordinary or preference). This amount was proportionally increased by the relevant amount corresponding to treasury shares held by the Company and the net amount of €0.15509 per share.

The Board of Directors will propose to the Annual General Assembly of Shareholders, scheduled to take place on 17.6.2016, the distribution of dividend of a total amount of €25,390, i.e. €0.30 per share.

Pursuant to article 16.8(b) of L. 2190/1920, the final amounts to be distributed per share will be increased by the dividend, corresponding to the treasury shares held by the Company.

20. Related party transactions

Transactions with related parties during the three month period ending 31 March 2016 as well as balances with related parties as at 31 March 2016 for the Group and the Company, according to IAS 24 are as follows:

Group

(all amounts in Euro thousands)	Sales of goods & services	Purchases of goods & services	Receivables	Liabilities
Other interrelated parties	-	535	-	525
Executives and members of the Board	-	872	48	-
	-	1.407	48	525

20. Related party transactions (continued)

(all amounts in Euro thousands)

	Sales of goods &	Purchases of goods
Company	services	& services	Receivables	Liabilities
Aeolian Maritime Company	-	-	-	256
Albasem S.A.	1	-	-	350
Interbeton Construction Materials S.A.	4.780	1.525	6.711	10.016
Intertitan Trading International S.A.	1.890	-	2.639	-
Antea Cement SHA	260	-	522	-
Beni Suef Cement Co.S.A.E.	559	-	3.312	-
Alexandria Portland Cement Co. S.A.E.	353	-	1.543	-
Cementara Kosjeric AD	217	-	264	-
Cementi Crotone S.R.L.	42	-	42	-
Essex Cement Company LLC	5.164	18	-	-
Titan America LLC	1.077	6	1.162	6
Roanoke Cement LLC	755	-	7	-
Fintitan SRL	2.017	-	3.635	-
Sharrcem SH.P.K.	284	-	280	-
T.C.U.K. Ltd	5.489	6	4.060	-
Titan Global Finance PLC	-	4.923	-	310.885
Usje Cementarnica AD	3.290	-	3.095	-
Zlatna Panega Cement AD	234	-	234	-
Other subsidiaries	4	-	22	-
Other interrelated parties	-	535	-	525
Executives and members of the Board	-	872	48	-
	26.416	7.885	27.576	322.038

Transactions with related parties during the three month period ending 31 March 2015 as well as balances with related parties as at 31 December 2015 for the Group and the Company, according to IAS 24 are as follows:

	Sales of goods &	Purchases of goods
Group	services	& services	Receivables	Liabilities
Other interrelated parties	-	781	-	223
Executives and members of the Board	-	865	35	-
	-	1.646	35	223
Company
Aeolian Maritime Company	-	-	-	257
Albacem S.A.	1	-	-	350
Interbeton Construction Materials S.A.	6.173	1.213	7.050	755
Intertitan Trading International S.A.	1.552	-	750	-
Gournon Quarries S.A.	1	-	1	-
Titan Cement International Trading S.A.	1	-	-	-
Antea Cement SHA	207	3	284	-
Beni Suef Cement Co.S.A.E.	105	-	2.758	-
Alexandria Portland Cement Co. S.A.E	105	3	1.191	-
Cementara Kosjeric AD	19	-	312	-
Cementi Crotone S.R.L.	42	-	-	-
Essex Cement Company LLC	4.514	19	2.341	-
Τitan Αmerica LLC	-	5	1.506	-
Fintitan S.r.l.	1.524	-	3.681	-
Sharrcem SH.P.K	15	-	403	-
T.C.U.K. Ltd	4.807	10	3	-
Titan Global Finance PLC	-	6.033	-	307.105
Usje Cementarnica AD	3.476	-	852	-
Zlatna Panega Cement AD	-	-	1.074	-
Other subsidiaries	3	-	126	2
Other interrelated parties	-	781	-	223
Executives and members of the Board	-	865	35	-
	22.545	8.932	22.367	308.692

21. Contingencies and Commitments

Contingent liabilities

	Group		Company
(all amounts in Euro thousands)	31/3/2016	31/12/2015	31/3/2016	31/12/2015
Guarantees to third parties on behalf of subsidiaries	-	-	681.647	728.819
Bank guarantee letters	40.180	45.077	4.559	4.429
Other	7.035	5.831	-	-
	47.215	50.908	686.206	733.248

Litigation matters in Egypt

There was no significant change in Egyptian litigation matters during the first quarter of 2016.

Put option in Antea

The Group had granted to non controlling interest shareholders, European Bank for Reconstruction and Development (EBRD) and International Finance Corporation (IFC) the option to sell their shares in ANTEA Cement SHA (Antea) at predetermined conditions.

On 5 February 2015, the Group acquired from EBRD the 20% of its share in Antea. Instead, IFC continues to have the aforementioned exercisable option to sell an equivalent percentage. On 31 March 2016, the option's fair value of €8.9 mil. (31.12.2015: €8.3 mil.) is recognized as a current liability in the statement of financial position.

Contingent tax liability

The financial years, referred to in note 12, have not been audited by the tax authorities and therefore the tax obligations of the Company and its subsidiaries for those years have not yet been finalized.

Other than the items referred to in the preceding paragraph, it is not anticipated that any material contingent liabilities will arise.

Contingent assets

	Group		Company
(all amounts in Euro thousands)	31/3/2016	31/12/2015	31/3/2016	31/12/2015
Bank guarantee letters for securing trade receivables	20.182	19.486	8.419	8.569
Other collaterals against trade receivables	6.834	8.333	2.047	2.147
	27.016	27.819	10.466	10.716
Collaterals against other receivables	2.930	2.348	2.930	2.348
	29.946	30.167	13.396	13.064

Capital commitments

Capital commitments contracted for at the balance sheet date but not recognized in the financial statements are as follows:

	Group
(all amounts in Euro thousands)	31/3/2016	31/12/2015
Property, plant and equipment	1.500	1.616

Purchase commitments

Energy supply contracts (Gas, electricity, etc.)	Group
(all amounts in Euro thousands)	31/3/2016	31/12/2015
Not later than 1 years	68.355	81.481
Later than 1 years and not later than	338.939	402.808
Beyond 5 years	293.112	368.486
	700.406	852.775

The Group's subsidiaries in Egypt have agreements requiring the purchase of certain minimum quantities of gas for the subsequent years.

Also, the Group's US subsidiaries have entered a contract to purchase raw materials and manufacturing supplies as part of their ongoing operations in Florida. This includes a contract to buy construction aggregates through a multi-year agreement at prevailing market prices.

21. Contingencies and Commitments (continued)

Operating lease commitments - where a Group company is the lessee

The Group leases motor vehicles, properties and other equipment under non-cancellable operating lease agreements. The leases have varying terms, escalation clauses and renewal rights.

	Group		Company
(all amounts in Euro thousands)	31/3/2016	31/12/2015	31/3/2016	31/12/2015
Not later than 1 years	9.973	11.113	564	594
Later than 1 years and not later
than 5 years	22.936	27.959	1.018	1.111
Beyond 5 years	9.206	7.642		-
	42.115	46.714	1.582	1.705

22. Inventories

The decrease in Group inventories by €22.6 mil. includes the negative impact of foreign exchange differences amounting to €16.5 mil.. Consequently, the organic change of the €6.1 mil. is mainly due to the decreased deliveries of solid fuels.

23. Trade receivables

The Group's trade receivables increased by €12.5 mil. reflecting mainly the increase activity in North America operating segment.

24. Foreign exchange differences

The variance of €52.1 mil. in the account "gains/(losses) from foreign exchange differences" in the income statement for the period ended 31 March 2016 compared to the first three months of the previous year is mainly due to the valuation of loans and other liabilities (including intercompany loans) in Euro, recorded by the Group's subsidiaries that operate in Egypt and US and have other functional currency. The volatility arising from foreign exchange rate fluctuations will continue to affect the Group's performance until the full repayment of the respective loans.

25. Events after the reporting period

Ιn the framework of the Stock Option Plan which was established by virtue of decision dated 3.6.2010 of the General Meeting of Shareholders and pursuant to Board of Directors' resolution dated 5.3.2015, the Company carried out on 5th May 2016 an off – exchange sale of 66,365 common treasury shares representing 0.086% of its paid up share capital, to 10 Titan Group executives who exercised their stock options, at a sale price per share equal to the nominal value of the Company's share i.e. €4.0 per share and at a total sale price of €265,460.

There are no other subsequent events to March 31, 2016 which would materially influence the Group's and the Company's financial position.

26. Principal exchange rates

Balance sheet	31/03/2016	31/12/2015	31/3/2016 vs 31/12/2015
€1 = USD	1,14	1,09	4,6%
€1 = EGP	10,11	8,50	18,8%
€1 = TRY	3,21	3,18	1,1%
1USD=EGP	8,88	7,81	13,6%
€1 = RSD	122,92	121,63	1,1%
1USD = JPY	112,34	120,39	-6,7%

Profit and loss	Ave 3M 2016	Ave 3M 2015	Ave 3M 2016 vs 3M 2015
€1 = USD	1,11	1,08	2,4%
€1 = EGP	9,45	8,26	14,4%
€1 = TRY	3,21	2,81	14,2%
1USD=EGP	8,47	7,62	11,0%
€1 = RSD	123,13	120,47	2,2%
1USD = JPY	112,97	120,34	-6,1%