Titan S.A.

Quarterly Report • Nov 5, 2015

	CONDENSED STATEMENT OF FINANCIAL POSITION (Amounts in € thousand)				CONDENSED INCOME STATEMENT (Amounts in € thousand)
		GROUP	COMPANY			GROUP		COMPANY
ASSETS	30/09/2015	31/12/2014	30/09/2015	31/12/2014		1/7-30/9/2015	1/7-30/9/2014	1/7-30/9/2015	1/7-30/9/2014
Tangible assets	1,762,725	1,677,282	236,906	236,468	Revenue	356,749	304,731	59,688	63,392
Investment properties	9,099	9,267	9,746	9,908	Cost of sales	-262,205	-221,611	-45,689	-45,785
Intangible assets	449,873	441,808	1,871	1,973	Gross profit before depreciation and amortization	94,544	83,120	13,999	17,607
Other non current assets	98,411	106,660	847,954	848,878	Other operating (expenses)/income	-1,825	2,439	4,641	2,126
Inventories	285,531	275,774	68,777	72,830	Administrative expenses	-27,426	-23,813	-8,846	-9,269
Trade receivables	111,596	95,288	42,105	36,857	Selling and marketing expenses	-5,423	-4,087	-28	-38
Other current assets	76,851	62,224	27,232	16,373	Profit before interest, taxes, depreciation and amortization	59,870	57,659	9,766	10,426
Cash and cash equivalents	168,150	142,946	16,360	16,971	Depreciation, amortization and impairment of tangibles/ intangibles assets	-28,000	-25,315	-3,320	-3,416
TOTAL ASSETS	2,962,236	2,811,249	1,250,951	1,240,258	Profit before interest and taxes	31,870	32,344	6,446	7,010
					Finance (costs)/income	-20,774	6,800	-5,817	-9,483
SHΑREHOLDERS EQUITY AND LIABILITIES					Expenses from participations and investments	-1,337	-11	-	-11
Share Capital (84,632,528 shares of € 4.00)	338,530	338,530	338,530	338,530	Share of profit of associates and joint ventures	1,535	1,549	-	-
Share Premium	22,826	22,826	22,826	22,826	Profit/(loss) before taxes	11,294	40,682	629	-2,484
Share stock options	1,722	1,620	1,722	1,620	Income tax	1,691	-9,666	-1,866	452
Treasury Shares	-79,430	-83,633	-79,430	-83,633	Profit/(loss) after taxes (a)	12,985	31,016	-1,237	-2,032
Retained earnings and other reserves	1,272,726	1,227,662	515,608	543,958	Attributable to:
Total share capital and reserves (a)	1,556,374	1,507,005	799,256	823,301	Equity holders of the parent	11,978	27,596	-1,237	-2,032
Non-controlling interests (b)	123,794	120,590	-	-	Non-controlling interests	1,007	3,420	-	-
Total Equity (c)=(a)+(b)	1,680,168	1,627,595	799,256	823,301
Long-term borrowings	774,715	634,195	381,790	336,694	Basic earnings/(losses) per share (in €)	0.1463	0.3381	-0.0152	-0.0249

Company's web address: Board of Directors approval date:	www.titan-cement.com November 5, 2015
	CONDENSED STATEMENT OF FINANCIAL POSITION (Amounts in € thousand)						CONDENSED INCOME STATEMENT (Amounts in € thousand)
		GROUP		COMPANY			GROUP		COMPANY
ASSETS Tangible assets		30/09/2015 1,762,725	31/12/2014 1,677,282	30/09/2015 236,906	31/12/2014 236,468	Revenue	1/7-30/9/2015 356,749	1/7-30/9/2014 304,731	1/7-30/9/2015 59,688	1/7-30/9/2014 63,392
Investment properties		9,099	9,267	9,746	9,908	Cost of sales	-262,205	-221,611	-45,689	-45,785
Intangible assets		449,873	441,808	1,871	1,973	Gross profit before depreciation and amortization	94,544	83,120	13,999	17,607
Other non current assets		98,411	106,660	847,954	848,878	Other operating (expenses)/income	-1,825	2,439	4,641	2,126
Inventories		285,531	275,774	68,777	72,830	Administrative expenses	-27,426	-23,813	-8,846	-9,269
Trade receivables		111,596	95,288	42,105	36,857	Selling and marketing expenses	-5,423	-4,087	-28	-38
Other current assets Cash and cash equivalents		76,851 168,150	62,224 142,946	27,232 16,360	16,373 16,971	Profit before interest, taxes, depreciation and amortization Depreciation, amortization and impairment of tangibles/ intangibles assets	59,870 -28,000	57,659 -25,315	9,766 -3,320	10,426 -3,416
TOTAL ASSETS		2,962,236	2,811,249	1,250,951	1,240,258	Profit before interest and taxes	31,870	32,344	6,446	7,010
						Finance (costs)/income	-20,774	6,800	-5,817	-9,483
SHΑREHOLDERS EQUITY AND LIABILITIES						Expenses from participations and investments	-1,337	-11	-	-11
Share Capital (84,632,528 shares of € 4.00)		338,530	338,530	338,530	338,530	Share of profit of associates and joint ventures	1,535	1,549	-	-
Share Premium		22,826	22,826	22,826	22,826	Profit/(loss) before taxes	11,294	40,682	629	-2,484
Share stock options Treasury Shares		1,722 -79,430	1,620 -83,633	1,722 -79,430	1,620 -83,633	Income tax Profit/(loss) after taxes (a)	1,691 12,985	-9,666 31,016	-1,866 -1,237	452 -2,032
Retained earnings and other reserves		1,272,726	1,227,662	515,608	543,958	Attributable to:
Total share capital and reserves (a)		1,556,374	1,507,005	799,256	823,301	Equity holders of the parent	11,978	27,596	-1,237	-2,032
Non-controlling interests (b)		123,794	120,590	-	-	Non-controlling interests	1,007	3,420	-	-
Total Equity (c)=(a)+(b)		1,680,168	1,627,595	799,256	823,301
Long-term borrowings		774,715	634,195	381,790	336,694	Basic earnings/(losses) per share (in €)	0.1463	0.3381	-0.0152	-0.0249
Provisions and other long-term liabilities		217,934	264,225	28,401	24,133
Short-term borrowings		42,967	49,522	13	95	CONDENSED STATEMENT OF COMPREHENSIVE INCOME
Other short-term liabilities		246,452	235,712	41,491	56,035		(Amounts in € thousand)
Total liabilities (d) TOTAL SHAREHOLDERS EQUITY AND LIABILITIES (c)+(d)		1,282,068 2,962,236	1,183,654 2,811,249	451,695 1,250,951	416,957 1,240,258		GROUP 1/7-30/9/2015	1/7-30/9/2014	COMPANY 1/7-30/9/2015	1/7-30/9/2014
						Profit/(loss) after taxes (a)	12,985	31,016	-1,237	-2,032
	CONDENSED STATEMENT OF CHANGES IN EQUITY					Other comprehensive (loss)/income:
	(Amounts in € thousand)					Exchange differences on translation of foreign operations	-21,703	58,720	-	-
		GROUP		COMPANY		Cash flow hedges	-221	721	-	567
		30/09/2015	30/09/2014	30/09/2015	30/09/2014	Losses on available-for-sale financial assets	-72	-296	-	-
Equity balance at beginning of the period (1/1/2015 and 1/1/2014 respectively)		1,627,595	1,538,810	823,301	737,668	Income tax relating to components of other comprehensive income	86	-64	-	-147
Total comprehensive income net of tax Share based payment transactions		53,897 761	94,970 473	388 761	8,551 473	Other comprehensive (loss)/income net of tax (b) Total comprehensive (loss)/income net of tax (a)+(b)	-21,910 -8,925	59,081 90,097	- -1,237	420 -1,612
Sale - disposal of treasury shares for option plan		588	547	588	547
Dividends distributed to non-controlling interests		-1,241	-2,779	-	-	Total comprehensive (loss)/income attributable to:
Dividends distributed to ordinary and preferred shares		-12,695	-	-12,695	-	Equity holders of the parent	-7,855	81,739	-1,237	-1,612
Special reserve distributed to shareholders		-12,695	-	-12,695	-	Non-controlling interests	-1,070	8,358	-	-
Contingency reserve distributed to shareholders		-	-8,463	-	-8,463		CONDENSED INCOME STATEMENT
Non-controlling interest's put option recognition Deferred tax adjustment due to change in income tax rates on revaluation reserves		1,060 21,568	-108 -14,625	- -392	- -		(Amounts in € thousand)
Acquisition of non-controlling interests		1,330	-	-	-		GROUP		COMPANY
Equity balance at the end of the period (30/9/2015 and 30/9/2014 respectively)		1,680,168	1,608,825	799,256	738,776		1/1-30/9/2015	1/1-30/9/2014	1/1-30/9/2015	1/1-30/9/2014
						Revenue	1,029,533	865,765	204,829	197,235
	CASH FLOW STATEMENT					Cost of sales	-768,845	-642,329	-153,372	-157,098
	(Amounts in € thousand)	GROUP		COMPANY		Gross profit before depreciation and amortization Other operating income	260,688 1,614	223,436 8,302	51,457 5,752	40,137 7,127
		1/1-30/9/2015	1/1-30/9/2014	1/1-30/9/2015	1/1-30/9/2014	Administrative expenses	-81,390	-71,832	-25,661	-24,525
Cash flows from operating activities						Selling and marketing expenses	-15,732	-13,250	-88	-104
Profit before taxes		42,213	47,382	4,065	169	Profit before interest, taxes, depreciation and amortization	165,180	146,656	31,460	22,635
Adjustments for:						Depreciation, amortization and impairment of tangibles/ intangibles assets	-84,688	-78,392	-10,153	-9,341
Depreciation, amortization and impairment of tangible and intangible assets		84,688	78,392	10,153	9,341	Profit before interest and taxes	80,492	68,264	21,307	13,294
Provisions/(reversal of provision)		6,638	417	4,784	-3,156	Finance costs	-39,254	-24,450	-17,242	-33,114
Exchange differences Expenses/(income) from participations and investments		-8,337 2,805	-19,128 11	-582 -	-255 -19,989	(Expenses)/income from participations and investments Share of profit of associates and joint ventures	-2,805 3,780	-11 3,579	- -	19,989 -
Interest (income)/expense		47,042	43,513	17,445	33,064	Profit before taxes	42,213	47,382	4,065	169
Other adjustments		-1,515	-6,159	545	2,373	Income tax	-4,558	-11,810	-3,677	5,960
Adjusted profit before changes in working capital		173,534	144,428	36,410	21,547	Profit after taxes (a)	37,655	35,572	388	6,129
(Increase)/decrease in inventories		-7,553	-32,729	551	-435	Attributable to:
(Increase)/decrease in trade and other receivables (Increase) in operating long-term receivables/payables		-30,843 -2,248	854 -1,420	-14,347 -93	-4,435 -63	Equity holders of the parent Non-controlling interests	36,181 1,474	30,504 5,068	388 -	6,129
Inrease/(decrease) in trade and other payables (excluding banks)		1,229	230	-11,152	-6,073					-
Cash from operations		134,119	111,363	11,369	10,541	Basic earnings per share (in €)	0.4424	0.3737	0.0047	0.0751
Income tax paid		-15,424	-17,522	-431	-235
Net cash flows from operating activities (a)		118,695	93,841	10,938	10,306	CONDENSED STATEMENT OF COMPREHENSIVE INCOME
Cash flows from investing activities							(Amounts in € thousand)
		-	- -47,070	-300 -10,551	168,766 -7,633		GROUP 1/1-30/9/2015	1/1-30/9/2014	COMPANY 1/1-30/9/2015	1/1-30/9/2014
Share capital (increase)/decrease in subsidiaries, associates and joint ventures					-331	Profit after taxes (a)	37,655		388	6,129
Purchase of tangible assets		-127,072
Purchase of intangible assets Proceeds from the sale of property, plant and equipment		-618 690	-382 1,036	-131 301	121	Other comprehensive income/(loss):		35,572
Dividends received		1,593	737	-	20,000	Exchange differences on translation of foreign operations	14,987	56,770	-	-
Interest received		689	1,848	48	90	Cash flow hedges	-221	2,030	-	1,660
Net cash flows (used in)/from investing activities (b)		-124,718	-43,831	-10,633	181,013	Net gains/(loss) on available-for-sale financial assets	1,393	-163	-	-
Cash flows from financing activities						Re-measurement losses on defined benefit plans	-5	-	-	-
Interest paid		-48,524	-49,235	-20,094	-31,539	Income tax relating to components of other comprehensive income	88	761	-	762
Proceeds from the sale of treasury shares Dividends & reserves paid to shareholders		588 -25,352	547 -8,436	588 -25,352	547 -8,436	Other comprehensive income net of tax (b) Total comprehensive income net of tax (a)+(b)	16,242 53,897	59,398 94,970	- 388	2,422 8,551
Dividends written-off and paid to the Greek state		-	-67	-	-67
Dividends paid to non-controlling interests		-1,276	-89	-	-	Total comprehensive income attributable to:
Acquisition of non controlling interests		-10,591	-	-	-	Equity holders of the parent	53,378	86,237	388	8,551
Proceeds from borrowings		318,661	728,824	84,112	242,477	Non-controlling interests	519	8,733	-	-
Payments of borrowings		-203,436	-735,739	-40,363	-396,834
Net cash flows from/(used in) financing activities (c) Net increase/(decrease) in cash and cash equivalents (a)+(b)+(c)		30,070 24,047	-64,195 -14,185	-1,109 -804	-193,852 -2,533
Cash and cash equivalents at beginning of the period		142,946	184,257	16,971	8,780
Effects of exchange rate changes Cash and cash equivalents at end of the period		1,157 168,150	2,938 173,010	193 16,360	-4 6,243

Acquisition of non-controlling interests	1,330	-	-	-		GROUP		COMPANY
Equity balance at the end of the period (30/9/2015 and 30/9/2014 respectively)	1,680,168	1,608,825	799,256	738,776		1/1-30/9/2015	1/1-30/9/2014	1/1-30/9/2015	1/1-30/9/2014
					Revenue	1,029,533	865,765	204,829	197,235
CASH FLOW STATEMENT					Cost of sales	-768,845	-642,329	-153,372	-157,098
(Amounts in € thousand)					Gross profit before depreciation and amortization	260,688	223,436	51,457	40,137
	GROUP		COMPANY		Other operating income	1,614	8,302	5,752	7,127
	1/1-30/9/2015	1/1-30/9/2014	1/1-30/9/2015	1/1-30/9/2014	Administrative expenses	-81,390	-71,832	-25,661	-24,525
Cash flows from operating activities					Selling and marketing expenses	-15,732	-13,250	-88	-104
Profit before taxes	42,213	47,382	4,065	169	Profit before interest, taxes, depreciation and amortization	165,180	146,656	31,460	22,635
Adjustments for:					Depreciation, amortization and impairment of tangibles/ intangibles assets	-84,688	-78,392	-10,153	-9,341
Depreciation, amortization and impairment of tangible and intangible assets	84,688	78,392	10,153	9,341	Profit before interest and taxes	80,492	68,264	21,307	13,294
Provisions/(reversal of provision)	6,638	417	4,784	-3,156	Finance costs	-39,254	-24,450	-17,242	-33,114
Exchange differences	-8,337	-19,128	-582	-255	(Expenses)/income from participations and investments	-2,805	-11	-	19,989
Expenses/(income) from participations and investments	2,805	11	-	-19,989	Share of profit of associates and joint ventures	3,780	3,579	-	-
Interest (income)/expense	47,042	43,513	17,445	33,064	Profit before taxes	42,213	47,382	4,065	169
Other adjustments	-1,515	-6,159	545	2,373	Income tax	-4,558	-11,810	-3,677	5,960
Adjusted profit before changes in working capital	173,534	144,428	36,410	21,547	Profit after taxes (a)	37,655	35,572	388	6,129
(Increase)/decrease in inventories	-7,553	-32,729	551	-435	Attributable to:
(Increase)/decrease in trade and other receivables	-30,843	854	-14,347	-4,435	Equity holders of the parent	36,181	30,504	388	6,129
(Increase) in operating long-term receivables/payables	-2,248	-1,420	-93	-63	Non-controlling interests	1,474	5,068	-	-
Inrease/(decrease) in trade and other payables (excluding banks)	1,229	230	-11,152	-6,073
Cash from operations	134,119	111,363	11,369	10,541	Basic earnings per share (in €)	0.4424	0.3737	0.0047	0.0751
Income tax paid	-15,424	-17,522	-431	-235

Amounts in € thousand Group Company

a) Income - 83,273

b) Expenses	1,076	22,146
c) Receivables	-	22,848
d) Payables	484	387,247
f) Receivables from key management	43	43

• 1. e) Key management compensations 3,836 3,836 In accordance with the Stock Option Plan instituted pursuant to resolution dated 3.6.2010 of the Annual General Meeting of Shareholders, the Company proceeded in the first half of 2015 to the sale of 146,958 common treasury shares representing 0.2% of its paid up share capital to 67 Titan Group executives, at a sale price per share equal to the nominal value of each Company share i.e. €4.00 per share, and a total sale price of €588 thousand.
• 1. As expected, the Group's operations in Greece have been affected by the capital controls imposed. Risks stemming out of the Group's exposure in Greece are mitigated and presented in note 3 of the interim condensed financial statements. The Group continuously evaluates the economic environment in Greece in order to assess the risks related to its business and timely take the necessary mitigating actions.
• 1. Number of employees at the end of the reporting period: Group 5,323 (30.9.2014: 5,273), Company 825 (30.9.2014: 804). Finance Corporation (IFC).
• 1. 1. Earnings per share have been calculated on the total weighted average number of common and preference shares, excluding the average number of treasury shares.
• 1. There are no pledges on the Group and Company assets.

According to 4/507/28.4.2009 resolution of Greek Capital Committee

The figures illustrated bellow provide summary information about the financial position of Titan Cement S.A. and its subsidiaries. We advise the reader, before making any investment decision or other transaction concerning the company, to visit the company's web site where the financial statements together with the review report of the external auditor, when required, are presented.

TITAN CEMENT COMPANY S.A.

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)

22A Halkidos Street - 111 43 Athens

Figures and information for the period of 1 January 2015 until 30 September 2015

1. The total number of its own shares that the Company held on 30.9.2015 is 2,778,873 of aggregate value €79,430 thousand and this amount has been deducted

2. from the Shareholders Equity of the Group and the Company. The unaudited by the tax authorities fiscal years for the Company and the Group's subsidiaries are presented in detail in the note 12 of the interim financial statements. There are no material provisions accounted for the unaudited by the tax authorities fiscal years as well as for litigation issues both for the Group and the Company.

3. 1. The accounting principles applied in preparing these interim condensed financial statements are the same as those applied for preparing the financial statements on 31.12.2014 except for the adoption of the new or amended standards and interpretations as described in detail in note 2 of the interim condensed financial statements.

Share capital (increase)/decrease in subsidiaries, associates and joint ventures	-	-	-300	168,766		GROUP		COMPANY
Purchase of tangible assets	-127,072	-47,070	-10,551	-7,633		1/1-30/9/2015	1/1-30/9/2014	1/1-30/9/2015	1/1-30/9/2014
Purchase of intangible assets	-618	-382	-131	-331	Profit after taxes (a)	37,655	35,572	388	6,129
Proceeds from the sale of property, plant and equipment	690	1,036	301	121	Other comprehensive income/(loss):
Dividends received	1,593	737	-	20,000	Exchange differences on translation of foreign operations	14,987	56,770	-	-
Interest received	689	1,848	48	90	Cash flow hedges	-221	2,030	-	1,660
Net cash flows (used in)/from investing activities (b)	-124,718	-43,831	-10,633	181,013	Net gains/(loss) on available-for-sale financial assets	1,393	-163	-	-
Cash flows from financing activities					Re-measurement losses on defined benefit plans	-5	-	-	-
Interest paid	-48,524	-49,235	-20,094	-31,539	Income tax relating to components of other comprehensive income	88	761	-	762
Proceeds from the sale of treasury shares	588	547	588	547	Other comprehensive income net of tax (b)	16,242	59,398	-	2,422
Dividends & reserves paid to shareholders	-25,352	-8,436	-25,352	-8,436	Total comprehensive income net of tax (a)+(b)	53,897	94,970	388	8,551
Dividends written-off and paid to the Greek state	-	-67	-	-67
Dividends paid to non-controlling interests	-1,276	-89	-	-	Total comprehensive income attributable to:
Acquisition of non controlling interests	-10,591	-	-	-	Equity holders of the parent	53,378	86,237	388	8,551
Proceeds from borrowings	318,661	728,824	84,112	242,477	Non-controlling interests	519	8,733	-	-

1. The Annual General Meeting of Shareholders of the Titan Cement Company S.A., which was held on 19th June 2015, approved: 10. The companies of Titan Group, their respective addresses, the percentage of Group participation in their share capital and their consolidation method are comprehensively presented in note 11 of the interim financial statements.

2. Transactions during the period 1.1-30.9.2015 and balances as at 30 September 2015 with related parties, as defined in IAS 24, are as follows:

3. 1. The balance of other provisions (short and long term) on 30.9.2015 amounted to €23.2 m. for the Group (31.12.2014: €20.1 m.) and €6.7 m. for the Company (31.12.2014: €5.9 m.).
4. 1. Αlvacim Ltd, a Group subsidiary, purchased the 20% stake held by the European Bank for Reconstruction and Development (ΕBRD) in ANTEA CEMENT SHA (ΑΝΤΕΑ), a Group subsidiary in Albania. As a result of this purchase, Titan Group holds 80% of ANTEA's share capital, whereas the remaining 20% is held by the International
5. Certain prior period amounts have been reclassified for presentation purposes with no impact on the prior year/period equity, gross sales profit and earnings after tax of the Group and the Company (note 26 of the interim condensed financial statements).

(Amounts in € thousand)

					GROUP		COMPANY
				Profit/(loss) after taxes (a)	12,985	31,016	-1,237	-2,032
				Other comprehensive (loss)/income:
				Exchange differences on translation of foreign operations	-21,703	58,720	-	-
GROUP		COMPANY		Cash flow hedges	-221	721	-	567
30/09/2015	30/09/2014	30/09/2015	30/09/2014	Losses on available-for-sale financial assets	-72	-296	-	-
1,627,595	1,538,810	823,301	737,668	Income tax relating to components of other comprehensive income	86	-64	-	-147
53,897	94,970	388	8,551	Other comprehensive (loss)/income net of tax (b)	-21,910	59,081	-	420
761	473	761	473	Total comprehensive (loss)/income net of tax (a)+(b)	-8,925	90,097	-1,237	-1,612
588	547	588	547
-1,241	-2,779	-	-	Total comprehensive (loss)/income attributable to:
-12,695	-	-12,695	-	Equity holders of the parent	-7,855	81,739	-1,237	-1,612
-12,695	-	-12,695	-	Non-controlling interests	-1,070	8,358	-	-
-	-8,463	-	-8,463
1,060	-108	-	-		CONDENSED INCOME STATEMENT
21,568	-14,625	-392	-		(Amounts in € thousand)

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 withholds on behalf of the Shareholder a 10% tax and, therefore, the net amount payable is €0.13958 per share, b) the distribution of special reserves from previous financial years, and more specifically of reserves from the profits of subsidiary maritime companies of a total

amount of €12,695, corresponding 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 distribution of the aforesaid reserves is not subject to taxation.

NOTES

		Athens November 5, 2015
Chairman of the Board of Directors	Chief Executive Officer	Chief Financial Officer	Finance Director Greece	Financial Consolidation Senior Manager
ANDREAS L. CANELLOPOULOS I.D.No ΑΒ500997	DIMITRIOS TH. PAPALEXOPOULOS I.D.No ΑΚ031353	MICHAEL H. COLAKIDES Passport No K00215552	GRIGORIOS D. DIKAIOS I.D No ΑΒ291692	ATHANASIOS S. DANAS I.D.No AB006812

Capital expenditure excluding acquisitions and intangible assets for the first nine months of 2015 amounted to: Group €127.1 m. (30.9.2014: €47.1 m.), Company €10.6 m. (30.9.2014: €7.6 m.).