Titan S.A.

Interim / Quarterly Report • Oct 5, 2015

	GROUP		COMPANY			GROUP		COMPANY
	30/06/2006	30/06/2005	30/06/2006	30/06/2005			1/1-30/6/2006 1/1-30/6/2005 1/1-30/6/2006 1/1-30/6/2005
Equity balance at the beginning of period (1/1/2006 and 1/1/2005 respectively)	888,770	675,986	670,542	600,956
Net profit per income statement after tax	121,204	77,996	54,963	55,366	Turnover	764,715	612,918	249,281	209,195
Share Capital increase due to share options	1,184	466	1,184	466	Cost of sales	-481,674	-400,370	-150,166	-133,444
(Losses)/gains charged directly to equity	-1,622	1,199	-	-	Gross profit before depreciation & amortization	283,041	212,548	99,115	75,751
Additional consideration for subsidiary acquisition	-1,070	-2,064	-	-	Other operating (expense)/income	-11,598	1,585	-3,408	2,790
Dividends paid to minority	-314	-1,007	-	-	Administrative expenses	-46,539	-43,062	-18,892	-16,777
Translation differences	-29,869	34,164	-	-	Selling and marketing expenses	-10,335	-9,418	-1,740	-1,941
Increase/(decrease) on derivative hedging position	3,029	-3,476	3,029	-3,476
Equity balance at the end of period (30/6/2006 and 30/6/2005 respectively)	981,312	783,264	729,718	653,312	Earnings before interest, taxes and depreciation	214,569	161,653	75,075	59,823

	CONDENSED BALANCE SHEET	CONDENSED INCOME STATEMENT
	Amounts in € thousand				Amounts in € thousand
		GROUP				GROUP	COMPANY
	30/06/2006	31/12/2005	30/06/2006	31/12/2005				1/4-30/6/2006 1/4-30/6/2005 1/4-30/6/2006 1/4-30/6/2005
ASSETS
Non-current assets	1,304,323	1,258,004	778,973	769,844	Turnover	429,711	362,089	142,489	122,701
Inventories	182,575	175,954	63,679	64,685	Cost of sales	-254,045	-227,603	-80,254	-75,602
Trade receivables	279,063	240,321	135,969	115,816	Gross profit before depreciation & amortization	175,666	134,486	62,235	47,099
Other assets	43,768	34,443	12,983	16,601	Other operating (expense)/income	-10,048	-1,137	-3,121	1,562
Cash and cash equivalents	105,724	95,142	16	17	Administrative expenses	-26,016	-24,038	-11,282	-9,853
TOTAL ASSETS	1,915,453	1,803,864	991,620	966,963	Selling and marketing expenses	-5,364	-5,202	-910	-1,196
LIABILITIES
Long-term borrowings	384,558	425,025	51,020	62,203	Earnings before interest, taxes and depreciation	134,238	104,109	46,922	37,612
Other long-term liabilities	202,732	206,183	62,132	64,619	Depreciation & amortization	-19,496	-17,536	-2,651	-2,606
Short-term bank liabilities	175,793	64,538	93,947	48,996
Other short-term liabilities	171,058	219,348	54,803	120,603	Earnings before interest and taxes	114,742	86,573	44,271	35,006
Total liabilities (a)	934,141	915,094	261,902	296,421	Income from participations & investments	632	319	5,078	28,622
Share Capital ( 84.330.124 shares of € 2,00)	168,660	168,660	168,660	168,660	Finance costs - net	-4,060	-11,173	1,554	-5,661
Share Premium	22,133	22,133	22,133	22,133	Profit before taxes	111,314	75,719	50,903	57,967
Share stock options	1,915	731	1,915	731	Less: taxes	-32,833	-24,464	-14,718	-13,918
	192,708	191,524	192,708	191,524	Profit after taxes	78,481	51,255	36,185	44,049
Retained earnings and other reserves	771,618	680,866	537,010	479,018	Attributable to:
Share capital and reserves (b)	964,326	872,390	729,718	670,542	Shareholders	77,319	51,250	36,185	44,049
Minority interests (c)	16,986	16,380	-	-	Minority interest	1,162	5	-	-
Total Equity (d)=(b)+(c)	981,312	888,770	729,718	670,542	Net profit per share - basic (in €)	0.92	0.61	0.43	0.52
TOTAL EQUITY AND LIABILITIES (e)=(a)+(d)	1,915,453	1,803,864	991,620	966,963

CONDENSED BALANCE SHEET					CONDENSED INCOME STATEMENT
Amounts in € thousand					Amounts in € thousand
GROUP		COMPANY			GROUP			COMPANY
30/06/2006	31/12/2005	30/06/2006	31/12/2005			1/4-30/6/2006 1/4-30/6/2005 1/4-30/6/2006 1/4-30/6/2005
				Earnings before interest, taxes and depreciation
				Earnings before interest and taxes
192,708	191,524	192,708	191,524	Profit after taxes	78,481	51,255	36,185	44,049

Amounts in € thousand							Amounts in € thousand
				GROUP		COMPANY				GROUP		COMPANY
			30/06/2006	30/06/2005	30/06/2006	30/06/2005					1/1-30/6/2006 1/1-30/6/2005 1/1-30/6/2006 1/1-30/6/2005
Equity balance at the beginning of period (1/1/2006 and 1/1/2005 respectively)			888,770	675,986	670,542	600,956
Net profit per income statement after tax			121,204	77,996	54,963	55,366		Turnover	764,715	612,918	249,281	209,195
Share Capital increase due to share options			1,184	466	1,184	466		Cost of sales	-481,674	-400,370	-150,166	-133,444
(Losses)/gains charged directly to equity			-1,622	1,199	-	-		Gross profit before depreciation & amortization	283,041	212,548	99,115	75,751
Additional consideration for subsidiary acquisition			-1,070	-2,064	-	-		Other operating (expense)/income	-11,598	1,585	-3,408	2,790
Dividends paid to minority			-314	-1,007	-	-		Administrative expenses	-46,539	-43,062	-18,892	-16,777
Translation differences			-29,869	34,164	-	-		Selling and marketing expenses	-10,335	-9,418	-1,740	-1,941
Increase/(decrease) on derivative hedging position			3,029	-3,476	3,029	-3,476
Equity balance at the end of period (30/6/2006 and 30/6/2005 respectively)			981,312	783,264	729,718	653,312		Earnings before interest, taxes and depreciation	214,569	161,653	75,075	59,823
								Depreciation & amortization	-38,010	-34,062	-5,304	-5,216
Notes:								Earnings before interest and taxes	176,559	127,591	69,771	54,607
Group companies that are included in the consolidated financial statements with their respective locations and percentage of ownership are as follows:								Income from participations & investments	2,777	646	5,102	28,644
		Full Consolidation method						Finance costs - net	-9,133	-15,734	1,472	-9,556
	Percentage % F.Y.U.**					Percentage %	F.Y.U.**	Profit before taxes	170,203	112,503	76,345	73,695
TITAN CEMENT COMPANY S.A., Athens		Parent 2002-2005	TITHYS LTD, Nicosia Cyprus				100.00% * 2003-2005	Less: taxes	-48,999	-34,507	-21,382	-18,329
ALBACEM S.A., Athens	100.00% 2003-2005			THEMIS HOLDINGS LTD, Nicosia Cyprus			51.01% * 2004-2005	Profit after taxes	121,204	77,996	54,963	55,366
INTERBETON CONSTRUCTIONS MATERIALS S.A., Athens	100.00% 2000-2005		FINTITAN SRL, Venice Italy			100.00%	(a)	Attributable to:
INTERTITAN TRADING INTERNATIONAL S.A., Athens	100.00% 2000-2005			TITAN CEMENT U.K. LTD, Hull U.K.		100.00%	(a)	Shareholders	120,346	78,424	54,963	55,366
IONIA S.A., Athens	100.00% 2002-2005			SEPARATION TECHNOLOGIES UK LTD, Hull U.K.		100.00% *	(a)	Minority interest	858	-428	-	-
INTERCEMENT S.A., Athens	100.00% 2003-2005			TITAN AMERICA LLC, Delaware U.S.A.			100.00% * 2001-2005	Net profit per share - basic (in €)	1.43	0.93	0.65	0.66
QUARRIES GOURNON S.A., Heraklion Crete	100.00% * 2000-2005			ROANOKE CEMENT CO. LLC, Virginia U.S.A.			100.00% * 2001-2005
QUARRIES OF TAGARADON COMMUNITY, Thessaloniki		79.93% * 2003-2005		TITAN VIRGINIA READY MIX LLC, Delaware U.S.A.			100.00% * 2001-2005

LEECEM S.A., Athens 100.00% * 2003-2005 SEPARATION TECHNOLOGIES LLC, Delaware U.S.A. TITAN CEMENT INTERNATIONAL TRADING S.A., Athens 100.00% 2001-2005 PENNSUCO CEMENT CO. LLC, Delaware U.S.A. TITAN CEMENT ATLANTIC S.A., Athens 100.00% 2001-2005 TARMAC AMERICA LLC, Delaware U.S.A. NAFTITAN S.A., Athens 100.00% 2003-2005 STANDARD CONCRETE LLC, Florida U.S.A.	100.00% * 2001-2005 100.00% * 2001-2005	100.00% * 2001-2005 100.00% * 2001-2005		Amounts in € thousand GROUP		COMPANY
						1/1-30/6/2006 1/1-30/6/2005 1/1-30/6/2006 1/1-30/6/2005
			Cash flows from operating activities
AEOLIAN MARITIME COMPANY, Athens 100.00% 2000-2005 ESSEX CEMENT CO LLC, Delaware U.S.A.		100.00% * 2001-2005	Profits before taxes	170,203	112,503	76,345	73,695
ACHAIKI MARITIME COMPANY, Athens 100.00% 2000-2005 METRO REDΙ-MIX LLC, Florida U.S.A.	100.00% *	-	Adjustments for:
KIMOLOS MARITIME COMPANY, Athens (under liquidation) 100.00% 2000-2005 SUMMIT READY-MIX LLC, Florida U.S.A.	100.00% *	-	Depreciation	38,010	34,062	5,304	5,216
POLIKOS MARITIME COMPANY, Athens 100.00% 2000-2005 MIAMI VALLEY READY MIX OF FLORIDA LLC, Florida U.S.A.	100.00% *	-	Income from participations & investments	-191	-129	-5,102	-28,272
QUARRIES KORINTHIAS S.A., Korinthos 100.00% * 2005 SEPARATION TECHNOL. CAN. LTD, Fredericton NB Canada.		100.00% * 2004-2005	Interest expense	13,101	14,038	3,024	2,916
- LEROS QUARRIES S.A., Leros 80.00% CEMENTARA KOSJERIC AD, Kosjeric Serbia		74.28% * 2000-2005	Provisions	8,841	3,889	3,609	157
- DODEKANESOS QUARRIES S.A., Leros 100.00% ZLATNA PANEGA CEMENT AD, Zlatna Bulgaria	99.99% *	2005	Exchange differences	-2,854	-4,695	-3,882	7,009
AEMOS CEMENT LTD, Nicosia Cyprus 100.00% 2000,03-05 ZLATNA PANEGA BETON EOOD, Zlatna Bulgaria		99.99% * 2002-2005	Other non cash items	1,841	5,509	2,660	-231
BALKCEM LTD, Nicosia Cyprus 100.00% * 2002-2005 GRANITOID AD, Batanovtsi Bulgaria	99.67% *	2005	Operating profit before changes in working capital	228,951	165,177	81,958	60,490
IAPETOS LTD, Nicosia Cyprus 100.00% 2000,03-05 USJE CEMENTARNICA AD, Skopje FYROM	94.84% *	-	(Ιncrease)/decrease in inventories	-6,402	-24,725	439	-3,351
REA CEMENT LTD, Nicosia Cyprus 100.00% * 2004-2005			Ιncrease in trade and other receivables	-36,917	-46,500	-19,884	-26,448
Proportionate Consolidation method			Increase/(decrease) in trade payables (excluding banks)	5,393	15,150	-3,491	-3,026
Percentage % F.Y.U.**	Percentage %	F.Y.U.**	Cash generated from operations	191,025	109,102	59,022	27,665
BALKAN CEMENT ENTERPRISES LTD, Nicosia Cyprus 51.01% * 2003-2005 MISRIEEN TITAN TRAD. & DISTR., Cairo Egypt	49.47% *	(a)	Interest received	1,931	1,655	139	138
EAST CEMENT TRADE LTD, Nicosia Cyprus 50.00% * 2003-2005 BENI SUEF CEMENT CO. SAE, Cairo Egypt		49.93% * 2003-2005	Taxation paid	-67,694	-25,005	-39,168	-24,114
LAFARGE TITAN EGYPTIAN INV.LTD,Channel Islands U.K. 50.00% * (a) ALEXANDRIA PORTLAND CEM.CO SAE, Alexandria Egypt		48.64% * 2004-2005	Net cash flows from operating activities	125,262	85,752	19,993	3,689
ALEXANDRIA DEVEL.LTD, Channel Islands U.K. 50.00% * (a) BLUE CIRCLE CEMENT EGYPT SAE, Alexandria Egypt	48.49% *	(a)	Cash flows from investing activities
FOUR M TITAN SILO COMPANY LLC, Cairo Egypt 49.32% * 1997-2005			Purchase of tangible and intangible assets	-68,696	-59,384	-12,735	-7,194
* Companies held indirectly			Proceeds from the sale of property, plant and equipment	1,134	957	410	44
** F.Y.U.: Fiscal Years Unaudited by the Tax Authorities			Proceeds from dividends	191	129	8,938	7,027
(a) Subjiect to special tax regime			Acquisition of subsidiaries, net of cash	-72,309	-2,508	-1,301	-
			Proceeds from disposal of available-for-sale financial assets	7,389	1,789	249	-
2. The accounting policies applied in preparing these Financial statements are the same as those applied for the Financial statements at 31.12.2005.			Purchase of available-for-sale financial assets	-5,122	-92	-	-84
The assets of the Group and the Company have not been pledged. 3.			Increase/(decrease) in long-term receivables	-2,142	-2,214	-2	123
Number of employees at the end of the reporting period : Group 5,937 (30.6.2005 5,597), Parent Company 1,127 (30.6.2005 1,147). 4 Capital expenditure for the first semester 2006 amounted to: Group € 68.7 m (30.6.2005 € 59.4 m), Parent Company € 12.7 m (30.6.2005 € 7.2 m).			Net cash flows from investing activities	-139,555	-61,323	-4,441	-84
5.			Net cash flows after investing activities	-14,293	24,429	15,552	3,605
Earnings per share has been calculated on the total weighted average of shares (i.e. ordinary and preferred). 6.			Cash flows from financing activities
7. The Board of Directors approved the above financial statements on the 26.7.2006.			Interest paid	-15,663	-15,895	-3,163	-3,055
8. A Court of Florida has issued a decision ordering the review of all mining permits issued in the region of the Lake Belt, this includes the mining permit for the quarry of our Company's affiliate in Florida.			Dividends paid	-50,925	-43,708	-50,648	-43,049
			Proceeds from borrowings	190,829	112,207	78,198	61,910
9. Intercompany transactions for the first semester 2006 and intercompany balances as of 31 June 2006 with related parties respectively are as follows: Sales of goods and services € 69.1 m, Purchases of goods and services € 13.8 m, Receivables € 40.5 m and Payables € 3.5 m.			Payments of borrowings	-97,897	-67,200	-39,940	-18,762
			Net cash flows from financing activities	26,344	-14,596	-15,553	-2,956
10. The companies Metro Redi-Mix Co LLC and Summit Ready Mix LLC (Elbrecht Concrete Inc.) were first consolidated from 1.4.2006, Miami Valley Ready Mix of Florida LLC (first consolidated from 28.4.2006), Leros Quarries and Dodekanesos Quarries (first consolidated from 28.6.2006), have been fully consolidated in the Consolidated			Net increase in cash and cash equivalents	12,051	9,833	-1	649
Financial Statements of 30.6.2006			Cash and cash equivalents at beginning of the period	95,142	78,408	17	21
11. The European Commission has considered all untaxed reserves of law 3220/2004 to constitute unlawful state aid and therefore companies must pay all relevant taxes plus interest. The treatment of the subject has not been decided yet by the Ministry of Finance. The maximum amount of taxes and interest that the Group may be required to			Effects of exchange rate changes	-1,469	5,296	-	-621
pay for the untaxed reserves created in the financial years 2003 and 2004 is estimated to amount to approximately € 16 million.			Cash and cash equivalents at end of the period	105,724	93,537	16	49
	Αthens, 26 July 2006
Chairman of the Board of Directors	Managing Director		Chief Financial Officer
ANDREAS L. CANELLOPOULOS DIMITRIOS TH. PAPALEXOPOULOS I.D.No Α010727 I.D.No Ξ163588	HOWARD PRINCE-WRIGHT PASS No P60090793

	Full Consolidation method	Finance costs - net	-9,133	-15,734	1,472	-9,556
	Percentage % F.Y.U.**		Percentage %	F.Y.U.**	Profit before taxes	170,203	112,503	76,345	73,695
TITAN CEMENT COMPANY S.A., Athens	Parent 2002-2005	TITHYS LTD, Nicosia Cyprus		100.00% * 2003-2005	Less: taxes	-48,999	-34,507	-21,382	-18,329
ALBACEM S.A., Athens	100.00% 2003-2005	THEMIS HOLDINGS LTD, Nicosia Cyprus		51.01% * 2004-2005	Profit after taxes	121,204	77,996	54,963	55,366
INTERBETON CONSTRUCTIONS MATERIALS S.A., Athens	100.00% 2000-2005	FINTITAN SRL, Venice Italy	100.00%	(a)	Attributable to:
INTERTITAN TRADING INTERNATIONAL S.A., Athens	100.00% 2000-2005	TITAN CEMENT U.K. LTD, Hull U.K.	100.00%	(a)	Shareholders	120,346	78,424	54,963	55,366
IONIA S.A., Athens	100.00% 2002-2005	SEPARATION TECHNOLOGIES UK LTD, Hull U.K.	100.00% *	(a)	Minority interest	858	-428	-	-
INTERCEMENT S.A., Athens	100.00% 2003-2005	TITAN AMERICA LLC, Delaware U.S.A.		100.00% * 2001-2005	Net profit per share - basic (in €)	1.43	0.93	0.65	0.66
QUARRIES GOURNON S.A., Heraklion Crete	100.00% * 2000-2005	ROANOKE CEMENT CO. LLC, Virginia U.S.A.		100.00% * 2001-2005
QUARRIES OF TAGARADON COMMUNITY, Thessaloniki	79.93% * 2003-2005	TITAN VIRGINIA READY MIX LLC, Delaware U.S.A.		100.00% * 2001-2005
LAKMOS S.A., Athens	100.00% 2003-2005	MARKFIELD AMERICA LLC, Virginia U.S.A.		100.00% * 2001-2005		CASH FLOW STATEMENT
LEECEM S.A., Athens	100.00% * 2003-2005	SEPARATION TECHNOLOGIES LLC, Delaware U.S.A.		100.00% * 2001-2005		Amounts in € thousand
TITAN CEMENT INTERNATIONAL TRADING S.A., Athens	100.00% 2001-2005	PENNSUCO CEMENT CO. LLC, Delaware U.S.A.		100.00% * 2001-2005		GROUP		COMPANY
TITAN CEMENT ATLANTIC S.A., Athens	100.00% 2001-2005	TARMAC AMERICA LLC, Delaware U.S.A.		100.00% * 2001-2005			1/1-30/6/2006 1/1-30/6/2005 1/1-30/6/2006 1/1-30/6/2005
NAFTITAN S.A., Athens	100.00% 2003-2005	STANDARD CONCRETE LLC, Florida U.S.A.		100.00% * 2001-2005	Cash flows from operating activities
AEOLIAN MARITIME COMPANY, Athens	100.00% 2000-2005	ESSEX CEMENT CO LLC, Delaware U.S.A.		100.00% * 2001-2005	Profits before taxes	170,203	112,503	76,345	73,695
ACHAIKI MARITIME COMPANY, Athens	100.00% 2000-2005	METRO REDΙ-MIX LLC, Florida U.S.A.	100.00% *	-	Adjustments for:
				-	Depreciation	38,010	34,062	5,304	5,216
KIMOLOS MARITIME COMPANY, Athens (under liquidation)	100.00% 2000-2005	SUMMIT READY-MIX LLC, Florida U.S.A.	100.00% *
POLIKOS MARITIME COMPANY, Athens	100.00% 2000-2005	MIAMI VALLEY READY MIX OF FLORIDA LLC, Florida U.S.A.	100.00% *	-	Income from participations & investments	-191	-129	-5,102	-28,272
QUARRIES KORINTHIAS S.A., Korinthos	100.00% * 2005	SEPARATION TECHNOL. CAN. LTD, Fredericton NB Canada.		100.00% * 2004-2005	Interest expense	13,101	14,038	3,024	2,916
LEROS QUARRIES S.A., Leros	- 80.00%	CEMENTARA KOSJERIC AD, Kosjeric Serbia		74.28% * 2000-2005	Provisions	8,841	3,889	3,609	157
DODEKANESOS QUARRIES S.A., Leros	- 100.00%	ZLATNA PANEGA CEMENT AD, Zlatna Bulgaria	99.99% *	2005	Exchange differences	-2,854	-4,695	-3,882	7,009
AEMOS CEMENT LTD, Nicosia Cyprus	100.00% 2000,03-05	ZLATNA PANEGA BETON EOOD, Zlatna Bulgaria		99.99% * 2002-2005	Other non cash items	1,841	5,509	2,660	-231
BALKCEM LTD, Nicosia Cyprus	100.00% * 2002-2005	GRANITOID AD, Batanovtsi Bulgaria	99.67% *	2005	Operating profit before changes in working capital	228,951	165,177	81,958	60,490
IAPETOS LTD, Nicosia Cyprus	100.00% 2000,03-05	USJE CEMENTARNICA AD, Skopje FYROM	94.84% *	-	(Ιncrease)/decrease in inventories	-6,402	-24,725	439	-3,351
REA CEMENT LTD, Nicosia Cyprus	100.00% * 2004-2005				Ιncrease in trade and other receivables	-36,917	-46,500	-19,884	-26,448
	Proportionate Consolidation method				Increase/(decrease) in trade payables (excluding banks)	5,393	15,150	-3,491	-3,026
	Percentage % F.Y.U.**		Percentage %	F.Y.U.**	Cash generated from operations	191,025	109,102	59,022	27,665
BALKAN CEMENT ENTERPRISES LTD, Nicosia Cyprus	51.01% * 2003-2005	MISRIEEN TITAN TRAD. & DISTR., Cairo Egypt	49.47% *	(a)	Interest received	1,931	1,655	139	138
EAST CEMENT TRADE LTD, Nicosia Cyprus	50.00% * 2003-2005	BENI SUEF CEMENT CO. SAE, Cairo Egypt		49.93% * 2003-2005	Taxation paid	-67,694	-25,005	-39,168	-24,114
LAFARGE TITAN EGYPTIAN INV.LTD,Channel Islands U.K.	50.00% * (a)	ALEXANDRIA PORTLAND CEM.CO SAE, Alexandria Egypt		48.64% * 2004-2005	Net cash flows from operating activities	125,262	85,752	19,993	3,689
ALEXANDRIA DEVEL.LTD, Channel Islands U.K.	50.00% * (a)	BLUE CIRCLE CEMENT EGYPT SAE, Alexandria Egypt	48.49% *	(a)	Cash flows from investing activities
FOUR M TITAN SILO COMPANY LLC, Cairo Egypt	49.32% * 1997-2005				Purchase of tangible and intangible assets	-68,696	-59,384	-12,735	-7,194
* Companies held indirectly					Proceeds from the sale of property, plant and equipment	1,134	957	410	44
** F.Y.U.: Fiscal Years Unaudited by the Tax Authorities					Proceeds from dividends	191	129	8,938	7,027
(a) Subjiect to special tax regime					Acquisition of subsidiaries, net of cash	-72,309	-2,508	-1,301	-
					Proceeds from disposal of available-for-sale financial assets	7,389	1,789	249	-
2.		The accounting policies applied in preparing these Financial statements are the same as those applied for the Financial statements at 31.12.2005.			Purchase of available-for-sale financial assets	-5,122	-92	-	-84
3. The assets of the Group and the Company have not been pledged.					Increase/(decrease) in long-term receivables	-2,142	-2,214	-2	123
Number of employees at the end of the reporting period : Group 5,937 (30.6.2005 5,597), Parent Company 1,127 (30.6.2005 1,147). 4					Net cash flows from investing activities	-139,555	-61,323	-4,441	-84
5.		Capital expenditure for the first semester 2006 amounted to: Group € 68.7 m (30.6.2005 € 59.4 m), Parent Company € 12.7 m (30.6.2005 € 7.2 m).			Net cash flows after investing activities	-14,293	24,429	15,552	3,605
Earnings per share has been calculated on the total weighted average of shares (i.e. ordinary and preferred). 6.					Cash flows from financing activities
7. The Board of Directors approved the above financial statements on the 26.7.2006.					Interest paid	-15,663	-15,895	-3,163	-3,055
8.		A Court of Florida has issued a decision ordering the review of all mining permits issued in the region of the Lake Belt, this includes the mining permit for the quarry of our			Dividends paid	-50,925	-43,708	-50,648	-43,049
Company's affiliate in Florida.					Proceeds from borrowings	190,829	112,207	78,198	61,910
9.		Intercompany transactions for the first semester 2006 and intercompany balances as of 31 June 2006 with related parties respectively are as follows: Sales of goods and			Payments of borrowings	-97,897	-67,200	-39,940	-18,762
services € 69.1 m, Purchases of goods and services € 13.8 m, Receivables € 40.5 m and Payables € 3.5 m.					Net cash flows from financing activities	26,344	-14,596	-15,553	-2,956
10.		The companies Metro Redi-Mix Co LLC and Summit Ready Mix LLC (Elbrecht Concrete Inc.) were first consolidated from 1.4.2006, Miami Valley Ready Mix of Florida LLC
		(first consolidated from 28.4.2006), Leros Quarries and Dodekanesos Quarries (first consolidated from 28.6.2006), have been fully consolidated in the Consolidated			Net increase in cash and cash equivalents	12,051	9,833	-1	649
Financial Statements of 30.6.2006					Cash and cash equivalents at beginning of the period	95,142	78,408	17	21
11.		The European Commission has considered all untaxed reserves of law 3220/2004 to constitute unlawful state aid and therefore companies must pay all relevant taxes plus interest. The treatment of the subject has not been decided yet by the Ministry of Finance. The maximum amount of taxes and interest that the Group may be required to			Effects of exchange rate changes	-1,469	5,296	-	-621
pay for the untaxed reserves created in the financial years 2003 and 2004 is estimated to amount to approximately € 16 million.					Cash and cash equivalents at end of the period	105,724	93,537	16	49
			Αthens, 26 July 2006
Chairman of the Board of Directors			Managing Director		Chief Financial Officer
ANDREAS L. CANELLOPOULOS I.D.No Α010727			DIMITRIOS TH. PAPALEXOPOULOS I.D.No Ξ163588		HOWARD PRINCE-WRIGHT PASS No P60090793

TITAN CEMENT COMPANY S.A.

Company's No 6013/06/Β/86/90 in the register of Societes Anonymes 22A Halkidos Street - 111 43 Athens

Figures and information for the period of 1 January 2006 until 30 June 2006

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 (www.titan-cement.com) in which the financial statements according to International Financial Reporting Standards together with the audit report of the external auditor, whenever is required, are presented.

Certified Auditor Accountant: Christos Glavanis Auditing firm: Ernst & Young Type of auditor's opinion: Unqualified

CONDENSED STATEMENT OF CHANGES IN EQUITY CONDENSED INCOME STATEMENT