Titan S.A.

Quarterly Report • Oct 1, 2015

Total Current Assets	701.757	636.600	215.552	200.253	this ruling affects the above mentioned quarry's sales of aggregates in the Florida market. A motion to stay before the 11th Circuit Court of Appeals in
TOTAL ASSETS	2.325.864	1.976.612	1.004.032	980.068	Atlanta has been denied, but the Court expedited the appeal process, which has been exercised by Tarmac America LLC together with the other affected by the ruling mining enterprises and was discussed in November 2007. The Court decision is expected to be issued within 2008.
LIABILITIES					7. The Board of Directors will propose annual General Meeting of Shareholders, for the 2007 fiscal year a dividend of €0.75, per share (2006: € 0.75).
Long-term borrowings	589.833	326.040	3.609	16.320	Intercompany transactions for the fiscal year 2006 and intercompany balances as of 31 December 2006, according to I.A.S. 24 are as follows: 8.
Other long-term liabilities	200.839	222.277	59.815	76.865	Amounts in € thousand	Group	Company
Total Non-Current Liabilities	790.672	548.317	63.424	93.185	a) Sales of goods and services	4	135.787
Short-term bank liabilities	146.405	139.045	49.987	25.340	b) Purchases of goods and services	1.831	30.072
Trade payables	91.214	86.572	28.310	24.764	c) Receivables from related parties	-	38.544
Income taxes payable	12.911	29.301	7.442	23.200	c) Payables to related parties	769	9.022
Other short-term liabilities	89.723	73.018	49.310	31.704	e) Key management compensations	7.449	7.258
Total Current Liabilities	340.253	327.936	135.049	105.008	f) Receivables from key management	16	16
Total Liabilities (a)	1.130.925	876.253	198.473	198.193	g) Payables to key management included in above	508	508
Share Capital (shares 84,532,574 x € 2.00)	169.065	168.970	169.065	168.970	9. The companies Betotechniki S.A. (consolidated from 12.1.2007 and was merged with Interbeton Constructions Materials S.A. as of 15.11.2007),
Share Premium	22.826	22.724	22.826	22.724	Double W & Co OOD (consolidated from 27.3.2007), S&W Ready Mix Concrete Co Inc (consolidated from1.4.2007), Ecobeton S.A (consolidated
Share stock options	7.016	3.519	7.016	3.519	from 19.4.2007), AVES Afoi Polikandrioti S.A. (consolidated from 8.5.2007), Feronia Holding Ltd (consolidated from 4.12.2007), Vesa DOOL
Treasury Shares	-35.945	-502	-35.945	-502	(consolidated from 4.12.2007), Salentijn properties 1 B.V. (consolidated from 17.12.2007), have been fully consolidated in the Group Financial
Retained earnings and other reserves	1.009.865	885.478	642.597	587.164	Statements of 31.12.2007. At 10.4.2007 Group acquired the remaining 51% of Mechanicsville Concrete Inc. (Powhatan Ready Mix), which has been
Equity attributable to shareholders (b)	1.172.827	1.080.189	805.559	781.875	fully incorporated in Group's financial statements of 31.12.2007. During the year the company established the following subsidiaries: LATEEM SA
Minority interests (c)	22.112	20.170	-	-	(8.1.2007), Titan Global Finance PLC (2.4.2007), TCK Montenegro DOO (10.4.2007), Rudmak DOOEL (5.6.2007), Τitan Cement Cyprus Ltd
Total Equity (d)=(b)+(c)	1.194.939	1.100.359	805.559	781.875	(1/10/2007), Kocem Ltd (3.10.2007). The company Blue Circle Cement Egypt S.A.E was merged with Alexandria Portland Cement Co. S.A.E. as of
TOTAL EQUITY AND LIABILITIES (e)=(a)+(d)	2.325.864	1.976.612	1.004.032	980.068	22.10.2007.

COMPANY'S STATUTORY INFORMATION Head Office and Registered Address: 22A Halkidos Street - 111 43 Athens						CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY for the year ended 31 December 2007
Company's Number in the Register of Societes Anonymes:			6013/06/Β/86/90				(Amounts in € thousand)
Supervising Authority:			Ministry of Development (Department for limited companies)					GROUP		COMPANY
Board of Directors:			Andreas Canellopoulos - Chairman, Dimitrios Krontiras* - Deputy Chairman,					31/12/2007	31/12/2006 31/12/2007 31/12/2006
			Dimitrios Papalexopoulos - Managing Director,				Equity balance at beginning of the year as adjusted (1/1/2007 and
			Nellos Canellopoulos, Takis-Panagiotis Canellopoulos, George David*,				1/1/2006 respectively)	1.100.359	939.368	781.875	721.140
			Basilios Fourlis, Elias Paniaras, Panagiotis Marinopoulos, Alexandra				Profit for the year	239.739	259.185	118.771	105.118
			Papalexopoulou-Benopoulou, Michael Sigalas, Apostolos Tamvakakis*,				Profit attributable to minority interest	4.480	3.125	-	-
			Spyridon Theodoropoulos, Eftihios Vasilakis, Efthimios Vidalis*.				Share Capital increase due to share options	3.694	3.689	3.694	3.689
			*Independent non-executive directors				Net gains/(losses) on financial assets available for sale	132	-3.300	-	-
Date of approval of the Financial Statements :			26 February 2008				Additional consideration for subsidiary acquisition	-4.280	-1.070	-	-
Auditing firm:			ERNST & YOUNG				Dividends paid	-63.338	-50.598	-63.338	-50.598
Name of the auditor:			Christos Glavanis				Dividends paid to minority	-2.488	-315	-	-
Report of the Auditors:			Without qualification				Foreign currency translation	-47.949	-52.359	-	-
Company's web address:			www.titan-cement.com				Minority interests from newly established companies	33	108	-	-
			GROUP STUCTURE				Treasury shares purchased Net gain on hedge of net investment	-35.443 -	-502 3.028	-35.443 -	-502 3.028
The Group companies that are included in the consolidated financial statements with their respective locations and percentage of ownership are as follows:							Equity balance at year end (31/12/2007 and 31/12/2006 respectively)	1.194.939	1.100.359	805.559	781.875
			Full consolidation method
	Percentage %	F.Y.U.**			Percentage %	F.Y.U.**	CASH FLOW STATEMENT for the year ended 31 December 2007
TITAN CEMENT COMPANY S.A., Athens			Parent 2006-2007 FINTITAN SRL, Venice Italy		100,00%	(a)	(Amounts in € thousand)
AVES AFOI POLIKANDRIOTI S.A., Athens	100,00% *	2007	TITAN GLOBAL FINANCE PLC, Hull U.K.		100,00%	(a)		GROUP		COMPANY
AEOLIAN MARITIME COMPANY, Athens	100,00%		2001-2007 TITAN CEMENT U.K. LTD, Hull U.K.		100,00%	(a)				1/1-31/12/2007 1/1-31/12/2006 1/1-31/12/2007 1/1-31/12/2006
ALBACEM S.A., Athens	100,00%		2003-2007 SEPARATION TECHNOLOGIES UK LTD, Hull U.K.		100,00% *	(a)	Cash flows from operating activities
ACHAIKI MARITIME COMPANY, Athens INTERBETON CONSTRUCTIONS MATERIALS S.A., Athens	100,00% 100,00%		2001-2007 CENTRAL CONCRETE SUPERMIX Inc, Florida U.S.A. 2002-2007 ESSEX CEMENT CO LLC, Delaware U.S.A.		100,00% * 100,00% *	2006-2007 2004-2007	Profits before taxes Adjustments for:	300.346	380.823	159.788	167.313
INTERCEMENT S.A., Athens	100,00%		2003-2007 MARKFIELD AMERICA LLC, Virginia U.S.A.		100,00% *	2004-2007	Depreciation	94.782	80.731	10.684	10.610
INTERTITAN TRADING INTERNATIONAL S.A., Athens	100,00%		2000-2007 MECHANICSVILLE CONCRETE Inc, Virginia U.S.A.		100,00% *	2006-2007	Provisions	15.187	12.593	8.862	6.825
IONIA S.A., Athens	100,00%		2006-2007 METRO REDΙ-MIX LLC, Florida U.S.A.		100,00% *	2006-2007	Exchange differences	-1.738	-3.662	-1.857	-4.430
LAKMOS S.A., Athens	100,00%		2003-2007 MIAMI VALLEY READY MIX OF FLORIDA LLC, Florida U.S.A.		100,00% *	2006-2007	Income from participations & investments	-74	-4.543	-2.656	-5.598
QUARRIES OF TAGARADON COMMUNITY, Thessaloniki	79,93% *	2007	PENNSUCO CEMENT CO. LLC, Delaware U.S.A.		100,00% *	2004-2007	Interest expense	32.343	27.438	2.901	5.846
LATEEM S.A., Athens	100,00% *	2007	ROANOKE CEMENT CO. LLC, Virginia U.S.A.		100,00% *	2004-2007	Other non cash items	2.622	8.078	2.779	1.143
QUARRIES GOURNON S.A., Heraklion Crete			100,00% * 2003-2007 S&W READY MIX CONCRETE CO Inc, South Carolina U.S.A.		100,00% *	2007	Operating profit before changes in working capital	443.468	501.458	180.501	181.709
QUARRIES KORINTHIAS S.A., Korinthos	100,00% *		100,00% * 2005-2007 SEPARATION TECHNOLOGIES LLC, Delaware U.S.A.		100,00% *	2004-2007	Increase in inventories Decrease/(Increase) in trade and other receivables	-29.999 21.072	-37.739 -11.434	-17.115 1.314	-5.271 -4.126
DODEKANESOS QUARRIES S.A., Leros LEROS QUARRIES S.A., Leros	100,00% *	2007 2007	STANDARD CONCRETE LLC, Florida U.S.A. SUMMIT READY-MIX LLC, Florida U.S.A.		100,00% * 100,00% *	2004-2007 2006-2007	(Decrease)/increase in operating long-term receivables	1.844	-3.397	-371	-1.412
LEECEM S.A., Athens			100,00% * 2003-2007 TARMAC AMERICA LLC, Delaware U.S.A.		100,00% *	2004-2007	Increase/(decrease) in trade payables (excluding banks)	-15.717	9.333	-2.209	-2.304
LOYKAS TSOGKAS BETA S.A., Athens			100,00% * 2003-2007 TITAN AMERICA LLC, Delaware U.S.A.		100,00% *	2004-2007	Cash generated from operations	420.668	458.221	162.120	168.596
NAFTITAN S.A., Athens	100,00%		2003-2007 TITAN VIRGINIA READY MIX LLC, Delaware U.S.A.		100,00% *	2004-2007	Taxation paid	-96.232	-105.036	-58.784	-40.106
ECOBETON S.A., Ioanina			100,00% * 2005-2007 SEPARATION TECHNOL. CAN. LTD, Fredericton NB Canada.		100,00% *	2004-2007	Net cash flows from operating activities (a)	324.436	353.185	103.336	128.490
POLIKOS MARITIME COMPANY, Athens	100,00%		2001-2007 CEMENTARA KOSJERIC AD, Kosjeric Serbia		74,28% *	2003-2007	Cash flows from investing activities
SIGMA BETON S.A., Athens TITAN CEMENT INTERNATIONAL TRADING S.A., Athens	100,00% 100,00%		2003-2007 TCK MONTENEGRO DOO, Bodgorica Montenegro 2001-2007 DOUBLE W & Co OOD., Rousse Bulgaria		74,28% * 99,99% *	2007 2007	Purchase of tangible and intangible assets Proceeds from the sale of property, plant and equipment	-252.399 4.386	-160.135 1.748	-18.383 661	-21.552 696
TITAN CEMENT ATLANTIC S.A., Athens	100,00%		2006-2007 GRANITOID AD, Batanovtsi Bulgaria		99,67% *	2005-2007	Proceeds from the sale of investment property	-	-	157	-
AEMOS CEMENT LTD, Nicosia Cyprus	100,00%		2003-2007 GRAVEL & SAND PIT AD, Zlatna Bulgaria		99,99% *	2002-2007	Proceeds from dividends	74	153	2.688	11.520
ALVACIM LTD, Nicosia Cyprus			100,00% * 2006-2007 ZLATNA PANEGA BETON EOOD, Zlatna Bulgaria		99,99% *	2002-2007	Acquisition of subsidiaries, net of cash	-243.231	-77.808	-1.724	-143
BALKCEM LTD, Nicosia Cyprus			100,00% * 2002-2007 ZLATNA PANEGA CEMENT AD, Zlatna Bulgaria		99,99% *	2005-2007	Proceeds from sale of available-for-sale financial assets	933	7.279	-	965
IAPETOS LTD, Nicosia Cyprus	100,00%		2003-2007 CEMENT PLUS LTD, Skopje FYROM		61,64% *	2006-2007	Purchase of available-for-sale financial assets	-2.193	-3.248	-74	-82
REA CEMENT LTD, Nicosia Cyprus THEMIS HOLDINGS LTD, Nicosia Cyprus			100,00% * 2004-2007 RUDMARK DOOEL, Skopje FYROM 51,01% * 2004-2007 USJE CEMENTARNICA AD, Skopje FYROM		99,99% * 94,84% *	2006-2007 2006-2007	Interest received Increase in long-term assets	7.589 -	3.781 -477	130 -	150 -
TITHYS LTD, Nicosia Cyprus			100,00% * 2003-2007 VESA DOOL, Skopje FYROM		100,00% *	2007	Net cash flows used in investing activities (b)	-484.841	-228.707	-16.545	-8.446
FERONIA HOLDING LTD, Nicosia Cyprus	100,00% *	2007	TITAN CEMENT NETHERLANDS BV, Amsterdam Netherlands		100,00% *	2006-2007	Net cash flows after investing activities (a)+(b)	-160.405	124.478	86.791	120.044
KOCEM LTD, Nicosia Cyprus	100,00% *	2007	SALENIJN PROPERTIES 1 BV, Amsterdam Netherlands		100,00%	2007	Cash flows from financing activities
TITAN CEMENT CYPRUS LTD, Nicosia Cyprus			100,00% * 2006-2007 ANTEA CEMENT SHA, Tirana Albania		100,00% *	2006-2007	Share capital increase	197	901	197	901
			Proportionate consolidation method				Treasury shares purchased	-35.085	-502	-35.085	-502
BALKAN CEMENT ENTERPRISES LTD, Nicosia Cyprus	Percentage %	F.Y.U.**	51,01% * 2003-2007 FOUR M TITAN SILO COMPANY LLC, Cairo Egypt		Percentage % 49,21% *	F.Y.U.** 2001-2007	Proceeds from government grants Interest paid	230 -41.016	- -31.828	25 -3.031	- -5.996
EAST CEMENT TRADE LTD, Nicosia Cyprus			50,00% * 2003-2007 MISRIEEN TITAN TRAD. & DISTR., Cairo Egypt		49,46% *	2005-2007	Dividends paid	-65.736	-51.041	-63.246	-50.750
LAFARGE TITAN EGYPTIAN INV.LTD,Channel Islands U.K.	50,00% *	(a)	BENI SUEF CEMENT CO. SAE, Cairo Egypt		49,92% *	2005-2007	Proceeds from borrowings	637.704	350.129	95.493	95.809
ALEXANDRIA DEVEL.LTD, Channel Islands U.K.	50,00% *	(a)	ALEXANDRIA PORTLAND CEM.CO SAE, Alexandria Egypt		48,41% *	2005-2007	Payments of borrowings	-304.500	-347.005	-81.159	-159.495
							Net cash flows from/(used in) financing activities (c)	191.794	-79.346	-86.806	-120.033
			Equity method				Net increase in cash and cash equivalents (a)+(b)+(c)	31.389	45.132	-15	11
	Percentage %	F.Y.U.**			Percentage %	F.Y.U.**	Cash and cash equivalents at beginning of the year	138.027	95.142	28	17
KARIERNI MATERIALI AD, Sofia Bulgaria	48,76% *	-	KARIERI AD, Plovdiv Bulgaria		48,71% *	-	Effects of exchange rate changes	-1.938	-2.247	-	-
* Companies held indirectly							Cash and cash equivalents at end of the year	167.478	138.027	13	28
** F.Y.U.: Fiscal Years Unaudited by the Tax Authorities (a) Subject to special tax regime							OTHER IMPORTANT DATA AND INFORMATION
							In accordance with the Board of Directors resolution of 17.12.2007, followingthe exercise by senior executives of the Company and of companies of 1.
			CONDENSED BALANCE SHEET at 31 December 2007				Titan group of stock option rights granted to them on the basis of the Stock Option Plans that have been approved by resolutions dated 5.7.2000,
			(Amounts in € thousand)				19.6.2002 and 8.6.2004 of the General Meeting of Shareholders, the share capital was increased by €94,740 with cash payments and issuance of
							47,370 new registered voting shares, nominal value of €2.00 each. Share price was €2.00 for 39,370 shares and €14.68 for 8,000 shares, according to the relevant stock option plan. The share premium account includes the difference that arose from 8,600 shares of €12.68 per share issued or
ASSETS			GROUP 31/12/2007	31/12/2006	COMPANY 31/12/2007	31/12/2006	€101,440 in total.
Property, plant, and equipment			1.303.924	1.174.541	269.210	263.809	2. There are no pledges on the Company's assets.
Intangible assets			301.189	145.181	-	-	3. Number of employees at the end of the reporting period : Group: 6,034 (2006: 5,891), Parent Company: 1,121 (2006: 1,121).
Investments and long-term receivables			18.994	20.290	519.270	516.006	4. Capital expenditure for the year 2007 amounted to: Group € 252.4 m (2006: € 160.1 m), Parent Company € 18.4m (2005: € 21.6 m).
Total Non-Current Assets			1.624.107	1.340.012	788.480	779.815	Earnings per share have been calculated based on the average number of shares during the year (i.e. ordinary and preferred). 5.
Inventories			226.253	203.137	85.250	68.404	On July 13th 2007 U.S., district Court Judge , in Miami – Dade County , Florida, ruled that Titan Group's subsidiary, Tarmac America LLC (Tarmac) 6. was obliged to cease, as of July 17th 2007, rock mining in some areas of the Lake Belt region of Florida until the Army Corps of Engineers completes
Trade receivables Other assets			232.362 75.664	253.507 41.929	116.526 13.763	122.743 9.078	its SupplementaryEnvironmentalImpact Statement (SEIS). The Army Corps of Engineers announced that SEIS is expected to be finalised within May
Cash and cash equivalents			167.478	138.027	13	28	2008. The above ruling impacts a substantial part of the Pennsuco quarry, which supplies raw materials to the Pennsuco cement plant. Furthermore,
Total Current Assets			701.757	636.600	215.552	200.253	this ruling affects the above mentioned quarry's sales of aggregates in the Florida market. A motion to stay before the 11th Circuit Court of Appeals in
TOTAL ASSETS			2.325.864	1.976.612	1.004.032	980.068	Atlanta has been denied, but the Court expedited the appeal process, which has been exercised by Tarmac America LLC together with the other

Percentage %	F.Y.U.**		Percentage %	F.Y.U.**	CASH FLOW STATEMENT for the year ended 31 December 2007	(Amounts in € thousand)
							GROUP		COMPANY
100,00%		2001-2007 TITAN CEMENT U.K. LTD, Hull U.K.	100,00%	(a)				1/1-31/12/2007 1/1-31/12/2006 1/1-31/12/2007 1/1-31/12/2006
100,00%		2001-2007 CENTRAL CONCRETE SUPERMIX Inc, Florida U.S.A.	100,00% *	2006-2007	Profits before taxes	300.346	380.823	159.788	167.313
100,00%		2003-2007 MARKFIELD AMERICA LLC, Virginia U.S.A.	100,00% *	2004-2007	Depreciation	94.782	80.731	10.684	10.610
100,00%		2000-2007 MECHANICSVILLE CONCRETE Inc, Virginia U.S.A.	100,00% *	2006-2007	Provisions	15.187	12.593	8.862	6.825
100,00%		2006-2007 METRO REDΙ-MIX LLC, Florida U.S.A.	100,00% *	2006-2007	Exchange differences	-1.738	-3.662	-1.857	-4.430
100,00%		2003-2007 MIAMI VALLEY READY MIX OF FLORIDA LLC, Florida U.S.A.	100,00% *	2006-2007	Income from participations & investments	-74	-4.543	-2.656	-5.598
79,93% *	2007	PENNSUCO CEMENT CO. LLC, Delaware U.S.A.	100,00% *	2004-2007	Interest expense	32.343	27.438	2.901	5.846
100,00% *	2007	ROANOKE CEMENT CO. LLC, Virginia U.S.A.	100,00% *	2004-2007	Other non cash items	2.622	8.078	2.779	1.143
		100,00% * 2003-2007 S&W READY MIX CONCRETE CO Inc, South Carolina U.S.A.	100,00% *	2007	Operating profit before changes in working capital	443.468	501.458	180.501	181.709
		100,00% * 2005-2007 SEPARATION TECHNOLOGIES LLC, Delaware U.S.A.	100,00% *	2004-2007	Increase in inventories	-29.999	-37.739	-17.115	-5.271
100,00% *	2007	STANDARD CONCRETE LLC, Florida U.S.A.	100,00% *	2004-2007	Decrease/(Increase) in trade and other receivables	21.072	-11.434	1.314	-4.126
100,00% *	2007	SUMMIT READY-MIX LLC, Florida U.S.A.	100,00% *	2006-2007	(Decrease)/increase in operating long-term receivables	1.844	-3.397	-371	-1.412
		100,00% * 2003-2007 TARMAC AMERICA LLC, Delaware U.S.A.	100,00% *	2004-2007	Increase/(decrease) in trade payables (excluding banks)	-15.717	9.333	-2.209	-2.304
		100,00% * 2003-2007 TITAN AMERICA LLC, Delaware U.S.A.	100,00% *	2004-2007	Cash generated from operations	420.668	458.221	162.120	168.596
100,00%		2003-2007 TITAN VIRGINIA READY MIX LLC, Delaware U.S.A.	100,00% *	2004-2007	Taxation paid	-96.232	-105.036	-58.784	-40.106
		100,00% * 2005-2007 SEPARATION TECHNOL. CAN. LTD, Fredericton NB Canada.	100,00% *	2004-2007	Net cash flows from operating activities (a)	324.436	353.185	103.336	128.490
100,00%		2003-2007 TCK MONTENEGRO DOO, Bodgorica Montenegro	74,28% *	2007	Purchase of tangible and intangible assets	-252.399	-160.135	-18.383	-21.552
100,00%		2001-2007 DOUBLE W & Co OOD., Rousse Bulgaria	99,99% *	2007	Proceeds from the sale of property, plant and equipment	4.386	1.748	661	696
100,00%		2006-2007 GRANITOID AD, Batanovtsi Bulgaria	99,67% *	2005-2007	Proceeds from the sale of investment property	-	-	157	-
100,00%		2003-2007 GRAVEL & SAND PIT AD, Zlatna Bulgaria	99,99% *	2002-2007	Proceeds from dividends	74	153	2.688	11.520
		100,00% * 2006-2007 ZLATNA PANEGA BETON EOOD, Zlatna Bulgaria	99,99% *	2002-2007	Acquisition of subsidiaries, net of cash	-243.231	-77.808	-1.724	-143
		100,00% * 2002-2007 ZLATNA PANEGA CEMENT AD, Zlatna Bulgaria	99,99% *	2005-2007	Proceeds from sale of available-for-sale financial assets	933	7.279	-	965
100,00%		2003-2007 CEMENT PLUS LTD, Skopje FYROM	61,64% *	2006-2007	Purchase of available-for-sale financial assets	-2.193	-3.248	-74	-82
		100,00% * 2004-2007 RUDMARK DOOEL, Skopje FYROM	99,99% *	2006-2007	Interest received	7.589	3.781	130	150
		51,01% * 2004-2007 USJE CEMENTARNICA AD, Skopje FYROM	94,84% *	2006-2007	Increase in long-term assets	-	-477	-	-
		100,00% * 2003-2007 VESA DOOL, Skopje FYROM	100,00% *	2007	Net cash flows used in investing activities (b)	-484.841	-228.707	-16.545	-8.446
100,00% *	2007	TITAN CEMENT NETHERLANDS BV, Amsterdam Netherlands	100,00% *	2006-2007	Net cash flows after investing activities (a)+(b)	-160.405	124.478	86.791	120.044
		100,00% * 2006-2007 ANTEA CEMENT SHA, Tirana Albania	100,00% *	2006-2007	Share capital increase	197	901	197	901
		Proportionate consolidation method			Treasury shares purchased	-35.085	-502	-35.085	-502
Percentage %	F.Y.U.**		Percentage %	F.Y.U.**	Proceeds from government grants	230	-	25	-
		51,01% * 2003-2007 FOUR M TITAN SILO COMPANY LLC, Cairo Egypt	49,21% *	2001-2007	Interest paid	-41.016	-31.828	-3.031	-5.996
		50,00% * 2003-2007 MISRIEEN TITAN TRAD. & DISTR., Cairo Egypt	49,46% *	2005-2007	Dividends paid	-65.736	-51.041	-63.246	-50.750
50,00% *	(a)	BENI SUEF CEMENT CO. SAE, Cairo Egypt	49,92% *	2005-2007	Proceeds from borrowings	637.704	350.129	95.493	95.809
50,00% *	(a)	ALEXANDRIA PORTLAND CEM.CO SAE, Alexandria Egypt	48,41% *	2005-2007	Payments of borrowings	-304.500	-347.005	-81.159	-159.495
					Net cash flows from/(used in) financing activities (c)	191.794	-79.346	-86.806	-120.033
		Equity method			Net increase in cash and cash equivalents (a)+(b)+(c)	31.389	45.132	-15	11
Percentage %	F.Y.U.**		Percentage %	F.Y.U.**	Cash and cash equivalents at beginning of the year	138.027	95.142	28	17
48,76% *	-	KARIERI AD, Plovdiv Bulgaria	48,71% *	-	Effects of exchange rate changes	-1.938	-2.247	-	-
					Cash and cash equivalents at end of the year	167.478	138.027	13	28

• The companies Betotechniki S.A. (consolidated from 12.1.2007 and was merged with Interbeton Constructions Materials S.A. as of 15.11.2007), Double W & Co OOD (consolidated from 27.3.2007), S&W Ready Mix Concrete Co Inc (consolidated from1.4.2007), Ecobeton S.A (consolidated from 19.4.2007), AVES Afoi Polikandrioti S.A. (consolidated from 8.5.2007), Feronia Holding Ltd (consolidated from 4.12.2007), Vesa DOOL (consolidated from 4.12.2007), Salentijn properties 1 B.V. (consolidated from 17.12.2007), have been fully consolidated in the Group Financial Statements of 31.12.2007. At 10.4.2007 Group acquired the remaining 51% of Mechanicsville Concrete Inc. (Powhatan Ready Mix), which has been fully incorporated in Group's financial statements of 31.12.2007. During the year the company established the following subsidiaries: LATEEM SA (8.1.2007), Titan Global Finance PLC (2.4.2007), TCK Montenegro DOO (10.4.2007), Rudmak DOOEL (5.6.2007), Τitan Cement Cyprus Ltd (1/10/2007), Kocem Ltd (3.10.2007). The company Blue Circle Cement Egypt S.A.E was merged with Alexandria Portland Cement Co. S.A.E. as of 22.10.2007.
• 1. According to the resolutions approved by the Annual General Meetings of May 23, 2006 and May 10, 2007 the Company acquired during the period 1.1-31.12.2007 1,071,887 of its own common shares of a value of € 35,434 thousand and 300 of its own preference shares of a value of € 9 thousand. The total number of its own shares that the Company holds is 1,086,187 of a value of € 35,945 thousand. The shares are held as treasury shares and have been deducted from Shareholders Equity.

• On July 13th 2007 U.S., district Court Judge , in Miami Dade County , Florida, ruled that Titan Group's subsidiary, Tarmac America LLC (Tarmac) was obliged to cease, as of July 17th 2007, rock mining in some areas of the Lake Belt region of Florida until the Army Corps of Engineers completes its SupplementaryEnvironmentalImpact Statement (SEIS). The Army Corps of Engineers announced that SEIS is expected to be finalised within May 2008. The above ruling impacts a substantial part of the Pennsuco quarry, which supplies raw materials to the Pennsuco cement plant. Furthermore, this ruling affects the above mentioned quarry's sales of aggregates in the Florida market. A motion to stay before the 11th Circuit Court of Appeals in Atlanta has been denied, but the Court expedited the appeal process, which has been exercised by Tarmac America LLC together with the other affected by the ruling mining enterprises and was discussed in November 2007. The Court decision is expected to be issued within 2008.

• Intercompany transactions for the fiscal year 2006 and intercompany balances as of 31 December 2006, according to I.A.S. 24 are as follows: The Board of Directors will propose annual General Meeting of Shareholders, for the 2007 fiscal year a dividend of €0.75, per share (2006: € 0.75).

Amounts in€ thousand	Group	Company
a) Sales of goods and services	4	135.787
b) Purchases of goods and services	1.831	30.072
c) Receivables from related parties	$\overline{\phantom{a}}$	38.544
c) Payables to related parties	769	9.022
e) Key management compensations	7.449	7.258
f) Receivables from key management	16	16

		GROUP	COMPANY		The statutory tax audit for the Company for the years 2002 through 2005 has been completed and the total liability assessed amounts to €4.2 m. An 11.
	1/1-31/12/2007	1/1-31/12/2006	1/1-31/12/2007	1/1-31/12/2006	amount of €0.9 m. was charged to the Income Statement and the remaining amount of €3.3m was offset against a provision established over those
					years.
Revenue	1.496.915	1.568.109	535.859	519.847 12.	Certain prior year amounts have been reclassified for presentation purposes. (note 37 of annual financial statements)
Cost of sales	-936.825	-957.252	-322.779	-300.484
Gross profit before depreciation and amortization	560.090	610.857	213.080	219.363
Other operating income/(expense)	-1.442	-9.375	1.725	-3.857	Αthens, 26 February 2008
Administrative expenses	-108.586	-98.525	-41.352	-38.521
Selling and marketing expenses	-24.199	-22.286	-4.553	-3.852	Chairman of the Board of Directors	Managing Director	Chief Financial Officer
Profit before interest, taxes and depreciation and amortization	425.863	480.671	168.900	173.133
Depreciation & amortization	-94.782	-80.731	-10.684	-10.610
Profit before interest and taxes	331.081	399.940	158.216	162.523
Income from participations & investments	74	4.543	2.656	5.598
Finance costs - net	-30.809	-23.660	-1.084	-808	ANDREAS L. CANELLOPOULOS	DIMITRIOS TH. PAPALEXOPOULOS	HOWARD PRINCE-WRIGHT
Profit before taxes	300.346	380.823	159.788	167.313	I.D.No ΑΒ500997	I.D.No Ξ163588	PASS No P60090793
Less: Income tax expense	-56.127	-118.513	-41.017	-62.195
Profit after taxes	244.219	262.310	118.771	105.118	Chief Accountant		Financial Consolidation Manager
Attributable to:
Shareholders	239.739	259.185	118.771	105.118
Minority interests	4.480	3.125	-	-
					EMM. CH. MAVRODIMITRAKIS		ATHANASIOS S. DANAS
Basic earnings per issued share (in €)	2,85	3,07	1,41	1,25	I.D.No Ν237613		I.D.No AB006812
Diluted earnings per issued share (in €)	2,84	3,06	1,41	1,24

TITAN CEMENT COMPANY S.A.

SUMMARY FINANCIAL RESULTS for the year ended 31 December 2007

(in terms of article 135 of Law 2190, for companies publishing annual financial statements in accordance with IAS/IFRS)

The figures illustrated below provide summary information about the financial position of Titan Cement S.A. and its subsidiaries. We advise the reader who seeks a complete picture of the financial position to visit the Company's web site, where the full year financial statements according to International Financial Reporting Standards together with the auditor's report, are presented.