Titan S.A.

Annual / Quarterly Financial Statement • Sep 22, 2015

TITAN CEMENT COMPANY S.A.

Company's Number in the Register of Societes Anonymes: 6013/06/Β/86/90

22A Halkidos Street - 111 43 Athens

SUMMARY FINANCIAL RESULTS for the year ended 31 December 2010

(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.

				CASH FLOW STATEMENT
				(Amounts in € thousand)
				Cash flows from operating activities			1/1-31/12/2010 1/1-31/12/2009 1/1-31/12/2010 1/1-31/12/2009
				Profits before taxes Adjustments for:	129.161	158.139	39.361	79.847
				Depreciation	122.515	112.400	11.999	11.655
				Impairment of tangible and intangible assets	165	2.939	2	-390
				Provisions	28.632	9.221	2.763	3.321
				Exchange differences	8.186	8.477	-151	-19
				Income from participations & investments	-	-	-5.656	-5.119
				Provision for impairment of investments (participations)	-	-	12.792	1.150
				Interest expense	55.512	46.806	26.756	30.504
				Other non cash items	-5.533	3.000	-343	2.745
				Operating profit before changes in working capital	338.638	340.982	87.523	123.694
				(Increase)/decrease in inventories	-7.653	38.844	-10.259	24.629
				Decrease in trade and other receivables	23.106	38.115	29.774	9.342
GROUP		COMPANY		(Ιncrease)/decrease in operating long-term receivables	-2.761	1.926	447	91
				Acquisition of subsidiaries, net of cash	-25.355	-14.416	-	-
				Proceed from partial disposal of subsidiary's business
				Proceeds from partial disposal of subsidiary's ownership
				Proceeds from non-controlling interest's participation in subsidiaries' share capital
				increase
				Proceeds from borrowings	995.688	748.739	272.264	260.781
				Payments of borrowings	-1.170.295	-957.393	-375.332	-348.421
				Net cash flows used in financing activities (c)	-239.765	-291.686	-143.302	-153.185
GROUP		COMPANY		Net increase/(decrease) in cash and cash equivalents (a)+(b)+(c)	54.498	-75.954	2.739	-31.059
1/1-31/12/2010	1/1-31/12/2009	1/1-31/12/2010	1/1-31/12/2009	Cash and cash equivalents at beginning of the year	16.426	94.521	204	31.263
				Effects of exchange rate changes	-3.854	-2.141	-	-

Supervising Authority:					CASH FLOW STATEMENT
	Ministry of Development and Competitiveness (Department for limited companies) www.titan-cement.com				(Amounts in € thousand)
Company's web address: Board of Directors:	Andreas Canellopoulos - Chairman, Panagiotis-Efstratios Arapoglou*-Deputy Chairman,					GROUP		COMPANY 1/1-31/12/2010 1/1-31/12/2009 1/1-31/12/2010 1/1-31/12/2009
	Dimitrios Papalexopoulos-Managing Director,				Cash flows from operating activities
	Nellos Canellopoulos, Takis-Panagiotis Canellopoulos, George David, Basilios Fourlis,				Profits before taxes Adjustments for:	129.161	158.139	39.361	79.847
	Peter Sabatakakis, Panagiotis Marinopoulos, Alexandra Papalexopoulou-Benopoulou, Michael Sigalas, Spyridon Theodoropoulos, Eftihios Vasilakis, Efthimios Vidalis*.				Depreciation	122.515	112.400	11.999	11.655
	*Independent non-executive directors				Impairment of tangible and intangible assets Provisions	165 28.632	2.939 9.221	2 2.763	-390 3.321
					Exchange differences	8.186	8.477	-151	-19
Date of approval of the Financial Statements :	17 March 2011				Income from participations & investments	-	-	-5.656	-5.119
Name of the auditor:	Christodoulos Seferis				Provision for impairment of investments (participations)	-	-	12.792	1.150
Auditing firm: Report of the Auditors:	ERNST & YOUNG Without qualification				Interest expense Other non cash items	55.512 -5.533	46.806 3.000	26.756 -343	30.504 2.745
					Operating profit before changes in working capital	338.638	340.982	87.523	123.694
	CONDENSED STATEMENT OF FINANCIAL POSITION				(Increase)/decrease in inventories	-7.653	38.844	-10.259	24.629
	(Amounts in € thousand)				Decrease in trade and other receivables	23.106	38.115	29.774	9.342
ASSETS	31/12/2010	GROUP 31/12/2009	31/12/2010	COMPANY 31/12/2009	(Ιncrease)/decrease in operating long-term receivables Decrease in trade & other payables (excluding banks) Decrease in trade & other payables (excluding	-2.761 -46 240 46.240	1.926 -30 399 30.399	447 -21 319 21.319	91 -17 371 17.371
Tangible assets	1.963.439	1.915.211	261.538	266.759	Cash generated from operations	305.090	389.468	86.166	140.385
Investment properties	2.053	1.088	5.974	6.396	Taxation paid	-27.546	-15.218	-22.449	-20.714
Intangible assets	560.760	547.873	1.122	671	Net cash flows from operating activities (a)	277.544	374.250	63.717	119.671
Other non current assets Inventories	26.584 248.168	31.347 238.803	1.186.841 77.419	1.272.069 68.250	Cash flows from investing activities Purchase of tangible assets	-85.068	-166.112	-7.039	-5.592
Trade receivables	136.113	155.018	43.898	70.990	Decrease in other long-term receivables	2.024	19.546	-	-
Other current assets	76.287	99.854	13.129	12.828	Purchase of intangible assets	-2.118	-14.562	-475	-671
Cash and cash equivalents TOTAL ASSETS	67.070 3.080.474	16.426 3.005.620	2.943 1.592.864	204 1.698.167	Proceeds from the sale of property, plant and equipment Proceeds from dividends	10.656 317	7.486 671	5.348 5.656	2.675 4.770
					Acquisition of subsidiaries, net of cash	-25.355	-14.416	-	-
SHΑREHOLDERS EQUITY AND LIABILITIES					Decrease/(increase) in subsidiaries' share capital	-	-	77.500	-749
Share Capital (84,613,840 shares of € 4.00)	338.455	338.304	338.455	338.304	Proceed from partial disposal of subsidiary's business	32.733	-	-	-
Share Premium Share stock options	22.826 6.983	22.826 5.977	22.826 6.983	22.826 5.977	Proceeds from partial disposal of subsidiary's ownership (Disposal)/purchase of available-for-sale financial assets	80.000 -136	- 66	- -2	- -2
Treasury Shares	-90.182	-91.622	-90.182	-91.622	Interest received	3.666	8.803	1.336	2.024
Retained earnings and other reserves	1.293.847	1.173.568	538.869	533.997	Net cash flows from/(used in) investing activities (b)	16.719	-158.518	82.324	2.455
Total share capital and reserves (a)	1.571.929	1.449.053	816.951	809.482	Net cash flows after investing activities (a)+(b)	294.263	215.732	146.041	122.126
Non-controlling interests (b) Total Equity (c)=(a)+(b)	139.463 1.711.392	11.135 1.460.188	- 816.951	- 809.482	Cash flows from financing activities Share capital increase	151	117	151	117
Long-term borrowings	706.961	725.665	643.000	634.499	Proceeds from non-controlling interest's participation in subsidiaries' share capital
Provisions and other long-term liabilities	292.566	292.870	56.067	55.515	increase	8.030	-	-	-
Short-term borrowings Other short-term liabilities	136.763 232.792	261.835	17.069	127.609	Treasury shares sold Proceeds from government grants	706 112	384 345	706 112	384 -
Total liabilities (d)	1.369.082	265.062 1.545.432	59.777 775.913	71.062 888.685	Interest paid	-56.998	-46.073	-25.947	-30.515
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES (c)+(d)	3.080.474	3.005.620	1.592.864	1.698.167	Dividends paid	-17.159	-37.805	-15.256	-35.531
					Proceeds from borrowings	995.688	748.739	272.264	260.781
	CONDENSED INCOME STATEMENT (Amounts in € thousand)				Payments of borrowings	-1.170.295	-957.393	-375.332	-348.421
		GROUP		COMPANY	Net cash flows used in financing activities (c) Net increase/(decrease) in cash and cash equivalents (a)+(b)+(c)	-239.765 54.498	-291.686 -75.954	-143.302 2.739	-153.185 -31.059
	1/1-31/12/2010	1/1-31/12/2009	1/1-31/12/2010	1/1-31/12/2009	Cash and cash equivalents at beginning of the year	16.426	94.521	204	31.263
Revenue	1.350.488	1.360.571	370.696	450.092	Effects of exchange rate changes Cash and cash equivalents at end of the year	-3.854 67.070	-2.141 16.426	- 2.943	- 204
Cost of sales Cost of	-897.824 897 824	-901.496 901 496	-247.383 247 383	-293.539 293 539
Gross profit before depreciation and amortization	452.664	459.075	123.313	156.553
Other operating income/(expense)	-8.724	1.807	1.594	3.853	NOTES
Administrative expenses Selling and marketing expenses	-104.686 -24.847	-106.301 -21.886	-37.482 -1.077	-38.326 -1.809	1. As per resolution dated 16.12.2010 of the Board of Directors, the share capital of the Company was increased in cash by €150,888 with the issuance of
					37,722 new registered common shares, of a nominal value of €4.00 each, following the exercise by senior executives of Titan Group of stock option
Profit before interest, taxes and depreciation and amortization	314.407	332.695	86.348	120.271	rights granted to them in implementation of Stock Option Plans that have been approved by resolution dated 29.5.2007 of the General Meeting of
Depreciation, amortization and impairment of tangibles/ intangibles assets	-122.680	-115.339	-12.001	-11.265	Shareholders. Pursuant to the Board of Directors resolutions dated 12.1.2010 and 26.4.2010, the Company completed the sale through the Athens Stock Exchange of
Profit before interest and taxes Income from participations & investments	191.727 -	217.356 -	74.347 5.656	109.006 5.119	2. 37.597 treasury common shares, representing 0,0445% of the Company's paid up Share Capital, at an average sale price equal to €18,77 per share,
Finance costs	-62.566	-59.217	-40.642	-34.278	within the three year statutory period commencing from the date they were acquired by the Company. The total number of its own shares that the
Profit before taxes	129.161	158.139	39.361	79.847	Company holds as at 31.12.2010 is 3.137.616 of aggregate value €90.182 thousand and they have been deducted from the Shareholders Equity of the Group and the Company.
Less: Income tax expense Profit after taxes (a)	-17.934 111.227	-36.238 121.901	-18.531 20.830	-33.401 46.446	3. The assets of the Company have not been pledged. Certain assets of the Group, owned by the Group's joint venture Adocim Cimento Beton Sanayi ve
Attributable to:					Ticaret A.S. in Turkey, have been pledged for the amount of €67.1 m. in securing debt of €41.5 m.
Equity holders of the parent	102.212	123.393	20.830	46.446	4. Number of employees at the end of the reporting period: Group 6,034 (2009: 5,805), Company 959 (2009: 1,027).
Non-controlling interests	9.015	-1.492	-	-	5. Capital expenditure excluding acquisitions and intangible assets for the fiscal year of 2010 amounted to: Group €84.1m (31.12.2009 €165.6m), Parent Company € 7.5 m (31.12.2009 €6.3m).
Basic earnings per share (in €)	1,25523	1,51659	0,25581	0,57086	6. The Board of Directors will propose to the Annual General Meeting of Shareholders, the distribution of dividend of €0.07759 per share (2009: €0.18) for
Diluted earnings per share (in €)	1,25068	1,51275	0,25488	0,56941	the financial year 2010.
Proposed dividend per issued share (in €)	0,07759	0,18000	0,07759	0,18000	7. The Board of Directors will propose to the Annual General Meeting of Shareholders, the distribution of €8,665,303 from special reserves which have
Proposed distribution of taxed reserves per share (in €)	0,10241	-	0,10241	-	already been taxed thus exhausting the taxation obligations of the Company and the shareholders.
	CONDENSED STATEMENT OF COMPREHENSIVE INCOME (*)				8. Earnings per share have been calculated on the total weighted average number of common and preference shares, excluding the average number of treasury shares.
	Amounts in € thousand				9. Transactions during the fiscal year 2010 and balances as of 31 December 2010 with related parties, as defined in IAS 24, are as follows:
		GROUP		COMPANY	Amounts in € thousand		Group	Company
Profit after taxes (a)	1/1-31/12/2010 111.227	1/1-31/12/2009 121.901	1/1-31/12/2010 20.830	1/1-31/12/2009 46.446	a) Income b) Expenses		- 1.930	106.190 30.605
Other comprehensive income/(loss):					c) Receivables		-	22.883
Exchange differences on translation of foreign operations	54.028	-38.913	-	-	d) Payables		477	636.082
Cash flow hedges	-756	-916	-	-	e) Key management compensations f) Receivables from key management		6.577 4	6.426 4
Net losses on financial assets available for sale	-210	-51	-	-	g) Payables to key management included in above		869	869
Income tax relating to components of other comprehensive income g p p	295	357	-	-	10. 0 Companies included in the consolidated financial statements of fiscal year 2010 are presented in the note 14 of the Group's annual financial statements Co pa esc udedt eco so dateda ca state e tso sca yea 0 0a ep ese tedt eote			o t eG oup sa ua	a ca state e ts
Other comprehensive income/(expenses) net of tax (b) Total comprehensive income net of tax (a)+(b)	53.357 164.584	-39.523 82.378	- 20.830	- 46.446	including locations, percentage Group ownership and consolidation method. The unaudited by the tax authorities fiscal years for the Company and the Group's subsidiaries are presented in detail in the note 36 of the annual 11.
					financial statements. There are no material provisions accounted for the unaudited by the tax authorities fiscal years as well as for litigation issues both
Total comprehensive income attributable to:					for the Group and the Company.

				9. Transactions during the fiscal year 2010 and balances as of 31 December 2010 with related parties, as defined in IAS 24, are as follows:
GROUP COMPANY			Amounts in € thousand	Group	Company
1/1-31/12/2010	1/1-31/12/2009	1/1-31/12/2010	1/1-31/12/2009	a) Income	-	106.190
111.227	121.901	20.830	46.446	b) Expenses	1.930	30.605
				c) Receivables	-	22.883
54.028	-38.913	-	-	d) Payables	477	636.082
-756	-916	-	-	e) Key management compensations	6.577	6.426
				f) Receivables from key management	4	4
				g) Payables to key management included in above	869	869

Athens 17 March 2011

According to the Law 3845/2010, a special social responsibility tax was imposed on Greek companies that had profit above €100 thousand for the fiscal year of 2009. The total charge amounted to €7.9 m for the Group and the Company, as stated in note 8 of the annual financial statements.

1. In the consolidated financial statements at December 31, 2010 the following are additionally included: a) fully consolidated the newly established company Geospan Dooel (consolidated from February 2nd, 2010), Cementi Antea S.R.L. (consolidated from July 23rd, 2010) and the acquired companies Terret Enterprises Ltd (consolidated from May 31st, 2010) Sharr Beteiligungs GmbH (consolidated from May 31st, 2010) , Kosovo Construction Materials L.L.C. (consolidated from August 31st, 2010) and Ndermarrjia e Re Sharrcem SHPK (consolidated from December 12th, 2010),b) with equity method: the acquired company Vris OOD (consolidated from January 1st, 2010). On 28.1.2010, the Group acquired the remaining 48.994% of the subsidiary Themis Holding Ltd. On 1.3.2010 the Group's subsidiary Antea Cement SHA purchased the remaining 35% stake in Alba Cemento SHPK.

(*) The statement of comprehensive income has been prepared in accordance with the requirements of the revised IAS 1 that are effective from 1.1.2009. It demonstrates the transactions that would directly affect equity according to the requirements which were valid till 31.12.2008 and it combines them with the profit after taxes as they appear in the income statement. These transactions do not include transactions with the equity holders of the parent company in their capacity as owners.

Total comprehensive income attributable to:
Shareholders	153.445	87.275	20.830	46.446	12.
Non-controlling interests	11.139	-4.897	-	-
					13.

	GROUP		COMPANY
	31/12/2010	31/12/2009	31/12/2010	31/12/2009	15.
Equity balance at beginning of the year (1/1/2010 and 1/1/2009 respectively)	1.460.188	1.434.134	809.482	795.524
Total comprehensive income	164.584	82.378	20.830	46.446	16.
Share Capital increase due to share options	1.157	2.638	1.157	2.638
Treasury shares sold	706	384	706	384
Dividends paid	-15.224	-35.510	-15.224	-35.510	17.
Dividends paid to non-controlling interest	-1.919	-2.262	-	-
Non-controlling interest's put option recognition	-1.621	-19.359	-	-
Non-controlling interest related to share capital increase in subsidiary	8.030	-	-	-	18.
Equity increase arising on business combination	17.079	-	-	-
Proceeds from partial disposal of subsidiary (note 12)	80.000	-	-	-
Acquisition of non-controlling interests	-1.588	-2.215	-	-
Equity balance at year end (31/12/2010 and 31/12/2009 respectively)	1.711.392	1.460.188	816.951	809.482

CONDENSED STATEMENT OF CHANGES IN EQUITY (Amounts in € thousand)

1. On 22.11.2010, the Group announced the completion of the 80 million Euro equity investment of "International Finance Corporation (IFC)" in "Alexandria Portland Cement Company S.A. E. (APCC)" through the purchase of a stake in Titan's holding company "Alexandria Development Limited (ADL)". The transaction resulted in IFC holding through ADL a 15.2 percent minority stake in APCC and subsequently in Group's Egyptian operations.

Chairman of the Board of Directors	Managing Director	Chief Financial Officer	Finance Director Greece	Financial Consolidation Senior Manager
ANDREAS L. CANELLOPOULOS	DIMITRIOS TH. PAPALEXOPOULOS	VASSILIOS S. ZARKALIS	GRIGORIOS D. DIKAIOS	ATHANASIOS S. DANAS
I.D.No ΑΒ500997	I.D.No Ξ163588	I.D No ΑΕ514943	I.D No ΑΒ291692	I.D.No AB006812

The balance of other provisions (short and long term) as of 31.12.2010 amounted to €19.4 m. for the Group (31.12.2009 €19.3 m.) and €7.6 m. for the Company (31.12.2009 €2.2 m.).

• Certain prior year amounts have been reclassified for presentation purposes with no impact on the prior year equity, turnover and earnings after tax of the Group and the Company (note 37 of annual financial statements).
• In the Group's cash flows statement, an amount of €112.7 m, which appears as proceeds from partial disposal of foreign subsidiary business, concerns the sale of a quarry which is located in Cumberland in the state of Kentucky, USA and the sale of 15.2% of "Alexandria Portland Cement Company S.A. E. (APCC)" to "International Finance Corporation (IFC)".
• In the Group's statement of changes in equity, the amount of €8.0 m, which appears as "non-controlling interest related to share capital increase in subsidiary" relates to Alexandria Portland Cement Company S.A.E. (APCC) in Egypt and the amount of €17.1 m. which appears as "equity increase arising on business combination" relates to the Group's acquired activities in Kosovo.