Titan S.A.

Quarterly Report • Sep 22, 2015

Titan Cement Company S.A. and its Subsidiaries Interim Condensed Financial Reporting for the period ended 31 March 2011

Index

		Pages
a)	Interim Condensed Financial Statements
a.1	Interim Income Statement	1
a.2	Interim Statement of Comprehensive Income	2
a.3	Interim Statement of Financial Position	3
a.4	Interim Statement of Changes in Equity	4
a.5	Interim Cash Flow Statement	5
b)	Notes & disclosure of accounting policies	6

The Interim Condensed Financial Statements presented through pages 1 to 18 both for the Group and the Parent Company, have been approved by the Board of Directors on 5th of May 2011

Chairman of the Board of Directors

ANDREAS L. CANELLOPOULOS ID No AB500997

Finance Director Greece

Chief Financial Officer Financial Consolidation Senior Manager

ID No ΑΕ514943 VASSILIOS S. ZARKALIS ID No ΑΒ291692

ID No ΑΒ006812 GRIGORIOS D. DIKAIOS ATHANASIOS S. DANAS

Managing Director

DIMITRIOS TH. PAPALEXOPOULOS ID No ΑΚ031353

Interim Condensed Financial Statements

Interim Income Statement

(all amounts in Euro thousands)
---------------------------------	--	--	--	--

	Note	1/1-31/3/2011	1/1-31/3/2010	1/1-31/3/2011	1/1-31/3/2010
Turnover		252.902	286.052	59.438	95.630
Cost of sales		-175.448	-204.622	-44.764	-68.927
Gross profit before depreciation		77.454	81.430	14.674	26.703
Other income	17	7.778	16.258	1.200	3.946
Share in loss of associates		-253	-379	-	-
Administrative expenses		-24.593	-24.384	-8.150	-9.457
Selling and marketing expenses		-5.422	-5.585	-64	-117
Other expenses	17	-7.151	-6.154	-2.787	-3.153
Profit before interest, taxes, depreciation and
amortization		47.813	61.186	4.873	17.922
Depreciation and amortization related to cost of sales Depreciation and amortization related to administrative and		-27.828	-27.706	-2.646	-2.747
selling expenses		-1.867	-1.560	-285	-260
Profit before interest and taxes		18.118	31.920	1.942	14.915
Finance income		915	1.375	17	1.137
Finance expense	17	-10.549	-13.119	-8.283	-6.570
(Losses)/gains from financial instruments		-660	-1.090	-3	-799
Exchange differences (losses)/gains	17	-14.095	2.135	-281	446
(Loss)/profit before taxes		-6.271	21.221	-6.608	9.129
Less: income tax expense		2.259	3.410	256	-2.047
(Loss)/profit for the period		-4.012	24.631	-6.352	7.082
(Loss)/profit attributable to:
Equity holders of the parent		-4.255	24.775	-6.352	7.082
Non-controlling interests		243	-144	-	-
		-4.012	24.631	-6.352	7.082
Basic earnings per share (in €)		-0,0522	0,3043	-0,0780	0,0870
Diluted earnings per share (in €)		-0,0521	0,3036	-0,0777	0,0868

Group Company

Interim Statement of Comprehensive Income

(all amounts in Euro thousands)		Group		Company
	Note	1/1-31/3/2011	1/1-31/3/2010	1/1-31/3/2011	1/1-31/3/2010
(Loss)/profit for the period		-4.012	24.631	-6.352	7.082
Other comprehensive income:
Exchange differences on translation of foreign operations		-68.630	67.089	-	-
Available-for-sale financial assets		49	-111	-	-
Cash flow hedges	15	-1.863	628	-	-
Income tax effect	15	726	-245	-	-
		-1.137	383	-	-
Other comprehensive income for the period, net of tax		-69.718	67.361	-	-
Total comprehensive income for the period		-73.730	91.992	-6.352	7.082
Total comprehensive income attributable to:
Equity holders of the parent		-67.788	91.604	-6.352	7.082
Non-controlling interests		-5.942	388	-	-
		-73.730	91.992	-6.352	7.082

Interim Statement of Financial Position

(all amounts in Euro thousands)		Group		Company
ASSETS	Note	31/03/2011	31/12/2010	31/03/2011	31/12/2010
Property, plant & equipment	17	1.860.667	1.963.439	259.365	261.538
Investment properties		2.048	2.053	5.974	5.974
Intangible assets and goodwill	17	541.995	560.760	1.105	1.122
Investments in subsidiaries		-	-	1.185.819	1.183.721
Investments in associates		9.351	9.604	-	-
Available-for-sale financial assets		2.275	2.211	107	107
Other non current assets		9.923	11.346	2.713	3.013
Deferred income tax asset	17	2.716	3.423	-	-
Non-current assets		2.428.975	2.552.836	1.455.083	1.455.475
Inventories	17	244.813	248.168	73.711	77.419
Trade receivables		137.649	136.113	37.591	43.898
Other receivables and prepayments		76.995	74.479	18.081	13.068
Derivative financial instruments		-	1.745	-	-
Available-for-sale financial assets		63	63	61	61
Cash and cash equivalents	4	86.193	67.070	747	2.943
Current assets		545.713	527.638	130.191	137.389
TOTAL ASSETS		2.974.688	3.080.474	1.585.274	1.592.864
EQUITY AND LIABILITIES
Share Capital (84,613,840 shares of € 4.00)		338.455	338.455	338.455	338.455
Share premium		22.826	22.826	22.826	22.826
Share options		7.184	6.983	7.184	6.983
Treasury shares	11	-90.182	-90.182	-90.182	-90.182
Other Reserves		408.810	476.661	507.065	507.065
Retained earnings		814.836	817.186	25.452	31.804
Equity attributable to equity holders of the parent		1.501.929	1.571.929	810.800	816.951
Non-controlling interests		135.182	139.463	-	-
Total equity (a)		1.637.111	1.711.392	810.800	816.951
Long-term borrowings	14	712.961	706.961	643.000	643.000
Derivative financial instruments	15,17	4.912	9.513	-	-
Deferred income tax liability	17	170.432	189.023	21.030	21.092
Retirement benefit obligations		39.177	40.203	22.457	22.234
Provisions	12	17.767	19.022	7.534	7.067
Other non-current liabilities		34.822	34.805	5.618	5.674
Non-current liabilities		980.071	999.527	699.639	699.067
		-
Short-term borrowings	14	149.872	136.763	19.320	17.069
Trade and other payables	17	187.443	213.149	49.205	50.705
Derivative financial instruments		996	687	577	687
Income tax payable		18.378	18.594	5.609	7.859
Provisions	12	817	362	124	526
Current liabilities		357.506	369.555	74.835	76.846
Total liabilities (b)		1.337.577	1.369.082	774.474	775.913
TOTAL EQUITY AND LIABILITIES (a+b)		2.974.688	3.080.474	1.585.274	1.592.864

Interim Statement of Changes in Shareholders' Equity

Group

(all amounts in Euro thousands)	Ordinary shares	Share premium	Preferred ordinary shares	Share options	Ordinary treasury shares	Preferred treasury shares	Other reserves (note 16)	Retained earnings	Total	Non controlling interests	Total equity
Balance at 1 January 2010	308.028	22.826	30.276	5.977	-91.505	-117	434.350	739.218	1.449.053	11.135	1.460.188
Profit for the period	-	-	-	-	-	-	-	24.775	24.775	-144	24.631
Other comprehensive income	-	-	-	-	-	-	68.468	-1.639	66.829	532	67.361
Total comprehensive income for the period	-	-	-	-	-	-	68.468	23.136	91.604	388	91.992
Treasury shares sold	-	-	-	-	612	-	-	-290	322	-	322
Acquisitions of non-controlling interests	-	-	-	-	-	-	-1.470	-	-1.470	-229	-1.699
Share options	-	-	-	208	-	-	-	-	208	-	208
Non-controlling interest's put option recognition	-	-	-	-	-	-	-1.302	-	-1.302	657	-645
Transfer between reserves	-	-	-	-	-	-	-2.428	2.428	-	-	-
Balance at 31 March 2010	308.028	22.826	30.276	6.185	-90.893	-117	497.618	764.492	1.538.415	11.951	1.550.366
Balance at 1 January 2011	308.179	22.826	30.276	6.983	-90.065	-117	476.661	817.186	1.571.929	139.463	1.711.392
Loss for the period	-	-	-	-	-	-	-	-4.255	-4.255	243	-4.012
Other comprehensive income	-	-	-	-	-	-	-63.533	-	-63.533	-6.185	-69.718
Total comprehensive income for the period	-	-	-	-	-	-	-63.533	-4.255	-67.788	-5.942	-73.730
Non-controlling interest's put option recognition	-	-	-	-	-	-	-2.413	-	-2.413	1.661	-752
Share options	-	-	-	201	-	-	-	-	201	-	201
Transfer between reserves	-	-	-	-	-	-	-1.905	1.905	-	-	-
Balance at 31 March2011	308.179	22.826	30.276	7.184	-90.065	-117	408.810	814.836	1.501.929	135.182	1.637.111

Attributable to equity holders of the parent

Company

(all amounts in Euro thousands)

	Ordinary shares	Share premium	Preferred ordinary shares	Share options	Ordinary treasury shares	Preferred treasury shares	Other reserves (note 16)	Retained earnings	Total equity
Balance at 1 January 2010	308.028	22.826	30.276	5.977	-91.505	-117	501.465	32.532	809.482
Profit for the period	-	-	-	-	-	-	-	7.082	7.082
Total comprehensive income for the period	-	-	-	-	-	-	-	7.082	7.082
Treasury shares sold	-	-	-	-	612	-	-	-290	322
Share options	-	-	-	208	-	-	-	-	208
Balance at 31 March 2010	308.028	22.826	30.276	6.185	-90.893	-117	501.465	39.324	817.094
Balance at 1 January 2011	308.179	22.826	30.276	6.983	-90.065	-117	507.065	31.804	816.951
Loss for the period	-	-	-	-	-	-	-	-6.352	-6.352
Total comprehensive income for the period	-	-	-	-	-	-	-	-6.352	-6.352
Share options	-	-	-	201	-	-	-	-	201
Balance at 31 March2011	308.179	22.826	30.276	7.184	-90.065	-117	507.065	25.452	810.800

4

Titan Cement Company S.A. Interim Condensed Financial Statements

Interim Cash Flow Statement

(all amounts in Euro thousands)	Group		Company
	1/1-31/3/2011	1/1-31/3/2010	1/1-31/3/2011	1/1-31/3/2010
Cash flows from operating activities
(Loss)/profit before taxes	-6.271	21.221	-6.608	9.129
Adjustments for:
Depreciation/amortization	29.695	29.266	2.931	3.007
Provisions	2.967	5.077	2.028	2.279
Exchange differences	14.095	-2.136	281	-446
Interest expense	9.246	11.744	8.265	5.433
Other non cash flow items	-1.101	1.454	115	-1.361
Adjusted profit before changes in working capital	48.631	66.626	7.012	18.041
(Increase)/decrease in inventories	-5.054	-6.373	3.666	5.581
Increase in trade and other receivables	-8.631	-8.867	-550	-371
Decrease/(increase) in operating long-term receivables	944	-1.102	300	-2
Decrease in trade payables (excluding banks)	-17.233	-6.831	-2.015	-2.811
Cash generated from operations	18.657	43.453	8.413	20.438
Income tax paid	-3.914	-3.952	-2.056	-2.696
Net cash flows from operating activities	14.743	39.501	6.357	17.742
Cash flows from investing activities Acquisition of subsidiaries, non controlling interests, affiliates, joint ventures, net of cash acquired	-	-4.117	-2.000	-
Purchase of tangible and intangible assets	-15.469	-19.440	-884	-1.522
Proceeds from the sale of property, plant and equipment	3.781	466	152	272
Purchase of available-for-sale financial assets	-19	-56	-	-1
Interest received	916	1.374	17	1.136
Net cash flows used in investing activities	-10.791	-21.773	-2.715	-115
Net cash flows after investing activities	3.952	17.728	3.642	17.627
Cash flows from financing activities
Interest paid	-14.426	-16.112	-7.964	-6.046
Sale of treasury shares	-	322	-	322
Proceeds from government grants	-	112	-	-
Dividends paid	-2	-2	-1	-2
Proceeds from borrowings	84.115	147.782	12.418	57.445
Payments of borrowings	-49.738	-119.905	-10.291	-49.534
Net cash flows from/(used in) financing activities	19.949	12.197	-5.838	2.185
Net increase/(decrease) in cash and cash equivalents	23.901	29.925	-2.196	19.812
Cash and cash equivalents at beginning of the period	67.070	16.426	2.943	204
Effects of exchange rate changes	-4.778	340	-	-
Cash and cash equivalents at end of the period	86.193	46.691	747	20.016

Titan Cement Company S.A. Notes to the Interim Condensed Financial Statements

Contents of the notes to the interim condensed financial statements	Page
1. General information	7
2. Basis of preparation and summary of significant accounting policies	7
3. Segment information	9
4. Cash and cash equivalents	9
5. Principal subsidiaries, associates and joint ventures	10
6. Fiscal years unaudited by the tax authorities	12
7. Pledge of assets	13
8. Number of employees	13
9. Capital expenditure and disposals	13
10. Earnings per share	13
11. Treasury shares	13
12. Provisions	13
13. Related party transactions	13
14. Borrowings	14
15. Financial instruments	14
16. Other reserves	15
17. Significant movements in the statement of financial position and the income statement items	15
18. Share based payment	16
19. Commitments and contingencies	17
20. Principal exchange rates	18

Titan Cement Company S.A. Notes to the Interim Condensed Financial Statements

1. General information

TITAN CEMENT S.A. (the Company) and, its subsidiaries, joint ventures and associates (collectively the Group) are engaged in the production, trade and distribution of a wide range of construction materials, from aggregates, cement, concrete, cement blocks, dry mortars, fly ash and porcelain ware. The Group operates primarily in Greece, the Balkans, Egypt, Turkey and the United States of America.

The Company is a limited liability company incorporated and domiciled in Greece and is listed on the Athens Stock Exchange.

These interim condensed financial statements have been approved for issue by the Board of Directors on May 5, 2011.

2. Basis of preparation and summary of significant accounting policies

These financial statements have been prepared by management in accordance with 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 2010.

A. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2010, except for the adoption of the new or revised standards, amendments or/and interpretations, mentioned below, for the annual periods beginning on or after 1 January 2011.

• IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments. This interpretation addresses the accounting treatment when there is a renegotiation between the entity and the creditor regarding the terms of a financial liability and the creditor agrees to accept the entity's equity instruments to settle the financial liability fully or partially. IFRIC 19 clarifies such equity instruments are ―consideration paid‖ in accordance with paragraph 41 of IAS 39. As a result, the financial liability is derecognized and the equity instruments issued are treated as consideration paid to extinguish that financial liability. This interpretation did not have any impact on the financial position or performance of the Group.

• IFRIC 14 Prepayments of a Minimum Funding Requirement (Amended). The purpose of this amendment was to permit entities to recognize as an asset some voluntary prepayments for minimum funding contributions. This Earlier application is permitted and must be applied retrospectively. This interpretation did not have any impact on the financial position or performance of the Group.

• IAS 32 Classification on Rights Issues (Amended). This amendment relates to the rights issues offered for a fixed amount of foreign currency which were treated as derivative liabilities by the existing standard. The amendment states that if certain criteria are met, these should be classified as equity regardless of the currency in which the exercise price is denominated. The amendment is to be applied retrospectively. This interpretation did not have any impact on the financial position or performance of the Group.

• IAS 24 Related Party Disclosures (Revised). This revision relates to the judgment which is required so as to assess whether a government and entities known to the reporting entity to be under the control of that government are considered a single customer. In assessing this, the reporting entity shall consider the extent of economic integration between those entities. Early application is permitted and adoption shall be applied retrospectively. This interpretation did not have any impact on the financial position or performance of the Group.

• In May 2010 the IASB issued its third omnibus of amendments to its standards, primarily with a view to removing inconsistencies and clarifying wording. Early application is permitted in all cases.

• IFRS 1 First-time adoption. This improvement clarifies the treatment of accounting policy changes in the year of adoption after publishing an interim financial report in accordance with IAS 34 Interim Financial Reporting, allows first-time adopters to use an event-driven fair value as deemed cost and expands the scope of ‗deemed cost' for property, plant and equipment or intangible assets to include items used subject to rate regulated activities.

• IFRS 3 Business Combinations. This improvement clarifies that the amendments to IFRS 7 Financial Instruments: Disclosures, IAS 32 Financial Instruments: Presentation and IAS 39 Financial Instruments: Recognition and Measurement, that eliminate the exemption for contingent consideration, do not apply to contingent consideration that arose from business combinations whose acquisition dates precede the application of IFRS 3 (as revised in 2008).

Moreover, this improvement limits the scope of the measurement choices (fair value or at the present ownership instruments' proportionate share of the acquiree's identifiable net assets) only to the components of non-controlling interest that are present ownership interests that entitle their holders to a proportionate share of the entity's net assets.

Finally, it requires an entity (in a business combination) to account for the replacement of the acquiree's share-based payment transactions (whether obliged or voluntarily), i.e., split between consideration and post combination expenses.

• IFRS 7 Financial Instruments: Disclosures.This improvement gives clarifications of disclosures required by IFRS 7 and emphasises the interaction between quantitative and qualitative disclosures and the nature and extent of risks associated with financial instruments.

• IAS 1 Presentation of Financial Statements. This amendment clarifies that an entity will present an analysis of other comprehensive income for each component of equity, either in the statement of changes in equity or in the notes to the financial statements.

Notes to the Interim Condensed Financial Statements

• IAS 27 Consolidated and Separate Financial Statements. This improvement clarifies that the consequential amendments from IAS 27 made to IAS 21 The Effect of Changes in Foreign Exchange Rates, IAS 28 Investments in Associates and IAS 31 Interests in Joint Ventures apply prospectively for annual periods beginning on or after 1 July 2009 or earlier when IAS 27 is applied earlier.

• IAS 34 Interim Financial Reporting. This improvement provides guidance to illustrate how to apply disclosure principles in IAS 34 and add disclosure requirements.

• IFRIC 13 Customer Loyalty Programmes. This improvement clarifies that when the fair value of award credits is measured based on the value of the awards for which they could be redeemed, the amount of discounts or incentives otherwise granted to customers not participating in the award credit scheme, is to be taken into account.

Β. The following new standards, amendments to standards and interpretations have been issued but are not effective for the current period. They have not been early adopted and the Group and the Company is currently assessing possible impacts in the financial statements from their adaptation.

• IFRS 9 Financial Instruments – Phase 1 financial assets, classification and measurement

The new standard is effective for annual periods beginning on or after 1 January 2013. Phase 1 of this new IFRS introduces new requirements for classifying and measuring financial assets. Early adoption is permitted. This standard has not yet been endorsed by the EU. The Group is in the process of assessing the impact of the new standard on the financial position or performance of the Group.

• IFRS 7 Financial Instruments: Disclosures as part of its comprehensive review of off balance sheet activities (Amended)

The amendment is effective for annual periods beginning on or after 1 July 2011. The purpose of this amendment is to allow users of financial statements to improve their understanding of transfer transactions of financial assets (e.g. securitisations), including understanding the possible effects of any risks that may remain with the entity which transferred the assets. The amendment also requires additional disclosures if a disproportionate amount of transfer transactions are undertaken around the end of a reporting period. The amendments broadly align the relevant disclosure requirements of IFRSs and US GAAP. This amendment has not yet been endorsed by the EU. The Group does not expect that this amendment will have an impact on the financial position or performance of the Group, however additional disclosures may be required.

• IAS 12 Deferred tax: Recovery of Underlying Assets (Amended). The amendment is effective for annual periods beginning on or after 1 January 2012. This amendment concerns the determination of deferred tax on investment property measured at fair value and also incorporates SIC-21 Income Taxes — Recovery of Revalued Non-Depreciable Assets into IAS 12 for non-depreciable assets measured using the revaluation model in IAS 16. The aim of this amendment is to include a) a rebuttable presumption that deferred tax on investment property measured using the fair value model in IAS 40 should be determined on the basis that its carrying amount will be recovered through sale and b) a requirement that deferred tax on non-depreciable assets, measured using the revaluation model in IAS 16, should always be measured on a sale basis. This amendment has not yet been endorsed by the EU. The Group does not expect that this amendment will have an impact on the financial position or performance of the Group.

3. Segment information

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

Each region has a regional Chief Executive Officer (CEO) who reports to the Group's CEO. In addition, Group's Chief Financial Officer (CFO) organisation is also split by geographic region for effective financial controlling and performance monitoring.

Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on Earnings before Interest, Taxes, Depreciations & Amortization (EBITDA). Group financing (including finance costs and finance revenue) is managed on group basis and is allocated to operating segments.

(all amounts in Euro thousands)	Greece and Western Europe		North America		South Eastern Europe		Eastern Mediter ranean		Adjustments and eliminations		Total
Period from 1/1-31/3	2011	2010	2011	2010	2011	2010	2011	2010	2011	2010	2011	2010
Gross revenue	78.051	121.386	69.480	71.044	38.047	26.347	75.743	81.081	-	-	261.321	299.858
Inter-segment revenue	-5.424	-12.681	-45	-51	-2.950	-1.074	-	-	-	-	-8.419	-13.806
Revenue	72.627	108.705	69.435	70.993	35.097	25.273	75.743	81.081	-	-	252.902	286.052
Gross profit before depreciation & amortization	17.132	32.455	6.172	4.796	18.570	8.257	35.989	35.808	-409	114	77.454	81.430
Earnings before interest, taxes, depreciation & amortization	7.541	22.109	-5.678	-6.457	12.316	11.991	34.061	33.642	-427	-99	47.813	61.186
Earnings/(losses) before interest and taxes	3.177	17.604	-19.940	-22.039	6.832	8.499	28.425	27.904	-376	-48	18.118	31.920
(Losses)/earnings before taxes	-4.535	11.253	-24.146	-26.374	4.833	8.057	17.971	28.184	-394	101	-6.271	21.221

(all amounts in Euro thousands)	Greece and Western Europe		North America		Europe	South Eastern	Eastern Mediter Adjustments and ranean eliminations				Total
	31/3/11	31/12/10	31/3/11	31/12/10	31/3/11	31/12/10	31/3/11	31/12/10	31/3/11	31/12/10	31/3/11	31/12/10
Total assets	2.600.378	2.586.691	932.662	1.005.734	764.178	756.097	1.064.521	1.096.853	-2.387.051	-2.364.901	2.974.688	3.080.474
Total liabilities	1.750.045	1.732.846	411.984	433.130	198.411	192.050	225.088	237.063	-1.247.951	-1.226.007	1.337.577	1.369.082

4. Cash and cash equivalents

(all amounts in Euro thousands)	Group		Company
	31/3/11	31/12/10	31/3/11	31/12/10
Cash at bank and in hand	190	132	8	2
Short-term bank deposits	86.003	66.938	739	2.941
	86.193	67.070	747	2.943

Short-term bank deposits comprise primarily of current accounts and time deposits. The effective interest rates on these short-term bank deposits are based on Euribor rates, are negotiated on a case by case basis and have an average maturity period of seven days.

Bank Credit Facilities

The Group and the Company had the following bank credit facilities at 31.3.2011:

(all amounts in Euro thousands)	Group			Company
	31/3/11	31/12/10	31/3/11	31/12/10
Total Committed	1.410.155	1.360.193	275.000	165.000
Total Un-committed	478.277	481.251	96.578	96.108
Un-utilized Committed	871.455	836.851	259.819	149.467
Un-utilized Un-committed	154.145	160.869	77.439	79.572
Total Un-utilised	1.025.600	997.720	337.258	229.039

5. Principal subsidiaries, associates and joint ventures

			31/3/2011	31/12/2010
	Country of		% of investment (1)		% of investment (1)
Subsidiary, associate and joint venture name	incorporation	Nature of business	Direct	Indirect	Direct	Indirect
Full consolidation method
Τitan Cement Company S.A	Greece	Cement Producer	Parent company		Parent company
Achaiki Maritime Company	Greece	Shipping	100,000	-	100,000	-
Aeolian Maritime Company	Greece	Shipping	100,000	-	100,000	-
Albacem S.A.	Greece	Trading Company	99,996	0,004	99,996	0,004
Arktias S.A.	Greece	Quarries & Aggregates	-	100,000	-	100,000
AVES AFOI Polikandrioti S.A.	Greece
		Ready Mix	-	100,000	-	100,000
Dodekanesos Quarries S.A.	Greece	Quarries & Aggregates	-	100,000	-	100,000
Interbeton Construction Materials S.A.	Greece	Ready Mix & Aggregates	99,679	0,321	99,679	0,321
Intercement S.A.	Greece	Trading Company	99,950	0,050	99,950	0,050
Intertitan Trading International S.A.	Greece	Trading Company	99,995	0,005	99,995	0,005
Ionia S.A. Lakmos S.A.	Greece Greece	Porcelain	100,000	-	100,000	-
Leecem S.A.	Greece	Trading Company	99,950	0,050	99,950	0,050
Naftitan S.A.	Greece	Trading Company	3,172	96,828	3,172	96,828
Polikos Maritime Company	Greece	Shipping Shipping	99,900 100,000	0,100 -	99,900 100,000	0,100 -
Pozolani S.A.	Greece
		Quarries & Aggregates	-	100,000		100,000
Porfirion S.A.	Greece	Production and Trade of Electricity	-	100,000	-	100,000
Gournon Quarries S.A.	Greece	Quarries & Aggregates	54,930	45,070	54,930	45,070
Quarries of Tagaradon Community S.A.	Greece	Quarries & Aggregates	-	79,928	-	79,928
Quarries of Tanagra S.A.	Greece	Quarries & Aggregates	-	100,000	-	100,000
Vahou Quarries S.A.	Greece	Quarries & Aggregates	-	100,000	-	100,000
Sigma Beton S.A.	Greece	Quarries & Aggregates	-	100,000	-	100,000
Titan Atlantic Cement Industrial and Commercial S.A.	Greece	Investment Holding Company	43,947	56,053	43,947	56,053
Titan Cement International Trading S.A.	Greece	Trading Company	99,800	0,200	99,800	0,200
Double W & Co OOD	Bulgaria	Port	-	99,989	-	99,989
Granitoid AD	Bulgaria	Trading Company	-	99,668	-	99,668
Gravel & Sand PIT AD	Bulgaria	Investment Holding Company	-	99,989	-	99,989
Trojan Cem EOOD	Bulgaria	Trading Company	-	94,835	-	94,835
Zlatna Panega Beton EOOD	Bulgaria	Ready Mix	-	99,989	-	99,989
Zlatna Panega Cement AD	Bulgaria	Cement Producer	-	99,989	-	99,989
Cementi Crotone S.R.L.	Italy	Trading Company	-	100,000	-	100,000
Fintitan SRL	Italy	Trading Company	100,000	-	100,000	-
Cementi ANTEA SRL	Italy	Trading Company	-	60,000	-	60,000
Separation Technologies Canada Ltd	Canada	Fly Ash Process	-	100,000	-	100,000
Aemos Cement Ltd	Cyprus	Investment Holding Company	100,000	-	100,000	-
Alvacim Ltd	Cyprus	Investment Holding Company	-	100,000	-	100,000
Balkan Cement Enterprises Ltd	Cyprus	Investment Holding Company	-	100,000	-	100,000
Balkcem Ltd	Cyprus	Investment Holding Company	-	100,000	-	100,000
East Cement Trade Ltd	Cyprus	Investment Holding Company	-	100,000	-	100,000
Feronia Holding Ltd	Cyprus	Investment Holding Company	-	100,000	-	100,000
Iapetos Ltd	Cyprus	Investment Holding Company	100,000	-	100,000	-
KOCEM Limited	Cyprus	Investment Holding Company	-	100,000	-	100,000
Rea Cement Ltd	Cyprus	Investment Holding Company	-	100,000	-	100,000
Themis Holdings Ltd	Cyprus	Investment Holding Company	-	100,000	-	100,000
Titan Cement Cyprus Limited	Cyprus	Investment Holding Company	-	100,000	-	100,000
Tithys Ltd	Cyprus	Investment Holding Company	-	100,000	-	100,000
Terret Enterprises Ltd	Cyprus	Investment Holding Company	-	50,996	-	50,996
Sharr Beteiligungs GmbH	Germany	Investment Holding Company	-	50,996	-	50,996
Kosovo Construction Materials L.L.C.	Kosovo	Quarries & Aggregates	-	50,996	-	50,996
Sharrcem SH.P.K.	Kosovo	Cement Producer	-	50,996	-	50,996
Alexandria Portland Cement Co. S.A.E	Egypt	Cement Producer	-	82,513	-	82,513
Beni Suef Cement Co.S.A.E.	Egypt	Cement Producer	-	85,513	-	85,513
Misrieen Titan Trade & Distribution	Egypt	Trading Company	-	90,256	-	90,256
Titan Beton & Aggregate Egypt LLC	Egypt	Quarries & Aggregates	-	83,118	-	83,118
Separation Technologies U.K. Ltd	U.K.	Fly Ash Process	-	100,000	-	100,000
Titan Cement U.K. Ltd	U.K.	Trading Company	100,000	-	100,000	-
Titan Global Finance PLC	U.K.	Financial Services	100,000	-	100,000	-
Alexandria Development Co.Ltd	U.K. (Ch. Islands)	Investment Holding Company	-	82,717	-	82,717
Titan Egyptian Inv. Ltd	U.K. (Ch. Islands)	Investment Holding Company	-	100,000	-	100,000
Central Concrete Supermix Inc.	U.S.A.	Ready Mix	-	100,000	-	100,000
Essex Cement Co. LLC	U.S.A.	Trading Company	-	100,000	-	100,000
Markfield America LLC	U.S.A.	Insurance Company	-	100,000	-	100,000
Mechanicsville Concrete INC.	U.S.A.	Ready Mix	-	100,000	-	100,000
Metro Redi-Mix LLC	U.S.A.	Ready Mix	-	100,000	-	100,000
Miami Valley Ready Mix of Florida LLC	U.S.A.	Ready Mix	-	100,000	-	100,000

5. Principal subsidiaries, associates and joint ventures (continued)

			31/3/2011		31/12/2010
	Country of		% of investment (1)		% of investment (1)
Subsidiary, associate and joint venture name	incorporation	Nature of business	Direct	Indirect	Direct	Indirect
Full consolidation method
Pennsuco Cement Co. LLC	U.S.A.	Cement Producer	-	100,000	-	100,000
Roanoke Cement Co. LLC	U.S.A.	Cement Producer	-	100,000	-	100,000
S&W Ready Mix Concrete Co. Inc.	U.S.A.	Ready Mix	-	100,000	-	100,000
Separation Technologies LLC	U.S.A.	Fly Ash Process	-	100,000	-	100,000
Standard Concrete LLC	U.S.A.	Trading Company	-	100,000	-	100,000
Summit Ready-Mix LLC	U.S.A.	Ready Mix	-	100,000	-	100,000
Tarmac America LLC	U.S.A.	Cement Producer	-	100,000	-	100,000
Titan Virginia Ready Mix LLC	U.S.A.	Ready Mix	-	100,000	-	100,000
Τitan Αmerica LLC	U.S.A.	Investment Holding Company	-	100,000	-	100,000
Cementara Kosjeric AD	Serbia	Cement Producer	-	100,000	-	100,000
Stari Silo Company DOO	Serbia	Trading Company	-	100,000	-	100,000
TCK Montenegro DOO	Montenegro	Trading Company	-	100,000	-	100,000
Cement Plus LTD	F.Y.R.O.M	Trading Company	-	61,643	-	61,643
Geospan Dooel	F.Y.R.O.M	Quarries & Aggregates	-	99,989	-	99,989
Rudmark DOOEL	F.Y.R.O.M	Trading Company	-	94,835	-	94,835
Usje Cementarnica AD	F.Y.R.O.M	Cement Producer	-	94,835	-	94,835
Vesa DOOL	F.Y.R.O.M	Trading Company	-	100,000	-	100,000
Alba Cemento Italia, SHPK	Albania	Trading Company	-	60,000	-	39,000
Antea Cement SHA	Albania	Cement Producer	-	60,000	-	60,000
Dancem APS	Denmark	Trading Company	-	100,000	-	100,000
Aeas Netherlands B.V.	Holland	Investment Holding Company	-	100,000	-	100,000
Colombus Properties B.V.	Holland	Investment Holding Company	100,000	-	100,000	-
Holtitan B.V.	Holland	Investment Holding Company	-	100,000	-	100,000
Salentijn Properties1 B.V.	Holland	Investment Holding Company	100,000	-	100,000	-
Titan Cement Netherlands BV	Holland	Investment Holding Company	-	100,000	-	100,000
Proportionate consolidation method
Adocim Cimento Beton Sanayi ve Ticaret A.S.	Turkey	Cement Producer	-	50,000	-	50,000
Equity consolidation method
Karieri AD	Bulgaria	Quarries & Aggregates	-	48,711	-	48,711
Karierni Materiali AD	Bulgaria	Quarries & Aggregates	-	48,764	-	48,764
Vris OOD	Bulgaria	Quarries & Aggregates	-	48,764	-	48,764
Transbeton - Domiki S.A.	Greece	Ready Mix & Aggregates	-	49,900	-	49,900

(1) Percentage of investment represents both percentage of shareholding and percentage of control.

The movement of the Company's participation in subsidiaries, is analyzed as follows (all amounts in Euro thousands):

	31/3/2011	31/12/2010
Participation in Subsidiaries at 1st January	1.183.721	1.268.502
Share capital increase in subsidiaries	2.000	3.500
Provision for impairment of investments	-	-7.776 *
Decrease in investment	-	-81.000
Other	98	495
Participation in Subsidiaries at 31st March	1.185.819	1.183.721

*The increase in share capital in subsidiaries includes the amount of € 5,074 thousand that involves contribution of assets and capitalization of receivables.

6. Fiscal years unaudited by the tax authorities

Τitan Cement Company S.A	2008-2010	Cementi Crotone S.R.L.	2009-2010
Achaiki Maritime Company	2010	Dancem APS	2009-2010
Aeolian Maritime Company	2010	Titan Cement Cyprus Limited	2006-2010
Albacem S.A.	2010	KOCEM Limited	2006-2010
Arktias S.A.	2010	Fintitan SRL	(1)
AVES AFOI Polikandrioti S.A.	2010	Cementi ANTEA SRL	2010
Dodekanesos Quarries S.A.	2010	Colombus Properties B.V.	2010
Interbeton Construction Materials S.A.	2005-2010	Holtitan B.V.	2008-2010
Intercement S.A.	2010	Aeas Netherlands B.V.	2010
Intertitan Trading International S.A.	2007-2010	Titan Cement U.K. Ltd	(1)
Ionia S.A.	2007-2010	Separation Technologies U.K. Ltd	(1)
Lakmos S.A.	2010	(3) Τitan Αmerica LLC	2008-2010
Leecem S.A.	2010	Separation Technologies Canada Ltd	2008-2010
Naftitan S.A.	2010	Stari Silo Company DOO	2008-2010
Pozolani S.A.	2010	Cementara Kosjeric AD	2006-2010
Porfirion S.A.	2010	Adocim Cimento Beton Sanayi ve Ticaret A.S.	2006-2010
Polikos Maritime Company	2000-2010	TCK Montenegro DOO	2007-2010
Vahou Quarries S.A.	2010	Double W & Co OOD	2005-2010
Gournon Quarries S.A.	2010	Granitoid AD	2007-2010
Quarries of Tagaradon Community S.A.	2010	Gravel & Sand PIT AD	2005-2010
Quarries of Tanagra S.A.	2010	Trojan Cem EOOD	2010
Sigma Beton S.A.	2010	Zlatna Panega Beton EOOD	2005-2010
Titan Atlantic Cement Industrial and Commercial S.A.	2010	Zlatna Panega Cement AD	2009-2010
Titan Cement International Trading S.A.	2010	Cement Plus LTD	2009-2010
Aemos Cement Ltd	2004-2010	Geospan Dooel	2010
(2) Alvacim Ltd	2006-2010	Rudmark DOOEL	2006-2010
(2) Balkcem Ltd	2004-2010	Usje Cementarnica AD	2009-2010
Iapetos Ltd	2003-2010	Titan Cement Netherlands BV	2010
Rea Cement Ltd	2003-2010	Alba Cemento Italia, SHPK	2009-2010
Themis Holdings Ltd	2005-2010	Antea Cement SHA	2009-2010
(2) Tithys Ltd	2004-2010	Alexandria Development Co.Ltd	(1)
Feronia Holding Ltd	2006-2010	Alexandria Portland Cement Co. S.A.E	2006-2010
Vesa DOOL	2006-2010	Balkan Cement Enterprises Ltd	2004-2010
Terret Enterprises Ltd	2009-2010	Beni Suef Cement Co.S.A.E.	2006-2010
Sharr Beteiligungs GmbH	2010	East Cement Trade Ltd	2003-2010
Kosovo Construction Materials L.L.C.	2010	Titan Beton & Aggregate Egypt LLC	2005-2010
Sharrcem SH.P.K.	2010	Titan Egyptian Inv. Ltd	(1)
Salentijn Properties1 B.V.	2010	Misrieen Titan Trade & Distribution	2005-2010
Titan Global Finance PLC	2008-2010

(1) Under special tax status.

(2) The fiscal year of 2007 has been audited.

(3) Companies operating in the U.S., are incorporated in Titan America LLC subgroup (note 5).

Notes to the Interim Condensed Financial Statements

7. Pledge of assets

The assets of the Company have not been pledged. The assets of the Group have been pledged to secure loans for the assets of the Group's joint venture Adocim Cimento Beton Sanayi ve Ticaret A.S. in Turkey and they are analyzed as follows: -Mortgage on assets of the amount of €54 m to secure a loan of €36 m.

-Second-line mortgage on assets of the amount of TL 26 m (€11.8 m) to secure loans of TL 9.7 m (€4.4 m) and \$5.0 m (€3.5 m).

8. Number of employees

Number of employees at the end of the reporting period: Group 5,916 (31.3.2010 5,700), Parent Company 951 (31.3.2010 1,015).

9. Capital expenditure and disposals

Capital expenditure for the first three months of 2011, excluding fixed assets acquired through a business combination and intangibles, amounted to: Group €15.2 m (31.3.2010 €18.7 m), Parent Company €0.8 m (31.3.2010 €1.5 m). Assets with a net book value of €1.6 m have been disposed of by the Group during the three months ended 31 March 2011 (31.3.2010: €0.2 m) resulting in a net gain €2.2 m (31.3.2010: gain €0.3 m).

10. Earnings per share

Earnings per share have been calculated on the total weighted average number of common and preferred shares, excluding the average number of treasury shares.

11. Treasury shares

The total number of its own shares that the Company holds as at 31.3.2011 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. The above shares represent 3.71% of the Company's total share capital.

12. Provisions

Other provisions' balance (short and long term) as of 31.3.2011 amount to €18.6 m for the Group, and €7.7 m for the Company. There are no material provisions recorded for the unaudited by the tax authorities fiscal years, as well as for litigation issues both for the Group and the Company.

13. Related party transactions

Intercompany transactions for the first nine months of 2010 and intercompany balances as of 30 September 2010, according to I.A.S. 24 are as follows:

Company
---------	--

Amounts in € thousands	Sales of goods & services	Purchases of goods & services	Receivables	Liabilities
Aeolian Maritime Company	-	-	-	664
Achaiki Maritime Co.	-	-	-	2.400
Albasem S.A.	-	-	-	7
Interbeton Construction Materials S.A.	8.784	1.141	9.993	-
Intertitan Trading International S.A.	1.662	-	-	-
Ionia S.A.	54	-	250	-
Gournon Quarries S.A.	-	-	816	-
Naftitan S.A.	6	-	-	471
Polikos Maritime Company	-	-	-	700
Titan Cement International Trading S.A.	1	-	330	-
Fintitan S.r.l.	-	-	894	-
T.C.U.K. Ltd	3.030	-	2.263	-
Usje Cementarnica AD	5.235	-	1.524	-
Beni Suef Cement Co.S.A.E.	105	-	61	-
Cementara Kosjeric AD	40	-	55	-
Zlatna Panega Cement AD	15	-	15	-
Τitan Αmerica LLC	23	-	34	-
Antea Cement SHA	846	-	4.668	-
Titan Global Finance PLC	-	7.058	-	631.336
Other affiliates	17	-	48	-
Other interrelated parties	-	860	-	984
Executives and members of the Board	-	742	17	992
	19.818	9.801	20.968	637.554

Group

Amounts in € thousands	Sales of goods & services	Purchases of goods & services	Receivables	Liabilities
Other interrelated parties	-	860	-	984
Executives and members of the Board	-	790	17	992
	-	1.650	17	1.976

Notes to the Interim Condensed Financial Statements

14. Borrowings

Titan Global Finance PLC ( TGF) , a subsidiary of Titan Cement Company S.A., executed on January 5th, 2011 in London, UK, a new EUR 585,000,000 multicurrency forward start syndicated revolving credit facility, guaranteed by Titan Cement Company S.A. The new facility will mature in January 2015 and will be used for refinancing TGF's existing syndicated multicurrency revolving credit facility maturing in April 2012 and, thereafter, for general corporate purposes of the Group.

On 7.1.2011, the Company executed a four year syndicated bond loan of € 135.000.000 principal, aiming to further strengthen the Group's liquidity profile.

15. Financial instruments

Cash flow hedges

Upon execution by the Group's subsidiary Titan America LLC in 2009 of a Euro 100 million borrowing from Titan Global Finance, Titan America LLC also entered into a Euro 100 million forward foreign currency exchange contract with three third party financial institutions. The transaction was undertaken in order to hedge the foreign currency risk (\$ vs €) associated with the Euro denominated borrowing. At the inception of the hedge relationship, Titan America LLC formally designated and documented the hedge as a cash flow hedge and the risk management objective and strategy for undertaking the hedge. The terms of the forward foreign currency exchange contract have been negotiated to match the terms of the Euro Loan and the hedge was assessed to be highly effective.

The derivative financial instrument was initially recognized at fair value on the effective date of the contract, and is being subsequently remeasured at fair value. As of March 31, 2011, the fair value of the derivative contract was recorded as a liability of \$6,978 thousand (€4,912 thousand) in the statement of financial position. As this derivative instrument has been designated as a cash flow hedge, any gains or losses arising from changes in fair value of the derivative are recognized in other comprehensive income/loss as a separate component of equity. Consequently, as of March 31,2011 an unrealised loss of \$ 2,523 thousand (€1,863 thousand) and a deferred tax charge of \$ 984 thousand (€726 thousand) was recognized.

Fair value hierarchy

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuing technique:

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

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.

During the reporting period there were no transfers between level 1 and level 2 fair value measurement, and no transfers into and out of level 3 fair value measurement.

As at March 31, 2011, the Group and the Company held the following financial instruments measured at fair value:

		Group			Fair value hierarchy
(all amounts in Euro thousands)		Fair value	Fair value
	31.3.2011	31.12.2010	31.3.2011	31.12.2010
Financial assets
Available for-sale financial assets	2.338	2.274	-	-	Level 2
Derivative financial instruments	-	1.745	-	-	Level 2
Financial liabilities
Other non current liabilities	21.886	21.134	-	-	Level 3
Derivative financial instruments	5.908	10.200	577	687	Level 2

16. Other reserves

(all amounts in Euro thousands)

Group	Legal reserve	Special reserve	Contingency reserve	Tax exempt reserves under special laws	Revaluation reserve	Currency translation differences on derivative hedging position	Foreign currency translation reserve	Total other reserves
Balance at 1 January 2010	78.413	14.829	270.316	143.101	117.563	47.788	-237.660	434.350
Other comprehensive income/(loss) Acquisitions non-controlling interest Non-controlling interest's put option	- -	- -	- -	- -1.470	-111 -	383 -	68.196 -	68.468 -1.470
recognition	-	-	-	-	-1.302	-	-	-1.302
Transfer between reserves	-	-	-	-	-2.428	-	-	-2.428
Balance at 31 March 2010	78.413	14.829	270.316	141.631	113.722	48.171	-169.464	497.618
Balance at 1 January 2011	80.912	11.079	265.911	151.019	97.166	42.590	-172.016	476.661
Other comprehensive income/(loss) Non-controlling interest's put option	-	-	-	-	49	-1.137	-62.445	-63.533
recognition	-	-	-	-	-2.413	-	-	-2.413
Transfer between reserves	-	-	-	-	-1.905	-	-	-1.905
Balance at 31 March2011	80.912	11.079	265.911	151.019	92.897	41.453	-234.461	408.810
						Currency

Company	Legal reserve	Special reserve	Contingency reserve	Tax exempt reserves under special laws	Revaluation reserve	translation differences on derivative hedging position	Total other reserves
Balance at 1 January 2010	66.567	1.769	258.451	126.332	-	48.346	501.465
Balance at 31 March 2010	66.567	1.769	258.451	126.332	-	48.346	501.465
Balance at 1 January 2011	68.650	1.769	254.017	134.283	-	48.346	507.065
Balance at 31 March2011	68.650	1.769	254.017	134.283	-	48.346	507.065

17. Significant movements in consolidated balance sheet and profit and loss items

Group

The following comments present significant movements between the periods presented in these consolidated financial statements:

`

• Group's property, plant and equipment decreased by €102.8 m., mainly due to exchange differences losses amounted of €90.8 m. and the amount of €25.5m which concern period's depreciation. The above movement includes also the amount of €15.5 m. which relates to new additions.

-Group's intangible assets decreased by €18,8 m as a result of exchange differences losses of €14.6 m. and by period's depreciation of €4.1 m..

-Group's inventories decreased by €3.4 m., 4.7 million of which are attributable to the delivery of solid fuels, and €8.0m. is due to exchange differences losses.

-Group's total borrowings (long and short term) increased by €19.1 m.. Excluding the positive foreign exchange impact amounted of €14.2 m, the increase would be €33.3 m.

-Group's net deferred tax liabilities have decreased by €17.9 m., due to the negative impact of foreign exchange differences amounted of €12.0 m., and the deferred tax gain, which has been recorded in the first quarter's interim income statement, amounted of €5.1 m..

-The balance of derivative financial instruments included in non current liabilities, increased by €4,6 m as a result of foreign exchange forward contracts held by the Group for loan hedging purposes.

'-Trade and other payables decreased by €25.7 m. as a result of the repayment of matured liabilities. The above variation includes the amount of €4.7 m. which is attributable to US real estate tax and the amount of €7.2 m. which relates to interest paid.

-The overall net decrease in other operating income/(expenses) of €9.5 m. includes among others the amount of €8.1 m., which concerns revenue on termination of option agreement recorded in 2010.

-Foreign exchange losses increased during the third Quarter by €16,2 m., is mainly attributable to the valuation of Group subsidiaries intercompany loans recorded in currencies other than local (€ loans in Egypt, and Albania). Furthermore, the variability that is recorded in the profit/loss due to foreign exchange rate fluctuations will continue affecting the Group's performance until the full repayment of the respective loans.

-Finance expenses of the Group decreased by €2.6 m., as a result of the significant decrease of total borrowings, compared with the corresponding first quarter of 2010.

17. Significant movements in consolidated balance sheet and profit and loss items (continued)

Company

-The decline in building activity in the domestic market, as well as the recent political upheaval in the Southeastern Mediterranean basin, had a negative impact on both the Company's domestic sales and exports. Thus total revenue declined by 37.8% compared to the same period in 2010, significantly affecting earnings before interest, taxes, depreciation and amortization (EBITDA) which declined by 72.8%.

-It should be noted that the efforts at cost containment resulted in a 13.8% decline in administative costs, compared to the first 3 months of 2010.

-During the first 3 months of 2011 financial expenses increased by 26%, due to the refinancing of loans undertaken by a subsidiary of the company as well as due to the increase in lending rates.

-The €3.4 m. increase in financial assets is due to costs relating to the company's early refinancing of its loans, which will be amortized over the life of the new loans.

18. Share based payment

Programme 2007

On May 29, 2007 the Company approved the introduction of a new, three-year Stock Option Programme (2007 Programme). In the years 2007, 2008 and 2009, executive members of the Company's Board of Directors and senior executives of the Company and its affiliates in Greece and abroad shall be granted options, the exercise of which is subject to the financial results of the Company and the performance of its ordinary share, to acquire up to 500,000 ordinary shares of the Company at a sale price equal to the share's nominal value, that is €4.00 per share.

Under this Programme, the options granted each year have a maturity period of three years and can be exercised after the completion of the three year period. Each option must be exercised within twelve months from its respective vesting period. If the deadline is exceeded then those particular options will irrevocably lapse. All vesting is conditional upon the employee's continued employment throughout the vesting period. The number of options that vest each year will be determined as follows:

1) One-third of options granted vest based on the financial results of the Company.

2) One-third of options granted vest based on the Titan Cement's stock performance relative to three Athens Stock Exchange indices during the three year period.

3) One-third of options granted vest based on the Titan Cement's stock performance relative to that of twelve predefined international cement producing companies during the three year period.

The options granted under the 2007 Programme have been accounted for in terms of the requirements of IFRS 2 ―Share based payments‖.

The fair value of the options granted in 2009, determined using the 2-dimensional Black-Scholes valuation model, was €8.41 per option. The significant inputs into the valuation model were share price at grant date of €20.60, standard deviation of share price 36.71%, dividend yield of 2.07% and the rate of the three-year Greek Government Bonds 3.649%.

During 2010, 37,722 share options were exercised , while 114,222 share options did not vest due to the non compliance to the conditions above and 16,696 share options were cancelled. The remaining options for 83,486 shares have not yet been exercised.

Programme 2010

On June 3, 2010 the Company approved the introduction of a new, three-year Stock Option Programme (2010 Programme). In the years 2010, 2011 and 2012, executive members of the Company's Board of Directors and senior executives of the Company and its affiliates in Greece and abroad shall be granted options, the exercise of which is subject to the financial results of the Company and the performance of its ordinary share, to acquire up to 1,000,000 ordinary shares of the Company at a sale price equal to the share's nominal value, that is €4.00 per share.

Under this Programme, the options granted each year have a maturity period of three years and can be exercised after the completion of the three year period. Each option must be exercised within the year following the one in which the final number of options that can be exercised is determined. If the deadline is exceeded then those particular options will irrevocably lapse. All vesting is conditional upon the employee's continued employment throughout the vesting period. The number of options that vest each year will be determined as follows:

1) One-third of options granted vest based on the financial results of the Company.

2) One-third of options granted vest based on the Titan Cement's stock performance relative to three Athens Stock Exchange indices during the three year period.

3) One-third of options granted vest based on the Titan Cement's stock performance relative to that of ten predefined international cement producing companies during the three year period.

The options granted under the 2010 Programme have been accounted for in terms of the requirements of IFRS 2 ―Share based payments‖.

The fair value of the options granted in 2010 under the Programme of 2010, determined using the Monte Carlo Simulation valuation model, was €5.36 per option. The significant inputs used in the application of the valuation model were share price at grant date of €15.90, standard deviation of share price of 39.42%, dividend yield of 2.68% and the rate of the three-year fixed EUR swap interest rate of 2.247%.

During 2010, 267,720 share options were granted and from this total a number of 2,100 share options were canceled.

19. Contingencies and Commitments

Group		Company
31/3/2011	31/12/2010	31/3/2011	31/12/2010
-	-		800.308
55.136	60.325	22.814	24.330
11.744	21.614		1.432
66.880	81.939	868.438	826.070
			844.192 1.432

Florida Class Action Litigation

A number of ready-mix concrete and construction companies filed class action lawsuits in the United States District Court for the Southern District of Florida (the "District Court") alleging certain antitrust violations made by cement and ready mix concrete companies in the State of Florida.

These lawsuits were consolidated in two complaints which were filed with the District Court naming as defendants eight building materials companies in Florida, including the Company's subsidiary, Tarmac America LLC.

Tarmac America LLC refuses the plaintiffs' allegations, and intends to defend the case vigorously.

Litigation matters in Egypt

In 2007, Beni Suef Cement Company S.A., a Group subsidiary in Egypt, obtained the license for the construction of a second production line at the company's plant through a bidding process ran by the Egyptian Trading and Industrial Authority for the amount of LE134.5m. The Egyptian Industrial Development Authority subsequently raised the value of the license to LE251m. In October 2008, Beni Suef Cement Company S.A. filed a case before the Administrative Court against the Minister of Trade and Industry and the chairman of the Industrial Development Authority requesting an order obliging the Industrial Development Authority to grant the expansion license to Beni Suef Cement Company S.A for LE500. Alternatively, if the court rejects this request, Beni Suef Cement Company S.A. is requesting the price to be the EGP134.5m offered by Beni Suef Cement Company S.A. in the bid. The Group believes the case has a very high probability of being won.

A non-governmental organization, the Nile Agricultural Organisation, has raised a court case against Beni Suef Cement Company S.A., a Group subsidiary in Egypt, claiming that Beni Suef Cement Company S.A. has illegally occupied the plaintiff's land and is seeking compensation to the amount of LE300m. The contested land however has been legally allocated to Beni Suef Cement Company S.A. since many years by the relevant authority, the New Urban Communities Agency, and since 1988 Beni Suef Cement Company S.A. has held the licenses for the exploitation of the quarries on this land. The company believes that there is a very high likelihood the case will be won.

CO2 emissions

Given the reduced demand resulting from the underlying economic crisis, it is estimated that the the Group's available carbon dioxide emissions allowances, overbalance the Group's production needs for the period 2008-2012.

Put option in Antea

The Group has granted to non controlling interest shareholders, European Bank for Reconstruction and Development (EBRD) and International Finance Corporation (IFC) the option to have the Group to purchase their shares in ANTEA Cement SHA at predetermined conditions. On 31.03.2011 the put option's fair value recognized as liability is €21.9 million (31.12.2010: € 21.1 million).

Contingent tax liability

The financial years, referred to in note 6, 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

(all amounts in Euro thousands)	Group Company
	31/3/2011	31/12/2010	31/3/2011	31/12/2010
Bank guarantee letters	14.614	16.769	13.488	15.881

Commitments

Capital commitments

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

		Group		Company
(all amounts in Euro thousands)	31/3/2011	31/12/2010	31/3/2011	31/12/2010
Property, plant and equipment	19.291	8.675	4.782	5.478
Purchase commitments		Group		Company
(all amounts in Euro thousands)	31/3/2011	31/12/2010	31/3/2011	31/12/2010
Energy supply contracts (Gas, electricity, etc)	204.485	227.183	-	-

The Group's US subsidiary has contracted to purchase raw materials and manufacturing supplies as part of its ongoing operations in Florida. This includes a contract to buy construction aggregates through a multi-year agreement at prevailing market prices.

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.

(all amounts in Euro thousands)

		Group	Company
	31/3/2011	31/12/2010	31/3/2011	31/12/2010
Not later than 1 years	5.795	6.963	598	753
Later than 1 years and not later than 5 years	15.104	15.931	1.237	983
Later than 5 years	17.779	18.903	-	-
	38.678	41.797	1.835	1.736

20. Principal exchange rates

Balance sheet	31/03/2011	31/12/2010	31/3/2011 vs 31/12/2010
€1 = USD	1,42	1,34	6,3%
€1 = EGP	8,47	7,76	9,1%
€1 = TRY	2,19	2,07	6,1%
1USD=EGP	5,96	5,81	2,7%
€1 = RSD	103,60	105,50	-1,8%
1USD = JPY	82,78	81,31	1,8%
Profit and loss	Ave 3M 11	Ave 3M 10	Ave 3M 11 vs 3M 10
€1 = USD	1,39	1,36	2,5%
€1 = EGP	8,21	7,44	10,3%
€1 = TRY	2,20	2,08	5,7%
1USD=EGP	5,90	5,49	7,6%
€1 = RSD	103,81	99,71	4,1%
1USD = JPY	82,27	90,96	-9,6%