Titan S.A.

Quarterly Report • Jul 28, 2016

	(Amounts in € thousand)	(Amounts in € thousand)
	GROUP		COMPANY			GROUP		COMPANY
ASSETS	30/6/2016	31/12/2015	30/6/2016	31/12/2015		1/4-30/6/2016	1/4-30/6/2015	1/4-30/6/2016	1/4-30/6/2015
Tangible assets	1.722.637	1.806.179	237.918	237.883	Revenue	386.018	388.961	67.673	80.009
Investment properties	9.545	9.548	9.461	9.461	Cost of sales	-272.242	-276.924	-51.488	-58.882
Intangible assets	426.781	455.883	3.138	3.153	Gross profit before depreciation and amortization	113.776	112.037	16.185	21.127
Other non current assets	96.515	99.353	865.597	847.997	Other operating (expenses)/income	-1.182	4.342	3.582	1.270
Inventories	271.188	286.793	64.734	70.682	Administrative expenses	-30.876	-28.724	-10.109	-9.096
Trade receivables	121.393	101.955	55.506	45.056	Selling and marketing expenses	-5.563	-5.591	-56	-38
Other current assets	70.797	67.800	25.963	25.937	Profit before interest, taxes, depreciation and
Cash and cash equivalents	274.063	121.733	39.530	8.626	amortization	76.155	82.064	9.602	13.263
TOTAL ASSETS	2.992.919	2.949.244	1.301.847	1.248.795	Depreciation, amortization and impairment of tangibles/
					intangibles assets	-32.221	-28.186	-3.552	-3.429
SHΑREHOLDERS EQUITY AND LIABILITIES					Profit before interest and taxes	43.934	53.878	6.050	9.834
Share Capital (84,632,528 shares of € 4.00)	338.530	338.530	338.530	338.530	Expenses from participations and investments	-	-1.468	-	-
Share Premium	22.826	22.826	22.826	22.826	Finance costs	-13.694	-31.297	-6.826	-7.175
Share stock options	2.297	1.807	2.297	1.807	Share of profit of associates and joint ventures	2.100	2.216	-	-
Treasury Shares	-77.460	-79.077	-77.460	-79.077	Profit/(loss) before taxes	32.340	23.329	-776	2.659
Retained earnings and other reserves	1.227.560	1.302.808	568.599	576.458	Income tax	-2.508	-5.720	281	-1.337
Total share capital and reserves (a)	1.513.753	1.586.894	854.792	860.544	Profit/(loss) after taxes (a)	29.832	17.609	-495	1.322
Non-controlling interests (b)	107.680	118.391	-	-	Attributable to:
Total Equity (c)=(a)+(b)	1.621.433	1.705.285	854.792	860.544	Equity holders of the parent	27.800	17.556	-495	1.322
Long-term borrowings	712.663	716.766	297.751	300.712	Non-controlling interests	2.032	53	-	-
Provisions and other long-term liabilities	206.525	223.781	28.967	26.831
Short-term borrowings	138.919	26.313	42.240	9.324	Basic earnings/(losses) per share (in €)	0,3395	0,2147	-0,0061	0,0162
Other short-term liabilities	313.379	277.099	78.097	51.384
Total liabilities (d)	1.371.486	1.243.959	447.055	388.251		CONDENSED STATEMENT OF COMPREHENSIVE INCOME
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES (c)+(d)	2.992.919	2.949.244	1.301.847	1.248.795	(Amounts in € thousand)

a) Income	-	57.743
b) Expenses	540	15.505
c) Receivables	-	27.669
e) Key management compensations	2.921	2.921
f) Receivables from key management	29	29

www.titan-cement.com Board of Directors approval date: Without qualification Auditing firm: PricewaterhouseCoopers S.A. Type of Auditor's Review Report: July 28, 2016 Name of the auditor: Konstantinos Michalatos (SOEL R.N. 17701) Company's web address:

					(Amounts in € thousand)
				GROUP COMPANY
					1/4-30/6/2016	1/4-30/6/2015	1/4-30/6/2016	1/4-30/6/2015
(Amounts in € thousand)				Profit/(loss) after taxes (a)	29.832	17.609	-495	1.322
GROUP COMPANY			Other comprehensive income/(loss):
30/6/2016	30/6/2015	30/6/2016	30/6/2015	Exchange differences on translation of foreign operations	20.008	-37.267	-	-
1.705.285	1.627.595	860.544	823.301	Net gains on available-for-sale financial assets	330	1.468	330	-
-56.484	62.822	18.961	1.625	Income tax relating to components of other comprehensive income	-96	-	-96	-
692	368	692	368	Other comprehensive income/(loss) net of tax (b)	20.242	-35.799	234	-
266	588	266	588	Total comprehensive income/(loss) net of tax (a)+(b)	50.074	-18.190	-261	1.322
-281	-	-281	-
-25.390	-12.695	-25.390	-12.695	Total comprehensive income/(loss) attributable to:
-	-12.695	-	-12.695		46.505	-15.476	-261	1.322
-927	-1.241	-	-	Non-controlling interests	3.569	-2.714	-	-

CASH FLOW STATEMENT						1/1-30/6/2016	1/1-30/6/2015	1/1-30/6/2016	1/1-30/6/2015
(Amounts in € thousand)	Revenue	723.808	672.784	130.960	145.141
	GROUP		COMPANY		Cost of sales	-530.814	-506.640	-100.003	-107.683
	1/1-30/6/2016	1/1-30/6/2015	1/1-30/6/2016	1/1-30/6/2015	Gross profit before depreciation and amortization	192.994	166.144	30.957	37.458
Cash flows from operating activities					Other operating (expenses)/ income	-2.235	3.439	6.943	1.111
Profit before taxes	7.375	30.919	18.727	3.436	Administrative expenses	-60.425	-53.964	-19.130	-16.815
Adjustments for:					Selling and marketing expenses	-10.855	-10.309	-111	-60
Depreciation, amortization and impairment of tangible and intangible assets	60.502	56.688	6.984	6.833	Profit before interest, taxes, depreciation and
Provisions	3.414	3.177	794	2.503	amortization	119.479	105.310	18.659	21.694
Exchange differences	19.450	-12.766	348	-913	Depreciation, amortization and impairment of tangibles/
Expenses/(income) from participations and investments	-	1.468	-20.625	-	intangibles assets	-60.502	-56.688	-6.984	-6.833
Interest expense/(income)	34.341	31.492	12.650	12.017	Profit before interest and taxes	58.977	48.622	11.675	14.861
Other adjustments	-1.151	-1.980	413	255	(Expenses)/income from participations and investments	-	-1.468	20.625	-
Adjusted profit before changes in working capital	123.931	108.998	19.291	24.131	Finance costs	-54.189	-18.480	-13.573	-11.425
Decrease/(increase) in inventories	2.856	-13.323	6.108	3.888	Share of profit of associates and joint ventures	2.587	2.245	-	-
Increase in trade and other receivables	-28.764	-53.562	-12.447	-17.355	Profit before taxes	7.375	30.919	18.727	3.436
Increase/(decrease) in operating long-term payables/receivables	3.379	-3.473	-	-5	Income tax	1.544	-6.249	333	-1.811
Inrease/(decrease) in trade and other payables (excluding banks)	26.155	20.407	-398	-4.914	Profit after taxes (a)	8.919	24.670	19.060	1.625
Cash from operations	127.557	59.047	12.554	5.745	Attributable to:
Income tax (paid)/received	-3.605	-12.872	-188	16	Equity holders of the parent	9.206	24.203	19.060	1.625
Net cash flows from operating activities (a)	123.952	46.175	12.366	5.761	Non-controlling interests	-287	467	-	-
Cash flows from investing activities
Share capital increase in subsidiaries, joint ventures and associates	-200	-	-12.670	-	Basic earnings per share (in €)	0,1124	0,2961	0,2328	0,0199
Purchase of tangible assets	-61.114	-81.295	-7.044	-5.056
Purchase of intangible assets	-468	-610	-176	-371	CONDENSED STATEMENT OF COMPREHENSIVE INCOME
Proceeds from sale of tangible and intangible assets	591	418	133	78		(Amounts in € thousand)
Dividends received	3.641	926	20.725	-			GROUP	COMPANY
Proceeds from sale of available-for-sale financial assets	2.126	-	2.126	-		1/1-30/6/2016	1/1-30/6/2015	1/1-30/6/2016	1/1-30/6/2015
Interest received	307	553	1	46	Profit after taxes (a)	8.919	24.670	19.060	1.625
Net cash flows (used in)/from investing activities (b)	-55.117	-80.008	3.095	-5.303	Other comprehensive (loss)/income:
Cash flows from financing activities					Exchange differences on translation of foreign operations	-65.304	36.690	-	-
Interest paid	-34.867	-26.629	-15.763	-11.188	Net (loss)/gains on available-for-sale financial assets	-139	1.465	-139	-
Proceeds from sale of treasury shares	266	588	266	588	Re-measurement losses on defined benefit plans	-	-5	-	-
Dividends & reserves paid to shareholders	-6	-	-6	-	Income tax relating to components of other comprehensive income	40	2	40	-
Dividends written-off and paid to the Greek state	-24	-36	-24	-36	Other comprehensive (loss)/income net of tax (b)	-65.403	38.152	-99	-
Dividends paid to non-controlling interests	-4.345	-37	-	-	Total comprehensive (loss)/income net of tax (a)+(b)	-56.484	62.822	18.961	1.625
Acquisition of non controlling interests	-	-10.591	-	-
Proceeds from borrowings	514.269	252.637	184.852	5.930	Total comprehensive (loss)/income attributable to:
Payments of borrowings	-388.164	-107.465	-153.940	-4.100	Equity holders of the parent	-46.483	61.233	18.961	1.625
Net cash flows from/(used in) financing activities (c)	87.129	108.467	15.385	-8.806	Non-controlling interests	-10.001	1.589	-	-
Net increase/(decrease) in cash and cash equivalents (a)+(b)+(c)	155.964	74.634	30.846	-8.348
Cash and cash equivalents at beginning of the period	121.733	142.946	8.626	16.971
Effects of exchange rate changes	-3.634	2.040	58	207
Cash and cash equivalents at end of period	274.063	219.620	39.530	8.830

Athens July 28, 2016
Chairman of the Board of Directors	Chief Executive Officer	Chief Financial Officer	Finance Director Greece	Financial Consolidation Senior Manager
EFSTRATIOS -GEORGIOS ATH. ARAPOGLOU ID No AB309500	DIMITRIOS TH. PAPALEXOPOULOS I.D.No ΑΚ031353	MICHAEL H. COLAKIDES Passport No K00215552	GRIGORIOS D. DIKAIOS I.D No ΑΒ291692	ATHANASIOS S. DANAS I.D.No AB006812

			GROUP		COMPANY
					1/1-30/6/2016	1/1-30/6/2015	1/1-30/6/2016	1/1-30/6/2015
				Revenue	723.808	672.784	130.960	145.141
GROUP		COMPANY		Cost of sales	-530.814	-506.640	-100.003	-107.683
1/1-30/6/2016	1/1-30/6/2015	1/1-30/6/2016	1/1-30/6/2015	Gross profit before depreciation and amortization	192.994	166.144	30.957	37.458
				Profit before interest, taxes, depreciation and
				amortization	119.479	105.310	18.659	21.694
				Depreciation, amortization and impairment of tangibles/
				intangibles assets	-60.502	-56.688	-6.984	-6.833
				Profit before interest and taxes

(Amounts in € thousand)	Profit/(loss) after taxes (a)
	GROUP		COMPANY		Other comprehensive income/(loss):
					Exchange differences on translation of foreign operations
Equity balance at beginning of the period (1/1/2016 and 1/1/2015 respectively)					Net gains on available-for-sale financial assets
Total comprehensive (loss)/income net of tax
Share based payment transactions
Sale - disposal of treasury shares for option plan					Total comprehensive income/(loss) net of tax (a)+(b)
Treasury shares purchased	-281	-	-281	-
Dividends distributed to ordinary and preferred shares	-25.390	-12.695	-25.390	-12.695	Total comprehensive income/(loss) attributable to:
Special reserve distributed to shareholders					Equity holders of the parent
Dividends distributed to non-controlling interests					Non-controlling interests
Non-controlling interest's put option recognition	-1.728	1.288	-	-
Acquisition of non-controlling interests	-	1.330	-	-		CONDENSED INCOME STATEMENT
Equity balance at period end (30/6/2016 and 30/6/2015 respectively)	1.621.433	1.667.360	854.792	800.492		(Amounts in € thousand)

1. 1. The accounting principles applied in preparing these interim condensed financial statements are the same as those applied for preparing the financial statements on 31.12.2015 except for the adoption of the new or amended standards and interpretations as described in detail in note 2 of the interim condensed financial statements.
2. 1. 1. The Annual General Meeting of Shareholders of Titan Cement Company S.A., which was held on 17th June 2016, approved the distribution of dividend for the financial year 2015 of a total amount of €25,390, corresponding to €0.30 per share (ordinary or preference). The dividend amount was proportionately increased by the dividend corresponding to the treasury stock held by the Company and amounted to €0.30989 per share. The Company withheld on behalf of the Shareholder a 10% tax and, as a result, the net amount paid was €0.27890 per share.
3. 1. Group Company In implementation of decision dated 17th June 2016 of the Annual General Meeting of Shareholders and resolution dated 17th June 2016 of the Board of Directors, pursuant to article 16 par. 1 of Law 2190/1920, the Company acquired during the period 27-30.6.2016 15,103 own common shares of a total purchase value of €277,206.84 and 400 own preference shares of a total purchase value of €4,856.64. The total number treasury shares held by the Company on June 30, 2016 was 2,715,650, of a total purchase value of €77,460,200, which has been deducted from the Shareholders Equity of the Company and the Group.
4. 1. d) Payables 406 351.435 On May 2016, in the framework of the Stock Option Plan which was established by virtue of decision dated 3.6.2010 of the General Meeting of Shareholders, in accordance with art.13 par.13 of CL 2190/1920.,the Company carried out an off - exchange sale of 66,365 common treasury shares representing 0.08% of its paid up share capital, to 10 Titan Group executives, at a sale price per share, equal to the nominal value of the Company's share i.e. €4.0 per share and at a total sale price of €265,460.
5. 1. The assets of the Group and the Company have not been pledged. treasury shares.
6. 1. 1. Number of employees at the end of the reporting period: Group 5,300 (30.6.2015: 5,283), Company 840 (30.6.2015: 825).
7. 1. Capital expenditure excluding acquisitions and intangible assets for the first six months of 2016 amounted to: Group €61.1 m. (30.6.2015: €81.3 m.), Company €7.1 m. (30.6.2015: €5.1 m.).
8. 1. The companies of Titan Group, their respective addresses, the percentage of Group participation in their share capital and their consolidation method are comprehensively presented in note 11 of the interim financial statements.
9. The balance of other provisions (short and long term) on 30.6.2016 amounted to €30.3 m. for the Group (31.12.2015: €27.8 m.) and €9.4 m. for the Company (31.12.2015: €7.9 m.).
10. 1. Amounts in € thousand Transactions during the period 1.1-30.6.2016 and balances as at 30 June 2016 with related parties, as defined in IAS 24, are as follows:
11. 1. Earnings per share have been calculated on the total weighted average number of common and preference shares, excluding the average number of
12. On May 31st 2016, the Group formed the company Adocim Marmara Cimento Beton Sanayi ve Tikaret A.S. with ownership percentage 50% and it incorporates the aforementioned company in the Group financial statements with the equity method of consolidation.
13. 1. In June 2016, TITAN GLOBAL FINANCE Plc (a subsidiary of the Company) issued a 5-year bond of a total nominal amount of €300 million with a coupon of 3.50% per annum, guaranteed by the Company.
14. 1. 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 26 of interim financial statements).

	(Amounts in € thousand)
	GROUP	COMPANY
Profit after taxes (a)
Exchange differences on translation of foreign operations
Net (loss)/gains on available-for-sale financial assets
Re-measurement losses on defined benefit plans
Total comprehensive (loss)/income net of tax (a)+(b)
Equity holders of the parent
Non-controlling interests

NOTES

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

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

CONDENSED STATEMENT OF CHANGES IN EQUITY

CONDENSED STATEMENT OF FINANCIAL POSITION						CONDENSED INCOME STATEMENT
(Amounts in € thousand)					(Amounts in € thousand)
	GROUP		COMPANY			GROUP		COMPANY
	30/6/2016	31/12/2015	30/6/2016	31/12/2015		1/4-30/6/2016	1/4-30/6/2015	1/4-30/6/2016	1/4-30/6/2015
	1.722.637	1.806.179	237.918	237.883	Revenue	386.018	388.961	67.673	80.009
	9.545	9.548	9.461	9.461	Cost of sales	-272.242	-276.924	-51.488	-58.882
	426.781	455.883	3.138	3.153	Gross profit before depreciation and amortization	113.776	112.037	16.185	21.127
	96.515	99.353	865.597	847.997	Other operating (expenses)/income	-1.182	4.342	3.582	1.270
	271.188	286.793	64.734	70.682	Administrative expenses	-30.876	-28.724	-10.109	-9.096
	121.393	101.955	55.506	45.056	Selling and marketing expenses	-5.563	-5.591	-56	-38
					Profit before interest, taxes, depreciation and
					amortization	76.155	82.064	9.602	13.263
					Depreciation, amortization and impairment of tangibles/
					intangibles assets	-32.221	-28.186	-3.552	-3.429
					Profit before interest and taxes	43.934	53.878	6.050	9.834
	338.530	338.530	338.530	338.530	Expenses from participations and investments	-	-1.468	-	-
	22.826	22.826	22.826	22.826	Finance costs	-13.694	-31.297	-6.826	-7.175
	2.297	1.807	2.297	1.807	Share of profit of associates and joint ventures	2.100	2.216	-	-
	-77.460	-79.077	-77.460	-79.077	Profit/(loss) before taxes	32.340	23.329	-776	2.659
	1.227.560	1.302.808	568.599	576.458	Income tax	-2.508	-5.720	281	-1.337
	1.513.753	1.586.894	854.792	860.544	Profit/(loss) after taxes (a)	29.832	17.609	-495	1.322
	1.621.433	1.705.285	854.792	860.544	Equity holders of the parent	27.800	17.556	-495	1.322
	712.663	716.766	297.751	300.712	Non-controlling interests	2.032	53	-	-
	138.919	26.313	42.240	9.324	Basic earnings/(losses) per share (in €)	0,3395	0,2147	-0,0061	0,0162

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

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

TITAN CEMENT COMPANY S.A.

22A Halkidos Street - 111 43 Athens

Figures and information for the period of 1 January 2016 until 30 June 2016

Company's Number in the General Electronic Commercial Registry: 224301000 (former Company's Number in the Register of Societes Anonymes: 6013/06/Β/86/90)