Titan S.A.

Quarterly Report • Jul 27, 2017

CONDENSED STATEMENT OF FINANCIAL POSITION				CONDENSED INCOME STATEMENT
(Amounts in € thousand)			(Amounts in € thousand)
GROUP			COMPANY			GROUP		COMPANY
ASSETS	30/06/2017	31/12/2016	30/06/2017	31/12/2016		1/4-30/6/2017	1/4-30/6/2016	1/4-30/6/2017	1/4-30/6/2016
Tangible assets	1,517,321	1,573,235	242,341	242,777	Revenue	411,986	386,018	64,685	67,673
Investment properties	10,926	9,820	9,276	9,126	Cost of sales	-279,412	-272,242	-48,135	-51,488
Intangible assets	351,477	375,116	5,041	4,458	Gross profit before depreciation,amortization and impairment	132,574	113,776	16,550	16,185
Other non current assets	195,202	206,863	782,499	865,998	Other operating (expenses)/income	-2,028	-1,182	3,962	3,582
Inventories	273,222	248,924	69,233	57,768	Administrative expenses	-33,425	-30,876	-11,420	-10,109
Trade receivables	121,388	123,466	36,882	54,072	Selling and marketing expenses	-6,107	-5,563	-99	-56
Other current assets	85,260	72,643	30,697	21,820	Profit before interest, taxes, depreciation,
Cash and cash equivalents	89,416	179,710	11,992	11,218	amortization and impairment	91,014	76,155	8,993	9,602
TOTAL ASSETS	2,644,212	2,789,777	1,187,961	1,267,237	Depreciation, amortization and impairment of tangibles/
					intangibles assets	-28,794	-32,221	-3,773	-3,552
SHΑREHOLDERS EQUITY AND LIABILITIES					Profit before interest and taxes	62,220	43,934	5,220	6,050
Share Capital (84,632,528 shares of €3.00)	253,897	338,530	253,897	338,530	Finance costs	-26,888	-13,694	-5,437	-6,826
Share Premium	22,826	22,826	22,826	22,826	Share of (loss)/profit of associates and joint ventures	-2,933	2,100	-	-
Share stock options	2,483	2,978	2,483	2,978	Profit/(loss) before taxes	32,399	32,340	-217	-776
Treasury Shares	-100,909	-101,453	-100,909	-101,453	Income tax	-13,310	-2,508	-3,647	281
Retained earnings and other reserves	1,149,603	1,213,470	548,635	564,388	Profit/(loss) after taxes (a)	19,089	29,832	-3,864	-495
Total share capital and reserves (a)	1,327,900	1,476,351	726,932	827,269	Attributable to:
Non-controlling interests (b)	72,100	76,465	-	-	Equity holders of the parent	17,808	27,800	-3,864	-495
Total Equity (c)=(a)+(b)	1,400,000	1,552,816	726,932	827,269	Non-controlling interests	1,281	2,032	-	-
Long-term borrowings	798,111	710,965	369,620	310,678
Provisions and other long-term liabilities	113,569	119,008	37,897	36,311	Basic earnings/(losses) per share (in €)	0.2207	0.3395	-0.0479	-0.0061
Short-term borrowings	77,854	129,499	19	42,442
Other short-term liabilities	254,678	277,489	53,493	50,537
Total liabilities (d)	1,244,212	1,236,961	461,029	439,968	CONDENSED STATEMENT OF COMPREHENSIVE INCOME
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES (c)+(d) 2,644,212 2,789,777 1,187,961 1,267,237				(Amounts in € thousand)

www.titan-cement.com Board of Directors approval date: Without qualification Name of the auditor: Konstantinos Michalatos (SOEL R.N. 17701) Auditing firm: PricewaterhouseCoopers S.A. July 27, 2017 Type of Auditor's Review Report: Company's web address:

• 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. Earnings per share have been calculated on the total weighted average number of common and preference shares, excluding the average number of treasury shares. The unaudited by the tax authorities fiscal years for the Company and the Group's subsidiaries are presented in detail in the note 13 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. The accounting principles applied in preparing these interim condensed financial statements are the same as those applied for preparing the financial statements on 31.12.2016 except for the adoption of the new or amended standards and interpretations, as described in detail in the note 2 of the interim condensed financial statements. Number of employees at the end of the reporting period: Group 5,524 (30.6.2016: 5,615), Company 847 (30.6.2016: 840). The Annual General Meeting of Shareholders of Titan Cement Company S.A., which was held on 12th May 2017, approved the distribution of dividend for the financial year 2016 of a total amount of €8,463,253, corresponding to €0.10 per share (ordinary or preference). The said amount was proportionately increased by the dividend corresponding to the treasury stock held by the Company and thus the dividend/per share amounted to €0.10488. The Company withheld on behalf of the Shareholders 15% tax and, as a result, the net amount received by the Shareholders was €0.08915 per share. The Annual General Meeting of Shareholders of Titan Cement Company S.A., which was held on 12th May 2017, decided the reduction of the share capital of the Company by €84,632,528 with the purpose of capital return to the shareholders, through reduction of the nominal value of each share by €1.0 (from €4.0 to €3.0). Pursuant to article 16 paragraph 8 of L. 2190/1920, the final amount of capital return per share was 1,04884, as it was increased by the amount of capital return corresponding to the treasury shares held by the Company. The balance of other provisions (short and long term) on 30.6.2017 amounted to €30.9 m. for the Group (31.12.2016: €29.6 m.) and €11.4 m. for the 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 (31.12.2016: €10.3 m.). Directors, pursuant to article 16 par. 1 of Law 2190/1920, the Company purchased in the first half of 2017 4,388 preference own shares of a total purchase value 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. The newly acquired companies Titan Investment EAD and Arresa Marine CO are incorporated in the consolidated financial statements of 30 June 2017 with the full method of consolidation (note 12 of the interim financial statements).
• 1. Transactions during the period 1.1-30.6.2017 and balances as at 30 June 2017 with related parties, as defined in IAS 24, are as follows:

of €62,125. On 30.6.2017 the total number treasury shares held by the Company was 3,938,178 of a total purchase value of €100,909 thousand, which has been	Amounts in € thousand	Group	Company
deducted from the Shareholders Equity of the Company and the Group.	a) Income	-	72,994
5. The assets of the Company have not been pledged. On the Turkish subsidiary Adocim Marmara Cimento Beton Sanayi ve Ticaret A.S. assets, there is mortgage	b) Expenses	219	11,611
of €4.6 million, securing its bank credit facilities.	c) Receivables	-	25,873
6. Capital expenditure excluding acquisitions and intangible assets for the first six months of 2017 amounted to: Group €71.2 m. (30.6.2016: €61.1 m.), Company	d) Payables	348	377,237
€7.5 m. (30.6.2016: €7.1 m.).	e) Key management compensations	4,111	4,111
	f) Payables to key management	2	2

				GROUP		COMPANY
					1/1-30/6/2017	1/1-30/6/2016	1/1-30/6/2017	1/1-30/6/2016
GROUP		COMPANY		Revenue	773,821	723,808	125,427	130,960
1/1-30/6/2017	1/1-30/6/2016	1/1-30/6/2017	1/1-30/6/2016	Cost of sales	-554,661	-530,814	-98,604	-100,003
				Profit before interest, taxes, depreciation,
				amortization and impairment	142,118	119,479	12,185	18,659
				Depreciation, amortization and impairment of tangibles/
				intangibles assets	-57,323	-60,502	-7,941	-6,984
				Profit before interest and taxes
				Income from participations and investments
				Basic earnings per share (in €)	0.1727	0.1124	-0.1007	0.2328

CASH FLOW STATEMENT				GROUP		COMPANY
(Amounts in € thousand)						1/1-30/6/2017	1/1-30/6/2016	1/1-30/6/2017	1/1-30/6/2016
		GROUP		COMPANY	Revenue	773,821	723,808	125,427	130,960
	1/1-30/6/2017	1/1-30/6/2016	1/1-30/6/2017	1/1-30/6/2016	Cost of sales	-554,661	-530,814	-98,604	-100,003
Cash flows from operating activities					Gross profit before depreciation,amortization and impairment	219,160	192,994	26,823	30,957
Profit/(loss) before taxes	31,702	7,375	-5,868	18,727	Other operating (expenses)/ income	-1,777	-2,235	7,518	6,943
Adjustments for:					Administrative expenses	-63,663	-60,425	-22,009	-19,130
Depreciation, amortization and impairment of tangible and intangible assets	57,323	60,502	7,941	6,984	Selling and marketing expenses	-11,602	-10,855	-147	-111
Provisions	3,974	3,414	771	794	Profit before interest, taxes, depreciation,
Exchange differences	17,140	19,450	1,458	348	amortization and impairment	142,118	119,479	12,185	18,659
Income from participations and investments	-	-	-	-20,625	Depreciation, amortization and impairment of tangibles/
Interest expense/(income)	28,319	34,341	7,923	12,650	intangibles assets	-57,323	-60,502	-7,941	-6,984
Other adjustments	9,009	-1,151	410	413	Profit before interest and taxes	84,795	58,977	4,244	11,675
Adjusted profit before changes in working capital	147,467	123,931	12,635	19,291	Income from participations and investments	-	-	-	20,625
(Increase)/decrease in inventories	-35,664	2,856	-11,465	6,108	Finance costs	-45,667	-54,189	-10,112	-13,573
(Increase)/decrease in trade and other receivables	-27,293	-28,764	6,467	-12,447	Share of (loss)/profit of associates and joint ventures	-7,426	2,587	-	-
(Decrease)/increase in operating long-term payables/receivables	-418	3,379	1	-	Profit/(loss) before taxes	31,702	7,375	-5,868	18,727
Increase/(decrease) in trade and other payables (excluding banks)	3,542	26,155	3,232	-398	Income tax	-16,540	1,544	-2,255	333
Cash from operations	87,634	127,557	10,870	12,554	Profit/(loss) after taxes (a)	15,162	8,919	-8,123	19,060
Income tax paid	-7,799	-3,605	-2,686	-188	Attributable to:
Net cash flows from operating activities (a)	79,835	123,952	8,184	12,366	Equity holders of the parent	13,937	9,206	-8,123	19,060
Cash flows from investing activities					Non-controlling interests	1,225	-287	-	-
Acquisition of subsidiaries, net of cash	-14,392	-	-	-
(Payments)/proceeds for share capital increase/decrease					Basic earnings per share (in €)	0.1727	0.1124	-0.1007	0.2328
in subsidiaries, joint ventures and associates	-23,061	-200	84,133	-12,670
Purchase of tangible assets	-71,200	-61,114	-7,519	-7,044
Purchase of intangible assets	-781	-468	-675	-176
Proceeds from sale of tangible and intangible assets	322	591	36	133	CONDENSED STATEMENT OF COMPREHENSIVE INCOME
Costs paid for the disposal of tangible assets	-602	-	-	-		(Amounts in € thousand)
Dividends received	939	3,641	792	20,725		GROUP		COMPANY
Proceeds from sale of available-for-sale financial assets	-	2,126	-	2,126		1/1-30/6/2017	1/1-30/6/2016	1/1-30/6/2017	1/1-30/6/2016
Interest received	411	307	2	1	Profit/(loss) after taxes (a)	15,162	8,919	-8,123	19,060
Net cash flows (used in)/from investing activities (b)	-108,364	-55,117	76,769	3,095	Other comprehensive (loss)/income:
Cash flows from financing activities					Exchange differences on translation of foreign operations	-68,469	-65,304	-	-
					Net loss on available-for-sale financial assets	-	-139	-	-139
Proceeds from non-controlling interest's participation in subsidiary's share capital increase	807	-	-	-
Costs paid for share capital increase in subsidiaries	-481	-	-	-	Currency translation differences on transactions designated	-6,384	-	-	-
Interest paid	-29,700	-34,867	-7,961	-15,763	as part of net investment in foreign operation Asset revaluation surplus	140	-	150	-
Proceeds from sale of treasury shares	234	266	234	266	Income tax relating to components of other comprehensive income	1,393	40	-44	40
Dividends paid to shareholders	-8,399	-6	-8,399	-6	Other comprehensive (loss)/income net of tax (b)	-73,320	-65,403	106
Dividends written-off and paid to the Greek state	-23	-24	-23	-24	Total comprehensive (loss)/income net of tax (a)+(b)	-58,158	-56,484	-8,017	-99 18,961
Dividends paid to non-controlling interests
Payments from share capital decrease of the Parent Company	-	-4,345	-	-
Payments for treasury shares bought back	-83,781	-	-83,781	-	Total comprehensive (loss)/income attributable to:
	-63	-	-63	-	Equity holders of the parent	-55,816	-46,483	-8,017	18,961
Proceeds from borrowings	365,280	514,269	110,340	184,852	Non-controlling interests	-2,342	-10,001	-	-
Payments of borrowings	-303,467	-388,164	-94,262	-153,940
Net cash flows (used in)/from financing activities (c)	-59,593	87,129	-83,915	15,385
Net (decrease)/increase in cash and cash equivalents (a)+(b)+(c)	-88,122	155,964	1,038	30,846
Cash and cash equivalents at beginning of the period	179,710	121,733	11,218	8,626
Effects of exchange rate changes	-2,172 89,416	-3,634 274,063	-264 11,992	58 39,530
Cash and cash equivalents at end of period

(Amounts in € thousand)	Profit/(loss) after taxes (a)
	GROUP		COMPANY		Other comprehensive (loss)/income:
					Exchange differences on translation of foreign operations
Equity balance at beginning of the period (1/1/2017 and 1/1/2016 respectively)					Net gains on available-for-sale financial assets
Total comprehensive (loss)/income net of tax	-58,158	-56,484	-8,017	18,961	Currency translation differences on transactions designated
Share based payment transactions	605	692	605	692
Sale - disposal of treasury shares for option plan					Asset revaluation surplus
Treasury shares purchased
Dividends distributed to ordinary and preferred shares
Share capital decrease
Dividends distributed to non-controlling interests	-788	-927	-	-	Total comprehensive (loss)/income attributable to:
Non-controlling interest's put option recognition
Non-controlling interest's participation in share capital increase
Costs for share capital increase in subsidiaries	-481	-	-	-
Equity balance at period end (30/6/2017 and 30/6/2016 respectively)	1,400,000	1,621,433	726,932	854,792

				GROUP		COMPANY
					1/4-30/6/2017	1/4-30/6/2016	1/4-30/6/2017	1/4-30/6/2016
				Profit/(loss) after taxes (a)	19,089	29,832	-3,864	-495
GROUP		COMPANY		Other comprehensive (loss)/income:
30/06/2017	30/06/2016	30/06/2017	30/06/2016	Exchange differences on translation of foreign operations	-55,261	20,008	-	-
1,552,816	1,705,285	827,269	860,544	Net gains on available-for-sale financial assets	-	330	-	330
-58,158	-56,484	-8,017	18,961	Currency translation differences on transactions designated
605	692	605	692	as part of net investment in foreign operation	-5,196	-	-	-
234	266	234	266	Asset revaluation surplus	140	-	150	-
-63	-281	-63	-281	Income tax relating to components of other comprehensive income	1,126	-96	-44	-96
-8,463	-25,390	-8,463	-25,390	Other comprehensive (loss)/income net of tax (b)	-59,191	20,242	106	234
-84,633	-	-84,633	-	Total comprehensive (loss)/income net of tax (a)+(b)	-40,102	50,074	-3,758	-261
-788	-927	-	-	Total comprehensive (loss)/income attributable to:
-1,876	-1,728	-	-	Equity holders of the parent	-38,556	46,505	-3,758	-261
807	-	-	-	Non-controlling interests	-1,546	3,569	-	-

Athens July 27, 2017

	GROUP		COMPANY
Profit/(loss) after taxes (a)
Exchange differences on translation of foreign operations
Net loss on available-for-sale financial assets	-	-139	-	-139
Currency translation differences on transactions designated
as part of net investment in foreign operation	-6,384	-	-	-

Chairman of the Board of Directors	Chief Executive Officer	Chief Financial Officer	Finance Director Greece	Financial Consolidation Senior Manager
EFSTRATIOS -GEORGIOS ATH. ARAPOGLOU	DIMITRIOS TH. PAPALEXOPOULOS	MICHAEL H. COLAKIDES	GRIGORIOS D. DIKAIOS	ATHANASIOS S. DANAS
ID No AB309500	I.D.No ΑΚ031353	Passport No K00215552	I.D No ΑΒ291692	I.D.No AN023225

CONDENSED STATEMENT OF COMPREHENSIVE INCOME (Amounts in € thousand)

(Amounts in € thousand) CONDENSED INCOME STATEMENT

CONDENSED STATEMENT OF COMPREHENSIVE INCOME (Amounts in € thousand)

CONDENSED STATEMENT OF CHANGES IN EQUITY

			(Amounts in € thousand)
GROUP		COMPANY			GROUP		COMPANY
			Profit before interest, taxes, depreciation,
			amortization and impairment	91,014	76,155	8,993	9,602
			Depreciation, amortization and impairment of tangibles/
			intangibles assets	-28,794	-32,221	-3,773	-3,552
			Profit before interest and taxes

TITAN CEMENT COMPANY S.A.

22A Halkidos Street - 111 43 Athens

Figures and information for the period of 1 January 2017 until 30 June 2017

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 are presented.

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)