Titan S.A.

Quarterly Report • Mar 28, 2018

-112 -1,475 -589 -2,067 -6 -13 - -

-117,710 -232,124 -312 -1,567 -73,413 -104,794 13,079 15,252

financial statements according to International Financial Reporting Standards together with the auditor's report, are presented.						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
Supervising Authority: Company's web address:	www.titan-cement.com	Ministry of Economy, Development and Tourism (Department for Companies and G.E.MI.)				CASH FLOW STATEMENT (Amounts in € thousand)
Board of Directors:	Papalexopoulos - Chief Executive Officer.	Efstratios-Georgios Arapoglou - Chairman, Nellos Canellopoulos - Vice Chairman, Dimitrios Michael Colakides, Doros Constantinou, Hiro Athanassiou, Takis-Panagiotis Canellopoulos,					GROUP COMPANY 1/1-31/12/2017 1/1-31/12/2016 1/1-31/12/2017 1/1-31/12/2016
	Alexander Macridis, Domna Mirasyesi-Bernitsa, Ioanna Papadopoulou*, Alexandra Papalexopoulou					Cash flows from operating activities Profit before taxes	63,226	63,525	11,881	22,706
	Benopoulou, Petros Sabatacakis, Ploutarchos Sakellaris, Efthimios Vidalis, Vassilios Zarkalis. **Non-executive director					Adjustments for: Depreciation	112,294	116,293	15,717	14,753
	*Independent non-executive directors					Impairment of tangible and intangible assets	4,135	10,814	2,150	-
						Provisions	14,274	9,939	3,753	2,374
Date of approval of the Financial Statements : Name of the auditor:	28 March 2018 Konstantinos Michalatos (SOEL R.N. 17701)					Ιncome from participations and investments Dividend income	- -162	-1,580 -346	- -34,377	-107 -29,272
Auditing firm:	PricewaterhouseCoopers S.A.					Exchange differences	55,907	24,367	1,869	-1,021
Report of the Auditors: Without qualification						Interest (income)/expense Other adjustments	63,414 -23,478	64,933 4,992	15,881 1,470	22,017 1,659
						Adjusted profit before changes in working capital	289,610	292,937	18,344	33,109
	CONDENSED STATEMENT OF FINANCIAL POSITION					(Increase)/decrease in inventories (Increase)/decrease in trade and other receivables	-28,520 -7,037	-5,091 -48,341	-9,192 10,760	13,075 -5,589
	(Amounts in € thousand)					Decrease/(increase) in operating long-term receivables/payables	1,350	-344	-2	37
ASSETS		GROUP 31/12/2017	31/12/2016	COMPANY 31/12/2017	31/12/2016	(Decrease)/increase in trade & other payables (excluding banks) Cash generated from operations	-14,950 240,453	36,122 275,283	9,349 29,259	1,208 41,840
Tangible assets		1,466,046	1,573,235	252,944	242,777	Income tax paid	-14,359	-6,065	-3,422	-326
Investment properties Intangible assets		12,130 345,971	9,820 375,116	8,937 8,093	9,126 4,458	Net cash flows from operating activities (a) Cash flows from investing activities	226,094	269,218	25,837	41,514
Other non current assets		177,223	206,863	782,302	865,998	Purchase of tangible assets	-119,950	-148,294	-27,924	-20,115
Inventories		258,204	248,924	65,410	57,768	Purchase of intangible assets	-2,568	-2,262	-2,930	-1,080
Trade receivables Other current assets		115,429 66,217	123,466 72,643	37,883 29,966	54,072 21,820	Proceeds from the sale of tangible/intangible and investment properties Proceeds from dividends	1,467 4,686	1,024 5,266	95 30,458	220 28,579
Cash and cash equivalents		154,247	179,710	29,323	11,218	Acquisition of subsidiaries, net of cash	-	-11,781	-	-
TOTAL ASSETS		2,595,467	2,789,777	1,214,858	1,267,237	Investment in associates and joint ventures Share capital decrease/(increase) in subsidiaries	-21,106 -	-84,953 -	- 84,133	- -18,000
						Share capital increase in associates and joint ventures Net (payments)/proceeds from the (acquisition)/sale of available-for	-28,678	-2,234	-	-
SHΑREHOLDERS EQUITY AND LIABILITIES Share Capital 84,632,528 shares of € 3.00 (2016: € 4.00)		253,897	338,530	253,897	338,530	sale financial assets Interest received	-29 854	2,128 1,059	- 2	2,128 24
Share Premium		22,826	22,826	22,826	22,826	Net cash flows (used in)/from investing activities (b)	-165,324	-240,047	83,834	-8,244
Share stock options Treasury Shares		3,003 -105,384	2,978 -101,453	3,003 -105,384	2,978 -101,453	Net cash flows after investing activities (a)+(b) Cash flows from financing activities	60,770	29,171	109,671	33,270
Retained earnings and other reserves		1,132,871	1,213,470	569,790	564,388	Proceeds from non-controlling interest's participation in subsidiary's
Total share capital and reserves (a) Non-controlling interests (b)		1,307,213 62,459	1,476,351 76,465	744,132 -	827,269 -	establishment Payments from share capital decrease of the Parent Company	807 -84,136	- -	- -84,136	- -
Total Equity (c)=(a)+(b)		1,369,672	1,552,816	744,132	827,269	Payments for shares bought back	-4,951	-25,193	-4,951	-25,193
Long-term borrowings		820,382	710,965	379,218	310,678	Proceeds from sale of treasury shares	398	436	398	436
Provisions and other long-term liabilities Short-term borrowings		108,967 56,825	119,008 129,499	32,227 32	36,311 42,442	Proceeds from government grants Interest paid	209 -60,183	- -64,713	208 -22,591	- -23,774
Other short-term liabilities		239,621	277,489	59,249	50,537	Dividends & reserves paid to shareholders	-8,438	-25,243	-8,438	-25,243
Total liabilities (d) TOTAL SHAREHOLDERS EQUITY AND LIABILITIES (c)+(d)		1,225,795 2,595,467	1,236,961 2,789,777	470,726 1,214,858	439,968 1,267,237	Dividends written-off and paid to the Greek state Dividends paid to non-controlling interests	-23 -3,868	-24 -5,281	-23 -	-24 -
						Proceeds from borrowings	691,159	674,505	122,645	220,601
						Payments of borrowings	-613,538	-511,820	-94,266	-177,906
	CONDENSED INCOME STATEMENT					Net cash flows (used in)/from financing activities (c) Net (decrease)/increase in cash and cash equivalents (a)+(b)+(c)	-82,564 -21,794	42,667 71,838	-91,154 18,517	-31,103 2,167
	(Amounts in € thousand)					Cash and cash equivalents at beginning of the year	179,710	121,733	11,218	8,626
		GROUP 1/1-31/12/2017	1/1-31/12/2016	COMPANY 1/1-31/12/2017	1/1-31/12/2016	Effects of exchange rate changes Cash and cash equivalents at end of the year	-3,669 154,247	-13,861 179,710	-412 29,323	425 11,218
Revenue		1,505,803	1,509,153	233,805	262,475
Cost of sales Gross profit before depreciation,amortization and impairment		-1,070,349 435,454	-1,072,139 437,014	-182,851 50,954	-199,836 62,639	NOTES
Other operating (expenses)/income		-13,984	-14,679	8,629	10,994
Administrative expenses		-125,459	-122,108	-44,526	-43,276	1. 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 purchased in 2017 222,356 own common shares of a total
Selling and marketing expenses Profit before interest, taxes, depreciation, amortization and impairment		-22,570 273,441	-21,628 278,599	-253 14,804	-271 30,086	purchase value of €4,563,765 and 24,959 own preference shares of a total purchase value of €386,736. The corresponding nominal value of the
Depreciation, amortization and impairment of tangibles/ intangibles assets		-116,429	-127,107	-17,867	-14,753	total own shares purchased in 2017 was €741,945 representing 0.29% of the share capital of the Company. On 31.12.2017 the total number treasury shares held by the Company was 4,164,719, of a total purchase value of €105,384 thousand, which has been deducted from the
Profit/(loss) before interest and taxes Gains from participations and investments		157,012 162	151,492 1,926	-3,063 34,377	15,333 29,379	Shareholders Equity of the Company and the Group.
Losses from participations and investments		-	-	-178	-
Finance costs		-86,460	-90,385	-19,255	-22,006	2. 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 of €4.6 million, securing its bank credit facilities.
Share on profit of associates and joint ventures Profit before taxes		-7,488 63,226	492 63,525	- 11,881	- 22,706
(Less)/Plus: Income tax expense		-18,929	63,805	1,510	-5,887	3. Number of employees at the end of the reporting period: Group 5,432 (2016: 5,482), Company 811 (2016: 842).
Profit after taxes (a)		44,297	127,330	13,391	16,819	4. Capital expenditure excluding acquisitions and intangible assets for the fiscal year of 2017 amounted to: Group €120.0 mil. (2016: €148.3 mil.),
Attributable to:						Parent Company €27.9 mil. (2016: €20.1 mil.).
Equity holders of the parent Non-controlling interests		42,680 1,617	127,444 -114	13,391 -	16,819 -	5. Transactions during the fiscal year 2017 and balances as of 31 December 2017 with related parties, as defined in IAS 24, are as follows:
Basic earnings per share (in €)		0.5292	1.5612	0.1660	0.2060	Amounts in € thousand		Group	Company
Diluted earnings per share (in €)		0.5256	1.5521	0.1649	0.2048	a) Income		-	165,046
						b) Expenses c) Receivables		284 11	34,737 27,575
						d) Payables		64	396,711
						e) Key management compensations		7,034	7,034
	CONDENSED STATEMENT OF COMPREHENSIVE INCOME (Amounts in € thousand)					f) Payables to key management		15	15
		GROUP		COMPANY		6. Companies included in the consolidated financial statements of fiscal year 2017 are presented in the note 14 of the Group's annual financial statements including locations, percentage Group ownership and consolidation method.
Profit after taxes (a)		1/1-31/12/2017 44,297	1/1-31/12/2016 127,330	1/1-31/12/2017 13,391	1/1-31/12/2016 16,819
Other comprehensive (loss)/income:						7. The unaudited by the tax authorities fiscal years for the Company and the Group's subsidiaries are presented in detail in the note 35 of the annual
Exchange differences on translation of foreign operations Currency translation differences on transactions designated as part of net investment		-110,229	-200,509	-	-	financial statements. The provision for other taxes concerns returning governmental subsidy amounting to €2.1 mil. that was found to be incompatible with European Legal framework according to the Law 4099/2012. Except for the aforementioned case, there are no other material
in foreign operation		-8,753	-40,174	-	-	provisions accounted for the unaudited by the tax authorities fiscal years as well as for litigation issues both for the Group and the Company.
Net losses on available-for-sale financial assets Revaluation of land and buildings		-577 252	-234 577	- 150	-139 -	8. The balance of other provisions (short and long term) as of 31.12.2017 amounted to €38.7 mil for the Group (31.12.2016: €29.6 mil.) and €15.2 m.

• 1. In January 2018, Titan Global Finance PLC issued Additional Guaranteed notes of nominal value €100 million. This was in connection with the reopening of €250 million issue of November 2017 and raised the total amount of the issue to €350 million due in November 2024.
• Earnings per share have been calculated on the total weighted average number of common and preference shares, excluding the average number of treasury shares.
• 1. 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 Board of Directors will propose to the Annual General Assembly of Shareholders, scheduled to take place on 1 June 2018, the distribution of dividend of a total amount of €4,231,626 i.e. €0.05 per share and, in addition, a return of capital of a total amount of €42,316,264 i.e. €0.50 per share. Pursuant to article 16.8(b) of L. 2190/1920, the final amounts to be distributed per share will be increased by the amount, corresponding to the treasury shares held by the Company.
• The newly acquired companies Titan Investment EAD and Arresa Marine CO are incorporated in the consolidated financial statements of 31 December 2017 with the full method of consolidation (note 30 of the annual financial statements).

Re-measurement losses on defined benefit plans for the Company (31.12.2016: €10.3 m.).

1,715 9,704 127 639 9. Income tax relating to components of other comprehensive income On 16 November 2017, TITAN GLOBAL FINANCE Plc (a subsidiary of the Company) issued a 7-year bond of a total nominal amount of €250 million with a coupon of 2.375% per annum, guaranteed by the Company.

Chairman of the Board of Directors	Chief Executive Officer		Finance Director Greece	Financial Consolidation Director
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 K00373844	I.D No ΑΒ291692	I.D.No ΑΝ023225

Athens 28 March 2018

	GROUP		COMPANY
	31/12/2017	31/12/2016	31/12/2017	31/12/2016
Equity balance at beginning of the year (1/1/2017 and 1/1/2016 respectively)	1,552,816	1,705,285	827,269	860,544
Total comprehensive (loss)/income	-73,413	-104,794	13,079	15,252	13.
Share capital decrease	-84,633	-	-84,633	-
Dividends distributed to ordinary and preferred shares	-8,463	-25,390	-8,463	-25,390
Dividends distributed to non-controlling interests	-3,867	-4,500	-	-
Purchase of treasury shares	-4,951	-25,193	-4,951	-25,193
Sale - disposal of treasury shares for option plan	398	436	398	436	14.
Non-controlling interest's participation in share capital increase of subsidiary	807	6,695	-	-
Share based payment transactions	1,433	1,620	1,433	1,620
Non-controlling interest's put option recognition	-2,396	-1,343	-	-
Acquisition of non-controlling interest	-7,578	-	-	-
Costs for share capital increase in subsidiaries	-481	-	-	-	15.
Equity balance at year end (31/12/2017 and 31/12/2016 respectively)	1,369,672	1,552,816	744,132	827,269

Total comprehensive (loss)/income attributable to:
Shareholders	-70,161	-61,137	13,079	15,252
Non-controlling interests	-3,252	-43,657	-	-	11.

Other comprehensive loss net of tax (b)

Share of other comprehensive losses of associates and joint ventures

Total comprehensive (loss)/income net of tax (a)+(b)

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

TITAN CEMENT COMPANY S.A.

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)

22A Halkidos Street - 111 43 Athens

DATA AND INFORMATION for the year ended 31 December 2017