TITAN logo Integrated Report 2014
Copyright TITAN Group

Regional review

Financial and non-financial performance across the four geographic regions our companies operate within.

USA

Strong sales performance as recovery gains pace

With construction spending on the increase for the third year running, the USA market continues to drive growth for the Group, both in turnover and profitability.

Performance summary

  • Growth in construction sector for a third successive year
  • Above national average growth recorded in TITAN’s regions of operation
  • The USA accounts for more than one-third of Group turnover and an increasing share of the Group’s EBITDA
  • Turnover: €469 million +14% year on year
  • EBITDA: €46.5 million +45% year on year
  • Many awards received for our environmental and community practices
  • Sustainability of concrete/LEED US Certification Standard for buildings)
  • Continuation of Health and Safety programs have seen a significant improvement in LTIFR for contractors

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Turnover €m

2014: 468.9

EBITDA €m

2014: 46.5

Turnover % of group

40%

EBITDA

26%

Lost Time Injury Frequency Rate LTIFR

bar graph: Own personnel and contractors over period 2012 to 2014
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Greece and Western Europe

Operating profitability boosted by higher sales volumes

Low demand in the construction sector continues, but turnover and profitability have increased sharply due to EU-funded roadworks, strong exports and favorable exchange rates.

Performance summary

  • Demand rising for the first time in seven years due to infrastructure spending
  • Residential construction in the domestic market continues to fall
  • Local production capacity dependent on export trade
  • Turnover: €285 million +14% year-on-year
  • EBITDA: €37 million +159% year-on-year
  • Significant investment in improving Health and Safety in the workplace in Greece
  • More than 25,000 children attended the “safety at home” program
  • Best TITAN Partnership expanded (more than 61,000 hours dedicated to Health and Safety and Environment)
  • TITAN expanded its partnership with SEV BCSD in Greece and CSR Hellas by joining the Sustainability Greece 2020 initiative and contributing to the “N.Analytis CSR Students initiative”

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Turnover €m

2014: 284.9

EBITDA €m

2014: 37.1

Turnover % of group

25%

EBITDA

20%

Lost Time Injury Frequency Rate LTIFR

bar graph: Own personnel and contractors over period 2012 to 2014
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Southeastern Europe

Solid results in a challenging operating environment

Mixed fortunes among the economies of Southeastern Europe put pressure on turnover, but the Group grew profitability thanks to its focus on efficiency and lower energy costs and by increasing its social and environmental efforts at local and national level.

Performance summary

  • Construction activity subdued, affected by uncertainty in the Eurozone
  • Floods in Serbia impacted both local communities and the economy
  • Turnover: €208 million -3.5% year on year
  • EBITDA: €67 million +7% year on year
  • Increased use of alternative fuels at Group plants
  • 1,000 days without loss-time incidents in Albania
  • TITAN Serbia’s fi rst A+ Report Assurance by independent auditors for 2013 report
  • After just one year, the LAB initiative in Kosovo has seen remarkable results in training and new business development
  • New internship program by TITAN Serbia in line with CSR Europe best practice
  • TITAN F.Y.R. of Macedonia hosted the Annual European Global Compact Local Networks Meeting (ELNM) in October 2014 at Skopje
  • Antea cement plant in Albania selected as a best-practice example for its Health and Safety practices

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Turnover €m

2014: 207.8

EBITDA €m

2014: 67.1

Turnover % of group

18%

EBITDA

37%

Lost Time Injury Frequency Rate LTIFR

bar graph: Own personnel and contractors over period 2012 to 2014
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Eastern Mediterranean

Strong demand underlines potential for growth

Fuel self-sufficiency in Egypt is the key to ensuring all our plants can run at full capacity and meet growing consumer demand in the construction sector.

Performance summary

  • Increasing demand in both Egypt and Turkey
  • Turnover: 197 million euros -22% year on year
  • EBITDA: €31 million -60% year on year
  • Egyptian plants running at around 50% of our capacity due to gas supply shortages
  • Strategic investment in a solid fuels grinding mill at the Beni Suef cement plant
  • Addressed health issues among employees and the wider community in Egypt

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Turnover €m

2014: 196.8

EBITDA €m

2014: 30.9

Turnover % of group

17%

EBITDA

17%

Lost Time Injury Frequency Rate LTIFR

bar graph: Own personnel and contractors over period 2012 to 2014
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