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Titan Cement reports 12.7% increase in consolidated turnover

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World Cement,

Greece’s Titan Group has reported a 12.7% increase in consolidated turnover for 1Q15, at €283.8 million. Net profit after minority interests and the provision for taxes grew to €6.6 million from an €11 million loss in 1Q14. EBITDA fell 23.7% to €23.2 million.

Operating results were positively impacted by the continuing recovery in the US and the improvement in the Greek market. However, profitability in Southeastern Europe and Turkey declined due to poor weather, while in Egypt continued gas shortages necessitated clinker imports, which also increased costs. Going forward, investments are being made in Egypt to decrease reliance on gas.

Total turnover in Greece and Western Europe fell 2% to €65.3 million, while EBITDA grew to €9.4 million from €3.9 million in 1Q14. In the US, total turnover grew by 37.5% to €130.2 million, while EBITDA reached €5.8 million, up from €0.9 million in 1Q14. The harsh winter in Southeastern Europe led to a 31.2% decline in total turnover, while EBITDA fell to €4.2 million from €9.7 million in 1Q14. In Egypt, turnover increased 21.9% to €60.2 million, while EBITDA improved q/q but fell y/y.

Group net debt at the end of the first quarter stood at €660 million, increased by €119 million compared to year-end 2014. Group debt levels reflect the increased investments undertaken primarily in the USA and in Egypt, increased working capital requirements in growth markets, the seasonality in demand, as well as the negative effect on US$ and Egyptian pound-denominated debt owing to foreign exchange movements.

Group capital expenditure in the first quarter of 2015, excluding acquisitions and intangible assets, stood at €35 million versus €14 million in the corresponding period in 2014.

Looking ahead, the group maintains optimistic for the full year for the US and Egypt, while no significant improvement is expected in the markets of Greece and Southeastern Europe.

Adapted from press release by

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