In the final quarter of 2013, Titan Group’s turnover increased by 1.4% to €287.7 million. Operating EBITDA grew from €33.3 million in 4Q12 to €42.4 million in the corresponding quarter in 2013. Net profit after minority interests and the provision for taxes improved from a €26.5 million loss in the final quarter of 2012 to a €21.5 million loss in 4Q13.
The Titan Group sold a total of 17.2 million t of cement and cementitious materials in 2013, 3.4 million m3 of ready-mixed concrete and 12.3 million t of aggregates and other building materials.
The Group’s operating results improved for the first time in seven years in 2013. Consolidated turnover came in at €1.176 billion, up 4% on 2012, and operating EBITDA increased by 0.1% to €196 million. At stable exchange rates, turnover and EBITDA grew by 8% and 6%, respectively. Net profit came in at a loss of €36.1 million after minority interests and the provision for taxes. In 2012, net profit came in at negative €24.5 million.
- Operating profit in North America experienced significant growth, rising from €6 million in 2012 to €32 million in 2013. Turnover increased in all of the Group’s product sectors in the region, with total turnover increasing by 11%.
- Turnover in Southeastern Europe was down by 4% to €215 million and operating profit declined by 2% to €63 million. Although construction activity in the region continued to run at a low level in 2013, the Group made strides in increasing its energy output and maintaining profitability through greater alternative fuel utilisation.
- Operating profit dropped by 57% in Greece and Western Europe. However, turnover increased by 4% to €250 million. As demand continued to decline in Greece, Titan focused its efforts on alternative fuel use and exports.
- In the Eastern Mediterranean region, turnover was up 1% to €300 million but operating profit fell by 7% to €87 million. At constant exchange rates, operating profit and sales would have risen by 5% and 14.5%, respectively. Of all the regions in which it operates, it is the Eastern Mediterranean that the Titan Group forecasts will pose the greatest challenge in 2014. The uncertain political and economic climate in Egypt and Turkey, as well as fuel supply problems in Egypt, are named as some of the issues likely to affect operations in the region.
The Group’s parent company, Titan S.A., reported a turnover of €235 million in 2013, up 6% y/y. EBITDA fell by 71% to €11 million and the company ended the year with a net loss of €43 million, compared to a loss of €16 million in 2012.
Adapted from press release by Louise Fordham
Read the article online at: https://www.worldcement.com/europe-cis/28022014/titan_releases_its_2013_results_827/