Titan America releases 2013 Integrated Annual Report

Titan America has published its 2013 Integrated Annual Report, which includes an overview of the company’s activities, business strategy and financial and non-financial performance.

2013 highlights

• Revenue growth: 2013 was the first year of turnover and EBITDA improvement, at constant exchange rates, after seven years of decline. Volume growth was recorded across all main product lines.
• Debt halved over five years: By focusing on cash flow generation and actively managing its portfolio of assets, the Group consistently paid down debt.A further reduction of debt levels in 2013 means that total borrowings are less than half the 2008 level.
• US recovery: Titan is poised to benefit from the US recovery with well-positioned operations in Florida, the Mid-Atlantic and New Jersey. Extensive investments in cement production and vertically integrated activities demonstrate the Group's long-term commitment in this market.
• Enabling local development: Titan is committed to enabling the sustainable development of communities near its operations. This is expressed through the Group’s long-term investment in initiatives and partnerships that promote health and safety issues, address unemployment and poverty and raise environmental awareness. In 2013, the Group invested €1.69 million in community development programmes, representing an increase of 26.3% compared to 2012.
• Accident prevention: Over the last five years the company has achieved for direct employees an annual 16% reduction in LTI Frequency Rate.
• Improving its environmental footprint: Reducing the Group’s environmental impact has been an important priority over the last five decades. In 2013, the company spent 24.6 million on the overall improvement of its environmental footprint and the upgrading of its cement plant in Kosovo to meet high international standards.

Outlook for 2014

• Doubling capital expenditure: In 2014, the company will double its capital expenditures and invest in its operations in the US so as to capture market growth, and in Egypt, in order to secure fuel supplies and thereby increase production efficiency.
• Maintaining momentum: Despite continuing uncertainties, the outlook for 2014 looks more promising, especially in the US. The company aims to retain the productivity gains made during the crisis, keep effective its focus on free cash flow generation, and improve its return on capital employed.
• Integrated reporting: The company’s work in this area will increase through its participation in WBCSD working programmes and CSR Europe's project on valuing non-financial performance.
• Getting involved: Enabling community relations is a top priority for all Titan operations. The company will target programmes to develop skills among the young and long-term unemployed.
• Further improvement of environmental performance: The company is aiming to continuously improve in all areas affected by its operations, especially those in which its goals have yet to be met, such as the utilisation of alternative fuels. Titan focuses on leveraging best practices and further intergrating management systems to address material issues, such as water, biodiversity and quarry rehabilitation.

Click here to access Titan America’s Integrated Annual Report 2013 in full.

Adapted from press release by Rosalie Starling

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