Titan is looking to move its main quote to Brussels and the management to Cyprus

Titan is looking to move its main quote to Brussels and the management to Cyprus
12 November 2018

In the first nine months of 2018,Titan's turnover declined by 1.8 per cent to EUR1101.9m and EBITDA was down by 8.2 per cent to EUR196.9m, while in the third quarter EBITDA was ahead by 3.2 per cent to EUR74.7m. The pretax profit advanced by 11.5 per cent to EUR65.9m and the net attributable profit recovered strongly, rising by 51.8 per cent to EUR50.2m in the 9M18. Net debt at the end of September was 3.4 per cent higher than a year earlier at EUR784m. The nine months' capital expenditure was reduced by 14.4 per cent to EUR77m.  

Shipments of cementitious materials in the nine months declined by 4.2 per cent to 13.7Mt, while aggregates sales, which are primarily in the United States, advanced by 6.8 per cent to 11.8Mt. Deliveries of ready-mixed concrete declined by 4.3 per cent to 3.98Mm³.

The Greek and other western European turnover was off by 8.7 per cent to EUR173.4m, or 15.7 per cent of the group total, while EBITDA fell by 47.7 per cent to EUR10.7m, or 5.4 per cent of the group total. Domestic deliveries showed a slight advance in the third quarter thanks to increased demand from the tourist industry. Infrastructure projects have been further delayed. Margins have suffered from higher fuel and electricity costs. Export volumes were maintained at high levels.

Southeastern Europe advanced by 1.1 per cent to EUR175.2m, which represented 15.9 per cent of turnover and 20.6 per cent of EBITDA. EBITDA edged ahead by 0.2 per cent to EUR44.5m and remains is the second-largest profit earner in the group after the USA. Domestic cement deliveries across the region rose in all countries apart from Albania, which had performed strongly in the previous year. The use of alternative fuels increased and reached 37 per cent in Bulgaria.

The US turnover declined by 4.2 per cent to EUR639.3m, or 58 per cent of the group total, as the region began to recover from hurricane damage in the third quarter. EBITDA in the period declined by 7.9 per cent, which represented 65 per cent of the group total, but in local currency the reduction was a more modest 1.9 per cent. The EBITDA margin was 20 per cent compared with to 20.8 per cent in the year-ago period. Cement consumption is forecast to improve by 7.2 per cent in Florida this year and advance by one per cent in Virginia and the Carolinas. The leading construction indicators remain strong.

In the eastern Mediterranean region, where only Egypt is fully consolidated, turnover eased by 0.2 per cent to EUR114m, reflecting currency weakness, while in local currency the turnover increased by 6.9 per cent. EBITDA, however, grew by 25.4 per cent (+40.5 per cent in local currency) to EUR13.9m. The Turkish joint venture Adocim was negatively affected by surplus capacity and price increases did not cover cost inflation. An agreement has been reached for Titan to acquire an additional 25 per cent in Adocim, while disposing of its 50 per cent interest in the Antalya grinding centre. This leaves Adocim with a 1.5Mta cement capacity and three batching plants.

Published under Cement News