Cement News tagged under: Greece

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Titan helped by stronger US performance

14 November 2013, Published under Cement News

Titan's turnover increased by 4.9 per cent to EUR888.3m in the first nine months of 2013, but the EBITDA declined by 5.5 per cent to EUR153.6m. However, the third quarter did see a 21.9 per cent improvement in the EBITDA. There was no credit from the sale of emission rights compared with a EUR24m gain at this stage last year in respect of Greece and Bulgaria. The trading profit for the nine months was 6.7 per cent lower at EUR65.2m and, after a 55.1 per cent jump in net financial charges,...

Titan's European profitability suffers

02 August 2013, Published under Cement News

Titan's first-half turnover improved by 4.4 per cent to €571.9m but the EBITDA fell by 17.8 per cent to €92.2m as European profitability continues to suffer. The trading profit fell by 36.6 per cent to €32m, but the net financial charge, that had dropped by 54.9 per cent to €20.5m a year ago, more than doubled to €44m. As a result, there was a pre-tax loss of €12.4m compared with a profit of €29.5m and the net attributable loss amounted to €21.8m. Capital investment recovered by 5.7 p...

Titan recovers in the USA

15 May 2013, Published under Cement News

Titan's first-quarter turnover showed a 7.8 per cent improvement to €243m while the EBITDA fell by 29.4 per cent, in line with the 29.3 per cent reduction seen this time last year, to €24.3m. The pre-tax loss rose by 33.5 per cent to €23.5m and the net attributable loss rose by 39.7 per cent to €27.1m. Net debt at the end of March, however, declined by 20.1 per cent to €630m, giving a gearing level of 41.6 per cent, compared with 48.6 per cent a year earlier. Group cement shipments ro...

Goldman Sachs upgrades Titan, Greece

05 April 2013, Published under Cement News

Goldman Sachs has upgraded Titan Cement Co to neutral from sell, Dow Jones reports. While the investment bank remains cautious on Titan's end markets in the near term, it says consensus FY13/14 EBITDA expectations have decreased by 10 per cent year-to-date and there is no longer such a significant difference versus Goldman's estimates. Titan's turnover recovered by 3.6 per cent last year to EUR1130.7m, following the 19.2 per cent drop in the previous year.  The EBITDA, however, continued ...

Greece opposition party meets with Heracles employees

05 April 2013, Published under Cement News

The general secretary of Greece’s Opposition Communist Party of Greece (KKE), Aleka Papariga, has met with representatives of the Heracles Cement plant at the party's headquarters in Perissos and expressed solidarity with those being made redundant following news of the cement plant's permanent closure. The KKE stated that the sector's trade unions, as well as related sectors, should offer their backing to workers who were laid off, Athens News Agency reported. Last month, Lafarge's Greek ...

Heracles to permanently close Halkis cement works, Greece

27 March 2013, Published under Cement News

Heracles Cement, the largest cement producer in Greece, is to permanently close the doors on its Halkis cement plant as the company restructures its business to adjust to the struggling domestic construction and cement sectors. The 2.6Mta Halkis plant has been idle since July 2011 and management have now made the decision to officially cease operations, as of 26 March 2013. The closure will result in job losses for 236 members of staff. The company stated that: “This decision comes afte...

Titan Cement denies headquarter move

12 March 2013, Published under Cement News

Titan Cement has denied reports in the press that it is moving its headquarters from Greece. In response to reports on online and printed media the country's second-largest cement producer said in statement released yesterday that: "it is not within its intentions to move its headquarters from Greece.” Last week, Titan reported that demand for building materials in its troubled domestic market declined by about 35 per cent YoY in 2012. “The severe recession of the Greek economy has direct...

Titan's profits decline, except in the USA

05 March 2013, Published under Cement News

Titan Cement of Greece reported a 3.6 per cent recovery in turnover for 2012 to €1130.7m, following the 19.2 per cent drop in the previous year. EBITDA, however, continued its double-digit decline and fell by 19.8 per cent to €195.8m. While consumption in its home market of Greece has fallen to less than a quarter of the 2006 peak level, Titan has witnessed a reversal in fortunes in its US operations. In spite of a swing from a €11.9m loss on foreign exchange to a €1.5m profit, there was ...

Titan raises EUR200m in bond issue

04 January 2013, Published under Cement News

Greece-based cement producer Titan Cement Co on Thursday successfully concluded a EUR200m bond issue. The new four-year corporate bond (arranged by Eurobank Ergasias SA, Alpha Bank AS and Credit Suisse) matures in January 2017 and has an 8.75 per cent coupon. Part of the proceeds will be used to repay a previous bond maturing later this year, Eurobank said in a statement, adding that the issue was 2.9 times oversubscribed, with considerable interest from large private banking clients a...

Titan successfully concludes issuance of new EUR200m notes

19 December 2012, Published under Cement News

Greece-based cement producer Titan has successfully concluded the issuance of new €200m guaranteed notes, due in January 2017. Demand from international and domestic institutional and private investors ensured that the €100m minimum issue, as executed through the exchange of existing and issuance of new notes via the Luxembourg Stock Exchange, was oversubscribed 2.9 times. The new notes bear a coupon of 8.75 per cent, the minimum rate set in the offering. The successful conclusion of th...