Titan Group turnover reached ? 791m for the nine months, an increase of 7% versus the previous year. Operating EBITDA at ? 222m, up 18% versus last year and net profits of the Group, after minority interests and provisions for taxes, were also up 13% at ? 84m.

Foreign exchange differences and losses, are included in ?extraordinary results?, and the positive foreign exchange differences resulting from the revaluation of long term loans appears as an increase in ?provisions?. These were not materially different versus the half-year results, as exchange rates remained virtually unchanged. However, ?extraordinary losses? include a ? 5m provision against the potential devaluation of the Egyptian pound.

• · In Greece, sales of cement, concrete and aggregates as in the first six months continued their positive performance versus last year.
• · In the USA, sales were overall flat versus the prior year. This represents an offset against the strength of the housing market and public works activity versus commercial sector softness. Overall, the market improved in the Florida region but, softened in the Mid Atlantic region.
• · In Egypt, the existing excessive supply of cement in combination with a stagnation in demand did not allow an improvement in the results.
• · In South-Eastern Europe sales continued to improve both in Bulgaria and the Former Yugoslavic Republic of Macedonia. Our new acquisition of the Kosjeric plant in Serbia had a positive operating and bottom line result.

Titan America recently acquired the balance of 80% of Separation Technologies Inc. for $ 29m, which it had owned since 1999. STI has developed several unique patented processes for the treatment of fly ash. The ensuing products from the separation of fly ash are, on one hand, a supplementary building material, and on the other hand, fuel. STI currently operates 3 facilities in the Eastern USA.

Capital expenditure for the group for the nine months was ? 84m. A further ? 94m was invested in acquisitions that include Kosjeric in Serbia, Alexandria Portland Cement Company in Egypt, and the remaining capital of STI in the USA. Net debt as of 30th September 2002 was ?356m, an increase of ? 29m versus 2001.

Sales of the parent company, Titan Cement Company SA, were ? 313m for the nine months representing an increase of 10% versus the prior year. Operating EBITDA at ? 112m was up 25%. Net profit, after minority interests and provisions for taxes, increased 5% to ? 70m, including income from participations of ? 14m.

Download the Financial Statements of TITAN in .zip format