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In light of the ongoing voluntary tender offer process for the exchange of TITAN Cement Company S.A. shares with shares of TITAN Cement International S.A., TITAN Cement Company S.A. (TITAN) is issuing this statement in order to provide to its shareholders updated information on the Group’s performance.
During the last quarter of 2018, continuing the trend observed in Q3, the Group recorded an improved performance in terms of Turnover, EBITDA and Net Profit After Taxes (NPAT), compared to the last quarter of 2017. Over the last three months of 2018 there was, for a second consecutive quarter, a strengthening of the Group’s performance, reversing the trend of a relatively weak first semester.
In line with earlier outlook statements by management, the 2018 second half results were better than 2017, as higher turnover resulted to improved operating profitability (EBITDA) and higher NPAT. This improvement led to partial recovery of lost ground in turnover and EBITDA in the first half of 2018, while NPAT recorded significant growth in both the first and second half of the year. Contribution to improved profitability came mostly from the USA and South East Europe, both markets with growing sales revenue, while the situation in other regions has not shown any significant change.
This announcement has been prepared by Titan for informational purposes only. This document contains forward-looking statements relating to the Titan Group’s future business, development and economic performance. Such statements may be subject to a number of risks, uncertainties and other important factors. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. You should not place undue reliance on these forward-looking statements. Although Titan believes that, as of the date of this announcement, the expectations reflected in the forward-looking statements are reasonable, Titan cannot assure you that future events will meet these expectations. Any forward-looking statements are made only as of the date of this announcement, and Titan does not intend, and does not assume any obligation, to update forward-looking statements set forth in this announcement. Titan will not be responsible for any consequences resulting from the use of this announcement as well as the reliance upon any opinion or statement contained herein or for any omission.