TITAN Group 2016 Integrated Annual Report

TITAN Group has published its 2016 Integrated Annual Report, which outlines the Group’s financial, environmental and social performance. This is TITAN’s fifth integrated report, as part of its enduring commitment to building a sustainable and better future together with its stakeholders.

In 2016, TITAN made further progress along its key priorities of balancing profitability and growth, building operational excellence and nurturing the long term sustainability of its business. Collaboration with stakeholders at all levels is a key component of the Group’s approach to sustainability; in this spirit, TITAN has committed its support of the United Nations Agenda 2030, engaging in global and local partnerships towards the achievement of the Sustainable Development Goals.

The Report is available at http://www.titan-cement.com/integrated_report_2016_EN.pdf

TITAN Group 2016 Integrated Annual Report highlights:

  • Continuous growth of turnover and profitability for a third consecutive year, driven primarily by market growth in the USA and the recovery of results in Egypt.
  • Expansion of the Group activities to South America, in consistency with its strategy for geographic diversification, through the acquisition of an equity stake in Cimento Apodi, a Brazilian cement manufacturer.
  • Confirmation of Standard & Poor’s credit rating of the Group to “BB Positive outlook”, highlighting its strong liquidity and issuance of a 5-year bond, of a total nominal amount of €300 million with a coupon of 3.5% per annum.
  • €60.7m investments to improve our environmental footprint – 40% of the total capital expenditure in 2016 (€150.6m). 33% decrease in dust emissions and 11% decrease of water consumption at the Group cement and grinding plants, compared to 2015, among other improvements.
  • Continuous focus on safety and a 15% decrease in Lost Time Injuries (LTIs), compared to 2015.
  • Alignment of material issues identified both at Group and local level with the UN Sustainable Development Goals (SDGs) for 2030. Review and expansion of initiatives enhancing the professional skills of young people through educational and internship programs in line with the commitment undertaken by TITAN as an initiator of the European Pact for Youth.

Reporting standards

The 2016 Integrated Annual Report published by TITAN Group was prepared, beyond the legal requirements at national and European level, in accordance with the International Integrated Reporting Council Standards (IIRC), the UK Corporate Governance Code and the International Financial Reporting Standards (IFRS Standards).

The identification and prioritization of the material issues for TITAN Group operations and key stakeholders has been made based on the related principles and guidelines of the Global Reporting Initiative (GRI), while the measurement and evaluation of non-financial performance uses the respective guidelines and protocols of the Cement Sustainability Initiative (CSI), which operates in the framework of the World Business Council for Sustainable Development (WBCSD), and the “advanced” level criteria for Communication on Progress of the UN Global Compact (UNGC).

The 2016 Integrated Annual Report, has been independently verified against the above standards by ERM CVS, with regard to the disclosure of non-financial performance indicators and related KPIs.