< Financial Review
Investments, disposals, mergers and acquisitions
In the course of 2011, Titan’s Group capital expenditure was further curtailed following the completion of major investments undertaken in Egypt and Albania. Consequently capital expenditure, excluding acquisitions, stood at €58m a decrease of 32.9% compared to 2010.
On 31.12.2011, Group subsidiary company Interbeton Construction Materials S.A. acquired 63.72% of the shares of company Aetolika Latomia S.A. which was subsequently consolidated in Group accounts with the method of full consolidation.
On 4.2.2011, the Group’s tableware subsidiary Ionia S.A. entered into an agreement with Yalco S.D. Constantinou & Son S.A. for the transfer of the Ionia trade name, as well as the sale of certain merchandise and other fixed assets. Subsequently, the company was dissolved and its liquidation was completed in the course of 2011.
During 2011 the Group undertook divestments worth €15m.
Also during 2011, the following Group companies were dissolved and liquidated: Achaiki Maritime Company, Aves Afoi Polikandrioti S.A., Intercement S.A., Lakmos S.A., Naftitan S.A., and Polikos Maritime Company.