< Financial Review
Parent company financial results
Turnover at Titan Cement Company S.A. in 2011, stood at €217m, a decrease of 41.4% compared to 2010, while EBITDA reached €41m, posting a 53.0% decline, reflecting the collapse of building and construction activity. The Company posted a €13 m net loss for the year.
The Board of Directors of Titan Cement Company S.A. taking into account the losses recorded by the Company and the negative outlook for 2012 unanimously decided to recommend to the Annual General Meeting of Shareholders, scheduled for 31st May 2012, not to distribute dividend for the year 2011. This interrupts the long-standing tradition of continuous dividend distribution which held for 58 years between 1953 and 2010.
The statutory tax audit for fiscal years 2008 and 2009 for the parent company was completed in June 2011, resulting in a total tax charge of €2.3m. The Company had made a provision for the above tax charge of €2m. The remaining balance of €0.3m impacted results.