Major Transactions between Company and Related Parties
Transactions between the Group and the Company and related entities, as these are defined according to IAS 24, (related companies within the meaning of Article 42e of Codified Law 2190/1920) were undertaken as per ordinary market workings.
The amounts of sales and purchases undertaken in 2011, and the balances of payables and receivables as at 31.12.2011 for the Group and the Company, arising from transactions between related parties are presented in the table below:
| Group | Sales to related parties | Purchases from related parties | Amounts owed by related parties | Amounts owed to related parties |
||||
| Other related parties | - | 2,822 | - | 520 | ||||
| Executives and members of the Board | - | - | 10 | - | ||||
| - | 2,822 | 10 | 520 |
| Company | Sales to related parties | Purchases from related parties | Amounts owed by related parties | Amounts owed to related parties | ||||
| Aeolian Maritime Company | 1 | - | - | 287 | ||||
| Albacem S.A. | 2 | - | - | 7 | ||||
| Interbeton Construction Materials S.A. | 29,393 | 5,026 | 11,640 | - | ||||
| Intertitan Trading International S.A. | 5,647 | - | - | - | ||||
| Ionia S.A. | 152 | 83 | - | - | ||||
| Quarries Gournon S.A. | 1 | - | 641 | - | ||||
| Naftitan S.A. | 18 | - | - | - | ||||
| Polikos Maritime Company | 1 | - | - | - | ||||
| Titan Cement International Trading S.A. | 6 | - | 495 | - | ||||
| Fintitan SRL | 2,529 | - | 2,529 | - | ||||
| Titan Cement U.K. Ltd | 6,859 | 31 | 1,809 | 11 | ||||
| Usje Cementarnica AD | 14,881 | - | 1,113 | - | ||||
| Beni Suef Cement Co.S.A.E. | 675 | - | 280 | - | ||||
| Alexandria Portland Cement Co. S.A.E | 8 | - | - | - | ||||
| Cementara Kosjeric AD | 104 | - | - | - | ||||
| Zlatna Panega Cement AD | 224 | - | 20 | - | ||||
| Τitan Αmerica LLC | 157 | 435 | - | 259 | ||||
| Essex Cement Co. LLC | 1,817 | - | 1,880 | - | ||||
| Pozolani S.A. | - | 47 | 110 | - | ||||
| Antea Cement SHA | 3,799 | 228 | 6,724 | - | ||||
| Titan Global Finance PLC | - | 32,519 | - | 626,678 | ||||
| Separation Technologies U.K. Ltd | 2 | - | - | - | ||||
| Quarries of Tanagra S.A. | 1 | - | 1 | - | ||||
| Dancem APS | 1,308 | - | - | - | ||||
| Sharr Beteiligungs GmbH | 48 | - | 23 | - | ||||
| Other subsidiaries | 15 | - | - | - | ||||
| Other related parties | - | 2,822 | - | 520 | ||||
| Executives and members of the Board | - | - | 10 | - | ||||
| 67,648 | 41,191 | 27,275 | 627,762 |
Regarding the transactions above, the following clarifications are made:
The revenue presented relates to sales of the company’s finished goods (cement and aggregates) to the aforementioned subsidiaries while purchases relate to purchases of raw materials and services by the company from the said subsidiaries.
Company liabilities primarily relate to two outstanding floating rate loan agreements: a) one of €100m maturing in 2014 at the Euribor rate plus a 3.313% spread per year, and b) one of €423m maturing in 2014 at the Euribor rate plus a 3.05% spread per year as well as an outstanding fixed rate loan agreement of €100m maturing in 2013 at a fixed rate of 7.62% per year to maturity, which were concluded with the UK based subsidiary Titan Global Finance Plc.
Company receivables primarily relate to receivables from cement sales to the said subsidiaries and the provision of consultancy services.
The remuneration of senior executives and members of the Group’s Board of Directors for the year 2011 stood at €5.6m compared to €6.6m in the previous year.