Distribution of value created by TITAN Group in 2011
Total value created in 2011 was €1026.6 million and distributed to key stakeholders as follows:
- To employees for salaries, pensions and social benefits, including additional benefits beyond those provided by law: €218.1 million
- To local and international suppliers: €642.9 million
- For new investments in fixed assets: €58.1 million
- To state and local authorities through taxation: €82.6 million
- Return to shareholders and minorities: €24.9 million
In the effort for continuously improving their performance in Safety, the TITAN America corporate safety team has developed a safety evaluation tool in order to internally benchmark the performance of the more than 130 operating sites in the country in the following two key areas:
- The safety culture development.
- The safety programs development and implementation.
The reviewing process is done in each site at least once per year, by the safety experts in cooperation with the operations people. For each site the good practices and deficiencies are identified and eventually an overall evaluation score is assigned.
The results of the reviews are conglomerated and a Pareto chart is developed for each key area for the whole business.
The good practices are shared among the sites in the business while the deficiencies are used to develop the action plan for safety performance improvement of the next year.
For the year 2011 the process revealed that the operation of the safety committees in the Business Unit is the major weakness towards improving the safety culture and awareness of risks related to electricity is the major weakness in the area of safety programs development and implementation.
These two areas are among the top priorities of TITAN America for safety performance improvement in 2012.