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
TITAN’s long-term commitment to create value which is shared with key stakeholders was the main focus of dialogue developed in a more systematic way in 2011.
Evaluating the last decade that TITAN has acquired the local cement plant in the area of Kosjeric, a number of activities were initiated, highlighting that approximately €50 million were invested in production modernization throughout this past decade, €15 million or else 30% of the total expenditure was related to environmental protection, while another €11 million or else 22% of total expenditure was financial support to local community development projects.
Starting in February 2011, the management invited local stakeholders in an open forum to discuss what has been achieved so far and what the key challenges are for the future.
Apart from a stable uphold to the local community of Kosjeric, TCK is recognized as a reliable partner by the society institutions, corporate affiliates, cement industry members, authorities, ministry departments as well as educational and cultural institutions.
Inviting key stakeholders to an on-going constructive dialogue and further co-operation on projects, that can create added value for all, were the key objectives of many activities organized throughout the year. The highlights of these activities can be summarized to the following:
1. Communicating 2010 CSR performance review in local stakeholders meeting organized in February 2011.
2. Implementing Stakeholder Engagement Workshop for managers and supervisors.
3. Defining key stakeholder groups according to international standards and the principles of inclusivity, relativity and dependence. Identifying and ranking stakeholders’ issues based on the principle of materiality.
4. Opening company web side and providing information related to its social and environmental performance.
5. Developing and communicating its 1st Corporate Social Responsibility Report covering 2010.
6. Inviting stakeholders to participate in a local stakeholder advisory panel to promote dialogue and collaboration on certain issues like the use of alternative fuels and the more efficient utilization of urban waste for energy recovery.
