TITAN Group Overview

Geographical presence of the TITAN Group Titan Group Overview 2010 Compare to Report 2010:

KEY FINANCIALS 2007-2011

(€ thousand)	2011	2010 ⁽³⁾	2009	2008	2007
TOTAL ASSETS	3,277,653	3,082,910	3,005,620	3,194,090	2,325,864
INVESTED CAPITAL	2,265,190	2,344,921	2,420,127	2,509,873	1,741,587
SHAREHOLDERS´ EQUITY	1,557,466	1,568,267	1,449,053	1,396,056	1,172,827
TURNOVER	1,091,404	1,350,488	1,360,571	1,578,458	1,496,915
EBITDA	242,667	315,085	332,695	380,052	427,926
EARNINGS BEFORE TAX AND MINORITY INTEREST	37,739	130,032	158,139	210,016	300,346
EARNINGS AFTER TAX AND MINORITY INTEREST	11,011	103,075	123,393	208,224	239,739
BASIC EARNINGS PER SHARE	0.14	1.27	1.52	2.53	2.85
NET DIVIDEND ⁽¹⁾	0	6,565	15,224	35,510	63,399
DIVIDEND PER SHARE	0.00	0.08	0.18	0.42	0.75
NUMBER OF SHARES AS OF DEC 31st	84,632,528	84,613,840	84,576,118	84,546,774	84,532,574
INTEREST COVERAGE RATIO	1.96	3.97	4.67	5.07	9.52
NET DEBT TO EBITDA RATIO	2.92	2.46	2.92	2.93	1.34
RETURN ON INVESTED CAPITAL ⁽²⁾	0.9%	4.7%	4.9%	9.9%	15.5%

(1) : In 2010 in addition to the dividend the Company distributed €8.7 million (€0.10/share) from special reserves.
(2) : Net Profit after taxes and before minority interest divided by average invested capital.
(3) : Restated due to change in accounting policy.

Non-financial Performance 2009-2011

	2011	2010	2009
Direct employment	5,640	6,161	5,903
Employee lost time injuries frequency rate (LTIFR)	1.49	2.33	2.64
Gross direct CO₂ specific emissions (kg/ton product) including ST*	625.1	655.3	633.0
Specific water consumption (lt/ton/cement)	340.1	362.3	447.8
Environmental expenditures (€ million)	36.6	27.1	20.0
Total value created and distributed to stakeholders (€ million)	1,026.6	1,235.3	1,323.2

* ST produces ProAsh^® a cementitious product that can be used for the production of construction materials with smaller carbon footprint. The reference is based on specific year equity.