Slide 1: Financial Results – First Half 2022
Financial Results – First Half 2022 Investors and Analysts Presentation Nicosia, 28 July 2022
Slide 2: First Half 2022 Highlights
First Half 2022 Highlights • A strong Q2 performance with high Revenue growth (+29% vs Q2 2021) and recovery of profitability. Q2 EBITDA and NPAT above 2021 levels. • Group Revenue growth strengthened to 26% in H1 2022, reaching €1,036m. Series of price actions in late 2021/early 2022 across geograp
Slide 3: Strong Revenue Growth in Q2 2022. Group Q2 EBITDA and NPAT Above Q2 2021
Strong Revenue Growth in Q2 2022. Group Q2 EBITDA and NPAT Above Q2 2021. Group Revenue Group EBITDA Group NPAT First Half Group Revenue Group EBITDA Group NPAT Second Quarter 3 H1 2022 Financial Results - Investors and Analysts Presentation
Slide 4: Further Increases in Fuel, Electricity, Raw Materials and Freight Cost Counterbalanced By Increased Selling Prices
Further Increases in Fuel, Electricity, Raw Materials and Freight Cost Counterbalanced By Increased Selling Prices. In Million Euros, unless otherwise stated H1 2022 H1 2021 Variance H1 22 vs H1 21 Q2 2022 Q2 2021 Variance Q2 22 vs Q221 Revenue 1,035.5 821.1 26.1% 580.9 450.3 29.0% Cost of Goods Sol
Slide 5: Spike in Critical Cost Factors with Ongoing Volatility
Spike in Critical Cost Factors with Ongoing Volatility. Futures Indicate Potential Decline in Fuel and Freight Costs. Future prices as of 22/7/2022 5 H1 2022 Financial Results – Investors and Analysts Presentation
Slide 6: Group Balance Sheet June 2022
Group Balance Sheet 30 June 2022. Variance In Million Euros, unless otherwise stated 30 Jun' 22 31 Dec' 21 Jun 22 vs Dec 21 Property, plant & equipment and inv. Property 1,688.9 1,556.4 132.5 Intangible assets and goodwill 390.3 363.4 26.9 Investments/Other non-current assets 146.6 124.8 21.8 Non-cu
Slide 7: Rise in Domestic Cement Sales But Overall Drop Due to Reduced Export Volumes
Rise in Domestic Cement Sales But Overall Drop Due to Reduced Export Volumes. First Half Sales Volume Second Quarter Sales Volume +0.2% 2021A 2021A +2% 2021A 8. 8. 0 8. 2 8.4.04 4.24 2021A 8. 0 8. 2 2022A 2022A 2022A 2022A -8% -7% 10. 10. 2 10.22 9. 5. 2 9. 4 9.44 +2% 4. 8 +4% 2. 76 2. 2.76 2.81 81
Slide 8: Extensive CAPEX Program and Inflated Working Capital Led to Rise in Debt
Extensive CAPEX Program and Inflated Working Capital Led to Rise in Debt. Sources and Uses of Cash H1 Operating Free Cash Flow (€ in millions) 150 1 39 2 (9 6) 125 €-49m 100 75 50 (9 4) 25 (8 1) 0 -25 (1 ) (2 6) -50 (5 ) -75 -100 EBITDA Non-Cash CapEx Operating Acquisitions Interest, Tax, FX Impact
Slide 9: Net Debt at €795m
Net Debt at €795m. Group Net and Gross Debt Evolution 2019 figures affected by adoption of IFRS 16 Facilities by Type/Utilization (€m) Maturity Profile (€m) 9 H1 2022 Financial Results – Investors and Analysts Presentation
Slide 10: Performance by Region
Performance by Region
Slide 11: In the US Performance Improved in Q2. Solid Market Demand
In the US Performance Improved in Q2. Solid Market Demand. Rising Prices Drive Margin Improvement. USA Revenue USA EBITDA 1st Half $648.9 $581.1 $100.5 $72.3 $72.3 €+56.7m translation impact; 11.7% growth in local currency €+6.6m translation impact; 28.1% decline in local currency • US Revenue incre
Slide 12: Revenue Growth in Greece & WE Despite CO2 Optimization Production Constraints
Revenue Growth in Greece & WE Despite CO2 Optimization Production Constraints. Improved EBITDA. Greece Revenue Greece & Corporate EBITDA 1st Half • Sustained Revenue growth in Q2 led to an H1 21.3% rise to €158m. • Improved domestic cement sales primarily in urban centers. Major projects pick up pac
Slide 13: SEE Revenue Growth Throughout H1 2022. Improved Pricing
SEE Revenue Growth Throughout H1 2022. Improved Pricing. EBITDA Rose by 8% in Q2 2022 vs Last Year. SEE EBITDA SEE Revenue 1st Half • SEE Revenue in H1 2022 was up by 27.5% to €169m. • Cement consumption supported by real estate projects in several markets. Challenging factors include political vola
Slide 14: In EMED Significant Progress in Egypt’s Performance
In EMED Significant Progress in Egypt’s Performance. Sustained Financial Performance in Turkey. EMED Revenue EMED EBITDA 1st Half • Higher prices drove EMED Revenue growth by +55.9% in Q2 2022 and led to €113m in H1 2022 (+48.9%). • EBITDA continued its growth trend and reached €12.4m (vs €2.4m in H
Slide 15: Brazil – Joint Venture: Cimento Apodi
Brazil – Joint Venture: Cimento Apodi • Cement demand retracted by -2.7% y-o-y, affected by the increasing inflation and interest rates. • The Brazilian economy grew during the 1st half of the year (Q1 ’22 at 1.7%). • Selling Prices recorded a 20% increase y-o-y, not yet offsetting the increasing in
Slide 16: Climate Change and Digital Initiatives
Climate Change and Digital Initiatives
Slide 17: Future-ready for a net-zero world
Future-ready for a net-zero world Significant decline in CO2 emissions, in line with the Group’s 2030 target De-carbonization & innovation • CO2 emissions decline by 38 kg/t cementitious products (5.6%) year-on-year. Reduction in clinker/cement ratio. • Increased sales of Type IL* cement in the USA.
Slide 18: Real Time Asset Optimization
Real Time Asset Optimization Status update and installations commissioned in H1 2022 RCC FM10 Athens Run Run Through. CM Through. factor factor SEC SEC Commissioning results are only the beginning – final impact typically much larger! Thes/niki CM Run factor Through. SEC RTO completed (total assets
Slide 19: Outlook
Outlook
Slide 20: Outlook 2022
Outlook 2022 • Demand outlook mostly positive, despite geopolitical uncertainty & volatile market conditions. • Price increases will follow potential rise in costs. Group • Digitalization of production leading to economic, climate & product quality benefits. • Expansion in lower-carbon cement and pr
Slide 21: Appendix
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Slide 22: Q2 Sales and Profitability by Region
Q2 Sales and Profitability by Region Revenue USA GREECE & WE SEE EMED $349.0 $307.5 $349.0 €+38.2 m translation impact; 13.5% growth in local currency EBITDA USA GREECE & WE SEE EMED $45.5 $54.2 $45.5 €+4.9m translation impact; 16.1% decline in local currency 22 H1 2022 Financial Results – Investors
Slide 23: Disclaimer
Disclaimer This presentation has been prepared by Titan for informational purposes only. Although the information contained in this presentation has been obtained from sources which Titan believes to be reliable, it has not been independently verified and no representation or warranty, express or im
Slide 24: Thank you
Thank you H1 2022 Financial Results – Investors and Analysts Presentation 24