Slide 1: Financial Results – Full Year 2021
Financial Results – Full Year 2021 Investors’ and Analysts’ Presentation Nicosia, 17 March 2022
Slide 2: Full Year 2021 Performance Highlights
Full Year 2021 Performance Highlights Group Revenue Group EBITDA Group NPAT 12 Months €-52.8m translation impact; 10.0% growth in local currency €-7.6m translation impact; 1.9% decline in local currency €-63.9m one-off charges in 2020 • Group Revenue up 6.7% to €1,715m. Growth across all Regions and
Slide 3: Full Year 2021 Regional Performance Highlights
Full Year 2021 Regional Performance Highlights Recovery of Construction Activity. Increase in Input Costs Outpaced Price Increases. +4.7%* Revenue EBITDA +8.6%* 983.6 -12.0%* 939.7 176.4 -8.4%* 155.2 12 Months -14.8%* +9.4%* +7.3%* +13.9%* +45.6%* * Variance vs last year • US Revenue reached $1.2bn
Slide 4: Revenue Growth Across All Regions. Sharp Rise in H2 in Energy and Freight Costs Eroded EBITDA
Revenue Growth Across All Regions. Sharp Rise in H2 in Energy and Freight Costs Eroded EBITDA. High NPAT. In Million Euros, unless otherwise stated FY 2021 FY 2020 Variance Revenue 1,714.6 1,607.0 6.7% Cost of Goods Sold -1,281.6 -1,168.1 9.7% Gross Margin (before depreciation) 433.1 439.0 -1.3% SG&
Slide 5: Sales Volume Growth Across Our Activities
Sales Volume Growth Across Our Activities. Full Year Sales Volume 4th Quarter Sales Volume +7%(3) 18.3 17.1 2020A 2020A 2021A +1%(3) 2021A +1%(3) 4.7 4.7 20.0 20.2 +2%(3) -4%(3) +1%(3) 5.43 5.53 5.2 5.0 1.37 1.39 (1), (2) (2) (2) Cement Aggregates Ready-mix Cement (1), (2) Aggregates (2) Ready-mix (
Slide 6: €105m Operating Free Cash Flow Generation. Increased CAPEX, Higher WC
€105m Operating Free Cash Flow Generation. Increased CAPEX, Higher WC Due to Market Growth. €41m Final IFC Payment. Sources and Uses of Cash FY Operating Free Cash Flow (€ in millions) 300 (1 ) (1 25) 2 72 €105m 250 200 (4 1) 150 (3 2) 100 (7 7) 50 (2 4) (2 8) 0 -50 EBITDA Non-Cash CapEx Operating A
Slide 7: Leverage Ratio at 2.6x as Net Debt Up to €713m
Leverage Ratio at 2.6x as Net Debt Up to €713m. Group Net and Gross Debt Evolution 2019 figures affected by adoption of IFRS 16. Group Leverage (Covenant Ratio; Net Debt/12M EBITDA) 7 Investors' and Analysts' Presentation FY 2021 Financial Results
Slide 8: Performance by Region
Performance by Region
Slide 9: Revenue Growth in the US Driven by Favorable Market Dynamics
Revenue Growth in the US Driven by Favorable Market Dynamics. Higher Staff and Logistics Costs. Spike in Imports Shipping Freight. $ 1,065.6 $ 1,069.3$1,163.8 USA Revenue $1,071.7 8.6% growth in local currency 2 8 82 7 5 Cement plant $ 200.7 $ 200.6 Market presence $200.9 USA EBITDA $184.1 through v
Slide 10: Greece: Increased Domestic Demand and Exports
Greece: Increased Domestic Demand and Exports. Improved Operational Efficiencies Offset by Rising Energy Costs. Greece Revenue 3 1 25 28 1 Greece & Corp EBITDA Cement plant Cement capacity: 6.5 m MT Grinding plant • Greece & WE Revenue rose by 9.4% to €268m in 2021. EBITDA up to €24m. • Higher cemen
Slide 11: Growth Momentum Sustained in SEE. Rise in Energy Costs Reduced Profitability
Growth Momentum Sustained in SEE. Rise in Energy Costs Reduced Profitability. SEE Revenue Titan Plants 5 20 6 1 SEE EBITDA Cement Capacity: 6.3 m MT Cement Capacity: 6.3 m MT • SEE Revenue was up by 7.3% vs 2020 to €291m while EBITDA declined by 14.8% to €82m. • Domestic markets provided further gro
Slide 12: EMED Recovery in H2 Supported by Egypt Production Rationalization
EMED Recovery in H2 Supported by Egypt Production Rationalization and Sustained Results in Turkey. EMED Revenue Cement plant EMED EBITDA 3 1 14 7 Grinding plant Cement capacity: 7.1 m MT • EMED Revenue increased by 13.9% to €173m, while EBITDA turned positive to €12m (vs €-3m in 2020). • In Egypt ce
Slide 13: Brazil – Joint Venture: Cimento Apodi
Brazil – Joint Venture: Cimento Apodi FY 2021 Apodi (100%) 2021 2020 Revenue (€m) 83.8 70.7 NPAT (€m) 2.7 2.6 Cement/Clinker Sales (k tons) 1,579 1,442 Cimento Apodi operates two units in Ceará state with total capacity over 2m MT cement • 2021 cement demand in Brazil reached 64.7mMT (+ 6.6%). The N
Slide 14: Climate Change
TITAN \Y Climate Change
Slide 15: Well on Track to Meet Our ESG Targets for 2025 and Beyond
Well on Track to Meet Our ESG Targets for 2025 and Beyond With Tangible Progress in All Focus Areas Decarbonization and Growth-enabling work Positive local impact Responsible sourcing Digitalization environment • Targets validated by SBTi • Zero fatalities • 142 community • 86.2% of production • “Bu
Slide 16: Reduction of Scope and Specific CO2 Emissions by 4% in 2021
Reduction of Scope 1 and 2 Specific CO2 Emissions by 4% in 2021 Accelerating climate change mitigation efforts Specific net direct CO2 emissions (Scope 1) 720 700 • kg/tCementitious Product Alternative fuel substitution at 15.5% (2020: 13.1%) 700 686 • €20m investment in alternative fuel facilities
Slide 17: Rollout of Our Successful Digital Pilot Projects and Further Enhancement of Our Digital Capabilities
Rollout of Our Successful Digital Pilot Projects and Further Enhancement of Our Digital Capabilities Rolling out our Digital transformation initiatives Building our Digital capabilities • AI-based Real Time Optimizers (RTOs) • Internal and external o Already installed in our plants in the USA, Greec
Slide 18: Outlook
Outlook
Slide 19: Outlook 2022
Outlook 2022 • Geopolitical uncertainties lead to unprecedented energy costs • Robust demand across all regions GROUP • Price initiatives in all markets to safeguard profitability • Digital transformation of production processes through AI • Expansion in lower-carbon cement and progress towards 2030
Slide 20: Appendix
= A ye 1 Zz TITAN Appenaix .
Slide 21: Q4 Sales and Profitability by Region
Q4 Sales and Profitability by Region Revenue USA GREECE & WE SEE EMED $ 289.3 $ 266.5 EBITDA USA GREECE & WE SEE EMED $ 41.3 $ 32.7 21 Investors' and Analysts' Presentation FY 2021 Financial Results
Slide 22: Group Balance Sheet at 31 December 2021
Group Balance Sheet at 31 December 2021 Variance In Million Euros, unless otherwise stated 31 Dec' 21 31 Dec' 20 Dec 21 vs Dec 20 Property, plant & equipment and inv. Property 1,555.7 1,541.0 14.8 Intangible assets and goodwill 363.4 352.3 11.1 Investments/Other non-current assets 124.8 117.3 7.5 No
Slide 23: Debt and Liquidity Profile December 2021
Debt and Liquidity Profile 31 December 2021 Facilities by Type / Utilization (€m) Maturity Profile (€m)* Utilized Bank Debt 1,400 Total Committed Lines: 932 400 364 Un-Utilized Bond 1,200 Utilization 689 1,160 350 7 Leases 1,000 300 252 368 32% 250 4 800 600 200 600 348 150 99 400 332 792 68% 247 10
Slide 24: 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 25: Thank you
Thank you 25 Investors' and Analysts' Presentation FY 2021 Financial Results