Greece: The turnover of the Greek cement giant Titan Group for the first nine months of 2012 stood at Euro847m, posting a 1% increase compared to the same period in 2011. Earnings before interest, tax, depreciation and amortisation (EBITDA) declined by 27% to Euro162.5m.

The group's turnover grew for the second consecutive quarter. Growth was supported by indications of recovery in construction activity in the USA, sustained momentum in the markets of the eastern Mediterranean and an increase in exports out of Greece. Those effects counterbalanced the continued decline of the Greek market and the slowdown in the markets of south east Europe.

The decline in operating results compared to the same period in 2011 was due to deteriorating conditions in European markets and difficulties in passing on production cost increases to customers in most markets. It should also be noted that 2011's results benefited from significant positive extraordinary results.

The weakening of the Euro versus the national currencies of the countries in which Titan is active had a limited Euro3m positive effect on nine month operating results. At constant exchange rates, Titan's turnover would have declined by 3% while its EBITDA would have declined by 28%.