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News Greece

Displaying items by tag: Greece

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Titan Cement records earnings growth in 2020 as profit slumps

23 March 2021

Greece: Titan Cement’s consolidated earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 7% year-on-year to Euro286m from Euro267m in 2019. Sales remained level year-on-year at Euro1.61bn and net profit after taxes and minorities (NPAT) fell by 97% to Euro1.50m from Euro50.9m. The group attributed the profit slump to one-off charges, namely the full write-off of the Euro46.6m goodwill of subsidiary Titan Cement Egypt and the derecognition of Euro17.3m of accumulated deferred Egyptian tax assets. If not for these, the group says its consolidated NPAT would have increased by 28% to Euro65.4m.

Cement sales were 17.1Mt, up by 1% from 17.0Mt. The group called the impacts of the coronavirus outbreak ‘less severe than expected.’ Ready-mixed concrete sales rose by 3% to 5.4Mm3 from 5.2Mm3.

Construction activity continued under coronavirus lockdown in most of the group’s countries of operation. As a result, sales remained resilient across all markets. US sales fell by 2% to Euro938m from Euro952m due to negative currency exchange effects. Greece and Western Europe sales rose by 1% to Euro247m from Euro245m. Southeastern Europe sales rose by 3% to Euro938m from Euro952m and Eastern Mediterranean sales rose by 1% to Euro152m from Euro150m.

Group executive committee chair Dimitri Papalexopoulos said “In 2020, we delivered strong financial performance while taking care of our employees and those around us, ensuring high-quality, uninterrupted customer service and accelerating progress towards our digital and sustainability aspirations. In the face of uncertainty caused by Covid-19, we remained confident in our business model. We adapted to shifting market conditions and continued to pursue operational excellence while laying the groundwork to capture future growth.” The group anticipates a positive market trend in all regions in 2021.

Published in Global Cement News
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Titan Cement launches environmental, social and governance targets

18 March 2021

Greece: Titan Cement group has accelerated its efforts towards sustainability with new environmental, social and governance (ESG) targets. The targets include an updated CO2 emissions reduction target of 35% by 2030 compared to 1990 levels, zero workplace fatalities and a cement industry top-three lost time injury frequency rate, increased female leadership participation and 70% supplier sustainability in line with the producer’s own ESG standards by 2025. It also set a water consumption target of 280L/t of cementitious material produced and 50% certified Zero Waste to landfill production by 2025.

Chief sustainability officer Leonidas Canellopoulos said, “We are building on our strong track record on sustainability and aspire to increase our positive impact on people, society, and the environment. We are committing to ambitious targets that aim to generate more value for all our stakeholders and set the foundations for sustainable growth in a carbon-neutral and digitalised world.”

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US Geological Survey publishes US cement statistics for 2020

10 March 2021

US: Data from the US Geological Survey (USGS) shows that cement producers achieved volumes of 87Mt of Portland cement in 2020, a slight increase from 2019 levels. Portland and masonry cement volumes rose by 1% year-on-year to 89Mt from 88Mt, while clinker volumes remained level at 79Mt. Total cement shipments remained level at 103Mt. The value of shipments in 2020 was US$12.7bn. Total exports of cement and clinker were 1.0Mt, down from slightly over 1.0Mt in 2019. The USGS said that on-going upgrades, closed and mothballed plants, low capacity utilisation and relatively inexpensive imports constrained the industry’s growth.

Domestic consumption fell by less than 1% to 102Mt from 103Mt. Cement imports totalled 15.0Mt, up slightly from 14.7Mt, while clinker imports rose to 1.4Mt from 1.2Mt. This corresponded to a 15% rise in reliance on imports of cement and clinker. The main exporters of cement and clinker to the country were Canada, accounting for 33% of US imports, Turkey (16%), Greece (15%) and China (12%).

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Titan Cement continues grinding partnership with Magotteaux in 2021

01 February 2021

Greece: Titan Cement has signed a frame agreement with Belgium-based Magotteaux whereby the latter will continue to be the main partner for grinding media for Titan cement plants worldwide until the end of 2021. Magotteaux says that the deal follows the ‘very successful’ implementation of the first phase of a strategic partnership.

The supplier said, “Magotteaux is also proud to supply many more technical solutions to Titan, including ball mill internal cast parts such as liners and diaphragms.” It added, “The aim of this agreement is to improve Titan’s overall cost of production, by increasing the productivity, reducing maintenance cost and downtime, by using the latest technologies for the abrasive and impact applications.”

Published in Global Cement News
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Cement import shortcuts

20 January 2021

Cement imports were one of the themes in this week’s news, with stories on the topic from South Africa and Ukraine. The former concerned the latest chapter in that industry’s saga on slowing down imports. The International Trade Administration Commission (ITAC) has started a review on tariffs imposed on cement from Pakistan that were introduced in 2015.

Local producers in South Africa have experienced mixed fortunes since 2015, such as PPC and AfriSam’s failed merger attempt or the introduction of a local carbon tax, and were starting to complain again about imports even before the effects of coronavirus in 2020. This led the Concrete Institute to lobby ITAC in 2019 about rising imports from other nations, principally Vietnam and China.

Back in 2013 cement imports from Pakistan to South Africa were 1.1Mt. This represented the vast majority of all imports to the country. Tariffs of 14 – 77% were imposed on Pakistan-based exporters in mid-2015, initially for six months, but this was then extended. Roughly a year later in mid-to-late 2016, Sephaku Holdings said that imports of cement had ‘significantly’ declined on a year-on-year basis, particularly from Pakistan. By the end of June 2016 approximately 0.16Mt had been imported compared to 0.5Mt in the previous period. However, it noted that 75% of the volume was from China. Since then imports started to creep up. Cement imports reportedly rose by 84% year-on-year in 2018 and then by 11% in 2019. Data from construction industry data company Industry Insight suggests that Vietnam accounted for 70% or 0.47Mt of the 0.68Mt of cement imported into South Africa in the first nine months of 2020. The remaining 30% or 0.20Mt came from Pakistan. In this kind of environment it seems unlikely that ITAC will do anything other than extend tariffs.

Meanwhile in the northern hemisphere, in Ukraine this week a court in Kiev dismissed a challenge by the Belarusian Cement Company to remove cement import tariffs from Russia, Belarus and Moldova that were introduced in mid-2019 for five years. Notably, a law firm representing Dyckerhoff Cement Ukraine, HeidelbergCement Ukraine, Ivano-Frankivsk Ukraine and CRH subsidiary Podilsky Cement commented favourably upon the court’s decision to uphold tariffs. These producers form UKRCEMENT, the association of cement producers of Ukraine. However, the association doesn’t include Russia-based Eurocement, which operates Ukraine’s largest cement plant at Balakleya. Relations have been poor between Russia and Ukraine since a war between the countries that started in 2014. So any trade tariffs implemented upon Russia and/or Commonwealth of Independent States (CIS) members will inevitably carry the whiff of geopolitics. Yet, in Ukraine’s defence, it also started an anti-dumping investigation into cement imports from Turkey in September 2020. Nationalism may be relevant but let’s not discount hard-nosed economics just yet.

Turkey’s involvement in Ukraine leads to last week’s presentation at Global Cement Live by Sylvie Doutres, DSG Consultants on cement and clinker trade in and out of the Mediterranean region. Readers can watch the presentation here but the headline story here was the trend of reducing exports away from southern European countries such as Spain, Italy and Greece, to greater exports from North African countries and Turkey over the last decade. Turkey particularly has pushed its share of exports even more in 2020 despite (or perhaps because of) a tough domestic market. The general trend here away from southern Europe has been blamed on European Union-based (EU) producers becoming less competitive often against newer plants in nearby countries.

Battles between producers and government tariff policies are a perennial feature of any market in commodities such as cement. The ebb and flow of import and export markets cover many factors including production costs, distribution networks, tariff structures and more. Distinctive features of cement trading, for example, are the high cost of transporting heavy building materials over land and the world’s chronic cement production overcapacity. In the EU’s case one reason that often gets blamed is the emissions trading system (EU ETS) and the mounting cost it is imposing upon cement production. For example, today’s story that Holcim España wants to convert its integrated Jerez plant into a grinding unit has been blamed on falling exports and a reduction in ETS credits. It is noteworthy then that the EU ETS rate breached the Euro30/t level in December 2020. This may be good news for the sustainability lobby but the exodus of exports away from Southern Europe tells its own story. What form the EU ETS carbon border adjustment mechanism takes as part of the EU Green Deal will be watched closely by producers both inside and outside the EU.

Global Cement Live continues on 21 January 2021 with Kevin Rudd, Independent Cement Consultants, presenting 'Independent or third party factory acceptance testing of major cement plant equipment and critical spare parts and the challenges of Covid’

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Titan Cement signs new strategic partnership agreement with FLSmidth

24 November 2020

Greece: Titan Cement has signed a new service agreement with Denmark-based FLSmidth. The agreement covers sustainability, digitisation and productivity support across 17 of the producer’s cement plants in Europe, Africa and the Americas.

Titan Group strategic planning director Antonis Kyrkos said, “We are constantly on the lookout for more efficient ways of running our operation. With this service partnership agreement, we tap into a wealth of knowhow and hundreds of specialists without carrying the full cost. The two-and-a-half-year agreement allows both parties to work strategically on maintenance programmes and upgrade projects based on data and the best allocation of resources.”

FLSmidth Europe, North Africa, Russian and Commonwealth of Independent States regional head of cement sales Carsten Pustelnik said, “The agreement reaffirms our belief in planned maintenance programmes, supported by digitalised processes, as the next level in service optimisations. We have invested heavily in acquiring the skills and infrastructure to provide online condition monitoring and safely handle and analyse data from our customers.”

Published in Global Cement News
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Titan Cement reports 10% nine-month earnings growth

12 November 2020

Greece: Titan Cement recorded earnings before interest, taxation, depreciation and amortisation (EBITDA) of Euro229m in the first nine months of 2020, up by 10% year-on-year from Euro208m in the first nine months of 2019. Its sales fell slightly to Euro1.20bn from Euro1.21bn. The group noted “resilient sales volumes across most of our markets, ” including “strong domestic and export growth in Turkey and improving demand in Brazil.”

Dimitri Papalexopoulos, chair of the group executive committee said, “We are successfully addressing several challenges at the same time: taking care of our people and those around us, delivering improved operating results and accelerating progress against our sustainability ambitions. Despite the uncertain context, we remain confident in the solidity of our business model, based on the nature of construction activity, our track record in facing the pandemic and the resilience and dedication of our people.’’

Published in Global Cement News
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Titan grows earnings in first half of 2020

30 July 2020

Greece: Titan Group says that cost savings, lower prices for solid fuels and price ‘resilience’ all helped to grow its earnings in the first half of 2020. Its earnings before interest, taxation, depreciation and amortisation (EBTIDA) rose by 12% year-on-year to Euro137m from Euro122m in the same period in 2019. Its revenue remained stable at Euro786m in the first half of 2020. Cement sales volumes fell by 2% to 7.9Mt but ready-mix concrete increased by 1.3% to 2.64Mm3 and aggregates increased by 2.6% to 9.2Mt. Although coronavirus-related lockdowns were mostly blamed for falling cement sales volumes they were also affected lower exports from Greece and the lack of fly ash supply in the US. Its US and Eastern Mediterranean regions contributed the most to its performance, with strong starts to the year in Egypt and Turkey before as the pandemic mounted.

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Titan Cement shares first quarter 2020 results

14 May 2020

Greece: Titan Cement has reported net losses after tax of Euro16.3m in the first quarter of 2020, up by 122% year-on-year from Euro7.34m in the first quarter of 2019. Revenue also increased, by 6.1% year-on-year to Euro385m from Euro363m. Titan Cement said, “Since mid-March 2020 the outbreak of the coronavirus had a significant, although unevenly distributed, impact on demand for our products. The early impact of the pandemic on our sector was less severe than what was initially feared. Construction has been deemed to be an essential service in most markets and all our cement plants continued their operations, adjusting their production to satisfy the current level of demand.”

Published in Global Cement News
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Titan Cement publishes integrated annual report

15 April 2020

Greece: Titan Cement has published its integrated annual report for 2019, a year in which its net profit fell by 5.5% year-on-year to Euro50.9m from Euro53.8m in 2018 and sales rose by 8.0% to Euro1.61bn from Euro1.49bn. The company noted its ‘sustained performance and stronger cash flow generation’ throughout the year, with growing demand in the US and Southeastern Europe and the beginning of growth in Greece, in spite of a 7.0% year-on-year fall in cement volumes to 17.0Mt from 18.2Mt in 2018. Challenging conditions in Egypt and Turkey caused the group’s performance to deteriorate.

Titan Cement said that it is ‘on track to meet the Group’s 2020 sustainability targets and has already met ‘all targets related to emissions and water consumption.’
It acknowledged inevitable ‘short-term impacts’ of coronavirus, including reduced sales volumes ‘particularly and more severely in the second quarter of 2020,’ and has strengthened its liquidity position to Euro400m.

Published in Global Cement News
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