TITAN Cement Group publishes its 2019 Integrated Annual Report
TITAN Group publishes its 2019 Integrated Annual Report, which outlines the Group’s financial, environmental and social performance.
In 2019, TITAN reaffirmed its commitment to sustainable business growth, combining entrepreneurship and operational excellence with respect for people, society and the environment. The Group delivered another year of solid financial performance, while making good progress on its 2020 environmental and social targets, in alignment with the issues material to its stakeholders and the UN Sustainable Development Goals. TITAN Group demonstrated strength through 2019, sustaining a growth performance despite challenges in the Eastern Mediterranean market. Results were led for another year by the US operations.
Responding to the challenge of climate change and the opportunities of the digital revolution, the Group continued investing in research, development and innovation, with primary focus on areas related to the long-term sustainability of the business, and in particular climate change mitigation; application of the circular economy model; and digital transformation.
At the time of writing of this report, the coronavirus outlook had created significant changes to our lives and the macroeconomic outlook. TITAN Group has mobilized, taking measures to protect its people, contribute to the efforts to reduce the health impact on society and to maintain operations continuity. An assessment of the impact of Covid-19 is included in the Management report on p. 122 of the 2019 Integrated Annual Report.
The Report is available at www.titan-cement.com/integratedannualreport2019
TITAN 2019 Integrated Annual Report highlights:
- Listing of Titan Cement International S.A., the Group’s parent company, on Euronext Brussels, Paris and the Athens Exchange; an important milestone in the 117 years of TITAN’s history.
- Sustained performance and stronger cash flow generation in 2019.
- Titan America delivered another robust performance in 2019 as cement consumption in the United States continued to increase against a background of healthy macroeconomic indicators.
- Greece has started showing signs of growth, particularly in the private sector.
- Markets in Southeastern Europe recorded strong increase in revenues and profitability on the back of continuing economic growth.
- Performance in the Eastern Mediterranean deteriorated as conditions in both Egypt and Turkey remained challenging.
- Acquisition from the International Finance Corporation (IFC) of its minority stakes in TITAN’s subsidiaries in Southeast Europe and Egypt; this incremental investment underscores the Group’s long-term commitment in these regions.
- On track to meet the Group’s 2020 sustainability targets, with all targets related to emissions (dust, NOx and SOx) and water consumption already met.
- Contribution to the decarbonization of the construction value chain, by participating in European and international consortia to develop low carbon cementitious products and collaborating in R&D projects to pilot carbon capture technologies in the plants.
- Launch of a new cycle of materiality assessment at Group level in order to incorporate up-to-date stakeholder perspectives in the Group’s strategic planning. The assessment utilized the SASB (Sustainability Accounting Standards Board) Materiality Sector Map and the Group’s new materiality matrix will be published in 2020.
- Roll out of Group-wide employee survey to further support the Company’s endeavours to create an engaging and inclusive workplace.
- Promotion of Diversity and Inclusion (D&I) by auditing internal policies and processes for relevant biases, aiming to fully embed D&I in the Group’s corporate culture and everyday practices.
- Setting up of the governance systems under the new Group parent company, building on TITAN’s established track record of transparency and accountability. New Board was elected consisting of 15 members, the majority being independent non-executive directors.
Through integrated reporting, TITAN aims to share a holistic view on how its strategy, governance, financial and sustainability performance, as well as the prospects, in the context of its external environment, lead to the creation of shared value for all its stakeholders.
Reporting standards
The 2019 TITAN Cement Group Integrated Annual Report (IAR 2019) has been prepared in accordance with the Belgian Law, the 2020 Belgian Code on Corporate Governance, the International Financial Reporting Standards (IFRS) and the International Integrated Reporting Council (IIRC) principles for integrated reporting.
Other reporting frameworks followed by TITAN Group in the development and presentation of the IAR 2019 are the UN Global Compact Communication on Progress Guidelines, the Charter and the Global Cement and Concrete Association Guidelines and the UN SDGs 2030 as presented in the Non-financial review.
The separate and consolidated financial statements of the IAR 2019 were audited by PWC. The non-financial performance overview and statements were independently verified at a reasonable level by ERM Certification and Verification Services (ERM CVS), in accordance with the guidelines and protocols of the Global Cement and Concrete Association (GCCA), as well as the “advanced” level criteria for Communication on Progress of the United Nations’ Global Compact (UNGC).
The IAR 2019 and the PWC – ERM CVS Assurance Statements are available online at:
www.titan-cement.com/integratedannualreport2019
About Titan Cement International SA
Titan Cement International, parent company of TITAN Cement Group, is a multiregional cement and building materials producer. Business activities cover the production, transportation and distribution of cement, concrete, aggregates, fly ash, mortars and other building materials. The Group employs about 5,500 people and is present in more than 15 countries, operating cement plants in 10 of them, the USA, Greece, Albania, Bulgaria, North Macedonia, Kosovo, Serbia, Egypt, Turkey and Brazil. Throughout its history, the Group has aspired to serve the needs of society, while contributing to sustainable growth with responsibility and integrity.