Borrowing Structure and Liquidity Performance

Generation of significant free cash flows from operations allowed the Group to deliver on its commitments.

Despite the crisis and recession in TITAN’s key markets, Group Net Debt recorded a continuous de-escalation, year on year since 2008. This was achieved through strict prioritization of capital allocation, optimization of the business portfolio and strong focus on cost control.

Further improvement of financial flexibility remains a top priority for the Group.

Debt Maturity Profile
31 December 2011

  Bonds   Bank Debt

Operating Free Cash Flow 2007-2011

(1) : Operating Free Cash Flow = EBITDA – CAPEX – Operating Working Capital – Non-Cash Items

Group Net Debt 2007-2011

TITAN proactively manages and strengthens its liquidity position

Active Portfolio Management

Disposal of non-core assets1
Partnerships: IFC minority in Egypt
Expansion: Albania (“Greenfield”), Egypt Acquisition: Kosovo

1 Disposals included: Greek porcelain business, land holdings, U.S.A. quarry, shipping unit.

Securing Robust Liquidity
(As of Dec 31st , 2011)

Liquidity Ratio1: 3.2x
Cash & Cash Equivalents: €334 million
Committed and Unutilized lines: €441 million

2 committed long term un-utilized facilities and available cash over short term debt.

Extending Debt Maturity and Diversification

Prolongation of Debt Profile: €720 million to 2015
51% of total credit facilities are with international banks, 14% is non bank debt (debentures) and 35% with Greek banks