The Greece-headquartered firm said that the COVID-19 pandemic had seen it focus on protecting its employees and their families, business partners, customers and local communities. At the same time, a company spokesperson said disruptions to operations had been minimal and the firm is closely monitoring the situation to take “appropriate actions as market dynamics evolve”.
Over the first five months of 2020, the group’s consolidated revenue of €641.8mn represented a 2.1% drop, following a 6.1% growth recorded in the first quarter and a subsequent slowdown in April-May, during the peak of the coronavirus crisis.
A company spokesperson added: “The impact of the Covid-19 pandemic on our group was less severe than what was initially feared. Construction was deemed to be an essential activity in most markets and all of our cement plants, across all geographies, continued their operation, adjusting production to satisfy the level of market demand.”
Titan Cement International net debt at the end of May 2020 closed at €866mn, €30mn higher versus 31 December 2019. Operating free cash flow generation was healthier (€19mn versus €9mn in 2019) owing to higher EBITDA levels and the reduction of capital expenditure in the current year. As of 31 May, the group maintained a strong liquidity position above €400mn in cash balances and available committed bank credit facilities.
