|
Subsidiary, associate and joint venture name |
Country of incorporation |
Nature of business |
2013
% of investment (*) |
2012
% of investment (*) |
|
|
|
Direct |
Indirect |
Direct |
Indirect |
| Proportionate consolidation method |
|
|
|
|
|
|
| Adocim Cimento Beton Sanayi ve Ticaret A.S. |
Turkey |
Cement producer |
- |
50,000 |
- |
50,000 |
| Transbeton - Domiki S.A. |
Greece |
Ready mix |
- |
50,000 |
- |
50,000 |
| Equity consolidation method |
|
|
|
|
|
|
| Karieri AD |
Bulgaria |
Quarries & aggregates |
- |
48,711 |
- |
48,711 |
| Karierni Materiali AD |
Bulgaria |
Quarries & aggregates |
- |
48,764 |
- |
48,764 |
| Vris OOD |
Bulgaria |
Quarries & aggregates |
- |
48,764 |
- |
48,764 |
(*) Percentage of investment represents both percentage of shareholding and percentage of control
Significant Group structure changes
Fiscal year 2013
- (1) Absorbed subsidiaries by Interbeton Construction Materials S.A. during the fiscal year 2013
- (2) Formed subsidiaries during the fiscal year 2013
- (3) Liquidated subsidiary during the fiscal year 2013
Fiscal year 2012
- (4) On 20.6.2012 the Group's subsidiary Antea Cement SHA completed a €22.0 mil. share capital increase. The European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), which constitute the non-controlling interest of Antea Cement SHA, participated in the capital increase in the amount of €8.8 mil.
- (5) On 27.6.2012 the Group announced the completion of a €50 million equity investment by International Finance Corporation (IFC) in the Group's subsidiaries in F.Y.R. of Macedonia, Serbia and Kosovo. The transaction resulted in IFC holding, through TITAN Cement Cyprus Ltd., a minority stake of approximately 11.49% in the Group's operations in the above countries.
The movement of the Company's participation in subsidiaries, is analyzed as follows:
| (all amounts in Euro thousands) |
2013 |
2012 |
| Participation in subsidiaries on 1st January |
1.213.365 |
1.182.854 |
| Share capital increase in subsidiaries |
30.275 |
30.120 |
| Other |
189 |
391 |
| Participation in subsidiaries on 31st December |
1.243.829 |
1.213.365 |