Titan Cement Company S.A. is the parent company of the Group. The Company and its subsidiaries enter into various transactions with related parties are during the year. The sales to and purchases from related parties are made at normal market prices. Outstanding balances at year-end are unsecured and settlement occurs in cash. Intra-group transactions are eliminated on consolidation. Related party transactions exclusively reflect transactions between the companies of the Group.
The following is a summary of transactions that were carried out with related parties during the year:
Year ended 31 December 2012
(all amounts in Euro thousands)
| Group |
Sales to related parties |
Purchases from related parties |
Amounts owed by related parties |
Amounts owed to related parties |
| Other related parties |
- |
2.286 |
- |
521 |
| Executives and members of the Board |
- |
- |
9 |
- |
|
- |
2.286 |
9 |
521 |
| Company |
Sales to related parties |
Purchases from related parties |
Amounts owed by related parties |
Amounts owed to related parties |
| Aeolian Maritime Company |
7 |
- |
- |
270 |
| Albacem S.A. |
3 |
- |
- |
- |
| Interbeton Construction Materials S.A. |
17.283 |
5.068 |
5.889 |
1.012 |
| Intertitan Trading International S.A. |
4.529 |
- |
- |
- |
| Transbeton - Domiki S.A. |
775 |
- |
254 |
- |
| Quarries Gournon S.A. |
3 |
- |
586 |
- |
| Adocim Cimento Beton Sanayi ve Ticaret A.S. |
549 |
- |
- |
- |
| Titan Cement International Trading S.A. |
7 |
- |
240 |
- |
| Fintitan SRL |
7.169 |
- |
2.693 |
- |
| Cementi Crotone S.R.L. |
176 |
- |
88 |
- |
| Titan Cement U.K. Ltd |
9.523 |
29 |
3 |
- |
| Usje Cementarnica AD |
7.944 |
386 |
74 |
- |
| Beni Suef Cement Co.S.A.E. |
7.440 |
- |
940 |
- |
| Alexandria Portland Cement Co. S.A.E |
421 |
- |
341 |
- |
| Cementara Kosjeric DOO |
112 |
- |
12 |
- |
| Zlatna Panega Cement AD |
8 |
3 |
- |
- |
| Τitan Αmerica LLC |
24 |
20 |
- |
254 |
| Essex Cement Co. LLC |
17.055 |
44 |
1.574 |
7 |
| Pozolani S.A. |
- |
31 |
- |
- |
| Antea Cement SHA |
1.553 |
- |
604 |
- |
| Titan Global Finance PLC |
- |
37.936 |
- |
753.878 |
| Quarries of Tanagra S.A. |
5 |
- |
6 |
- |
| SharrCem Sh.P.K |
63 |
- |
- |
- |
| Other subsidiaries |
13 |
- |
- |
- |
| Other related parties |
- |
2.286 |
- |
521 |
| Executives and members of the Board |
- |
- |
9 |
- |
|
74.662 |
45.803 |
13.313 |
755.942 |
Year ended 31 December 2012
(all amounts in Euro thousands)
| Group |
Sales to related parties |
Purchases from related parties |
Amounts owed by related parties |
Amounts owed to related parties |
| Other related parties |
- |
2.120 |
- |
618 |
| Executives and members of the Board |
- |
- |
9 |
- |
|
- |
2.120 |
9 |
618 |
| Company |
Sales to related parties |
Purchases from related parties |
Amounts owed by related parties |
Amounts owed to related parties |
| Aeolian Maritime Company |
1 |
- |
- |
283 |
| Albacem S.A. |
3 |
- |
- |
7 |
| Interbeton Construction Materials S.A. |
25.040 |
4.158 |
14.674 |
- |
| Intertitan Trading International S.A. |
6.050 |
- |
396 |
- |
| Transbeton - Domiki S.A. |
238 |
- |
61 |
- |
| Quarries Gournon S.A. |
1 |
- |
642 |
- |
| Titan Cement International Trading S.A. |
7 |
- |
515 |
- |
| Fintitan SRL |
8.954 |
- |
2.108 |
- |
| Titan Cement U.K. Ltd |
5.485 |
13 |
759 |
- |
| Usje Cementarnica AD |
11.157 |
- |
27 |
- |
| Beni Suef Cement Co.S.A.E. |
621 |
- |
479 |
- |
| Alexandria Portland Cement Co. S.A.E |
3 |
- |
3 |
- |
| Cementara Kosjeric DOO |
87 |
- |
3 |
- |
| Zlatna Panega Cement AD |
860 |
42 |
19 |
- |
| Τitan Αmerica LLC |
58 |
224 |
- |
270 |
| Essex Cement Co. LLC |
11.545 |
46 |
- |
- |
| Pozolani S.A. |
- |
23 |
136 |
- |
| Antea Cement SHA |
1.700 |
31 |
95 |
- |
| Titan Global Finance PLC |
- |
30.839 |
- |
699.321 |
| Quarries of Tanagra S.A. |
59 |
- |
72 |
- |
| SharrCem Sh.P.K |
194 |
- |
2 |
- |
| Other subsidiaries |
13 |
- |
6 |
- |
| Other related parties |
- |
2.120 |
- |
618 |
| Executives and members of the Board |
- |
- |
9 |
- |
|
72.076 |
37.496 |
20.006 |
700.499 |