Thurrsday, 26 Novemberr 2009
BETA SECURITIES SA
Member of the Athens Stock Exchange

Market Comment
General Index slumped 2.3% yesterday as Greek banks shares fell as much as 7%, on
worries over funding and a weak economy. Eurobank lost 2.51% closing at €8.92 with 3.9m
shares traded. NBG ended 3.51% lower at €22 with 6m shares traded. Bank of Piraeus
closed at €9.48, posting a 7.06% decrease with 4.3m shares traded. On the contrary, OPAP
advanced 0.22% at €16.50 with 2m shares traded. Trading volume reached €446.6m.

Greek Macro
Worries about the impact of a gradual phasing out of liquidity support measures and the
economic crisis on Greek banks are overdone, the chief executive NBG said on Wednesday.
We should see the measures banks have already taken in cooperation with the Bank of
Greece, to shield their capital adequacy and create liquidity reserves, to promptly replace
whatever liquidity has been raised from the ECB.

Corporate
PPC / Greece has directed state-controlled Public Power Corp to revise its 13 billion euro
investment plan to raise its renewable energy output.
The government will soon unveil a draft roadmap for the country to produce a fifth of its
energy from clean sources by 2020. Greece currently produces just over 3 percent of its
energy from wind and solar power. In order for Greece to meet this objective, PPC will
need to revise upwards a current target for a total 1,000 megawatts of renewable energy
projects by 2014, according to the minister.

Results
TITAN/ Titan announced a mixed set of 9M09 financial results. Turnover decreased by
12% to €1,046m. Consensus estimates were expecting sales at €1,052.1m. Excluding FX,
turnover decreased by 11.6% y-o-y and excluding FX and acquisitions, the decline y-o-y
was 17.2%. EBITDA decreased by 11.4% y-o-y to 258m. That was above market
estimates for €248.7m. Excluding FX and acquisitions, decline y-o-y was 16.6%. Net profit
after tax and minority interest came in down by 36.5% y-o-y, to €103.7m above market
estimates for net profits at €94.1m. Note that the decline based on H109 figures was 48%.
Cement volumes declined in all regions, except Eastern Mediterranean. The results were
positively affected by the Dollar and Egyptian Pound appreciation versus the Euro. The
Group’s performance was negatively affected by the lasting, deep crisis of the construction
sector in the USA, the continuing decline of demand for building materials in Greece and
the downturn of markets in Southeastern Europe. This was only partially offset by the
significant growth of the Egyptian market. Results were adversely affected by increased
financial expenses, due to higher debt levels and increased depreciation charges, further to
the Group’s expansionary investments in 2008. Furthermore, the positive one-off tax impact
of € 16m. which the Group recorded in 2008, affected the basis of comparison with the same
period in 2009.
Titan will focus on generating positive cash flow by containing costs, reducing working
capital needs and managing liquidity prudently.

OUTLOOK FOR THE REMAINING OF 2009
• Market trends not expected to change materially in the balance of the year
• Demand in Greece will keep declining
• US remains challenging; PCA revised 2009 forecast downwards to -27%
• In SEE, decline of demand is expected to continue
• Market growth in Egypt is sustained throughout the year
• Ramp-up production in the new line in Egypt; progress of new plant in Albania
• Prices move broadly stable
• Maintain focus on cost cutting and positive free cash flow
• Lower fuel costs start improving profitability as of Q3 2009

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