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SEE Sustainability Meeting in TITAN Bulgaria

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Integrated report 2018

TITAN Bulgaria's fifth Integrated Annual Report shows the Company's business performance in a complete and balanced way responding to the expectations of shareholders and key stakeholders.

02.08.2019ITAN Group has published its 2018 Integrated Annual Report
ITAN Group has published its 2018 Integrated Annual Report

TITAN Group has published its 2018 Integrated Annual Report, which outlines the Group’s financial, environmental and social performance.

In 2018, TITAN delivered a solid, stable financial performance and made good progress towards meeting the environmental and social targets set for 2020, which are fully aligned with the UN Sustainability Development Goals 2030 (SDGs). TITAN navigated successfully the challenges in several of its regions of operation and capitalized on the opportunities that markets such as the US continue to offer. It also explored further the opportunities offered by the digital revolution, piloting the new technological possibilities in a wide range of applications and innovating at an accelerated pace.

The Group’s commitment to build on transparency, following international standards, is underlined in 2018 with the adoption of the United Nations – UNCTAD “Guidance on Core indicators for entity reporting on the contribution towards the attainment of the Sustainable Development Goals”. This methodology allows for a more systematic monitoring and measurement of the business contribution to the implementation of the SDGs 2030.

The Report was published and is available at:

TITAN Group 2018 Integrated Annual Report highlights:

  • Solid, stable financial performance with the USA again the main profit generator for the Group.
  • Investments to improve operational efficiencies and enhance growth with a CAPEX program of €119 million.
  • Increase of participation in the Adocim joint venture in Turkey to 75%,as part of the Group’s strategy to invest in its global footprint.
  • Increase of Group operating cash-flow by €30 million to €148 millionbenefiting from the stabilization of working capital requirements.
  • Good progress towards meeting Group’s 2020 sustainability targets, being at par with “Cement Sustainability Initiative” peers, and exceling in dust emissions and water consumption reduction.
  • Accelerated efforts to tackle climate change, including the roll out of the “CO2 initiative”, a uniform approach to drive CO2 reduction through to 2030; the revised Group Environmental Policy; and the increase in the number of plants certified with ISO 50001 for energy efficiency management.
  • Continued support of quality education and the development of skills required in today’s workplaces. To this end,more than 400 internships, apprenticeships and traineeships were offered to students and young adults throughout the Group in 2018.
  • Acknowledgement of diversity and inclusion as a key component for TITAN’s future growth, focusing on embedding their principles in the company’s culture and promoting them to Group’s stakeholders.
  • Assurance of the Integrated Annual Report 2018 for its non-financial disclosures at a reasonable level by an independent third party with no recommendations for further actions or attention.

Reporting standards

TITAN Group’s 2018 Integrated Annual Report (IAR 2018) has been prepared in accordance with the legal requirements at national and European level, the UK Corporate Governance Code, the International Financial Reporting Standards (IFRS) and the International Integrated Reporting Council’s (IIRC) principles for integrated reporting.

The IAR 2018 was independently verified for non-financial disclosures at a reasonable level, in accordance with the guidelines and protocols of the Cement Sustainability Initiative (CSI), which operates within the framework of the World Business Council for Sustainable Development (WBCSD), as well as the “advanced” level criteria for Communication on Progress of the UN Global Compact (UNGC).

The IAR 2018 and the ERM CVS Assurance Statement are available online at:

The TITAN Group is an independent producer of cement and other construction materials, with over 110 years of industrial experience. Based in Greece, the Group has cement production plants in ten countries, in five continents. Throughout its history the TITAN Group has sought to combine the highest operational efficiency with respect for human values, society and the environment. For more information, visit the Group’s website at

11.07.2019Conference “Business and Regions”
Conference “Business and Regions”

On June 21, 2019, Friday at 9:00 am in Hilton Hotel, Sofia, was held a conference “Business and Regions”, organized by “Economist” Magazine and the Bulgarian Industrial Association. The event was open by Deputy Prime Minister Tomislav Donchev. The event’s main aim was to demonstrate how big businesses contribute to the sustainable development of the regions in Bulgaria, their impact on the development of small businesses in the regions and their importance for the existence of many small villages. It also included both economic and social aspects as well as community-related initiatives. Further, good practices and solutions were presented across different regions. An analysis of the regional profiles was presented by the Executive Director of the Institute for Market Economy, Svetla Kostadinova, while the topic of sustainable development was introduced by Boyan Rashev, Managing Partner of Denkstatt Bulgaria. Executive managers of big industrial companies such as “Auribus”, “Assarel-Medet JSC”, “Lidl”, “Zlatna Panega Cement”, “Lukoil Neftohim Burgas AD”, “Dundee Precious Metals”, “KCM”, “Albena”, “Ideal Standard – Vidima AD” and others participated in the panel discussions.

07.07.2019 Welcoming of newly appointed labor inspectors to Zlatna Panega Cement AD
 Welcoming of newly appointed labor inspectors to Zlatna Panega Cement AD

On May 30th and 31st 40 newly appointed inspectors by the General Labour Inspectorate, Executive Agency (GLI EA) visited Zlatna Panega Cement AD. They were welcomed by the Plant Manager – eng. Milen Stanoev and health and safety specialists from the Health and Safety Department. The purpose of the visit was to get acquainted with a good standing organization such as the Plant, get a close look how we work with external contractors and what’s the main task of the Working Conditions Committee. Further, during the visit the inspectors visited major production facilities and newly-built infrastructure sites.

08.11.2016SEE Sustainability Meeting in TITAN Bulgaria
SEE Sustainability Meeting in TITAN Bulgaria

On November 2 and 3, 2016, a Sustainability meeting was hosted by TITAN Bulgaria. The meeting was attended by representatives from both - TITAN Group and TITAN Bulgaria. The Group was represented by Mr. Yianni Paniaras, Executive Director TITAN Greece and Group Corporate Affairs Director, Mr. Christos Panagopoulos, Executive Director for Turkey and Bulgaria, Mrs. Maria Alexiou, Group Corporate Social Responsibility Senior Manager and Mrs. Lydia Yiannskopoulou, Group Corporate Communications Senior Manager. From TITAN Bulgaria the event was attended by Mr. Alexander Chakmakov, General Manager, Mr. Milen Stanoev, Plant Manager, Mrs. Ventsislava Kyuleva, HR Manager and Mrs. Luba Nikiforova, CSR Liaison Delegate.

The first day of the event took place at TITAN Bulgaria’s office in Sofia. It started with a Sustainability management review of the Business Unit followed by a presentation of the Materiality assessment outcomes of TITAN Bulgaria and the alignment of the company’s strategic goals and priorities with the UN Sustainability Development Goals, Agenda 2030. Furthermore, the Business Unit presented best practices and new initiatives in the Bulgarian Corporate Social Responsibility program, indicatively: the partnership with Teach for All – Bulgaria Foundation, the BU’s contribution to the European Pact for Youth and the Adopt the River initiative. Finally, there were discussions on the new Group policies – Anti-bribery and Corruption Policy, Sanctions Policy, Competition Compliance Policy and Human Rights Policy - and important Group communication issues.

The second day of the meeting was mainly devoted to a tour of the cement plant and quarry in the village of Zlatna Panega. The program was complemented by a visit to the school in the Brestnitsa village where the representatives of TITAN Group could gather field impressions of the results of the three-year partnership between TITAN Bulgaria and Teach for All - Bulgaria.

12.09.2016A Theatre Play in Yablanitsa
A Theatre Play in Yablanitsa

On the 30th of May, 2016, at the invitation of Zlatna Panega Cement JSC the community center in the town of Yablanitsa was host to the Golemanov theatre play presented by the Melpomena theatre group from Sofia. The guest actors - namely Lyubomir Neikov, Elena Petrova, Miroslav Kosev, Maria Statulova, Stefan Ryadkov and Svetlana Bonin - were warmly welcomed by the excited audience. The Golemanov play, which sharply ridicules the Bulgarian political society, is the most loved work of the prominent Bulgarian comediograph Stefan L. Kostov. This event is a part of the cultural programme of Zlatna Panega Cement JSCo for its employees and their families.

The transformation of Lybo Neikov in the grotesque image of Golemanov – the political candidate obsessed by the desire to reach a ministerial position, brought the audience of the crowded hall to their feet and made them laugh to tears. At the end of the play, the performers received a basket of flowers and bouquets. The audience met their curtain call with roaring applause. Before heading for the free transportation to their homes provided by Zlatna Panega JSCo, the employees and their families expressed their excitement and eagerness for the next cultural event organized by the company.

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