Risks arising from the climate and natural disasters:
The Group operates in countries and areas such as Greece, Egypt, Turkey and Florida in the U.S.A. which are exposed to risks arising from natural (climatic and geological) phenomena, such as typhoons, sand storms, earthquakes etc. Amongst the measures adopted by the Group to avert the disastrous consequences of such phenomena is the adoption of design standards which are stricter than those prescribed by the relevant legislation. Additionally, the Group has in place emergency plans which aim at the safeguarding of its industrial infrastructure and the protection of human life among its personnel.
The Group operates in regions which at times are characterized by severe political instability, riots and uprisings and general conditions of extreme variability which entail considerable risks to the control, smooth operation and returns of its investments. The management of the said risks is undertaken through the undertaking of specific measures in each case, aiming at the maximum possible safeguarding of Titan’s local investments.
Risks associated with production cost:
The consumption of thermal energy, electricity and raw materials constitute the most important elements of the Group’s cost base. The fluctuation in the price of fossil fuels poses a risk which greatly affects the cost of production.
In order to mitigate the effects of such a risk, the Group invests, and will continue to do so, in low energy-requirement equipment and in the replacement of fossil fuels by alternative fuels.
Ensuring access to the required quality and quantity of raw materials is, after all, an additional priority taken into account when planning new investments.
As regards existing units, the Group ensures the adequate supply of raw materials for the duration of the life of its industrial units.
The Group will also continue to invest in the use of alternative raw materials in order to gradually lessen its dependence on natural raw materials. To this end, the Group has set specific quantifiable targets for the substitution of natural raw materials by alternative raw materials such as natural waste and is closely monitoring the evolution of this activity.
Risks regarding safety at work:
Safety at work for Titan employees is a top priority.
The systematic effort at improving safety across all Group operations includes among others, the manning of all productive units with an adequate number of safety officers. Planning includes broad educational programs for the systematic relevant training and education of employees and the strict application of systems and processes which are designed and controlled by the Company’s Health and Safety Division.
Protection of the environment and sustainable development are core principles for the Group. To that end, the Group will continue its efforts at reducing its carbon footprint with an aim to achieve a total reduction of 22% in 2015 compared to 1990.
Furthermore, in order to limit the possibility of environmental damage, the Group will continue to systematically invest in the Best Available Technologies for the protection of the environment.
Moreover, the Group monitors closely proposed changes in legislation under way as regards the protection of the environment and undertakes the necessary actions for their implementation in advance so as to avoid the risk of non-timely compliance, once new regulations come into effect.