Transactions between the Company and related entities, as these are defined according to IAS 24, (related companies within the meaning of Article 42e of Codified Law 2190/1920) were undertaken as per ordinary market terms.
The amounts of sales and purchases undertaken in the course of 2012, and the balances of payables and receivables as at 31.12.2012 for the Group and the Company, arising from transactions between related parties are presented in the table below:
| 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 - Domini S.A. | 238 | - | 61 | - |
| Quarries Gournon S.A. | 1 | - | 642 | - |
| Titan Cement International Tracling 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 AD | 87 | - | 3 | - |
| Zlatna Panega Cement AD | 860 | 42 | 19 | - |
| Titan America LLC | 58 | 224 | - | 270 |
| Essex Cement Co.LLC | 11.545 | 46 | - | - |
| Pozolani S.A. | - | 23 | 136 | - |
| Antea Cement SHA | 1700 | 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 |
Regarding the transactions above, the following clarifications are made:
The revenue presented relates to sales of the company’s finished goods (cement and aggregates) to the aforementioned subsidiaries while purchases relate to purchases of raw materials and services by the company from the said subsidiaries.
Company liabilities primarily relate to two outstanding floating rate loan agreements: a) one of €100 million maturing in 2014 at the Euribor rate plus a 3.313% spread per annum, and b) one of €497 million maturing in 2014 with an interest rate of Euribor plus 3.05% spread per annum as well as an outstanding fixed rate loan agreement of €100 million maturing in 2017 at a fixed rate of 8.80% per annum to maturity. All were concluded with the UK based subsidiary Titan Global Finance Plc.
Company receivables primarily relate to receivables from cement sales to the said subsidiaries.
The remuneration of senior executives and members of the Group’s Board of Directors for 2012 stood at €3.6 million compared to €5.6 million the previous year.