Report Development and Methodology

Annual Report 2012

About 2012 Report – the first integrated report

Report development and methodology – About the 2012 Report


Following a tradition of 30 years of annual reporting of our financial, as well as our social and environmental performance, this year we moved further towards a fully integrated Report combining in one document our economic and material social and environmental performance as developed and implemented during the period from 1 January 2012 to 31 December 2012. This evolution intends to provide shareholders and other key stakeholders with a full and detailed review of TITAN Group business strategy, policies, activities and outcomes

The 2012 Report covers all TITAN Group activities (see TITAN Group Overview and Operations) in nine countries and underlines a new period of development, of embodying TITAN values and integrating voluntary commitments, undertaken in the context of our participation in the U.N. Global Compact initiative and in the Cement Sustainability Initiative (CSI) of the WBCSD

Since 2003 the TITAN Group Report has followed the Global Reporting Initiative Guidelines and this Report was developed following the latest G3.1 version. Since 2007, furthermore, the TITAN Group has been engaged in independent assessment and verification of its performance in governance, social and environmental issues, in addition to the independent assessment of its financial results.

This year, for the first time, the Report used an integrated reporting approach. is a process that results in communication, most visibly a periodic “integrated report”, about value creation over time. An integrated report is a concise communication about how an organization’s strategy, governance, performance and prospects lead to the creation of value over the short, medium and long term. This integrated report has been prepared in accordance with the International Framework Consultation Draft Of The International Framework.

Moreover, TITAN Group has incorporated the following international standards:

  • AA 1000 SES, for stakeholder engagement,
  • WBCSD/CSI, U.N. for measuring and assessing safety performance and CO2 emissions
  • Global Compact criteria for Communicating on Progress regarding the integration and application of the tenprinciples.

This Report has therefore been rated A+ for GRI G3.1 assurance level, and as meeting the “advanced” level for the U.N. Global Compact Communication on Progress (CoP).

The Auditors’ Report provides a statement on how this Report meets the above standards and recommendations for further improvement. The annual TITAN Group Report is available on-line through the following web A summary of this Report is provided in printed version for all shareholders that will attend the General Assembly of Shareholders while all stakeholders may request the printed summary of the Report at the following contacts: Maria Alexiou, CSR Manager (; Afroditi Sylla, Investor Relations (


Defining Report content
Material issues and report content are examined based on relevant feedback received from stakeholders as well as developments within TITAN and the countries where it operates in order to best respond to stakeholder needs. CSR Committees work cross-functionally withinTITAN to define reporting priorities at Group and local levels. To meet this aim GRI’s Technical Protocol “Guidance on Defining Report Content” is consistently followed.


Independent Assessment and Verification
TITAN is committed to raising its level of transparency and improving reporting to stakeholders. Since 2007, independent assessment and report verification have been a core part of TITAN’s procedure for continuous improvement. This process has covered all TITAN operations apart from the joint ventures in Turkey and the recently acquired plant in Kosovo, which is currently in the process of integrating TITAN standards and procedures. The 2012 Report has been independently verified by Det Norske VeritasBussiness Assurance (DNV) and the detailed verification statement is included in this section of the Report.


Scope of the 2012 Report
Performance data from all TITAN Group subsidiaries form the basis of this Report. The Report covers the full range of economic, social and environmental impacts of TITAN operations. TITAN Group operates as a joint venture in Turkey. In this Report, data from Turkey have been incorporated in the Group Report, as has as data from Kosovo. Social performance indicators particularly related to employment profile analysis by gender and age as requested by the most recent update of GRI G3.1 are partially disclosed as relevant recorded data are not fully verified yet.

Specific, comprehensive information regarding gender representation in employment and management are also not fully reported, as they have not yet been included in local data collection systems, particularly in the U.S.A. TITAN has committed to further improve the reporting structure and methodologies in both Turkey and Kosovo, starting from environmental and safety systems which was carried out in 2012.

The Report covers key indicators of the Group’s environmental performance, consolidated data from cement production and cement grinding plants and their attached quarries - as well as three quarries that, although not attached to a specific cement plant, provide raw material only to cement plants. The plant in Kosovo and its attached quarries, acquired in December 2010, are included in this year’s Report, apart from the data relating to training, which have not been recorded according to TITAN’s standards, and for this reason were excluded from relevant tables and consolidated figures.

The reader should also bear in mind that performance related indices that are connected to a Group target, like specific air emissions for CO2, dust, NOx and SOx, specific water consumption, as well as alternative fuel substitution, are calculated based on the equity held by TITAN Group in 2009.

All other reported data are calculated based on the equity held by TITAN Group in each specific year. These include data related to raw materials, energy and water consumption, as well as waste production.

In 2012,TITAN Group produced 12.9 million tons of cement at its 13 operating cement production facilities and threecement grinding plants. The nine production units of Separation Technology produced about 1.0 million tons of cementitious material.


Changes in the Report structure
As a result of the decision to produce an Integrated Report this year, the structure of this Report has changed somewhat from previous years to reflect the decision to present economic performance alongside social and environmental performance in a more connected and integrated manner. Wherever possible, however, we have presented data in a manner similar to that followed in previous years, in order to achieve more consistency with long-term commitments and to allow for a clearer performance review. Some changes have been made to reflect feedback from stakeholders such as

  • moving to an integrated reporting form
  • adding more information about policies and decision making, as for example in social policy and contributions to communities and associations
  • better understanding of socio-economic performance

A more detailed presentation of TITAN’s social and environmental efforts at the local level focuses mainly on areas that have been identified as priorities in each case. This has been underlined as an expectation of the stakeholders and in this Report an effort has been made to improve further the presentation of TITAN’s footprints by region.


Materiality and data accuracy
Figures for the water and biodiversity indicators were not revised for previous years in order to reflect the new definitions and coverage. More specifically for water, as the WBCSD/CSI Task Force on Water Management has compiled a draft of new definitions for KPIs and methodology of measuring-estimating and reporting, this report includes comprehensive figures for TITAN’s performance: the total Water Withdrawal, and Water Consumption (total and per ton of cement produced) is included, whereas the total of Consumption and Discharge is equal to the total Withdrawal. For the Biodiversity (local impacts) KPIs, TITAN has decided to increase its reporting coverage, to include all quarries in the Group, regardless of types of raw materials and the end usage. In other words, this year’s report provides the results of analysis for the total number of quarries for cement plant feed and aggregates production. It follows that the local impact KPIs according to CSI definitions (“Active quarry sites with high biodiversity value”, “Active quarries sites with biodiversity management plans”, “Sites with com­munity engagement plans”, and “Sites with quarry rehabilitation plans”) are now used for reporting performance over the full range of quarry operations for the Group.

Starting with last year's report, TITAN has adopted the WBCSD/CSI definitions and KPIs for water, and covers the full range of Group's quarry operations - regardless of raw material types and end usage - for the biodiversity KPIs.


Reporting and feedback expected from stakeholders
This Report is directed to key stakeholders, namely shareholders, employees, customers, suppliers, government and regulatory authorities, local communities and NGOs. It is also directed to potential investors, analysts and any other interested party. Feedback from all is welcomed at the following web address:

For more information please visit our website: or contact: Maria Alexiou, TITAN Group CSR Manager, Secretary of the TITAN Group CSR Committee, at , 22a Halkidos St., 111 43 Athens, Greece.


GRI and U.N. Global Compact
TITAN declares that this Report fulfills GRI (G3.1) requirements for application level “A+” and this has also been verified by external independent auditors.

TITAN has started following GRI Reporting Guidelines since 2003 when the first Group CSR and Sustainability Report was issued.

Following the GRI Guidelines has supported overall improvements in both internal and external communications, measuring long-term performance and expanding scope of engaging with stakeholders.

In 2007, TITAN Group adopted GRI G3 Guidelines and continued to invest in continuous improvement. In 2011, a step further was made by following the recently revised edition of the Guidelines G3.1.

Since 2010, TITAN was invited as a U.N. Global Compact member to join the process of self-assessment according to the new criteria set by the U.N. Global Compact Blueprint regarding Communication on Progress. TITAN declares this Report as meeting advanced level according to the Global Compact Communication on Progress criteria. The process of independent assurance of this Report has also covered the assessment of UNGC criteria for CoP.