| |
2017 |
2016 |
| |
% of investment (*) |
% of investment (*) |
| Subsidiary, associate and joint venture name |
Country of incorporation |
Nature of business |
Direct |
Indirect |
Direct |
Indirect |
| Equity consolidation method |
| Adocim Cimento Beton Sanayi ve Ticaret A.S. |
Turkey |
Cement producer |
- |
50.000 |
- |
50.000 |
| Companhia Industrial De Cimento Apodi (5) |
Brazil |
Cement producer |
- |
50.000 |
- |
47.000 |
| Apodi Concretos Ltda (5) |
Brazil |
Ready mix |
- |
50.000 |
- |
47.000 |
| ASH Venture LLC |
U.S.A. |
Processing of fly ash |
- |
33.000 |
- |
33.000 |
| Ecorecovery SA (5) |
Greece |
Engineering design services for solid and liquid waste facilities |
- |
48.000 |
- |
40.000 |
| Karierni Materiali Plovdiv AD |
Bulgaria |
Quarries & aggregates |
- |
48.711 |
- |
48.711 |
| Karierni Materiali AD |
Bulgaria |
Quarries & aggregates |
- |
48.764 |
- |
48.764 |
| Vris OOD |
Bulgaria |
Quarries & aggregates |
- |
48.764 |
- |
48.764 |
(*) Percentage of investment represents both percentage of shareholding and percentage of control
The annual financial statements, the independent auditor’s reports and the board of directors reports of the consolidated non-listed entities, which cumulatively represent more than 5.0% of the consolidated total revenues, or consolidated total assets, or consolidated total net profit excluding non-controlling interest (according to the par. 1c of the decision 8/754/14.4.2016), are available in the following website: http://ir.titan.gr/en/financialfigures.financial.accounts.subsidiaries
Significant Group structure changes
Fiscal year 2017
1) Merges of the subsidiaries Balkcem Ltd, Tithys Ltd, Zlatna Panega Beton EOOD, Terret Enterprises Ltd and KTIMET Quarries S.A. by their parent companies
2) Increase in percentage ownership of a subsidiary (note 30)
3) Acquisition of the subsidiaries Titan Investment EAD and Arresa Marine Co (note 30)
4) Liquidation of the subsidiaries Holtitan BV and Tyson Material Transport LLC
5) Increase in percentage ownership of the associates and Joint Ventures (note 15)
Movement of the Company's participation in subsidiaries
| (all amounts in Euro thousands) |
2017 |
2016 |
| Participation in subsidiaries on 1st January |
862.657 |
844.762 |
| Share capital (decrease)/increase in subsidiaries |
-84.133 |
17.651 |
| Provision for impairment of investments |
-178 |
- |
| Other |
459 |
244 |
| Participation in subsidiaries on 31st December |
778.805 |
862.657 |